Daily Digest

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Daily Digest 2/16 - Storms Cancel 77,000 Flights, Life At Minimum Wage

Sunday, February 16, 2014, 12:41 PM

Economy

Merkel, Hollande to discuss European communication network avoiding U.S. (westcoastjan)

Government snooping is a particularly sensitive subject in Germany due to the heavy surveillance of citizens practised in communist East Germany and under Hitler, and there was widespread outrage at the revelations of NSA surveillance by former NSA contractor Edward Snowden.

"We've got to do more for data protection in Europe, there's no doubt about it," Merkel said on Saturday.

Life at Minimum Wage (jdargis)

Bloomberg Businessweek asked low-income workers around the United States to describe their jobs, aspirations and fears. These working Americans have the most at stake in the debate over whether to hike the federal minimum wage to $10.10.

Iron Men of Wall Street (jdargis)

The upper tiers of the income distribution are overwhelmingly occupied by executives of one kind or another — corporate, finance, real estate, and lawyers who are surely more corporate than Perry Mason. And even the biggest names in media aren’t real players. Remember, the 40 top-paid hedge fund managers and traders made an average of more than $400 million each in 2012.

The Rise (and Rise and Rise) of the 0.01 Percent in America (jdargis)

Now let's add labels (the income data lives here if you wanna play at home) and voila, you can see this isn't a picture of the rich and the rest. It's the 40-year history of the rich, the truly rich, and the truly filthy stinking rich—the 1 percent, the 0.1 percent, and the 0.01 percent.

The Crushingly Expensive Mistake Killing Your Retirement (jdargis)

The answer is a lot more than you think. (No cheating with a calculator before we get to the big reveal). Now, let's say you contribute $3,000 to your 401(k) every year, which is a little more than the national average, starting when you're 25. Let's also say that you're choosing between two investments: the lowest-cost index fund with a 0.08 percent fee, and a typical managed stock fund with, according to Morningstar, a 1.33 percent fee. And finally, let's say that, though you don't know it, they both return 7 percent a year, because, as we saw above, most managed funds don't beat the market.

Amid storms, more than 77,000 flights canceled so far this year (jdargis)

But some industry experts say airlines also cancel flights early to save on the cost of paying pilots and flight attendants to show up for flights that will ultimately sit on a tarmac for hours. They also say airlines cancel flights early to avoid being fined by the federal government for keeping passengers stranded on delayed flights.

California's New 'Dust Bowl': "It's Gonna Be a Slow, Painful, Agonizing Death" For Farmers (Suzie G.)

For the state that produces one-third of the nation's fruits and vegetables, the driest spell in 500 years has prompted President Obama to make $100 million in livestock-disaster aid available within 60 days to help the state rebound from what he describes is " going to be a very challenging situation this year... and potentially some time to come."

Gold & Silver

Click to read the PM Daily Market Commentary: 2/14/14

Provided daily by the Peak Prosperity Gold & Silver Group

Article suggestions for the Daily Digest can be sent to [email protected]. All suggestions are filtered by the Daily Digest team and preference is given to those that are in alignment with the message of the Crash Course and the "3 Es."

1 Comment

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
$400 Million a year?

The Wolves of Wall Street will turn on each other, when the carcass is clean. They have a hunger that gluttony cannot assuage.

Be careful that they do not recruit you to their flags, for you will be fodder. Let them fight it out among themselves. Go long Katanas. You will make a killing.

Aren't they beautiful though?

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