Posts Tagged ‘Budget crises’

Labor Fights Back

Labor Fights Back

WASHINGTON - MAY 19: Members of the United Steelworkers union demonstrate to protest Mexican President Felipe Calderon's state visit to Washington outside the Mexican Embassy May 19, 2010 in Washington, DC. The group gathered to protest Calderon's position on labor unions and show support to the striking mineworkers at Grupo Mexico SA de CV's Cananea copper mine. (Photo by Brendan Smialowski/Getty Images)

Courtesy of SHAMUS COOKE writing at CounterPunch 

If the U.S. economy eventually recovers and current trends continue, U.S. workers won’t be celebrating in the streets. The corporate establishment has made it clear that a “strong recovery” depends on U.S. workers making “great sacrifices” in the areas of wages, health care, pensions, and more ominously, reductions in so-called “entitlement programs” — Social Security, Medicare, and other social services.

These plans have been discussed at length in corporate think tanks for years, and only recently has the mainstream media begun a coordinated attack to convince American workers of the “necessity” of adopting these policies. The New York Times speaks for the corporate establishment as a whole when it writes:

“American workers are overpaid, relative to equally productive employees elsewhere doing the same work [China for example]. If the global economy is to get into balance, that gap must close.”

and:

“The recession shows that many workers are paid more than they’re worth…The global wage gap has been narrowing [because U.S. workers’ wages are shrinking], but recent labor market statistics in the United States suggest the adjustment has not gone far enough.”

The New York Times solution? “Both moderate inflation to cut real wages [!] and a further drop in the dollar’s real trade-weighted value [monetary inflation to shrink wages] might be acceptable.” (November 11, 2009).

The Atlantic magazine, agrees:

“So how do we keep wages high in the U.S.? We don’t…U.S. workers cannot ultimately continue to have higher wages relative to those in other nations [China, India, etc.] who compete in the same industries.”

President Obama speaks less bluntly about the wage subject for political purposes, but he wholeheartedly agrees with the above opinions, especially when he repeatedly said:

“We must lay a new foundation for growth and prosperity, where we consume less [as a result of lower wages] at home and send more exports abroad.”

So how will Obama implement his economic vision that inspired Wall Street to give him millions during his Presidential campaign? Much of the work is happening automatically, due to the Great Recession. Bloomberg news reports:

“More than half of U.S. workers were either unemployed or experienced reductions in hours or wages since the recession began in December 2007… The worst economic slump since the 1930s has affected 55 percent of


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School Crisis In Nevada; Governor Seeks To Cancel Collective Bargaining With Schools Because The State Is Broke

School Crisis In Nevada; Governor Seeks To Cancel Collective Bargaining With Schools Because The State Is Broke

Courtesy of Mish

USA, Nevada, Las Vegas, The Strip at dusk, elevated view

Nevada has an $881 million budget deficit and drastic cuts are on the horizon for education. Governor Gibbons is investigating options of canceling collective bargaining agreements with school districts. Unfortunately that maneuver is likely illegal.

State revenue shortfall $881 million

It’s official. The state government revenue shortfall that legislators and the governor must eliminate through spending cuts later this month is $881 million.

State Budget Director Andrew Clinger said today that the shortfall has been formally calculated at $881.4 million, which would necessitate a 20.2 percent cut in state spending between March and June 30, 2011.

Legislators so far have not said where they want to reduce spending. They are scheduled to meet with Gibbons’ staff later today, when they will be given the governor’s proposed list of cuts.

So far, Gibbons has announced publicly he will support no more than a 6 percent cut in state employee salaries, a 10 percent reduction in public education spending, and layoffs of 300 state employees. He also wants to temporarily suspend collective bargaining rights for school employees and to close the Nevada State Prison in Carson City.

Gibbons aims for 10 percent in school cuts  

Gov. Jim Gibbons said Tuesday he hopes to cut state appropriations to public schools by 10 percent as he seeks to reduce state spending by $900 million between March and June 30, 2011.

Anticipating the need to roll back the salaries of teachers and other K-12 school employees in the face of declining revenues, he has ordered his lawyers to determine whether he can temporarily suspend by executive order the collective bargaining agreements with unions that bind school districts to pay specific salaries and benefits.

Lynn Warne, president of the Nevada State Education Association, said Gibbons cannot under state law suspend collective bargaining.

She noted that in the collective bargaining law (Nevada Revised Statute 288.150) local governments can suspend this right only "in situations of emergency, such as a riot, military action, natural disaster or civil disorder."

And collective bargaining can be suspended only for the duration of the emergency, according to the law.

"I suppose you can do almost anything in an emergency," said Tobias, a former professor at the Boyd School of Law in Las


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Phil's Favorites

Antibodies in the blood of COVID-19 survivors know how to beat coronavirus - and researchers are already testing new treatments that harness them

 

Antibodies in the blood of COVID-19 survivors know how to beat coronavirus – and researchers are already testing new treatments that harness them

A person who has recovered from COVID-19 donates plasma in Shandong, China. STR/AFP via Getty Images

Ann Sheehy, College of the Holy Cross

Amid the chaos of an epidemic, those who survive a disease like COVID-19 carry within their bodies the secrets of an effective immune response. Virologists like me...



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Biotech/COVID-19

Antibodies in the blood of COVID-19 survivors know how to beat coronavirus - and researchers are already testing new treatments that harness them

 

Antibodies in the blood of COVID-19 survivors know how to beat coronavirus – and researchers are already testing new treatments that harness them

A person who has recovered from COVID-19 donates plasma in Shandong, China. STR/AFP via Getty Images

Ann Sheehy, College of the Holy Cross

Amid the chaos of an epidemic, those who survive a disease like COVID-19 carry within their bodies the secrets of an effective immune response. Virologists like me...



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Zero Hedge

Watch: Riots Erupt In Israel As Police Enforce COVID-19 Quarantine, Synagogues Shuttered

Courtesy of ZeroHedge View original post here.

Israeli media is reporting that riots have broken out in Arab as well as some Jewish neighborhoods of Israel over quarantine enforcement. Particularly violent clashes in Jaffa also erupted after police confronted and tried to detain a man for reportedly breaking quarantine.

"Dozens of people are demonstrating and rioting in Jaffa after police questioning of a man who apparently broke his mandatory self-quarantine led numerous residents to gather and confront the officers," the ...



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ValueWalk

Number of new jobless claims hits another record high

By Gorilla Trades. Originally published at ValueWalk.

In an intra Day note to investors, Gorilla Trades strategist Ken Berman, while commenting on the weekly number of new jobless claims, said:

Q4 2019 hedge fund letters, conferences and more

The major indices are all in the green at midday despite another highly volatile pre-market session. The energy sector has been the clear winner of the morning session, but most of the key sectors are sporting gains despite the grim COVID-19 numbers. The price of crude oil surged higher overnight together with global equities, despite yesterday’s huge U.S. ...



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Kimble Charting Solutions

S&P 500 Price Pattern Similar to 2008 Market Crash?

Courtesy of Chris Kimble

Last week’s sharp rally off the lows, gave bulls some relief.

But if the bulls are going to have reason to cheer, they will need to see another move higher… and fast!

Why? Just look at today’s “weekly” price chart of the S&P 500 Index. 

This key broad-based index broke a 10-year bull market trend line in March. And it’s now kissing the underside of the trend line at (2).

The last stock market crash saw a similar pattern in 2008. And after a failed “...



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Insider Scoop

Nestle CEO Says Snack Foods 'Just As Important As Essential Nutrients'

Courtesy of Benzinga

Global food behemoth Nestle (OTC: NSRGY) is "scrambling to meet demand" to keep the world fed, but doesn't want to take much credit, as "this is our main purpose at this hour," CEO Mark Schneider said Wednesday during a "Mad Money" interview with Jim Cramer.

Nestle...

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The Technical Traders

Are Equities Likely To Rally?

Courtesy of Technical Traders


 

I hope you found this informative, and if you would like to get a pre-market video every day before the opening bell, along with my trade alerts visit my Active ETF Trading Newsletter

Chris Vermeulen

...

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Chart School

Big moving Averages and macro investment decisions

Courtesy of Read the Ticker

When price is falling every one wonders where demand will come in.


RTT black screen Tv videos study the simplest measure of price (simple moving average). What has happen before guides us now. 














Changes in the world is the source of all market moves, to catch and ride the change we believe a combination of Gann Angles, ...

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Members' Corner

10 ways to spot online misinformation

 

10 ways to spot online misinformation

When you share information online, do it responsibly. Sitthiphong/Getty Images

Courtesy of H. Colleen Sinclair, Mississippi State University

Propagandists are already working to sow disinformation and social discord in the run-up to the November elections.

Many of their efforts have focused on social media, where people’s limited attention spans push them to ...



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Digital Currencies

While coronavirus rages, bitcoin has made a leap towards the mainstream

 

While coronavirus rages, bitcoin has made a leap towards the mainstream

Get used to it. Anastasiia Bakai

Courtesy of Iwa Salami, University of East London

Anyone holding bitcoin would have watched the market with alarm in recent weeks. The virtual currency, whose price other cryptocurrencies like ethereum and litecoin largely follow, plummeted from more than US$10,000 (£8,206) in mid-February to briefly below US$4,000 on March 13. Despite recovering to the mid-US$6,000s at the time of writin...



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Promotions

Free, Live Webinar on Stocks, Options and Trading Strategies

TODAY's LIVE webinar on stocks, options and trading strategy is open to all!

Feb. 26, 1pm EST

Click HERE to join the PSW weekly webinar at 1 pm EST.

Phil will discuss positions, COVID-19, market volatility -- the selloff -- and more! 

This week, we also have a special presentation from Mike Anton of TradeExchange.com. It's a new service that we're excited to be a part of! 

Mike will show off the TradeExchange's new platform which you can try for free.  

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Lee's Free Thinking

Why Blaming the Repo Market is Like Blaming the Australian Bush Fires

 

Why Blaming the Repo Market is Like Blaming the Australian Bush Fires

Courtesy of  

The repo market problem isn’t the problem. It’s a sideshow, a diversion, and a joke. It’s a symptom of the problem.

Today, I got a note from Liquidity Trader subscriber David, a professional investor, and it got me to thinking. Here’s what David wrote:

Lee,

The ‘experts’ I hear from keep saying that once 300B more in reserves have ...



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Mapping The Market

How IPOs Are Priced

Via Jean Luc 

Funny but probably true:

...

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