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Weaving the Strands: Business, Economics, and Tax Policy 2.0
- Thread starter FreshFish
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Re: Weaving the Strands: Business, Economics, and Tax Policy 2.0
Speaking of GDP growth:
http://www.wallstreetinsightsandind...ally-going-inside-latest-gdp-number/#deeplink
Speaking of GDP growth:
http://www.wallstreetinsightsandind...ally-going-inside-latest-gdp-number/#deeplink
Critical Thinker
Lady of the Lake, Sword Distributor
Re: Weaving the Strands: Business, Economics, and Tax Policy 2.0
This GDP report is a lot like attendance at a campus arena. The number of butts in seats is never announced attendance.
This GDP report is a lot like attendance at a campus arena. The number of butts in seats is never announced attendance.
Kepler
Si certus es dubita
Re: Weaving the Strands: Business, Economics, and Tax Policy 2.0
Funny how a very smart guy is comparing a debate about 6 years of GDP growth (with little inflation) with a debate about 40 years of wage stagnation (with high inflation).
Funny how a very smart guy is comparing a debate about 6 years of GDP growth (with little inflation) with a debate about 40 years of wage stagnation (with high inflation).
Kepler
Si certus es dubita
Re: Weaving the Strands: Business, Economics, and Tax Policy 2.0
My best friend from high school is, among other things, a musician, a genius, possibly a high functioning sociopath (stop me if you've heard this before), a Perotista (OK, so not a genius in everything), and a gold bug (ibid.), and occasionally he sends me pieces from that Dark Side. Of these, the David Stockman stuff always kind of creeps me out, because the guy is obviously smart, connected, and very p1ssed off. This is one of those. Happy New Year and I'll see you in our 2015 shanty town.
My best friend from high school is, among other things, a musician, a genius, possibly a high functioning sociopath (stop me if you've heard this before), a Perotista (OK, so not a genius in everything), and a gold bug (ibid.), and occasionally he sends me pieces from that Dark Side. Of these, the David Stockman stuff always kind of creeps me out, because the guy is obviously smart, connected, and very p1ssed off. This is one of those. Happy New Year and I'll see you in our 2015 shanty town.
FadeToBlack&Gold
Microlot Marxist
Re: Weaving the Strands: Business, Economics, and Tax Policy 2.0
If it's anything like my great uncle's trailer park in FL, where he hangs with all the other Detroit/UAW retirees, I'll pass.
If it's anything like my great uncle's trailer park in FL, where he hangs with all the other Detroit/UAW retirees, I'll pass.
dxmnkd316
Lucia Apologist
Re: Weaving the Strands: Business, Economics, and Tax Policy 2.0
I couldn't get past the first paragraph. Tax cut? Does he understand how property taxes work? Or was he just being cheeky?
I couldn't get past the first paragraph. Tax cut? Does he understand how property taxes work? Or was he just being cheeky?
Kepler
Si certus es dubita
Kepler
Si certus es dubita
Kepler
Si certus es dubita
Re: Weaving the Strands: Business, Economics, and Tax Policy 2.0
It isn't "these days." Humans have always had the same cognitive biases -- our brains are biological and imperfect, and every idea we've ever had had risen from our brains' interpretation of the world. That's why historical analysis and statistical collection are important but can still be abused. They do not provide "answers" but do help provide a source of support for hypotheses which does not just come from the "gut reaction" 90% of people use to make their judgments (judgments which themselves are barely separable from the prejudices handed down to them by their parents and peers).
Yeah, that's a very astute observation of a very sad state of affairs these days: "While I may be a murderer, at least I'm not a serial killer, like they are" pretty much sums up a great deal of "dialog" these days.
It isn't "these days." Humans have always had the same cognitive biases -- our brains are biological and imperfect, and every idea we've ever had had risen from our brains' interpretation of the world. That's why historical analysis and statistical collection are important but can still be abused. They do not provide "answers" but do help provide a source of support for hypotheses which does not just come from the "gut reaction" 90% of people use to make their judgments (judgments which themselves are barely separable from the prejudices handed down to them by their parents and peers).
Kepler
Si certus es dubita
Re: Weaving the Strands: Business, Economics, and Tax Policy 2.0
I'm still trying to process that Louisiana has teachers.
I'm still trying to process that Louisiana has teachers.
ScoobyDoo
NPC
St. Clown
Ideas Posted are Likely Not My Own
Re: Weaving the Strands: Business, Economics, and Tax Policy 2.0
Putting their money into junk bonds, that has to make people think about other pensions out there that give projections based upon X% return annually on stocks and bonds. While stocks are going to have a certain amount of fluctuations, the bond portfolios are supposed to be a reliable method of attaining income for the funds. With bond prices being so high due to interest rates being extremely low, Louisiana's teacher pension fund might be the first in a long line of pension funds looking to make up for sagging ROIs and therefore falling out of federal compliance.
Putting their money into junk bonds, that has to make people think about other pensions out there that give projections based upon X% return annually on stocks and bonds. While stocks are going to have a certain amount of fluctuations, the bond portfolios are supposed to be a reliable method of attaining income for the funds. With bond prices being so high due to interest rates being extremely low, Louisiana's teacher pension fund might be the first in a long line of pension funds looking to make up for sagging ROIs and therefore falling out of federal compliance.
Kepler
Si certus es dubita
Re: Weaving the Strands: Business, Economics, and Tax Policy 2.0
I thought there were firewalls between public pensions and junk debt. I guess Wall Street must have bribed those away too.
What would you rather have, a lower return than the magic 8% or OBVIOUS DEFAULT IS OBVIOUS?
I thought there were firewalls between public pensions and junk debt. I guess Wall Street must have bribed those away too.
What would you rather have, a lower return than the magic 8% or OBVIOUS DEFAULT IS OBVIOUS?
Re: Weaving the Strands: Business, Economics, and Tax Policy 2.0
The other thing is that it is a relatively small percentage of their portfolio. $325 mil out of about $14.7 billion in total funds. I personally think prudent investing requires you to put a very small % of your funds into what we might describe as higher risk/reward investments.
dxmnkd316
Lucia Apologist
Re: Weaving the Strands: Business, Economics, and Tax Policy 2.0
This is bad advice. High risk is single mad-cap or small-cap stocks. Not junk bonds. Especially when it comes to retirement funds.
Junk bonds are junk and should he avoided completely.
This is bad advice. High risk is single mad-cap or small-cap stocks. Not junk bonds. Especially when it comes to retirement funds.
Junk bonds are junk and should he avoided completely.
St. Clown
Ideas Posted are Likely Not My Own
Re: Weaving the Strands: Business, Economics, and Tax Policy 2.0
My bet is that the LA teachers pension would have a rule stating that X% equity, Y% debt. If the Y% is falling short of its ROI, then they're getting creative so that the taxpayers don't have to shell out more cash in order to get that pension back to the point of being considered fully funded. While I'm not big on junk bonds, I do know that there are some very savvy investors out there that make a nice living exclusively trading them.
I don't know if they exist or not, and if they did on what grounds they're not applied anymore. Perhaps the law only applied to federal pensions and then other state and local pensions followed suit as more a rule than a law. I know that the government invests in them on a semi-regular basis, but that's more of a political thing and not used within its pension funds.
My bet is that the LA teachers pension would have a rule stating that X% equity, Y% debt. If the Y% is falling short of its ROI, then they're getting creative so that the taxpayers don't have to shell out more cash in order to get that pension back to the point of being considered fully funded. While I'm not big on junk bonds, I do know that there are some very savvy investors out there that make a nice living exclusively trading them.
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