Lead Story….. It would be some kind of poetic justice if the next recession was Made in China since pretty much everything else is.
Fed Up: Last week, we featured some dovish commentary from Fed watchers and voting members. This past weekend at a conference in Jackson Hole, Wyoming the commentary was a bit more hawkish. Stanley Fischer, Vice Chairman of the Fed made the case that all economic data is noisy to some extent and if you wait until all of the data is overwhelming, you’ve waited too long. Bottom line: the Fed doesn’t have to make a decision for a few more weeks and will weigh all relevant data about the US economy when they have to decide.
Get Out: Early signs are that the Shanghai Shit Show will not dampen the appetite of Chinese property investors buying property in foreign countries. In fact, it might actually speed it up, causing concern in some already-overheated markets like Australia.
Lies, Damn Lies and Statistics: Many leading economists claim that, on a nationwide basis, owning is cheaper than renting. John Burns put a great piece out this weekend debunking this conclusion by pointing out that the assumptions used reach it are outdated.
Party Like It’s 2005! Crazy bidding wars are back…..at least if you live in San Francisco. See Also: The most expensive real estate markets in the world (Spoiler Alert: Hong Kong will make you feel better if live in San Francisco).
Falling Foreclosures: Sales of foreclosed homes in the US are now the lowest that they have been in 15 years.
The Latest in Celebrity Drought Shaming: The Kardashians are even worse people than you thought they were. See Also: Arrogant celebrities are pissing off neighbors and water districts by wasting water while pretty much everyone else is cutting back….and now getting cited for it.
World’s Smallest Violin: Between, over-leveraging, bankruptcies and Uber, it must really suck to be the Taxi King of NYC right now.
Huevos of Steel: Meet the Japanese day trader who made $34 million while most traders were panicking last week, bragged about it on Twitter and then posted his brokerage statement to back it up.
Cheat Sheet: Here’s the worst day and time to drive on every Los Angeles freeway. A helpful hint: the only way that you are avoiding traffic in LA is if work the graveyard shift.
Gogo to Hell: 80% of US flights that offer wifi do so using Gogo wireless. The service is slow, unreliable and quite expensive. Here is how the much maligned company became a virtual monopoly.
About to Show Their Hand: Apple has been making noise about getting into the TV market for years. We are about to find out what their vision for your television set looks like.
Chart of the Day
Chinese commercial property shopping spree in the Americas
There’s a Stock Market Analogy Somewhere in Here: Giant Sinkhole in China swallows commuters.
Meet the Walter White of Pooches: A Georgia man was arrested on animal cruelty charges after his dog tested positive for meth.
Zero Street Cred: The sixteen worst hip hop album covers of all time are incredible.
Video of the Day: Watch a Florida man try to get away from a tow truck while already attached by playing tug of war.
Landmark Links – A candid look at the economy, real estate, and other things sometimes related.
Visit us at Landmarkcapitaladvisors.com