Tag Archives: Economy

BlackRock, Koch Robbing Future Homeowners

New Rising: David Sirota: BlackRock, Koch Robbing Future Homeowners – Occidental Dissent

New Rising: David Sirota: BlackRock, Koch Robbing Future Homeowners

Daily Poster:

“Billionaire Charles Koch’s foundation has bankrolled three conservative legal groups leading the court battle to eliminate prohibitions against tenant evictions during the COVID-19 outbreak. At the same time, Koch’s corporate empire has suddenly stepped up its real estate purchases during the pandemic — including making large investments in real estate companies with a potential financial interest in eliminating eviction restrictions.

In the last few months, the Texas Public Policy Foundation, the Pacific Legal Foundation, and the New Civil Rights Alliance have been pushing federal courts to strike down the Centers for Disease Control and Prevention (CDC) eviction moratorium, which is designed to protect millions of Americans from being thrown out of their homes during the pandemic. The groups have so far won two rulings. …”

Blackrock Buying Up Thousands of Houses So You and Your Descendents Can Be Renters In The new “Service” economy

  • According to a recent report from the Wall Street Journal, roughly 200 investment firms are buying tens of thousands of homes — and sometimes entire neighborhoods — raising prices, and competing with middle-class Americans looking to take advantage of low-interest rates and buy their first home.
  • A combination of investors swooping up single-family houses to rent out or flip, some of the lowest interest rates in history, and a housing shortage has caused home prices to surge, pricing normal people out of being able to purchase a home.
  • Over the past several months, investors have made up around 25% of home purchases.
  • investors accounted for about a third of sales in many markets.
  • After the crash, the government incentivized Wall Street to step in where individual home buyers were not. In 2012, the federal government launched a program that allowed corporations to easily purchase foreclosed homes by the thousands from Fannie Mae.
  • Rather than protecting communities and making it easy for homeowners to restructure bad mortgages, the government facilitated the transfer of wealth from the American people to private-equity firms.
  • it has fundamentally altered housing ecosystems, fueling a housing boom without a homeowner boom.
  • more than 200 corporations and investment firms are in the housing hunt. J.P. Morgan Asset Management and BlackRock Inc are among the biggest players, competing against everyday Americans in search of their first home. Most are being priced out easily by billion-dollar companies. Builders like LGI Homes Inc are wholesaling thousands of homes to bulk buyer investors. Investment manager PCCP LLC – which typically goes after commercial property – recently bought several rental-home communities throughout the Southeast.
  • Americans should not have to compete with Blackrock and other corporations in pursuit of the American Dream.
  • The Fed’s cheap flood of money sells Main Street out to Wall Street. This is the war on the little guy. This is the war on small business. This is central planning’s ultimate nefarious plan.”
  • BlackRock just bought your town so what? It’s a free country
  • for the future economy, the World Economic Forum predicts that by 2030 ‘you will own nothing, and you will be happy,’ and that anything that you want or need, you will simply rent from a mega-corporation.

Taxes Taxes Taxes

Is the government conspiring against the American people? They removed the advantages of working from home just prior to everyone working from home. Here are three sources if your interested in your ability to take a tax deduction for working from home. (This is not tax advise; this is posted for educational purposes only.)

Can I Take a Tax Deduction for Working From Home During Coronavirus?

Prior to the Tax Cuts and Jobs Act of 2017, salaried workers could claim home office expenses via the miscellaneous itemized deduction. But now, that deduction is off the table, and so, too, is a home office if you’re not self-employed.

…you might actually have a larger tax bill on your hands if you’ve been doing your job from a remote location in another state, so prepare for that possibility to avoid a financial crunch when your 2020 taxes come due.

Source: Fool.com

The Home Office Deduction 2020 In Time Of Coronavirus

If the 2016 election had gone another way, under the previous IRS provisions, millions of more people would be able to take the home office deduction in 2020. Sadly, this valuable tax break was severely limited in the TCJA, aka the Trump tax plan. The short version is that if you are a W-2 employee, you are no longer able to benefit from the home office deduction, even if you work from home full time. Currently, you need to have self-employment income to benefit from home office deduction.

Source: Forbes.com

Qualifying for a home office tax deduction during the coronavirus crisis

Q1. Who can take a home office deduction or claim home office expenses?

There are two situations where you might be able to take the home office deduction or claim home office expenses. If you are:

An independent contractor or self-employed, you’ll be able to claim the home office deduction. Review the next question for details.
An employee who falls into one of the below employment categories; you can take an unreimbursed employee expense deduction. Skip ahead to question 4 below for details.
* Armed Forces reservist (a member of a reserve component)
* Qualified performing artist
* Fee-basis state or local government official
* An employee with impairment-related work expenses

Source: HRBlock.com

Bonfire of the Shorts

Bonfire of the Shorts | Counter-Currents

  • If you’re new to high finance, then the concept of “shorting” is bizarre and convoluted. People actually make money from stocks falling? How is this possible? Why is it legal? Does this contribute anything to society?
  • Here’s how shorting works.
  • Let’s say you have a neighbor who is
  • That’s what happened with GameStop. A ragtag group of Reddit daytraders called /r/WallStreetBets found an illiquid stock and noticed it was loaded up to the rafters with Minecraft TNT (shorts). So they set it on fire. It didn’t require a lot of money to make this happen,
  • The final amount of losses is not yet known, but it may exceed ten billion dollars, which could put Melvin’s Jewish founder Gabriel Plotkin out of business.
  • The usual suspects came out to defend the shorts, including a couple of angry billionaires complaining that working-class guys are manipulating the stock market using their coronavirus stimulus checks.
  • There is even word going around that the White House intervened, calling brokers to tell them to stop the buying.
  • What makes this frightening for the elites is that this was organized online and done in a fairly decentralized way. Once sympathetic populists got wind of what /r/WallStreetBets was up to, they instantly threw their hat in the ring (and many contributed by buying some shares). We saw the Winklevoss twins, Elon Musk, and nearly all of Bitcoin Twitter come out swinging in defense of this exciting sneak attack on Wall Street. Hilariously, a guest on Bloomberg said the incident was “as bad as the capitol riots.”
  • Maybe this is the beginning of the end for the financial elites. A “stop” to their “game,” if you will.

Top 4 Things To Do Prior To The Dollar Collapsing

Top 4 Things To Do Prior To The Dollar Collapsing | Survivopedia

The two big signs of a financial collapse are high unemployment and runaway inflation.

there is no surefire way of avoiding being affected by the collapse. What you can do, however, is lessen the impact that the collapse will have on you and your family.

To start with, make an honest evaluation of your job, looking to see how vulnerable it is to a financial collapse. Jobs that are involved in any way with luxury goods or services will be the first to go. The most secure jobs will be those which supply essential services, followed by those that provide goods and services which people need to survive. Since people won’t be able to afford to buy new cars and appliances, repairing these types of items will be a very secure job as well.

Another thing to consider is starting a sideline business, especially if it provides essential goods or services.

The next thing to take a look at is your debt. With prices skyrocketing due to high inflation, you’re likely to have trouble paying off your debt. This could lead to losing your car, furniture or home. The best way to solve that is to get out of debt before it’s too late.

pretty much everything is in short supply during a financial crash, especially the things you need to have in order to survive. More than anything, food becomes hard to get. Stockpiling food can actually be seen as an investment, it would be a good idea to start developing means of producing your own. It takes at least a year to get a vegetable garden producing well, so you don’t want to wait until the crisis hits to start your garden.

Personal hygiene products may be a problem finding, as well as over-the-counter medicines.

Your best investment is getting out of debt.

The only investments that are secure during a financial collapse are precious metals and real estate. While it may be hard to sell either of them during the collapse, they are highly likely to retain their value or even appreciate in value.

The more the value of the dollar goes down, the more the value of the gold and silver will go up.

Is Gold Going To $3000?

Will gold really hit $3,000 an ounce in the next 18 months? | Zero Hedge

  • Gold is set to hit $3,000 an ounce in the next 18 months. That’s about 50% more than its all-time high, set back in 2011. (It’s at about $1,700 an ounce just now).
  • a team of commodity analysts at Bank of America, led by Francisco Blanch and Michael Widmer, put out a 15-page report discussing the reasons why they think that gold is set to hit $3,000 an ounce in the next 18 months.
  • Governments are spending a lot of money to try to keep the economy in suspended animation, rather than in total collapse – you can’t force economies to close down without offering some sort of compensation for the people most affected by that.
  • With spending exploding at a time when tax revenues are going to collapse, someone’s going to need to pay for that. That’s what central banks are doing.
  • central banks are pulling money out of nowhere to give to governments to spend.
  • So the straightforward argument is this: central banks will print money. Their currencies will be devalued as a result (the more you print, the less each bit is worth). But no one can print gold. That’s your bull case.
  • What might ruin gold’s party?
  • deflationary
  • inflation
  • But between those two extremes, there’s quite possibly a period in which it looks as though everything is getting back under control. At that point, do investors want to own gold or do they want to pile into equities?
  • I’m not sure we’ll get the “Goldilocks” moment in this recovery.
  • This pandemic is going to have a lot of unanticipated consequences so regardless of how big a cushion central banks are trying to create, volatility is going to be higher than it has been in the past.
  • And in the longer run, there is one key factor that the BoA team also highlights, one that I just don’t think can be avoided. That’s the need for “financial repression”.
  • Why financial repression will drive gold higher
  • If you have cash savings in almost any bank account right now, you’ve already been experiencing it for a long time. Even if you’re earning 1% interest, that’s lower than the inflation rate. So the real value of your savings is being eroded, to the benefit of the person or entity that owes you this money (yes, savings in a bank account are basically a debt that the bank owes you).
  • Financial repression is all about paying off debt with devalued currency.
  • it’s about taking money from savers to give to spenders.
  • So at the end of the day, I’m bullish on gold. I’m just trying to point out to the over-excitable that these things never go up in a straight line, and that there are plenty of good reasons why gold’s bullish run might be derailed for a short or even a lengthy period of time.