Dec 19 06:38

Things Are Looking Up for Commercial Airlines

Dec 19 04:46

Will Easy Financial Conditions Reverse?

Dec 18 16:07

Waiting For The Other Shoe To Drop…

Do you feel like another major crisis could erupt at any moment? If so, you are certainly not alone. Here in 2020, it has just been one thing after another, and we have come to expect the unexpected. Right now, so many people that I am hearing from are anticipating that more big trouble is just around the corner, but as we wait for “the other shoe to drop”, economic conditions all over the United States continue to rapidly deteriorate. For example, on Thursday we learned that the number of initial claims for unemployment benefits last week was the highest in four months…

Dec 18 15:46

'A bit too transparent'? Pfizer fumes as Belgian official leaks all VACCINE PRICES for EU in 'unintended' Twitter post

The shroud of secrecy over the Covid-19 vaccines' prices was suddenly lifted, when Belgian MP Eva De Bleeker published a tweet detailing how much the EU is paying to six pharma companies for each shot.

Brussels has for months been insisting it is legally restricted from revealing any details on the price of the coronavirus vaccines, but that didn't stop the senior official from blowing the lid late on Thursday.

De Bleeker, who is Belgium's State Secretary for Budget and Consumer Protection, quickly realized her blunder and deleted the post with the price list, but it was too late, as local media outlets had already made screenshots of it.

The post listed the prices per dose of vaccines purchased by the European Union as follows: Oxford/AstraZeneca: €1.78; Johnson & Johnson: $8.50; Sanofi/GSK: €7.56; BioNTech/Pfizer: €12; CureVac: €10; and Moderna: $18.

Dec 18 12:41

Plummeting NYC Real Estate Deals Crush City's Tax Revenue 

New York City's structural dependence on property-tax revenue leaves it extremely vulnerable to swings in the real estate market. The new, explosive trend of remote working has resulted in cutbacks to Manhattan office space, along with an exodus of city dwellers to rural communities, both outline the pandemic's toll on city revenues.

According to Blomberg, citing a new report from the Real Estate Board of New York, sales of commercial and residential properties have plunged 49% this year through November, equating to a $1.2 billion loss in tax revenue for the city.

The real estate group said a plunge in sales this year has resulted in a 42% decline in city tax revenue compared to 2019. This means Mayor Bill de Blasio will soon have to tighten the city's fiscal belt as turbulence in commercial and residential markets will produce lower tax revenue through 2021.

Dec 18 12:38

Movie Theaters Are On The Brink Of A Complete And Total Collapse

The hits just keep on coming for movie theaters. With their businesses already thrashed by Covid, theaters are now having to deal with the threat of movies going "straight to streaming" and bypassing the box office altogether.

Disney, for example, said that its Disney+ service would have 100 new titles per year and that 80% of these would bypass the box office.

Which means that theaters like AMC are going to be in a precarious position heading into 2021 regardless of what happens with the pandemic. There's currently 40,449 movie screens in the U.S., according to a new Bloomberg op-ed - a massive supply that will likely have to narrow in size even as people eventually start to trickle back to theaters.

Even prior to the pandemic, box offices were struggling mightily. Box office sales adjusted for inflation have plunged over the last several years.

Dec 18 12:24

Employers can bar unvaccinated employees from the workplace, EEOC says

With the first doses of Pfizer's COVID-19 vaccine now being administered in the U.S., the federal government is giving employers around the country the green light to require immunization for most workers.

In general, companies have the legal right to mandate that employees get a COVID-19 shot, the Equal Employment Opportunity Commission (EEOC) said Wednesday. More specifically, employers are entitled — and required — to ensure a safe workplace in which "an individual shall not pose a direct threat to the health or safety of individuals in the workplace." That can mean a company requiring its workforce to be vaccinated.

Dec 18 12:16

Negative interest rates ALERT: Warning emergency measures needed for ‘full recovery’

NEGATIVE interest rates have been a topic of speculation in recent months, however, a policymaker has suggested such a move could be necessary in order for the UK to achieve economic recovery.

Dec 18 12:00

Fed Chair Powell is Worried About Deflation

Dec 18 11:56

The K-Shaped Recovery. Winners and Losers.

Dec 18 11:50

Why is Steve Mnuchin Working on Behalf of Wall Street to Crush Cryptocurrency and Deplatform the ‘Little Guy?’

If Biden succeeds in stealing the election, two of the biggest enabling factors (other than outright fraud) will have been Wall Street money and Big Tech “canceling” every powerful opposition voice to his corrupt ruling-class agenda. Indeed, the biggest Wall Street banks lavished Biden with four times the money that it gave to Trump, according to the American Banker. Biden has rewarded the financial barons by filling his transition team with Goldman Sachs executives. Yet amazingly (or perhaps unsurprisingly), Treasury Secretary Steve Mnuchin, another Goldman alum, is pushing regulations which will benefit these big banks and enable them to “deplatform” anyone who is currently using cryptocurrencies.

The proposed regulations in question would affect so-called “self-hosted wallets,” which are cryptocurrency wallets not connected to a bank or other established financial institution.

Dec 18 10:22

US Money Supply Was Up 37 Percent in November

Dec 18 10:01

Russia Flies First New Post-Soviet Passenger Airliner With Domestic Engines

Russia flew a new passenger airliner with domestically-built engines for the first time since the Soviet era on Tuesday, the start of what it hopes will be a revival of a civil aviation industry to challenge Boeing and Airbus.

The medium-range MC-21 plane took off from a Siberian airfield powered by Russian-built PD-14 turbo-fan engines. The plane first flew in May, 2017, but with U.S.-made engines.

The MC-21 is built by Irkut Corporation, part of United Aircraft Corporation (UAC), and the engines are built by United Engine Corporation, all of which are majority owned by Rostec, Russia’s state aerospace and defence conglomerate.

UAC said the plane carried out a range of flight tests in a maiden voyage that lasted one hour and 25 minutes.

Dec 18 09:56

FULFORD: West faces Moment of Truth as Khazarian Mafia Surrenders to the Chinese [FULL Report]

The Western world is facing its greatest crisis, possibly ever, as its ruling elite has surrendered to China. Either the West removes this elite from power and creates a united front or Westerners will become Chinese slaves working under Khazarian Mafia sub-contractors. It is this battle involving the Chinese and the West that is the real reason why the U.S. Presidential election result remains in limbo.

Before we dig further into this it’s important to point out that given the current circumstances it’s looking like a mathematical certainty Donald Trump will be the last President of the United States Corporation in its present form, multiple sources agree. They also indicate he may have a plan up his sleeve to resolve the situation favorably, only time will tell.

To better understand the current situation let’s take a look at the numbers published by the U.S. Treasury Department on December 10th.

Dec 18 09:46

How S&P inclusion bursts the Tesla bubble:

Dec 18 09:22

Markets face another debt tsunami in 2021:

Dec 18 08:38

Small cap stocks, India, Japan are on fire

Dec 18 08:28

Trump Administration Confirms It Will Blacklist Chinese Chipmaker SMIC

According to reports, Washington plans to add around 80 additional corporations and affiliates to the so-called entity list later in the day. The designation means that American suppliers will have to seek a special license from the Commerce Department before starting cooperation with the blacklisted firms.

US Secretary of Commerce Wilbur Ross confirmed that Washington will add the chipmaker SMIC to the Entity List after reports emerged earlier in the day suggesting that the company, as well as dozens of other Chinese firms, will be targeted by the Trump administration.

"We will not allow advanced US technology to help build the military of an increasingly belligerent adversary", Ross said.

Dec 18 08:26

UNICEF feeding our children is a humiliation that lays bare a broken system – is the UK a 3rd-world country now?

The faux outrage being expressed over the UN agency stepping in to provide for hungry children in London is misplaced. Focus on the problem’s root causes – and bring about real and lasting change to end poverty.

As a teenager growing up in the Thatcher years in a working class coal mining community, I saw poverty and hopelessness everywhere – kids leaving school unable to read and write at 16, others going without food for days because their parent’s mental or physical health had totally broken down. All while the rest of us – those that were doing well and only living in relative poverty – ate jam sandwiches or beans on toast, or just toast if it was the night before payday.

Dec 18 08:14

US Warns Pacific Islands Over Chinese Bid For Cable Project

According to a report from Reuters, the US warned Pacific island nations over a Chinese company’s bid to build an undersea internet cable that is part of a regional infrastructure project.

A former subsidy of Huawei Technologies, known as Huawei Marine, bid on a project that seeks to improve communications between the Pacific island nations of Kiribati, the Federated States of Micronesia (FSM), and Nauru.

Huawei Technologies is a Chinese firm specializing in 5G that the US regularly pressures its allies not to do business with. Huawei Marine was sold by Huawei Technologies in 2019 and is now controlled by a different Chinese firm.

Dec 18 08:01

Waiting For The Other Shoe To Drop…

Dec 18 07:53

The most important company you've never heard of is being dragged into the U.S.-China rivalry

It’s been called Taiwan’s Silicon Shield, and without it much of modern life would cease.

Taiwan Semiconductor Manufacturing Co., or TSMC, makes more than half the world's contracted semiconductor chips and lies at the center of the technology supply chain, churning out circuitry found in iPhones, Amazon cloud computers, graphics processors that power popular video games and even military drones and fighter jets like Lockheed Martin’s F-35.

But TSMC is confronting problems it had never anticipated when a Taiwanese American engineer, who spent 25 years at Texas Instruments and is revered here like a hometown Bill Gates, founded it in the late 1980s. The company has been drawn into an increasingly bitter — and at times dangerous — rivalry between the U.S. and China that is forcing nations and corporations to choose sides in an era that is redefining the global order.

Dec 18 07:38

Businesses across Minnesota team up to fight shutdown

Dec 18 07:31

No privacy, no property: The world in 2030 according to the World Economic Forum

The World Economic Forum (WEF) was founded fifty years ago. It has gained more and more prominence over the decades and has become one of the leading platforms of futuristic thinking and planning. As a meeting place of the global elite, the WEF brings together the leaders in business and politics along with a few selected intellectuals. The main thrust of the forum is global control. Free markets and individual choice do not stand as the top values, but state interventionism and collectivism. Individual liberty and private property are to disappear from this planet by 2030 according to the projections and scenarios coming from the World Economic Forum.

Eight Predictions

Dec 18 07:30

Second Stimulus Check Update: We’re Very Close, McConnell Says

Recognizing their bipartisan differences, lawmakers split the latest stimulus package in two.

One is a $748 billion package that adds more funds to the low-interest Paycheck Protection Program of loans for small businesses, directs money to schools, provides assistance for vaccine distribution and supplements state unemployment insurance.

The other is a $160 billion proposal that combines two of the main sticking points; protection from pandemic-related lawsuits and money for state and local governments.

Among the issues of debate of the $749 billion proposal is the size of the checks that could be sent out to American families. The CARES Act, a $2.2 trillion stimulus bill passed in March, delivered $1,200 checks to taxpayers.

Dec 18 06:39

Fed Will Lose Control of Inflation

Dec 17 16:25

Winter Is Coming: 62% Of U.S. Small Business Owners “Fear The Worst Is Still To Come”

This isn’t what a “recession” looks like. -- When more than a third of all small businesses in the entire nation can’t even pay rent, that is called an “economic collapse”.

Dec 17 13:33

Flow Of US Imports Continues To Surge, Now At Twice The Rate Of Exports

With no let-up in consumer demand, container imports into the 10 largest US ports soared by 25% last month, compared with the previous year. And with the forward booking visibility of transpacific carriers indicating that the US import boom is set to continue to at least the Chinese New Year in February, import throughput is likely to stay high.

However, the intense focus on repositioning empty equipment back to Asia, to meet export demand and benefit from the exceptional high market rates, has skewed the trade imbalance further.

Dec 17 13:28

Pritzker's $711 Million Spending Cuts For Illinois Are A "Sideshow"

Gov. JB Pritzker on Tuesday ordered state spending cuts totaling $711 million for the current fiscal year as a “first step” to address the year’s budget hole. Here’s where those cuts will be made:

Dec 17 13:27

Watch Live: Jay Powell Explains How The Fed's Saving Its Ammo For The 'Double Dip'

More of the same bond buying, more of the same lower rates, more of the same "not thinking about thinking about hiking rates", and more of the same begging for fiscal assistance as The Fed begins to realize it is nearing 'god-mode' levels of market distortion and the dollar is starting to know it... (and so is bitcoin).

So Jay Powell will have to tread a fine line between wrecking the dollar's reputation and reassuring the world that he'll always be there to catch a dip.

"I got this..."

Dec 17 13:26

Report: Biden Will Continue to Use Sanctions as a Weapon

According to a report from Reuters, the incoming Biden administration will continue to use sanctions as a foreign policy weapon, a favorite tool of President Trump.

Sources told Reuters that when Joe Biden is inaugurated on January 20th, he will immediately begin to reshape US foreign policy but will take time to deliberate over sanctions on top targets like China and Iran.

The report raises questions about Biden’s Iran policy. The former vice president has said he plans to work with the Islamic Republic to return to the 2015 nuclear deal, which would require the US to lift sanctions.

Dec 17 13:25

US Hits Chinese, UAE-Based Companies With Iran-Related Sanctions

On Wednesday, the US sanctioned companies based in China and the UAE, accusing them of helping Iran export petrochemicals, as the Trump administration continues to ramp up the pressure on Tehran.

The Treasury Department said in a statement that it blacklisted four companies for facilitating the export of petrochemicals produced by an entity in Iran that is already under US sanctions.

The US also hit a Vietnam-based company with sanctions over its alleged connection with “significant transactions for the transport of petroleum products from Iran.” The sanctions seize any US assets the companies may have and block US citizens from doing business with them.

Dec 17 13:23

Pandemic Leaves More Military Families Seeking Food Assistance

Fort Bragg, the largest military base in the United States, has all the trappings of a small American city: shopping centers, a barber shop and social clubs. In a sign of the times, it also has a food bank.

This spring, the Y.M.C.A. on base — which started a food pantry last year to respond to the growing food insecurity among military families — saw a 40 percent increase in requests for groceries. During the same period, grocery requests to AmericaServes, a network that helps military families, jumped to the biggest service request in the organization’s history.

The story is much the same around the country, hunger groups say, for the lowest-income families in the military, who have a specific set of challenges, and different from civilians whose economic fortunes have also been damaged by the coronavirus pandemic.

Dec 17 13:11

US Unemployed Rising, Evictions, Mortgages Crisis Brewing, Small Business Collapsing: Economic Consequences of a 2nd ‘Mitigation’ Bill

As of mid-December 2020 the US economy has begun showing increasing signs of an exceptionally weak 4th quarter, October-December, growth. After having collapsed -10.5% in the March-June 2020 period, followed by a partial ‘rebound’ (not sustained recovery) in the 3rd quarter, July-September 2020, the economy is now slowing rapidly once again.

Dismal reports of consumer and especially retail sales in October-November appear driving the slowing growth—in turn driven by rising unemployment claims, a growing number of permanent layoffs by large businesses as the economy structurally changes long term, and, shorter term, by a sharp rise in Covid deaths, infections, and consequent partial shutdown of the services sector of the US economy throughout the US.

Dec 17 11:37

Nearly 8 million Americans have fallen into poverty since the summer

The U.S. poverty rate has surged over the past five months, with 7.8 million Americans falling into poverty, the latest indication of how deeply many are struggling after government aid dwindled.

The poverty rate jumped to 11.7 percent in November, up 2.4 percentage points since June, according to new data released Wednesday by researchers at the University of Chicago and the University of Notre Dame.

While overall poverty levels are low by historical standards, the increase in poverty this year has been swift. It is the biggest jump in a single year since the government began tracking poverty 60 years ago. It is nearly double the next-largest rise, which occurred in 1979-1980 during the oil crisis, according to James X. Sullivan, a professor at Notre Dame, and Bruce D. Meyer, a professor at the University of Chicago’s Harris School of Public Policy.

Dec 17 11:37

If Trump Acts Now, He Can Block Biden’s Chance to Pilfer Billions From Fannie And Freddie to Fund Radical Left-Wing Causes

The Supreme Court heard Collins v. Mnuchin on Wednesday, December 9th. This important and complicated case will determine the constitutionality of the Federal Housing Finance Agency’s (FHFA) structure. The lawsuit is brought by investors in Fannie Mae and Freddie Mac hoping to reverse the Obama-initiated “100 percent net worth sweep policy,” which effectively funneled all of Fannie and Freddie’s considerable profits into the Treasury. While the Treasury Department is the defendant in the case, the Trump administration is not challenging the appeals court’s finding that the FHFA is unconstitutional, though it still wants to protect the net-worth sweep policies.

Dec 17 08:48


Dec 17 07:38

What Was the Biggest Company in History? - $7.9 Trillion!

Dec 17 07:24

USD sentiment: all aboard the bear train

Dec 17 07:10

In this market, why not?

Dec 17 06:58

Nearly 8 million Americans fell into poverty since June: Study

The coronavirus pandemic in the United States and dwindling federal support have made nearly 8 million Americans poor since June, a study shows.

The study released Wednesday by economists at the University of Chicago and the University of Notre Dame shows that the national poverty rate had a rise of 2.4 percent up from 9.3 percent in June to reach 11.7 percent in November.

The US government’s inability to provide jobs for millions of people coupled with a sharp decline in federal aid for the unemployed has caused 7.8 million people to fall into poverty, according to James X. Sullivan, a professor at Notre Dame, and Bruce D. Meyer, a professor at the University of Chicago’s Harris School of Public Policy.

The rise in poverty this year has been swift, marking the biggest jump in a single year since the government started to track poverty 60 years ago.

Dec 17 06:29

Short-covering, risky rally

Dec 17 05:44

Long streak of high volatility

Dec 17 04:30

No Optimism On Wages, No Problem

Dec 16 15:01

Is It Time For A Correction In Oil Markets?

Dec 16 14:38

The U.S. Treasury Department has branded Vietnam and Switzerland as currency manipulators while putting China and nine other countries on a watch list

WASHINGTON -- The U.S. Treasury Department has branded Vietnam and Switzerland as currency manipulators while putting China and nine other countries on a watch list in an annual report designed to halt countries from manipulating their currencies to gain unfair trade advantages.

It marked the first time that the United States has labeled another country as a currency manipulator since August 2019 when it called out China at a time when the world's two largest economies were locked in tense trade negotiations.

“The Treasury Department has taken a strong step today to safeguard economic growth and opportunity for American workers and businesses” Treasury Secretary Steven Mnuchin said in a statement. “Treasury will follow up on its findings with respect to Vietnam and Switzerland to work toward eliminating practices tat create unfair advantages for foreign countries.”

Dec 16 13:28

We're days away from the FOMO spike top?

Dec 16 08:43

Homelessness Documentary

Dec 16 07:35

Will Fed Follow ECB, Supporting Gold?

Dec 16 07:23

Moscow Condemns US Sanctions on Turkey Over Russian Missile Purchases

Russia’s Foreign Minister Sergei Lavrov on Monday condemned US sanctions against Turkey over the purchase of Russia’s S-400 air defense missiles as “illegitimate.”

“This is, of course, another manifestation of an arrogant attitude towards international law, a manifestation of illegitimate, unilateral coercive measures that the United States has been using for many years, already decades, left and right,” Lavrov said according to Russian news agencies.

“And, of course, this does not add, I think, to the credibility of the United States in the international arena as a responsible participant… including in the field of military-technology cooperation,” Lavrov added.

Dec 16 07:10

France's EDF in Talks with British Gov't Over Plans to Build £20 Billion Nuclear Plant in UK

The proposed plant is planned to be a copy of the Hinkley Point C nuclear power station that EDF is building in Somerset with Chinese partner China General Nuclear (CGN). CGN holds a 20 percent development phase stake in the development with the option to invest further.

The UK government has announced it will begin talks with France's EDF to build the proposed 3.2 GW Sizewell C nuclear power plant in Suffolk.

The move is part of an Energy White Paper that outlines plans to decarbonise the UK's energy system as it transitions to net zero, the Department for Business, Energy and Industrial Strategy (BEIS) said.

Dec 16 07:06

Stoltenberg Laments "Situation Where NATO Allies Impose Sanctions On Each Other"

NATO Secretary-General Jens Stoltenberg urged a "positive solution" following the US decision to impose sanctions on Turkey over its S-400 missile defense system purchase from Russia in statements Tuesday.

He also lamented such deep cracks in the military alliance during a press briefing in Brussels:

"I urge all NATO allies and Turkey and other allies to look into whether there are ways to find a positive solution," Jens Stoltenberg told a joint news conference with Prime Minister of Montenegro Zdravko Krivokapic in Brussels.

"I regret that we are in a situation where NATO allies have to impose sanctions on each other," the NATO chief added.

Dec 16 06:49

Pelosi Passes On Bipartisanship: Covid Relief Still Being Held Up By Uncompromising Speaker

“Congress has two critical items to tackle this week: funding the government and delivering crucial COVID relief to families, workers, and businesses across the country,” the statement read. “It is time for Republicans and Democrats in the Senate and House to find consensus on COVID relief before the holidays. We hope our Democrat counterparts share our sense of urgency.”

House Speaker Nancy Pelosi, D-Calif., spoke with Treasury Secretary Steven Mnuchin by phone Monday evening and proceeded to press for relief for striving states and regions. But top Democrats came out in support of a $748 billion plan offered by a bipartisan group of legislators and hinted they will not maintain a pitched battle for state and local aid now.

Dec 16 06:48

Two Americas, One Rigged Game, & Zero Capitalism

American exceptionalism, as current COVID and capitalism disasters confirm, has morphed into a distortion that resembles more of a comorbidity than a guiding light.

Despite a prior reputation for leading the world in innovation, problem solving and health care, the U.S. is witnessing record hospitalizations in a nation comprising 5% of the global population yet 25% of its COVID infections.

Regardless of one’s politics, the COVID crisis is now an open symptom of failure, not exceptionalism.

The same is true of the current crisis facing American capitalism.

In its purest form, capitalism is an exceptional system, yet sadly one that is morphing into something that is anything but exceptional.

Dec 16 06:47

Mapped: The Risk Of Eviction And Foreclosure In U.S. States

Alongside potential obstacles such as job loss, financial insecurity, and a subsequent inability to cover many upcoming bills, Visual Capitalist's Avery Koop notes that many Americans are now facing potential home loss as well.

According to a recent survey by the U.S. Census Bureau, of the estimated 17 million adults who are not current on their rent or mortgage payments, a whopping 33% of them could be facing eviction or foreclosure in the “next two months”.

Dec 16 06:43

Green Spam: Fed Joins Global Group For "Greening" Financial System

As if the Fed didn't have far bigger problems on its plate - like, for example, what it will do when the inflation it has been doing everything in its power to create finally materializes and how it will tighten financial conditions without sparking the biggest tantrum in history and sending risk assets plummeting, on Tuesday morning the following bizarre headline hit terminals around the world:

Immediately there were questions: does this mean the Fed will literally make it rain dollar bills to "green" the financial system, or is this another pathetic, desperate attempt to deflect attention from the Fed's catastrophic actions that have pushed the world to the verge of collapse and only purchasing $1.3 trillion in assets every hour is preventing an all out collapse?

Dec 16 05:37

Black Lives Matter Raised $10.6 BILLION Since May

Donations to Black Lives Matter-related causes over the past 7 months rival Amazon's total profits for all of 2019 -- which was a record-breaking year for the online retail giant.

Dec 15 16:39

48% Of U.S. Small Businesses Fear That They May Be Forced To “Shut Down Permanently” Soon

What would the United States look like if we lost half of our small businesses?  The reason I ask that question is because approximately half of all small business owners in the entire country believe that they may soon be forced to close down for good.  Not even during the Great Depression of the 1930s did we see anything like this.  The big corporate giants with extremely deep pockets will be able to easily weather another round of lockdowns, but for countless small businesses this is literally a matter of life and death.  Every day we are seeing new restrictions being implemented somewhere in the nation, and the politicians that are doing this are killing the hopes and dreams of countless small business owners.  According to a recent Alignable survey, 48 percent of U.S. small business owners fear that they could be forced to “shut down permanently” in the very near future…

Dec 15 16:17

Chart: Debt-to-GDP Continues to Rise Around the World

Dec 15 12:53

30-40 Million Americans May Be Evicted

Dec 15 12:41

What quant funds actually do

Dec 15 09:36

SCOOP: Stimulus Bill Bails Out Defense Contractors, Denies Direct Payments to Families

Earlier this year, Republican senators slammed the idea of spending money to pay Americans not to work during the pandemic. Only a few months later, a group of GOP senators has signed onto stimulus legislation that would authorize the government to pay idle defense contractors to not work, even as those contractors’ rack up big profits during the pandemic.

Meanwhile, the same bill excludes bipartisan provisions authorizing direct payments to millions of Americans struggling to survive.

Dec 15 09:36

Apple's worst moments of 2020

History won't remember 2020 fondly. While Apple weathered the year well, the company experienced some notable troubles. Erik Eckel explores Apple's worst moments of the year.