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23Aug2017 Market Close: Wall Street Investors Not Only Worried About A Government Shutdown, But NOKO Continued Tensions With Crazy Man Kim Spouting New Hostile Babbling

Written by Gary

US stock markets closed sharply lower after trading mostly sideways during today's session (SPY -0.4%), as investors mulled President Trump's threat to shut down the government if funds are not secured to build a Mexico border wall.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Wall Street declines on Trump's government shutdown warning

NEW YORK (Reuters) - U.S. stocks remained lower on Wednesday as investors mulled President Donald Trump's threat to shut down the government if funds are not secured to build a Mexico border wall.

Mexico, Canada dismiss Trump threats to scrap NAFTA trade pact

MEXICO CITY/OTTAWA (Reuters) - Mexico and Canada on Wednesday dismissed U.S. President Donald Trump's latest threat to scrap NAFTA, describing it as a negotiating tactic aimed at winning the upper hand in talks to update one of the world's biggest trading blocs.

U.S. new home sales hit seven-month low as prices soar

WASHINGTON (Reuters) - New U.S. single-family home sales unexpectedly fell in July, dropping to their lowest in seven months amid a surge in prices, raising concerns of a slowdown in the housing market recovery.

Whole Foods shareholders approve sale to Amazon

LOS ANGELES (Reuters) - Whole Foods Market Inc on Wednesday said shareholders in the natural and organic grocery chain cleared the way for its proposed $13.7 billion sale to Amazon.com Inc.

Cheap oil undercuts U.S. rail, bus service: study

DETROIT (Reuters) - Cheap gasoline is squeezing U.S. bus companies and the Amtrak passenger rail system that bet more consumers would embrace alternatives to driving for trips shorter than 400 miles, a study by researchers at DePaul University concluded.

American Express to pay $96 million over discriminatory card terms

WASHINGTON (Reuters) - American Express will end up paying $96 million to credit card customers in Puerto Rico and other U.S. territories for charging higher interest rates and engaging in other discriminatory practices, federal regulators said on Wednesday.

True price of an Uber ride in question as investors assess firm's value

SAN FRANCISCO (Reuters) - What is the true cost of an Uber ride?

Lowe's misses earnings estimates, forecasts slower margins growth

(Reuters) - Lowe's Companies Inc reported lower-than-expected quarterly earnings on Wednesday and warned of slower growth in profit margins as it spends more on marketing and staffing to take advantage of a robust home improvement market.

Massive California verdict expands J&J's talc battlefield

NEW YORK (Reuters) - A massive California verdict in a lawsuit alleging Johnson & Johnson's talc-based products cause cancer has opened a new front in the litigation, upending the company's hopes that the cases were only gaining traction in Missouri, legal experts said.

Autos Expose Economy's Fragility As Credit-Compelled Car Sales Continue To Collapse

Authored by Danielle DiMartino Booth via Bloomberg.com,

The revival of the auto industry drove the factory sector out of recession; the flipside doesn't look promising.

Federal Reserve data released last week on July industrial production offered little more than more of the same. Despite post-election optimism for a rebound in activity on the nation's factory floors, the data reveal a continued throttling down in the growth rate to just over 2 percent compared with this time last year.

The main drag on activity -- the auto sector -- should come as no surprise to investors. Rather than rising by 0.2 percent over June as projected, manufacturing production contracted by 0.1 percent, marking the third decline in five months. Motor vehicles and parts production fell by 3.6 percent on the month, taking the year-over-year slide to five percent.

Blue Line: IP Manufacturing, Growth Y-o-Y%... Red Line: IP Manufacturing Ex-Motor Vehicles and Parts, Growth Y-o-Y%

Evidence continues to build that a sampling error may be to blame for the ...

New UC Berkeley Study Suggests That Only "Hot" Women With Nice "Tits" Get Econ Prof Jobs

In a study that the New York Times described as "pathbreaking," University of California, Berkeley economist Alice Wu took a look at why women are so massively underrepresented in the Economics departments of prestigious universities around the country. To our complete 'shock', she found that it has a lot to do with the 'fact' that men are just a bunch of sexist assholes who create work environments that are openly hostile toward women.

So how did Wu arrive at this conclusion? Well, in her paper entitled "Gender Stereotyping in Academia: Evidence From Economics Job Market Rumors Forum," she apparently analyzed roughly 1 million posts in an anonymous chat room frequented by econ grad students called econjobrumors.com to see which words are the best predictors of posts about women vs. men. You know, because people behave exactly the same in anonymous chat rooms as they do in real life.

Be that as it may, Wu found that posts related to women were most frequently commenting on their personal attributes with words like "hot", "tits", "bang" and "horny."

That said, despite a lot of chatter about "homosexual" male economists, men in the profession were at least sometimes referenced for their professional accomplishments...and not just for their sexual preferences.

Here's the list:

Econ

So what can we learn from Ms. Wu's research? Luckily, the

German Central Bank Completes Repatriation Of $28 Billion In Gold Three Years Ahead Of Schedule

On January 16, 2013, the Bundesbank - one of the biggest gold holder in the world, with 3,378 tonnes - shocked the world: out of the blue, the German central bank announced that by December 31, 2020, it intends to store half of Germany's gold reserves in its own vaults in Frankfurt, up from only 31% at the time. The plan would mean repatriating a total of 674 tonnes of gold, 300 from the New York Fed's gold vault, and another 374 from the Bank of France. The transfer, the Bundesbank explained, was meant to "build trust and confidence domestically, and the ability to exchange gold for foreign currencies at gold trading centers abroad within a short space of time."

The "politically correct" motives for the transfer, as well as the logistics and the mechanics behind it were explained in a March 2015 video released by the Bundesbank...

... the real reasons, however, is that following several reports on this website which cast doubts on Germany's gold holdings, in late 2012 the German Court of Auditors demanded that the Bundesbank undertake an audit of its gold reserves. Specifically, the court wanted to ensure that the nearly 3400 tons of gold, of which more than 2,000 tonnes held offshore, is in fact in existence - 'because stocks have never been checked for authenticity and weight'. The move to repatriate was only accelerate following rumors that ...

Clouds Part for Europe This Year

The latest cloud on the horizon has been the rising euro, but the eurozone of 2017 appears to be proving a resilient place.

The Problem With Dissing Teen Retailers

Investing in teen retailer stocks has always been treacherous. Now their volatility is being further compounded by low expectations.

WPP's Problems Are Already in the Share Price

The rough patch faced by WPP has gotten rougher. Investors shouldn't forget that it is a fundamentally strong business, and its shares are very cheap relative to their history and their peers.

Student loan company accused of delaying debt forgiveness for teachers and social workers

Massachusetts AG sues student loan servicer, accusing the company of mistreating borrowers

La-Z-Boy in talks with Amazon as it seeks to connect with millennials, Gen X

Furniture maker La-Z-Boy is beefing up its e-commerce business in an effort to connect with younger shoppers who are comfortable making bigger purchases online.

Trump Today: Trump Today: President urges unity in American Legion speech and bashes Sen. Flake on Twitter

President Donald Trump told the American Legion convention on Wednesday that there's no division "too deep for us to heal," as he signed a bill to benefit veterans and took aim at a fellow Republican lawmaker.

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To contact me with questions, comments or constructive criticism is always encouraged and appreciated:

gary@econintersect.com

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