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#15 Investing, Minimum Wage and COVID Pork
Podcast #15Investing, Minimum Wage and Pork
Welcome back friends to In My Right Mind. I am Russ Andrews and am joined, as always, by the silver-tongued PJ Jaycox.
Last week we spoke about El Rushbo and what he meant to us PJ. A listener and good friend of mine named Brad texted me to tell me he loves our show. But that he leaves our show in a pissed-off mood. Which is the exact opposite way that Rush left his listeners. Rush was the ultimate optimist…and so am I. But some of what the left is doing just drives me insane. And we are NOT Rush. There will never be another El Rushbo. BUT, we will endeavor to end the show on a positive note. Thanks Brad C!
The National Association of Realtors reported that homes put up for sale in January 2021 typically remained on the market for just 21 days, down from 43 days a year ago, according to CNN. Housing inventory stood at a record low of 1.04 million units at the end of January, down 26% from a year ago. The median sales price of existing homes rose to $303,900, up 14% from a year ago. FTP 2/23/21
The Federal Deposit Insurance Corporation (FDIC)announced that U.S. commercial banks and savings institutions insured by theFDIC reported aggregate net income totaling $59.9 billion in Q4'20, up $8.7billion (17.0%) from Q3'20 and up $5.0 billion (9.1%) from Q4'19, according toits own release.
The FDIC noted that net interest margin stood at an all-timelow of 2.68% in the quarter, no change from the previous quarter. The historical average is 3.55%. Community banks reported net income totaling $1.3billion in Q4'20, up 21.2% from Q4'19. PPP.
The number of institutions on the FDIC'slist of "problem banks" stood at 56 in Q4'20. The post-crisis highfor the list was 888 in Q1'11. FTPortfolios 2/24/21
FIGHT FOR $15: From Forbes
Two weeks ago we mentioned the minimum wage partner..and I claimed that many union contracts are tied…or are indexed to the minimum wage. I wanted to verify that statement, so I did some digging. Apparently, there at least 2 ways unions profit from minimum wage increases. The first is that so many union contracts are INDEED indexed to the minimum wage
Traditionally, unions have supported minimum wage initiatives because their contracts have been directly or indirectly tied to the minimum wage. For instance, a UNITE contract that covered workers in Pennsylvania, Ohio, and South Jersey said the following: "Whenever the federal legal minimum wage is increased, minimum wage [in the agreement] shall be increased so that each will be at least fifteen (15%) percent higher than such legal minimum wage.”
Contracts for Cal Fire Local 2881, which represents 6,000 California firefighters, and UFCW Local 1099’s agreement with CVS have had similar stipulations. Other contracts, such as those signed by Retail, Wholesale, & Chain Store Food Employees Union Local 338 and UFCW 1262, also stipulated that minimum wage increases trigger an automatic return to the bargaining table, where new -- usually higher -- compensation is negotiated.
The WSJ reported back in 2013 that the United Food and Commercial Workers International Union says that pegging its wages to the federal minimum is commonplace.
The second way unions profit from minimum wages increases is that often times union jobs are actually EXEMPTED from minimum wage laws to make their lower paid workers more competetive vs non-union, min wage workers. The Forbes article detailed that in LA, Sheraton Universal Hotel employees, which are unionized, were paid California’s minimum wage of $10, but at the Hilton Hotel across the street non-unionized employees made $15.37 under the...
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By Russ Andrews
Podcast #15Investing, Minimum Wage and Pork
Welcome back friends to In My Right Mind. I am Russ Andrews and am joined, as always, by the silver-tongued PJ Jaycox.
Last week we spoke about El Rushbo and what he meant to us PJ. A listener and good friend of mine named Brad texted me to tell me he loves our show. But that he leaves our show in a pissed-off mood. Which is the exact opposite way that Rush left his listeners. Rush was the ultimate optimist…and so am I. But some of what the left is doing just drives me insane. And we are NOT Rush. There will never be another El Rushbo. BUT, we will endeavor to end the show on a positive note. Thanks Brad C!
The National Association of Realtors reported that homes put up for sale in January 2021 typically remained on the market for just 21 days, down from 43 days a year ago, according to CNN. Housing inventory stood at a record low of 1.04 million units at the end of January, down 26% from a year ago. The median sales price of existing homes rose to $303,900, up 14% from a year ago. FTP 2/23/21
The Federal Deposit Insurance Corporation (FDIC)announced that U.S. commercial banks and savings institutions insured by theFDIC reported aggregate net income totaling $59.9 billion in Q4'20, up $8.7billion (17.0%) from Q3'20 and up $5.0 billion (9.1%) from Q4'19, according toits own release.
The FDIC noted that net interest margin stood at an all-timelow of 2.68% in the quarter, no change from the previous quarter. The historical average is 3.55%. Community banks reported net income totaling $1.3billion in Q4'20, up 21.2% from Q4'19. PPP.
The number of institutions on the FDIC'slist of "problem banks" stood at 56 in Q4'20. The post-crisis highfor the list was 888 in Q1'11. FTPortfolios 2/24/21
FIGHT FOR $15: From Forbes
Two weeks ago we mentioned the minimum wage partner..and I claimed that many union contracts are tied…or are indexed to the minimum wage. I wanted to verify that statement, so I did some digging. Apparently, there at least 2 ways unions profit from minimum wage increases. The first is that so many union contracts are INDEED indexed to the minimum wage
Traditionally, unions have supported minimum wage initiatives because their contracts have been directly or indirectly tied to the minimum wage. For instance, a UNITE contract that covered workers in Pennsylvania, Ohio, and South Jersey said the following: "Whenever the federal legal minimum wage is increased, minimum wage [in the agreement] shall be increased so that each will be at least fifteen (15%) percent higher than such legal minimum wage.”
Contracts for Cal Fire Local 2881, which represents 6,000 California firefighters, and UFCW Local 1099’s agreement with CVS have had similar stipulations. Other contracts, such as those signed by Retail, Wholesale, & Chain Store Food Employees Union Local 338 and UFCW 1262, also stipulated that minimum wage increases trigger an automatic return to the bargaining table, where new -- usually higher -- compensation is negotiated.
The WSJ reported back in 2013 that the United Food and Commercial Workers International Union says that pegging its wages to the federal minimum is commonplace.
The second way unions profit from minimum wages increases is that often times union jobs are actually EXEMPTED from minimum wage laws to make their lower paid workers more competetive vs non-union, min wage workers. The Forbes article detailed that in LA, Sheraton Universal Hotel employees, which are unionized, were paid California’s minimum wage of $10, but at the Hilton Hotel across the street non-unionized employees made $15.37 under the...