As most of you know, I was hoping for a “Yes” vote in the Greek referendum, especially as the proposal which the Tsipras government put forth this week encompassed most of the demands which Greece’s creditors had been making.
The Syriza proposals were approved by the creditors, and sent to the Eurozone finance ministers. And then Germany got in the act.
In an act of suicidal hubris, Germany is demanding nothing short of humiliation for Greece. Even though I had hoped for a Yes vote, this petty revenge is unbelievable from a country which plunged Europe into two World Wars. It is Germany’s gambit to establish the EU as merely a Greater German Co-Prosperity Sphere.
Here is where we stand at the moment.
Translation: Trust has been lost; Doubts of Greece’s willingness to reform.
Translation: Greece has driven a wedge between France and Germany
James Jameson, heir to the Jameson Irish Whiskey company, once bought a 10-year-old slave girl for six handkerchiefs because he wanted to sketch the event as cannibals killed, mutilated, and finally, ate her According to a report from The New York Times, Jameson had a fascination with cannibalism and wanted to experience the act firsthand. Jameson was on a trip in Africa in 1890 when an opportunity to fulfill his sick fantasy presented itself because he and his translator happened upon a cannibalistic tribe. Jameson consulted the tribe’s chiefs who told him if he wanted to witness the event, he’d have to buy a slave girl to be killed. Jameson returned a few minutes later with a 10-year-old girl he bought from a nearby slave trader for six handkerchiefs. The translator then approached the chiefs and said, “This is a present from a white man who desires to see her eaten.” According to an eye witness report of the scene, the cannibals tied the girl to a tree and stabbed her twice in the belly. The natives then cut pieces off of her body as Jameson sat sketching in his notebook. Jameson and his translator then made their way to chief’s hut where Jameson finished his sketches in watercolor.
In 1919, in the wake of World War I, black sharecroppers unionized in Arkansas, unleashing a wave of white vigilantism and mass murder that left 237 people dead. The visits began in the fall of 1918, just as World War I ended. At his office in Little Rock, Arkansas, attorney Ulysses S. Bratton listened as African American sharecroppers from the Delta told stories of theft, exploitation, and endless debt. A man named Carter had tended 90 acres of cotton, only to have his landlord seize the entire crop and his possessions. From the town of Ratio, in Phillips County, Arkansas, a black farmer reported that a plantation manager refused to give sharecroppers an itemized account for their crop. Another sharecropper told of a landlord trying “to starve the people into selling the cotton at his own price. They ain’t allowing us down there room to move our feet except to go to the field.” No one could know it at the time, but within a year these inauspicious meetings would lead to one of the worst episodes of racial violence in U.S. history. Initiated by whites, the violence—by any measure, a massacre—claimed the lives of 237 African Americans, according to a just released report from the Equal Justice Initiative. The death toll was unusually high, but the use of racial violence to subjugate blacks during this time was not uncommon. As the Equal Justice Initiative observes, “Racial terror lynching was a tool used to enforce Jim Crow laws and racial segregation—a tactic for maintaining racial control by victimizing the entire African American community, not merely punishment of an alleged perpetrator for a crime.” This was certainly true of the massacre in Phillips County, Arkansas.
Justice Department to seek emergency stay to allow immigration action reut.rs/1Eep37b
1. The private sector has added 10 million jobs over 54 straight months of job growth, extending the longest streak on record. Today we learned that total nonfarm payroll employment rose by 142,000 in August, mainly reflecting a 134,000 increase in private employment. Private-sector job growth was revised up for July and down for June for little total revisions. Over the past twelve months, private employment has risen by a total of 2.4 million.
3. The last time the economy added 10 million private-sector jobs over four-and-a-half years was November 1996 to April 2001. There are some notable differences between the current stretch of job gains and the one that began in 1996. In particular, the manufacturing sector has added more than 700,000 jobs over the last four-and-a-half years, while it lost more than 400,000 jobs during the 1996-2001 period. 4. On a not-seasonally-adjusted basis, local government educational services employment rose by more than 200,000 in August, continuing a recent trend that has seen an increasing number of these employees return to work before September.
MarketWatch: U.S. Manufacturers Surge Again In August, ISM Finds
U.S. manufacturing companies grew in August at the fastest pace since March 2011, a survey of executives found. The Institute for Supply Management said its manufacturing index climbed to 59% last month from 57.1% in July. That easily beat the 56.1% forecast of economists surveyed by MarketWatch. Readings over 50% indicate more companies are expanding instead of shrinking.
Bloomberg: Chrysler Luring Toyota Owners Helps Lift U.S. Share
Chrysler is on an unprecedented winning streak. As Jeep benefits from consumers’ renewed attraction to SUVs, the company also has been aided by strong demand for Ram pickups and Town & Country minivans. That helped propel its U.S. sales up 12 percent last month, the largest increase of any major automaker, according to the average of eight analyst estimates compiled by Bloomberg. That would be Chrysler’s 53rd straight month of rising sales — about 4 1/2 years — after almost being given up for dead before its government-sponsored bankruptcy in 2009.
Bloomberg: Saudi Arabia Oil Sales To U.S. Imperiled By Shale Boom
After years of keeping the price of crude sold to the U.S. low enough to maintain market share, Saudi Arabia is losing ground as the shale boom leaves U.S. refiners with ample supplies of inexpensive domestic oil. Arab Light crude for sale in the U.S. averaged 48 cents a barrel less than Light Louisiana Sweet, a Gulf Coast benchmark, in August, the narrowest discount in data compiled by Bloomberg back to 1991.
The U.S. imported 878,000 barrels of Saudi crude a day in the first four weeks of August, the least since 2009. Shale drilling has boosted U.S. oil output to the highest level since 1986. As refineries turn to lower-priced domestic oil to make fuel at a record pace, the Saudis and other foreign suppliers are left with dwindling slices of the market. In June, imports from Saudi Arabia accounted for the smallest share of crude processed at U.S. refineries since February 2010.
Jeffry Bartash: U.S. Factory Orders Jump 10.5% In July On Aircraft Contracts
Orders for goods produced in U.S. factories leaped 10.5% higher in July, as expected, owing to a big surge in contracts for commercial aircraft, the Commerce Department said Wednesday. Economists surveyed by MarketWatch had expected orders to climb nearly 11%. Factory orders also rose by a revised 1.5% in June instead of 1.1% as initially reported.
When I took office, the American auto industry – the heartbeat of American manufacturing – was on the verge of collapse. Two of the Big Three – GM and Chrysler – were on the brink of failure, threatening to take suppliers, distributors and entire communities down with them. In the midst of what was already the worst recession since the Great Depression, another one million Americans were in danger of losing their jobs.
As President, I refused to let that happen. I refused to walk away from American workers and an iconic American industry. But in exchange for rescuing and retooling GM and Chrysler with taxpayer dollars, we demanded responsibility and results. In 2011, we marked the end of an important chapter as Chrysler repaid every dime and more of what it owed the American taxpayers from the investment we made under my Administration’s watch. Today, we’re closing the book by selling the remaining shares of the federal government’s investment in General Motors. GM has now repaid every taxpayer dollar my Administration committed to its rescue, plus billions invested by the previous Administration.
Less than five years later, each of the Big Three automakers is now strong enough to stand on its own. They’re profitable for the first time in nearly a decade. The industry has added more than 372,000 new jobs – its strongest growth since the 1990s. Thanks to the workers on our assembly lines, some of the most high-tech, fuel-efficient cars in the world are once again designed, engineered, and built right here in America – and the rest of the world is buying more of them than ever before.
When things looked darkest for our most iconic industry, we bet on what was true: the ingenuity and resilience of the proud, hardworking men and women who make this country strong. Today, that bet has paid off. The American auto industry is back.
For our autoworkers and the communities that depend on them, the road we’ve taken these past five years has been a long and difficult one. But it’s one we’ve traveled together. And as long as there’s more work to do to restore opportunity and broad-based growth for all Americans, that’s what we’ll keep doing to reach the brighter days ahead.
“Each of the Big Three automakers is now strong enough to stand on its own … The American auto industry is back.” —President Obama
The Treasury Department announced on Monday that the government had sold its remaining shares of General Motors stock.
The government has thus exited one of the most controversial investments made during the midst of the financial crisis, when it stepped in to rescue the Detroit automakers – a decision that as many as three in four Americans opposed at the time.
Taxpayers recouped about $39 billion on the investment, the Treasury Department said, having spent about $50 billion bailing out the automaker.
All in all, taxpayers have ended up in the black on the crisis-related bailouts, Treasury said: It has recovered $433 billion from the Troubled Asset Relief Program after initially investing about $422 billion.