Lead Story: Happy July 4th to all of you! Nothing quite like celebrating the birth of your country by watching a bunch of people shove 40+ nitrate packed hot dogs down their throats. Here’s a rundown of July 4th by the numbers. Spoiler: Americans will spend over $1 billion in beer tomorrow.
Employment Report – Here’s everything that you need to know: the unemployment rate fell but so did the participation rate and wage growth was still weak. In other words, not quite as strong as it looked on the surface and probably some things in there that will give keep an already tentative Fed on the fence.
Greece on the Ropes: Greece is going to have a referendum vote this Sunday where citizens will decide whether or not to accept bailout terms offered by their creditors. Only one thing this is certain: this vote will be a complete circus as it was thrown together quickly by a bankrupt country and many Greeks haven’t a clue about what they are actually voting on. On the positive side, a guy in London set up a crowdfunding campaign on Indiegogo to bail out Greece. He has raised an amazing $632k so far (mostly from Germans). Only $1,699,368,000 more to go on this thing and Greece is in the clear! Grab some popcorn and watch the craziness unfold.
Puerto Rico = America’s Greece: Unlike Greece, Puerto Rico actually made its debt payment this past week after it’s governor referred to their debts as “un-payable.” However, the Caribbean island is nowhere near being out of the woods as it’s economy continues to tank. This is going to be a particularly mess for under-performing hedge funds that piled into Puerto Rican muni debt seeking bargains.
Construction Booming: In much more positive news, construction spending is now at a post-recession high.
AirBnB of Office: AirBnB’s latest equity raise gave the room sharing app a whopping valuation of $25 billion. The race is now on among a number of well-capitalized startups to see who will shake up commercial real estate and become the “AirBnB of Office.” Whichever of these groups wins out, lets hope that they have better luck than some AirBnB landlords have had with “unconventional” renters.
Higher than the Balls on a Giraffe: Congratulations, Newport Beach (ugh)! Landmark’s hometown (population only 85k) somehow managed to have 3 of the 20 most expensive zip codes in the entire US. Every single one except for Miami Beach was either in NY or CA. Things are booming in these 20 zip codes and other high end markets but are are not so great at the lower end. New research shows that low income neighborhoods are likely to have far more underwater borrowers than median and high income neighborhoods.
The Nathan’s Hot Dog Eating Contest: The grossest competition on earth used to be something that fat guys and 10-year old’s could win back before “competitive eaters” existed.
Bloomberg’s New Bill Gross Profile: “I just wanted to run money and be famous”
Phil Mickelson Will Be Psyched About This One: an upcoming federal ruling could lead to the legalization of sports gambling in the US.
Charts of the Day
Payrolls are rising
But Participation Rate continues to fall
Source: Wall Street Journal
Back on the Prowl: Tiger Woods is being accused of cheating with fellow golfer Jason Dufner’s soon-to-be-ex wife.
More than Just A Haircut: Russian salons sound like fun.
Self Aware? A robot killed a worker in a Volkswagen factory. Ironically, this happened right around the time that Terminator Genisys came out. Machine conspiracy?
Extra Sausage on that Pizza: Pizza Hut fired an employee for doing something really nasty.
Finally, a Use for Siri: Here are 95 more stupid Siri tricks for you to try over the long weekend.
Landmark Links – A candid look at the economy, real estate, and other things sometimes related.
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