"Salt of the Earth"? Meet "Retaining Water." - 7/18/2012
Here's what we're following this morning:
(via Dangerous Minds)
Words of war - Bruce Krasting | Possibly a matter of weeks, now. We are seeing a re-emergence of the Ottoman Empire.
Citi, Bank of America, and JPMorgan enter Congress' LIBOR investigation - Zero Hedge | Bernanke already said in testimony (yesterday) that LIBOR manipulation is "unacceptable behavior." What happens when it's shown that these three US banks were more complicit than previously reported or believed...especially when one of the three banks is a ward of the State?
The Eurozone's monetary transmission system is broken - Yanis Varoufakis | From the markets' perspective, the interest rate facing individual private banks depends on the funding costs of the state where they are domiciled and NOT on the ECB overnight interest rate. Hence? Monetary policy transmission está rota.
Gaming the electricity markets, Wall Street style - Mother Jones | Hey, gang! Remember Enron? No? JPMorgan does!
Warren Buffett fails the Cherry Coke test - Bloomberg TV via Dealbreaker | We've all been pawns in an extremely twisted game. Let's hope that Bloombeg asks him to pick out some of his bathtub-stock-picking ideas from a lineup, soon. Is Uncle Warren as good and as altruistic as we've been led to believe with his "I Stand Behind America" schtick?
Spinning ourselves into a deficit panic - TomDispatch | Which would you rather buy: a $17k Army drip pan, or a $2500 equivalent? Depends on which side of the lobbyist you're on.
Hollande scraps tax breaks on overtime - Financial Times | So much for that whole "Work More to Earn More" thing. Overtime is being spun as an anti-employment measure, now, in France.
The ""You Didn't Build That" meme now has a Tumblr site - Tumblr | The story starts here with a campaign speech by our Fearless Leader about how successful businesses didn't get to where they are, now, on their own. "Look, if you've been successful, you didn't get there on your own." [Wait for it...he repeats this last line.] "You didn't get there on your own."
Student debt hits the middle-aged - Wall Street Journal | Delinquency rates are MUCH higher if one excludes loans in deferment for reasons such as a borrower still being in school. I smell a loophole: don't want to pay off your loans? STAY IN SCHOOL FOREVER!
Secret UK censorship court orders BBC not to air documentary about England's August 2011 riots - Boing Boing | There are three additional links within the article: one about the censorship, one about the documentary, and one about the objection to the ruling. All three are worth your time.