Daily Digest

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Daily Digest 9/30 - Student Loan Debt Defaults Increase, The Hidden Costs of Climate Change

Saturday, September 30, 2017, 12:05 PM

Economy

Without Fanfare, Equifax Makes Bankruptcy Change That Affects Hundreds of Thousands (jdargis)

ProPublica contacted all of the major credit agencies earlier this year as part of our ongoing series on consumer bankruptcy. The policies of TransUnion and Experian were similar: People who filed under Chapter 7, which wipes out most debts, would have a flag on their report for 10 years; those who filed under Chapter 13, which usually involves five years of payments before debts are forgiven, would have a flag for seven.

The Stock Market Is Seriously Overvalued Based On This Benchmark (yogmonster)

If you look at the movement in the oil price and Dow Jones Index from its low at the end of 2008 to 2013, you will see just how similar the two lines moved up and down together. While the oil price shot up higher than the Dow Jones during the peaks (2010-2013), they paralleled each other quite strongly.

Congress seeks answers on massive painkiller shipments to West Virginia (tmn)

“The possible oversupply described in this reporting suggest that such practices may have exacerbated the opioid addiction problem currently facing the state,” according to the letter signed by five committee leaders including U.S. Rep. Tim Murphy, R-Upper St. Clair, who leads the Oversight and Investigations Subcommittee.

Red Flag: More People Are Defaulting On Their Student Loans (tmn)

The government has been pushing plans meant to help student loan borrowers stave off default, like income-based repayment, which allows people to pay 10% of their income toward their loans. On the lowest end of the income scale, borrowers can pay as little as $0 a month and have the balance of their loans forgiven after 20 years; a Trump proposal would move that bar even lower, to 15 years.

Gold Is Your Safety Net in Moments of Chaos (Tiffany D.)

Gold remains the preferred hedge against uncertainty in the market. It holds and grows in value when the market appears poised for a sharp correction.

And this year, demand for physical gold continues to be strong. The World Gold Council revealed that the total gold bar and coin demand has jumped 13% on a year-over-year basis, and in the second quarter to 240.8 tons.

Fort Knox: “Glad Gold Is Safe!” (GE Christenson)

Question: If the Bullion Depository contains over 147 million ounces of gold, why not audit it, prove the existence of the gold, and eliminate speculation? The US government spends over $70 billion on “food stamps” every year and nearly one $ Trillion per year on “defense,” so cost is not the issue.

Trump Waives The Energy Market’s Least Favorite Law (Michael K.)

That is a terrible hindrance during normal times, but it has made a horrific natural disaster a much more acute crisis. The Puerto Rican electrical grid was wiped out from Hurricane Maria, leaving the entire island without electricity. Puerto Rico needs to rebuild the grid, but it will also need imported oil in order to fuel the island’s electricity. The Jones Act adds a 30 percent markup to the prevailing market price of this oil for Puerto Rico.

Hidden Costs of Climate Change Running Hundreds of Billions a Year (edelinski)

In the coming decade, economic losses from extreme weather combined with the health costs of air pollution spiral upward to at least $360 billion annually, potentially crippling U.S. economic growth, according to this new report, The Economic Case for Climate Action in the United States, published online Thursday by the Universal Ecological Fund.

Gold & Silver

Click to read the PM Daily Market Commentary: 9/28/17

Provided daily by the Peak Prosperity Gold & Silver Group

Article suggestions for the Daily Digest can be sent to [email protected]. All suggestions are filtered by the Daily Digest team and preference is given to those that are in alignment with the message of the Crash Course and the "3 Es."

8 Comments

thc0655's picture
thc0655
Status: Diamond Member (Offline)
Joined: Apr 27 2010
Posts: 1444
Tax reform

Michael_Rudmin's picture
Michael_Rudmin
Status: Platinum Member (Offline)
Joined: Jun 25 2014
Posts: 746
On the other hand...

... when you increase costs (including taxes) for the powerful (which includes the rich), they have the power and will to transfer those costs off to the weak (and poor) who do NOT have the power to resist.

In other words, I do not expect the powerless to be able to use power to take power from the powerful.

So I find "raise taxes on the rich" to be so much nonsense. The best we could concievably do would be a flat wealth tax... but it'll never happen. So that's nonsense too.

thc0655's picture
thc0655
Status: Diamond Member (Offline)
Joined: Apr 27 2010
Posts: 1444
"News" defined

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 3989
central bank is a 'slave' to the stock market

Favorite to be next Fed chair believes central bank is a 'slave' to the stock market

CNBC-1 hour ago
Kevin Warsh, the favorite to be the next chairman of the U.S. Federal Reserve, apparently believes the central bank has become a servant to the stock market ...

50% of millennials would give this up fundamental American right to ...

CNBC-1 hour ago
42.3 million Americans owe a total of $1.33 trillion in federal student loans, according to the U.S. Department of Education. 20-somethings pay on average $351 ...

New York faces a budget deficit of up to $4 billion

WRVO Public Media-16 hours ago
The $4 billion structural deficit next year is not new. It's even written into the state's financial plan. But up until now, the governor's budget office has said that ...

Violent Catalan referendum jolts Spain's financial markets

Reuters-1 minute ago
The cost of insuring exposure to Spanish debt via credit default swaps also rose to ... because even if you assume Catalonia covers its share of the national debt, ...

Hartford's Flirtation With Bankruptcy Could Impact Other Connecticut ...

CT News Junkie-56 minutes ago
Hartford faces the possibility of default on $20 million in tax anticipation notes ... to be the main one responsible for the situation of poor cities with too much debt.

Los Angeles Pension System Cuts Rate of Return Assumption

Chief Investment Officer-1 hour ago
The new investment rate assumption is expected to add $38 million in retirement costs to the city of Los Angeles' general fund budget, and comes amid public ...

Hartford HealthCare, Anthem Dispute Leaves Customers With ...

Hartford Courant-14 hours ago
Anthem Blue Cross Blue Shield and Hartford HealthCare failed to reach a contract ... patients to suddenly face higher out-of-pocket costs for medical treatment.

 

thc0655's picture
thc0655
Status: Diamond Member (Offline)
Joined: Apr 27 2010
Posts: 1444
Las Vegas: it's too soon to be sure about anything

This is surely an extraordinary event, by US mass shooter incident standards.  I'm going to wait for more confirmed information to come out. Others?  Not so much.

Democratic politicians are already calling for more (unspecified) gun control.

Alex Jones on InfoWars is claiming he has a source inside law enforcement who were in the hotel and at the room where the gunman fired from.  He says the shooter did not commit suicide but was killed by the FBI's (HRT) hostage rescue team, and that Antifa literature was found in the room.  That doesn't hold any water for me, until confirmed by someone else, but if the FBI's HRT (or any other federal or military team) was present at all with no advance notice of an incident I would consider that highly suspicious.  The HRT would have to have been on location when the incident started to be able to ascend to the 32nd floor and attack the shooter.  The HRT is a small, specialized unit and must be driven or flown to a location before they can be inserted.  They aren't just sitting in Las Vegas geared up and ready to go.

And talk about getting into the game quickly after the disaster, retired Navy SEAL Matt Bracken wrote a novel in 2003 (!) entitled Enemies Foreign and Domestic in which he describes how a false flag terrorist attack at an NFL game secretly committed by rogue Federal agents is used to force through a ban on all semiautomatic rifles.  Here's the summary from Amazon:

Enemies Foreign And Domestic is a domestic terrorism thriller set in the near future. The novel begins on opening day of the NFL season, when bullets begin to rain down upon the upper deck of a packed football stadium. A panic stampede ensues, leading to mass casualties. The alleged sniper is found holding a smoking assault rifle, and is killed by a police marksman. 

One week later, congress bans the private possession of all semi-automatic assault rifles. Gun owners are given one week to turn in their semi-automatic rifles, or face a five year mandatory sentence. 

The plot revolves around the true identity of the actual sniper. The alleged sniper killed at the scene may be a patsy, and many Americans refuse to turn in their banned weapons, leading to a civil crisis in the nation.

The perpetrator in the book is as unlikely a mass shooter as is the one who is now dead (and can't be interrogated) in Las Vegas.  Bracken has been expecting and worrying about an incident just like this since at least 2003.  Now, let's see if it unfolds as he predicted (which seems unlikely since the Republicans nominallyt "control" the White House, Senate and House).

 

From the movie "Shooter:"  'I've still got the shovel!'

 

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 3989
That story has been "algorithmically replaced"

Fake News Fills Information Vacuum in Wake of Las Vegas Shooting

“Unfortunately, early this morning we were briefly surfacing an inaccurate 4chan website in our search results for a small number of queries,” a Google spokeswoman said in an emailed statement. “Within hours, the 4chan story was algorithmically replaced by relevant results.This should not have appeared for any queries, and we’ll continue to make algorithmic improvements to prevent this from happening in the future.”

cmartenson's picture
cmartenson
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Joined: Jun 7 2007
Posts: 5406
This is odd.

At ~ the 4:50 mark onwards, you can clearly see what appear to be shots fired from, oh, say the tenth or eleventh floor.

https://www.facebook.com/cori.langdon/videos/vb.1655872214/1021215742280...

I see muzzle flashes and that is *not* the 33rd floor.  Unless someone had a strobe going off at about the time of the shooting, I don't have another good explanation for this.

Rector's picture
Rector
Status: Gold Member (Offline)
Joined: Feb 8 2010
Posts: 480
Not muzzleflash IMO

Chris,

In my years of firing rifles in the dark (US Army Infantry) I have seen alot of muzzleflash at night, and I don't believe that was muzzle flash.  It seemed to consistent, too disconnected from the sound, and too slow.  However, I have no idea what in the world it could be other than a bad driver on an LED bulb.  

It might be good to start collecting these videos for examination later.  I am getting the same disconnected feeling I got when I watched the buildings fall on 9/11.  Nothing makes sense and the answers don't make it better.

Rector

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