iOS app Android app

Mark Gongloff
GET UPDATES FROM Mark Gongloff

Entries by Mark Gongloff

Company You've Never Heard Of Is Now Bigger Than Facebook

(19) Comments | Posted September 19, 2014 | 12:05 PM

The Chinese company Alibaba started trading on the New York Stock Exchange Friday after the biggest initial public offering in human history. It immediately won ALL OF THE MONEYS.

At its opening price of $92.70 a share -- representing an immediate 36 percent windfall for insiders who got...

Read Post

Here Are The Richest And Poorest Big Cities In America

(45) Comments | Posted September 18, 2014 | 11:42 AM

Washington, D.C., rules everything, apparently:

These numbers come from new Census Bureau data on...

Read Post

45 Million Americans Still Stuck Below Poverty Line: Census

(227) Comments | Posted September 16, 2014 | 10:23 AM

Despite five years of economic recovery, poverty is still stubbornly high in America.

More than 45 million people, or 14.5 percent of all Americans, lived below the poverty line last year, the Census Bureau reported on Tuesday. The percentage of Americans in poverty fell from 15 percent in...

Read Post

Tesla Shareholders Suddenly Realize They May Have Gone Too Far

(28) Comments | Posted September 15, 2014 | 3:27 PM

Elon Musk tried to warn you.

Tesla's share price fell about 9 percent on Monday after Morgan Stanley declared that the recent frenzied lust for the electric-car maker's stock had gotten juuuuust a bit ridiculous. Musk, Tesla's founder, made a similar observation a couple of weeks...

Read Post

How The New York Times Overhyped The Benefits Of Fracking

(54) Comments | Posted September 11, 2014 | 11:44 AM

If America's fracking boom is creating a job boom, it's hard to tell.

Maybe you've heard of the miraculous job-creating powers of fracking. President Barack Obama has claimed fracking could create 600,000 jobs. The Chamber of Commerce has declared that fracking creates "millions of jobs." This...

Read Post

Turns Out Ditching America To Dodge Taxes Isn't Always Great For Business

(163) Comments | Posted September 10, 2014 | 2:02 PM

We've been doing it wrong. Instead of trying to shame American companies into not buying foreign companies to avoid taxes, we should tell them it's bad for business.

sadobama

President Obama is disappointed in you, tax inverters.

Tax-dodging deals known as "tax inversions" could...

Read Post

America's 'Job Creators' Would Rather Do Anything But Create Jobs: Survey

(142) Comments | Posted September 8, 2014 | 11:06 AM

America's capitalists take every chance they get to remind us that they are our "job creators," but it turns out that their least-favorite thing on earth to do is create jobs.

Most U.S. business leaders would rather build robots, outsource work or use part-time employees than hire workers full-time, according...

Read Post

Economy Barely Budges In Disappointing Jobs Report

(362) Comments | Posted September 5, 2014 | 8:41 AM

Like the monster at the end of a horror movie, the lame, sluggish recovery that we thought was dead just crawled out of the grave to give us another scare.

The job market was lousy again in August after several months of decent growth. Employers added just 142,000 jobs to...

Read Post

Why You Have Every Right To Demand A Raise, In 1 Chart

(125) Comments | Posted September 5, 2014 | 8:29 AM

If you ever get to wondering why roughly half of America thinks we're still in a recession five years into the recovery, and after one of the longest stock-market rallies in history, just look at this chart:

workers share

This is a chart of how...

Read Post

Europe's Austerity-Fueled Depression Keeps Getting Worse

(61) Comments | Posted September 4, 2014 | 1:54 PM

Europe's central bank just slashed interest rates and launched emergency stimulus measures -- but six years too late, and not enough to counter the austerity that has Europe in a worse mess than the Great Depression.

The European Central Bank surprised markets on Thursday by cutting its target...

Read Post

Apple Stock Is Getting Killed

(99) Comments | Posted September 3, 2014 | 12:10 PM

Apple's stock is under a dark iCloud today.

Shares of Apple, typically a Wall Street darling, were down about 4 percent at midday on Wednesday. The hacking of naked celebrity pictures stored on Apple's iCloud storage system is the worst of a bunch of bad news...

Read Post

Financial Crisis Villain Unclear Why Everybody's So Mad At Him

(65) Comments | Posted September 2, 2014 | 1:07 PM

Angelo Mozilo, the former CEO of Countrywide Financial, wants everybody to stop being so mad at Angelo Mozilo.

Mozilo recently took a break from golfing and tanning to respond to reports the U.S. government plans to sue him over bad mortgages his company sold before the...

Read Post

Warren Buffett Helping Burger King Cut Its Tax Bill

(310) Comments | Posted August 26, 2014 | 10:41 AM

Warren Buffett has figured out how to anger people on both the right and the left when it comes to taxes.

Buffett, America's most-beloved billionaire capitalist, is currently annoying the left by putting up some of the cash for Burger King's $11 billion deal to buy Canadian coffee-and-doughnut...

Read Post

Kim Kardashian Did Not Just Kill Candy Crush

(13) Comments | Posted August 13, 2014 | 12:47 PM

Kim Kardashian has been accused of MURDER, everybody. Murder of a video game. But she is innocent. Innocent, I say!

The victim is Candy Crush, the super-fun game of, um, crushing candy that simply everybody was playing in August... of 2013. The crime scene is the New York Stock Exchange,...

Read Post

Why Half Of America Thinks We're Still In A Recession

(230) Comments | Posted August 6, 2014 | 1:02 PM

The Great Recession ended more than five years ago, but good luck trying to convince many Americans of that.

Nearly half of all Americans, 49 percent, think the recession never ended, according to a new NBC/Wall Street Journal poll. And that number actually represents progress, since 57 percent...

Read Post

Why A Higher Unemployment Rate Is Actually Good News This Time

(109) Comments | Posted August 1, 2014 | 10:54 AM

The job market is still not the greatest, but we just got one hopeful sign that it might be improving a bit.

The economy added 209,000 jobs in July, and the unemployment rate ticked up to 6.2 percent from 6.1 percent, the Bureau of Labor Statistics said Friday. Believe it...

Read Post

Billionaire Republican Donor Pushes Argentina Into Default

(419) Comments | Posted July 31, 2014 | 12:48 PM

America is arguably the most advanced economy in the world, but today it resembles a toddler who just accidentally pulled down the Christmas tree and set the house on fire.

That's hyperbole, sure. But the fact is that one conservative American billionaire and a handful of American judges have just...

Read Post

The U.S. Government Has Hurt The Economy In 11 Of The Past 12 Quarters

(281) Comments | Posted July 30, 2014 | 12:25 PM

The U.S. economy has just gone through some big, big changes. Big, good changes! But one thing has not changed: federal government spending, which can't ever stop being the giant turd in the economy's punch bowl.

U.S. gross domestic product grew at a shockingly large 4 percent annualized rate in...

Read Post

'Patriotic' Big Banks Profit Helping U.S. Companies Dodge Taxes

(107) Comments | Posted July 29, 2014 | 10:39 AM

After wrecking the U.S. economy and sucking hundreds of billions of dollars from American taxpayers for their own survival, what can our patriotic big banks do for an encore? Why, help American companies flee the U.S. to avoid taxes, of course. For America!

Andrew Ross Sorkin had a

Read Post

Why Everybody Is Mad At Rich People

(70) Comments | Posted July 29, 2014 | 10:27 AM

Rich people have been wondering why everybody is so mad at them when all they do is create jobs and have better genes and work harder than the rest of us schlubs. But it's no mystery.

The answer to why...

Read Post