Debt Rattle Jul 11 2014: Systemic Lies About Systemic Risks
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Jack Delano Eastbound freight on Atchison, Topeka & Santa Fe near Ash Fork, AZ March 1943 I know, I know, you’re probably thinking: why all the attent
[See the full post at: Debt Rattle Jul 11 2014: Systemic Lies About Systemic Risks]Ha! “Harmonized Scrubbed Materiality” is it? Well, I’ll be baffled with bull shit!
Warning; When bureaucrats go into intense semantics mode, all logic is futile. Just go with the flow until the water is almost to the gunn’ls, then abandon ship. Like the bureaucrat.
Circa 1981. “Hunt said ,,,he expected interest rates to gradually begin rising early next year.”
From 15% to??,
https://www.ritholtz.com/blog/wp-content/uploads/2012/01/Long-Term.png
Developers musn’t be allowed to lose money!
“As long as you have enough money, you can buy as many apartments as you wish,” real estate agent Zhang Di told Xinhua.
Over the past couple of months, more than 10 cities nationwide have lifted or eased bans on ownership of more than one home, imposed in early 2011 to cool the market. At that time, more than 40 cities made use of the limits along with other measures, including higher mortgage rates and bigger downpayments on second homes. Three years ago, high home prices were among the top complaints of urban residents.
Xu Chuanming, marketing director of Hopefluent Group Holdings Ltd. (Shandong), said a cooling real estate market hurts economic growth and fiscal revenue.
“It’s quite natural for local authorities to lift the limits to help the property market,” said Xu.
The real estate sector has been a major driver of growth over the past decade. Revenues from land sales are a major source of income for local governments, accounting for about one third of total fiscal revenue. In some regions, the percentage can be above 50 percent.”https://english.people.com.cn/business/n/2014/0711/c90778-8754141.html
Nobody within two degrees of separation from power can possibly say anything which will hurt confidence. Certainly a majority of those really believe all confidence about future growth is warranted. Such beliefs are what allows one entre’ into the halls of power.
Which is why, not famously enough, no member of the FOMC was predicting recession in the spring of 08 despite the fact it was already happening. Well at least for public consumption they all submitted forecasts that predicted GDP growth. They know enough about confidence that a negative opinion of the future by an FOMC member would hurt it, making a self fulfilling prophesy. Perhaps to the point of being blamed for the absence of growth because they hurt confidence. No, better the rosy scenario that everyone who is anyone supports. The institutional man is safe in consensus. The independent individual is a loose cannon, not a team player. The non conforming independent thinker who rejects consensus is anathema to any institutional hierarchy. Which is why when one slips through and gets within the halls of power and speaks out they are persecuted and prosecuted to the max degree. The whistle blower is the most reviled person in the system now.
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