California is a strong brand, the state of new beginnings, dreams and movie stars, of surfers and a wonderful climate. But the Golden State is bankrupt and the city of Los Angeles is running out of cash. Public services are being cut and unemployment keeps rising. At the same time, optimism, entrepreneurship and the belief in the power of America are stronger than ever.
In Los Angeles, we meet five people who are going through a transformation in their lives during this crisis. Justin and Christine lost their jobs and are now living in a van with their two young sons. Charles has gotten out of prison after fourteen years. Mizuko prepares her children for the future by making them at ease in virtual reality. Laura has taken advantage of the crisis by buying land cheaply and starting an urban farm and artists collective Fallen Fruit maps the abundant free ‘public fruit’ available in the city. Who are the pioneers who are reinventing the new America and how do they see the future?
The 1st look at Nov UoM confidence was slightly better than expected at 69.3 vs the consensus of 69. It’s up from 67.7 in Oct and the best reading in 5 months but remains below the best figure of the year, 76 back in June. Most of the gain was in Current Conditions which rose…Read More
By now you’ve heard about the $63 million Warhol, the $69 million Modigliani and the $43 million Roy Lichtenstein paintings that sold in the past two weeks. You probably didn’t know that a Chinese vase sold for £53 million (that’s more than $75 million) yesterday in a provincial English town. Either way, it wasn’t hard…Read More
Since so many of you have asked: These funds are getting mangled on expectations of — All Aboard! Munis and California joining Ireland on the default train. Even the general Muni funds have lots of California Exposure > PIMCO Municipal Income Fund II > PIMCO California Municipal Income Fund II Nuveen Municipal Value Fund
Category: Fixed Income/Interest Rates
Chinese stocks and the rest of Asia did not respond well (Shanghai index down 5.2%) to the 4.4% rise in Chinese CPI and the faster than expected loan growth in Oct as it spurred fears that the PBOC will quickly respond with another interest rate hike. While most of the rise in CPI was due…Read More
Gordon Long has an interesting graphic on what he describes as the New Economic Cycle. > > Quite fascinating . . . > Source: We’ll Need The Courage Of Our Forefathers The New Economic Cycle Gordon T. Long The Automatic Earth, November 8 2010 http://theautomaticearth.blogspot.com/2010/11/november-8-2010-well-need-courage-of.html
> LAT: A production facility that would build the world’s first fleet of commercial spaceships is set to begin construction Tuesday at the Mojave Air and Space Port. The 68,000-square-foot facility, one of the first aircraft assembly plants to be built in the region in decades, will be home to the Spaceship Co., or TSC…Read More
Futures and commodities are sliding on the latest fears: There is widespread speculation that to quell its rising inflation, China will raise interest rates. Asian markets were down: The benchmark Shanghai Composite Index fell 5.2% Friday, erasing nearly a quarter of the country’s three-month market upswing in a day. European Bourses slipped 1%. SPX Futures…Read More