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.
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.
Authored by Kevin Muir via The Macro Tourist blog,
I know all the cool kids like to quote Nassim Taleb and give dire warnings about the coming collapse of risk assets, but I must have too many years of playing Dungeons & Dragons because I just can’t seem to join their club. I don’t see the same black swans that everyone else does.