Business

The elite of America seem to always say the most unsettling things. The most recent example of this comes from “beloved” Las Vegas casino baron Steve Wynn. Apparently, Wynn believes that rich people do not want to be near poor people. According to CNN: Wynn, the CEO of Wynn Resorts, said during his company’s investor day presentation late Wednesday that wealthy gamblers who come to his high-end casinos don’t want the less fortunate hanging around with them. “Rich people only like being around rich people,” he said.

When people talk about the historic collapse of Valeant's stock price (down 65% this year), the first name that usually comes to mind is that of Bill Ackman whose Pershing Square has been one of the biggest investors in VRX stock and also one of the biggest losers, wiping out billions in assets under management as a result of Valeant's unprecedented unwind late last summer.

In late January, we asked "who will offer the first negative rate mortgage?"

Who will offer the first negative rate mortgage

— zerohedge (@zerohedge) January 30, 2015

We didn't have to wait long before Denmark's Nordea Credit unleashed this idiocy. And now two banks in Belgium have followed suit, paying instead of charging interest on mortgages to a handful of customers.

"This economy would have to improve dramatically to get to mediocre," warns Schiff, otherwise, as Santelli rages they would be hiking rates and talking confidently, adding that either Fed-watchers are "going along with it to earn a paycheck"  - just as they did in 2008 - or "they are ignorant."

Submitted by David Stockman via Contra Corner blog,

You have to wonder whether there are any carbon units left in the casino. The robo traders and HFTs, of course, have an attention span of 10 milliseconds. So their utter lack of concern about context, fundamentals and history is readily explainable. They never get around to it.