While the right wing continues to bray about in-person voter fraud, which has never been documented above single digits anywhere, we get news that Russia (most likely) has been hacking away. Who would fund such an effort? Why, don't things go better with Koch? Of course they do. Security researchers have been warning us that the real threat of voter fraud lies in these automated…Continue
Yet more yakking from the Mainstream Pundit Class this morning that Yellen is about to "raise" interest rates. To be clear, the Fed has no absolute (fiat) control over any interest rate. Not even the Fed Funds rate, which is the one it's assumed to control directly. And that's the overnight inter-bank transfer rate. About as short term as one can get. It's "changed" by the Fed "suggestion" of some new higher/lower rate. Given the structure, banks comply.
Now, if the long…
I'm not a twit, but some who are post read access to their feeds. Adam Feuerstein, enfant terrible of Big Pharma and Fake Pharma (those many nano- and micro-cap companies that only take money and deliver nothing), does so.
He's been talking about Mylan/EpiPen and some related topics in the last couple of days. It's a hoot.
Added by Robert Young on August 26, 2016 at 5:42am — No Comments
Regular reader may recall earlier musings where I put words in the mouths of Pharma CEOs with regard to monopoly pricing granted by FDA in the form exclusivity for some drugs for some period of time: "here's a life saving drug; so give me all your future life's earnings". Hyperbole, a bit.
Well, here comes Shkreli, again, weighing in on the EpiPen…Continue
Added by Robert Young on August 24, 2016 at 6:18am — No Comments
A, allegedly large, subset of mainstream pundits muse that Joe Sixpack hasn't been active in the stock market since The Great Recession. Among the reasons given is that Joe figures the game is rigged against him, so why bother? To some extent Joe's right. One of the ways that rigging happens (mostly in small cap companies, to be fair to Big Capital) is how secondary offerings are structured. Among other things, they typically price from a bit to a lot below the current share price, and…Continue
Once again, a pundit explains the Fed's lack of balls. As if, raising interest rates is somehow a good and macho thing to do. It ain't. On a similar vein (I'll explain in due course), is a semi-review of Klosterman's latest Right Wing jeremiad.
To explain why interest rates…Continue
OK, so it's not new, but once again (with feeling): events drive data, not the other way round. Of course, that's human events, particularly financial ones. Comes along the most most spectacular story in the world of quant.
Why? Bill Miller is a dinosaur, in that he's been able, on the whole, to pick good stocks. But this coda to his career is just too…Continue
Added by Robert Young on August 12, 2016 at 6:47pm — No Comments
There's no more pompous an individual than the peckerhead who went through college and made a few bucks. Such folks, when genetically on The Right, assert that all other peckerheads could and should be just as lucky. J.D. Vance has been flogging his latest book, "Hillbilly Elegy: A Memoir of a Family and Culture in Crisis", so today the NYT is his latest…Continue
Added by Robert Young on August 11, 2016 at 4:42pm — No Comments
And that, ladies and gentlemen, is how Israeli Prime Minister Yitzhak Rabin got assassinated. ... People are playing with fire here, and there is no bigger flamethrower than Donald Trump. Forget politics; he is a disgusting human being.
-- Thomas L. Friedman/2016
Recall the expectation that Brits, being heavily into financial services, put themselves into dire jeopardy with Brexit. The problem with basing an economy on FS is that not only money is fungible, but so are the jobs which move it about from hither and yon. The computers that do the actual work can be anywhere. As can the terminals which talk to them. From today's news:
The U.K.'s job market is in "freefall," according to the Recruitment and Employment Confederation.…