Guardian.UK: Afterlife - how hip replacements can end up in jet engines.
Given that these are most often implanted in the elderly, perhaps there should be recycling discounts up-front, during hip surgery ...
NakedCap: TPP - It’s Not a Deal, It’s Not a Trade Deal, and It’s Not a Done Deal.
More info. No passage, until we read it in full.
The Atlantic: The Real Reason People Don’t Save Enough for Retirement.
“If all workers were automatically enrolled in a savings account that couldn’t be tapped into until retirement (or disability, if that came first), they wouldn’t be burdened with investment decisions.” Where’s my paddle? Someone needs a paddling. If you’re going to play that game, prosecute those responsible for the last Wall Street debacles. The stock market and real estate plunges were paid for at the worker bee level by retirement accounts, early withdrawals. Come down off the high horse, Atlantic.
Guardian.UK: US stock markets fall due to renewed concerns about the Chinese economy.
New product idea: “The Money Mattress.” I’ll make millions.
Guardian.UK: Even on Wall Street, Pope Francis attack on ‘idolatry of money’ strikes a chord.
“No one has a problem with his statements on capitalism. But any time we have a moral compass, there is going to be critique of what we do. That’s not a bad thing, but a good thing. We can always use some criticism ...[snip] Pope Francis is saying we shouldn’t get too comfortable where we are – politically, financially, theologically. God gives us the pope we need when we need him.” A little fluffy ... they open with a quote from a guy in an Irish bar near Wall Street, as if this is supposed to represent the wider Wall Street opinion. I understand the Catholic expectation, but still.
SF New Mexican: NM School for the Arts closes deal to buy Sanbusco.
Oh, man. When Borders closed, it was on life support, really. Now, with Sanbusco closing and World Market moving to Santa Fe Place mall ... how long will REI maintain its store?
Atlantic: How Clinton Hopes to Make American Drug Prices Sane Again.
At least she’s not letting it go. I was afraid the 24/7 media machine would move on, all too quickly.
Mashable: Pope Francis is skeptical of unbridled capitalism, making for an uneasy fit with America.
“Once capital becomes an idol and guides people’s decisions, once greed for money presides over the entire socioeconomic system, it ruins society.” Ample evidence in the news today, given the revelations over hideously criminal drug pricing ...
The Atlantic: Maids in America - The Decline of Domestic Help.
1912: “Ladies are sometimes not honest in money matters concerning the girls they employ. I have known many nice girls to work for little money — two dollars and a half or three dollars a week — and one week out of every five or six the lady would forget, or pretend to forget, to pay for. If the girl has given no written receipt for her wages, she sometimes has no proof of what is due her.”
Vox: Why critics are worried about the FDA boss Obama just nominated.
Obama continues to favor the pharmaceutical industry.
NY Times: A Huge Overnight Increase in a Drug’s Price Raises Protests.
“Doxycycline, an antibiotic, went from $20 a bottle in October 2013 to $1,849 by April 2014, according to the two lawmakers.” This pullquote is not the drug mentioned in the title, but a common script folks will be completely outraged over - or should be.
This is not capitalism. This is criminal.
Mr President, Congress ... this shall not stand.
Daily Kos: Debunking the Myth That It’s Your Fault You’re Poor.
“In a span of less than a decade nearly all productivity raises ended for most Americans.” Much as I’d like to jump on this bandwagon, I just can’t. Productivity raises did NOT end in 1983. I was getting 10% raises every year, up until Clinton got into office. Then 5%, then 3%, then “bite the bullet” in ‘95, and I spun off as a sole proprietorship. I can’t quite express the disappointment in working for a large business, with all their shiny trappings, and having a well-dressed executive offer 3% with a straight face. Especially after having taken over management of a second entire department.
The Atlantic: The Fed Keeps Interest Rates Near Zero.
“The Federal Reserve announced Thursday that it will not be raising rates just yet.” I’M WRONG! I’M WRONG! Damn. Time to celebrate. Never been so happy to be wrong. Excellent.
Quartz: The pope warns churches to take in refugees—or else.
“Well, if that is what you want to do, then pay taxes! A religious school is tax-exempt because it is religious, but if it is functioning as a hotel, then it should pay taxes just like its neighbor. Otherwise it is not fair business.”
Atlantic: The September Fed Meeting Has Started.
Drum roll, please. I bet they will.
Vox: CBO says 630,000 women could lose access to care if Planned Parenthood is defunded.
“CBO, for its part, says it would be a mixed bag: Of Planned Parenthood’s 2.6 million patients, the agency estimates that between 130,000 and 630,000 ‘would face reduced access to care.’” Even the smaller # is concerning.
Vox: I get food stamps, and I’m not ashamed — I’m angry.
“It makes me burn when people assume I could give something up and then I wouldn’t need assistance.” And there is a very good point within - one can’t forget the preparation time for so-called ‘healthy meals’. Having to be gluten free, I can tell you even without foodstamps I can fully understand this argument.
NY Times/FirstDraft: Bernie Sanders Makes Rare Appeal to Evangelicals at Liberty University.
“But as a Christian, I think the responsibility to help them falls to the church, not the government.” Such naivete is no longer charming.
Economist/Buttonwood: Many unhappy returns.
“What is true of American pension funds is true of anyone planning for their retirement: they will need to save more. But the average payment into a defined-contribution pension scheme (from employer and employee combined) is just 10% of salary. That is not going to pay for any world cruises.”
BBC: US oil output set for sharpest fall since 1992, says industry body.
“Oil’s price collapse is closing down high-cost production from Eagle Ford in Texas to Russia and the North Sea, which may result in the loss next year of half a million barrels a day, the biggest decline in 24 years.” Getting ready for a nosebleed boost in prices ... ?
The Atlantic: A Study of the 1.5 Million American Households Living on $2.00 Per Day.
“There’s one man in Cleveland who really illustrates this ingenuity brilliantly. He has figured out a way to capture the rainwater, so that he can use it to flush the toilet in his house because he can’t afford any of the water.” Grim. This should be sent to all members of Congress.
Economist/Buttonwood: Why politicians keeping economics simple is stupid.
“The journalist H.L. Mencken remarked that ‘For every complex problem, there is an answer that is clear, simple and wrong.’” Reagan started the whole ‘simple answers’ meme back in 1980; Republicans continued it, Democrats (unwisely) have occasionally copied it. It needs to be given a pair of cement shoes, and dumped in the nearest harbor.
AI: Apple cuts prices & upgrades iCloud storage plans, eliminates 500GB option.
“While the default amount of storage is still just 5 gigabytes, paying 99 cents a month will now get a subscriber 50 gigabytes of storage instead of 20. Apple has also scaled back the prices for its 200-gigabyte and 1-terabyte tiers, adjusting them from $3.99 and $19.99 to $2.99 and $9.99, respectively.” More reasonable.
NY Times: Deal Gives Fox Majority Stake in National Geographic Media.
Bloody hell. Thought this was a joke, and a bad one. I feel like we need to hold a funeral.
Economist/Buttonwood: Forecasting a global recession.
“... the monetary authorities once again will have to do the heavy lifting. If the Federal Reserve and the Bank of England raise rates this year or early next year they may, if the global recession scenario materialises, be cutting rates again during the second half of 2016.”