Grumpy Editor

PANDEMIC INSPIRES THIEVES TO RAID ATMS AROUND THE COUNTRY

 

During the pandemic, ATMs got a higher-than-usual workout from bank patrons last year --- also by thieves, notes Grumpy Editor.

 

With unrest in some cities and ATMs containing more than usual cash, attempts to break into ATMs around the country have more than doubled.

 

With some bank offices temporarily closed, ATMs often contain twice the normal $50,000 to accommodate customers.

 

Inspired by this development, thieves seek access to ATMs by using tools, explosives and driving vehicles into the units.

 

 

IN CASE YOUR FAVORITE NEWS OUTLETS MISSED THESE…

 

 

WORLDWIDE ICE MELTING FASTER.   The world’s ice, from the Arctic to the Antarctic, is melting faster than ever, finds a global satellite survey indicating a generation of ice lost to rising temperatures.  The survey shows 28 trillion metric tons of ice disappeared between 1994 and 2007 and global melting accelerated 65 percent since the 1990s

 

NEW D.C. STUDIOS FOR NBC.  NBC News debuts state-of-the-art studios inside an expanded Washington bureau that covers six-floors in an 80,000-square foot building.  Seven studios now house NBC News, MSNBC and CNBC plus NBC News Channel, Noticias Telemundo and Sky News Washington.

 

BANK SAVINGS RATES WAY DOWN.  With bank savings rates continuing to bounce around the bottom (with an annual slim 0.05 percent APY), compared to a decade ago, one financial firm hopes to lure savers with a "mighty" 0.50 percent APY.

 

EXPENSIVE BOTTLE OF WHISKY.  A 72-year-old bottle of single malt whisky from Scotland fetches more than $54,000 (in U.S. dollars) in a Hong Kong auction. It marks the first time the 1948 Glen Grant whisky, by independent bottler Gordon & MacPhail, was offered in an auction.

OWL ATTRACTS ATTENTION IN NEW YORK.  A snowy owl, a rare sight in New York’s Central Park, attracts scores of onlookers seeking a glimpse of a bird that is native to the Arctic tundra and migrates south during the winter.  What was so unusual?   It’s the first recorded sighting of a snowy owl in Central Park since 1890.

$1 MILLION BASEBALL BAT?  Baseball great Lou Gehrig’s bat, linked to the 1938 World Series, could sell for as much as $1 million at an upcoming auction, say experts.

BUD WILL MISS SUPER BOWL.  Pitches for Budweiser, synonymous with the Super Bowl, will be absent in next Sunday’s game for the first time in 37 years.

TOM BROKAW RETIRES FROM NBC NEWS.  Legendary Tom Brokaw, 80, is retiring from NBC News after 55 years. Brokaw is the only anchor to lead all three of NBC’s primary news shows and is best known for anchoring the NBC Nightly News from 1993 to 2004.

 

 

 

 

Official unemployment rate misleading, says Gallup CEO

“The official unemployment rate, as reported by the U.S. Department of Labor, is extremely misleading,” declared Jim Clifton, chairman and CEO of Gallup Inc. in an opinion piece on the company’s website, observed Grumpy Editor.

That statement didn’t rattle major media, despite the fact it came from the head of an 80-year-old research-based, global performance-management consulting company, noted for its Gallup Poll, with 30 offices in almost two dozen countries.

“Right now,” continued Clifton, “we're hearing much celebrating from the media, the White House and Wall Street about how unemployment is ‘down’ to 5.6 percent. The cheerleading for this number is deafening. The media love a comeback story, the White House wants to score political points and Wall Street would like you to stay in the market.”

Clifton pointed out, “If you, a family member or anyone is unemployed and has subsequently given up on finding a job --- if you are so hopelessly out of work that you've stopped looking over the past four weeks --- the Department of Labor doesn't count you as unemployed.”   Currently, he added, “as many as 30 million Americans are either out of work or severely underemployed.”

He said few Americans know that an unemployed person performing one hour of work per week and paid at least $20 is “not officially counted as unemployed in the much-reported 5.6 percent.” Also, those with degrees working 10 hours part time but wanting full-time work are termed severely underemployed --- and also not counted in the 5.6 percent, he explained.

“Gallup defines a good job as 30+ hours per week for an organization that provides a regular paycheck,” said Clifton.  “Right now, the U.S. is delivering at a staggeringly low rate of 44 percent, which is the number of full-time jobs as a percent of the adult population, 18 years and older.”

 

FYI, IN CASE YOUR FAVORITE EDITOR MISSED THESE…

 At the annual National Prayer Breakfast in Washington, President Barack Obama greeted the Dalai Lama as “a good friend” and “a powerful example of what it means to practice compassion and inspires us to speak up for the freedom and dignity of all human beings.”  In reporting that, the Washington press corps overlooked the Tibetan spiritual leader’s departure from the White House five years ago when he was ushered out a side door (some referred to it as back door), walking past big piles of bagged trash in the snow…NBC Nightly News anchor Brian Williams’ false claim of being on a helicopter forced down by Iraqi rocket fire in 2003 was broken by Travis Tritten, Stars and Stripes reporter in Washington, D.C…With saber rattling in Washington, the U.S. Army has fewer than 500,000 active-duty soldiers for the first time in 10 years…The Washington Post reported 64 percent of investigative journalists surveyed by Pew Research Center and Columbia's Tow Center for Digital Journalism believe the U.S. government has "probably collected data" on their communications with the number rising to 71 percent from investigative reporters who cover national security, foreign affairs or the federal government…In response to the previous day’s move by Washington to revive long-stalled six-nation talks on denuclearization, North Korea on Wednesday ruled out resuming dialogue with the "gangster-like" U.S. and vowed to respond to any U.S. aggression with nuclear strikes and cyber warfare.  That follows similar lines heard since the mid 1950s…Dramatic footage of the low-flying TransAsia aircraft that hit a highway barrier and crashed into a river in Taiwan, killing at least 40, was captured on a dashboard video camera --- with no print or broadcast media crediting the vehicle’s driver…The 113-year-old Waurika News-Democrat, one of Oklahoma’s oldest newspapers, printed its final edition Wednesday.  The weekly’s management cited "difficult economic conditions"…TV news anchor gets an exclusive.  Savannah, Ga. WSAV’s Russ Riesinger was shopping at a PetSmart when a man walked in, announced he was robbing the store, grabbed cash from the registers and took off.  But not far.  Riesinger chased the man and held him until police arrived…Ouch!  The University of California will require incoming students in 2017 to be screened for tuberculosis and vaccinated for measles, mumps, rubella, chicken pox, meningococcus, tetanus and whooping cough…The Internal Revenue Service said budget cuts this tax season resulted in a limited amount of federal tax forms and instruction booklets usually placed in libraries and post offices…Eastman Kodak Co. said it will continue to manufacture motion picture film.

Oops!  A front page Wall Street Journal story on license plate tracking placed Nevada among states that border Mexico.

Related articles

Deadly Washington subway black smoke leaves questions

Bright economic news laced with negative developments

Obama cites climate change as biggest threat facing U.S.

Fed figures vary as S.S. COLA calculation time nears

Financially squeezed retirees will be observing prices closely in the July-August-September quarter, since that’s the period the government bases its cost of living adjustment (COLA) for Social Security payments starting in January and already June figures --- released three days apart last week from two government agencies --- showed some wide variations as eyes are fixed on inflation that is quietly stirring on the sidelines, notes Grumpy Editor. 

Focusing solely on the vital food element, the U.S. Department of Agriculture (USDA), while emphasizing to media that overall food inflation will remain near the historic norm this year, went on to somewhat contradict itself by mentioning:

■  The drought in California, a prime source for supermarket products, “could potentially have large and lasting effects on fruit, vegetable, dairy and egg prices” while drought conditions in Texas and Oklahoma “could drive beef prices up even further.” The USDA predicted wholesale beef prices advancing 8 to 9 percent this year with pork prices jumping 10 to 11 percent.  In contrast, the Bureau of Labor Statistics (BLS) said, “dairy and related products turned down in June.” 

■  Before the lack of irrigation water in California smacked vegetable crops, thus boosting prices, the USDA expected 2.5 to 3.5 percent “food inflation” this year. 

■  Also facing higher prices:  fish and seafood due to decreased supplies of some species and higher consumer demand. 

■  News from the BLS cited food costs, after surging in recent months, slowed to a tiny 0.1 percent rise in June from the prior month when it gained 0.5 percent.  That, added the BLS, put June with the smallest monthly increase since January and thus lowered the annual increase in food prices to 2.3 percent from 2.5 percent in May.

Into the final COLA mix, of course, also goes medical, energy, shelter, apparel, new vehicles, among other items.  (CPI-W is the basis for the 2015 Social Security COLA, stemming from the third quarter.) 

The latest tally put the consumer price index on all items in the 12 months to June up a rather modest 2 percent --- with the BLS noting (contrary to the USDA report) “the food index decelerated in June.” 

A Rasmussen Reports survey earlier this month revealed 88 percent of U.S. adults said they are paying more for groceries this year than in 2013.

 

IN CASE YOUR FAVORITE NEWS OUTLETS MISSED THESE...

 

Major media aren’t on to this yet:  Some young illegal border crossers are being transported around the country by --- U.S. Coast Guard aircraft…Grabbing much media attention (especially broadcast news) last week was the report of a female burglary suspect, 28, who was shot dead outside the home of an 80-year old man in Long Beach, Calif. after she allegedly shouted, "Don't shoot me! I'm pregnant ---I'm going to have a baby."  However, there was little follow up following word from the coroner Friday that the woman was NOT pregnant...Attention news release writers:  Chicago-based communications firm Greentarget noted journalists are bombarded with press releases, with 45 percent of them getting 50 or more a week while 21 percent receive at least 100 --- with the majority of recipients spending less than 60 seconds looking at them…New York Daily News trimmed 17 more newsroom staffers…Another HOA in action:  Lake of the Pines Homeowners Association, Auburn, Calif., told a Vietnam War veteran who --- for a decade --- has been building furniture in his garage and giving it to needy families to shutter his activities or be fined between $100 and $1,000.  “I don’t make a profit. The money I spend is my own money, my own time and talents,” said Dennis Kocher …In the “huh?” department:  Pentagon operations in the U.S. and overseas are threatened by climate change.  "The effects of the changing climate affect the full range of department activities, including plans, operations, training, infrastructure, acquisition and longer-term investments," said Daniel Chiu, a deputy assistant secretary of defense…Congress departs on a five-week vacation this week.  A key reason not much has passed:  Senate majority leader Harry Reid (D-Nev.) has 330 bills piled up in his office…Associated Press reports that after spending nearly $300 million on a new computer system to handle disability claims, the Social Security Administration still can't get it to work --- and officials can't say when it will.  AP mentioned Maryland-based Lockheed Martin was selected in 2011 as the project’s prime contractor…Alan Murray moves into the editor’s office at Fortune magazine on Aug. 25.  He was president of Pew Research Center in Washington, D.C., and earlier worked at The Wall Street Journal and CNBC.

 

A steamy TV spot for Carl’s Jr. and Hardee’s pairs swimsuit model Hannah Ferguson and actress-entertainer Paris Hilton promoting the Texas BBQ Thickburger.  Yes, it employs the old soaping down a big, muddy pickup truck routine and munching on the monster sandwich.  See the footage here.

 

Social Security recipients COLA boost looming for 2015?

After several years using the term, it looks like print and broadcast media finally will be forced to shelve “tame” in connection with describing the inflation level as the latest year-over-year gain in the Labor Department’s consumer price index jumps to 2 percent, notes Grumpy Editor. 

It also means there is hope for Social Security recipients getting a larger cost of living adjustment (COLA) for 2015.  The COLA for this year was a modest 1.5 percent 

The consumer price index (CPI) rose a seasonally adjusted 0.3 percent last month from March as higher costs from food to energy pushed prices upward.  Meat prices, for example, last month posted the largest jump in 11 years. 

That puts the inflation rate at 2 percent through the 12 months ended in April. 

But, with most of Washington looking the other way when inflation is mentioned, one still has to be cautious.

Grumpy Editor points to a Nov. 18, 2010 posting in this space that mentioned a headline over an Associated Press story:  Consumer prices rise moderately but inflation tame. 

Important to observe will be CPI figures from July, August and September.  They will be averaged out to determine the COLA for Social Security recipients and others next year. 

Next inflation rate update is slated for release on June 17.

 

In case you missed these…

VA WHISTLEBLOWER WEB SITE CREATED.   VAoversight.org is a joint effort of the Iraq and Afghanistan Veterans of America and Project On Government Oversight (POGO).  It gives whistleblowers the option of providing contact information and features bold-face warnings to avoid using a government computer or phone to submit complaints. “Whistleblowers shouldn’t have to go it alone. We can help whistleblowers hold the VA accountable, and keep the focus on solutions rather than attempts to hunt down those who voiced concerns,” said POGO Executive Director Danielle Brian.

 

IMAGINE, STRAIGHT NEWS REPORTING.  Heritage Foundation, Washington-based conservative think tank, on June 3 debuts Daily Signal a digital news site.  It will focus on “true, straight-down-the-middle journalism,” said Geoffrey Lysaught, Heritage’s vice president of strategic communications.

 

DOES ELEANOR READ NEWSPAPERS, WATCH TV NEWS?  During a discussion of Benghazi on “The McLaughlin Group” on PBS, liberal columnist Eleanor Clift declared U.S. Ambassador J. Christopher Stevens wasn’t really murdered but rather died from “smoke inhalation in a CIA safe room.”  Fellow panelists were quick to set her straight, pointing out Stevens’ death (along with three other Americans) stemmed from a terrorist attack.

 

FRENCH FOREIGN MINISTER SEES CLIMATE CHAOS BY LATE 2015.  The world has “500 days to avoid climate chaos,” French Foreign Minister Laurent Fabius warned in Washington. “I know that President Obama and John Kerry himself are committed on this subject and I’m sure that with them, with a lot of other friends, we shall be able to reach success in this very important matter,” added Fabius.

 

GANNETT BUYS TV STATIONS IN LONE STAR STATE.  Gannett Co., adding to its growing list of TV stations, agreed to buy six more from London Broadcasting Co. for $215 million.  All are in Texas.

 

NOW, WHICH AUTO WAS THAT?  During CBS’s “48 Hours” on Friday, FOUR auto commercials from different manufacturers ran in tandem.  This sort of thing, confusing viewers, never happened during earlier network days when only one commercial for an advertiser in its field ran during an hour.

Fed words, fiscal cliff, sales, prices point to jitters

In efforts to snatch a clue on what lies ahead financialwise, many investors, market observers, economists --- and business writers --- will be keeping ears zeroed in on what Federal Reserve Chairman Ben Bernanke has to say during a news conference at the conclusion of today’s last 2012 Federal Open Market Committee meeting, reminds Grumpy Editor. 

Words will be scrutinized in attempts to sniff out any indication of coming interest rates, near zero for several years. 

A stock market reaction likely will follow, sometime after 2:15 p.m., Eastern. 

Any change in the federal funds rate is destined to trigger a chain of events that affect short-term interest rates, long-term interest rates, foreign exchange rates, the amount of money and credit, and, ultimately, a range of economic variables.

Along with the stock market direction, that includes employment, manufacturing output plus prices of goods and services. 

Also closely watched today will be any development on the “fiscal cliff” out of Washington. 

It all points to what could be a turbulent next two days. 

Due out tomorrow are retail sales and producer prices for November along with the latest week’s initial jobless claims figures. 

On Friday, industrial production for November and the consumer price index are released.

Pew: Reading print papers ebbs; digital platforms grow

Print editors saw the material, but few ran the findings:  only about one fourth of Americans now read print newspapers, notes Grumpy Editor.

Pew Research Center for the People & the Press, in its 2012 news consumption survey, finds “just 23 percent” read a print newspaper as “many readers are now shifting to digital platforms to read the papers.”

That compares with 38 percent in 2006 and 41 percent a decade ago.

Obviously, print editors are reluctant to run screaming headlines about dwindling print readership.

“Figures for newspaper readership may not include some people who read newspaper content on sites that aggregate news content, such as Google News or Yahoo News," Pew points out.

“Substantial percentages of the regular readers of leading newspapers now read them digitally,” mentions Pew.

“Currently, 55 percent of regular New York Times readers say they read the paper mostly on a computer or mobile device, as do 48 percent of regular USA Today and 44 percent of Wall Street Journal readers, adds Pew.

+++++++++++++++++++++++++++++++++++++++++++

Newsweek departs print version with Dec. 31 issue

Print versions are fading on the magazine front, too.

Newsweek, after undergoing internal and external contractions over the past five years, today announced it will abandon its print edition. 

The Dec. 31 issue will be its last print version. 

The weekly news magazine’s first issue hit newsstands on Feb. 17, 1933.

Plans call for it to go to an all-digital format “in early 2013” as Newsweek Global.

 

 

Early numbers point to lower 2013 COLA for seniors

Seniors looking for a 2013 cost-of-living-adjustment on par with this year’s 3.6 percent COLA may be disappointed, sees Grumpy Editor. 

Media have been quiet on this outlook but the way things are shaping up, Social Security recipients will be lucky to get half that increase starting in January. 

Despite Americans getting hit harder in the wallet, especially with food and energy, the U.S. Bureau of Labor Statistics maintains consumer prices remained steady last month, continuing the long-heard line that “inflation pressures are contained” --- or “tame,” as the media like to describe it. 

Figures from July, August and September will be averaged out to determine the 2013 COLA for about 60 million Social Security and Supplemental Security Income recipients. 

BLS figures released last Wednesday show the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) increased 1.3 percent over the last 12 months.  But for July, the index decreased 0.2 percent prior to seasonal adjustment. 

The CPI-W index for the third quarter this year vs. the like quarter last year is the key factor in determining the SS and SSI increase for 2013. 

Seniors can get another hint of the CPI direction with BLS’s release of August figures on Sept. 14.

 

Bloomberg Businessweek among magazines seeking input

Magazines, nervous about sinking circulation numbers, are sending out more surveys to readers these days, notes Grumpy Editor. 

Bloomberg Businessweek got into the act with a dozen Web pages seeking input on “how important or unimportant are each of the following attributes in determining whether you read or subscribe to a business/financial news magazine.” 

It sought one response for each item labeled very unimportant, somewhat unimportant, neither important nor unimportant, quite important or very important. 

Among subjects: 

Helps me generate actionable insights 

Is a thought leader and innovator 

Prepares me to lead the conversation 

Presents an intriguing perspective on important issues 

Is smart, demonstrates alertness and quickness of thought 

These were dandy for research and marketing folks to mull and digest. 

But for long-time readers, nowhere was there mention on simply how to improve the publication. 

Bloomberg Businessweek, mysteriously, does not include a staff box in each issue.  Thus, readers have no easy way to email editors or writers with news tips or prompt feedback. 

Now, that would come under the very important category in any survey.

+            +            +            +            +            +            +        

In Part II tomorrow (July 20), Grumpy Editor will have some things to say about this week's issue of Bloomberg Businessweek.      

 

 

Internet, cell phones attract more usage by seniors

Older Americans are taking to the Internet and cell phones more, after several years of little growth, notes Grumpy Editor. 

Information from the Pew Internet & American Life Project finds 53 percent of adults 65 and older now use the Internet or email. 

It marks the first time that more than half of the gray-hair crowd is going online.

This means more time online takes away from reading daily newspapers. 

On a typical day, 86 percent of Internet users in the 65-plus bracket use email for communications, according to the survey. 

Findings are based on March-April telephone interviews by Princeton Survey Research Associates International. 

While online, seniors are busy in other areas, too. 

About one third (34 percent) focus on social networking sites such as Facebook, with 18 percent doing so on a typical day. 

Seniors also are taking to cell phones more. 

The survey uncovers 69 percent of the 65-plus group say they have a mobile phone.  That’s up from 57 percent two years ago.

 

Confusion continues on inflation: trending up or down?

So which way is inflation headed --- up or down?  With release of the consumer price index for April, confusion still reigns, notes Grumpy Editor. 

The headline on a May 15 news release from the Bureau of Labor Statistics read:

CPI all items unchanged in April as decline in energy index offsets other increases

Working off the BLS data, a Wall Street Journal story followed that with its own headline:

Inflation Eases as Gasoline Prices Fall 

The BLS lead spelled out, “On a seasonally adjusted basis, the Consumer Price Index for All Urban Consumers was unchanged in April after increasing 0.3 percent in March.  The index for all items less food and energy rose 0.2 percent in April, the same increase as in March." 

That’s where the confusion starts with words unchanged and rose in the same paragraph. 

As the WSJ pointed out, the CPI “measures what Americans pay for everything from breakfast cereal to doctor visits.” 

So that was heralded as unchanged, according to the BLS, from March to April. 

But then “core” prices entered the picture. 

The BLS news release indicated, “The index for all items less food and energy rose 0.2 percent in April, the same increase as in March.  Increases in the indexes for shelter, used cars and trucks, medical care, airline fares, new vehicles and apparel all contributed significantly to the April increase.” 

With that, the WSJ story added core prices “were up 2.3 percent from a year ago --- matching the biggest 12-month increase in this category since September 2008.” 

Now are you briefed on which way inflation is going.