BC ECONOMY
Saved by @jay_millerjay

🚨🚨🚨 ANNOUNCEMENT 🚨🚨🚨

@AyannaPressley Unveils Historic Federal Job Guarantee

 The resolution draws on historical Civil Rights leaders like Coretta Scott King & economists like Sadie Alexander, & is supported by a wide coalition including @policylink, @NatlJobsForAll, @thepublicmoney, @SEIU, @sunrisemvmt, @CPDAction, @ACREcampaigns, @ourmoneyus, @NelpNews
@AyannaPressley: “It’s time to establish a legal right to a job for all people in America. For years, we have legislated hate, harm & injustice ... It’s long past time to pursue bold, intentional policies that affirm equity & recognize the dignity & humanity of all people.”
@AyannaPressley: "A federal job guarantee is an important investment in the American people, our communities, & an equitable economy that works for all. It affirms the right to meaningful, dignified work & a living wage."
@AyannaPressley: "I’m proud to build upon & honor the legacy & work of generations of Black women Civil Rights leaders by introducing this historic resolution.”
@AyannaPressley joined @Nina_EBanks (President, National Economic Association), @DarrickHamilton, Director, @TheNewSchool’s Institute on Race & Political Economy) & Angela Glover Blackwell (Founder, @policylink) to discuss the resolution.

https://t.co/A0CxxbemWO
A federal #JobGuarantee would provide every person with an enforceable legal right to a quality job. Extending beyond a project based approach, the Resolution calls for the creation of federal jobs that meet long-neglected community, physical and human infrastructure needs.
Funded by the federal government and implemented locally in partnership with communities, the federal #JobGuarantee program would provide public jobs for all adults seeking employment.
By ensuring everyone has access to a good job w dignified wages, safe working conditions, health care & other benefits—including full worker rights & union protections—a #JobGuarantee would address the current jobs crisis while laying the foundation for an equitable recovery.
"Good, family-supporting jobs are the cornerstone of thriving communities...A #JobGuarantee & more access to good union jobs will help...us to join together to build a balanced, inclusive economy that works for all of us," said @MaryKayHenry, International President, @SEIU
"[E]very person deserves...a meaningful job, healthcare & a living wage...This Resolution is not only a step towards a brighter future for young ppl, working ppl &...ppl of color, but is a vital leap towards...a Green New Deal.”

- @VarshPrakash, Executive Director, @sunrisemvmt
“Our siblings in the Black Freedom Movement had the foresight to champion a Federal #JobGuarantee...This moment calls for nothing but bold, transformative policies. A #JobGuarantee is...our only path to full employment.”

- Michael Mcafee, President, @policylink
In July, @RepPressley and UCLA historian @DavidpStein co-authored an op-ed...in which they called on the Federal Reserve to take specific steps to address Black unemployment, including by not standing in the way of a federal #JobGuarantee.

https://t.co/wVDHoVU0l3
1 year ago in a @FSCDems hearing, @RepPressley questioned @federalreserve Chair Jerome Powell on the...history of the [Fed]’s dual mandate. Powell conceded, for the first time in...history & on the Congressional record, that the Fed alone cannot get the US to full employment.
For more on the campaign for a Job Guarantee, see:

https://t.co/QD1boTD8BT
Also, for those interested in learning more, there will be a virtual town hall *today at 3pm ET*, registration details here:

https://t.co/nsx4sangUg

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This oil crisis inquiry report once public is going to irk quite a few. Although, this will point towards incompetence of authorities, you can't take the credit away from the PM.

OGRA Ordinance was promulgated in 2002. The rules were not made till 2016. 14 Years of running on SROs, having no legal value. #OilinquiryReport

All oil import decisions are based on data provided by a non-statutory body i.e. OCAC. There is no mechanism in place for the government authorities to verify the authenticity of data provided by a representative body of all OMCs.

90% of the OMCs did not maintain requisite 20 day stocks during Jan-Jun 2020. DG Oil remained mum. In cases of some OMCs the stock suddenly jumped from 0 in may to over 100 days in June. Classic case of hoarding.

The authorities failed to lift sufficient stock from refineries in Feb and Marc, and then ban on imports came, a ta time when oil prices were dwindling. All in the name of Keeping the refineries safe from glut. End result: eventual shortage in Jun and potential saving loss
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Interpretation of Financial Statements - preliminary filters.

1. Looking for sustainable competitive advantage:

When looking for sustainable moat, you wanna see consistency - in earnings, in having low debt, in having growing earnings, low spending in capital expenditures, etc.

The longer the company has existed, and if it sells you the same product for years (like Coca Cola), it reduces production costs and other costs (R&D, Training, marketing) slowly as the company ages.

When costs are reduced, margins and profits increase.

2. What to look for in an income statement:

Let's take a look at Apple:

i) You want to see earnings grow at a steady pace. Take a look at the net income below.


ii) Another thing that's important is a consistent and high gross margin.

As a thumb rule, Warren Buffett wants to see a gross margin of around 40% or above.

Although not quite 40%, it's around that range with respect to Apple.


Compare this to Apple's competitors.

Samsung's gross margins are around similar range, highest being 45.7% in 2018, and Huawei had a gross margin of 38.6%.
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Robin Wigglesworth
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@RobinWigg
A thread on an interesting report by Goldman Sachs' Peter Oppenheimer, the bank's chief global equity strategist. He points out that Goldman's "Bear Market Risk Indicator" is looking ominous.


There are three factors that suggest that the recent stability could evaporate and that equities are "about to enter a sustained bear market", Oppenheimer says.

First is the fact that growth, inflation and interest rate outlook is unfriendly for equities.


Second is that greater volatility, such as multiple corrections and new peaks (which we've seen in 2018) tend to presage a full bear market.


Here is Goldman's data showing how falls and bounces tend to come ahead of "the dramatic final fall".
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Chad Pergram
Chad Pergram
@ChadPergram
1) Get used to the following term: “budget reconciliation.”

This is the special parliamentary process President Biden and Congressional Democrats plan to use to advance the next coronavirus relief package. It will likely take a few weeks just to move such a COVID-19 measure.

2) But an understanding of the process may shed light on the policy – and the political realities of Capitol Hill.

President Biden and Democrats in Congress have long memories about how Republicans responded to big legislative initiatives in 2009.

3) The country reeled after the financial crisis. But many Republicans made a pact to reject a stimulus package to help boost the economy. Later that year and in early 2010, Republicans also voted nearly in lockstep against Obamacare.

4) Right or wrong, Democrats felt they waited for Republicans to help out. But were met with blockades and political opposition at every turn. Democrats are wary that they can count on GOP support this year. They still feel the sting of 12 years ago.

5) And that’s why Democrats may go it mostly alone on their next COVID-19 relief measure.

That’s where budget reconciliation kicks in.

Republicans are already complaining that Democrats aren’t working with them on the next COVID bill.
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Soham Das, CFA
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@sohamdas
On Jan 6, 2021, the always stellar Mr @deepakshenoy tweeted, this:

https://t.co/fa3GX9VnW0

Innocuous 1 sentence, but its a full economic theory at play.
Let me break it down for you. (1/n)


On September 30, 2020, I wrote an article for @CFASocietyIndia where I explained that RBI is all set to lose its ability to set interest rates if it continues to fiddle with the exchange rate (2/n)

What do I mean, "fiddle with the exchange rate"?

In essence, if RBI opts and continues to manage exchange rate, then that is "fiddling with the exchange rate"

RBI has done that in the past and has restarted it in 2020 - very explicitly. (3/n)

First in March 2020, it opened a Dollar/INR swap of $2B with far leg to be unwound in September 2020.

Implying INR will be bought from the open markets in order to prevent INR from falling vis a vis USD (4/n)

The Second aspect is now, that dollar inflow is happening, and the forex reserves swelled -> implying the rupee is appreciating, RBI again intervened from September, by selling INR in spot markets. (5/n)
https://t.co/9kpWP7ovyM
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SRI KANTESH HANUMANTHA, KADARAMANDALAGI (KAR)
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KANTESHA means Prabhu full of brightness.
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Several thousands of years ago, Hanuman lived in this village. He once saw the Sun and mistaking it to be a fruit, began flying towards it. Since then, this village came to be known as Kadara Man Dalagi. (Kadar means rays, mandala is cluster of rays).


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Thread 👇

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In the last few months we've become a huge part of this amazing new Maker community and have found so many new friends from @makerskitchen, @women_make_ and several others! 🥰

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I am reading through reams of late-1920s communist poetry and easily my favourite title so far is: "To a Lady who Rejected a Poem about Spring as a Petit-Bourgeois Deviation"

The last lines:
"So here's my hat into the air,
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For coal mines, and for turbines, too,
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A not exactly graceful (though possibly satirical) title: "Lines Disassociating Myself from Yessenin and Supporting the Otherwise Unfounded Legend that I am a Foremost Proletarian Writer"

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Goodbye literary slop-
You are not the line of Lenin
You are not the line of WAPP

Never shall I moan a
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I'll devote my new corona
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