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What you need to know on Wall Street right now

Berkshire Hathaway CEO Warren Buffett talks to reporters prior to the Berkshire annual meeting in Omaha, Nebraska May 2, 2015.  REUTERS/Rick Wilking
Berkshire Hathaway CEO Warren Buffett talks to reporters prior to the Berkshire annual meeting in Omaha, Nebraska May 2, 2015. REUTERS/Rick Wilking

(Berkshire Hathaway CEO Warren Buffett talks to reporters prior to the Berkshire annual meeting in OmahaThomson Reuters)

Finance Insider is Business Insider's summary of the top stories of the past 24 hours.

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We know two things about China right now.

We know that pretty much all of the country's July economic data was bad.

And we know the government is unlikely to do much about it — at least not as much as it's been doing since the beginning of the year when it really looked like the economy was going off the rails.

Without that policy support, it's unclear what the Chinese economy is going to look like.

The price of oil is jumping for a third consecutive day on Monday after some reassurance for the markets that oil's biggest players are working to try to stabilize the world's most important commodity.

The whistleblower behind the investigation into Visium Asset Management, the one-time $8 billion hedge fund that is shuttering amid fraud charges, has been revealed.

And it looks like Julian Robertson's Tiger Management has exited its Netflix position.

The CEOs of America's largest companies are worried about the economy. The only way to fix the economy might be for the stock market to "collapse." And the world's largest shipping company has two dire warnings for the global economy.

Warren Buffett, in contrast, is bullish on the future of America.

Goldman Sachs CEO Lloyd Blankfein was just as clueless about his career in his 20s as everyone else. And an MBA isn't as important as you might think for building a career on Wall Street.

Finally, Usain Bolt's historic run marks the end of an era for NBC's Olympics coverage.

Here are the top Wall Street headlines at midday:

Dropbox wants to know if it's a good idea to go public next year - Dropbox's long-anticipated IPO could take place as early as next year.

The sad fact about Wall Street trading startups - The majority of startups fail. A little googling told me that over 90% fail within three years.

The rise and fall of the hottest financial product in the world - In 2007, the market for credit default swaps was on a six-year journey from relative obscurity, to being the hottest financial product in the world.

Americans are starting to get worried about the 'new housing crisis' - Americans are catching on to the rise in home prices.

Tiny banks are kicking Europe's financial giants while they're down - Boutique advisory firms now receive nearly half of all mergers and acquisition fees in Europe, stealing market share and top dealmakers from global investment banks hamstrung by a renewed focus on cost-cutting and regulations on how much they can pay.

Millennials' distrust of banks is spawning a new breed of startups - For anyone who came of age during the 2008 financial crisis, it's hard to forget the names of the banks that needed bailouts or the tents of the Occupy Wall Street movement.

John Oliver explained all the ways some used-car dealerships take advantage of people - The commercials are all over TV, the ones for car dealerships that will buy any car, even if you push it into their lot. And they'll sell you a car even if you're bankrupt or have a horrible credit score.

There's a big difference between Donald Trump's economic plan and Ronald Reagan's - Alex Rodriguez getting paid more than $20 million by the New York Yankees to basically do nothing through the 2017 Major League Baseball season: That pretty much sums up what’s wrong with America.

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