On “Seven More Years of Hard Times?”

September 20, 2010 Leave a comment

Cogent conclusion of an interesting (somewhat technical)  review of some important recent research on periods of economic recession and financial crises.  In short, we are in this for the long haul.

It is not true that if you break a mirror, you will have seven years’ bad luck. That is a superstition. But if you allow a financial market to spin wildly until it breaks down, it really does seem that you run the risk of years of economic malaise. That is a historical pattern.

via Seven More Years of Hard Times? – Project Syndicate.

Filed under Economy, International

Simple Pension Proposal for Coral Gables Commission

September 19, 2010 Leave a comment

All Coral Gables Commissioners and the Mayor should forego a pension.  This relieves them of having a conflict of interest when they raise or lower the pensions of city employees.

Also, Coral Gables Commissioners should forego a salary, accept a small additional amount to cover their personal city-related expenses.  This is justified since they have a part-time job, in the public interest, and they have private sources of income.

In other words, the City of Coral Gables Commissioners and Mayor should be treated like the Board of a nonprofit organization with a fiduciary responsibility, but acting as volunteers in the interest of the community.

In 2010 all candidates for Commissioner or Mayor should offer not to accept a salary or pension from the city.

These sacrifices would make our Commission and Mayor exceptional and outstanding community leaders in this time of great personal and business austerity.

Filed under Coral Gables, Government, Pensions

Pending Economic Stimulus

September 18, 2010 Leave a comment

We are at a turning point for monetary policy.  Interest rates will stay low and the Federal Reserve may expand the money supply if the economic indicators look bad.  This suggests no early hope for a significant economic recovery that would benefit Coral Gables and the region.

The Federal Reserve next week is likely to affirm its pledge to keep interest rates low for an “extended period” and maintain the floor on its holdings of securities, say economists surveyed by Bloomberg News.

via Fed Likely to Keep Rates Low, Affirm Asset Floor, Survey Shows – Bloomberg.com.

Filed under Economy, Florida

Not Enough Pension Cuts, Yet

September 18, 2010 Leave a comment

While a good start with the benefits of general employees, the big costs are in police and firefighter salaries and benefits.  If these are “untouchable” then little will be gained in reducing pension liabilities.

Police and firefighters, whose pensions are determined by separate contracts with the city, will not be affected by these cuts.

via Coral Gables OK’s pension cuts for employees and managers – Coral Gables – MiamiHerald.com.

Filed under Coral Gables, Pensions

← Older posts

Newer posts →