Daily Digest

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Daily Digest 8/30 - Student Loan Balances Jump 150%, A Bubble In China’s Debt Market?

Wednesday, August 30, 2017, 9:17 AM

Economy

Morning Spin: School funding bill could mean even bigger CPS property tax hike (Chicago)

Among many other things, the 550-page bill would allow Chicago's Board of Education to increase its maximum property tax rate for the Chicago Teachers’ Pension Fund by about 45 percent. That levy, first approved in late 2016, increased taxes by about $272 million this year.

The Average Cost Of Care After A Dementia Diagnosis Is Over $300,000

The average lifetime cost of care after a diagnosis of dementia in the U.S. is about $322,000, and families pay about 70 percent of that, new research suggests.

Proposals To Cut State Pension Deficit Could Cost Oregonians

Brown said her goal is to reduce the unfunded liability of the Public Employees Retirement System by $5 billion. The governor is under pressure to find ways to tackle the deficit as she and legislators have been unable to agree on any changes in pension benefits.

Pension deficit of UK's leading companies equivalent to 70% of their profits

The deficit as a proportion of profits recorded for 2016 is higher than at any time since the financial crisis, following a £12bn rise since 2015. The 25% increase came in a second year of comparatively low profit for UK publicly listed companies.

Chicago school board approves $5.75 billion budget, debt issuance

The Chicago Public Schools' (CPS) budget for the fiscal year that began on July 1 counts on an additional $300 million from Illinois under a new statewide education funding formula that the House and Senate are scheduled to vote on this week. It also includes $269 million in new city dollars that have not been identified.

BlackRock Finds $5 Trillion Industry Is Now Riskier Than in '08

The reason is pretty simple. Insurers needed to make up shortfalls after the crisis. But in a decade of low interest rates they had to venture beyond their traditional holdings of vanilla bonds. They now own vast amounts of stocks, high-yield debt and a variety of alternative assets -- a bucket that can include hard-to-sell stakes in private equity investments, hedge funds and real estate.

Student loan balances jump nearly 150 percent in a decade

The average outstanding balance is now $34,144, up 62 percent over the last 10 years. In addition, the percentage of borrowers who owe $50,000 or more has tripled over the same time period, according to a separate report by the Consumer Financial Protection Bureau.

Huarong chief warns of bubble in China’s distressed debt market

Banks in China are dealing with an onslaught of non-performing loans that have resulted from poor risk controls and years of loose monetary policy. Investors estimate that China’s stock of bad debt has risen to $3tn this year, in step with a decelerating economy. One prominent analyst said recently that the figure could be as high as $6.8tn.

Gold & Silver

Click to read the PM Daily Market Commentary: 8/29/17

Provided daily by the Peak Prosperity Gold & Silver Group

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4 Comments

pat the rat's picture
pat the rat
Status: Silver Member (Offline)
Joined: Nov 1 2011
Posts: 125
PENSION

Seems like every state has some sort of pension problem. Will this be the next big disaster, or is it just hiding the bonds collapse?

Time2help's picture
Time2help
Status: Diamond Member (Offline)
Joined: Jun 9 2011
Posts: 2892
American Legion passes Resolution 40-2017

Quote:

RESOLUTION (40-2017)

National Headquarters, The American Legion
Ninety-Ninth Annual National Convention, Reno, Nevada August 22, 23, 24, 2017

WHEREAS, on June 8, 1967, while operating in support of the National Security Agency (NSA) in international waters, properly marked as to her identity and nationality, and in calm, clear weather in the eastern Mediterranean, the USS Liberty (AGTR-5) was the target of an unprovoked attack by Israeli military forces that killed 34 members of the Liberty’s crew and wounded 173; and,

WHEREAS, in recognition of their heroic efforts during and after the Israeli onslaught, Liberty crew members were awarded the Presidential Unit Citation, 2 Navy Crosses, 12 Silver Stars, 20 Bronze Stars, more than 200 Purple Hearts, and the ship’s captain, Navy Commander William. L. McGonagle, was awarded the Medal of Honor; and,

WHEREAS, the June 28, 1967 public summary of proceedings of the Navy Court of Inquiry into the attack stated: “It was not the responsibility of the Court to rule on the culpability of the attackers and no evidence was heard from the attacking nation”; and,

WHEREAS, according to Central Intelligence Agency (CIA) information reports from June and October, 1967, sources in Tel Aviv reported: “Israel’s forces knew exactly what flag the LIBERTY was flying” and Israeli Defense Minister Moshe Dayan “personally ordered the attack” on the Liberty over the objections of senior uniformed military personnel, one of whom characterized the attack as “pure murder”; and,

WHEREAS, Richard Helms (Director of Central Intelligence, 1966-1973), stated in a 1984 CIA interview: “everything possible was done to keep from the American public really the enormity of this attack on an American naval vessel” and “since this is for the Agency’s record, I don’t think there can be any doubt that the Israelis knew exactly what they were doing … any statement to the effect that they didn’t know that it was an American ship … is nonsense”; and,

WHEREAS, Lieutenant General Marshall S. Carter, USA (ret.) (Director of the NSA, 1965-1969), recalled in a 1988 NSA interview that he stated at a Congressional hearing in 1967 that the attack on the Liberty “couldn’t be anything else but deliberate. There’s just no way you could have a series of circumstances that would justify it being an accident” and Carter indicated this remained his belief in 1988; and,

WHEREAS, in a 2003 affidavit published in the Congressional Record, Captain Ward Boston, Jr., JAGC, USN (ret.), legal counsel for the 1967 Navy Court of Inquiry stated: “I know from personal conversations I had with Admiral Kidd [president of the Court of Inquiry] that President Lyndon Johnson and Secretary of Defense Robert McNamara ordered him to conclude that the attack was a case of ‘mistaken identity’ despite overwhelming evidence to the contrary”; and,

WHEREAS, according to the findings, published in the Congressional Record, of the 2003 Independent Commission of Inquiry, chaired by former Chairman of the Joint Chiefs of Staff Admiral Thomas H. Moorer, USN (ret.): “there is compelling evidence that Israel’s attack was a deliberate attempt to destroy an American ship and kill her entire crew” and “the White House deliberately covered up the facts of this attack”; and,

WHEREAS, in 2013, the Veterans of Foreign Wars adopted Resolution 423 calling “upon Congress to immediately investigate the attack on the USS Liberty by the armed forces of Israel on June 8, 1967, in order to determine the truth behind the attack, and to bring closure to the families and crew”; and,

WHEREAS, in August 1967, after the conclusion of the Navy Court of Inquiry, the American Legion adopted Resolution 508 (rescinded in 1984 without being first reviewed) declaring the published report of the Navy Court of Inquiry “fails to provide the American public with a satisfactory answer as to the reason for the attack” and stating that “The American Legion denounces and condemns Israel’s irresponsible attack” and demanding “a complete and thorough investigation of the incident”; and,

WHEREAS, according to Gurney Williams III, writing in The American Legion Magazine (“Death Strikes the Liberty“, July 1997), Congress has never investigated the Israeli attack on the Liberty; now therefore be it,

RESOLVED, By The American Legion in National Convention assembled in Reno, Nevada, August 22, 23, 24, 2017, that The American Legion calls upon the 115th United States Congress to publicly, impartially, and thoroughly investigate the attack on the USS Liberty and its aftermath and to commence its investigation before the end of 2017, the 50th anniversary year of the attack.

Bankers Slave's picture
Bankers Slave
Status: Platinum Member (Offline)
Joined: Jul 26 2012
Posts: 523
This ones for all you voters out there!

Bankers Slave's picture
Bankers Slave
Status: Platinum Member (Offline)
Joined: Jul 26 2012
Posts: 523
Gold flows from west to east! Why?

Could this be a staged event agreed upon by international high finance, to bring about the financial power swap from USA to China, whereby the usual background suspects that have profitted from the current set up will continue to profit from the new set up as has always been the case!

 

https://deusnexus.wordpress.com/2014/09/17/eastwest-conflict-farce/#comm...

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