Linking ≠ endorsement.
⇧ Why the U.S. needs an economic fair housing act - Curbed
...by adding so-called density bonuses to its zoning code, which allow builders to build more units if a certain percentage is dedicated to affordable housing, the county gives local developers a financial interest in promoting equality and access.
⇧ Tennessee Mountain Community Getting Back on Its Feet After Devastating Wildfire
An estimated $922 million in incurred losses were filed because of the fire, according to the Tennessee Department of Commerce and Insurance.
The number does not include the substantial loss of uninsured or under-insured property.
... the biggest Wall Street banks have been lying to the American people that overly stringent capital rules by their regulators are constraining their ability to lend to consumers and businesses. What's really behind their inability to make more loans is the documented fact that the 10 largest banks in the country "will distribute, in aggregate, 99 percent of their net income on an annualized basis," by paying out dividends to shareholders and buying back excessive amounts of their own stock.
⇧ B.C. wildfires map 2017: Current location of wildfires around the province | Globalnews.ca
This season is now B.C.'s worst fire season in almost six decades and officials say it will only get worse before it gets better.
⇧ California Realtors to Freddie: Don't support investors in the single-family home rental market: Freddie announcement coming soon
"Freddie Mac wants to provide tens of millions of dollars in financing to midsize landlords, not to giants like Invitation Homes, which operates nearly 50,000 rental homes in 13 markets," Goldstein wrote.
⇧ NOAA climate report: Hottest year, other records - CNN
2016 was the third consecutive year of record warmth ....
⇧ Housing bubble fears stronger in Washington than in any other state | The Seattle Times
It's unclear what could even cause housing prices to drop right now.
⇧ Revenge of the Experts
"Revenge of the Experts"? Not really.
There were two different main camps for leave: the libertarian type v. the democratic-socialist type.
It was the libertarians who claimed leaving would be great from start to finish on all fronts, not the democratic socialists (DMs).
The DMs were and are willing to take a near-term economic hit for the sake of the longer-term benefit from increased democracy and general welfare, which Jeremy Corbyn's rise is all about.
The "experts" Barry Eichengreen is talking about are technocratic economists who all but discount democracy. They very rarely mention the word. All they do is work for the benefit of those who ultimately employ them: the anti-grassroots-democracy globalizers (aka plutocrats).
⇧ Blackstone's Invitation Homes to buy Starwood Waypoint
⇧ Georgia Offers Reward of $10K for Information on 2 Arson Cases
⇧ Households living in unaffordable and/or substandard conditions increases to 8.3 million: Builders push Congress for immediate action
... the National Association of Home Builders is crying for more immediate action for the growing unaffordability.
"Congress and the Trump administration need to make it a top priority to enact policies that will promote the construction of sorely needed rental apartments," NAHB Chairman Granger MacDonald said. "The bipartisan Cantwell-Hatch bill pending in the Senate would expand the Low Income Housing Tax Credit, the nation's most successful affordable housing program, and result in an additional 400,000 LIHTC units built over the next decade."
I've said over and over that subsidizing builders to create affordable housing (including rentals) is the least we can do.
⇧ The Suburbs are Dead, Long Live the Suburbs - Real Capital Analytics, Inc.
Writing off the suburbs was and is a bad idea.
I must admit that I didn't start following the real estate industry as closely as I used to until after the crash. The influence of young people on the cities was pronounced and appeared as a possible long-term trend. However, as people age and as the economy very slowly recovers, notions and tastes, etc., change. The burbs were not and are not as dead as it seemed to appear to those who were given the most media coverage.
⇧ U.S. Inflation Remains Subdued as Core Index Lags Forecasts - Bloomberg
If we had issued about 10 times the fiscal stimulus and done so without borrowing a dime (which Congress could have done), the Great Recession would have been completely over within a year and we wouldn't be having these, what I consider to be, goofy discussions. However, we allowed the fiscal-deficit hawks to massively stifle the recovery, which caused and prolonged a great deal of needless misery and austerity.
⇧ United States 5 Year Note Yield | 1962-2017 | Data | Chart | Calendar
There's no telling exactly where it will be by the time this aggregated post goes to press, but ...
The United States 5 Year Note Yield decreased to 1.74 percent on Friday August 11 ....
It's clear that the bond market isn't seeing hyper-price inflation in the cards soon, with or without a Fed rate hike, Fed bond-purchase tapering, or anything else. I can't say that I blame them (the bond buyers). The Fed, the politicians, and those who control them (most ultimately the bankers) are a completely different matter.
⇧ Research Finds USBs Pose Data Leakage Risk
"... voltage fluctuations of the USB port's data lines can be monitored from the adjacent ports on the USB hub."
⇧ IT's 9 biggest security threats | CSO Online
⇧ At Bjarke Ingels's Via 57 West, 36 affordable apartments from $1,448/month - Curbed NY
⇧ 10 years after: a series reflecting on the Great Financial Crisis — Prime Economics
... neither politicians or economists will make the case for holding the out-of-control finance sector to account, until citizens make that case. The people must lead, so that leaders can. Citizens must use the powers deployed by taxpayer-backed central banks and finance ministries to demand a transformation of the global financial system. If such demands are ignored, then we must campaign for the massive subsidies provided to the sector by our publicly-financed and taxpayer-backed institutions — to be withdrawn.
Nothing less will do.
That's been exactly my position for more years than I can remember.
Don't take that as a full endorsement of every position Ann Pettifor has taken elsewhere. Ann is too financially and economically ideologically conservative for me, even though she's obviously a far cry better than the vast, vast majority of economists. (Yes, I consider her an economist.)
⇧ 10 years after: Neoliberalism - the Break-Up Tour — Prime Economics
The failure to imagine alternatives to neoliberalism's coda of self-interest, individualism, private ownership, unmanaged markets and exorbitant privilege given to finance is odd, because successful beacons of different approaches already exist and are emerging everywhere.
⇧ mainly macro: How did the UK austerity mistake happen
... if it started as ignorance rather than deceit, it turned into the latter as Osborne prepared to repeat the policy all over again before the 2015 election, while at the same time cutting taxes. Second, if it started as ignorance it is far too kind to call it a mistake. It is similar to someone who has never learnt to drive taking a car onto the highway and causing mayhem. It reflects a cavalier attitude to economic expertise that has, I have argued, its roots back in the early days of Thatcherism.
I totally agree with that (except I'm convinced it was deception at heart). I disagree with Simon regarding technocracy versus democracy. Simon appears always to lean way over to the technocratic side. I say that democracy is the way to go and that small-d democrats can be better economists than many who are held out today as the "experts."
⇧ Climate Change Altering River Flood Patterns in Europe: Study
Not all the shifts are necessarily caused by man-made global warming ....
Nobody can say the degree to which global warming is a factor in anything. That's because there are simply too many variables to identify. What can be said is that nobody can correctly say that global warming has nothing to do with (doesn't impact upon) a certain weather event or events. That's true for the exact same reason.
⇧ Geologists Descend on Florida Neighborhood to Study Massive Sinkhole
⇧ Officials: Failed Communications Hampered Tennessee Wildfire Response
This is something that doesn't come up much in the regular news, but it's very important for governmental risk-management to tackle.
... wind and fire on Nov. 28 combined to disable cell towers, melt fiber-optic cables and disrupt radio signals and phone lines ....
⇧ Seattle OKs Protections for Tenants With Criminal Records | Washington News | US News
⇧ Smart Shades: High-Tech Windows Can Turn Dark in Just 1 Minute
How much energy does it take?
While we're on the subject, has anyone heard of solar panels that also function as windows? It's called transparent photovoltaics. The next post below discusses it from a couple of years ago. It will be nice when all of the best technology has converged and is upgradeable the same way software is now. The future is amazing.
⇧ Solar windows can power buildings | Computerworld
⇧ In Egypt, A Rising Sea — And Growing Worries About Climate Change's Effects : Parallels : NPR
More and more people around the world are going to realize that carbon-fuel burning is the enemy (until we have the technology to sequester the CO2 and clean the air of all the disease-causing pollutants associated with way too much carbon-fuel burning).
⇧ This Is What Your Tax Really Pays For | HuffPost UK
It's not a really bad article. It just needs a little help. Plus, we need to further massage it to fit the US economy.
First of all, local governments that don't and can't print there own legal tender (supposedly) do tax for the revenue to pay for local services.
Second, the article is wrong not to state emphatically that it's a scam for private bankers. It is not as if nobody knows.
Lastly, the fact that we pay tax to give the sovereign money it's value for trade, etc., is exactly one of the main reasons Bitcoin and "monies" like it are a bad idea.
Anyway, it's great that this info is finally becoming more common knowledge.
⇧ Fed Study Finds Wages Adjusted for Baby Boomers Are Rising Just Fine - Bloomberg
Oh dear, this is missing the fundamentals.
Median weekly earnings actually rose in the second quarter to 4.2 percent ....
Look, that's the median not the mean average. Regardless, the issue is price-inflation pressure. If Boomers are leaving high-paying jobs and are being replaced by entry-level earners, where's the pressure? Sure, given enough time heading in the general direction we are, the economy would heat up and there would be such pressure. That's no reason to hike prematurely though. It also screams out that the fiscal hawks vastly prolonged the Great Recession.
⇧ Increasing Minimum Wage Puts More Jobs at Risk of Automation - MIT Technology Review
The last thing we should be doing about this is wringing our hands in worry. Automation is inevitable (short of major catastrophe). The more jobs that are automated, the sooner we'll have the guaranteed living wage and freedom that will go with it.
⇧ Oklahoma Quakes Continue Despite Reduction in Oil, Gas Wastewater Injections
Not surprising ...
⇧ Quick-Melting Arctic Sign of Bad Global Warming
"Roast the Arctic and you create a mess everywhere on Earth," said Princeton University climate scientist Michael Oppenheimer.
Just as with stopping or slowing fracking injections, there's a big lag between stopping or slowing carbon burning and stopping or even slowing global warming. If we don't sequester really soon or stop burning really soon, we're going to be in serious trouble (if we aren't already; I think we are).