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General Electric has become an example of how not to run a a business. Once  a leader in American business it is now a shadow of its former self, and withered in many of its markets, with a slumping share price. This report in the WSJ shows how the involvement in banking and capital markets was the first error at GE that hit the company's share price hard during the global recession of 2009. Other decisions and a hard driving culture led to more mistakes leading to the current situation. By 2008 GE Capital brought 38% of GE's revenue, for a company that was a leader in infrastructure a huge misstep, and the start of the decline. In terms of company culture and management a more thoughful management style, a willingness of management to have self-criticism and different views represented are better for companies. A hard driving culture can hurt companies over time- here the example Jack Welch CEO, and Jeff Bornstein as CFO are given for this hard driving culture. Renault-Nissan is a recent example of CEO running into issues with the company's culture and profile developed under a larger than life personality. There is a lot to be said in favor of a gentler disposition, a healthy lifestyle, and a thoughtful style, in the management ranks of companies at all levels which produce better results. This serves as a part of Lessons in Management and Culture. ...

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Daisuke Wakabayashi's exceptional account of how Steve Jobs directed the project to develop the iPhone starting in 2005 upto to the introduction in 2007. At one point Jobs gives Christie, the engineer leading the very small project team, 2 months to put it together or he would find someone else to do it. This is similiar to the way in which Sony's Morita approached his project team working on the Walkman telling them what he wanted to see and the size of the device. Jobs payed attention to all the details from how the phone names addresses appeared on the screen, dialing from the phone book, the swiping action to start the device, the music, and the colors on the screen. Only in on the project's detail were Bill Campbell, Apple director, and Jony Ive, Apple design chief. Christie was approached by Scott Forestall in late 2004 about this secret project codenamed "Purple." Christie is the engineer who joined Apple in 1996 to work on the Newton, and early touch screen device that failed because the technology was not developed enough at the time, making the device bulky and cumbersome. Christie was working on software for Mac computers in 2004. Greg Joswiak, Apple vice president for iPhone marketing, monitored other phone makers to see if they were coming up with a device that migrated the iPod's music features to the phone. Hence the absolute secrecy for this project. The project team is amazingly small. The practice of small teams can be found at Amazon and Kayak....

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Alan Meltzer would like to see the Fed reverse its quantitative easing, and lower excess reserves gradually starting now. By this he hopes to see the Fed avoid the mistake of making a big shift from excessive ease to severe contraction further down the road. He also warns agains excessive deficit spending. He says a weak economy is not the time to cut spending or raise taxes, and he is not talking of draconian immediate steps. He would like to see a multiyear program to increase fiscal probity and reduce deficits size and frequency. As it stands now he takes both parties to task for lack of fiscal discipline and honest accounting. About $1 trillion in deficits each year on average for next 10 years is in the works, and is an underestimate because the savings of $200-$300 billion in medicare spending have still to be realized, and states do not have funds for increased Medicaid spending, and payments to doctors have still to go down by 25%. Chinese government purchases of half our debt will postpone the day of reckoning says Meltzer, but far better for us to strike at the problem now, before we blow a hole in the dollar and start a downturn. See the separate report on the shrinking UK economy....

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Already Japan, Vietnam and Taiwan are negotiating. India will join South Korea. Britain will follow. Only Canada and China are holding back because of the imbalance in trade heavily in their favor and a failure to see that it is about fairness. In the EU only Germany has a surplus many nations have a deficit, it seeks to start negotiating at the first opportunity. Contrary to what most of the American and British media says Lighhizer and Jamieson have thought this thing through for many years before arriving at the Tariffs advice they gave the US president as his 2 USTR. It is these two not the president acting on his own whim as the media like to show. And Lighthizer has done this before- as Deputy USTR in the 1980 with Japan on the opposite side and come out of it with winning solutions for the US and for the world.

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Americans with no arrest record are more likely to have a college degree 40% to 10%, more likely to have a high school diploma 89% to 53%, according to one study. People with an arrest record are twice as likely to be in incomes below the poverty level. This matters for African Americans, Hispanics, and poor white people because the higher rate of arrests in these communities can lead to less opportunity for jobs, loans, education, and mortgage approval. It also matters in an information age with the FBI having over 77 million individuals in its database with reports of arrests and other action. A minor arrest record also stays on the record hindering future prospects.

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The Cape Ray equiped with the technology to neutralize chemical weapons at sea waits for a trip to the Syrian port of Latakia to pick up 700 tons of chemical weapons. The equipment has been tested but doing this at sea is a new effort. The entire process would take 90 days and is expected to start in 2 weeks. There are 35 crew members and 63 additional workers on the ship. At the Syrian port Danish and Norwegian ships will bring the materials to the Cape Ray, and security will be provided by China and Russia. The effort is organized under the Organization for the Prohibition of Chemical Weapons and the UN.

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The race to get Detroit back on its feet after the bankruptcy settlement to reduce the city's debt. By 2015 a new street lighting system is planned. $520 million is allocated for tearing down tens of thousands of dilapidated buildings over 6 years. The police force gets $100 million to improve poor response times, and the fire departement gets $100 million to repair broken down equipment. And Mayor Duggan tells residents to wait 6 months before leaving. Finally after years of decline and failed starts, Detroit gets a fresh chance at revival. The recovery of the auto industry is followed by the planned revival of the city itself, both under new management, putting behind the mistakes of the past.

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Robert Zoellick comments on "The End of Power," by Moses Naim, creating a world in which it is easier to start political movements and find access to political power yet less able to use it constructively. The advance of the internet, of mass and instant communication makes it easier to organize political movements. The rapidly changing aspirations and ideas of people combined with this instant communication makes this power harder to sustain and use constructively, and requires continuous persuasion. Zoellick points to other ways to influence positive outcomes- the incentives of markets, human ambitions and creativity, and new frameworks for mutual interests. Throughout the limits of power and the need for persuasion are going to be felt.

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The NYT editorial says the Obama foreclosure plan was flawed from the start. It lacked teeth to make banks take up foreclosure reduction. It isn't enough to reduce payments as people who have lost jobs cannot afford to make payments. With unemployment rising another 2.4 million homes will go into foreclosure according to some estimates. The slow roll out of foreclosure plans by banks has aggravated the situation, and at this time those who lost jobs are the homeowners not getting help from the government. This is a serious error on the part of the Obama administration. See the links to Martin Feldstein, who early on in 2008 suggested a comprehensive solution to the foreclosure crisis.

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Joseph Rago, a member of the WSJ editorial board, reports from Exeter, New Hampshire, in the days before the Republican primary. Here he cites Ted Cruz's comments before crowds in Rye, Exeter, Hollis and Manchester, about how the Republican party is now under the control of lobbyists and special interests and does not represent the people. And Cruz's efforts to start a Reagan style grass roots movement that bypasses the establishment Republicans.

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Schools, shops, restaurants, cafes and offices are reopening and people are getting back to work and outdoors. What are the ways to reduce chances of getting the coronavirus and what is the latest advice from public health experts.  More attention is now being given by CDC and other experts to the aerosols, the smaller particles that are airborne that can spread the virus to people unawares in breathing, talking and singing activities. larger droplets come down to the ground, smaller droplets can be airborne for hours. This makes masks wearing very important, call it essential protection. Air filtration and proper ventilation is also important. What about social distancing? Experts now say 6 feet is good, 10 feet is better. This is from Joseph Allen director of the Healthy Buildings program at Harvard School of Public Health. No magic number but 6-10 feet or more is good for safety. Can one start expanding one's social circle? The fewer contacts the better says Dr. Allen. You can he says expand the circle but this depends a lot on how serious the other family is in taking precautions. Are elevators risky? If one can one should take stairs but do not board a crowded elevator unless the lobby is more crowded. Do not touch buttons, if you do use elbow or use sanitizer from your shirt pocket after pressing. This is where mask is essential. Here a tip is useful. Talking does not help as talking emits 10 times the particles than when you are quiet and this is true for small spaces such as elevators. Continual talk is not a good idea such as a long time spent talking, here watch that habit of getting into long conversations face to face.  Is it good to take a summer vacation. Here the answer is yes, as no one really knows how the winter will be. And remember outdoors is good for renewal of health, and one can look for places that are not crowded where the 10-12 feet or more can be easily done. One tip here is to take your own food and supplies from home so there is no need to go to crowded restaurants. Swimming in a lake or ocean is fine. Camping outdoors is fine and actually a good idea if you are with your own family. Try to use an empty restroom and one that is clean and wear the mask. While camping keep the 6-10 foot rule with people outside your immediate family, do not share food and drinks and try not to touch each other's supplies, and sanitize your hands or wash if you do. When hiking keep the mask in your pocket so you can wear it when you see others passing on trails. In hotels skip the cleaning service, in a rented property ask the owner to keep the windows open before you arrive, and put a day or two between your coming and the last person who rented the place. Renting a car is tricky allow a couple of hours to elapse between you and the last rental, open windows. Public restrooms. Always wear a mask many are poorly ventilated. Open the door without use of hands if possible,or use a paper towel to open and discard. Do not use air dryers. Is it safe for your house cleaning person to return. Keep the windows open to let in fresh air. Make sure your cleaner wears gloves. And all should wear masks. How to visit grandparents? Experts advise keeping visits outside and wearing masks when not 6-10 feet apart. Anyone not feeling healthy should avoid the visit. And bathrooms should be sanitized after people leave even wait a day if there is another bathroom. Experts advise against sharing food and buffet type meals. Ten feet distance is better than six feet. Can one use a gym? Here the advice is to exercize outdoors or at home if one can. It says be cautious unless your gym is limiting the number of people or spacing the equipment adequately. Ask about open windows, air filtration systems, ventilation.  This is excellent advice from experts with the latest information. Over the last few months from March to May most of the information was during lockdown, and a lot can be forgotten or seen as not necessary as things return to normal, as shops schools and cafes, office reopen, and cases remain steady and under control. Being vigilant is good for safely navigating this period through the summer and into winter till a vaccine is found. It is also about being a good civic minded person aware of one's own responsibilities, as when all take safety seriously and practice it everyday, it builds another layer of protection for everybody- because it creates a safer environment for all.     ...

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WSJ looks at how the relationship between Joe Biden and Kamala Harris evolved. From the faltering start when Harris was contesting for the presidential nomination and made sharp debate comments on segregationist senators and Biden, to her entry into the White House as Vice President dissolving her political action committees and not bringing her election people to the White House. The first assignment was on immigration and the White House asking Harris to tell Central Americans not to come to the US border did not exactly work out. Guatemala was in the middle of a drought affecting its agriculture and sending more people from the affected regions to the US Border. That message did not work and Harris came under criticism. There was less contact with Biden during the years 2020 and 2021 because of the pandemic.   Gradually though the president came to listen to Harris and set up a weekly lunch meeting. When Supreme Court nominations were to be made Biden relied on Harris's advice. Ketanji Jackson nomination to the Supreme Court came out of these talks with Harris. Then came Roe and Wade and the president who was not outspoken on this issue realized that Harris was better at communicating a common vision of what America stood for and the importance of reproductive freedoms. When Hamas attacked Israel, the response of Netanyahu was leading to an humanitarian disaster. President Biden listened to Harris describe the need for a Palestinian state and it building peace with Israel as the only real solution to the crisis. Biden sent Harris three times to the Munich Security Conference, and each year she met Mr. Zelensky and discussed the Ukraine issues with European leaders. Then came the debate performance and Democrats questioning Biden's health. Harris remained steadfast in her support till the end and on July 23 after announcing his withdrawal the previous day Biden told Kamala as he addressed Wilmington headquarters staff- "I'm watching you kid. I love ya." And Harris said "I love you." ...

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Leo Beranek's book Riding the Waves tells about how he got started in communications engineering, back in Solon Iowa in 1924 with his fathers new one vacuum radio receiver, his start at Harvard by coincidence, repairing a flat tire of a Harvard instructor driving through Iowa, and his research in electronic transmission of sound at Harvard and MIT, and work on electronic transmission of information which was the early work on the internet, to the founding of BBN Technologies.

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The pact of competitiveness is designed to bring a closer integration of the eurozone. It includes proposals for increasing the retirement age to 67, ending indexation of wages to inflation, and involvement of other eurozone countries in controlling out of control deficits in some countries. Germany sees this as necessary to convince the German public that financial responsibility is being exercized by countries in budget crises that get help from Germany. This may buy time but it does not come to terms with the reality of Greece being insolvent already, which may be true also for Ireland and Portugal. Some experts see the need for debt restructuring, and the need to start early, especially if Germany is unwilling to make large transfers to these countries.

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Cygnus is the rehearsal for a full blown pandemic that the British government conducted in 2016. After preparations accelerated following the SARS crisis in 2009 and the H1N1 pandemic in 2015, the British government accelerated its preparations for H2N2 the next pandemic. The exercize took place in October 2016 for 3 days, for a worst case scenario flu pandemic affecting 50% of the population and causing 400,000 extra deaths. For 3 days people were told to imagine being in the 7th week of the pandemic, facing peaks in demand for health and hospital care. Cobra meetings were to be held. This report in the Guardian gives details on the Cygnus exercize. It showed a lack of UK readiness.  By July 2016 prime minister Cameron was replaced by Theresa May in the Conservative Party and a full blown crisis emerged for Brexit. Britain lost interest in Cygnus or the pandemic prevention effort as Brexit consumed Britain's energies. Soon it was forgotten by the time Boris Johnson became prime minister and won the Brexit election. This shows how even a sincere effort and preparation over years of planning can result in nothing. This also happened in France. See France 24's coverage of this and our groups and links on this. One insight was that while every agency acted there was no coordinated response with someone in the central authority guiding the entire effort step by step. Care homes entirely privately run were also identified as a concern and anticipated significant pressures because of staff absenteeism at these social care centres in a pandemic, as reported in the Guardian ...

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Franklin Roosevelt said at Madison Square Garden in NY City on October 31, 1936- "In 1932 I said give me your help not to win votes alone, but to win in this crusade to restore America to its own people." The recent legislative achievements of president Biden can be compared to Franklin Roosevelt's first term that laid the ground for the recovery from the events of 1929. The events of 2009 and the events of pandemic in 2019 together amount to the magnitude of 1929. This includes the assistance to families in the pandemic, and the CHIPS and Science Act, the Inflation Reduction Act to get America back on its feet. These are the seeds of a major uplifting of the American people from the lost decades of the post Reagan era- the ravages of wars in the Middle East following star wars preparation, "free to choose" deregulation that creating financial crises,  tech and other monopolies with companies paying less in taxes than teachers and nurses leaving scant revenues to rebuild the aging infrastructure, and the shipping of supply chains overseas leaving factories and communities across America abandoned. FDR said at Madison Square Garden in 1936 - "In 1932 the issue was the restoration of American democracy and the people were in a mood to win. In 1936 the issue is the preservation of their victory. In 1932 I said give me your help not to win votes alone, but to win in this crusade to restore America to its own people. The banners of that crusade still fly in the van of a Nation that is on the march." ...

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Indian Foreign Minister Jaishankar visits Ahmedabad for the introduction of the new Gujarati language edition of his book, The India Way- Strategies for an Uncertain World. At the meeting to take questions on the Gujarati edition at IIM Ahmedabad,  Jaishankar said India is now the fifth largest economy in the world. During the Nehru period it was the 20th largest economy in the world. It now has the capacity to take a leading part in world affairs. In a few years by 2030 India is expected to become the third largest economy in the world. And with its economy integrated into that of the US economy in a way that no other economy has been it will make the US-India economy by far the largest of any economic combination in the world. Because both are English speaking and both are modern democracies, and the traditions of Lincoln and Mohandas Gandhi, of St Paul and the Vedanta with Buddhism deeply rooted in each country. This is the true meaning of the Indo-Pacific. As Jaishankar pointed out in Ahmedabad there is no point in the water that says here is where the Pacific starts- that is the reality. Once you are in the Indian Ocean east of Africa you can travel on the ocean all the way past India to Indonesia, the Japanese Islands and the Hawaiian Islands till you reach the western shores of the United States. For India, the US and Australia, and Japan this is the ocean pathways that they are committed to keep open and with the international rule of law for all nations. In renewable energy, in climate change action, in managing soil and water, in agricultural innovation, and in technologies of all kinds India can now lead the way. Scientific curiosity, learning curve, manufacturing and innovation, education that brings new skills for a large workforce, India can tap into the resources of the world and make its own contributions to this resource for all mankind.  ...

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On the occasion of the start of the Indo-Pacific Framework economic alliance setting a path to a new supply chain for the US and European Union, this account of how Mohandas Gandhi was treated as one of their own by the workers of Europe serves as a reminder from the past. The only foundation that is sound in principle and deserves our support for the new supply chain that is to be forged for EU, US and India and the countries of Latin America, Asia and Africa, is one that will support American and European workers and families as well as workers and families of the partners in the Free World such as India and other countries.  The Davies family were Quakers and Socialists, who owned a textile mill in Darwen, Lancashire. In 1931 when Mohandas Gandhi visited England for a Round Table Conference to discuss self-rule he was invited by the Davies family to Darwen. The enthusiasm of the workers in Lancashire for Gandhi can be seen in this report in the BBC about that visit. Gandhi's sympathy for the workers and the common feeling of support can be seen from this account of the visit by Darwen's local historian Mr. Heys. Gustan Green was 10 years old in 1931 when she met Gandhi. She said "My father said I want you to see Gandhi, then in the future you can say that you witnessed that brave man. I stood by this door into the works that was my first sighting of Gandhi. He looked down at me, stroked my hair, grinned and walked away. He never said a single word." Gandhi's sympathies were with the workers. Gandhi said "They treated me as one of their own. I shall never forget that." ...

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It is only 10 days from the Thursday July 4 election night and Keir Starmer went to work immediately Here is what he said today: "My new cabinet hit the ground running. We’ve lifted the ban on onshore wind. We’ve created a national wealth fund to invest in and grow our economy. We’ve met NHS bosses to get the 40,000 extra NHS appointments we need each week and 700,000 urgent dental appointments up and running as quickly as possible. The Department for Education is resuming and expanding its recruitment campaign to kickstart our promise to hire 6,500 new teachers. We’re taking emergency measures to pull the justice system back from the brink of collapse. And, on day one, we scrapped the Rwanda gimmick and began setting up a new Border Security Command to smash the people-smuggling gangs for good. Now is the time for politics as public service. A government committed not to its self-preservation but to uniting the country in the shared mission of national renewal. The start of the road back to restoring people’s hope and faith that politics can be a force for good. No more gimmicks, lies and self-serving self-obsession – this government knows we have a duty to the people we are elected to serve." ...

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This and other WSJ, NYT, and other articles say Minnesotan Tim Walz started out as a moderate in a rural Republican leaning district, and shifted to being "liberal" and "progressive" using labels that have by 2024 lost meaning and lost common sense. Tim Walz is accused by the existing culture of being this or that label when he is simply following his instincts about what it means to live in the Age of the Enlightenment that marks all European societies and gave them a head start over Chinese and Indian feudal society during the 19th century Industrial Revolution. When one looks back at the period after Kennedy-Johnson in the sixties, American political economic social and culture has gone through a shift to turn its back on workers and families, turn its back on the "Enlightenment" itself under a culture shift. It happened under administrations both Republican and Democratic over 50 years since 1970. Under a Republican Congressman, and following this a Governor of California, a Texas Congressman and Texas Governor, and under Governors of southern states Georgia and Arkansas, a Congressman from Illinois, and a NBC television show personality. That culture shift has become so instilled at this point that labels such as progressive and liberal are attached in ways that make no sense, lack common sense. Do school meals have anything to do with politics, do you prefer poor family kids going hungry, is that your cultural thing? Is supporting college education for the depressed income groups have anything to so with politics? Only when one rejects the "Enlightenment" that accompanies the Industrial Revolution in Britain in the 19th century, the idea of modernity ushered in by the rejection of feudalism by the French Revolution,  would one reject the idea of giving access to education and through it to a better life for workers and families to all parts of society. ...

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In Nevada sell federal land to cut housing costs in 2025. Some estimates show that 1.5 million homes can be built on Bureau of Land Management land within 2 miles of Las Vegas city limits. In Nevada 80% of the land is owned by federal government. After the Mexican American War in 1846 Nevada was transferred to control of US government from Mexico to end the war and it stayed that way.

Us president DJT supports using federal land and so does his Interior Secretary Don Borghum.

DJT says he will “open up new tracts of federal land for large-scale housing construction, and you’ll get it for a much lower price.” He would “create special new zones with ultralow taxes and ultralow regulations,” to create jobs.

“We’re going to open it up. We’ll start with a small portion. You’ll get it going, and then we’re going to open up large portions of land.”

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DJT launched a meme coin on Jan 20. The meme coins have no economic value what value they hold are from their value as cultural items on the internet particularly social media. Mind boggling the president's coin soars to value of $7.8 billion and Melania coin to $800 million. WSJ says the market value of the $TRUMP coin peaked at $15 billion. Eighty percent of the $TRUMP token supply is from Fight Fight Fight and CIC Digital, an affiliate of the Trump organization, according to the website connected to the token. Terms and conditions prevent buyers from joining class action lawsuits against the project and indemnify the project against any claims. Bitcoin went past $100,000 after Black Rock and Fidelity Investments launched ETF funds based on Bitcoin. $TRUMP lost half its value when $MELANIA was launched, then recovered. It has high volatility and crypto is in the same position for Bitcoin, leading experts to say crypto itself has peaked. ...

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Risk is inherent in investing. It just needs to be understood well and grasped. There is a lesson in here that some risk is necessary, depending on one's risk horizon and it does not have to be Argentine bonds. Argentine 100 year bond and US Treasury 30 year bond returns 2017-2025 show quite a surprise.  50% return for 2017-25 on Argentine 100 year bonds vs -10% on US Treasury 30 year bonds. It shows the nature of emerging market risk says the WSJ- political risk. At one point the Argentine bonds showed a 50% loss, yet investors willing to stick through the downturn did better than expected, much better. The recovery did not start till Jan 2024 though, 7 years later. In this case the risk was the pandemic in addition to political risk of Argentine earlier defaults but the recovery took place years after the pandemic declined and with the election of Milieu as president.