On Wire

Breaking news, updates, and reports on current events.

Upcoming $3 billion in state tax credits will disproportionately benefit high-income residents, experts say: High-income taxpayers could receive credits of more than $20,000 while a new estimate suggests low-income residents could see credits of just $9.

by

To get $20,000 back you must have an income of like $3 million a year lol. If you make $100k a year you’re getting back around $650   Nearly $3 billion in excess tax revenue is set to be returned to Massachusetts residents this fall, but there’s a catch. Under a formula laid out in … Read more

Falling Chinese property ignores more support (bursting property bubble)

by

by Boo_Rand https://www.macrobusiness.com.au/2022/10/falling-chinese-property-ignores-more-support/ The average new home prices in China’s 100 major cities stood at 16,200 yuan per square meter in September, falling by 0.02% from the previous month, down for the third consecutive month and weakening from the 0.01% drop in August, according to a report by China Index Academy, one of the country’s … Read more

My first month in the markets was Oct 2008. This rally is nothing.

by

https://twitter.com/MacroStratChris/status/1577253088754139136 Seems hilarious.. those expecting a pivot don’t expect higher commodities prices — Alessio (@AlessioTMAD) October 4, 2022 Big miss on US job openings… Job openings in private sector declined by 1 million in August… the most since April 2020 when the whole world was locked down… everything is fine…

A $50,000 electric bill? The cost of cooling L.A.’s biggest houses in a heat wave

by

  Cooling off a 1,500-square-foot bungalow in a heat wave is expensive enough. But how big are the bills for the ever-larger mega-mansions crowning our hills? Granted, those who can afford a $50-million home likely aren’t sweating a bloated electric bill, nor perhaps the carbon footprint, but experts say the cost of keeping a mansion … Read more

NYC office buildings are set to see $50 BILLION in value wiped out as nearly 54% of workers in the Big Apple continue to work from home, new research suggests

by

by Boo_Randy It’s only Yellen Bux, but still…. https://www.dailymail.co.uk/news/article-11276799/NYC-office-buildings-set-50-BILLION-value-wiped-continue-work-home.html The city of New York continues to face devastating financial peril from remote work, as office buildings could potentially lose $50billion due to people doing their jobs from home. A recent study from the National Bureau of Economic Research shows that property values of office buildings … Read more

How pensions were ‘hit by hurricane’: Banker behind LDI strategy that needed Bank bailout says it was not designed to withstand ‘ferocity’ of gilt sell-off

by

by Boo_Randy If the complacent sheeple realized their pension funds, and our entire financial system, were a house of cards, how many of them would be stacking the shiny? https://www.dailymail.co.uk/money/markets/article-11276197/LDI-not-designed-withstand-ferocity-gilt-market-sell-off.html A banker who helped to design the pension investment strategy that nearly collapsed last week said it was not designed to withstand the ‘ferocity’ of … Read more

FACT CHECK: Democrats, including President Biden, claimed Georgia’s election law was unconstitutional. RULING: False. Federal judge (appointed by Obama) determined that GA’s election law is 100% constitutional. Election Denier, Stacey Abrams, continues to claim the law is unconstitutional.

by

  “Jim Eagle” Has Landed: A Federal Court Declares Georgia Election Law Entirely Constitutional Below is my column in Fox.com on the recent decision finding the Georgia election law constitutional. That was the law widely denounced by President Joe Biden and other Democratic leaders as unconstitutional as a “new Jim Crow” law. The media repeated … Read more

Will mortgages hit 10%? As Question Time clip goes viral, brokers say average interest is around HALF that and it will ‘needlessly scare people’

by

Mortgage rates continue to fill the headlines as the fallout from the Chancellor’s tax cutting mini-Budget hits borrowing costs. While the Government has now reversed its decision to cut the 45p top rate of income tax for high earners, last week’s announcement has plunged the mortgage market into disarray. Some lenders have pulled rates from … Read more

Germany: groceries up again

by

Necessary groceries like sugar, honey are up ahain! Sugar was 0,79 euros last week, today its 1,29euros thats 65% right? No end in sight. Don’t get mislead, it’s not only sugar honey and cookies on the rise.. https://www.focus.de/finanzen/news/supermaerkte-ziehen-preise-an-zucker-kostet-65-prozent-mehr-honig-30-prozent-und-kekse-20-prozent_id_158947062.html h/t Phoenixe2

MN Gordon: Why Bonds Are Behaving Like Risky Assets

by

Guest Post by MN Gordon from his blog Economic Prism: When the [credit] delusion breaks, people all with one impulse hoard their money, banks all with one impulse hoard credit, and debt becomes debt again, as it always was.  Credit is ruined.” – Garet Garrett, 1932, A Bubble that Broke the World Down, Down, Down Third … Read more