A Grim Day for Lakewood

[Michael Deneen]

I fear that 11/8/16 will go down as a dark day in history. I suspect this will be especially true for the City of Lakewood.
The local passage of Issue 64, coupled with Trump's election and GOP congress, signal disastrous days ahead.

Team Summers has downplayed the loss of the hospital by citing Lakewood's real estate market. Summers plan is to make up for lost income tax revenue with additional funds raised from property taxes, which have increased along with property values.
The Trump Election will burst that bubble.....today's stock market fall is probably just the beginning. As 401ks shrink and consumers become alarmed, people are going to very tight with their spending. This will cool off Lakewood's market for real estate...especially more expensive homes. Lakewood has benefitted in recent months from people's willingness to overpay for housing....that will stop.

The uber-conservative House and Senate will cut taxes on their one-percent donors, and further slash budgets for social programs. Lots of Lakewood residents live on the edge of poverty, and this will push many over the edge.
Lakewood benefits heavily from the Federal Community Development Block Grant program....we should expect cuts in that program.
It's not a stretch to expect Social Security cuts from this regime.....which would impact our sizeable elderly and disabled populations.

If Trump repeals Obamacare, many local residents will lose coverage. This at a time when our healthcare infrastructure has been destroyed by Team Summers. Ending ACA will NOT stop the trend of rising premiums...which will continue to take a bigger and bigger chunk of Lakewood residents' incomes.

At the state level, expect to see continued cuts in education funding. That will mean less funding for Lakewood....aggravating our already tight school budgets.
Residents will be forced to either accept larger operating levies or cuts in programs....neither of which is a good choice.
Our property taxes are already extremely high, and household budgets will be strained by the US' macroeconomic problems.
Efforts to shift public education dollars to private schools (including our shaky charter schools) will be bolstered by the GOP takeover. This will hurt our local system.

Trump's election will fuel racial tensions nationwide. America just elected a man who was endorsed by the KKK....racism has been emboldened moreso than any point in my lifetime (I'm 48 years old). I don't expect Lakewood to be immune from the growing racial divide in this country.
Our local government and institutions do not mirror the actual population of Lakewood.
As the hospital vote demonstrates, Lakewood government is geared toward serving privileged white folks....minorities and the poor are an afterthought.
Even our so-called "Democratic Club" exists to serve wealthy white folks.

In summary, the Trump regime presents our city with a wide variety of challenges.....which I'm not confident our local leadership will be able to deal with.

[Betsy Voinovich]

Hey Mike and all,

I'm running to get kids to school but I wanted to pass on J.K. Rowling's comment from early this morning.

"We stand together. We stick up for the vulnerable. We challenge bigots. We don't let hate speech become normalized. We hold the line."

Betsy Voinovich

[todd vainisi]

Mike, I want to thank you for your hard work for our city.

[cmager]

Mike, I want to thank you for your hard work for our city.

Ditto. Thank you.

[jackie f taylor]

On the other hand: I made a profit today, a Hugh profit in my portfolio, nothing I hold lost value, instead and in fact, I gained . I didn't sleep last night, just so excited, shocked and surprised at the outcome, I did not see it coming, about 5 PM, I cancelled any orders to buy stocks, at 3 am in the morning, I reinstated them, only to my surprise, today they gained in value.

Me, I don't need a free phone, or a free college education, I don't need help buying food to feed me and my kids, with no responsible father, I don't need help with my rent, or free medical care if I get a cold. a ride to anywhere, I guess I made mostly the right decisions in life, so that I don't have to depend on others. And I am thankful my parents inscribed in me, the right way to get ahead, the right way to live.

I'm sick of our government sending millions of dollars to a country that can't afford "condoms". People aren't working, spend that money on rebuilding our country. everyone will prosper. give him a chance.

.

[Dan Alaimo]

Trump is an enigma. The only things we can count on from his past is that he is an accomplished liar and a failed businessman many times over.

Here are some options:
* He will deliver what he promised. Unlikely.
* He will govern pragmatically. Maybe.
* He will shift to the right. Only if he cedes much of his power to Pence, or others he chooses as advisers.
* He will govern incompetently. The most likely scenario in my view.

The American people have elected an unknown who is probably a disaster waiting to happen. Everyone, including his most ardent supporters, will be disappointed.

[jackie f taylor]

Have we ever had a businessman first, and then a leader? Not in my lifetime, I'm willing to give him a chance, With Hillary, that was chance too. We are taking a chance with all of them. Today is the beginning of taking a chance on Trump.. Wait a year, then tell me what you think.

[Amy Martin]

Wow- Jackie sounds exactly like the "angry white man" who voted for Trump. And for a gay man to do so to me is unfathomable. Pence believes that gays should be jailed for applying for marriage licenses.

Make America White Again

that's what it's all about, as evidenced in Jackie's racist rant.

[Robert Bobik]

"Me, I don't need a free phone, or a free college education, I don't need help buying food to feed me and my kids, with no responsible father, I don't need help with my rent, or free medical care if I get a cold. a ride to anywhere, I guess I made mostly the right decisions in life, so that I don't have to depend on others. And I am thankful my parents inscribed in me, the right way to get ahead, the right way to live."

There is just so much wrong with this....
Sometimes you just gotta shake your head, bite your tongue and walk away.
But I can't..
The right way to live?
Please, teach us..

[jackie f taylor]

The right way to live, don't steal, rob, assault, murder, abduct, abuse anyone, anything, respect your life and those in it. doses this really need explained? Get a permit, a license, a visa, a permit, a SS card, whatever it takes to be compliant. Hate, yes I hate the thought of anyone doing those CRIMES, anyone, THAT is what I hate, and Trump too, not race, we don't hate race, all races are to blame. What is so hateful about Trump? Cause he wants to rid the country of criminals? People who could harm you or your family, that's what I want, just like in my house, I wont have a occupant doing those things, there gone. you think those criminals should be aloud to stay here? In your neighborhood..... not mine, and you want them to receive free medical care, schooling, housing, protection, entitlements? Here illegally? Are you kidding me, you have to have a membership to get into a country club. Why not the United States of America?

[Amy Martin]

Jackie - Mike Pence thinks that gay people should be thrown in jail for applying for a marriage license . . . and that "homosexual acts" are illegal

That, my friend, makes you a criminal in his eyes.

So, you're at risk as well.

Think about it.

[Michael Deneen]

Well, there is a little bit of good news:
After two days, the stock market hasn't crashed...yet.

[Tim Liston]

Mike Deneen said….

“Well, there is a little bit of good news: After two days, the stock market hasn't crashed...yet.”

The stock market, by and large, is unimportant, particularly as a harbinger of economic things to come. The real bellwether, the elephant in the room, is the bond market, especially on the long end. And long bonds are crashing big time. When it started looking like Trump had a chance, the 10-year bond was yielding about 1.6%. Last Tuesday it was at about 1.8%. In just two days it moved to 2.15% where it sits now. That’s a yuuuge move (35% rise in rates) and has crashed long bond prices around 10%. WOW!

What does it mean? Both rising interest rates and rising stock prices (like we’ve seen this week) tend to indicate improved economic fortunes forthcoming. That’s good. But what is even better is that stock and bond prices have, over the last 2-3 months, started to disengage from each other. Stocks and bonds no longer go up and down in tandem, lately it's been the opposite. That’s because their prices are no longer solely dictated by Fed monetary policy. And that’s even better. If Trump does something about the role of the Fed as a driver of the economy, and returns the economy to Main Street where it should be, our long-term economic sustainability is better assured. That’s REALLY important, way more important than the wall or whether he said bad words. Higher interest rates will cause short-term disturbances for sure, especially as it becomes more expensive to finance our enormous debts. It could even cause a rash of insolvencies. But we need our capital (money) to be priced by the market, not by a bunch of Princeton eggheads, so it can be mobilized where it is most useful. If it causes insolvencies, so be it. Malinvestment should be punished, not rewarded, in a functioning economy.

None of which is to say that the stock market won’t “crash” at some point. It very well may. But the likely cause will be competition for capital (money) from bonds with now-higher yields, hopefully going a lot higher. Which is the opposite of what caused the record stock prices we see today. ZIRP (0% interest rates) has been a disaster. It has clobbered anyone who saves: senior citizens, pension funds, casualty insurance companies, etc. The only real beneficiaries of ZIRP are those running around with, say, $20 trillion in debt to service.

Should be interesting. Back to the popcorn….

[todd vainisi]

Once in a while I fall into the trap of believing that all gay people are critical, forward thinkers. How stupid of me.

Thanks for reminding me that people come in all shapes and sizes, Jackie.

So much for your long winded confessional a few months ago about how beautiful it is that homosexual couples no longer need to hide away and how your rights to love who you want are protected by law. The stories about getting bullied in school and having to flee after school so you wouldn't get beat up for being who you are... none of that is more important than making sure some mexican kids don't get any "free stuff" from our government.

Ok!

[Brian Essi]

Mike Deneen said….

“Well, there is a little bit of good news: After two days, the stock market hasn't crashed...yet.”

The stock market, by and large, is unimportant, particularly as a harbinger of economic things to come. The real bellwether, the elephant in the room, is the bond market, especially on the long end. And long bonds are crashing big time. When it started looking like Trump had a chance, the 10-year bond was yielding about 1.6%. Last Tuesday it was at about 1.8%. In just two days it moved to 2.15% where it sits now. That’s a yuuuge move (35% rise in rates) and has crashed long bond prices around 10%. WOW!

What does it mean? Both rising interest rates and rising stock prices (like we’ve seen this week) tend to indicate improved economic fortunes forthcoming. That’s good. But what is even better is that stock and bond prices have, over the last 2-3 months, started to disengage from each other. Stocks and bonds no longer go up and down in tandem, lately it's been the opposite. That’s because their prices are no longer solely dictated by Fed monetary policy. And that’s even better. If Trump does something about the role of the Fed as a driver of the economy, and returns the economy to Main Street where it should be, our long-term economic sustainability is better assured. That’s REALLY important, way more important than the wall or whether he said bad words. Higher interest rates will cause short-term disturbances for sure, especially as it becomes more expensive to finance our enormous debts. It could even cause a rash of insolvencies. But we need our capital (money) to be priced by the market, not by a bunch of Princeton eggheads, so it can be mobilized where it is most useful. If it causes insolvencies, so be it. Malinvestment should be punished, not rewarded, in a functioning economy.

None of which is to say that the stock market won’t “crash” at some point. It very well may. But the likely cause will be competition for capital (money) from bonds with now-higher yields, hopefully going a lot higher. Which is the opposite of what caused the record stock prices we see today. ZIRP (0% interest rates) has been a disaster. It has clobbered anyone who saves: senior citizens, pension funds, casualty insurance companies, etc. The only real beneficiaries of ZIRP are those running around with, say, $20 trillion in debt to service.

Should be interesting. Back to the popcorn….

Mr. Liston,

Fine analysis. As an investor, I was disappointed that the Wacko futures sell off of Tuesday night did not carry through to Wednesday's market. I have some retirement funds in cash and like to buy low. I knew that the Trump-phobia-mania-frenzy thingy is total bunk and would last about a day in the markets.

Everything is going to be fine.

Van Jones'' "whitelashing" melt down cry fest showed the ugly underbelly of "institutional liberals". They are like babies in a bubble.

Chill out. Be cool.

A one term president can't change much.

Unless you think America is somehow fragile.

It is not.

We are great. Before during and after Trump.