Washington Post Appends “Russian Propaganda Fake News” Story, Admits It May Be Fake


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In the latest example why the “mainstream media” is facing a historic crisis of confidence among its readership, facing unprecedented blowback following Craig Timberg November 24 Washington Post story “Russian propaganda effort helped spread ‘fake news’ during election, experts say“, on Wednesday a lengthy editor’s note appeared on top of the original article in which the editor not only distances the WaPo from the “experts” quoted in the original article whose “work” served as the basis for the entire article (and which became the most read WaPo story the day it was published) but also admits the Post could not “vouch for the validity of PropOrNot’s finding regarding any individual media outlet”, in effect admitting the entire story may have been, drumroll “fake news” and conceding the Bezos-owned publication may have engaged in defamation by smearing numerous websites – Zero Hedge included – with patently false and unsubstantiated allegations.

It was the closest the Washington Post would come to formally retracting the story, which has now been thoroughly discredited not only by outside commentators, but by its own editor.

The apended note in question:

Editor’s Note: The Washington Post on Nov. 24 published a story on the work of four sets of researchers who have examined what they say are Russian propaganda efforts to undermine American democracy and interests. One of them was PropOrNot, a group that insists on public anonymity, which issued a report identifying more than 200 websites that, in its view, wittingly or unwittingly published or echoed Russian propaganda. A number of those sites have objected to being included on PropOrNot’s list, and some of the sites, as well as others not on the list, have publicly challenged the group’s methodology and conclusions. The Post, which did not name any of the sites, does not itself vouch for the validity of PropOrNot’s findings regarding any individual media outlet, nor did the article purport to do so. Since publication of The Post’s story, PropOrNot has removed some sites from its list.

As The Washingtonian notes, the implicit concession follows intense and rising criticism of the article over the past two weeks. It was “rife with obviously reckless and unproven allegations,” Intercept reporters Glenn Greenwald and Ben Norton wrote, noting that PropOrNot, one of the groups whose research was cited in Timberg’s piece, “anonymous cowards.” One of the sites PropOrNot cited as Russian-influenced was the Drudge Report.

The piece’s description of some sharers of bogus news as “useful idiots” could “theoretically include anyone on any social-media platform who shares news based on a click-bait headline,” Mathew Ingram wrote for Fortune.

But the biggest issue was PropOrNot itself. As Adrian Chen wrote for the New Yorker, its methods were themselves suspect, hinting at counter-Russian propaganda – ostensibly with Ukrainian origins – and verification of its work was nearly impossible. Chen wrote “the prospect of legitimate dissenting voices being labelled fake news or Russian propaganda by mysterious groups of ex-government employees, with the help of a national newspaper, is even scarier.”

Criticism culminated this week when the “Naked capitalism” blog threatened to sue the Washington Post, demanding a retraction.

Now, at least, the “national newspaper” has taken some responsibility, however the key question remains: by admitting it never vetted its primary source, whose biased and conflicted “work” smeared hundreds of websites, this one included, just how is the Washington Post any differ

European Yield Curve Surges To Steepest In 29 Months After ECB Eases QE Rules


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After stating that The ECB will relax the previous QE parameters, allowing it to buy bonds with yields below the deposit floor, 5Y German yields have dropped below -40bps. The entire European bond yield curve has steepened dramatically (German 2s10s +12bps to steepest since July 2014).

5Y yields drop below the depo floor…

 

The long-end is dumping as the short-end is bid…

 

Sending the yield curve to its steepest since July 2014…

Stocks And Volatility Indices Both Jump – Who’s Right?


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Via Dana Lyons’ Tumblr,

esterday saw the VIX solidly higher despite the fact that stocks rallied hard; what do similar precedents tell us?

Markets have been on a parade of peculiarity since the presidential election a month ago. Today’s rally on Wall Street was no exception. Yesterday, we noted the 3-month low in the S&P 500 Volatility Index (VIX), and the historically bullish connotations for the rest of December. Today, the VIX pulled an about-face, despite the strength in stocks. Specifically, the VIX uncharacteristically jumped 3.5% even though the S&P 500 (SPX) was up more than 1%. We thought that was odd so we looked at the historical data. It turns out that it was.

Since the VIX’s inception in 1986, today marks just 30th time in which the VIX rose at least 3.5% on a day that the S&P 500 gained at least 1%. 22 of those days occurred with the SPX within 2% of a 52-week high, as was the case today.

image

 

So, who’s right – stocks or volatility? Well, from a glance at the chart, there are a handful of glaring occurrences at cycle highs (e.g., August 1987, July 1990, March 2000). However, let’s look at the aggregate performance of the S&P 500 and the VIX following these 22 prior occurrence.

image

Prior precedents would suggest that the VIX is in the right here. The SPX saw median losses from 1 week to 3 months following previous occurrences, though median returns were never worse than -1.2%. The consistency of losses was the biggest offender, with almost ¾ of the events showing losses after a month and 1/3 after 2 months. Whatever effect this scenario had on forward performance, it seems to be a short to intermediate-term one. By the 6-month mark, median returns turned positive and began a path toward “normal” returns.

As for the VIX, the opposite occurred (predictably, as the VIX tends to move counter to stocks, today’s events notwithstanding). The VIX showed median gains from 2 days out to 3 months. Its peak median gain came at the 2-month mark at +10%. VIX gains were pretty consistent as well, with about 2/3 of the dates showing a rising VIX over all durations, 2 days to 3 months. Again, by 6 months, the VIX seemed to settle down, posting a 1% median drop.

There are a lot of positive factors going for the stock market right now, not the least of which is price action. Therefore, we don’t want to make too much of this odd data point with its limited sample size. However, to the extent that this face-off between rising stocks and a rising VIX has any influence on future performance, historical precedents suggest it may be the stock market that blinks – at least in the shorter-term.

*  *  *

ECB Stuns Markets, Announces Tapering Of Bond Purchases To €60 Billion


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That Reuters trial balloon was right.

In an unexpected, to the conesnsus, announcement, Mario Draghi turned hawkish after all, and while the ECB kept all rates unchanged, it announced that it would effectively taper its bond purchases from €80 billion to €60 billion starting in April 2017 until the end of the year: “From April 2017, the net asset purchases are intended to continue at a monthly pace of €60 billion until the end of December 2017, or beyond, if necessary, and in any case until the Governing Council sees a sustained adjustment in the path of inflation consistent with its inflation aim.”

However, the ECB hedged, and also added that “if the outlook becomes less favourable or if financial conditions become inconsistent with further progress towards a sustained adjustment of the path of inflation, the Governing Council intends to increase the programme in terms of size and/or duration.

So tapering, but conditional on the market not falling apart; should risk return, the ECB will return to the familiar program of €80 billion per month, or more.

Additionally the ECB suggested that it will address bond scarcity and expand the scope of eligible bonds, saying that “to ensure the continued smooth implementation of the Eurosystem’s asset purchases, the Governing Council decided to change some of the parameters of the APP, which will be communicated at today’s press conference and in a separate press release.”

Full press release:

Monetary Policy Decisions

 

At today’s meeting the Governing Council of the ECB decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.00%, 0.25% and -0.40% respectively. The Governing Council continues to expect the key ECB interest rates to remain at present or lower levels for an extended period of time, and well past the horizon of the net asset purchases.

 

Regarding non-standard monetary policy measures, the Governing Council decided to continue its purchases under the asset purchase programme (APP) at the current monthly pace of €80 billion until the end of March 2017. From April 2017, the net asset purchases are intended to continue at a monthly pace of €60 billion until the end of December 2017, or beyond, if necessary, and in any case until the Governing Council sees a sustained adjustment in the path of inflation consistent with its inflation aim. If, in the meantime, the outlook becomes less favourable or if financial conditions become inconsistent with further progress towards a sustained adjustment of the path of inflation, the Governing Council intends to increase the programme in terms of size and/or duration. The net purchases will be made alongside reinvestments of the principal payments from maturing securities purchased under the APP.

 

To ensure the continued smooth implementation of the Eurosystem’s asset purchases, the Governing Council decided to change some of the parameters of the APP, which will be communicated at today’s press conference and in a separate press release.

 

The President of the ECB will comment on the considerations underlying these decisions at a press conference starting at 14:30 CET today.

Frontrunning: December 8


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  • Draghi Expected to Lay Out Plans for More ECB Stimulus (WSJ)
  • Bonds Fall as Investors Turn Wary on ECB Stimulus; Euro Gains (BBG)
  • European Stock Traders Look to Draghi to Break Santa Curse  (BBG)
  • Trump to nominate Pruitt to lead U.S. environmental agency (Reuters)
  • Trump’s choice of China envoy a positive sign for ties, Xinhua says (Reuters)
  • Syrian Rebels Pin Hopes on Trump (WSJ)
  • Trump Pick of EPA Foe to Lead Agency May Spark Senate Fight  (BBG)
  • Russia Sells Stake in Oil Giant Rosneft to Glencore, Qatar (WSJ)
  • The Return of Glencore’s Dealmaking King (Bloomberg)
  • Italian bank Intesa to help fund Rosneft deal for Glencore and Qatar (Reuters)
  • Sovereign-Wealth Funds Buy Stake in U.K. Gas Business (WSJ)
  • Monte Paschi Seeks ECB Reprieve as It Tries to Escape Bailout (BBG)
  • Vietnam dredging on South China Sea reef (Reuters)
  • Deutsche Bank May Have Rigged Index in Paschi Deal, Audit Shows (BBG)
  • Eyeing upswing, more U.S. oilfield service firms restructure (Reuters)
  • Michael Jordan Scores China Legal Victory for His Chinese Name  (BBG)
  • How Trump’s Web of Businesses Obscures Potential Conflicts (WSJ)
  • Facebook’s Investors Criticize Marc Andreessen for Conflict of Interest (BBG)
  • Merkel Sticks to Middle Ground in Risky Pitch for German Votes  (BBG)
  • China’s Banks Are Hiding More Than $2 Trillion in Loans (WSJ)
  • Facebook’s Investors Criticize Marc Andreessen for Conflict of Interest  (BBG)

Overnight Media Digest

WSJ

– U.S. stocks posted their biggest rally since the election, sending major indexes to fresh records as investors increasingly conclude President-elect Donald Trump will be good for business and the economy. http://on.wsj.com/2h8mFLj

– The CEOs of AT&T Inc and Time Warner Inc on Wednesday defended their proposed $85 billion merger to lawmakers, trying to navigate a tricky political landscape in which President-elect Donald Trump has expressed hostility to the deal. http://on.wsj.com/2hjV7yR

– President-elect Donald Trump on Wednesday chose Oklahoma Attorney General Scott Pruitt to lead the Environmental Protection Agency, according to a transition official, turning to a climate-change skeptic and sharp critic of the agency to take its helm. http://on.wsj.com/2gbVAae

– Rampant use of an accounting sleight of hand means Chinese banks don’t have to set aside capital to cover potential losses, sowing fears of a crisis. http://on.wsj.com/2hkJhV0

– President-elect Donald Trump turned to a third retired military officer to help him run the country when he takes office in January, a move that represents an unusual level of military influence in the executive branch. http://on.wsj.com/2hlLn7r

– Passage of legislation aimed at speeding up Food and Drug Administration approvals, combined with an incoming president who has pledged to “cut red tape” at the agency, is expected to usher in a new, more industry-friendly era of drug and device regulation. http://on.wsj.com/2h7fbbb

– Syrian rebels on Wednesday proposed a civilian evacuation and negotiations over the future of Aleppo, a stark admission the opposition is all but defeated in a divided city seen as a bellwether in the country’s nearly six-year war. http://on.wsj.com/2gb850P

 

NYT

– The Russian government announced Wednesday that it will sell nearly 20 percent of its state oil company, Rosneft , to Swiss commodity trading firm Glencore and the sovereign wealth fund of Qatar. http://nyti.ms/2h8jqDt

– City Council in Portland in Oregon voted on Wednesday to impose a surtax on companies whose chief executives earn more than 100 times the median pay of their rank-and-file workers. The surcharge, which Portland officials said is the first in the nation linked to chief executives’ pay, would be added to the city’s business tax for those companies that exceed the pay threshold. http://nyti.ms/2h8kS90

– The European Central Bank is expected to say on Thursday that it will buy large quantities of government bonds and other assets for longer than initially planned, an attempt to protect the eurozone economy from an increasingly unpredictable political landscape. http://nyti.ms/2h8brWU

– China’s highest court ruled largely in favor of former basketball star Michael Jordan on Thursday in a closely watched trademark case. The decision held that Jordan owns the legal rights to the Chinese characters of the equivalent of his name, overturning a lower-court ruling. The lawsuit pitted Jordan against Qiaodan Sports Company, which he accused of using the Mandarin transliteration of his name on its goods. http://nyti.ms/2h8kN5j

– President-elect Donald Trump is considering formally turning over the operational responsibility for his real estate company to his two adult sons, but he intends to keep a stake in the business and resist calls to divest, according to several people briefed on the discussions. http://nyti.ms/2h8fgLI

 

Canada

THE GLOBE AND MAIL

** The civil servant in charge of the government’s spy-watchdog agency says Canada may have to reconsider how it shares intelligence with the United States if president-elect Donald Trump makes good on his promise to torture terrorists to gather intelligence. https://tgam.ca/2h6uqyd

** Chicago-based PrivateBancorp Inc. is postponing the shareholder vote for its $4.9-billion sale to Canadian Imperial Bank of Commerce, raising questions about whether CIBC will have to sweeten its bid next year. https://tgam.ca/2h6tkCy

** Canada is set to overhaul the way financial transactions are processed as changing technology and globalization reshapes the way individuals and businesses move money and access their funds. https://tgam.ca/2h6weYc

NATIONAL POST

** Ontario officials said the province’s own land-use restrictions around its largest city have constrained the supply of detached homes. http://bit.ly/2h6wO88

** A major international union has taken the first step towards unionizing pilots at WestJet Airlines Ltd, taking over the work begun internally last year. http://bit.ly/2h6nJw6

KOMMONSENTSJANE – THE OBAMA ERA IS OVER


The only problem was that their dream (drug induced) was really a nightmare for them and us!

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December 7, 2016

THE OBAMA ERA IS OVER—-

by Daniel Greenfield

Obama and his supporters loved talking about history. His victory was historic. They were on the right side of history. History was an inevitable arc that bent their way.

The tidal force of demographics had made the old America irrelevant. Any progressive policy agenda was now possible because we were no longer America. We were Obamerica. A hip, happening place full of smiling gay couples, Muslim women in hijabs and transgender actors. We were all going to live in a New York City coffee house and work at Green Jobs and live in the post-national future.

The past was gone. We were falling into the gorgeous wonderful future of dot com instant deliveries and outsourced everything. We would become more tolerant and guilty. The future was Amazon and Disney. It was hot and cold running social justice. The Bill…

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KOMMONSENTSJANE – THAT CLINTON FOUNDATION WHICH IS CALLED A CHARITY


Total Scam!

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baby10

December 7, 2016 7:42 PM

Subject: Clinton Foundation 2014 tax return (you won’t believe this)!

This is some pretty incredible information—First the questionable emails –  but this appears even worse corruption to me—and they’re getting away with it !!! We should all try this—I wonder what would happen?.

I got these figures from an official copy of the Bill Hillary and Chelsea Clinton Foundation for the tax year 2014.
I got the copy of the tax return from the National Center for Charitable Statistics website!
You can get the latest tax return on any charitable organization!
Total revenue (line 12) ……………….$177,804,612.00
Total grants to charity (line 13) ………..$5,160,385.00 (that’s less than 3%)
Total expenses of………………………… $91,281,145.00
expenses include: salaries (line 15)….$34,838,106.00
fund raising fees (line 16a)……….$850,803.00
other expenses (line 17)…..$50,431,851.00
They list 486 employees (line 5)!
It took 486 people who are paid $34.8 million and $91.3 million in fees and…

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KOMMONSENTSJANE – OBAMA LIES AGAIN – SAYS NO FOREIGN-PLANNED TERROR ATTACK ON U.S. IN EIGHT YEARS.


Liar Liar Pants on Fire!

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In a speech at MacDill Air Force Base in Tampa, Florida on Tuesday, the soon to be former commander-in-chief touted what he deems to be his national security accomplishments. At one point in the speech, Obama claimed that during his tenure no foreign terrorist organization “has successfully planned and executed an attack on our homeland.”

“We should take great pride in the progress we’ve made over the last eight years,” Obama declared. “No foreign terrorist organization has successfully planned and executed an attack on our homeland.”

Obama Falsely Claims No Terrorist Attacks In America In The Past 8 Years

The declaration was met with tepid applause among service members, many of whom simply stared back at the president.

The reason such a claim is difficult to respond to enthusiastically is the grim reality of what has transpired over the last eight years: radical Islamic terrorists — most of them inspired…

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KOMMONSENTSJANE – ONLY IN AMERICA


What we lived though over the past dozen years has been totally insane and proves that the government can never make things better only worse!

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Only in America:

tri

kommonsentsjane

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College president frets students might ‘drop out from fear’ after election — Fellowship of the Minds


Snowflakes do melt away they can not exist on their own!

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Via Campus Reform: The president of Montgomery College claims that the presidential election created “profound insecurity” for students, which demands a renewed commitment to “inclusion” from academia. “Radical inclusion is an approach to higher education that I have promoted for years at my college,” Dr. DeRionne Pollard begins a recent op-ed for The Washington Blade, […]

via College president frets students might ‘drop out from fear’ after election — Fellowship of the Minds

Reblogged on kommonsentsjane/blogkommonsents.

Political Cartoons by Gary McCoy

Have these colleges received the wrong instructional booklets from Obama on how to run a college.  From what this president of Montgomery College is saying is wrong to begin with – she states the college belongs to her (which it doesn’t) and from her message – it sounds like the instructions and replies she is giving to the students are for a kindergarten class not a college.  Is she sure she is in the right…

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