From Axios:
Trillion-dollar platinum coin could be minted at the last minute
A trillion-dollar platinum coin could be minted “within hours of the Treasury Secretary’s decision to do so,” Philip Diehl, former director of the United States Mint, tells Axios.
Why it matters: Congressional solutions to the debt-ceiling problem could take weeks to implement, especially if the reconciliation process is used — and time is running out. In case of emergency, a trillion-dollar coin could be deployed to bridge any gap between the money running out and the debt ceiling being raised.
How it works: The U.S. Mint, which Diehl ran from 1994 to 2000, already produces a one-ounce Platinum Eagle and has no shortage of platinum blanks already in stock.
- Producing a trillion-dollar Eagle would require only the denomination to be changed. “This could be quickly executed on the existing plaster mold of the Platinum Eagle,” says Diehl. Then an automated process would transfer the new design to a plastic resin mold.
Frist!!!!
Rt at 0.88 – we go back down now.
When we go up again, who knows, depends on how many windows you open this winter.
Starve a cold, freeze the covid, that’s what my grandmother always said.
Why doesn’t the US just mint a crypto currency. It would cost nothing. Name it Delirium or something.
The government is seriously a clown show at this point and we all are going to pay the price for their irresponsibility. Neither side will do the right thing we stand on the precipice of global economic collapse, in the face of crushing inflation so the democrats want to spend 3.5 Trillion on something that will exacerbate the situation(i.e not real infrastructure, welfare spending will just magnify the current distortions in the economy) and the republicans want the US to default on it’s debt. The whole lot is irredeemable, can we push the reset button on the government?
JCer
The clown show is about to get worse. Basement boy wants banks to report all transactions over $600. His nominee for comptroller of the currency wants to end banking as we know it with the fed taking over private banks. Any anytime I see an overweight person in purple I think of Grimace.
https://www.dailymail.co.uk/news/article-10061109/Yellen-BACKS-IRS-reporting-600-transactions-tax-7T-gap.html
lol, trillion dollar coin…ok. Why does my platinum eagle say $100 on it? Kinda reminds me when I went to Mexico in 1988 and brought back all these coins that said $500.
The only place the windows might be open is in school. In the car, restaurant, busses, trains, hotels, concert venues, gyms, this is not the case. Whether the new cases constitute another wave, that all depends on how many people have acquired the actual virus.
Jcer,
We have huge, and I mean huge, bottlenecks, yet inflation is barely going crazy. You also have a bunch of companies raising their price, not because they need to, but because they can….human psychology is a pain in the a$$. This will not keep up. Eventually, they are going to start driving the price down as they overproduce, and the bottlenecks are eliminated.
Inflation is not the problem. The supply chain is and when it is fixed, deflation is going to come hard as I am almost certain they will overproduce trying to catch the artificially high prices.
Just think logically. Are prices going up because they printed money, or are they going up because of short supply of products, causing companies/people to horde supplies and drive up the cost even more?
Too many people chasing too few products. Bottom line. This will not last….transitory.
yeah, it’s not like all the politically connected people got millions of dollars in loans they didn’t have to pay back.
JC, you think part of the $3.5T is to keep lots of people fed and thus, civil when economy tanks (big spike in unemployment)?
Pumps, not disagreeing but major deflation takes us all down. PS, housing analyst book is hobby, a million in her pocket from it would be irrelevant.
Lib, look at prepaid VZW. On top of savings, taxes are way less. 5gb plan is $40 but loyalty takes it down to $25 and taxes are only $1.66. Family prepaid even cheaper.
Nomad,
Deflation scares the living sh!t out of me. That’s why I hope they don’t go all out trying to stop inflation. They could very well add rocket fuel to a deflationary spiral by raising rates and trying to slow down inflation that is only transitory. Patience, and we will get through this. If they panic, and start attacking inflation, we are f/ed. So many people yelling at the FED about inflation, but they just don’t get it.
This is exactly what they did in 2020. You would have had a deflationary spiral comparable to the deflationary war during the Great Depression. The plan worked well, and proved that you don’t have to have these major busts in the economy. Increase spending when the economic gears might lock up, and decrease spending when the gears might overheat.
If they didn’t take this approach, we would be in a major depression right now.
“JC, you think part of the $3.5T is to keep lots of people fed and thus, civil when economy tanks (big spike in unemployment)?”
“the republicans want the US to default on it’s debt.”
No, just political posturing. no one is is defaulting on anything.
“The whole lot is irredeemable, can we push the reset button on the government?”
YES. Please.
Hey Lib, is there an active NJ youth hockey forum any longer, anywhere?
Just think about it. If the Fed and other governments around the world didn’t print up the void in spending created from locking down the economies, we would be beyond Great Depression levels. Economies were literally shut down.
The supply chains are the problem. They shut down supply chains thinking demand wouldn’t be there, and they f’ed up big time. I hope they realize now that the busts of the past will not happen again. The supply line leaders are the one’s responsible for the current supply chain issues. They should have learned how the new economy works and not cut back their supply lines so much.
Yes, the supply of cheese was cut off from Wisconsin so Shoprite had to raise prices 25% over the summer. What a nimrod…light inflation…sure
Jets fans!! lol!
https://www.youtube.com/watch?v=l5qa9dQ-IC8
Meanwhile Covid cases are plunging here in Florida. Deaths dropping with a lag as well. I don’t know what portion of the people who died were actually the republican anti-vaxxers that the media loves to focus on. My guess is that it was mostly really old or sick people who died.
It’s now six months since my second Moderna shot.
Should I go get a third one soon?
The fans of the trillion dollar coin are all economic morons.
These dumb Democrats in congress really want to give the executive branch the power to interfere with budgets beyond the veto? In terms of constitutional checks and balances, this would be kind of like packing the court.
The governments resistance to deficit spending and soaring borrowing is already super-low. Coining fake money as a gimmick to do more of it would be a new all time low, and nearly as embarrassing as defaulting on interest payments.
Can someone explain how inflation has made my local Dunkin Donuts to close between 11pm and 7am?
Leftwing, there is a lively (and annoying one) on Facebook where it’s loaded with bully parents who have no clue how to raise their kids. NJ YOUTH HOCKEY FORUM
“I hope they realize now that the busts of the past will not happen again.”
Explain why not, oh so brilliant one. Because at some point, our debt is going to get so high that our bond yields will have to increase to pay for their lower quality. I am truly surprised they haven’t yet. If China attacked us, the truth would be revealed. Let’s hope that is not what they choose.
Remember. This (https://www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm) is how we solved the fiscal crisis. At some point, the phlebotomist runs out of donors and the patient dies. Same with the US treasury.
NoOne, if that coin idea happens, I am accelerating my move to Central America.
“Coining fake money as a gimmick to do more of it would be a new all time low, and nearly as embarrassing as defaulting on interest payments.”
Moreso, I would argue.
Raise the rates and squeeze out the excesses, otherwise it will all
Collapse. The deflation argument is BS. Do it, do it
Now.
3B,
After the collapse, get ready for the inevitable, “How were we supposed to know?”
Lib: Of course! And it’s not our fault, and we want a bailout, except there won’t be any bailouts as it will be all over.
I would imagine you see negative rates if debt gets out of control. That would be how the FED attacks out of control debt.
You simply do not understand, and that’s okay, most people don’t.
Deflation is bs? You are screaming for it on a daily basis in the name of lower house prices. You think an asset like housing falls in an inflationary environment?
3b says:
October 5, 2021 at 6:08 pm
Raise the rates and squeeze out the excesses, otherwise it will all
Collapse. The deflation argument is BS. Do it, do it
Now.
What do house prices have to do with inflation?
The only way you get a 50% haircut on real estate is in a deflationary environment. People simply don’t have the money to support pricing.
Raise those rates now!
Bitcoin back over 50k
“Crypto was truly the first financial system that allowed ppl with no hopes for wealth to end up super wealthy by just studying it and getting there early.. guess what, we are still early ..”
https://twitter.com/canesedit/status/1445482136954310662?s=21
As much as Zuck can go suck it, that whistleblower seems very motivated to launch her career on the back of this. Surely I’m not the only one eye rolling the hyperbole.
Pumps – Right now ever wallet in China needs to liquidated and fast. There are about 1 million active addresses for Bitcoin, perhaps 1/2 those are in China since they had the lions share of mining for years. They would love to take dollars for there will be no way soon for them to cash in on all that mining, they cannot trade in Yuan but a nice offshore dollar priced account in the Seychelles sure. They are being kicked off the merry go round for good.
Price and transaction volume have diverged…so what’s driving it?
https://studio.glassnode.com/metrics?a=BTC&ema=0&m=transactions.Count&mAvg=7&mMedian=0
More censorship via big brother is good for Harmony…
Facebook is the One Ring that both the left and right want to control. But it’s the left that’s getting closer to controlling it. Better throw it into the fires of Mount Doom than let it become the mind control device that China’s government possesses.
“As much as Zuck can go suck it,….. ”
You want to see how frustrated people can be when the they cant post for 6 hours,
Hold my beer!
Why do I get the feeling the US sovereign debt rating is going to get cut again in the next few weeks.?
3b says:
October 5, 2021 at 7:10 pm
Raise those rates now!
“I would imagine you see negative rates if debt gets out of control. That would be how the FED attacks out of control debt.”
You can’t seriously be for real….you must be a caricature……
How in the fcuking world is your mind wired – as a teacher, and purportedly a history teacher no less – that you conclude a country amassing excess debt receives LOWER rates from the markets?
I mean, one doesn’t even need any financial background whatsoever…..consumer experience and the common sense of a Rhesus would suffice.
Ah, the quaint old days when the Fed’s balance sheet was only $2T.
The Facebook whistleblower . . .
Is she:
(1) a true believer;
(2) a paid operative working on behalf of someone looking to bring down FB power;
(3) seeking revenge on some wrong suffered there while employed;
(4) seeking to cash in on a new career as a famous ______; or
(5) a self-important but clueless person who inadvertently created a newscycle to two without a pre-programmed agenda.
I watched like 3 minutes of her testimony while I was eating before I got interrupted by a call. I couldn’t get a read on her. Any guesses on what is motivating this?
What is it called when a referee claims harassment on the job?
https://www.abadbuilders.com/Golden-Oak-apartments-maradu#:~:text=Gallery-,Overview,in%20a%20separate%20stand-alone%20house%20outside%20the%20apartment%20complex.,-Here%2C%20residents%20may
Golden Oak, a Premium Lifestyle Apartment strategically located in Maradu, presents an ideal home for those seeking to situate themselves in Kochi’s fastest urbanizing and highly-sought after residential areas. This Luxury Lifestyle apartments in Kochi, offers 14 floors of premium 2 BHK, 3 BHK and 4 BHK flats in Maradu, each with sophisticatedly designed living space and lavish modern lifestyle facilities. Indeed, one of the highlights of Golden Oak can be found in its exclusive Club House located in a separate stand-alone house outside the apartment complex.
ABAD
Pumps you don’t understand, a big driver in the inflation in my mind is the asset bubble as BRT indicated driven by free money to the rich, the same thing propping up real estate is propping up farmland and propping up commodity prices. Fundamental futures contracts on livestock went up when the supply is fundamentally unchanged. pumping 3.5 trillion in and also regulating everything under the sun in the name of climate change will make agriculture and industrial products go up in price significantly.
In other news apparently not only do the Chinese not have power but they are also running out of food too trying to buy rice from India something they have banned for nearly 50 years. Add in a couple of massive debt driven collapses of real estate companies and you have all the ingredients for economic collapse and future conflict.
Lib your dunkin is closing at night because of labor costs and difficulty finding employees willing to work the graveyard shift. It is what you see in heavily regulated labor expensive Europe, stores open for limited hours and closed for 2 hour lunch.
JCer,
“dunkin is closing at night because of labor costs and difficulty finding employees willing to work the graveyard shift”
Is it also because the demand may have decreased? I have seen the trend of stores closing early has been happening for a well over a couple of decades now. We used to have some Home Depot stores open 24 x 7 in late ’90s and now they close early.
FB response – Blame the internet as it has not been updated lol!.. Their ad campaigns even feature screens from AOL days….
They want thoughtful changes to Section 230..
thoughtful? Hahahhahahahahh!
Those Crazy Kids from Wall St Bets.
He’s called Mr. Bond because he bought them all.
https://www.reddit.com/r/wallstreetbets/comments/q2dnka/in_theaters_tomorrow/
The comments on that thread are priceless.
You only dip twice.
Chgo: I would not be surprised either.
Left: Thank you.
If China is out of food, maybe we could a won that trade war after all.
Lord knows we have enough Chinese Food to offer them.
Honor our copyrights for roast pork fried rice.
Damn autofill
“The Facebook whistleblower . . .Is she: (1)…”
(5) [correct answer]: An amalgamation of my and Phoenix’s ex, a batshit crazy middle aged woman bent on a revenge agenda against a hardworking, successful guy.
“Why do I get the feeling the US sovereign debt rating is going to get cut again in the next few weeks.?”
Nuclear option may factor in there…..Dems are nuts if they go that route. Full court press on talking points of reconciliation, not getting much sympathy even from left leaning CNBC hosts….
When does the dollar go boom? That’s been defying gravity for a bit now given our underlyings…..
https://hikinginthelight.us/fed-chairman-jpow-accidentally-exchanges-entire-us-economy-for-3-magic-beans/
“What is it called when a referee claims harassment on the job?”
Your boy? Parents suck.
“Left: Thank you.”
LOL, lots of opportunities to spank the monkey here.
I’ll keep to a max of twice a day.
She was at FB for like a year and a half, was hired for the election to dress up their “civic” response whatever that means. Team was disbanded after election she stole documents then quit and went nuclear. She will never work again in social media or perhaps tech and should perhaps go become a History Teacher or B School teacher on how not to f up your career.
““What is it called when a referee claims harassment on the job?””
A whistleblower whistleblower.
Come on now.
“Deep negative rates the only way down the debt mountain
Until inflation and real rates rise from the grave, interest rates at minus 3 per cent or lower are the only way to manage crippling government and corporate debt.”
https://www.afr.com/policy/economy/deep-negative-rates-are-only-way-down-the-debt-mountain-20200511-p54rn8
leftwing says:
October 5, 2021 at 11:00 pm
“I would imagine you see negative rates if debt gets out of control. That would be how the FED attacks out of control debt.”
You can’t seriously be for real….you must be a caricature……
How in the fcuking world is your mind wired – as a teacher, and purportedly a history teacher no less – that you conclude a country amassing excess debt receives LOWER rates from the markets?
I mean, one doesn’t even need any financial background whatsoever…..consumer experience and the common sense of a Rhesus would suffice.
The Man With the Golden Printer. Hah.
That’s for posterity, along with the impending trillion dollar coin.
I also liked 0.07 in my bank account.
Don’t post articles you don’t understand in reply……fcuking respond.
Oh Lord lol….right back at you brother!
“Come on now.”
Livestock is a bs game. They are manipulating the market. You have to understand, when everyone starts screaming that inflation is here, businesses in the market look to take advantage even if they aren’t experiencing bottlenecks in supply. They basically see an opportunity to raise prices and take advantage. That’s what you are seeing in lots of areas of the economy.
https://www.nbc12.com/2021/06/23/congress-look-into-cattle-market-manipulation/
JCer says:
October 6, 2021 at 2:13 am
Pumps you don’t understand, a big driver in the inflation in my mind is the asset bubble as BRT indicated driven by free money to the rich, the same thing propping up real estate is propping up farmland and propping up commodity prices. Fundamental futures contracts on livestock went up when the supply is fundamentally unchanged. pumping 3.5 trillion in and also regulating everything under the sun in the name of climate change will make agriculture and industrial products go up in price significantly.
Just canceled a “virtual visit.”
System is beyond broken.
I post articles so that you don’t say I am talking out of my a$$. If I simply respond, you start attacking me and stating I’m clueless, which is exactly what you did to me with the original post on this subject.
It’s no different than when I make an epic call on the housing market 8 years out, and then you come back and say it was inevitable. You are something else.
leftwing says:
October 6, 2021 at 9:45 am
Don’t post articles you don’t understand in reply……fcuking respond.
It’s political theater. Clearly a Trojan horse and political operative.
The Democrats will push for more censorship tools and then claim they are protecting children or fighting domestic terrorism.
The writing is on the wall.
I like Facebook. The other day there was a “Karen” in my town who, after doing one little home project, is now billing herself online like she is a general contractor.
All the mommies are kneeling around her like some god.
Just wait till all of the mistakes in construction go on unnoticed-and this idiot gets herself into a lawsuit.
“It’s difficult to see coverage that misrepresents our work and our motives. At the most basic level, I think most of us just don’t recognize the false picture of the company that is being painted,” Zuck said in the note. “At the heart of these accusations is this idea that we prioritize profit over safety and well-being. That’s just not true.”
Everyone that is sane knows facebook is one of the most toxic things in existence. I have all my old coworkers friended on there just to see what’s up. Even the toxic ones that were god awful people in the workplace. When you see what they post on facebook, it’s 10 times worse. The news articles are filled with arguing.
I really wish news companies in general just posted news and let people comment below again. For the most part, people were far more humorous and less combative. My favorite time of the day would be to read the funny comments on yahoo news or nj.com.
Agree about nj.com comments. The Yahoo comments were terrible due to their broad reach. After about three comments it would immediately turn into Trump vs. (insert current DEM) narrative talking points. This didn’t happen so much in nj.com unless the article had something to do with Ocean County.
Lib, I was referring to the yahoo prior to 2016. Deadspin used to be hilarious as well but it got ruined once Gawker lost their lawsuit and tried to move all their political writers to deadspin as political sports writers. At that point, they started banning everyone, including me. I got banned for posing the question if others think Serena Williams was on PEDs. I asked for others opinions and got banned.
“I post articles so that you don’t say I am talking out of my a$$.”
Have you no analytical abilities whatsoever? Ooops, forgot who I was speaking to…
“If I simply respond, you start attacking me and stating I’m clueless…”
Because you are…and are also insufferable. To wit….
Epic call, LOL. Your view based on history has a 95% chance of occurring….yeah, real great call, totally epic, ha! Is the sun rising in the East tomorrow, Pumps? Guess the answer correctly and we promise, we’ll all call you a genius for that ‘epic call’ too!
https://www.youtube.com/watch?v=tgC-vZp07YM&ab_channel=RichardRommer
Cathie Wood moving ARK to Florida…lol someone’s head just exploded
Apparently one of the provisions in the House tax bill is the elimination of IRA tax savings for people with AGI s of over 140,000.
Of course zero interest rates had nothing to do with the run up in housing prices.
So why was everyone on here blasting me for saying it back in 2012-2019? Took so much heat for that call.
“Epic call, LOL. Your view based on history has a 95% chance of occurring….yeah, real great call, totally epic, ha! Is the sun rising in the East tomorrow, Pumps? Guess the answer correctly and we promise, we’ll all call you a genius for that ‘epic call’ too!”
And if rates were higher, guess what? You would still have pricing going up because demand outweighs supply.
3b says:
October 6, 2021 at 12:24 pm
Of course zero interest rates had nothing to do with the run up in housing prices.
BRT,
Hah,hah..that is priceless. F-in dipshit does not get it. The Cathie Woods of world don’t care about paying for NYC ‘talent’. They care about botton line and her bottom has been getting smacked. Time to cut costs. He will follow that old rag off a cliff.
She is 66….
BRT says:
October 6, 2021 at 12:20 pm
Cathie Wood moving ARK to Florida…lol someone’s head just exploded
Here dummy, your goddess is leaving. Tampa has top talent. The WFH revolution shifting companies out NYC. Go have a good cry and kiss 3b’s feet.
ARK Investment Management, the firm run by Cathie Wood, is joining the financial industry’s shift south to Florida.
ARK is closing its New York office permanently at the end of October and relocating its corporate headquarters to St. Petersburg, according to a statement on Wednesday. The firm also announced it will build an innovation center meant to “retain and attract top talent” in the Tampa Bay region.
Florida has seen a burst of interest from investment firms since the start of the pandemic as the work-from-home revolution pushes companies to reconsider their presence in pricey business hubs such as New York and San Francisco.
“ARK is not a traditional Wall Street asset-management firm,” Wood said in the statement. “We are looking forward to breaking the mold further by relocating to St. Petersburg.”
Pumps: Rates at zero before the so called supply/demand issue.
What does her age have to do with moving her firm to Florida? If she was 56, would you say the same?
Talk of when economy and markets change. Perhaps this is a catalyst.
https://morningporridge.com/blog/blains-morning-porridge/the-looming-energy-crisis-people-are-going-to-die-this-winter/
“This winter the UK is likely to be on its knees begging energy from wherever it’s available. Europe will be in as much trouble. The Middle East will be charging whatever they can get away with, and the capacity to deliver is limited. The much vaunted energy-independence of the US will be tested – it unlikely they will be minded to export. That will leave government with a stark choice – let people freeze or pay the cost, probably triggering a balance of payments crisis and a further confidence crash in sterling.
The likely source of Gas will be Russia. And Vladimir Putin can’t wait.”
3b,
So should everyone run to Florida now? Will that make their life better?
She is older, and late 60’s is what Florida was made for.
I can’t believe how we let the energy market do this to us again. F’ing supply lines messed up the economy, not the FED. Now every producer and their mother is taking advantage any way they can.
Nomad says:
October 6, 2021 at 12:41 pm
Talk of when economy and markets change. Perhaps this is a catalyst.
Partial from Tom Friedman NYT:
Every so often the tectonic geopolitical plates that hold up the world economy suddenly shift in ways that can rattle and destabilize everything on the surface. That’s happening right now in the energy sphere.
Several forces are coming together that could make Vladimir Putin the king of Europe, enable Iran to thumb its nose at America and build an atomic bomb, and disrupt European power markets enough that the upcoming U.N. climate conference in Glasgow could suffer blackouts owing to too little clean energy.
Yes, this is a big one.
Natural gas and coal prices in Europe and Asia just hit their highest levels on record, oil prices in America hit a seven-year high and U.S. gasoline prices are up $1 a gallon from last year. If this winter is as bad as some experts predict — with some in the poor and middle classes unable to heat their homes — I fear we’ll see a populist backlash to the whole climate/green movement. You can already smell that coming in Britain.
If you don’t have enough renewables but you want to go green, the next best thing is natural gas, which emits about half as much CO₂ as coal (as long as methane is not released in the extraction process). But there is not enough of this transition fuel to go around. So, everyone is scrambling to get more, which is why the European Union’s biggest pipeline gas supplier — Russia — is now in the catbird seat and prices are skyrocketing along with blackouts.
As Bloomberg Businessweek reported on Sept. 27, when it comes to natural gas, “inventories at European storage facilities are at historically low levels for this time of year. Pipeline flows from Russia and Norway have been limited. That’s worrying as calmer weather has reduced output from wind turbines, while Europe’s aging nuclear plants are being phased out or are more prone to outages — making gas even more necessary. No wonder European gas prices surged by almost 500 percent in the past year and are trading near record.”
But it’s not just Europe. This energy crunch could pinch ceramics, steel, aluminum, glass and cement suppliers in China, the story added, while it presents households in Brazil with eye-popping power bills because low river water flows have slashed hydropower output. And pandemic-related supply chain problems for coal are making the problem worse.
But how did the bad-news side of this story emerge so fast?
Blame Covid-19. First, the pandemic erupted and signaled to every major economy that we were headed for a deep recession. This sent prices of all kinds of commodities, including oil and gas, into downward spirals…
Friedman isn’t going to talk about how Greens have been shutting down as much coal and nuclear capacity as they can and are now struggling to keep their grids running with unicorn rainbow farts? Of course not. These are mostly self-inflicted wounds inflicted by hysterical people who deep down just want fewer human beings alive and hate industry.
Pumps: Did I say everyone should run to Florida? You are deflecting again as usual. I said what does her age have to do with moving her company to Florida? She could move to Florida herself and spend a fair amount of time in Florida without moving her entire company. She is your girl, and you go on with her talent, company employee talent etc, and yet she is moving to a place you despise. What about all the NYC talent, and all the energy of NYC, and all these uber smart people in NYC? Your girl is leaving it all behind for St. Pete. Ironic I would say.
Bystander: It’s such irony, that Pumps girl is leaving for Florida!
No one, they don’t even care about what happens, good or bad. They don’t care about improvements. They don’t care about actually making a difference. They just want credit for having opinions that they see as virtuous.
Cathie probably has some nice personal capital gains. It would be such a waste to donate so much of them to the bums of NY government. Moving sounds like one of her more astute investment decisions. St. Pete is about an hour north of me.
But can Cathie convince all her twenty-something analysts to move out of NYC to St. Pete? I’m interested in hearing how many follow vs stay in NY or leave her firm. There’s a Tampa Bay CFA society, but I’m not sure whether she even values those “legacy” skills.
I cannot wait for Pumps to come join me down here with Cathie, and then tell all of you how the combination of innovative disruptors and Florida real estate is the best investment ever!
Everyone is moving to Florida for the same reason I am moving to Vegas. Tax advantages due to the lag of bloated, overpaid, over-benefitted public workers.
I’ve know this since I first became a homeowner in NJ. This state exist for three classes of people.
1. Those with money to burn.
2. Those with no money at all.
3. Those who work for the government.
Proximity to NY no longer matters from an employment standpoint. Actually, it is now a deterrent,as it costs more to hire someone who lives near New York (due to it’s bloated legacy infrastructure and government costs) than anywhere else in the country.
No one: St. Pete is a nice spot, pretty vibrant city, at least for Florida. I like it.
Ahh, so ark moving to Florida means NYC is dead. Got it.
Hey everyone, 3b says NYC is dying, you should listen.
I can’t believe someone hates NYC as much as you.
Lib,
You are jealous of public workers. Enough said. Blame them for everything.
Those damn public workers driving up the cost of everything. What a joke.
NJ is in big trouble. When this market turns south, we is dead.
Climate change . . .
I am in the camp that human invention can confront climate change. If, in fact, it is true that burning CO2 is creating a warmer climate (and, if it is in fact true that a warmer climate is net worse for humanity), then in my opinion scientists will create carbon capture technologies or other appropriate innovations faster than any doomsday climate-based collapse.
I’ve long felt that median Europeans are too-climate focused and indeed too climate hysterical. A better form of environmentalism is taht which seeks cleaner water, air and soil and better waste management, rather than a focus on carbon and global warming.
I didn’t like it when news reports ciruclated that in response to Fukushima, France and Germany began phasing out totally their nuclear plants.
Lib: I have been saying for the past 18 months, that even before the pandemic, companies were hiring for many positions on a geographically agnostic basis, now WFH has sped everything up. I am surprised my place went all in on WFH, we were two at home, and before the pandemic they said they were expanding it, so I knew it would be at least 3, possibly 4, and one day in office. It did not really make sense for one day in office, but figured they would do it, just to do it, as they have the space. Instead they went all in. The PW announcement last week is big news , I would imagine as part of their consulting business they will be encouraging their clients to dump at least some of their real estate.
Lib at 1:09 . . . I’d say that the other group that NJ works well for is newcomer foreigners that compare NJ to their home country rather than other parts of the US.
NYC is fvcked. Has been and will be for the foreseeable future. Anyone with the ability to is or has getting out. The next mayor will be a bum too. He’s full of shlt just like wilhelm. He’ll blame all of the intractable problems on systemic racism.
The fact that there are any COVID restrictions at all in a city on its back and with herd immunity as high as it is is INSANE. It’s over but these petty little despots will not let go. He is killing the city.
GTFO if you can.
3b,
Seriously, give it a rest. Nyc is not dying and 20% of the workforce will be remote. Enough already.
Right Crushed.
3b,
I am going to ask my company if I can continue working in my current role from Las Vegas. Will even take a pay cut to do so. I guarantee you it won’t be an issue. I’ve been WFH for 5 years now.
Lib et all,
Don’t eat lunch reading this..might vomit. Now, they will get SL forgiven just for being themselves (added bonus of robbing the state coffers). Unreal.
Public service workers can expect to see $1.7 billion in student loans forgiven almost immediately under an announced overhaul of a federal program that since its inception in 2007 has rejected almost every application for relief. The Education Department estimates another $2.8 billion could be erased if employees can prove they worked for the public — as a teacher, a police officer or for the government — and made a decade’s worth of payments. Under the revamped Public Service Loan Forgiveness program, the rest of their loan will be forgiven.
Pumps:
1. I did not say NYC was dead.
2.I did not say NYC is dying you should listen to 3b
3. I don’t hate NYC, I was born and raised there unlike yourself, a suburban blow in once or twice a year.
Also, I was not the one that posted the article about your girl moving to Florida. I simply asked what does her age have to do with it? You responded with she is 66 , and it’s time for her, or something to that effect. What a robust response.
In my personal circle, a friend in mid 40s with 2 year old quit job, sold house two weeks ago and moving to Jacksonville. My good friend and wife, with two kids, lives in NYC, is checking out Colorado as we speak. They make alot in medical field.
Pumps: Give what a rest? And where did you get 20 percent of the workforce will be remote? With the exception of 2 people you don’t know anyone in corporate America, that is clear, yet you make that statement. You also don’t understand remote and hybrid. I asked what your girl Cathie’s age had to do with moving her firm? You couldn’t answer it, and have gone off the rails again.
Even if they get a competent person in there in four years it will take another decade or more to bring productive people back. The world has changed. There is not going to be any rush to come back. Maybe they can warehouse Haitians and Afghans in all of the empty office buildings.
Bystander,
That loan forgiveness is a total payback to the democratic voting base.
They clearly deem Government workers to be morally superior to grubby private sector exploiters.
Divide the population into little warring tribes (by race/gender/persuasion/employment sector), to conquer them all.
I will say it 3b. NYC is dying. There is alot of chaos with hiring but mostly temp 6 mo contracts or “full-time” at consulting firm (who will not keep you on bench long). The commitment is not there. There are big hiring holes in NYC but I don’t see long time strategy. I would not feel comfortable with permanancy. You may get 1 year, maybe 2. It is pure desperation and nothing is perm, particularly when the BS fintech bubble implode..so many weak players in payment tech area being floated by banks…my gut feeling.
Bystander: I know two couples who are doing it, one going to a town (forgot) the name right outside Rehoboth Beach Delaware, and another to the Ft. Myers area.
Can’t argue no one. Something has to be done, not just the political grift for public workers. The R strategy of cover your ears, and give tax breaks to wealthy which promote “jobs growth” is also pure BS. There is no trickle down. It is a farce.
3b,
Wsj- 20%
“The percentage of employees that short-term rental companies predict will still work fully remote after the pandemic. They bet that trend will lock in long-term business.”
Bystander: I defer to you in that area of corporate America, you are extremely familiar with that sector. I do know that NYC on a whole will have to become more competitive going forward, WFH is a game changer, whether it is completely remote or a hybrid , x days in office/ x days at home. 9 to 5 everyday in the office is dead, a whole new world out there.
Bystander,
You are a doomsday hero. Keep dreaming that NYC is dying, seriously.
There is no trickle down.
The democrat model is trickle on? ;)
The people I know going to NYC are kids fresh out of college from other parts of the country. To them NYC is exciting and they can find jobs and live the bar/restaurants lifestyle, particularly if mommy and daddy are helping out with their bills and rent (like the ones I know).
I’m not inside the investment banks in NYC, so I don’t know what people are thinking there.
I wouldn’t be surprised if these high tax states tried to rewrite tax laws so they can try to tax people for years after they leave.
Cath- o – licks are freeeeaaaaks.
Just sayin
3000 priests assaulted 300,000 kids in FRANCE alone.
Yeeesh
Do you understand that people enjoy living in cities? Can you grasp that? It’s not all about work…
WTF?!! 5 years ago you were crying to me every single day that cities are the future and suburbs are dead. Now you do a complete 180. WTF?!
3b says:
October 6, 2021 at 1:52 pm
Bystander: I defer to you in that area of corporate America, you are extremely familiar with that sector. I do know that NYC on a whole will have to become more competitive going forward, WFH is a game changer, whether it is completely remote or a hybrid , x days in office/ x days at home. 9 to 5 everyday in the office is dead, a whole new world out there.
Ed,
I think the R model is trickle on folks. Ds are piss for everyone ;>)
Pumps: Surely just because the WSJ article or any other publication states something does not mean it’s fact. Market watch had an article this morning on Morgan Stanley survey of top Fortune 500 surveys, 70 percent will be going hybrid/ remote only 10 percent surveyed wanted full time in office.
You persist in saying that I think all of corporate America will be 100 percent WFH, I have never said that. It is still evolving, and more and more companies are embracing it, and I know that as I have a lot of friends and family in corporate America unlike yourself. You have this mindset that 20 percent will be WFH and the other 80
Percent will be in the office, and all good. How many of these hybrid companies will be 3 in the office and 2 at home, or 3 at home and two in the office, or 4 at home and one in the office, or any other type of combination? I don’t know how that all turns out, and you certainly don’t know. However, what is known is that in whatever format it takes there will be less need and demand for corporate real estate. And that will only continue going forward. As such, and in tandem with firms hiring on a geographically agnostic basis for many positions, NYC will have to reinvent itself and become more competitive.
Now what does Cathie’s age have to do with her moving to Florida?
Pumps: Good God pumps that was 5 years ago, and that was what was happening at the time. It’s now 5 years later, facts and circumstances, and you wonder why people question your teaching ability.
As for people liking to live in the city, of course they do, but what would you know about that? You have never lived in NYC, and you don’t anyone who does.
A little garbled….. AGI over 400,000/450,000, also the comment “elimination of IRA tax savings” is really ambiguous to the point that I will just have to say it is wrong. There is a good deal of detail there, and most will not have to worry too much, except if you are married and make over $450,000, then SS tax may kick-in again. Wait and see…
3b says:
October 6, 2021 at 12:22 pm
Apparently one of the provisions in the House tax bill is the elimination of IRA tax savings for people with AGI s of over 140,000.
That Hunter Biden can paint!
Does not fit narrative. Please remain silent or you will be targeted for cancellation.
No One says:
October 6, 2021 at 12:57 pm
Friedman isn’t going to talk about how Greens have been shutting down as much coal and nuclear capacity as they can and are now struggling to keep their grids running with unicorn rainbow farts? Of course not. These are mostly self-inflicted wounds inflicted by hysterical people who deep down just want fewer human beings alive and hate industry.
Ex,
Don’t underestimate the true believers. Nothing can rattle their religious lunacy. My greedy b&tch of sis in law told me this summer that it was over-blown and Catholicism was treated unfairly while rabbis and protestants did the same. I literally laughed in her face. Typical nasty person who mistreats everyone all week but then values her religion on Sunday.
No One: it just proves that it is a one person shop and everyone else is fungible. Not from Wood’s perspective, but from the reality that there is very little elite human capital there….. but that is evident from the website and the quality of the info exhaust out of that organization.
No One says:
October 6, 2021 at 1:05 pm
Cathie probably has some nice personal capital gains. It would be such a waste to donate so much of them to the bums of NY government. Moving sounds like one of her more astute investment decisions. St. Pete is about an hour north of me.
But can Cathie convince all her twenty-something analysts to move out of NYC to St. Pete? I’m interested in hearing how many follow vs stay in NY or leave her firm. There’s a Tampa Bay CFA society, but I’m not sure whether she even values those “legacy” skills.
I give up….I really do. Whatever you say.
3b says:
October 6, 2021 at 2:22 pm
Pumps: Surely just because the WSJ article or any other publication states something does not mean it’s fact. Market watch had an article this morning on Morgan Stanley survey of top Fortune 500 surveys, 70 percent will be going hybrid/ remote only 10 percent surveyed wanted full time in office.
2:32 good friend of mine was in Catholic Schools his whole life.
Was abused in the church along with a few of his friends.
Kids don’t get over that abuse. Sad. I never worried about with Rabbis.
But I know of some scandals recently unearthed in the Jewish community .
Nothing on that scale though.
You are lost in the woods. Just admit you were wrong 5 years ago, and I was correct.
Better yet, just please STFU. According to you, I know nothing, but you know it all. Yet, I am continuously correct while you are almost always wrong. Just own it.
3b says:
October 6, 2021 at 2:26 pm
Pumps: Good God pumps that was 5 years ago, and that was what was happening at the time. It’s now 5 years later, facts and circumstances, and you wonder why people question your teaching ability.
As for people liking to live in the city, of course they do, but what would you know about that? You have never lived in NYC, and you don’t anyone who does.
By extension, ignore all analysis from European financial sources, economists, consultants and academics. They hate the U.S., are constantly inaccurate about our demise, and it perpetually flummoxes their pantywaists.
crushednjmillenial says:
October 6, 2021 at 1:16 pm
Climate change . . .
I am in the camp that human invention can confront climate change. If, in fact, it is true that burning CO2 is creating a warmer climate (and, if it is in fact true that a warmer climate is net worse for humanity), then in my opinion scientists will create carbon capture technologies or other appropriate innovations faster than any doomsday climate-based collapse.
I’ve long felt that median Europeans are too-climate focused and indeed too climate hysterical. A better form of environmentalism is taht which seeks cleaner water, air and soil and better waste management, rather than a focus on carbon and global warming.
I didn’t like it when news reports ciruclated that in response to Fukushima, France and Germany began phasing out totally their nuclear plants.
Ex,
The Jesuit principal of of Catholic middle school would stay over at my friends house and watch him while parents away. They trusted him. We were 15. He left the brotherhood later that year. Our HS principal was one of those protected moved by the church after accused of abuse in another district. This was only discovered 10 years ago after he was caught elsewhere.
Pumps I am not lost in the woods. You know as much as you are insufferable, I do try and provide an intelligent reasonable response to all of you diarrhea posts, and you respond by lashing out like a spoiled child.
You suck as a teacher and you are an asshole just own it.
Absolutely…. the gangbangers and smack addicts love it there…. especially with bail reform and defund the police.
The Great Pumpkin says:
October 6, 2021 at 2:18 pm
Do you understand that people enjoy living in cities? Can you grasp that? It’s not all about work…
I get it…. ARK Capital…. such a good pun.
The Great Pumpkin says:
October 6, 2021 at 2:41 pm
You are lost in the woods. Just admit you were wrong 5 years ago, and I was correct.
Better yet, just please STFU. According to you, I know nothing, but you know it all. Yet, I am continuously correct while you are almost always wrong. Just own it.
Speaking of defund police..sounds like someone inside was defunding them as well
The FBI raided the Manhattan offices of a New York City police union Tuesday, and hours later, the union’s outspoken leader Ed Mullins resigned.
Bearing a warrant, agents searched the headquarters of the fifth-biggest police union in the country, the Sergeants Benevolent Association, or SBA, which represents 13,000 active and retired New York City police sergeants.
Simultaneously, FBI agents searched a home in the Long Island suburb of Port Washington, an FBI spokesperson said. It belongs to Ed Mullins, who has led the union since 2002, sources said.
My sister has live in the city since 96. She’s finally moving out. Won’t admit why but I know why.
re:” ” I never worried about with Rabbis”
You are arguing that some holy men are holier than others. The child abusers are all cut from the same cloth. The Islamic madrasas, the various conservative religions, Torah schools, the catholic schools, Mormon schools and so on and so forth all attract the kid touchers and worse who use religion as a way to abuse children. For centuries it was happening as there were no real consequences and it was always covered up, if anything was brought up it was considered a “moral failure” and they were sent somewhere else.
It’s only modern times starting in the 1990s where most of this has come to the light. Much if it began with what occurred in a small town in Ireland with the arrest and prosecution of one priest that led to worldwide tidal wave of legal criminal and civil complaints.
There are countless cases of arrests and prosecutions for the holy men of all faiths and none of it very recent. The audit in France is just that an accounting of past misdeeds.
“The 38 plaintiffs attended Yeshiva University High School between 1953 and 1992. At a news conference Thursday, former student Barry Singer said he did not fully understand that he was abused until he had children of his own.
“These rabbis had such ultimate power in that school that the sense I had was that they could do anything they wanted to,” Singer said. “There was no one to go to.”
”
According to the lawsuit, several assaults were reported by students to school administrators, but “their complaints always fell on deaf ears.” In one instance alleged in the lawsuit, a rabbi and the then-principal observed Finkelstein sexually and physically abusing a boy in the hallway but did not report it. In another, a boy and his father met with an administrator to report the boy’s abuse but no action was taken, the lawsuit states.”
https://www.cnn.com/2019/08/25/us/yeshiva-university-sexual-abuse-lawsuit/index.html
I don’t care to debate this…It’s already settled you cannot trust anyone alone with your young kids and my kids won’t be left alone with them ever, and same holds true for the teachers. I do not leave the house when the tutor is here.
“Apparently one of the provisions in the House tax bill is the elimination of IRA tax savings for people with AGI s of over 140,000.”
I never understand how the left leaning wealthy (yeah, looking at you NJ) fall for “tax the wealthy” when mathematically it is literally impossible to fund government programs without whacking the middle class.
You could strip every billionaire in America of every cent they own and it would not pay for the $5.0T on the table right now. That’s right, Gates with a tin cup in hand. Zero, take every penny. Bezos, fcuk space travel, wouldn’t have enough money for a commercial air ticket. Zuck? Sleeping on a cardboard box.
If mathematically the uber-wealthy can’t even pay for the new proposals, let alone what came beforehand and the current deficits who do you think is going to pay?
Hint: YOU
But go ahead, buy into the leftist class warfare drivel…
yes, and tracking $600 transactions is going to expose the wealthy class.
“So why was everyone on here blasting me for saying it back in 2012-2019?”
Not me…I’ve always maintained it was bullsh1t prediction as the overwhelming probability is that it will occur.
Same with…
GDP will be higher ten years from now than it is today.
The stock market will be higher ten years from now than it is today.
A Nor’easter will hit NJ in 2022.
You will get dealt a Jack from a deck of cards.
And my personal fave, the sun will rise tomorrow.
EPIC fcuking calls! All of them!
“They care about botton line and her bottom has been getting smacked. Time to cut costs.”
Au contraire…..because after five years of miserable, barely surviving, sub-market fund performance in undersized ETF a bunch of 20-something dipsh1ts piled in thinking she was some oracle.
Now with $30B under management at, what, 75bps she’s getting around $225m in management fees?
Not a cost control measure at all, her ass is running to FL to get out of the crushing State tax complex of the Northeast.
Nine to 13% of that take is $25m. Not pocket change. Actually picks her up a decent pad in Naples for free.
Cha-ching
Now his head can really explode.
“I’ve know this since I first became a homeowner in NJ. This state exist for three classes of people.
1. Those with money to burn.
2. Those with no money at all.
3. Those who work for the government.”
Post of the month.
Wrong left…it was 40 something disphits. ;>)
Interesting, 2021 covid deaths have now surpassed 2020. Is CNN still running the real-time covid death tracker, or did that end when Joe was installed?
https://abcnews.go.com/Health/live-updates/covid-delta-surge/?id=80391228&cid=social_twitter_abcn#80432735
Is there anyone in the public sector that is not corrupt?
AUM $52.85 billion for ARK Funds so closer to $400 million a year in fees.
She is 50% owner and has 38 employees, her take is quite large you can bet. The House in Naples is what she would pay in NY state NYC city taxes for sure.
What is that I hear a giant sucking sound of millionaires headed to the exits from NY Metro?
For those cheapskates like me. Watch a Prime Video, get 5 bucks off Amazon ( maybe)
https://slickdeals.net/f/15318208-amazon-prime-members-5-amazon-credit-by-streaming-any-prime-video
LW,
And those that are trapped here unless they want to lose their children forever.
And, as expected, ex wife has seized my daughter and refused to give her to me this coming weekend. (my quarantine is over) using bull excuse.
LW,
That’s the problem with debt. It’s been ringing up for years even way before this last bill.
Just too much theft all around.
Ex,
It’s not just the priests…
https://www.thedailybeast.com/nuns-raped-girls-with-crucifixes-as-female-pedophilia-was-covered-up-by-the-church
Sorry about the ex/daughter (or son?).
They’re all fcuking crazy, just a question of magnitude.
Family got tickets for Devils/Rangers preseason tilt at MSG. On the train for first time in about a year. Still crawling as it always does. Will probably arrive -0 to 15 minutes late on a 12 mile trip. Thanks Phil!
Libturd says:
October 6, 2021 at 4:45 pm
Is there anyone in the public sector that is not corrupt?
https://youtu.be/NyBFz2Wnr0Y?t=106
So, Cathy Wood needs to hold on and hope that the most high-growth, high-speculative tech-ish stocks in the market don’t get obliterated (triggering a potential stampede out of ARKK) for about another decade and she will be a billionaire. Only in America!
re: Stampede..
They have added $12.6 billion U.S. of inflows year-to-date. So who knows, it may not grow much more as people rebalance as they look for growth.
They have had an impressive seven year run since founded in 2014. Averaged annual 39% ROI. Now their flagship ARK Innovation ETF with about 20 Billion of their AUM is down -31.16% from it’s high in on 02/16/21. Three month performance is -17.30 (-13.60%) since 07/06/21.
Fund Holdings….all US Tech…
I don’t like the Coinbase stock or even Tesla at the current prices. There are massive headwinds in crypto and electric cars that were not there even a year ago. I don’t think either stock is now poised for explosive growth that would give near any kind of 39% ROI in the near term. You are not going to get it from Zoom, Square or Spotify either in the near term.
TSLA TESLA INC $1,936,173,610.75 9.72%
TDOC TELADOC HEALTH INC $1,154,393,698.39 5.80%
ROKU ROKU INC $1,147,684,405.68 5.76%
COIN COINBASE GLOBAL INC -CLASS A $1,116,638,714.88 5.61%
U UNITY SOFTWARE INC $1,027,930,913.70 5.16%
ZM ZOOM VIDEO COMMUNICATIONS-A $880,471,401.90 4.42%
SQ SQUARE INC – A $801,333,922.48 4.02%
SPOT SPOTIFY TECHNOLOGY SA $777,688,116.30 3.90%
SHOP SHOPIFY INC – CLASS A $749,902,886.04 3.76%
TWLO TWILIO INC – A $653,308,010.32 3.28%
Back to Trolling for Memes…….
Analytical tools for trading binary options – https://crypto-trading-exchanges.xyz
[url=https://crypto-trading-exchanges.xyz]binary options[/url]
Juice.
Luck or skill?
https://tinyurl.com/luckorskillAARK
Nearly all of ARKKs gains have come from the start os 2020 until now. Nearly all of her gains have come from Covid induced tech stocks with a little bit of being in the right place (TSLA and related green stocks) at the right time (Biden being way more green than Trump).
I am actually not surprised that Wood give Pumps wood. They both lucked into successful calls due to Covid. Pumps with his housing call that only came true when everyone wanted to escape the city due to Covid. Wood with her tech disruptor call when everyone started Zooming, Rokuing, Square purchasing, also due to Covid. The reversion back to mean is clear in the chart. Anyone who purchased ARK from the time the vaccines were released until mean is near is going to lose a bundle. This is not rocket science.
And the sad truth is. 21% of that 39% ROI was the Nasdaq during the same time period. Did tech outperform? Sure. Sometimes we all luck into being in the correct sector at the correct time. But she needed to make some major adjustments (like most of us did) when the vaccines were released. She did not. Again, showing her lack of skill and reliance on happenstance. No one can predict the market. I give Buffet a ton of credit for figuring out that insurance is a no brainer. Plus, he is the master of cheapness. He’s like the original Captain Cheapo. But he’s generally a one-trick pony. His calls since Geico have been lackluster, even with all of the advantages he has over normal net-worth individuals.