Thursday's economy stories

How magazines are reacting to the Trump-Charlottesville fallout
Many magazines are reacting with covers alluding to Trump's role in the racial tension currently reverberating through America after the white nationalist rally in Charlottesville, Virginia.
Go deeper: Axios' Mike Allen on two nations, divisible, under Trump. And here are some of the most anti-Trump magazine covers from the year, as well as 5 ways to make a winning Trump magazine cover.

Trump again pushes debunked claim on WWI-era general
President Trump tweeted a fictional claim about WWI-era General John Pershing Thursday afternoon, telling his followers to "study it." This is one of several times Trump has cited the debunked claim about Pershing.
The fictional story he's referring to: Pershing, around the time of the Philippine-American War, killed 49 Muslims with bullets dipped in pigs' blood, and spared the 50th person so that he would take the last bullet to his people and tell them what happened.
Why? Trump has referenced this story repeatedly at rallies both during his campaign and his presidency as a way to give credence to his claim that the U.S. should "go much further" than waterboarding suspected terrorists.
Timing: The tweet came hours after a terrorist attack in Barcelona left at least 13 people dead and more than 50 injured.

Journalist on other end of Bannon interview: "I was stunned"
Robert Kuttner, co-editor of left-wing publication American Prospect, opened up Thursday to The Washington Post about his unexpected interview with Steve Bannon Tuesday, saying he "was stunned."
- "He was astonishingly dismissive of his boss' view of saber rattling... and he was quite cavalier in saying things that were quite at odds with the presumed administration line."
- "The most astonishing thing of all... [is that Bannon first claimed the interview] was a misunderstanding, [saying] 'I didn't realize this was on the record', now he's saying [he] did this deliberately to help the president out by diverting attention from all the stuff that's going on in the aftermath of Charlottesville."
- "I think you can attribute this to hubris in the sense that, if you're so full of yourself, your judgment starts faltering... this was like a stream of consciousness."
Go deeper: Axios' Jonathan Swan on the Bannon surprise

Facebook updates video ad-buying options
Facebook will now let advertisers buy in-stream video ads separate from the News Feed, meaning they can buy in-stream video ads (mid-roll and pre-roll) on Facebook's Audience Network or on Facebook without having to buy News Feed ads. Facebook's Audience Network is a collection of third party apps and sites, like Vice and LittleThings, that have partnered with Facebook to run ads from Facebook advertisers on their properties.
Why it matters: It gives advertisers a lot more flexibility and control on where they can buy video ads, which makes ad campaigns easier to customize to reach certain marketing objectives. This essentially allows advertisers to tell more complex, customizable messages through video.
Trump's fall from TV grace
CNN's Bill Carter sums up Trump's TV fallout from Charlottesville: "On late night TV, Trump's no laughing matter anymore," noting, "Charlottesville sparked an unmistakable outpouring of comedic rage."
- NBC's Seth Myers: "We shouldn't have to shame or press the President of the United States to say Nazis are bad."
- ABC's Jimmy Kimmel "offered a thorough, and passionately sincere, recital of how Trump 'screws up royally every day, sometimes two or three times a day. Every day there's something nuts!' ... Kimmel's list [was] 17 items long."
- CBS's Stephen Colbert, on Trump's shot at CNN's Jim Acosta: "Sir, you see how you condemned CNN right off the top of your head with no script? Next time, like that — but with Nazis."

What Trump's Amazon tweet got wrong, and right
President Trump has taken another swipe at Amazon, tweeting that it is damaging "towns, cities and states throughout the U.S.," paying no taxes, and killing jobs.
- His tweet: "Amazon is doing great damage to tax paying retailers. Towns, cities and states throughout the U.S. are being hurt - many jobs being lost!"
- Why Trump is wrong: As of April, Amazon does collect taxes on goods sold from its own inventory for every state in the union that has a sales levy.
- Why Trump is right: Amazon has been a buzzsaw through big swaths of traditional retail, including brick-and-mortar bookstores, department stores and apparel shops. Tens of thousands of jobs have been lost, along with sales taxes that fund local services. And Amazon doesn't collect sales taxes on goods sold by third-party affiliates, unless it is contracted to do so by those sellers. Amazon declined to comment, but has said previously that close to half the items sold on its site are from third-party affiliates.

Here's a roadmap for Trump's morning tweets
President Trump had a busy morning on Twitter, focusing his attention on diverse topics ranging from Charlottesville to this weekend's Fox News' ratings. This week has seen him further diversify his retweet choices, granting a platform to a variety of different voices. A quick roundup of the eight missives he shared with the world:
The context: On its face, this is Trump pitting his working-class base against Jeff Bezos, the billionaire owner of both Amazon and The Washington Post — though, according to the FT, Trump's claim that Amazon is a job destroyer might be wrong.
Angry Bird maker Rovio plans to go public
The problem with Rovio going public isn't that the Finnish game maker is best known for its years-old hit, Angry Birds. The problem is that it is onlyknown for the Angry Birds franchise.
The company has proven itself adept at making the most of the hit game, to be sure, spawning years of sequels, merchandise galore, and even a blockbuster movie. The Angry Birds Movie, along with strong game sales, allowed revenue to nearly double last quarter, according to Rovio's earnings report Tuesday.

How partisan news covered Trump's latest Charlottesville remarks
Left-leaning news sites are still hammering on Trump and his administration's response to Charlottesville, while right-wing sites focus on the destruction coming from the "alt-left" and other stories. President Trump might have promised to bring healing and unity, but his off-the-cuff speech about Charlottesville yesterday only seems to have driven division.

Report: Canada gets refugees to work faster than anyone in the West
A unique program in which communities privately sponsor refugees arriving from the Middle East and elsewhere has resulted in Canada absorbing them into society — including jobs — faster than any country in the West, according to a comprehensive new report comparing 22 nations.
- What sets Canada apart: Its flexible labor market, decentralized settlement services and welcoming culture, which combine to get refugees into jobs rapidly, according to the report by the Tent Foundation and the Open Political Economy Network (OPEN). "There's a perception in the world that taking on refugees can be a burden to a country ... [but] they really do make serious contributions to the economy," Tent's Gideon Maltz told Axios.
Other main findings: Getting to work in most of Europe takes much longer, due to a highly regulated labor market that leaves asylum-seekers "in limbo for years," the report's authors write. Switzerland is the exception. Look where the countries stack up:
What Game of Thrones can teach you about economics
For an audio and text series, "Wealth of Westeros," AP's economics team is digging into market lessons embedded in "Game of Thrones." Today's episode: "What you don't know could get you killed," by Josh Boak, Paul Wiseman and Christopher Rugaber:
The NYT does a deep-dive into Breitbart
N.Y. Times Magazine cover story by Wil S. Hylton, "Steve Bannon once said it was the platform for the alt-right. Its current editors disagree. Is the incendiary media company at the nerve center of Donald Trump's America simply provocative — or dangerous?":
- Harvard law professor Yochai Benkler and MIT's Ethan Zuckerman "decided to build a colossal database called Media Cloud and spend the next decade hoovering up websites to see how information travels."
- "Among liberals, the largest circles were CNN and The New York Times, each shaded pale blue to indicate a center-left association."
- "But the other side of the image showed just one big red circle: Breitbart. It was three times the size of Fox News and maybe a dozen times larger than any other news source on the right."
- "If you wanted to know who was driving the Republican agenda in 2016, you didn't need to look much farther than the massive crimson orb."

Study: Higher minimum wages bring automation and job losses
As of the start of the year, 19 U.S. states had raised minimum wages, dramatizing a long simmering debate: Do minimum wages kill jobs, and make the working class worse off in the end? Or do they simply make them a little richer, with little or no loss to overall employment?
In a new paper, economists Grace Lordan of the London School of Economics and David Neumark of UC Irvine parse 35 years of census data and come down on the worse-off side: For lower-skill jobs like bookkeepers and assembly-line workers, they say, higher minimum wages encourage employers to automate — according to their calculations, a $1 increase can cost tens of thousands of jobs nationally.







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