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"Hypocrisy Is Everywhere" - Hillary Clinton Defends Relationship With Weinstein
After months of teasing the public about the possibility of a last-minute presidential run - or emerging as the Democratic Party's would-be savior during a brokered convention - Hillary Clinton must have finally decided that politics isn't her game.
Because during an interview with the Hollywood Reporter, the two-time failed presidential candidate and former secretary of state embraced one of the most controversial opinion that one could possibly take: Defending her relationship with former Hollywood sudio head and super-producer Harvey Weinstein.
And that wasn't the only jaw-dropping comment: Clinton also insisted that "Nobody likes" Bernie Sanders, who is, according to polls, one of the most popular politicians in the country.
Though Clinton, who is out on a media tour ahead of the premier of a four-part docu-series entitled "Hillary", once again disavowed Weinstein, adding that she was "shocked and appalled" at his actions, she refused to apologize for being friends with the Democratic bundler and influential donor, arguing that their relationship was "something that everybody thought made sense."
Many uber-feminists and other die-hard Clinton have already probably forgotten that Clinton waited five days before issuing a statement condemning Weinstein, seemingly waiting to see how the chips would fall before picking a side. She also deflected criticism of Weinstein by trying to turn the world's attention to President Trump with the famous line
Asked if Clinton had any regrets about her long friendship with Weinstein, she replied that she and her aides had no idea that he was a sexual predator
"How could we have known?" Clinton said. "He raised money for me, for the Obamas, for Democrats in general. And that at the time was something that everybody thought made sense."
Of course, anybody who has been paying attention to the Weinstein scandal should know that this is probably a bald-faced lie: Both the NYT and the New Yorker’s Ronan Farrow reported that Weinstein’s sexual aggression was an open secret, particularly among his rich and powerful peers, a group that obviously includes Clinton.
Since 1992, Weinstein and his family have given nearly $1.5 million to various politicians, almost exclusively Democrats.
Clinton said her relationship with Weinstein would have been “very different” if she had known about the allegations: “Of course, if all of us had known what we know now, it would have affected our behavior.”
Of course, it wouldn’t be a Hillary Clinton interview if she didn’t invoke the name of her one-time rival, President Trump. Hypocrisy is everywhere - even in the Oval Office, Clinton said.
"I love this word 'gobsmacked' because, yes, look, hypocrisy is everywhere," Clinton said. "Look at the current occupant of the White House for Lesson A."
That would be true even if she won in 2016: Because let’s not forget about all the women that Clinton helped intimidate into silence after their dalliances with her husband.
Weinstein's criminal trial over charges of rape and assault is about to get underway at a Manhattan court.
Tyler Durden Tue, 01/21/2020 - 17:05 Tags PoliticsA Plague Of Locusts, Earthquakes In Diverse Places, And Weather That's Gone Completely Nuts
Authored by Michael Snyder via TheMostImportantNews.com,
It is almost as if someone flipped some sort of a switch as 2020 began, because we have been seeing really weird things happen all over the globe so far this year.
Later in this article I want to talk about the large earthquakes and strange weather events that we have seen over the past few days, but first I want to discuss the massive armies of locusts that are voraciously eating crops in Asia and in Africa. Right now, a “deadly invasion by millions and millions of locusts” in India is absolutely devastating farm after farm, and the media in India is calling this locust invasion “the worst in over six decades”…
Parts of Gujarat and Rajasthan are in the midst of a deadly invasion by millions and millions of locusts, leaving the farmers there in distress. The invasion which began in October is said to be the worst in over six decades.
According to reports, crops of some 3.6 lakh hectares in 10 districts as western Rajasthan have been damaged by the locusts so far. The Locust Warning Organization (LWO) said that the current wave of attack was by Pink locusts which are flying in from Pakistan.
As bad as things are in India, the truth is that they are even worse in Africa.
According to the UN, the desert locusts that have been ravaging fields in Ethiopia and Somalia are now pouring into Kenya…
The UN has warned of a “significant and extremely dangerous” escalation in the number of desert locusts descending on Kenya, as the government strives to contain the threat before it reaches the country’s food-producing regions.
The tropical grasshoppers have been wreaking havoc on Kenya’s neighbours to the north and east, devouring tens of thousands of hectares of crops in Ethiopia and Somalia since last June.
Here in the United States, we tend to think of a “swarm” as a few hundred insects.
But over in Africa, these “swarms” can literally take over an entire section of a country. For example, the FAO says that one of the locust swarms in Kenya “measured 2,400 sq km”…
Each square kilometre of locusts in a swarm can eat as much in a day as 35,000 people, according to the FAO. One locust swarm seen in Kenya measured 2,400 sq km.
“There is an unprecedented threat to food security and livelihoods” across the Horn of Africa, the FAO said.
I can’t even imagine what a 2,400 square kilometer locust army would look like, but I think that it is fair to say that it qualifies as a “plague of locusts”.
Meanwhile, earthquakes continue to pop up in unusual places.
For example, ABC News is reporting that a magnitude 4.5 quake hit Kansas on Sunday…
The U.S. Geological Survey said a magnitude 4.5 earthquake struck about 2 miles (3 kilometers) southwest of Hutchinson shortly after 1 p.m. The service had initially reported that it was a magnitude 4.4 earthquake, but later upgraded it.
And this earthquake comes just a few months after there was a very suspicious swarm of 17 earthquakes in that same area of central Kansas…
The earthquake struck as the Kansas Corporation Commission investigates the cause of a swarm of 17 earthquakes in five days in August the same area of central Kansas. The regulatory agency’s investigation is focused on the underground disposal of oilfield waste that’s been blamed for quakes elsewhere in southern Kansas.
On the other side of the globe, a very strong magnitude 6.0 earthquake hit Indonesia this weekend…
A strong inland earthquake has struck Indonesia’s easternmost Papua province, but there were no immediate reports of major damage or casualties.
The U.S. Geological Survey says the magnitude 6.0 quake was centered 141 kilometers west of Abepura, a city at a depth of 33.6 kilometers.
But these days large earthquakes are happening so frequently that they barely make a blip in the news. A similarly large earthquake just hit China, but hardly anyone in the U.S. even knows that it happened…
According to reports, A powerful magnitude 6.4 earthquake has struck in Jiashi County of northwest China’s autonomous Xinjiang. The earthquake was reported to have a depth of 165m and took place at 9:21 pm local time.
Witnesses say the shaking was felt in the cities of Kashgar and Artux. At this time there are no reports of fatalities or damage. This is the third earthquake that has struck in Southern Xinjiang, China in the past 47 hours.
That quake in China was later downgraded to a magnitude 6.0 event, but that is still very significant.
In some parts of the planet, the shaking simply does not stop. Over in the Philippines, there have been more than 400 earthquakes associated with the eruption of Taal volcano since last Sunday…
Since Sunday, a staggering 466 earthquakes have been recorded, and experts warn more eruptions may still come.
Of those quakes, 156 were recorded as being intensity one to four.
Phivolcs Volcano Monitoring and Eruption Prediction Division chief Mariton Bornas said: “For volcanic earthquakes, that is strong.”
And as I have written about previously, more than 1,000 earthquakes have shaken Puerto Rico in recent weeks. Many residents continue to sleep outside because they are deathly afraid that their homes will collapse on top of them while they are sleeping if another big quake suddenly strikes.
On top of everything else, global weather patterns continue to go haywire.
In Alberta, the weather has actually been colder than it has been on Mars…
The highest temperature recorded on the red planet Wednesday morning was -17 C, according to NASA, which was still a few degrees above Alberta, where the warmest temperature recorded was –21.2 C, at Nakiska Ridge in Kananaskis Country.
In Calgary, it reached a low of –31.2 C early Wednesday, according to Environment Canada, while in Edmonton the mercury dipped to –34 C.
And along with Mars, Alberta was colder than a number of other well-known spots, like Siberia, which sat at –11 C Wednesday morning, and Nuuk, Greenland, where it was –12 C.
And in Newfoundland, a devastating blizzard packing wind speeds of up to 98 mph dumped an all-time record 30 inches of snow on St. John’s…
Premier Dwight Ball said he had asked for the federal government’s assistance, including mobilizing the armed forces, after the blizzard battered eastern Newfoundland.
Rob Carroll, a meteorologist with Environment Canada, said St. John’s had experienced a one-day snowfall of 76.2 centimeters (30 inches), breaking the previous record of 68.4 centimeters (27 inches) on April 5, 1999.
On an almost daily basis, we are seeing natural disasters happen that are unlike anything we have ever seen before, and what we have witnessed so far is just the beginning.
Despite all of our advanced technology, we remain exceedingly dependent on the natural environment that surrounds us, and that natural environment is becoming increasingly unstable.
We are truly entering uncharted territory, and most people cannot even imagine the great challenges that lie ahead for all of us.
Tyler Durden Tue, 01/21/2020 - 16:45 Tags Disaster Accident EnvironmentNetflix Burns A Record $19 Million Per Day As Growth Slows; Q1 Forecast Disappoints
Two quarters ago, when Netflix subscriber growth hit a brick wall and US subs actually declined, we asked "is the Netflix growth juggernaut finally dead?" because in its Q3 letter, Netflix said it will add 26.7 million customers in 2019, fewer than it added last year, and the first annual drop in growth this decade.
Then, last quarter, the juggernaut appeared to find yet another "second wind", with the stock surging after the company reported its Q3 earnings, which sparked a short squeeze after Netflix beat on the top and bottom line despite missing on total subs while again slashing guidance (that particular squeeze did not last long and the stock quickly slumped, only to soar starting roughly at the same time as the Fed restarted QE). And just so Apple isn't the only "growth" company to slash various reporting metrics, Netflix joined in and announced that it would stop differentiating between domestic and international margins:
"as we self-produce and license more original content that has global rights, we are finding US vs.international segment contribution margin reporting is becoming less useful internally. We’ll stop reporting on it in January 2020 and continue to focus on global operating margin as our primary profitability metric"
Translation: international margins are no longer growing fast enough to merit their own talking point among the investment community. And with the company growth slowing rapidly, especially now that there are numerous other competing streaming services, the we can only assume that it is only a matter of time before Netflix stops reporting its subscriber numbers altogether.
Fast forward to today, when with NFLX trading at the highest level since last July (curiously, unlike most other tech darlings which made new record highs this year, Netflix is still trying to claw back to levels last seen before its 2Q’19 report in July), moments ago Netflix appears to have found yet another "second wind" reporting a beat on revenue, earnings and Q4 subs, even as it once again trimmed its outlook for the next quarter.
First, the good news: NFLX reported Q4 revenue and EPS of $5.47BN and $1.30 both beating expectations of $5.45BN and $1.05; Q4 global streaming subs rose by 8.76MM, on par with the company's additions a year ago, and also above the company's own 7.6 million estimate and Wall Street's 7.65MM forecast. Of those, just 420,000 came from the U.S., while 8.33 million came from abroad. In total, this was the third best quarter for total NFLX subscribed growth in history, following the blockbuster Q4 2018 and Q1 2019.
And yet, looking at the details, we see that domestic streaming subscriber growth continues to slow down even as international growth is picking up, which we expect will be the narrative pushed by the bulls if the stock is to rebound after hours.
Looking at the table above, Netflix was proud to announce that it hit a milestone surpassing 100 million foreign paid subscribers during the quarter.
Now the not so good news: while in Q4 Netflix added a strong 8.76MM streaming subs, the company's forecast for Q1 was a disappointing 7.00MM, well below the 7.82MM Wall Street estimate, and it is this number that appears to be dragging the stock lower after hours, as the kneejerk response higher was quickly faded.
Commenting on its subs, Netflix said that "we generated Q4-record paid net adds in each of the EMEA, LATAM and APAC regions" although as it noted, the North American (UCAN) region saw a sharp slowdown, with paid net adds just 0.55m (with 0.42m in the US) vs. 1.75m in the year ago quarter. According to Netflix, "our low membership growth in UCAN is probably due to our recent price changes and to US competitive launches." And while Netflix claims it has seen "more muted impact from competitive launches outside the US (NL, CA, AU)" a look at the company's runrate in subscriber adds suggests that the mega growth party is over and it's all downhill from here.
Somewhat concerning, if not surprising, Netflix said some customers are leaving due to recent price increases. It says its Q1 forecast "reflects the continued, slightly elevated churn levels we are seeing in the U.S. plus an expectation for more balanced paid net adds across Q1 and Q2 this year, with seasonality more similar to 2018 than 2019." The company also said that "this is due in part to the timing of last year’s price changes and a strong upcoming Q2 content slate, where we’ll have some of our bigger titles like La Casa De Papel (aka Money Heist) season 4."
Perhaps tied to this, Netflix said it has changed how it measures audiences because it has titles of different lengths, from TV shows to movies: "We believe that reporting households viewing a title based on 70% of a single episode of a series or of an entire film, which we have been doing, makes less sense." In other words, Netflix used to report a viewer who watched 70% of a show. Now it's anyone who watched at least two minutes.
As a result, Netflix is now reporting on accounts that chose to watch a given title. The new metric is about 35% higher on average than the prior metric, Netflix says.
Looking ahead, and the reason for the stock's big drop after hours, NFLX had this to say why it expects only 7.00MM subs in Q1 2020 vs a record 9.6MM a year ago:
As a reminder, the quarterly guidance we provide is our actual internal forecast at the time we report. For Q1’20, we forecast global paid net adds of 7.0m vs. 9.6m in Q1’19, which was an all-time high in quarterly paid net adds. Our Q1’20 forecast reflects the continued, slightly elevated churn levels we are seeing in the US plus an expectation for more balanced paid net adds across Q1 and Q2 this year, with seasonality more similar to 2018 than 2019. This is due in part to the timing of last year’s price changes and a strong upcoming Q2 content slate, where we’ll have some of our bigger titles like La Casa De Papel (aka Money Heist) season 4.
In short, the company's visibility is suddenly collapsing as a result of too many varibales, including rising competition, a non-stop changing content, and higher prices, hardly the stuff bulls are looking for.
Now that everyone and their kitchen sink is launching a streaming service, this is what Netflix had to say about the current state of the market:
Many media companies and tech giants are launching streaming services, reinforcing the major trend of the transition from linear to streaming entertainment. This is happening all over the world and is still in its early stages, leaving ample room for many services to grow as linear TV wanes. We have a big head start in streaming and will work to build on that by focusing on the same thing we have focused on for the past 22 years - pleasing members. We believe if we do that well, Netflix will continue to prosper. As an example, in Q4, despite the big debut of Disney+ and the launch of Apple TV+, our viewing per membership grew both globally and in the US on a year over year basis, consistent with recent quarters.
And just to underscore that the competition is fickle, Netflix also added a Google search comparison for The Witcher, Disney’s The Mandalorian, Amazon’s Jack Ryan and Apple’s The Morning Show. Maybe it should also include a chart showing how many people actually finished watching the Irishman.
What about cash burn?
In Q4, net cash used in operating activities was -$1.5 billion vs. -$1.2 billion in the prior year period. Free cash flow (FCF) in Q4 totaled -$1.7 billion vs. -$1.3 billion in Q4’18. For the full year, FCF was -$3.3 billion which we believe is the peak in our annual FCF deficit. We doubt it.
What does that mean in practice? It means that in Q4 Netflix burned a record $1.7BN, or roughly $19 million per day in the quarter. In light of this massive spending to grow the business - nearly $400MM more than a year ago with fewer subs to show for it - one can ask just how much more cash burn NFLX can stomach in order to avoid a collapse in subscribers.
Among the surge in expenses, Netflix spent $283 million more on marketing last year to $2.65 billion, a 12% increase from 2018. Half that came in the fourth quarter alone, which explains the subscriber surge... and the massive cash burn!
For 2020, Netflix forecasts FCF of approximately -$2.5 billion, although we will take the over, massively. As a result, the company will "continue to use the debt market to finance our investment needs as we did in Q4’19, when we raised $1.0 billion 4.875% senior notes and €1.1 billion 3.625% senior notes, both due in 2030." And some humor:
With our FCF profile improving, this means that over time we’ll be less reliant on public markets and will be able to fund more of our investment needs organically through our growing operating profits.
Good luck with that. And speaking of debt, Netflix saw a steep increase in its long-term debt over 2019. It stood at $14.8 billion on Dec. 31, compared to $10.4 billion a year earlier.
Most worrying for Reed Hastings, the market appears to no longer be giving NFLX the benefit of the doubt as the stock is barely changed despite beating across the board, as more and more are focusing on the unsustainable cash burn and disappointing guidance in a time when competition is soaring.
Global Health Officials On High Alert As Virus's Rapid Spread Confounds Expectations
Update (1600ET): Beijing, Shanghai, Tianjin, Zhejiang, Henan, Chongqing, Hong Kong, Bangkok, Seoul, Tokyo, Brisbane, Taipei - and now Washington State.
The viral pneumonia-like lung illness first discovered late last year in Wuhan, a mid-sized Chinese city in the center of the country, has Beijing's leadership - who are already grappling with slowing economic growth and continuing trade pressure from the US - very much on edge.
It's clear now that Beijing's initial response to reports of a new SARS-like virus was to dissemble. After initially insisting that there was no evidence that the virus could be spread by humans, health officials have now admitted that they were "wrong", and that human-to-human transmission is possible, meaning that there's no telling yet just how contagious this thing really is.
It's already spread rapidly: In just a few weeks, it's gone from a few isolated cases in Wuhan to nearly 300 confirmed cases, not just in Greater China, but also across the Asia-Pacific region, and now in the US. The fact that the CDC has already identified the first case in Washington State suggests that this is an aggressive pathogen, and health officials are duly concerned.
It has already confounded expectations. The fact that 139 cases - roughly half the total number reported - were only just identified over the weekend is especially unnerving, because now infected hosts have had time to scatter back to wherever they're from, potentially spreading the virus across the planet.
According to Bloomberg, the US case has been revealed to be a man in his 30s who returned to the US last week, but not before visiting a public market in Wuhan...
The sudden spike in cases has prompted airports in the US, Australia and elsewhere to tighte illnesses has prompted tightened borders and a rapid attempt to trace contacts of those who have become ill.
On Wednesday, the World Health Organization will decide whether this crisis qualifies as a public health emergency of international concern, a label signifying only the most complex pathologies with the potential to cross borders. The WHO could recommend that travel be restricted, or that global governments take other drastic measures.
With global health officials on high alert, local authorities in Wuhan have announced that the city has 800 hospital beds ready in three separate designated care hospitals, and it's ready to have 1,200 prepared at short notice, according to local media reports.
With the Chinese New Year travel season about to begin, many fear that millions of Chinese traveling abroad or internally for vacation will help the virus spread at an exponential rate. Chinese health officials have played down the possibility of this. But they also say they don't want to underestimate it. After all, the last major outbreak, SARS in 2003, killed 800 people.
* * *
Update (1335ET): The CDC has confirmed that a traveler from China has been diagnosed in Seattle with the Wuhan Coronavirus.
The patient, who was hospitalized with pneumonia last week, recently had traveled to Wuhan, China, where the outbreak appears to have originated, federal officials have found.
Officials declined to identify the patient, who was said to be quite ill.
Additionally, on a conference call, the CDC confirmed it expects more US cases to come.
The outbreak began at a market in China and now has spread to at least four other countries, and has killed at least six people and sickened hundreds more in Asia.
Broadly speaking, stocks are getting hammered on this but there is one silver lining however, prices for flu-shot manufacturers are soaring: Nanovaricides +240%, Novavax +53%, Inovio Pharma +10%, and Vaxart +14%.
* * *
CNN's AnneClaire Stapleton (@AnneClaireCNN) tweeted an ominous warning:
"The US Centers for Disease Control and Prevention is expected to announce this afternoon that the first case of Wuhan coronavirus has been reported in the United States, in Washington state, a federal source outside the CDC tells CNN."
And the market reacted rapidly...
Transports are the worst hit on the day, already suffering from coronavirus fears overnight...
Can The Fed just print up some anti-virus?
As we detailed earlier, the global risk-off wave had started in the overnight hours of Monday as the full extent of the Chinese coronavirus scare became apparent to traders, has rolled into the cash session Tuesday with airline, casino and gaming, hotel, and travel stocks, taking a leg lower.
Delta Air -3.50%, United Airlines Holdings -3.20%, Southwest Airlines -1.5%, and American Airlines Group -2.50%, were all sold as the outbreak may crimp global air travel during the upcoming Lunar New Year holiday period.
Investors dumped Wynn Resorts -4.45%, Las Vegas Sands Corp -4%, and MGM Resorts International -3%, as the virus threatens to decrease foot traffic.
Hotels were also sold, Wyndham Hotels and Resorts -1%, Choice Hotels International -1%, and Extended Stay America -1%.
Travel stocks were dumped, Expedia Group -1%, Booking Holdings -2.20%, TripAdvisor Inc -1%, and Trip.com -10%.
Investors are unloading sensitive travel stocks because confirmed cases of coronavirus have tripled since Monday and spread to other countries around China with the risk of spreading across the world.
Fears of a 2002-03 outbreak of SARs has been on everyone’s mind to start the week – and with a Lunar New Year holiday fast approaching – the spread of the virus could broaden in the days ahead.
Travel sensitive stocks have taken a beating in Asia, Europe, and the US – basically across the world on Tuesday, as investors brace for new cases of the virus that is quickly spreading.
Could this mean world stocks are due for a pullback?
McConnell Blinks, Grants Impeachment Trial Rule Changes Sought By Democrats, GOP Moderates
Senate Majority Leader Mitch McConnell (R-KY) allowed a hand-written change to the ground rules for President Trump's impeachment trial, granting House Impeachment managers and Trump's defense team an additional day to make their cases.
The rule change will mean both sides still have 24 hours to present their case, but three days to do so instead of two.
House impeachment inquiry transcripts will also be automatically entered into evidence, as opposed to being subject to a vote at a later point in the trial, according to Bloomberg.
"The Senate’s fair process will draw a sharp contrast with the unfair and precedent-breaking inquiry that was carried on by the House of Representatives," said McConnell in a speech from the Senate floor.
House Minority Leader Chuck Schumer (D-NY), meanwhile, says he'll push to amend the trial rules in order to introduce witnesses and new evidence.
"The McConnell rules seem to be designed by President Trump, for President Trump," he said at a press conference before the trial, calling Republican efforts "a cover-up."
Chuck Schumer complains about the schedule, which may go into "the dark of night." REMEMBER, Adam Schiff conducted 18 depositions from a bunker in the basement of the Capitol. pic.twitter.com/z7gKCX3spw
— Rep. Jim Jordan (@Jim_Jordan) January 21, 2020 https://platform.twitter.com/widgets.jsThe trial, with U.S. Chief Justice John Roberts presiding, opened with a reading of the resolution and initial statements regarding the rules by Democratic Representative Adam Schiff for the House impeachment managers and White House Counsel Pat Cipollone for the president’s defense team. Check here for live updates on impeachment fight developments Cipollone’s statement in support of McConnell’s resolution was brief, saying the only conclusion “will be the president has done absolutely nothing wrong” and the House has “absolutely no case.” “We respectively ask you to adopt this resolution so we can begin this process,” he said. -Bloomberg
Rep. Adam Schiff (D-CA) spent much of his time discussing how unfair the Senate-GOP had made the trial, saying "I believe the most important decision in this case is the one you will make today -- will the president and the American people get a fair trial?"
Adam Schiff: "I believe the most important decision in this case is the one you will make today. ... Will the president and the American people get a fair trial?"pic.twitter.com/YmfH6ffW0F
— The Washington Post (@washingtonpost) January 21, 2020 https://platform.twitter.com/widgets.jsWe suspect most Trump supporters won't consider it a fair trial until Joe and Hunter Biden take the stand, while Democrats really want to hear from John Bolton and other current and former White House notables.
According to a Monmouth University poll released Tuesday, over 75% of Americans say Trump and other administration officials should be invited to testify before the Senate. According to Bloomberg, two other recent polls showed similar results.
Monmouth also found that 57% of Americans feel House managers should be able to introduce new evidence which was not seen during the House impeachment investigations.
Tyler Durden Tue, 01/21/2020 - 16:15 Tags Politics
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