Authored by David Stockman via The Daily Reckoning,
There’s not many tears being shed over Steve Bannon’s departure. His ethno-nationalist and protectionist worldview are opposite to true notions of liberty, free markets and a minimalist state.
As if defined benefit pensions funds weren't fun enough for corporate shareholders, the Pension Benefit Guarantee Corporation (PBGC), the federal entity that backstops pension obligations when companies default, has enacted massive increases in insurance premiums for operating such plans over the past 5 years.
Authored by Nick Giambruno via InternationalMan.com,
Politicians are always generous with other people’s money… until it runs out.
Near the peak of the late-’90s tech bubble, California’s legislature passed the largest pension increase in its history.
Today, with as much as $750 billion in unfunded public pension debt, California has one of the worst pension situations in the country. But it’s far from alone.
US stock market investors as the debt ceiling deadline looms... (if you just looked up, you'd see it coming)
Surveying the post-Trump damage...
With Uber once again in the media spotlight, following yesterday's WSJ report that several mutual funds have - for the first time ever - cut their valuation of the world's most valuable private company by up to 15%, and today's lengthy Reuters expose questioning just what the company's true value is, moments ago Uber's Q2 financials were leaked courtesy of Axios, which reports the following summary: gross bookings up 17% in Q2, number of trips taken up 150% in the past year while the company's adjusted loss fell modestly while EBITDA improved fractionally.