Posts Tagged ‘Cronyism’

New York to use eminent domain to build a basketball stadium

New York to use eminent domain to build a basketball stadium

Courtesy of Edward Harrison at Credit Writedowns

The New York State Court of Appeals has ruled that the Atlantic Yards basketball project can go forward as planned, dislocating the residents in the Brooklyn, NY area where the stadium is to be built.  In essence, the decision means the state can evict you from your own home, seize your property, and give you what it believes is a fair price without your consent to build a sports arena.  The power of the state is breathtaking.

The Wall Street Journal reports:

New York’s highest court ruled that it is lawful for the state to seize private land for use by private developers, clearing a hurdle for a new basketball arena and marking a victory for local governments hoping to spur development.

Tuesday’s 6-1 ruling by the New York State Court of Appeals allows the contentious $4.9 billion, 22-acre Atlantic Yards project in Brooklyn to proceed. The project, being developed by Forest City Ratner Cos., could eventually include office towers and apartments as well as an arena for the NBA’s New Jersey Nets.

The decision is a blow to private-property owners who have argued that they are defenseless in protecting their ownership rights once a government deems their land necessary for eminent domain, or the "public good." But it boosts developers and government entities in New York that have sought to boost local economies by offering incentives for private developers.

The court’s decision echoes one handed down by the U.S. Supreme Court in 2005, when the justices found it was constitutional for a New London, Conn., economic-development corporation to seize private homes and businesses to build a research campus for Pfizer Inc. That decision, Kelo v. City of New London, Conn., set off a firestorm of protest, prompting many lawmakers around the country to amend laws to prevent governments from seizing private land in some cases. New York, however, didn’t change its constitution.

In Tuesday’s decision, the New York appeals-court judges ruled that the constitution allows the state entity to seize the downtown Brooklyn land to improve blighted conditions. The land owners had argued that the area was a stable neighborhood, and wasn’t blighted.

But the court ruled that if


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The Cost Of Corporate Communism

The Cost Of Corporate Communism

lenin, by clusterstockGuest Post by Dylan Ratigan at Zero Hedge

Lately I have been using the phrase "Corporate Communism" on my television show I think it is an especially fitting term when discussing the current landscape in both our banking and health care systems.

As Americans, I believe we reject Communism because it historically has allowed a tiny group of people to consolidate complete control over national resources (including people), in the process stifling competition, freedom and choice. It leaves its citizens stagnating under the perpetual broken systems with no natural motivation to innovate, improve services or reduce costs.

Lack of choice, lazy, unresponsive customer service, a culture of exploitation and a small powerbase formed by cronyism and nepotism are the hallmarks of a communist system that steals from its citizenry and a major reason why America spent half a century fighting a Cold War with the U.S.S.R.

And yet today we find ourselves as a country in two distinctly different categories: those who are forced to compete tooth and nail each day to provide value to society in return for income for ourselves and our families and those who would instead use our lawmaking apparatus to help themselves to our tax money and/or to protect themselves from true competition.

If you allow weak, outdated players to take control of the government and change the rules so they are protected from the natural competition and reward systems that have created so many innovations in our country, you not only steal from the citizens to on behalf of the least worthy but you also doom them by trapping the capital that would be used to generate new innovation and, most tangibly in our current situation, jobs.

government reward systemWe are losing the opportunity cost of all the great ideas that should be coming from the proper deployment of that 23.7 Trillion in capital. Everything from innovation in medical delivery systems to accessible space travel, free energy to the driverless car; all of these things may never come to bear because those powerful individuals who have failed, been passed over by technological advancements, innovation and flat-out smarts, have commandeered our government to unfairly sustain their wealth and power.

Unfortunately, they use our wealth and laws not only to benefit their outdated, failed companies, but also spend a…
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Phil's Favorites

Climate change and weather extremes: Both heat and cold can kill

 

Climate change and weather extremes: Both heat and cold can kill

Courtesy of Garth HeutelGeorgia State UniversityDavid MolitorUniversity of Illinois at Urbana-Champaign, and Nolan MillerUniversity of Illinois at Urbana-Champaign

Extreme cold weather in Atlanta, Ga., on Jan. 3, 2018. ...



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ValueWalk

Exploring Gravitational Waves

By joniferdingcong. Originally published at ValueWalk.

In 2016, US scientists for the first time announced their detection of gravitational waves, ripples in space and time hypothesized by Albert Einstein a century ago. Such a discovery represents a scientific breakthrough, opening the door to an entirely new way of observing the cosmos. In 2017, the Nobel Prize in Physics was awarded to three US scientists for the detection of gravitational waves. To better grasp the process of their discovery, CGTN’s Tian Wei spoke to two of them: Rainer Weiss, Emeritus Professor of Physics at MIT and Kip Thorne, Emeritus Professor of Physics at Caltech. Chen Yanbei, Professor of Physics at Caltech, also joined the talk.

mikkehouse / Pixabay...

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Zero Hedge

Stocks Suffer As 10Y Yields Reach 2014 Highs, Curve At Inflection Point

 

Stocks Suffer As 10Y Yields Reach 2014 Highs, Curve At Inflection Point

Courtesy of Zero Hedge

Overnight saw 10Y Treasury yields touch 2.64%, topping the post-election peak to its highest since September 2014 (and crossing Jeff Gundlach's "red line" for stock damage). However, the yield curve's bear-steepening may suggest a turning point.

10Y is up almost 30bps since The Fed hiked rates in December...

...

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Insider Scoop

14 Stocks Moving In Friday's Pre-Market Session

Courtesy of Benzinga.

Gainers
  • Forward Industries, Inc. (NASDAQ: FORD) rose 64.5 percent to $2.04 in pre-market trading after the company reported the acquisition of Intelligent Product Solutions.
  • PLx Pharma Inc (NASDAQ: PLXP) rose 31.2 percent to $8.00 in pre-market trading. Janney Capital initiated coverage on PLx Pharma with a Buy rating and a $14.00 price target.
  • Acorda Therapeutics Inc (NASDAQ: ACOR) rose 15.4 percent to $28.85 in pre-market trading amid M&A chatter. The...


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Digital Currencies

Bitcoin and cryptocurrencies are just the Beanie Babies of the moment

 

Bitcoin and cryptocurrencies are just the Beanie Babies of the moment

Courtesy of Vitaliy Katsenelson, Contrarian Edge

If you invested in the markets circa 1999, it is hard to observe the Bitcoin mania and not experience the feeling that you’ve seen this movie before and know how it will end – in losses and tears. The internet was a great idea that convinced a lot of great minds to invest capital and energy into businesses that have transformed the world – Amazon, eBay, Cisco, PayPal … the list is very long (though in fairness the list of non-survivors is even longer – but they are not here to remind us of their nonexistence).

R...



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Chart School

Short Covering Driving Gains in Semiconductors and Nasdaq 100

Courtesy of Declan.

The Nasdaq 100 breakout cleared channel resistance, the fifth significant breakout in four months. All technicals are posting new near-term highs which also meant the short generated on the tag of the rising channel is negated.


The Semiconductor Index also enjoyed a substantial breakout as short covering drove traders out of their positions. Technicals see an improvement with a relative gain against the Nasdaq 100.

...

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Biotech

How Alzheimer's disease spreads throughout the brain - new study

Reminder: Pharmboy and Ilene are available to chat with Members, comments are found below each post.

 

How Alzheimer's disease spreads throughout the brain – new study

Courtesy of Thomas E CopeUniversity of Cambridge

Harmful tau protein spreads through networks. Author provided

Alzheimer’s disease is a devastating brain illness that affects an estimated 47m people worldwide. It is the most common cause of dementia in the Western world. Despite this, there are currently no treatments that are effective in curing Alzheimer’s disease or preventing its relentless progressio...



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Mapping The Market

Trump Admin Bans CDC From Using Words Like 'Science-Based,' 'Diversity'

By Jean-Luc

These are the policies of a theocracy, not a modern democracy:

Trump Admin Bans CDC From Using Words Like ‘Science-Based,’ ‘Diversity’

The Trump administration has prohibited the Centers for Disease Control and Prevention (CDC) from using words like “science-based,” “diversity,” and “transgender” in their official documents for next year’s budget, according to the Washington Post.

Senior CDC budget leader Alison Kelly met with the agency’s policy analysts on Thursday to announce ...



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Members' Corner

An Interview with David Brin

Our guest David Brin is an astrophysicist, technology consultant, and best-selling author who speaks, writes, and advises on a range of topics including national defense, creativity, and space exploration. He is also a well-known and influential futurist (one of four “World's Best Futurists,” according to The Urban Developer), and it is his ideas on the future, specifically the future of civilization, that I hope to learn about here.   

Ilene: David, you base many of your predictions of the future on a theory of historica...



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OpTrader

Swing trading portfolio - week of September 11th, 2017

Reminder: OpTrader is available to chat with Members, comments are found below each post.

 

This post is for all our live virtual trade ideas and daily comments. Please click on "comments" below to follow our live discussion. All of our current  trades are listed in the spreadsheet below, with entry price (1/2 in and All in), and exit prices (1/3 out, 2/3 out, and All out).

We also indicate our stop, which is most of the time the "5 day moving average". All trades, unless indicated, are front-month ATM options. 

Please feel free to participate in the discussion and ask any questions you might have about this virtual portfolio, by clicking on the "comments" link right below.

To learn more about the swing trading virtual portfolio (strategy, performance, FAQ, etc.), please click here ...



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Promotions

NewsWare: Watch Today's Webinar!

 

We have a great guest at today's webinar!

Bill Olsen from NewsWare will be giving us a fun and lively demonstration of the advantages that real-time news provides. NewsWare is a market intelligence tool for news. In today's data driven markets, it is truly beneficial to have a tool that delivers access to the professional sources where you can obtain the facts in real time.

Join our webinar, free, it's open to all. 

Just click here at 1 pm est and join in!

[For more information on NewsWare, click here. For a list of prices: NewsWar...



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Kimble Charting Solutions

Brazil; Waterfall in prices starting? Impact U.S.?

Courtesy of Chris Kimble.

Below looks at the Brazil ETF (EWZ) over the last decade. The rally over the past year has it facing a critical level, from a Power of the Pattern perspective.

CLICK ON CHART TO ENLARGE

EWZ is facing dual resistance at (1), while in a 9-year down trend of lower highs and lower lows. The counter trend rally over the past 17-months has it testing key falling resistance. Did the counter trend reflation rally just end at dual resistance???

If EWZ b...



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All About Trends

Mid-Day Update

Reminder: Harlan is available to chat with Members, comments are found below each post.

Click here for the full report.




To learn more, sign up for David's free newsletter and receive the free report from All About Trends - "How To Outperform 90% Of Wall Street With Just $500 A Week." Tell David PSW sent you. - Ilene...

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Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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