Tag Archives: United States

#NYC: #Manhattan Home Prices Drop Most Since 2011


NYC home sales down 8% from a year earlier

First decline in the past 10 quarters and the biggest since the third quarter of 2012.

“It’s just more signs that the sellers are capitulating”

In the three months through September, 93.6% of all purchases were at or below the last asking price, the…

Visit The MasterFeeds http://bit.ly/1e1Y17M to see the whole story. http://bit.ly/2pp5IBP 02, 2019 at 11:39PM

“Progressive” Attacks on Capitalism Were Key to Hitler’s Success


Ludwig von Mises wrote this essay in 1940 from Geneva, where he lived after Nazis forced him out of Austria and his apartment was ransacked by German troops.

“Progressive” Attacks on Capitalism Were Key to Hitler’s Success

Published on Mises.org  Date: February 7, 2019 – 2:00 PM
Author 1: Ludwig von Mises [1]

The following, written in 1940, is excerpted from Interventionism, An Economic Analysis, which was originally part of Nationaloekonomie [2], the German predecessor to Human Action.

Hitler, Stalin, and Mussolini constantly proclaim that they are chosen by destiny to bring salvation to this world. They claim they are the leaders of the creative youth who fight against their outlived elders. They bring from the East the new culture which is to replace the dying Western civilization. They want to give the coup de grace to liberalism and capitalism; they want to overcome immoral egoism by altruism; they plan to replace the anarchic democracy by order and organization, the society of “classes” by the total state, the market economy by socialism. Their war is not a war for territorial expansion, for loot and hegemony like the imperialistic wars of the past, but a holy crusade for a better world to live in. And they feel certain of their victory because they are convinced that they are borne by “the wave of the future.”

It is a law of nature, they say, that great historic changes cannot take place peacefully or without conflict. It would be petty and stupid, they contend, to overlook the creative quality of their work because of some unpleasantness which the great world revolution must necessarily bring with it. They maintain one should not overlook the glory of the new gospel because of ill-placed pity for Jews and Masons, Poles and Czechs, Finns and Greeks, the decadent English aristocracy and the corrupt French bourgeoisie. Such softness and such blindness for the new standards of morality prove only the decadence of the dying capitalistic pseudo-culture. The whining and crying of impotent old men, they say, is futile; it will not stop the victorious advance of youth. No one can stop the wheel of history, or turn back the clock of time.

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>A Million HFT Algos Cry Out In Terror And Are Silenced in Citi 1 For 10 Stock Split


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 A Million HFT Algos Suddenly Cry Out In Terror And Are Suddenly Silenced As Citi Announces 1 For 10 Reverse Stock Split
Tyler Durden

zero hedge

March 21, 2011 13:19: CET


While the wacky desperation antics of America’s nationalized bank (that would be Citigroup for the cheap seats) enter the surreal zone, after the bank just announced a 1 for 10 reserve stock split (finally returning the stock price to Al Waleed’s cost basis, if not entrance market cap) and a 1 cent dividend (which effectively means the Fed can now exit the prop each failing bank game… but won’t), the bigger question is what happens to the momentum algos that traditionally traded 500 million shares of Citi stock, providing a supporting base for the market courtesy of massive momentum surges that provided a buying feedback loop mechanism driven out of pure churn volume. Those days are now over, as the volume will plunge pro rata from half a billion to a measly 50 million shares. Furthermore, with algos receiving liquidity rebates on a volume basis, it is conceivable that the biggest piggy bank to the 3 man Ph.D. HFT operations is about to break, as exchanges cut their rebate payouts by 90%. And with the stock market these days being far more a function of volume churn than technicals or, heaven forbid, fundamentals, what happens with the natural HFT support to the market is anyone’s guess. One simple assumption: the next time the S&P does a May 6, or a USDJPY flash crash, the liquidity providers will pull out that much faster, leading to a massive freefall without any of the foreplay.

Full release:
NEW YORK–(BUSINESS WIRE)– Citigroup Inc. today announced a 1-for-10 reverse stock split of Citigroup common stock. Citi also announced that it intends to reinstate a quarterly dividend of $0.01 per common share in the second quarter of 2011, following the effective date of the reverse stock split.
“Citi is a fundamentally different company than it was three years ago,” said Vikram Pandit, Chief Executive Officer of Citigroup. “The reverse stock split and intention to reinstate a dividend are important steps as we anticipate returning capital to shareholders starting next year.”
Citi anticipates the reverse stock split will be effective after the close of trading on May 6, 2011, and that Citi common stock will begin trading on a split adjusted basis on the New York Stock Exchange (NYSE) at the opening of trading on May 9, 2011. When the reverse stock split becomes effective, every ten shares of issued and outstanding Citigroup common stock will be automatically combined into one issued and outstanding share of common stock without any change in the par value per share. This will reduce the number of outstanding shares of Citigroup common stock from approximately 29 billion to approximately 2.9 billion. Citigroup common stock will continue trading on the NYSE under the symbol “C” but will trade under a new CUSIP number.
No fractional shares will be issued in connection with the reverse stock split. Following the completion of the reverse stock split, Citi’s transfer agent will aggregate all fractional shares that otherwise would have been issued as a result of the reverse stock split and those shares will be sold into the market. Stockholders who would otherwise hold a fractional share of Citigroup common stock will receive a cash payment from the proceeds of that sale in lieu of such fractional share. Additional information on the treatment of fractional shares and other effects of the reverse split can be found in Citi’s definitive proxy statement filed with the Securities and Exchange Commission on March 12, 2010.
Citi is executing its strategy of focusing on its core businesses in Citicorp to support economic growth including banking, providing loans to small businesses, making markets and providing capital, while continuing to wind down Citi Holdings in an economically rational manner. At the end of 2010, the U.S Treasury sold its remaining shares of common stock, earning in total a $12 billion profit for taxpayers on its investment in Citi. 2010 was Citi’s first year of four profitable quarters since 2006, with $10.6 billion of net income. Citi’s capital strength is among the best in the industry and the bank is focused on putting its unmatched global network to use for its clients to foster sustainable and responsible growth.

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