Rolling US Economy Into The Shitbin Thread

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http://www.google.com/pfetch/dchart?s=DJI http://img237.imageshack.us/img237/5648/dollarohnopq6.png

here we go guys

El Tomboto, Thursday, 18 October 2007 23:44 (thirteen years ago) link

http://bigpicture.typepad.com/comments/2007/10/more-inflation.html

El Tomboto, Thursday, 18 October 2007 23:44 (thirteen years ago) link

personally I'm applying for a civil servant position ASAP

El Tomboto, Thursday, 18 October 2007 23:45 (thirteen years ago) link

Just FYI, during the 1930s depression, many civil servants were paid with vouchers rather than cash, because local governments were unable to collect property taxes and their receipts fell into the shitbin.

Aimless, Friday, 19 October 2007 00:12 (thirteen years ago) link

Economy's doing poorly enough as it stands, why do we deliberately want to roll it into the shitbin?

Abbott, Friday, 19 October 2007 00:14 (thirteen years ago) link

Because that way Hillary can rescue us all.

Dandy Don Weiner, Friday, 19 October 2007 00:17 (thirteen years ago) link

lol property taxes

El Tomboto, Friday, 19 October 2007 00:18 (thirteen years ago) link

shitbin's a great word, BTW.

Dandy Don Weiner, Friday, 19 October 2007 00:20 (thirteen years ago) link

you been loving my thread titles lately

El Tomboto, Friday, 19 October 2007 00:26 (thirteen years ago) link

i came to this country some time ago with little more than a crippling debt burden in GB Pounds and the shirt on my back. i used to have to send back $1,200 each month to pay off my UK debt, and now I'm sending back over $1,400 to cover the same amount of debt repayment. that's two and a half thousand dollars disappearing from my tiny disposable income every year, for no explicable reason. i *heart* the decline of the US economy.

Roberto Spiralli, Friday, 19 October 2007 00:27 (thirteen years ago) link

anyway why start this thread now because the bit where ritholtz points out that domino's pizza can't print new menus fast enough to keep up with inflation was pretty fucking amazing

I wish rasheed wallace was still around to show us the latest and greatest exploding bubble blogs

El Tomboto, Friday, 19 October 2007 00:28 (thirteen years ago) link

wow Roberto that was some shitty timing, that sucks

El Tomboto, Friday, 19 October 2007 00:29 (thirteen years ago) link

This was in the paper today:

Mortgage defaults

Hit an annual rate of 1.5 million in September. That compares with 900,000 last year from fewer than 800,000 in 2005. At the current rate, more than one million Americans will lose their homes to foreclosure, making this the worst housing recession since the Second World War.

Housing starts

Sank to a 14-year low of 1.19 million in September. Starts are a vital economic engine, creating jobs and growth as people stuff their homes with sofas and TVs. Starts peaked at 2.3 million in early 2006, and the decline will be a drag on the rest of the economy until the slide stops.

Mortgages

A quarter of the roughly 50 million U.S. home mortgages are subprime. That's seven times the number of high-risk mortgages there were in 2001. That means that many more marginal homeowners have mortgages, making it far more likely they'll wind up in default.

House prices

Fell 3.2 per cent in the second quarter. Prices are falling faster and more broadly than they have in decades, according to the closely watched Case-Shiller index.

http://www.theglobeandmail.com/servlet/story/LAC.20071018.IBUSECONOMY18/TPStory/Business

everything, Friday, 19 October 2007 00:29 (thirteen years ago) link

where the hell is rasheed anyway?

economic blogs I read (they're all fairly liberal):

http://calculatedrisk.blogspot.com/
http://angrybear.blogspot.com/
http://delong.typepad.com/sdj/
http://www.marginalrevolution.com/marginalrevolution/
http://bigpicture.typepad.com/
http://www.janegalt.net/

Dandy Don Weiner, Friday, 19 October 2007 00:37 (thirteen years ago) link

In regard to inflation, in the USA during the past three years inflation has been soaring - but almost entirely in the housing sector. The fact that people are encouraged to see their houses as investments rather than as expenses doesn't mean that skyrocketing housing costs weren't inflationary. They were.

As the bubble market bursts, I predict a recession with an extra added bonus of inflation running close to 10% - before the end of 2008. As it has for the past 30 years, the official CPI will understate the real inflation rate. It was rigged under Reagan so that government entitlement programs indexed to the CPI would not increase at the true pace of inflation.

If Bush continues to shovel shit on the dollar right up to the end of his term in January 2009, the inflation rate could hit 15%-20% by 2010.

Aimless, Friday, 19 October 2007 00:55 (thirteen years ago) link

There are some good economics articles put up here as well:
http://www.VoxEU.org

stet, Friday, 19 October 2007 01:02 (thirteen years ago) link

Which shit on the dollar are you referring to?

Dandy Don Weiner, Friday, 19 October 2007 01:02 (thirteen years ago) link

As the bubble market bursts, I predict a recession with an extra added bonus of inflation running close to 10% - before the end of 2008.

lol

aaaaaaaaaaaaaaaaaaaaaaaaaa, Friday, 19 October 2007 06:11 (thirteen years ago) link

this is why i live in canada!

J0rdan S., Friday, 19 October 2007 06:13 (thirteen years ago) link

oh wait.

J0rdan S., Friday, 19 October 2007 06:13 (thirteen years ago) link

Guys, this is a good time stay in academia right?

Catsupppppppppppppp dude 茄蕃, Friday, 19 October 2007 11:51 (thirteen years ago) link

It's a good time to learn a European language.

Nubbelverbrennung, Friday, 19 October 2007 13:33 (thirteen years ago) link

Prime shit examples:

When Bush was elected in 2000, the federal budget was in surplus and the national debt was being paid down. Had this state of affairs continued, as projected, it would have led both to lower interest rates and a strong dollar, together. Instead, Bush submitted a series of enormous tax cuts to the Republican-controlled Congress and lobbied them through. Immediately, the CBO's projected budget surpluses turned to projected deficits for the next decade.

Bush also initiated a war of choice, not necessity, in Iraq. This war has already cost well over $700 billion. Yet, Bush insisted on making his tax cuts permanent. Overall, the national debt has increased under Bush by about $2 trillion in seven years. This represents a difference of about $3 trillion of debt from what was projected at the start of his first term.

Because, due to Bush's tax cuts and other policies, the Federal government was in a far weaker position to stimulate the economy when the recession started after 9/11, almost the entire stimulus was delivered via lower interest rates. Because these rate cuts were artificial, and not based on a stronger dollar, this stimulus not only inflated the current housing bubble, but it also undercut the dollar even more than the ballooning national debt did.

Now the dollar is at an all-time low against the euro and the canadian dollar. However, the incomes of the top 10% of American households have increased at a good clip, while the lower 50% of households have seen a decrease in income after inflation. This is largely thanks to Bush's shitty policies. I expect more of the same mismanagement until he is gone.

Aimless, Saturday, 20 October 2007 18:36 (thirteen years ago) link

I agree with everything you've just said. You're predictions still seem a tad extreme on the downside though, if I may so.

aaaaaaaaaaaaaaaaaaaaaaaaaa, Saturday, 20 October 2007 18:50 (thirteen years ago) link

i wonder if income inequality will ever arrive as a political issue in this country. americans tend to not begrudge the rich - so it'll have to be more of a "for everyone's good" type of angle. no?

jhøshea, Saturday, 20 October 2007 18:54 (thirteen years ago) link

I remember the 1970s and early 80s quite well. Back then people couldn't belileve it, either. Bush has done a bangup job of recreating many of the same policy errors under Johnson and Nixon that led to raging stagflation back then, except the underlying economy is now weaker than it was in the 1970s and the oil shocks we are likely to get are not political, as when OPEC was formed, but structural.

Oil will exceed $100/barrel some time this winter. The ever-weakening dollar will lead to smaller profit margins and rising retail prices on all imported goods (which means almost everything we buy in the USA). Transport costs will rise with pil prices. Stock prices will erode along with profits. With so many savings tied up in stocks and home equity, consumer spending will be crunched, and personal debt and bancruptcies will rise like a tide. Businesses will retrench and unemployment will rise. No end in sight.

I hope I am wrong.

Aimless, Saturday, 20 October 2007 19:07 (thirteen years ago) link

Anyone want to join my modern-day James Gang? We shall ride across the lower Midwest, robbing and pillaging.

milo z, Saturday, 20 October 2007 19:09 (thirteen years ago) link

sounds fun

jhøshea, Saturday, 20 October 2007 19:13 (thirteen years ago) link

Sorry, I don't want to relocate. But this scheme sounds ripe for franchising.

Aimless, Saturday, 20 October 2007 19:14 (thirteen years ago) link

Oil will exceed $100/barrel some time this winter. The ever-weakening dollar will lead to smaller profit margins and rising retail prices on all imported goods (which means almost everything we buy in the USA). Transport costs will rise with pil prices. Stock prices will erode along with profits. With so many savings tied up in stocks and home equity, consumer spending will be crunched, and personal debt and bancruptcies will rise like a tide. Businesses will retrench and unemployment will rise. No end in sight.

I hope I am wrong.

-- Aimless, Saturday, 20 October 2007 19:07 (14 minutes ago) Link

The coming of $100/barrel oil is not Bush's fault. It's yours and mine and everyone else's for using too damned much energy. I agree Bush could and should have done a lot more with policy to encourage energy efficiency, but there's little he could have done to stop oil's eventual rise to that price level.

Hurting 2, Saturday, 20 October 2007 19:26 (thirteen years ago) link

Part of the pricing of oil represents the weakness of the dollar. This hurts the USA more than it does other countries. US citizens are paid in dollars and the US government collects revenue in dollars, so they are stuck. EU countries can use euros to buy increasingly cheap dollars, so they don't see the same rise in prices as we do. The weakness of the dollar is mainly Bush's fault.

Aimless, Saturday, 20 October 2007 19:31 (thirteen years ago) link

The US also uses way more oil than other countries.

Hurting 2, Saturday, 20 October 2007 19:33 (thirteen years ago) link

he could have done to stop oil's eventual rise to that price level.
Not starting a war in Iraq would definitely have helped here.

stet, Saturday, 20 October 2007 19:57 (thirteen years ago) link

arrgh, if that won't work then
http://calculatedrisk.blogspot.com/2007/10/imf-mortgage-reset-chart.html

El Tomboto, Monday, 22 October 2007 17:47 (thirteen years ago) link

tombot u r freakin me out

gff, Monday, 22 October 2007 17:50 (thirteen years ago) link

i hope my small apartment + modest savings plan + job in "information services" is enough to weather the shitstorm, if it comes. i got myself out of credit card debt a few months ago, at least

gff, Monday, 22 October 2007 17:53 (thirteen years ago) link

well if you can hold down a job and don't have to worry about an ARM reset you should be okay, it's the homeowner with kids and a subprime loan and two cars who ought to be shitting themselves

El Tomboto, Monday, 22 October 2007 17:58 (thirteen years ago) link

apart from some student loans and binging on credit cards over a few years, i'm kind of debt phobic.

which has actually made me lose out over the past several years, i realize, since i pay for EVERYTHING with a debit/check card... i could have just paid that balance on a credit card with some rewards scheme and has some air miles or something

gff, Monday, 22 October 2007 18:00 (thirteen years ago) link

rolling gff personal finances into the shitbin thread, ha

gff, Monday, 22 October 2007 18:01 (thirteen years ago) link

This will give you a boner Tombot

http://nymag.com/guides/money/2007/39952/

Dandy Don Weiner, Wednesday, 31 October 2007 11:30 (thirteen years ago) link

the economy increased by 3.9% this quarter! bull market forever, baby. economy's better than ever. golden age.

yet me and so many people I know are getting laid off next month. granted we're all in the writing/design field, but urhhhhh. gggg.

burt_stanton, Wednesday, 31 October 2007 14:58 (thirteen years ago) link

http://nymag.com/guides/money/2007/catastrophist071105_560.jpg
http://nymag.com/guides/money/2007/catastrophist071105_2_560.jpg

^^^ lol

most of that guy's scenario is not really news to regular bigpicture/CR readers I don't think. But #5, the "we don't pay attention" thing, yeah, well, evidently the awareness campaign is underway, but hell if the big players are paying attention.

He also leaves out the approaching demographic catastrophe as millions of inexperienced thirtysomethings and even some late-twenties kids are forced to move into arguably tougher jobs that the boomers have been holding for two decades. Beyond the social security and healthcare costs associated with mass retirement, I don't really know if this generation has the work ethic and definitely not the rolodex to just start filling in and not fuck up royally. too busy updating their linkedin pages.

El Tomboto, Wednesday, 31 October 2007 15:11 (thirteen years ago) link

can someone explain what "being upside down on your mortgage" means, in plain English?

Tracer Hand, Wednesday, 31 October 2007 16:14 (thirteen years ago) link

essentially, owing more than your home is worth.

Dandy Don Weiner, Wednesday, 31 October 2007 17:10 (thirteen years ago) link

also Tombot I'm not going to blame this generation as much as I blame their parents.

Dandy Don Weiner, Wednesday, 31 October 2007 17:11 (thirteen years ago) link

isn't that the way people buy homes? by paying for the privilege of a loan?

Tracer Hand, Wednesday, 31 October 2007 17:12 (thirteen years ago) link

When you enter into a contract with a bank for a mortgage, both you and the bank assume that the property value will not plummet. The bank doesn't want you to default any more than you want to default. But if for whatever reason you need to sell your home, and you can't get what you owe on it, then you will owe the difference to the bank. And the bank knows that when that happens, you probably will not have enough assets to cover the difference.

Predatory-type loans (which seems like a nebulous description to me) typically compound the problem because they have higher transaction rates (points, etc.)

Dandy Don Weiner, Wednesday, 31 October 2007 17:17 (thirteen years ago) link

oh certainly! well played baby boom letting healthcare slide for the 20 years you've owned the electorate

El Tomboto, Wednesday, 31 October 2007 17:18 (thirteen years ago) link

yeah Tracer it's also called "negative equity"

El Tomboto, Wednesday, 31 October 2007 17:19 (thirteen years ago) link

You know there are other countries that are better run than the US, right?

𝔠𝔞𝔢𝔨 (caek), Thursday, 20 August 2020 20:06 (five months ago) link

yeah but I don't live in one!

sarahell, Thursday, 20 August 2020 20:08 (five months ago) link

Like I know you are skeptical of government involvement because US government at all levels is incompetent and corrupt, but it honestly doesn’t have to be that way!

𝔠𝔞𝔢𝔨 (caek), Thursday, 20 August 2020 20:09 (five months ago) link

it's like me telling someone who lives in Chicago -- You know there are cities with nice weather for most of the year, right?

sarahell, Thursday, 20 August 2020 20:09 (five months ago) link

We don’t vote on the weather

𝔠𝔞𝔢𝔨 (caek), Thursday, 20 August 2020 20:10 (five months ago) link

Like I know you are skeptical of government involvement because US government at all levels is incompetent and corrupt, but it honestly doesn’t have to be that way!

― 𝔠𝔞𝔢𝔨 (caek), Thursday, August 20, 2020 1:09 PM (three minutes ago)

I don't entirely disagree with you.

sarahell, Thursday, 20 August 2020 20:13 (five months ago) link

Basically it sounds like what you are describing could totally work and not necessarily require every investor to put in a lot of money -- it would be the equivalent of real estate investment company (either trust or partnership) that people could buy shares in, but the enterprise would focus on stable affordable housing for disenfranchised people. This is kind of along the lines of what I was talking about earlier ... maybe I'm misreading idk

― sarahell, Thursday, August 20, 2020 2:57 PM (thirteen minutes ago) bookmarkflaglink

yay community land trusts!

methinks dababy doth bop shit too much (m bison), Thursday, 20 August 2020 20:15 (five months ago) link

yay someone else who knows about and says yay community land trusts!

sarahell, Thursday, 20 August 2020 20:16 (five months ago) link

i really want to start one/participate in one once we are in a position to do that

methinks dababy doth bop shit too much (m bison), Thursday, 20 August 2020 20:23 (five months ago) link

Haha - I was wondering if my posts would come up as the whole "how is investing in stocks ethical?" debate happened again. One reason I don't post more is I feel pretty inarticulate in the internet message board format and it is cringe-inducing to read my old posts.

Very happy to see community land trusts come up. My spouse (the one wanting me to play the stocks game because her dad and brother-in-law are both super into it), works for a community land trust. Shit is awesome. I didn't know what they were until recently. Things like that give me hope in the face of all the "that's just the way the system is, pal - you gotta look out for #1".

SA, Monday, 24 August 2020 16:55 (four months ago) link

so talk more about that? how does one invest in a community land trust and what's the return?

Fuck the NRA (ulysses), Monday, 24 August 2020 17:55 (four months ago) link

SA, i think I confused some of chief k.'s sentiments with some of yours. When i went back to find your posts, it wasn't what I had remembered. also,I don't really think that being good at sports betting or fantasy sports? (this thread is too big for me to go back again to find it) is a good reason to start daytrading. Or because your spouse is seeing her other family members do it. It's work and risk/stress and time. But it's not a terrible thing for both of you to learn together to see if it's something you both would want to do after knowing more of the logistics.

Yerac, Monday, 24 August 2020 18:05 (four months ago) link

Oh good. Yeah the Chief was coming in blasting some aggro stuff at the same time. I agree about the fantasy football correlation - I don't see it at all. Just something my wife mentioned in passing once. I guess it all seems like predicting numbers to her.

My wife is a freelance development/fundraising consultant and most of her current work is for Atlanta Land Trust. She's only been working there for a couple months (this happened after my round of "are stocks ethical?" posts) but we were both super excited about this place. Doesn't seem to have much info on investing but this is it: https://atlantalandtrust.org/get-involved/i-am-an-investor-or-philanthropist/

(And as some of you might remember from last time, I am personally not really in the financial place to look for somewhere to chuck my money - I was only curious about it from an ethical standpoint.)

SA, Monday, 24 August 2020 19:51 (four months ago) link

xxp there is no "investment" or "return" so to speak, you buy it and remove it from the market so that it cannot be sold iirc? it's been a couple decades since I knew people with one

the house I owned with a friend was set up as a revocable living trust for some of the same reasons, but that's a different beast

sleeve, Monday, 24 August 2020 21:46 (four months ago) link

ah so it's government sponsored, not private

Fuck the NRA (ulysses), Monday, 24 August 2020 21:47 (four months ago) link

it could be a private non-profit or gov (there are some city-owned)

methinks dababy doth bop shit too much (m bison), Monday, 24 August 2020 21:49 (four months ago) link

i know its lol jacobin but this is p good: https://www.jacobinmag.com/2019/07/community-land-trusts-clts-problems

methinks dababy doth bop shit too much (m bison), Monday, 24 August 2020 21:52 (four months ago) link

there is no "investment" or "return" so to speak, you buy it and remove it from the market so that it cannot be sold iirc?

yeah, in general that's correct. There are certain "land trust adjacent" orgs that will pay interest to investors who put up capital to buy, build, or renovate a property that is or will be part of the land trust ... rather than getting a traditional bank loan. Sometimes traditional lenders won't agree to finance these properties. The main concept is the land trust owns the land beneath the building, so an owner can't sell their home to whomever they want because they don't own it outright. It's a model for long-term/permanent affordable housing with the element of ownership as opposed to the residents all being renters. Though, in practice, there will sometimes be a mix of owner-occupied and tenant-occupied units.

horrorshow hidden text (sarahell), Tuesday, 25 August 2020 01:43 (four months ago) link

yes, on a smaller scale I've seen a bunch of hippie communes in Oregon use it as a purchase model

sleeve, Tuesday, 25 August 2020 01:58 (four months ago) link

tried to read that jacobin article but was def beyond me. can someone break it down for this simpleton?

Nhex, Tuesday, 25 August 2020 02:00 (four months ago) link

Funding a CLT’s operations then becomes one of the primary motivators of the organization. And as HUD funding dwindles, securing coveted HOME or Community Development Block Grant (CDBG) awards has become a highly competitive process requiring formulaic objectives, exact budgets, and absurdly regimented financial record-keeping practices.

This is basically describing most professional non-profit orgs -- tbh -- except it's housing instead of education or health care or the arts ... basically the author seems to have a problem with the professionalized structure of the work. This is a common problem for grassroots activists, as well as academics, like the author, who somehow want community work to not require paperwork and regimented record-keeping and the bureaucratic processes and hoops that the author undoubtedly has experienced, considering they did a PhD.

*reads further*

oh okay, they are bringing up the non-profit structure in general and how it often leads to chasing grants and pleasing funders and losing sight of "the mission" and "the community" ... again, maybe it's because I've worked in different kinds of non-profits that I was hoping to see something about how land trusts differ from arts institutions or schools in terms of how this structure makes them being problematic. ... more specific details ... but this generally reads like a critique of the common issues re non-profit institutions with land trusts as a "case study" ... it's a decent summary of those issues, actually. I have just, read a lot of similar things already on that topic, so that I, personally, in my esoteric nerdy way, am annoyed and disappointed with this article.

* reads further *

omg -- East Bay PREC hahahahah -- that group spent an absurd amount of time "incubating" with "venture capital" to develop a "business plan" ...or something like that (definitely not an example of grassroots DIY oppositional leftists like the Civil Rights workers from the 60s that are the author's ideal) ... EBPREC look realllllllly good on paper / website.

Because these community investment models require complex legal structures and involve ownership of significant assets, some level of professionalism and sound financial practices are still important to making them work

really? whoaaaaaaaaaaaa

Oakland CLT’s vision for acquiring multiple community-financed sites in partnership with a set of mission-aligned local organizations may indeed light the way for other CLTs struggling with the tensions between grant funding and community control.

yeah, that org is pretty legit. ... I don't want to be a hater of this article tbh ... some of their properties are standard residential housing though, but the one I'm familiar with is kinda an artists' live/work building ... both that building and the Hasta Muerte building the link talks about have structural (lol) problems that need to be fixed that are potentially very expensive and are the sort of thing that traditional funding/financing tends to avoid because of risk. The one the article talks about is Unreinforced Masonry which could entail a major seismic retrofit

*reads to the end*
lol of the two orgs the author cites as models, one is the org they work with.

It's actually a decent article tbh. Sorry.

horrorshow hidden text (sarahell), Tuesday, 25 August 2020 02:24 (four months ago) link

i mean i DID say "lol jacobin" didnt i

methinks dababy doth bop shit too much (m bison), Tuesday, 25 August 2020 02:36 (four months ago) link

tried to read that jacobin article but was def beyond me. can someone break it down for this simpleton?

The original model for the community land trust were entities set up during the 1960s by Civil Rights workers to make sure that black southerners could legally own and maintain property. These entities gave the black people relative autonomy in terms of how they used the land and how they organized themselves. This was good.

Then land trusts became a trendy model to combat gentrification in hip cities. They became professionalized non-profit organizations that focused on getting grants from government and rich foundations. These grants have a lot of rules and paperwork and require knowledge of law and accounting. Because of this, these land trusts operate more like businesses and care more about the needs and interests of the entities giving them money than the needs and interests of the poor people who live in the properties they own. This is bad.

Other newer land trusts are doing things somewhat differently to give the residents/users of the land trust properties more autonomy and input into the management/use of the property. One of them is the land trust the author works for. Two others are in Oakland, CA. However running a land trust is challenging because it is a complex model that involves large sums of money, so after all, it does require skilled management and knowledge of law and accounting. But, still, it's really important to actually focus on the people/communities your land trust was set up to serve.

horrorshow hidden text (sarahell), Tuesday, 25 August 2020 02:41 (four months ago) link

appreciate the effort to explain. i'm rather unfamiliar with both land trusts and non-profit bureacracy

Nhex, Tuesday, 25 August 2020 02:44 (four months ago) link

non-profit bureaucracy is not that much different from corporate bureaucracy tbh.

Basically, in practice, a lot of land trusts work like a condo HOA except they also regulate the sales of the property and ensure that the prices remain relatively affordable to the new owner.

horrorshow hidden text (sarahell), Tuesday, 25 August 2020 02:54 (four months ago) link

I don't think it's just a California thing, but it was interesting that the author talked about CDBG and HOME funds and didn't mention stuff like local bond funds ... which are local/regional grants. The community land trusts I know of (and similar orgs that do development) mostly are getting money from those, and not federal stuff like CDBGs.

horrorshow hidden text (sarahell), Tuesday, 25 August 2020 02:58 (four months ago) link

High-speed traders are now building shortwave radio stations and applying for broadcast licenses for datacasting their trades into NYC

Admittedly it's technically clever, but gruesome in a "so it's come to this" way.

Elvis Telecom, Sunday, 30 August 2020 23:57 (four months ago) link

https://www.theatlantic.com/ideas/archive/2020/08/gofundme-economy-was-never-going-work/615457/

The answer that virtually every other rich country has figured out: The government should act like a government, like its job is to provide these things. It should replace people’s income when a recession hits, and help businesses struggling through no fault of their own. It should guarantee simple, affordable access to medical care. It should provide child care and public education for families. And it should invest in trains and buses and classrooms. Fighting recessions and building public infrastructure, including care, health, and educational infrastructure—this should not be the work of citizens. When it is, let’s acknowledge that’s a tragedy.

well when you put it like that ...

𝔠𝔞𝔢𝔨 (caek), Monday, 31 August 2020 05:09 (four months ago) link

Elvis, what is the benefit of using shortwave radio instead of the traditional methods high-speed traders use? Does it somehow obscure the trade? Wouldn't the exchange still have a record of the trade?

trunk's full of pearl and lonestar (PBKR), Monday, 31 August 2020 11:41 (four months ago) link

Speed for high frequency trading presumably. Each hop/router introduces milliseconds. A direct radio link is limited by the speed of light

𝔠𝔞𝔢𝔨 (caek), Monday, 31 August 2020 14:56 (four months ago) link

Ah, thanks.

trunk's full of pearl and lonestar (PBKR), Monday, 31 August 2020 18:07 (four months ago) link

people have been working on this shortwave concept for trading for awhile now...let's just say there have been a lot of complications along the way.

I guess people don't realize the impact of speeds and feeds in trading. But there has been an arms race going on for a decade or more and the stakes are very, very high.

Ira Einhorn (dandydonweiner), Monday, 31 August 2020 20:26 (four months ago) link

also fwiw direct radio link is also limited by interference (which is not generally trivial in use cases like this) but I guess that's sort of obvious

Ira Einhorn (dandydonweiner), Monday, 31 August 2020 20:28 (four months ago) link

there's a great episode of the Michael Lewis podcast (Against The Rules) about this stuff - https://atrpodcast.com/episodes/the-magic-shoebox-s1!33643

Li'l Brexit (Tracer Hand), Monday, 31 August 2020 21:31 (four months ago) link

https://www.theatlantic.com/ideas/archive/2020/08/gofundme-economy-was-never-going-work/615457/

The answer that virtually every other rich country has figured out: The government should act like a government, like its job is to provide these things. It should replace people’s income when a recession hits, and help businesses struggling through no fault of their own. It should guarantee simple, affordable access to medical care. It should provide child care and public education for families. And it should invest in trains and buses and classrooms. Fighting recessions and building public infrastructure, including care, health, and educational infrastructure—this should not be the work of citizens. When it is, let’s acknowledge that’s a tragedy.
well when you put it like that ...

― 𝔠𝔞𝔢𝔨 (caek), Monday, August 31, 2020 1:09 AM (sixteen hours ago) bookmarkflaglink

gofundme is a pathetic replacement for a welfare state. and tbh it’s way worse than charity. so many of the successful gofundmes i see are for hot or well-connected people in a mild financial pickle; the model transparently favors people who are in a favorable high-centrality position in a social network rather than who is in most need

flopson, Monday, 31 August 2020 21:47 (four months ago) link

otm

sarahell, Monday, 31 August 2020 22:55 (four months ago) link

Hence why my own parents who actually were at risk of going under could barely raise $70 (leaving my brother and I to foot the bill), but my brother's then-girlfriend raised thousands for a trip to Germany for an experimental medical procedure by funneling it through her church.

Later it came out that the money was, shall we say, not used in the way the GoFundMe stated. One reason they're not together rn.

pass the cur's dossier (Neanderthal), Tuesday, 1 September 2020 00:00 (four months ago) link

four weeks pass...

Jesus

BREAKING: Disney to layoff 28,000 employees as coronavirus slams its theme park business https://t.co/L23JdMXsXA

— CNBC Now (@CNBCnow) September 29, 2020

𝔠𝔞𝔢𝔨 (caek), Tuesday, 29 September 2020 21:24 (three months ago) link

It's the second to last day of the fiscal year where I work. My co-worker got laid off along with 186 others in my position. So bad, all the news all the time.

a certain derecho (brownie), Tuesday, 29 September 2020 23:02 (three months ago) link

That's about 36% of the entire Disney World workforce. Holy fucking shit.

longtime caller, first time listener (man alive), Tuesday, 29 September 2020 23:55 (three months ago) link

Oh I guess those aren't exclusively park employees but still, that's a lot of employees

longtime caller, first time listener (man alive), Tuesday, 29 September 2020 23:56 (three months ago) link

I saw that...Grim news from the happiest place on earth.

Andy the Grasshopper, Tuesday, 29 September 2020 23:59 (three months ago) link

It's actually impressive they didn't do these layoffs sooner tbh ... though maybe not in a good way? If they'd done it sooner the employees could have gotten the extra unemployment benefits?

sarahell, Wednesday, 30 September 2020 15:31 (three months ago) link

Were they continuing to pay for non-wage benefits during the furlough? One of the bartenders where I work worked at Disneyland and was hoping they'd call her back soon -- I'll ask her.

(show hidden tics) (WmC), Wednesday, 30 September 2020 16:08 (three months ago) link

two months pass...

https://www.bloomberg.com/news/articles/2020-12-18/the-world-s-cfos-have-a-dire-message-for-real-estate-investors

“That’s the key rationale for buying real estate. Most landlords are in effect pension and insurance funds and ultimately that’s who is going to be paying for it,” said Adrian Benedict, head of real-estate solutions at Fidelity International in London. “If the whole central tenet of security of income is undermined through this crisis, you are storing up a world of trouble.”

howls of non-specificity (sleeve), Friday, 18 December 2020 22:17 (one month ago) link

Individual security rests on the strength of the social contract far more than the premise that rentier income is inviolate.

Respectfully Yours, (Aimless), Friday, 18 December 2020 22:22 (one month ago) link

commercial real estate investors getting fucked over should have been priced in for a while imho

then again WeWork

sound of scampo talk to me (El Tomboto), Friday, 18 December 2020 23:55 (one month ago) link

ding ding ding

howls of non-specificity (sleeve), Friday, 18 December 2020 23:57 (one month ago) link

three weeks pass...

This is wild

https://finance.yahoo.com/news/penny-stock-zomedica-jumps-250-after-someone-paid-netflix-star-carole-baskin-299-for-a-mention-225328904.html

(particularly since the Signal story at the end is wrong - Elon Musk tweeted about it on Thursday, the wrong stock went up, Signal tweeted that it was the wrong stock on Friday and the stock went further up)

Andrew Farrell, Wednesday, 13 January 2021 18:24 (one week ago) link

stock market is a shell game shocker

the serious avant-garde universalist right now (forksclovetofu), Wednesday, 13 January 2021 18:32 (one week ago) link


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