With Stock Crash, China’s Communists Lose Control of Market
China’s stock market suffered an 8.48% crash on Monday that humiliated the country’s leadership and will almost certainly cause a major Communist Party crisis.
Economics
Obama: Iranian Oil, Good; American and Canadian Oil, Bad.
President Obama’s confusing approach to energy encourages our enemies who shout “death to America” as it penalizes our closest allies and even our own job creators.
Uber Threatens Democrats’ Lock on Millennials
Progressive New York Mayor Bill de Blasio’s supposed effort to end social inequality by crushing Uber was curbed last week when his liberal city council allies were blindsided by a viral millennial generation revolt in favor of the ride-sharing app.
Chinese Government Instructs Media How to Cover Stock Market Crisis
The China Digital Times reports on some strict instructions from the Chinese communist government to media outlets on how to cover the Chinese stock market collapse. Among other things, reporters were instructed not to refer to it as a “collapse.”
Donald Trump’s Black Outreach
They are not looking at Donald Trump’s political platform; they are looking at what life could be when we all live like Donald Trump. He has already sold hip hop access to the Dream.
Deadly Respiratory Virus Hits South Korean Economic Growth
South Korea posted the worst quarterly economic growth figures in six years this week, having been hit by the spread of the deadly Middle East Respiratory Syndrome (MERS). Weak exports, severe drought and reduced tourism have all added to the
Reuters: Debt conundrum to keep Greek banks in months-long freeze
From Reuters: Greek banks are set to keep broad cash controls in place for months, until fresh money arrives from Europe and with it a sweeping restructuring, officials believe. Rehabilitating the country’s banks poses a difficult question. Should the euro zone
Pot Tax: Sacramento Politicians ‘Jonesing’ for a Spending Fix
With Sacramento politicians desperate to find a new source of continuous tax revenue, the state’s Blue Ribbon Commission on Marijuana Policy has just published a study, “Pathways Report Policy Options for Regulating Marijuana In California,” as a precursor to sponsoring a 2016 ballot initiative to legalize recreational pot use.
Obama: ‘If Your Business Fails, We Shouldn’t Have to Bail You Out’
President Obama declared, “if your business fails, we shouldn’t have to bail you out” and touted Wall Street reform during Saturday’s Weekly Address. Transcript as Follows: “Hi, everybody. It’s been seven years since the worst financial crisis in generations spread
New York Mayor de Blasio Dumps Plan to Squelch Uber’s Growth
Last week New York Mayor Bill de Blasio announced a move to put a cap on the growth of the popular smartphone app-based transportation company Uber. He planned to limit the number of cars Uber would be allowed to field across the city. But this week, in the face of criticism, de Blasio has abandoned his plan.
Wall Street’s Love Affair with Apple May Be Over
In its last quarter that will be impacted by innovation on Steve Jobs’ watch, Apple booked strong quarterly revenue and earnings yesterday. But the company had to admit that existing Apple customers were slow to upgrade to new iPhone releases and Apple as a status symbol in China may be coming to an end. The stock plunged by -10 percent, or about $80 billion, before recovering somewhat today. But as Breitbart News warned last month, ‘Apple Products: Without Steve Jobs, the Thrill is Gone.’
Met Water District Just Lost up to 5% of SoCal Water to San Diego
The San Diego County Water Authority not only won $190 million last week from the Metropolitan Water District of Southern California, but may have also won $2 billion in future costs savings and another 5 percent of all “Met” water that is currently being wholesaled to the other 25 other Southern California water districts.
Tesla: UBS ‘Sell’ Recommendation Tanks Stock by -5.5%
In an almost unheard-of action for a Wall Street investment banking firm, UBS downgraded Tesla Motors Inc. (TSLA-$267.39) to a “sell”, driving the price of the shares down 5.5 percent, or -15.49.
Union Announces 1,000 NY Airport Workers to Walk Out on Wednesday
A union seeking to represent thousands of employees at New York’s two major airports says workers will go on strike Wednesday unless they are allowed to organize.
Moody’s: Drought Poses No Risk to California’s Credit
California’s record four-year drought will have little impact on the state’s overall economy, according to credit rating agency Moody’s.
Dunkin’ Donuts to Open 1,000 Stores in California
After an 18 year “vacation,” Dunkin’ Donuts is returning to California with a vengeance. The Canton, Massachusetts-based company has already opened ten stores in the state, has just announced nine in the Bay Area, and expects to eventually have 1,000 stores in California.
Greek Bailout Can’t Succeed Without Ending German Mercantilism
Greece has committed to more austerity and arduous reforms to keep the euro, but success requires equally significant but unlikely changes from Germany.
Federal Reserve Directs 8 Biggest U.S. Banks to Hold Extra Capital
The Federal Reserve’s action Monday means the eight banks together will be required to shore up their financial bases with about $200 billion in additional capital.
Mexico’s Energy Reform Is Rolling, Albeit with Training Wheels
Mexico’s President Enrique Peña Nieto reformed his country’s energy policy and invited outside intelligence and investment to boost slumping oil output. In late 2013, he amended the Constitution to allow private and foreign companies to explore and produce oil and gas in Mexico—for the first time in nearly eight decades. The amendments put an end to the government monopoly. Nieto hopes his reforms will bring in $50 billion in investment by 2018.
How Much the Self-Driving Version of Your Car Will Save on Insurance
(Ferenstein Wire) — Self-driving cars will save the average driver about $1,000 annually, or cost $250 a year total, according to estimates from auto insurance startup Metromile.
Federal Reserve: Illegal Immigrants Take Teenagers’ Summer Jobs
The majority of American teenagers learned valuable life lessons about earning money and taking responsibility from the end of World War II until a series of immigrant amnesties in the late 1990s started replacing them with cheap immigrant labor.
Don’t Lecture Greece on Welfare: Puerto Rico USA Is Much Worse
With Greece defaulting on its debt, the press has been full of complaints that the lazy Greeks would like to live off of welfare and government handouts rather than work.
Netflix’s Incredible 6X Growth
Netflix is on a roll. The video streaming giant has grown 6x in the last 6 years, expanding from roughly 10.3 million subscribers in 2009 to an astounding 65.6 million in the second quarter of 2015.
Terrorism Harms Local American Economy
Too many times the economic effects of terrorism are discussed at the macro level. It is often stated that the United States economy is so large that it can absorb the economic effects of these attacks, which are growing in number annually. This is not a false argument, but it is an incomplete one.
Hensarling: Repeal Dodd-Frank
Representative Jeb Hensarling (R-TX) urged the repeal of the Dodd-Frank Act during Saturday’s GOP Weekly Address. “Hello, I’m Jeb Hensarling, Congressman for the Fifth District of Texas and Chairman of the House Financial Services Committee. Five years ago this week
