Brexit crushes the big banks, other stocks

Image: Screengrab from CNBC video

This is called “an excuse.” People wanted to sell, they saw a big fat excuse to sell in Brexit, and so they have. (Some were just sure that Brexit wouldn’t happen and were simply forced to sell.) Smart people are also prudently looking to buy. But one way or another life will go on and the world will adjust. The big banks just got socked and that is a good thing.

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The Keynesian Blessing: Americans Are Broke

Americans are debt addicts. They love to spend. The politicians love to spend. Everyday Americans love to spend. Spend, spend, spend. And we wonder why many things, our society even, feels so cheap.

People live on credit. They finance cars, houses, vacation – cell phones – think about that – PHONES. They don’t save.

And why should they? They get nothing for saving. There’s literally no real return on socking money away in a bank these days.

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Bilderberg 2016: We can expect desperate lobbying against Brexit from Big Business

There’s a press tent this year. That’s new.

As Boris Johnson says in the post we did earlier this morning, JPMorgan is underwriting the “remain” side of the Brexit vote. The big banks, the big crony corporations, the government cronies in Brussels and across Europe do not want to see Britain leave the European Union. Such a move will be a sharp rebuke of the current economic and political order on the Continent. (Not that Britain is The Continent –

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(YIKES) US created 38,000 jobs in May vs. 162,000 expected “There’s one word for it, which is just shocking,”

I was listening to Bloomberg this morning in the car and this kind of number was certainly not on the table for the economists and money managers they had on for the breakfast show. (At least the ones I heard.)

38,000 huh? And these numbers of late have been particularly subject to downward revision over time. This is a significant blow and may put a lot of the economic world back on the heightened state of alert we saw at the beginning of the year as stocks dipped seriously.

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How much of US corporate profits comes from cronyism? Maybe a lot and growing

This is a big problem people. Businesses are increasingly getting addicted to the government extracted money which comes from you and me. (And from our children and their children’s children.) Good to see even the folks at Harvard getting hip to this. Now if we could just reduce the key to crony capitalism, the thing which insulates these businesses from competition and which costs consumers billions, crony government. (And really there is no other kind.)

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Big (Data) Brother Cometh: Beijing tracks the elderly as they take buses, go shopping

This might look like a mess to you and me. But for the right algorithm the data is clear as day.

It’s not just the elderly and it’s not just the Chinese.

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The Anger of the Unprivileged Is Rising Globally

This goes nicely with the previous post.

People are waking up. They are using the information at their disposal. Do not take this information for granted.

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We need to know the algorithms the government uses to make important decisions about us

Good luck getting that information.

If one is in high school right now and one is considering which career path to take I strongly suggest learning how to write and manipulate algorithms. Our world is already deeply influenced by algos, from our social media to our grocery purchases. Their importance in our lives will only grow.

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Here’s The Full List Of Organizations That Paid Hillary Clinton From 2013-2015

Here’s the full list in case you haven’t seen it. This doesn’t even include her husband.

Dolla dolla bill ya’ll.

ACC is a completely non-partisan organization. We do not support/endorse or oppose any candidate for office. We believe that both major parties are heavily influenced by special interests and will report on crony capitalism wherever and whenever we see it.

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Did Paul Ryan just agree to a bailout of Puerto Rico?

As we’ve said before Puerto Rico is Detroit with palm trees. Its massive patronage system, its army of “public” employees and big government generally bankrupted the island. Now the Dems want the government employees to get the pensions for which there is no money, all the while stiffing the people who lent Puerto Rico the money it now owes.

There are pretty much no good guys here. The government workers are to blame. The bondholders knew they were buying sketchy stuff but assumed they’d be indemnified.

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Robert’s Rules get raw, Nevada Dems revolt, Bernie folks draw the line in the desert? (VIDEO)

My favorite part of this video is when a guy holding a Bernie sign looks over at the other side of the room and says, “Democracy… You got something against it?”

Lights were turned on. Old people got upset. (As did the young people.) It was ugly. I’ve got to figure out which convention I’m going to go see this year and at this point the Democratic convention looks like it will be the most fun to watch.

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The Clinton Business Model . . .A case study in what to expect from a Hillary Presidency.

Many people in government, in the political class, think they can do this sort of thing forever. That in the end the voters either don’t understand, don’t care, or hopefully both. That in the end many voters will just vote for whatever candidate because that candidate is of the same party, or same gender, the same ethnicity or some combination. To date the American political class has been correct in its assessment.

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Competitive Capitalism at Work (PIC)

The chief reason we have witnessed miracles like the one below (and truly it is a miracle) is because unlike most industries tech has operated with minimal regulation and has remained highly competitive. In tech, success comes from out innovating one’s competitors not in getting in tight with the right politicians and regulators. (At least this has been the case though Google seems to be getting cronier by the day.)

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Too much is being made of The Economists crony-capitalism index

The man who founded the religion which gave crony capitalism a degree of respectability for too long. J.M. Keynes.

We absolutely agree. As we have said in the past the effort is laudable and we will continue to watch it. And it appears that the folks at The Economist are heading in the right direction. The most recent edition is much better than the initial effort for instance. Our hope is that this trend will continue.

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