Posts Tagged ‘Vallejo Option’

Mayor of Los Angeles Says “Bankruptcy is Not an Option”

Mayor of Los Angeles Says "Bankruptcy is Not an Option"

Courtesy of Mish

Twilight falling on Los Angeles

When a politician says something is "not an option" that generally means it is (or soon will be). Sometimes it means it is all but certain. With that in mind, please consider Mayor Villaraigosa says no bankruptcy for the city.

With city officials declaring that "bankruptcy is not an option," Mayor Antonio Villaraigosa released a long-term plan for the city’s finances Thursday, including several billion dollars in potential savings and possible layoffs of 1,000 workers.

In a letter to City Administrative Officer Miguel Santana, the mayor and City Council leaders called for the start of steps needed to make layoffs and perform studies on dealing with this year’s continuing shortfall of $200 million and the projected $400 million deficit for next year.

"This mayor has no interest in going down the road to bankruptcy," said Deputy Mayor Matt Szabo, who has been assigned the task of developing the overall financial strategy for the city.

My Comment: It is irrelevant what the mayor wants now. The fate was sealed years ago with pensions. LA came to a fork in the road, and selected the road named "Bankruptcy". Now the mayor says LA has no interest going down that road. Well it is too late for that now, unless unions are ready to do some serious negotiation.

That’s the kicker, LA has no choice in the matter other than the mayor’s willingness to ask the unions for concessions. Whether or not LA goes bankrupt depends entirely on the response from the unions regarding wages and pension benefits.

The five-page letter from Villaraigosa, also signed by Council President Eric Garcetti and council members Bernard Parks, Jan Perry, Greig Smith and Dennis Zine, sets the stage for a series of decisions to reduce spending in the city’s $7.01 billion budget.

There are no plans to ask voters for a tax increase, but the mayor is looking at whether a ballot proposal will be needed to reform the city’s pension system.

My Comment: Good luck with that. You will need it. 

Santana’s office also released a report showing the city’s revenues continue to decline, particularly in consumer-sensitive areas such as hotel and sales tax. Also, holiday season sales were much less than expected.

My Comment: Welcome to frugality, the new reality.…
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Divisive economics

 

David Brin — scientist, technology consultant, best-selling author and futurist — explores a myriad of topics on his lively and always interesting blog: politics, science, history, science fiction, etc. For more posts by David, visit the CONTRARY BRIN blog. For David's books and shor...



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Zero Hedge

Indian State With 600,000 People To Conduct World's Largest Experiment In Universal Basic Income

Courtesy of ZeroHedge. View original post here.

A tiny Himalayan state bordering China is about to embark on the world's largest experiment in universal basic income. 

All 610,577 citizens living in Sikkim will receive a guaranteed income, unconditionally, in lieu of cash a myriad of confusing social assistance schemes currently offered, according to...



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ValueWalk

Whitney Tilson Wants You To Know He Might Not Be The Best HFM But His Finger Grip Is 95 Percentile

By Jacob Wolinsky. Originally published at ValueWalk.

Whitney Tilson’s email discussing his plans to climb El Cap and training his grip strength.

With my plans to climb the Nose of El Cap later this year, I’m starting to train for it: I joined a rock gym (Steep Rock Bouldering) a few blocks from my house and try to stop by for a half hour o...



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Kimble Charting Solutions

Stock declines did not break 9-year support, says Joe Friday

Courtesy of Chris Kimble.

We often hear “Stocks take an escalator up and an elevator down!” No doubt stocks did experience a swift decline from the September highs to the Christmas eve lows. Looks like the “elevator” part of the phrase came true as 2018 was coming to an end.

The first part of the “stocks take an escalator up” seems to still be in play as well despite the swift decline of late.

Joe Friday Just The Facts Ma’am- All of these indices hit long-term rising support on Christmas Eve at each (1), where support held and rallies have followed.

If you find long-term perspectives helpf...



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Digital Currencies

Transparency and privacy: Empowering people through blockchain

 

Transparency and privacy: Empowering people through blockchain

Blockchain technologies can empower people by allowing them more control over their user data. Shutterstock

Courtesy of Ajay Kumar Shrestha, University of Saskatchewan

Blockchain has already proven its huge influence on the financial world with its first application in the form of cryptocurrencies such as Bitcoin. It might not be long before its impact is felt everywhere.

Blockchain is a secure chain of digital records that exist on multiple computers simultaneously so no record can be erased or falsified. The...



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Insider Scoop

Cars.com Explores Strategic Alternatives, Analyst Sees Possible Sale Price Around $30 Per Share

Courtesy of Benzinga.

Related 44 Biggest Movers From Yesterday 38 Stocks Moving In Wednesday's Mid-Day Session ...

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Chart School

Weekly Market Recap Jan 13, 2019

Courtesy of Blain.

In last week’s recap we asked:  “Has the Fed solved all the market’s problems in 1 speech?”

Thus far the market says yes!  As Guns n Roses preached – all we need is a little “patience”.  Four up days followed by a nominal down day Friday had the market following it’s normal pattern the past nearly 30 years – jumping whenever the Federal Reserve hints (or essentially says outright) it is here for the markets.   And in case you missed it the prior Friday, Chairman Powell came back out Thursday to reiterate the news – so…so… so… patient!

Fed Chairman Jerome Powell reinforced that message Thursday during a discussion at the Economic Club of Washington where he said that the central bank will be “fle...



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Members' Corner

Why Trump Can't Learn

 

Bill Eddy (lawyer, therapist, author) predicted Trump's chaotic presidency based on his high-conflict personality, which was evident years ago. This post, written in 2017, references a prescient article Bill wrote before Trump even became president, 5 Reasons Trump Can’t Learn. ~ Ilene 

Why Trump Can’t Learn

Donald Trump by Gage Skidmore (...



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Biotech

Opening Pandora's Box: Gene editing and its consequences

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

 

Opening Pandora's Box: Gene editing and its consequences

Bacteriophage viruses infecting bacterial cells , Bacterial viruses. from www.shutterstock.com

Courtesy of John Bergeron, McGill University

Today, the scientific community is aghast at the prospect of gene editing to create “designer” humans. Gene editing may be of greater consequence than climate change, or even the consequences of unleashing the energy of the atom.

...

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Mapping The Market

Trump: "I Won't Be Here" When It Blows Up

By Jean-Luc

Maybe we should simply try him for treason right now:

Trump on Coming Debt Crisis: ‘I Won’t Be Here’ When It Blows Up

The president thinks the balancing of the nation’s books is going to, ultimately, be a future president’s problem.

By Asawin Suebsaeng and Lachlan Markay, Daily Beast

The friction came to a head in early 2017 when senior officials offered Trump charts and graphics laying out the numbers and showing a “hockey stick” spike in the nationa...



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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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