Economy

Dow opens down again. China blamed again. It may be true this time.

Phony wealth is evaporating.

"All that whining and complaining about how the “One Percent” were getting rich…
All those calls for more regulation and redistribution to solve this “problem”…
All that claptrap about how capitalism always made the rich richer and the poor poorer…
All a total waste of time and a fraud. Capitalism is innocent. This was an inside job – a crime committed by the cronies and their enablers in government.
It was their way, not only of giving themselves trillions of dollars of other people’s money, but also of holding onto the power, status, and wealth they’d accumulated over the last three decades.
Politicians had no more interest in solving this “problem” than a wolf wants to solve the problem of too many fat sheep. But don’t worry. A real bear market will take care of it!" 

The laws of economics will win out.

"And remember, this is the Great Zombie War. It didn’t start last week. It won’t be over this week.
The zombies… their allies, the cronies… and their enablers in government are all fighting to protect what isn’t theirs. They want to hold on to their ill-gotten gains. They won’t give up easily." 

Great quotes.

Everybody keeps saying China will be fine except David Stockman, whom I believe.

"It’s leaders are neither wise nor deft economic managers. In fact, they are a bunch of communist party political hacks who have an iron grip on state power because China is a crude dictatorship. But their grasp of the fundamentals of economic law and sound finance can not even be described as negligible; it’s non-existent.
Indeed, their reputation for savvy and successful economic management is an unadulterated Wall Street myth. The truth is, the 25 year growth boom in China is just a giant, credit-driven Ponzi.  Any fool can run a central bank printing press until it glows white hot." 

It seemed that way to me. The thing is, the Chinese have a giant pool of real savings, and it seems that's prevented a bust until now.

"Now, however, the iron law of financial bubbles has caught up with them. That is, when you stop supplying increasingly massive amounts of new credit to what eventually becomes an elephantine bubble, it begins to fall inward."

The same in the US.

Dominoes are falling in global economic collapse.

Markets supposedly insulated from overseas turmoil crashing too.

Number of ultra-poor in America doubles.

Apple continues to go off the rails with plan to put smoke detectors into devices. I must have missed the demand for that.

Windows 10 has already passed Windows Vista and Windows 8, Microsoft's crappiest supported OSs.