Daily Digest

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Daily Digest 11/27 - A New Take on “Car Control,” Why We Obsess Over Smartphones

Monday, November 27, 2017, 10:06 AM

Economy

Tax-Hike Fears Trigger Talk of Exodus From Manhattan and Greenwich (jdargis)

No one interviewed for this story would talk openly about making plans to move, but Goldman Sachs Group Inc. is estimating that New York City alone could lose as much as 4 percent of its top earners if the bill becomes law. In Florida, where there’s no state income tax, there’s the sense that this is a great opportunity to lure disgruntled tax refugees.

You Are Infinitely More Qualified To Report The News Than These Assholes (Time2Help)

As an indie journo, you don’t need to worry about any of that. You’ll never get a tap on the shoulder from your ed indicating you should rein it in or spin it a certain way. There are no no-go topics or scripts you have to learn in order to play-act thinly veiled propaganda with small Syrian children. You can just find out what’s going on and write about it.

A New Take on “Car Control” (thc0655)

The missed moment on the “gun control” issue must be profoundly irritating to them – “them” including Republicans as well as Democrats, since they all belong to the same club and we are not members. (My conservative friends will find this observation irritating, no doubt. But they forget that it was Ronald Reagan who “controlled” guns in California – just as it was Republicans like John McCain who cast Obamacare in stone.)

How Trump Is Driving Democrats and Republicans Together (Jen H.)

“Clearly, Congress has taken on a stronger role. You see that with the sanctions bill we passed with Russia—and, by the way, also with North Korea and Iran—that discretion that is normally given to the president has been taken over by Congress in our role as the policy arm of government,” Cardin told me. “We have been more prescriptive on the responsibilities of the president on foreign policy, and that’s Congress’ prerogative, and we’ve done that under President Trump. Yes, we are taking a more active role.”

Extreme digital vetting of visitors to the US moves forward under a new name (jdargis)

Speaking to a room of information-technology contractors, hosted by the Government Technology & Services Coalition, Louis Rodi, deputy assistant director of ICE Homeland Security Investigations’ National Security Program, said the agency needs a tool equipped with “risk-based matrices” to predict dangers posed by visa holders, with the social media of those considered a threat under continuous surveillance throughout their stay in the US.

Phone Substitutes To Cure Smartphone Addiction: Why We Obsess Over Touchscreen Devices (jdargis)

Smartphone addiction is real and scientists have been warning us for years. In 2015, 4 out of 10 teens slept less than seven hours a night, up 58 percent since 1991 and 17 percent more than in 2009, when smartphone use became mainstream, according to a study in the journal Sleep Medicine.

Another study conducted by the State University of New York said excessive smartphone use leads to problems like sleep loss, with females especially susceptible.

Oil Major: 70% Of Crude Can Be Left In The Ground (Michael K.)

ConocoPhillips’ CEO said that it would no longer invest in any oil project that needs a breakeven price of $50 or higher, according to the FT. Conoco’s CEO Ryan Lance said that much of the company’s new investment will be directed into U.S. shale. “You don’t even get through the door unless you are below $50 cost of supply, and you don’t really get to the table in the capital allocation fight unless you are $40 a barrel or below,” he said.

OPEC’s Clash With U.S. Oil Is Nearing Its Day of Reckoning (jdargis)

“The production cuts are effective -- it was absolutely the right decision, and the fact of striking a deal with Russia was crucial,” said Paolo Scaroni, vice-chairman of NM Rothschild & Sons and former chief executive officer of Italian oil giant Eni SpA. Nonetheless, “OPEC has not the same power. The U.S. becoming the biggest producer of oil in the world is a dramatic change.”

Gold & Silver

Click to read the PM Daily Market Commentary: 11/24/17

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."

2 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4239
More Iowans Choose Faith-Based Health Plans

More Iowans Choose Faith-Based Health Plans

Iowa Public Radio-3 hours ago
Members of so-called health care sharing ministries write checks every ... to enroll now that some premiums under the Affordable Care Act have skyrocketed.

NY schools just got bad fiscal news

Rochester Democrat and Chronicle-2 hours ago
The $108 billion retirement system, which includes 265,000 active members and ... The state could face at least a $4 billion budget deficit next year after school ...

Pa.'s top pension earners take home hundreds of thousands a year

Pocono Record-20 hours ago
Given that relatively few retirees receive them, the largest pensions aren't a significant driver of Pennsylvania's pension deficit, said Greg Mennis, director of the ...

Bad news for NY schools: Pension costs rising

Press & Sun-Bulletin-2 hours ago
ALBANY — Pension costs for New York schools are expected to soar as much as 12 percent next year — the first increase in four years. The state's nearly 700 ...

Fort Worth Is The Latest Texas City To Grapple With Serious ...

KERA News-1 hour ago
Fort Worth is facing a $1.5 billion unfunded liability in its pension fund for city ... While Fort Worth, Dallas and Houston all have pension problems, they arrived at ...

Snyder: To protect our future, we must pay past debts

The Detroit News-5 hours ago
... benefits: mounting, unfunded liabilities — or in simple terms, long-term debts. ... Well, according to a March 2017 S&P survey of pension obligations, Chicago ...

Stanford Study: Rising Cost of Public Employee Pensions Eat Up ...

San Jose Inside (blog)-1 hour ago
The cost of San Jose's public employee pensions have surpassed the ... up by the city's soaring pension costs, according to an analysis by Stanford University's ...

The $275K retirement expense you can't afford to ignore

CNBC-7 hours ago
A healthy 65-year-old couple retiring this year can expect to spend $275,000 to cover health-care costs in retirement, according to Fidelity. Those calculations ...

China's debt is growing at a faster pace despite years of efforts to ...

CNBC-17 hours ago

China's central bank governor, Zhou Xiaochuan, made global headlines with a warning last month of the risks of a "Minsky moment", referring to a sudden ..

Japan plans extra budget of $24-26 billion for fiscal 2017: sources

Reuters-14 hours ago
Japan plans extra budget of $24-26 billion for fiscal 2017: sources ... and money left unused from debt servicing due to lower-than-estimated borrowing costs, ...

 

DennisC's picture
DennisC
Status: Gold Member (Offline)
Joined: Mar 19 2011
Posts: 342
Have no fear, a solution is on the way

WRT pensions, that is.  I was just doing a man-on-the-street reading of H.R.4444 (the House version of S.2147 it would seem), titled Rehabilitation for Multiemployer Pensions Act.  I can only say how I very generally interpret this (not being an expert by any means), and it seems to go like this: borrow money for 30 years, invest it in a "portfolio" or "annuity contracts", pay the borrowed funds back (hopefully), don't change anything with respect to what pension obligations have been made to plan participants, and if you can't pay back all the borrowed funds, well, that may be OK too.

[page 19] (e) Loan default.—If a plan is unable to make any payment on a loan under this section when due, the Pension Rehabilitation Administration shall negotiate with the plan sponsor revised terms for repayment reflecting the plan's ability to make payments, which may include installment payments over a reasonable period and, if the Pension Rehabilitation Administration deems necessary to avoid any suspension of the accrued benefits of participants, forgiveness of a portion of the loan principal.

I found it interesting that of the 39 cosponsors, many of them are from states that have a horse in the final race called the Pension Trifecta.  Enjoy, if you are into this type of thing.  I'm not planning to miss any sleep.  This also creates "jobs", more good news.

[page 2] (b) Director.—

(1) ESTABLISHMENT OF POSITION.—There shall be at the head of the Pension Rehabilitation Administration a Director, who shall be appointed by the President.

(2) TERM.—

(A) IN GENERAL.—The term of office of the Director shall be 5 years.

(B) SERVICE UNTIL APPOINTMENT OF SUCCESSOR.—An individual serving as Director at the expiration of a term may continue to serve until a successor is appointed.

(3) POWERS.—

(A) APPOINTMENT OF DEPUTY DIRECTORS, OFFICERS, AND EMPLOYEES.—The Director may appoint Deputy Directors, officers, and employees, including attorneys, in accordance with chapter 51 and subchapter III of chapter 53 of title 5, United States Code.

If you wake up at 2 or 3 A.M., go here along with your cup of Nighty Night herbal tea: https://www.congress.gov/115/bills/hr4444/BILLS-115hr4444ih.pdf

 

 

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