Via Investment Research Dynamics,

A friend sent me a news item from U.S. News and World Report which reported that Louisiana’s board of education is going to implement a new policy which requires all students to fill out a Free Application for Federal Student Aid in order to receive a high school diploma.

Think about that for a moment.  In order to receive a high diploma, the State of Louisiana is requiring that high school seniors fill out an application which would enable them to go into debt the moment they receive their diploma.

On Saturday, Bakr al-Baghdadi released a rare audio recording in which the ISIS leader threatened Israel (“we are getting closer to you everyday”), insisted that the Russian air campaign had not weakened the group (“hear the good news that our state is doing well"), and called upon Muslims to join the caliphate and take up arms against its enemies. 

When looking at the price of oil in 2015, Canada's Bank of Montreal admits it was wrong. Very, very wrong.

Excerpted from Doug Noland's Credit Bubble Bulletin,

Firefighters have reportedly “gained the upperhand” in the battle to contain a California blaze that started at around 11 p.m. local time on Friday near Ventura. 

On Saturday afternoon, Ventura County officials said the fire was nearing Solimar beach and was "bumping up against the roadway.”

As Reuters reported, “the Solimar Beach community, with 50 to 60 homes, and a nearby campground were under a mandatory evacuation order, while a voluntary one had been issued for the nearby Faria Beach community, where there are 30 to 40 homes.”