The Market Ticker
Commentary on The Capital Markets

So what is "limited" and "prudent" about the growth in debt over the last 30 years -- which is what Liesman seems to think has occurred and is occurring.  I'd love an explanation -- with references to this chart, of course.

Just sayin'.....

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How can you look at the graphics of what Herbalife has done and admitted in their own documentation, as Ackman has laid forth, and not come to the conclusion that this is a pyramid scheme and thus must collapse?

How can regulators not immediately shut this crap down?

It's rather simple, but Bill doesn't appear to get it: If that door opens the all of the existing "growth" claims and projections may be laid upon the table as equally fraudulent.

The reality is quite simple: All compound, that is, exponential, growth claims without a terminal date and point stated are by definition frauds.

They're frauds because as soon as your put forward the idea that an infinite compounded series of growth can exist you're lying.  You are promoting a mathematical impossibility.

I ask that you read once again my Ticker from 2011.

Note that when the "penetration" into a given market is just 12.5% you are ten such "growth periods" in.  That's a good long time, right, and yet it appears you have virtually unlimited growth ahead of you!

The fact is that you are also three such periods away from certain catastrophic collapse, and likely less, because collapse almost always comes before the finality of actual resource exhaustion occurs due to rapidly-increasing costs of accessing the remaining resources.

So why is Herbalife's stock up 13% as I write this, even though Ackman has (again) put forward hard evidence that their "growth" is nothing more than trying to find new ways to play with exponents and they even market it this way to their "partners"?

That's simple -- to admit this widely and publicly would be to collapse the markets.


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Oh my....

WASHINGTON –  A powerful federal appeals court dealt a major blow to ObamaCare on Tuesday, ruling against the legality of some subsidies issued to people through the Affordable Care Act exchanges.

A three-judge panel ruled 2-1 on Tuesday that the IRS went too far in reinterpreting the language in ObamaCare to extend subsidies to those who buy insurance through the federally run exchanges, known as

This ruling, if it stands up through appeals, will destroy Obamacare.

It makes subsidies unavailable in those states that did not set up their own separate exchanges -- which, incidentally, is what the law actually says.

There are only 14 states that run their own exchanges.

This ruling, if it stands, invalidates subsidies in all of the other states!

Yes, the government will appeal....

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Well well....

Zdziarksi is certain that these mechanisms, whatever their purpose, are no accident. He has seen them become more complex, and they seem to get as much maintenance and attention as iOS's advertised features. Even as Apple adds new security features, the company may be adding ways to circumvent them.

"I am not suggesting some grand conspiracy," Zdziarski clarified in a blog post after his HOPE X talk. "There are, however, some services running in iOS that shouldn't be there, that were intentionally added by Apple as part of the firmware and that bypass backup encryption while copying more of your personal data than ever should come off the phone for the average consumer."

"My hope is that Apple will correct the problem," he added in the blog posting. "Nothing less, nothing more. I want these services off my phone. They don't belong there."

It's not a "problem" when something is intentionally done.

It's a choice and a decision.

How does any person or corporation justify buying, using or allowing on their network a device where the manufacturer has placed on it software that can and does bypass the security, including encryption, that they claim "protects" your data.

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In early 2008 I noted a fairly serious decrease in online "revenue per impression" in the advertising space.  This was not reflected in so-called "official" reports from various online ad firms, but I saw it quite-clearly across data I had available to me.

What followed, of course, was quite clear in the markets....

I am seeing the same pattern develop now.

How reliable is this signal in terms of future events?  There's no way to know, of course, since it has one previous test and as with last time the claimed "official" reports today are at odds with what I am seeing.  

But it was a large enough, and sudden enough, move to alarm me in 2008.

I'm noting the same pattern now.

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