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By Tyler Durden

We warned it might anmd sure enough, following news of another one billion accounts hacked overnight, Bloomberg reports that Verizon is exploring a price cut or possible exit from its $4.83 billion pending acquisition of Yahoo, according to a person familiar with the matter.

While a Verizon group led by AOL Chief Executive Officer Tim Armstrong is still focused on integration planning to get Yahoo up and running, another team, walled off from the rest, is reviewing the breach disclosures and the company’s options, said the person, who asked not to be identified discussing private information.

A legal team led by Verizon General Counsel Craig Silliman is assessing the damage from the breaches and is working toward either killing the deal or renegotiating the Yahoo purchase at a lower price, the person said. One of the major objectives for Verizon is negotiating a separation from any future legal fallout from the breaches. Verizon is seeking to have Yahoo assume any lasting responsibility for the hack damage, the person said.

The result:

Sending Yahoo to 4 month lows…

…read more

Source: Yahoo Shares Crash As Verizon Said To Consider Scrapping Deal Over Hacks

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By Tyler Durden

After mixed PMIs from Europe overnight (German/Eurozone Services down, Manufacturing up), US Manufacturing PMI (soft survey) rose very modestly in its preliminary December print to 21-month highs, which is entirely decoupled from industrial production hard data declining. However, the 54.2 level disappointed relative to 54.5 expectations, with export sales close to stagnation, which contrasted with the modest growth seen on average in the second half of 2016.

Which do you believe? Soft Survey data… or hard real data…?

Commenting on the flash PMI data, Chris Williamson, Chief Business Economist at IHS Markit said:

“US manufacturing is enjoying a strong end to 2016, showing further signs of pulling out of the soft-patch seen earlier in the year and putting the sector on the starting blocks ready for a further upturn as we move into 2017.

“The fourth quarter has seen the strongest PMI readings for one-and-a-half years, suggesting the goods-producing sector is growing at an annualised rate of 2-2.5%.

“A buoyant domestic market, reflecting a combination of rising consumer demand and inventory building, is helping offset export woes caused by the strong dollar.

“Companies are gearing up for further growth in coming months: employment is rising at the fastest rate for 18 months and purchasing activity has likewise been ramped up in preparation for higher production. Confidence among producers has clearly improved, setting the scene for a good start to 2017.

“The upturn is being accompanied by rising costs, linked mainly to global commodity prices lifting higher. The combination of solid growth and rising price pressures adds to the likelihood of further Fed action in 2017, with three more quarter point hikes anticipated next year by IHS Markit.”

…read more

Source: US Manufacturing PMI Hits 21-Month High (Despite Plunge In Industrial Production)

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By Tyler Durden

There is seemingly no stopping the runaway train that is the economic momentum of the past month, as confirmed by the just released Philly and Empire Fed surveys, which printed at 21.5 and 9.0, smashing expectations of 9.1 and 4 respectively, in fact printing above the highest estimate for both reports, and well above the recent print of 7.6 and 1.5. The one blemish was the sharp drop in labor market conditions at the Empire Fed, which saw a big drop in both employment and hours worked.

First, looking at the Empire Fed, which jumped from 1.5 to 9, we get the following component data:

• Prices paid rose to 22.6 vs 15.5
• New orders rose to 11.4 vs 3.1
• Number of employees fell to -12.2 vs -10.9
• Work hours rose to -7 vs -10.9
• Inventory rose to -13.9 vs -23.6

* * *

The Philly Fed, which soared even more from 7.6 to 21.5, was even more impressive:

• Dec. prices paid rose to 29.4 vs 27.5
• New orders fell to 13.9 vs 18.6
• Employment rose to 6.4 vs -2.6
• Shipments rose to 22.0 vs 19.5
• Delivery time rose to 7.6 vs 6.1
• Inventories fell to 1.1 vs 13.4
• Prices received fell to 5.8 vs 16.0
• Unfilled orders rose to 5.7 vs 4.1
• Average workweek rose to 9.8 vs 7.4

The commentary on the Empire Fed was optimistic with the exception of the labor market which remained weak:

Business activity grew modestly in New York State, according to firms responding to the December 2016 Empire State Manufacturing Survey. The headline general business conditions index climbed eight points to 9.0. The new orders index rose to 11.4, and the shipments index was unchanged at 8.5. Labor market conditions remained weak, with manufacturers reporting declines in employment and hours worked. Inventories continued to fall, and delivery times shortened. The prices paid index rose seven points, pointing to a pickup in input price increases, while the prices received index showed only a slight increase in selling prices. Indexes for the six-month outlook conveyed a high degree of optimism about future conditions, with the index for future business conditions rising to its highest level in nearly five years.

Business Activity Picks Up

Manufacturing firms in New York State reported that business activity expanded in December. The general business conditions index rose eight points to 9.0, its highest level since April. Thirty-two percent of respondents reported that conditions had improved over the month, while 23 percent reported that conditions had worsened. The new orders index climbed eight points to 11.4, indicating that orders increased at a solid clip, and the shipments index held steady at 8.5, pointing to an ongoing increase in shipments. The unfilled orders index edged two points higher to -10.4, and at -7.8, the delivery time index signaled shorter delivery times. The inventories index remained negative, indicating that inventory levels continued to fall, though at a slower pace than last month.

As noted above, labor market conditions remained weak: as in November, both employment indexes remained negative in December. The index for number of employees was little changed at …read more

Source: Philly, Empire Feds Smash Expectations On Soaring Optimism Despite Deterioration Labor Conditions, Inflation Spike

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for latest details. …read more

Source: What happened at Trump’s tech exec meeting?

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Approximately three-quarters of health care and hospital systems ask for payment at the time services are provided, according to an industry group. …read more

Source: Patients being asked to pay up before treatments

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House Democrats say they have been told by a federal agency that President-elect Donald Trump must sell his stake in a luxury Washington hotel. But the agency says it has made no final determination. …read more

Source: Dems: Agency says Trump must give up D.C. hotel

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By Tyler Durden

Presented below with little comment is an epic rant, culminating in what might have been an actual on-air nervous breakdown, by Keith Olbermann about the “Russian coup” that is currently in process and threatens “the end of the United States as an independent country.”

“The nation and all of our freedoms hang by a thread. And the military apparatus of this country is about to be handed over to scum who are beholden to scum, Russian scum. As things are today, January 20th will not be an inauguration but rather the end of the United States as an independent country. It will not be a peaceful change of power. It will be a usurpation. And the usurper has no validity, no credibility and no authority under the constitution. This is a reality that will become the only reality until this country rids itself of Donald John Trump. He is not a President.”

Given that the left is suddenly so terrified of a “Russian Coup,” we thought the following video compilation from 2012, in which everyone from Obama to Biden to Hillary mocked Governor Romney for referring to Russia as our “number one geopolitical foe,” was appropriate.

Obama: “The 1980s are now calling to ask for their foreign policy back because the cold war has been over for 20 years.”

…read more

Source: Keith Olbermann Loses It: US Military Will Soon Be Controlled By ‘Scum’ Beholden To ‘Russian Scum’

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By Tyler Durden

Authored by Pepe Escobar, originally posted op-ed via SputnikNews.com,

This is the way the Obama administration ends; not with a bang, but a pathetic whimper.

Queen of War Hillary “We Came, We Saw, He Died” Clinton’s campaign – fully supported by President Obama – spent a whopping $1.2 billion and floundered ignominiously at the US presidential election. So Obama decided that the consolation “prize” is to order the “intelligence community” – a contradiction in terms – to conduct a “full review” of how the evil Russians handed out the Big Prize to Donald Trump.

Queen of War famously insisted throughout the campaign that “17 US intelligence agencies” confirmed Russian hacking of the Podesta emails, then slow-dripped – Chinese torture-style – day after day by WikiLeaks, revealing the slimy inner workings of the DNC. In fact there was no damning 17 intel agencies verdict, just a dodgy comment by further disgraced Director of National Intelligence (DNI) James Clapper offering no evidence whatsoever.

Now Amazon’s Jeff Bezos’ two-bit neocon-infested rag The Washington Post – once upon a time a decent newspaper – piles up, mouthing a sensationalist CIA spin according to which Langley has the Russians did maneuver to install their Manchurian, Trumpian candidate.

And this right after the same rag went the full McCarthy, promoting a long black list remix of websites/news agencies, Sputnik included, denounced as fifth columnists and/or propaganda ops. Further enhancing its already negative credibility – constantly boosted by the neocon/neoliberalcon ravings of its editorial pages – the Post to this day has not retracted its infantile, bogus “report”.

The intersection of The New McCarthyism and the CIA at the Post couldn’t be more predictable; after all Bezos’ Amazon is a major contractor with the CIA, thus configuring the Post as a key US deep state asset. So welcome to Washington’s alleged newspaper of record regurgitating a US government (USG) blacklist of American and foreign journalists.

One false flag too many

As for the CIA’s intel breakthrough, it amounts to the proverbial “senior US official” reassuring US public opinion that the “consensus view” of the “intelligence community” is that “individuals with connections with the Russian government” provided WikiLeaks with the Podesta emails. WikiLeaks had already debunked this narrative way back in October.

Now picture Langley hacks “secretly” briefing senators on Capitol Hill last week, breathlessly reassuring them the Russians did it. Yet even the Post’s shoddy report was forced to acknowledge the proverbial “senior US official” saying “there were minor disagreements…about the agency’s assessment” – as in no solid evidence of “the Kremlin ‘directing’ the identified individuals to pass the Democratic emails to WikiLeaks”.

So this is essentially old debunked news repackaged – with no supporting facts – as a powerful indictment, planted by the CIA on Washington’s alleged paper of record. No wonder the Trump transition team – under White House chief strategist Steve Bannon – duly punctured the CIA strategic balloon; “These are the same people that said Saddam Hussein had weapons of mass destruction.” Case closed. Go back …read more

Source: Obama Out Not With A Bang, But A Whimper

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By Tyler Durden

The U.S. Department of Education has just released it’s latest ranking of international education systems (Program for International Student Assessment – “PISA”) and performance of U.S. students just continues to deteriorate on both absolute and relative terms.

Perhaps it’s time to have a real conversation about the complete failure of “Common Core” and the idiocy of allowing teachers’ unions to hold our children hostage while hiding behind ridiculous contracts that grant tenure after 6 months and make it impossible to fire underperformers. Just a thought for the incoming Trump administration.

The Washington Post’s Valerie Strauss summed up the problems nicely:

There are many reasons children aren’t learning anything during the long hours they spend in government schools. Sometimes, their teachers don’t show up to work because they’re out on the teachers union picket line demanding taxpayers pick up the tab for their plastic surgery. Other times, students are forced to sit in classes led by totally unqualified teachers who will never leave because they’re protected by tenure.

For every disgraceful teacher, though, there are tons of good ones who are doing their best. The problem often isn’t teachers’ incompetence, it’s that they’re forced to instruct kids using rubbish. Look at the Common Core State Standards, which were adopted initially by 46 states because their federal education funding depended on it. The math is backwards, confusing, and, as the National Review so suitably dubbed it, “dumb.” The reading standards fill students’ minds with filth in the form of raunchy books and with yawn-inducing “informational texts.”

Our schools no longer teach reading, writing, and arithmetic. Rather than be taught how to think and problem-solve, children are thought what to think and how to feel. All these money-making and money-spending schemes tend to sound nice, of course, but they inevitably fall flat.

Now the results….in math, the U.S. ranked 40th in the world and 31st out of the 35 developed countries that provide data to the study…somewhat less than ideal.

Meanwhile, nearly 30% of the 15-year-olds in the U.S. were found to rank in the bottom two (of 5) proficiency tiers.

Unfortunately the story isn’t much better with reading and science proficiency. The U.S. ranked 24th in the world on the study’s “reading literacy scale”…

…and 25th in science.

And, of course, performance has been deteriorating for the past decade.

In conclusion, this about sums it up:

Here is the full study from the U.S. Department of Education:

…read more

Source: U.S. Kids Keep Getting Dumber; Ranked 31st Of 35 Developed Nations In Math, New Study Reveals

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By Tyler Durden

Submitted by Carey Wedler via TheAntiMedia.org,

According to the DEA, the problem with cannabis in the United States isn’t that it’s still designated a dangerous drug with no medicinal value in spite of volumes of emerging scientific research indicating otherwise.

The problem is actually that the media has made it difficult for government agents to arrest people for selling and consuming it. The DEA also blames the increasing trend of legalization across the United States. In its 2016 National Drug Threat Assessment Summary [pdf], the DEA observes that “While marijuana remains illegal under federal law, many states have passed laws allowing the cultivation, possession, and use of marijuana within their respective states.”

The agency then argues:

“Due to these varying state laws, as well as an abundance of media attention surrounding claims of possible medical benefits, the general public has been introduced to contradictory and often inaccurate information regarding the legality and benefits of marijuana use.”

As a result, they contend: “This has made enforcement and prosecution for marijuana-related offenses more difficult, especially in states that have approved marijuana legalization.

Indeed, the DEA is correct in asserting an increasing number of individuals in states across the country have opted to remove barriers to cannabis use. From California to Colorado and Oregon to Washington D.C., 28 states have legalized either medical or recreational use.

But the agency’s wording that “an abundance of media attention surrounding claims of possible medical benefits” actually reveals the disingenuousness of its comments. Though the DEA frames the medicinal qualities of cannabis as doubtful, using uncertain terms like “claims” and “possible,” its own policies prove its statements “contradictory.”

In 2015, the DEA itself requested increased amounts of cannabis to be used for research to determine whether or not the plant can be used to treat health conditions. Though this does not necessarily prove there are benefits, it shows even the nation’s “authority” on drugs is adapting to the new era of ending cannabis prohibition and can no longer blindly deny the plant’s potential.

Still, in spite of its limited efforts to allow cannabis for research purposes, a study published in the peer-reviewed PLOS Biology journal highlighted the barriers government drug policies’ pose to research:

“In the United States, city and state governments often move to outlaw novel drugs before the federal government believes it has sufficient evidence to make that determination. Some have been extreme in their lack of understanding of pharmacology.”

This represents a self-repeating loop whereby government policy restricts research, and the DEA then implies research is insufficient to prove medical benefits.

Regardless, though the DEA decided to keep cannabis a harmful “Schedule 1” drug in August, other branches of the government might disagree with its assessment. According to www.cancer.gov, a website run by the National Institute for Cancer, cannabis holds many potential benefits for treating nausea, vomiting, pain, anxiety, and loss of appetite.

While, again, “potential” is a key qualifier, the same fact sheet acknowledges that “Two cannabinoids (dronabinol …read more

Source: DEA Blames The Media For Making It Harder To Arrest People Over Weed

    

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