6 random things for Friday (Snapchat craters, Friedman on spending, free speech suppression)

News Story of the Day: Snap Inc is gradually rebounding on the final trading session of the week, but it cratered more than 20 percent on Thursday.

In its first earnings report, Snapchat posted a $2.2 billion loss, immediately disappointing investors, particularly rookie shareholders. The stock is trading at just over $18, which means all of the post-IPO buyers remain in the red.

This isn’t too surprising, considering that the company doesn’t ever expect to post any profits.

Chart of the Day: decentralized peer-to-peer digital currency bitcoin has had an astounding 12 months, and it continues to get better for the cryptocurrency. Although it is far from a libertarian currency since you can easily be tracked and monitored by authorities, investors are betting big on the virtual currency. Here is a chart that highlights its blockbuster growth in the past week alone:

Bitcoin's price performance for the week commencing May 8th

Illustration of the Day: the media hysteria over President Donald Trump’s firing of FBI director James Comey has been hilarious to witness. We should be grateful for being alive in today’s media landscape, where talking heads openly show their bias and toss their supposed objectivism (and logic) in the trash. Here is an illustration that highlights the media’s hypocrisy when former President Bill Clinton fired his FBI director under interesting circumstances:

Quote of the Day: now that President Trump has decided to embrace budget deficits and debt to encourage growth – hello John Maynard Keynes! – it would be a prudent time to look back at what legendary free market economist Milton Friedman said about deficits and spending:

Keep your eye on one thing and one thing only: how much government is spending, because that’s the true tax … If you’re not paying for it in the form of explicit taxes, you’re paying for it indirectly in the form of inflation or in the form of borrowing. The thing you should keep your eye on is what government spends, and the real problem is to hold down government spending as a fraction of our income, and if you do that, you can stop worrying about the debt.

Tweet of the Day: just because we all hate the media, it doesn’t necessarily mean that everyone should blindly follow whatever Trump or his administration says. It doesn’t matter who is in office, everyone should be held accountable. It’s true that CNN, the New York Times and Fox News are partisan and will follow whatever their party of choice says, but citizens should not adopt this attitude. If the Trump White House only wants to hand out written responses as opposed to facing the media, Americans should be upset as this tweet suggests:

Video of the Day: it has been said before and it will be said again: ANTIFA and Black Lives Matter are vile, disgusting and rude organizations. They are the real fascists of society, attempting to shut down free speech and attacking those they disagree with. In the video below, a lone and peaceful man holds a sign in support of free speech, but he is immediately shouted down and attacked by a mob of cowards. They call him a Nazi and a fascist when they employ the same methods of these evil ideologies. What the heck is going on?

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