Grumpy Editor

GLOBAL WEALTH DECLINES, SAY ECONOMISTS

For the first time since 2008, economists say global wealth declined, falling 2.4 percent, notes Grumpy Editor.

 

Americans were hit hardest as stocks and bonds declined in value.  However, that was partly offset by rising house prices and other assets.

 

This resulted in about 1.7 million American adults are no longer millionaires.

 

Another 17,260 people drop out of the ultra-high-net-worth category, meaning they are no longer worth $100 million or more.

 

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MORE WEAPONS FOR NORTH KOREA.  Never quiet North Korean leader Kim Jong Un calls for an increase in weapons production as the U.S. and South Korea strengthen military cooperation. Last week he toured munitions factories and ordered a major increase in production of missiles and other weapons.

 

CLASSIC CAR HAS HIGH ASKING PRICE FOR AUCTION.  Sotheby’s this fall in New York will auction a red 1964 Ferrari 250 GTO with an asking price of $60 million.

 

OPERA NEWS TO CEASE PUBLICATION.  Opera News, an 87-year-old publication focused on the Metropolitan Opera and spotlighting the art form, prints its final issue in November.

 

GRAY WOLVES APPEAR.  A new pack of gray wolves is spotted in California’s Sierra Nevada, several hundred miles away from any other known population of the endangered species, say wildlife officials.

 

COCOA COSTS SOAR.  Hershey and Mondelez and other chocolate makers face tougher trading conditions over the next year as they seek to pass on soaring cocoa costs to consumers who are cutting back.

 

AUTHORS DISLIKE AI.  For a vast number of book writers, artificial intelligence is a threat to their livelihood.  More than 10,000 writers endorsed an open letter from the Authors Guild, urging AI companies not to use copyrighted work without permission or compensation.

 

AMERICANS SLEEP ATOP EIFFEL TOWER.  Two American tourists are found sleeping off a heavy night in the upper part of Paris' Eiffel Tower.  Security guards found them in the early morning before the 9 a.m. opening.

 

HARRISON FORD TRIBUTE.  A new snake species — tachmenoides harrisonford — in containing the name of actor Harrison Ford, is intended to be a fun play on Indiana Jones’ hatred for scaly creatures. 

POLICYMAKERS SEE SLIGHT SLOWING IN U.S. GROWTH THIS YEAR

Forecasts released by the Fed show policymakers expect U.S. growth to slow only o.2 percent this year, notes Grumpy Editor.

However, they see growth picking up 1.2 percent in 2023, but predict the unemployment rate will rise to 4.4 percent.  

"Higher interest rates, slower growth and a softening labor market are all painful for the public that we serve but they're not as painful as failing to restore price stability and then having to come back and do it down the road again,” says Fed chairman Jerome H. Powell.  

Many analysts are forecasting a recession next year but remain hopeful it will be relatively mild.

 

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HOLLYWOOD SIGN GETTING PAINTED.  The Hollywood sign (originally Hollywoodland), on a hill north of Hollywood, is getting a fresh coat of paint on its 45-foot-high letters just ahead of its 100th anniversary. The sign is now an American cultural landmark and culturalicon.

BANK DEPOSITS DECLINE.  Second quarter deposits in U.S. banks declined by a record $370 billion in the second quarter.  It’s the first decline since 2018.  

HOMEBUYERS FACE PAYMENT SHOCK.  Average interest rate on a 30-year fixed mortgage edges up to 6.7 percent.  That is an increase of 3.3 percent from the start of the year.   While home prices have eased over the last couple of months, they are still up 13.1 percent from a year ago

TARGET PLANS MAJOR HIRING.  Target plans to hire up to 100,000 seasonal workers for its U.S. stores and warehouses.  This with inflation  pushing consumers to limit spending.

AUTUMN PUTS SOME IN BETTER MOOD.  Latest Rasmussen Reports survey finds 49 percent of adults say arrival of fall puts them in a better mood, 10 percent say they are in a worse mood, while 37 percent say change of seasons has no impact. 

EX-FBI DIRECTOR WRITING CRIME FICTION. Former FBI Director James Comey is into writing crime fiction.  His first novel, "Central Park West," features an assistant U.S. Attorney looking into ties between the Mafia and the murder of a local politician. The book is scheduled for release next spring.

DOG STEALER NABBED.  An Irvine, California man is facing grand theft charges after surveillance footage showed him taking a dog out of a parked car.  A small dog, named Mookie, was stolen in a parking lot.  Footage shows a man walking up to the car’s rear passenger side, seemingly talk to the dog and then take the dog through an open window within 40 seconds.

BETTER DAYS COMING IN 2022, PREDICTS JP MORGAN

U.S. investment bank JP Morgan predicts 2022 will mark the end of the coronavirus pandemic and see a full global economic recovery, observes Grumpy Editor.

New vaccines and therapeutics will result in a "strong cyclical recovery, a return of global mobility and a release of pent-up demand from consumers," adds the New York-based bank.

"Our view is that 2022 will be the year of a full global recovery, an end of the pandemic, and a return to normal economic and market conditions we had prior to the COVID-19 outbreak," says Marko Kolanovic its Chief Global Markets Strategist and Co-Head of Global Research.

 

IN CASE YOUR FAVORITE NEWS OUTLETS MISSED THESE...

 

NON-CITIZENS IN N.Y. WILL VOTE. New York City lawmakers approve a bill that lets more than 800,000 non-citizen residents vote in municipal elections, thus becoming the largest city in the country to allow non-citizens to the polls.

MEDIA FREEDOM UNDER ATTACK.  The International Federation of Journalists says media freedom continues to be under attack in much of the world this year.  It cites nine working journalists killed in Afghanistan and 102 imprisoned in China.

INFLATION JUMPS.  Consumer prices last month jumped 6.8 percent, boosting inflation to the highest level in 39 years, reports the Bureau of Labor Statistics.

 

ARMY AWARDS 39 PURPLE HEARTS.  The Army will award the Purple Heart to 39 soldiers injured when Iran struck their air base in Iraq with ballistic missiles in January, 2020.  The action follows a CBS News investigation that finds the soldiers had not been recognized with the award and denied medical benefits that come with it.

 

MARIN COUNTY, CALIFORNIA, WATER USE CUT.  Extreme drought in California is affecting 200,000 residents in Marin County.  They face curtailment of water into swimming pools, in washing cars and with outdoor irrigation, among other things, as water usage is being cut to only 55 gallons a day.

 

LOWER GASOLINE PRICES SHEAD.  Retail gasoline prices will average $3.13 per gallon this month before falling to $3.01 per gallon in January, projects the U.S. Energy and Information Administration.  The EIA expects prices to continue to drop, forecasting the annual, national average at $2.88 per gallon next year.

SOME MOVIEGOERS AVOID THEATERS.  Some 49 percent of pre-pandemic moviegoers no longer are going to theaters, according to a study from the film research company The Quorum.  As closed movie theaters reopen, many patrons are still concerned about the risk of gathering indoors with strangers.

WILL STOCK MARKET SEE ANOTHER ROLLER COASTER WEEK?

Investors are awaiting another roller coaster week with stocks that rise and fall with the day’s news, notes Grumpy Editor.

Look at the see-saw action with the Dow Jones industrials last week after Memorial Day on May 28:  Tuesday, down 391.64 points at 24361.45; Wednesday, up 306.33 points; Thursday, down 251.94 points; Friday, up 219.37 points, closing at 24635.21 --- slightly higher than Tuesday’s close.

As Kate Warne, of financial services firm Edward Jones puts it:  “Stocks swung every day but ended last week little changed --- a good reminder to avoid overreacting to daily moves. Bond prices were also volatile, rising when stocks fell and falling as stocks rose. Better-than-expected U.S. job growth countered rising worries about trade wars and new European political uncertainties.”

“Political concerns will likely jump into and out of the headlines, driving volatility going forward,” adds Warne.  “But last week also supported our view that the broader bull market has gas left in the tank, fueled by positive fundamentals of further economic growth.”

Friday’s report from the Labor Department shows a robust gain with 230,000 jobs added in May, higher than the expected 190,000.

Meanwhile, the unemployment rate drops to 3.8 percent in May --- its lowest level since April 2000 --- from 3.9 percent a month prior.

 

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CONSUMER CONFIDENCE JUMPS.  The Conference Board says U.S. consumer confidence, buoyed by a positive view of the job market, rose to 128.0 last month --- a 17-year high --- from 125.6 in April.

CALIFORNIA BANS EMPLOYEES' TRAVEL TO NINE STATES.  California bans funding for state employees to travel to states with laws it perceives to be discriminatory.  Oklahoma, Alabama, Kansas, Kentucky, Mississippi, North Carolina, South Dakota, Tennessee and Texas are places where Golden State public employees can't go unless they are investigating a crime or tax dispute, complying with a grant or are required to go through a court order, reports Newsmax.com.

SEARS TO CLOSE MORE STORES.  Sears plans to shutter 72 more stores this year, including 48 Sears stores and 15 Kmarts. All will be closed by early September.  By the end of this year Sears will have fewer than 1,000 stores.

IRS TO UPDATE ITS COMPUTERS.  In efforts to implement tax law changes, the Internal Revenue Service plans to spend $291 million updating its 140 computer systems.

PACIFIC COMMAND NAME CHANGES.  The Pentagon is changing the name of the military’s Pacific Command headquarters to U.S. Indo-Pacific Command in an effort to improve the U.S.-India alliance.

ANOTHER TYPE OF TV RERUN.  CBS This Morning on a quiet Saturday (June 1) devoted air time to go back 65 years for a look at Queen Elizabeth II’s coronation in 1963.

CUTS IN DRUG PRICES PREDICTED.  Major pharmaceutical companies will announce “voluntary, massive” cuts in drug prices in two weeks, predicts President Donald Trump without providing details.

QUICK TURNAROUND BY CONSUMER REPORTS.  Tesla Inc.’s Model 3 electric sedan won a recommendation from Consumer Reports after an over-the-air software update improved braking by almost 20 feet. A week earlier, CR declined to recommend the Model 3 after  testing showed it took longer to stop than a Ford F-150 pickup. 

COKE TESTS BOOZE IN JAPAN.  Coca-Cola Co. launches its first alcoholic product in its 132-year history, a lemon-flavored fizzy drink that will be available with three percent, five percent and seven percent alcohol, but only to consumers on the Japanese island of Kyushu.  Fortune magazine says “Japan is something of a testbed for Coke; it experiments with 100 new products a year there.”

PLASTIC PRODUCTS BAN PROPOSED.  The European Commission proposes the world's biggest ban on single-use plastic products, from straws to cutlery, in order "to save the environment and people from excessive plastic pollution."

 

HUH? DESPITE GOOD ECONOMIC NEWS, DOW SINKS

What’s going on with the stock market? asks Grumpy Editor.

The Dow Jones industrial average, S&P 500 index and Nasdaq composite see more than a week of heavy selling in whipsaw action, breaking key support lines and leaving them 10 percent off their highs. 

All investment eyes are on today’s markets.

The dive in stocks comes despite positive developments that don’t happen too often:

• The job market is strong with nearly nine years into an expansion that followed the “great recession.”
• Consumer confidence is solid and manufacturing is growing. 

• Businesses are hiring.

• Wages are rising.

•  Existing home sales last year reach the highest level in 11 years.

•  Americans are optimistic about the economy

•  Household debt is under control.

So, what’s worrying Wall Street?

Words most heard are inflation and the Federal Reserve’s indicated raising of short-term rates three times this year.

Grumpy Editor reminds that current inflation is tame compared to Jimmy Carter Administration’s days when the president enacted an austerity program by executive order, saying inflation had reached a "crisis stage."  Both inflation and short-term interest rates reached a whopping 18 percent in February and March, 1980.

As for this year, Kiplinger’s sees inflation at 2.5 percent, a bit higher than last year’s 2.1 percent, reflecting both higher gasoline prices and higher prices in general.

 

IN CASE YOUR FAVORITE NEWS OUTLETS MISSED THESE…

SPORTS CAR SOARS INTO SPACE.  From the same pad where NASA launched rockets that carried astronauts to the moon, Elon Musk’s SpaceX’s Falcon heavy rocket soars into space --- along with a cherry red sports car from Musk’s Tesla operation.  Behind the wheel is a space suit-clad mannequin, named Starman.  

PENTAGON MISSES MILLIONS.  The Pentagon's Defense Logistics Agency failed to properly document more than $800 million worth of construction projects, Ernst & Young finds in an audit, reports Politico.

LA. TIMES BACK TO LOCAL OWNERSHIP. Billionaire doctor Patrick Soon-Shiong buys the Los Angeles Times and the San Diego Union-Tribune for $500 million from Chicago-based Tronc, Inc. He says returning the newspaper to local ownership will give the Times a chance to preserve its mission and independence.

GETTING DOWN TO THE BARE FACTS.  Absolut Vodka makers make a TV commercial in which employees have nothing to hide.  In fact, they are completely naked at the factory in Sweden.  See it all at digg.com/video/absolut-nothing-to-hide

LOW FLYING HOT AIR BALLOONS.  Two hot-air balloons are grounded after getting very close to rooftops of homes in Yucaipa, Calif.  The sheriff's department says several homeowners called 911, worried there was about to be a crash in their neighborhood.  As it turns out, the pilots had everything under control.

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White House snubs weakest U.S. growth in two years

The Washington Times noted that while "President Obama was trumpeting his mastery of the economy in a New York Times Magazine interview," the White House labored to explain a first-quarter economic report showing the weakest growth in two years, observed Grumpy Editor.

Gross domestic product, the broadest measure of economic health, expanded at a slim 0.5 percent annual rate in the first quarter, reported the Commerce Department.  That was below 2015's fourth quarter with a 1.4 percent growth rate.

An editorial in The Wall Street Journal said, "The White House issued its typically upbeat GDP analysis, with the only discouraging word being that "even with the solid growth in recent years, there is room for further expansion."


The Journal reminded that "the reality is that the first quarter is further evidence of what has been the weakest economic expansion in the postwar era."

It pointed out that since nearly seven years ago, growth has never exceeded 2.5 percent (2010).

 

IN CASE YOUR FAVORITE NEWS OUTLETS MISSED THESE...

Talking to a group of Rutgers University journalism students visiting the White House, President Obama complained about getting "picked on" by the press. The president urged the budding journalists to focus on the “great work” being done in Washington in an effort at “reducing cynicism."  Then, sounding like a corporate public relations executive, he complained that "it is very hard to get good stories placed"...At Saturday night’s White House Correspondents’ Dinner, comedian and late night talk show host Larry Wilmore noted that MSNBC “actually now stands for missing a significant number of black correspondents”…The Associated Press apparently didn't like Donald Trump's foreign policy speech, saying it outlined "no strategy" --- even though many listeners cheered at the go-get-'em remarks.  AP by the way, continued to refer to the GOP presidential front runner as "billionaire businessman and reality TV star"...The Chinese government nixed allowing the U.S. aircraft carrier John C. Stennis and four accompanying U.S. Navy ships to make a scheduled stop in Hong Kong…House lawmakers rejected a proposal to rename a Marine Corps amphibious assault vehicle the "Lima Warrior" after a company hit hard by improvised explosive devices during the Iraq War...However, the gung-ho House Armed Services Committee voted in favor of opening the Selective Service draft to women.  The U.S. has not had a military draft since 1973 in the Vietnam War era...Analyzing U.S. colleges, College Factual named the top five schools to receive a journalism degree:  Emerson College, University of Texas-Austin, Northwestern University, University of Southern California and Boston University...Smacking a home run deal: Boston’s radio sports outlet WEEI will continue as the flagship station of the Boston Red Sox for (at minimum) another seven years. WEEI and the Red Sox have been partners since 1995.

For those who follow global warming talk:

Winemakers in France turned to torches to keep their grapes from freezing during some unexpectedly cold nights last week in the Burgundy region, which hasn't seen such frost since 1981.

Bright economic news laced with negative developments

 

Grumpy Editor cites examples of why business editors these days get premature gray hair via contrasting information and figures over the past few days such as focusing on the rise of missing auto loan payments coupled with car sales expected to grow this year, job creations topping expectations, yet most Americans are living paycheck to paycheck.

All this with Washington spotlighting 252,000 jobs created last month --- higher than expected, while job gains in the prior two months were revised upward by a total 50,000 as the nation’s unemployment rate fell more than predicted, to 5.6 percent from 5.8 percent in November.

In addition, the government said employers added an average 246,000 jobs a month last year, making 2014 the best job growth year since 1999.

Meanwhile, auto and truck sales this year are seen growing as much as three percent, said General Motors Co. CEO Mary Barra.

Sounds rosy.

But as Friday’s Wall Street Journal pointed out, “borrowers who took out auto loans over the past year are missing payments at the highest level since the recession” as new car sales reached 16.5 million, best in eight years.

MarketWatch on Saturday noted, “Americans are feeling better about their job security and the economy, but most are theoretically only one paycheck away from the street,” adding about 62 percent have no emergency savings, based on a Bankrate.com survey.

Indeed, U.S. personal savings remained low.  The U.S. Bureau of Economic Analysis tallied personal savings dipped to 4.4 percent in November from 4.6 percent a month prior.  This compared to an average 6.81 percent from 1959 until 2014, reaching an all-time high of 14.6 percent in May, 1975.

 

FYI, IN CASE YOUR FAVORITE EDITORS MISSED THESE…

Among the top 10 most stressful jobs of 2015, according to CareerCast.com, Carlsbad, Calif., are broadcaster (No. 7), photojournalist (No. 9) and newspaper reporter (No. 10).  Rankings are based on physical danger, unpredictability and negative psychological effects…While the U.S. reduced its military force to about 11,000 in Afghanistan after 13 years there, the country set a record for growing opium poppies last year with total area under cultivation up an estimated 7 percent from 2013, according to the United Nations Office on Drugs and Crime (UNODC). Heroin is derived from the poppy and UNODC said opium production (5,500 tons) in Afghanistan accounts for 80 percent of worldwide opium output…In a state that relies heavily on personal vehicle transportation,  Jerry Brown --- in starting an unprecedented fourth term as California governor with new environmental goals --- proposed reducing gasoline use…Wall Street Journal Sunday content that goes to 69 newspaper business sections ends Feb. 8 as the WSJ shutters that operation which started in 1999…A Rasmussen Reports survey found “more voters than ever think women are good for the U.S. military and believe even more strongly that they should be allowed to fight on the front lines."

 

Financial news network CNBC is opting out of Nielsen’s TV ratings that measure its daytime audience, saying the global information and measurement company underreports size and wealth of its audience.

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Shhh! China overtakes U.S. as world’s No. 1 economy

 

In what amounts to the top economic story of the year (or decade, or century), U.S. print and broadcast media were silent as the U.S. slipped to No. 2 spot in world economy while China edged ahead as the global leader, notes Grumpy Editor.  

Under the headline, It’s official: America is now No. 2, MarketWatch columnist Brett Arends on Thursday pointed out:  “It just happened --- and almost nobody noticed.”

He’s right.  Most editors, focusing on other attention-getting stories in recent days, overlooked the economic development that puts the U.S. in second place for the first time since 1872.  That’s when the U.S. overtook Great Britain. 

International Monetary Fund figures showed the Chinese economy this year is worth $17.6 trillion, compared to the U.S.’s $17.4 trillion, wrote Arends.  “As recently as 2000, the U.S. produced nearly three times as much as the Chinese,” he added. 

Boosted by rapid industrialization, including manufacturing a wide range of products for U.S. businesses, China’s wealth accelerated in recent years and is expected to extend its lead with the IMF estimating China’s economy will rise to about $26.98 trillion by 2019, 20 percent above the U.S. level. 

Arends, in his MarketWatch piece, noted “China now accounts for 16.5 percent of the global economy when measured in real purchasing-power terms, compared with 16.3 percent for the U.S.”  He added, “This latest economic earthquake follows the development last year when China surpassed the U.S. for the first time in terms of global trade.”

Actually, a red flag was hoisted on this development by Bloomberg News a little over seven months ago with:  “China is poised to overtake the U.S. as the world’s biggest economy earlier than expected, possibly as soon as this year, using calculations that take purchasing power into account.”

First with the news, however, was London’s Daily Mail.  It reported the same information and statistics on Oct. 6 under the headline:  “America usurped:  China becomes world’s largest economy --- putting USA in second place for the first time in 142 years.”

 

FYI, IN CASE YOU MISSED THESE…

Hotter or colder?  As representatives from 190 nations attending a United Nations climate conference in Lima, Peru, heard that this year is on track to be the hottest on record, the Washington Post cited, “In 46 years of records, more snow covered the Northern Hemisphere this fall than any other time”…Gannett Co.-owned USA Weekend, distributed to more than 800 newspapers in the U.S., will close with the Dec. 28 issue, resulting in layoffs of about 30 staffers…Question of the week:  Will Harry Reid (D-Nev.), as majority leader, clear the way for the Senate to vote on a House-passed bill extending tax breaks --- including deductions for state and local sales taxes that would benefit taxpayers in the state he represents…President Barack Obama proposed a three-year, $263 million spending package that includes 50,000 body-worn cameras and expanded training for law enforcement…Fast work:  Sixty nine years after the end of World War II, both parties in Congress agreed that Nazis should not receive U.S. government retirement benefits.  The No Social Security for Nazis Act sailed through the House and Senate last week…Anchor Candy Crowley will be departing CNN after 27 years with the cable network…The three words, “I can’t breathe,” the rallying cry for nationwide protesters during the past week, were edited out of a Walmart commercial promoting a family mobile phone plan.  It involved a female’s tight hug around the neck of a man who said he can’t breathe…A CBS Radio News top-of-the hour item on Thursday mentioned cars caught in a flood from a rainstorm “in Southern California,” comparing the large territory to something like a city.  Actually, Southern California is about the size of Wyoming.  The site where seven vehicles were stuck:  near Gilman Hot Springs in Riverside County…Restart the presses: A tractor-trailer carrying 19,000 advanced sections of Sunday’s New York Times overturned Thursday morning on a highway ramp outside Philadelphia.  The destroyed papers were replaced in time for home deliveries.

SOGGY PAPERS AHEAD?  While backing a landmark environmental law that bans plastic bags use by grocery stores by July 1, the Los Angeles Times doesn’t indicate what it will use to protect driveway delivery of its newspapers when there is inclement weather.

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Media fuzziness prevails with market drop, jobs report

It was a tough two days for stock market investors and those with 401(k) plans as the Dow Jones industrial average ended the week tumbling almost 400 points from Wednesday’s level, notes Grumpy Editor.

With a steep decline of 317 points on Thursday, the White House press corps, busy focusing on other world and national matters, didn’t blink eyes or seek amplification on President Barack Obama’s dual declarations at the beginning (“the economy is getting stronger”) and toward the end (“the economy is better”) of Friday’s press conference. 

In the last 30 minutes of trading after the press session concluded, the DJ industrials fell an additional 40 points to close down 70 points for the day, ending the week at 16493.37 --- wiping out stock market gains for the year.

Meanwhile, media fuzziness showed with the monthly jobs report on Friday.  News reports used such uplifting phrases as “sturdy pace” and “most robust stretch of hiring” as the Labor Department tallied an additional 209,000 jobs in July.

Sounds good.

However, that marked a drop from the previous month’s 298,000 jobs created while 9.7 million Americans remained unemployed as July showed an uptick of 6.2 percent without jobs from the prior month’s 6.1 percent.

An interesting element missed by major media but covered by Ali Meyer, economics reporter at CNSNews.com was that the number of unemployed women 16 years and up rose by 227,000 in July while the unemployment rate for females increased to 6.2 percent from 5.9 percent.

Meyer pointed out there were 4,494,000 women unemployed in July. 

With last week’s sharp drop in the stock market, the Associated Press explained the dumping of stocks was caused partly because “a number of large U.S. companies reported poor quarterly results or forecasts.” 

“Poor” turned brighter several paragraphs later when AP answered the question on if the stock market rally is over:  “Company earnings, one of the most important drivers of stock prices, are still at record levels and are expected to grow by 8.6 percent in the second quarter, according to S&P Capital IQ.”  (The New York-based multinational financial information provider is a division of Standard & Poor's.)  

 

IN CASE YOUR FAVORITE NEWS OUTLETS MISSED THESE…

A report from Human Rights Watch and American Civil Liberties Union concluded journalists have to dig harder to obtain sensitive information because they are aware the government can track their exchanges with sources through phone, email and other records, thus leading to fewer “willing talkers” in government…Of special interest to World War II veterans who fought in Europe:  a German general will become U.S. Army chief of staff in Europe, part of the strategy to internationalize the U.S. Army’s overseas operations…Oops, wrong site: On the front page of The Wall Street Journal, a What’s News brief read, “Investigators failed to reach the crash sight of the Malaysia Air jet for a third day…NewsBusters pointed out “on Wednesday's NBC Nightly News, Brian Williams left out a key detail from his news brief about his network's upcoming live production of Peter Pan.”  The anchor announced Allison Williams will play the role of Peter Pan but omitted mention that the actress is his daughter…Gray Lady pushes pot:  In calling for legalization of marijuana, a New York Times editorial said the war on pot is worse for America than using pot, adding "the social costs of marijuana laws are vast" and "the result is racist," then urged Congress to repeal the federal ban on pot, noting the weed is "far less dangerous than alcohol”…LAObserved.com noted KABC-TV, Los Angeles, in connection with the major water main break on Sunset Blvd. near UCLA, got pranked on air by a caller who identified himself as a Los Angeles Department of Water and Power spokesman.  “He blamed the break on activity in one of the Pauley Pavilion locker rooms --- either a cherry bomb in the toilet or ‘a very large dump.’ While co-anchor Ellen Leyva pressed 'are you 100% sure about this?' a male voice could be heard mumbling 'it's a fake call'"…On the heels of slashing about 1,200 U.S. Army captains from the ranks, the Obama administration continued downsizing the military by informing about 550 U.S. Army majors they must leave the service by next spring…Also shrinking:  Procter & Gamble will jettison more than half its brands within two years, leaving it with about 70 to 80 of its top performers.

A RARITY:  T-storm delays INDOOR baseball game.   Los Angeles Angels-Tampa Bay Rays game was delayed 19 minutes in the third inning yesterday afternoon as a lightning bolt triggered a power outage at the enclosed Tropicana Field, St. Petersburg.  Angels went on to win 7-5.

 

Christmas shopping season figures create confusion

A clue as to why Wall Street is confused over latest economic data --- figures and headlines are all over the place, notes Grumpy Editor. 

Among headlines from Friday’s newspapers: 

Retail buoys economic outlook

Retailers singing ‘Blue Christmas’ as sales fall

Spending jumps in November

The first headline, above, reflects information from the Commerce Department.  It reports retail sales rose a seasonally adjusted 0.7 percent in November from the prior month, marking the biggest gain in five months. 

The second headline is based on a report from the National Retail Federation.  It estimates the four-day Thanksgiving Day weekend (including Black Friday) dropped 2.9 percent from last year. 

The third headline also stems from the Commerce Department report with an Associated Press story adding, “Two straight months of healthy sales suggest steady hiring is encouraging Americans to spend more this holiday season, particularly on big-ticket items.”

The AP piece also quotes an economist who points out the Commerce Department report “suggests that the holiday shopping season began on a strong note.” 

The Wall Street Journal, in citing the Commerce Department report, also adds input from an economist who says, “the numbers certainly suggest a stronger trajectory of consumer spending than we had thought." 

 

In case you missed these… 

 

NEW JOURNALISM JOBS LOOM AS LOS ANGELES SOON GETS A NEW DAILY.  Aaron Kushner, co-owner and publisher of the Orange County Register says his operation will move into the City of Angels early next year with a new, seven-days-a-week newspaper, the Los Angeles Register, staffed by journalists working in Los Angeles covering local news.  Kushner points out more than 200 people were added to his news staff in the past year, more than the size of most newsrooms in the country. 

 

NOT A VERY NICE CHRISTMAS PRESENT.  Martha Stewart Living magazine is hit especially hard as Martha Stewart Living Omnimedia lays off between 75 and 100 staffers --- about 25 percent of the company’s work force --- 13 days before Christmas. 

 

JOURNALISM MAJOR RETURNS AT TEXAS A&M UNIVERSITY.  The College Station school in the Lone Star State is bringing back its journalism major next fall.  But it will be "a small, rigorous program limited to 25 entering freshmen per year,” says the university. 

 

LOCAL VS. FOREIGN THINKING BY SAME-CITY EDITORS.  A few days after the Las Vegas Review-Journal runs a photo of Santa Claus cavorting with fish in a far-off South Korea tank, the Las Vegas Sun features a full page with five photos of a Sin City Santa swimming with sharks and other fish in the aquarium at nearby Silverton, a Las Vegas casino.

 

AT LEAST BALLPARK HOT DOGS REMAIN UNCHANGED --- FOR NOW.  Taking some of the sport out of the game, baseball’s rules committee votes to outlaw home-plate collisions by 2015.  Under the rules, runners would have to (politely?) slide home while catchers, giving runners a clear path, will not be allowed to block home plate.

 

“HURRY UP AND WAIT” ROUTINE CONTINUES FOR VETERANS.  Not widely heralded in national broadcast or print news from Senate majority leader Harry Reid’s home state, is that Nevada veterans shockingly wait an average 433 days to have disability benefits claims completed by the Veterans Administration, according to Dean Heller, the Silver State’s other U.S. senator, a Republican. 

 

NOW IT'S SANTA’S TRANSPORTATION VEHICLE THAT IS THREATENED.  While polar bears used to be the great concern of global warming folks, now it’s the Arctic’s alleged reduced number of reindeer that worries them --- and obviously making it tough for Santa. 

 

ONE AWARD THE WHITE HOUSE SNUBS.  PolitiFact gives President Obama its “lie of the year” prize for his claim that “if you like your health care plan, you can keep it. Period.”