Mar 15 daws commented on Vancouver, BC Provides Seattle With Yet Another Excellent Lesson About the Dangers of an Overvalued Housing Market.
"we're saying we need to prevent foreign CASH from using our cities as a speculative bank account."

This doesn't seem obvious, to me. Banks seem happy to have my money. Why do we need to prevent someone from paying upfront for an expensive project that will be useful for decades? if we build to Tokyo levels and prices come down - yay - we'd have cheaper places to live and a bigger, richer, greener city and world; if prices don'tcome down because so many new people move to the city - yay - the world has come to live in a beautiful corner and much sprawl has been domesticated; if prices somehow don't come down because of a never-ending speculative trade that somehow never loses even though there's a revenue generating alternative with the exact same characteristics - yay - then a rapidly aging world whose ecosystems can't afford current levels of consumption has discovered a magical new savings vehicle that's built under 1st world labor standards, not mined from under a contested jungle

don't call people names, MtE. you throw words around enough, and when the real thing comes around you're stuck gluing adverbs to the front of them
Mar 15 daws commented on Occupancy Rate Becoming Less of a Concern for Downtown's Real Estate Investors.
Charles, a good Marxian should never make the mistake flows for stocks. include some figures, too!

can ya'll please give an example of a state that adequately provided those non-market institutions before capitalism? sure helps to collect taxes from a wealthy economy

why should we be upset that a bunch of nouveau riche from countries that have suffered consecutive mass-tragedies in my parents' living memory have found safe stores of value (one of the crucial softwares of civilization)? how should housing costing tens/hundreds of thousands of dollars per unit and yielding fractions of that per month b built without finance? we should legalize homebuilding in Seattle, and let wealthy foreigners pay the upfront costs

if you let capitalist firms produce a commodity freely, they will reliably oversupply it to the point of producer crisis. we saw this recently in the oil drilling business, numerous wells deactivated in the US and fiscal messes in net vendor countries like Saudi, Venezuela and Nigeria. commodity producers account for almost all of the hurt in the S&P500 this year. almost every journo piece critical of Uber cites drivers aggrieved by fare decreases. they will deal with warlords, street urchin brokerages, customs officials and freight forwarders just to sell you a $30 pair of New Balance. hence "a surplus of stuff and a global savings glut". surplus housing sounds nice, to me.
Mar 15 daws commented on Occupancy Rate Becoming Less of a Concern for Downtown's Real Estate Investors.
so if google or goldman splits its stock 2:1 tomorrow, the share price will not b lower 1 week from now than it is today? that idea is definitely after Keynes

there is no situation in which projects with high up-front costs that pay off slowly will b built without finance

why aren't the Chinese speculators doing the same thing with sock factories, or solar power plants? supply is not tightly constrained in sock manufacture or electricity generation - hence "a surplus of stuff" - so there's not reliable profit in adding new plant, or identifying which operations still operate gainfully. free enterprise will oversupply almost any commodity to the point of crisis for producers - the oil drillers have demonstrated this recently; let them build, and they will build themselves out of business

celebrate the readiness of foreigners to pay up front for the manufacture of the world's most valuable commodity, right in the middle of our biggest population centers, and deepen our symbiosis by building more safe assets for them, until the houses are so numerous that speculators can't count on the next gambler catching the hot potato. that's how we'll house the US, soak up the global savings glut, and employ the angry, unskilled Trumpenproletariat in noble trades
Mar 14 daws commented on Noam Chomsky Tells It Like It Is in Requiem for the American Dream .
the super-rich act in solidarity with E Asian and SE Asian workers, and lobby to allow skilled workers into this country from countries where their skills are worth far less

our hair is standing up, our eyes are bloodshot, and we are sinking our teeth into the politicians who have dared to raise the value of woman hours, Mexican hours and Asian hours toward parity with our own
Feb 12 daws commented on Do You Want Socialism for You or Socialism for Donald Trump?.
we had strong job growth long before we had low oil prices. you are missing the intellectual opening offered by the right-wing's sound-money lunacy. QE is the socialization of credit the money supply. Japan has 3% unemployment. Canada did so well in the Great Recession that the UK hired Canada's top guy, and now the UK has record hi employment, with massive net immigration. ever wonder why Australia, Canada and the UK never had the housing busts that we're supposed to feel so guilty about?

the end of QE and ZIRP brought China's dollar peg to a crisis point, as the yuan has become overvalued. their situation is a bit like France's, say, tho with more sovereign power to remedy via devaluation

Canada and Japan had looser monetary policy than we did, and milder recessions. young Europeans r voting with their feet for QE, packing into the UK

QE forced wealth into riskier assets. that made a lot of people wealthier on paper. a new, unprofitable car company was given enough capital to shoot an SUV from 0 mph to 60 with laptop batteries

QE is designed to reduce the value of savings and of wages, so that thrift becomes less attractive to investors, and a given nominal wage level becomes more affordable to employers. it's supposed to make credit cheaper. we've had years of net job growth

Europe has the same oil market dynamics that we have - really, low oil prices should b better for them because they don't produce as much as we do, and we're a larger savings destination for OPEC rents than they are. we had massive fiscal austerity (the sequester, plus huge local government cuts since the beginning of the crisis), just like they did. we did way, way better than them because the Fed was more socialist than the ECB, and because our labor markets r less socialist than those of Mediterranean Europe
Feb 12 daws commented on The Reason Why We Should be Depressed About Bernie Sanders' Success.
I think each of the neoliberal democrat presidents have done ok, as US presidents go. I feel worst about the Iraq sanctions, attacks on the Somali pharma company, and Libya. on the economy I feel they all did as well as they might have been expected to, tho I would have liked Obama to nominate Romer or Summers to the Fed. the guy had a lot on his plate. I can't imagine inheriting two failed wars and the Great Recession. it's awful that he can't run again

it seems likely that many states will expand medicaid in the coming years, as a few have already. Hillary's bloodthirstiness will b constrained by Russia's presence in the Middle East

Clinton 1 worked ok with the Republicans. at least we should get larger flows of skilled immigration. probably measures like subsidy for people who take lower-wage jobs and forego UI benefits will b agreeable to Ds and Rs. fiscal policy will loosen via military spend under anyone but Bernie. after ebola and zika scares we'll probably get legislation for public health response updates. also lots of white people do hard drugs now so drug treatment may b better funded. the feds will hire a ton of young forest firefighters, El Ninyo or no. if an R wins, congress will probably run massive deficits and build a lot of port and pipeline infrastructure

fiscal strength returns to local govs - look at all the plans for tracks and tunnels around here. Tacoma passed a road repair bill last year. baby boomers retire and China's workforce ages and gets raises. Wal-Mart and McDonalds just raised minimum pay. new minimum wages take effect in many cities and states over the next few years, and more will share the ballot with POTUS, including CA and FL. when the oil price drop exits the CPI calculation and these wage hikes enter, we'll have juicier bumps to inflation-linked payouts like SocSec. we're still doing +100k jobs per month. Uber-style work options r hella numerous, ez to get. renewable energy credits were extended longer than before + exponential installation growth pattern for rooftop solar should put lots to work

demographically - lots of workers r retiring in most economically important countries, including US. wages r growing gangbusters in China. milennials will have families

things look aight for US workers, imo
Aug 23, 2013 daws commented on Facing Eviction.
Because a large chunk of hiring and employment is done by firms who achieve the capacity to profitably employ people by way of state subsidy and tax-dodging (long-term permission of Microsoft monopoly, Amazon online sales tax exemption, Boeing contracting by US military) and lots of work is either meaningless or contributive to levels of production and consumption that the planet can't afford, I'm really not tripping on paying some people with hard luck to chill. If they did make it into the labor market they'd probably just replace some other broke people and make it even looser, which given the long-term fall in min and median wages vs productivity is hardly necessary.

The talk about whether there's an "obligation" to help these people is silly. My clothes were made by children. Obviously there are no obligations, obviously there is no God. Plant investment is low, hiring is slow. Money will not be more efficiently spent than on helping people eat and sleep safely.

If a lady and a 14 year old girl move here because living in a homeless camp, with its Babylon amenities, is worth the hassle of moving all the way from Indiana, then I am glad that they are no longer in the situation that they were in in Indiana.

I agree that spending on stuff like replacement of perfectly good sidewalks and forcing willy nilly employment for its own sake is ridiculous. If we want streets to be safe for blind people we need streets without cars, not sidewalks with bumps.
Aug 12, 2013 daws commented on Texas Is the Nightmare Stupidity of the Human World.
dang not good

the only alternative energy comes from calories and sleep

shorten the work week, shorten our commutes
Jul 7, 2013 daws commented on Venezuela Offers Snowden Asylum.
so an attorney wouldn't possibly have said "that national security exception might extend to your ass"?

Libya was/is a shitshow. tens of thousands of sub-Saharan Africans were murdered by the rebels in their NATO-supported sweep toward and into Tripoli, and the many, many workers from some of the poorest countries in the world still haven't restored remittance schedules feeding families back home, with the economy largely interrupted by mayhem.

There's no reason to expect a Syrian expedition, aerial or holistic, would go better. There is no resume of clean conflict.

Venezuela is surely corrupt (though their corruption problems are minor league vs. liars' loans, liars' wars, etc, whose scale is greater than anything close enough to Chavista fingers to be stolen there) and tragically unsafe, though hardly moreso than a US prison, but there are lots of babes and nice people, there, and good health and dental care
Jul 5, 2013 daws commented on Drunkinng with Charlse Mudede.
I think Marxian bigotry against the provinces mostly comes from the failure of the confiscated farms.

Didn't the best intact revolutions start in the countryside?