A Simple Way To Launder A Lot Of Money
A report from the Village Voice on New York. “Next month, New York’s mega-priced apartment buyers will get a chance to bid on what’s probably the biggest the biggest luxury apartment foreclosure in the city as a Nigerian energy mogul’s $51 million dollar apartment goes on the block. Kolawol Aluko defaulted on a $35 million mortgage. It’s the second giant foreclosure at One57, the 57th Street tower finished in 2014 . The building itself was funded partly by a subsidiary of an Abu Dhabi company linked to a global money-laundering investigation. Aluko’s full floor apartment was held by a shell company, as are many of New York’s highest-priced condos. Eight figure properties held by LLCs with opaque names–until, as in this case, things blow up.”
“Thanks to permissive laws on shell companies, the United States — and New York in particular — has quietly become one of the world’s money shielding havens. Carolyn Maloney, New York representative, has introduced bills to change this five times, according to Quartz. ‘There are no requirements for anyone involved in real estate, apart from banks, to actually do any anti-money laundering controls or background checks,’ says Heather Lowe, the legal counsel and director of government affairs at Global Financial Integrity, a non-profit that tracks and studies the illicit flow of money around the world. She called the available real estate in places like Manhattan’s Billionaires’ Row ‘a simple way to launder a lot of money at once.’”
From Metro News in Canada. “Vancouver city council remained firm on not exempting owners of second homes from a vacancy tax that went into effect this year, despite a renewal of pleas from people who split their time between Vancouver and other cities. Michael Geller, an architect and city planner who opposes the tax, acknowledged the idea of second home owners crying poor draws ’snickers.’ Tom Davidoff, a University of British Columbia economist who supports the tax, pointed out that Vancouver properties, including condos, have had enormous capital gains over the past few years.”
“‘We’re talking about 50, 60, 80 per cent capital gains, and the number here is like 15-20 per cent after it’s done accruing, so the estate’s going to do just fine,’ he said.”
From The Sun in the UK. “Iain Duncan Smith today called for an end to the building of tower blocks in Britain in the wake of the Grenfell Tower disaster. The ex-minister also suggested slapping extra taxes on foreign investors who buy up properties and leave them empty, in a bid to solve the country’s housing crisis. Discussing the problem of luxury homes which are bought by millionaires from China and Russia who then never use them, he said: ‘Deal with that by taxing them, New York does – I would slap a tax on houses left unoccupied.’”
From Property Guru on Malaysia. “Despite the link between banking collapse and housing bubble, the National House Buyers Association (HBA) has urged the government not to relax guidelines on foreign property buying in Malaysia, reported Free Malaysia Today. The call comes after veteran property expert Ernest Cheong expressed concern that the luxury home glut may ruin banks and eventually lead to a financial crisis. Since most of such homes are owned by developers or speculators, the failure to sell them could result to banks being unable to recover loans taken on such properties, said Cheong.”
“With this, he urged the government to introduce measures aimed at encouraging foreigners to acquire luxury homes within the secondary market, since majority of locals cannot afford such homes. HBA honorary secretary-general Chang Kim Loong said relaxing guidelines on foreign property buying is not the right way to go. This is because the type of properties that usually cause a property bubble to burst are those targeted at lower- to mid-income groups.’There has always been a direct correlation between a housing bubble leading to a banking collapse, which further leads to collapse of the overall economy, which ultimately leads to a recession,’ said Chang.”
The Property Report on Myanmar. “If retail is thriving – and evolving – it is a very different situation when it comes to residential developments. In the little more than 12 months since Myanmar’s first civilian government in five decades finally took up the reins of parliament, the initial rays of promise for the residential market have been obscured by clouds of uncertainty and disillusionment. The current situation is ‘challenging’ at best, according to Richard Emerson, managing director of Yangon-based property consultancy Emerson Real Estate. ‘Things are difficult,’ he says. ‘The residential market is effectively at a standstill because of a range of fundamental issues.’”
“A glut of high-end properties now sit either unfinished or empty as the envisioned influx of wealthy foreigners expected to rent them has failed to materialise due to ongoing concerns about the wider economy and a lack of effective investment legislation. The Colliers report notes that the total completed condominium stock is estimated to have exceeded 6,000 units at the end of 2016 with more than 10,000 units in the pipeline. ‘The reality is that Myanmar requires foreign investment on all fronts – including real estate – in order to get the economy going again,’ adds Dan Davies, managing director of Colliers International Myanmar.”
“The reduction in rental fees will bring long-term benefits to the city and help drive down the cost of living, making it a more attractive base for foreign residents, according to David Ney, managing partner at York Road Realty in Yangon. ‘If you have more inexpensive property on the market, more international companies will see opportunities because they can get more for their dollar and as more open up the overall the cost of living will go down, and that is good,’ he says, adding that high-end rents have fallen by around a third. ‘Properties that were renting for USD5,000 per month are now going for USD3,000 or even USD2,000.’”
The Daily Trust on Nigeria. “Alhaji Murtala Aliyu, Mutawallen Gombe, a former Minister for State, Federal Ministry of Power and Mines, is the newly elected President of the Quantity Surveyors Registration Board. Q: There are many vacant houses across Abuja, is there still need for government to embark on mass housing to cope with the housing needs in Abuja?”
“A: The solution is for government to grow the economy and make it an economic issue as some of the houses unfortunately are built with laundered money. I think for some time we will continue to have houses that are empty. As long as we are still fighting corruption, but when things stabilize and when houses become economic ventures where people need to earn from those houses, there will not be empty houses. They will make sure that they bring them to affordable level for people to occupy them.”
“Q: How can Nigeria’s housing need be met with the rising population and rural urban migration?”
“A: Grow the economy mainly by commoditizing housing. Housing is more a personal and traditional thing as you hardly find housing in towns now where you will hardly go. There are places where you have houses and nobody is occupying them, they are just for occasions. This is where the people are in need of houses and the houses are not there or they are not available despite the increasing demand for shelter. Houses should be commoditized for a buyer can buy a house and if he thinks he wants change, he can sell it and buy another one, if he is moving from one place to another or if he is moving out of town, he can dispose of it and use the money to buy another and to do that, you need to develop the economy.”
‘It’s the second giant foreclosure…The building itself was funded partly by a subsidiary of an Abu Dhabi company linked to a global money-laundering investigation…Thanks to permissive laws on shell companies, the United States — and New York in particular — has quietly become one of the world’s money shielding havens’
This was no accident, as we’ve covered before. Everybody wanted in on the gravy train. Now we’ve got giant foreclosures inside towers built on dirty money. What a mess. And it’s not just New York and Miami:
‘Aluko, who claims Switzerland as his residence, was among those who allegedly obtained lucrative contracts from Nigeria’s former oil minister, who has also been accused in a $1.76 billion scheme to defraud the government of oil sale profits that both have denied.’
‘The alleged plot may have parked the money in assets around the world, including jets, automobiles and pricey real estate in London, Sweden, Dubai, New York and California.’
‘Aluko has been busy flipping many of the expensive properties he’s bought. In Montecito, Calif., Gwyneth Paltrow paid Aluko an undermarket $4.9 million for a 2.4-acre estate that was equipped with a massive pool. In 2012, Aluko paid $14.7 million for an 11,478-square-foot manse in Beverly Hills that was rented to Ariana Grande. The singer had to leave when Aluko sold it for just $13 million in 2016.’
‘More recently, a shell company controlled by Aluko has been trying to unload an apartment at 1049 Fifth Ave., which it bought for $8.5 million in 2013. The apartment, whose two combined units boast four bedrooms and four bathrooms, a maid’s apartment and two storage units, has liens on it of more than $20,000, and it owes $61,000 in taxes to the city as of July 1.’
It’s kind of like the Nigerian Prince scam in reverse.
I think I got an email from this guy.
Comment by Blue Skye
2017-06-28 18:54:42
A coincidence perhaps, I am in a marina as well.I suspect that you are not on a boat though ??
Funny…What are the chances of that happening…I am in the RV park right next to you…We can’t be more than a hundred yards apart….LOL…
I’ve got a cold beer in the fridge for you.
I am downtown All day at the builders show PCBC. I will try and reach out when I get back. Leaving in the early AM.
Dude definitely has the reverse midas touch, wonder if he’s related to our last prez, who has similar luck?
Hows that working out for you Illinois? Youre going to get a highway with his name on it (while your state collapses into bankruptcy), woo hoo!
Ok, the handle you’re using is priceless. That was the first thing I read about this morning as I was chugging my morning covfefe and I laughed so hard I almost spit all over the keyboard. Dang!
But I do have to correct one thing. She was bleeding BADLY from a facelift.
In other news, Maria Bartiromo interviews Skippy.
https://www.youtube.com/watch?v=z9U5zxVyTqA
It got a little heated.
Here’s a quote from Joe Scarborough himself:
And though it is no one’s business, the president’s petulant personal attack against yet another woman’s looks< compels us to report that Mika has never had a face-lift. If she had, it would be evident to anyone watching “Morning Joe” on their high-definition TV. She did have a little skin under her chin tweaked, but this was hardly a state secret. Her mother suggested she do so, and all those around her were aware of this mundane fact.
So, Mika *did* have a little “mundane” (?!?) surgery done. Maybe not a full facelift, but it’s not really a lie. And Joe makes it sound like Trump is the only guy who cares about women’s looks. But if nobody else cares about women’s looks, then why did Mika agree to get her chin tweaked?
“Luxury skyscraper One57, built by real estate mogul Gary Barnett’s Extell Development, holds the sales record for a full-floor apartment, with one unit that sold for $100.5 million.”
Ben, your jokes are killing me.
“Luxury skyscraper One57…”
The name alone is nauseating enough, nevermind the losses…
Whenever I am in desperate need of a good laugh all I need to do is read something posted on this blog.
Why is it perceived as a mess? It cost the clown sixteen million. (Jon Corzine played Houdini with 1.3 billion dollars.)
A few phone calls are made by his New York/London lawyers and all is forgiven. If they can not sell it again for its existing mortgage he’ll pony up the difference as a courtesy.
Notice no name is attached to the Quartz article.
The cheapest property in London.
http://www.telegraph.co.uk/property/house-prices/25000-cheapest-flat-sale-london/
It’s not a sale, it’s a prepaid, 5 year lease.
And a green handshake.
I’m a dummy, I actually had to look up what that meant.
A polite way of saying “bribe”
Yup! I can’t find the youtube clip of it, but there’s a perfect example of a literal green handshake in the movie Casino. Sharon Stone’s character folds up a $20 bill into a square into her hand, and then shakes hands with one of the valet parkers, passing the bill to the guy’s hand unseen. Green handshake. Can’t believe I didn’t figure this out.
“I’m a dummy, I actually had to look up what that meant.”
Don’t feel bad. I didn’t even bother to look it up and just assumed it had something to do with climate change and carbon credits.:lol:
I had no idea what “green handshake” meant, but did not draw the logical conclusion therefrom that I am a dummy. (Don’t mean to seem like a sexist, but that seems like a particularly female response…)
Illinois can now travel the Obama Expressway to bankruptcy. How fitting.
http://www.zerohedge.com/news/2017-06-29/amazing-progress-illinois-style-welcome-obama-expressway
dats a fack,Jack
IL dem land will they go BK before CA?
That’s some good standard Zerohedge. Somehow renaming a section of highway is big news. Then there’s a bunch anti-union nonsense at the bottom.
Irrelevant.
The Real Journalists at the Oligopoly’s flagship propaganda mouthpiece, the NYT, are butt-hurt over their poor treatment from management. Wah….
http://www.marketwatch.com/story/new-york-times-staffers-say-they-feel-betrayed-and-disrespected-in-letter-to-editor-2017-06-28
From yesterday:
—————
Comment by Professor Bear
2017-06-28 22:32:55
When we visited relatives in Bethesda, MD, in Spring 2016, I was duly impressed with the large number of teardowns undergoing renovation on the block where we stayed. I assume the goal was to build a bigger structure at a cost below the premium the rehabber expected to capture by selling a “new home” instead of an older one.
————–
Not just a new home, P-bear, but a much larger home. The inner suburbs of DC are filled with Cold-War era housing, which is to say, 800-1200 sq ft ranch or split-level on a 0.25 acre lot within commuting distance. Developers salivate over that yard space. On that kind of property, you can fit a 3500 sq ft house with all the modern floor plan must-haves like big closets, living/kitchen combo, two-car garage-mahal, mudroom, grand foyer with wedding-worthy staircase, etc., yard be damned. It’s much more profitable than fixing up an existing cramped and dowdy dwelling.
The best example of this is the Pimmit Hills section of Northern Virginia, which is within walking distance of Tyson’s corner. Houses are being sold for the tear-down value. Here is a textbook example:
https://www.zillow.com/homedetails/2040-Cherri-Dr-Falls-Church-VA-22043/51778996_zpid/?fullpage=true
“New home beside it & across the street.” You bet. I predict that in 20 years that neighborhood will be 100% torn and rebuilt.
My question remains: Does the additional amount they get for replacing the old structure with a new one cover the building cost? Must be a tax break in there for it to pencil out.
Well, the house I posted is up for sale for $550K.
The “new home beside it”
2013: teardown sold for $313K
2014: 2000 sq ft new build sold for ???
2017: Zestimate $775K.
The “new home across the street”
2013: teardown sold for $375K.
2014: 5000 sq ft new build sold for $940K.
2017: Zestimate 1.26 mil.
Wow. This is one of Ben’s textbook examples of how the land is so expensive that super-luxury is the only thing that pencils out. So whoever buys this $550K house will have to squeeze a monstrosity onto that quarter acre to make a profit.
And of course, these super-teardowns and rehabs only pencil out in expensive cities. In cheap places like Oil City or Tomball Texas, it’s not worth to either build new or to fix up. No point in spending $40K on a luxe kitchen if the whole house is only worth $70K.
“Houses are being sold for the tear-down value.”
That goes straight to my point. Markets rationally price in the potential to make bank by tearing down the existing structure and replacing it with a bigger one. Given this tendency for markets to rapidly extinguish arbitrage opportunities, it seems by no means a sure thing that one would do better selling “as is” versus incurring the extra costs of tear-down and replacement with a supersized McMansion, especially given the risk of the Bubble popping before the construction project is completed.
‘…it seems by no means a sure thing that one would do better selling “as is” versus incurring the extra costs of tear-down and replacement with a supersized McMansion…’
To better make my point, I should have said ‘that one would do worse’…
“A glut of high-end properties now sit either unfinished or empty as the envisioned influx of wealthy foreigners expected to rent them has failed to materialise due to ongoing concerns about the wider economy and a lack of effective investment legislation. The Colliers report notes that the total completed condominium stock is estimated to have exceeded 6,000 units at the end of 2016 with more than 10,000 units in the pipeline. ‘The reality is that Myanmar requires foreign investment on all fronts – including real estate – in order to get the economy going again,’ adds Dan Davies, managing director of Colliers International Myanmar.”
_____________________________/
An envisioned influx of wealthy foreigners to … Burma? From whence would those foreigners come? It could only be China. Or maybe it will become the next hip U.S. retirement destination.
On the internet there’s a great shot of a 20-lane highway in Burma’s new capital city (no longer Rangoon), with one car and one motorcycle on it. Another photo has a policeman “directing traffic” on a multi-lane artery with no vehicles, or other people, in sight. Here’s a summary from a recent visitor:
http://www.perceptivetravel.com/issues/0308/reid.html
“Outside the hotel, we passed unused bus stops and a couple locals ignoring sidewalks and walking down empty six–lane roads. A nearby sign plopped into an empty field read ‘Mitsubishi Showroom: Coming Soon!’ A mile west, we reached the ghost–like ’shopping district,’ with 185 matching, pillared storefronts standing like cubist Monticellos in rose–pink and sky–blue. ‘Only five stores open,’ my Burmese–speaking driver told me using various hand gestures, meaning 180 were empty. I stopped in one for gum. Another mile west, we came to a simple golden zedi temple next to the fire station tower. From the zedi’s base, you could see pastel–colored housing blocks in all directions. I was told just 10% are in use. ‘Big investment––what a waste,’ as one local put it.”
From the zedi’s base, you could see pastel–colored housing blocks in all directions. I was told just 10% are in use.
This Burmese housing development sounds like a perfect bolt for the grifters of the Wall Street-Federal Reserve Looting Syndicate to decamp to once they crash the US financial system and the pitchforks and torches come looking for them.
Comment by SW
2017-06-28 14:29:06
Where at Dave ?
The bay area…More specifically 95050-95054
“Many say the fight over Hong Kong’s political future has paralyzed it, and perhaps doomed it to decline. As a result, the city is increasingly held up not as a model of China’s future but as a cautionary tale — for Beijing and its allies, of the perils of democracy, and for the opposition, of the perils of authoritarianism.”
https://www.nytimes.com/2017/06/29/world/asia/hong-kong-china-handover.html
They now have an affordable housing crisis in Hong Kong that they didn’t have before. Former Hong Kong residents are moving to Taiwan. And check out the photo of the guy in his “coffin” apartment.
Red China is just the drizzlin’ squirts. And I was just reading about how they’re making incursions into South American via Brazil. Yeah, that’s oughta work, as if Brazil doesn’t have enuf problems already. And enuf population.
Brazil…really bad timing on the financial disaster that is the Olympics. Next up Tokyo.
china’s main interest in Brazil are the resources. It’ll strip mine the bejabers out of it.
Not as bad as Greece though. The Olympic model should be “Apres moi, la deluge”
Olympics: more evidence of the failure of globalism
I remember when the Olympics were a simple affair. Simple opening ceremonies, simple facilities, simple everything.
Now everyone who hosts them tries to outdo the previous games: super fancy stadiums, arenas, etc., even though most of them will end up abandoned and unused, while the debt taken on to build them remains. And of course there is always the looming threat of terrorism.
Potential host cities are wising up and saying “no, thank you very much, we’re not interested”.
The IOC will have to try a different approach. I think they should always be held in Athens and that the IOC pick up the tab, which should be smaller as the facilities will get reused. But as long as there are suckers willing to host the games, that won’t be happening.
The extent of the Chinese presence in sub-Saharan Africa was half-heartedly reported starting about 15 years ago. Per The Economist, as of 2013 there were a million Chinese living there.
Something tells me that there are ulterior motives at play beyond political or economic influence. It would not surprise me if the Chinese elite perceives parts of the continent to be a future Elysium.
You could probably double that figure by now.
I’d be curious to know the current numbers in SA. As bad as things may be in some places in SA, one only has to look at China to see how much worse it can get. What do they have to offer?
Conquest is what they would like to offer I would suppose, based on their history.
I talked to a guy about 5 years ago who had spent a fair amount of time there working, said the number of oil rigs had exploded - all chinese. Curious if that tapered off due to the decline in the cost of oil since then as well as the decline of economic growth in china - because the US is too broke to buy their junk and no amount of fake govt stats can cover up this depression. Wheres Dan when you need him to cheer us up?
I’m going to find Dan and rent him my screen name so he can make some posts and I can make some money.
Please enquire whether he wishes to weigh in on this current development:
The Financial Times
China Politics & Policy
China lashes out at US as Trump-Xi honeymoon ends
US-Beijing relations sink over trade, weapons sales and North Korea-linked sanctions
China hits back against US arms sale to Taiwan
Expectations had been to high after a Trump-Xi summit at Mar-a-Lago earlier this year, a former White House official said © AFP
11 hours ago
by: Demetri Sevastopulo in Washington and Tom Mitchell and Charles Clover in Beijing
China lashed out at the US on Friday in protest at an apparent sea change in the Trump administration’s policy towards Beijing as the White House prepared to slap punitive restrictions on Chinese steel imports, agreed an arms deal with Taiwan, and sanctioned a Chinese bank.
Cui Tiankai, the Chinese ambassador to Washington, criticised the $1.4bn Taiwanese weapons deal and what he called the “long-arm jurisdiction” of the US in sanctioning Chinese companies. Mr Cui said the US actions undermined the mutual confidence built up by both sides and that they were “counter to the spirit of the Mar-a-Lago summit”.
The deteriorating relations come less than 100 days since Mr Trump hosted Mr Xi at his Mar-a-Lago estate and said the leaders would have a “very great relationship”. Since then, the White House has become frustrated China was not doing enough to pressure North Korea to abandon its ballistic missile and nuclear programmes.
The White House had held off approving arms for Taiwan and sanctioning Chinese entities helping North Korea in the hope that Beijing would greatly ramp up pressure on Pyongyang after what Mr Trump interpreted as positive signals from Mr Xi.
But while US officials concede that China has done more than before, including halting coal imports, they are increasingly frustrated that it has not gone even further.
“Early optimism on the US side has been dashed by what Trump thought he heard at Mar-a-Lago,” said Dennis Wilder, a former top White House Asia official. “This was a classic case where Trump heard what he wanted to hear, but it wasn’t actually the message that Xi intended to send.”
…
$15 hr innovation….
These pizza-making robots can have a hot pie at your door in 4 minutes
http://www.businessinsider.com/zume-pizza-robot-expansion-2017-6/
Silicon Valley company uses robots to make pizza
https://www.youtube.com/watch?v=PY2blJ9PPA8
Another menial job that will be automated. You can count on the big chains to do the same.
The food will still be garbage, but hey! It’s made by robots, that has to count for something.
It’s going to quickly get to the point where a basic income supplement from the government is mandatory, or mass poverty and homelessness abound. Automation and robotics are destroying jobs at a shocking rate.
I’m also wondering at which point the lack of jobs starts decimating businesses as their customer bases erode, and the whole shithouse comes crashing down.
which point the lack of jobs starts decimating businesses as their customer bases erode,
But as their customer base erodes, their own expenses decrease as they shed employees themselves. So they are all playing musical chicken, as it were. The goal is to shed your own laborers while other companies still employ their laborers, thus supplying you with customers while you don’t supply other companies with customers. If all goes right, your company will be the last one to go out of business, just in time for some robot to change your Depends.
Not sure what will happen with the money/income equation.
“Not sure what will happen with the money/income equation.”
This movie was an interesting take on working for something.
In Time (2011) - Trailer
https://www.youtube.com/watch?v=fdadZ_KrZVw
Is it really news to anyone that Yellen is either delusional or dissembling when she claims there will be no more financial crises “in our lifetime”?
http://www.zerohedge.com/news/2017-06-29/one-trader-warns-yellens-delusional-statement-means-were-lot-trouble
Would now be a good time to buy the long-term government bond dip?
MarketWatch dot com
Global bond yields march higher as central banks signal end to easy-money era
By Sunny Oh and Rachel Koning Beals
Published: June 29, 2017 11:26 a.m. ET
A global bond selloff continued on Thursday, driving some yields to their highest levels in more than a month, as investors digested messages from central banks this week on rolling back easy-money policies.
The U.S. followed the lead of rising yields elsewhere, although the moves for the Treasury market were lagging behind their international counterparts as traders see Europe’s central banks potentially joining the Federal Reserve in tightening policy. With global markets so interconnected, higher yields outside of the U.S could prompt foreign buyers to rebalance their portfolios in favor of far-flung bond markets, if only to avoid overexposure to U.S. government paper.
…
Has Yieldageddon arrived for owners of long-term sovereign bonds, or is Auntie Janet merely setting up the markets for yet another head fake?
The upside of record mortgage debt? We’re all working longer
Rising mortgage debt is giving a productivity boost to the Australian workforce as it is keeping older workers out of retirement, a new report from housing research body Ahuri says.
Older people were more likely to be working for every $100,000 of additional mortgage debt they had, Curtin University professor Rachel Ong told Ahuri’s housing affordability conference in Melbourne on Thursday.
It was not clear whether people were delaying retirement because they had a higher debt to pay off or because they expected to live and work longer and were comfortable taking on ever-higher levels of debt.
Either way, it meant less of a loss to the economy of skilled workers as the Baby Boomer generation retires, said Professor Ong, deputy director of the Bankwest Curtin Economics Centre.
“This finding means that as mortgage debt levels rise, and working lives are extended as a result, it may help offset some of the productivity consequences that arise due to population ageing,” she said.
A rising proportion of aged people is a risk to productivity – in essence, a measure of the resources needed to produce a given number of goods and services – as they mean fewer working people to support an older overall population.
Read more: http://www.afr.com/real-estate/the-upside-of-record-mortgage-debt-were-all-working-longer-20170629-gx10t8#ixzz4lQt2SO11
Sounds like ten year minimum hard labor
Older people were more likely to be working for every $100,000 of additional mortgage debt they had,
Debt slave fools, every one of them.
Here’s a fairly recent article from some Real Journalists …
“Student debt now affects a staggering number of elderly Americans.”
https://www.washingtonpost.com/news/business/wp/2017/01/16/student-debt-now-affects-a-staggering-number-of-elderly-americans/?utm_term=.c558a86e5ec2
“We’re all working longer
Rising mortgage debt is giving a productivity boost to the Australian workforce as it is keeping older workers out of retirement, a new report from housing research body Ahuri says.”
Productivity = Production per unit of input. So to suggest that a longer period of work boosted productivity seems incorrect, as it ignores the post-retirement aged workers’ labor input, which belongs in the denominator of the calculation.
Zillow show a 1.1 month break even for hartford w a negative 1 yr predicted price drop.
Wtf?
http://www.msn.com/en-us/news/us/unprecedented-step-powerball-and-mega-millions-sales-suspended-in-illinois/ar-BBDqpvd?OCID=ansmsnnews11
Interesting. So they spent the revenue from selling tickets even before they paid out the winnings. That’s like our situation with Social Security, but on steroids.
It’s a government run Vice Syndicate, and the house can’t even stay ahead.