A Once In A Lifetime Bubble
A report from Bloomberg on Denmark. “Danes shouldn’t expect any help from the central bank to save the economy from an overheated property market. Lars Rohde, the governor of Denmark’s central bank, says there can be no creative use of monetary policy to reflect risks to the property market, because his only concern is defending the krone’s peg to the euro. Eight years after its last property bubble burst, Denmark is wondering whether almost half a decade of negative interest rates has set the economy up for a repeat of that crisis.”
“The unprecedented nature of negative rates means that ‘nobody knows’ how this will end, Rohde said. But these days, shifts tend to rip through markets ‘much quicker than we expected,’ he said.”
“Rohde is far from alone in sounding the alarm on risks threatening the housing market. Analysts at Nykredit, Denmark’s biggest mortgage lender, have warned that Danes need to start putting the possibility of house price declines ‘on their radars’ or risk going into ’shell shock’ when it happens. They’ve also characterized price developments in Denmark’s cities as ‘out of control.’”
AM 730 on Canada. “Premier Christy Clark is questioning reports brought forward by the opposition’s housing critic earlier this week that pointed to several homes owned by students in the West Side. NDP housing critic David Eby brought to light that nine students own homes in Vancouver’s ritzy West Point Grey neighborhood — totalling $57 million. Clark says she questions where Eby got hold of the information. ‘You know I also question the facts, you got to question the source a little bit there. So, I don’t know if the facts are correct.’”
“Eby pointed out documents support $40 million worth of the purchases were backed by mortgages from three Canadian banks: the Bank of Montreal, CIBC or HSBC.”
From Calvin Ayre on Australia. “Australian casino operator Crown Resorts is in the news this week following revelations that a Chinese high roller suspected of money laundering had turned over A$855m (US $640.7m) at Crown casinos. Chinese-Australian VIP Dan Bai Shun Jin is currently under investigation by the Australian Federal Police (AFP) and the US Internal Revenue Service (IRS) after an AFP agent found vast discrepancies between Jin’s known income and his profligate gambling activity.”
“Jim, who had multiple real estate properties around the globe seized in 2013, claims to earn an annual salary of $300k in China but has so far produced no documents to support this claim. This week, Jin’s wife lost a bid to convince the Victorian Supreme Court to lift a restraining order on a $2.7m home in Fremont, California based on the Court agreeing with the AFP that the home was likely purchased with laundered money.”
“According to figures supplied to the Court by a Crown compliance manager, Jin made more than A$140m in chip buy-ins since 2010 and wagered over A$855m at Crown Melbourne between 2005 and 2013. Jin has disputed these figures, while copping to ‘very high-stakes gambling and being involved in moving millions of dollars.’”
“Crown also declined to say when exactly it might have had cause to question the source of Jin’s largesse, despite copping to being aware that Jin used multiple identity documents, including six different Australian passports. Like many other casino operators, Crown has made Asian VIP gamblers central to its business model, but this reliance isn’t without its headaches. Crown has been accused of illegally offering credit to high rollers, while a former mega-whale who dropped $8m at Crown’s tables was shot dead on the streets of Sydney while under investigation for money laundering.”
The Maritime Executive on China. “We know we are operating in one of the more volatile industries in the world and have been through severe down cycles before, but his time it is different. Slowly, but surely the realization that the commodity boom and the unprecedented Chinese hunger for raw materials was likely a ‘once in a lifetime’ bubble, is sinking in. Effectively all data relating to the dry bulk market, whether on the supply - or demand side, underlines the fact that we are now moving into a very different environment than what we grew accustomed to post-2000.”
“Demand will not solve the tonnage overhang this time as it did during the China boom, unless to significantly alter existing barriers (or the lack of barriers) to international trade. For the market to return to even modest break-even levels it is the supply side of the equation that needs to be significantly adjusted - and history tells us this will be a drawn-out process.”
“And this realization process is painful for many reasons: We all think the other shipowners should scrap their vessels. My vessels are superior! The moment there is the smallest uptick in the market, owners choose to hold onto their older vessels rather than recycle. It hurts to take and accept a loss. Many companies choose to close their eyes and hold on tight for as long as possible, even if this means a further deterioration of their position.”
The China Post on Taiwan. “With a gloomy outlook for the real estate market, 30 percent of home sellers have expressed willingness to lower their asking prices, according to a survey conducted by home price comparison app Ubee. Forty-six percent of home sellers surveyed said they thought prices would decrease in the fourth quarter. Only 3 percent said they thought prices would rise and 51 percent said they expect prices to remain level.”
“Seventy percent of homebuyers predicted that prices will drop, 24 percent predicted they will stay mostly unchanged, and 6 percent said prices may rise. Despite the pessimism, 15 percent of home owners said they won’t budge on asking prices, while 55 percent said they will put their home up for rent until the market improves. Up to 30 percent said they will lower their asking price. Based on the survey, the market looks certain to tumble in the fourth quarter, Ubee said.”
“Ubee President Yeh Kuo-hua said home owners were reluctant to lower asking prices previously because they had expected the central bank to lower interest rates and ease credit control. Also, they expected the new government to introduce measures in favor of the property market. But the market has remained stagnant, even though more than three months have passed since the new government was sworn in. There are even discussions underway about raising the property tax, which will further burden home owners, Yeh said.”
“With nearly 400,000 properties listed, (not including those listed by construction companies,) Ubee forecast a new wave of house dumping by disappointed sellers down the road. Yeh estimated that prices of over 130,000 properties have been cut recently, saying that it is moving toward a buyers’ market. Ubee’s study shows that 40 percent of the population prefers to rent now and buys after prices have retreated further.”
“Eastern Realty Chairman Wang Ying-chieh told local media that home prices could fall 10-20 percent in the second half of 2016. As fewer sales took place recently, construction firms are giving away bargains. This has pulled down older homes’ prices too, Wang said.”
Oh dear…
‘This week, Jin’s wife lost a bid to convince the Victorian Supreme Court to lift a restraining order on a $2.7m home in Fremont, California based on the Court agreeing with the AFP that the home was likely purchased with laundered money’
Double dear!
‘NDP housing critic David Eby brought to light that nine students own homes in Vancouver’s ritzy West Point Grey neighborhood — totalling $57 million…Eby pointed out documents support $40 million worth of the purchases were backed by mortgages from three Canadian banks: the Bank of Montreal, CIBC or HSBC.’
I wonder if he went to the Registry Office and pulled all of those transactions, just like anybody can do.
But as a government “servant” did he get to pull them for free ?
I cannot.
Why students? How do students get 40 million in loans? Well if you read the Globe and Mail expose Sunday before last, it was pretty clear; somebody is hiding behind these students. And these banks are raking in the fees. But what if prices head south? Will the deep pockets keep making payments? Of course not. This is money laundering on top of high debt/risk speculation. It makes sense; if I’ve got 10 million, use to to buy 100 million in houses. If it goes up, great. If it falls apart, walk. And don’t forget the Chinese dude who got sued for stealing money back home recently. He had 3 houses over a million he bought with zero down Canadian loans, and he wasn’t making payments. How’s that for a fine kettle of fish?
student loans are basically welfare for the educational system.
Fremont, CA Real Estate and Homes for Sale
517 Homes
http://www.realtor.com/realestateandhomes-search/Fremont_CA
Fremont, CA Price Reduced Homes for Sale
118 Homes
http://www.realtor.com/realestateandhomes-search/Fremont_CA/show-price-reduced
Never heard of the place.
Blasphemy! Everyone wants to live there.
This is AKA Asian FB’s paradise. Every loanowner there is Asian working in Fraud valley.
It reminds me of oakland.
We made a long trip from student loans to some overpriced shantytown in the bay area.
Student loans are a handout for the university paychecks.
pretty soon they will get a principal reduction.
“student loans are basically welfare for the educational system.”
+1 Lots of bearded, chin-scratching, Saab driving experts feeding at the tenure trough soon to be made obsolete with on-line classes.
Fremont: “…..This is AKA Asian FB’s paradise. Every loanowner there is Asian working in Fraud valley…..”
Exactly. When I posted about all that mortgage fraud activity in 2007, 90% of it was Filipino speculators from the SF East Bay. Fremont, Newark, Union City…..rife with fraud and FB’s. Now it appears to have attracted Chinese money laundering fools.
“…soon to be made obsolete with on-line classes.”
Not gonna happen. Too many kids never learned to open up a book and learn without a teacher to spoon feed them.
kindles for all- why go to school at all
I greatly prefer in-class learning, because there’s a social aspect to it. I remember my most engaging teachers, even today. But then again, I am in my 40s. maybe students today don’t care, it’s all about the credential, however obtained.
If we didn’t hand out student loans like candy, college tuition would fall precipitously. If you think of a degree as an asset, it’s another instance where easy money leads to dramatic asset price inflation. I agree with the opinions upthread that the loans contribute to university paychecks; they’ve also caused an administrator inflation.
When I was a teaching assistant in the late 1990s, several students wanted to know the address of my website, when I would be posting answers answers online, could they email me their lab reports, when will I email them their grades, etc. In other words, the students wanted basically to telecommute from their dorm room in between games of Civilization and Diablo.
I didn’t even have my own computer at the time. I told them no, no, and no. If they wanted answers, grades, or help, they could come to my class or my office hours, and ignored their whining.
I probably couldn’t get away with such blasphemy these days. I’m sure I committed dozens of microaggressions.
“…from three Canadian banks: the Bank of Montreal, CIBC or HSBC.’”
Who knew the The Hongkong and Shanghai Banking Corporation was actually a Canadian bank?
SCREWED!!!!! Love it!
Chickens. Come. to. Roost.
Check these photos out:
‘The end of the Chinese dream?’
‘China’s economic slowdown leaves a trail of ghost towns and millions of ordinary workers struggling to survive. With the Chinese economy faltering, building has ground to a halt, leaving ghost towns and abandoned construction sites across the country.’
‘Some economists say that the country’s building boom never delivered real prosperity, and that government spending has been poorly managed. They warn that with China’s debt mounting at an alarming pace, the country’s economy could collapse.’
‘In 2005, China owed 164 percent of its gross domestic product, but today it has almost doubled. The mountain of debt is piling up much faster than the economy is growing. Despite the looming debt crisis, the government continues to encourage citizens to take on even more debt, buy more property and clear the over supply. Buying property in China used to be one of the safest investments, but the bubble has burst in many cities - leaving many Chinese with debt they cannot pay back.’
Dan? Dan?
Bueller?
they printed a sh@tload of money to stimulate the economy.
the pboc has come a long way.
If these polls keeping going the way they are, the Chinese might actually have to whip a real economy together. Yellen might be looking for a job in January.
‘The Mexican currency reached the psychological barrier of 20 pesos per dollar, and analysts and commentators cited the role of the U.S. presidential campaign. Banamex, one of Mexico’s largest banks, listed the peso at 19.96, and other banks and exchange houses listed it even higher.’
‘A Banco Base analysis said the strength of Republican candidate Donald Trump influenced the peso’s decline. “The possibility that Donald Trump could win the Nov. 8 elections has made financial markets nervous and that has been especially reflected in the Mexican peso,” the bank said.’
‘Trump has been critical of Mexico and the trade agreements that give it access to the U.S. market. The U.S. has an outsize influence on Mexico’s economy, buying about 80 percent of Mexico’s exports.’
‘Newspaper columnist Carlos Loret de Mola said Clinton’s health problems are key. “Speculation broke out against the Mexican currency last week due to the poor health of the Democratic candidate, Hillary Clinton,” Loret de Mola wrote in the newspaper El Universal.’
‘The peso has dropped almost 17 percent in value in the last year.’
Remember rio? Remember the clown car? Ha ha clown car! Well now it’s a big steaming roller bearing down on the globalists. Where’s the former Presidente Fox? “We’re not paying for no f-ing wall.” Some one give that guy a hammer. And a bill.
didnt ca belong to mexico awhile back?
why are these people willing to work so hard in the fields?
‘why are these people willing to work so hard in the fields?’
Money?
They are pooping in their pants that the gringo escape valve might get shut off and they will have to:
1) Kiss the remittances good bye
2) Deal with the surplus people that they’ve dumping on the US for the past 40+ years.
“Money?….”
‘The peso has dropped almost 17 percent in value in the last year.’
Yes of course, why they just received a 17% raise in pay this year….God Bless America.
Or they could experience another peso crash, and millions of destitute Democrat-on-Arrival illegals could come flooding across the border.
Ever seen an ant turn into a grasshopper? Just watch China.
‘For all the roads, bridges and railways that China builds every year in an effort to keep the economy humming, the massive splurge may not be having the desired effect. That’s because more than half of China’s infrastructure investment has destroyed economic value instead of generating it, according to a study from the University of Oxford’s Saïd Business School.’
“The evidence suggests that for over half of the infrastructure investments in China made in the last three decades the costs are larger than the benefits they generate,” according to Atif Ansar, one of the study’s co-authors.’
‘What’s more, unless China shifts its focus to fewer and higher quality types of public works that leave a positive legacy “the country is headed for an infrastructure-led national financial and economic crisis, which is likely also to be a crisis for the international economy,” according to the analysis that’s published in the Oxford Review of Economic Policy.’
‘China spent more than $10.8 trillion in infrastructure in the last decade alone, according to Bloomberg calculations based on official data of investment in categories such as transport, storage, power supply and water conservation.’
‘Researchers examined 21 large rail projects and 74 road projects whose starting dates ranged from 1984 to 2008. They then compared the economic value of those to 806 transport projects built in rich democracies.’
‘Instead of finding a long lasting, positive economic legacy, the Oxford study found that 75 percent of the transport projects in China exceeded budget. While one third of the roads built were congested, 41 percent of them have low usage. Both extremes are equally undesirable because “large unused capacity equals waste, as does too little capacity,” according to the paper.’
MEANWHILE HEADLINE OVER AT CNBC:
FED AND BOJ EYED
MORE BS DIFFERENT DAY!
‘For all the roads, bridges and railways that China builds every year in an effort to keep the economy humming, the massive splurge may not be having the desired effect. That’s because more than half of China’s infrastructure investment has destroyed economic value instead of generating it, according to a study from the University of Oxford’s Saïd Business School.’
Just wait until newness wears off and serious physical depreciation kicks in with the associated choice between urban blight and maintenance costs. Ya ain’t seen nothin’ yet.
‘Kingdom Jewellery is trying to stand out among the eerily quiet luxury stores in Hong Kong’s Causeway Bay, once the world’s most expensive shopping district in terms of rents. But while it has hung signs promoting a “crazy sale” and payment by instalments in the window, buyers are still scarce.’
“Our customer flow has dropped 60 to 70 per cent” since the peak of Chinese luxury spending in 2013, said manager Jacky Sze. “I don’t have much hope for the rest of this year, or next.”
‘Before demand was hit by President Xi Jinping’s corruption crackdown and the economic slowdown, Chinese tourists were happy to spend up to HK$100,000 (S$17,555) on a single purchase at Kingdom. Now, many customers are reluctant to spend more than HK$1,000 at a time, according to Mr Sze.’
‘The jewellery shop next door has closed down after decades of thriving business, as have many other luxury goods stores across Hong Kong, which is losing its status as the great mall of China.’
‘Retail sales in Hong Kong fell by 10 per cent in the first seven months of the year, compared with the same period in 2015, with purchases of jewellery and watches declining by 22 per cent.’
‘Mr Edward Olver, CEO of Britannia Elevation, which promotes British luxury brands abroad, said too many companies took a “combine harvester” approach to selling in China and are now paying the price for over-expansion.’
“There was a tremendous period of people making money very quickly in China and a lot of Italian and French brands thought there’s a lot of corn to be harvested,” he said.’
‘Mr Timothy Kao, vice-president of the Hong Kong Watch Manufacturers Association, explains that previously Chinese buyers were simply attracted to the most expensive products. “But now, practical watches with a realistic price sell better,” he said.’
If the Chinese aren’t buying bling, then the situation must indeed be dire.
I’m going to quit my day job and start peddling art to people who made a sh@tload of money in the latest bull market in stawks and homes.
CAPITAL GAINS PAY THE BILLS!
Just learned from my neighbor in the other building across from my building that there’s an underage brothel and meth lab happening in a house he can see from his building.
#SouthDenver
Biggie — Things Done Changed (1993):
https://www.youtube.com/watch?v=rdciOXroU9o
“I live for the funk, I die for the funk”
Biggie — Machine Gun Funk:
https://www.youtube.com/watch?v=JOQVSXy1XI0
“…underage brothel and meth lab happening in a house he can see from his building.”
Living in tall cotton.
Hope n’ change comes to Denver.
do u want a JOB or do u want opportunity?
In our crony capitalist wonderland, there will never be criminal prosecutions for even the most egregious bankster swindles. Bernie Sanders knows this, but he must play his appointed role in the Kabuki theater as the make-believe opposition.
http://www.zerohedge.com/news/2016-09-19/bernie-sanders-asks-only-relevant-question-about-wells-fargo-scandal
Socialism is here to stay because ‘Muricans have gone full retard.
http://www.zerohedge.com/news/2016-09-19/why-socialism-here-stay
https://www.donaldjtrump.com/positions/child-care-reforms-that-will-make-america-great-again
http://www.wsj.com/articles/hey-big-spender-donald-trump-faces-pressure-on-debt-deficit-1474191002?tesla=y
The feckless, ignorant voters of Venezuela voted for socialism. Now they’re getting exactly what they voted for and what they deserve. Mmmm, garbage for dinner!
http://www.breitbart.com/national-security/2016/09/18/venezuela-15-percent-eat-garbage-survival/
Stronger together (Idiot Hillary supporter gets a reality check).
http://www.thegatewaypundit.com/2016/09/video-hillary-robs-elderly-woman-promises-pay-back-robs/
“Everybody’s talking about the good old days” — Wu-Tang Clan (1993):
https://www.youtube.com/watch?v=-X9beAwwuYc
Hope n’ change comes to K-Mart.
http://www.businessinsider.com/kmart-closes-64-more-stores-sales-decline-retail-locations-clearance-2016-9
I stepped into the local K-Mart for the first time in months. It was deserted. I didn’t see it on the latest closure list. I don’t see how the other stores could possibly be doing worse, so I’m guessing they’re closing the ones that they can unload for the most $$$. Or maybe the ones that they can get anything for at all. I know that if our local one closes no one will buy it. They’ll have to bulldoze it and hope Walgreens will buy the land and build a store there.
Not politically correct, but I like K-Mart’s Jacklyn Smith’s clothing. Some of her knockoffs are well made, and reasonably priced. I shop all price points for dresses.
HD bought out the Lease of a local K-Mart (for mega bucks), tying up the property for years, not opening a HD, but blocking Lowe’s from getting the location eventually. Smart move! The stand alone building has been empty for years. HD’s market share is strong in our area.
Lars Rohde, the governor of Denmark’s central bank, says there can be no creative use of monetary policy to reflect risks to the property market, because his only concern is defending the krone’s peg to the euro. Eight years after its last property bubble burst, Denmark is wondering whether almost half a decade of negative interest rates has set the economy up for a repeat of that crisis.”
“The unprecedented nature of negative rates means that ‘nobody knows’ how this will end, Rohde said. But these days, shifts tend to rip through markets ‘much quicker than we expected,’ he said.”
____________________________/
Is defending the peg really that important? It’s interesting that a central banker would describe that as his only concern, and would be so casual about the potential impacts. You’d almost wonder who he’s serving, Danes or a small class of people who don’t care what country they’re from.
Ever heard “Pilgrim ass cracker” before?
I haven’t, but I plan on using it tomorrow.
Man Films Police Interaction Over Facebook Live, Goes Wrong When He Films Drugs In His Car
Amber Randall
10:53 AM 09/19/2016
Police pulled over Dominique Desha Green last week for not using his turning signal and for not wearing a seat belt, reports The Mirror.
“They’re just [expletive] with me because I’m young, black … and on the wrong side of the neighborhood,” Green said in the video.
Trotter called for backup, as Green demanded to speak to his supervisor.
“I want to speak to your boss,” Green said in the video. “That’s like going to McDonald’s and somebody gets your order wrong and saying, ‘Let me speak to your manager.’ ”
Authorities say that Green revealed his attempts to hide cocaine over his Facebook live stream, while he tried to claim he was innocent of any wrong doing.
“I’m glad I didn’t get out of the car. I got a pocket full of all kinds of s***,” he said on camera, while recording himself hiding the cocaine in the side door.
Green eventually exited the car, shouting “Black Lives Matter!” Police said even though they told Green his life was not in danger, Green resisted arrest.
As police booked Green in jail, he purportedly continued to threaten the officer who pulled him over. Green referred to Trotter as a “Pilgrim ass cracker,” according to police.
Green also warned that he would kill Trotter and his wife, as well as sexually assault Trotter’s daughter.
Police charged Green with drug possession, failure to use a turning signal, failure to use a seat belt and resisting arrest.
Read more: http://dailycaller.com/2016/09/19/man-films-police-interaction-over-facebook-live-goes-wrong-when-he-films-drugs-in-his-car/#ixzz4Kl3YXTwL
Stop being deplorable.
That was a public service announcement telling people not to live stream themselves hiding cocaine in the side door while they are trying to show they were pulled over because they were young, black and on the wrong side of the neighborhood.
“…Green resisted arrest.”
Haha… fugg’n brotha’s never learn.
The Weight - The Band (lyrics) - YouTube
https://www.youtube.com/watch?v=FFqb1I-hiHE - 462k -
“This week, Jin’s wife lost a bid to convince the Victorian Supreme Court to lift a restraining order on a $2.7m home in Fremont, California based on the Court agreeing with the AFP that the home was likely purchased with laundered money.”
Makes me wonder whether our Chinese San Diego neighbors bought their home with laundered money. She sure yells louder at her husband than any other neighbor I have ever enjoyed. It cuts right through the walls.
My girlfriend says Chinese women only yell like that about one thing. The other woman.
“We know we are operating in one of the more volatile industries in the world and have been through severe down cycles before, but his time it is different. Slowly, but surely the realization that the commodity boom and the unprecedented Chinese hunger for raw materials was likely a ‘once in a lifetime’ bubble, is sinking in. Effectively all data relating to the dry bulk market, whether on the supply - or demand side, underlines the fact that we are now moving into a very different environment than what we grew accustomed to post-2000.”
Paging Albuquerque Dan. We could use a rosy outlook to offset this gloomy perspective about now.
“Demand will not solve the tonnage overhang this time as it did during the China boom, unless to significantly alter existing barriers (or the lack of barriers) to international trade. For the market to return to even modest break-even levels it is the supply side of the equation that needs to be significantly adjusted - and history tells us this will be a drawn-out process.”
The dry bulk shipping situation sounds remarkably parallel to the oil market situation. Both appear to be in for a drawn-out process of equilibrium adjustment to dramatically lower prices.
neoconc, corporate statist, crony capitalist birds of a feather with not a dime’s worth of difference between them.
http://www.zerohedge.com/news/2016-09-20/george-hw-bush-said-vote-hillary
“not a dime’s worth of difference”
It’s good to see you quoting one of the great statesman of our history.
George Wallace was a Democrat.
Abraham Lincoln was a Republican and freed the slaves in territories unoccupied by Union forces.
FYI
Both of those things occurred many years ago. Once LBJ pushed through a bunch of civil rights legislation, most Wallace fans started voting Republican. His state has been solidly Republican for a long time now.
Irrelevant.
Yeah, because more Republicans than Democrats voted for it….
Democrat Senator Robert Byrd was a member of the Ku Klux Klan.
FYI
That was a also a very long time ago.
David Duke ran for President in 1988 as a DEMOCRAT.
But I suppose you’ll say that was also a very long time ago.
We must embrace our Soros-sponsored fundamental transformation.
http://www.breitbart.com/2016-presidential-race/2016/08/26/immigration-expert-u-s-resettle-nearly-one-million-muslim-migrants-one-term-clinton-presidency/
Will the implosion of the Chinese housing bubble trigger a second revolution?
http://wolfstreet.com/2016/09/19/china-home-price-bubble-high-and-hard-to-accept-majority-thinks-buying-frenzy-surges/
Establishment Republicrat neocons gotta close ranks against any would-be challengers to the crony capitalist, corporate statist status quo.
http://www.businessinsider.com/ap-the-latest-george-hw-bush-said-to-be-voting-for-clinton-2016-9
Must.control.the.Narrative.
http://www.breitbart.com/tech/2016/09/19/google-wants-to-control-and-sanitize-the-internet-in-the-name-of-fighting-harassment/
Fundamental transformation is flourishing in the UK.
http://www.telegraph.co.uk/news/2016/09/20/up-to-100-schoolchildren-involved-in-mass-brawl-in-bexley/
stonetear
Of course he is. Gotta keep those kiddie treats comin’!
http://www.politico.com/story/2016/09/exclusive-george-hw-bush-to-vote-for-hillary-228395
all eyes are back on the next FED meeting again. LMFAO
This sh@t is a total circus.
When I read this — an excerpt from a WSJ interview, posted on another blog — I was amazed that the president of the St. Louis Fed would be so candid. Both he and the reporter know it’s a sham too. But they think it’s funny.
Mr. Hilsenrath: What kind of compromise would it take to get the FOMC to move in September? I mean, so the tradition is there’s some kind of — like you say, some kind of agreement. What would it take to get them there?
Mr. Bullard: Well, I have no idea, so — and it’s really — it’s really the chair’s job to fashion that. But I will say that — I’ll talk historically about the FOMC, the kinds of things that the FOMC would do. You would trade off. You would say, OK, we could hike today, but then we’ll not plan to do anything in the future. That would be one way to — one way to go about a consensus. So that often happens on the FOMC. Or vice versa. If you read the Greenspan-era transcripts, he’ll do things like, OK, we won’t go today, but we’ll kind of hint that we’re pretty sure we’re going to go next time.
Mr. Hilsenrath: Right.
Mr. Bullard: And so you get this inter-tempo kind of trade-off, and that often — that often is enough to get people to sign up.
Mr. Hilsenrath: So, hike today and then delay.
Mr. Bullard: Yeah. (Laughs.)
Mr. Hilsenrath: Or, no hike today and then no more delay.
Mr. Bullard: Yeah, yeah.
Mr. Hilsenrath: Something like that.
Mr. Bullard: Yeah, those kinds of trade-offs are, historically speaking — I’m not saying I know what Janet’s doing, because I don’t. But, historically speaking, those are the kinds of things that the FOMC has done.
Mr. Hilsenrath: I came up with my catchphrase for the — for the month. (Laughter.)
Mr. Bullard: Those are great. That’s worthy of a T-shirt. (Laughs, laughter.) You could have one on the front and one on the back.
http://www.salientpartners.com/epsilon-theory/magical-thinking/
Their job is to keep stocks up so people can get yield cause bonds are in a massive bubble.
CBS News/New York Times Poll. Sept. 9-13, 2016. N=1,433 registered voters nationwide. Margin of error ± 3.
RV = registered voters. Among adults, except where noted.
“Which comes closest to your view about illegal immigrants who are living in the U.S.? They should be allowed to stay in the U.S. and eventually apply for citizenship. They should be allowed to stay in the U.S. legally, but not be allowed to apply for citizenship. OR, They should be required to leave the U.S.” Options rotated
Stay, apply for citizenship: 60%
Stay, not apply for citizenship: 12%
Be required to leave: 22%
Unsure/No answer: 5%
http://pollingreport.com/immigration.htm
why is the volume within the stock markets so pathetic?
Rising Obamacare premiums are still lower than employer-sponsored health insurance
People who warn that President Obama’s healthcare law is in dire straits often point to rising health insurance premiums as proof. Sen. John McCain (R-Ariz.) has called premium increases on Affordable Care Act exchanges “astronomically high.” Sen. Ron Johnson (R-Wis.), said premiums have “skyrocketed.”
But are these growing premiums actually high?
A new analysis from the Urban Institute found that the average unsubsidized premiums in the Affordable Care Act exchanges, commonly known as Obamacare, are actually 10% lower than the full premiums in the average employer plan nationally in 2016.
Nationally, the average employer-sponsored premium was $516 a month, while the unsubsidized marketplace premium was $464. To make an apples-to-apples comparison, the researchers adjusted marketplace premiums to account for the age of enrollees and the different values of the health coverage provided by the marketplace plans.
The exchanges offer health coverage to people who aren’t insured through their jobs, with subsidies based on income. About 11 million people are insured through the marketplaces, compared with about 155 million Americans who receive insurance coverage through employer-provided plans.
Recent news of large insurance carriers pulling out of some states’ marketplaces and raising premiums in others has raised concerns that offering health insurance through exchanges isn’t sustainable and that the healthcare offered isn’t affordable.
But the Urban Institute researchers found that, in more than three-quarters of states and 80% of the large metropolitan areas they studied, total premiums were lower in an average marketplace plan than in employer-provided plans. For example, in Boston, the premiums for marketplace plans were 35% cheaper than employer plans. In New York City, marketplace plans were 26% cheaper than employer plans.
“It’s not that these markets are necessarily outrageously expensive — in the vast majority of cases, they’re not,” said Linda Blumberg, a senior fellow at the Urban Institute’s health policy center.
However, most people who receive health insurance through their employers directly pay only a portion of the premium each month. The rest is paid by the employer, as part of workers’ compensation. And most people who buy insurance on the exchanges receive tax credits that limit their premiums.
For people who are buying unsubsidized insurance on the marketplaces, that’s not the case.
“You’ve got the full sticker price in front of you, and it can be shocking,” Blumberg said. “As much as the rate of growth of healthcare spending has slowed down in recent years, medical care costs a lot of money.”
http://www.latimes.com/business/la-fi-obamacare-premiums-20160919-snap-story.html
1: I oppose the surveillance state. Edward Snowden is hero, not a traitor.
2: I will vote for Donald Trump (Trump wants to execute Snowden)
Pick one.
http://rare.us/story/donald-trump-wants-russia-to-hack-hillary-clinton-but-wants-to-execute-edward-snowden/
Under the caption “then”
It had a hippie holding his hand up giving a peace sign and wearing a shirt with a peace sign that read…
QUESTION AUTHORITY
Under the caption “now”
The same hippie only much older is holding up a subpoena wearing a shirt with an Obama logo that read…
QUESTION ANYONE QUESTIONING AUTHORITY
stonetear?