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    Daily Digest 9/17 – Trump Officials Warn On Mortgage Finance, Why Have No Banking Executives Been Prosecuted?

    by Daily Digest

    Tuesday, September 17, 2019, 6:40 AM

Economy

Video: Trump has badly misread China’s hand (Don R.)

While most of the focus has been on traded goods Amstad says to get the full picture you also need to take into consideration the value of services and the profits earned by US companies operating in China. As he outlines in this short video Trump may have badly misread China’s hand.

One in Four of New York’s New Luxury Apartments Is Unsold (Thomas R.)

Moreover, a growing share of condos sold in recent years have been quietly re-listed as rentals by investors who bought them and are reluctant to put them back on the market. Of the 12,133 new condos sold between January 2013 and August 2019, 38 percent have appeared on StreetEasy as rentals.

The Fight for the Latino Vote in Florida (jdargis)

Only a small percentage of the recently arrived Venezuelans are eligible to vote, but many Latin Americans in Florida see the Venezuelan government as the nexus of the region’s worst problems. The repressive socialist leaders in Cuba and Nicaragua depend on Venezuela for oil and for political support. Colombia, which borders Venezuela, has taken in more than a million refugees. “If you solve the Venezuela problem, you get three for the price of one,” a state Republican operative told me. “You’ll make the Colombians, Nicaraguans, and Cubans in Florida very happy.”

Tech IPO injury report: Some of the biggest names in tech have taken a beating after going public this year (Thomas R.)

While many of these tech startups remain unprofitable, investor hype and a favorable economic environment pushed many startups to head to Wall Street. But with trade-war tensions mounting and a clear path to profitability not materializing, some of the most anticipated IPOs have struggled to trade at or above opening prices. Here is the full injury report for all tech startups that have gone public in 2019.

This could ‘end very badly’: Trump officials warn on mortgage finance (dabenham)

The Treasury blueprint would overhaul Fannie and Freddie before releasing them from government control. A major component of the plan is building the companies’ capital so they would be able to withstand an economic downturn without turning to taxpayers again.

Syria to crack down on profiteers in bid to ease currency crisis (Sparky1)

Hamdan said the government would allocate more funds to a chain of hundreds of government-run superstores that sells consumer goods at prices lower than those prevailing in the market in a bid to bring down consumer prices. The central bank would also offer dollars at a preferential rate for traders importing much needed essential goods, he added.

The rise and fall of Subway, the world’s largest fast-food chain (Thomas R.)

Peter Buck, a nuclear physicist, and Fred DeLuca, a college student, opened Pete’s Super Submarines in 1965, in Bridgeport, Connecticut.

On the first day, the shop sold 312 sandwiches, each costing less than $1.

Some vapers return to cigarettes amid growing e-cig health crisis (Thomas R.)

That some young smokers are now “going back to the product” they were trying to quit isn’t a surprise, according to Pamela Ling, a professor of medicine at the University of California-San Francisco. But it’s alarming, as tobacco smoke still contains a deadly mix of more than 7,000 chemicals, 70 of which can cause cancer, according to Centers for Disease Control and Prevention data.

How 5G will reinvent “working from home” (Thomas R.)

Imagine being able to interact with a full-size “digital twin” of every place and thing that exists in the physical world, all from a home office. A plant manager in Seattle can immerse herself in a factory in Vietnam; she can see, hear, feel, even smell the shop floor. Avatars of executives can appear in a conference room anywhere in the world. Doctors can even assist with surgeries in faraway hospitals, operating remotely using immersive 3D holograms beamed right into their homes or offices.

Saudi officials considering delaying IPO after drone attack: WSJ (Sparky1)

Yemen’s Houthi Group on Saturday claimed responsibility for the drone attacks on two Aramco’s plants.

Aramco had planned to list 1% shares of the state oil plant on the Riyadh stock exchange before the end of this year and another 1% in 2020, Reuters reported last week.

Kroft: Why have no banking executives been prosecuted? (Don R.)

Steve Kroft discusses his team’s five-year-long effort to unravel the financial mess of 2008.

JP Morgan traders accused of manipulating price of gold, silver for a DECADE, as DoJ tries to look tough on Wall Street (lambertad)

The trio allegedly engaged in “spoofing” on a massive scale – placing trades that they intended to cancel before execution in order to manipulate the price of gold, silver, and other precious metals – dating back over 10 years, openly discussing their illegal behavior in chat logs obtained by the prosecution and included in the indictment. They are charged with bank, wire, and commodities fraud, price manipulation and spoofing, and “conspiracy to conduct the affairs of an enterprise involved in interstate or foreign commerce through a pattern of racketeering activity” – a charge usually reserved for members of an organized crime ring.

Selco: You Know the SHTF Has Started When People Begin Losing Their Guns (thc0655)

Well, if you go back and read this fictional 245 days scenario and still think “it cannot happen,” you need to realize how it can. Maybe from day one you and everybody else like you will be portrayed through the media, and bombarded with information that you and your weapon present an extreme danger to law-abiding folks. They will say that you are not a “normal part of society”, that “guns kill our kids” etc.

Incentives (And Sociopaths) Rule The World (Don R.)

The most surefire way to succeed in America today is to be a high-functioning sociopath who scratches the backs of other high-functioning sociopaths. As such, the most pressing problem at a root level is that our economy and society incentivizes sociopathic behavior by systematically funneling sociopaths into positions of unaccountable power. If this sounds insane it’s because it is. The very structure of how our society functions is in fact insane.

The SR-71 Blackbird’s Predecessor Created “Plasma Stealth” By Burning Cesium-Laced Fuel (Thomas R.)

“From this period [the late 1950s], our studies regarding radar cross-section showed that any flyable aircraft to be operational in the period after 1963 could not avoid radar detection,” Clarence “Kelly” Johnson, famed Lockheed engineer and head of the company’s Advanced Development Programs (ADP) division, or Skunk Works, wrote in a now-declassified official internal history of the A-12 program in 1968. “This did not mean that we had not gone all out on the reduction of radar cross section, as we made many very important contributions, including those of basic shape, to the whole problem on the A-12.”

Trump Says Iran Appears Responsible for Saudi Attack but That He Wants to Avoid War (Thomas R.)

Mr. Trump warned that the United States has fearsome military capabilities and is prepared for war if necessary. “With all that being said, we’d certainly like to avoid it,” he said. “I know they want to make a deal,” he said of Iranian officials, whom he has been trying to draw into talks over their nuclear program and other issues. “At some point it will work out.”

Explosion and fire break out at Russian lab known for housing deadly smallpox virus (Sparky1)

Founded in 1974, the Center for Virology and Biotechnology was once known for developing biological weapons research during the Cold War Soviet era. It is now one of the world’s largest research centers developing vaccines and tools for diagnosing and treating infectious diseases.

The head of the Koltsovo science city, where Vector is located, told Russian state news agency RIA-Novosti that there was no biological threat.

Texas girl dies from brain-eating amoeba she got while swimming in river (Thomas R.)

The amoeba found naturally in freshwater can be life-threatening when it enters the body through the nose, according to the Centers for Disease Control and Prevention.

The Truth About Eating Eggs (Thomas R.)

Cholesterol, a yellowish fat produced in our liver and intestines, can be found in every one of our body’s cells. We normally think of it as “bad”. But cholesterol is a crucial building block in our cell membranes. It also is needed for the body to make vitamin D, and the hormones testosterone and oestrogen.

We produce all the cholesterol we need on our own, but it’s also found in animal produce we consume, including beef, prawns and eggs, as well as cheese and butter.

Climate Strike N.Y.C.: 1.1 Million Can Skip School for Protest (tmn)

Before the announcement, the protests, to be held three days ahead of the United Nations Climate Action Summit here, had thrown a new complication into the usual back-to-school chaos: With the protests framed as a cry to protect their futures from climate disaster, should students heed the call?

As Bering Sea ice melts, Alaskans, scientists and Seattle’s fishing fleet witness changes ‘on a massive scale’ (AKGrannyWGrit)

Much of U.S. seafood — ranging from fish sticks to king crab legs — comes from the Bering Sea, which generates income for an arc of communities that reaches from Savoonga to Seattle, where many of the boats that catch and process this bounty are home-ported.

For Native people such as Akeya, who is Yup’ik, the ice also has shaped their culture, helping them to hunt the walruses, whales, seals and other marine life that have long formed a crucial part of their diet.

Gold & Silver

Click to read the PM Daily Market Commentary: 9/16/19

Provided daily by the Peak Prosperity Gold & Silver Group

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