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

Friday, August 29, 2014, 9:37 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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