Huh.
That brings to mind a little vignette retold as an outro from a post a couple years ago:
"...when then-head of supercomputer manufacturer Cray Research when asked where the company might relocate its headquarters answered: "Draw a circle with a twenty mile radius around the CEO's home."
So the question becomes: "Where will the CEO's house be?"
From the AP:
In an effort to address economic disparity laid bare by the coronavirus pandemic, San Francisco voters overwhelmingly approved several tax measures targeting property owners and big businesses with CEOs paid far higher than their average workers.
Under the new law, any company whose top executive earns 100 times more than their average worker will pay an extra 0.1% surcharge on its annual business tax payment. If a CEO makes 200 times more than the average employee, the surcharge increases to 0.2%; 300 times gets a 0.3% surcharge and so on.
Voters also agreed to sweeping business tax changes that will lead to a higher tax rate for many tech companies, and a higher transfer tax on property sales valued between $10 million and $25 million.
“We’re not gonna shed any tears if penthouse dwellers have to cough up,” the San Francisco League of Pissed Off Voters wrote in its voter guide....
....MUCH MORE
Which of course brings to mind another prior post (Here at Climateer Investing, we recycle!), this time an intro., and more rant-y than vignette-y:
The news that the city is going to shut-down CHAZ CHOP is not going to be nearly enough to save Seattle.
Amazon and Microsoft have been the engine of growth, in a way similar to Silicon Valley where the whole world is funneling money into a small geographical area and in the case of Amazon with coronavirus we've just seen the high-water mark for this cycle.
Like so many societies throughout history getting wealthy means getting flabby, with politics and programs that a poorer, hungrier society can't afford.
Looking at a third metro area, Minneapolis' heyday was roughly 1880 - 1980 with the northern tier railroads, Great Northern and Northern Pacific and the heavyweight ag businesses, Pillsbury, General Mills etc. giving way to first round tech, Medtronic and St. Jude Medical, Control Data and Cray Research and then stagnation into a violent* little backwater, coasting on accumulated capital and slowly becoming irrelevant on the world stage except as a chokepoint for soybeans and corn being sent down the Mississippi or up to Duluth and eventually the Atlantic.
Seattle was touted as heaven-on-earth with the $15.00 minimum wage for restaurant workers but the touts never mentioned that it was only because of Amazon that it was possible.
And now those jobs are no more and 50% of them will not come back.
For a while Seattle had more construction cranes than New York and even London but those days are gone and here's the rest of the story from Phoenix's KTAR news:...
Probably time to brush up on the nuances of the re-imposition of AFFH..
