Goldman Vampire Cohn went for the gold ring and got a foul bag of shit!

From Reuters here:

WASHINGTON (Reuters Breakingviews) – Gary Cohn is facing the most difficult investment dilemma of his career. The former Goldman Sachs president helped steer the bank to safety during the financial crisis. Now he’s under pressure to abandon President Donald Trump, whom he serves as chief economic advisor. Remaining could hurt his reputation, but he’s been a moderating influence on trade and he’s also a point man on tax reform. Losing his Wall Street savvy would further damage the White House – and the country.

I can’t say I have much sympathy but he knew the risk this could all turn to shit when he signed up to sail on the HMS Trump.

This once again shows that even the richest, most ambitious people make enormous mistakes.

Isolate those who separate us, and give us our giant ass tax cut, Trumpy!

From CNBC here:

Goldman Sachs CEO Blankfein: ‘Isolate those who try to separate us’

This from a billionaire bank honcho who has spent his life separating people from their money and whose colleague Mr. Steve Mnuchin has made a vast fortune separating Americans from their homes!

This is one of the main benefits of identity politics.  It gives financial predators like Blankfein the opportunity to look reasonable while taking extremely important economic issues off the table.

Just as the Nazis in Germany rose during a time of economic hardship wouldn’t it be fair to give Mr. Blankfein a small piece of karma pie for helping to create the economic conditions that make it easier to draw dissatisfied Americans into racist groups?

I think so.

Lest all the bitching be ’bout workers!

From Slate here:

When you operate in a market, you have to keep raising your price until someone is willing to accept your bid. But for the last several years, American employers have steadfastly refused to raise wages. And now their stinginess is catching up with them. In many instances, employers simply aren’t offering sufficient incentives for people to apply for their jobs, show up to interviews, accept their offers, or show up to work. Some number of people would prefer the low level of income they have, or no income at all, to doing the work on offer at the wages listed. As Minneapolis Fed President Neel Kashkari told a group of businesspeople earlier this week, “If you’re not raising wages, then it just sounds like whining.”

I guess the laws of supply and demand don’t apply to wages.  What a shock especially when large American corporate executives get paid out the ass.

Pay as I want not as I get paid!

We live in a demented world

From CNBC here:

“At this point, if either side blinks — whether it’s us or the North Koreans — we’re going to get a rally. I don’t want to miss that rally,” Cramer said. “With that level of cash and gold, I still think your participation in the post-crisis rally will be just fine if things work out as I hope. And even if we need to live with a nuclear, ICBM-armed North Korea for the rest of Kim Jong Un’s lifetime, I think the market can handle it.”

OK, we have two psychopaths threatening each other with nuclear weapons but the more important question is ‘how do not miss the stock rally if we don’t all get melted?’

This is just the way it is and let’s get onto the business of making money!

Wall Street trolls for deep sea suckers to fleece!

From CNBC here:

The stock market “has an awful good gig going,” with the economic recovery reaching all corners of the globe and U.S. inflation and interest rates still at historic lows, Leuthold Chief Investment Strategist Jim Paulsen told CNBC on Friday.

“We’ve got a fully employed economy, rising real wages. We restarted the corporate earnings cycle. We’ve got strong confidence among business and consumers,” he said on “Squawk Box.”

“The kick is we can do all of this without aggravating inflation and interest rates,” he said. “If that’s going to continue, I think the bull market could continue to forever.”

Most Americans know very little about the inner workings of the stock market.  Most Americans would like to make money in the stock market — as in putting money into the market and making money without slinging hamburgers or installing plumbing.  It’s less work.

So when a market insider goes on the tv and starts talking about the bull market going forever (which is possible but extremely low probability) it is the equivalent of a giant fish hook cruising around the ocean for fish with cash.

If one were to start talking realistically about how financial bubbles form and get huge statements like the one above would have to be at the core of that conversation.

Put your money in the stock market as it’s going to go up forever.

And nobody is ever going to get sick and die.

And they lived happily ever after.

Facebook is a really cool community for humans!

From Slate here:

Facebook now counts 2 billion monthly users, and roughly 350 million photos are uploaded to the site every day. The company’s research suggests that Facebook holds “the largest facial dataset to date”—powered by DeepFace, Facebook’s deep learning facial recognition system.

Even if Facebook never sells its biometric data troves and keeps them locked in encrypted storage, the company still stands to turn big profits, as businesses look to tailor ads to specific customers based on their mood, age, eye gaze, or other personal attributes that could indicate a propensity to buy.

Facebook has innovated heavily in this space. It’s worked on a feature that can identify a user even if her face is hidden, drawing from other potentially unique identifiers, like body shape, hair, posture, and clothing. The Center for Public Integrity also found that Facebook has patented technologies that can deliver ads based on a person’s perceived emotions.

 

What Republican healthcare efforts produced!

From the Guardian here:

There are signs that support for a government-run healthcare system is growing. A survey published in June by the Pew Research Center found that a growing share of Americans support a universal healthcare system. Among all Americans, 33% support a “single payer” approach to healthcare, up 5 points since a January survey and 12 points since March 2014.