Category: Municipal finance

Chicago’s left behind: Part 2, Those who are gone

5 April, 2016 (10:00) | Affordability, Chicago, Cities, Demographics, Economics, Housing, Municipal finance, Speculation, Zoning | No comments

 By: David A. Smith   [Continued from yesterday’s Part 1.]   As we saw in yesterday’s Part 1, effects always have causes, and if we wait to act until they have become evident even to those committed to denying them, it will often be too late to do much more than mitigate the losses.  Such […]

Chicago’s left behind: Part 1, Those who remain

4 April, 2016 (10:00) | Affordability, Chicago, Cities, Demographics, Economics, Housing, Municipal finance, Speculation, Zoning | No comments

By: David A. Smith A city’s slow death is a hideous thing, and to watch this happen to Chicago is by turns heartbreaking and  infuriating: heartbreak for the people whose hopes, prospects, choices – their whole lives – are undermined by their city’s failures, and fury at the ecosystem of (mis)government that allows this to […]

The fall of China Mae: Part 3, Everybody laughs at the official statistics

10 March, 2016 (10:00) | Capital markets, China, Cities, Finance, Global news, Housing, Municipal finance, Speculation, Statistics, Theory, Urbanization | 1 comment

By: David A. Smith [Continued from yesterday’s Part 2 and the preceding Part 1.] “FTZs create corporate black boxes through which the anointed may flow money in and out of China.”  – Anne Stevenson-Yang, Research Director. Financial Times. September 26, 2014. Starting from the presumption that one knows nothing about China has proven to be a […]

The fall of China Mae: Part 2, Data disappears when it becomes negative

9 March, 2016 (10:00) | Capital markets, China, Cities, Finance, Global news, Housing, Municipal finance, Speculation, Statistics, Theory, Urbanization |

By: David A. Smith [Continued from yesterday’s Part 1.] “The Chinese government wants you to “buy high, hold indefinitely’” … or else – Anne Stevenson-Yang in Barron’s on September 5, 2015. So facile are human minds that when confronted with a ‘nuclear fact’ – one that entirely disrupts the previous world-view – we can go […]

The fall of China Mae: Part 1, Choose any number that fits

8 March, 2016 (10:00) | Capital markets, China, Cities, Finance, Global news, Housing, Municipal finance, Speculation, Statistics, Theory, Urbanization | 1 comment

By: David A. Smith When they start lying about economic data, short them. – Smith’s Rule of Emerging-Market Investment (Written March, 2016, backdated to June, 2007) In January, 2008, I wrote a two-part blog post, Who’s next?, suggesting that Fannie Mae was overextended and due for a market correction. Though I believed my own prophecy, […]