Archive for the ‘Uncategorized’ Category
Who Has Donated The Most Money To Bernie Sanders: The Unemployed
By Tyler Durden
The grassroots support Bernie Sanders has amassed throughout his campaign to become the Democratic presidential nominee is undeniable. Sanders has been supported by small-dollar contributions throughout his campaign, and since donors who give $200 or less don’t have to have names publicized, little has been known about the donors. More than 1 million small-donor contributors gave nearly two-thirds of Sanders’ funding.
However, since Sanders relies on a fundraising tool called ActBlue, all donors must be disclosed regardless of the size of contribution. This has allowed the LA Times to perform an analysis on the donors behind the man who has given (and continues to give) Hillary Clinton so much trouble, and the result is stunning.
The study found that many donors resemble Emily Condit, 40 of Sylmar, who has contributed three times, $5 each. Condit, who has several physical disabilities, is among the largest single group of Sanders’ donors – those who don’t have a job. Out of the $209 million given to the senator’s campaign, about one out of every four dollars came from those not in the workforce, who include the unemployed or retired.
For the last 15 years since Condit left a job at NASA, her ailments have kept her from working. She depends on Social Security and lives on a tight budget but has found money for Sanders because she was drawn to his populist message. “I know very well now what it’s like to be a have-not, both financially and physically, and to fall through the cracks of society. Bernie Sanders is running on a platform to lift up the have-nots and to
improve the system of government we have, so that no one will ever be
left behind.” Condit said.
The study also found that Sanders received just 2% from Wall Street, which shouldn’t surprise anyone. Because Sanders’ backers tend to donate multiple times, the average donar gave a total of $96 – the typical donor gave three times, but some gave far more frequently.
Not all were small however. Jeremy Abramowitz, a recent graduate from the College of William and Mary in Virginia, gave Sanders’ campaign more than $5,000 in more than 200 separate donations. Abramowitz said he started sending money after reading negative posts about Sanders on Facebook, and lost track of how much he was giving. “When somebody said something that annoyed me, I’d give an extra dollar. It just all added up.” – it’s unclear if Jeremy is living at home and can afford to donate due to not having to pay any rent.
So in an interesting if not incredibly ironic turn of events, Sanders is financing his campaign primarily through the government – and we have now come full circle.
Why Is The Weather So Crazy All Of A Sudden?
All over the planet, global weather patterns have gone completely nuts. Just over the past few days we have seen “life threatening” heatwaves, extremely dangerous wildfires, vicious tornadoes and unprecedented flooding – and that is just in the United States. And of course this is just the continuation of a trend that stretches back to last year, when extremely weird weather created “apocalyptic-like conditions” in many areas around the world. So why is this happening? For decades, we could count on weather patterns falling within fairly predictable parameters, but now that is completely changing all of a sudden. All over the globe we are seeing things happen that we have never seen happen before, and the weather just seems to get even more crazy with each passing month.
Just consider what has been going on the past few days. Let’s start with the “life threatening” heatwave that is currently hammering the west coast…
The West Coast is in the grip of a ‘life threatening’ triple-digit heatwave that is set to continue well into next week, raising the risk of wildfires.
The National Weather Service has issued excessive heat warnings for southeastern California, southern Nevada, western and southern Arizona, western Oregon and far southwest Washington.
From Oregon to Nevada temperatures are set to top 100F tomorrow and into Monday, with Phoenix, Arizona, predicted to top out at 116F.
These are temperatures that you might expect to see in July or August, but right now summer has not even officially begun yet.
And as the article quoted above noted, these extremely high temperatures bring with them a much higher risk of wildfires. In fact, firefighters in southern California are currently fighting a horrible fire that is raging wildly out of control and that has already forced thousands of people (including Kim Kardashian and Kanye West) out of their homes…
A massive brush fire Saturday in the Calabasas area forced mandatory evacuations as rapid flames consumed 516 acres and threatened 3,000 homes, the Los Angeles County Fire Department said.
“This is a fast-moving, dangerous fire,” Los Angeles County Fire Chief Dennis Cross said. “It’s hard for people to see where this fire is because of the dense canopy and the canyons.”
If you follow my work closely, you already know that 2015 was the worst year for wildfires in all of U.S. history.
More acres burned in the U.S. last year than we had ever seen before.
And so far this year, we are more than a million acres ahead of the pace set last year.
Meanwhile, CNN is reporting that this “is the second year in a row that Texas has been hit by 500-year floods“…
“It could just be really bad luck,” said CNN Senior Meteorologist Brandon Miller. “A 500-year flood doesn’t mean you will go 500 years between them. It just means it is such an extreme event that the odds of it happening are very low, therefore it only happens on average every 500 years.
“It just so happens that parts of Texas have seen them now in back-to-back years, and maybe …read more
Source: Why Is The Weather So Crazy All Of A Sudden?
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Why Is The Weather So Crazy All Of A Sudden?
All over the planet, global weather patterns have gone completely nuts. Just over the past few days we have seen “life threatening” heatwaves, extremely dangerous wildfires, vicious tornadoes and unprecedented flooding – and that is just in the United States. And of course this is just the continuation of a trend that stretches back to last year, when extremely weird weather created “apocalyptic-like conditions” in many areas around the world. So why is this happening? For decades, we could count on weather patterns falling within fairly predictable parameters, but now that is completely changing all of a sudden. All over the globe we are seeing things happen that we have never seen happen before, and the weather just seems to get even more crazy with each passing month.
Just consider what has been going on the past few days. Let’s start with the “life threatening” heatwave that is currently hammering the west coast…
The West Coast is in the grip of a ‘life threatening’ triple-digit heatwave that is set to continue well into next week, raising the risk of wildfires.
The National Weather Service has issued excessive heat warnings for southeastern California, southern Nevada, western and southern Arizona, western Oregon and far southwest Washington.
From Oregon to Nevada temperatures are set to top 100F tomorrow and into Monday, with Phoenix, Arizona, predicted to top out at 116F.
These are temperatures that you might expect to see in July or August, but right now summer has not even officially begun yet.
And as the article quoted above noted, these extremely high temperatures bring with them a much higher risk of wildfires. In fact, firefighters in southern California are currently fighting a horrible fire that is raging wildly out of control and that has already forced thousands of people (including Kim Kardashian and Kanye West) out of their homes…
A massive brush fire Saturday in the Calabasas area forced mandatory evacuations as rapid flames consumed 516 acres and threatened 3,000 homes, the Los Angeles County Fire Department said.
“This is a fast-moving, dangerous fire,” Los Angeles County Fire Chief Dennis Cross said. “It’s hard for people to see where this fire is because of the dense canopy and the canyons.”
If you follow my work closely, you already know that 2015 was the worst year for wildfires in all of U.S. history.
More acres burned in the U.S. last year than we had ever seen before.
And so far this year, we are more than a million acres ahead of the pace set last year.
Meanwhile, CNN is reporting that this “is the second year in a row that Texas has been hit by 500-year floods“…
“It could just be really bad luck,” said CNN Senior Meteorologist Brandon Miller. “A 500-year flood doesn’t mean you will go 500 years between them. It just means it is such an extreme event that the odds of it happening are very low, therefore it only happens on average every 500 years.
“It just so happens that parts of Texas have seen them now in back-to-back years, and maybe …read more
Source: Why Is The Weather So Crazy All Of A Sudden?
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Hillary Campaign Rocked By Shocking Secret Service Book Exposing Clintons’ Dirty Laundry
By Tyler Durden
“Hillary Clinton is now poised to become the Democratic nominee for president of the United States, but she simply lacks the integrity and temperament to serve in the office. From the bottom of my soul I know this to be true. So I must speak out.
I had no animosity toward the Clintons. Out of a sense of loyalty to our First Family I even secretly disposed of sordid physical evidence that might later have been used to convict the president. The blue dress wasn't the only evidence of his misdeeds. But I could not keep from asking myself how our nation's leaders could be so reckless, so volatile, and so dangerous to themselves and to our nation. And yes, to me and my family.
I want you to hear my story. It's about the men and women risking their lives to protect this nation. And more important, it's about how the Clintons must never again be allowed to put them or you and your children—at risk.”
– Gary Byrne, former secret service agent.
Hillary Clinton's campaign is scrambling as details emerge of a shocking “tell-all” book written by an ex-Secret Service agent, Gary Byrne, who protected the Clintons during the 1990s.
Former secret service agent Gary Byrne was posted outside Bill Clinton's Oval Office in the 1990s, and has decided that since “the Clintons must never again be allowed to put your children at risk“, to write a tell all book titled “Crisis of Character”, exposing the Clintons' dirty laundry. As Drudge Report notes, the secret project is causing deep concern inside of Clinton's campaign. Specific details of the agent's confessional are being held under tight embargo.
“What I saw in the 1990s sickend me,” Byrne explains. “I want you to hear my story.”
His expose, set to be published on June 26, just weeks before the Democratic primary, is set to rock the Clinton's campaign and comes as Hillary finds herself within touching distance of securing the Democratic nomination.
Because I was there – in the spotlight, in the crosshairs — I realize better than most Americans that we have pretty much forgotten what an amateur-night, three-ring circus the Clinton White House was.
In the book, Byrne provides a firsthand account of the scandals – known and unknown – and daily trials ranging from the minor to national in scale.
“Having witnessed the personal and political dysfunction of the Clinton White House – so consumed by scandal and destroying their enemies, real and imagined – Byrne came to understand that, to the Clintons, governing was an afterthought.
He now tells this story – before voters go to the polls – in the hopes that Clinton supporters will understand the real Hillary Clinton.
The book titled Crisis of Character: A White House Secret Service Officer Discloses His Firsthand Experience with Hillary, Bill, and How They Operate is set to hit shelves on June 28. The Democratic convention, where Hillary could be confirmed as the nominee, will take place …read more
Source: Hillary Campaign Rocked By Shocking Secret Service Book Exposing Clintons’ Dirty Laundry
"Rising" Rates Hit New Lows
By Tyler Durden
Despite ubiquitous calls and expectations for rising interest rates, yields on the long bond closed the week at a 52-week low.
It was probably over 10 years years ago when we first started getting calls from mutual fund wholesalers pushing their inverse bond funds. Their spiel was that, with interest rates at 40-year lows following a multi-decade rally in the bond market, rates had nowhere to go but up. To be honest, as contrarian as we like to think we are programmed to be, it didn’t seem like a reach to expect rates to soon begin to move higher. If forced to make a 10-year bet on the direction of interest rates at the time, you can be sure that bet would have been for higher rates. And it would have been a comfortable bet. The yield on the 30-year treasury bond back then was around 5%. Today, it is half that.
It is the comfort level that probably should have tipped us off that rates didn’t “have to” rise. That and the fact that it was the consensus thinking. Now, we might be slow, but we’re not the slowest. Thus, in recent years we’ve gone against the grain, remaining consistently in the “lower for longer” camp regarding interest rates, both short and long-term. Apparently, that is still “non-consensus”. That’s because, in light of one of the biggest Non-Farm Payroll misses in recent memory, the 30-year yield dropped Friday to 2.517%, a new weekly 52-week closing low. In the process, it also broke down below the Up trendline stemming from the January 2015 all-time lows.
The fresh break of that 16-month trendline (the lower bound of a 2-year symmetric triangle) suggests even lower yields to come as well. Although, zooming out a tad, we see that the close in the 2.50% vicinity may not necessarily clinch an easy immediate path for bond bulls. As this next chart shows, the 2.50% area served as major support for 30-year yields over the last 7-8 years. Rates bottomed in that vicinity during the 2008 financial crisis and the 2012 Eurozone crisis as well as in early 2015 and early 2016.
Now, we have often said that the more times a level is probed, the weaker it becomes as support or resistance. It is especially true when the length of time between touches gets shorter. Thus, we would not be surprised to see A) yields attempt to stabilize at the 2.50% level, but B) eventually break lower.
Now there are some ancillary factors that have recently begun to lessen our conviction of indefinitely lower rates and we hope to touch on those in the near future. Specifically, we are referring to long-term rates which are set by the marketplace, not Fed Funds which are established by the Federal Reserve. There is no telling what a limited collection of central bankers may decide to do – although, based on the chart of bank stocks (which were bludgeoned …read more
Source: "Rising" Rates Hit New Lows
The Case For A Super Glass-Steagall
By Tyler Durden
Submited by David Stockman via Contra Corner blog,
Donald Trump can instantly get to the left of Hillary with respect to Wall Street and the one percenters by embracing Super Glass-Steagall.
The latter would cap U.S. banks at $180 billion in assets (<1% of GDP) if they wished to have access to the Fed's discount window and have their deposits backed by FDIC insurance. Such Federally privileged institutions would also be prohibited from engaging in trading, underwriting, investment banking, private equity, hedge funds, derivatives and other activities outside of deposit taking and lending.
Instead, these latter inherently risky economic functions would be performed on the free market by at-risk banks and financial services companies. The latter could never get too big to fail or to manage because the market would stop them first or they would be disciplined by the fail-safe institution of bankruptcy. No taxpayer would ever be put in harms’ way of trades like those of the London Whale.
By embracing this kind of Super Glass-Steagall Trump would consolidate his base in the flyover zones and reel in some of the Bernie Sanders throng, too. The latter will never forgive Clinton for her Goldman Sachs speech whoring. And that’s to say nothing of her full-throated support for the 2008 bank bailouts and the Fed’s subsequent giant gifts of QE and ZIRP to the Wall Street gamblers.
Besides, breaking up the big banks and putting Wall Street back on a free market based level playing field is the right thing to do. Today’s multi-trillion banks are simply not free enterprise institutions entitled to be let alone.
Instead, they are wards of the state dependent upon its subsidies, safety nets, regulatory protections and legal privileges. Consequently, they have gotten far larger, more risky and dangerous to society than could ever happen in an honest, disciplined market.
Foremost among these artificial props is the Fed’s discount window. The latter provides cheap, unlimited funding at a moment’s notice with no questions asked. The purpose is to insure banking system liquidity and stability and to thwart contagion, but it also nullifies the essential bank management discipline and prudence that comes from fear of depositor flight.
Likewise, FDIC insurance essentially shields banks’ balance sheets and asset management practices from depositor scrutiny. Whatever its merits in behalf of the little guy, there is no doubt that deposit insurance is a fount of moral hazard and excess risk-taking in the bonus-driven executive suits.
Indeed, the function of maturity transformation—–borrowing short and lending long—-which is the essence of fractional reserve banking is inherently risky and unstable. Once upon a time the state attempted to limit banks’ propensity for excesses by permitting injured depositors to bring suit against stockholders for double their original investment. That tended to concentrate the minds of bank boards and stock owning executives.
The opposite incentives prevail in today’s bailout regime. Under current legal and regulatory arrangements shareholders and boards face no liability at all—let alone double liability—-for mismanagement and imprudent risk taking. Instead, insolvent or failing institutions are apt to be bailed-out; …read more
Source: The Case For A Super Glass-Steagall
The Fed’s Rate Hike Cycle Is Likely Complete, Not Just Beginning
By Tyler Durden
Submitted by Chris Hamilton via Hambone's Stuff blog,
The Federal Reserve continues discussing the timing for a cycle of rate hikes and a return to “normal”… but I think there is more than ample evidence which points to exactly the opposite. Seems the adage “watch what they do…not what they say” is appropriate as ever. So where's the evidence?
1) FFR and Manufacturing Employment Growth Cycles
The chart below shows a 3yr moving average of the growth/decline in manufacturing jobs in the US vs. the same 3yr moving average of the Federal Funds Rate. Manufacturing job growth representing a proxy for business and economic expansion. Noteworthy are the blue arrows representing cycle peaks in manufacturing job creation all (except this present cycle) taking place during a rising rate environment and followed a couple years later by cycle interest rate peaks (dashed black arrows). This next round of rate cuts incented the next round of investment and manufacturing job growth. This has been a highly reliable indicator.
I draw your attention to the last blue arrow on the right of the chart. It doesn't seem to agree with the Fed that it's about time to start a rate hike cycle…in fact it seems historically to argue now is the point in time the Fed typically begins easing?!?
And a close-up since 1980…the pattern of rate cycle bottoms soon after corresponding with manufacturing job cycle tops is fairly plain (yellow dashed arrows). However, previously this was taking place during a rate hike cycle…but not this time.
Which seems to argue that the Fed is far more likely to start cutting interest rates (NIRP anyone?) than on the cusp of a rate hike cycle.
2) Fed Funds Rate and Shadow QE Rate
This rate cut rather than hike scenario seems to agree with the work done and posted on the Atlanta Fed's website (HERE) that QE was essentially the equivalent of negative interest rates (charted out below). This additional QE accommodation in addition to ZIRP peaked with negative 2.9% rates in early 2014. Upon the initiation of the taper of QE in early 2014, effectively the interest rate hike cycle began. And I suggest that the Fed's .25% hike early this year was the end of the hiking cycle…not the start.
This viewpoint finds significantly more evidence as one peruses the demographics of our situation…not the swelling ranks of old but the stalling young population, total employment among them, and full time employment (chart below).
3) Decelerating and Declining Core US Population and Employment
As of 2000, the 25-54yr/old segment of the US population made up 120 million persons and held approximately 75% of all jobs in the US. This critical core populations period of rapid growth from post WWII (and shown from 1980 in the chart below) ended just prior to the turn of the century. Since that time, the core group representing the vast majority of …read more
Source: The Fed’s Rate Hike Cycle Is Likely Complete, Not Just Beginning
8 Lessons That We Can Learn From The Economic Meltdown In Venezuela
By Tyler Durden
Submitted by Michael Snyder via The End of The American Dream blog,
We are watching an entire nation collapse right in front of our eyes. As you read this article, there are severe shortages of just about anything you can imagine in Venezuela. That includes food, toilet paper, medicine, electricity and even Coca-Cola. All over the country, people are standing in extremely long lines for hours on end just hoping that they will be able to purchase some provisions for their hungry families. At times when there hasn’t been anything for the people that have waited in those long lines, full-blown riots have broken out.
All of this is happening even though Venezuela has not been hit by a war, a major natural disaster, a terror attack, an EMP burst or any other type of significant “black swan” event. When debt spirals out of control, currency manipulation goes too far and government interference reaches ridiculous extremes, this is what can happen to an economy. The following are 8 lessons that we can learn from the epic economic meltdown in Venezuela…
#1 During an economic collapse, severe shortages of basic supplies can happen very rapidly…
“There’s a shortage of everything at some level,” says Ricardo Cusanno, vice president of Venezuela’s Chamber of Commerce. Cusanno says 85% of companies in Venezuela have halted production to some extent.
At this point, even Coca-Cola has shut down production due to a severe shortage of sugar.
#2 If you have not stored up food ahead of time, your diet could quickly become very simple during a major emergency. The Los Angeles Times recently covered the plight of a 42-year-old single mother in Venezuela named Maria Linares, and according to the story her family has not had any chicken to eat since last December…
In December, she was spending about half her salary on groceries. It now takes almost everything she earns to feed her two children, who subsist on manioc (also known as cassava or yuca), eggs and cornmeal patties called arepas, served with butter and plantains.
“The last time we had chicken was in December,” she said.
The best deals are generally at government-run stores, such as Mercal and Bicentenario, where the prices are regulated.
To shop there, however, Linares said, she has to line up overnight. Even then, she might come home empty-handed if everything sells out before she gets to the front of the line — or if she is robbed leaving the store.
#3 When people get hungry, they become very desperate. And very desperate people will eat just about anything.
In a recent article, I detailed the fact that some people down in Venezuela have already become so desperate that they are actually hunting dogs and cats for food.
Could you ever do that?
I couldn’t, but just like in Venezuela there …read more
Source: 8 Lessons That We Can Learn From The Economic Meltdown In Venezuela
San Jose Police Dept. Gives "Unthinkable" Excuse Why It Did Not Crack Down On Violent Anti-Trump Protesters
By Tyler Durden
San Jose police dept. gives unthinkable excuse for decision to let criminals beat on Trump supporters
San Jose Mayor Sam Liccardo, an avid supporter of Hillary Clinton, launched into damage control mode the day after anti-Trump thugs violently attacked Donald Trump supporters attending a campaign rally in the sanctuary city, as did the chief of police.
While he blamed the presumptive Republican presidential nominee for the violence, Liccardo said he condemned “all acts of violence against people who exercise their rights to free speech and assembly, regardless of their political views.”
I condemn all acts of violence committed against people who exercise their rights to free speech and assembly pic.twitter.com/PumCWdfWnT
— Sam Liccardo (@sliccardo) June 3, 2016
San Jose Police Chief Eddie Garcia joined the mayor in saying violence “will not be tolerated,” even though he fretted in a statement that protecting Trump supporters – see enforcing the law – would further “incite” the mob.
“While several physical assaults did occur, the police personnel on scene had the difficult task of weighing the need to immediately apprehend the suspect(s) against the possibility that police action involving the use of physical force under the circumstances would further insight [sic] the crowd and produce more violent behavior,” a SJPD statement read.
Which all but equates to giving protesters space to destroy the faces of Trump supporters.
OH.
MY.
GOD.
Basically: “Arresting them would just make them angrier so we didn’t.” pic.twitter.com/FcgE8YaZen
— A.J. Delgado (@AJDelgado13) June 5, 2016
Garcia said in hindsight that committing 250 officers to the Trump rally “was not enough” and stressed that “de-escalation techniques are important.”
He added that the SJPD is not an “occupying force,” and insisted that “officer safety and crowd control techniques are critical and cannot be abandoned when protestors [sic] scatter from area to area faster than the police lines can move.”
https://t.co/H8LNAw1GOF. I realize there is frustration, but we are not done. The violence will not be tolerated.
— Eddie Garcia (@sjpdchief) June 4, 2016
To assure residents that San José is sincere is protecting others from the “reprehensible” actions of the anti-Trump thugs — albeit after the fact — Garcia and Mayor Liccardo are asking for video or audio “tips” to help them identify the culprits.
Never mind that a quick scan of social media would do the trick, as seen here:
I’m offering a $20,000 REWARD for the identity of the COWARD who sucker-punched this Trump Supporter in San Jose. RT pic.twitter.com/vJxoi26X4S
— Thomas Paine (@Thomas1774Paine) June 3, 2016
Protesters cornering Trump supporters as they leave. This woman taunted them. They cornered her & threw eggs at her pic.twitter.com/MiDGDBkKIo
— Sara Murray (@SaraMurray) June 3, 2016
I’m offering a $20,000 REWARD for the identity of the COWARD who sucker-punched this Trump Supporter in San Jose. RT pic.twitter.com/vJxoi26X4S
— Thomas Paine (@Thomas1774Paine) June 3, 2016
Big fight breaks out pic.twitter.com/Ld8via9LTF
— Joe Perticone (@JoePerticone) June 3, 2016
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