{"id":41712,"date":"2017-03-04T05:15:42","date_gmt":"2017-03-04T13:15:42","guid":{"rendered":"https:\/\/lenpenzo.com\/blog\/?p=41712"},"modified":"2023-10-28T08:11:54","modified_gmt":"2023-10-28T15:11:54","slug":"black-coffee-the-buttercups-in-silicon-valley-are-blooming-early","status":"publish","type":"post","link":"https:\/\/lenpenzo.com\/blog\/id41712-black-coffee-the-buttercups-in-silicon-valley-are-blooming-early.html","title":{"rendered":"Black Coffee: The Buttercups in Silicon Valley are Blooming Early"},"content":{"rendered":"

\"\"<\/a>It’s time to sit back, relax and enjoy a little joe<\/em> …<\/p>\n

Welcome to another rousing edition of Black Coffee, your off-beat weekly round-up of what’s been going on in the world of money and personal finance.<\/p>\n

Let’s kick this baby off, shall we?<\/p>\n

There are strange flowers of reason to match each error of the senses. Admirable gardens of absurd beliefs, forebodings, obsessions and frenzies.<\/em><\/p><\/blockquote>\n

— Louis Aragon<\/strong><\/p>\n

Credits and Debits<\/strong><\/p>\n

Debit:<\/strong><\/span> Mortgage rates have been soaring since the election — so it’s no surprise that mortgage applications have tumbled since then. As rates rise, affordability is becomes a major issue — and the proof is in the pudding: pending home sales last month saw their biggest drop since last May<\/a>. Uh oh.<\/p>\n

Credit:<\/strong><\/span> In other news, last week Forbes called on President Trump to transition America’s currency to a gold-backed dollar<\/a>. Don’t laugh … it could happen, although I won’t hold my breath. There are too many big spenders in Washington D.C. who would never allow that to happen. At least not willingly.<\/p>\n

Credit:<\/strong><\/span> Then again, who needs a gold-backed dollar when stocks are on fire? How hot is the market? This<\/em> hot: Last Monday the Dow closed on an all-time high for the 12th consecutive day. Yes, 12. Even though the Dow has been around since 1882, it has never had a longer streak<\/a> of record closes. No, not ever. Hooray! I think.<\/p>\n

Debit:<\/strong><\/span> Despite the soaring US stock market, would you believe there are a lot of Silicon Valley tech workers with six-figure salaries who are openly complaining that they’re only “scraping by<\/a>“? Sadly, there are. Sheesh. Suck it up, buttercups.<\/p>\n

Debit:<\/strong><\/span> Those “financially strapped” tech workers who think they have it bad should be thankful they’re not a teenager. After all, it’s going to be a bit harder for teens to find an entry level job now that Wendy’s is planning to install 1000 self serve kiosks<\/a>. I’m sure those Utopian government mandates for $15 per hour fry cooks had absolutely nothing to do with that.<\/p>\n

Debit:<\/strong><\/span> By the way, if unemployed teenagers think they<\/em> have it bad, then they should try walking in the shoes of any retired New York state Teamster. That’s because their pension officially ran out of money in February. Oops. They’re not alone; one expert is warning that a “tsunami” of failed pension funds<\/a> will soon be washing across all of America.<\/p>\n

Debit:<\/strong><\/span> That tsunami couldn’t be coming at a worse time. The Pension Benefit Guarantee Corporation, a government agency created to, well … “guarantee” corporate pensions, is on the verge of bankruptcy<\/a> too.<\/p>\n

Debit:<\/strong><\/span> Of course, all of those failing pension funds will only add to the food stamp rolls that already support 1 in 7 Americans<\/a> — a number that is truly remarkable when you consider that the US is supposedly eight years into an “economic recovery.” Or not.<\/p>\n

Credit:<\/strong><\/span> On the other hand, considering that more than 9000 Maine residents dropped off<\/a> the state’s food stamp program since the state began enforcing work and volunteer requirements, I think it’s safe to say there are more than a few people currently using food stamps who really don’t need them. Just sayin’.<\/p>\n

Credit:<\/strong><\/span> Meanwhile, as CNN reports, “Massive government overspending, a crashing currency, mismanagement and corruption have sparked extremely high inflation in Venezuela that’s expected to rise 1660% this year and 2880% in 2018.” Caracas is also down to its last $10 billion<\/a>. Uh huh. That<\/em> should be gone by early next year. Hopefully, Venezuela’s socialist government won’t be far behind. Forward!<\/p>\n

Debit:<\/strong><\/span> Finally … Did you see this? Last week, a $20 debt led to chaos at a cookie stand<\/a> outside a Florida Walmart when a man and his teenage friend attacked the family of a Girl Scout they said owed them the money. No, really. Now you know why I never shop at Walmart.<\/p>\n

By the Numbers<\/strong><\/p>\n

This past week New Orleans celebrated Mardi Gras. Here are some of the numbers behind Fat Tuesday:<\/p>\n

1830<\/strong><\/span><\/span> Year that Mardi Gras was first celebrated in the US. However, it was in Mobile, Alabama — not New Orleans.<\/p>\n

3<\/strong><\/span><\/span> States with counties that have declared Mardi Gras an official holiday. (Louisiana, Alabama, Florida)<\/p>\n

3<\/strong><\/span><\/span> Number of official Mardi Gras colors: Purple for justice, gold for power and green for faith.<\/p>\n

3<\/strong><\/span><\/span> The number of major Mardi Gras parades in New Orleans. (Endymion, Orpheus, and Bacchus)<\/p>\n

0<\/strong><\/span><\/span> Number of Mardi Gras float riders in New Orleans who are allowed to ride unmasked.<\/p>\n

$5.72<\/strong><\/span><\/span> This year’s average price for a Mardi Gras mask.<\/p>\n

$35<\/strong><\/span><\/span> The average price of a Mardi Gras King Cake.<\/p>\n

$150<\/strong><\/span><\/span> Average price to attend “Super Krewe” Balls in New Orleans, the largest Mardi Gras parties open to the public.<\/p>\n

$500<\/strong><\/span><\/span> Amount spent by the average Mardi Gras float rider on beads, cups and other souvenirs.<\/p>\n

Source: WFMZ<\/a><\/em><\/p>\n

Last Week’s Poll Results<\/strong><\/p>\n

Did you watch the Academy Awards this year?<\/p>\n