Daily Digest

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Daily Digest 6/19 - A Sentimental Education, Charleston In The Age Of Obama

Friday, June 19, 2015, 9:29 AM

Economy

The Latest American Mass Killing (jdargis)

This political dynamic helps explain why the rise in mass killings in America has not led to any changes in policy. Such killings have become increasingly common, even as the overall number of gun-related homicides has declined. Before yesterday, there had been 279 killings involving four or more victims since 2006, according to an excellent database compiled by USA Today. About five out of six such killings target family members, or involve the commission of another crime such as a burglary. The mass killing in Charleston appears to belong to the sub-category of "public killings": those, like the Sandy Hook massacre, in which the killer had no intimate personal relationship with the victims. In fact, 2015 has not been a particularly bad year for public killings: until yesterday there had been just one, in San Francisco, and police believe it was gang-related. (The biker brawl in Waco, Texas, which left nine people dead, is not classified as a public killing because the victims appeared to have known each other.)

Charleston And The Age Of Obama (jdargis)

No small part of our outrage and grief—particularly the outrage and grief of African-Americans—is the way the Charleston murders are part of a larger picture of American life, in which black men and women, going about their day-to-day lives, have so little confidence in their own safety. One appalling event after another reinforces the sense that the country’s political and law-enforcement institutions do not extend themselves as completely or as fairly as they do for whites. In Charleston, the killer seemed intent on maximizing both the bloodshed and the symbolism that is attached to the act; the murder took place in a spiritual refuge, supposedly the safest of places. It was as if the killer wanted to underline the vulnerability of his victims, to emphasize their exposure and the racist nature of this act of terror.

Greece faces banking crisis after eurozone meeting breaks down (jdargis)

The Luxembourg talks broke down within an hour of discussions about the Greek crisis starting, indicating the bad blood between both sides. Christine Lagarde, the head of the IMF, said there was an urgent need for dialogue “with adults in the room”. She added: “We can only arrive at a resolution if there is a dialogue. Right now we’re short of a dialogue.”

A sentimental education: inside the school that Tilda built (jdargis)

“There’s no grading, no testing at all,” Tilda had explained to me earlier. “My children are now 17, and they will go through this school without any tests at any time, so it’s incredibly art-based, practical learning. For example, they learn their science by building a Canadian canoe, or making a knife, or caramelising onions. And they’re all happy 17-year-olds. I can’t believe it – happy and inspired.”

After an Era of Ups and Downs, Home Prices Return to Sanity (jdargis)

For a while in 2013 and early 2014, national home prices were rising at a double-digit percentage rate, which if sustained could have rapidly led housing back to its bubble-era extremes. But the reality — of caution on the part of home buyers and their lenders — soon set in. In the 12 months ended in March, the S.&P. Case-Shiller national home price index rose only 4.1 percent, not much higher than the rise in Americans’ incomes and broadly consistent with longer-term trends.

Proposed Rule for Big Trucks Aims at Cutting Fuel Emissions (jdargis)

It will require truck manufacturers to increase their fuel efficiency by about a third, up from the current average of about six miles a gallon. The E.P.A. estimates the cost of improving vehicle fuel efficiency technology will cost $10,000 to $12,000 a vehicle for the largest trucks, and somewhat less for smaller trucks, but it estimates that those costs will be recouped by fuel savings in less than two years.

Expect A Wave Of Consolidation In The Oil Industry (Tom K.)


Wall Street is famous for getting public prices at levels that magically make deals happen and, with better funded E&P companies trading at substantial premiums vs. the leveraged ones, this is what is occurring. Take the collapse of Goodrich Petroleum (GDP) as a prime example as to what is now taking place and what will continue through the latter half of this year. Here is a company with $100million in liquidity but who continues to be free cash flow negative on current strip pricing in 2015 & 2016. However, it has a capital spending budget of $100 million for 2015 and 2016 and a free cash deficit of $60 million-$80 million in each of 2015 and 2016 depending on asset price assumptions. To plug the hole it hopes to sell its Eagle Ford assets this year.

Championing Environment, Francis Takes Aim at Global Capitalism (jdargis)

“I respect what the pope says about the need for action, but this is out of step with the thinking and the work of informed policy analysts around the world, who recognize that we can do more, faster, and better with the use of market-based policy instruments — carbon taxes and/or cap-and-trade systems,” Robert N. Stavins, the director of the environmental economics program at Harvard, said in an email.

Gold & Silver

Click to read the PM Daily Market Commentary: 6/18/15

Provided daily by the Peak Prosperity Gold & Silver Group

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4 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4066
saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4066
reflector's picture
reflector
Status: Gold Member (Offline)
Joined: Aug 20 2011
Posts: 267
"market-based"?

"the use of market-based policy instruments — carbon taxes and/or cap-and-trade systems,” Robert N. Stavins

how odd - mr stavins seems to not understand what "market-based" means.

taxes, including carbon taxes, are never market based.

the dictates of a centrally-planned economy and its proponents, however well-intentioned they may be, are the opposite of market-based.

 

 

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
Ye Gods. So many parallels!

https://en.m.wikipedia.org/wiki/Nazism

 

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