News Dump Sunday: By The Numbers Edition

14%

Negative wealth is on the rise in the United States and according to the New York Federal Bank of Reserve, student loans have become a predictor of shrinking assets of many families. Households have negative wealth when debts are greater than total cash and non-cash assets.
About 15.1% of U.S. households have total wealth at or below zero, while another 14% are well below the zero or break-even threshold, according to an August 1, 2016 New York Fed report, "Which Households Have Negative Wealth?"
"We find that the heads of such households are younger than their counterparts in households with non-negative wealth—an average age of 43 compared to 51," said Olivier Armantier, assistant vice president of the New York Fed's research and statistics group who, with senior vice president of research and statistics Wilbert Van der Klaauw wrote the report. "Moreover, we find the association between having negative wealth and the head of household's age to be stronger for those with a college degree and especially so for those with postgraduate degrees." They added that it is likely that steady growth and borrowing, combined with a very slow rate of repayment, "has materially contributed and will contribute to negative household wealth and wealth inequality."

36%

Hong Kong-based Bitfinex said all users will lose 36 percent of their deposits after the bitcoin exchange concluded its review of a $71 million hacking attack.
“After much thought, analysis, and consultation, we have arrived at the conclusion that losses must be generalized across all accounts and assets,” the exchange wrote in a blog post on Saturday. “In place of the loss in each wallet, we are crediting a token labeled BFX to record each customer’s discrete losses.”

3 of 8

The African National Congress lost its stranglehold on South African politics as voter discontent over a struggling economy, a scarcity of jobs and scandals surrounding President Jacob Zuma handed it the worst performance in an election since Nelson Mandela swept it to power in 1994.
The ANC’s support dropped to 54.5 percent in an Aug. 3 local government election from 62.2 percent in a national vote two years ago. It was relegated to the second-biggest party in the capital, Pretoria, and southern city of Port Elizabeth, and gave up outright majorities in financial center, Johannesburg, and its industrial hub neighbor Ekurhuleni. The party now controls by itself only three of the country’s eight metropolitan areas.
The ANC has struggled to meet its pledge to reduce a 27 percent unemployment rate and income inequality, as low commodity prices, a weak global economy and power shortages constrained growth. The central bank expects the economy to stagnate this year and the nation is at risk of having its credit rating cut to junk by S&P Global Ratings in December.

400

Adding to the ever-growing number of US ground troops in the “no boots on the ground” war in Iraq, Army officials announced yet another significant deployment from the 2nd Brigade Combat Team of the 101st Airborne Division, from which some 400 troops will be sent to Qayara, just south of Mosul.

ISIS are no longer the toughest Syrian rebels

Syrian rebels cut through government forces in southern Aleppo, Al Jazeera TV reported Saturday, ending a weeks-long siege of 275,000 civilians in opposition-controlled neighborhoods in the city.
The rebel offensive, led by an Islamist alliance that includes fighters formerly pledged to al-Qaeda, overran several military bases this week. Syrian government forces, supported by Iranian-backed militias and Russian air power, besieged eastern Aleppo in July in what a monitoring group said was their most significant advance in the province since 2013...
Separately, U.S.-backed Kurdish and Arab fighters expelled Islamic State militants from Manbij, a city about 90 kilometers (56 miles) east of Aleppo, according to Al Arabiya TV. Manbij is about 100 kilometers northwest of Raqqah, capital of Islamic State’s self-proclaimed caliphate, and served as a staging area for transporting jihadists in and out of Turkey.
Share
up
0 users have voted.

Comments

ho-hum

 Even many center-left outlets barely touched on the massive mission creep. To give some perspective, Slate, Mother Jones, and Buzzfeed News all ran more stories about Trump’s dust-up with an infant than they did on what was effectively the start of a new war. ABC World News Tonight mentioned the Libyan air strikes for only 20 seconds, 13 minutes into the show, and NBC Nightly News didn’t mention the air strikes at all. The president’s announcement that the United States is bombing a new country has become entirely banal....
 Meanwhile, an anti-ISIS bombing campaign that began as “limited,” “targeted” air strikes in Iraq two years ago expanded to Syria six weeks later, to Afghanistan in January of this year, and to Libya this week. Combat troops and special forces have also crept into play, with US military personnel first appearing in Iraq and Syria in 2014, 2015, or 2016, depending on how one defines “boots” and “ground.”
 The question pundits should be asking themselves is this: Had Obama announced on August 7, 2014, that he planned on bombing four countries and deploying troops to two of them to fight a war with “no end point,” would the American public have gone along with it? Probably not.
To authorize his perma-campaign, Obama’s administration has dubiously invoked the 15-year-old, one-page Authorization for Use of Military Force, passed three days after 9/11. The president has to do this, the White House and friendly media claim, because Congress “refuses” to act to authorize the war (notice that’s a rubber-stamp question of when, not if). But such apologism largely rests on a tautology: Congress doesn’t have a sense of urgency to authorize the war because the public doesn’t, and the public doesn’t because the media have yawned with each new iteration.
up
0 users have voted.
davidincleveland's picture

anyhow. Seriously, since our constitution requires Congress to actually "declare war" rather than merely "authorize use of military force," I'd say the current POTUS is simply continuing an illegal act. Calling it a fourth war would bring attention to its reality, and neither the government nor the fourth estate wants that spotlight. Congress hasn't authorized a war since I was a 5 month old fetus.

up
0 users have voted.

Please consider subscribing monthly, to help keep c99 going.

all wrong. It's no longer war. Now, it's just a good business opportunity. /s

up
0 users have voted.

One in three American adults have debt that has been sent to a collection company.

A problem that is not immediately obvious is that when so much money is involved, it becomes worthwhile for financial vultures to buy and repackage the debt for resale. An issue to this is that much of the debt is bogus to begin with and/or from an entity that has declared bankruptcy. Once it's in the hands of the financial manipulators and sold, it doesn't matter, the profit has been made and someone will relentlessly come after you for the money.

Say you, and others, were fraudulently bilked for a service or product never delivered and the company is bankrupt and no longer exists. Normally, you don't owe but since your debt has been bundled, it becomes part of a new legal product and you'll be hounded for payment. The issuer of the fraudulent product/service is gone, off the hook, but you are not because of the bundling by the financial company that bought your debt.

up
0 users have voted.

"The justness of individual land right is not justifiable to those to whom the land by right of first claim collectively belonged"

earthling1's picture

Feudalism here we come.
Sorry 'bout dat. Deal with it , don't bitch.
Cause it's the american way. Things were going swimmingly until those damned Roosevelt's showed up.

Edit. I don't really need a snark tag , do I?

up
0 users have voted.

Neither Russia nor China is our enemy.
Neither Iran nor Venezuela are threatening America.
Cuba is a dead horse, stop beating it.

Trust us

The plot: shady individuals in the U.S. government load up a huge cargo plane with pallets of stacked hundred-dollar bills — close to $400 million in total — and fly them off to Switzerland, where they are covertly exchanged for Swiss Francs, Euros and other currencies, then sent on to Iran. All this under a shroud of secrecy and in the darkness of night. The cargo plane with the mountain of laundered cash lands in Tehran and moments later, another plane takes off with some American hostages, who are now free to return to the United States.

A spokesman for the U.S. State Department (I see Charlie Sheen in this challenging role) claims that there is “no connection” between the release of the hostages and the $400 million delivered to the very same airport where the hostages were waiting to be flown out. And he flatly rejects a statement from one of the hostages who said that they were kept on the tarmac in Tehran for “hours and hours,” while their handler told them they were “waiting for another plane (and) if that plane doesn’t come, we never let (you) go. ” The cash arrives in Tehran; the hostages leave Tehran. No connection. Pure coincidence.

up
0 users have voted.

I would arch an eyebrow or involuntarily have a sharp intake of breath, but we do, Barack Obama promised it, so I guess it's synchronicity, which Prof. Jung told us is an acausal motivational syndrome.

up
0 users have voted.

"The justness of individual land right is not justifiable to those to whom the land by right of first claim collectively belonged"

Hillbilly Dem's picture

When he leaves office next January, PBO's a lock to smash Cal Ripken Jr's streak of 2,632 consecutive MLB games played when he finishes with 2,922 consecutive days of America at war!

up
0 users have voted.

"Just call me Hillbilly Dem(exit)."
-H/T to Wavey Davey

of war - every minute of every day of every year - in office.

I stand abashed: As one of my heroes said, in another context: No more hot dogs for you(me) - Thanks Hasil A.!!

up
0 users have voted.

"The justness of individual land right is not justifiable to those to whom the land by right of first claim collectively belonged"

Hillbilly Dem's picture

up
0 users have voted.

"Just call me Hillbilly Dem(exit)."
-H/T to Wavey Davey

Music giant from Madison, WV

up
0 users have voted.

"The justness of individual land right is not justifiable to those to whom the land by right of first claim collectively belonged"

Hillbilly Dem's picture

He was born and lived in Boone County. Also the home of, for better or worse, Jesco White "The Dancin' Outlaw".

up
0 users have voted.

"Just call me Hillbilly Dem(exit)."
-H/T to Wavey Davey

other way. I know Jesco dearly loves Elvis and can dance up a storm but he's unpredictable, to say the least.

Hasil believed in his music and the people of Boone county would turn out to the packette basement clubs to see him and hoist a few.

When I was visiting Boone County I am pretty sure there was just one traffic light in the county and that one was in Madison.

up
0 users have voted.

"The justness of individual land right is not justifiable to those to whom the land by right of first claim collectively belonged"

Hillbilly Dem's picture

That is so cool. I'm born, raised and still live in West "by God" and let me tell you, that is cool that you knew the man. My brother met Jesco once. Jesco liked him. He told my brother "God will take care of you, brother. Just like He's gonna take care of those motherfuckers that burned down my trailer."

up
0 users have voted.

"Just call me Hillbilly Dem(exit)."
-H/T to Wavey Davey

In Madison, I bought a cold case of 16 oz Buds and snacks(mostly meat) and drove the relatively few non main roads figuring I'd recognize his place.
Found it, (took a while),found him, got out and said who I was and that I was an admirer and was invited over to the porch and then invited to have a Bud. We talked for an hour, got along fine, and it was a nice day. Talked about country music of the 50s and 60s and rockabilly. I didn't want to impose anymore so I said my goodbyes and had a smile on my face driving home.
I found him to be sincere and a decent guy - I was very much pleased that I got enough nerve to do it and that he seemed to appreciate seeing a fan. (Should have gotten a tub of KFC - Hasil on his last album wrote a song called KFC and always had nice things to say about Colonel Sanders.)

(As I said before, I would seek to avoid Jesco White - no offense but my reaction to what I've heard.)

up
0 users have voted.

"The justness of individual land right is not justifiable to those to whom the land by right of first claim collectively belonged"

Hillbilly Dem's picture

both Ol' Haze and Jesco.

up
0 users have voted.

"Just call me Hillbilly Dem(exit)."
-H/T to Wavey Davey

Hasil Adkins CDs I can find and even like his mostly country recordings. He had a very good voice and feel for the music.

One of a kind I think.

up
0 users have voted.

"The justness of individual land right is not justifiable to those to whom the land by right of first claim collectively belonged"

pressed on that. His hole attitude(to me) was 'What the fuck You all gonna do about it'?'
Beyond sad. And FUCK his 'new' war!

Edit: for bad grammar.

up
0 users have voted.

Ya got to be a Spirit, cain't be no Ghost. . .

Explain Bldg #7. . . still waiting. . .

If you’ve ever wondered whether you would have complied in 1930’s Germany,
Now you know. . .
sign at protest march

It's a thing

Thousands of people are fleeing the conflict roiling Afghanistan, but American backpacker John Milton recently made the reverse journey to the war-ravaged country — for a holiday.

Armed with little more than travel guidebooks and an unflagging spirit of adventure, hardy bands of “war tourists” such as Milton visit Afghanistan’s pristine mountains and medieval ruins every year, ignoring warnings of kidnappings and bombings.

A Taliban attack on Thursday on a group of American and European tourists in western Herat province, which left some of them wounded, has brought into sharp focus such global thrill-seekers who imperil their lives to vacation in war zones.

“Visiting conflict zones and off-the-beaten-path destinations is so much more rewarding than the usual global tourist destinations,” said Milton, a 46-year-old former investment banker, who visited Afghanistan in June and has also vacationed in Somalia and North Korea.

“(My) family and friends think I am a fool to take such risks but… if you are not willing to risk the unusual, then you will have to settle for the ordinary. I just don’t want to die without having any scars!”

In Thursday’s attack a tourist bus carrying eight Britons, three Americans and one German national came under Taliban fire as it was being escorted through a volatile district in Herat by the Afghan army.

The attack, which left seven people wounded including the Afghan minibus driver, prompted scorn on social media, with many questioning why the tourists were travelling overland at a time when most Western embassies warn their citizens against all travel in the country.

The owner of Hinterland Travel, a Britain-based adventure travel agency which reportedly organized the tour, was also said to be among the injured and was pilloried for what was widely perceived as recklessness. He was not reachable for comment.

‘Worth the risk’

But warzone tourism is hardly limited to Afghanistan.

In 2013, Japanese trucker Toshifumi Fujimoto, bored with his humdrum job, jaunted through the war-torn Syrian city of Aleppo, telling AFP that his previous adventures had taken him through Yemen among other Middle East hotspots.

Such tourists are the exception rather than the norm, said James Willcox, founder of another England-based adventure travel operator Untamed Borders, which organizes trips to Afghanistan, Somalia and Somaliland.

Read more: http://newsinfo.inquirer.net/803693/war-tourism-in-afghanistan-adventure...
Follow us: @inquirerdotnet on Twitter | inquirerdotnet on Facebook

up
0 users have voted.
earthling1's picture

I won't even go to Tijuana.

up
0 users have voted.

Neither Russia nor China is our enemy.
Neither Iran nor Venezuela are threatening America.
Cuba is a dead horse, stop beating it.

oops

For years, rings of scammers in West Africa have stolen money from companies through a technique known as "Business Email Compromise," or BEC, in which they use internal corporate email accounts to execute fraudulent financial transactions. Or, in another approach known as “spoofing,” scammers have impersonated a CEO’s email from an external account to persuade an employee to send a wire transfer to their own bank account.

The SecureWorks experts say wire-wire, which is how criminals refer to the new type of attack, represents a more sophisticated approach to BEC that is harder to detect. Bettke and Stewart discovered the ring in February when five of the scammers self-infected their own computers with the same malware they were using to steal from others. Such errors are a surprisingly common way for security researchers to get an inside look at scammers’ operations.

For months, the malware automatically loaded screenshots and keystrokes from compromised computers to an open web database. One of the infected scammers also frequently trained new scammers, which revealed even more details about their techniques.

up
0 users have voted.
mimi's picture

up
0 users have voted.
Alphalop's picture

up
0 users have voted.

"I used to vote Republican & Democrat, I also used to shit my pants. Eventually I got smart enough to stop doing both things." -Me