More Quick Thoughts on the way but first a letter from the mailbag: "Dear A&S, I take great offense to the way you throw out the word 'cockroach' every time you refer to investors. I find it hurtful and deeply insulting to my sensibilities. When you compare us as a group to investors and traders, you are demeaning us as roaches and its just mean and unfair. Please be more thoughtful in the future. Yours truly, C.R Palmetto" Well Mr. Palmetto, we'll do our best but no guarantees.. And onto today's quick thoughts...
Obama to GOP: 'Don't call my bluff' (AP) -- To which the GOP responded, "Oh Yeah? Well, I dare you!" and the President responded, "Are you sure?" and the GOP said "Yeah!.. I Double Dog dare you!"
What Debt Talks Teach Us About Obama and Republicans (Bloomberg) -- 1) GOP is led more by House Majority Leader Eric Cantor than by his nominal boss, Speaker John Boehner, 2) Obama, rather than seek large tax increases, wants to take the tax issue off the table as soon as possible 3) Neither cares about you.
Bernanke: Fed ready to act if economy worsens (AP) -- Then later that day Dallas Federal Reserve head Richard Fisher essentially said they couldn't act because they had already "pressed the limits of monetary policy." My My! - from Important to Impotent in mere hours...
U.S. Runs $43B Budget Deficit in June (Fox Business) -- Did you know: Bernanke spent $75 Billion in June to give to the banks and Wall St? Did you know had QE2 not occurred, June's budget would have been a surplus of $32B?
President Obama Is Cool With One Amazing Wall Street Tax Loophole (CNBC) -- Obama is not concerned with "day traders dealing in futures contracts, who only pay about 23% on their profits." Then again, without day traders and algorhythmic trading, there'd be no market.
Investors Cheer Netflix Price Increase as Customers Boo (CNBC) -- Guess which Netflix cares about more?
Morgan Stanley Could Be Next Wall Street Giant to Cut Staff (Fox Business) -- First Cisco says they're letting go of 10k jobs, now Morgan Stanley plans on firing thousands.. In other words expect economists to predict massive job gains for July. Speaking of know-nothings...
Economists Finally Admit: We're Clueless About Jobs, Too (CNBC) -- Some economists rationalized, others made weak excuses. Somehow the fact they're paid money on the side by private firms to give rosier-than-reality forecasts, never seemed to be discussed.
Facebook Might Be to Blame for Your Divorce (Bloomberg) -- Well that, and the fact you're having an extra-marital affair online, stingy with money and you're terrible in bed
Oprah Winfrey to Become CEO of OWN After Ratings Fall Short (Bloomberg) -- "Winfrey is expanding her role as chairman of the network, also adding the role of chief creative officer." Ha! And you thought Oprah was power-hungry & egotistical.. don't you feel silly now.
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