Authored by Mac Slavo via SHTFplan.com,
It’s easy to think of the political and financial elites who run our world as lofty and all powerful. They command dangerous governments that can wield devastating weapons, central banks that treat our economy like a rigged casino, media conglomerates that pacify the minds of the public, and unbelievably wealthy corporations that have concentrated wealth to an unprecedented degree.
Wynn Resorts, the casino and resort company controlled by billionaire mogul and former Trump political adviser Steve Wynn, booked a staggering gambling loss that one economist described as a “black swan” during the second quarter when one of its subcontractors in charger of keeping the casino stocked with high rollers lost money for a whole month.
Authored by Paul Craig Roberts,
PCR Takes a Look at Today’s “Top Stories” on Bloomberg
“Jeff Bezos briefly overtook Bill Gates as the world’s richest person. A surge in Amazon shares Thursday morning in advance of its earnings report gave Bezos a net worth of $92.3 billion, surpassing the Microsoft founder’s $90.8 billion fortune.
In afternoon trading, Bezos remains ranked second on the Bloomberg Billionaires Index. Gates has held the top spot since May 2013.”
We've spent a lot of time of late discussing Europe's new MiFID II regulations that will go into effect in January 2018 and require investment banks to charge institutional clients separately for trading commissions and research. As we've noted (here and here), initial offer prices are coming in relatively high at around $450,000 per bank...all of which led us to the following conclusions:
Some folks' stocks turmoiled but the message is clear...
Mixed bag on the week with Trannies tumbling most since Brexit, Dow outperforming on earnings beats, and tech weighing on Nasdaq and S&P...