"The benchmark Dow Jones Industrial Average rose to an all-time record Tuesday on news that China was pledging to plow more money into its economy, returning the markets to highs not seen since before the financial crisis. By 10 a.m. Tuesday, the Dow was up nearly 90 points, or 0.74 percent, to 14,216.70, blowing past a record that was set Oct. 11, 2007, during a time when the economy was just peaking and headed toward disaster. [...] The Dow’s record high confirmed that the ongoing political paralysis in Washington has failed to spook the markets much in the last year." —The very rich don't seem to be bothered by [...]
In These Troubled Times, many Americans are seeking financial wisdom from an unlikely source: the Bible.
All sound professional advice, I found, … has its roots someplace in Scripture," said Ron Blue, author of "Surviving Financial Meltdown" and founder of the Kingdom Advisors, which trains Christian financial professionals. Blue uses the Bible for guidance on everything from budgeting to long-term investing and handling an inheritance.
Some experts, however, are unconvinced.
During a casual conversation with a small group of acquaintances this weekend I heard someone express the opinion that we were somewhere near the middle of a double-dip recession and that there was going to be a "white riot" when the second dip hit. This was more than a little troubling, since it certainly was not the first time I've come across that sentiment. I generally try to remind myself that due to the massive volume of political opinion I read, it's very easy to get caught up in whatever disaster scenarios people are trying to promote for political advantage, but I feel like this kind of fear-with its implicit [...]
Apparently the consultants are wrapping up at Conde Nast, with a report due in a few weeks. Through the process, it sounds like some staffers have had some stunning realizations! Here's what one Nastie says: "You don't need to send an entire posse to Joshua Tree for a shot in the desert! Who cares! If the photographer is good, and the clothes are good, the models are good, it's fine-you can shoot downtown." HERESY!
Let's talk money: Everything's going crazy! The White House today announced that "U.S. unemployment would be higher and the budget deficit larger than previously thought," to the tune of $9 trillion, or $2 trillion more than previous estimates. The new numbers are in line with earlier estimates by the Congressional Budget Office, which will give its own revised figures later today. Meanwhile, President Obama indicated that he will give Ben Bernanke another term as Chairman of the Federal Reserve, because he wants to keep intact the team that saved us from another depression and the last thing he needs right now is a tough confirmation battle.
What we've seen in companies that have been successful through the last year-so we're excluding, say, the car companies and most of the media companies oh and real estate and physical goods, etc.-is they've both shed staff and, both independently and relatedly, increased their revenues. Interestingly, this graph from Gawker honcho Nick Denton is pretty darn similar to what it would look like if you graphed Goldman Sachs' expenses and revenues, with even some similar trending during the same quarters! In both these cases, on the micro-scale of Gawker Media, as a small company, and the macro-scale of a big one like Goldman Sachs, there's no decline in revenue [...]
Laid end to end, the 31,400 metric tons of rebar used to build the Burj Dubai would stretch more than a quarter of the way around the world. "Moment. Jewel. Icon." The Burj, it is said (by their PR department), will be known by many names. It is already the tallest structure in the world, and it is set to open later this year-well, December. If they make their extended deadline. But the reason we mention this is: they're hiring! Which is pretty much the only way we'll ever get inside.
