[quote=SK in CV]
Justice Stephens was talking about obscenity. I have little doubt he knew exactly what he was talking about. You went backwards. Justice Stephens never referred to what he was talking about. You have. And you proceeded to provide what appeared to be evidence to support your conclusion. However, nothing you provided either supports, or even is specifically related to a bubble.[/quote]
invoking the “equivalence principle” (which is a concept in physics developed by Einstein) and applying it to economics… what ever name is given the phenomenon of the unavoidable economic blunder due to prolonged low AND/OR negative interest rates compouned w/ other financial system factors, to the man/woman on the street the end result is they are going to feel like being “up $hit creek, without a paddle”
so not being an economist I’ll admit I used the term “bubble” in a non conventional sense (but the logic is solid)
WRT “obscenity”
if memory serves (from high school civics) the traditional context of the expression “I know it when I see it” is acceptable types of PORN and sex” acts depends upon community standards which vary region to region (person to person)
again enlisting the idea of the “equivalence principle” and applying it to the topic @ hand, what I consider an “obscenity” (for example) of corrupt economic mis-management (looking at the sum of the reported parts)… is BAU (Business As Usual) of individuals who influence local policy/operations:
[quote=kpbs.org] City’s Development System A Major Fraud Risk, Says Auditor
[quote=nbcsandiego.com] Lawsuit Opposes Destruction of Old San Diego City Hall Emails
On Feb. 27, 2014, interim Mayor Todd Gloria announced the adoption of a policy, known as “AR 90.67,” that would authorize the destruction of city emails that are more than one year old…
“Had someone not leaked the interim mayor’s announcement to the press, the public would not have found out about AR 90.67 until long after the email communications had been destroyed,”
[quote=sandiegouniontribune.com] Azano’s son charged in campaign donations case
SAN DIEGO — The prosecution of Mexican businessman José Susumo Azano Matsura, accused of orchestrating illegal donations to the campaigns of San Diego politicians, has widened to include his son.
[quote=sandiegouniontribune.com] City pensioners get ’13th check’ bonus
More than $6.1 million has been distributed to retired San Diego city employees in the form of a “13th check” — beyond their usual 12 monthly payments — making this year’s holiday bonus the largest such payout in the history of the three-decade-old practice.
But it’s become a source of conflict as the city’s pension system faces a $2 billion shortfall in promised payments, which remains a taxpayer burden and has led to budget crises in the past at City Hall.
[quote=books.google.com/books] Handbook of Frauds, Scams, and Swindles: Failures of Ethics in Leadership (edited by Serge Matulich, David M. Currie)
Though SDCERS investments were earning well above the 8 percent rate of return estimated by the system actuaries, under normal conditions investments surpluses are required to make up for below-average returns in other years to achieve the average rate of return. Therefore, unless the actuaries’ estimates are grossly incorrect, in the long run true “surplus earnings” are impossible. The use of surplus earnings for the purposes other than maintaining the pension system, such as to expand existing benefits should be viewed as a loan from the system THAT WILL REQUIRE REPAYMENT IN THE FUTURE.
[quote=CA renter] “Standard And Poor’s Gives San Diego County Its Highest Rating
San Diego County has earned the highest possible rating from all three of the top credit agencies—Fitch, Moody’s, and Standard and Poor’s.”
[quote=NPR] After the stock market crash of 1929, the agencies began to also rate bond investments for banks — at the request of the U.S. government. But things began to change in the 1960s and 1970s. Instead of charging investors for their ratings information, the agencies began to charge the bond issuers themselves for the ratings.
“People were quite critical of this and said it could create a conflict of interest,” Partnoy says. “You can imagine what the difference between ratings of restaurants and movies might be if instead of the Michelin Guide or the Zagat guide, if the restaurants or movie companies themselves were paying the raters to be rated, it’s an obvious conflict of interest. And now it’s very commonplace that companies and GOVERNMENTS — anyone who wants to borrow money — THEY ARE THE ONES WHO ARE PAYING FOR THE RATING.”
[quote=TIMESOFSANDIEGO.COM] Financial Outlook Shows San Diego’s Revenue Will Grow
Revenues to the city of San Diego are projected to “modestly improve” over the next five fiscal years, while expenses will continue to rise, according to a financial outlook to be delivered Thursday to the City Council’s Budget Committee.
The five-year outlook, released annually in November by the mayor’s financial staff, projects steadily increasing general fund surpluses through Fiscal Year 2021.
The anticipated surpluses begin at $200,000 for the next fiscal year, and grow in subsequent years to $7.9 million, $25.1 million, $46.4 million, and $73.7 million.
THE PROJECTIONS DON’T INCLUDE FACTORS THAT OCCASIONALLY POP UP, like increases in contributions to the employee pension system.
[quote=LATIMES.COM] PUBLIC “Pension liabilities must be included on the balance sheets of the agencies responsible for funding their employees’ pensions. Until now liabilities have been buried in arcane footnotes that few read and even fewer understood”
sadly “idiocracy” isn’t a bubble that is going to pop and go away anytime soon, actually at all levels of government it seems to be the ever growing “new normal” trend (and this will have profound economic consequences)
idiocracy [id-ee-ok-ruh-see]
noun
(1)a form of government in which a country or territory is run by fools, (2)an act or actions that come from ideas or beliefs that are not smart
