Posts Tagged ‘Oregon’

Oregon Tax Revenue from Measure 66 is 50% Short of Predictions; Oregon Grants Unions 4.75% Pay Hike

Oregon Tax Revenue from Measure 66 is 50% Short of Predictions; Oregon Grants Unions 4.75% Pay Hike

Courtesy of Mish 

From the dysfunctional state of Oregon comes news that Measure 66fell about 50% short of its revenue predictions. Balance that with 4.75% pay hikes and it adds up with a continuing refusal by Oregon to address its problems.

Oregon Grants Unions 4.75% Pay Hike

5 percent pay increase for Oregon state union employees begins Wednesday

A step pay increase of nearly 5 percent for Oregon state workers represented by unions goes into effect Wednesday. The 4.75 percent increase will cost the state as much as $16 million through the end of the two-year budget period.

Measure 66 Falls Short

Oregon tax revenues from Measure 66 coming up short of predictions

Early indicators suggest the state won’t receive nearly as much as officials expected from a tax increase on wealthy Oregonians — raising questions of whether January’s bitterly fought election was worth it.

The latest numbers show Measure 66, which set higher tax rates on households making more than $250,000 a year, and on individual filers making half that, has brought in about $70 million in additional collections to date.

"We’re thinking we’re right around half of what we expected about this time," said Paul Warner, head of the Legislative Revenue Office.

Here’s the deal. Oregon raised taxes for the benefit of unions and now they have to raise taxes again because the state only got half as much revenue from the tax hike as expected. When does the madness stop?

I have written about Oregon a lot recently.

Dysfunctional Oregon

August 22, 2010: Dysfunctional Oregon

Sight unseen, I am willing to state that Oregon should get rid of all 64 state boards, no matter what they are supposed to do. Sight seen, it’s time Oregonian voters relegate Gov. Ted Kulongoski to the ash heap of history.

Overoptimism Oregon Style

August 18, 2010: Oregon Wins Blue Ribbon for Unfounded Optimism; Everything "Weaker than Expected"

In July of 2009 state revenue projections were $222.8 million to the plus side. Now just one year later, smack in the midst of a "recovery", a $577.2 million June 2010 deficit is too optimistic by as much as another $500 million.

Congratulations of sorts go to Oregon for winning the blue ribbon for unfounded optimism.

Oregon has already cut state spending by


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Oregon’s Death Spiral; Business Owners Say “I’m moving out

Oregon’s Death Spiral; Business Owners Say "I’m moving out"

Courtesy of Mish

On Tuesday, unions in Oregon won a charred earth victory that will drive already troubled Oregon, straight off the cliff.

Oregon voters passed Measure 66 which raises tax rates on individuals who earn more than $125,000 and couples with incomes greater than $250,000. Voters also passed Measure 67 which increases business taxes.

Please consider Oregon voters pass both tax measures.

Oregon voters on Tuesday approved tax hikes on businesses and the wealthy, allowing legislators to avert budget cuts they said would have affected schools and services for the poor and elderly.

The most recent reports had labor outspending business in one of the state’s most expensive issue campaigns. Common Cause of Oregon said Guiney’s group raised $6.85 million to the $4.55 million raised by Oregonians Against Job-Killing Taxes.

"The bottom line is the unions bought the election," said State Republican Chairman Bob Tiernan. "It’s going to be a sadder day as more businesses leave the state and more don’t want to come here."

Passage of the measures spares the Legislature a month of budget-cutting when it starts a four-week session Monday.

"I’m moving out"

Please consider an email from one business owner in response. "C.S." Writes ….

Mish:

Don’t know if you noticed but Oregon narrowly passed another tax increase today. As a business owner for 25 years in Oregon, I’m moving out, going to Washington. Many other business owners I talk to are saying the same thing. They are all getting out. One of them refused to renew his commercial lease until seeing the results of 66/67 tax measures. He’ll be moving out also.

Tektronix last year decided to get out as well, and they are moving 80% of what is left to Shanghi China. Many other companies have also left in the last couple years. Oregon will now be tied with Hawaii at 11% income tax, the highest in the US.

Moreover, they have added a tax now on gross revenue. It doesn’t make any difference if you are losing money and trying to survive. They want to skim the top. Wasn’t this the technique used by the Mafia?

If that’s not bad enough already, the City of Portland is talking about massive tax increases. If you’re a business in the city limits, the tax/business license fee has


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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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ValueWalk

Gold Bullion Demand Hits Record Volumes in USA

By James Anderson. Originally published at ValueWalk.

With ongoing bailouts exploding the fiat US dollar’s M1, M2, & M3 supplies at record paces. It is not surprising to see physical gold bullion USA imports now hitting 21st Century high levels.

Q1 2020 hedge fund letters, conferences and more

U.S. Physical Gold Bullion Imports

Most of this recent record-sized US gold import volume is being delivered from Switzerland which has four of the five largest gold refineries in the world.

It is safe...



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Phil's Favorites

BlackRock Is Bailing Out Its ETFs with Fed Money and Taxpayers Eating Losses; It's Also the Sole Manager for $335 Billion of Federal Employees' Retirement Funds

Courtesy of Pam Martens

Laurence (Larry) Fink, Chairman and CEO, BlackRock

BlackRock, the international investment management firm run by billionaire Larry Fink, has played an outsized role in Federal Reserve bailouts of Wall Street. As it turns out, it’s also been quietly managing hundreds of billions of dollars for more than five million federal government employees in their retirement plan, known as the Thrift Savings Plan (TSP).

During the last financial crisis of 2007 to 2010, the Federal Reserve gave BlackRock no-bid contracts to manage the toxic assets held in ...



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Kimble Charting Solutions

Crude Oil Rallies 222% in 30-days, Peak Oil Time Again?

Courtesy of Chris Kimble

Can you believe that Crude Oil has rallied 222% in the past 30-trading days?

It’s hard to believe that Crude Oil is trading nearly $75 off its lows, yet the current price is around $36!

The chart looks at the Crude Oil continuous contract on a monthly basis for the past couple of decades.

Crude has spent the majority of the past 12-years inside of falling channel (1). The collapse in Crude Oil prices in April saw it hit the bottom of the channel at (2), where it created a large bullish reversal pattern. Since hitting the bottom...



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Zero Hedge

Consumer "Cash" Spending Is Much Worse Than The Reported Figures

Courtesy of ZeroHedge View original post here.

Submitted by Joe Carson, former chief economist of Alliance Bernstein

Consumer spending fell a record 13.6% in April, according to the preliminary estimates by the Bureau of Economic Analysis (BEA). But the spending numbers based on “cash” outlays are much worse.

The government’s monthly report on consumer spending (i.e. personal consumption expenditures) is a blend of actual cash outlays and estimated figures. Spending on durable and nondurable goods reflects “cash” outlays as reported by the monthly sales at retail establishments. But spendi...



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The Technical Traders

Gold & Silver "Washout" - Get Ready For A Big Move Higher

Courtesy of Technical Traders

Gold and Silver moved lower early on June 2nd and 3rd.  Our research team believes this is a “Washout Low” price rotation following a technical pattern that will prompt a much higher rally in precious metals.  This type of washout price rotation is fairly common before very big moves after Pennant/Flag formations or just after reaching major price trigger levels.

With Gold, a sideways Pennant/Flag formation has been setting up near our GREEN Fibonacci Price Amplitude Resistance Arc.  We believe the downward price rotation recently is a perfect setup for skilled technical traders to take advantage of lower entry price levels.  The GREEN Fibonacci Price Amplit...



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Biotech/COVID-19

You don't need to worry about spreading the coronavirus with cash

 

You don't need to worry about spreading the coronavirus with cash

Cash is unlikely to give you the coronavirus. Rolf Bruderer/Getty Images

Courtesy of Marilyn Roberts, University of Washington

Some people worry that cash may be spreading the coronavirus.

Earlier this year, bot...



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Chart School

Silver volume says something is near boiling point

Courtesy of Read the Ticker

Fundamentals are important, but they must show up in the chart. And when they do and if they may matter, it is a good sign if price and volume waves show a change of character.

The Point and Figure chart below is readtheticker.com version of PnF chart format, it is designed to highlight price and volume waves clearly (notice the Volume Hills chart).

Silver ETF volume is screaming at us! The price volatility along with volume tells us those who have not cared, are starting to, those who are wrong are adjusting, and those who are correct are loading up. Soon the kettle will blow and the price of silver will be over $20. 

Normally silver suffers in a recession, maybe this time with trillions of paper money being creat...

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Lee's Free Thinking

US Southern States COVID19 Cases - Let's Give Credit Where Due

 

US Southern States COVID19 Cases – Let’s Give Credit Where Due

Courtesy of  

The number of new COVID 19 cases has been falling in the Northeast, but the South is not having the same experience. The number of new cases per day in each Southern state has been rangebound for the past month.

And that’s assuming that the numbers haven’t been manipulated. We know that in Georgia’s case at least, they have been. And there are suspicions about Florida as well, as the State now engages in a smear campaign against the fired employee who built its much praised COVID19 database and dashboar...



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Digital Currencies

Blockchains can trace foods from farm to plate, but the industry is still behind the curve

 

Blockchains can trace foods from farm to plate, but the industry is still behind the curve

App-etising? LDprod

Courtesy of Michael Rogerson, University of Bath and Glenn Parry, University of Surrey

Food supply chains were vulnerable long before the coronavirus pandemic. Recent scandals have ranged from modern slavery ...



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Members' Corner

Coronavirus, 'Plandemic' and the seven traits of conspiratorial thinking

 

Coronavirus, 'Plandemic' and the seven traits of conspiratorial thinking

No matter the details of the plot, conspiracy theories follow common patterns of thought. Ranta Images/iStock/Getty Images Plus

Courtesy of John Cook, George Mason University; Sander van der Linden, University of Cambridge; Stephan Lewandowsky...



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Insider Scoop

Economic Data Scheduled For Friday

Courtesy of Benzinga

  • Data on nonfarm payrolls and unemployment rate for March will be released at 8:30 a.m. ET.
  • US Services Purchasing Managers' Index for March is scheduled for release at 9:45 a.m. ET.
  • The ISM's non-manufacturing index for March will be released at 10:00 a.m. ET.
  • The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.
...

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Mapping The Market

How IPOs Are Priced

Via Jean Luc 

Funny but probably true:

...

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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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