Beginning at the time of Disney World’s grand opening in 1971 when Magic Kingdom tickets cost only $3.50, Magic Kingdom ticket prices have increased at a compound annual growth rate of 8.04% – nearly double the U.S. CPI’s compound annual growth rate of 4.13%. The U.S. CPI no longer accounts for the cost of maintaining the same standard of living in America. The Magic Kingdom Price Inflation Rate provides a much more accurate view of real U.S. price inflation.
Despite this morning's US Services PMI rise, US macro data is running at a 90% miss rate in February and Richmond Fed's tumble from 6 to 0 (11mo lows) along with The Conference Board's Consumer Confidence dropping the most since Oct 2013 merely confirm this trend. This is the biggest 4-month slump in Richmond Fed since 2010 as practically every sub index deteriorated. California, Florida and New York saw over consumer confidence collapse and Texas saw 'present situation' plunge. US Macro data is now nearing its lowest in a year...
As the market anxiously await Janet Yellen's Humphrey-Hawkins testimony this morning, hanging on every word and intonation, ConvergEx's Nick Colas is reminded of Harry Truman’s famous request: “Give me a one-handed economist!” The U.S. central bank clearly feels challenged by the cross currents of the global economy even as it reiterates confidence in domestic growth prospects. In an effort to help clear things up, Colas brings some 21st century data to the Fed’s distinctly old-school toolset and looks at the historical popularity of 10 Google search terms with a decidedly economic twist. Bottom line: the Google data is clear. The Fed needs to wait a while longer before raising interest rates.
Former Florida Gov. Jeb Bush, who is seriously considering a run for the White House in 2016, said Wednesday that the National Security Agency’s program that collects bulk telephone records was “hugely important,” throwing his support behind the practice as Congress debates whether to reauthorize or limit it. At an event on foreign policy hosted by the Chicago Council on Global Affairs, Mr. Bush, a Republican, said, “For the life of me, I don’t understand the debate” over the metadata program.
It may be hard to believe, but either one of the two status quo choices for U.S. President currently being force-fed down the American public’s throat will be almost unquestionably more imperial and warlike than Barack Obama. The reason is simple. Any society that apathetically stands by as one President after the other tramples on the Constitution will be subject to a litany of increasingly tyrannical, and even insane, leaders. If you still had any doubt, today we learn that Jeb Bush is actively surrounding himself with the exact same people who under the George W. Bush administration, masterminded the terrible tragedy known as the Iraq war.
As London is to Moscow, so Miami is to Rio... Following the re-election of Dilma Rousseff - the center-left president that is generally loathed by Brazil's elites - the WSJ reports, rich Brazilians are relocating to South Florida en masse. As one attorney notes, "mainly they feel concerned about the instability of Brazil’s political environment; they don’t want to be the last ones to leave,” with Brazilians among Miami’s top three foreign buyers of high-price real estate, along with Argentines and Venezuelans, two other troubled economies. As one Rio broker exclaims, "Miami is the biggest Brazilian city outside of Brazil right now."
In 12 U.S. states, over half of 25-year-olds lived with their parents in 2012-13. The states: York are: New York, New Jersey, California, Florida, Illinois, Maryland, Delaware, Pennsylvania, Connecticut, Massachusetts, New Hampshire and Washington D.C.
The NYT Exposes The Criminal Money-Laundering Underworld Supporting Manhattan's Luxury Housing BubbleSubmitted by Tyler Durden on 02/07/2015 16:02 -0400
“We like the money,” said Raymond Baker, the president of Global Financial Integrity, a Washington nonprofit that tracks the illicit flow of money. “It’s that simple. We like the money that comes into our accounts, and we are not nearly as judgmental about it as we should be”... Mayor Michael R. Bloomberg said on his weekly radio program in 2013, shortly before leaving office: “If we could get every billionaire around the world to move here, it would be a godsend.”
- RadioShack files for bankruptcy; Sprint to take over some stores (Reuters)
- Kansas To Issue Bonds and Invest Proceeds to Boost Pension Returns (WSJ)
- Merkel to Make Last Push With Putin as Pessimism Prevails (BBG)
- Islamic State in Syria seen under strain but far from collapse (Reuters)
- Texas Swagger Fades Fast as Oil Town Squeezed Hard by OPEC (BBG)
- SEC probes Blackberry options trading ahead of Reuters report about Samsung talks (Reuters)
- Spanish Bonds Underperform Italy’s as Podemos Gains Popularity (BBG)
- Steelworkers Union Rejects Offer From Refiners (WSJ)
- Brazil January Inflation at Fastest Pace in Nearly 12 Years (BBG)
Israel and Hezbollah are at war. On top of everything else that is going on in the world, now we have a new war in the Middle East, and nobody is quite certain what is going to happen next. Israel has been preparing for this moment for more than 8 years. So has Hezbollah...
Jeff Gundlach Warns "The Fed Is About To Make A Big Mistake" (& That's Why Bond Yields Are Crashing)Submitted by Tyler Durden on 01/28/2015 23:06 -0400
Since The FOMC's "hawkish" statement, bond yields have utterly cratered as near-record speculative short positioning in bonds unwind the long-end (and worries about international problems - "and readings on financial and international developments"). However, fundamentally speaking, DoubleLine's Jeff Gundlach explains, the Federal Reserve is on the brink of making a big mistake simply put, "if Fed Chair Janet Yellen goes ahead with this plan (to raise rates for 'philosophical reasons'), she runs the risk of having to quickly reverse course and cut interest rates."
Just because we do not acknowledge the binds that tie us to our servitude does not invalidate their existence, but rather significantly strengthens them.
"Prospects For A Home Run In 2015 Aren’t Good" - November Case-Shiller Confirms Ongoing Housing Market SlowdownSubmitted by Tyler Durden on 01/27/2015 10:40 -0400
In a day of furious disappointments, the Case-Shiller housing report, albeit looking at the ancient economic picture as of November, confirmed what most had known: that the growth in housing prices slowed down yet again on not only a Year over Year basis, which rose just 4.31%, the lowest annual increase since October 2012 but also dropped by -0.22% decline on a monthly basis, which may not sound like much, but was the worst monthly drop since February 2012!
Just as people enjoy the presumption of innocence in a criminal trial, property owners never convicted or even charged with a crime should not be presumed guilty in civil asset forfeiture proceedings. The Civil Asset Forfeiture Reform Act of 2000 has proven inadequate for curbing abuses, as countless Americans across the nation, having done nothing wrong, continue to lose their homes, businesses, and, sometimes, their very lives to the aggressive, acquisitive policing that this law encourages. Civil asset forfeiture is a big challenge. While the Justice Department has recently stepped up to limit the scope of this problem, it is time for Congress to act.