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Judd Legum
@JuddLegum
, 5 tweets, 2 min read Read on Twitter
1. Sears is widely viewed as a story of the OLD economy. The once mighty chain that revolutionized the retail industry missed the new trends.

But Sears is really an example of what's wrong with the MODERN economy.

popular.info/p/vampire-econ…
2. Sears' problems really started when its leaders started treating it not as a company with workers and customers, but as a financial asset. The purpose was to squeeze out as much cash as possible. The actual work of the company became irrelevant.

popular.info/p/vampire-econ…
3. This was paired with apparent self-dealing designed to benefit the CEO at the expense of the long-term interests of the company.

These shady deals were approved by the CEO's handpicked board, including his former roommate, Steve Mnuchin.

popular.info/p/vampire-econ…
4. Now workers are stuck between liquidation, where they will definitely lose their jobs and getting "saved" by the man that basically destroyed the company. No good options.

popular.info/p/vampire-econ…
5. The economy wasn't always like this. Companies were not always treated as a financial asset to be manipulated. The actual business mattered.

Absent change, there will be more companies that end up like Sears.

For more, subscribe to my newsletter at popular.info
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More from @JuddLegum see all

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Judd Legum
@JuddLegum
1. There is a lot of focus on the damage Trump is doing to the country and the world.

But, as folks pay attention to that, there is an opportunity cost as we ignore larger systemic problems

Exhibit 1: The accelerating concentration of wealth worldwide

popular.info/p/obscene-weal…
2. The stats from the new OxFam report are stunning.

In 2018, just 26 people owned as much wealth as the 3.8 BILLION PEOPLE who make up the poorest half of humanity

popular.info/p/obscene-weal…
3. In 2018, the world's billionaires got $900 billion richer.

The poorest half of humanity saw their wealth DECREASE by 11%.

The entire health budget of Ethiopia, a country over over 100 million, is equal to 1% of Jeff Bezos' wealth

popular.info/p/obscene-weal…
Read 5 tweets
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Judd Legum
@JuddLegum
1. After being banned from entering the U.S. for 12 years, this man showed up at the Trump Hotel last Thursday.

The previously untold story of how he got there illustrates how you can buy influence in Trump's Washington.

Let's go.

popular.info/p/what-does-a-…
2. You might have heard of Atiku Abubakar, the former vice president of Nigeria, because the FBI alleged he demanded a $500K bribe from former Rep William Jefferson. That was the guy with cash in his freezer who is currently serving a 13 year jail sentence popular.info/p/what-does-a-…
3. Abubakar was also featured in a 2010 Senate report called "KEEPING FOREIGN CORRUPTION OUT OF THE UNITED STATES." It detailed how Abubakar funneled $40 million in "suspect funds" into the U.S.

Siemens admitted to sending a $1.7 million bribe

popular.info/p/what-does-a-…
Read 7 tweets
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Judd Legum
@JuddLegum
1. Some perspective on the BuzzFeed controversy

The central claim in BuzzFeed's story that Mueller disputes is this: Cohen "told the special counsel that after the election, the president personally instructed him to lie"

Mueller says Buzzfeed's "description" is "not accurate"
2. We know Cohen talked to Mueller's office and we know they discussed Cohen's decision to lie to Congress about when the pursuit of Trump's Moscow ended.

But what did Cohen say?

This isn't a mystery. There is a transcript. Sometime soon, the transcript should be released.
3. There is clearly some ambiguity about what Cohen told Congress. His lawyer wrote at one point that Cohen lied about the Moscow project "in accordance with Client-1’s directives" (Client-1 is Trump)

But in his allocation to the court, Cohen did not say he was directed by Trump
Read 6 tweets

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#Audacious
@arkinsquare
NEW KNOWLEDGE
What does this mean?
I found out that a lot of things we knew have either evolved with new truths or at totally changed now. If you keep up with what you once knew, you may not make the most of the present.
#NewKnowledge
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Welcome y'all to another broadcast on #Audacious, it sure promises to be enlightening.

#NewKnowledge
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Louis Hyman
@louishyman
In my history of consumption class, I teach about #Sears, but what most people don't know is just how radical the catalogue was in the era of #Jim Crow. #twitterstorians
Every time a black southerner went to the local store they were confronted with forced deference to white customers who would be served first.
And the store would be filled with racist caricatures of black people in an effort to sell to white people.
Read 13 tweets
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Ben Shapiro
@benshapiro
This, right here, would be the crux of The New Yorker's new story: the guy who says he heard about the Ramirez story second-hand referred The New Yorker to the guy who told him the story -- and that guy denied knowing about it.
So we've got Ramirez's account, plus a similar account from a third party who heard about the incident -- but no confirmation from the other guy who told him the story, and presumably saw the incident. Once again, completely public incident, no first-hand witnesses.
This New Yorker piece also tries to claim that Kavanaugh being a bully in high school means that Ford's allegations are true. As someone who was viciously bullied in high school, that's absurd.
Read 3 tweets
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Zafar Shaikh
@zafargs79
#New Traders, Understand #Mathematics Of #Profit In Market Before You Put Hard #Earned Money On Risk.

Expectancy = Success Rate x Reward Risk Ratio

Lets Talk About Expectancy Of Short Term Directional Trading System.

Read On (1/n)
Success Rate = No Of Profitable Tades/ No Of Loss Making Trades

Reward Risk Ratio = Average Profit Per Trade / Average Loss Per Trade

If Success Rate is 0.5 and Reward Risk 2, Then

Expectancy = 2 x 0.5 =1

For Making Profit, Expectancy Should Be Positive Number (2/n)
To Calculate Expectancy, You Need Defined System With Rules To Get Success Rate and Reward Risk. If You Have No System To Take Decisions, You Are Hanging In Thin Air and Will Never No Whether You Will Keep Making Or Loosing Money In Future (3/n)
Read 12 tweets
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ARC 2020
@ARC2020eu
#NEW on ARC2020: #CAP & #MFF | Eco-Spin without Public Goods Substance.
Its been 2 weeks since the MFF proposals, here's our round up of some of the perspectives so far.
All perspective-givers tagged in picture.
arc2020.eu/cap-mff-eco-sp…
What's needed?
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1: Sufficient funding for environmental measures in Pillar 1
2: Specifics for New Delivery Model
3: Flexibility for Pillar 1 to 2 transfers
4. Fund ANCs under Pillar 1
arc2020.eu/cap-mff-eco-sp…
#MFF #FutureofCAP #CAP
And who said: "unconditional direct income support to farmers is manifestly absurd in today’s world when it maintains uncompetitive farming practices that have negative implications for the climate, the environment or people’s health"?
Why @AnnikaAhtonen of @epc_eu
Read 8 tweets
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G. Elliott Morris📈🤷‍♂️
@gelliottmorris
#New PA cong. map increases D chance of winning the House majority by 4%. They only need a 6.8% generic ballot margin now (down from 7.7) to be favored.

Diff. will be closer to 10% in Nov when uncertainty from polls is ⬇️. Redraw is a very big deal.

One major reason the new PA map is such a big gain for Democrats is that it solidifies, not just tips, PA districts in Philly burbs. Also creates one additional vulnerable R district. (Easily seen in this map made by @JMilesColeman)
My forecasting model will have new PA map in the near future. This is not just a simple switch; it’s a coding redesign, restructuring of input, & drawing new geographic files. Takes a while (for me, a student).

In the meantime, just add 3-4% to the model: bit.ly/2018_house
Read 4 tweets

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