Nearly a decade ago, the now-59-year-old economist warned that U.S. housing was a bubble set to burst, and that the damage would push the country into a recession so severe the Federal Reserve would have no choice but to slash short-term borrowing rates to their lowest levels ever to stimulate the economy. That’s exactly what happened. Now, Levy says the United States is likely to fall into a recession next year triggered by downturns in other countries, the first time in modern history.
SAN JOSE (KPIX 5) — Lawns all over the Bay Area and across California are turning brown during the state’s record drought. A South Bay athletic club has found a way to keep their grass looking lush, without any water at all.
It’s about to get more difficult to go unnoticed if your sprinklers are watering the street more than your lawn.
California’s worsening drought and mandatory new state water rules are prompting Bay Area water agencies to beef up their conservation staffs — the employees sometimes called “water cops.”
Gov. Chris Christie (R) says the Garden State’s pension system—which is expected to hit more than $54 billion in unfunded liabilities by fiscal year 2018—needs to be fixed because it’s unsustainable long-term.
“Artificially low interest rates not only encourage an inefficient allocation of capital but create the incentive for excessive speculation in financial markets that ultimately risk doing more harm than good when boom turns to bust,” Credit Analyst Paul Watters warned in S&P’s quarterly European corporate credit outlook on Monday afternoon.
The ratio has risen by 100 percentage points of GDP over the last five years. As Fitch has argued out in the past, this is more than double the rise seen in Japan over the five years before the Nikkei bubble burst in 1990, or in the US before subprime blew up in 2007, or in Korea before the Asian financial crisis.
The state has about $50 billion of unfunded long-term pension liabilities. About 63 cents of every new dollar of state revenue goes to pay pension costs, Corbett, a Republican, has said.
Slade notes that senior rank-and-file officers in Houston can earn nearly $74,000 a year.
In Detroit, patrol officers currently top out at about $47,000 a year, only a little more than the starting salary of cadets in Houston.
General retirees would get a 4.5 percent pension cut and lose annual inflation adjustments. They accepted the changes with 73 percent of ballots in favor. Retired police officers and firefighters would lose only a portion of their annual cost-of-living raise.
Argentina does not want to pay the holdouts, who are led by Elliott Management’s NML Capital Ltd and Aurelius Capital Management. The country argues doing so would open it up to as much as $15 billion in claims from other investors and further strain its financial condition. It said at Tuesday’s hearing that negotiation requires “movement” on the part of the holdouts, though the investors have leveled a similar charge at the nation.
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