Links 12 September 2019

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Unconventional Economist

Leith van Onselen is Chief Economist at the MB Fund and MB Super. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.

Latest posts by Unconventional Economist (see all)

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  1. … UNITED STATES …

    4 out of 5 Americans say there is a housing affordability crisis (NAHB Survey) … Mortgage Professionals of America Magazine

    https://www.mpamag.com/market-update/4-out-of-5-americans-say-there-is-a-housing-affordability-crisis-177571.aspx

    Housing affordability is at crisis level according to a new survey from the National Association of Home Builders.

    The poll of almost 20,000 people across the country last month also shows that 78% said it was a problem in their state, 76% said it was a countywide problem, and 75% said it was a problem in their city.

    “Housing affordability is near a 10-year low and this poll confirms the challenges hard-working families face to keep housing within reach as rising costs continue to outpace wage growth,” said Greg Ugalde, NAHB chairman. “Policymakers must roll back inefficient zoning rules, costly impact fees and outmoded land development regulations that are driving up housing costs, contributing to the mounting lack of affordable housing and hurting middle- and low-income households.” … read more via hyperlink above …
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    … Guides to problem United States Cities and States …

    … What is being learned from the successful ones ?

    The average home price in every American state – and what you get for your money | Marissa Perino | Stuff.co.nz

    https://www.stuff.co.nz/business/property/113894360/the-average-home-price-in-every-american-state–and-what-you-get-for-your-money?rm=m

    2019 15th Annual Demographia International Housing Affordability Survey

    http://www.demographia.com/dhi.pdf

    Housing Affordability Ratings … Median Multiples … All Markets

    Australia 5.7
    Canada 4.0
    China (Hong Kong) 20.9
    Ireland 3.7
    New Zealand 6.5
    Singapore 4.6
    United Kingdom 4.8
    United States 3.5

    This serious social issue of political and urban planning failure will likely be dealt with more quickly and effectively in the United States than most other jurisdictions.

    • Trump pushing for major crackdown on homeless camps in California, with aides discussing moving residents to government-backed facilities – The Washington Post
      … behind paywall …
      … via Zerohedge …

      https://www.washingtonpost.com/business/2019/09/10/trump-pushing-major-crackdown-homeless-camps-california-with-aides-discussing-moving-residents-government-backed-facilities/

      … extract …

      … A White House spokesman said Trump signed an executive order in June that pertained to affordable housing regulations, and that the administration is continuing to seek new solutions for homelessness. Trump’s executive order created a new White House council on eliminating “regulatory barriers” that White House officials believe increase the cost of building new housing. Developers have said these restrictions drive up prices on housing and limit the supply.

      “Like many Americans, the president has taken notice of the homelessness crisis, particularly in cities and states where the liberal policies are combining to dramatically increase poverty and public health risks,” said Judd Deere, a White House spokesman. “President Trump has directed his team to go further and develop a range of policy options for consideration to deal with this tragedy.” … read more via hyperlink above …
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      Trump pushing for crackdown on homeless camps in California – NZ Herald

      https://www.nzherald.co.nz/world/news/article.cfm?c_id=2&objectid=12266681

      • 7 facts you need to know about Australia’s property market … Jessica Yun … Yahoo Finance

        https://au.finance.yahoo.com/news/7-things-australian-property-market-065427232.html

        If the headlines are to be believed, the Australian property market is either bouncing back or it’s rushing headlong into an inevitable crash.

        But according to AMP Capital chief economist Shane Oliver, the real picture isn’t so black and white.

        “The Australian housing market remains far more complicated than optimists and doomsters portray it to be,” he said in a note.

        “Yes, it’s expensive and heavily indebted but talk of mortgage stress is overstated and it’s been undersupplied.

        “The combination of rate cuts, the election and a modest regulatory relaxation have helped turn property prices back up, but the upswing is likely to be constrained.”

        Here are the hard-and-fast straight facts you need to know about the Australian property market:

        1. It’s expensive … read more via hyperlink above …

    • Not that he’s wrong. Just looks like typical Gerry repositioning to Crocodile tear alarmist wanting even moar help – for his retail mates of course……

  2. Drug testing welfare recipients is unconstitutional in USA:

    The Fourth Amendment puts limits on the types of searches that the state can carry out, and drug tests are a kind of search.

    A federal appeals court on Wednesday struck down a 2011 Florida law requiring drug tests for people seeking welfare benefits even if they are not suspected of drug use

    It better be unconstitutional here too.

    • we don’t have bill of rights so our governments can do to us whatever they like just by changing ordinary laws

  3. Hong Kong protests and US trade war no longer China’s top priorities – SCMP

    last time prices of food jumped so much they got Tienanmen protests because in fake communist country without much welfare and social programs people must rely on savings to survive old age. China is extremely sensitive to inflation in basics like food.

  4. The Beetrooter Advocate

    More Happy Eastmarsh I would have thought.

    More recalls than a SE-Asian manufactured air-bag that man’s had.

  5. NEW ZEALAND: How much longer can the grossly incompetent Labour – led government last ? …

    ‘Embarrassment’: International media reacts to Labour sexual assault scandal … Newshub

    https://www.newshub.co.nz/home/politics/2019/09/embarrassment-international-media-reacts-to-labour-sexual-assault-scandal.html

    Duncan Garner: Jacinda Ardern not knowing about sexual assault allegations is massive stretch … Duncan Garner … Newshub

    https://www.newshub.co.nz/home/politics/2019/09/duncan-garner-jacinda-ardern-not-knowing-about-sexual-assault-allegations-is-massive-stretch.html

    Peter Dunne asks some hard questions about the allegations of sexual misconduct within the Labour Party – and what the Prime Minister knew or should have known … Interest Co NZ

    https://www.interest.co.nz/opinion/101645/peter-dunne-asks-some-hard-questions-about-allegations-sexual-misconduct-within

    • Blue collar traders….. It’s Fraught trading noise! ~80% of markets are now algo driven…….. & is why I’m now writing a portfolio of my own bots….. We’ll see…..

  6. South West Sydney, epi-centre of vibrancy!!

    This week it’s Arabic mothers taking the taxpayer for a ride in a fake child care racket. Come on down!!

    https://www.smh.com.au/national/nsw/mothers-arrested-in-raids-over-allegedly-fraudulent-family-day-care-scheme-20190911-p52q77.html

    Mothers who allegedly gave their children’s identities to be used in a $4 million childcare fraud syndicate have been arrested in a police operation across south-west Sydney on Thursday.

    It is the second arrest operation this week after seven women were apprehended at their homes on Tuesday.

    Among them was the company’s top supervisor Lubna Al-Hashimy, 41.

    Another six women were also arrested and charged with participating in a criminal group. They included Nahida Safar, 35, and Mariam Farhat, 32. Both women allegedly provided their children’s identities to the syndicate.

    But at least we’re not in technical recession right?

    And surely all that money they defrauded has been spent in the community right, not sent back to extended family in Lebanon??? Oh wait, that’s right. No point migrating to ‘Straya if you can’t send your ill gotten gains out of the country.

    Keep those migrants coming in, Scummo. It’s doing wonders for the employment of Police Officers, Prosecutors and Prison Guards. The real economy, not so much.

    • Scummo’s favourites, having a go, getting a go. Only problem was they fired too early. Try again once the foreign political numbers are properly stacked in their favour.