Trump just claimed stock market gains actually offset national debt (CNBC)
"As you know, the last eight years, [the federal government] borrowed more than it did in the whole history of our country," Trump said. "So they borrowed more than $10 trillion, right? And yet we picked up $5.2 trillion just in the stock market. Possibly picked up the whole thing in terms of the first nine months, in terms of value...So you could say, in one sense, we're really increasing values. And maybe in a sense we're reducing debt. But we're very honored by it."
How Domino’s Persuaded Wall Street to Lend to It For Less (WSJ)
The practice, known as whole-business securitization, is enabling companies to issue bonds more cheaply by effectively giving lenders more-direct access to the most valuable pieces of their enterprises. The companies that have done these deals tend to have stable cash flows, but many would likely have trouble getting investment-grade ratings if they wanted to issue typical corporate bonds, market participants say.
Goldman Has a New Way for You to Bet on the Next Banking Crisis (BBG)
Underlying these trades are securities known as additional Tier 1 notes, which banks started issuing after the European debt crisis. They seek to protect taxpayers from bearing the cost of government bailouts, bringing with them relatively high yields. In an era of near-zero interest rates, they’ve become sought after by debt investors around the world, ballooning into a $150 billion market.
There’s a link between CEOs who torture the English language and poor stock performance (MarketWatch)
The researchers scored the complexity of the language used by executives. They went further, using the recorded transcripts to track executives’ pauses, repetition of words and other factors to incorporate the “tone” of the call into their statistical analysis. “Academic research shows when management is trying to hide bad news, they use language that is not easily understood. In so doing, they eat up time, so there is less time for the Q&A with the analysts on the call,” Pope said.
Wall Street Is the New Fantasy Island (Businessweek)
The price-to-fantasy ratio can be useful because it shows just how much of those rosy estimates investors actually believe will come true. Right now, fanciful thinking abounds. The current price-to-fantasy ratio is 15.9. That's higher than the ratio, which has averaged 12.3 over the past decade and a half, has been in a while.
The Napa Fire Is A Perfectly Normal Apocalypse (Wired)
Cities are not immortal. Economics and wars can kill them, but so can storms and fires. That’s especially true if cities aren’t built to resist—if cities are built in ways that make the change worse instead of fighting it.
Uber, Lyft reduce transit use, increase vehicle miles (SF Chronicle)
“Ride-hailing is currently likely to contribute to growth in vehicle miles traveled in the major cities represented in this study,” the authors wrote. Given that likelihood, policymakers should consider giving priority to high-occupancy vehicles through methods such as congestion pricing and priority lanes, the report said.
The USMNT Got Exactly What It Deserved (Deadspin)
In retrospect, no one should’ve expected anything other than what happened down in Couva, Trinidad. The USMNT played the same tentative, passionless, uninspired, plodding game they have time and again in this qualifying cycle, and Trinidad & Tobago punished them just as Mexico and Costa Rica and Panama and Honduras had before. Once again Christian Pulisic demonstrated his enormous talent and stratospheric potential, which once again only made the contrast in ability between him and every single one of his vastly inferior teammates that much starker. No honest, clear-eyed follower of this team could credibly argue that the U.S. are anything other than a poorly managed bunch made up of Pulisic, maybe one or two other players who aren’t completely worthless on the high-level international stage, and a whole lot of hardworking but untalented scrubs.
Tina Fey’s sitcoms kept making Harvey Weinstein references before scandal (NYDN)
“I’m not afraid of anyone in show business,” Maroney tells Tracy Jordan (Tracy Morgan). “I turned down intercourse with Harvey Weinstein on no less than three occasions...out of five.” The other reference again featured Maroney. “Look, I get it. I know how former lovers can have a hold over you long after they’re gone,” she said in season 7. “In some ways, I’m still pinned under a passed-out Harvey Weinstein, and it’s Thanksgiving.”