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aidenborst

Stocks week ahead: Saying goodbye to a wild 2020 - CNN - 0 views

www.cnn.com/...index.html

Politics US history crisis economics stocks stock-market rebuild

shared by aidenborst on 04 Jan 21 - No Cached
  • The Dow and the S&P 500 ended the year at record highs and the Nasdaq Composite logged its best performance since 2009 with a whopping 43.6% jump. Overall, the indexes registered gains for the second year in a row.
  • Nobody could have predicted the market mayhem of 2020. Stocks hit record highs at the start of the year, before worries about the coronavirus pandemic — first abroad and then closer to home — pushed US markets into a spiral in February and March. The Dow routinely set new records for worst one-day point drops in history, and the New York Stocks Exchange had to suspend trading in the S&P 500 multiple times as the selloff triggered circuit breakers.
  • But in the months that followed, the market recovered — and faster than many had expected.
  • ...4 more annotations...
  • Some of the year's biggest winners are investors who closed their eyes and muffled their ears during the pandemic selloff and held onto their stocks. By the end of the year, their portfolio balances were looking pretty good
  • "This year was a year with a lot of reminders for investors: number one, don't overreact," Leo Grohowski, chief investment officer at BNY Wealth Management, told CNN Business.close dialogBefore Markets OpenStart your day smartGet essential news and analysis on global markets with CNN Business’ daily newsletter. Sign me upNo thanksBy subscribing you agree to ourprivacy policy.By subscribing you agree to ourprivacy policy.Before Markets OpenStart your day smartGet essential news and analysis on global markets with CNN Business’ daily newsletter. Please enter aboveSign me upNo thanksBy subscribing you agree to ourprivacy policy.By subscribing you agree to ourprivacy policy.Before Markets Open
  • The disconnect between Wall Street and Main Street will likely be a topic that follows us into the New Year.
  • The US economy is operating at 82% of where it was in early March, according to the Back-to-Normal Index from Moody's Analytics and CNN Business.
katyshannon

U.S. Strikes in Somalia Kill 150 Shabab Fighters - The New York Times - 0 views

www.nytimes.com/...us-airstrikes-somalia.html

u s strikes somalia new york times shahab terrorism crisis obama policy

shared by katyshannon on 08 Mar 16 - No Cached
  • American aircraft on Saturday struck a training camp in Somalia belonging to the Islamist militant group the Shabab, the Pentagon said, killing about 150 fighters who were assembled for what American officials believe was a graduation ceremony and prelude to an imminent attack against American troops and their allies in East Africa.
  • Defense officials said the strike was carried out by drones and American aircraft, which dropped a number of precision-guided bombs and missiles on the field where the fighters were gathered.
  • Pentagon officials said they did not believe there were any civilian casualties, but there was no independent way to verify the claim. They said they delayed announcing the strike until they could assess the outcome
  • ...17 more annotations...
  • It was the deadliest attack on the Shabab in the more than decade-long American campaign against the group, an affiliate of Al Qaeda, and a sharp deviation from previous American strikes, which have concentrated on the group’s leaders, not on its foot soldiers. Continue reading the main story #g-0308-for-web-ATTACKmap { max-width:180px; } .g-artboard { margin:0 auto; } #g-0308-for-web-ATTACKmap-180{ position:relative; overflow:hidden; width:180px; } .g-aiAbs{ position:absolute; } .g-aiImg{ display:block; width:100% !important; } #g-0308-for-web-ATTACKmap-180 p{ font-family:nyt-franklin,arial,helvetica,sans-serif; font-size:13px; line-height:18px; margin:0; } #g-0308-for-web-ATTACKmap-180 .g-aiPstyle0 { font-size:11px; line-height:13px; font-weight:500; font-style:italic; color:#628cb2; } #g-0308-for-web-ATTACKmap-180 .g-aiPstyle1 { font-size:12px; line-height:14px; font-weight:500; letter-spacing:0.00833333333333em; color:#000000; } #g-0308-for-web-ATTACKmap-180 .g-aiPstyle2 { font-size:12px; line-height:14px; font-weight:500; text-align:right; letter-spacing:0.00833333333333em; color:#000000; } #g-0308-for-web-ATTACKmap-180 .g-aiPstyle3 { font-size:12px; line-height:13px; font-weight:700; letter-spacing:0.00833333333333em; color:#000000; } #g-0308-for-web-ATTACKmap-180 .g-aiPstyle4 { font-size:11px; line-height:13px; font-weight:500; letter-spacing:0.00833333333333em; color:#000000; } #g-0308-for-web-ATTACKmap-180 .g-aiPstyle5 { font-size:11px; line-height:13px; font-weight:500; font-style:italic; text-align:center; color:#628cb2; } #g-0308-for-web-ATTACKmap-180 .g-aiPstyle6 { font-size:9px; line-height:8px; font-weight:500; text-transform:uppercase; text-align:center; color:#000000; } Gulf of Aden ETHIOPIA SOMALIA Camp Raso Mogadishu KENYA Indian Ocean 300 miles MARCH 7, 2016 By The New York Times
  • It comes in response to new concerns that the group, which was responsible for one of the deadliest terrorist attacks on African soil when it struck a popular mall in Nairobi in 2013, is in the midst of a resurgence after losing much of the territory it once held and many of its fighters in the last several years.
  • The planned attack on American and African Union troops in Somalia, American officials say, may have been an attempt by the Shabab to carry out the same kind of high-impact act of terrorism as the one in Nairobi.
  • Pentagon officials would not say how they knew that the Shabab fighters killed on Saturday were training for an attack on United States and African Union forces, but the militant group is believed to be under heavy American surveillance.
  • The Shabab fighters were standing in formation at a facility the Pentagon called Camp Raso, 120 miles north of Mogadishu, when the American warplanes struck on Saturday, officials said, acting on information gleaned from intelligence sources in the area and from American spy planes
  • One intelligence agency assessed that the toll might have been higher had the strike happened earlier in the ceremony. Apparently, some fighters were filtering away from the event when the bombing began.
  • The strike was another escalation in what has become the latest battleground in the Obama administration’s war against terror: Africa.
  • The Shabab have also retaken several towns after African Union forces pulled out. The African Union peacekeeping force, paid for mostly by Western governments, features troops from Uganda, Burundi, Kenya, Djibouti and other African nations.
  • The arrival of the Islamic State in Libya has sparked fears that the group’s reach could spread to other North African countries, and the United States is increasingly trying to prevent that
  • American forces are now helping to combat Al Qaeda in Mali, Niger and Burkina Faso; Boko Haram in Nigeria, Cameroon and Chad; and the Shabab in Somalia and Kenya, in what has become a multifront war against militant Islam in Africa.
  • The United States has a small number of trainers and advisers with African Union — primarily Kenyan — troops in Somalia. Defense officials said that the African Union’s military mission to Somalia was believed to have been the target of the planned attack.
  • Saturday’s strike was the most significant American attack on the Shabab since September 2014, when an American drone strike killed the leader of the group, Ahmed Abdi Godane, at the time one of the most wanted men in Africa. That strike was followed by one last March, when Adan Garar, a senior member of the group, was killed in a drone strike on his vehicle.
  • If the killings of Mr. Godane and Mr. Garar initially crippled the group, that no longer appears to be the case. In the past two months, Shabab militants have claimed responsibility for attacks that have killed more than 150 people, including Kenyan soldiers stationed at a remote desert outpost and beachcombers in Mogadishu.
  • In addition, the group has said it was responsible for a bomb on a Somali jetliner that tore a hole through the fuselage and for an attack last month on a popular hotel and a public garden in Mogadishu that killed 10 people and injured more than 25. On Monday, the Shabab claimed responsibility for a bomb planted in a laptop computer that went off at an airport security checkpoint in the town of Beletwein in central Somalia, wounding at least six people, including two police officers. The police said that one other bomb was defused.
  • At the same time, Shabab assassination teams have fanned out across Mogadishu and other major towns, stealthily eliminating government officials and others they consider apostates.
  • The United States and its allies are focused on combating the spread of the Islamic State in Libya, and American officials estimate that with an influx of men from Iraq, Syria and Tunisia, the Islamic State’s forces in Libya have swelled to as many as 6,500 fighters, allowing the group to capture a 150-mile stretch of coastline over the past year.
  • The Shabab were once strong, then greatly weakened and now seem to be somewhere in between, while analysts say the group competes with the Islamic State for recruits and tries to show — in the deadliest way — that it is still relevant. Its dream is to turn Somalia into a pure Islamic state.
Javier E

How Index Funds May Hurt the Economy - The Atlantic - 0 views

www.theatlantic.com/...618497

economics index funds efficiency concentration competition innovation risk economy

shared by Javier E on 07 Apr 21 - No Cached
  • Thanks to their ultralow fees and stellar long-term performance, these investment vehicles have soaked up more and more money since being developed by Vanguard’s Jack Bogle in the 1970s
  • as of 2016, investors worldwide were pulling more than $300 billion a year out of actively managed funds and pushing more than $500 billion a year into index funds. Some $11 trillion is now invested in index funds, up from $2 trillion a decade ago. And as of 2019, more money is invested in passive funds than in active funds in the United States.
  • Indexing has also gone small, very small. Although many financial institutions offer index funds to their clients, the Big Three control 80 or 90 percent of the market. The Harvard Law professor John Coates has argued that in the near future, just 12 management professionals—meaning a dozen people, not a dozen management committees or firms, mind you—will likely have “practical power over the majority of U.S. public companies.”
  • ...29 more annotations...
  • Indexing has gone big, very big. For nine in 10 companies on the S&P 500, their largest single shareholder is one of the Big Three. For many, the big indexers control 20 percent or more of their shares. Index funds now control 20 to 30 percent of the American equities market, if not more.
  • One primary concern comes from the analysts at Bernstein: “A supposedly capitalist economy where the only investment is passive is worse than either a centrally planned economy or an economy with active, market-led capital management.”
  • Passively managed investment options do not just outperform actively managed ones in terms of both better returns and lower fees. They eat their lunch.
  • Let’s imagine that a decade ago you invested $100 in an index fund charging a 0.04 percent fee and $100 in a traditional mutual fund charging a 1.5 percent fee. Let’s also imagine that the index fund tracked the S&P 500, and that the mutual fund ended up returning what the S&P 500 returned. Your passively invested $100 would have turned into $356.66 in 10 years. Your traditionally invested $100 would have turned into $313.37.
  • Actively managed investment options could make up for their higher fees with higher returns. And some do, some of the time. Yet scores of industry and academic studies stretching over decades show that trying to beat the market tends to result in lower returns than just buying the market. Only a quarter of actively managed mutual funds exceeded the returns of their passively managed cousins in the decade leading up to 2019,
  • What might be good for retail investors might not be good for the financial markets, public companies, or the American economy writ large, and the passive revolution’s scope has raised all sorts of hand-wringing and red-flagging. Analysts at Bernstein have called passive investing “worse than Marxism.” The investor Michael Burry, of The Big Short fame, has called it a “bubble,” and a co-head of Goldman Sachs’s investment-management division has warned about froth too. Shortly before his death in 2019, Bogle himself warned that index funds’ dominance might not “serve the national interest.”
  • The problem is that the public markets have been cornered by a group of investment managers small enough to fit at a lunch counter, dedicated to quiescence and inertia.
  • Active managers direct investment dollars to companies on the basis of those companies’ research-and-development prospects, human capital, regulatory outlook, and so on. They take new information and price it into a company’s stock when buying and selling shares.
  • Passive investors, by contrast, ignore annual reports and market rumors. They do nothing with trading-floor gossip. They make no attempt to research what to invest in and what to skip. Whether holding international or domestic assets, holding stocks or bonds, or using a mutual-fund structure or an ETF structure, they just mirror the market. Big U.S.-stock index funds buy big U.S. stocks just because they’re big U.S. stocks.
  • At least in a Soviet-type centrally planned economy, apparatchiks would be making some attempt to allocate resources efficiently.
  • Passive management is merely a giant phenomenon, not an all-encompassing one. Hundreds of actively managed mutual funds are still out there, as are legions of day traders, hedge funds, and private offices buying and selling and buying and selling. Stock prices still move around, sometimes dramatically, on the basis of new data and new ideas.
  • Still, passive investing may well be degrading the informational content of the markets, messing up price signals and making business decisions harder as a result.
  • When one of these commodities ends up on an index, the firms that use that commodity in their business see a 6 percent increase in costs and a 40 percent decrease in operating profits, relative to firms without exposure to the commodity, the academics found
  • the price fluctuations of a newly indexed stock “magically and quickly” change. A firm’s shares begin to move “more closely with its 499 new neighbors and less closely with the rest of the market. It is as if it has joined a new school of fish.”
  • More broadly, the Bernstein analysts, among others, worry that index-linked investing is increasing correlation, whereby the prices of stocks, bonds, and other assets move up or down or sideways together.
  • Their theory is that ETF trading shifts prices in subtle ways, making it harder for businesses to know when to buy their gold and copper. Corporate executives “are being influenced by what happens in the futures market, and what happens in the futures market is being influenced by ETF trading,”
  • A far bigger concern is that the rise of the indexers might be making American firms less competitive, through “common ownership,” in which the mega-asset managers control large stakes in multiple competitors in the same industry. The passive firms control big chunks of the airlines American, Delta, JetBlue, Southwest, and United, for instance
  • The rise of common ownership might be perverting corporate behavior in weird ways, academics argue. Think about the incentives like this: Let’s imagine that you are a major shareholder in a public widget company. We’d expect you to desire—insist, even—that the company fight for market share and profits. But now imagine that you are a major shareholder in all the important widget companies. You would no longer really care which one succeeded, particularly not if one company doing better meant another company doing worse. You’d just care about the widget sector’s corporate profits, which would go up if the widget companies quit competing with one another and started raising prices to pad their bottom line.
  • one major paper showed that common ownership of airline stocks had the effect of raising ticket prices by 3 to 7 percent.
  • A separate study showed that consumers are paying higher prices for prescription medicines because generic-drug makers have less incentive to compete with the companies making name-brand drugs.
  • Yet another study showed that common ownership is leading retail banks to charge higher prices.
  • Across firms, executive compensation seems to be more closely linked to a company’s performance when its shareholders are not invested in the company’s rivals, the study found. In other words, firms stop paying managers for performance when owned by the same people who own their rivals.
  • The market clout of the indexers raises other questions too. The actual owners of the stocks—not the index-fund managers but the people putting money into index funds—have little say over the companies they own. Vanguard, Fidelity, and State Street, not Mom and Dad, vote in shareholder elections
  • In fact, the Big Three cast roughly 25 percent of the votes in S&P 500 companies.
  • In an interview with The Wall Street Journal, the chief executive officer of State Street said he thought it was “almost inevitable, when you see this kind of concentration, that it probably will make sense to do something about it.”
  • But figuring out what the appropriate restrictions are depends on determining just what the problem with the indexers is—are they distorting price signals, raising the cost of consumer goods, posing financial systemic risk, or do they just have the market cornered? Then, what to do about it? Common ownership is not a problem the government is used to handling.
  • , thanks to the passive revolution, a broad variety and huge number of firms might have less incentive to compete. The effect on the real economy might look a lot like that of rising corporate concentration. And the two phenomena might be catalyzing one another, as index investing increases the number of mergers and makes them more lucrative.
  • In recent decades, the whole economy has gone on autopilot. Index-fund investment is hyperconcentrated. So is online retail. So are pharmaceuticals. So is broadband. Name an industry, and it is likely dominated by a handful of giant players. That has led to all sorts of deleterious downstream effects: suppressing workers’ wages, raising consumer prices, stifling innovation, stoking inequality, and suffocating business creation
  • The problem is not just the indexers. It is the public markets they reflect, where more chaos, more speculation, more risk, more innovation, and more competition are desperately needed.
katherineharron

Ranking the Top 5 Democrats in the 2020 race - CNNPolitics - 0 views

www.cnn.com/...index.html

shared by katherineharron on 17 Jan 20 - No Cached
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  • 3 (tie). Elizabeth Warren: We're moving the senior senator up on our list for two reasons. First, although Warren is arguably in a worse position than Buttigieg in Iowa and New Hampshire, she is in a better position than he is nationally.
  • 5. Amy Klobuchar: The Minnesota senator wanted (needed?) a star turn at the debate earlier this week in Iowa to close the gap between herself and the four top candidates in Iowa.
  • ...4 more annotations...
  • But the level of not-knowing-what-the-hell-is-going-to-happen is much higher in this race than any we've seen in modern memory. Just four in 10 Iowa Democrats said they were locked in on their candidate choice in a CNN/Des Moines Register poll earlier this month. That's significantly lower than the 59% who said they had made up their minds about a candidate at the same time in 2016.
  • 3 (tie). Pete Buttigieg: Buttigieg is, weirdly, the most divisive candidate in the field. Just take his debate performance on Tuesday night as an example. Chris wrote that he came across as well-versed on the issues, authoritative and possessing the necessary gravitas to serve as commander-in-chief.
  • . Bernie Sanders: We've both written about how it's not far-fetched at all that the junior senator from Vermont could win the nomination.
  • 1. Joe Biden: The former vice president has the easiest path to the nomination. If Biden wins in Iowa, he is the heavy favorite to be the nominee.
katherineharron

US coronavirus: America is at a crossroads in this pandemic as Covid-19 deaths near 500... - 0 views

www.cnn.com/...index.html

covid

shared by katherineharron on 22 Feb 21 - No Cached
  • On the brink of a devastating milestone -- 500,000 US Covid-19 deaths -- the US is at a crossroads in the course of this pandemic.
  • And while vaccinations slowly increase, some Americans say they won't get a Covid-19 vaccine -- hurting the chances of herd immunity and hindering a return to normal life.
  • More than 43.6 million Americans have received at least one dose of their two-dose vaccines, according to the US Centers for Disease Control and Prevention. close dialogCovid-19Your local resource.Set your location and log in to find local resources and information on Covid-19 in your area.Please enter aboveSet Locationclose dialog/* effects for .bx-campaign-1191325 *//* custom css .bx-campaign-1191325 *//* custom css from creative 50769 */.bx-custom.bx-campaign-1191325 .bx-row-validation .bx-input {border-color: white !important;border-width: 1px !important;background-color: white !important;box-shadow: 0px 2px 8px 1px rgba(0,0,0,0.12) !important;}.bx-custom.bx-campaign-1191325 .bx-row-validation .bx-vtext { color: #e53841 !important; font-size: 11px !important; position: absolute !important; bottom: -1.8em !important;} @media screen and (max-width:736px) { .bx-custom.bx-campaign-1191325 .bx-row-validation .bx-vtext {font-size: 10px !important; }}.bx-custom.bx-campaign-1191325 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  • ...15 more annotations...
  • About 18.8 million have been fully vaccinated. That's about 5.7% of the US population -- far less than the estimated 70% to 85% of Americans who would need to be immune to reach herd immunity.
  • To speed up vaccinations, some experts have suggested delaying second vaccine doses to get more first doses into people's arms.
  • Both vaccines on the US market -- developed by Pfizer-BioNTech and Moderna -- require two doses, the second of which are intended to be administered 21 days and 28 days after the first, respectively.
  • Nationwide, the rates of new Covid-19 cases, hospitalizations and deaths are declining.The number of patients hospitalized with Covid-19 has fallen for the 40th day in a row, according to the COVID Tracking Project.
  • Fauci hopes that doesn't happen, he said, adding it's "possible" people may be wearing masks in 2022.
  • And daily new cases have dropped 23% over the same time period, according to Johns Hopkins. (But testing is also down by 17%, according to the COVID Tracking Project.)
  • Daily deaths have declined 24% this past week compared to the previous week
  • Experts with the University of Washington's Institute for Health Metrics and Evaluation said over the weekend that while the B.1.1.7 strain likely accounts for less than 20% of current infections in the US, that number will likely soar to 80% by late April.
  • "Managing the epidemic in the next four months depends critically on scaling up vaccination, trying to increase the fraction of adults willing to be vaccinated above three-quarters, and strongly encouraging continued mask use and avoiding situations where transmission is likely, such as indoor dining, going to bars, or indoor gatherings with individuals outside the household," the team wrote.
  • "With new, more contagious variants of the virus circulating throughout the U.S., now is not the time to let your guard down and scale back on the measures that we know will work to prevent further illness and deaths -- wearing masks, practicing physical distancing, and washing hands," a joint statement said.
  • About 1,700 cases of variant strains first spotted in the UK, South Africa and Brazil have been reported in the US, according to the Centers for Disease Control and Prevention.
  • "I do think we're looking at some new normals. I think the handshake, for example, is probably going away," she said."I do think masks in the cough/cold/flu season in the winter months would make a lot of sense. That clearly, really insulated the Southeast Asian countries from some of the worst of this, understanding the importance of wearing masks."
  • "It's estimated that about 70% of Americans must be vaccinated before we get to herd immunity through vaccination," CNN medical analyst Dr. Leana Wen said. "That's the point where enough people have the immune protection that the virus won't spread anymore."
  • "The evidence was pretty compelling by last March or April that uniform wearing of masks would reduce transmission of this disease," National Institutes of Health Director Dr. Francis Collins told Axios on HBO on Sunday.
  • "A mask is nothing more than a life-saving medical device, and yet it got categorized in all sorts of other ways that were not factual, not scientific and frankly, dangerous," he added. "And I think you can make a case that tens of thousands of people died as a result."
Javier E

From the Expat Blog, Decoding the Air Quality Index in Beijing - WSJ - 0 views

www.wsj.com/...ty-index-in-beijing-1441654380

pollution china

shared by Javier E on 12 Sep 15 - No Cached
  • I learned that the Air Quality Index, which is used all over the world, goes from 1 to 500, with 1 being Vermont and 500 being Hades.
  • Here’s how Deb characterized the AQI rankings, in layman’s terms:Advertisement 1 to 50: “Good,” according to the AQI. On such days in Beijing, you look at the sky with an appreciation you’ve never had before. Life is good. 51 to 100: “Moderate.” The sky still looks OK, but stepping outside makes your eyes water. Something is a little off.
  • 101 to 150: “Unhealthy for sensitive groups.” There’s a faint smell in the air. You find yourself sneezing more than usual. There’s gunk in your nose. You get ticked off easily. 151 to 200: “Unhealthy.” You step outside and find a metallic taste in your mouth. Buildings 50 feet away appear in a haze. You clear your throat a lot, as if you’ve been laughing. You’re not laughing.
  • ...6 more annotations...
  • 201 to 250: “Very Unhealthy.” Throat-clearing brings up a lot of phlegm. The sun looks dim through the haze, like a 30-watt bulb. This must be the way sun looks from Mars, you figure. 251 to 500: “Hazardous.” You can taste the air the moment you wake up, even though you are inside your apartment and the windows are closed. Your cat’s fur smells funny. Outside, the world seems muffled, and the tickle in your throat extends down into your lungs and rests there like a tiny gremlin. You plan a trip to Tokyo or any city outside China.
  • Above 500: Yes, it actually goes beyond the scale. In Beijing, these are called “crazy bad” days
  • In the U.S., on the worst day in the worst city—usually somewhere in California—the AQI is typically about 125.
  • Expats and increasingly Chinese often wouldn’t let their small children outside if the AQI was more than 150. Schools called off games at around 200. I wouldn’t jog above 165, and Deb thought I was crazy for running at that level. When you breathe more deeply, the tiniest particles,─the ones that can do the most damage,─can lodge more deeply in your lungs.
  • On a day when the AQI reached 746, as it did in January 2013, I couldn’t decide whether the sky over Beijing looked more like it was filled with the smoke from an encroaching forest fire or like the residue of a giant cigarette butt.
  • Some people left Beijing, which tied for 21st out of 199 Chinese cities for bad air, for Shanghai, which was tied for 121st in the bad-air rankings
niicho

500-year-old skeletons found in the Tower of London - ABC News - 0 views

abcnews.go.com/...story

history tower of london 500 year old skeleton

shared by niicho on 25 Oct 19 - No Cached
  • the infamous Tower of London has also been home to many ordinary people since it was built in 1066.
  • But the recent discovery of the remains of a woman and a girl have managed to shed even more light on what life was like in the fortress during the late Medieval and early Tudor period. The Tower of London is a famous landmark located in the center of London and is most renowned for housing the U.K. crown jewels as well as being the final resting place of three executed English queens, including two of King Henry VIII’s six wives, Anne Boleyn and Catherine Howard. It’s the burial site for many of the people condemned as ‘traitors’ to the crown and beheaded on nearby Tower Hill.
  • For centuries the Tower was the most important military fortress in the United Kingdom, but over its almost 1000-year history, plenty of ordinary people lived there too. “During the late medieval and early Tudor period the Tower would have been a thriving mini village,” said the Historic Royal Palaces, the independent charity that look after a number of royal landmarks around London, in a press statement. “It would have served as not only a royal residence, but it operated daily functions as the Office of Ordnance and Royal Mint with its own chapels and pubs, with hundreds of people working and living amongst its walls.”
  • ...1 more annotation...
  • Historians aren’t certain how many people lived there at its height, but press spokesperson Catherin Steventon told ABC News that about 140 people live at the Tower now. “We can imagine more people probably lived here, we minted all of the coins of the realm in the tower so we had mint workers here, more buildings, and temporary buildings, we had more pubs. It shows the Chapel would have been used."
blythewallick

6 Takeaways From the January 2020 Democratic Debate - The New York Times - 0 views

www.nytimes.com/...democratic-debate-live.html

politics US gop

shared by blythewallick on 16 Jan 20 - No Cached
  • There was little incentive to go on the attack.
  • It’s a reflection of the muddled state of the race. The candidates have all made a calculation that being the aggressor in any interpersonal conflict would only lead to increasing their unfavorable ratings — or falling down Iowa caucusgoers’ second-choice lists, a critical element because supporters of candidates who don’t receive 15 percent support will be free to back someone else.
  • The Sanders-Warren clash fell flat — until after the debate.
  • ...10 more annotations...
  • Ms. Warren did highlight her status as the top-polling female contender at several points in the debate, ending her closing statement with a reference to the possibility of electing the first woman president.
  • Warren makes her electability pitch.
  • One of Ms. Warren’s biggest political obstacles is the perception among some voters that she would face daunting challenges in a general election — both thanks to her boldly progressive outlook, and to societal sexism that many Democrats believe damaged Mrs. Clinton in 2016. @charset "UTF-8"; /*********************** B A S E S T Y L E S ************************/ /************************************* T Y P E : C L A S S M I X I N S **************************************/ /* Headline */ /* Leadin */ /* Byline */ /* Dateline */ /* Alert */ /* Subhed */ /* Body */ /* Caption */ /* Leadin */ /* Credit */ /* Label */ /********** S I Z E S ***********/ /******************** T Y P O G R A P H Y *********************/ .g-headline, .interactive-heading, .g-subhed { font-family: "nyt-cheltenham", georgia, "times new roman", times, serif; } .g-alert, .g-alert.g-body, .g-alert_link, .g-byline, .g-caption, .g-caption_bold, .g-caption_heading, .g-chart, .g-credit, .g-credit_bullet, .g-dateline, .g-label, .g-label_white, .g-leadin, #interactive-leadin, .g-refer, .g-refer.g-body, .g-table-text { font-family: nyt-franklin, arial, helvetica, sans-serif; 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} .g-alert, .g-alert.g-body, .g-alert_link, .g-byline, .g-caption, .g-caption_bold, .g-caption_heading, .g-chart, .g-credit, .g-credit_bullet, .g-dateline, .g-label, .g-label_white, .g-leadin, #interactive-leadin, .g-refer, .g-r
  • And she invoked her 2012 victory over then-Senator Scott P. Brown, Republican of Massachusetts, as she declared herself “the only person on this stage who has beaten an incumbent Republican anytime in the past 30 years.”
  • Klobuchar throws punches.
  • Yet while she described herself as a winner tethered to the Midwest, somebody whose friends and neighbors hail from flyover country, she didn’t come out of Tuesday’s debate with any significant headlines of her own.
  • The only vetting of Buttigieg came from the moderator Abby Phillip on race.
  • Mr. Buttigieg deftly dodged by suggesting that the black voters who “know me best” — in his native South Bend — chose him twice to lead the city. And he cited recent endorsements from Representative Anthony Brown of Maryland and Mayor Quentin Hart of Waterloo, Iowa, who this week became the two most prominent African-American elected officials to back him.
  • Biden avoids attacks.
  • Mr. Biden, who flew under the radar particularly at the last debate, often stayed in his comfort zones — discussing foreign policy and health care — and he was not the center of the kind of memorable exchanges that had dealt his campaign blows earlier in the race.
Javier E

David Stockman: Mitt Romney and the Bain Drain - Newsweek and The Daily Beast - 1 views

www.thedailybeast.com/...romney-and-the-bain-drain.html

finance ROmney private equity LBO investment

shared by Javier E on 16 Oct 12 - No Cached
  • Is Romney really a job creator? Ronald Reagan’s budget director, David Stockman, takes a scalpel to the claims.
  • Bain Capital is a product of the Great Deformation. It has garnered fabulous winnings through leveraged speculation in financial markets that have been perverted and deformed by decades of money printing and Wall Street coddling by the Fed. So Bain’s billions of profits were not rewards for capitalist creation; they were mainly windfalls collected from gambling in markets that were rigged to rise.
  • Mitt Romney claims that his essential qualification to be president is grounded in his 15 years as head of Bain Capital, from 1984 through early 1999. According to the campaign’s narrative, it was then that he became immersed in the toils of business enterprise, learning along the way the true secrets of how to grow the economy and create jobs. The fact that Bain’s returns reputedly averaged more than 50 percent annually during this period is purportedly proof of the case
  • ...19 more annotations...
  • Except Mitt Romney was not a businessman; he was a master financial speculator who bought, sold, flipped, and stripped businesses. He did not build enterprises the old-fashioned way—out of inspiration, perspiration, and a long slog in the free market fostering a new product, service, or process of production. Instead, he spent his 15 years raising debt in prodigious amounts on Wall Street so that Bain could purchase the pots and pans and castoffs of corporate America, leverage them to the hilt, gussy them up as reborn “roll-ups,” and then deliver them back to Wall Street for resale—the faster the better.
  • That is the modus operandi of the leveraged-buyout business, and in an honest free-market economy, there wouldn’t be much scope for it because it creates little of economic value. But we have a rigged system—a regime of crony capitalism—where the tax code heavily favors debt and capital gains, and the central bank purposefully enables rampant speculation by propping up the price of financial assets and battering down the cost of leveraged finance.
  • So the vast outpouring of LBOs in recent decades has been the consequence of bad policy, not the product of capitalist enterprise. I know this from 17 years of experience doing leveraged buyouts at one of the pioneering private-equity houses, Blackstone, and then my own firm. I know the pitfalls of private equity. The whole business was about maximizing debt, extracting cash, cutting head counts, skimping on capital spending, outsourcing production, and dressing up the deal for the earliest, highest-profit exit possible. Occasionally, we did invest in genuine growth companies, but without cheap debt and deep tax subsidies, most deals would not make economic sense.
  • In truth, LBOs are capitalism’s natural undertakers—vulture investors who feed on failing businesses. Due to bad policy, however, they have now become monsters of the financial midway that strip-mine cash from healthy businesses and recycle it mostly to the top 1 percent.
  • Accordingly, Bain’s returns on the overwhelming bulk of the deals—67 out of 77—were actually lower than what a passive S&P 500 indexer would have earned even without the risk of leverage or paying all the private-equity fees. Investor profits amounted to a prosaic 0.7X the original investment on these deals and, based on its average five-year holding period, the annual return would have computed to about 12 percent—well below the 17 percent average return on the S&P in this period.
  • having a trader’s facility for knowing when to hold ’em and when to fold ’em has virtually nothing to do with rectifying the massive fiscal hemorrhage and debt-burdened private economy that are the real issues before the American electorate
  • Indeed, the next president’s overriding task is restoring national solvency—an undertaking that will involve immense societywide pain, sacrifice, and denial and that will therefore require “fairness” as a defining principle. And that’s why heralding Romney’s record at Bain is so completely perverse. The record is actually all about the utter unfairness of windfall riches obtained under our anti-free market regime of bubble finance.
  • When Romney opened the doors to Bain Capital in 1984, the S&P 500 stood at 160. By the time he answered the call to duty in Salt Lake City in early 1999, it had gone parabolic and reached 1270. This meant that had a modern Rip Van Winkle bought the S&P 500 index and held it through the 15 years in question, the annual return (with dividends) would have been a spectacular 17 percent. Bain did considerably better, of course, but the reason wasn’t business acumen.
  • The credentials that Romney proffers as evidence of his business acumen, in fact, mainly show that he hung around the basket during the greatest bull market in recorded history.
  • The Wall Street Journal examined 77 significant deals completed during that period based on fundraising documents from Bain, and the results are a perfect illustration of bull-market asymmetry. Overall, Bain generated an impressive $2.5 billion in investor gains on $1.1 billion in investments. But 10 of Bain’s deals accounted for 75 percent of the investor profits.
  • The secret was leverage, luck, inside baseball, and the peculiar asymmetrical dynamics of the leveraged gambling carried on by private-equity shops. LBO funds are invested as equity at the bottom of a company’s capital structure, which means that the lenders who provide 80 to 90 percent of the capital have no recourse to the private-equity sponsor if deals go bust. Accordingly, LBO funds can lose 1X (one times) their money on failed deals, but make 10X or even 50X on the occasional “home run.” During a period of rising markets, expanding valuation multiples, and abundant credit, the opportunity to “average up” the home runs with the 1X losses is considerable; it can generate a spectacular portfolio outcome.
  • By contrast, the 10 home runs generated profits of $1.8 billion on investments of only $250 million, yielding a spectacular return of 7X investment. Yet it is this handful of home runs that both make the Romney investment legend and also seal the indictment: they show that Bain Capital was a vehicle for leveraged speculation that was gifted immeasurably by the Greenspan bubble. It was a fortunate place where leverage got lucky, not a higher form of capitalist endeavor or training school for presidential aspirants.
  • The startling fact is that four of the 10 Bain Capital home runs ended up in bankruptcy, and for an obvious reason: Bain got its money out at the top of the Greenspan boom in the late 1990s and then these companies hit the wall during the 2000-02 downturn, weighed down by the massive load of debt Bain had bequeathed them. In fact, nearly $600 million, or one third of the profits earned by the home-run companies, had been extracted from the hide of these four eventual debt zombies.
  • The bankruptcy forced the closure of about 250—or 40 percent—of the company’s stores and the loss of about 5,000 jobs. Yet the moral of the Stage Stores saga is not simply that in this instance Bain Capital was a jobs destroyer, not a jobs creator. The larger point is that it is actually a tale of Wall Street speculators toying with Main Street properties in defiance of sound finance—an anti-Schumpeterian project that used state-subsidized debt to milk cash from stores that would not have otherwise survived on the free market.
  • Ironically, the businesses and jobs that Staples eliminated were the office-supply counterparts of the cracker-box stores selling shoes, shirts, and dresses that Bain kept on artificial life-support at Stage Stores Inc. At length, Wal-Mart eliminated these jobs and replaced them with back-of–the-store automation and front-end part-timers, as did Staples, which now has 40,000 part-time employees out of its approximate 90,000 total head count. The pointless exercise of counting jobs won and lost owing to these epochal shifts on the free market is obviously irrelevant to the job of being president, but the fact that Bain made $15 million from the winner and $175 million from the loser is evidence that it did not make a fortune all on its own. It had considerable help from the Easy Button at the Fed.
  • The lesson is that LBOs are just another legal (and risky) way for speculators to make money, but they are dangerous because when they fail, they leave needless economic disruption and job losses in their wake. That’s why LBOs would be rare in an honest free market—it’s only cheap debt, interest deductions, and ludicrously low capital-gains taxes that artifically fuel them.
  • The larger point is that Romney’s personal experience in the nation’s financial casinos is no mark against his character or competence. I’ve made money and lost it and know what it is like to be judged. But that experience doesn’t translate into answers on the great public issues before the nation, either. The Romney campaign’s feckless narrative that private equity generates real economic efficiency and societal wealth is dead wrong.
  • The Bain Capital investments here reviewed accounted for $1.4 billion or 60 percent of the fund’s profits over 15 years, by my calculations. Four of them ended in bankruptcy; one was an inside job and fast flip; one was essentially a massive M&A brokerage fee; and the seventh and largest gain—the Italian Job—amounted to a veritable freak of financial nature.
  • In short, this is a record about a dangerous form of leveraged gambling that has been enabled by the failed central banking and taxing policies of the state. That it should be offered as evidence that Mitt Romney is a deeply experienced capitalist entrepreneur and job creator is surely a testament to the financial deformations of our times.
ethanmoser

Germany Inc. Sits on $500 Billion in Cash Amid Weak Outlook - WSJ - 0 views

www.wsj.com/...sh-as-outlook-sours-1477387563

germany billion cash economics europe

shared by ethanmoser on 28 Oct 16 - No Cached
  • Germany Inc. Sits on $500 Billion in Cash Amid Weak Outlook
  • German companies are sitting on a half-trillion dollars of cash but are reluctant to invest it in their own country, potentially threatening the country’s competitive edge and European economic growth.
  • Germany’s nonfinancial businesses have saved more than they have invested for the past seven years, piling up about €455 billion ($500.4 billion) in cash and deposits, German central bank data show.
  • ...1 more annotation...
  • Executives blame their reticence on a weak global economic outlook, regulatory uncertainties and geopolitical risks.
nrashkind

Asian stocks set to extend gains as stimulus fans recovery hopes - Reuters - 0 views

www.reuters.com/...s-recovery-hopes-idUSKBN23B00B

shared by nrashkind on 04 Jun 20 - No Cached
  • Asian stocks set to extend gains as stimulus fans recovery hopes
  • Stronger appetite for riskier assets is set to lift Asian equities on Thursday, as government stimulus expectations support investor confidence in an economic recovery from the coronavirus.
  • E-mini futures for the S&P 500 were up 0.05% and Australian S&P/ASX 200 futures rose 1.23% in early trading. Japan’s Nikkei futures rose 1.1%.
  • ...8 more annotations...
  • The safe-have U.S. dollar continued to fall.
  • Markets for risk assets have been on a tear, carrying major stock market indexes to within sight of pre-pandemic, all-time highs.
  • The rise came as the Nasdaq Composite, S&P 500 and the Dow Jones Industrial Average continued their rise from March
  • The dollar index fell 0.24%
  • On Wednesday, the Dow rose 2.05%, the S&P 500 gained 1.36% and the Nasdaq Composite added 0.78%.
  • The move to riskier assets continued to take down prices for U.S. Treasuries. The yield on the benchmark 10-year reached 0.7333% on Wednesday, up from 0.667% on Tuesday.
  • Governments around the world have gradually started to lift tough lockdown measures imposed to contain the coronavirus which has infected nearly 6.4 million people and killed over 379,000.
  • On Wednesday, a report showed that U.S. private payrolls fell less than expected in May, suggesting layoffs were abating as businesses reopen.
Javier E

Population panic lets rich people off the hook for the climate crisis they are fuelling... - 0 views

www.theguardian.com/...crisis-consumption-environment

population panic climate change crisis

shared by Javier E on 26 Aug 20 - No Cached
  • Next week the BirthStrike movement – founded by women who, by announcing their decision not to have children, seek to focus our minds on the horror of environmental collapse – will dissolve itself, because its cause has been hijacked so virulently and persistently by population obsessives. The founders explain that they had “underestimated the power of ‘overpopulation’ as a growing form of climate breakdown denial”.
  • It is true that, in some parts of the world, population growth is a major driver of particular kinds of ecological damage, such as the expansion of small-scale agriculture into rainforests, the bushmeat trade and local pressure on water and land for housing. But its global impact is much smaller than many people claim.
  • The formula for calculating people’s environmental footprint is simple, but widely misunderstood: Impact = Population x Affluence x Technology (I = PAT).
  • ...18 more annotations...
  • The global rate of consumption growth, before the pandemic, was 3% a year. Population growth is 1%. Some people assume this means that the rise in population bears one-third of the responsibility for increased consumption
  • But population growth is overwhelmingly concentrated among the world’s poorest people, who have scarcely any A or T to multiply their P. The extra resource use and greenhouse gas emissions caused by a rising human population are a tiny fraction of the impact of consumption growth.
  • Yet it is widely used as a blanket explanation of environmental breakdown.
  • Panic about population growth enables the people most responsible for the impacts of rising consumption (the affluent) to blame those who are least responsible.
  • At this year’s World Economic Forum in Davos, the primatologist Dame Jane Goodall, who is a patron of the charity Population Matters, told the assembled pollutocrats, some of whom have ecological footprints thousands of times greater than the global average: “All these things we talk about wouldn’t be a problem if there was the size of population that there was 500 years ago.”
  • If we had the global population of 500 years ago (around 500 million), and if it were composed of average UK plane passengers, our environmental impact would probably be greater than that of the 7.8 billion alive today.
  • he proposed no mechanism by which her dream might come true. This could be the attraction. The very impotence of her call is reassuring to those who don’t want change. If the answer to environmental crisis is to wish other people away, we might as well give up and carry on consuming.
  • how do we distinguish proportionate concerns about these harms from deflection and racism? Well, we know that the strongest determinant of falling birth rates is female emancipation and education. The major obstacle to female empowerment is extreme poverty. Its effect is felt disproportionately by women.
  • Winston Churchill blamed the Bengal famine of 1943, that he helped to cause through the mass export of India’s rice, on the Indians “breeding like rabbits”. In 2013 Sir David Attenborough, also a patron of Population Matters, wrongly blamed famines in Ethiopia on “too many people for too little land”, and suggested that sending food aid was counter-productive.
  • Malthusianism slides easily into racism.
  • Most of the world’s population growth is happening in the poorest countries, where most people are black or brown. The colonial powers justified their atrocities by fomenting a moral panic about “barbaric”, “degenerate” people “outbreeding” the “superior races”
  • These claims have been revived today by the far right, who promote conspiracy theories about “white replacement” and “white genocide”. When affluent white people wrongly transfer the blame for their environmental impacts on to the birthrate of much poorer brown and black people, their finger-pointing reinforces these narratives. It is inherently racist.
  • The far right now uses the population argument to contest immigration into the US and the UK
  • Since the clergymen Joseph Townsend and Thomas Malthus wrote their tracts in the 18th century, poverty and hunger have been blamed not on starvation wages, war, misrule and wealth extraction by the rich, but on the reproduction rates of the poor.
  • So a good way of deciding whether someone’s population concerns are genuine is to look at their record of campaigning against structural poverty.
  • Have they contested the impossible debts poor nations are required to pay? Have they argued against corporate tax avoidance, or extractive industries that drain wealth from poorer countries, leaving almost nothing behind
  • Or have they simply sat and watched as people remain locked in poverty, then complained about their fertility?
  • Before long, this reproductive panic will disappear. Nations will soon be fighting over immigrants: not to exclude them, but to attract them, as the demographic transition leaves their ageing populations with a shrinking tax base and a dearth of key workers.
fischerry

The Protestant Reformation: the reasons behind this 500-year-old breach - ROME REPORTS - 0 views

www.romereports.com/...ehind-this-500-year-old-breach

history reasons

shared by fischerry on 30 Oct 16 - No Cached
  • Humanism gave mankind great confidence in its capabilities. In the Christian sphere, this new trend favored a new, much more personal, relationship with God.
  • fischerry on 30 Oct 16
     
    This article lists some causes of the Protestant reformation.
Javier E

Hedge Funds Faced Choppy Waters in 2015, but Chiefs Cashed In - The New York Times - 0 views

www.nytimes.com/...fund-manager-compensation.html

hedge fund income compensation rich

shared by Javier E on 10 May 16 - No Cached
  • Those riches came during a year of tremendous market volatility that was so bad for some Wall Street investors that the billionaire manager Daniel S. Loeb called it a “hedge fund killing field.”
  • The 25 best-paid hedge fund managers took home a collective $12.94 billion in income last year,
  • top hedge fund managers earn more than 50 times what the top executives at banks are paid.
  • ...13 more annotations...
  • Their firms do more business in some corners of the financial world than many banks, including lending to low-income homeowners and small businesses. They lobby members of Congress. And they have put large sums of money behind presidential candidates, at times pumping tens of millions of dollars into super PACs.
  • The hedge fund industry has now ballooned in size, to $2.9 trillion, from $539 billion in 2001. So, too, has the pay of the industry’s leaders.
  • When Institutional Investor first started ranking hedge fund pay 15 years ago, George Soros topped the Alpha list, earning $700 million. In 2015, Mr. Griffin, who started trading as a Harvard sophomore out of his dorm room, and James H. Simons, a former math professor, each took home $1.7 billion
  • his own personal wealth has grown exponentially, and is estimated by Forbes at $7.5 billion.
  • Mr. Griffin’s firm, Citadel, has grown from a hedge fund that managed family and pension fund money into a $25 billion firm
  • He recently made headlines when he paid $500 million for two pieces of art. In September, Mr. Griffin, 47, reportedly paid $200 million to buy several floors in a new luxury condo tower that is being built at 220 Central Park South, in Manhattan.
  • He was the biggest donor to the successful re-election campaign of Mayor Rahm Emanuel of Chicago. More recently he has poured more than $3.1 million into the failed presidential campaigns of Marco Rubio, Jeb Bush and Scott Walker, as well as the Republican National Committee
  • Citadel’s flagship Kensington and Wellington hedge funds returned 14.3 percent over 2015
  • Mr. Simons, 78, has been a major political donor of the Democrats, donating $9.2 million in 2016, including $7 million to Priorities USA Action, a super PAC supporting Hillary Clinton.
  • Among 2015’s top hedge fund earners are five men who actually lost money for some investors last year but still made handsome profits because their firms are so big
  • For many managers, collecting large pay, even when performance was not tops, has become a side effect of growing bigger. Advertisement Continue reading the main story “Once a hedge fund gets to be large enough to produce incredibly outsized remuneration, the hardest part of due diligence is determining whether the investment process is affected,
  • “Is the goal to continue to make money in a risky environment or is the goal to preserve assets on which you collect fees?”
  • Michael Platt, the founder of BlueCrest Capital Management, took home $260 million, according to Alpha. It was a difficult year for his firm, once one of the biggest hedge funds in Europe with $37 billion in investor money. He lost investors in his flagship fund 0.63 percent over the year and then told them he was throwing in the towel.
Javier E

In New Textbook, the Story of Singapore Begins 500 Years Earlier - NYTimes.com - 0 views

www.nytimes.com/...-begins-500-years-earlier.html

history archaology Singapore ethnic bias culture textbook

shared by Javier E on 13 May 14 - No Cached
  • “Every generation has to rewrite its history,” he said. While it used to suit Singapore to see itself as a city-state with a British heritage, modern Singapore needs a different interpretation of history to reinforce a more global perspective, he suggested.
  • Professor Miksic goes a step further. “A short history puts a nation on shaky ground; a shallowly rooted place could be overturned quickly,” he said. “If you can show a long cohabitation between the Malays and the Chinese, it proves you have a pretty stable arrangement.”
  • Other factors also may help explain the timing of the rewrite. “Now is a good time,” Professor Heng said. “There’s a need to develop a collective social memory. It’s become a political issue.”
  • ...4 more annotations...
  • Professor Heng surmised that one reason it had taken so long to change the narrative may have been the government’s fears of communal conflict in the 1960s and ’70s.
  • “If Singapore before 1800 was a sleepy backwater, the Chinese majority could say, ‘We built Singapore; before it was a blank slate,”’ he said.
  • Professor Miksic gives credit for the new history lesson to former students who have reached positions of authority in academia and in the Ministry of Education.
  • Why did it take 30 years to change the story? “It takes overwhelming evidence to shift the mind-set of a people from one image of its past to another,”
grayton downing

'Airpocalypse' Hits Harbin, Closing Schools - NYTimes.com - 0 views

sinosphere.blogs.nytimes.com/...hina-closing-schools-and-roads

china pollution smog culture closing crisis

shared by grayton downing on 21 Oct 13 - No Cached
  • School was canceled, traffic was nearly paralyzed and the airport was shut down in the northeast Chinese city of Harbin on Monday as off-the-charts pollution dropped visibility to less than 10 meters in parts of the provincial capital.
  • The Chinese government describes air with an AQI between 301 and 500 as “heavily polluted” and urges people to refrain from exercising outdoors; the elderly and other vulnerable populations are supposed to stay indoors entirely
  • “You can’t see your own fingers in front of you,”
  • ...6 more annotations...
  • “You can hear the person you are talking to, but not see him
  • A dark, gray cloud that the local weather bureau described as “heavy fog” has shrouded the city of 10 million since Thursday, but the smoke thickened significantly on Sunday,
  • between 301 and 500 as “hazardous.”
  • Beijing declared an “airpocalpyse” last January when the U.S. Embassy reported an AQI equivalent of 755, with a PM2.5 concentration of 866 milligrams per cubic meter.
  • The pollution in Harbin has caused a 30 percent surge in hospital admissions
  • In the meantime, residents were left comparing the air to something out of a horror film
rachelramirez

Study Finds Snowpack in California's Sierra Nevada to Be Lowest in 500 Years - The New ... - 0 views

www.nytimes.com/...california-snow-report.html

study new york times california sierra temperature snowpack US

shared by rachelramirez on 15 Sep 15 - No Cached
  • Study Finds Snowpack in California’s Sierra Nevada to Be Lowest in 500 Years
  • After analyzing the data, the team determined with its model that snowpack levels as low as this year’s were a once-in-1,000-years event. But because of rising temperatures caused by human activities, the researchers said they thought that snow droughts would become much more frequent.
redavistinnell

The world's first ghetto, 500 years later - CNN.com - 0 views

www.cnn.com/...otos-venice-ghetto-anniversary

world cnn US history education

shared by redavistinnell on 22 Feb 16 - No Cached
  • The world's first ghetto, 500 years later
  • "It was summer in Venice, and the place was fairly deserted and quiet," Gafic said. "You can tell that very few people still live there."
  • A mourning silence for a once-bustling community devastated by centuries of prejudice and finally the Holocaust. The photos are filled with wide spaces, usually featuring a lone character framed by an empty expanse.
  • ...3 more annotations...
  • In the early 13th century, persecuted Jews from Europe and the Levant began settling in Venice. As their population grew, so did their living restrictions, and in 1516 Venetian authorities forced all Jews to live in confinement in the "geti," which is where the modern-day term of "ghetto" is derived. In this gated islet, Jews lived in lockdown by night but were allowed to trade by day as long as they wore an insignia.
  • In the 1790s, Napoleon's army destroyed the ghetto's gates, allowing Jews to live freely among Venetians. Many Jews opted for the lavish palazzos across the canals.
  • "I have a special empathy for people who have lived under siege," Gafic said. "The siege mentality is very particular, it never leaves you. "It is known that people in Sarajevo always have this sense of confinement and claustrophobia. Anyone who has been through it has a form of post-traumatic syndrome which is passed on to other generations."
katyshannon

Growth worries, rate hike uncertainty pull Wall Street down | Reuters - 0 views

www.reuters.com/...us-usa-stocks-idUSKCN0VH119

growth rate hike uncertainty pull wall street stock market drop US crisis economics

shared by katyshannon on 09 Feb 16 - No Cached
  • U.S. stocks dropped on Monday as concern over global growth hit banks and other economically sensitive shares, although a late rally in energy shares left the market well above its lows of the day.
  • European banks led a global selloff in financial stocks as signs of stress in the sector mounted. Uncertainty over whether the Federal Reserve would raise rates this year also dragged down U.S. bank stocks, pushing the S&P financial index .SPSY down 2.6 percent.
  • "Investors' attitudes seem to be worsening relative to the likelihood of a global recession. I think that's what financials are reflecting – that their net interest margins are going to be further compressed under collapsing bond yields," said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia.
  • ...6 more annotations...
  • Shares of Morgan Stanley (MS.N) slid 6.9 percent in their largest one-day drop since November 2012, while rival Goldman Sachs (GS.N) fell 4.6 percent. Both closed at their lowest since 2013.
  • Facebook Inc (FB.O), Amazon.com Inc (AMZN.O) and other technology stocks that had lent strength to the market last year extended their decline from Friday. Fund managers said last year's outsized gains among some Internet stocks made them the first choice to sell now.
  • The Dow Jones industrial average .DJI closed down 177.92 points, or 1.1 percent, at 16,027.05, the S&P 500 .SPX lost 26.61 points, or 1.42 percent, to end at 1,853.44 and the Nasdaq Composite .IXIC dropped 79.39 points, or 1.82 percent, to 4,283.75.
  • Falling oil prices along with concern over a worsening global growth outlook have caused a sharp selloff in stocks this year. Investors have been searching for a catalyst that might change the market's course.
  • Adding to recent woes for the tech sector, Cognizant (CTSH.O) dropped 7.7 percent to $54.05 after the IT services provider issued a weak sales forecast. Amazon fell 2.8 percent while Facebook dropped 4.2 percent
  • Declining issues outnumbered advancing ones on the NYSE by 2,484 to 618; on the Nasdaq, 2,029 issues fell and 804 advanced. The S&P 500 posted 7 new 52-week highs and 97 new lows; the Nasdaq recorded 4 new highs and 495 new lows.
redavistinnell

'Mona Lisa': Hidden portraits 'found underneath' - CNN.com - 0 views

www.cnn.com/...index.html

lisa portraits cnn

shared by redavistinnell on 10 Dec 15 - No Cached
  • 'Mona Lisa': Hidden portraits 'found underneath'
  • he subtle smile of the "Mona Lisa" has enchanted the art world for more than 500 years. But does it belong to an entirely different woman?
  • French scientist Pascal Cotte says he has revealed three hidden paintings beneath the surface of Leonardo Da Vinci's masterpiece -- one of which is likely to be the real portrait of Lisa del Giocondo, the woman thought to be the subject of the painting.
  • ...2 more annotations...
  • "My scientific imagery technique (L.A.M.) takes us into the heart of the paint-layers of the world's most famous picture and reveals secrets that have remained hidden for 500 years," Cotte said in a statement. "The results shatter many myths and alter our vision of Leonard
  • "There are considerable changes during the course of the making of the portrait -- as is the case with most of Leonardo's paintings. I prefer to see a fluid evolution from a relatively straightforward portrait of a Florentine women into a philosophical and poetic picture that has a universal dimension."
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