Recently, we’ve seen numerous signs that the housing market in one of the world’s biggest bubbles, London, has likely popped. It appears New York City isn’t too far behind. From Bloomberg: Manhattan apartment vacancies reached their highest level in more than nine years, a sign that the post-recession run-up in rents may begin to cool. The vacancy … Read more
New York City’s method of assessing property values is so out of whack that the buyer of the most expensive apartment ever sold — a $100 million duplex overlooking Central Park — pays taxes as if the place were worth just $6.5 million. With controversial tax breaks granted to the One57 condo tower, the total property … Read more
“The H-1B program is critical as a way for employers to fill skill gaps and for really talented people to come to the United States,” said Ronil Hira, a professor at Howard University who studies visa programs. “But the outsourcing companies are squeezing out legitimate users of the program,” he said. “The H-1Bs are actually pushing … Read more
Once the American oligarchs saw the ease with which they were able to loot the U.S. taxpayer via the banker bailouts and get away with it, they knew it was the perfect opportunity to declare open season on the general public. As such, the last several years has been little more than an ongoing crime scene in … Read more
One of the primary “talking points” used by the Department of Justice to defend its practice of systematically deeming corporate criminals above the law via its used of deferred prosecution agreements, has been an emphasis on how much money it has earned in fines from criminal corporations. These fines were supposed to be distributed to help victimized American … Read more
Wall Street is counting its winnings from seven years of easy money. The results represent a clear victory for Wall Street over Main Street, according to the team of Michael Hartnett, BofA’s chief investment strategist. “Zero rates and asset purchases of central banks have, thus far, proved much more favorable to Wall Street, capitalists, shadow … Read more
I don’t comment frequently on the state of financial markets these days, but the following article from Bloomberg really grabbed my attention. It relates to interest coverage ratios across corporate America, and quite frankly, I was stunned to see how badly balance sheets have deteriorated during the recent pitiful cyclical economic rebound which I have dubbed … Read more
Puleo added he has “never seen” the homeless situation this bad. Dilcy Benn, president of the union’s Local 1505, said more than 100 of the 1,000 parks workers she represents are living in shelters and at least another four, including Torres, are living on the streets on Staten Island and The Bronx. – From the … Read more
Another day, another data point proving what anyone with two functioning braincells already knows. That for most citizens, the U.S. economy is a neo-feudal Banana Republic oligarch hellhole. The facts are indisputable at this point, and the trend goes back decades when it comes to the American male. All the way back to 1973, in … Read more
Food banks across the country are seeing a rising demand for free groceries despite the growing economy, leading some charities to reduce the amount of food they offer each family. U.S. food banks are expected to give away about 4 billion pounds of food this year, more than double the amount provided a decade ago, … Read more