To quote H. L. Mencken, yet again
- Read more about To quote H. L. Mencken, yet again
- Log in or register to post comments
From David Michaels at MercoPress
Russian billionaire Mikhail Prokhorov lost 53 million US dollars deposit on a 530 million USD villa in southern France after a court ruled Tuesday that he failed to complete the purchase.
The moral to this story of course being;
In the event that the deposit is forfeited, we agree that That Lying, Greedy, No Good Broker, That Didn't Do Jack Shit On This Deal Anyway, Inc. shall retain one half ( ½ ) of the deposit, but not in an amount in excess of the full commission, as full payment for services rendered.
I believe that's how it's done.
A new term, gaining popularity across the country was coined in 2007 by Jack Mchugh of the Mackinac Center for Public Policy located in Midland Michigan.
"Detroitification" - The process by which the private sector is hollowed out to prop up an unsustainable government establishment.
Mr. McHugh also edits Michiganvotes.org.
Both organizations are highly recommended.
The two charts and excepts below link to a brief report from Josh Barro of the Manhattan Institute for Policy Research titled,
Two Americas: Public Sector Gains in Recession
The problem: During the recession, public employees have continued to see strong wage growth, well ahead of the private sector.
From the first quarter of 2007 through the last quarter of 2009, the average value of hourly compensation (wages plus benefits) rose by 9.8 percent for employees of state and local governments, compared to 6.9 percent in the private sector.
After adjusting for inflation, public employees have seen a rise in real hourly income over this period, while private employees have not.
The trend in the third quarter—when public-employee compensation was flat—shows that a freeze on public-employee compensation is possible.
States and localities should take the following steps to get employee compensation under control:
Governments should freeze employee compensation at least until public-employee wages have returned to levels matching the private sector trend.
They should take this action when negotiating new public-employee contracts.
In some states, governments may have powers to freeze pay even in the middle of an existing contract.
States should also look at reforming binding arbitration laws that force governments to pay unaffordable wage increases.
Such laws should be repealed or reformed to properly take into account private-sector wage trends and the ability of governments to pay wage increases.
Unfortunately, the trend reverted to form in the fourth quarter, with public-employee compensation again rising faster than private sector pay.
Getting budgets under control will require state and local lawmakers to put taxpayer interests ahead of the interests of public-employee unions.
New research by the UK’s University of Warwick and Hamilton College in the US has used the happiness levels of a million individual US citizens to discover which are the best and worst states in which to live in the United States.
The new research published in the elite journal Science on 17th December 2009 is by Professor Andrew Oswald of the UK’s University of Warwick and Stephen Wu of Hamilton College in the US.
Andrew Oswald/ Wu ranking of happiness levels by US State
"It seems those running the lives of others need reminding that debt is the current consumption of future earnings.
They see no harm in buying the votes of current voters with future obligations on those too young to object or vote.
In that vein, I note Obama, behind closed doors on a Friday afternoon, with no cameras or 'transparency', signed an increase in the
R.E. McMaster is a trader who writes a daily newsletter for other traders.
My strongly held opinion is that he spends his entire day mostly scrounging for news that a trader might find useful.
I recommend McMaster Online to anyone looking for news happening "under the radar".
I also caught the heads up on Citi below from McMaster's catch on it by John Carney at Business Insider.