Gen Z, the followers of Jahn and Miri

JAHN: Is this supposed to be a good thing, Miri?
MIRI: Of course it is.

 

Every day they navigate memes, photos, social media, chats with their friends, flashes of video, influencers influencing, news articles from a zillion places across the net. ...

"Within a week of actual research, we just threw out the term information literacy," says Yasmin Green, Jigsaw's CEO. Gen Zers, it turns out, are "not on a linear journey to evaluate the veracity of anything." Instead, they're engaged in what the researchers call "information sensibility" — a "socially informed" practice that relies on "folk heuristics of credibility." In other words, Gen Zers know the difference between rock-solid news and AI-generated memes. They just don't care.

Jigsaw's findings offer a revealing glimpse into the digital mindset of Gen Z. Where older generations are out there struggling to fact-check information and cite sources, Gen Zers don't even bother. They just read the headlines and then speed-scroll to the comments, to see what everyone else says. They're outsourcing the determination of truth and importance to like-minded, trusted influencers. And if an article's too long, they just skip it. They don't want to see stuff that might force them to think too hard, or that upsets them emotionally. If they have a goal, Jigsaw found, it's to learn what they need to know to remain cool and conversant in their chosen social groups. ...

They don't read long articles. ...

Instead of listening to stuffy old teachers, like CNN and the Times, they take their cues from online influencers — the queen bees and quarterback bros at the top of the social hierarchy. The influencers' personal experience makes them authentic, and they speak Gen Z's language.

More.

 
https://www.businessinsider.com/gen-z-most-trusted-news-source-online-comment-sections-google-2024-6

Joe Biden's nuclear war comments are completely irresponsible, but so is just about everything that comes out of his pie hole

 He's making matters worse, not better.

He's attributing statements to Putin which Putin did not make, which is the default practice for Democrats when speaking of their opponents.

A lot more is at stake than losing control of the US House and Senate in a few weeks.

Joe's irresponsible remarks risk real catastrophe from a deadly opponent.

Think what you will about Putin, Biden is a fool. 

Nobody fucks around with a Biden, he says, the day after Saudi Arabia does just that, telling him to go pound sand.

The whole world knows he's a fool, which is perilous for the rest of us.

Biden: Nuclear ‘Armageddon’ risk highest since ’62 crisis

 

BIDEN WARNS OF NUCLEAR 'ARMAGEDDON'
 

How low could the S&P 500 possibly fall from the Monday, Jan 3, 2022 closing high of 4,796.56?

 Some are calling this a dot-com-like bubble "burst". 

Jeremy Grantham thinks a 40% decline is in the offing.

That burst happened gradually, actually, from August 2000 to February 2003, more like an old balloon slowly deflating in the corner of the room under a table months after the party had ended.

On an average basis, the S&P 500 fell from 2471.50 in August 2000 to 1314.31 in February 2003, in March 2022 dollars. That 1157.19 point drop amounted to a drop of 46.82%.

Before climbing to the spectacular heights we know today, the S&P 500 had another appointment with more bad news, unfortunately, in March 2009, achieving an even lower level than February 2003.

In March 2022 dollars, the S&P 500 bottomed in March 2009, again on an average basis, at 1023.36. That was 1448.14 points from 2471.50 in August 2000, a drop of 58.59%.

That was quite a long process, a very bad, no good, rotten almost a decade for stocks. Real per annum return August 2000 through March 2009 averaged  -8.14%.

Many children watched their parents lose everything, including the house.

Those February 2003 and March 2009 type of events must be recognized as within the realm of real possibility even today.

4796.56 minus 46.82% would put the S&P 500 at 2551.

Minus 58.59% . . . 1986. 

Not saying it will happen. Not saying it's even probable. Just possible, because it has happened before.

Smart investors are ready for the possible.

The index is down 18.19% from the all-time-high tonight.

 

The J&J C19 vaccine is still getting banned around the world

 The latest case is Slovenia.

Denmark was the first country to ban it, in early May.

Belgium followed suit shortly thereafter because of a vaccine related death. 

I've just spent an hour trying to find a decent list of all the countries banning J&J but cannot. That's surely by design.

Bernie imploded within a week of his CNN town hall over his voting rights plan for criminals

75% of Americans disagree with Bernie Sanders' plan to let every US prisoner vote -- John Haltiwanger Apr. 30, 2019, 9:52 AM:

The vast majority of Americans — roughly 75% — do not support Sen. Bernie Sanders' proposal to enfranchise all prisoners, but many are open to giving voting rights to non-violent inmates, according to a new INSIDER poll. ...

During a CNN town hall last Monday, the Vermont senator was asked to clarify if he supports voting rights for people like the Boston Marathon bomber or people convicted of rape. Sanders replied that even "terrible people" should be allowed to vote, contending that disenfranchising any group of people is a "slippery slope."

Multiple jobholding in July peaked in 1997, the go-go decade for jobs, at 8.05 million

In July 2017 it's only 7.3 million, not seasonally adjusted.

Complain that it's not more, not that it's too many.

Some people just don't get it. 

Foreign Policy pinhead Fredrik deBoer erupts with reverse racism against whites, feigns concern over increase in white suicides to slam gun ownership

Evidently the same self-loathing white guy featured here for whom more neoliberalism isn't an option and FDR was just another affluent bastard who short-circuited socialism. It's always about the guns, isn't it, because the guns in the hands of the people stop commies like this from taking power. And hey, thanks to Foreign Policy and Business Insider for giving this creep a forum. deBoer must laugh to himself at how easy it is to subvert the country.

Here:

[W]hite Americans overall continue to enjoy significant advantages over black and Hispanic Americans in metrics like unemployment, college completion rate, and incarceration rate, which is not surprising in a country that still suffers from immense and structural white supremacy.

But this does not change the fact that white workers without college degrees have seen their overall quality of life eroded in a variety of ways that almost certainly contribute to the suicide rate. For example, as a New York Times story on the report points out, unmarried men have dramatically higher suicide rates, and divorce rates are strongly tied to income and education, with those in lower income brackets and educational levels suffering from far higher rates.

Why white Americans are so much more likely to commit suicide than black, Hispanic, and Asian Americans, whose rates are less than half that of white Americans, is something of a mystery.

This might paradoxically be part of the legacy of white privilege: Because white Americans have traditionally enjoyed greater affluence and cultural prestige than people of color, they might take unemployment, poverty, and their attendant indignities as harder to stomach. ... Owning a gun is one of the most powerful predictors of suicide risk overall. 

It takes a lunatic to know a lunatic: Rand Paul says Trump supporters have lost their minds

Look who's crazy now.

Seen here:

"I think this is a temporary sort of loss of sanity. But we're going to come back our senses and look for somebody serious to lead the country at some point," he said.

------------------------------------

This from the guy who imagined the Republican Party was ready to become a more self-consciously libertarian big tent party. Rand Paul is currently running a distant seventh for the Republican nomination with 5.5% support.

Americans Still Earn Way Too Little To Afford The Median Priced Home

The national median price for an existing home in December 2013 was $196,300.

Median household income at the end of 2013 had reached $52,297.

That's a ratio of 3.75:1, which is even higher than the 3:1 ratio which prevailed a year ago, and 44% higher than the recommended ratio of 2.6:1.

Either housing is still much too high or wages are much too low to support ownership of the median priced home in the United States. It is more likely that both things are true.

And forget about buying a new house on such an income.

The median new house price reached a new record in December at $270,200, vaulting the ratio to 5.17:1.

Housing prices have continued to rise because of deliberate government policy to reinflate the housing bubble.

Sellers should sell and buyers should beware. 

Deleveraging: Consumers Reduced Debt By Less Than 8% Between January 2008 and July 2012

And household debt is on the rise again since summer 2012, up now to just under $13.1 trillion.

Squawkers everywhere (here and here) are making a big deal of this, but I'm still not convinced. We're only talking $169 billion of borrowing in the last year, July on July.

16 million vehicle sales per year at $15,000 each is $240 billion. Presumably there are some good credit risks buying some of those new vehicles, as there always are. But with the average US car age at 11 years old in summer 2012 increasing to 11.4 years old in summer 2013, record highs, and projections expecting average age to increase still more years down the road, I'd say the very slight increase in indebtedness may have more to do with necessity playing out than with a fundamental return to healthy debt-fueled growth.

As I pointed out from a source in the earlier post on this subject, many more of the new car loans are subprime, higher loan to value to be able to afford the down payment, and longer term than they used to be. The quality of the increased indebtedness is nothing to be happy about, and tells a tale of continued economic stress, not of economic recovery.

Unceremoniously Shown The Door, Maybe Bernanke Is Doing This On Purpose

The 10 Year Treasury falls off the cliff on Jun. 19

It is well known from almost every speech given by Ben Bernanke that he views Fed policy much more modestly than most of us do. A recent example was his address to the Economic Club of New York in November (pdf here) in which he said once again that Fed policy is only one part of what must be gotten right to ensure economic recovery. Both the Congress and the Executive must cooperate in his view to produce tax and spending policies which will not jeopardize the full faith and credit of the United States nor continue to grow the long term debt relative to GDP.

Having been unceremoniously shown the door by an ungrateful, ignorant and politically bellicose president on Monday, June 17th, it should come as no surprise that Bernanke reacted the way he did on Wednesday, June 19th, doubling down on the "taper talk" of May 22nd. No one in Congress nor The White House has taken Bernanke seriously about the urgency of the long term fiscal situation since the onset of the crisis, and if they are not going to take the bull by the horns despite his patience, Bernanke can well be understood to have given up, taken his accommodative ball and gone home.

I don't blame him one bit.

35% Of Long Islanders Seriously Delinquent On Mortgages, Banks Not Foreclosing

And the people just keep living in the homes so long the notices of default expire and have to be refiled.

So says Keith Jurow for BusinessInsider here, who thinks the recovery in the housing market is a mirage actually created by the banks to help them unload some inventory at higher prices:

"I have solid figures from the Federal Reserve Bank of New York on the number of first mortgages in both NYC and Long Island. So the latest figures from the NYS Division of Banking indicate that roughly 30% of all owner-occupied properties in NYC are now seriously delinquent. For Long Island, it is an incredible 35%. ...

"Had the banks been foreclosing in the NYC metro, then the total number still delinquent would certainly be much lower than the Division of Banking figures. But the banks are not foreclosing in the NYC metro. I have shown this in several previous articles. ...

"Once a filing (called a notice of default) has been active for three years, it expires under NY state law. So the attorney for the lender has to refile the notice and begin the process all over. Picture those owners living in their house for more than three years without having paid a nickel toward the mortgage. It’s crazy, but that is what is occurring throughout Long Island." 

Why Isn't There A Single Conservative Radio Talker Happy About The Fiscal Deal?

Why isn't there a single conservative radio talker happy about the fiscal deal? Not a one is glad that Bush's lower tax rates have been made permanent for the vast majority of the American people.  I thought the Bush tax rates were every Republican's sine qua non, since at least 2003.

I see that the reported salary of Glenn Beck is $20 million/year. Sean Hannity reportedly makes north of $10 million/year on television at Fox, and $20 million/year on the radio. Rush Limbaugh makes way north of $38 million/year if you add in his signing bonus. And Laura Ingraham? Not very credible sources say she makes $15 million/year, but that was before the very recent relaunch of her radio show in 2013 under new, and presumably more attractive financial, circumstances. HuffPo here thinks her TV contract with Fox, filling-in for O'Reilly, is in the neighborhood of $1 million annually.

These four people dominate the talk radio airwaves from 9AM-6PM everyday, and they're all severely critical of the fiscal cliff deal. But there hasn't been a single word of gratitude to today's Republicans for getting the Bush tax rates made permanent for 99.7% of the American people.

The reason, of course, is that the radio talkers haven't the slightest feeling for the American people, the slightest understanding of their day to day experience, having left them long ago for the airy regions of the richest Americans in the top 0.3% income club where they now reside, the lowly victims of a paltry 13% tax increase agreed to by Obama and the Republicans, and they are livid.

Ungrateful wretches.

Rush Limbaugh Is Back And He's As Big An Idiot As Ever

Rush Limbaugh is back and he's still a big fat idiot.

He actually says Obama won a "massive victory" in the fiscal cliff deal, for raising taxes on the top 0.3%. You know, on people just like Rush. Rush's salary? $38 million/year.

If ever anyone needed any proof that Rush couldn't care less about the principled nature of the lower Bush tax rates for all Americans, this is it, because those rates just became permanent for everyone, except for Rush and about 600,000 other rich Americans who make $400,000 a year or more. Their taxes go up about 13%, but only on paper. You would think a so-called conservative would at least acknowledge that victory and give George Bush some credit, but no, not even after a caller reminds him about that at the end of the first hour. The entire opening monologue was completely self-referential, and suggests that Rush is talking his book here. He doesn't even understand the math in the deal, which now lets the income rich keep $1.8 trillion over ten years from the permanent AMT fix. Their cost under the deal? $600 billion over ten years, as I said, on paper. Even the income rich can still shift income out of the "ordinary" category to the now 33% higher, but still low dividend and capital gains rate category to escape the 39.6% top income tax rate. They will, and the somewhat rosier federal revenue scenario used to sell this deal won't even materialize. The rich will stay that way. They will not pay much more. And the Democrats will be stuck with another failed scheme.

Obama didn't win a victory here, the American people and George Bush did, and I still haven't heard a single so-called conservative radio talker even acknowledge it, let alone be grateful for it. That doesn't buy ears. Only what bleeds does, or what might bleed, which is why all Rush can talk about is some hypothetical threat in the future, when an actual threat, increased tax rates on everyone, has been completely neutralized in the present by good Republican leadership.

I say, "thank you". All Rush can say? "@#$% you".

Democrats Want To Kick The Sequestration Can To 2015

So reports Business Insider here:

On the spending side, the Democrats' offer would delay the "sequester" (automatic spending cuts) until 2015. This would cost an estimated $200 billion. But it would avoid the cuts to the military budget that the Republicans are so desperate to avoid.

If I were in charge of the ratings agencies if that passes, I would answer it with a swift rebuke and lower the credit rating again.

Growth of Borrowing Has Far Outpaced Growth in the Economy

As seen here:

The debt of government at all levels plus the debt of corporations and households is now $54 trillion and counting.

GDP lags far behind, which explains the reason for the Fed's war on interest rates: to keep the cost of all this borrowing spending as low as possible.

I'm Flooring It and I'm Only Going 1.8

Thanks for the inspiration:

1.8 percent GDP growth in the face of massive stimulus is the equivalent of your car sputtering down the highway at 45 miles per hour while you have the gas pedal floored.

Read more from Henry Blodget here.

"The Economy Has Slowed . . . to Near-Stall Speed"

Rosie wonders here why the administration continues to propose more stimulus spending, why the Fed again is signaling it's ready for more quantitative easing, and why credit unions suddenly needed a government bailout last week if in fact the recession ended in 2009 and we are in a recovery.

Well yeah.