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

Corporate CEOs' political voice growing louder as they criticize Trump policies like separating migrant children

 

Corporate CEOs' political voice growing louder as they criticize Trump policies like separating migrant children

Children wait at a private charity after being released by Customs and Border Protection. AP Photo/Eric Gay

Courtesy of Jerry Davis, University of Michigan

America’s CEOs have become increasingly active on political issues that they would have shunned in prior years.

The latest example came in response to the Trump administration’s “zero tolerance” border enforcement policy that led to the ...



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Mapping The Market

Mistakes were Made. (And, Yes, by Me.)

Via Jean-Luc:

Famed investor reflecting on his mistakes:

Mistakes were Made. (And, Yes, by Me.)

One that stands out for me:

Instead of focusing on how value factors in general did in identifying attractive stocks, I rushed to proclaim price-to-sales the winner. That was, until it wasn’t. I guess there’s a reason for the proclamation “The king is dead, long live the king” when a monarchy changes hands. As we continued to update the book, price-to-sales was no longer the “best” single value factor, replaced by others, depending upon the time frames examined. I had also become a lot more sophisticated in my analysis—thanks to criticism of my earlier work—and realized that everything, including factors, moves in and out of favor, depending upon the market environment. I also realized...



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Zero Hedge

Is This Why Germany Repatriated 583 Tons Of Gold?

Courtesy of ZeroHedge. View original post here.

Authord by Tom Lewis via GoldTelegraph.com,

Before declaring bankruptcy, Lehman Bros. had $639 billion in assets. It was thought to be too big to fail. Currently, Deutsche Bank has almost triple those assets, $1.7 trillion, but its future is in question. The bank’s net income plummeted by 80 percent from its 2017 level. The Federal Reserve has labeled Deutsche Bank’s US opera...



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Digital Currencies

Crypto-Collapse Resumes After Japan's Largest Exchange Halts Account Creation

Courtesy of ZeroHedge. View original post here.

What started off as a hopeful week of broadening user adoption is ending on a sour note as Japan's chief regulator launched a probe of crypto-exchanges, prompting the largest to halt account creation sending the entire crypto space lower...

As CNBC reports, the order...



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Insider Scoop

6 Stocks To Watch For June 22, 2018

Courtesy of Benzinga.

Some of the stocks that may grab investor focus today are:

  • Wall Street expects CarMax, Inc. (NYSE: KMX) to report quarterly earnings at $1.24 per share on revenue of $4.59 billion before the opening bell. CarMax shares fell 0.63 percent to $70.60 in after-hours trading.
  • Red Hat Inc (NYSE: RHT) reported better-than-expected results ...


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Chart School

Large Caps Feel the Heat as Semiconductors Struggle

Courtesy of Declan.

Yesterday, Small Caps led the rally as Large Caps lost ground. Today, those same weak Large Caps took another hit and dragged Tech indices with them.  Small Caps also suffered but they have plenty of wiggle room before they hit trouble.

The Dow sell-off didn't stop at its 50-day MA and is now on course to test its 200-day MA. Technicals, aside from Stochastics, are bearish.


Of greater concern was the hit to the Semiconductor Index. The attempt to hold 1,393 support was swiftly ...

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Biotech

Opioids don't have to be addictive - the new versions will treat pain without triggering pleasure

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

 

Opioids don't have to be addictive – the new versions will treat pain without triggering pleasure

shutterstock.

Courtesy of Tao Che, University of North Carolina – Chapel Hill

The problem with opioids is that they kill pain – and people. In the past three years, more than 125,000 persons died from an opioid overdose – an average of 115 people per day – exceeding the number killed in ...



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ValueWalk

Buffett At His Best

By csinvesting. Originally published at ValueWalk.

Bear with me as I share a bit of my history that helped me create SkyVu and the Battle Bears games. The University of Nebraska gave me my first job after college. I mostly pushed TV carts around, edited videos for professors or the occasional speaker event. One day, Warren Buffet came to campus to speak to the College of Business. I didn’t think much of this speech at the time but I saved it for some reason. 15 years later, as a founder of my own company, I watch and listen to this particular speech every year to remind myself of the fundamentals and values Mr. Buffett looks for. He’s addressing business students at his alma mater, so I think his style here is a bit more ‘close to home’ than in his other speeches. Hopefully many of you find great value in this video like I have. Sorry for the VHS...



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Kimble Charting Solutions

The Stock Bull Market Stops Here!

 

The Stock Bull Market Stops Here!

Courtesy of Kimble Charting

 

The definition of a bull market or bull trends widely vary. One of the more common criteria for bull markets is determined by the asset being above or below its 200 day moving average.

In my humble opinion, each index above remains in a bull trend, as triple support (200-day moving averages, 2-year rising support lines, and February lows) are still in play ...



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Members' Corner

Cambridge Analytica and the 2016 Election: What you need to know (updated)

 

"If you want to fundamentally reshape society, you first have to break it." ~ Christopher Wylie

[Interview: Cambridge Analytica whistleblower: 'We spent $1m harvesting millions of Facebook profiles' – video]

"You’ve probably heard by now that Cambridge Analytica, which is backed by the borderline-psychotic Mercer family and was formerly chaired by Steve Bannon, had a decisive role in manipulating voters on a one-by-one basis – using their own personal data to push them toward voting ...



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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!

 

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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.

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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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