Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
The economy - oops
Sky-high commercial real estate prices continue to worry:

https://www.bloomberg.com/graphics/2018-...t=business

Quote:Janet Yellen recorded the warning a day before stepping down as Federal Reserve chair in February: Commercial real estate prices look strikingly high. Her successor, Jerome Powell, flagged it again a month later.

Analysts at Goldman Sachs Group Inc. tried in May to put a number on it: Properties may be overvalued as much as 16 percent. Soon, Wells Fargo Chief Executive Officer Tim Sloan went on television, saying some deals looked “frothy” and that his bank was pulling back. In the past month, executives at regional lenders including U.S. Bancorp and KeyCorp have chimed in with similar concerns.

Yet, by some key metrics—most notably default rates—the market seems serene. So why all the handwringing?

Years of economic growth and easy financing have pushed prices for office towers, apartments and warehouses to record heights. Executives speaking out say they’re worried some buyers are betting too boldly that they can just keep raising rents.

But that’s not all.

Normally, banks would tap the brakes on lending, and the market would cool. But since the 2008 financial crisis—when banks became more disciplined—other lenders have muscled in and are keeping the financing flowing. They include debt funds with multibillion-dollar warchests that aren’t subject to the same level of oversight. Some are competing with aggressively low rates and terms. Now even some banks, under pressure to compete, have loosened standards in recent quarters, Fed surveys show.
Reply
I'm sure it'll all work out fine.
Reply
(10-15-2018, 02:27 PM)vtran Wrote: 125 yrs old....

Sears files for bankruptcy, and Eddie Lampert steps down as CEO

Only tangentially related, but I thought this thread on how Sears' catalogue ruffled the feathers of white supremacy during the Jim Crow era was super interesting:

https://twitter.com/louishyman/status/10...8415828993
Reply
https://www.budget.senate.gov/ranking-me...-a-surplus


Quote:Report: If Not for Republican Policies, the Federal Government Would Be Running a Surplus
WASHINGTON, Oct. 15 – Following an announcement Monday from the Treasury that the federal government ran a deficit of $779 billion in Fiscal Year 2018, the Democratic staff on the Senate Budget Committee released a report showing that the federal government would be running a surplus today if not for four Republican policies.
Without the wars in Iraq and Afghanistan, the enormous post-9/11 defense buildup and two rounds of costly, regressive tax cuts, the federal government would be running a $156 billion surplus instead of a $779 billion deficit. The Trump Tax Cuts – which coupled permanent corporate tax cuts with temporary individual tax cuts – added $164 billion to the 2018 deficit.
The Bush tax cuts contributed $488 billion to the deficit in FY 2018, the Trump tax cuts added $164 billion, the direct costs of wars in Iraq and Afghanistan ran up $127 billion and base defense increases led to $156 billion in spending.
Instead of spending nearly $1 trillion on the military and tax cuts for the wealthy and large corporations, the federal government could have paid for any of the following proposals – multiple times over for some – in FY 2018 and still balanced the budget.
"Dictatorships foster oppression, dictatorships foster servitude, dictatorships foster cruelty; more abominable is the fact that they foster idiocy."

Xbox Live Gamer Tag: Strider Ryoken / PSN: Kenryo81 /Steam: Ryoken81
Reply
In the event of another economic crash in the near future I've compiled this list of plentiful, delicious and wallet friendly things to eat:

1. The Rich
"I mean don't get me wrong fucking the wolf man is impressive but ugh." - Waaaaaaaalt
Reply
A fraud suit got unsealed yesterday that showed Facebook greatly inflated its video-view statistics:

https://twitter.com/jason_kint/status/10...5602756608

I bring it up because it directly had a massive impact on journalism jobs:

https://twitter.com/dyfl/status/1052403439613829120

Quote:If you missed it: today it was confirmed that Facebook massively & knowingly inflated its video-view statistics, which had the DIRECT consequence of 90% of media orgs firing writers in favor of expensive video producers, who also got fired when it turned out video was worthless
Reply
(10-17-2018, 12:17 PM)Iron Maiden Wrote: A fraud suit got unsealed yesterday that showed Facebook greatly inflated its video-view statistics:

https://twitter.com/jason_kint/status/10...5602756608

I bring it up because it directly had a massive impact on journalism jobs:

https://twitter.com/dyfl/status/1052403439613829120

Quote:If you missed it: today it was confirmed that Facebook massively & knowingly inflated its video-view statistics, which had the DIRECT consequence of 90% of media orgs firing writers in favor of expensive video producers, who also got fired when it turned out video was worthless


HA HA HAAAAA!

ZUCKERBERG. He's the candidate we deserve 2020!
If you're happy, you're not paying attention.

Originally Posted by JacknifeJohnny: 
Glad that you guys worked that out amongst yourselves.

Reply
Bankrupt Sears wants to give executives $19 million in bonuses:

https://www.cnn.com/2018/11/16/business/...term=image

Quote:Sears is seeking court approval to pay executives as much as $19 million in quarterly bonuses while the company struggles to restructure in bankruptcy.

Three top executives could get nearly $1 million each if the company goes out of business. If Sears remains in business, they could get nearly $500,000 each for hitting the top performance targets.

Sears filed two different types of bonus plans in bankruptcy court Thursday. The first is for the top 18 "key" executives, who would collectively get as much as $2.1 million per quarter. The bonuses would only be paid in full if Sears reaches its cash-flow targets. Sears Holdings, which includes both Sears and Kmart, has been burning through cash at a rate of about $125 million a month.

A second retention bonus plan was designed to encourage 322 other unnamed executives to stay put during Sears' reorganization. They would collectively get $16.9 million a quarter, which works out to an average of about $52,000 per quarter per executive. No executive could receive more the $150,000 in bonuses for staying with the company during the bankruptcy process.
Reply
New Documentary from Alex 'Bill' Winter.



I used to be with "it", but then they changed what "it" was. Now, what I'm with isn't "it", and what's "it" seems weird and scary to me.   -Grandpa Simpson
Reply
Well Fargo is partially blaming a computer glitch for an estimated 545 customers losing their homes:

https://www.cbsnews.com/news/wells-fargo...k-answers/

Quote:Wells Fargo says a computer glitch is partly to blame for an error affecting an estimated 545 customers who lost their homes. The giant bank filed papers with the Securities and Exchange Commission last month, revealing it incorrectly denied 870 loan modification requests. About 60 percent of those homeowners went into foreclosure.
Reply
Surprise, surprise:

https://finance.yahoo.com/news/congress-...23119.html

Quote:A few double negatives buried in legislative text may have inadvertently freed nearly all U.S. banks from a regulation known as the Volcker Rule, which sought to curb risky behavior in response to the 2008 financial crisis.

The text in question comes from a package bill passed in May that pared back portions of the Dodd-Frank post-crisis financial regulatory framework. One of the many provisions of the bill offered an exemption from the Volcker Rule to smaller community banks that policymakers felt were burdened by the regulation, which limited banks’ proprietary trading, or trading for their own accounts.

But sources tell Yahoo Finance that some of the largest U.S. banks are now thinking about challenging the interpretation of that May legislation in court, arguing that the bill could be read as also extending regulatory relief to banks far above $10 billion in assets.

If they succeed, this alternative interpretation could free nearly all U.S. banks from a heavily scrutinized post-crisis regulation that some see as an important safeguard against excessive risk-taking but one that opponents criticize as poorly designed and unduly burdensome.
Reply
It could be argued that it's way past time...


It’s Time to Bring Back the Corporate Death Penalty
When big companies engage in criminal harm to the public, they deserve serious punishment


Quote:While the human death penalty has largely disappeared in the world and is fading in the U.S. (a good thing), the corporate death penalty needs a revival.

The corporate death penalty, widespread in the 19th century, is a political and economic Darwinian process that weeds bad actors out of the business ecosystem to make room for good players.
The process of revoking corporate charters goes back to the very first years of the United States. After all, the only reasons states allow (“charter”) corporations (normal business corporations can only be chartered by a state, not the federal government) is to serve the public interest.
I used to be with "it", but then they changed what "it" was. Now, what I'm with isn't "it", and what's "it" seems weird and scary to me.   -Grandpa Simpson
Reply
A big congrats to Ken Griffin who just bought the most expensive piece of real estate ever in this country for $10 billion. The government saved his firm, Citadel, during the financial crisis. He would have been wiped out without taxpayer welfare.
Reply
It sort of is this simple...

Rutger Berman, a Dutch historian and author of the book Utopia for Realists, during a panel last week titled “The Cost of Inequality,” said the pathway is not complicated.



I used to be with "it", but then they changed what "it" was. Now, what I'm with isn't "it", and what's "it" seems weird and scary to me.   -Grandpa Simpson
Reply
A record seven million Americans are 90 days or more behind on their auto loan payments, which is even more than during the wake of the financial crisis.

That's definitely something to worry about.

https://www.washingtonpost.com/business/...68547a8b98

Quote:A record 7 million Americans are 90 days or more behind on their auto loan payments, the Federal Reserve Bank of New York reported Tuesday, even more than during the wake of the financial crisis.

Economists warn that this is a red flag. Despite the strong economy and low unemployment rate, many Americans are struggling to pay their bills.

“The substantial and growing number of distressed borrowers suggests that not all Americans have benefited from the strong labor market,” economists at the New York Fed wrote in a blog post.

A car loan is typically the first payment people make because a vehicle is critical to getting to work, and someone can live in a car if all else fails. When car loan delinquencies rise, it is usually a sign of significant duress among low-income and working-class Americans.

And:

Quote:The New York Fed said that there were over a million more “troubled borrowers” at the end of 2018 than there were in 2010, when unemployment hit 10 percent and the auto loan delinquency rate peaked. Today, unemployment is 4 percent and job openings are at an all-time high, yet a significant number of people cannot pay their car loan.

Most of the people who are behind on their bills have low credit scores and are under age 30, suggesting young people are having a difficult time paying for their cars and their student loans at the same time.
Reply
A good listen about how the GOP has gutted/ing the IRS for the better part of the last couple decades.

Quote:Can We Tax the Rich? with Jesse Eisinger
Why Is This Happening? with Chris Hayes

Why is it so hard to raise taxes on the rich? From freshmen firebrands to Presidential hopefuls, taxing the wealthy has become the Congressional conversation du jour of 2019 that has no signs of slowing down. But before even getting into the policy debates and the ideological disputes, there’s one important and fundamental question that has to be answered: Do we have an IRS that has the capacity to do such a thing? ProPublica’s Jesse Eisinger has done stellar reporting to uncover the scandalous hidden story of the ways the Republican Party, corporate interests, and big donors have all succeeded in gutting the IRS of its ability to do the one thing it exists to do: collect taxes to fund the United States government.

...and a good read. The interview above discusses the ProPublica article below.
Quote:How the IRS Was Gutted
An eight-year campaign to slash the agency’s budget has left it understaffed, hamstrung and operating with archaic equipment. The result: billions less to fund the government. That’s good news for corporations and the wealthy.
I used to be with "it", but then they changed what "it" was. Now, what I'm with isn't "it", and what's "it" seems weird and scary to me.   -Grandpa Simpson
Reply
Payless ShoeSource is closing all 2,100 stores.  Stop me if you heard this before, but it's owned by two private equity firms:

https://www.wsj.com/articles/payless-to-...business_f
Reply
Sean Doolittle criticizing New Era:

https://twitter.com/whatwouldDOOdo/statu...8142796801

Quote:MLB has an exclusive deal with New Era to make our on-field hats in the US. But now New Era is planning to close its factory in NY next month and eliminate 200 union jobs in favor of non-union (cheaper) labor.

   
Reply


I used to be with "it", but then they changed what "it" was. Now, what I'm with isn't "it", and what's "it" seems weird and scary to me.   -Grandpa Simpson
Reply
The pay of bank CEO's has surpassed 2008 levels:

https://www.barrons.com/articles/bank-ce...-social-tw

Quote:Large U.S. banks’ disclosures on executive compensation tell an important story: The market’s collective memory is about 10 years. 

Wells Fargo (ticker: WFC), the last of six big U.S. banks to release pay figures, said in a proxy statement earlier this week that CEO Tim Sloan got a raise. He earned $18.4 million in 2018, about $900,000 more than his total compensation in 2017 but far less than the $31 million pulled in by James Dimon, CEO of JP Morgan Chase (JPM).

Overall, chief executives at the six banks earned more than $152 million in 2018. That eclipses the $141 million the same banks paid their top bosses in 2008—the year before banker pay tanked after the financial crisis. 
Reply
(02-22-2019, 01:17 PM)vtran Wrote:


I liked the 'Rubber' episode, but found the series to be incredibly patronizing. While The Big Short did need that 'talk to me like I'm 12' to breakdown the complexity of the topic, nothing in this series required that approach.
Reply
TurboTax deliberately hid its free file page from search engines:

https://www.propublica.org/article/turbo...ch-engines

Quote:This week, we reported on how TurboTax uses deceptive design and misleading advertising to trick lower-income Americans into paying to file their taxes, even though they are eligible to do it for free.

There’s a new wrinkle: It turns out, Intuit, the maker of TurboTax, is deliberately hiding the truly free edition — TurboTax Free File — from Google Search.

Intuit has done that by adding code on its site telling Google and other search engines not to list TurboTax Free File in search results.

“It’s deliberately saying: ‘Google, we don’t want you here. Do not bring us traffic,’” said Jared Spool, a veteran web design and user experience expert.

The code in question, which can be found in a file called robots.txt or in an HTML tag, has to be actively added to a site, as Intuit has done. It is typically used on pages that designers want to hide from the open internet, such as those that are for internal use only. Without that code, Google and other search engines default to adding a site to their search results.
Reply
Anger inducing listen from NPR/FreshAir today....

'Moneyland' Reveals How Oligarchs, Kleptocrats And Crooks Stash Fortunes

Quote:GROSS: Now, one of the questions you try to answer in the book is, how does somebody like Yanukovych, who was ruling a country not noted for its wealth, end up having such a fortune? Give us some examples of how, like, Yanukovych and other people in Ukraine basically looted the country of wealth.

BULLOUGH: It's difficult. You need to think about a government as being totally other than what we think of as a government. If you stop thinking of it as being something to govern and start thinking of it, essentially, as sort of a mafia mob, then that's much more the kind of picture you need to think. So if you think any time that there's a signature required or permission required for any action at all - you know, to get a tax rebate, to build a building, to export something - every single one of those signatures is an opportunity for enrichment.
You know, you can be paid to do anything. So anything which a policeman does, you can be paid to do it or paid not to do it. You can be paid to - you - any action which a state official does is an opportunity for enrichment. And then if you imagine, you know, the government essentially being run like a mafia mob, then every low-level sort of foot soldier or, you know - or government official pays off the person above them. And then all those payments concentrate and concentrate till you're right at the top of the pyramid, and then you're making a - you know, a really massive fortune.
So it's difficult to understand how corruption works because in most Western countries, we're not used to it, or we think of it as, you know, a very small problem - perhaps, you know, just a couple of people here, a couple of people there. If corruption is the system, then essentially, any time you come up against a state official to do anything - to renew your driving license - you need to pay a bribe. So - and if every single one of those interactions involves a bribe, across an entire country, you end up talking about an enormous amount of money. Even in a relatively poor country like Ukraine, the people at the very top of the pyramid can extract vast amounts of wealth. And indeed, that's what they did.
I used to be with "it", but then they changed what "it" was. Now, what I'm with isn't "it", and what's "it" seems weird and scary to me.   -Grandpa Simpson
Reply
[Image: h88x8eu987w21.jpg]

Reply
Its this generation's "My financial planning involves that inevitable lottery win"!
If you're happy, you're not paying attention.

Originally Posted by JacknifeJohnny: 
Glad that you guys worked that out amongst yourselves.

Reply
Millennials need to resort to getting hit by public transportation in order to pay off their outstanding student debt they incurred while majoring in art history.

What a world, what a world.

Reply
Because nursing school and other degrees for practical, needed professions are completely affordable and the entire student loan industry isn’t predatory on its face.

And even if you could make the argument there are too many art history majors, making humanities-focused degrees the sole province of the uber-rich or soon-to-be debt slaves creates the very society where a person’s worth is only the blood that can be squeezed out of it.

But no, really, keep on serving us the truth.
Reply
Also, people should be taking those art history classes because holy shit are people fucking dumb.
"Why did she do it?"
"Why are you the fucking Police?"

Reply
I've tried to rationalize some of your recent posts, catartik, by actively attempting to see things from a perspective other than my own. I respect your right to your beliefs, but that comment is some straight up Fox News talking point generalization nonsense. Be better than that.
Reply
(05-04-2019, 06:31 PM)catartik Wrote: Millennials need to resort to getting hit by public transportation in order to pay off their outstanding student debt they incurred while majoring in art history.

What a world, what a world.


I mean, I'm with you on a few things in general Catartik, but art history majors probably have the same student debt as, I don't know, a business/finance major, or some other more "worthy" pursuit.  Besides, its not like those going through medical or law school don't have the most debt to pay off after graduation, and those are pretty "worthy", aren't they?


The point isn't that art history major Millenials are bitching about the high cost of higher learning, its that higher learning in modern day America is so goddamned expensive that kids saddled with this much debt would find their lives easier if they could reap the financial gain of being hit by a city bus.  And that's fucked up.

What did you major in?  And how long did it take you to pay off your student debt?  I majored in architecture, got my first job in 1997, and paid off my loans in full by the time I was 38.  I know kids at my office today who would kill to be able to get it done that quickly.
If you're happy, you're not paying attention.

Originally Posted by JacknifeJohnny: 
Glad that you guys worked that out amongst yourselves.

Reply
If you're taking out more than 5-10k a year in student loan debt, at most, and you aren't treating college as a vocational school for a very well thought out career path that you plan to work hard and excel in then you are making an enormous mistake.

And yeah, I've known waaaaaaaay too many folks in their 20s where I not only can't understand what they were thinking, I can't understand a system that allowed them to accumulate 100k+ in non-dischargeable student loan debt so they can obtain a liberal arts degree.

Reply
(05-05-2019, 05:27 PM)Overlord Wrote: If you're taking out more than 5-10k a year in student loan debt, at most, and you aren't treating college as a vocational school for a very well thought out career path that you plan to work hard and excel in then you are making an enormous mistake.

And yeah, I've known waaaaaaaay too many folks in their 20s where I not only can't understand what they were thinking, I can't understand a system that allowed them to accumulate 100k+ in non-dischargeable student loan debt so they can obtain a liberal arts degree.

This is dumb. $5-10 grand a year in loans? What college is that cheap these days?
Reply
(05-05-2019, 06:09 PM)mike j Wrote: This is dumb. $5-10 grand a year in loans? What college is that cheap these days?

Online maybe.  Im about to graduate from WGU with a B.S. in Business Management.  Tuition was around $10K a year for me.
Reply
A degree from an online university? If you guys think liberal arts degrees are useless, then I have a very rude awakening for you about degrees from an online school.
Reply
They're acredited. Whatever. Three years ago i thought higher education was out of my reach but now Im about to have a Bachelor's. It means something to me.
Reply


Forum Jump:


Users browsing this thread: 1 Guest(s)