Tag Archives: Middle Class Dismissed

Water rationing, tax and rate hikes add to woes of Puerto Ricans

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“Puerto Ricans are learning to live without water on an island that already was suffering an economic crisis.  Rationing rules that had meant water coming through the pipes only one day out of three will increase the cutoff to one day out of four starting next week, government officials say.  The situation has grown so dire that Puerto Rico’s water and sewer company announced that it would spend about $200,000 to use ‘cloud seeding’ in hopes of creating rain clouds over three of the island’s main reservoirs.  The drought comes as Puerto Rico struggles in a nearly decade-long economic slump that has hit the government’s coffers and led authorities to raise the sales tax, even on bottled water.”

http://www.usnews.com/news/world/articles/2015/08/06/puerto-ricans-face-punishing-drought-amid-economic-slump

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Hedge Funds Gear Up for Another Big Short: High-Yield Bonds

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“Wall Street is preparing for panic on Main Street.  Hedge funds are lining up to profit from potential trouble at some ‘alternative’ mutual funds and bond exchange-traded funds that have boomed in popularity among retirees and other individual investors.  Financial advisers have pushed ordinary investors into those funds in search of higher returns, a strategy that has come into favor as Federal Reserve benchmark interest rates remain near zero. But many on Wall Street worry that junk bonds, bank loans and esoteric investments held by some of those funds will be extremely hard to sell if the market turns, leaving prices pummeled in a rush for the exits.”

http://www.wsj.com/articles/hedge-funds-gear-up-for-another-big-short-1437504910

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Obama announces new power plant regulations, to cost $8.4 billion

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“In its fact sheet, the White House argues the new rules will create tens of thousands of jobs while ensuring grid reliability.  According to the White House, if the rule is implemented in all 50 states, the average American family can save $85 on their annual energy bill in 2030, though critics say it will raise energy bills.  EPA Administrator Gina McCarthy, drew from her Boston background and called the rollout ‘an especially wicked-cool moment.’  A day earlier, she said the rule would result in an estimated annual cost of $8.4 billion by 2030 and have total benefits, including public-health benefits, of $34 billion to $54 billion per year by then.”

http://www.foxnews.com/politics/2015/08/03/obama-announces-power-plant-regulations/

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He Beat the IRS in Court, But They Still Won’t Make Him Whole

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“In a number of similar cases, the government has argued that because the seizure case was dismissed without prejudice, the plaintiff does not count as the ‘prevailing party’ under CAFRA and therefore is not entitled to full recompense.  In his response to the government’s motion, Institute for Justice attorney Rob Johnson hit the nail on the head, writing, ‘The government’s gambit to evade its statutory obligations should not be rewarded. Having dragged Claimants into ten months of costly and unnecessary legal proceedings, the government should be required to make Claimants whole.’  This is not a new gambit, by the way.”

http://fee.org/anythingpeaceful/detail/he-beat-the-irs-in-court-but-they-wont-make-him-whole

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American Entrepreneurship: Dead or Alive?

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“The U.S. now ranks not first, not second, not third, but 12th among developed nations in terms of business startup activity. Countries such as Hungary, Denmark, Finland, New Zealand, Sweden, Israel and Italy all have higher startup rates than America does.  You never see it mentioned in the media, nor hear from a politician that, for the first time in 35 years, American business deaths now outnumber business births.  The U.S. Census Bureau reports that the total number of new business startups and business closures per year — the birth and death rates of American companies — have crossed for the first time since the measurement began.”

http://www.gallup.com/businessjournal/180431/american-entrepreneurship-dead-alive.aspx

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Drivers, Beware Traffic Stops in the American Police State

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“Trying to predict the outcome of any encounter with the police is a bit like playing Russian roulette: most of the time you will emerge relatively unscathed, although decidedly poorer and less secure about your rights, but there’s always the chance that an encounter will turn deadly.  Unfortunately for drivers, not only have traffic stops become potentially deadly encounters, they have also turned into a profitable form of highway robbery for the police departments involved.  Never before have ‘we the people’ been so seemingly defenseless in the face of police misconduct, lacking advocates in the courts and in the legislatures. So how do you survive a police encounter with your life and wallet intact?”

https://www.rutherford.org/publications_resources/john_whiteheads_commentary/drivers_beware_the_costly_deadly_dangers_of_traffic_stops_in_the_ameri

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Health Insurance Companies Seek Big Rate Increases for 2016

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“Health insurance companies around the country are seeking rate increases of 20 percent to 40 percent or more, saying their new customers under the Affordable Care Act turned out to be sicker than expected. Federal officials say they are determined to see that the requests are scaled back.  Blue Cross and Blue Shield plans — market leaders in many states — are seeking rate increases that average 23 percent in Illinois, 25 percent in North Carolina, 31 percent in Oklahoma, 36 percent in Tennessee and 54 percent in Minnesota, according to documents posted online by the federal government and state insurance commissioners and interviews with insurance executives.”

http://www.nytimes.com/2015/07/04/us/health-insurance-companies-seek-big-rate-increases-for-2016.html

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U.S. Homeownership Rate Falls to 20-Year Low

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“The U.S. homeownership fell to its lowest level in 20 years at the end of 2014—levels last seen when national leaders embarked on a broad push to expand homeownership in the mid-1990s.  Over the past year, President Barack Obama and other administration officials have voiced alarm that lending has gone from one extreme during the bubble—too loose —to the other—too tight—in the aftermath of the bust.  Officials have walked a fine line in attempting to bar a return of the reckless products and practices that allowed the bubble to inflate 10 years ago while loosening some standards elsewhere to provide broader access to homeowners without perfect credit or big down payments.”

http://blogs.wsj.com/economics/2015/01/29/u-s-homeownership-rate-falls-to-20-year-low/

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Bank of Canada Admits Recession, The Solution: More Bubbles

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“What made the Canadian recession easy to spot was the Canadian yield curve inverted out to three years following a surprise rate cut by the Bank of Canada on January 21.  It remains to be seen if the US follows. The US contracted in the first quarter, but the second quarter rebound was a bit stronger than I expected.  I awarded Canada the ‘Blue Ribbon’ for the first yield curve inversion of any major country following the great financial crisis. I smell an ‘Operation Twist‘ type move by the Canadian central bank to rectify this horrific ‘recession-signaling’ condition.  If so, the sweet spot for banks and hedge funds to front-run the trade appears to be 5Y or 7Y notes.  Some banks may already be in on it.”

http://globaleconomicanalysis.blogspot.com/2015/07/bank-of-canada-admits-recession-shades.html

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Three electric vehicles have joined Europe’s biggest loser’s list

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“It’s sad fact of buying a mass market car. Once you’ve driven it off the lot, depreciation begins—some faster than others.  In Europe, three electric vehicles have joined a less-than-desirable list: the worst first-year depreciators. The Renault Fluence Z. E., Citroen C-Zero, and Nissan Leaf E have all lost more than three-quarters of their value after covering 12,000 miles and a year of ownership, according to automotive intelligence firm Glass’s Information Services.  As Glass’s notes, these three EVs are among the least attractive on the market.”

http://fortune.com/2015/07/21/european-electric-car-losers/

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