Lead Story…. A new study from the Pew Research Center finds that immigrants will make up a record share of the US population by the second half of this century. Immigrants from Asia are projected to become the largest group by 2065, making up 38% of the immigrant population.
Not Buying It: Janet Yellen is talking up the prospect of inflation in the near future. The bond market is calling BS. See Also: Personal income increased less than forecast in August while Personal Consumption was greater than forecast.
Stampede: Capital outflows from China hit a record in August as economic chaos continues.
Concentrated Risk: Corporations are increasingly lending money to each other buy buying bonds in the search for yield. More than half of corporate cash held by US companies in August was invested in investment-grade corporate bonds, a new record. This works great until interest rates rise. Then, watch out.
Utterly Clueless: When Gov. Jerry Brown announced mandatory water reductions in April, the Metropolitan Water District began offering rebates to people in exchange for taking out their lawns and replacing them with something more drought tolerant. The program was such a success that the agency tripled the original budget in May. One would think that the agency would know whether or not the rebates, some of which have been 5 figures would be taxable or not. Then again, this is California government that we’re talking about.
What Happens in Vegas: Southern California is going to borrow water from Las Vegas because, apparently even the Nevada desert has more than us.
Running Dry: It’s always comforting when this happens to a reservoir.
Long Way to Go: Housing as a share of GDP is rising, but from a very low level.
Disproving Conventional Wisdom: Here’s yet another study showing that the idea that Millennials aren’t interested in becoming homeowners is false.
Cold Water: When the Fed finally does raise rates, the impact on housing won’t be felt equally. Already-expensive markets will bear the brunt of any slowdown as affordability gets squeezed further.
Bom-Chicka-Bow-Wow: Although it’s rarely talked about, online porn was one of the early primary drivers of e-commerce, high resolution pictures and streaming video. Here’s the story of how it went from a lucrative, high-margin business to a virtually free commodity.
On the Ropes: Oil service companies drove the fracking boom by drilling and completing wells in recent years. However, tons of competition and falling oil prices have them struggling to survive.
Real Life Giant: Meet the world’s biggest football player, a 7-foot tall, 440-lb high school kid.
Chart of the Day
FAIL: Fool tries to kill a spider with a lighter while pumping gas. I’m guessing that you can see where this is headed….
Crazy Correlations: Did you know that the number of people who drowned by falling into a pool in any given year is highly correlated with the number of films that Nicolas Cage makes in that same year? Now you do.
Social Media Bonnie and Clyde: Meet the world’s dumbest bank robbers who posted pics of them with tons of cash all over Facebook. Spoiler: the guy has neck tattoos.
My New Hero: Meet the wise-ass coach’s son who got into the Jets locker room after Sunday’s game and trolled the shit out of Gino Smith and Antonio Cromartie.
Landmark Links – A candid look at the economy, real estate, and other things sometimes related.
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