over9k
So I didn't tell my wife, but I...
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Correct. Public sector jobs funded by debt. Masking everything, until the piper has to be paid.
Correct. Public sector jobs funded by debt. Masking everything, until the piper has to be paid.No jobs and expensive.... and boring.
I think a lot of things stopped in nz once government money dried up.
Australian jobs are basically government funded at this stage. Its hiding the productive gdp numbers.
The waste going on in government makes things appear better than they really are
Am trying to find an article, but no joy yet, that said not only house prices but we excel at fund managers.Yes as with Australia the only economic growth was house prices.
Yes so true, I was focusing on blue collar, I guess white collar work has more margin and tends to be Government work, so that would be high growth. LolAm trying to find an article, but no joy yet, that said not only house prices but we excel at fund managers.
but that could go in the "what's great in Oz" thread
In response, Brendan Carr, the chairman of the FCC went on Benny Johnson’s podcast—and please, just live with that fact for a moment—and announced that there was a “strong case” for the FCC pursuing action against ABC / Disney.We had some new lows over the weekend, with the MAGA Gang desperately trying to characterize this kid who murdered Charlie Kirk as anything other than one of them and doing everything they can to score political points from it. In between the finger-pointing, there was grieving.
ABC thought about this threat for a couple hours and then yanked Kimmel. I suppose they thought they were choosing the easy way.“This is a very, very serious issue right now for Disney. We can do this the easy way or the hard way,” Carr said. “These companies can find ways to take action on Kimmel, or there is going to be additional work for the FCC ahead.”
“They have a license granted by us at the FCC, and that comes with it an obligation to operate in the public interest.”
This was false. Entirely false. Totally untrue. A lie.They’re eating the dogs, the people that came in, they’re eating the cats. They’re eating the pets of the people that live there, and this is what’s happening in our country, and it’s a shame.
Please read that again:The American media totally ignored this stuff until Donald Trump and I started talking about cat memes. If I have to create stories so that the American media actually pays attention to the suffering of the American people, then that’s what I’m going to do.
Three things:Are people on ASF still pretending this is ok ?
No.Are people on ASF still pretending this is ok ?
I absolutely disagree with this man's comments in so many ways but the notion of supporting free speech by its nature means accepting others saying things I don't agree with.
I wonder what the view of these people would be if employers started cracking down on employees making political comment that isn't in the interests of the business?
A little more on the Tricolor bankruptcy.and an interesting story coming out about subprime lending....
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..., you could be forgiven for missing the strange story of the collapse of Texas-based car dealer and lender Tricolor Holdings, which built up a substantial business by selling cars and loans to low-income and undocumented immigrants from America’s huge Hispanic community; it filed for bankruptcy last Wednesday (Chapter 7 - straight to liquidation)
That move came a day after one of its key lenders, the US regional bank Fifth Third, disclosed that it would write down the bulk of a $US200 million loan ($300 million) after it unearthed “fraudulent activity” by one of its corporate clients.
Tricolor’s other lenders include JPMorgan and Barclays, both of whom are reportedly owed a similar amount to Fifth Third.
Fifth Third has alleged Tricolour committed fraud, both via its audited accounts and the collateral it disclosed to borrow through the warehousing deals it relied on .
Tricolor's average loan of $US21,381 typically carried interest rates of more than 16 per cent, and data from a bond deal earlier this year showed 68 per cent of Tricolor’s borrowers did not have a credit score, while more than half did not have driving licences.
With corporate credit spreads at historical lows, investors hunting big returns have moved into the subprime car-loan market, which has more than doubled in size to $US80 billion in annual bond issuance in the past five years.
Neither the US subprime market nor Tricolor, which managed a portfolio of about $US1.4 billion in loans at the end of March, are big enough to cause the US economy any sort of systemic problems.
But subprime car borrowers are in the worst shape in generations: 6.5 per cent of borrowers are behind on their loan by 60 days or more, which is the highest level since data collection began in 1994.
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Wall Street keeps hitting new highs
It's not just the borrowing to buy cars but they got loans with terrible interest rates because they are lazy/ignorant. Add on top of that they got small loans to pay for credit debts that mostly consisted of paying for door dash, temu and high rent.A little more on the Tricolor bankruptcy.
The WSJ made the following observations.
View attachment 208884
this problem arose during the Biden pesidency rather than Trump.
However, this observation is aimed squarely at the unintended consequences of Trumps economic/political decisions.
View attachment 208885
How many of the forced eportations of undocomnted migrants are leaving abandoned cars and autoloans?
Mick
Are people on ASF still pretending this is ok ?
and a bit like Santos with our PM slapping another layer of Green muvk:No I don't think it's ok.
But weren't Kevin Rudd and Malcolm Turnbull going after Murdoch's licenses in Australia?
Media in both the US and Australia are too concentrated in the hands of a few and need to be broken up.
It still rose under the first trump presidency, though.A little more on the Tricolor bankruptcy.
The WSJ made the following observations.
View attachment 208884
this problem arose during the Biden pesidency rather than Trump.
However, this observation is aimed squarely at the unintended consequences of Trumps economic/political decisions.
View attachment 208885
How many of the forced eportations of undocomnted migrants are leaving abandoned cars and autoloans?
Mick
What rose?
Back to Economic and Stock content!
Trump announces US and UK deal to work on building Nuclear Power Plants in the UK.
Climate change: Thatcher saw it but she warned us about zealots
It is one of history’s many ironies that the leader who put climate change on the map was Margaret Thatcher. Her training in science stimulated her interest in the area; and on top of that, she was strongly supportive of nuclear energy, which was under intense attack after the accidents at Three Mile Island and Chernobyl.
Those issues merged in an address to the Royal Society in September 1988.
“We must look beyond the fossil fuel era”, Thatcher said, stressing the risks posed by changes in the world’s climate.
And the only truly reliable, cost-effective alternative to fossil fuels was “nuclear power, which – despite the accidents at Three Mile Island and Chernobyl – remains a safe, proven source of energy if properly managed”.
Barely a year later, Thatcher repeated her warning in a high-profile address to the United Nations General Assembly.
Unless the threat of global warming was addressed, she told a packed auditorium, “change in future is likely to be more fundamental than anything we have known hitherto”.
Thatcher’s call to action played a crucial role in triggering the vast international effort that continues to this day. Yet her scientific background ensured that she was acutely aware of the uncertainties long-term climate forecasting involves.
She therefore advocated great caution in setting mandatory targets.
But as the Albanese government launches its latest round of emissions reduction commitments, which come accompanied by vast budgetary outlays, any sign of caution seems to have melted away.
And so too has any appreciation of the relationship between those commitments and the outcomes they are likely to achieve.
Thus, going by the government’s own pronouncements, averting climate change requires swingeing cuts in global emissions.
But with the world’s largest emitters effectively resiling from the process, and few reductions elsewhere, it is entirely unrealistic to believe those cuts will occur – which must raise the question of why Australians should make the onerous sacrifices the commitments entail.
To claim our efforts will lead others, notably the developing countries, to do likewise is unconvincing.
On the contrary, the willingness of countries such as Australia to bear enormous costs for the sake of reducing emissions has merely encouraged developing countries to demand ever larger payments for the paltry efforts they might undertake.
Foolhardy gestures
As a result, the only remaining justification is the one Kevin Rudd famously articulated when he called climate change “the greatest moral challenge of our time”.
Seen in that perspective, reducing emissions is simply the right thing to do, regardless of its probable consequences. Yet that justification cannot withstand careful scrutiny.
It is true that we often commend actions that have a low probability of success – such as the dangers a swimmer might bear in attempting to save a child at imminent risk of drowning. But even in that case there is a difference between heroism and foolhardy gestures that are almost certain to increase the extent of the tragedy.
In fact, no one more fiercely castigated those gestures than Immanuel Kant, who was surely the sternest of moralists.
Yes, he wrote in The Metaphysics of Morals, cultivating a concern for others is a duty we owe ourselves, because it makes us better people; but the exercise of that concern has to be strictly circumscribed by whether the actions we undertake are reasonably likely to be practically efficacious.
It is, for example, obvious that “when another suffers and, although I cannot help him, I let myself be infected by his pain, then two of us will suffer”. And this, he insists, is completely absurd: “There cannot possibly be a duty to increase the ills in the world.”
But it is even worse than that, for the major effect of the “insulting kind of beneficence” that pursues pointless endeavours is to induce a smug sense of self-satisfaction, undermining the very virtues the cultivation of a genuine concern for others is intended to promote. Inefficacious actions, carried out under the banner of beneficence, pave the road not to glory but to vainglory.
All that suggests the focus should be on adaptation, rather than mitigation. In effect, if we invest in mitigation, and many far larger emitters do not, we will be doubly poorer: as well as the costs of reducing emissions we will have to incur those of adapting to whatever change occurs. In contrast, a cautious policy of adaptation could yield benefits even in the unlikely event that global mitigation had some effect.
But any adaptation strategy needs to be sensible; unfortunately, that set out in the just released National Climate Risk Assessment is not. Entirely unsoiled by any comparisons between the cost of proposed interventions and their benefits, its heavy-handed recommendations are questionable at best, deeply harmful at worst.
Prime Minister Anthony Albanese and Minister for Climate Change and Energy Chris Bowen speak to media about climate targets on Thursday. Picture: NewsWire / Flavio Brancaleone
The suggestion that building codes should be greatly tightened is a case in point.
Despite projecting massive falls in property values, and equally massive increases in insurance premiums, for properties exposed to climate risks, the report blithely assumes – without ever mentioning the assumption, much less demonstrating its validity – that builders and property owners will not have adequate incentives to “climate-proof” their own asset.
Quite why that would be so is a mystery; but even were some regulatory compulsion required, the contention that building codes ought to be geared to extreme outcomes simply does not follow. Rather, given the substantial uncertainty that pervades the forecasts, the goal should be to enhance the housing stock’s ongoing adaptability: that is, to ensure new structures are constructed in a way that increases the ability to adjust as the extent of the uncertainty narrows. To do otherwise risks incurring needless costs, pushing already excessive housing prices further into the stratosphere.
That error and many others are symptomatic of a policy that, having lost any credible purpose, has enveloped itself in increasingly apocalyptic rhetoric, accompanied by increasingly drastic proposals. There is, in that strategy, an element of logic: after all, the greater the threats, the greater the effort that should be made to avert them.
But the strategy is ultimately self-defeating: for having conjured up those fantasies any practical response seems pitifully inadequate, provoking insatiable demands for measures that go further yet.
Even imitating George Santayana’s fanatic, who “redoubles his effort when he has forgotten his aim”, cannot suffice; once a competition in self-flagellation gets under way, no strip of flesh can be left unmortified.
Little wonder rational discussion has become impossible, ruling out, for example, a sensible debate about the role of nuclear power. And little wonder too that Thatcher, in her later years, lamented the “zealotry” that had come to mark “the doom-mongers’ favourite subject”.
Far from reflecting the science, that zealotry was, she said, the antithesis of the scientific attitude, which is questioning, undogmatic and empirically rigorous. And if long experience had taught her anything it was this: that “it is impossible to go on behaving sensibly while constantly talking nonsense”. With nonsense once more filling the air, it is high time both the government and the Coalition learnt that lesson.
I remember reading this in the WSJ. A Biden initiative made worse by Covid and Trump. It's the American way, quite stupid borrowing which unfortunately is spreading here.A little more on the Tricolor bankruptcy.
The WSJ made the following observations.
View attachment 208884
this problem arose during the Biden pesidency rather than Trump.
However, this observation is aimed squarely at the unintended consequences of Trumps economic/political decisions.
View attachment 208885
How many of the forced eportations of undocomnted migrants are leaving abandoned cars and autoloans?
Mick
Calm down @Garpal Gumnut, the days of Aussies having BS detector skills are long goneI remember reading this in the WSJ. A Biden initiative made worse by Covid and Trump. It's the American way, quite stupid borrowing which unfortunately is spreading here.
By the way, or btw as we say, what was all that Rubbish about a "comedian" called I am told Jimmie Camel. The poster @basilio says he has been sacked. So effing what. What in gawd's name has that got to do with anything related to investing that might interest ASF members ?
Bytes are like trees. there are only so many one can use before there are catastrophic consequences. Treasure every byte @basilio as each one causes global warming. Don't waste them on Camels.
gg
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