Econintersect: Every day our editors collect the most interesting things they find from around the internet and present a summary "reading list" which will include very brief summaries (and sometimes longer ones) of why each item has gotten our attention. Suggestions from readers for "reading list" items are gratefully reviewed, although sometimes space limits the number included.
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Topics today include:
Obama Endorses Clinton
Elizabeth Warren Ready to Endorse Clinton
Charles Koch Doesn't Like Presidential Presumed Nominees
Five Reasons the Oil Dip Won't Last
Billionaire Funds Flying Car Company
Rising Share Buybacks but No Increase in Capital Investment
The Economist Says that Indicators Go Wrong
Appeals Court: No Constitutional Right to Concealed Carry
Taliban Threatens U.S. Investment in Afghanistan
Articles about events, conflicts and disease around the world
With careful staging, Obama backs Clinton, nudges Sanders (Associated Press) Testifying to Hillary Clinton's grit and experience, President Barack Obama endorsed his former secretary of state's bid to succeed him on Thursday and urged Democrats to line up behind her. It was all part of a carefully orchestrated pressure campaign aimed at easing Clinton rival Bernie Sanders toward the exit and turning fully to the fight against Republican Donald Trump.
Warren Said Ready to Endorse Clinton in Signal to Liberals (Bloomberg) Democratic Senator Elizabeth Warren, a progressive firebrand who has shaped a political career around taking on Wall Street, will endorse Hillary Clinton’s White House bid after withholding her support for months during the Democratic presidential contest between Clinton and rival Bernie Sanders, according to a Senate official.
No constitutional right to concealed guns: U.S. appeals court (Reuters) Firearm owners have no constitutional right to carry a concealed gun in public, a divided U.S. appeals court in California ruled on Thursday, upholding the right of officials to only grant permits to those facing a specific danger. The decision by the 9th U.S. Circuit Court of Appeals, a victory for gun control advocates which sets a legal precedent in western states, was seen as unlikely to be reviewed by the U.S. Supreme Court in the near future.
Do new T shares skirt fiduciary rules? (Financial Planning) A year and a half ago, FINRA announced it would start requiring nontraded REIT sponsors and brokers to show just how big a bite commissions – of 12% to 15%, or even more – take out of client investments in this asset class. In an almost-immediate response, the industry created a new T share class, which replaces high, upfront commissions with trailing commissions. The result is that T shares can extract a similar magnitude of commissions as nontraded REITs over time in a steady drip. Only suckers are investing in this class as the primary function is to enrich the broker.
Other Scientific, Health, Political, Economics and Business Items of Note - plus Miscellanea
Five Reasons Why Today’s “Oil Dip” Won’t Last (Kent Moors, Oil & Energy Investor) KM has contributed to GEI. Dr. Moors says that recent prices represent a floor under oil and not a ceiling. He expects the price of oil to average in the 50s for the rest of the year, but says there will be "fits and starts".
When barometers go wrong (The Economist) This article says that many are taking a Chicken Little view of the economy and things are better than they look. First the rise in average wage is depressed by increasing numbers of low wage positions being filled, whereas the wages of those continuously employed are averaging 3.4% growth. Secondly, The Economist thinks that private investment is ripe for revival after being driven down by declines in investment in oil, gas and minerals.
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