pullcarol0-blog

[pullcarol0-blog]

Parliament library is the loneliest place on earth, says Varun Gandhi

World's loneliest place

Bharatiya Janata Party MP Varun Gandhi (pictured) said each time he went to the library in Parliament, the librarian hugged him in glee. The reason? He wouldn't have seen another parliamentarian in days. "It is the loneliest place on earth as members seldom visit it," he said while speaking at the Indian School of Business policy conclave, Road to 2019, in Hyderabad. He added while the country was brimming with young people, the average age of parliamentarians was increasing. So was the average salary of MPs, which had been increasing every term since 1952.

Safer India

Congress General Secretary Priyanka Gandhi Vadra on Friday met 40 survivors of rape and sexual violence at her residence in New Delhi. The victims were part of the dignity march, comprising hundreds of sexual violence survivors, who had traversed the length and breadth of the country over the past two months to reach New Delhi to make their voices heard. During the delegation's meeting with Priyanka, the Congress leader not only asked all the men to leave the room but also barred anyone from her team from clicking photographs. In a tweet after their meeting, the survivors said they had shared their stories with Priyanka. “Priyanka-ji expressed her... vision for a safer India for women and children. We need support from all corners of society to achieve the vision,” the ‘dignity march’ tweeted from its Twitter handle.

Kejriwal’s fast

Delhi Chief Minister Arvind Kejriwal has threatened an indefinite hunger strike from March 1, demanding full statehood for Delhi. He said he was willing to sacrifice his life for the cause, putting both the Bharatiya Janata Party (BJP) and the Congress in a bind. BJP sources said the threat was not merely rhetorical since the Aam Aadmi Party (AAP) chief suffered from severe diabetes. With the Lok Sabha election round the corner and the Congress unwilling to have any truck with AAP for New Delhi's seven Lok Sabha seats, Congress sources said the fast was Kejriwal's way of forcing them to agree to a pre-poll alliance in Delhi, rather than putting pressure on the Narendra Modi government or the BJP. In 2014, the BJP had won all seven Lok Sabha seats of Delhi.

Source: https://www.business-standard.com/article/opinion/parliament-library-is-the-loneliest-place-on-earth-says-varun-gandhi-119022400761_1.html

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IndusInd Bank revises interest rate on fixed deposits. Latest FD rates here

Private sector lender IndusInd Bank offers both short-term and long-term fixed deposits (FDs) to its customers. Depending on the need and requirement, you can opt for these FDs. The bank offers 3.75% to 7.50% rate on deposits maturing in 7 days to 61 months and above. Apart from that the bank also offers tax saving FDs, Indus Tax Saver Scheme, with a lock-in period of 5 years. IndusInd Bank revised interest rates effective from 10 August.

For deposits maturing in 7-14 days, IndusInd Bank offers 3.75%, for 15-30 days 4.25%, for 31 days to 45 days 5.50 % and for 46-90 days, the bank offers an interest rate of 6.00%. FDs maturing in 91 days to 180 days will give an interest of 6.30% and those deposits maturing in 181 days to 269 days will offer 6.75% interest. IndusInd Bank gives an interest rate of 7.00% on maturity between 270 days or below 1 years.

IndusInd Bank latest FD rates (below ₹2 crore) for general public

7 days to 14 days 3.75%

15 days to 30 days 4.25%

31 days to 45 days 5.50%

46 days to 60 days 5.75%

61 days to 90 days 6.00%

91 days to 120 days 6.25%

121 days to 180 days 6.30%

181 days to 210 days 6.60%

211 days to 269 days 6.75%

270 days or below 1 years 7.00%

IndusInd Bank latest FD rates (below ₹2 crore) for general public for maturity between 1 year to below 3 years

IndusInd Bank offers a consistent rate of 7.5% on its medium-term deposits across all tenures. FDs with maturities above 1 years 2 months to below 3 years will fetch an interest of 7.5%.

1 Years to 1 Years 2 Months 7.50%

Above 1 Years 2 Months to 1 Years 4 Months 7.50%

Above 1 Years 4 Months to below 2 Years 7.50%

2 years to below 2 years 6 Months 7.50%

2 years 6 Months to below 2 years 9 Months 7.50%

2 years 9 Months to below 3 years 7.50%

IndusInd Bank latest FD rates (below ₹2 crore) for general public for maturity between 3 years to below 5 years and above

For FDs maturing in 3 years to below 5 years one month, IndusInd Bank offers an interest rate of 7.35%. For term deposits maturing in 5 years one month and above, the bank offers an interest rate of 7.25%

3 years to below 61 month 7.35%

61 month and above 7.25%

Indus Tax Saver Scheme (5 years) 7.50%

IndusInd Bank tax saver FDs will give you the same interest as medium-term deposits, i.e. 7.50%

IndusInd Bank latest FD rates (below ₹2 crore) for senior citizens

Just like other banks, IndusInd Bank also offers higher interest rates to senior citizens (60 years and above). The bank gives an additional interest rate of 0.50% to senior citizens. Current IndusInd Bank FD rates for senior citizens range from 4.25% to 8.00%.

Earlier, after RBI rate cut, top banks including Axis Bank, ICICI Bank and RBL Bank revised interest rates on its maturities across various tenures.

Source: https://www.livemint.com/money/personal-finance/indusind-bank-revises-interest-rate-on-fixed-deposits-latest-fd-rates-here-1566376220587.html

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Don't be afraid to do your own taxes

© Getty Images

Even if you have to pay for tax software, it's cheaper than hiring a tax preparer.

Last year my mother told me it was time to start doing my own taxes. I panicked at this thrust into adulthood. But, with a beer in hand, I persevered and learned two things: Freelancing and moving across the country make filing your taxes more complicated--and more expensive.

SEE ALSO: Top Tax Software Programs for Your 2018 Tax Return

Software with strings attached. Many millennials can file their taxes free. The IRS's Free File program partners with tax software giants such as H&R Block and TurboTax to offer free online tax preparation for taxpayers who made less than $66,000 in 2018. (The big tax software providers also offer their own free versions for taxpayers with straightforward returns.)

However, even if you meet the income requirement, you may be disqualified from free filing if, say, you made (or lost) money trading stocks or you contributed to a health savings account. For example, H&R Block's Free File program lets users file a federal tax return and up to three state returns at no cost. But if you made money from a side gig or have investment income, you'll be prompted to use the Premium version, which can cost between $50 and $70 to prepare and e-file a federal return and $36.99 for each state return. Before you start plugging in numbers, read the fine print and disclaimers for the software.

Overlooked write-offs. The new tax law nearly doubled the standard deduction for single filers, to $12,000 (it's $24,000 for married couples who file a joint return). Even if you take the standard deduction, you could still qualify for money-saving tax breaks.

SEE ALSO: The Most-Overlooked Tax Breaks and Deductions

For instance, if you're paying off student loans, you may be able to deduct up to $2,500 a year in interest. The interest deduction is phased out as you climb the income ladder, and single filers are locked out of this break if their adjusted gross income (AGI) is $80,000 or more.

If you had a ton of unreimbursed medical expenses last year because of, say, a catastrophic illness, you may be able to deduct them, but you'll have to itemize. And you can only deduct expenses that exceed 7.5% of your AGI (that will rise to 10% in 2019).

The tax overhaul eliminated a great tax break for millennials and others who relocate for a new job--and one I neglected to claim in 2016. You can no longer deduct your moving expenses unless you're an active member of the military. If you made the same mistake I did in 2016 (or moved in 2017 and failed to claim the deduction), you could file Form 1040X with the IRS to claim the moving expenses. You'll need your original tax return and accompanying documents, plus the receipts for your moving costs. The deadline to file an amended return is three years after your original filing deadline.

Don't overlook tax breaks from your state or city. In the District of Columbia, some of my colleagues are eligible for a tax credit of up to $1,025 for residents who made less than $51,000 in 2018 and lived in D.C. for the whole year. Minnesota offers a tax credit of up to $2,150 for single renters who made less than $61,320 in 2018.

SEE ALSO: 14 Tax Breaks You Won't Believe Are Real

If you're feeling overwhelmed and don't qualify for the free programs, it's probably worth it to pay for tax software. The programs also generally have live chat boxes and explanations that will guide you through the process. If you'd rather entrust your taxes to a human, you could hire a tax preparer, but the average cost for preparing a tax return is $216, according to a survey by the National Association of Tax Professionals.

I'm filing with H&R Block Premium again (for a total cost of $124) because I earned a little bit of freelance income in 2018 and need to file a federal and two state returns. I don't qualify for the Maryland renter's tax credit, and I have no interest to deduct on any student loans. I have until Tax Day 2020 to file an amended 2016 return to claim the now-defunct moving deduction, but I'm not sure it's worth trying to recreate the return and find all my documents. That was three years ago, and I didn't keep the receipts.

SEE ALSO: 10 Tax Breaks for the Middle Class

Copyright 2019 The Kiplinger Washington Editors

Source: http://www.msn.com/en-us/money/taxes/dont-be-afraid-to-do-your-own-taxes/ar-BBUt0r6?srcref=rss

[pullcarol0-blog]

PE-backed IF&P acquires Cibus Fresh

IF&P Foods LLC, a portfolio company of Rotunda Capital Partners, has acquired Cibus Fresh, Indiana-based food service company. No financial terms were disclosed.

PRESS RELEASE

BETHESDA, Md.–(BUSINESS WIRE)–Rotunda Capital Partners, LLC (“Rotunda”) a lower middle market private equity firm that specializes in investing in founder/family-owned lower middle market distribution, specialty finance, business services and logistics businesses, announced that IF&P Foods LLC (“IF&P” or the “Company”) acquired Cibus Fresh on July 31, 2018. Terms of the transactions were not disclosed.

Cibus Fresh is an Indiana-based food service company specializing in high-quality made-to-order packaged convenience foods. The acquisition will accelerate the growth of IF&P by expanding its convenient grab-and-go offerings to include chef curated sandwiches, wraps, flatbreads, salads, snack packs and parfaits cups. It will also provide an 11,000-square-foot state-of-the-art FDA and USDA inspected kitchen facility certified with the Federal Grant of Inspection to ensure optimum food safety and regulation.

IF&P Foods formed in 1997 through the merger of Indianapolis Fruit (founded 1947) and Piazza Produce (founded 1970), two leading produce distribution companies with a combined 118 years of experience serving the grocery and food service industries. Garden Cut, a fresh cut processing company, and leading food service produce distributors, Circle City Produce and Papania Produce, complete the IF&P group of companies. The company has grown to include a fleet of over 340 refrigerated trucks servicing over 14 states in the Midwest and beyond from five facilities totaling over 225,000 square-feet of warehouse space. Today, IF&P is a category leader in providing both the food service and retail industries with fruit, vegetables, dairy, and floral products.

About Rotunda Capital Partners Rotunda Capital Partners is a private equity firm that invests equity capital in established and profitable lower middle-market companies. As an independent deal sponsor, Rotunda Capital raises and invests the capital of its principals, institutions, family offices, and high net worth individuals on a deal-by-deal basis. The firm uses a rigorous approach to identify market-leading companies with identifiable growth opportunities and capable management teams in targeted sectors, including distribution, logistics, financial services, and business services. Rotunda Capital partners with industry-leading operating executives to grow each portfolio company. Since 2009, Rotunda Capital has completed 10 platform investments and realized four exits. The partners of Rotunda Capital actively provide guidance and draw on deep industry and financial relationships to contribute to the successful execution of Rotunda’s companies’ strategic plans. For more, visit www.rotundacapital.com.

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Source: https://www.pehub.com/2018/09/pe-backed-ifp-acquires-cibus-fresh/

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Jim Cramer Gives His Opinion On Becton Dickinson, Fox, Puma Biotech And More

On CNBC's "Mad Money Lightning Round," Jim Cramer said he would hold off for now from Village Farms International Inc (NASDAQ: VFF).

He is not a buyer of Sailpoint Technologies Holdings Inc (NYSE: SAIL).

Magellan Midstream Partners, L.P. (NYSE: MMP) has a 6.6 percent dividend yield, but Cramer wouldn't buy it. He thinks that stocks in the sector are some of the worse-acting stocks in the market.

Cramer likes Becton Dickinson and Co (NYSE: BDX). He explained that the stock has no economic exposure and it is a good company. He also likes the last acquisition.

Fox Corp Class A (NASDAQ: FOXA) is a good stock and a good company, said Cramer. He prefers Walt Disney Company (NYSE: DIS).

Cramer would be very careful about Puma Biotechnology Inc (NASDAQ: PBYI). He wouldn't own the stock.

Cramer likes Parsons Corp (NYSE: PSN).

© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Source: https://www.benzinga.com/media/19/05/13731437/jim-cramer-gives-his-opinion-on-becton-dickinson-fox-puma-biotech-and-more

[pullcarol0-blog]

2:00PM Water Cooler 12/21/2018

By Lambert Strether of Corrente.

*** Ruth Bader Ginsburg Health Update: Supreme Court Justice Has Cancerous Lung Growths Removed ***

Trade

They issue press releases:

#China's Central Economic Work Conference news release promising on external reforms: pic.twitter.com/crz2zeKEFg

— Bert Hofman (@berthofmanecon) December 21, 2018

“How to fix America’s dysfunctional trade system” [Ryan Cooper, The Week]. “Timothy Meyer and Ganesh Sitaraman at the Great Democracy Initiative have a new paper that presents a solid starting point for developing a fundamental reform of American trade structure…. Then there is the problem of pro-rich bias. Put simply, the last few decades of trade deals have been outrageously biased towards corporations and the rich. They have powerfully enabled the growth of parasitic tax havens, which allow companies to book profits in low-tax jurisdictions, starving countries of rightful revenue (and often leading to companies piling up gargantuan dragon hoards of cash they don’t know what to do with). Corporations, meanwhile, have gotten their own fake legal system in the form of Investor-State Dispute Settlement trade deal stipulations…. Meyer and Sitaraman suggest renegotiating the tax portions of trade deals to enforce a “formulary” tax system — in which profits are taxed where they are made, not where they are booked.” • This is well worth a read for all the policy suggestions. And then there’s this:

[F]or all its other disastrous side effects, Trump’s haphazard tax on aluminum has dramatically revived the American aluminum industry. Ensuring a reasonable domestic supply of key metals like that is so obviously a security concern — for military and consumer uses alike — that it wouldn’t have even occurred to New Deal policymakers to think otherwise. It takes a lot of ideological indoctrination to think there’s no problem when a small price disadvantage causes a country to lose its entire supply chain of key industrial commodities.

Yep.

Politics

“But what is government itself, but the greatest of all reflections on human nature?” –James Madison, Federalist 51

2020

“The Democratic Party Is Getting Ready for a Very Messy 2020 Primary Race” [New York Magazine]. “The basic debate schedule itself acknowledges the likely massive field, and the potential for a drawn-out scrap for delegates that will ultimately determine the nomination. Perez said the first debate will be held in June 2019 — earlier than Republicans’ late-summer kickoff in 2015 — and the last one is scheduled for April 2020 — deep into the primary calendar, once the early-voting states and Super Tuesday have passed, and by which point the field is (usually) much winnowed. Perhaps not this time.”

“Critics Say Bernie Sanders Is Too Old, Too White, and Too Socialist to Run for President in 2020. They’re Wrong.” [The Intercept]. “Despite refusing to join the Democrats in the wake of the 2016 election, the party’s base still adores him. As of October 2018, he had a whopping 78 percent approval rating with Democratic voters.” • Yeah, but who cares about them?

2018 Post Mortem

“Americans Actually Voted in the 2018 Midterms” [Bloomberg]. • These are very interesting charts, but marred by being two-dimensional. It’s really absurd to put AOC and CIA asset Spanberger in the same blue box, or consider them both “left.”

Mattis Flap

Let The Hagiography Begin (1):

All Americans should take time to read General Mattis’s letter of resignation. It is a truly beautiful letter that speaks to our very best values as a nation. https://t.co/XY0mvqfv9q

— Nancy Pelosi (@NancyPelosi) December 21, 2018

Let The Hagiography Begin (2):

Sen. Schumer: "Sec. Mattis was 1 of the few symbols, the few items of strength & stability in this administration. Everything that indicates stability, everything that indicates strength, everything that indicates knowledge is leaving this administration." https://t.co/Bd79j1n4xF pic.twitter.com/22Byt1iZkh

— The Hill (@thehill) December 21, 2018

Breath of Sanity (1): “Random Observation” [Eschaton]. “Whatever the brain worms are telling him, I’m pretty sure that I’d generally prefer Donald Trump be running Not War instead of War, almost no matter what.”

Breath of Sanity (2):

Holy crap. I agree with Stephen Miller on Wolf Blitzer’s show on #CNN. He’s calling for US to get out of other nation’s wars!!! The world is upside down.

— Medea Benjamin (@medeabenjamin) December 20, 2018

Breath of Sanity (3):

1. I support withdrawing US troops from all these wars, overt and covert. 2. Trump is an unstable authoritarian who cannot be trusted. 3. “Mattis was an adult” is bullshit. He’s a hawkish war criminal. 4. It’s very telling that the war party in DC is furious.

— jeremy scahill (@jeremyscahill) December 21, 2018

“How the Trump-Mattis alliance crumbled” [CNN]. “Eight months before his resignation, Mattis managed to forestall the Syria troop withdrawal after the President announced during a rally in Ohio that US troops would soon be coming home. Meeting later in the Situation Room, Trump told his military and national security advisers they had six months to wrap up the mission in Syria.” • Interesting…

“Fear Mounts as Mattis Quits Pentagon” [Daily Beast] • And fear means clicks!

New Cold War

“Prosecutors win court fight over secret subpoena of a foreign company” [WaPo]. “A federal appeals court ruled Tuesday against a foreign company embroiled in a secret subpoena fight… Officials have not confirmed who the prosecutors on the case are, but on the day the court order under appeal was issued, two lawyers were observed exiting a sealed hearing before Chief Judge Beryl A. Howell of the U.S. District Court for the District of Columbia — who oversees grand-jury proceedings — along with five prosecutors with the special counsel’s office, including appellate specialist Michael Dreeben… The framing of the debate suggests that whatever the company is, it is not one that has a significant business presence in the United States, because foreign firms operating in America typically comply with demands from U.S. authorities for evidence.” • Hmm.

Realignment and Legitimacy

“Democrats Just Blocked Alexandria Ocasio-Cortez’s Push For A Green New Deal Committee” [HuffPo]. “Democratic leaders [***cough*** Pelosi ***cough***] on Thursday tapped Rep. Kathy Castor (D-Fla.) to head a revived U.S. House panel on climate change, all but ending a dramatic monthlong effort to establish a select committee on a Green New Deal. Castor’s appointment came as a surprise to proponents of a Green New Deal. … Despite weeks of protests demanding House Democrats focus efforts next year on drafting a Green New Deal, the sort of sweeping economic policy that scientists say matches the scale of the climate crisis, Castor told E&E News the plan was “not going to be our sole focus.” She then suggested that barring members who have accepted donations from the oil, gas and coal industries from serving on the committee could be unconstitutional. “I don’t think you can do that under the First Amendment, really,” she said.” • Cool. Liberals totally on board with Citizens United. I don’t think this appointment is the end of the issue.

“Liberals No Longer Feel Your Pain” [Ted Rall, Counterpunch]. “I noticed the de-empathification of the Democratic Party during the implementation of Obamacare. I lived in one of many counties with zero or one plan on offer…. On Facebook I complained about the paucity of affordable plans in my online health insurance marketplace. “I don’t know what you’re going on about,” one of my friends snarked. ‘I found an excellent, affordable plan.’ My friend lives in Manhattan… In the 1970s right-wing Republicans like Richard Nixon promoted the cliché of the “limousine liberal”: self-righteous, hypocritical, privileged and disconnected from Joe and Jane Sixpack. I don’t know if it was true then. It certainly is now.” • Falling life expectancy in flyover isn’t even on liberal Democrat radar as a policy issue.

“Do America’s Socialists Have a Race Problem?” [The New Republic]. The deck: “Inside a raging debate that has split the country’s most exciting new political movement.” The paragraph that caught my eye: “In one notable dispute, a brake light repair initiative in the [Momentum (democratic centralist?)] East Bay DSA was flatly rejected by the chapter’s co-chairs, who refused to put it up for a vote. The repair clinics first sprouted in New Orleans as a strategy to combat police brutality, as people of color are often pulled over for problems as innocuous as broken taillights. These traffic stops can even lead to—as in the case of Philando Castile—killings by the police. While DSA chapters across the country soon began replicating the program, and embraced it as an effective way to build a stronger working-class base, East Bay leadership remained strongly resistant to the campaign. In a private conversation, one East Bay co-chair insinuated to a member of color organizing the clinic that it would look like ‘white saviorism.’ A former member of the chapter’s leadership referred to it as ‘charity’ in a blog post.” • Well, that’s just dumb. Super dumb. FWIW, I thought the headline was a bit clickbaity, and the author, though writing in good faith, probably missed plenty of local nuance. That said: (1) America’s socialists have a problem with race, because America does; and (2) America’s socialists also have a problem with class, for the same reason, and (3) the Democrat Party has a substantial presence among aspirational policy entrepreneurs of color, shall we say, who have their own strongly felt institutional objectives. Worth noting that back in the 30s, the CPUSA was one of very few institutions to defend the Scottsboro Boys (the NAACP being the other). So it’s not like there’s no heritage here to build on.

Stats Watch

GDP, Q3 2018: “The third quarter was a strong one for the economy, getting a boost from an overdue inventory build but driven once again by the most important factor and that is consumer spending” [Econintersect]. “Whether continued strength for the consumer can be expected in the fourth quarter will get an indication later this morning with the personal income and outlays report for November.”

Personal Income and Outlays, November 2018: “November was a mixed month for the consumer as personal income managed only a lower-than-expected … gain which is offset, however, by a solid and higher-than-expected … rise for consumer spending” [Econintersect]. “November was a mixed month for the consumer as personal income managed only a lower-than-expected 0.2 percent gain which is offset, however, by a solid and higher-than-expected 0.4 percent rise for consumer spending.”

Durable Goods Orders, November 2018: “A swing higher for the always volatile aircraft group gave an outsized lift to durable goods orders” [Econoday]. “The biggest disappointment, and the heart of the capital goods group, is machinery where November orders sank a very steep 1.7 percent.” • Not good, in a capitalist economy.

Kansas City Fed Manufacturing Index, December 2018: “This morning’s durable goods report proved no better than mixed as have many of the recent regional manufacturing reports including Kansas City’s composite index for December which slowed” [Econintersect]. “And flattening is a reasonable description for the nation’s factory sector in general, ending what was a strong 2018 with a bit of fizzle.”

Consumer Sentiment, December 2018 (Final): “Consumer sentiment ends this month at a stronger-than-expected index level” [Econintersect]. “The feeling of this report is very much like personal income and outlays, hinting at consumer spending strength at a time of limited income growth and very flat inflation.”

Corporate Profits, Q3 2018: “After-tax corporate profits rose a year-on-year 6.1 percent” [Econintersect].

The Bezzle: “Wall Street’s Billionaire Machine, Where Almost Everyone Gets Rich” [Bloomberg]. “Eric Smidt is a new kind of super-rich. He made his fortune by transforming an old-fashioned business into a giant ATM, an overhaul aided by one of the hottest plays on Wall Street: collateralized loan obligations. Meet the new aristocrats of debt—the people and companies cashing in on a record boom in these once-marginal investments whose relatively high returns have attracted yield-hungry investors. They’ve fueled a rapid buildup in corporate debt that some think could become the epicenter of the next credit crisis but has been minting money for many.” • Oh.

The Bezzle: “Personally I’ve Never Experienced Anything Like That” [Current Affairs]. “Amazon pays employees specifically to tweet that they are well-treated and not exploited. And they’re very vigilant—I recently wrote an article pondering the ethical quandary of shopping at Amazon while being critical of its labor practices, and the very same “Fulfillment Center Ambassador” from one of the news articles about the practice (“Phil”) popped up to tell me that he himself feels he is treated fairly…. [A]ssuming they are people and not robots (however much Amazon is intent on blurring the distinction between those two categories), and they are treated well and sincere in relating their positive experiences, I think it’s worth pointing out the very simple problem with what they’re saying. ‘I have not experienced this problem personally’ does not make a very good case that ‘This problem is not experienced by others.'”

The Bezzle: “Uber’s entire business model is in jeopardy after losing its latest legal battle over the rights of UK drivers” [Business Insider]. “Uber has lost its latest court bid to stop its British drivers being classified as workers, entitling them to rights such as the minimum wage, in a decision which jeopardizes the taxi app’s business model…. Uber said it would appeal the verdict, meaning the legal process will continue.”

The 420

“The world’s biggest beer company is looking at making cannabis drinks” [CNN]. “Could Budweiser drinkers soon be swapping beer for pot? AB InBev (BUD), the world’s biggest brewer, said Wednesday that it’s teaming up with Canada’s Tilray (TLRY) to research cannabis-infused drinks. It’s the latest major company to start exploring the pot market following decisions to legalize recreational marijuana in Canada and a number of American states. AB InBev and Tilray will invest a combined $100 million into researching non-alcoholic drinks containing cannabis elements.” • My vision of marijuana legalization was always small, local growers and no corporate advertising. Oh well.

“Pot Unites Democrats, Republicans as Ex-Party Chiefs Join Tilray” [Bloomberg]. “Tilray Inc., the first cannabis company to list directly on a U.S. exchange, announced Thursday the formation of a 10-person advisory board including Howard Dean, a former presidential candidate and chairman of the Democratic National Committee between 2005 and 2009, and Michael Steele, head of the Republican National Committee from 2009 to 2011.”

Gaia

“What a Newfound Kingdom Means for the Tree of Life” [Quanta]. “The tree of life just got another major branch. Researchers recently found a certain rare and mysterious microbe called a hemimastigote in a clump of Nova Scotian soil. Their subsequent analysis of its DNA revealed that it was neither animal, plant, fungus nor any recognized type of protozoan — that it in fact fell far outside any of the known large categories for classifying complex forms of life (eukaryotes). Instead, this flagella-waving oddball stands as the first member of its own ‘supra-kingdom’ group, which probably peeled away from the other big branches of life at least a billion years ago…. Impressive as this finding about hemimastigotes is on its own, what matters more is that it’s just the latest (and most profound) of a quietly and steadily growing number of major taxonomic additions. Researchers keep uncovering not just new species or classes but entirely new kingdoms of life — raising questions about how they have stayed hidden for so long and how close we are to finding them all.” • Like Hollywood, nobody knows anything. Or at least not much. Although I have known some flagella-waving oddballs, generally in corporate environments…

“Widespread, occasional use of antibiotics in U.S. linked with resistance” [Harvard School of Public Health] (original). “The increasing prevalence of antibiotic resistance in the U.S. appears more closely linked with their occasional use by many people than by their repeated use among smaller numbers of people, according to a large new study from Harvard T.H. Chan School of Public Health…. ‘Our findings suggest that combatting inappropriate antibiotic use among people who don’t take many antibiotics may be just as important, or more important, to fighting resistance than focusing on high-intensity users,’ said lead author Scott Olesen, postdoctoral fellow in the Department of Immunology and Infectious Diseases. ‘More antibiotic use generally means more antibiotic resistance, but it seems like the number of people taking antibiotics might matter more than the amount they’re taking.'”

Police State Watch

“Alabama police department blames Satan for spike in homicides” [Atlanta Journal-Constitution]. This was the now-deleted Facebook post from the Opp Police Department:

THIS PAST SUNDAY, A YOUNG MAN WAS SHOT AND KILLED IN KINSTON. MONDAY NIGHT, A MOTHER WAS SHOT AND KILLED IN NORTHERN COVINGTON COUNTY. THERE HAVE BEEN FIVE MURDERS IN COVINGTON COUNTY IN 2018. THESE MURDERS HAVE BEEN DONE BY OUR YOUNG PEOPLE. THIS IS HAPPENING BECAUSE WE HAVE TURNED AWAY FROM GOD AND EMBRACED SATAN. WE MAY HAVE NOT MEANT TO DO SO BUT, WE HAVE. IT IS TIME TO ASK FOR GOD’S HELP TO STOP THIS. IT IS TIME TO BE PARENTS AND RAISE OUR CHILDREN, NOT HAVE THEM RAISE US. IT IS TIME TO FULLY SUPPORT LAW ENFORCEMENT AND STAND BY THE OFFICERS AND DEPUTIES THAT ARE FAR TOO OFTEN HAVING TO WALK INTO THESE DANGEROUS SITUATIONS AND CLEAN UP THE MESS. FRIENDS, IT IS TIME TO STAND UP AND BE RESPONSIBLE, GROWN UP LEADERS IN OUR COMMUNITY. BOTTOM LINE, THERE ARE SHEEP; THERE ARE WOLVES AND THERE ARE SHEEP DOGS. WHICH GROUP DO YOU BELONG TO?

I am successfully resisting my urge to mock (well, except for the ALL CAPS) because of the multiple levels of tragedy: So many deaths in a small town, and the evident inablility of the local elites to cope. And it’s not any more crazypants than what you hear from a typical neoliberal economist. Just no pseudo-mathematics.

Class Warfare

“Is It Merely A Labor Supply Shock? Impacts of Syrian Migrants on Local Economies in Turkey” (PDF) [Doruk Cengiz, Hasan Tekguc, Political Economy Research Institute]. “We use a large and geographically varying inflow of over 2.5 million Syrian migrants in Turkey between 2012 and 2015 to study the effect of migration on local economies. We do not find adverse employment or wage effects for native-born Turkish workers overall, or those without a high school degree. These results are robust to a range of strategies to construct reliable control groups. Our analysis suggests that migration-induced increases in regional demand, capital supply, and productivity enable local labor markets to absorb inflow of migrant labor.” • Contra post-Mariel studies of Florida.

Xmas Cheer

“Hackers Celebrate Holidays With Fake Amazon, Apple Receipt Attacks” [NewYork Magazine]. “You get an email about an order from Amazon or Apple you’re not quite sure you placed — but who knows in the last-minute rush to make the Christmas deadline? You click through to see what exactly you ordered, and congrats, you’ve just got spear-phished. Happy holidays! Two recent phishing attacks outlined over at Bleeping Computer, work slightly differently but use the same basic principle to lure users in: send them a receipt for a purchase, get them to click through to a link to see what the purchase was for, and then hope the user makes some unwise choices.” • Stay safe out there!

News of the Wired

“The intertwined quest for understanding biological intelligence and creating artificial intelligence” [Stanford HAI]. “Thus both neuroscience and AI have deeply shared scientific goals of understanding how network performance and decision making arises as an emergent property of network connectivity and dynamics. Therefore the development of ideas and theories from theoretical neuroscience, and applied physics and mathematics could help in analyzing AI systems. Moreover, the behavior of AI systems could change the nature of experimental design in neuroscience, focusing the experimental effort on those aspects of network function that are poorly understood in AI. Overall, there is much to be gained from tighter connections between neuroscience, AI, and many other theoretical disciplines, which could bring about unified laws for the emergence of intelligence in biological and artificial systems alike, as we suggest next.” • If we really understood biological intelligence — the epigraph for the article is from Richard Feynman: “What I cannot create, I do not understand” — would handing that understanding over to, say, Jeff Bezos be a good thing? Why?

* * *

Readers, feel free to contact me at lambert [UNDERSCORE] strether [DOT] corrente [AT] yahoo [DOT] com, with (a) links, and even better (b) sources I should curate regularly, (c) how to send me a check if you are allergic to PayPal, and (d) to find out how to send me images of plants. Vegetables are fine! Fungi are deemed to be honorary plants! If you want your handle to appear as a credit, please place it at the start of your mail in parentheses: (thus). Otherwise, I will anonymize by using your initials. See the previous Water Cooler (with plant) here. Today’s plant (4Corners):

Everything is still sunny inTucson, AZ! I love floral tapestries like this, made up of different colors and textures.

* * *

Readers: Water Cooler is a standalone entity not covered by the annual NC fundraiser, now completed. So do feel free to make a contribution today or any day. Here is why: Regular positive feedback both makes me feel good and lets me know I’m on the right track with coverage. When I get no donations for five or ten days I get worried. More tangibly, a constant trickle of small donations helps me with expenses, and I factor that trickle in when setting fundraising goals. So if you see something you especially appreciate, do feel free to click below! (The hat is temporarily defunct, so I slapped in some old code.)

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This entry was posted in Guest Post, Water Cooler on December 21, 2018 by Lambert Strether.

About Lambert Strether

Readers, I have had a correspondent characterize my views as realistic cynical. Let me briefly explain them. I believe in universal programs that provide concrete material benefits, especially to the working class. Medicare for All is the prime example, but tuition-free college and a Post Office Bank also fall under this heading. So do a Jobs Guarantee and a Debt Jubilee. Clearly, neither liberal Democrats nor conservative Republicans can deliver on such programs, because the two are different flavors of neoliberalism (“Because markets”). I don’t much care about the “ism” that delivers the benefits, although whichever one does have to put common humanity first, as opposed to markets. Could be a second FDR saving capitalism, democratic socialism leashing and collaring it, or communism razing it. I don’t much care, as long as the benefits are delivered. To me, the key issue — and this is why Medicare for All is always first with me — is the tens of thousands of excess “deaths from despair,” as described by the Case-Deaton study, and other recent studies. That enormous body count makes Medicare for All, at the very least, a moral and strategic imperative. And that level of suffering and organic damage makes the concerns of identity politics — even the worthy fight to help the refugees Bush, Obama, and Clinton’s wars created — bright shiny objects by comparison. Hence my frustration with the news flow — currently in my view the swirling intersection of two, separate Shock Doctrine campaigns, one by the Administration, and the other by out-of-power liberals and their allies in the State and in the press — a news flow that constantly forces me to focus on matters that I regard as of secondary importance to the excess deaths. What kind of political economy is it that halts or even reverses the increases in life expectancy that civilized societies have achieved? I am also very hopeful that the continuing destruction of both party establishments will open the space for voices supporting programs similar to those I have listed; let’s call such voices “the left.” Volatility creates opportunity, especially if the Democrat establishment, which puts markets first and opposes all such programs, isn’t allowed to get back into the saddle. Eyes on the prize! I love the tactical level, and secretly love even the horse race, since I’ve been blogging about it daily for fourteen years, but everything I write has this perspective at the back of it.

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Source: https://www.nakedcapitalism.com/2018/12/200pm-water-cooler-12-21-2018.html

[pullcarol0-blog]

Gulf Air outlines plans to become “boutique airline”

Commenting on the news over the weekend Gulf Air’s chairman of the board of directors Mr. Zayed R. Alzayani said:

“This is an even more exciting year for Gulf Air as we continue our efforts and plans to portray the airline as a solid national asset that serves the Kingdom of Bahrain and yet caters to an international audience.

“Today we announced our boutique concept, which will see the airline adapt a new business model to shine amongst the competitors in our own unique way.

“Working hand in hand with Gulf Air Group, BTEA and BAC with the launch of the new terminal, will allow the new Gulf Air to represent Bahrain to the world and open more bridges to and from the island”.

In recent years Gulf Air has seen intense competition from Middle Eastern airlines including Emirates, Qatar Airways and Etihad, and the carrier said its plans would “differentiate itself as a boutique airline that is different and unique in the way it operates comparing to the bigger airlines that are more volume driven”.

gulfair.com

Source: https://www.businesstraveller.com/business-travel/2019/01/07/gulf-air-outlines-plans-to-become-boutique-airline/

[pullcarol0-blog]

7 Lessons on Survivorship Bias that Will Help You Make Better Decisions

“I Done This allows us to track performance and of course, it’s amazing to keep in sync with everyone, working as a remote team. I Done This is invaluable to us and has changed our productivity for the better.”

Leo Widrich, COO at Buffer

Try I Done This Today

Source: http://blog.idonethis.com/7-lessons-survivorship-bias-will-help-make-better-decisions/

[pullcarol0-blog]

Alliance with AGP will continue: Ram Madhav

Guwahati: Ram Madhav, the BJP general secretary in-charge of the North-East hinted that alliance with regional party, Asom Gana Parishad(AGP) will continue.

There was speculation that BJP may break the alliance after the regional party fought recently held Panchayat polls alone. AGP did not perform on expected lines and came third after congress. BJP maintained the top position.

BJP state president Ranjeet Kumar Dass had submitted detailed report to party national president Amit Shah during office bearers meeting in New Delhi recently on how AGP worked against the spirit of alliance.

BJP led government has been facing attack from different quarters over the Citizenship (Amendment) Bill, 2016.

The bill aimed at making minority communities such as Hindus, Sikhs, Buddhists, Jains, Parsis and Christians from Afghanistan, Bangladesh and Pakistan eligible for applying for Indian citizenship is under the consideration of Joint parliamentary committee of both the Houses. AGP is opposing the bill

Madhav said alliances will continue. “Assam BJP has taken resolution supporting the bill.”

Source: https://economictimes.indiatimes.com/news/politics-and-nation/alliance-with-agp-will-continue-ram-madhav/articleshow/67302493.cms

[pullcarol0-blog]

MON. BRIEF: Mac Miller R.I.P. • Apple Music Revamps Album Display • Twitter Adds Audio Only • More

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Source: http://www.hypebot.com/hypebot/2018/09/am-brief-mac-miller-rip-apple-music-revamps-album-display-twitter-adds-audio-only-more.html

[pullcarol0-blog]

Stocks rise on hopes the Fed will lower rates this month

Stocks traded slightly higher on Wednesday as investors bet on a potential rate cut from the Federal Reserve later this month after the release of weaker-than-expected economic data.

The Dow traded 100 points higher and was headed for a record close. The S&P 500 rose 0.5% and hit a record high as the real estate and utilities sectors outperformed. The Nasdaq advanced 0.6%.

Wednesday’s session ends at 1 p.m. ET because of the Fourth of July holiday.

Private payrolls in the U.S. increased by 102,000 in June, ADP and Moody’s Analytics said. Economists polled by Dow Jones expected growth of 135,000.

The disappointing data strengthens the Fed’s case for lowering rates at its monetary policy meeting at the end of July. Last month, the central bank opened the door to easier monetary policy by stating it will “act as appropriate” to maintain the current economic expansion.

“As you look around the globe, general business indicators are showing some slowing and it seems like now we’re starting to see a bit of slowing in the United States,” said Scott Colyer, chief investment officer at Advisors Asset Management. But “in this recovery we have a very involved central bank, and really global central banks, applying quantitative easing.”

“There’s virtually 100% chance that the Fed will lower rates at the July meeting. I think the Fed will see the economic indicators in the United States are beginning to slow.”

The benchmark 10-year Treasury yield fell to its lowest level since 2016 on Wednesday, falling further below 2%. At around 10:30 a.m. ET, the rate traded at 1.95%.

Wall Street got off to a strong start this week following a trade truce between the two world’s two largest economies. The S&P 500 is up more than 1% week to date and has posted back-to-back record closes.

The U.S. and China agreed to restart trade talks over the weekend, after President Donald Trump offered concessions — including no new charges and an easing of restrictions on tech company Huawei — to soothe tensions with Beijing.

However, the initial enthusiasm over the latest trade truce between Washington and Beijing has since been overtaken by intensifying concerns over the Trump administration’s threat of tariffs on additional European goods.

The U.S. Trade Representative’s office released a list of products — including olives, Italian cheese, and Scotch whiskey — that could be hit with new levies in addition to those introduced in April. It comes after the U.S. government threatened to impose tariffs on $4 billion worth of EU goods on Monday, as part of a long-running dispute over aircraft subsidies.

In corporate news, Tesla shares jumped more than 6% after the auto maker reported record delivery and production numbers. Meanwhile, Symantec surged 15% on news the company is in talks to be acquired by Broadcom. The two companies are targeting an announcement by mid-July.

CNBC’s Sam Meredith contributed to this report.

Source: http://www.msn.com/en-us/money/markets/stocks-rise-on-hopes-the-fed-will-lower-rates-this-month/ar-AADEIuX?srcref=rss

[pullcarol0-blog]

Boeing Doubles Down on 737 Max, Rejects Need for Simulator Training

Boeing is breaking the rules of crisis management and making what may well prove to be a bad “bet the company” wager.

The gold standard, as most readers know well, is Johnson & Johnson’s response to 1982 tampering with its product, Tylenol. Seven people died in Chicago due to Tylenol containers having been put on the shelves with cyanide pills inside. A few more people died in what were believed to have been copycat incidents.

Tylenol was Johnson & Johnson’s most important product and then the nation’s leading OTC painkiller. Johnson & Johnson immediate issued warnings, telling consumers not to use any Tylenol until the company had ascertained how big the tampering problem was. It recalled all Tylenol nationwide, cooperated with the police, and set up an 800 number for consumers.

Johnson & Johnson re-introduced Tylenol with triple-safety packing that has become an industry norm. Even though its market share plunged during the crisis, it rebounded to an even higher level a year later.

As one account of the Johnson & Johnson crisis response stressed, the company put safety first:

Johnson & Johnson chairman, James Burke, reacted to the negative media coverage by forming a seven-member strategy team. The team’s strategy guidance from Burke was first, “How do we protect the people?” and second “How do we save this product?”

It isn’t hard to infer that this is not how Boeing is setting its priorities. It is important to recognize that the global grounding of the 737 Max is the result of trying to compensate for questionable, profit-driven engineering choices by adding a safety feature (the MCAS software system) and then going cheap on that, in terms of selling planes not kitted out fully and acting as if it was perfectly fine to install software that could take control of the plane and barely tell pilots about it. Two paragraphs more than 700 pages into a manual does not qualify as anything approaching adequate disclosure.

Boeing is taking steps that look designed to be adequate, when given the damage done to the 737 Max and its brand generally, this isn’t adequate. No one has any reason to give Boeing the benefit of the doubt. The scale of this failure is so large that it’s called the adequacy of FAA certifications into question. Until this fiasco, aviation regulators deferred to the judgment of regulator in the country where the manufacturer was headquartered. But with China embarrassing the FAA by (correctly) being the first to ground the 737 Max, foreign regulators will make their own checks of Boeing’s 737 Max fixes….and that practice may continue with other US-origin planes unless Boeing and the FAA both look to have learned a big lesson. So far, Boeing’s behavior says not.

One does not have to do much in the way of review to see that Boeing has lost the plot.

Boeing compromised on sound engineering with the 737 Max. Recall the origins of the problem: Boeing was at risk of losing big orders to a more fuel-efficient Airbus model. Rather than sacrifice market share, Boeing put more fuel-efficeint, larger engines on the existing 737 frames. The placement of the engine created a new safety risk, that under some circumstances, the plane could “nose up” at such a steep angle as to put it in a stall. The solution was to install software called MCAS which would force the nose down if the “angle of attack” became too acute.

Before getting to today’s updates, experts have deemed the 737 Max design to be unsound. For The word “kludge” keeps coming up when pilots and engineers discuss Boeing’s 737 Max, from Quartz:

Again and again, in discussions of what has gone wrong with Boeing’s 737 Max planein two deadly crashes within five months, an unusual word keeps coming up: kludge.

Merriam-Webster defines kludge—sometimes spelled kluge—as “a haphazard or makeshift solution to a problem and especially to a computer or programmingproblem.” Oxford defines it as, in computing, “A machine, system, or program that has been badly put together, especially a clumsy but temporarily effective solution to a particular fault or problem.”…

In the case of the 737 Max, it’s the combination of how two separate problems interacted—a plane whose design introduced aerodynamics issues and what now appears to have been a poorly designed anti-stall system—that seems to be drawing many to turn to Granholm’s term. The problems were compoundedin many ways, including by the fact that pilots were not told of or trained for the Maneuvering Characteristics Augmentation System (MCAS) before the Lion Air crash, which killed all 189 on board.

“My concern is that Boeing may have developed the MCAS software as a profit-driven kludge to mitigate the Max 8’s degraded flight characteristics due to the engine relocation required to maintain ground clearance,” commented Philip Wheelock on a New York Times story about the plane’s certification process this week. “Not convinced that software is an acceptable solution for an older design that has been pushed to its inherent aeronautical design limits.”

“Indeed, it seems the 737 MAX was a kludge to an existing design, and that MCAS was a kludge on top of that,” said a commenter on Hackaday.

Lambert found more damning takes, which he featured in Water Cooler yesterday. First from the Seattle Times:

Boeing has long embraced the power of redundancy to protect its jets and their passengers from a range of potential disruptions, from electrical faults to lightning strikes. The company typically uses two or even three separate components as fail-safes for crucial tasks to reduce the possibility of a disastrous failure. So even some of the people who have worked on Boeing’s new 737 MAX airplane were baffled to learn that the company had designed an automated safety system that abandoned the principles of component redundancy, ultimately entrusting the automated decision-making to just one sensor — a type of sensor that was known to fail. Boeing’s rival, Airbus, has typically depended on three such sensors. “A single point of failure is an absolute no-no,” said one former Boeing engineer who worked on the MAX, who requested anonymity to speak frankly about the program in an interview with The Seattle Times. “That is just a huge system engineering oversight. To just have missed it, I can’t imagine how.”

And the second, from software developer Greg Travis…who happens also to be a pilot and aircraft owner:

That no one who wrote the MCAS software for the 737 MAX seems to have even raised the issue of using multiple inputs, including the opposite angle of attack sensor, in the computer’s determination of an impending stall is mind-blowing. As a lifetime member of the software development fraternity, I don’t know what toxic combination of inexperience, hubris, or lack of cultural understanding led to this. But I do know that it’s indicative of a much deeper and much more troubling problem. The people who wrote the code for the original MCAS system were obviously terribly far out of their league and did not know it. How can we possibly think they can implement a software fix, much less give us any comfort whatsoever that the rest of the flight management software, which is ultimately in ultimate control of the aircraft, has any fidelity at all?

Ouch.

And we’re giving short shrift to how Boeing compounded the problem, for instance, by making it an upcharge to have the 737 Max have a light showing that its angle of attack sensors disagreed (the planes did have two, but bizarrely, only one would be giving data to the MCAS system on any day), or hiding the fact that there was a new safety automated safety system in two paragraphs after page 700 in the flight manual. As Wall Street Journal reader Erich Greenbaum said in comments on an older article, How Boeing’s 737 MAX Failed:

No �� this isn’t about “planes that fly by themselves.” It’s about an airplane manufacturer that put engines on an airframe they weren’t designed for, having to add a flight control override to guard against said airplane’s new tendency to nose up, and then adding insult to injury by driving that system with a single sensor when two are available. Oh – and charging airlines extra for the privilege of their pilots being told when one of those sensors is providing bad data.

The 737 Max has gotten a bad name…not just for itself but also for the airlines that were big buyers. Southwest had taken the most 737 Max deliveries, and American was second. I happened to be looking at American for flights last night. This is what I got when I went to aa.com:

I came back to the page later to make sure I hadn’t hit the 737 Max message randomly, by loading the page just when that image came up in a cycle….and that doesn’t appear to be the case. I landed on the 737 Max splash a second time.

This result suggests that American has gotten so many customer queries about the 737 Max that it felt it had to make providing information about it a priority. If you click through, the next page explains how all 737 Max planes have been grounded, that American is using other equipment to fly on routes previously scheduled for those planes, but it has still had to cancel 90 flights a day.

Evidence is mounting that the MCAS system was responsible for the Ethopian Air crash in addition to the Lion Air tragedy. From the Wall Street Journal this evening:

Officials investigating the fatal crash of a Boeing Co. BA 0.06% 737 MAX in Ethiopia have reached a preliminary conclusion that a suspect flight-control feature automatically activated before the plane nose-dived into the ground, according to people briefed on the matter, the first findings based on data retrieved from the flight’s black boxes.

The emerging consensus among investigators, one of these people said, was relayed during a high-level briefing at the Federal Aviation Administration on Thursday, and is the strongest indication yet that the same automated system, called MCAS, misfired in both the Ethiopian Airlines flight earlier this month and a Lion Air flight in Indonesia, which crashed less than five months earlier. The two crashes claimed 346 lives.

Boeing is doubling down on its mistakes. The lesson of the Tylenol poisoning is that if a company has a safety problem, even if it isn’t its fault, it needs to do everything it can to rectify the defects and protect customers. If there is any doubt, the company needs to err of the side of safety.

Here, unlike with Johnson & Johnson, the failings that led to 737 Max groundings all originated with Boeing. Yet rather than own the problems and go overboard on fixing them to restore confidence in the plane and in Boeing, Boeing is acting as if all it has to put in place are merely adequate measures.

Reuters, which has a bias towards understatement, has an atypically pointed farming Boeing’s refusal to recommend pilot simulator training for the MCAS:

Boeing Co said it will submit by the end of this week a training package that 737 MAX pilots are required to take before a worldwide ban can be lifted, proposing as it did before two deadly crashes that those pilots do not need time on flight simulators to safely operate the aircraft.

In making that assessment, the world’s largest planemaker is doubling down on a strategy it promoted to American Airlines Group Inc and other customers years ago. Boeing told airlines their pilots could switch from the older 737NG to the new MAX without costly flight simulator training and without compromising on safety, three former Boeing employees said.

Specifically, the Wall Street Journal reported that Southwest, which is the biggest buyer of the 737 Max, got Boeing to agree to a financial penalty if the new plane required additional simulator training:

The company had promised Southwest Airlines Co. , the plane’s biggest customer, to keep pilot training to a minimum so the new jet could seamlessly slot into the carrier’s fleet of older 737s, according to regulators and industry officials.

[Former Boeing engineer Mr. [Rick] Ludtke [who worked on 737 MAX cockpit features] recalled midlevel managers telling subordinates that Boeing had committed to pay the airline $1 million per plane if its design ended up requiring pilots to spend additional simulator time. “We had never, ever seen commitments like that before,” he said.

I’ve never flown Southwest and now I will make sure never to use them.

I hope the pilots in our readership speak up, but as a mere mortal, I’ve very uncomfortable with pilots being put in a position of overriding a system in emergency conditions when they haven’t even test driven it. When I learn software, reading a manual is useless save for learning what the program’s capabilities are. In order to be able to use it, I have to spend time with it, hands on. Computer professionals tell me the same thing. It doesn’t seem likely that pilots are all that different.

In other words, Boeing’s refusal to recommend simulator training looks to be influenced by avoiding triggering a $31 million penalty payment to Southwest. This is an insane back-assward sense of priorities. Boeing had over $10 billion in profits in 2018. A $31 million payment isn’t material and would almost certainly be lower after tax.

Boeing does not seem to comprehend that it is gambling with its future. What if international flight regulators use the Max 737 as a bloody flag and refuse to accept FAA certifications of Boeing planes, or US origin equipment generally? Do you think for a nanosecond that the European and Chinese regulators wouldn’t use disregarding the FAA as a way to advance their interests? Europe would clearly give preference to Airbus, and the Chinese could use Boeing to punish the US for going after Huawei.

Boeing’s comeuppance is long overdue. The company’s decision to break its union, outsource, and move to Chicago as a device for shedding seasoned employees was a clear statement of its plan to compromise engineering in the name of profit. Something like the Max 737 train wreck was bound to happen.

This entry was posted in Banana republic, Free markets and their discontents, Moral hazard, Regulations and regulators, Risk and risk management, Technology and innovation on March 29, 2019 by Yves Smith.

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Source: https://www.nakedcapitalism.com/2019/03/boeing-doubles-down-on-737-max-rejects-need-for-simulator-training.html

[pullcarol0-blog]

Employment scams are on the rise in tight labor market

Con artists are the ultimate party crashers.

With economic growth strong and jobs plentiful, employment scams are on the rise, according to the Better Business Bureau's scam tracker. This year through October, more than 3,700 incidents were reported across the country, more than double the 1,800 or so recorded during the same time last year.

"Scammers are opportunists," said Katherine Hutt, spokeswoman for the Better Business Bureau. "So the more that legitimate companies advertise open positions, the more these shady operators will post job scams."

Unemployment stands at 3.7 percent, the lowest it's been since 1969. There were about 7 million job openings in September, far above the 6 million or so unemployed workers, according to Labor Department data released Tuesday.

The changing dynamics of the labor market also have emboldened scammers. With remote jobs being more common and a growing number of people taking on part-time or gig work, it's easier for fraudsters to hide behind electronic communications and present fake opportunities.

However, that also limits criminals to some degree.

"Most employment scams are not for traditional jobs," Hutt said, adding that the fake position could be a work-from-home position or a secret-shopper gig.

While the fraudulent offers can differ in the particulars, they are similar in that the goal is to get your personal information — i.e., your bank account number, Social Security number — and your money. For instance, you might be told you need to pay a one-time fee to apply, or that you need to prepay for a uniform required for the job.

Even savvy job hunters can fall prey to employment scams — including on legitimate job-search websites.

"Anyone can be a victim or a target," Hutt said. "We've seen these scams cross all levels of incomes and required skills."

More from CNBC: Retirement on a Caribbean island can cost as little as $24,000 a year 

Seasonal hiring, on the verge of its yearly late-fall surge, also provides an opportunity for con artists to take advantage of job-seekers hoping to earn extra money during the holiday season, according to the BBB.

That makes it important to vet any company that posts a job opening or reaches out to you via email, phone or text. If you can't find information about the employer online that confirms its services or products, its executives and contact information, you might be about to step into a trap.

And if the job appears to be from a valid company, visit the company's website to make sure the position truly is available. Sometimes, large companies like Amazon or Target are impersonated, because logos and other official-looking elements can be copied.

Related video: When work-from-home becomes scammed at home

Click to expand

UP NEXT

Source: http://www.msn.com/en-us/money/careersandeducation/employment-scams-are-on-the-rise-in-tight-labor-market/ar-BBPucKi?srcref=rss

[pullcarol0-blog]

10 Cheap Home Decor Stores (That Aren’t IKEA)

Pretty much all of us here at TFD are extremely into budget home decor. I’ve written about my various DIY projects that helped me turn a new apartment into a home (which I still love a year later!). Chelsea has a wonderful eye for making her home feel both sophisticated and inviting (definitely check out her recent dining nook and kitchen makeovers on Instagram). None of us are experts, but we are all very into finding ways to make our homes feel cozy and “finished,” without breaking the bank.

I know a lot of my friends are the same way, too. But we also all seem to encounter the same problem: ending up with the same exact pieces of furniture and decor as every other person we know. And, yep, most of it comes from IKEA. Now, I love my trusty square-shaped extendable dining table, and it has served me well for five years. But I can name at least four other people I know well who have (or used to have) the same exact one, even though it’s not the only dining table to exist.

None of this is to shame IKEA. I love perusing those little “living in 450 square feet” setups and then snacking on Swedish meatballs as much as the next person, and no one should feel bad about shopping there. But I also know that it sometimes feels like the default for early twenty-somethings who just need to put something in their first real apartment. I’m just here to gently point out that it’s not the only option. If you desperately need to furnish that first apartment, or you’re simply looking for a little home refresh this spring, here are several home decor stores you should check out. (One caveat: I’m not including thrift stores on this list, but you should definitely check out your local thrift stores for budget-friendly decor and affordable furniture! Same with Craigslist and Facebook marketplace finds. Definitely worth checking out if they are an option for you, though!)

1. Cost Plus World Market

I love World Market. We’ve bought several things there, from a large wicker blanket basket to a pink-and-gray rug made from recycled plastic bottles. I even managed to find a mid-century style leather chair for $450 full price (which is a bargain, as most leather chairs go for at least twice that). It now mostly belongs to the cat, but it has remained in great shape for over a year, and I don’t anticipate any issues. This store is especially good for quality shelving, rugs with actual personality, and a wonderful selection of charming bar carts. Always keep an eye out for their sales — they happen pretty frequently!

2. Joss & Main

We want to replace our futon (which is fine, it’s just a light color and that ended up being a mistake for us) with a sofa, and I’m definitely going to look here when the time comes. The site is really well set up — they organize by room and style, so if you’re looking for living room furniture with a modern feel, you can find what you’re looking for easily. Also, a cursory glance shows me that they have a wide selection of full-size sofas (with good reviews!) for $500 and under.

3. Hayneedle

Everything on Hayneedle definitely seems to fall into the trendy/Pinterest-y category, but certainly not in a bad way. Their gallery page is super useful — it shows you finished room photos so you can get an idea of how an item will actually work in your space. I got my desk from this site — it is white with spacious drawers, and they had a better price than anywhere else I was looking at the time.

4. MUJI

Less selection here, but an amazing place to look if you are overwhelmed by consumer decisions! MUJI is a Japanese store that sells everything from clothing to stationery to furniture. They focus on the quality of items over the quantity of them, so you know everything you get will last a good long time. Also, everything is super fairly priced! And while there are fewer choices, that doesn’t mean their stuff is boring — it’s all beautifully designed.

5. Wayfair

I’m sure everyone here knows about Wayfair at this point, but I can’t *not* include it in this list. Wayfair is where we’ve gotten the majority of the stuff in our apartment. As I’m typing this, I can see my couch, the coffee table, the TV table, and the office chair I’m sitting on — all of which came from Wayfair. They pretty much have the widest selection and the best sales. However, their site is also a bit overwhelming, so I’d have an idea of what you’re looking for before you go perusing!

6. Target

Target has a shocking (to me) selection of insanely cute, relatively cheap home decor pieces. I highly recommend checking out their lighting in particular. We’ve gotten literally all of our lamps here — two cute (but different!) brass floor ones, and one light pink table lamp with a floral embroidery shade, which may be my most favorite thing I own. Their Project 62 line has some particularly awesome items.

7. Overstock

My mom, a true home decorating queen, has directed me to Overstock many times over the years, and for good reason — they have a ton of stuff, and it’s all marked down. I’ve heard a lot of great things about their mattress selection! They have clothing items and other stuff in addition to furniture and home decor as well.

8. Rugs USA

Another mom recommendation! A painful truth of adulthood is that a lot of things are way more expensive than you’d actually think they would be. This pretty much goes for all rugs. My mom actually found a huge, beautiful pink-patterned area rug for like $200 on this site, and it covers her entire (large) master bedroom floor. Definitely check it out for your cozy flooring needs.

9. Michael’s

I realize this is a craft store, not a home decor store necessarily. But! This is the only place (other than thrift stores) that I buy picture frames, because a) they are almost always on sale, and b) they always, always have coupons available. (Just check the website/your location before you go!)

10. Flying Tiger (New York & Boston in the U.S.)

Unfortunately, Flying Tiger does not have an online shop. And as of now, they have hundreds of stores worldwide, but the only U.S.-based ones are in New York and Boston. However! This store is absolutely filled with quirky, adorable home items (think knick-knacks and kitchenware, not large furniture). It is the perfect place to find interesting homewares for seriously cheap — I got a vase with a drawing of a man’s face for $5, and a bottle-green glass fruit bowl for $4. Definitely keep your ear to the ground for a store opening in your city, as they are expanding rapidly, or pay them a visit if you’re near NYC or Boston. I love this store so much!

*****

Any awesome, cheap home decor stores I missed? Let me know in the comments!

Holly is the Executive Editor of TheFinancialDiet.com. Follow her on Twitter here, or send her your ideas at holly@thefinancialdiet.com!

Image via Unsplash

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Source: https://thefinancialdiet.com/10-cheap-home-decor-stores-that-arent-ikea/

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How Do We Change Our Lives in a System That's Broken?

Rather than fight a system designed to thwart us, we need a model for our own lives that bypasses the perverse tides and obsoletes the impediments in our path.

Everyone wants to change their lives for the better (or preserve what's positive), and this is relatively straightforward in a healthy system with positive incentives and a transparent, productive set of rules and feedbacks.

But what if the system is broken? How do we change our lives for the better in a dysfunctional system of unearned privilege and perverse incentives? Needless to say, it's difficult, and this is why we see a rise in inward-directed solutions.

If we can't change the external world we inhabit, then the "solution" is to nurture an inner tranquility. It's no wonder that Taoism--perhaps the ultimate inner-directed philosophy--arose during the Warring States era in China, when social unrest and conflict were endemic.

But what about real-world changes such as improving our health, fitness, resilience, work/career satisfaction, income security and psychological well-being? When it comes to affecting real-world changes in a broken system, it often feels like we're swimming against the tide: the system doesn't make positive improvements easy, despite an abundance of lip service to individual goals such as losing weight, improving our career options, etc.

There are number of reasons for this; here are a few:

1. The economy, society and systems of governance are all changing in fundamental ways. I've written a lot about these forces-- AI, robotics, globalization, financialization, the concentration of wealth and power at the top, etc. --and how we can respond positively, particularly in my books A Radically Beneficial World and Get a Job, Build a Real Career and Defy a Bewildering Economy.

The point here is that even if our system was fair and functional, the structural dynamics are generating uncertainty, instability and a diminishing number of winners and an expanding multitude of losers.

2. But we don't inhabit a fair and functional system; the status quo is dysfunctional, dominated by self-serving insiders, the Protected Class and various elites. Actual inflation (loss of purchasing power) is under-reported, and other metrics are gamed or distorted to improve the optics--that is, the perception.

Markets have been grossly distorted to reward the already-wealthy; stocks and housing are been transformed into signals of economic strength when in reality they are signals of excess and asset bubbles that increase wealth and income inequality.

3. Maximizing profit and convenience via marketing is the core of our economy now. Unfortunately, what's highly profitable and heavily marketed is often unhealthy or deleterious to our physical, mental and financial health: fast food, packaged food, social media, high-cost, low-utility higher education, medications with serious side-effects, and so on.

Accomplishing changes often requires declaring war on convenience, as convenience is the enemy of everything required to swim against the tide:discipline, sustained effort, sacrifice, etc.

So how can individuals and households manage positive changes in a destructive, perverse and broken system?

One place to start is to eliminate as much marketing as possible, and as many negative, deranging distractions as possible. This means limiting media and social media exposure to a bare minimum.

Another is to focus on value rather than convenience. This goes against the tide not just of marketing but of "progress," which is implicitly defined as an increase in convenience and a decline in drudgery, effort and discipline.

Ironically, most of life's most rewarding things are not convenient at all:fitness, real food prepared at home, acquiring skills with steep learning curves, etc. These are all terribly, horribly, irrevocably inconvenient.

Third, look outside the mainstream and status quo "solutions." Solutions outside the mainstream status quo tend to be inconvenient, wrenching and difficult, and there is very little institutional support for anything outside the mainstream. Rather, the entire weight and force of the status quo is put to bear in support of passive compliance with the approved "solutions."

For example, the approved "solution" to ill health is surgery or costly medications that haven't even been tested for interactions with other powerful medications.

The "solution" to the high cost of housing in desirable cities is to surrender the household income for the next 30 years and buy a decaying bungalow for $800,000 or more (or $1.8 million in bubble-mania neighborhoods).

These are simulacrum solutions; they only worsen the initial problem, not solve it.

As Bucky Fuller noted in his famous dictum, "You never change things by fighting the existing reality. To change something, build a new model that makes the existing model obsolete."

This is as true of our individual lives as it is of systems. Rather than fight a system designed to thwart us, we need a model for our own lives that bypasses the perverse tides and obsoletes the impediments in our path.

This essay was drawn from Musings Report 25. The Musings Reports are emailed to subscribers and patrons weekly.

Travesty of a Mockery of a Sham Book Sale: (September only) Why Our Status Quo Failed and Is Beyond Reform is now $2.99 for the Kindle ebook, a 25% savings, and $6.95 for the print edition, a 22% savings.

Why Things Are Falling Apart and What We Can Do About It is now $2.99 for the Kindle ebook, a ridiculous 70% discount, and $10 for the print edition, a 50% savings. 

My new mystery The Adventures of the Consulting Philosopher: The Disappearance of Drake is a ridiculously affordable $1.29 (Kindle) or $8.95 (print); read the first chapters for free in PDF format.

My new book Money and Work Unchained is now $6.95 for the Kindle ebook and $15 for the print edition.

Read the first section for free in PDF format.

If you found value in this content, please join me in seeking solutions by becoming a $1/month patron of my work via patreon.com.

NOTE: Contributions/subscriptions are acknowledged in the order received. Your name and email remain confidential and will not be given to any other individual, company or agency.

Thank you, Klaus-Peter L. ($50), for your immeasurably generous contribution to this site -- I am greatly honored by your support and readership.

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Source: http://charleshughsmith.blogspot.com/2018/09/how-do-we-change-our-lives-in-system.html

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Brandon Coleman’s Debut Album is a Bright Mix of L.A. Jazz, Funk, & Soul

Keyboardist Brandon Coleman remembers the time he first met Quincy Jones. “You won’t be able to create a new piece of music,” he remembered the icon telling him. “His sentiment was that we took from the old and created our own new and that’s probably the only way you can do it.” While Coleman understood the essence of what Jones meant, he didn’t completely agree. “I thought it was bullshit, to tell you the truth,” Coleman says now. “I am no cook, and I don’t proclaim to be a good chef, but I can cook. I know that when combining certain ingredients, you can create something really special—and that’s jazz.”

Coleman’s debut album, Resistance, is out after six years of wondering when to release it. Although it’s been complete for that time, Coleman still felt as though he could learn more, even though he wrote for a broad host of artists—including Childish Gambino, Brian McKnight, Shuggie Otis, and Ciara. He decided to finally drop the project after witnessing a cultural and musical renaissance in his native Los Angeles. As a vital member of jazz titan Kamasi Washington’s band, Coleman has a hand in the change, but he believes now is the time to break out.

Along with Washington, Coleman frequently works with bassists Miles Mosley and Thundercat, drummer Ronald Bruner Sr., and experimental producer Flying Lotus, all of whom have played a pivotal role in revitalizing L.A.’s blooming music scene. “Anything you hold hostage will eventually break free and explode,” he says. “I feel like that’s what’s been happening in Los Angeles. The social climate has impacted the way I write music. It’s my own outcry and I feel like the music we write is the stuff that can cut through.”

Coleman attended the Colburn School of Performing Arts in L.A., on a jazz drumming scholarship, before later dropping out. “They were a very giving school, but I quit and went my own route,” Coleman says. “If I went the traditional route, we probably wouldn’t be talking right now.”

After dropping out, Coleman started listening to 1970s and ‘80s funk and L.A. hip-hop: George Clinton and Parliament-Funkadelic, Zapp, DJ Quik, and Dr. Dre. Coleman says he would’ve struggled to dive into that music at a performing arts school, no matter how renowned. “There’s absolutely been a gap in knowledge, that’s why you’re only now just hearing about us [in the L.A. scene],” he says, “but that experience taught me the fundamentals of jazz, which was incredibly important.”

One of Coleman’s first big breaks included writing alongside R&B luminary Kenneth “Babyface” Edmonds. “This happened all about 12 years ago, as I was on a path of making my own music,” Coleman explains. He received a random call and on the other end, it was Babyface asking him if he was in town to work on his new material. He almost missed the opportunity—he got lost on the way to the studio, and nearly turned around and went home because he couldn’t find the address. Luckily, he made it there. “The rest is history,” Coleman says today. “Working under his tutelage is what I imagine working with Quincy feels like; they still think big. With him, I learned how to write a song and tell a story and that’s part of the reason why I’m able to release an album today.”

The album’s first single, “Giant Feelings,” speaks to the journey that began over 20 years ago when he, Mosley, Thundercat, Washington, and others first formed their community of music. A mix of G-funk, gospel, and ‘80s funk, the song sounds both timely and timeless, summoning the spirit of Shuggie Otis’s “Strawberry Letter 23” in its tone and expressions of love.

“A Letter To My Buggers,” “Addiction,” and “Sexy,” arguably the smoothest three track-sequence on Resistance, combine funk, disco, electro, and jazz, partially confirming Quincy Jones’s statement and being in agreement with him now. “Essentially he’s correct,” Coleman admits. “Music has gone through this metamorphosis and come out the other end, but ultimately, it’s still the same.” On Resistance, Coleman pays rightful homage to the musical pioneers that have soundtracked his life. “With this, I’ve been blessed to have good friends and musicians who support this whole movement on the West Coast, this renaissance,” he says. Nonetheless, “I feel like the music we’re creating is making it through to the small one percent of people who wanna feel the frequency we’re on.”

Yet despite the release of this album, Coleman still wants to learn. As he puts it, he’ll always be a student. “Being a jazz musician has opened up my palate, and I can’t think about life the same way,” Coleman says. “Playing jazz is being jazz, it’s something that moves through every aspect of your life.”

-Jesse Bernard

Source: https://daily.bandcamp.com/2018/10/12/brandon-coleman-interview/

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2018 Review of Shareholder Activism

1. A New High-Water Mark for Global Activist Activity

A record 226 companies were targeted in 2018, as compared to 188 companies in 2017

$65.0bn of capital deployed in 2018, up from $62.4bn in 2017

In spite of significant market volatility, Q4 2018 was the most active Q4 on record both by campaign volume and capital deployed

Against the backdrop of a robust M&A market, 33% of 2018 activist campaigns were M&A related

2. Broadening Use of Activism as a Tactic

A record 131 investors engaged in activism in 2018, reflecting the continued expansion of activism as a tactic

40 “first timers” launched activist campaigns in 2018, as compared to 23 “first timers” in 2017

Nine of the top 10 activists (by current activist positions [1]) invested more than $1bn in 2018 (60 new campaigns in aggregate)

Elliott continued to be the most prolific activist, with 22 new campaigns launched in 2018

3. Activism Is Reshaping Boardrooms

161 Board seats won in 2018, [2] up 56% from 2017 and 11% higher than the previous record of 145 seats in 2016

Starboard led the way in 2018, winning 29 seats exclusively through negotiated settlements

Activists continue to name accomplished candidates, with 27% of activist appointees having public company CEO/CFO experience

However, only 18% of activist appointees in 2018 were female, as compared to 40% of new S&P 500 directors in 2018 [3]

4. Activism Has Global Reach

Activist campaigns in Europe and APAC accounted for 23% and 12% of companies targeted, respectively

58 European campaigns and 30 APAC campaigns in 2018 were each record highs

National champions, iconic family owned companies and regulated industries featured prominently among targeted companies

5. Traditional Active Managers Are the “New Vocalists”

Traditional active managers are increasingly comfortable sharing their views on major activist campaigns in private interactions with management and more public forums

Traditional managers like T. Rowe Price, Janus Henderson and GBL publicly voiced their opinions on major activist campaigns

6. Shareholder Dynamics Are Attracting Scrutiny

BlackRock’s Larry Fink set the tone for the year, calling on companies to identify and follow through on their social purpose

Stakeholder duties, employee Board representation and capital allocation / share buybacks became political issues

Voting power of index funds remains a highly debated topic, and regulators have begun to explore the influence of proxy advisory firms and the proxy voting process itself

The complete publication, including Appendix, is available here.

Endnotes

1Based on the market value of activist positions initiated since 2013 in which the activist still holds a stake.(go back)

2Represents Board seats won by activists in respective year, regardless of the year in which the campaign was initiated.(go back)

3Board data from Spencer Stuart’s 2018 Board Index.(go back)

Source: https://corpgov.law.harvard.edu/2019/01/28/2018-review-of-shareholder-activism/