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Why falling rents mean big trouble for NYC’s future

By Post Editorial Board

July 22, 2020 | 8:11pm

manhattan rents falling

Manhattan apartment rents are falling for the first time since the Great Recession of 2008.

AP

Manhattan apartment rents are falling for the first time since the Great Recession — and with less reason to think they’ll rebound any time soon. That signals big trouble for the entire city.

Read More >> https://nypost.com/2020/07/22/why-falling-rents-mean-big-trouble-for-nycs-future/?utm_source=maropost&utm_medium=email&utm_campaign=nyp_postopinion&utm_content=20200723&tpcc=post_opinion&mpweb=755-9008345-720597128

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Perhaps it's time to consider and do a move of Wall Street to another locale. Perhaps in a tax favorable and safe and secure city in the South. Time to think outside of the box.

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Throwing trillions at the problem will not solve the problem. Regardless of who sits in the White House the prospect of reviving a jobs program whether it be work in the parks, libraries, roads and the interstates and etc.  that prospect looms for some of the population ...

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Economy is collapsing and tens of thousands of businesses will never reopen due to Trump's disastrous handling of the Pandemic and the economy.  Stock Market is NOT the economy.

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https://www.taxresearch.org.uk/Blog/2020/07/27/money-in-pursuit-of-hopelessness-the-gold-price-has-hit-an-all-time-high/

Money in pursuit of hopelessness: the gold price has hit an all time high

Posted on July 27 2020

The FT has a headline, just out:

Screen-Shot-2020-07-27-at-10.11.18-550x5

As they note:

Gold soared to an all-time high and the dollar weakened to a multiyear low as sharp increases in US coronavirus cases and flare-ups around the world weighed on investor confidence.

The price of the precious metal, which investors typically view as a haven in times of uncertainty, climbed as much as 2.2 per cent to a record $1,944.71 per troy ounce on Monday. Its value has jumped by more than a quarter this year, making it one of the best-performing asset classes.

A series of thoughts inevitably follow.

The first is that this is the clearest possible indication that there is a savings glut in the world.

Second, it strongly implies that this savings glut is most extreme amongst the best off, who are those who typically save using gold.

Third, it also very clearly suggests that they do not think that conventional savings media, such as property and shares, have anything to offer them at present. And they may be right: coronavirus is undermining the property market and many companies appear bankrupt of ideas, if not actually bankrupt.

Fourth, this indicates the conservative nature of most wealth ownership. There is, of course, no productive value to gold, but the owners of this wealth do not care about that. What is of concern to them is the preservation of their status, indicated by wealth, and that is what motivates this decision.

Fifth, this does very clearly indicate a capacity to tax wealth more: if the wealthy cannot put their wealth to productive use then they might as well pay tax with it.

Sixth, also be worried about the spillovers. When gold hits peak values other markets being to fall. When the stock market falls the banking, life assurance and pension sectors may all be in trouble. Peak gold prices are never a sign that things are going well.

Seventh, worry. That is the right reaction.

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GDP for last quarter was worst in history - thank you Trump and GOP.

Unemployment/underemployment is at highest levels since Great Depression - thank you Trump and GOP.

While COVID-19 is basis, it is Trump's and the GOPers' inability to prepare for it and take actions to limit its impact.

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https://www.nakedcapitalism.com/2020/08/hows-your-economy-small-businesses-death-watch-edition.html

How’s Your Economy, Small Businesses Death Watch Edition

Posted on August 4, 2020 by Yves Smith

It’s depressing, but not exactly surprising, to see a major New York Times story about one-third of the small businesses in the city have died or expected to shutter. Needless to say, it’s not just restaurants. The piece showcased Busy Bodies, a playspace for children in Brooklyn, and Bank Street Bookstore, a children’s bookstore, as among the casualties. From the article:

An expanding universe of distinctive small businesses — from coffee shops to dry cleaners to hardware stores — that give New York’s neighborhoods their unique personalities and are key to the city’s economy are starting to topple….

While New York is home to more Fortune 500 headquarters than any city in the country, small businesses are the city’s backbone. They represent roughly 98 percent of the employers in the city and provide jobs to more than 3 million people, which is about half of its work force, according to the city…

The first to fall were businesses, especially retail shops, that depended on New York City’s massive flow of commuters. And months into the crisis, established businesses that once seemed invincible, including some that had ambitious expansion plans, are cratering under a sustained collapse in consumer spending.

It was an easy call, sadly, to predict the demise of shops that depended on commuter traffic. In my short visits to NYC (where I am doing nothing except medical stuff, but that does mean a few cab rides), it’s spooky how underpopulated Midtown and the Flatiron district on weekdays. Another testament was how few restaurants near my hotel, which was on the edge of Midtown, were open; I wound up ordering from the same place repeatedly because it was open, adequate, and would deliver. I began to suspect it was in the money laundering business since that would explain its survival. It had no menu online, not even a website. When I asked to drop off one with one of my meals, they said, “We don’t really have one.”

We’d forecast a hollowed-out New York City, but seeing it happen, and quickly, is still disheartening, even before you get to the human trauma of job loss. Running errands on foot, being friendly with local shop staff, and the entertainment value of active street life, the charm of cities, will be diminished.

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Americans are winners and adaptable ... adaptable they will need to be going forward in our future economy ... things change ... always have ...

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We must educate all our children in some degree with  STEM STEM AND MORE STEM ...

Universal income will only create  a totally dependent class of people dependent on the fed. govt. ...

bad idea ...

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https://www.ineteconomics.org/perspectives/blog/is-silicon-valley-nudging-us-towards-an-authoritarian-future

Is Silicon Valley Nudging Us Towards an Authoritarian Future?

 

Margaret Heffernan’s new book “Uncharted” warns against giving up the power to shape our destiny to gurus and gadgets promising false certainty.

Humans are an anticipatory species. Our ancient turn from foraging to agriculture habituated us to planning ahead — focusing on when to plant, what kinds of crops to expect. We’ve evolved culturally to want to know what’s coming our way.

 

But in this season of shattered expectations, a virus blows up our best-laid plans and mocks our carefully crafted models. When the future catches us unawares, anxiety surges. Right now, millennials are worried. Teachers are worried. Retirees are worried. The rich are worried. Hell, even Donald Trump is getting worried.

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