Workers to strike at Trump Taj Mahal casino
Close to 1,000 workers at the Trump Taj Mahal casino will go on strike early Friday after it failed to reach a deal with union negotiators. …read more
Source: Workers to strike at Trump Taj Mahal casino
Archive for the ‘Uncategorized’ Category
The Collapse Of Western Democracy
By Tyler Durden
Authored by Paul Craig Roberts,
Democracy no longer exists in the West. In the US, powerful private interest groups, such as the military-security complex, Wall Street, the Israel Lobby, agribusiness and the extractive industries of energy, timber and mining, have long exercised more control over government than the people. But now even the semblance of democracy has been abandoned.
In the US Donald Trump has won the Republican presidential nomination. However, Republican convention delegates are plotting to deny Trump the nomination that the people have voted him. The Republican political establishment is showing an unwillingness to accept democratic outcomes.
The people chose, but their choice is unacceptable to the establishment which intends to substitute its choice for the people’s choice.
Do you remember Dominic Strauss-Kahn? Strauss-Kahn is the Frenchman who was head of the IMF and, according to polls, the likely next president of France. He said something that sounded too favorable toward the Greek people. This concerned powerful banking interests who worried that he might get in the way of their plunder of Greece, Portugal, Spain, and Italy. A hotel maid appeared who accused him of rape. He was arrested and held without bail. After the police and prosecutors had made fools of themselves, he was released with all charges dropped. But the goal was achieved. Strauss-Kahn had to resign as IMF director and kiss goodbye his chance for the presidency of France.
Curious, isn’t it, that a woman has now appeared who claims Trump raped her when she was 13 years old.
Consider the political establishment’s response to the Brexit vote. Members of Parliament are saying that the vote is unacceptable and that Parliament has the right and responsibility to ignore the voice of the people.
The view now established in the West is that the people are not qualified to make political decisions. The position of the opponents of Brexit is clear: it simply is not a matter for the British people whether their sovereignty is given away to an unaccountable commission in Brussels.
Martin Schultz, President of the EU Parliament, puts it clearly: “It is not the EU philosophy that the crowd can decide its fate.”
The Western media have made it clear that they do not accept the people’s decision either. The vote is said to be “racist” and therefore can be disregarded as illegitimate.
Washington has no intention of permitting the British to exit the European Union. Washington did not work for 60 years to put all of Europe in the EU bag that Washington can control only to let democracy undo its achievement.
The Federal Reserve, its Wall Street allies, and its Bank of Japan and European Central Bank vassals will short the UK pound and equities, and the presstitutes will explain the decline in values as “the market’s” pronouncement that the British vote was a mistake. If Britain is actually permitted to leave, the two-year long negotiations will be used to tie the British into the EU so firmly that Britain leaves in name only.
No one with a brain believes that Europeans …read more
Source: The Collapse Of Western Democracy
The New Narrative For Earnings: Blame Brexit
By Tyler Durden
Every quarter there is always a fallback narrative put forth as to why companies fail to meet earnings expectations, and we now have that narrative for the rest of 2016 (and perhaps through 2025): Brexit.
As we discussed yesterday, as we enter into Q2 earnings season the main focus on all earnings calls will be to what extent Brexit will impact business for the rest of the year. Will firms guide down materially due to the UK referendum, or will guidance largely not be impacted, this is going to be the main focus of analysts and investors. To wit:
the main focus (by far) will be on the CQ2 earnings season (the first few reports will hit during the week of 7/11 but the heaviest volume will be during the week of 7/18 and 7/25). The CQ2 earnings season will be particularly important as investors are eager to hear updates from CEOs/CFOs on the extent to which Brexit-related disruptions materially impacted the outlook for their businesses. If the tone on the Jul/Aug conf. calls sounds relatively similar to the Apr/May updates (i.e. Brexit is acknowledged but doesn’t dramatically change H2 guidance) that would go a long way towards alleviating investor concern. Prior to the 6/23 referendum investors were penciling in a ~$130 SPX figure for ’17 – if that number only has a couple of dollars of downside stocks will continue stabilizing.
Almost right on cue, here is Reuters today planting the seed that Brexit can now be used as an excuse for firms that need to lower guidance without any pushback.
From Reuters
Foreign exchange volatility and economic uncertainty after Britain's vote to leave the European Union have imperiled a projected profit rebound in the United States, where companies have been stuck in an earnings recession since last year.
U.S. companies doing business abroad are at particular risk because of a jump in the dollar since last week's referendum and expectations of a potential stumble in European economies.
A strong dollar and plummeting oil prices slammed U.S. corporate earnings starting in 2015, but the stabilization of crude prices and the dollar in recent months has led investors to bet on a return to modest growth starting in the third quarter.
As the second-quarter reports gets underway in the coming weeks, executives' comments about the so-called Brexit's potential effects could alter Wall Street's expectations of when the profit slump will end.
“This adds more fuel to the fire, that the so-called spurt in growth in the second-half of the year is going to be really tough to achieve,” said Synovus Trust Company Senior Portfolio Manager Daniel Morgan, who believes analysts are too optimistic.
To add to the narrative, Reuters notes that some companies such as Carnival are already warning on the impact Brexit will have on full-year earnings targets.
Some U.S. companies are already voicing caution about Brexit.
Cruise ship operator Carnival Corp (CCL.N) warned in its quarterly report on Tuesday that Britain's withdrawal from the European Union could affect global consumer confidence.
Source: The New Narrative For Earnings: Blame Brexit
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What’s The Car Preference Of Millennials? Bentley – Of Course
By Tyler Durden
As many millennials have resorted to living with their parents in order to save on expenses, it turns out that “the other half” are out driving luxury cars.
Millennials (described as ages 19-34) who aren't living at home are are choosing premium cars and SUVs as their ride of choice ABC News reports. Bentley, the luxury British automaker first noticed the shift a few years ago as millennials starting leasing and financing vehicles such as the Continental GT in 2013, and now millennials account for a stunning 8% of Bentley sales the company said.
“Millennials represent an increasingly important customer base. They are the largest potential customer group today, and their influence is greater than simply the money they have to spend. We believe that this generation's approach to life and social issues will have more impact than merely their money.” said James Pillar, Bentley's head of marketing. For Bentley, we're sure money spent buying their cars is the top ranked impact that millennials will have.
Manhattan Motorcars in New York City has sold 33 new Bentleys so far this year, eight of which were sold to millennials the dealership said.
“Millennials are looking to set themselves apart. They want to be catered to, and they want a unique experience. They want to make a statement.” said Danielle Weinstein, a salesperson with Manhattan Motorcars. Weinstein posts Bentley videos on a YouTube channel she set up to connect with millennials who have the cash to splurge on a luxury car (the average lease is about $2,400 a month). “Millennials are drawn to social media advertising. They come into the dealership to network. I know social media attracts millennials.” Weinstein added.
AutoTrader.com conducted a study of millennial car buyers and shoppers in 2013 and found that 32% of millennials said they “like to impress people with their lifestyle”, and 40% “like to show off their taste.” In addition, millennials said owning the “best brand” is important to them.
Perfect, young and materialistic – if these millennial Bentley drivers aren't already employed by a Wall Street firm, we suggest they immediately apply.
The luxury car of choice isn't just Bentley however, as Audi, Jaguar and Land Rover have all acknowledged an uptick in Millennial business.
“We've seen a 23% increase in millennials coming to the brand in the past two years,” said Loren Angelo, Audi's USA director of marketing.
Kim McCullough, the company's vice president of marketing, said “Land Rover buyers are the youngest buyers of luxury SUVs, with half being between the ages of 20-48. With the recent addition of the Jaguar F-PACE and XE, preorders for those models reflect a younger buyer.“
Millennials are choosing to primarily lease instead of buy according to Karl Brauer, a director at Kelley Blue Book. “Millennials are not interested in the pure buying model, and a lot of them don't want to buy a car for the long term. Leasing also makes owning a car more affordable,” adding that “they have to buy cars now. They've reached that life stage. …read more
Source: What’s The Car Preference Of Millennials? Bentley – Of Course
Judicial Watch Demands DOJ Inspector General Probe Into "Scandalous" Lynch-Clinton Meeting
By Tyler Durden
The political scandal of the day was the news that on Monday evening (coincidentally just before the Benghazi report was released), Bill Clinton and US Attorney General Loretta Lynch just happened to meet on the tarmac at a Phoenix airport – totally unplanned of course. Clinton saw the attorney general and wanted to say hello, so Clinton boarded Lynch’s plane to talk for a bit. Sure, just a quick chat about the weather, his putting stroke, anything except oh, say, an update on what was about to be released on Benghazi, and especially not an update on the ongoing FBI investigation into Hillary.
“Our conversation was a great deal about his grandchildren. It was primarily social and about our travels. He mentioned the golf he played in Phoenix, and he mentioned travels he’d had in West Virginia. There was no discussion of any matter pending for the department or any matter pending for any other body. There was no discussion of Benghazi, no discussion of the State Department emails, by way of example” Lynch told reporters.
While Lynch claims it was a completely random encounter with Hillary Clinton’s husband, even Barack Obama’s former advisor David Axelrod admitted that the meeting created “bad optics”
I take @LorettaLynch & @billclinton at their word that their convo in Phoenix didn’t touch on probe. But foolish to create such optics.
— David Axelrod (@davidaxelrod) June 30, 2016
Sensing an opportunity to drive home a point about the Clintons’ lack of judgment, Trump quickly pounced on the meeting.
“It is an amazing thing,” Trump said during an interview on the Mike Gallagher Show, noting the pair met on an airplane at the Phoenix airport. “It was really a sneak. It was something they didn’t want publicized, as I understand it,” Trump said, regarding the meeting Monday night. “I think it’s so terrible; I think it’s so horrible. I think it’s one of the big stories of this week, of this month, of this year,” Trump continued.
“How bad a judgment is it for him or for her to do this? Who would do this?” Trump asked.
it won’t end there. Moments ago, conservative watchdog organization Judicial Watch today requested that the DOJ’s Office of the Inspector General investigate the meeting yesterday between Bill Clinton and Attorney General Loretta Lynch:
Attorney General Loretta Lynch met privately with former President William J. Clinton on board a parked private plane on the west side of Sky Harbor International Airport in Phoenix, Arizona on June 29, 2016, according to multiple press reports.
President Clinton is the spouse of Hillary Rodham Clinton, the former Secretary of State, who is purportedly the subject of a national security crime investigation pertaining to the mishandling of national defense information processed by Mrs. Clinton’s personal server during her tenure as secretary.
Additionally, there are press reports that a federal public corruption investigation is on-going concerning conflicts of interest and abuse of official government office involving the financial “commitments” to …read more
Source: Judicial Watch Demands DOJ Inspector General Probe Into "Scandalous" Lynch-Clinton Meeting
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Busted Lambo Driver To Cop: "My Shoes Are Worth More Than Your Wages"
By Tyler Durden
Aleem Iqbal calls himself “Lord Aleem”, and works for his father's luxury car hire firm. Iqbal enjoys showing off the access he has to expensive cars, often boasting about the life he lives on social media – what else would we expect from someone who has a nickname for himself.
According to the Birmingham Mail, hours after taking delivery of a £550,000 Lamborghini Aventador SV Roadster, Iqbal was pulled over by police in Digbeth, England. What transpired after the police stopped Iqbal is the type of spoiled rich kid nonsense that will make blood shoot out of your eyes.
Iqbal goes over to the police, apparently filming everything with his phone and proceeds to run his mouth without a care in the world.
“Why you lookin' at me? Trust me bro my shoes are probably more worth more than your ***** wages“
After the police for some reason just drive away, Iqbal gets the crowd going a bit by boasting that he never even received a ticket.
“Ah he never gave me no paperwork – what's he gonna do?“
Before driving away he promises that the encounter should be on YouTube that night.
* * *
As Jaopnik's David Tracy concludes so eloquently, that’s just a dick move on so many levels, and it ranks among the worst aspects of car culture – the entitled rich kid in a supercar who needs to make clear to everyone how much better he is than the rest of us.
Hours later, he realized it was indeed a 'dick move” tweeting his apology.. Iqbal justified being an asshole by saying he’s just 21, so that makes everything ok.
I am not perfect. Nor are you. We can only live and learn and better ourselves. You have to remember I’m 21 and still have lots to learn.
— Lord Aleem (@aleem_official) June 28, 2016
* * *
Iqbal’s spokesperson then released a statement saying that Iqbal apologizes, and tries to again justify Iqbal’s behavior by saying the he was “harassed” – of course he was.
Having had time to reflect on what happened and having spoken to his family, Aleem would and also like to apologise to the police officers involved for the way the situation escalated.
Aleem would like to stress that what wasn’t shown in the video was the police officers involved harassing him and forcing him to pull over for ‘having cars follow him’.
Yes, Aleem admits he can get carried away from time to time and said: ‘I’m tired of being harassed by police just because I’m young and drive nice cars. Although that doesn’t excuse my behaviour towards the police officers in the video, I hope this paints a clearer picture as to why I reacted the way that I did.’
Rent Affordability In Just One Chart
By Tyler Durden
We noted earlier this week that the number of cost-burdened-renters has surged to historic highs, as 21.3 million households now pay more than 30% of income for housing.
The WSJ has an incredible chart that shows this development in crystal clear terms: Since 1960, inflation-adjusted rents have risen by 64%, while household incomes only increased by 18% during the same period.
* * *
One final observation on this matter is that as the chart shows, the rate of change in household income since 1960 dropped significantly between 2000 and 2010, and has remained flat since.
Welcome to the recovery:
Source: Rent Affordability In Just One Chart
12 secret Snapchat tips
Snapchat can be tricky, unless you know all the tricks. Here are 12 tips. …read more
Source: 12 secret Snapchat tips
Stocks Bounce, Bonds Bid, But Gold Soars To Best Year Since 1980
By Tyler Durden
Overheard everywhere this week…
But it seems something changed…
* * *
Across global assets…
Half-way through the year and judging by the last 3 days, everything is awesome… Gold and Silver are massive outperformers, stocks just broke even, and bonds are surging…
This is gold's best H1 since 1980…
Stocks bounced hard off their End-QE3 levels…
But Nasdaq -4% and Trannies remain the laggards year-to-date…
* * *
In Q2, Silver and Crude were best performers, stocks and HY debt worst with bonds and gold doing well…
This was the worst quarter for the Chinese Yuan since 1994's Q1 49% devaluation…
Trannies ended the quarter down 6% and Nasdaq -1.6% while Small Caps short-squeezed themselves to a 4% gain…
* * *
And finally, for June…stocks managed to scramble back into the green barely this week but Silver soared with bonds and bullion big winners…
A 3rd 200-point plus gain in The Dow was the first since the face-ripping rally off mid-Feb lows…
If ever there was a presence of The PPT to be found, we note that the last 3 days are the first time since the August crash rebound that The Dow has ripped over 200 points from the open to the high…same as in Oct 2014 when Bullard saved the world…
Makes sense – if The PPT is going to step in then they will want cash investors to take the momentum… not overnight futures traders.
Here is June – The S&P scrambled all the way back to unchanged (ending June +2pts)…
Manipulation instrument of choice – VIX – collapsed almost 40% (yes we know we don't like using %ages with VIX) – the most since the Bullard bounce in Oct 2014…notice VIX is stuck right at its 50DMA
* * *
Since Brexit, gold remains the winner but stocks are catching back up to unch…
While Trannies and Small Caps are laggards, Dow & S&P surge desperately for the pre-Brexit levels…
VIX broke down to 15.29 intrday today, but was unable to hold below its 50DMA at 16.05…
Treasury yields were crazy today – spiking higher early at the EU open, then plunging on BoE, spiking again on ECB, then tanking into the close…
Notably on the day (this is …read more
Source: Stocks Bounce, Bonds Bid, But Gold Soars To Best Year Since 1980
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