Analysis:
Top fund managers were blindsided by U.S. bond market carnage - (www.reuters.com) The
plunge in the U.S. Treasuries market in the past couple of months may well have
been one of the most well-telegraphed reversals in financial market history. Top
money managers and investment strategists had warned the U.S. Federal Reserve
was likely to soon begin paring back its bond-buying stimulus if U.S. economic
data remained robust. Bill Gross, who is known on Wall Street as "the Bond
King," said on May 10 he believed "the 30-yr secular bull market in bonds"
had likely ended at the end of April. Other leading Wall Street figures told
the New York Fed they were concerned about the exposure of mom-and-pop
investors in the event of a bonds slump. And yet, when the market saw its
swiftest rise in rates in a decade, many of those managers got caught napping,
suffering big losses that hurt many institutions and individuals banking on
steady returns from the bond market.
[
Das] Japan’s ‘kamikaze’ economics risk Asia debt crisis - (www.marketwatch.com) Abenomics,”
the efforts of Japanese Prime Minister Shinzo Abe to revive Japan’s moribund
economy, has important implications outside of Japan. Japan’s recovery would
assist the global economy and generate demand for imports to Japan. The world’s
third-largest economy would also continue to be a source of capital to the rest
of the world. Failure would be equally significant. If economic growth does not
pick up, then a combination of budget and trade deficits that require financing
would affect the global economy. Japan’s overall current account may move into
deficit as soon as 2015. Japan would gradually run down its overseas
investments, selling foreign assets and repatriating the capital. The selling
pressure would affect prices and rates for a wide range of assets, transmitting
financial market volatility.
ECB's
Asmussen rejects call for troika to be abolished - (www.reuters.com) European
Central Bank policymaker Joerg Asmussen rejected on Wednesday a call from the
EU justice commissioner for the "troika" of the European Commission,
ECB and International Monetary Fund to be dissolved. Commissioner Viviane
Reding, said on Tuesday "the time of the troika is over", arguing
that in future Europe must resolve its problems without the IMF. But Asmussen,
a member of the ECB's Executive Board, said there was no other immediate
option. "There is, in the short-term, no functional alternative to the
Troika," he told newspaper Rheinische Post's online edition. "The
Troika also works very well together, as one sees on the ground in Athens, for
example," he said. "There is no reason, in the middle of the crisis,
to change this proven structure."
Investing
in Expensive Renovations for Rental Apartments (finance.yahoo.com) Her clients spent about $1 million on the
upgrade. But when their lease is up, they will be leaving most of these
improvements behind. In competitive real-estate markets, some luxury renters
are making a surprising decision: putting tens or even hundreds of thousands of
dollars into upgrades on their temporary lodgings. They are investing in redos
at a time when rental vacancies nationwide are at their lowest since
2001—currently at 4.3%, according to real-estate research firm Reis. Meanwhile,
rents have been rising rapidly, up 3.8% over the past year. The result: More
renters are deciding to stay put and put their money into improving their
current homes. "People don't want to live in something that's not up
to their standards. They're willing to make big changes even if they'll only be
there a couple of years," says Noble Black, a broker with Corcoran inNew
York, where the vacancy rate was just 1.9% in the first quarter of 2013, down
from 2.1% a year earlier.
Michigan
Needs To Ban Adverse Possession Squatting Like Florida - (www.mfi-miami.com) You
may remember this story from last year of Heidi Peterson, who came home
from an overseas to find squatter, Missionary Tracey Elaine Blair living in her
home. Blair had stripped radiators, stained glass windows and
anything else of value and sold them for cash. Peterson unable to afford
lengthy litigation to evict Blair was forced to live with Blair in the house
for 90 days before all the unwanted media attention forced her out. The
squatter is gone but the damage she did to the house remains as Heidi and her
20 month old daughter struggle to pick up the pieces and clean up the mess of
lead paint, holes in the walls and ceiling, jimmy-rigged plumbing and other
home improvement projects that make it appear Tracey Blair thought she was
Scotty the Engineer from Star Trek. Heidi Peterson is not the only victim
of Missionary Tracey Elaine Blair, a former Write-In Candidate for
President of the United States, MFI-Miami has found other homes where Blair has
filed bogus mechanic liens and other bogus documents in the historic
neighborhood of Boston Edison, where people like Mitt Romney, Barry Gordy,
Henry Ford and other prominent Detroiters once lived.
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