Wall Street closed moderately higher, climbing off the session lows (SPY +0.45%), gold, crude and the US dollar all settled towards the high point in today's session. Baker Hughes reports rig count is up by 8, to 497 from 489. The count is down 42.5% from a year ago, when overall U.S. rigs were at 864 (oil down 38.5%; gas down 56.4%). Short-term indicators remain neutral with a slight bullish tint.
NEW YORK (Reuters) - U.S. stocks advanced on Friday as a weaker-than-expected payrolls report tamped down expectations for a September rate hike from the U.S. Federal Reserve, although hawkish comments from another Fed official kept expectations intact for one later this year.
WASHINGTON (Reuters) - U.S. employment growth slowed more than expected in August after two straight months of robust gains and wages were tepid, which could effectively rule out an interest rate increase from the Federal Reserve this month.
SEOUL (Reuters) - Samsung Electronics Co Ltd has recalled all Galaxy Note 7 smartphones equipped with batteries it has found to be fire-prone and halted their sales in 10 markets, denting a revival of the firm's mobile business.
ALPBACH, Austria (Reuters) - Multinationals like coffee chain Starbucks and online retailer Amazon pay less tax in Austria than one of the country's tiny sausage stands, the republic's center-left chancellor lamented in an interview published on Friday.
(Reuters) - Ireland's cabinet agreed on Friday to join Apple in appealing against a multi-billion-euro back tax demand that the European Commission has imposed on the iPhone maker, despite misgivings among independents who back the fragile coalition.
SHANGHAI/HONG KONG (Reuters) - The Chinese government said on Friday it was investigating two high-profile takeover proposals involving U.S. companies, the latest sign of its growing influence on whether deals are approved - even those appearing to have little impact in China.
NEW YORK/WILMINGTON, Del. (Reuters) - A Delaware judge on Friday granted a motion to expedite Alere Inc's lawsuit against Abbott Laboratories , which seeks to ensure that Abbott lives up to the terms of its $5.8 billion takeover of the diagnostics company, representatives for Alere said.
LONDON (Reuters) - Olympus , the Japanese medical equipment and camera maker, is suing former CEO and whistleblower Michael Woodford in a multimillion-pound legal row over allegations of wrongdoing surrounding an executive pension plan.
Submitted by Charles Hugh-Smith via OfTwoMinds blog,
As the cost of propagating BS drops to near-zero, the value of honestly achieved analyses and conclusions rises proportionately.
Longtime correspondent Michael M. recently recommended this long-form article The Market For Lemons, The Market For Bullshit, And The Great Cascading Credence Crash Of 2016.
The article discusses the soaring market for self-serving narratives, rigged statistics like the jobs report and unemployment, and officially sanctioned PR campaigns aimed at creating approval (or passive acceptance of) a corrupt, phony status quo.
All bubbles, even the one in distributing BS, eventually pop, decimating all who relied on the bubble for their livelihood.
Michael's comments were thought-provoking:
"Honesty requires more time to analyze if bullshit is being peddled and customized towards you (after you have honestly presented your opinion)."
"Technology is primarily being used to replicate bullshit quicker and at almost zero cost."
Michael had previously sent the following comments in response to a link in Musings 27 on honesty:
"THE ABILITY TO BE HONEST is a very good point. I understand it as having the strength and time (!) to carry the consequences of being honest.
Being honest makes you more vulnerable, for as you become predictable, ...
When we first reported about the imminent paralysis of an unknown number of global supply chains and a potential shock in worldwide trade as a result of the historic bankruptcy of Hanjing Shipping, one of the world's largest container shipping companies which handles 8% of Trans-Pacific trade volume for the US market, we concluded that "the global implications from the bankruptcy are unknown: if, as expected, the company's ships remain "frozen" and inaccessible for weeks if not months, the impact on global supply chains will be devastating, potentially resulting in a cascading waterfall effect, whose impact on global economies could be severe as a result of the worldwide logistics chaos. The good news is that both economists and corporations around the globe, both those impacted and others, will now have yet another excuse on which to blame the "unexpected" slowdown in both profits and economic growth in the third quarter."
However, not even this extreme forecast captured what would happen just 48 hours later, when as the WSJ reported overnight, retailers have gone far beyond simply blaming the Hanjing bankruptcy for their upcoming woes: they are petitioning for a government bailout, or as the WSJ put it, they are "bracing for a blow as they stock up for the crucial holiday sales season, asked the government to step in and help resolve a growing crisis."
Or, as America's banks would call it, "get bailed out." And, in taking a page right out of the 2008 bank bailout, the doom and gloom scenarios emerge:
"While the situation is still developing, the prospect of harm is significant and a ...
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