With IPO hype blowing like a maxed-out hairdryer into my face, I Googled … Friendster—the shining star of social networking that everyone had drooled over. Turns out, in 2009, Friendster was bought for a pittance by MOL Global, a Malaysian company. In 2011, it discontinued social networking activities and rebranded itself as a gaming site. But there is one valuable asset it still has: user information.
California
Friday Night Economic Indices
by Wolf Richter • • Comments Off on Friday Night Economic Indices
There still are some economic numbers that aren’t seasonally adjusted or manipulated with fancy statistical footwork by governmental, quasi-governmental, or non-governmental number mongers. And they give us the true picture of the worldwide economy: beer, wine, mood, and San Francisco real estate—with more predictive power than is allowed by law.
Update: The Systemic Nature of Medicare Fraud
by Wolf Richter • • Comments Off on Update: The Systemic Nature of Medicare Fraud
On January 9, I posted “The Systemic Nature of Medicare Fraud” —“the kind of Medicare fraud that makes your skin crawl.” On January 10, I received an email from the Chief of Staff at Alvarado Hospital. He strongly objected to this sentence: “Its Alvarado Hospital Medical Center in San Diego already appears to be under investigation.” And it kicked off a learning process.
The Systemic Nature of Medicare Fraud
by Wolf Richter • • Comments Off on The Systemic Nature of Medicare Fraud
It’s the kind of Medicare fraud that makes your skin crawl. And it’s part of a vast scheme. After investigative reporters detailed the case, the FBI finally got serious. But no insurance company would have fallen prey to it. Only Medicare cannot defend itself. It doesn’t even know when it’s happening because, inexplicably, it doesn’t analyze the bills. And so an industry has sprung up.
California’s High-Speed Rail To Nowhere
by Wolf Richter • • Comments Off on California’s High-Speed Rail To Nowhere
For medium distances, high-speed rail is faster than flying. It’s hassle-free and comfortable. And it benefits the economy. But not the way California is doing it. The hullabaloo about funding the skyrocketing costs of linking LA and the Bay Area ignores a huge economic problem: once again, taxpayers are asked to create jobs overseas. Contenders: Germany, Japan, France, and China.
The Shriveling Middle Class In California
by Wolf Richter • • Comments Off on The Shriveling Middle Class In California
An ominous trend picks up speed: the middle class is shriveling. In 1980, 60% of Californians lived in middle-income families. By 2010, only 47.9% did, according to a study by the Public Policy Institute of California. Main culprits: declining incomes and disappearing jobs. And where the heck is the recovery?
Unholy Alliance
by Wolf Richter • • Comments Off on Unholy Alliance
The President’s Council on Jobs and Competitiveness has descended on Palo Alto to meet with the usual suspects in Silicon Valley. Their topic, hilariously: How the public and private sectors can team up to create jobs. Hilariously because California—Silicone Valley in particular—has been on the forefront of transferring jobs to China and other countries.
Remember him? Creating jobs in China….
Our Chinese Bay Bridge
by Wolf Richter • • Comments Off on Our Chinese Bay Bridge
Love Cherries
by Wolf Richter • • Comments Off on Love Cherries
Deadly Disconnect
by Wolf Richter • • Comments Off on Deadly Disconnect
The human brain is an amazing organ. The San Francisco Chronicle and our local radio stations reported that three young hikers were swept over Vernal Fall in Yosemite National Park yesterday afternoon.