Lululemon Chairman Sold $50 Million In Stock Right Before The CEO’s Surprise Departure
Wilson, the founder of the struggling yogawear company, set up the
sales plan in December, which called for him to sell up to 5.7 million
shares over an 18-month period, according to the Wall Street Journal.
He sold 607,545 shares at $81.50 on Friday (the day the board learned of Day’s departure), cashing in $49.5 million.
http://www.businessinsider.com/lulu-chairman-sold-50-million-in-stock-2013-6
Lululemon Chairman Sold Stock Before CEO’s Departure
Lululemon shares slumped as much as 15 percent in extended trading on
Monday after Day announced her departure plans. The shares dropped
about 17 percent on Tuesday amid price target cuts and downgrades by
Wall Street analysts.
http://www.cnbc.com/id/100812678
Stunner: Lululemon CEO Christine Day leaving
Day came to Lululemon in 2008 and became CEO that year. She had been
an executive for 20 years with Starbucks before joining the apparel
retailer.
Investors appeared to disagree that the timing was right, with shares
diving more than 12% by early evening — down $10.37 from Monday’s close
— in after-hours trading on the news that came after markets closed.
http://www.usatoday.com/story/money/business/2013/06/10/lululemon-ceo-day-quitting/2409289/
Timing of Stock Sales Favors Lululemon Insider
After the market closed Jan. 14, Lululemon updated its outlook for
the holiday quarter. Its revenue and earnings-per-share forecasts were
higher than the company’s previous estimates, but Wall Street had been
expecting even higher sales.
The company’s stock fell 3.9% the following day to $69.47. Mr. Wilson had sold his shares at an average price of $70.92.
http://online.wsj.com/article/SB10001424127887324049504578541821613302146.html
Friday, June 14, 2013
Central Banks’ Bubble Bursting, Sending Markets Down Worldwide
When the Japanese stock market lost more than six percent of its value
on Wednesday in a massive sell-off, pundits jumped on the move to try
to explain what happened, and what it all means. Evan Lucas, a market
strategist at IG Markets, wrote:
The storm clouds are building: the Dow has just suffered its first three-day losing streak for the year, the Chicago VIX [fear] index has climbed further; Europe is sliding off its highs; China is slowing down faster than expected, and the BOJ [Bank of Japan] is holding [off] on additional stimulus action.
Hans Goetti, chief investment officer at Finaport, explained why:
We’ve been living in an environment where economically speaking, bad news was good news because bad news meant more monetary stimulus. The rally that we have had over the past one-and-a-half years has been mainly driven by central banks and now the punch bowl is about to be taken away.
Two analogies are often used to describe the actions of the Federal Reserve in the United States as well as other central banks around the world: the punch bowl, and the drug addict. Each is helpful in explaining the addictive nature of easy money (or alcohol or drugs) and the inevitable withdrawal that takes place when the stimulus is removed.
According to Austrian school business cycle theory these declines in markets are the inevitable consequences of an expanding money supply, sold as the answer to fighting a recession. Low interest rates, Keynesians believe, help to stimulate borrowing and investment which works to reverse the economic downtrend and get things moving again. There are numerous flaws in this theory, including not knowing just how much new money needs to be printed, or when to stop. The problem is simple: Central bankers don’t know the answer to either question and as a result are unprepared for the consequences, or even to recognize them while they are occurring.
What’s being reported are those consequences. On Wednesday, the Dow Jones Industrial Average (DJIA) rose by more than 100 points early in the day, reversed course and dropped 260 points, ending the day down 126 points, capping its first three-day losing streak in 2013. Similar losses were recorded by the S&P 500 Index and the Nasdaq, while the “fear index” (the CBOE Volatility Index) spiked over 18 (five points above where it usually trades).
In the last 30 days the Dow has lost 500 points while the S&P 500 has broken through support levels, and put-call ratios (another measure of risk of a sell-off) have been rising. Market breadth (stocks rising in price compared to those falling) has gone negative as well. International bond fund investors are redeeming shares at a rate not seen since the start of the Great Recession.
It’s happening because there are whispers that the punch bowl might be taken away, perhaps sooner than later. Since November 2008, when the Fed introduced its plan to fight the Great Recession with plans to expand the money supply by $600 billion, it has continually added new money to the economy until the total now exceeds $3 trillion. But that fades in comparison to the expansion by central banks world-wide, estimated at more than $12 trillion since 2007.
This was aided and abetted in Japan by the program called “Abenomics,” a gigantic Keynesian program of new money creation named for its primary instigator, Shinzo Abe, the current prime minister of Japan. This huge expansion of the money supply initially served to weaken the Japanese yen sufficiently to make Japan temporarily more competitive in world markets. This in turn drove the moribund Nikkei 225 to highs not seen in decades, topping out in May at 15,943. On Thursday the Nikkei 225 index closed at 12,445, a decline of 22 percent, well into bear market territory. The FTSE (London’s equivalent of Wall Street’s S&P 500 Index) topped out at 6,876 in May, and ended the day at 6,304, a decline of more than eight percent, while shares of the Brazilian Total Return Index topped out at 34,664 in May and ended the day at just 28,655, a decline of 17 percent in less than a month.
The dominoes continue to fall, according to John Nyaradi, writing in the Wall Street Journal’s Marketwatch:
Domino #1: Apple Computer was the first domino to fall as it reached an all-time high of more than $700/share in September 2012, only to fall to an interim low of $390 in April 2013. Recently, the stock has enjoyed a tepid rally but still remains firmly locked in bear market territory, down more than 35% from its September high. Viewed as a bellwether of the tech sector and a prominent player in the S&P 500, Apple was the first domino to fall.
Domino #2: In a long-term bull market until October 2012, gold has been variously viewed as the “barbarous relic,” the only “true” currency and the ultimate “safe haven” against both currency collapse and runaway inflation….
Recently, however, the luster is off the precious metal, and gold has been a falling domino, to say the least. Peaking at $1800/oz in October 2012, gold has fallen to interim lows of $1362/oz in April 2013, a stunning six-month decline of 24%.
Domino #3: Another “safe haven” and the ultimate “no risk” investment, United States Treasury bonds are starting to wobble and could become the third domino to fall. The value of 30-year Treasury bonds has plummeted 8.9 percent between May 1 and June 7 alone, and this has more than troubling ramifications for important things like the real estate market, corporate profits, interest on the national debt and the future of U.S. equity prices.
This is a colossal domino, and its fall would be a major game changer across the entire spectrum of global financial assets.
Domino #4: The real estate sector has been the one really bright spot in our ongoing mediocre economic recovery, but now even it seems at the cliff’s edge and ready to take a tumble. The iShares Dow Jones U.S. Real Estate ETF fell 9.3 percent between May 21 and June 7.
Whether Wall Street becomes Domino #5 (or #6 after Japan) will likely become clear over the next weeks and months. It’s not being helped any by Fed Chairman Ben Bernanke who just announced that he won’t be attending the annual Jackson Hole Conference in August, due to a “personal scheduling conflict.” This is the first time a Fed chairman has missed this confab in 25 years.
Regardless, the pins are lined up for a major correction, a reflection of central banking’s determined move to flood the world economy with digital currency without regard for those nasty unforeseen consequences that are now surfacing. It may be that Bernanke is doing his disappearing act just in time.
A graduate of Cornell University and a former investment advisor, Bob is a regular contributor to The New American magazine and blogs frequently at www.LightFromTheRight.com, primarily on economics and politics. He can be reached at
This email address is being protected from spambots. You need JavaScript enabled to view it.
This article originally appeared on: The New American
The storm clouds are building: the Dow has just suffered its first three-day losing streak for the year, the Chicago VIX [fear] index has climbed further; Europe is sliding off its highs; China is slowing down faster than expected, and the BOJ [Bank of Japan] is holding [off] on additional stimulus action.
Hans Goetti, chief investment officer at Finaport, explained why:
We’ve been living in an environment where economically speaking, bad news was good news because bad news meant more monetary stimulus. The rally that we have had over the past one-and-a-half years has been mainly driven by central banks and now the punch bowl is about to be taken away.
Two analogies are often used to describe the actions of the Federal Reserve in the United States as well as other central banks around the world: the punch bowl, and the drug addict. Each is helpful in explaining the addictive nature of easy money (or alcohol or drugs) and the inevitable withdrawal that takes place when the stimulus is removed.
According to Austrian school business cycle theory these declines in markets are the inevitable consequences of an expanding money supply, sold as the answer to fighting a recession. Low interest rates, Keynesians believe, help to stimulate borrowing and investment which works to reverse the economic downtrend and get things moving again. There are numerous flaws in this theory, including not knowing just how much new money needs to be printed, or when to stop. The problem is simple: Central bankers don’t know the answer to either question and as a result are unprepared for the consequences, or even to recognize them while they are occurring.
What’s being reported are those consequences. On Wednesday, the Dow Jones Industrial Average (DJIA) rose by more than 100 points early in the day, reversed course and dropped 260 points, ending the day down 126 points, capping its first three-day losing streak in 2013. Similar losses were recorded by the S&P 500 Index and the Nasdaq, while the “fear index” (the CBOE Volatility Index) spiked over 18 (five points above where it usually trades).
In the last 30 days the Dow has lost 500 points while the S&P 500 has broken through support levels, and put-call ratios (another measure of risk of a sell-off) have been rising. Market breadth (stocks rising in price compared to those falling) has gone negative as well. International bond fund investors are redeeming shares at a rate not seen since the start of the Great Recession.
It’s happening because there are whispers that the punch bowl might be taken away, perhaps sooner than later. Since November 2008, when the Fed introduced its plan to fight the Great Recession with plans to expand the money supply by $600 billion, it has continually added new money to the economy until the total now exceeds $3 trillion. But that fades in comparison to the expansion by central banks world-wide, estimated at more than $12 trillion since 2007.
This was aided and abetted in Japan by the program called “Abenomics,” a gigantic Keynesian program of new money creation named for its primary instigator, Shinzo Abe, the current prime minister of Japan. This huge expansion of the money supply initially served to weaken the Japanese yen sufficiently to make Japan temporarily more competitive in world markets. This in turn drove the moribund Nikkei 225 to highs not seen in decades, topping out in May at 15,943. On Thursday the Nikkei 225 index closed at 12,445, a decline of 22 percent, well into bear market territory. The FTSE (London’s equivalent of Wall Street’s S&P 500 Index) topped out at 6,876 in May, and ended the day at 6,304, a decline of more than eight percent, while shares of the Brazilian Total Return Index topped out at 34,664 in May and ended the day at just 28,655, a decline of 17 percent in less than a month.
The dominoes continue to fall, according to John Nyaradi, writing in the Wall Street Journal’s Marketwatch:
Domino #1: Apple Computer was the first domino to fall as it reached an all-time high of more than $700/share in September 2012, only to fall to an interim low of $390 in April 2013. Recently, the stock has enjoyed a tepid rally but still remains firmly locked in bear market territory, down more than 35% from its September high. Viewed as a bellwether of the tech sector and a prominent player in the S&P 500, Apple was the first domino to fall.
Domino #2: In a long-term bull market until October 2012, gold has been variously viewed as the “barbarous relic,” the only “true” currency and the ultimate “safe haven” against both currency collapse and runaway inflation….
Recently, however, the luster is off the precious metal, and gold has been a falling domino, to say the least. Peaking at $1800/oz in October 2012, gold has fallen to interim lows of $1362/oz in April 2013, a stunning six-month decline of 24%.
Domino #3: Another “safe haven” and the ultimate “no risk” investment, United States Treasury bonds are starting to wobble and could become the third domino to fall. The value of 30-year Treasury bonds has plummeted 8.9 percent between May 1 and June 7 alone, and this has more than troubling ramifications for important things like the real estate market, corporate profits, interest on the national debt and the future of U.S. equity prices.
This is a colossal domino, and its fall would be a major game changer across the entire spectrum of global financial assets.
Domino #4: The real estate sector has been the one really bright spot in our ongoing mediocre economic recovery, but now even it seems at the cliff’s edge and ready to take a tumble. The iShares Dow Jones U.S. Real Estate ETF fell 9.3 percent between May 21 and June 7.
Whether Wall Street becomes Domino #5 (or #6 after Japan) will likely become clear over the next weeks and months. It’s not being helped any by Fed Chairman Ben Bernanke who just announced that he won’t be attending the annual Jackson Hole Conference in August, due to a “personal scheduling conflict.” This is the first time a Fed chairman has missed this confab in 25 years.
Regardless, the pins are lined up for a major correction, a reflection of central banking’s determined move to flood the world economy with digital currency without regard for those nasty unforeseen consequences that are now surfacing. It may be that Bernanke is doing his disappearing act just in time.
A graduate of Cornell University and a former investment advisor, Bob is a regular contributor to The New American magazine and blogs frequently at www.LightFromTheRight.com, primarily on economics and politics. He can be reached at
This email address is being protected from spambots. You need JavaScript enabled to view it.
This article originally appeared on: The New American
Abandoned America: Haunting images of the crumbling schools, decaying churches and rusting prisons that have been lost to time
These haunting photographs capture
decaying elements of American society by documenting the factories,
schools and churches abandoned over time.
Taken by Matthew Christopher, who lives in Philadelphia, Pennsylvania, the collection of pictures show a variety of empty buildings in various states of disrepair.
Some buildings appear untouched, with all of its furnishings absolute pristine, while others depict how nature has reclaimed the buildings and turned them into ruins.
Matthew, 35, began his journey to
document abandoned sites a decade ago while researching the decline of
the state hospital system.
Matthew said: 'I want to be able to convey the respect, appreciation and awe that I have for the locations I visit. Trying to tell someone about a place conveys so little compared to being able to show it to them.
'My favourite part of exploring ruins is that to me, it is peaceful. I can focus on what I am seeing and experiencing rather than being wrapped up in my thoughts all the time.
'Discovering new or intriguing places, finding something you know not many people have seen, or managing to get permission to somewhere you'd really like to see are also a lot of fun.
'These places also help me appreciate the comforts of the waking world when I return to it.
Realising that words alone could not adequately convey the harsh realities of institutional care, Matthew embarked on a journey to visit and photograph the crumbling state schools and asylums all over the U.S.
Ten years later, Matthew's focus has broadened to include the ruins of American infrastructure, industry, churches, schools, theaters, hospitals, prisons, resorts and hotels.
He Added: 'The Baltimore Gas and Electric's Westport Power Station was a favourite of mine, but I love different things about each place I've visited.
'Sometimes it can get scary,
especially if a place is really structurally unstable, that would
probably be my biggest concern. I also don't want to get murdered for my
camera gear or arrested.
'There have been several occasions where I have had close calls with security and police, but thankfully nothing that has ever proven to be a long-term issue.
'I try to be very quiet and careful to avoid anybody when I am photographing a location, and if I do run into anyone am polite and respectful, I try to get across the fact that I am not vandalizing, damaging, or stealing anything. I have been lucky that so far that has been enough.
From Taunton State Hospital in Massachusetts to the US Air Force's aircraft graveyard in Tucson, Arizona, Matt's extensive collection of derelict sites is one of the largest ever amassed.
'I do quite a bit of research about the locations to try to find them. I also get tips from people who follow my work, and network with others who have similar interests.
'I am very fortunate to have a fantastic family that has never discouraged me from doing what I do and has been very supportive of it all along.
'Many of my friends are the same way,
although there are certainly those that just don't find it interesting
or follow it as much and we get along for other reasons.
'My current goal is figuring out new ways to make sites more accessible and raise funds for site maintenance or restoration efforts, as well as continuing to add to the amount of locations I photograph.
'I am typically pretty busy, always working out how to take things one step further and help people understand what is so important about them, both historically and in terms of their cultural significance to our own era.'
Taken by Matthew Christopher, who lives in Philadelphia, Pennsylvania, the collection of pictures show a variety of empty buildings in various states of disrepair.
Some buildings appear untouched, with all of its furnishings absolute pristine, while others depict how nature has reclaimed the buildings and turned them into ruins.
Gathering rust: The derelict blast furnace of
the Carrie Furnaces in Rankin, Pennsylvania, which have been left
abandoned since they were shut down in 1982
Decaying: The Carries Furnace are among dozens
of abandoned buildings documented by Philadelphia photographer Matthew
Christopher
Doing time alone: The rusting cell blocks of
Essex County Jail in Newark, New Jersey, which have been unused since
the prison closed in 1970 when a new one was built
Ruins: A building of the Julia de Burgos Magnet
Middle School in Philadelphia, which was left to deteriorate after
systematic neglect before closing in 2002
Matthew said: 'I want to be able to convey the respect, appreciation and awe that I have for the locations I visit. Trying to tell someone about a place conveys so little compared to being able to show it to them.
'My favourite part of exploring ruins is that to me, it is peaceful. I can focus on what I am seeing and experiencing rather than being wrapped up in my thoughts all the time.
'Discovering new or intriguing places, finding something you know not many people have seen, or managing to get permission to somewhere you'd really like to see are also a lot of fun.
An undisclosed prison: Matthew says he likes
discovering 'new or intriguing places, finding something you know not
many people have seen'
Crumbling: Matthew's focus has broadened to
include the ruins of American churches like this undisclosed one,
schools, theatre, hospitals and hotels
Out of service: An organ sits among the debris inside the disused Church of the Assumption in Philadelphia
Mission
statement: Realising that words alone could not adequately convey the
condition of these buildings, Matthew embarked on a journey to
photograph them
A cafeteria at undisclosed prison: Matthew says his job is sometimes scary, especially if a place is structurally unstable
Realising that words alone could not adequately convey the harsh realities of institutional care, Matthew embarked on a journey to visit and photograph the crumbling state schools and asylums all over the U.S.
Ten years later, Matthew's focus has broadened to include the ruins of American infrastructure, industry, churches, schools, theaters, hospitals, prisons, resorts and hotels.
He Added: 'The Baltimore Gas and Electric's Westport Power Station was a favourite of mine, but I love different things about each place I've visited.
Treading the (rotting) boards: The interior of
an undisclosed theatre shows the wide variety of buildings and
institutions that have been abandoned for various reasons
The show can't go on: This theatre appears in far better condition than others, suggesting it has only recently been emptied
Flaking: Matthew has gained international
attention and is considered a leading expert on urban blight and efforts
to preserve America's endangered architectural history
Hardly five-star: Flaking ceiling and peeling
wallpaper inside a room at an abandoned hotel, whose identity has not
been revealed
'There have been several occasions where I have had close calls with security and police, but thankfully nothing that has ever proven to be a long-term issue.
'I try to be very quiet and careful to avoid anybody when I am photographing a location, and if I do run into anyone am polite and respectful, I try to get across the fact that I am not vandalizing, damaging, or stealing anything. I have been lucky that so far that has been enough.
From Taunton State Hospital in Massachusetts to the US Air Force's aircraft graveyard in Tucson, Arizona, Matt's extensive collection of derelict sites is one of the largest ever amassed.
Where time stands still: An abandoned clothing factory still with all the machinery on tables as if it were left yesterday
Forgotten over time: A building once owned by the Packard motor car company, which produced its last vehicle in 1958
End of an era: Packard was founded by James Ward
Packard and his brother William Doud Packard in the city of Warren,
Ohio, in 1899
An unnamed retirement home: Matthew says he is lucky to have a family that has been very supportive of his work all along
His work has gained international
attention and he is considered a leading expert on urban blight and the
efforts to preserve America's endangered architectural history.'I do quite a bit of research about the locations to try to find them. I also get tips from people who follow my work, and network with others who have similar interests.
'I am very fortunate to have a fantastic family that has never discouraged me from doing what I do and has been very supportive of it all along.
A trolley graveyard: Matthew, 35, began his
journey to document abandoned sites a decade ago while researching the
decline of the state hospital system
Heritage hero: Matthew says his goal is to find
new ways to makes sites more accessible and raise money for maintenance
and restoration efforts
Looking at the bigger picture: Photographer
Matthew Christopher (pictured) is trying to find ways to preserve
America's decaying architecture
'My current goal is figuring out new ways to make sites more accessible and raise funds for site maintenance or restoration efforts, as well as continuing to add to the amount of locations I photograph.
'I am typically pretty busy, always working out how to take things one step further and help people understand what is so important about them, both historically and in terms of their cultural significance to our own era.'
Ailes on America: ‘We are in a storm, the mast is broken, the compass is barely functioning, and there is a big damned hole in the boat!’
Fox News Channel Chairman Roger Ailes was awarded the 10th
Bradley Prize on June 12 at the Kennedy Center in Washington, DC.
Following are his prepared remarks:
“America needs all of us to leave here tonight, renewed in our spirit and determination to turn this country forward to the future. I won’t say turn it around because yesterday is gone, so we must all focus on defining the themes for the future and lead the people to it.
“My remarks tonight are my own, and don’t necessarily reflect those of News Corporation, Rupert Murdoch or Fox. I will say, however, that I didn’t give up my citizenship to create and run a news organization. I speak here with the highest authority and title anyone could ever aspire to — citizen of the United States.
“We must stop waving our extended arms in an effort to balance ourselves as we tiptoe along the edges of the Constitution, in an effort not to upset weak-kneed appeasers, with our unflinching belief in the ideas and principles that made our country different and yes, great!
“Are we losing America to the inevitable onrushing tides of history? No. But we are in a storm, the mast is broken, the compass is barely functioning, and there is a big damned hole in the boat!
“We have allowed ourselves to be manipulated by others, many who of whom want to impose their culture and laws under the manufactured utopian idea that all cultures are equal and most are better than America’s. Of course all people should be proud of their heritage. They should teach their children to be proud of their history and traditions.
“Immigrants will always be welcome here. But America is a culture, too.
“Back to the hole in the boat: America is losing its historic literacy. Recently some 556 seniors surveyed at 55 of the nation’s top colleges — only 60 percent placed the American Civil War in the correct half of the 19th century. Only 34 percent identified George Washington as the American general at the Battle of Yorktown. Thirty-four percent thought it was Ulysses S. Grant. At 78 percent of the institutions polled, no history whatsoever was required in the undergraduate program. Historian David McCullough said, “We are raising a generation of young Americans who are historically illiterate.”
“If the hole in the boat is to be fixed, it will require the tenacity and ingenuity of the pioneers. Each of us must understand and teach the journey of liberty and justice. It requires steadfast insistence — we must not allow our collective memory to fade or morph into trendy revisionist versions of political correctness, which becomes a substitute for truth.
“Traditional American culture influenced me greatly as I created the Fox News Channel for Rupert Murdoch. We knew that a fair and balanced news channel could succeed, as long as no views were rejected and conservative views were allowed to be heard.
“The Fox News Channel just finished its 137th consecutive month in first place in cable news, almost 12 years. The top 13 programs in cable news are all on the Fox News Channel. One reason is: We cover news but we also cover stories we know others will not. Like the abortion doctor in Philadelphia, who was actually killing babies after they were born. We covered Benghazi when four Americans were killed, even though no other network would touch the story. It’s an important story because it involves two hundred years of our military ethos, which is: If we ask you to go out in the middle of the night and risk your life for America, we promise that we will backstop you. And, try to get you out if it is humanly possible. In Benghazi we did not do that.
“I have come to the conclusion that even I don’t care what the president of the United States was doing that night. However, I would like to know what the commander in chief was doing that night.
“A few other hot news topics these days include the IRS. The federal government is about to hire 16,000 more IRS agents to enforce healthcare. Forty-seven new tax increases — no wonder they need guns. Now we already know the IRS is arrogant. They waste as much money as the other government agencies. They enjoy pushing people around, and they can’t line dance. We don’t need 16,000 more people who can’t line dance! And we don’t need more people with guns, enforcing our healthcare. All right Granny, get your hands up. It’s the last time we’re telling you. Take your Metamucil!
“Of course, the country’s split politically. Democrats and Republicans can’t get along. And it is hard to figure out if it is ever going to get back together. But I heard a story about a guy who was in a hot air balloon. He was lost and he lowered his altitude. He spotted a man down below and descended a bit more and then called out to him.
He said, “Excuse me, can you help me? I promised a friend I’d meet him an hour ago, and I don’t know where I am.” The man on the ground consulted his GPS and replied, “You’re in a hot air balloon approximately 30 feet above ground elevation at 2,346 feet above sea level. You are 31 degrees, 14 minutes north latitude; 100 degrees, 49 minutes west longitude,” and the guy in the balloon said, “You must be a conservative,” and he said, “I am. How did you know that?” He said, well, “Everything you told me is technically correct but I have no idea what to make of your information. The fact is I’m still lost — and frankly, you haven’t been very much help so far.” The guy on the ground yelled up: “You must be a liberal.” He said, “I am. How did you know that?” He said, “Well, you don’t know where you’re going or where you’ve been, you’ve risen to where you are on hot air. You made a promise which you have no idea how to keep. You expect me to solve your problem. The fact is you’re in the same place you were before we met and now it’s my fault!”
“Regardless of your political party there are some themes that I believe we should all agree on: Government must reinforce the value of the individual and life. Government must have programs to help individual independence flourish and not reinforce dependency. Votes must not be purchased by corrupt organizations or individuals on false missions of mercy. Freedom cannot be compromised anywhere. Anti-Americanism needs to be answered every place, every time. By every one of us.
“I mentioned earlier that American culture is unique and must be included in all discussions of culture. It is America that has fed more and freed more people on earth than all the other countries put together. You know how I know this is a great country? Because everybody is trying to get in, and nobody is trying to get out.
“I have heard complicated treatises on world affairs. I have listened to theories of foreign policy. I have listened to the criticism of the United States. I’ve watched even some Americans systematically try to dismantle the greatest country on earth and yet we are still strong. We’re strong, because of three words I believe,God, country, family.
“I cannot and will not apologize for any of those and anything that enhances those,I will defend them with my life.
“Thank you. And God bless you all.”
“America needs all of us to leave here tonight, renewed in our spirit and determination to turn this country forward to the future. I won’t say turn it around because yesterday is gone, so we must all focus on defining the themes for the future and lead the people to it.
“My remarks tonight are my own, and don’t necessarily reflect those of News Corporation, Rupert Murdoch or Fox. I will say, however, that I didn’t give up my citizenship to create and run a news organization. I speak here with the highest authority and title anyone could ever aspire to — citizen of the United States.
“We must stop waving our extended arms in an effort to balance ourselves as we tiptoe along the edges of the Constitution, in an effort not to upset weak-kneed appeasers, with our unflinching belief in the ideas and principles that made our country different and yes, great!
“Are we losing America to the inevitable onrushing tides of history? No. But we are in a storm, the mast is broken, the compass is barely functioning, and there is a big damned hole in the boat!
“We have allowed ourselves to be manipulated by others, many who of whom want to impose their culture and laws under the manufactured utopian idea that all cultures are equal and most are better than America’s. Of course all people should be proud of their heritage. They should teach their children to be proud of their history and traditions.
“Immigrants will always be welcome here. But America is a culture, too.
“Back to the hole in the boat: America is losing its historic literacy. Recently some 556 seniors surveyed at 55 of the nation’s top colleges — only 60 percent placed the American Civil War in the correct half of the 19th century. Only 34 percent identified George Washington as the American general at the Battle of Yorktown. Thirty-four percent thought it was Ulysses S. Grant. At 78 percent of the institutions polled, no history whatsoever was required in the undergraduate program. Historian David McCullough said, “We are raising a generation of young Americans who are historically illiterate.”
“If the hole in the boat is to be fixed, it will require the tenacity and ingenuity of the pioneers. Each of us must understand and teach the journey of liberty and justice. It requires steadfast insistence — we must not allow our collective memory to fade or morph into trendy revisionist versions of political correctness, which becomes a substitute for truth.
“Traditional American culture influenced me greatly as I created the Fox News Channel for Rupert Murdoch. We knew that a fair and balanced news channel could succeed, as long as no views were rejected and conservative views were allowed to be heard.
“The Fox News Channel just finished its 137th consecutive month in first place in cable news, almost 12 years. The top 13 programs in cable news are all on the Fox News Channel. One reason is: We cover news but we also cover stories we know others will not. Like the abortion doctor in Philadelphia, who was actually killing babies after they were born. We covered Benghazi when four Americans were killed, even though no other network would touch the story. It’s an important story because it involves two hundred years of our military ethos, which is: If we ask you to go out in the middle of the night and risk your life for America, we promise that we will backstop you. And, try to get you out if it is humanly possible. In Benghazi we did not do that.
“I have come to the conclusion that even I don’t care what the president of the United States was doing that night. However, I would like to know what the commander in chief was doing that night.
“A few other hot news topics these days include the IRS. The federal government is about to hire 16,000 more IRS agents to enforce healthcare. Forty-seven new tax increases — no wonder they need guns. Now we already know the IRS is arrogant. They waste as much money as the other government agencies. They enjoy pushing people around, and they can’t line dance. We don’t need 16,000 more people who can’t line dance! And we don’t need more people with guns, enforcing our healthcare. All right Granny, get your hands up. It’s the last time we’re telling you. Take your Metamucil!
“Of course, the country’s split politically. Democrats and Republicans can’t get along. And it is hard to figure out if it is ever going to get back together. But I heard a story about a guy who was in a hot air balloon. He was lost and he lowered his altitude. He spotted a man down below and descended a bit more and then called out to him.
He said, “Excuse me, can you help me? I promised a friend I’d meet him an hour ago, and I don’t know where I am.” The man on the ground consulted his GPS and replied, “You’re in a hot air balloon approximately 30 feet above ground elevation at 2,346 feet above sea level. You are 31 degrees, 14 minutes north latitude; 100 degrees, 49 minutes west longitude,” and the guy in the balloon said, “You must be a conservative,” and he said, “I am. How did you know that?” He said, well, “Everything you told me is technically correct but I have no idea what to make of your information. The fact is I’m still lost — and frankly, you haven’t been very much help so far.” The guy on the ground yelled up: “You must be a liberal.” He said, “I am. How did you know that?” He said, “Well, you don’t know where you’re going or where you’ve been, you’ve risen to where you are on hot air. You made a promise which you have no idea how to keep. You expect me to solve your problem. The fact is you’re in the same place you were before we met and now it’s my fault!”
“Regardless of your political party there are some themes that I believe we should all agree on: Government must reinforce the value of the individual and life. Government must have programs to help individual independence flourish and not reinforce dependency. Votes must not be purchased by corrupt organizations or individuals on false missions of mercy. Freedom cannot be compromised anywhere. Anti-Americanism needs to be answered every place, every time. By every one of us.
“I mentioned earlier that American culture is unique and must be included in all discussions of culture. It is America that has fed more and freed more people on earth than all the other countries put together. You know how I know this is a great country? Because everybody is trying to get in, and nobody is trying to get out.
“I have heard complicated treatises on world affairs. I have listened to theories of foreign policy. I have listened to the criticism of the United States. I’ve watched even some Americans systematically try to dismantle the greatest country on earth and yet we are still strong. We’re strong, because of three words I believe,God, country, family.
“I cannot and will not apologize for any of those and anything that enhances those,I will defend them with my life.
“Thank you. And God bless you all.”
Wien: Stock Market Will Soon Face 'Negative Reality'
While the Standard & Poor's 500 Index remains only 4 percent below
its May 22 record high, serious obstacles are about to emerge, says
Byron Wien, vice chairman of Blackstone Advisory Partners.
"I think while valuations are still fair, I think the market has made a lot of progress, and I think there's some trouble ahead," he told CNBC.
"The trouble is that profit margins, in my opinion, have peaked and that earnings are going to be disappointing in the second half, and that's what the market is beginning to sense."
Editor's Note: Billionaires Dump Stocks. Prepare for the Unthinkable.
The possibility that the Federal Reserve will taper its quantitative easing (QE) soon represents another problem, Wien says.
"The market is looking for certain kinds of reality," he said. "Tapering is a negative. Disappointment in earnings would be a negative. Evidence that profit margins have peaked is a negative."
To be sure, if the Fed pulls back its QE to, say, $60 billion a month, that's "still an enormous amount of liquidity being poured into the market," Wien said.
The central bank is currently buying $85 billion of Treasurys and mortgage-backed securities a month.
Still, the prospect of tapering already has investors on edge.
“Markets are wrestling with high volatility and changes, which, in my opinion, are disconcerting to a lot of investors,” David Kotok, chief investment officer at Cumberland Advisors, told Bloomberg.
“We went from QE, relied upon and predictable, to mixed messages in most of the capital markets of the world.”
Editor’s Note: Put the World’s Top Financial Minds to Work for You
© 2013 Moneynews. All rights reserved.
"I think while valuations are still fair, I think the market has made a lot of progress, and I think there's some trouble ahead," he told CNBC.
"The trouble is that profit margins, in my opinion, have peaked and that earnings are going to be disappointing in the second half, and that's what the market is beginning to sense."
Editor's Note: Billionaires Dump Stocks. Prepare for the Unthinkable.
The possibility that the Federal Reserve will taper its quantitative easing (QE) soon represents another problem, Wien says.
"The market is looking for certain kinds of reality," he said. "Tapering is a negative. Disappointment in earnings would be a negative. Evidence that profit margins have peaked is a negative."
To be sure, if the Fed pulls back its QE to, say, $60 billion a month, that's "still an enormous amount of liquidity being poured into the market," Wien said.
The central bank is currently buying $85 billion of Treasurys and mortgage-backed securities a month.
Still, the prospect of tapering already has investors on edge.
“Markets are wrestling with high volatility and changes, which, in my opinion, are disconcerting to a lot of investors,” David Kotok, chief investment officer at Cumberland Advisors, told Bloomberg.
“We went from QE, relied upon and predictable, to mixed messages in most of the capital markets of the world.”
Editor’s Note: Put the World’s Top Financial Minds to Work for You
© 2013 Moneynews. All rights reserved.
They've really splashed out! Billionaire couple buy incredible £15million superyacht that can be controlled by an iPad
- The Adastra was designed by Sussex-based boat designer John Shuttleworth
- It has a dining area with panoramic views, fully functional kitchen and bathroom
- It can be controlled by the touch of an iPad from up to 50 metres away
- It was commissioned by a billionaire businessman who already owns two islands off Indonesia
- Adastra is 42.5 metres long, 16 metres wide and weighs 52 tons
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