by Saxplayer00o1
“Miami-Dade County voters are poised to oust Republican Mayor Carlos Alvarez today after he raised property taxes to help close a deficit. Florida’s most-populous county would become the largest U.S. municipality to recall a top official.
Voters in the county, home to the city of Miami, favor a recall by 67 percent, according to a poll commissioned by the Miami Herald dated March 5. ”
“Staff members had proposed the board reduce the annualized forecast of investment returns from 7.75 percent to 7.5 percent.
Had that been approved, it would have increased payments required from the state and California State University system by roughly $400 million. Most of that amount would have come from California’s general fund, which has a $26.6 billion deficit. Local governments would have been on the hook for tens of millions more.
Board members say governments cannot afford such higher costs at a time of steep budget deficits. ”
……………….2A) Calpers Committee Holds Assumed Return Rate at 7.75%
“New construction of U.S. housing units plunged in February, erasing a sharp gain in January and coming close to an all-time-low level.
Starts fell 22.5% to a seasonally adjusted annual rate of 479,000, the Commerce Department said. This is just 0.4% above the record low of 477,000 units set in April 2009.
The decline in starts in February was the largest since March 1984.”
…………………….3A) GDP forecasts cut after housing data
- Other News, headlines and opinion:
Union: 19K teacher layoff slips so far in Calif and Union: 19000 educators get pink slips in Calif.
Japan central bank’s cash injections hit nearly $700 billion amid disaster aftermath
Earthquake to cost 3% of Japanese GDP: Barclays
Moody’s cuts Portugal’s debt rating
Perry, House leaders agree to use $3.2 billion from Rainy Day Fund to close 2011 deficit (Texas)
York City schools facing $25 million budget hole; Eyeing huge cuts
Long Beach eliminates 2011 police and fire academies
Victorville, California, Faces Insolvency
State allows Flint to borrow $8 million to cover deficits
The End of Oil and Dollar Stability (McAlvany audio…start at 13 minutes into this…a must listen…”Petro Dollar Complex Looking Elsewhere for Protection after US Abandonment”)
Illinois Pension Crisis Eludes Easy Solutions
Study on pensions ‘shocking’ (San Francisco)
U.S. Producer Prices Rise More than Forecast, Led by Food, Oil
Bond Sale Failing in Russia as Poland Raises 50% of Target Shows Retreat
Thriving metropolis or ghost town? Crisis transforms Tokyo
Wave of pension costs to hit OC cities (California)
Morning Update/ Market Thread 3/16 – “It’s Contained” Edition… (Nathan’s Economic Edge…Opinion)
“LONDON (MarketWatch) — The European Union’s energy commissioner on Wednesday warned that “possible catastrophic events” in Japan could be seen in the next few hours, news reports said, knocking U.S. stocks and roiling financial markets. ”
Catastrophic events could unfold in the next few hours at Japan’s damaged nuclear site, the European Union’s top energy official said Wednesday, sending U.S. stocks lower and roiling financial markets.
“The site is effectively out of control,” Energy Commissioner Guenther Oettinger told a European Parliament committee, according to news reports. “In coming hours there could be further catastrophic events which could pose a threat to the lives of people on the island.” ”
Saudi Arabia orders radiation tests on all Japan imports
Radiation checks on Japanese food imports (Video)
Italy restricts the import of Japanese products, introduces checks for radiation
Radiation-free certification required for Japan food imports from April 15 (Malaysia)
India monitoring food import from Japan for radioactive contamination
Shanghai to scan Japanese food, cargo for radiation
Hong Kong Moms Empty Shelves of Japanese Baby Formula Amid Nuclear Scare
