Implode-Explode Heavy Industries news feed Tracking the many faces of the global credit implosion. en-us iehi-feed-64644 Tue, 26 Mar 2019 00:00:10 GMT Brother Of Meghan Markle Being Evicted From Oregon Home iehi-feed-64640 Thu, 21 Mar 2019 14:52:06 GMT Porn Addict Got $250,000 In Hush Money From Michigan Taxpayers iehi-feed-64638 Mon, 18 Mar 2019 21:24:20 GMT The Fed has exacerbated America's new housing bubble: FT Hyman Minsky would have had a field day with last week's US inflation numbers. One of the key points in the late, great economist's Financial Instability Hypothesis was that there are two kinds of prices -- prices for goods and services, and asset prices. Inflation in the two areas should, as a result, differ. And indeed they have, quite markedly. The latest Consumer Price Index figures show that almost all core inflation, which was weaker than expected, was in rent or the owner's equivalent of rent (up 0.3 per cent). Core goods inflation, meanwhile, was down 0.2 per cent. Very simply, this means that the housing market is once again completely out of sync with the rest of the economy.

A decade on from the subprime bubble, housing, which is not only shelter but also the biggest financial asset for most Americans, is the only major component of the CPI with a national inflation rate that is consistently above the overall number. Why is this? Because, just as Minsky would have predicted, loose monetary policy over the past several years buoyed assets, but didn't create meaningful new supply or, consequently, enough demand in construction and other home-related areas. The point is illustrated in an academic paper, "What the Federal Reserve got totally wrong about inflation and interest rate policy" from the Mario Einaudi Center for International Studies at Cornell University. As its author Daniel Alpert says: "What we have now is a form of inflation that's never been seen before -- it's all concentrated in housing."

iehi-feed-64636 Sun, 17 Mar 2019 17:03:11 GMT The Most Splendid Housing Bubbles in Canada Deflate | Wolf Street iehi-feed-64635 Sun, 17 Mar 2019 13:40:27 GMT Former COO of Long Island Federal Credit Union Pleads Guilty iehi-feed-64632 Wed, 13 Mar 2019 22:10:54 GMT The housing market is turning: Millennials unhappy with purchases; CA supply at highest since 2012 iehi-feed-64631 Wed, 13 Mar 2019 16:18:10 GMT Prominent Miami CPA Sentenced to Prison for $1.4 Million Tax Evasion Scheme iehi-feed-64630 Tue, 12 Mar 2019 17:57:06 GMT DACA Dreamers Denied FHA Mortgages Contrary To HUD Statements iehi-feed-64629 Mon, 11 Mar 2019 14:47:32 GMT Motor City Casino Phone Scam Alert iehi-feed-64623 Wed, 06 Mar 2019 15:33:02 GMT Crackpot HUD Secretary Ben Carson To Quit At The End Of His Term iehi-feed-64621 Mon, 04 Mar 2019 19:37:47 GMT Was There A Quid Pro Quo Between The Michigan AG And A Michigan Judge? iehi-feed-64619 Sun, 03 Mar 2019 13:00:56 GMT New York Man Fakes Own Kidnapping To Avoid Paying $50K In Super Bowl Bets iehi-feed-64615 Fri, 01 Mar 2019 14:47:15 GMT Former Detroit Land Bank Spokesman Busted For Cocaine Possession iehi-feed-64613 Thu, 28 Feb 2019 14:17:55 GMT Equifax Spanking Expected By Multiple Government Agencies iehi-feed-64605 Mon, 25 Feb 2019 17:07:08 GMT Disgraced Attorney Mark Stopa Says Florida Bar Won't Let Him Resign iehi-feed-64602 Sun, 24 Feb 2019 00:07:09 GMT American Workers -- Even Well-To-Do Ones -- Increasingly Miserable even in a boom economy, a surprising portion of Americans are professionally miserable right now. In the mid-1980s, roughly 61 percent of workers told pollsters they were satisfied with their jobs. Since then, that number has declined substantially, hovering around half; the low point was in 2010, when only 43 percent of workers were satisfied, according to data collected by the Conference Board, a nonprofit research organization. The rest said they were unhappy, or at best neutral, about how they spent the bulk of their days. Even among professionals given to lofty self-images, like those in medicine and law, other studies have noted a rise in discontent. Why? Based on my own conversations with classmates and the research I began reviewing, the answer comes down to oppressive hours, political infighting, increased competition sparked by globalization, an "always-on culture" bred by the internet -- but also something that's hard for these professionals to put their finger on, an underlying sense that their work isn't worth the grueling effort they're putting into it.

This wave of dissatisfaction is especially perverse because corporations now have access to decades of scientific research about how to make jobs better. "We have so much evidence about what people need," says Adam Grant, a professor of management and psychology at the University of Pennsylvania (and a contributing opinion writer at The Times). Basic financial security, of course, is critical -- as is a sense that your job won't disappear unexpectedly. What's interesting, however, is that once you can provide financially for yourself and your family, according to studies, additional salary and benefits don't reliably contribute to worker satisfaction. Much more important are things like whether a job provides a sense of autonomy -- the ability to control your time and the authority to act on your unique expertise. People want to work alongside others whom they respect (and, optimally, enjoy spending time with) and who seem to respect them in return.

And finally, workers want to feel that their labors are meaningful. "You don't have to be curing cancer," says Barry Schwartz, a visiting professor of management at the University of California, Berkeley. We want to feel that we're making the world better, even if it's as small a matter as helping a shopper find the right product at the grocery store. "You can be a salesperson, or a toll collector, but if you see your goal as solving people's problems, then each day presents 100 opportunities to improve someone's life, and your satisfaction increases dramatically," Schwartz says.

This was a predictable consequence of an increasingly unstable, insecure economy. There is really no refuge from it; even the rich know they have to always be searching for the next "score" (the middle class and below obviously have it even worse -- but with the meso-rich feeling the pain, at least the problem is becoming impossible to ignore). At this site, this is the sort of thing we've expected as a consequence of the long-run gutting of the financial economy, with low interest rates and disincentives to save and invest in long-term, stable enterprises (VC money and credit cards are NOT a suitable substitute for traditional commercial and merchant banking).

iehi-feed-64600 Sat, 23 Feb 2019 16:19:52 GMT Pennsylvania Couple Accused Of Stealing $1.2M From Church iehi-feed-64598 Thu, 21 Feb 2019 16:18:17 GMT Racist Non-Profit Director Pleads Guilty To Ripping Off FEMA iehi-feed-64597 Thu, 21 Feb 2019 04:03:04 GMT Sellers are taking huge losses on Billionaires' Row. These are some of the biggest Whereas just 7.7 percent of the 16,000 apartments resold in New York from 2014 to 2018 sold for an outright loss, that percentage rose to 39 percent -- 26 out of 66 -- for luxury apartment resales in Midtown.

"One of the things that I struggle to wrap my head around is why people continue to park money in high-end New York real estate when it's not a very lucrative asset class," StreetEasy senior economist Grant Long told the New York Post.

iehi-feed-64594 Wed, 20 Feb 2019 15:00:40 GMT Illegal SCRA Foreclosure Alert: Combat Vet Gets $125,000 In Damages