The state of America’s sports is a rip off. The average
ticket price to watch a 16-65 Los Angeles Laker team final game of the season,
and yes Kobe’s last game, is $971. Nine hundred and seventy one dollars to
watch a once was and a bunch of has beens!
A student at the University of Michigan has to make a
deposit of two hundred dollars by May 1 to have the opportunity to purchase a
season ticket for the 2016 football season. Really?
A ten ounce beer at Los Angeles Dodger stadium costs fifteen
dollars. Really?
Fifty percent of the Los Angeles television market cannot
view Los Angeles Dodger baseball games due to a monopolized cable television agreement.
While Magic Johnson (he owns 1%, 1% of the Dodgers) says he is a man of the
people. ESPN begins games at 9:30 p.m. eastern time, the University of
California at Los Angeles head football coach is the highest paid California
state employee. Really?
I sure miss Downton Abbey.
POLITICS
101 -
LET'S PLAY MONEYBALL - Guests on
Chris Matthews' "Hardball" gave wife's House campaign: Forty-eight
frequent guests on Chris Matthews' "Hardball" TV show have given the
House campaign of his wife, Kathleen Matthews, who's running for the open seat
in Maryland's 8th District. "These individuals, their spouses, or their
political action committees donated $79,050 as of December 31, 2015 - about 5
percent of the $1.5 million Matthews had raised as of that time," The
Intercept reports. "Some of the guests made the donations after they were
on the show - in some cases, long after. But in at least 11 of these cases, the
Hardball guests appeared on the program after Kathleen Matthews announced her
candidacy, and without any disclosure of the donations. And in at least three
of those cases, the donations came within days of the MSNBC appearance.
Los
Angeles Times (CA Governor Race) on #cagov2018: Newsom,
Villaraigosa, Chiang, Faulconer, Garcetti, Steyer, Swearengin, Westly, and ...
Condoleezza Rice? http://lat.ms/1V6nqkx
POLITICS
INVADES HOLLYWOOD - Already, release schedules for the months
preceding Nov. 8, Election Day, are peppered with movies that have partisan
potential, whether overt or covert. Among the movies listed: "Independence
Day: Resurgence," "The Purge: Election Year," "Southside
With You" and Oliver Stone's "Snowden."
Days until the New York primary: 7. Days until
the 2016 election: 209.
BIRTHDAYS
THIS WEEK – Birthday wishes and thoughts this week to: Governor Jerry
Brown (78) Sacramento, CA; Hugh
Hefner (90) Bel Aire, CA; John Madden
(80) Oakland, CA; Dennis Quaid (62) Pasadena, CA; Joe Scarborough (53) Scarsdale, NY; Marion Roach Smith…famous
writer and St. Lawrence University alumni; Robin Wright (50) Woodland Hills, CA.
WEEKEND
READS --"Is 'Friends' Still the Most Popular Show on
TV?" by Adam Sternbergh in New York Magazine : "Why so many
20-somethings want to stream a 20-year-old sitcom about a bunch of
20-somethings sitting around in a coffee shop.”
COLLEGE
CHRONICLES – China U: The
huge wave of Chinese students entering American higher education seems
beneficial for both sides. The students are clamoring for American credentials,
while U.S. schools want their tuition dollars. But on the ground, American
campuses are struggling to absorb the rapid and growing influx. Teachers
bluntly say a significant portion of international students are ill prepared
for an American college education, and resent having to amend their lectures as
a result. The unhappiness appears to be mutual. Chinese students are finding
themselves separated from their American peers due to their high numbers and
language and cultural barriers. One student who came from Beijing to study
business at Oregon State University said, “I didn’t expect to go abroad and
take classes with so many Chinese people.”
HARVARD
AFFIRMATIVE ACTION CASE HINGES ON FISHER: A judge has placed a stay on
the court case filed against Harvard by an anti-affirmative action group
pending the outcome of Fisher v. University of Texas before the Supreme Court.
The suit alleges that Harvard's admissions policies put Asian-Americans at a
disadvantage. Court watchers have been waiting to see how the death of Justice
Antonin Scalia may affect the Fisher case. Justice Elena Kagan recused herself,
and leaving only three liberal justices deciding the case, so a conservative
majority would require just four votes. The ruling: http://bit.ly/1V4fvUS.
- Speaking of the Supreme Court, the Council for American
Private Education is celebrating Scalia in its latest newsletter, detailing his
legacy supporting private education. Among the cases it cited in which Scalia
was part of a majority supporting private and religious schools: Mitchell v.
Helms, a 2000 decision that upheld an ESEA requirement that school districts
lend materials and equipment to religious schools; Zelman v. Simmons-Harris, a
2002 decision that upheld the constitutionality of vouchers for religious
schools; and Arizona Christian School Tuition Organization v. Winn , a 2011
decision that upheld an Arizona program that offered tax credits for
contributions to school tuition organizations. "As influential as Scalia's
282 majority opinions and 'occasional' dissents have been to the court's
overall vitality, his ideas, words, and votes have had particular significance
over the years on decisions affecting private education," CAPEoutlook
wrote.
HEDGE
FUND CLOSURES SOAR - More hedge funds closed their doors in 2015
than at any time since the financial crisis, according to new research, as
turbulent markets dragged down the industry's performance. Last year was the
worst year for liquidations since 2009, with 979 funds closing, up from 864 in
2014, according to data from Hedge Fund Research. The fourth quarter of 2015
also saw the fewest new hedge funds starting up since 2009, with just 183
openings compared with 269 in the third quarter.
The figures capture a period in which many of the industry's
marquee names suffered significant losses. The HFRI Fund Weighted Composite
index fell 0.9 per cent last year, HFR data show. December saw a flurry of
funds converting into family offices, including Michael Platt's BlueCrest and
Doug Hisch's Seneca Capital, or shutting entirely as Lucidus Capital Partners
did following redemptions. Unnerved by jerky markets, hedge fund clients became
fearful of risk and less patient with poor returns in the second half of the
year.
BRAZIL
IN CRISIS - Brazil was teetering on the brink of a constitutional crisis
on Thursday after a judge blocked President Dilma Rousseff's appointment of her
predecessor, Luiz Inácio Lula da Silva, to her cabinet, prompting clashes in
Congress and on the streets. Just as Mr Lula da Silva's swearing-in ceremony
drew to a close, a federal judge issued an injunction, suspending the
ex-president's appointment on the grounds that it prevented 'the free exercise
of justice' in corruption investigations. ...
Opposition politicians hailed the decision as a triumph for
Brazilian democracy, while the government vowed to appeal, lambasting the order
as part of a 'coup' by the country's elite, reminiscent of Brazil's period of
military rule. Brazilian assets rallied as investors bet on the government's
collapse ... Mass protests swept the country on Wednesday and Thursday night
after a court released incendiary recordings of Mr Lula da Silva's private
conversations that fueled accusations he had been appointed as minister only to
shield him from immediate arrest.
GOING
IN REVERSE - The term “subprime loan” strikes fear into the
heart of many an investor. But forget, if you can, the mortgage loans that were
central to the last financial crisis, it is early defaults in subprime auto
loans that are now raising concerns. A report last week indicated that some of these loans
packaged up in recent bond issues are showing cracks, with high levels of
missed payments and in a small number of cases where borrowers have filed for
bankruptcy or had vehicles repossessed. Bond issues backed by U.S. subprime
auto loans topped $27 billion last year, the highest in a decade and a 25%
increase from 2014. Some say the appetite for auto debt is what is fueling the
boom, and expect defaults to rise. But many analysts brush off suggestions of a
subprime auto-loan bubble, pointing to low gas prices and stable unemployment
rates.
WELCOME
TO EARNINGS SEASON: IT'S GONNA STINK - On Monday, Alcoa kicks off
what we expect to be a disappointing 1Q earnings season. Our year-end 2016
S&P 500 target of 2100 implies just 3 percent upside from the current
level. ... 1Q 2016 year/year EPS growth will be at best flat but could fall by
as much as 9 percent given the poor operating environment for banks and energy
firms ...
Corporates are currently unable to execute discretionary
buybacks, the only source of demand for US shares. ... Our analysts have
highlighted a laundry list of headwinds including energy counterparty risk, a
slowdown in capital markets activity, and a bruising quarter for asset
managers. We believe Financials EPS could fall by as much as 25 percent.
MARCUS
WELBY, M.D. – Five Things Lack of Sleep Does to Your Body:
Researchers say insufficient sleep is associated with
negative behavior and physical consequences including:
• an increased
risk of developing Type 2 diabetes
• weakened
immunity and an increased tendency to get sick
• weakened
cognitive function including memory, alertness and decision-making
• increased
impulsiveness, risk-taking and addictive behavior
• eating more
and eating more unhealthy foods
COLLEGE
HOCKEY GAME OF THE WEEK – Congratulations to the North Dakota
Fighting Hawks (34-6-4) on their eighth NCAA Hockey Championship beating the
Quinnipiac Bobcats (32-4-7) 5 – 1.
Some key story lines to watch in the offseason: (1). Who
will be the new coach of the St. Lawrence University Skating Saints? (2). Is
Michigan State University Spartans due for a new coach? (3). The Quinnipiac
Bobcats move to the Hockey East Conference.
Season
to date (11-8).
TOP
SNOBS – After watching The Masters golf tournament this past weekend
no doubt in my mind that it is good TV watching but the idiotic club rules and
traditions make the members of the Augusta National Golf Club Top Snobs.
There goes my chance of gaining a membership to Augusta
National, but Really???
The green jacketed members of the powerful private club
famously tell the biggest golf stars, TV networks and sponsors what to do and
how to do it. Despite the millions earned by today's golfers, they're still
"gutless" when it comes to meekly obeying Augusta's strict rules and
regulations, according to golf legend Lee Trevino. Also, the word diversity is
not at all seen at the Augusta National Golf Club.
OH, OH
CANADA – For the first time since 1969 no Canadian team is in the
Stanley Cup Playoffs: Montreal Canadians, Ottawa Senators, Toronto Maple Leafs,
Vancouver Canucks, Calgary Flames, Edmonton Oilers, and the Winnipeg Jets. What
is going on….eh?
THE
SWAMI’S WEEK TOP PICKS –
National Hockey League Stanley Cup Playoff Picks:
Eastern Conference: #1 Washington Capitals (4-2) over #8
Philadelphia Flyers; #7 New York
Islanders (4-3) over the #2 Florida Panthers; #2 Pittsburgh Penguins (4-3) over
the #3 New York Rangers; #3 Detroit Red Wings (4-2) over Tampa Bay Lightning.
Conference Semis - Washington Capitals (4-1) over the New
York Islanders; Pittsburgh Penguins (4-1) over the Detroit Red Wings.
Conference Finals - Washington Capitals (4-3) over the
Pittsburgh Penguins
Western Conference: #1 Dallas Stars (4-1) over the #8
Minnesota Wild; #2 Anaheim Ducks (4-2) over the Nashville Predators; #2 St.
Louis Blues (4-3) over the #3 Chicago Black Hawks; #2 Los Angeles Kings (4-3)
over the #3 San Jose Sharks.
Conference Semis – Los Angeles Kings (4-3) over the Dallas
Stars; Anaheim Ducks (4-2) over the St. Louis Blues.
Conference Finals – Anaheim Ducks (4-2) over the Los Angeles
Kings
Stanley
Cup Champs – Anaheim Ducks (4-2) over the Washington Capitals
Season
to date (32 -18)
MARKET
WEEK - Market volatility reared its head again on Thursday as the
VIX rallied 10% while stock markets and interest rates fell sharply amidst
global growth concerns. These jitters stabilized somewhat on Friday with
equities paring some losses to end the week down around 1%.
The week ahead, investors will be paying attention to
economic data from the U.S., the International Monetary Fund meeting, corporate
earnings from the U.S. and some key offshore data.
The focus for the week in the United States will be the release
of the March Consumer Price Index. As the chance of deflation continues to
dwindle the Fed will be hoping to see inflation continue its path to the 2%
target. The consensus is for a rise of 0.2%. The CPI number is preceded by
Wednesday's Producer Price Index that tracks prices at the producer level
before it is passed onto the consumer.
Wednesday also sees the release of the March retail sales
data where investors will be looking for a rebound from February's -0.1% fall.
The week is rounded off with the release of U.S. Industrial
Production Index data.
DRIVING
THE WEEK - Treasury Secretary Jack Lew at 8:30 a.m. on Monday
delivers remarks at the Council on Foreign Relations in DC on "America and
the Global Economy: The Case for U.S. Leadership" ... President Obama on
Monday afternoon will meet with Federal Reserve Chair Janet Yellen "to
discuss the state of the American and global economy, Wall Street Reform, and
the long-term economic outlook" ... U.S. Chamber of Commerce hosts a
summit Tuesday at 8:30 a.m. on investing in American featuring Lew, Secretary
of Commerce Penny Pritzker, Secretary of Transportation Anthony Foxx, Senator
John McCain, Governor Scott Walker and Governor Terry McAuliffe ... What are
expected to be grim first quarter bank earnings begin this week with
JPMorganChase on Wednesday and Bank of America on Thursday ... IMF and World
Bank hold spring meetings beginning Tuesday ... Senate Finance Committee at
10:00 a.m. Tuesday holds a hearing on cybercrime ... Senate Appropriations on Tuesday
at 10:30 a.m. holds a hearing and the SEC and CFTC budgets ... House Natural
Resources holds a hearing Wednesday at 10:00 a.m. on the Puerto Rico bill ...
House Small Business Committee has a hearing Wednesday at 2:30 p.m. on small
business tax simplification ... Senate Banking on Thursday at 10:00 a.m. has a
hearing on the bond market featuring Treasury Counselor Antonio Weiss ...
Retail sales at 8:30 a.m. Wednesday expected to rise 0.1 percent and 0.4
percent ex-autos ... Producer Prices at 8:30 a.m. Wednesday expected to rise
0.3 percent headline and 0.1 percent core ... Consumer Prices at 8:30 a.m.
Thursday expected to rise 0.2 percent headline and core ... Industrial
Production at 9:15 a.m. Friday expected to dip 0.1 percent ... Univ. Michigan Consumer
Sentiment at 9:55 a.m. Friday expected to rise to 92.0 from 91.0.
Next
week: Top Five.
Until Next Monday, Adios.
Claremont, CA
April 11, 2016
#VI-37-299
CARTOON
OF THE WEEK –The
Democratic Campaign
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