TEPCO, the bailed-out owner of the Fukushima nuclear plant, famous for its lackadaisical handling of the fiasco and its parsimonious delivery of information, reported earnings today. It was a doozie! And a glimpse into what's in store for Japanese taxpayers.
By Michael Lombardi, Profit Confidential: Black Tuesday in 1929, the crash in 1973, Black Monday in 1987, the dotcom bubble in 2000, the financial crisis starting in 2007 – in all instances, before the market destroyed the wealth of investors, one common thing happened.
By Dennis Miller: “He lost his leg in a hunting accident; he’d assumed the gun wasn’t loaded,” my dad told me. Today, the old joke, "When you 'assume,' you make an ass out of you and me," isn't funny for folks whose assumptions cripple their retirement plans.
NSA’s “MUSCULAR” Secretly Breaks Into The Cloud Of US Tech Companies, Siphons Off Data, Fouls Up Revenues Overseas
The seamless, borderless surveillance society has a new dimension: MUSCULAR. Under it, the NSA and British GCHQ secretly break into the “clouds” of US companies to syphon off user data on a large scale. Illegal in the US. But the cloud is a worldwide phenomenon.
By James Murray: Computer power has reached the point where almost anything can be automated, and computer pricing has reached the point where it is profitable to do so. The world is undergoing a mega shift, and governments have no clue how to handle the problem.
Most powerful person in the world? Putin! Sez Forbes. At least, it wasn’t Merkel, who has been throwing her weight around when she found out that her Handy had been bugged by the NSA, just like our cellphones. We have to take it; she gets to make a big stink and gripe to Obama on the (bugged) phone.
The Smart Money Denies They’re The Smart Money As They Franticly Sell Their Crown Jewels Before The Bubble Blows Up
“It’s a great time to sell,” mused a pension fund investment officer. And Blackstone Group, the world’s largest private equity firm, is doing exactly that, feverishly, relentlessly, hand over fist, at peak valuations, cashing out. What does that mean for the rest of us?
By Doug French, Casey Research: No wonder investors don't, or shouldn't, take economists seriously. After decades of booms and busts, the latest Nobel Prize co-winner, Eugene Fama, founder of the efficient-market hypothesis, claims the don't exist.
Unemployment in Japan dipped to 4.0%, a gloriously low rate for most developed countries. But there are real reasons for this low number – a mix of the good, the bad, and the ugly.
Twitter IPO A Dud? Yes, Says Survey of Financial Advisors (But You’ll Own It “Whether You Want It Or Not”)
Brokers, financial advisors, and wealth managers are a recalcitrant bunch, suddenly, after having gotten their manicured fingers burned on a few super-hyped IPOs, and now they just refuse to get exuberant about the Twitter IPO. At least that’s what they indicated in a survey. But individual investors, well, that’s another story.
By Joao Peixe of Oilprice.com: The deal between Rosneft and China National Petroleum Corp to jointly develop a giant oilfield in Siberia may be tainted. I’m not talking about corruption or illegal activities, but rather the potential that the oil and gas in the field may be contaminated with radioactive materials from nuclear explosions.
By Lee Adler, The Wall Street Examiner: Is the long running US housing bubble saga coming to an end? From the way the National Association of Realtors reported that pending home sales had a year to year decline in September, you’d think so. But they compared two seasonally adjusted numbers. In unadjusted terms, the index rose (a still lousy) 1.1%.
BYD, the name of a Chinese electric vehicle and solar panel maker, stands for “Build Your Dream.” Maybe that’s what they’re trying to do in China. But here, they’re building a nightmare: broken promises, falsehoods, design flaws... all lushly funded by American taxpayers. And they paid Chinese workers in California $1.50 per hour to do it.
By Bianca Fernet, Argentina, The Bubble: The black/blue/unofficial ARS/USD rate hit 10/1 again. The Federal Police, the Prefecture, the Border Patrol, and representatives of the Central Bank are stomping around downtown, shutting down currency exchanges and being as obvious as possible. And now a gag order on the exchange rate!
By Dave Forest, OilPrice.com: One of the most critical changes in global energy flows we've seen for years happened this week.
By Michael Lombardi, Profit Confidential: Wherever I look, the fundamentals behind any rally in key stock indices are missing. Prices for key commodities like copper and oil are falling, stock market trading volume is declining, corporate revenues are stagnating, and consumer spending is weak. So why are key stock indices rising?
By Don Quijones: Whatever you might read in the news these days, it’s not all doom and gloom in Spain. For a certain segment of the population, albeit quite a small one, life has never been better. They include Rodrigo Rato, the man who many blame for the biggest bankruptcy in Spanish history.
Consumer spending hasn't exactly been hot. With one big exception: auto sales. At 20% of total retail sales, they’ve been phenomenal and propped up overall retail sales. But in September, there was a downdraft. The calendar got blamed. And in October, there was the government shutdown and debt-ceiling debacle. And now all bets are off.
By Bryan Wiener, Benzinga: It was one of the craziest days for a single stock in quite a while. After the release of its earnings report late Monday, Netflix raged to its highest level ever in after-hours trading, hitting upwards of $396. Then, in an enormous reversal on Tuesday, NFLX hit its all-time intra-day high of $389.16 and tanked.
Selling airline tickets to our increasingly pauperized consumers is an art. And hiding price increases is an even greater art. While there are people who don’t worry about the price as they luxuriate in first class, others aren’t so lucky. For them, the industry has a special treat: squeezing their hips.