Daily Digest 11/23 – LA Has More Vacant Homes Than Homeless, Who’s Going to Buy Boomers’ 21M Homes?


Sacramento sheriff attacks McClatchy, as company’s pension and debt burdens pile up (Sparky1)

It said last week that it has begun talks with its largest debt holder, New Jersey hedge fund Chatham Asset Management, about restructuring more than half of the publisher’s daunting debt load. Separately, it has approached the federal Pension Benefit Guaranty Corp. about taking over its pension plan — a move that, if successful, would alleviate the need to contribute $124 million into the plan next year.

Schwab Nears Deal to Buy TD Ameritrade (newsbuoy)

Charles Schwab Corp. is nearing a deal to buy TD Ameritrade Holding Corp, according to a person familiar with the matter, reshaping a beleaguered online brokerage sector that’s seen fierce competition from new entrants amid price pressure and alternative ways to invest for clients. Bloomberg’s Annie Massa reports on “Bloomberg Markets.”

The Collapse of Civilization May Have Already Begun (belmontl)

Yet this is not just a scientific debate. It also raises difficult moral questions about what kind of action is warranted to prepare for, or attempt to avoid, the worst. Scientists may disagree about the timeline of collapse, but many argue that this is entirely beside the point. While scientists and politicians quibble over timelines and half measures, or how bad it’ll all be, we are losing precious time. With the stakes being total collapse, some scientists are increasingly arguing that we should fundamentally change the structure of society just to be safe.

Trump said Hong Kong would be ‘obliterated’ without him (Sparky1)

The comment comes as U.S. trade talks with China have yet again hit a snag, despite indications that a limited deal was close to being signed. The protests roiling Hong Kong are also emerging as a potential source of friction. Congress recently approved legislation that could remove Hong Kong’s special trade status if Beijing encroaches too much on the territory’s semi-autonomous status.

Over 80% of adolescents worldwide don’t get enough exercise, putting health at risk: Study (Adam)

“The trend of girls being less active than boys is concerning,” study co-author Dr Leanne Riley, of the WHO, said in a statement Friday. “More opportunities to meet the needs and interests of girls are needed to attract and sustain their participation in physical activity through adolescence and into adulthood.”

Most countries in the study — 73% — saw this gender gap widen between 2001 and 2016.

150 years of bank credit expansion is near its end (thc0655)

While an individual bank could expand its balance sheet, the implications of all banks doing the same may have escaped the early banking pioneers operating under the 1844 act. Thus, when their balance sheets expanded to a multiple of the bank’s own capital, there was little cause for concern. After all, so long as a bank paid attention to its reputation it would always have access to the informal interbank market. And so long as it can call in its loans at short notice, the duration mismatch between funding by cash deposits and its loan book would be minimised.

OK Boomer, Who’s Going to Buy Your 21 Million Homes? (Adam)

SUN CITY, Ariz.—When this Phoenix suburb opened on January 1, 1960, it was billed as the original retirement community. From above, it would look like a UFO landing site, laid out in rings to mimic halos surrounding the sun. Just past the entrance, a billboard flanked by rows of palm trees promised “An Active New Way Of Life.”

Charges of Ukrainian Meddling? A Russian Operation, U.S. Intelligence Says (tmn)

The revelations demonstrate Russia’s persistence in trying to sow discord among its adversaries — and show that the Kremlin apparently succeeded, as unfounded claims about Ukrainian interference seeped into Republican talking points. American intelligence agencies believe Moscow is likely to redouble its efforts as the 2020 presidential campaign intensifies. The classified briefing for senators also focused on Russia’s evolving influence tactics, including its growing ability to better disguise operations.

LA Has More Vacant Homes Than Homeless People, Report Finds (tmn)

Vacancy rates in the 10 buildings have dropped to 30% since the study was carried out, according to data supplied by CoStar to LAist. In hard numbers, that means 1,544 of 2,809 vacant units in those 10 buildings were filled between April and November.

Still, the vacancy rate in the studied buildings is well above the overall housing vacancy rate, 6.4%, for the city of Los Angeles, according to the most recent American Community Survey data (2017).

The BadDaddy Manifesto (Phil D.)

Next came 9/11. My childhood home sat 25 miles across Long Island Sound from the World Trade Center. On a clear day, you could see the twin towers from my bedroom.

Now 23 and relocated, I couldn’t see the towers anymore, but the place – New York City – was always close to home. Like you, I watched in horror on live TV as the second plane hit 2 WTC.

The Z Man: Another Trip Around The Sun (thc0655)

In this regard, the health care system is a glimpse into the future our rulers have planned for us. To the people in the health care system, I am just a talking meat stick, one of many, they have to supervise. The relationship between the patient and the system is impersonal and transactional. Health care is a process. The patients enter the system, pass through the system and come out the other end repaired, broken in some new way or dead. No one really cares, just as long as the process continues.

Billionaire Fracking Brothers Hammered by Permian Holdings (newsbuoy)

Eight of the 10 biggest holdings in a portfolio spanning more than 50 investments have dropped since June 2018, when they were worth almost $1 billion. In a filing last week, they reported stakes in just seven entities worth a total of only $35.7 million. The combined value of those remaining holdings plunged by $171.2 million, or 88%, since they were initially disclosed.

Tesla reveals Cybertruck, but breaks its ‘unbreakable’ windows during unveiling (Thomas R.)

The most expensive version of the truck, the Tri Motor All-Wheel-Drive, will be able to carry 3,500 pounds, tow up to 14,000 pounds and go from zero to 60 in 2.9 seconds. It will also be able to drive up to 500 miles on a full charge. Base models will have a range of 250 miles.

At Least 14 levees broke in Fukushima Prefecture (newsbuoy)

It is our belief from our ongoing research that the ensuing flooding induced by Typhoon Hagibis is moving significant amounts of radiation from high in the mountains down to cities, towns, and farmland in Japan. Our analysis on several radiation sampling trips to the prefecture proves that there are huge amounts of residual radiation that were previously trapped in the soil.

Gold & Silver

Click to read the PM Daily Market Commentary: 1/11/19

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