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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Zero Hedge

JPMorgan Makes $1 Billion From Gold Trading After Paying $1 Billion Fine For Manipulating Gold Trading

Courtesy of ZeroHedge View original post here.

This, in a nutshell, is how Wall Street works: just two months after JPMorgan was fined a record $1 billion criminal monetary penalty (to make sure not a single banker would end up going to prison) for rigging the gold and silver markets, Reuters reported that JPM - having clearly "learned" the tools of the gold rigging trade, has earned a record $1 billion in revenue so far in 2020 from trading, storing and financing precious metals, vastly outperforming rival banks.

The math simplified: JPM has spent $1 billion over the l...



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ValueWalk

Surprise in Short Interest - New Research Paper

By Jacob Wolinsky. Originally published at ValueWalk.

We extract the news component of short-selling activity by accounting for important cross-sectional, distributional differences in short interest. The resulting measure of surprise in short interest negatively predicts the cross section of both U.S. and international equity returns. Our results also indicate that this predictability originates from short sellers’ informed trading on mispricing and the market’s underreaction to the news component of short-sale reports. Consistent with the notion of costly arbitrage, the return predictability is stronger among illiquid, volatile stocks and stocks with high information uncertainty, but importantly, unrelated short-selling frictions.

...

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Phil's Favorites

Coronavirus Could Cause Shipping Costs To Rise By Up 15% In 2020

By Jacob Wolinsky. Originally published at ValueWalk.

Managing Shipping Budgets in 2021: The Old Normal, the New Normal, or the Unknown?

As they plan their shipping budgets for the coming year, distributors and retailers are struggling to assess the pandemic-driven changes of 2020. SkyPostal’s A.J. Hernandez suggests a two-sided approach: be as careful as you can, while also being prepared for anything.

Building A Shipping Budget

(Miami, FL) November 23, 2020—While shipping managers would like to see some relief from the shocks and surprises of 2020, there are, says A.J. Hernandez, President and CEO of SkyPostal, Inc., a lot of reasons they’re probably not going to get it. According to a recent survey of industry exp...



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Politics

TRUMP CONCEDES (SORT OF)

 

TRUMP CONCEDES (SORT OF)

Courtesy of Teri Kanefield

The Trump Legal team filed more documents today in the appellate court. I tweeted a bit about how silly they were (let me know if you all want me to march through them). Then this happened:

Trump giving the go-ahead for the transition to get underway was (I believe) the closest he will get to conceding the election. Two amusing things happened. First, Trump tweeted this about 10 minutes after Emily Murphy submitted a letter saying she would move forward, and that she has made her decisions solely on her own and not at anyone’s direction. Looks like Trump wanted people to think that she was, in fact, acting at his direction.

The other amusing part was that Tr...



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Chart School

RTT browsing latest..

Courtesy of Read the Ticker

Please review a collection of WWW browsing results. The information here is delayed by a few months, members get the most recent content.



Date Found: Friday, 12 June 2020, 08:06:43 PM

Click for popup. Clear your browser cache if image is not showing.


Comment: Interesting (2)



Date Found: Saturday, 13 June 2020, 12:27:02 AM

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Comment: Recession Forecasts Time Frame



Date Found: Monday, 15 June 2020, 11:07:52 PM

...

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Biotech/COVID-19

Why the Oxford AstraZeneca vaccine is now a global game changer

 

Why the Oxford AstraZeneca vaccine is now a global game changer

Courtesy of Michael Head, University of Southampton

In the long dark tunnel that has been 2020, November stands out as the month that light appeared. Some might see it as a bright light, others as a faint light – but it is unmistakably a light.

On November 9, Pfizer announced the interim results of its candidate vaccine, showing it to be “more than 90% effective” in preventing symptomatic COVID-19 in late-stage human trials. The news was greeted with joy.

A ...



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Kimble Charting Solutions

Transports Sending Strong Bullish Message To Other Dow Indices?

Courtesy of Chris Kimble

Are Transportation stocks about to send a quality bullish message to other Dow indices this month? Sure could be!

This 3-pack looks at the Dow Jones Industrials, Transports, and Utilities indices on a monthly basis.

One week from the end of a month, the DJ Transports are attempting an important bullish breakout at (1). Unless a sharp reversal takes place in the next week, Transports could close out the month at new monthly closing highs!

The Dow is attempting to close at all-time highs this month, while the Dow Utilities Index remains a few percent below 2020 highs....



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Digital Currencies

Dalio Admits "I Might Be Missing Something" As Bitcoin Surges Above $18,000

Courtesy of ZeroHedge

Since the US election, Bitcoin prices (in USD) have surged a stunning 40%, also lurching higher after each vaccine headline hit.

Source: Bloomberg

Getting ever closer to its all-time record high...

Source: Bloomberg

As crypto prices soared overnight, Bridgewater Associates founder Ray Dalio stepped back into the fray, saying in a Twitter thread that “I might be missing something about Bitco...



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Mapping The Market

COVID-19 Forces More Than Half of Asset Management Firms to Accelerate Adoption of Digital Marketing Technology

By Jacob Wolinsky. Originally published at ValueWalk.

There is no doubt that the use of technology to support client engagement initiatives brings both opportunities and threats but this has been brought into sharp focus this year with the COVID-19 pandemic.

The crisis has brought to the fore the need for firms to enable flexibility in client engagement – the expectation that providers will communicate to clients on their terms, at their speed and frequency and on their preferred channels, is now a given. This is even more critical when clients are experiencing unparalleled anxiety from both market conditions and their own personal circumstances.

...

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The Technical Traders

Adaptive Fibonacci Price Modeling System Suggests Market Peak May Be Near

Courtesy of Technical Traders

Our Adaptive Fibonacci Price Modeling system is suggesting a moderate price peak may be already setting up in the NASDAQ while the Dow Jones, S&P500, and Transportation Index continue to rally beyond the projected Fibonacci Price Expansion Levels.  This indicates that capital may be shifting away from the already lofty Technology sector and into Basic Materials, Financials, Energy, Consumer Staples, Utilities, as well as other sectors.

This type of a structural market shift indicates a move away from speculation and towards Blue Chip returns. It suggests traders and investors are expecting the US consumer to come back strong (or at least hold up the market at...



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Lee's Free Thinking

Texas, Florida, Arizona, Georgia - The Branch COVIDIANS Are Still Burning Down the House

 

Texas, Florida, Arizona, Georgia – The Branch COVIDIANS Are Still Burning Down the House

Courtesy of Lee Adler, WallStreetExaminer 

The numbers of new cases in some of the hardest hit COVID19 states have started to plateau, or even decline, over the past few days. A few pundits have noted it and concluded that it was a hopeful sign. 

Is it real or is something else going on? Like a restriction in the numbers of tests, or simply the inability to test enough, or are some people simply giving up on getting tested? Because as we all know from our dear leader, the less testing, the less...



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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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Promotions

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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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