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Dr. Fly

18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.

This Guy is in Jail Now: @StockSage1

You might know him better by his handle “StockSage.” I know him as fat piece of shit who should be in prison for a long time.

A man faces several charges, including driving under the influence and driving with a suspended license, after police say he drove his car off a road Wednesday, hitting and critically injuring a pedestrian.

Police said Robert Sinn, 33, was driving a 2008 Chevy Impala north on Biscayne Boulevard when he left the roadway near Northeast 64th Street and hit a man walking near a bus bench.

Sinn’s vehicle also hit a palm tree, a streetlight, another tree, a bus sign post and a trash can, police said.

 

Witnesses told police that Sinn got out of the car, went over to the victim, who was lying on the ground, reached down, yelled something at him, stepped over him and got back in the car, according to the arrest form.

Sinn drove away before police arrived, but witnesses pointed officers in his direction, police said.

When an officer caught up with Sinn, he said, “Officer, I fell asleep at the wheel. Is the guy that I hit going to be OK?” according to the arrest report.

Sinn faces charges of leaving the scene of an accident with serious bodily injury, several charges relating to driving under the influence, and driving with a suspended license.

The pedestrian was taken to Jackson Memorial Hospital in critical condition.

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China is Expanding, Much to its Neighbors Chagrin

China’s newest city is a tiny and remote island in the South China Sea, barely large enough to host a single airstrip. There is a post office, bank, supermarket and a hospital, but little else. Fresh water comes by freighter on a 13-hour journey from China’s southernmost province.

Welcome to Sansha, China’s expanding toehold in the world’s most disputed waters, portions of which are also claimed by Vietnam, the Philippines and other neighbors. On Tuesday, as blustery island winds buffeted palm trees, a new mayor declared Sansha with a population of just 1,000 China’s newest municipality.

Beijing has created the city administration to oversee not only the rugged outpost but hundreds of thousands of square kilometers (miles) of water, aiming to strengthen its control over disputed — and potentially oil-rich — islands.

A spokesman for the Philippines Foreign Ministry said Manila did not recognize the city or its jurisdiction. Vietnam said China’s actions violated international law.

The city administration is on tiny Yongxing island, 350 kilometers (220 miles) southeast from China’s tropical Hainan Island. The Cabinet approved Sansha last month to “consolidate administration” over the Paracel and Spratly island chains and the Macclesfield Bank, a large, completely submerged atoll that boasts rich fishing grounds that is also claimed by Taiwan and the Philippines.

Vietnam and China both claim the Paracels, of which Yongxing, little more than half the size of Manhattan’s Central Park, is part. The two countries along with the Philippines, Malaysia, Brunei and Taiwan also claim all or parts of the Spratlys.

 

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FLASH: $BWLD MISSES

Buffalo Wild Wings misses by $0.06, reports revs in-line; lowers EPS guidance growth est
Reports Q2 (Jun) earnings of $0.62 per share, $0.06 worse than the Capital IQ Consensus Estimate of $0.68; revenues rose 29.7% year/year to $238.7 mln vs the $240.03 mln consensus. Sees FY12 EPS growth 15-20% vs. 20%+ previously (consensus +19%). “We managed controllable costs, but the higher year-over-year wing costs in the second quarter moderated our net earnings to a 9.3% increase over the same quarter last year, providing earnings per diluted share of $0.62 compared to $0.58 a year ago. We continue to outpace the casual dining category with same-store sales increases of 5.3% at company-owned restaurants and 5.5% at franchised locations for the second quarter.”

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Opinion: Fed Fail: The Implosion of a Policy Regime

Everyone from Paul Krugman to Steve Waldman to Yichuan Wang is giving their spin on the plunging nominal interest rates.

It’s beginning to look like Keynes was wrong about liquidity traps, at least when he argued that there’s a certain minimum nominal yield that government bond investors demand, and that long term rates can be reduced no further. Wherever people draw a line, bond yields just seem to plunge right through, to one record low after another. And we know from Japan that they can go even lower. But what does this mean?

It probably means multiple things. For instance it suggests that the Keynesian/market monetarist AD pessimists and the Great Stagnation AS pessimists are both right. We are looking at BOTH low inflation and low real GDP growth for many years to come. Why don’t I think AD explanations are enough? Partly because even the 20 year T-bond now has a negative real yield. Indeed it suggests the Bernanke “global savings glut” hypothesis is also correct, a point I’ve argued previously. Japan is the future of the world.

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TONY ROBBINS IS A FUCKTARD

SAN JOSE — Amid inspirational talk, chanted mantras and shouts of victory at a late-night firewalking event attended by thousands Thursday came agonized shrieks from followers whose soles were scorched by the superheated coals, witnesses said.

At least 21 people were treated for burn injuries after taking part in the crowning event of the first day of a Tony Robbins function downtown, including at least three who went to the hospital, a San Jose fire captain said.

The people who suffered various second- and third-degree burn injuries were among more than 6,000 who attended the motivational speaker’s event at the San Jose Convention Center called “Unleash the Power Within.”

After the event, which ended about 11 p.m., the crowd walked across the street to the park, where 12 lanes of hot coals measuring 10 feet long and 2½-feet wide rested on the grass.

Jonathan Correll, 25, decided to check out what was going on when “I heard wails of pain, screams of agony.” He said one young woman appeared to be in so much pain “it was horrific.”

“It was people seriously hurting, like they were being tortured,” he said. “First one person, then a couple minutes later another one, and there was just a line of people walking on that fire. It was just bizarre, man.”

Correll, a San Jose City College student, said he saw between 10 and 15 people being treated. He said he videotaped the scene for about 5 minutes before an event staffer
told him to put the camera away.

But on a break from day two of the four-day event Friday night, others who walked on the coals said it was nothing short of life-changing.

Henry Guasch, 19, of Mountain View, said that after crossing the coals while chanting his mantra of “Cool moss,” he felt powerful.

“Overcoming something like that, it’s a breakthrough,” he said, adding that he did slow his pace in the middle of the field and got a minor burn.

Guasch and Andrew Brenner, another fire walker, both said that the keys to not getting singed are faith and concentration.

“I did it before, didn’t get into the right state and got burned,” Brenner said. “I knew I wasn’t at my peak state. I didn’t take it as serious.”

He said his feet blistered after the walk about eight months ago at another Robbins event, but he didn’t need medical attention.

Kim, a 22-year-old who didn’t want her last name used because she is still attending the event, said her two friends who did the walk seemed fine at first, but their feet started to blister about 10 minutes later. She said other people had similar problems, and a number of them were soaking their feet in a fountain at the park.

“It seemed abnormal that so many got hurt,” she said, adding that many attendees Friday complained about blisters, and a woman sitting near her had both feet completely bandaged.

David Willey, a physics instructor at the University of Pittsburgh at Johnstown in Pennsylvania, has published a text and video on the physics of firewalking and stated that it “does not need a particular state of mind.”

“Rather, it is the short time of contact and the low thermal capacity and conductivity of the coals that is important,” he wrote. He added that ash that builds up on coals can provide further insulation.

It took about 90 minutes for everyone to walk across the coals, fire officials said. It is not known how many of the people who attended the conference took part in the firewalk.

San Jose Fire Department Capt. Reggie Williams said event organizers had emergency personnel on standby and had obtained an open fire permit from the San Jose Fire Department, Williams said. A fire inspector from the department was at the event to make sure there was no accidental fire.

A statement released Friday from Robbins Research International, said, “We have been safely providing this experience for more than three decades, and always under the supervision of medical personnel … We continue to work with local fire and emergency personnel to ensure this event is always done in the safest way possible.”

On the Tony Robbins website, he promotes “The Firewalk Experience,” a process where people walk across coals between 1,200 and 2,000 degrees Fahrenheit.

But that’s not something the San Jose Fire Department recommends, Williams said,

“We discourage people from walking over hot coals,” Williams said.

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The Longest Dry Spell In Indianapolis Since 1908 Has Ended

Doom and fucking gloom.

The weather service says total rainfall at the airport for the 47-day period from June 1-July 17 was just 0.09 inches. The previous record for 0.09 inches over 45 days occurred Aug. 13-Sept. 26, 1908. No measurable rainfall fell this month through July 17, eclipsing July 1901 by one day.

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