From Mark Cuban:
I would hate to be the winning Presidential candidate. Both candidates are delusional in thinking their economic policies will drag us out of a recession or even improve the economy. The reality is that the solutions offered by both are the equivalent of shuffling the deck chairs on the Titanic. They are meaningless.
You can cut taxes for 95pct of Americans and raise taxes for the rest. You can cut taxes for businesses and retain the Bush Tax Cuts. You can increase or decrease the capital gains tax 5 or 10pct either way. Under both programs the deficit for the country will increase, we will borrow and print more money. 5 or 10pct variance either way, given the big hole our economy is it wont matter.
The cure for what ails us is the Entrepreneurial Spirit of this country. We are a nation of people who encourage , support and invest in those of any and all age, race and gender who will use their ingenuity and come up with a new idea.
It’s easy to see why some women are creeped out by Hooters, the chicken-wing chain known for buxom waitresses in tight orange shorts. The wall-to-wall dark wood, posters of bikinied Hooters girls, and tables of titillated guys downing pitchers of beer and making cracks about the chain’s “great wings” makes for a decidedly frat house vibe. Yet Chief Executive Officer Terry Marks’s makeover of the ultimate guys’ place depends heavily on paying more attention to its core customers’ wives and girlfriends.
Everyone is still trying to make sense (or in the Democrats’ case, make hay with) Mitt Romney’s disparging remarks about “the 47 percent,”but where did he come with that number and why are these people not paying income taxes?
While Romney’s statement is technically true, and widely used conservative talking point, it’s highly misleading and hardly the justifies the critique that these tax shirkers “should take personal responsibility and care for their lives.” Even conservative pundit Ramesh Ponnuru said that the argument was “an intellectual and political dead end.” The two main problems with Romney’s statement are that many of the people in that 47 percent aren’t actually living off government handouts — and they don’t all vote Democratic either. Economics writers all over the internet broke out the chart machinesto debunk these two claims. Here’s the basics:
From The Billfold:
Ten years ago, I was nearly 30 and over $90,000 in debt. I had spent my twenties trying to build an interesting life; I had two degrees; I had lived in New York and the Bay Area; I had worked in a series of interesting jobs; I spent a lot of time traveling overseas. But I had also made a couple of critically stupid and shortsighted decisions. I had invested tens of thousands of dollars in a master’s degree in landscape architecture that I realized I didn’t want halfway through. While maxing out my student loans, I had also collected a toxic mix of maxed-out credit cards, personal loans, and $2,000 I had borrowed from my father for a crisis long since forgotten. My life consisted of loan deferments and minimum payments.
Like so many other lost children, I had fallen into a career in IT. The work was boring, but led to jobs with cool organizations—a lot of jobs, because I kept quitting them. As soon as I had any money in the bank, I’d quit and go backpacking in Southeast Asia. My adventures were life-changing experiences, but I was eventually left with a CV that was pretty scattershot.
From Business Insider:
Author Mike Konczal helpfully uses animated .gifs to simply break down the most critical theoretical debate of our time.
Warning: A few of the gifs have some salty language in the text.
Are you still here? Go read (and watch) the thing. Hilariously troubling.
Very good and very scary (that’s why it’s good, IMHO…) post by Ian Welsh on the economy. From the post:
2) the economy has still not recovered all lost jobs, either in absolute #s or as a percentage of the population
3) so there are fewer jobs, and what new jobs have been created are worse. They pay worse.
4) The upper middle class job market has recovered, which is why those folks are no longer panicking and are telling you that the economy isn’t so bad as all that.
5) the failure to force the rich to take their losses and to break up the banks means that the same people who caused the 2007/8 financial crisis still control the economy and the government.
From The Atlantic:
How long do you have to work in order to afford a home? Ahead of the upcoming Labor Day weekend, we calculated how many years it takes to save enough for a down payment in the 100 largest U.S. metro areas, factoring in both local average wages from the Bureau of Labor Statistics’s Quarterly Census of Employment and Wages and local housing prices based on the median asking price per square foot of homes listed on Trulia.
From the Next Web article:
Ever wondered how much it would cost you to replicate the functionality of today’s smartphones with a collection of standalone gadgets? I picked out the main functions and apps of my iPhone 4S and tried to find approximate replacements for each of them on Amazon. The total bill came to $1,228.11, and the devices collectively weighed more than eight pounds.
Today’s smartphone, be it an iPhone, Android or Windows Phone, is arguably the most versatile and functional tool we’ve ever used. The “There’s an app for that” slogan has become a reality. Meanwhile, most of my other devices are left collecting dust, as I’m usually content just going out with a phone, keys and a wallet.