Posts Tagged ‘Houston’

Virginia Borrows $1.26 billion To Pay Unemployment Benefits; Detroit Loses $400 Million on $800 Million of Bonds; Detroit’s Easy Solution

Virginia Borrows $1.26 billion To Pay Unemployment Benefits; Detroit Loses $400 Million on $800 Million of Bonds; Detroit’s Easy Solution

Courtesy of Mish

French mime artist Marcel Marceau's items auctioned at Drouot in Paris

Virginia is robbing Peter to pay Paul because it is plain flat out broke. Bankrupt is probably a better word. To pay unemployment benefits, Virginia will borrow $1.26 billion and pay it back plus interest by jacking up unemployment taxes.

Please consider Va. to borrow $1.26 billion for depleted unemployment funds.

As Virginia wrestles with ways to replenish its depleted fund for unemployment benefits, Hampton Roads employers expressed concern about the impact that higher unemployment taxes could have on the health of their businesses.

The sorts of tax increases described by the Virginia Employment Commission earlier this fall may be difficult for some small businesses to absorb without job cuts, said Jim Shirley, owner of Bennett’s Creek Farm Market in Suffolk.

The state’s average unemployment tax per employee will jump from $95 this year to $171 in 2010 and to $263 by 2012, the VEC said in a Sept. 29 presentation to the Commission on Unemployment Compensation.

For small retailers, the financial pressure from weak sales and higher unemployment taxes could be intense, Miller said. "You’ve got to have someone in the store, and if you’re down to one person in the store, you can’t cut any more."

In addition to boosting unemployment taxes on employers, Virginia will have to borrow more than $1.26 billion from the federal government in coming years to continue paying jobless benefits, the VEC said in its forecast.

That’s because the deficit in its unemployment-benefits fund will hit $194 million by the end of this year and balloon to $561 million by the end of 2010, the VEC said.

Two dozen states, including North Carolina, South Carolina, New York and Texas, have already borrowed about $21 billion from the federal government to pay jobless benefits, according to the Labor Department.

One problem with borrowing to pay jobless benefits, the VEC noted, is that interest payments on this debt cannot come from the unemployment trust fund or from federal money. The interest payments on its $1.26 billion of projected borrowing are likely to total $36.7 million and come from general state funds, the VEC said in its September report.

Yet Another Reason To Not Hire

Borrowing money while jacking up…
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City of Houston is Bankrupt (So are California, Oregon, and Pension Plans in General)

City of Houston is Bankrupt (So are California, Oregon, and Pension Plans in General)

Courtesy of Mish

Man being confronted by his shadow

Houston, we have a problem. We are bankrupt.

That is the finding of Bob Lemer, CPA, Retired Partner at Ernst & Young; Aubrey M. Farb, CPA, Retired Partner at Grant Thornton; and Tom Roberts, CPA, Retired Partner at Fitts Roberts.

Cover Letter

October 22, 2009
Name, Title and Address [see list below]
Subject: Finances of the City of Houston
Dear : [see list below]

Enclosed is our partial analysis of the very serious financial situation at the City of Houston. We would be derelict if we failed to share this financial analysis with you. This financial heads up will assist you in meeting your fiduciary responsibilities to Houston voters, taxpayers, readers, viewers or investors—as the case may be.

We feel a public discussion of the City’s financial situation is necessary and firmly believe that addressing the City’s financial condition is in the best interest of the Houston economy and Houston taxpayers. We believe the sooner the City of Houston addresses the financial shortfall the better.

Please bear in mind that the Houston City elections are on November 3, 2009, with early voting having commenced on October 19, 2009. Recent history has shown a large portion of voting occurs during early voting.

We trust that the attached article is of significant assistance to you.
We may be reached at boblemer@sbcglobal.net.

The above was sent to:

City of Houston—Incumbent Mayor, City Controller, and City Council Members
City of Houston—Non-Incumbent City Candidates
Greater Houston Partnership—Board Members
Houston Chronicle—Editorial Board Members
Houston TV Stations—CEOs
Houston Business Journal—Editor
Houston Community Newspapers-Editor
Houston Press-Editor
Municipal Bond Rating Agencies—CEOs
Wall Street Journal—Editor
Barron’s-Editor
Investor’s Business Daily-Editor
USA Today-Editor
Texas Monthly—Executive Editor
Deloitte & Touche LLP—Houston and New York

Executive Summary

City of Houston
Disturbing Financial Facts—October 2009
By: Bob Lemer, Aubrey M. Farb and Tom Roberts

The City of Houston is financially broke and it appears that the mayor who takes office in January 2010 may have to captain the City through bankruptcy procedures. The City’s unrestricted assets were $1.2 billion short of the already recorded corresponding liabilities these assets were needed to pay as of fiscal year end June


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Zero Hedge

Senior DOJ Official's Wife Worked At Oppo Research Firm That Produced "Trump Dossier"

Courtesy of ZeroHedge. View original post here.

In what looks to be another embarrassing blow to the FBI’s (already dubious) credibility, Fox News reported Monday night that the senior DOJ official who was demoted last week after allegedly trying to conceal his contacts with the firm that compiled the infamous “Trump dossier” has deep ties to the firm through his wife.

As it turns out, Nellie Oh...



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Phil's Favorites

Life expectancy in Britain has fallen so much that a million years of life could disappear by 2058 - why?

 

Life expectancy in Britain has fallen so much that a million years of life could disappear by 2058 – why?

Courtesy of Danny DorlingUniversity of Oxford and Stuart Gietel-BastenHong Kong University of Science and Technology

via shutterstock.com

Buried deep in a note towards the end of a recent bulletin published by the British government’s statistical agency was a startling revelation. On average, people in the UK are now projected to live ...



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Digital Currencies

No, Bitcoin Won't Boil The Oceans

Courtesy of ZeroHedge. View original post here.

Authored by Elaine Ou via Bloomberg.com,

Concerns about the cryptocurrency's energy use are overblown...

While much of the world marvels at bitcoin’s meteoric rise, another part is focused on an environmental byproduct:

The sheer amount of electricity that crypto-currencies use.

By some estimates, bitcoin’s consumption ...



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Chart School

Weekly Market Recap Dec 10, 2017

Courtesy of Blain.

Before we talk about the stodgy ole stock market, anyone see that Bitcoin?  $11K last week – $16K this week…. and as I write this bitcoin futures are up over $18K. Just another week in the life…. (here is what you need to know about bitcoin futures)

Back to your regularly scheduled program… the S&P 500 rested a bit while a small correction rolled through the massive winners of 2017 in mega cap tech land, but in the end all was well again by Friday.

“The Nasdaq Composite Index was getting a little frothy, so it&...



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Insider Scoop

Vetr Recommends Walgreens As A Strong Buy

Courtesy of Benzinga.

Related WBA Wall Street's M&A Chatter From December 6: DaVita Medical Group, Cleantech-Brighten Holdings, Walgreens-GuoDa Pete Najarian Sees Unusual Options Activity In Walgreens And AT&T The Vetr community has downgraded $WBA to 4-Stars (Vetr) ...

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Biotech

DNA has gone digital - what could possibly go wrong?

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

 

DNA has gone digital – what could possibly go wrong?

Courtesy of Jenna E. GallegosColorado State University and Jean PeccoudColorado State University

Modern advances come with new liabilities. Sergey ...



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ValueWalk

Tax Bill May Spark Exodus From High-Tax States

Courtesy of FinancialSense.com via ValueWalk.com

The following is a summary of our recent podcast, “Exodus – The Major Wealth Migration,” which can be listened to on our site here on on iTunes here.

It’s looking increasingl...



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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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Mapping The Market

Puts things in perspective

Courtesy of Jean-Luc

Puts things in perspective:

The circles don't look to be to scale much!

...

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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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About Phil:

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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