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standard Excel formatting by numerical range
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Numbers prove it. The smart people are leaving California. And going to Oregon.
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This started as a kidding when a guy from Sweden was saying IKEA is so big in the US we should appreciate the boost to the US economy is from Sweden not Switzerland. I assumed he was kidding about Swiss Bankers control of wealth.
Well this guy from Switzerland jumps in and come up with the numbers that surprised me.
I think these numbers are from the late teens, maybe 2020.
But where in hell is these Billions of dollars going every year? Not investing in manufacturing, real estate? No can't be.
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"But where in hell is these Billions of dollars going every year?"
Are those annual figures or total?
Surprised no China.
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Presented as annual figures, as for China their investment is only in subversive missions to gain influence over our political system and free market controlled infrastructure.
Like the PA Turnpike, first in the USA, is no longer controlled by the state but sold off (long term leased off) to a company who can shut it down or in effect shut it down by charging exorbitant fees when use becomes critical.
At this point it's not only the first, it's the most expensive... but we ain't seen nothin' yet.
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There is a big push to buy residential real estate and turning the houses into rentals and jacking up the rent. I wouldn't be at all surprised if a lot of this wealth is buying up our housing stock.
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glatt wrote:
There is a big push to buy residential real estate and turning the houses into rentals and jacking up the rent.
All part of a trend to enrich the rich. Such as Trump's and George Jr's tax cuts. As the Gini index rises, the top 1% now have most of America's wealth. An indicator of a nation that is becoming less productive. Suggests a nation moving more towards a dictatorship. And where the lower 99% has an increasing number of debtors.
We spend on increasing profits; not on productive activities. Not that I should complain. I ride the wave quite profitably. But what amazes me most are Trump supporters who have been harmed by him and other beancounter games. But still love Trump anyway.
For same reasons, these easily deceived also claim Reagan reduced taxes. He raise taxes. In a manner caused so many to ignore those tax increases. Easy is to play the naive educated only by soundbites (then) and tweets (now).
With so much money, hedge funds and other large finance institutions are moving into real estate. Pushing out home ownership. Raising prices. Converting an increasing number of homes into rentals. Since the lower 99% now have less money to buy their homes. Those hedge funds, et al have now spiked up the prices of homes. Some numbers I have seen say 10%.
With a lower Gini index, more homes would be owned by the people who live in them.
Last edited by tw (12/18/2023 10:50 am)
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I understand from a conversation with a Jamaican hotel receptionist working in our hotel in Bermuda, that in Bermuda, foreigners are not allowed to purchase real estate. I imagine other countries have the same rule. I think it's a good one. A foreigner should not be allowed to buy US real estate unless they reside on the property for the majority of each year.
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I'm with you guys on this one. The Saudi's growing cattle feed in the Arizona desert with groundwater was the last straw. I think we all know why the America First crowd avoids talking about real estate.
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glatt wrote:
A foreigner should not be allowed to buy US real estate unless they reside on the property for the majority of each year.
Which means new businesses in America will not happen.
So US Steel must sell off their properties because Nippon Steel (a patriotic American style company) will buy US Steel. Then dispose of the only reason why American steel is now crap - top management.
We need Nippon Steel and others (ie ArcelorMittal) to buy these American properties. To save American jobs. By getting rid of the only problem. A less than 1% who now control most of the wealth. The same people who between 2020 and 2023, made home ownership more expensive than renting. Being bean counters, only care about profits. Not the product. By even downsized to enrich themselves (ie Sears and Kmart, GE).
When America was far more productive, places such as the Bell Labs, made so many innovations that are, today, universally common. Thanks to anti-Americans such as Carly Fiorina, et al, in the late 1980s and early 1990s, the Bell Labs is now owned by Nokia. Now that these same people took over HP, name a even one significant innovation from HP.
What has changed? Thanks to people who do so much harm to America (ie George Jr, Trump) using 'enrich the enrich' schemes (ie tax cuts), the resulting problem is now appearing but once again in housing.
They say there is a severe shortage of affordable housing. Did we burn down houses? Of course not. Bean counter types have successfully cornered the market (unintentionally) to enrich themselves (intentionally).
Foreign ownership and immigrants are essential to a productive America.
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griff wrote:
I'm with you guys on this one. The Saudi's growing cattle feed in the Arizona desert with groundwater was the last straw.
That's not the Saudi who promoted it. Saudis were simply shown a high profit investment by business school graduates. Hedge funds and other institutions that only care about profits - the product be damned.
Same type people who also created the water in Flint Michigan. Only profits matter.
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Are you obtuse? I am clearly speaking of residential real estate. This has nothing to do with Bell Labs.
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Even if you do include foreign-owned businesses, most businesses rent their facilities anyway.
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glatt wrote:
Are you obtuse? I am clearly speaking of residential real estate.
It is real estate. Commercial or residential does not matter. Banning foreign ownership of either does not solve anything. Why did you even make that conclusion without first saying what it solved? Wild speculation.
If not obtuse, you would have known that. Learn to be civil.
Saudis (the example) is a commercial enterprise - not residential.
If we must stop foreigners from buy real estate, then we must stop foreigners from buying anything. Since that is the only solution to this concern.
The more prosperous countries (ie Monaco, UAE, etc) permit property sales to foreigner and immigrants.
Last edited by tw (12/20/2023 2:48 pm)
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Economist demonstrated how house prices, once less than rentals in 2020, are now so more expensive. A trend created because, in part, finance institutions and the 1% (who now have most of the country's wealth) have run up housing prices by 40%.
Gray are counties where cost of buying was lower. Red is where buying a house now costs more than renting.
Last edited by tw (12/21/2023 9:32 am)
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I happened to see a Forbes list of Richest Towns in PA. A number of them are Philly suburbs.
Quite a few are paying $10,000 a year or more in property taxes. Something many don't consider when mulling the down payment, interest rate, and monthly hit, but it is part of the cost of owning.
But I digress...
Of course they're the biggest polluter, a billion people and manufacture everything we buy.
Must have been a lot of unhealthy elderly cops because covid doesn't affect young healthy folks, right?
Oh that's it, those cops must have been heathens being punished.
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What? Sociable? With people not kitties and puppies? shudder I guess that's normal people.
I can't prove ghosts one way or the other, but if they don't make a mess they're welcome to hang out and watch me do... um, personal things. Pretty small sample.
Here we have a legitimate data point proving in 1912 women were better swimmers.
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Making energy galore... harvesting energy?
The problem now is not enough electricity nor the grid to move it.
Data centers are sucking 4% and in a couple years they say 6%.
Cloud storage, bitcoin mining, corporate needs, just imagine how much computing power Amazon needs to keep that operation going day to day. AI will be pulling more and more. I read somehow they calculated we'll need 35,000 new master electricians in 6 years.
All this electronic wizardry we build our lives on makes us more and more vulnerable to ne'er-do-wells, no-good-niks and ex's.