From the WSJ:
Low Supply Lifts Housing Lot Prices To a Record
The prices home builders pay for single-family lots hit a record high in the U.S. last year, a sign that a scarce supply of developed land is pushing up the cost of new homes.
Median single-family lot prices were $45,000 last year, surpassing the previous peak of $43,000 at the height of the housing boom in 2006, according to an analysis of the most recent census data by the National Association of Home Builders.
The dynamics of this expansion, however, are far different from a decade ago.
Prices for developed lots in 2006 were driven up by record levels of demand: Buyers had easy access to credit and builders rushed to deliver as many new homes as possible.
This time, there is more caution. Builders last year began construction on 714,500 single-family homes, less than half as many as in 2006. That suggests lot prices today are being pushed up by low inventories of developed land.
Builders responding to a national housing-market survey in May reported the lowest supply of lots since the survey started in 1997.
…
Prices have hit record highs even as the typical lot has been shrinking. Median lot sizes for single-family homes last year dropped to 8,589 square feet, the lowest since the Census started consistently tracking the data in the early 1990s.Some of that reflects changing preferences of both home buyers and builders, who so far in the recovery have tended to cluster more in core urban and suburban markets where land is less plentiful.
…
Because of the higher price tag for the land, Mr. Donnelly said he has to think smaller to keep home prices in check for potential buyers.“Really the only way to stay affordable is to increase the density and reduce the size of the houses,” he said.
Good Morning New Jersey
http://www.businessinsider.com/russia-internet-trolls-and-donald-trump-2016-7
“Even if – and it’s becoming increasingly unlikely – Vladimir Putin and his intelligence apparatus had nothing to do with the DNC hack, that the mere suspicion has come to dominate American media is a huge propaganda boon for the former KGB operative.
“The very fact that we are discussing this and believing that Putin has the skill, inside knowledge, and wherewithal to field a candidate in an American presidential election and get him through the primaries to the nomination means we are imbuing him with the very power and importance he so craves,” Ioffe wrote.
“All he wants is for America to see him as a worthy adversary. This week, we’re giving that to him, and then some,” she wrote”
Our economy is the envy of the world, and we are acting like the sky is falling in both political parties. Scare tactics to get your vote.
“While this year’s Democratic and Republican platforms don’t agree on much, aside from that the other party’s candidate will drive America into ruin, there is at least one area of unanimity: a phrase like “one of the best ways to innovate, prosper, and create good-paying jobs is to make more in America” could be an expression of Trumpian jingoism, Sandersonian egalitarianism, or mainstream thought of either party. (That particular line is from the Democrats’ platform.) There is a bipartisan consensus that the shrinking of American manufacturing is a central story (or even the central story) of America today. No President has ever used the word “manufacturing” in his State of the Union messages as often as President Obama has. Donald Trump put the word “make” on the front of his cap, and at the center of his campaign.
Such emotional, political, and even existential attachment to manufacturing is strange, however. Manufacturing employs less than nine per cent of America’s workers, and other American industries are flourishing, here and abroad. Ask a Chinese amusement-park owner competing against the new Shanghai Disney Resort, a French taxi driver protesting Uber’s incursions into Paris, a Saudi prince fighting for market share against Texas shale, or an Indian scientist dreaming of Harvard, and they will tell you a story of American entertainment, technology, energy, agribusiness, aerospace, military, and research in ascendancy. Indeed, since the global financial crisis, the entire U.S. economy, as slow-growing as it is, has been the envy of the developed world. But here in the U.S., we seem to ignore these other sectors in our constant cultural bemoaning of the decline of manufacturing. Manufacturing is like the Bible’s prodigal son—the wayward child that earns his father’s enthusiastic embrace even as the good child, seemingly unrecognized, dutifully succeeds”
There is a bipartisan consensus that the shrinking of American manufacturing is a central story of America today. Why?
https://www.newyorker.com/business/currency/why-we-pine-for-manufacturing
“It’s also not clear if making more stuff here would actually create more jobs. America still produces 5.6 trillion dollars’ worth of stuff per year; according to U.N. data, American manufacturing, as a component of G.D.P. measured in constant dollars, has nearly doubled in two decades. Depending on how you measure it, the United States manufactures seventeen per cent of the world’s goods, more than four times America’s share of the world’s population. The so-called decline of American manufacturing is really about two things: first, it is about declining market share in the face of China, with the almost unfathomable rise in Chinese manufacturing output. (Excluding China, America’s manufacturing market share, as measured in constant-dollar G.D.P., hasn’t changed much in the past decade.) Second, it is about the decline of jobs. According to the Bureau of Labor Statistics, there are currently 12.3 million manufacturing jobs in the United States, or 8.5 per cent of the total non-farm workforce. This is down from the postwar peak, of 19.4 million jobs, in 1979, and of thirty-two per cent of the total workforce, in 1953. (The United States may have lost seven million manufacturing jobs since 1979, but, with a growing population and economy, it has added fifty-nine million non-manufacturing jobs in the same period of time.) And as much as the political narrative tells of workers losing their jobs to foreign competition, which is obviously true in some cases, the decline in those jobs is as much a function of automation as of global competition. Manufacturing jobs are declining everywhere in the world.”
Fck in Trump – CNN just aired he video of the cash delivery.
One of the best bar names in Chicago…..up in Boys Town neighborhood….
https://www.facebook.com/Manhole-Chicago-143177059079082/
The Original NJ ExPat says:
August 5, 2016 at 4:16 pm
Is that a club in SoHo?
no holes barred
another funny one….
http://theclosetchicago.com/
Clearly I missed this yesterday
In Mass, there’s a bar that Nom isn’t that proud of called, “The Bulge.”
I remember a bar band named The Bulging Johnsons.
How about the Impotent Sea Snakes?
Saw there more than once. In Clifton too, forget the name of the bar…
[12] Wit’s End?
Trump doubles down on his Ryan endorsement:
http://www.breitbart.com/2016-presidential-race/2016/08/06/signs-emerge-wisconsin-globalists-paul-ryan/
Trump is really close to becoming a punch line.
[10] libturd
I don’t know it. I’m guessing it’s a gay bar. They aren’t subtle, gay bars in Boston.
https://twitter.com/MadelineJones11/status/762063265140731909
How is there a chance i write blogs or content and get compensated for it?
Swat officers save five in hostage situation: How come something like this doesn’t make national headlines for the “black lives matter campaign” OK I’m assuming the hostgages were all black, just assuming but come on. http://www.nj.com/essex/index.ssf/2016/08/swat_saves_5_in_newark_hostage_situation_2nd_rescu.html
The amount of scare tactics being used to try to get pensions on the 401k plan is amazing. 401k is not a fuc1ing retirement plan, stop trying to push it off as a retirement plan. Con artists! When a generation of workers can’t retire, who the fu!k is going to be left holding the bill? Just kick the can down the road.
“Why are the groups who want more pension reform ignoring the extensive reforms that have already occurred and RSA’s good financial health? The reason is that the prior reforms do not align with those being pushed by outside special interests who have an agenda other than doing what is best for the state of Alabama, its taxpayers, education and public employees. These groups, funded by Wall Street billionaires who may stand to profit from changes, have been using the same tactics in other states to undermine public pensions in hopes of enacting reforms that will eventually shift public employees to 401k style retirement plans. This shift will not save money or decrease the unfunded liability and could in fact increase costs to the state and taxpayer and undermine the financial stability of the entire pension system.
Make no mistake, those yelling “crisis and reform” are after the money!”
http://www.al.com/opinion/index.ssf/2016/04/the_myth_about_the_pension_cri.html
This is why:
“” After a four-hour standoff with police, officers entered the building after using pepper spray. They apprehended the suspect, 32-year-old Yucef Shabazz Rogers of Newark, without incident, Ambrose said.
…
“I commend the SWAT officers for resolving the situation without anyone being injured,” Ambrose said in an email. “”
Myth #1: Public pensions are too generous
Fact: The average Chicago Teachers’ Pension Fund (CTPF) retiree earns $42,000 per year after investing 28 years of service in the Chicago Public Schools.
Breaking down the distribution of pensions, 42% of CTPF retirees earn less than $42,000 per year, and 27% of CTPF retirees earn less than $30,000 per year. In contrast, less than one ½ of 1% of all CTPF retirees earn more than $100,000 per year. (Fiscal year 2010 data).
Myth #2: Pensions drain our economy
Fact: pension benefits have a substantial positive impact and ripple effect on our economy. A study released in 2009 by the National Institute on Retirement Security found that in the State of Illinois, each $1 paid out in pension benefits supported $1.50 in economic activity in the State of Illinois. State and local pensions in Illinois supported 83,611 jobs that paid $5.5 billion in wages and contributed $2 billion in federal, state, and local tax revenues.
Myth #6: Pensions are too expensive
Fact: Pensions are an efficient way to fund retirement.
Pension mechanics are simple and have provided stable retirements for Chicago’s teachers for more than 116 years. CTPF collects revenue, invests it, and distributes it in the form of pensions. Revenue for pensions comes from four sources: teacher contributions, employer contributions, State of Illinois contributions, and investment earnings. When all four sources make regular contributions, funding is stabilized and obligations can be met. The system has worked for more than 100 years, through countless financial downturns, wars, and depressions. Problems arise when funding sources fail to make adequate contributions to support the fund.
Myth #7: Teachers should have a 401K instead of a pension
Fact: 401(k) plans jeopardize retirement security for individuals and would weaken the health of the pension plan. Moving to a defined contribution plan or 401(k) savings plan would weaken the overall health of the fund and eliminates a guaranteed pension benefit for participants. A 401(k) program hasn’t been adopted by our Social Security system – for an obvious reason – benefits are not guaranteed. Retirees need some guaranteed income in retirement and pensions are the most efficient way to deliver these guaranteed benefits. Millions of Americans suffered unimaginable losses during the financial downturn – and were forced to delay retirement as they saw their savings disappear.
http://www.ctpf.org/current_news/MYTHBUSTERS.pdf
21 Yes Joyce a job well done but the press only cares about dirt
Man, the Chicago teacher’s pension was around for more than a 100 years….surviving a great depression and even world wars. I thought pensions weren’t sustainable? Lib, the math doesn’t add up, right? Unsustainable, right? Explain how it survived over a 100 years ( in the 90’s and 2000’s it had zero contributions from the govt, and instead was raided, yet still standing)?
Make pensions required across the board for every worker. Eliminate 401ks, they are a devil in disguise for the worker. When an employer offers 401k instead of a pension, and they don’t increase the compensation levels in your salary, you are getting played by slick rick.
Myth #9: Teachers pensions have caused this problem
Fact: a lack of Employer contributions led to this situation.
For decades Chicagoans fulfilled their responsibility and made a direct payment to the pension fund when they paid their tax bills. In 1995, however, the CPS system had a financial crisis and the Chicago Teachers’ Pension Fund became a victim of its own success. At that time, CTPF enjoyed a funding level near 100%, and the cash-strapped school system saw an opportunity. CPS appealed to the legislature and Illinois lawmakers agreed to permanently redirect CTPF pension tax revenue directly into the CPS operating budget. During the period 1995-2005, CPS took in approximately $2 billion in pension tax revenue and paid $0 to the pension fund. CPS was required, due to years of underfunding, to finally begin making contributions to the fund in 2006. In spring 2010, CPS sought and received an additional $1.2 billion dollars in funding relief from the Illinois legislature as part of a three-year “pension reform” package. If CPS had paid the money earmarked for pensions directly to the fund, CTPF would be about 90% funded today.
#24 – Pumps You should worry more about your home state. I gather you will be voting for amending the NJ State Constitution? IF passed the State government is going to need to raise taxes about $5 Billion a year to make the pensions whole.
As it stands now tax receipts are down, only way to make up for it will be to increase income and sales taxes significantly.
http://www.njleg.state.nj.us/legislativepub/budget/FY17_may.pdf
It’s money owed. You are advocating for stealing, which I morally can’t get behind. The state didn’t pay into the pension fund for 20 years and you want me to get behind the idea that they don’t have to pay any of this money back to the workers? I’m not morally corrupt, no way I get behind that.
Bottom line, the sooner you pay it back, the more money you save in the long run. You can’t hire someone, offer them something in a contract, then back out when you don’t feel like paying for it. Never mind that the politicians were sending rebate checks to property owners from money allocated from the pension funds. This is such a morally corrupt situation, it’s disgusting what they have done to workers in this country. Public or private, there is no difference except a union protects the public workers. The private workers had their pension funds raided and stolen, and nothing at all was done about it. It’s wrong in every single aspect. They had their pensions robbed and replaced with crappy 401ks. Why no one has gone to jail for this, is beyond me. But a lot of pockets were fattened by stealing workers pensions and then blaming these workers for having too lucrative pension compensation which was a bunch of bull.
How joe public falls for this is beyond me. You have bunch of intelligent people on this blog who fall for it and defend it to no end…..so no wonder joe public got robbed and no one went to jail…hell, people embraced the 401k and bashed anyone else that still had a pension. Really can’t make this sh!t up!!
Juice Box says:
August 7, 2016 at 11:19 am
#24 – Pumps You should worry more about your home state. I gather you will be voting for amending the NJ State Constitution? IF passed the State government is going to need to raise taxes about $5 Billion a year to make the pensions whole.
As it stands now tax receipts are down, only way to make up for it will be to increase income and sales taxes significantly.
http://www.njleg.state.nj.us/legislativepub/budget/FY17_may.pdf
25 he advocates that the private sector who for the most part do not have pensions pay for the public sectors pensions. So the private sector wmployees have to fund their own retirement plus the public sectors retirement. How he does not see that is beyond me.
Look at post 24, I was advocating across the board. Why are you so against more people having a better life? Why would you advocate for the elimination of pensions and embrace 401ks? You are so simple minded, it’s not even funny. You are some old bigot that embraces myths like its your job.
“Make pensions required across the board for every worker. Eliminate 401ks, they are a devil in disguise for the worker. When an employer offers 401k instead of a pension, and they don’t increase the compensation levels in your salary, you are getting played by slick rick.”
3b says:
August 7, 2016 at 11:42 am
25 he advocates that the private sector who for the most part do not have pensions pay for the public sectors pensions. So the private sector wmployees have to fund their own retirement plus the public sectors retirement. How he does not see that is beyond me.
Look at post 26, it explains why most private workers got robbed of their pensions….no union to protect them.
Btw, my brother-in-law works for Earnst & Young and he gets a good pension. His employer still cares about the workers and their retirement. Don’t worry, they will rob them of their pension, stuff their pockets, and replace it with a 401k in no time. Just waiting for the right management to come in and come up with the brilliant idea of eliminating the pensions in the name of cost, and replacing it with a 401k to line their pockets.
And remember what a pension is. It is forced investment in the economy by the employee and employer, for future compensatory gains from this investment. That’s all it is.
It’s a balanced relationship with the past and future that works to benefit the now(investment in the economy) and future (compensation to pay for retirees from the gains on this investment). 401k’s pretty much put the entire cost of the retirement on the worker, and skips the employer’s cost of investing back in the economy by only giving 2% matching contributions. They totally wash their hands clean of any obligation to that worker’s retirement, and put it all on SOCIETY, which is an extremely inefficient way of paying for people’s retirements. When you push the cost of the retirement on society, esp when they don’t know this cost is coming, you end up having to raise the taxes drastically to pay for these people’s survival in retirement. Do you really want to go down this road? WE ARE GOING FULL SPEED AHEAD TOWARDS THIS SCENARIO.
Why are teachers and police officers and firemen guaranteed a retirement when the other 80% are not. Answer me this troll.
Also…NJ’s unfunded liability is approaching 100 billion. NJ TOTAL revenue is 33 billion a year. We could 100% shut down the government for three years and barely catch up.
23
Mike,
Yup, I would say based on the article the job was done flawlessly.
28 because it’s not going to happen. We are talking about the reality of today. And that is the public sector want the private sector to fund their pensions. The fact that the private sector lost theirs means nothing to them. And that’s all I am going to say to you as I am supposed to be ignoring you.
Police Chief Torrence Mayfield said he used his own money to buy the decals.
Mayfield says he sees this as a way to address the recent conflicts between police and the public.
“I’m an African-American myself. And I’m a police officer. I share both sides of the story, but my life is no greater than anyone else,” Chief Mayfield said. Police are supposed to be the front lines just like our armed forces are across the country.”
Mayfield says he got the support of all of his officers and the city’s leadership before applying the slogan to the cruisers.
http://wgno.com/2016/08/04/mississippi-police-chief-uses-his-money-to-put-all-live-matter-slogans-on-cruisers/
See how little it costs! Get a 150-300 word article written for 1.5$ only Find here
I never promised to fund their retirement, nobody ever promised to find mine.
Why exactly are we held to make good on promises we didn’t make? Even worse, why is my kid obligated to fund this?
These contracts are all illegal.
Go after the bank accounts of those who made promises they knew damn well could never be met. Throw them all in jail for fraud.
It’s called a union. You are going to attack a certain class of workers because you joined a field that is non-union and at the mercy of idiots? They came together and have what they have for a reason. If you can’t understand this on principle, you sir have no ethics. Not your decision to judge what is fair or not, are you out there judging every other profession on what they are compensated? Admit you take a selfish position similar to a bigot.
Libturd supporting the Canklephate (Channeling JJ) says:
August 7, 2016 at 12:19 pm
Why are teachers and police officers and firemen guaranteed a retirement when the other 80% are not. Answer me this troll.
For the millionth time, it does not have to be paid all at once. Stop fear mongering. You don’t even know what the true liability number is, no one does. So quit propaganda and fear mongering.
“Also…NJ’s unfunded liability is approaching 100 billion. NJ TOTAL revenue is 33 billion a year. We could 100% shut down the government for three years and barely catch up.”
The voters are responsible for the state of politics. Don’t try to scape goat regular workers to pay for the sins of anyone else. NO TEACHER OR REGULAR GOVT WORKER IS GETTING RICH!! That’s a fact. So stop acting like they hit the lotto. They didn’t. You people are ruthless sometimes. This is people’s retirement we are talking about. Not rich people that don’t need it, these people need this to survive.
Grim says:
August 7, 2016 at 2:47 pm
I never promised to fund their retirement, nobody ever promised to find mine.
Why exactly are we held to make good on promises we didn’t make? Even worse, why is my kid obligated to fund this?
These contracts are all illegal.
Pumps I gave you a number of $5 Billion a year. That is a massive tax increase that they want to constitutionally mandate, billions of dollars a year in public-sector pension contributions.
Sweeney said the state will pay for the rising bill with its natural revenue growth.
That is a lie. There is no growth in tax receipts, they have declined since 2007 nearly a decade of no growth.
Come November the majority of voters who are not public employees, who are retired, unemployed, underemployed and service employees who work at gas stations and retail stores with little healthcare benefits and no pension will not vote themselves higher taxes in order for public employees to get a couple thousand dollars per month in pension benefits and health care benefits.
Not saying that it’s right or wrong.
It’s human nature, we aren’t going to vote ourselves poor.
40 so everybody should be in the public sector? Is that your solution? So everyone in the private sector is a schmuck? So if the private sector workers are going to fund the public sectors retirement who will find the private sectors retirement? Oh that’s right pensions will come back for private sector workers once we get unions. You can try and rationalize it whatever tortured way you want but at the end of the day that is what you are advocating. Oh and ok I will only ignore you on real estate and wage inflation.
41 juice exactly. No one will vote themselves poor but the public sector employees think they should.
42. did you ride the short bus??
There is no such thing as fair bargaining when it comes to the public sector. So their union is a crock of poo.
44 Essex not sure what that comment means but if by that do you mean did I lose mine? The answer is no. I am grandfathered but a lot of people had theirs frozen as in no more contributions. I knew it was only a matter of time before it happened and I always had the feeling I will get what’s I have in there and if it ends it ends. I have always maintained that it was unfair to put the burden of paying for public sector pensions on the backs of the private sector tax payers. Especially so for the young people in this state.
These people hardly vote. Just saying.
“Come November the majority of voters who are not public employees, who are retired, unemployed, underemployed and service employees who work at gas stations and retail stores with little healthcare benefits and no pension will not vote themselves higher taxes in order for public employees to get a couple thousand dollars per month in pension benefits and health care benefits.”
You clearly don’t understand anything I ever say. I think it’s because you are too far biased to ever look at what I’m saying with an open mind.
Anyway, I could imagine your tune, old grasshopper, if you were a public employee. Not bashing you for it, it’s just human nature. You accuse the union worker of being greedy, but how are you any different. You are a greedy taxpayer, the type that constantly bitches about paying taxes and never acknowledges the services your tax dollar provides. You really think you would be better off with no taxes or an extremely limited/tiny government, and I can’t help you to see the light. You are too far gone in your thinking.
You can always move to places like Somalia where you won’t pay a govt tax, but you will pay a society cost by whatever druglord lands in the place you choose to live. The costs of society are inescapable, unless you go to live where no one else lives and live off the land. Then and only then, can no taxes work. Of course you won’t understand a word I’m saying and go into some rant against the pension, taxes, and unionized govt employees.
3b says:
August 7, 2016 at 3:36 pm
40 so everybody should be in the public sector? Is that your solution? So everyone in the private sector is a schmuck? So if the private sector workers are going to fund the public sectors retirement who will find the private sectors retirement? Oh that’s right pensions will come back for private sector workers once we get unions. You can try and rationalize it whatever tortured way you want but at the end of the day that is what you are advocating. Oh and ok I will only ignore you on real estate and wage inflation.
2 months of Premium Web hosting for FREE!
48 you make wild accusations and they are all wrong. I never said I don’t want to pay taxes. Trust me little grass hopper I pay far more than you do. I don’t like tax payers money being recklessly squandered . And I care deeply about the upcoming generations my own children their children etc. They will have to fund their own t
retirement it is grossly unfair and greedy for public sector employees to put that burden on these young people. These same young people that you expect to coming roaring back in the 2020s to buy your real estate. Where was the out rage from politicians when private sector pensions were discarded over the last 30 years? If the private sector has had to adapt why are the public sector employees treated as a special protected class of people? And you are a little snot for saying those people don’t vote. You claim you care about the little people but that comment shows contempt. And even for those who don’t vote that means it’s ok to take advantage of them? You are contemptible.
For all you snatch fans:
http://www.nbcolympics.com/video/morghan-king-sets-american-record-snatch-finishes-sixth
via Drudge:
http://theamericanmirror.com/shock-photo-grandma-hillary-helped-stairs/
46. The people in public service and private industry (pilots for example) served the public. Taught their kids, Flew their planes, made their pipes….etc. These are commitments that affect the livelihood of retirees who often live many years after retirement. Everyone knows this. But why on earth can’t we honor agreements. It’s things like this which drive a wedge between people and cause entire states and generations to suffer needlessly. This is what I mean by investing in people. Dammit.
53 but we don’t honor agreements do we? Only those made to the public sector. That is the reality that is where we are today. It’s a matter of fairness. If the world has changed than it has to change for all.
54. That’s your world perhaps. I can’t really get behind it.
55 it’s the world of almost all in the private sector. I assume then you are not in the private sector or you are part of the tiny minority left that still has one. Whatever your situation no philosophical comments on your part or rambling out rage on pumps part will change that.
For a staunch supporter of capitalism, you sound below more like a communist. Because these workers unionized and came together in the spirit of capitalism to improve their lot by fighting for their pension, you want to forget all the hard work they put into getting this, and just throw them in the same crowd as the target workers. You really are something else.
“These same young people that you expect to coming roaring back in the 2020s to buy your real estate. Where was the out rage from politicians when private sector pensions were discarded over the last 30 years? If the private sector has had to adapt why are the public sector employees treated as a special protected class of people? And you are a little snot for saying those people don’t vote. You claim you care about the little people but that comment shows contempt. And even for those who don’t vote that means it’s ok to take advantage of them? You are contemptible.”
57- Commun!st meaning you want to take away from the haves and put them on the same playing list as everyone else under the justification that this is “fair.” Please do not ever put down any social!st ideas. You my friend are a full blown commie.
You are an idiot. And a simpleton. After your comments in 57/58. I think there is some wrong with you. I will now be ignoring you completely.
I’m just calling it how I see it. You are crying that you want a level playing field. You want to take away from one group because the other group doesn’t have it. Sounds communist to me. Oh it’s okay to take away from a specific group in this instance, right? Why, because it helps you, old grasshopper?
3b says:
August 7, 2016 at 9:18 pm
You are an idiot. And a simpleton. After your comments in 57/58. I think there is some wrong with you. I will now be ignoring you completely.
56. my household have one private sector and one public sector pension.
Yeah, we’re stoked.
Off to The Vineyard to hang with Obama tomorrow.
Australian bank regulators that had for years practically encouraged the big four Australian banks to do whatever it takes to further inflate the housing bubble suddenly fretted publicly in April about the banks’ exposure not only to housing but also to China. And now something strange has happened that set off all kinds of warning sirens.
On August 2, the Reserve Bank of Australia (RBA) lowered its target “cash rate” by 25 basis points to 1.50%. And what did the banks do? Something so strange it smelled of panic.
Everything is nearly hunky-dory around the globe and in Australia, the RBA said to rationalize the rate cut, but it mentioned some squiggles in Australia’s housing market. And since about two-thirds of the assets of the big four banks are loans to the property sector, particularly mortgages, the RBA is getting nervous. It mentioned the oncoming tsunami of supply of housing units, tightening lending standards, and the pull-back of maxed-out potential homebuyers. It seems the RBA fears that something is going to prick the Australian housing bubble and take down the banks.
Get your 2 months of WordPress Hosting for FREE!
See how inexpensive it costs! Have a 150-300 word post written for 1.5$ only Find here
90% of taxpayers are thankful for a minimal 401k plan and are lucky to retire by 67 now for full social security.
Raise the retirement age and penalize the early retirees and the double dippers. What is good for the taxpayer us good for the government employees.
At age 26 I laid out a plan to retire when I was 39. It didn’t work out.