News: Real Estate, Risk, Economics. June 26, 2016

Linking ≠ endorsement.

Table of Contents
(Click to sections below.)

1) 5 More Things Everyone Should Know About Condo Ownership (But No One Tells You)

2) Greenland Hits Record 75°F, Sets Melt Record As Globe Aims At Hottest Year | ThinkProgress

3) Fed Warns of Vulnerabilities Building in Commercial Real Estate – Bloomberg

4) The Myth of Austerity and Growth – Bloomberg View

5) Why the Fed has a rate-setting problem – CBS News

6) Independence woman sentenced in arson, insurance fraud case | Local News – KMBC Home

7) Prominent Economists who advocate Public Money Creation – Summary – Positive Money

8) IMF cuts estimates for US economic growth and points to worsening long-term trends – World Socialist Web Site

9) Home prices rising faster in Washington than in any other state | The Seattle Times

10) Professor Bill Mitchell interview – Valencia, May 11, 2016 – YouTube

11) Just Where is the Housing Market Heading?

12) REFILE-UPDATE 1-Dodd, Frank blast ruling that MetLife not too big to fail | Reuters

13) Cuomo signs omnibus 'zombie properties' bill – Capitol Confidential

14) Surprise: REITs Aren't the Best Choice for Real Estate Cash Flow – TheStreet

15) Real estate agents get new code of ethics | HousingWire

16) Fort Myers firm uses 3-D scans for realistic real estate tour

17) Hillary Clinton Criticizes Donald Trump for One of the Few Things He Is Right About

18) Post-Brexit Britain: a deregulated pariah state | Flip Chart Fairy Tales

19) Brexit: economists dangerously irrelevant — Prime Economics

20) mainly macro: The triumph of the tabloids

21) Britain's Democratic Failure

22) EU Basics — Your Guide to the UK Referendum on EU Membership | professorwerner

23) Brexit: The Morning After – The New York Times

24) Despite a Housing Recovery, Middle-Income Families Are Increasingly Losing Ground on Affordability – Real Time Economics – WSJ

25) LA Times – Deadly Kern County wildfire grows to 46 square miles — and it's barely contained

26) West Virginia flooding: At least 23 dead, governor says – CNN com

27) How Brexit could push mortgage rates to historic lows – The Washington Post

28) mainly macro: Just how bad will Brexit be, and can it be undone?

29) Regling: Varoufakis' FinMin tenure cost Greece 100 bln euros | Business | ekathimerini com

30) Making the Eurozone more resilient: What is needed now and what can wait? | VOX, CEPR's Policy Portal

31) In Which I Call for Academic Scribblers and Funct Economists to Enter into Utopian Frenzy with Respect to the Institutional Design of the Eurozone

32) The Influence of Generation Z on CRE — NAI Global

33) Six Common Issues That Can Delay a Closing |

34) Revolts of the Debtors: From Socrates to Ibn Khaldun

35) Did the U.S. housing boom obscure a massive manufacturing bust?

36) The Day After — DiEM25

37) When companies track their climate emissions | Ensia

38) Amid Price Plunge, North American Oil and Gas Workers Seek Transition to Renewable Sector

39) Leave campaign rows back on key immigration and NHS pledges | Politics | The Guardian

40) 7 reasons why some Europeans hate the EU – The Washington Post

41) What is article 50 and why is it so central to the Brexit debate? | Politics | The Guardian

42) Homeless student elected prom queen, graduates two years early | www ajc com

43) Remains Found, 150 Structures Destroyed in 57-Square-Mile Kern County Wildfire; 10 percent Containment Reached | KTLA

44) REAL ESTATE: Searching for affordable places to rent is no easy task – Press Enterprise

45) Settlement to Make Punitive Damages from 2010 Oil Spill Available to Claimants

46) Texas State Senator Sues Cowboys Player over Allegedly Trashed House

47) Dallas Adopts Harsher Penalties After Loose Pitbulls Kill Woman

  1.    5 More Things Everyone Should Know About Condo Ownership (But No One Tells You)

    It's actually worth reading.

    The things you need to know about condo ownership are not always obvious. Spare yourself from a bad investment by reading this article now.

    Add your comment. Including the article/link number will help.


  2.    Greenland Hits Record 75°F, Sets Melt Record As Globe Aims At Hottest Year | ThinkProgress

    Some of this is El Nino, which is dissipating, but still …

    Greenland has been shockingly warm this spring. That's not good news in a country covered with enough ice to raise sea levels more than 20 feet.

    Temps will go up and down and El Ninos will come a go (unless the system breaks), but the longterm trend is still up, up, up. It's not a hoax. It's not cause by the Sun (though the Sun does impact weather and climate). It's caused by humans burning carbon (coal, oil, gas, and even wood …). We must change and do so soon, very soon.

    Add your comment. Including the article/link number will help.


  3.    Fed Warns of Vulnerabilities Building in Commercial Real Estate – Bloomberg

    The Fed and the commercial-real-estate industry appear to be on the same page.

    I don't anticipate a crash but a slowdown.

    Add your comment. Including the article/link number will help.


  4.    The Myth of Austerity and Growth – Bloomberg View

    More often than not, I disagree with Noah Smith. This is not one of those times, though I think he's still being way too conservative even here.

    Frankly, austerity is completely and always unnecessary and damaging. It does not matter country-by-country.

    Perhaps Noah and I would first need to define austerity as each of us is using it. Having read Noah quite a number of times over the years now, I would be shocked if we define the term the same way right out of the box.

    Add your comment. Including the article/link number will help.


  5.    Why the Fed has a rate-setting problem – CBS News

    Mark Thoma:

    A third option is the use of "helicopter money," which involves a change in fiscal policy such as increased government spending or a tax cut financed by printing money rather than issuing government bonds.

    Theoretically, this is a powerful tool for stimulating the economy. However, it would require coordination between monetary and fiscal policymakers, and the difficulties associated with getting Congress to overcome political gridlock and endorse a particular policy would likely render this approach unreliable.

    However, rather than remove it from the table as an option simply because of political problems right now, sell it. Mark.

    Show the People how it would work or could work (all variants, not just Adair Turner's). Get them to demand its implementation along with the UBI (Universal Basic Income, multiples above the poverty line without abandoning other aspects of the welfare state that would still be needed by some).

    Add your comment. Including the article/link number will help.


  6.    Independence woman sentenced in arson, insurance fraud case | Local News – KMBC Home

    An Independence woman was sentenced to 3½ years in prison without parole for an arson and insurance fraud scheme.

    Add your comment. Including the article/link number will help.


  7.    Prominent Economists who advocate Public Money Creation – Summary – Positive Money

    Don't go with an idea just because "prominent" people have adopted it.

    Of all the faces I see in the linked post, not one had anything to do with swaying me to monetary financing of fiscal spending. The reason I know that is because I came to the idea independently before I knew of any of them advocating it.

    In fact, I think the post is mistaken about some of them but I'll leave that to those who are pictured to take that up with Positive Money themselves. If you read Frances Coppola there, you may see how she's actually saying that, right now, having the political fight wouldn't be worth it or necessary because interest rates are near zero. I don't agree with her, but still. I only mention her because she's actually quoted there.

    Some are definitely for it but none as radically as I am that I know of, with the possible exception of Billy Mitchell, who is pictured bottom-middle of the "Academics."

    Add your comment. Including the article/link number will help.


  8.    IMF cuts estimates for US economic growth and points to worsening long-term trends – World Socialist Web Site

    Socialists read and report on much the same info as the corporate mainstream media but do so for different reasons and with different conclusions in mind.

    The International Monetary Fund (IMF) has revised down its estimate of growth in the US economy for 2016 to 2.2 percent from the 2.4 percent it forecast in April and the 2.4 percent growth in 2015. The revision is in response to first quarter figures that showed the US economy grew at an annualised rate of just 0.8 percent in the first three months of the year, compared to 1.4 percent in the last three months of 2015.

    Add your comment. Including the article/link number will help.


  9.    Home prices rising faster in Washington than in any other state | The Seattle Times

    "Rents and home prices are increasing at the same time now, and we've never seen that," said Johnson, whose family has been in the Spokane real-estate industry for half a century. "Right now, there's nowhere to live."

    The Seattle metro area now has the lowest level of housing supply compared with demand of any region in the country, according to Redfin, meaning the scales are tipped dramatically in the favor of sellers.

    The region's total stock of homes for sale would sell out in one month, compared with the national average of more than three months.

    Add your comment. Including the article/link number will help.


  10.    Professor Bill Mitchell interview – Valencia, May 11, 2016 – YouTube

    Speaking of Billy Mitchell, here he is.

    Let me say that here, he's talking fiscal deficits, not monetary financing of public sector (governmental) spending.

    So, when he says you must run a deficit to offset the downturn in private spending, he's saying that within the context of not change in how the government funds itself.

    He knows about monetary financing, and I've heard him advocate what I had been advocating before I heard him, and that is that the government's treasury (in the case of the US, the US Treasury) act as THE bank (its own central bank), which means not borrowing but issuing the currency directly.

    There's plenty more to it, but that's why I mentioned earlier that Billy is a radical economist and is also correct.

    Keep in mind that he's talking about public sector jobs for the otherwise unemployed, which would be temporary employment until the private sector would reemploy them. Whereas, my plan is the UBI (Universal Income). We could do both though, which I actually do advocate.

    Add your comment. Including the article/link number will help.


  11.    Just Where is the Housing Market Heading?

    So much of the real-estate "news" just deals with tiny changes in one direction or the other or with psyching up the market or with selling real estate while under the cover of "news" that I just don't post that much real estate news, per se.

    It's hard to find newsworthy "news."

    If the latest industry developments offer any indication, the housing market is moving in a series of fits and starts, where every forward-reaching development is mirrored with troubling news. And while industry optimism remains solid, it is becoming increasingly obvious that too many problems are blocking any significant progress.

    Add your comment. Including the article/link number will help.


  12.    REFILE-UPDATE 1-Dodd, Frank blast ruling that MetLife not too big to fail | Reuters

    A federal court's striking down of thegovernment's designation of insurer MetLife Inc as"too-big-to-fail" could undermine efforts to head off anotherfinancial crisis, authors of the landmark Dodd-Frank Wall Streetreform law said.

    I don't know the details of the case enough to have an opinion either way.

    Add your comment. Including the article/link number will help.


  13.    Cuomo signs omnibus 'zombie properties' bill – Capitol Confidential

    A zombie property refers to an abandoned home that has been foreclosed upon by a bank yet is not tended to by anyone, often leading to blight. Under the legislation, banks will have a pre-foreclosure duty to maintain vacant and abandoned properties. Banks would incur daily fines if they don't maintain the properties.

    Add your comment. Including the article/link number will help.


  14.    Surprise: REITs Aren't the Best Choice for Real Estate Cash Flow – TheStreet

    What's not mentioned in this article that should be?

    I think that it should be said that turnkey providers are not under the same disclosure requirements that the publicly traded REITs are, not that REITs can't fail or that turnkey providers can't provide buyers with solid investments, relatively speaking.

    It's just that a higher level of due diligence should be employed when making a buy a REIT (or REITs) versus buy a turnkey property decision is being considered or made.

    Add your comment. Including the article/link number will help.


  15.    Real estate agents get new code of ethics | HousingWire

    The National Association of Exclusive Buyer Agents, an organization of companies dedicated to representing only buyers of real estate, announced its new set of rules by which its member[s] must abide.

    Add your comment. Including the article/link number will help.


  16.    Fort Myers firm uses 3-D scans for realistic real estate tour

    … the 3-D technology, which uses lasers to measure and map a house, is the best he's seen for showing a house in much the way a first-person point-of-view video game does.

    Add your comment. Including the article/link number will help.


  17.    Hillary Clinton Criticizes Donald Trump for One of the Few Things He Is Right About

    David Dayen:

    Blaming prior crises in Germany and Zimbabwe solely on money printing neglects the disastrous circumstances surrounding these countries. The Weimar Republic had unsustainable reparations payments forced upon them by the Allied leaders after World War I. Germany defaulted on these debts, and French and Belgian forces retaliated by occupying the Ruhr, a key industrial area. Germans in the region went on strike, causing a rapid decrease in industrial output, yet the government paid workers to reward their "passive resistance." These unusual factors generated hyperinflation.

    In Zimbabwe, the collapse of food production following land reforms to reverse the inequities of whites owning all the productive agricultural plots created mass unemployment. The government tried to paper over this catastrophe through the printing press, with predictable results.

    Neither case bears any resemblance to the United States … But invoking Germany and Zimbabwe isn't meant to be literally true. It's a shorthand designed to fearmonger about the dangers of deficits. By adopting such rhetoric, Clinton also adopts this fiscal straitjacket.

    Add your comment. Including the article/link number will help.


  18.    Post-Brexit Britain: a deregulated pariah state | Flip Chart Fairy Tales

    A post-Brexit Britain would become a deregulated pariah state, warns Adam Posen: In the face of a post-Brexit recession, a new government would scramble to be seen to act in retaining or creating jobs. Given the blow to trade and corporate investment, and ongoing uncertainty, it would be near impossible to do anything quick in…

    In my view, the UK deregulators will cause a huge mess. With the Germans not making the right moves in the EU and eurozone, the lack of democracy at that level will also cause failure.

    Europe and the UK will be forced to try again. They will have to turn to democracy, which they should have done the first time, as I said at the time.

    Leave or remain, were two bad options.

    Add your comment. Including the article/link number will help.


  19.    Brexit: economists dangerously irrelevant — Prime Economics

    Ann Pettifor:

    … the "experts" and the economic stories they tell, have been well and truly walloped by the result of this referendum. And rightly so, because while there is truth in the story that international co-operation and co-ordination is vital to economic activity and stability, there is no sound basis to the widely espoused economic 'religion' that markets — in money, trade and labour — must be unfettered, detached from democratic regulatory oversight, and must be trusted to 'govern' whole countries, regions and continents.

    Here's what I wrote and published immediately after it was announced that Brexit had prevailed:

    Out of the frying pan, into the fire: The EU was very poorly and anti-democratically designed; but, the City of London and the Tories will seek austerity, deregulation, further privatizations, and shrinking government (the welfare state) to "solve" things, which will only make things worse for the bulk of the people.

    Add your comment. Including the article/link number will help.


  20.    mainly macro: The triumph of the tabloids

    Simon Wren-Lewis:

    Did people just vote for the higher food and petrol prices that sterling's depreciation will bring? Of course not. Nor did they vote for a possible recession. They did vote for lower immigration, but only in a small minority of cases because they dislike immigrants. People thought less immigration would lead to a better NHS, more secure jobs and higher real wages. They may get lower immigration, in time, but they will certainly not get a better NHS [they won't because as Simon points out elsewhere, the taxbase will shrink relative to those using the service; the immigrant are younger and pay in more than they cost to medically treat] and substantially better working conditions as a result.

    So, that's all true; however, what about the severe lack of democracy at the EU level?

    I'm sorry, but things have to get worse before the People see the light and opt for union but with real democracy (transparency) as its foundation rather than technocracy for the sake of the elites.

    Add your comment. Including the article/link number will help.


  21.    Britain's Democratic Failure

    When I saw the article's title, I thought it might be about how undemocratic the UK is rather than that Kenneth would muddle foundational elitism and technocracy on one hand with real democracy on the other.

    Kenneth Rogoff:

    Since ancient times, philosophers have tried to devise systems to try to balance the strengths of majority rule against the need to ensure that informed parties get a larger say in critical decisions, not to mention that minority voices are heard.

    Oh dear, Kenneth is a snob. No, not really. He's not thinking as he does because he's a snob (though I don't know him personally) but because he's missing the bigger picture.

    Look, he almost states above why he's wrong. Let me make it clear. He said "ensure that informed parties get a larger say."

    The real issue is with information. Why are there more informed parties?

    Okay, some people don't have the educational background or even innate intelligence to comprehend and analyze everything in every field. However, we don't start with giving everyone all the transparent information he or she can handle and then let those people decide that they don't get it and that apparently those who do should make the decision. We don't give those first people the democratic say to opt to let others do that. What we have as a system is what the elitists have deemed to allow the great unwashed to know and no more.

    That's why the masses are vastly more in the dark and uninformed than they would otherwise be.

    I'm not with Kenneth on this at all but the exact opposite.

    The problem with democracy isn't majority rule, it's a lack of transparency and equal say, including concerning whom the people democratically choose to make the decisions.

    The US Constitution was not built upon that basis. It was conjured up under Kenneth's system, and it's a mess.

    By the way, Kenneth is an academic economist, not a political scientist (at least I don't think he is). Ironic if he isn't, right? Oh, he'd say he's read political philosophy and knows political scientists, etc. That's my point. He's been given information, not enough of it, but you get my point.

    Add your comment. Including the article/link number will help.


  22.    EU Basics — Your Guide to the UK Referendum on EU Membership | professorwerner

    Richard A. Werner:

    … the EU is the project to abandon all national sovereignty and borders within and melt away all European nations that don't succeed in exiting in time, into a merged, joint new single country, with one central European government, centralised European monetary policy, centralised European fiscal policy, centralised European foreign policy, and centralised European regulation, including of financial markets and banking. This United States of Europe, an undemocratic leviathan that the European peoples never wanted, is the culmination of the much repeated mantra of „ever closer union".

    Read the whole article. If you are new to such things, as most people are, it will be a real eyeopener for you.

    You see, the problem has always and everywhere been the lack of real democracy/transparency, not with the People being too stupid.

    Union is great but not at the expense of democracy. To have a true union requires real democracy.

    When will they ever learn?

    Add your comment. Including the article/link number will help.


  23.    Brexit: The Morning After – The New York Times

    So, here's Paul Krugman's take, which is more right than wrong concerning the economic impact (that people are wringing their hands too much) while not even mentioning the term "democracy" (the severe lack thereof) concerning the EU.

    Was that just a minor oversight, or does that really show Krugman's stripes? I'd say the latter.

    Add your comment. Including the article/link number will help.


  24.    Despite a Housing Recovery, Middle-Income Families Are Increasingly Losing Ground on Affordability – Real Time Economics – WSJ

    Last year marked the largest single-year jump — 1.4 million — in new renter households. That is good news for developers, who are planning to build the most new apartments in three decades. But it is also a sign that even as the housing market recovers, many households are still renting rather than buying due to the lack of availability of mortgages, challenges saving for a down payment and a shortage of affordable starter homes.

    I cannot figure out why developers are not clamoring for governmental subsidies to develop affordable rentals for the poor and middle class. There would still be profits in it for the developers. It would also be good for the overall economy, which would further benefit the developers.

    Add your comment. Including the article/link number will help.


  25.    LA Times – Deadly Kern County wildfire grows to 46 square miles — and it's barely contained

    Near this man-made lake about 45 miles northeast of Bakersfield, a 2-acre fire has grown to an inferno that stretches over 46 square miles, killing two people and destroying at least 100 homes and other structures.

    The cause of the fire is under a criminal investigation.

    Residents who live close to where the fire originated claimed they saw one or two men around where the flames ignited. Barbara Harper, 71, said she spotted the flames near her yard, called 911 and waited 10 minutes for firefighters to show up.

    Add your comment. Including the article/link number will help.


  26.    West Virginia flooding: At least 23 dead, governor says – CNN.com

    Breaks your heart:

    As heavy thunderstorms sent massive floods sweeping across West Virginia, at least 23 people died in the raging waters, state and federal officials said Friday.

    Add your comment. Including the article/link number will help.


  27.    How Brexit could push mortgage rates to historic lows – The Washington Post

    International and domestic investors alike drive mortgage interest rates through the mortgage-backed security market. Because these securities are considered relatively stable, they attract buyers when economies and markets elsewhere flounder. Mortgage rates are also heavily influenced by the yield on 10-year Treasury notes, and investors have flocked to them to escape turbulence in foreign markets. Together, they have driven down mortgage rates for Americans.

    These guys have been predicting higher rates year after year after year. I'm still waiting to see the bottom.

    Watch what Brexit contagion does. Watch what the election in Spain does. Watch when China can't keep pulling rabbits out of the hat. Watch if we get a military/war hawk as President and the "new cold war" gets hotter in the South China Sea and along the European border with Russia and elsewhere.

    Too bad cooler heads don't prevail until long after the hotheads destroy everything, but things appear to have to become much worse before we'll finally get real democracy.

    Hey, this blog is about risk and I'm simply telling it like it is.

    Add your comment. Including the article/link number will help.


  28.    mainly macro: Just how bad will Brexit be, and can it be undone?

    You know, I get all of this; but, Simon Wren-Lewis just is not democratic enough.

    I like him. He has a good heart. He really does want what's best for the whole of the People. He just doesn't trust them enough. He doesn't trust that it would be better to go back to the drawing board on Union and to design Union based on real, open, honest, direct democracy to the maximum extent practicable, which needs to be the People's decision arrived at via completely transparent and direct-democratic choice.

    Simon is an educator, and no doubt quite interesting and enlightening in class: lectures, discussions, etc. He has, however, been teaching in a narrow forum. That said, his blog shows a real willingness and desire to bring macro, etc., to the non-academics who are nevertheless interested.

    What needs to happen is that people in Simon's position need to be very, very loud and persistent that society open up the system and the discussion to include not just those who are naturally interested but those who don't even know that the subject matter exists.

    Until we have real democracy, we will not be free, any of us, not the poor, not the uber-rich, not the Queen, not Simon.

    Add your comment. Including the article/link number will help.


  29.    Regling: Varoufakis' FinMin tenure cost Greece 100 bln euros | Business | ekathimerini.com

    If anyone is offended by what I'm about to write here, that's his or her problem. I'm only writing the truth as best I am able.

    Yanis Varoufakis didn't cause the problems that all but destroyed the Greek economy. Nor was he responsible for any damage the continued or continues to this day, which damage is gigantic.

    Klaus Regling is peddling utterly false propaganda in an attempt to deflect criticism and to change the subject from those who are truly responsible for Greece's living nightmare/hell: the neoliberals and ordoliberals and their cronies who were running Greece before Yanis ever got anywhere near any political position.

    Yanis had a Plan B all set in place. That Plan should have been exercised by his Party. Rather than do the right and smart thing, the politicians in Yanis's Party pulled the rug out from under Yanis and caved into the neolibs and ordolibs who caused the disaster in the first place.

    Yanis is now working on creating democracy at the European level. Brexit just demonstrated why Yanis is as right as right can be on European-wide democratic union.

    Things will get worse before they get better, but Yanis will be vindicated on democracy.

    I'm not saying I agree with Yanis on everything. I don't, but he's right on democracy and European Union.

    Add your comment. Including the article/link number will help.


  30.    Making the Eurozone more resilient: What is needed now and what can wait? | VOX, CEPR's Policy Portal

    What are these people talking about?

    Richard Baldwin, Charlie Bean, Thorsten Beck, Agnès Bénassy-Quéré, Olivier Blanchard, Peter Bofinger, Paul De Grauwe, Wouter den Haan, Barry Eichengreen, Lars Feld, Marcel Fratzscher, Francesco Giavazzi, Pierre-Olivier Gourinchas, Daniel Gros, Patrick Honohan, Sebnem Kalemli-Ozcan, Tommaso Monacelli, Elias Papaioannou, Paolo Pesenti, Christopher Pissarides, Guido Tabellini, Beatrice Weder di Mauro, Guntram Wolf, and Charles Wyplosz:

    In most countries, the level of expenditure — rather than the deficit — is the main problem. High expenditure makes it difficult to raise taxes and balance the budget, leading to dangerous debt dynamics. Thus, a focus on expenditure rules, linking expenditure reduction to debt levels, appears to be one of the most promising routes. …

    Initiatives to address the legacy of high public debt would bolster Eurozone resiliency and thus would be very useful. However, as low interest rates are likely for some time to come, debt service is manageable, and debt forecasts show that debt-to-GDP ratios will slowly decline (absent a bad shock). Since proposals for dealing with legacy national debts would require the sort of political willpower that seems in short supply for now, such plans cannot be realistically put on the 'do now' menu, even if they are may be necessary in the future.

    That's nonsense, all of it.

    It's pro-cyclical fiscal policy, which is backwards.

    In addition, postponing dealing with issues of the severe lack of democracy at the EU level is counter-productive and designed to prolong the plutocratic/corporatist nature of that anti-democracy.

    The time is right now to discuss democratic reforms of the whole of Europe. Anything else is cognitive dissonance at best.

    Monetary financing of fiscal spending directly democratically decided needs to be put on the "do now" menu right now even if it means a fight to even get it a hearing. If it doesn't get a hearing where these authors are imagining, then create a new forum.

    Stand completely up for democracy now, or admit you're working for the anti-democratic plutocrats.

    The contrast is stark. There's no hiding anymore in ivory towers. The Internet is seeing to that, or do you want to shut that down or "regulate it" (censor) for the sake of the plutocrats?

    Add your comment. Including the article/link number will help.


  31.    In Which I Call for Academic Scribblers and Funct Economists to Enter into Utopian Frenzy with Respect to the Institutional Design of the Eurozone

    I wrote my critique before reading Brads.

    While Brads doesn't mention democracy (the lack thereof), he does mention helicopter money (which should be in the form of monetary financing of fiscal spending but could include other forms as well).

    Anyway, I'm sure many, many economists essentially agree with Brad's take.

    So, just because a long list of "prominent" economists sign onto something, don't you "sign on" unless you're truly convinced.

    BTW, please note the signatories will open up the document to signing only by people in their circular-accreditation system. I would not be allowed to sign because I don't have a doctorate in economics.

    So, one must balance the logical fallacy known as "appeal to authority" against the fact that plenty of people who know next to nothing might sign on and that there a others who know as much or more about what's truly going on economically than others who happen to have doctorates in the field.

    Add your comment. Including the article/link number will help.


  32.    The Influence of Generation Z on CRE — NAI Global

    I found this article helpful enough in thinking about business planning that I thought it worth pointing out to managers/planners/executers.

    Sources aren't cited; however, I do recognize some of the views as being data-based (not that things can't change and even dramatically or that data analysis can't be mistaken).

    Add your comment. Including the article/link number will help.


  33.    Six Common Issues That Can Delay a Closing |

    Marketing? Yes. Helpful? You dicide.

    If you've ever bought a home, you probably know there are many issues that can delay a closing. If you haven't bought a home, we're here to tell you the most common issues that can delay a closing — so you can try to avoid them.

    Add your comment. Including the article/link number will help.


  34.    Revolts of the Debtors: From Socrates to Ibn Khaldun

    This article represents the stuff I was raised on.

    Now, this is by an economist who also happens to be a historian and a former Wall Streeter.

    Michael Hudson, I wish we could clone him:

    Today's Treasury Secretaries, central bank heads, IMF economists and client academics serve the world's cosmopolitan financial ideology that money and credit, debt and taxes are purely technocratic, and hence beyond the sphere of voters or the politicians they elect to "interfere" with. We are back with the Thatcherite financial Taliban (the Arab word for "students"): There Is No Alternative.

    So, Michael's penchant for democracy shines through. No wonder I like to read him so much!

    Frankly, I think he's the best political-economic historian out there.

    His next work should be a text book for high-school economics because we need the next generations raised on truth.

    Add your comment. Including the article/link number will help.


  35.    Did the U.S. housing boom obscure a massive manufacturing bust?

    In The Masking of the Decline in Manufacturing Employment by the Housing Bubble (PDF), authors Kerwin Kofi Charles, Erik Hurst, and Matthew Notowidigdo say that this coincidental timing — a surge in new construction jobs starting in the late 1990s around the same time that manufacturing employment started to slide — has muddied the picture for economists who are trying to interpret the evidence and address persistent unemployment among men without college degrees.

    I didn't know that people didn't know this. Honestly, I thought it was, "well, yes, of course."

    Maybe it's because I worked construction and manufacturing.

    Let's not leave out the oil patch and fracking.

    Add your comment. Including the article/link number will help.


  36.    The Day After — DiEM25

    James Galbraith, another man, economist, historian, who gets the importance of democracy:

    Remain ran a campaign of fear, condescension and bean-counting, as though Britons cared only about the growth rate and the pound. …

    The European Union has sowed the wind. It may reap the whirlwind. Unless it moves, and quickly, not merely to assert a hollow "unity" but to deliver a democratic, accountable, and realistic New Deal — or something very much like it — for all Europeans.

    Exactly!

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  37.    When companies track their climate emissions | Ensia

    … accounting also reveals opportunities, for instance, to save money, says Richard Conant, an ecologist at Colorado State University who recently helped launch a masters program in greenhouse gas management and accounting. Greenhouse gas emissions often indicate waste due to excessive energy use or other inefficiencies. "If you can tamp down greenhouse gas emissions, it might make production more efficient and more cost-effective," he says. Taking a proactive stance on climate change, Conant notes, also allows companies to attract young talent, like his students, who want to work for environmentally friendly corporations.

    Add your comment. Including the article/link number will help.


  38.    Amid Price Plunge, North American Oil and Gas Workers Seek Transition to Renewable Sector

    A couple of links above, I mentioned that we shouldn't leave the oil patch and fracking out of consideration when discussing unemployment. This article fits that perfectly.

    Add your comment. Including the article/link number will help.


  39.    Leave campaign rows back on key immigration and NHS pledges | Politics | The Guardian

    The issue is the latest area where leave campaigners appeared to be walking away from pledges made during the campaign, following Farage's admission on Friday morning that the pledge plastered all over the official Vote Leave battle bus to spend money recouped from the EU on the NHS was "a mistake".

    Not only that but immigration isn't what's been costing NHS in the first place. As Simon Wren-Lewis has correctly pointed out, most immigrants are young and pay more into the system via taxes than they take out in the form of healthcare.

    What a mess on both sides of the issue and the Channel!

    Add your comment. Including the article/link number will help.


  40.    7 reasons why some Europeans hate the E.U. – The Washington Post

    If you don't know anything about the EU, this is the first and most important thing you need to know:

    … the European Parliament … can't propose legislation — it can only approve legislation that comes from the non-elected European Commission.

    The EU is not a democracy. It is not a republic. It is not even a "representative democracy." It is a technocracy of technocrats for plutocrats and corporatists.

    That's why I was opposed to its set up.

    By the way, one of the ruses used to get people to agree to the EU who had strong reservations because of the lack of democracy going in was that via incrementalism, the EU would become democratic and not to worry.

    That's the same lie used to "open" China.

    If incrementalism sounds familiar to you, it may be because Hillary Clinton stands on it. Well, she can stand on it; but, the plan is that the elitists never, never, ever give up wealth, power, and control to the People and in the US, regardless of whether we claim to have a government of the People.

    You'll also learn if you dig enough, that the argument for the EU being undemocratic is because the German people elected Adolf Hitler, as if the Germans had full transparency and real democracy at the time. They didn't. Oh, and Adolf Hitler never would have come to power or anything near it had the other nations not been so utterly greedy and vindictive applying completely immoral levels of war reparations. In fact, those reparations quite possibly hardened Adolf Hitler well beyond what he might otherwise had been. Was WWI decided democratically? Absolutely not. Was WWII? No.

    That's the lesson that should have been learned, not that technocrats can do a better job of governing the People than the People can do themselves. They can't, never have, and never will. Those technocrats are slaves to their own illusions and are duped by the equally clueless plutocrats.

    Add your comment. Including the article/link number will help.


  41.    What is article 50 and why is it so central to the Brexit debate? | Politics | The Guardian

    Didn't know?

    Brexit "is not legally binding." …

    As has been wryly noted already, there is only one precedent to refer to here. Greenland left the EU in 1985 after two years of negotiation. It has a population of 55,000, and only one product: fish.

    Add your comment. Including the article/link number will help.


  42.    Homeless student elected prom queen, graduates two years early | www.ajc.com

    What a beautiful young lady and hard, determined worker! This is a great story, and more power to Destyni Tyree and all other homeless kids out there like her.

    However, we need to address homelessness and college costs.

    Yes, she may have worked harder because of her situation, but that doesn't mean that all children can or should have to do that.

    Let's fix this homelessness issue, and let's supply young people with college without charging them for tuition, room, board, books, or anything else they really need to succeed.

    We aren't doing that now not for lack of money but for lack of vision and lack of heart. We can easily pay for all of it simply by deciding to do it.

    We can fund it via debt-free money (monetary financing) and greatly increase the GDP in the process, almost instantly and certainly going into the future as far as the eye can see, all without hyper-inflation or overheating the economy.

    Add your comment. Including the article/link number will help.


  43.    Remains Found, 150 Structures Destroyed in 57-Square-Mile Kern County Wildfire; 10 percent Containment Reached | KTLA

    A deadly wildfire in the Lake Isabella area of Kern County that has burned down some 150 structures and was threatening about 1,500 may have claimed another life as firefighters frantically worked Saturday to contain the out-of-control inferno.

    In the past week, Southern California has seen a series of major wildfires, including twin fires in the San Gabriel area that burned 5,267 acres and another blaze in San Diego County that affected 7,609 acres.

    Among other things, we need to declare war on easily burnable construction. We need to make the replacement of such construction part of our national-infrastructure-replacement plan.

    Add your comment. Including the article/link number will help.


  44.    REAL ESTATE: Searching for affordable places to rent is no easy task – Press Enterprise

    "The rent is too damn high."

    Trulia, a real estate website, reported recently that millennials — 18- to 34-year-olds — in Orange County made up 20.6 percent of households, but also 46 percent of those moving away. In Los Angeles County, the respective slices for millennials were 24.4 percent of the population and 48.8 percent of those leaving the area.

    When college-educated people with full-time work and who scrimp and save can't afford to even rent, there's something seriously wrong with the system.

    Add your comment. Including the article/link number will help.


  45.    Settlement to Make Punitive Damages from 2010 Oil Spill Available to Claimants

    Nearly $1.24 billion in punitive damages arising from BP's 2010 Gulf of Mexico oil spill will become available to property owners and some fishermen affected ….

    Add your comment. Including the article/link number will help.


  46.    Texas State Senator Sues Cowboys Player over Allegedly Trashed House

    Dez Bryant faces a lawsuit from his former landlord over allegations of more than $60,000 in damages to a house that the Dallas Cowboys receiver leased.

    Add your comment. Including the article/link number will help.


  47.    Dallas Adopts Harsher Penalties After Loose Pitbulls Kill Woman

    … requiring an insurance policy for "dangerous breeds."

    That's a back-door way to ban the breeds because the insurance would either be unavailable or cost prohibitive.

    If breeding the dogs were prohibited, attrition would take care of things in about a decade. Meanwhile, people would still be attacked and killed or mauled.

    The right of the people to own dangerous breeds of dogs is not in the US Constitution under any stretch of the imagination.

    The idea that the only problem is with poor dog-training is also unfounded, as well-trained "dangerous breed" dogs have turned otherwise inexplicably violent and dangerous.

    What's the point in allowing them?

    Add your comment. Including the article/link number will help.


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