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What sort of nonsense drove this so-called "research", eh?

If you work for this clown-car brigade you ought to be ashamed of yourself -- and be shunned by anyone who knows you.  If you actually transact business with these people, well, just remember PT Barnum's saying....

There has been speculation that the ongoing Volkswagen emissions scandal could spell out the end of the diesel car. But Morgan Stanley thinks the consequences are far greater — that it could help kill off the internal combustion engine altogether.

In a research note published Tuesday, the investment firm makes the case that the news "could raise the cost of doing business for all participants in the internal combustion engine business, accelerating a potential move to EVs," or electric vehicles, "that is just taking root."

Uh huh.

Let's first dispense with the obvious hyperbole.

The VW debacle relates to diesel emissions.  And yes, it's serious.  It may destroy the diesel engine in America on a permanent basis, far worse than the damage done by GM to diesels with their infamous game-playing decades earlier when they tried to build a diesel out of a gas engine block and discovered that the internal stresses were far too high for that design.  The result was an utter disaster with too many on-road failures to count.

But -- there is utterly no reason to believe that this will filter down to gas powered vehicles which are much cleaner over the last decades and do not suffer from the same NOx problems, mostly because unlike a diesel gas engines are run as close to the optimum 14.7:1 air-fuel ratio as possible all the time where a diesel runs there only under full power -- at light load it runs extremely lean, which means there is excess oxygen available.

So why is Morgan Stanley putting out such a load of speculative nonsense?

Maybe it's because they're an underwriter for Tesla's bond offerings.... you know, the electric car company that just moves your vehicle pollution from your tailpipe to a nice big fat power plant and, if you use one of their "gigachargers", it might actually just have moved it to the diesel genset sitting in the back of the building where the Gigacharger is located!  In other words, in that case the pollution got moved from your tailpipe 20 feet away and even better, it was "upgraded" from what would (presumably) be a gas engine to a diesel one!

Naw, that sort of nonsense would never, ever happen..... right?  There's a "Chinese wall" that prevents any sort of cross-pollination or any sort of pollution of opinion from one side to the other...... yes?

Go ahead and believe if you'd like.

I, for one, do not.

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You have to love the Bureau of Lies and Scamsnot only does this report suck but they revised the last two months down big as well.


Total nonfarm payroll employment increased by 142,000 in September, and the unemployment rate was unchanged at 5.1 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in health care and information, while mining employment fell.


Note that nasty monthly downturn.  But more to the point, look at the annualized figures that have failed to show any good trend change in the upward direction, just as was the case all along.

Corrected for population growth there goes the neighborhood.

And finally, if you had any sort of belief that the population-corrected employment rate was improving (a case that was reasonable to make the last few months), well....

Now about the internals -- 

The unadjusted figures show a loss of 248,000 jobs.  What's worse is that over a million people left the workforce -- they gave up.  At the same time 229,000 people were added to the workforce.  There's the explanation for the 'unch' in the unemployment rate -- giving up means you're not "unemployed" any more!

This report is utterly awful.

What's even better is that of the so-called "growth" had 34,000 of it in "health care", with about half of it in hospitals.  This with, as I've noted, radically outrageous increases in health insurance cost that are just now hitting the economy.  That will end well, I'm sure.

The workweek fell by 0.1 hour; it stands at 34.5.  Obamacare part-time jobs anyone?  Oh yeah, that's special.  Manufacturing hours were down and factory overtime slackeneed.

What I find amusing from the internals is in table A-4; according to that table nobody lost ground based on educational achievement.  Uh huh.  Sure...... there were no employment:population ratio decreases anywhere in the table?

How did that happen, may I ask, with this weak of a report on an unadjusted basis, when the aggregate number showed a decline?  Isn't it funny when the numbers don't add up and check with each other?  Every once in a while our fabulous government agencies manage to stick something out in the wild without checking their work first to make sure that the internals are plausible given whatever the headlines claim.  (Ed: It has been pointed out that it's technically possible for this result to occur; all job losses would have to have occurred in teens, basically.  Possible? Sure. Likely? Uh... no.)

I find that highly amusing, and perhaps it's the real story in this report, validating what I've called the people who compile this ditty every month ever since I began presenting it for you: The Bureau of Lies and Scams.

Welcome (back) to the recession that never left but was merely papered over folks.

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This is pretty ugly...

There's a new round of Stagefright vulnerabilities that allows attackers to execute malicious code on more than one billion phones running ancient as well as much more recent versions of Google's Android operating system.

Stagefright 2.0, as it's being dubbed by researchers from security firm Zimperium, is a set of two bugs that are triggered when processing specially designed MP3 audio or MP4 video files. The first flaw, which is found in the libutils library and is indexed as CVE-2015-6602, resides in every Android version since 1.0, which was released in 2008. The vulnerability can be exploited even on newer devices with beefed up defenses by exploiting a second vulnerability in libstagefright, a code library Android uses to process media files. Google still hasn't issued a CVE index number for this second bug.

Isn't that special?  We all thought this was fixed, right?

Guess not.

What really ought to bother people is that Google has a huge team of folks that are supposed to be involved in security -- and good coding practice.  They clearly are not doing a decent job of it, especially considering that this area of the system software was implicated in the previous stagefright exploit.

You would think that such a discovery previously would have led to a full code audit on the entire part of the software.

Apparently, you'd be wrong.

But, as we all know, the only thing that matters to consumers these days is that they can run Snatchchat; whether some random jackass can steal everything on their device -- eh, that's no problem at all.

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