Posts Tagged ‘Governor Christie’

Tax and Spend Policies Threaten US, Europe; Misguided Policies Everywhere Threaten Global Growth

Tax and Spend Policies Threaten US, Europe; Misguided Policies Everywhere Threaten Global Growth

Courtesy of Mish

Germany, Berlin, The Brandenburg Gate, night

Although all eyes have been focused on the PIIGS in Europe (Portugal, Ireland, Italy, Greece, and Spain), and the CINN group in the US (California, Illinois, New York, New Jersey), tax and spend problems are everywhere you look, including Germany.

Please consider German Municipalities face €15-billion shortfall.

Germany’s local governments are slipping into their budget worst crisis since World War II, with total deficits of €15 billion forecast for this year, the German Association of Cities warned Friday.

The association’s president, Frankfurt Mayor Petra Roth, told the Frankfurter Rundschau that the dismal environment for tax revenues in 2009 meant a new record deficit was looming.

It would be €3 billion worse than previously thought, Roth said, and would nearly double the previous record deficits of 2003. Over the past year alone, municipalities had spent at least €7 billion more than they took in, she said.

“Our budgets are completely overstretched,” Roth said, adding that she welcomed Chancellor Angela Merkel’s recent statement ruling out tax cuts for the time being.

She blamed poor federal government policies for the dire situation of the municipalities, saying that about half the shortfall were due not to the economic situation, but to tax policies.

The Finance Ministry’s approach in its efforts to reform the tax system had been “ineffectual,” she said.

Meanwhile Back in the US …

USA, California, sunset on Bay Bridge to San Francisco from Treasure Island

In a crucial budget address on Friday, California Governor Arnold Schwarzenegger blew a golden opportunity to propose radical changes like privatizing the prison system, privatizing work in general, sending illegal aliens home, or getting rid of defined benefit plans.

Instead, Schwarzenegger wimped out on many key issues. (please see Schwarzenegger’s Budget Addresses Few Structural Issues for details).

In general, over the last couple decades, the US has been becoming more like Greece, taking form productive members of society and giving it to the union parasites and others in social distribution schemes.

“We will not pass a budget that eliminates CalWorks,” state Senate President Darrell Steinberg told reporters after the governor’s speech. “We will not be party to devastating families. That’s not what any of us came to Sacramento to do.”

Who wants to cut taxes and spending?

Not Frankfurt Mayor Petra Roth, not Schwarzenegger, not Illinois Governor Pay Quinn, and certainly not…
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Governor Christie on Death Threats, the Teachers Union, and New Jersey’s Budget Crisis

Governor Christie on Death Threats, the Teachers Union, and New Jersey’s Budget Crisis

Courtesy of Mish  

Governor Christie is calling for the firing of the Teachers’ Union official who sought for prayers Christie’s death. Christie was discussing death threats and other items on CNBC.

Please consider.

New Jersey has a state budget of $29 billion and a deficit of $11 billion. New Jersey has among the highest property taxes in the nation yet the union wants more tax hikes.

Christie says the union argument "you are hurting the children" is an old, long worn out song. I agree. Moreover, all Christie is asking the union to do is accept a 1 year salary freeze and contribute 1.5% to their benefits (about $750 dollars a year for a $50,000 teacher).

Christie notes that Compulsory Teachers’ Union dues are $730 a year. If the union wanted to do something for the kids, and the teachers, it could suspend those.

Unions are the "Bullies of State Street" says Christie.

Indeed, I do not believe Christie has asked for enough. Union benefits are overly generous. Full family medical and dental benefits are about $18,000 to $22,000 a year. The private sector does not get anything like that for $750 a year, let alone free.

Mike "Mish" Shedlock


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Governor Christie Declares “New Jersey on Edge of Bankruptcy”

Governor Christie Declares "New Jersey on Edge of Bankruptcy"

Courstesy of Mish

New Jersey is in a state of fiscal emergency. Expect to see more states follow suit. Please consider Christie to freeze $1.6 billion in NJ spending.

Gov. Christie today declared that New Jersey had veered to the edge of bankruptcy and

ordered a broad array of state cuts in an effort to make up a $2.2 billion deficit in the current budget amid falling revenues.

Christie froze aid to more than 500 school districts and public colleges and universities, ordered the end to several state programs and the Office of Public Advocate, and seized unspent money across state government.

"Today, we come to terms with the fact that we cannot spend money on everything we want,” Christie told a special joint session of the legislature. "The days of Alice in Wonderland budgeting in Trenton are over.”

The state’s sales tax revenues are 5.5 percent below projections, corporate business tax receipts are down 8 percent, both below what had been planned under former Gov. Jon Corzine’s administration, Christie said.

Christie also announced the state would not contribute $100 million toward pensions costs and signaled that he would push for massive pension restructuring.

Christie highlighted the benefits for unnamed individual teachers as an example: a retired teacher who contributed $62,000 in total toward her pension who would be expected to receive $1.4 million in pension payments and $215,000 in medical benefits over the rest of her life.

"Is it fair for all of us and our children to have to pay for this excess?” Christie said.

Christie said the state would have to pay $7 billion a year to make up unfunded pension and medical liabilities. ""We don’t have that money. You know it and I know it,” Christie said.

Hello Alice, Wonderland Accounting Is Over

Hello New Jersey, "Wonderland" accounting is over. Hello public teachers and unions, you better be prepared for the results.

Here is a snip of the Text of Governor Christie’s Speech on the State Budget. Please read the snip, but I also encourage you to read the entire speech.

Today, we must make a pact with each other to end this reckless conduct with the people’s government. Today, we come to terms with the fact that we cannot spend money on everything we want. Today,


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Phil's Favorites

Theresa May resigns as British prime minister - here's where it all went wrong

 

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Theresa May resigns as British prime minister – here's where it all went wrong

Courtesy of Nicholas Allen, Royal Holloway

Europe has claimed the career of yet another Conservative prime minister. After less than three years in office, Theresa May has suffered a catastrophic loss of confidence in her leadership among MPs and cabinet ministers. She has finally faced up to the demands from within her party and announced her resignation.

Indicating her intention to step down, May said she ha...



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Zero Hedge

Mississippi Floodway May Be Opened, Unleashing 17 Million Liters Of Water Per Second

Courtesy of ZeroHedge. View original post here.

One of the major barriers that keeps the Mississippi River on its course could be opened for only the third time in its history. The opening would be the result of rising river levels and could also flood parts of Louisiana, which would affect businesses in the region, according to Bloomberg.

The Army Corps of Engineers may be forced to open the ...



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Kimble Charting Solutions

DAX (Germany) About To Send A Bearish Message To The S&P 500?

Courtesy of Chris Kimble.

Is the DAX index from Germany about to send a bearish message to stocks in Europe and the States? Sure could!

This chart looks at the DAX over the past 9-years. It’s spent the majority of the past 8-years inside of rising channel (1), creating a series of higher lows and higher highs.

It looks to have created a “Double Top” as it was kissing the underside of the rising channel last year at (2).

After creating the potential double top, the DAX index has continued to create a series of lower highs, while experiencing a bearish divergence with the S...



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Chart School

Brexit Joke - Cant be serious all the time

Courtesy of Read the Ticker.

Alistair Williams comedian nails it, thank god for good humour! Prime Minister May the negotiator. Not!


Alistair Williams Comedian youtube

This is a classic! ha!







Fundamentals are important, and so is market timing, here at readtheticker.com we believe a combination of Gann Angles, ...

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Insider Scoop

55 Biggest Movers From Yesterday

Courtesy of Benzinga.

Gainers
  • Obalon Therapeutics, Inc. (NASDAQ: OBLN) shares jumped 233.3 percent to close at $1.30 on Wednesday after the company reported expanded data from a large scale commercial use study that was presented at the Digestive Disease Week.
  • Ascent Capital Group, Inc. (NASDAQ: ASCMA) shares jumped 51.4 percent to close at $1.37 after the company announced a restructuring support agreement with Monitronics International.
  • Valeritas Holdings, Inc. (NASDAQ: VLRX) shares dippe...


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Digital Currencies

Cryptocurrencies are finally going mainstream - the battle is on to bring them under global control

 

Cryptocurrencies are finally going mainstream – the battle is on to bring them under global control

The high seas are getting lower. dianemeise

Courtesy of Iwa Salami, University of East London

The 21st-century revolutionaries who have dominated cryptocurrencies are having to move over. Mainstream financial institutions are adopting these assets and the blockchain technology that enables them, in what ...



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Biotech

DNA as you've never seen it before, thanks to a new nanotechnology imaging method

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

 

DNA as you've never seen it before, thanks to a new nanotechnology imaging method

A map of DNA with the double helix colored blue, the landmarks in green, and the start points for copying the molecule in red. David Gilbert/Kyle Klein, CC BY-ND

Courtesy of David M. Gilbert, Florida State University

...



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ValueWalk

More Examples Of "Typical Tesla "wise-guy scamminess"

By Jacob Wolinsky. Originally published at ValueWalk.

Stanphyl Capital’s letter to investors for the month of March 2019.

rawpixel / Pixabay

Friends and Fellow Investors:

For March 2019 the fund was up approximately 5.5% net of all fees and expenses. By way of comparison, the S&P 500 was up approximately 1.9% while the Russell 2000 was down approximately 2.1%. Year-to-date 2019 the fund is up approximately 12.8% while the S&P 500 is up approximately 13.6% and the ...



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Members' Corner

Despacito - How to Make Money the Old-Fashioned Way - SLOWLY!

Are you ready to retire?  

For most people, the purpose of investing is to build up enough wealth to allow you to retire.  In general, that's usually enough money to reliably generate a year's worth of your average income, each year into your retirement so that that, plus you Social Security, should be enough to pay your bills without having to draw down on your principle.

Unfortunately, as the last decade has shown us, we can't count on bonds to pay us more than 3% and the average return from the stock market over the past 20 years has been erratic - to say the least - with 4 negative years (2000, 2001, 2002 and 2008) and 14 positives, though mostly in the 10% range on the positives.  A string of losses like we had from 2000-02 could easily wipe out a decades worth of gains.

Still, the stock market has been better over the last 10 (7%) an...



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Mapping The Market

It's Not Capitalism, it's Crony Capitalism

A good start from :

It's Not Capitalism, it's Crony Capitalism

Excerpt:

The threat to America is this: we have abandoned our core philosophy. Our first principle of this nation as a meritocracy, a free-market economy, where competition drives economic decision-making. In its place, we have allowed a malignancy to fester, a virulent pus-filled bastardized form of economics so corrosive in nature, so dangerously pestilent, that it presents an extinction-level threat to America – both the actual nation and the “idea” of America.

This all-encompassing mutant corruption saps men’s souls, crushes opportunities, and destroys economic mobility. Its a Smash & Grab system of ill-gotten re...



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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

Free eBook - "My Top Strategies for 2017"

 

 

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Phil has a chapter in a newly-released eBook that we think you’ll enjoy.

In My Top Strategies for 2017, Phil's chapter is Secret Santa’s Inflation Hedges for 2017.

This chapter isn’t about risk or leverage. Phil present a few smart, practical ideas you can use as a hedge against inflation as well as hedging strategies designed to assist you in staying ahead of the markets.

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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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