Yearly Archives: 2013

European Car Sales Fall to 20-Year Low Amid Unemployment

"European car sales fell to a 20-year low in May as record joblessness caused by a recession in the euro area reduced demand at PSA Peugeot Citroen (UG), Renault SA (RNO), Fiat SpA (F)and General Motors Co. (GM) Registrations dropped 5.9 percent to 1.08 million vehicles from 1.15 million a year earlier, the Brussels-based ACEA said today. The figure was the lowest for the month since 1993. The ACEA compiles data for the 27-nation EU plus Switzerland, Norway and Iceland. Peugeot, Renault, Fiat and GM’s deliveries fell at least 10 percent in the region last month as price cuts failed to attract buyers." Continue reading →

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Price Inflation Watch: Average NYC Rent Passes $3,000

"The average rent in NYC last quarter was $3,017 a month, according to Reis Inc. According to Reuters, the average New York rent was more than 50 percent higher than second-place San Francisco, where rent grew 1.1 percent from the first quarter to $1,998.82. Oklahoma City was the cheapest market, at an average of $571.03 a month, up 0.6 percent. The national average is $1,062. With few apartments up for grabs in NYC, brokers are urging prospective tenants to carry financial paperwork with them to showings and to make a decision quickly, reports WSJ." Continue reading →

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Dear New Yorkers: Here’s Why Your Rent Is So Ridiculously High

"While the average rent for available apartments in New York City is now over $3,000, the U.S. Census Bureau says renters in New York City were only paying a median of $1,125 in 2011. What gives? The answer is, there are lots of cheap apartments in New York. You just can't get one of them, because they're rent controlled, and tenants with great rent controlled deals cling to their apartments until they die. In Manhattan below 96th Street, 35% of rent regulated apartments are occupied by a tenant who has lived there for more than 20 years. Less than 3% of market-rate tenants have been around that long." Continue reading →

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Mortgage Rates at Two Year High

"The average rate for the 30-year fixed-rate mortgage rose to 4.51% in the week ending July 11 - reaching the highest rate since July 2011,Freddie Mac said today in its weekly report. A year ago, the 30-year rate averaged 3.56%. This is only the beginning. It is not the time to have a floating rate mortgage. If you haven't locked in your mortgage rate with a long-term fixed rate mortgage, do so now." Continue reading →

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Tax compliant Americans abroad with a principal residence or mutual funds should renounce citizenship

"It has become clear for U.S. citizens abroad that the only thing worse than NOT being tax compliant is BEING tax compliant. The cost of U.S. tax compliance is that your U.S. citizenship will disable you from effective financial and retirement planning. The reason is that the U.S. considers most non-U.S. investment vehicles to be PFICs. The sale of your principal residence will be subject to a capital gains tax. Furthermore, the additional “Obamacare taxes” imposed on investment income will make the situation worse. If you you own a principal residence or a non-U.S. mutual fund and you sell it all the gains (and possibly more) will be confiscated." Continue reading →

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How the Federal Reserve Just Hid Important Data

"One of the most important data points released by the Federal Reserve has been the amount of excess reserves sitting at the Federal Reserve. This is important data because these reserves are sitting at the Fed and not in the economy bidding up goods and service. If banks start pulling this money out of the Fed and making loans with the money, the money supply will explode, as well as price inflation. This must be watched closely. But notice something about this chart, the chart title says the series is discontinued. Got that? One of the most important data points is no longer reported by the Federal Reserve." Continue reading →

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Who Really Whacked Tony Soprano

"Mr. Gandolfini’s estate is estimated to be about $70 million. Due to poor legal advice and estate planning, more than $30 million of his estate could go to the government thanks to a 'death tax,' or an estate tax of 55%. Unless Gandolfini was sitting on large sums of cash, his family will now be forced to sell off property and liquidate assets quickly in order to pay the tax bill. There are a few simple techniques that could have saved Tony millions, and they can work for you too." Continue reading →

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A Flourishing $40 Million Medical Marijuana Industry Helps Israelis Forget

"Illegal for recreational use, today medical cannabis is prescribed to some 11,000 Israeli patients, up from 1,800 in 2009, according to the Israeli Health Ministry. It is used to treat an extensive list of illnesses including cancer, Parkinson’s, Tourette syndrome, and PTSD. While government attempts to limit use have sparked a heated debate, legislation is still relatively liberal. In May, Health Minister Yael German announced that an additional 11 doctors would be certified to prescribe cannabis—bumping up the number to 19—by the end of the year. While rabbinic support for medical cannabis has long existed in Israel, government regulation is relatively new." Continue reading →

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The Department of Energy Is About to Mess With Computer Power

"The Energy Department signaled Friday it intends to order new efficiency standards for all computers and servers in the United States, reports The Hill. A pair of documents published in the Federal Register said the DOE has 'tentatively' ruled that a federal law designed to curtail consumer energy use, created in the wake of the 1973 oil crisis, also covers computer and servers." Continue reading →

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He Could Bear Arms for the Government — But Not For Himself

"Before he retired from the Army in 1993, Houston resident Ron Kelly spent decades firing machine guns, tanks, and other high-performance weapons. Kelly estimates that during his military career he fired 100,000 rounds of ammo. Yet when he recently tried to purchase a .22-caliber rifle at a local Wal-Mart, Kelly was denied – because a computerized background check turned up a misdemeanor marijuana conviction from 1971. As a teenager, Kelly was arrested with a baggie of pot at High School and given a year of probation." Continue reading →

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