Daily Digest

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Daily Digest 8/29 - People Aren't Buying Guns, Detroit Property Tax Revenue Falls Short

Friday, August 29, 2014, 10:37 AM

Economy

The Impending Catastrophe (June C.)

Ben Bernanke has admitted that (in his view) virtually all systemically important financial firms were on the edge of collapse in 2008. This, he cites, is justification for his extraordinary policy moves. There's a problem -- his mandate is to regulate said money and credit systems all the time, not just in a crisis. That filing is an admission that both he and the NY Fed failed to do so; that is, they failed to perform their statutory duty. Why aren't both he and Tim Geithner in prison, seeing as he made this admission before a court in a sworn filing?

'Kiev, rise up!' Protesters demand ouster of Ukrainian president, defense minister (Arthur Robey)

The commander of the Donbass battalion, fighting against the militia in southeast Ukraine, Semyon Semyontchenko, has talked to the crowd via a bullhorn, asking the protesters to “show unity.”

After several hours outside the Defense Ministry, the demonstrators moved toward the presidential administration building.

What All This Bad News Is Doing to Us (jdargis)

In addition to a burgeoning sense of helplessness, she said, cognitive shortcuts triggered by the news can also lead us to gradually see the world as a darker and darker place, chipping away at certain optimistic tendencies. McNaughton-Cassill’s research suggests that that all things being equal, if you ask people, regardless of their circumstances, to evaluate what’s going around them — Do they think their neighbors are good people? Do they think the local schools are solid? — “People always say yes in their immediate setting.”

People Aren't Buying Guns (June C.)

Coming off a year of record sales, the gun market is cooling off. And overeager gunmakers are still struggling to dial down their expectations.

In the recent quarter, Smith & Wesson (SWHC) sales dropped 23 percent, to $131.9 million, and profit plunged 45 percent, to $14.6 million, according to a report late yesterday. Long guns and “modern sporting rifles,” in particular, lost favor among shooters, but handguns cooled off as well. Smith & Wesson shares slumped almost 15 percent on the news.

Detroit Expected $55 Million in Property Tax Revenue; It Brought in $6.7 Million (Phil H.)

That shortfall in property taxes played a big role in why the city was $50.2 million in the red in the fourth quarter, which ran from April to June.

In the third quarter, the city of Detroit fell $19.3 million short of property tax revenue collections. However, in the first two quarters of FY 2014 (July through December of 2013), the city took in a combined $52.1 million more in property taxes than projected.

Propaganda and the lack thereof (Joe M.)

They would like you to believe that the Russian government is arming the “rebels” in Eastern Ukraine. To the contrary, the Russian government has withheld all military support, limiting itself to providing humanitarian supplies to the hundreds of thousands of people whose lives have been destroyed by artillery and rocket fire coming from the Ukrainian forces. The weapons in the “rebels'” arsenal are trophies, which they seized from the retreating Ukrainian forces. That said, the “rebels” are indeed being supported—but by the Russian people, not the Russian government. Remember, these are all Russians, on both sides of the border, and the Ukrainian government no longer controls any of it.

Newly Built CO2-Emitting Plants Outpace Closings (James S.)

Governments around the world may be enacting measures to reduce greenhouse gas emissions, but the energy industry isn’t on board with those goals, according to a new report from researchers at Princeton University and the University of California at Irvine (UCI). Their report, published in the journal Environmental Research Letters, says existing power plants fired by coal and gas will generate more than 300 billion tons of atmosphere-clogging carbon dioxide over the next 40 years.

This Twenty-Something Hopes to Unleash the Next Green Revolution (jdargis)

“Agricultural research and education has focused on areas of specialty,” says Kempf. “Many of [these scientists] believe that the answer to agricultural challenges lies within their own area of research, and they don’t communicate with each other.”

Kempf, though, was eager to communicate with all of them as he systematically worked to find, understand and synthesize these disparate bits of knowledge into a unified understanding of soil and plant health that he could apply to the farm. And although he was still a teenager who’d never even taken a ninth-grade science class, he found that scientists like Hatfield were eager to work with him.

Gold & Silver

Click to read the PM Daily Market Commentary: 8/28/14

Provided daily by the Peak Prosperity Gold & Silver Group

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9 Comments

KugsCheese's picture
KugsCheese
Status: Diamond Member (Offline)
Joined: Jan 2 2010
Posts: 1449
Re: What All This Bad News Is Doing to Us

The bigger danger is desensitization.  Instead of fighting the crony forces the people just ignore the reality until Nature fixes it.

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4163
Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
Plunging Ruble and Changing Paradigms.

A plunging currency is what central bankers strive for. It makes imports more expensive and exports cheaper. In other words a de-facto trade barrier.

That is if you accept the notion of a separate Nation State in competition with others. That was so last century. Now the economies of the world are blended into one whole by communications, both Internet and Container ship.

This is why Russia is worried about Western Europe getting gas. I think Putin gets it. Now if someone could inform the Whitehouse.

KugsCheese's picture
KugsCheese
Status: Diamond Member (Offline)
Joined: Jan 2 2010
Posts: 1449
Re: Finland 2015 Budget Will Violate EU Rules, Official Says

Finland never should have joined the Euro Currency.   Finland's exports and imports look East not West.  Many did not want to join and it looks like they were right.  Putin is reported to be mostly Finnish blood so maybe Russia will annex Finland?

Bankers Slave's picture
Bankers Slave
Status: Platinum Member (Offline)
Joined: Jul 26 2012
Posts: 523
No desentizisation..not on this site

Second time round for this classic

 

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4163
Yen at 120 Seen Needed by UBS Wary of Weimar-Japan Redux

Yen at 120 Seen Needed by UBS Wary of Weimar-Japan Redux

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
NATO gears up for War.

Fat, pink, pansy politicians ready to send their poor youth into combat with Russia.

A "Rapid Deployment Force" ,no less. Lipstick on a Pig.

 

Pointed threats, they bluff with scorn
Suicide remarks are torn
From the fool’s gold mouthpiece the hollow horn
Plays wasted words, proves to warn
That he not busy being born is busy dying

Temptation’s page flies out the door
You follow, find yourself at war
Watch waterfalls of pity roar
You feel to moan but unlike before
You discover that you’d just be one more
Person crying

It's Alright Ma. Bob Dylan.

 

Bankers Slave's picture
Bankers Slave
Status: Platinum Member (Offline)
Joined: Jul 26 2012
Posts: 523
The counter Ice Bucket Challenge

Rector's picture
Rector
Status: Platinum Member (Offline)
Joined: Feb 8 2010
Posts: 509
People Aren't Buying Guns?

I don't think that's what the data shows.  Despite Bloomberg's hopefulness, gun sales are still elevated beyond historical norms.  True, people are buying fewer guns than they did at the peak of the Sandy Hook panic.  There are still a lot of guns being sold, and they are being added to an enormous national stockpile of long-lasting firearms.  When the next panic occurs (and it will with certainty), sales will pick up again.  If there is a huge national or regional crisis, sales will skyrocket.  

Better get yours now during the lull!

Rector

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