Niranjan Shah and Many Others Join Ready for Hillary

Senator Dick Durbin of Illinois is the second-ranking Democrat in the Senate. In 2008, he was an early backer of Barack Obama’s presidential campaign. Now, he is ready to throw his support to Hillary Rodham Clinton’s 2016 presidential campaign. He and fellow democrats, Chicago Mayor Rahm Emanuel and Illinois Attorney General Lisa Madigan, will headline the Ready for Hillary fundraiser. The pro-Clinton super PAC is running grass-roots support for Clinton’s potential presidential run. These three political powerhouses are listed as guests at the June 5th reception in Chicago, which is hosted by several Obama donors.

 The high-dollar fundraiser highlights the early support for Hillary Clinton from Obama’s political circles. It is good to see them support Hillary, while Vice President Biden thinks about making a presidential run as well. Jim Messina, Jeremy Bird and Mitch Stewart are Senior staffers for Obama and are advising the Super PACs. Two other Democrats, Tim Kaine of Virginia and Claire McCaskill of Missouri, were early supporters of Obama and have already agreed to join Ready for Hillary. The third-ranking Democrat in the Senate, Senator Charles E. Schumer of New York endorsed Hillary on a visit to Iowa.

Senator Dick Durbin was with Obama since he ran against Clinton in 2008. Emanuel was a political advisor for Bill Clinton and chief of staff for Obama. He endorsed Hillary Clinton. Madigan served in Illinois state legislature with Obama and quickly became a rising star.

The Chicago reception is selling tickets at a steakhouse called Phil Stefani’s for $1,000 a seat. This will be the biggest fundraiser for Ready for Hillary. The grass-roots tickets are about $20. Laura Ricketts, a co-owner of the Chicago Cubs, will be a co-host and donated a lot to Obama. Her Father Peter Ricketts who founded Ameritrade funds the GOP. Her brother Peter, won the GOP governor nomination for Nebraska.

Other Obama supporters that will host the committee include Jewish leaders Andrea and Alan Solow and political strategist Kevin Conlon. There are many philanthropists and democratic donors going and Niranjan Shah is one of them. He is a successful entrepreneur and democratic donor that is always looking for ways to give back to the community.

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Billionaire George Soros Warns Of A Potential Crisis In China

George Soros, the billionaire investor known all around the world, believes the Chinese economy is headed for a crisis. According to him the debt fueled economy in China is very similar to what took place in the United States right before the financial crisis of 2008.

At an Asia Society event in New York on Soros said the credit growth figures for China in March 2016 should be looked at as a warning sign.

In March China had new credit that amounted to 2.34 trillion yuan. This shows the Chinese government is more concerned with growth and not getting their debt problem under control.

George Soros said the things taking place in China are eerily similar to what took place in the United States during the most recent financial crisis. While banks are supplying the economy with money, most of it is being used to offset bad debts.

In recent months Soros has openly made his feelings known about the Chinese government. While speaking in January 2016 at the World Economic Forum in Davos on, Soros said he has been betting against Asian currencies because he knows China is headed for a hard landing it will not be able to avoid.

China’s state run news agency Xinhua quickly came out with an editorial piece discrediting Soros’ claims. They pointed out he has made this prediction several times and it has yet to come to past.

George Soros said the banks in China are taking on more loans than deposits. This of course is a recipe for disaster. He also said China has troubles on both the assets and the liabilities side of things. Because other banks are being forced to lend to each other, this has added even more uncertainty and instability to the economy.

Instead of dealing with the problem head on, China is deferring it. And while they can afford to defer for another year or two, after that things will be completely out of control. The economy will hit rock bottom and millions of people will suffer as a result.

There is however a bit of good news. The new credit surge at the beginning of the year did help the property sector rebound. The values of homes in first tier cities have increased and home prices in Shenzhen have risen by over 60 percent.

Read more at The New York Times about George.

This basically means China’s real estate is in its own little bubble. And while it may be able to feed itself for the next few years, at some point it too will burst.
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