March 11, 2018

It Is Still Very Easy To Borrow Money

A weeked topic starting with two reports from the Greenfield Recorder in Masschusetts. “Standing at the intersection of bad luck and what a seniors advocated says is a public policy failure, an elderly man who has been called a ‘Robin Hood of builders’ will face foreclosure Tuesday and an inevitable eviction. Bob McCollum, 73, first faced this fate in late July, when his Shaw Road log cabin and mortgage were in the hands of big banks in New York. Following public pressure, including an article in the Greenfield Recorder, the foreclosure was canceled.”

“‘He’s managed to stay living with his dog and cat for seven months because of the action we took back in August,’ lifelong friend and elder care advocate Al Norman said, ahead of the March 6 foreclosure date. But since then, Norman and McCollum could not find a way to finance the longtime carpenter’s way out of a mortgage gone wrong.”

“Living off Social Security and with no local family to assist him, McCollum is back at the mercy of the banks, between debt collector Shellpoint and Bank of New York Mellon — as they get ready to take his home from him because of a failure to pay off a $153,000 loan he had taken out at an adjustable interest rate in 2003. McCollum’s luck started to go south when he was no longer able to do his lifelong work as a handyman around Franklin County; he battled a few bouts of cancer, lymphoma and lung, and later on spinal stenosis.”

“‘What’s happened to Bob McCollum is a public policy failure,’ Norman said. ‘If we had better public policy in place, he wouldn’t have gotten into this deep hole and the bank wouldn’t be breathing down his neck.’”

“Norman said state Rep. Paul Mark, D-Peru, could be a good person to sponsor a bill that would call for mandatory counseling for elderly people who seek to borrow and take out a large loan like this. A Springfield mortgage counseling group did try to provide McCollum with assistance, but the counseling came too late in the game. ‘When these things become out-of-control, they become unsolvable,’ Norman said.”

“There are regrets over taking that adjustable loan in 2003, when McCollum was in his early 60s and still lively in his career. That loan set him down a path to a point where he will likely face eviction and the risk of being homeless, Norman says. ‘This is the fate that happens to people when they fall behind on their payments,’ Norman said. ‘I think we’ve delayed this as long as we possibly can.’”

“It’s almost Dickensian in its pathos: Senior citizen borrows against his home, gets sick and cannot work, falls behind on loan payments, loses home to out-of-town bank. That is the tragedy of 73-year-old Bob McCollum of Bernardston, a self-employed carpenter. As the auction gavel fell on his long-time home, now owned by the Bank of New York Mellon, McCollum said to the Greenfield Recorder from his hospital bed at Baystate Franklin Medical Center on Tuesday, ‘I feel embarrassed and ashamed. This is the worst tragedy of my life.’”

“The reality is that it is (still) very easy to borrow money, especially when home equity exists to back the loan up, and often times not nearly as easy to pay it back. In the best of all possible worlds, the borrower will make money, get a raise, receive an inheritance or sell the home at a profit and pay back the loan. When, conversely, the stars don’t align, the borrower gets sick, has to turn down jobs, loses his business or job and goes into default, triggering a long, sad process of foreclosure and eventual eviction.”

From Brink Wire on Australia. “The pace of construction is evident in Mitchell Creek Green, where developed houses stand next to vacant land earmarked for sale and streets are lined with construction sites. To Linda Hyland, buying into the estate seemed like a good investment. She made a plan to make back some of the money she would spend on the land and building costs by renting out a spare room. The new development, in the Palmerston suburb of Zuccoli, was sold as an affordable suburban housing option connected to nearby conservation corridors and the surrounding natural environment.”

“‘I’m not snobbish or anything but it was advertised as being prestigious, with lovely lakes and parks,’ Ms Hyland said. ‘When I asked about the park when I purchased the land originally in June or July last year … they said, ‘Oh, it’s happening, it’s happening in August’.”

“Ms Hyland paid more for the parkside land and moved in about three months ago, only to find the view from the spare room was different to what she was sold. The Perth-based contractor appointed to carry out civil infrastructure work in the estate, Brierty, went into voluntary administration in September and was liquidated last month.”

“‘When I look out all I can see is wire fences, bricks and things that have been dumped by builders and residents. I can’t get anybody who is willing to move into the front building because this beautiful view is now of junk,’ Ms Hyland said. ‘Then I also couldn’t get some answers about other things when I rang council or I rang somewhere else, and then I started reading and hearing from other people about a few comments. That’s when I started to think: What have I done?’”

“A homeowner who wished only to be known as Matt said a Facebook page setup for people who bought into the community was full of concerns. The tone of the page, he said, was ‘very, very negative,’ with residents claiming they’d been sold a lie, until he noticed critical posts were being deleted. His family lives on the other side of the park and paid more for land sharing a perimeter with the space. Matt said it was difficult to get information about the future of the site and was concerned the value of the land he’d paid a premium for had started to drop.”

“According to Matt, it soon appeared that that land was being sold to new buyers at discounted rates. ‘One of my mates was trying to buy a block of land in the new estate and it was about $50,000, $60,000, $70,000 cheaper than what we paid,’ he said.”

“The estate’s residents learned Brierty was the parent company of Bellamack, which was still solvent, but that it was relying on land sales made through Bellamack to stay afloat. ‘It’s not disputed that the Bellamack project was a profitable project for Brierty, and indeed when sales of those lots were sold, the money was distributed up by way of loan account to the parent,’ KPMG administrator Matthew Woods said. Unfortunately, those lot sales stalled in the first half of the last calendar year and that certainly impacted the liquidity of Brierty.’”

“To make up for the slump in the property market, the NT Department of Infrastructure, Planning and Logistics (DIPL) agreed to let Bellamack discount land by 9 per cent to remain competitive. Then, after the administrators were appointed, a further 9 per cent discount was agreed to. Mr Williams said he was unsure what would happen if no-one bought the development.”

“It couldn’t come soon enough for Ms Hyland, who said the ordeal had caused her mental health issues to resurface and significant financial stress. ‘I think for me this has affected my health,’ she said. ‘I’m living on my own, now with a dog, and I don’t really have a lot of people to talk to about it. I try and put things in perspective, but I’ve had time off work and now I can only work part-time which means I’m not sure what my future holds financially, living here.’”




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170 Comments »

Comment by Ben Jones
2018-03-11 08:36:30

‘According to Matt, it soon appeared that that land was being sold to new buyers at discounted rates. ‘One of my mates was trying to buy a block of land in the new estate and it was about $50,000, $60,000, $70,000 cheaper than what we paid,’ he said.’

This is what I try to get across to people who think we should overbuild to get to affordable housing. The problem is somebody has to take the hit. Ping pong down the chain, developer, parent company, prices get whacked, and here you go FB. If Matt got undercut by this much, he must have paid a boatload for that lot. Oh what a bargain they were then. Only $900K for a finished shack! Much cheaper than Sydney. Like that ever mattered.

Comment by BlackSwandive
2018-03-11 15:55:30

It doesn’t have anything to do with houses, it’s the central banks’ easy money policies turned economic distortions running through all asset classes. Trying to attach supply and demand fundamentals is useless.

The only question I have right now is “where are all the empty houses?” Are they on the Fed’s balance sheet? Are they still on the banks’ balance sheets, because there certainly hasn’t been some massive population increase in every single locale in this country, yet the houses are missing from inventory. “Something’s rotten in the state of Denmark.”

Comment by In Colorado
2018-03-12 08:00:09

The only empty houses I’m seeing in my neck of the woods these days are overpriced spec homes that aren’t selling, like $400k duplexes that abut against a noisy road.

Ten years ago during the meltdown there were a handful of empty houses in the nabe with papers taped to their front doors. Haven’t seen a single one yet this time around.

Comment by rms
2018-03-12 13:06:14

“…like $400k duplexes…”

And this is up north of Denver on the front range?

About 6 or 7-yrs ago I did a serious job search in the Denver metro area, and the wages there were seriously lagging.

I know a young lady, mechanical engineer, out by Golden who is so deep in debt, e.g., student loans, crossover SUV and a condo, that it’s painful to listen to since she’s really positive and energetic, rides a nice bicycle and shops with cotton bags. I decided to keep my mouth shut, and I never mentioned this sensible blog.

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Comment by Ben Jones
2018-03-11 08:40:01

‘The reality is that it is (still) very easy to borrow money, especially when home equity exists to back the loan up, and often times not nearly as easy to pay it back. In the best of all possible worlds, the borrower will make money, get a raise, receive an inheritance or sell the home at a profit and pay back the loan. When, conversely, the stars don’t align, the borrower gets sick, has to turn down jobs, loses his business or job and goes into default, triggering a long, sad process of foreclosure and eventual eviction’

I drive a lot and the radio ads for cash out refinancing have been frantic for over two years. Sure, think of all the things you can use the money for.

This is exactly the tale from a few years ago. “Sue and Bob thought everything was going to be great when they refinanced their dream home. Then Bob lost his job and Sue got sick…” How many times did we see that on this blog? A couple of thousand?

Comment by Mr. Banker
2018-03-11 08:47:42

“How many times did we see that on this blog? A couple of thousand?”

It could be a couple of million and it would not make a dent in the rampant stupidity exihibited by people because there is absolutely no learning curve at play. Absolutely none.

Comment by Ben Jones
2018-03-11 09:11:38

However many times, what did we say then? You have to pay it back. Which puts the focus on what’s really going on here. The vast majority of cash out refi’s have no intention to take money out of their lifestyles and pay the loan back. Why? Because spoken or not, the idea is the shack will continue to increase in “value” and when they sell it will cover everything and still put money in their pocket.

It’s - ta-da! - speculating. They’re gambling on the outcome of ever higher prices and ultimately a greater fool.

If you were able to find the data, I’d bet we’re seeing multiple cash out refi’s, right now.

There are other categories that present stealth speculation, like second shack buyers. Why not stay in a hotel or resort? It’s way cheaper. “You’d miss out on all that sweet equity!”

BTW, second shack purchases in the US hit an all time high in 2014 or 2015. I haven’t seen the numbers since.

Comment by Mr. Banker
2018-03-11 09:17:45

A favorite quote from the past:

“It was my equity that I cashed out. I don’t see why I have to pay it back.”

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Comment by Ben Jones
2018-03-11 10:14:05

Many didn’t pay it back, like this guy above. But you don’t get to keep the shack.

 
Comment by redmondjp
2018-03-13 08:39:25

You do keep getting to live in it, if it’s your primary residence . . . you just have to declare BK.

 
 
Comment by Rental Watch
2018-03-12 09:24:04

If you were able to find the data, I’d bet we’re seeing multiple cash out refi’s, right now.

Perhaps not data to answer the question you are asking…but this is the best I found with respect to cash out refinance activity:

http://www.freddiemac.com/research/datasets/refinance-stats/index.html

They estimate the volume of cash-out is still running at about 25% of the peak years.

I find the “Transition” data interesting regarding refinancing activity.

29% of people who refinanced a 30-year loan in 2017 went to a 15-year…the highest percentage since 2002-2003.

Conversely, 33% of people who refinanced a 15-year loan went to 30-years…the highest since 2009.

One metric indicates less financial strain (going from 30 to 15-year amortization).

One metric indicates more financial strain (going from 15-year to 30).

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Comment by OneAgainstMany
2018-03-12 11:05:43

A tale of two economies? It was the best of times and the worst of times, depending on your household, education, income level, and where you live perhaps.

 
Comment by Rental Watch
2018-03-12 11:49:50

Perhaps…but there are still very few people going to ARMs from fixed rate…seems like a fairly balanced picture. Some people are pushing to pay off debt faster, others slower.

I’d like to see absolute numbers. Are more 30-year loans being refinanced than 15-year? Or the opposite? Knowing the magnitudes would give a better picture of what is going on.

 
Comment by Prime_Is_Contained
2018-03-12 23:04:18

+1, RW. Percentages are not so meaningful in this context; I’d love to see the absolute numbers of each.

 
Comment by Rental Watch
2018-03-13 08:44:09

The percentages are most meaningful as you compare them to other years. During the worst years, very few people were going from a 30 to a 15-year schedule.

 
 
 
Comment by Neuromance
2018-03-11 09:37:10

There’s another factor at play here. For whatever reason, many people believe what they [see|hear|read] in major media outlets. I’m talking not only about the program content, but also the advertisements.

This is a factor which needs to be considered further.

An old handyman repeatedly hears about the wisdom of this product on television or radio. Surely “the authorities” would not lie to him and lead him into ruin, right? That would be illegal. Right?

Fish rots from the head.

We saw no one held account for the fraudulent debt from the 2008 debt crisis. The publicly provided rationale was “We ratings companies and financial executives though house prices would go up forever” when even a stabilization or flattening was going to blow up the refi->resale higher business model. All the mistakes they make always seem to work out in their favor. “It’s just a coincidence.”

Fish rots from the head.

We hear about Shkreli going to jail. He’s merely a sacrificial sociopath. He had a big mouth and an abrasive attitude. The truly successful sociopaths at Valeant smile and use soothing and therapeutic words to the public - masters of crocodile tears. Shkreli will learn, like Michael Milken did.

But - these pharma drug hikes are only possible because in 2004, the US government blocked itself from negotiating with drug companies to lower the cost of drugs for Medicare Part D. And that’s a result of politicians being “influenced” by “interested parties”.

Fish rots from the head.

Microsoft anti-trust suit was dropped in the early 2000s after Microsoft dramatically boosted its lobbying spending.

Fish rots from the head.

You can say, “it’s the public’s fault for voting for these people.” However, the primary system is designed to allow selection of carefully vetted candidates, third parties are actively excluded, with collusion from big media. The Founders knew politicians were power hungry, feckless and venal, and designed a system to harness their usefulness and blunt their destructive qualities. They didn’t foresee, I think, businesses growing so large as to control governments.

Comment by OneAgainstMany
2018-03-11 11:38:28

Excellent post Neuromance. I was doing my quarterly required education for my unit (I’m an RN) and I had to read up on ISMP (Institute for Safe Medication Practices). This is an industry newsletter that goes out to pharmacists, nurses, doctors, and other providers that warn against unsafe practices or potentially dangerous med mixups.

The newsletter blurb I read last night was a comprehensive survey about major medication shortages and their impact across the entire country at a slew of different hospitals (community based, outpatient, VA, teaching hospitals, long term acute, pediatrics, etc.).

The gist of the article was how much additional hospital resources have been poured into finding new supplies for life-sustaining drugs that have gone offline either from natural disasters or from large pharmaceutical mergers and acquisitions and price gouging. This leads to all sorts of downstream problems and potential errors, such as RNs to compound in the operating room or using non-standard dosages. Anyway, the point was that we tend to think of drug shortages as a problem that affects “other” countries, but what we don’t realize is that the pharmaceutical lobby has grown so corrupt and perverse that it is sucking America dry and literally causing death by creating artificial shortages all in the name of unrestrained profit seeking.

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Comment by alphonso bedoya
2018-03-11 12:26:13

Living off Social Security and with no local family to assist him, McCollum is back at the mercy of [the] debt collector Shellpoint and Bank of New York Mellon — as they get ready to take his home from him because of a failure to pay off a $153,000 loan he had taken out at an adjustable interest rate in 2003.

So should caveat emptor be operative for an older generation of people who were programmed to believe in TRUST. People fifty to sixty years old don’t see themselves losing mental faculties when they get older. Their kids living in another state will protect them. Really?
You want to live in a society built on : “Didn’t you know?”
So if McCollum ends up shitting on grass that’s contemptible, but, BlackRock’s CEO collecting an $800 million paycheck isn’t. We need to get rid of bitcoin, but, not Wells Fargo bankers.
* *
Doing God’s work.—-Blankfein

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Comment by rms
2018-03-11 13:12:08

“Cohn and Company Real Estate’s Mark Abramson has been trying to help McCollum sell his house. Abramson said he has not been able to get a buyer because of the price, set in part to help pay for that outstanding loan.”

McCollum is fooling everyone. It looks like he sold his place to the bank for more than it’s worth.

 
Comment by alphonso bedoya
2018-03-11 14:25:02

179 Shaw Rd, Bernardston, MA 01337

 
Comment by alphonso bedoya
2018-03-11 15:16:50

rms

What proof of income did they use to qualify him? Handyman? The bank makes a fee and this soul loses his house.

 
Comment by rms
2018-03-11 18:16:27

“What proof of income did they use to qualify him?”

Agreed, a financial predator found McCollum easy prey.

The finance industry used to have tighter regulations up until Ronald “Mommy?!” Reagan was persuaded with grandiose ideas of rugged individualism and profits.

 
Comment by Hi-Z
2018-03-12 06:46:14

What proof of income did they use to qualify him? Handyman? The bank makes a fee and this soul loses his house.

Keep in mind however, HE DID TAKE THE MONEY! Where is it now?

 
Comment by oxide
2018-03-12 09:20:38

To be fair, he probably used much of it for medical bills. I don’t think Medicare covers everything.

Is it really that log shack on Shaw Road, a-b?

2/1; 800 sq ft
Zestimate $175K
Listed $249K
“Home needs lots of cosmetic work and some finish work.”

Sure, it’s on 3.7 acres, but it’s wooded. Too small for farmland, too far of a commute for suburb or exurb or McMansion estate housing, too expensive for the self-sufficient crowd, too beat-up for a second home.

 
 
 
 
Comment by 2banana
2018-03-11 09:09:34

That is why banks love home equity loans.

And that is why homeowners should avoid them at all costs.

If you can’t afford something, you can’t afford it.

Taking a home equity loan and risking your house for some “stuff” (new car, trip to Europe, boob job for the wife, wedding for the kids, etc.) is NOT worth the risk.

There is a reason why autoloans have a higher interest rate. Because if you fail to pay it back the bank can only take the car.

There is a reason why unsecured personal loans have a higher interest rate. Because if you fail to pay it back the bank can only take you to court or ding your credit.

There is a reason why credit cards have a higher interest rate. Because if you fail to pay it back the bank can only take you to court or ding your credit.

+++++

“The reality is that it is (still) very easy to borrow money, especially when home equity exists to back the loan up, and often times not nearly as easy to pay it back.

Comment by BlackSwandive
2018-03-11 09:42:51

“…or ding your credit.”

Speaking of - I tried to get my free yearly credit report and had no problem from Trans Union and Experian, but Equifax would not allow it. None of the credit scenario questions they asked to verify me applied (those who have done this know what I mean), they were all irrelevant. After I clicked “none of the above” on all, I was given a message of “online delivery unavailable” and they wanted me to send a bunch of personal information by mail to get a copy. I’m not doing that.

This greatly annoyed me for a few reasons. One - they had the credit breach and were the company I was most interested in making sure that everything was ok. Two - the questions that did not apply led me to wonder if there was a fraudulent account opened in my name that triggered those questions. After all, the questions read something like “which company below is associated with an auto loan from 2015.” Again, none of them even remotely applied.

What a joke the whole system is, and I just don’t understand why a company such as Equifax is even allowed to have my personal information without my consent.

Comment by MacBeth
2018-03-11 11:23:56

Interesting that you bring that up, Black Swan.

I get my credit reports annually. For the past three years, I’ve only received that from TransUnion.

BTW, I placed a permanent freeze on my credit lines in 2013. It cost me about $20 to do so…and will cost me another $20 or so to unfreeze them.

Money extremely well spent.

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Comment by alphonso bedoya
2018-03-11 15:21:10
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Comment by BlackSwandive
2018-03-11 15:58:43

“Federal agencies, state officials and members of Congress are currently probing Equifax over its data security practices, customer service response and the possibility of insider trading from executives.”

Geezuz, shut this pig down already.

 
 
Comment by tresho
2018-03-11 19:25:58

the questions read something like “which company below is associated with an auto loan from 2015.” Again, none of them even remotely applied.
Wasn’t “None of the above” one of the possible responses to this question? I always get a question for which that answer is the only good one, when I do these security questionnaires.

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Comment by aNYCdj
2018-03-11 19:17:17

Yet NOBODY ever pays off their student loans and thens cries poor mouth to the bank

 
 
Comment by rms
2018-03-11 12:31:27

“Everybody likes a kidder, but nobody lends him money.” —Arthur Miller

 
Comment by Mafia Blocks
2018-03-11 14:27:26

Housing my friends.

Santa Clarita Housing Prices Crater 14% YOY As California Economy Weakens

https://www.movoto.com/santa-clarita-ca/market-trends/

 
Comment by In Colorado
2018-03-12 08:10:36

This is exactly the tale from a few years ago. “Sue and Bob thought everything was going to be great when they refinanced their dream home. Then Bob lost his job and Sue got sick…” How many times did we see that on this blog? A couple of thousand?

I can proudly say that I helped talked a young couple out of trading their 250K shack, which they bought for 100K during the previous meltdown (remember those buyers credits? They got one) for a 400K shack.

Yeah, the 400K shack would have been nicer, but I told them to pay off the current shack first (I think they owe about 80K on it), save, then trade up without a loan. So they refi’ed to a 10 year loan and are going to try to pay it off before then.

 
 
Comment by azdude
2018-03-11 08:44:24

the FED balance sheet will get bigger. it is impossible to take away the stimulus from artificially propped up markets without some serious pain.They will talk about it as long as they can.

Comment by Professor 🐻
2018-03-11 22:55:23

They’ve already started walking back the rate hike schedule again. Look forward to record gains on Wall Street next week.

 
 
Comment by Apartment 401
2018-03-11 08:45:34

Overnight campers, ‘hatchet man’ being booted from Intercept Lot outside Aspen:

“Officials plan to “roust” a group of people living in their cars at the Intercept Lot within the next two weeks, Aspen’s parking director told valley transportation officials this week.

The effort comes in response to complaints from people who park at the lot to access Roaring Fork Transportation Authority buses that became more pronounced after a report last month about a 35-year-old man brandishing a hatchet at the parking lot for the second time in a year and a half, parking director Mitch Osur said.

“It’s pretty crazy out there,” Osur said Thursday at a meeting of the Elected Officials Transportation Committee in Snowmass Village.

A homeless camp underneath a bridge over the Roaring Fork River near the Intercept Lot also is popular in the summer months, according to law enforcement sources.

Osur said Friday that a RFTA official complained to him about having to empty portable bathrooms at the lot more often because of use by residents, as well as having to frequently dispose of trash deposited by residents.”

https://www.aspentimes.com/news/overnight-campers-hatchet-man-being-booted-from-intercept-lot-outside-aspen/

Comment by MacBeth
2018-03-11 09:03:29

“Osur said Friday that a RFTA official complained to him about having to empty portable bathrooms at the lot more often because of use by residents, as well as having to frequently dispose of trash deposited by residents.”

Poor, poor Aspen. Such exclusivity…yet, vagrants.

If homelessness continues to increase nationwide, let’s hope they camp in disproportionately large numbers in places such as Aspen, Beaver Creek and Boulder.

Let’s test just how into diversity the uber-liberal elitist enclaves actually are.

Comment by 2banana
2018-03-11 09:12:15

They are all for diversity for you and your children.

For them - not so much.

++++

Let’s test just how into diversity the uber-liberal elitist enclaves actually are.

Comment by In Colorado
2018-03-11 15:39:49

They’re for diversity - someone has to scrub their toilets. But at the end of the day Consuelo either hops on a bus or gets into her beater and goes far, far away to wherever she lives (not Aspen).

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Comment by BlackSwandive
2018-03-11 09:45:16

I’m a fan of the homeless camping near liberal enclaves myself. The nimbys get their panties all in a bunch. But then they turn around and try to slam “safe injection sites” down our throats.

Comment by MacBeth
2018-03-11 11:18:17

Should I ever find myself homeless, I will make it a point to settle in a liberal enclave. Then I will set out to spend all of their money that I possibly can.

I think every homeless person should do that.

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Comment by 2banana
2018-03-11 08:57:54

I luv it when progressives/liberals that vote for socialists get smacked in the face with socialism.

Now eat your peas…

++++++

California to Take Over Housing Market
Townhall.com | March 11, 2018 | Bruce Bialosky

Governor Brown signed 15 bills related to housing that were passed through the Legislature. These included a bill which would put a $4 billion bond initiative on the 2018 ballot. There is also a new fee of up to $225 on the sale of a property that would drive up the cost of housing, but be used to lower the cost of housing. One bill signed by Gov. Brown would revise the Housing Accountability Act and subject local governments to a $10,000 fine per housing unit if they do not meet the new rules and build affordable housing.

Many of the bills countered the mission of lower cost for housing. One bill signed requires that any private housing project that receives any public funding and is under agreement with a government agency pay union wages. The legislature got so detailed they passed another law which required union wages be paid to remove a tree – yes, a tree. Now the people who cannot afford housing in the first place cannot work on many of the projects that would enable them to live in that housing.

I spoke to Roger Davila, an Orange County housing developer, who told me that after 20 years he has gotten out of the low-income market. He said between the requirements placed on low-income housing by California and the local governments, together with the negative attitude of local residents toward the housing, it became impossible to build anything affordable. Davila said the bill to have the prevailing wage on private projects will drive the cost of development out of sight. He stated “They may be well intentioned, but they really don’t understand the effects of their legislation.”

The National Association of Home Builders (NAHB) study showed the regulations add just shy of $85,000 per unit of housing nationally. You can be assured those costs are even higher in California. But none of these bills addressed those costs.The bills just created more invasive government involvement in the housing market.

Comment by Mr. Banker
2018-03-11 09:14:05

“The National Association of Home Builders (NAHB) study showed the regulations add just shy of $85,000 per unit of housing nationally. You can be assured those costs are even higher in California. But none of these bills addressed those costs.The bills just created more invasive government involvement in the housing market.”

Hmmmm … I suppose a case could be made that such regulations that drive costs up for building NEW housing units add to the value of housing units that are ALREADY BUILT.

 
Comment by MacBeth
2018-03-11 09:30:36

“One bill signed by Gov. Brown would revise the Housing Accountability Act and subject local governments to a $10,000 fine per housing unit if they do not meet the new rules and build affordable housing.”

> Yes. Sacramento certainly is feeling both its ravenous and pious juices these days. I wonder what defines “affordable” according to the folks heading the Housing Affordability Act. $350K for a three bedroom shack? $450K? Do tell.

> Meanwhile, see below re: ObamaCare. See a trend? I do.

“The individual mandate: It’s back! (maybe)

The Wall Street Journal reports nine states plus the District of Columbia are in early stages of mulling over proposals to retain the individual mandate.

These states include:
California
Connecticut
Hawaii
Maryland
Minnesota
New Jersey
Rhode Island
Vermont
Washington
District of Columbia

It’s still too early to tell what level of fees or penalties the states will use if they do decide to retain the individual mandate.”

https://clark.com/insurance/health-insurance/obamacare-individual-mandate-states/

Comment by Taxpayers
2018-03-11 13:50:10

Glad MD is on the list ,VA needs some here close by to send freebie seekers

 
 
 
Comment by scdave
2018-03-11 09:04:13

A homeless camp underneath a bridge over the Roaring Fork River ??

This can’t be !!!! Only California has homeless people….Fake news…

Comment by MacBeth
2018-03-11 09:11:02

There will be increasingly homelessness in many places as newly arrived Californians price the locals out the market.

California equity locusts are like an infection, spreading their disease wherever they go.

Comment by BlackSwandive
2018-03-11 10:17:55

Already done. The secondary and tertiary markets have already peaked. I was absolutely shocked when I looked at house prices in some of the far flung locales. During the last bubble, there was a considerable lag between the time prices peaked in say Seattle, and then a podunk locale 150 miles away. That lag time was greatly reduced this time around. Infestors flocked to those places early with the expectation they’d hyperinflate, and they did.

Comment by Professor 🐻
2018-03-11 23:01:09

It’s great how the Fed loaded up Wall Street titans with bailout funds that could be used to snap up foreclosed inventory at the pit of the Great Recession and ride subsequent recovery gains to untold riches while Main Street American families adjusted to life on the street or under bridges.

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Comment by BlackSwandive
2018-03-12 08:37:23

“Doing God’s work.”

-Lloyd Blankfein

 
 
 
Comment by Mr. Banker
2018-03-11 10:49:28

“There will be increasingly homelessness in many places as newly arrived Californians price the locals out the market.”

And make their neighbors wealthy due to the increase in equity this price rise will magically generate.

“California equity locusts are like an infection, spreading their disease wherever they go.”

Hey, they are just spreading around lots of equity wealth. If people hate it when wealth is created out of thin air they will hate it even more when all this wealth vanishes.

Comment by MacBeth
2018-03-11 11:11:24

You are very wrong, Mr Banker.

California now is a sh!thole. How did that happen? Explain it to me, in detail.

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Comment by Mr. Banker
2018-03-11 12:30:44

“California now is a sh!thole. How did that happen? Explain it to me, in detail.”

I will explain it in generalities.

First one needs to totally dumb-down the population, dumbed down to the point where they equate price and value as different expressions of the same thing.

Then one needs to lend their hand - and their money (or, better yet, lend somebody else’s money) to the furthering of the increase in the prices of, say, houses, and this increase in the prices is interpreted as an increase in value.

Do this to a totally dumbed-down population and the price increases (and the values) will spread and this increase can be cashed out (which means it can be borrowed against - something that would not work with a population that had any sense but remember, we are talking about a population that has been totally dumbed-down) and because it can be cashed out this price increase is considered to be an increase in wealth.

Then two things happen:

1. The dumbest of the dumbed-down go to lenders and sign dotted lines and commit themselves to paying over many, many years huge chunks of yet-to-be-earned money for a house that they overpaid for and this causes them to think they are smart and causes others to think they are smart and this overpaying drives up the prices of neighboring houses and it also drives up the cost of renting these houses and thus people are driven out of these houses and are destined to live in tents and cardboard boxes next to places such as the Santa Ana river because they cannot affording to pay rent for these overpriced houses.

This is the California is a sh1thole part.

2. The second thing that happens is some of the totally dumbed-down pukes sell their houses so some other totally dumbed-down pukes for some mighty hefty prices and then these pukes move to other states, flyover states, and pay up - way up - for houses in these flyover states and thus they magically create equity wealth for the populations in these flyover states just as equity wealth was magically created in the state they left.

Everyone in the flyover states say they hate this but they will hate it even more if it stops because it is then that the magic of ever increasing equity wealth will stop and (the horror) even go in reverse.

 
Comment by MacBeth
2018-03-11 13:07:41

Your “dumbed down” explanation is otiose.

Your position appears to be that replicating what has happened in California would be advantageous to others elsewhere, simply because the purported value of real estate would go up.

Your supposition that others in the country are all about bling and hedonism is appalling. I suggest you get out more. Perhaps spend half a year driving cross-country, on secondary roads.

 
Comment by Mr. Banker
2018-03-11 13:38:42

“Your position appears to be that replicating what has happened in California would be advantageous to others elsewhere, simply because the purported value of real estate would go up.”

A position shared by many.

“Your supposition that others in the country are all about bling and hedonism is appalling.”

Possibly appalling but nevertheless accurate.

“I suggest you get out more. Perhaps spend half a year driving cross-country, on secondary roads.”

I prefer to fly, as in fly over. But thanks for the suggestion.

 
Comment by Mr. Banker
2018-03-11 15:00:48

BTW, if any of you pukes would like to get Enlightened a wee bit you might want to read this book:

“Strangers in Their Own Land: Anger and Mourning on the American Right” by Arlie Russell Hochschild

 
 
 
 
Comment by In Colorado
2018-03-11 15:36:48

Aspen is a pretty d*mn cold place in the winter, much colder than down on the Front Range, and a lot more snow too. If I had to live in a tent, I’d rather do it in Anaheim.

Comment by MacBeth
2018-03-11 15:51:03

Anaheim. I hear you on the temperature bit, but Anaheim? Really?

I dunno. Anaheim doesn’t offer enough to pillage, and it’s not nearly exclusive enough. Not even close. How about Carmel or Laguna Beach? They have the self-anointed prestige…but are they liberal enough?

Beverly Hills, certainly. Not sure I would want to subject the homeless to an environment like that, though. Egad.

 
 
 
Comment by MacBeth
2018-03-11 09:07:14

“‘What’s happened to Bob McCollum is a public policy failure,’ Norman said. ‘If we had better public policy in place, he wouldn’t have gotten into this deep hole and the bank wouldn’t be breathing down his neck.’”

Ooo…Ooo, I have the answer! Socialized housing! Let’s just give the old geezer a place to live AND let the bank get away scot-free.

Let the taxpayers eat the $153,000.

Sounds like a plan. Anyone have the petition?

Comment by Neuromance
2018-03-11 09:15:43

I always try to follow the cash flow*, from source to target. That is often enlightening.

Politicians very much like to control that cash flow and use it for their own personal empire-building purposes. Reminds me of a joke: “It was so cold, I saw a politician with his hands in his OWN pockets.” :)

————————
* With central banks, I try to follow “purchasing power” flow, as they are the sole entity legally empowered to print cash at will.

Comment by MacBeth
2018-03-11 09:57:52

The geographic location of money is highly informative. Not necessarily who or what has it, but where it pools.

A quick study of the wealthiest cities in comparison to their politics tells you a great deal on a macro level without having to waste time with specifics.

Its quite each to sum up a locale’s behavior that way, and to determine its commitment to individual liberty and the country’s overall ethical and moral foundation.

 
 
Comment by 2banana
2018-03-11 09:17:20

Dear Old Geezer:

You borrowed the money. You signed a contract to pay it back. You knew the consequences for not paying it back.

The real problem is that old geezers today are the entitlement baby boomers.

REAL old geezers, like my grand parents, would never be in this predicament.

They HATED banks, they paid cash for everything, they had ZERO debt, where “green” way before it was hip to green (we used to call them cheap) and they HATED banks.

Comment by MacBeth
2018-03-11 10:01:31

REAL old geezers, like my grand parents, would never be in this predicament.”

Plenty of old geezers were in this predicament. Ever hear of the Great Depression. Banks foreclosed on people by the millions.

What’s different now is that neither the loanowner nor the bank loses. You and I do.

 
Comment by Mike
2018-03-11 13:12:09

I agree he may not be the sharpest tool in the shed. But there is something dark about evicting a 73 old who worked all his life and then got cancer. What kind of society allows this?
Goldman Sachs got $10B of taxpayer money, gratis, when their counterparty (AIG) went belly up.
But that 73 cancer stricken guy, well, too bad.

Maybe we haven’t given banks enough power. Maybe they should be allowed to press their default claims harder.

Why not allow the bankers to disconnect his chemo and boot stomp him a few times. That’ll teach these deadbeats

Comment by Mr. Banker
2018-03-11 13:30:29

“Maybe we haven’t given banks enough power.”

Maybe. Fight for this, I promise not to stand in your way.

“Maybe they should be allowed to press their default claims harder.”

I won’t stand in your way here either.

“Why not allow the bankers to disconnect his chemo and boot stomp him a few times.”

Good idea; Sounds like a nifty way to relieve stress.

“That’ll teach these deadbeats.”

Deadbeats are unteachable.

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Comment by Apartment 401
2018-03-11 09:09:43

Defiance, resistance: The front lines of California’s war against the Trump administration:

“California and the Trump administration are engaged in an all-out war over immigration enforcement, the president’s signature issue on the campaign trail and in the White House. It is a deeply personal battle in the nation’s most populous and economically powerful state, where 27 percent of the 39 million residents are foreign-born.

Attorney General Jeff Sessions last week filed a lawsuit accusing California and its new slate of laws protecting immigrants of violating the Constitution and endangering federal agents. In blistering remarks in the state capital, the nation’s top law enforcement official compared the actions of state and local officials to “secession” and a “radical open-borders agenda.”

But California is not backing down.

In San Francisco, mayor Mark Farrell called Sessions a “moron” and has proposed expanding the budget for public defenders. Sacramento Mayor Darrell Steinberg told public radio he would “proudly resist.” Oakland Mayor Libby Schaaf, who outraged the White House by warning her city about an impending immigration roundup last month, says she has no regrets.

“Local governments and state government have stepped up in a way to protect immigrants like never before in my lifetime,” said Eric Cohen, the 57-year-old executive director of the Immigrant Legal Resource Center, a national nonprofit headquartered in the Mission district of San Francisco.

California’s defiance marks a seismic shift in a state that has morphed from the nation’s biggest critic of undocumented immigrants a generation ago into their fiercest protector.

In 1994, nearly 59 percent of voters passed Proposition 187, a ballot initiative that sought to deny public benefits to those here illegally and expel undocumented children from public schools. The measure was ultimately blocked in court. But outrage over its passage, fueled by the state’s rapidly growing Latino population, helped turn a Republican stronghold into a mecca for Democrats.

Since then, California has granted undocumented immigrants privileges they can’t get in most other states: driver’s licenses, in-state college tuition and even some financial aid. After Trump took office and reversed Obama-era policies that shielded millions of undocumented immigrants from deportation, the resistance shifted into overdrive.

California filed lawsuits that have temporarily blocked the president’s plans to strip federal funding from so-called sanctuary cities and rescind work permits from undocumented immigrants who have lived in the United States since childhood.

In January, this vast state officially became a sanctuary jurisdiction, restricting state and local governments from cooperating with immigration agents and warning employers that they could be fined if they voluntarily hand over workers’ private information to ICE.”

https://www.washingtonpost.com/local/immigration/defiance-resistance-the-front-lines-of-californias-war-against-the-trump-administration/2018/03/11/45e7833e-2309-11e8-86f6-54bfff693d2b_story.html?utm_term=.969e0bacebb9

Comment by Mr. Banker
2018-03-11 09:23:17

“But California is not backing down.

Ahem …

“The Tenth Amendment, or Amendment X of the United States Constitution is the section of the Bill of Rights that basically says that any power that is not given to the federal government is given to the people or the states.”

Comment by 2banana
2018-03-11 09:37:23

To establish an uniform Rule of Naturalization, and uniform Laws on the subject of Bankruptcies throughout the United States
– Article 1, Section 8 of the US Constitution.

The US Constitution says nothing on affirmative action, LGBT going to bathroom, bankrupting coal, picking winners and losers in markets, nationalizing healthcare, nationalizing housing, financing higher education, welfare, food stamps, Section 8 housing, HUD, CRA, TARP, ZIRP, Mel Watt housing policies, public unions, closed shops, etc.

But liberals/progressives ignore the 10th Amendment when in control of the Federal government for those issues.

Hmmm.

Comment by OneAgainstMany
2018-03-11 11:49:19

As I see it, immigration is the prerogative of the federal government. For CA to be flouting federal law like this is overreach of their state’s rights.

The biggest problem I see with CA’s laws is that they make it a crime to voluntarily assist federal agencies with immigration enforcement. They could make make it explicit that no city or county is required to assist the Feds in their duties and I’d be okay with that. But explicitly saying that cooperating with the Feds in enforcing laws on the books seems wrong.

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Comment by MacBeth
2018-03-11 12:51:45

It’s not about California’s state’s rights.

It is about the rights of OTHER states.

I don’t remember the State of Arizona being able to enact its own brand of border control….

What if Nevada chooses to close its border with California? Can it? Why not?

If California decides to give the middle finger to the rest of the country, why shouldn’t Nevada be able to do the same to California?

Same difference.

As I said, California needs to be put on a very short leash. Immediately.

 
Comment by Mr. Banker
2018-03-11 12:59:32

“If California decides to give the middle finger to the rest of the country, why shouldn’t Nevada be able to do the same to California?”

Because people who live in California are enlightened and people who live in Nevada are not.

 
Comment by OneAgainstMany
2018-03-11 13:18:53

I don’t remember the State of Arizona being able to enact its own brand of border control.

This rebuttal doesn’t make sense. No one is closing any borders. There are still free movement of people and goods and services. The key though is that California can set its own environmental standards. Arizona can have their own. If a car manufacturer wants to sell in CA, they must meet CA’s regs. There are no tariffs or quotas being enacted. Also, cars registered by AZ’s DMV with AZ license plates are not pulled off the road in CA, so it’s kind of a moot point.

The only reason why CA is prohibited from having stricter regulations is because the oil-lobby states want very lax regulations because of the auto industry and petroleum industry. So they try to use Federal government to infringe on CA state’s rights. You have to concede a state their rights that exist in the 10th amendment:

“The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people.”

Clearly, article 1 of the constitution gives Federal government prerogative to establish a “uniform rule of naturalization.”

 
Comment by OneAgainstMany
2018-03-11 13:27:22

My apologies MacBeth. I think you misunderstood my original post. I am agreeing with you that immigration is not a state right and that CA’s laws conflict with federal laws and regulations and are therefore unconstitutional.

I was making two points: 1) CA cannot decide to trump federal immigration law by invoking state’s rights. Sessions is right in going after the CA laws in conflict with federal rights. 2) CA does have the prerogative to maintain environmental regs relating to vehicles. The federal government should go after them in the former case, but not the latter. Unfortunately, the EPA overreached in 2008, and now it appears that CA is overreaching in 2018.

 
Comment by MacBeth
2018-03-11 15:37:37

You’re good, OTM. I very much appreciate your honest, straightforward pursuit, even when we don’t see eye to eye.

This time, we happen to agree on both points (I’m looking at your last post n this thread only). You’re exactly right.

There seems to be a disconnect in California, one that centers on a refusal to be personably responsible for anything and anyone.

 
Comment by tresho
2018-03-11 19:38:00

There seems to be a disconnect in California, one that centers on a refusal to be personably responsible for anything and anyone.
The California electorate has an agenda they are pursuing. But let’s not make that explicit, OK?

 
 
 
 
Comment by 2banana
2018-03-11 09:26:30

Millions of people voted for a law. ONE judge blocks the will of the people.

California ignores federal laws. Openly defies the federal law.

How do they think this will end?

1. Will they get “mad” if California counties or towns openly defy California State Law? Why? Isn’t that the “process” now?

2. One day, when a democrat wins the White House, will they get mad when other states openly defy abortion, gun, environmental. affirmative action, etc. laws? Why? Isn’t that the “process” now?

Either we are a nation of laws or we are not.

And if not - the gun will make the law.

That is what is coming to California.

Comment by MacBeth
2018-03-11 09:41:28

“Either we are a nation of laws or we are not.
And if not - the gun will make the law.
That is what is coming to California.”

It might come down to that. This is very serious business. Much of the rest of the country is very much against what is happening in California now.

I hope those Californians who post here have their eyes wide open. This could get very bad.

 
Comment by scdave
2018-03-11 09:51:51

will they get mad when other states openly defy abortion ??

LOL…There is a simple solution…Really simple…Let each state decide what they want to do…Get the fooking FED’s out of the way..

California’s law would go something like this….No termination allowed past 8 weeks..Maybe 10 unless the health of them mother is in question…

Mandatory, you must be a verifiable resident of California for at least 6 months….That will put the “kabash” on the friggen hypocrites in the south sending little Linda to another state to make sure no body knows that Linda has been playing hide the monkey in the back seat of her car…Problem solved…Alabama gets their “no abortion” Law…California (and others) keeps what they want…

Comment by MacBeth
2018-03-11 10:06:38

How is abortion even relative to illegal immigration? Your counter example is piss poor.

Illegal immigration in California becomes a NATIONAL problem as illegals go on to invade other states. To commit crimes there, to take jobs, to use resources, to change the culture.

How is abortion similar to an invasion?

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Comment by scdave
2018-03-11 10:17:16

My comment was not to you, you toad…Follow the thread if you are capable…

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Comment by OneAgainstMany
2018-03-11 11:54:08

I want to point out that in 2008 the EPA refused to allow California and 15 other states set vehicle emission regulations stricter than those set by federal emission standards. I had a huge problem with the EPA taking that stance then and I have a huge problem with it now. Each state should be able to set emission standards to their liking.

 
Comment by tresho
2018-03-11 19:40:46

I had a huge problem with the EPA taking that stance then
Best take that up with your local congresscritters. They passed the laws establishing the EPA. If they don’t like the way the EPA is working out, they can always revise or cancel their legislation. As if that ever happens.

 
Comment by OneAgainstMany
2018-03-11 21:35:07

Good suggestion Tresho. I know a lot of strict constitutionalists want to get rid of the EPA. That is not exactly my stance. I view the EPA standards as sort of the bare minimum, somewhat like a federal minimum wage. There is nothing that should prevent another state from raising its own minimum wage. But they certainly can’t lower it below the Federal minimum. If CA wants to have a $15 minimum wage, and the pros and cons that come with that, it’s their choice. I feel the same way about EPA regulations of polluting vehicles. EPA should enforce the minimum.

 
Comment by tresho
2018-03-12 18:55:55

EPA should enforce the minimum.
EPA’s standards keep changing as their bureaucrats come up with ingenious new interpretations of their enabling legislation. The lawmakers who initiated the EPA long, long ago never would have imagined that CO2 would be declared a pollutant. Lawmakers need to monitor & change the laws in effect - but they almost never do that.

 
Comment by OneAgainstMany
2018-03-12 22:50:05

Agreed. Congress needs to explicitly define pollutants and not let technocrats via rule by bureaucracy.

 
 
 
 
Comment by MacBeth
2018-03-11 09:36:35

In blistering remarks in the state capital, the nation’s top law enforcement official compared the actions of state and local officials to “secession” and a “radical open-borders agenda.”

Trump should either (a) send in the military and force California to follow Constitutional law, or (b) take up a statewide and nationwide petition to see if the state itself would like to secede or if the rest of the country wants to force California out of the Union.

California needs to be placed on an extremely short leash, and right away.

Comment by scdave
2018-03-11 10:10:01

would like to secede or if the rest of the country wants to force California out of the Union

Please make my day….Will just keep our $370 Billion dollars….

Comment by MacBeth
2018-03-11 11:05:50

Anytime, sc dave. Where’s the petition? I’ll sign right now.

There are innumerable things more important than California’s $370 billion.

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Comment by Ben Jones
2018-03-11 11:44:06

‘A presidential candidate was barnstorming across Los Angeles over the weekend, reaching out to Mexican migrants, blasting President Trump and calling for protection for illegal immigrants. The twist: he is running for president of Mexico.’

‘The election is July 1. Reuters reported in January that since the last election, seven times as many Mexicans in the U.S. have received voting credentials under new rules that let Mexican citizens sign up at local consulates rather than in Mexico.’

 
Comment by OneAgainstMany
2018-03-11 12:28:29

This kind of reminds me of when Erdogan went to Berlin to campaign for Turkey’s referendum in 2017.

 
Comment by 2banana
2018-03-11 13:31:26

I always laugh at “tough” liberals talking succession from the USA.

The day, if it happens, 75% of Old California (by land mass) will secede from the the liberal coast California and rejoin America. Backed up by guns. Feel free to complain on social media.

The water from the Colorado will be turned off.

The electric power from other states will be turned off.

Have fun with your sliver of land with no water and power. The illegals flooding over your open border will treat you well. NOT.

Oh, and you can keep the massive pension debt.

++++++

would like to secede or if the rest of the country wants to force California out of the Union

Please make my day….Will just keep our $370 Billion dollars….

 
Comment by scdave
2018-03-11 15:34:34

Backed up by guns ??

your ignorance or bias or both are amusing 2-fruit. I have 14 guns.

 
 
Comment by oxide
2018-03-11 13:27:55

370 billion dollars

Do you really think your precious tech start-ups will stay in California if California becomes its own country?

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Comment by scdave
2018-03-11 14:43:07

Maybe you need to ask yourself why they are there now ?? Can’t they move anywhere they want ?? The employers in California would love to have the FED boot off their neck. Cut us loose. But they won’t. You need our $$$$$$$$$

 
Comment by jeff
2018-03-12 06:19:44

“You need our $$$$$$$$$”

“It receives $0.99 in federal expenditures per dollar of taxes paid,”

More than willing to bet there is more cheese flowing to Cali that isn’t showing in this accounting.

Take your State and be sure to keep all of your undocumented prisoners that cost $75k per.

Does California give more than it gets from Washington D.C.?

By Chris Nichols on Tuesday, February 14th, 2017 at 1:04 p.m.

California’s give and take

In January 2017, the California Legislative Analyst’s Office said by several measures California is, indeed, a donor state, but just barely. It receives $0.99 in federal expenditures per dollar of taxes paid, which is below the national average return for states of $1.22 per dollar paid, according to its review of a 2015 New York Comptroller study.

http://www.politifact.com/california/article/2017/feb/14/does-california-give-more-it-gets-dc/

 
Comment by OneAgainstMany
2018-03-12 11:11:35

Yeah, CA gets back about roughly what it sends. But let’s not forget that we’re running massive budget deficits at the federal level, so getting pack to par while other states are getting $1.22 back for every dollar spent still means that CA is subsidizing, on the whole, other Federal spending going to other states.

The solution probably isn’t to make CA give more since it’s about balanced perfectly, it’s to take away the cheese from the other states, mostly red states.

 
Comment by Mafia Blocks
2018-03-12 11:14:35

Housing housing housing

Central Point, OR Housing Prices Crater 12% YOY

https://www.movoto.com/central-point-or/market-trends/

 
Comment by Carl Morris
2018-03-12 11:47:23

The solution probably isn’t to make CA give more since it’s about balanced perfectly, it’s to take away the cheese from the other states, mostly red states.

I know red states that would be happy to leave the cheese in California if it meant they could also do things their own way. A lot of that money gets spent on things that California people used their clout to force on the rest of the states.

 
Comment by Rental Watch
2018-03-12 12:20:51

No SALT deduction for the win!

I know more than one Republican in CA that are having a split personality crisis…they like the tax cut, but don’t like that they are going to pay more due to the lack of SALT deduction.

I think it’s great…even though I’m going to get hammered on my taxes.

The next time our residents want to spend money on some stupid boondoggle, they’ll know that they need to pay for 100% of it…not pass on the cost of 40% of it to the other 49 states.

 
 
 
 
Comment by Mafia Blocks
2018-03-11 11:12:15

Housing my good friends….. Housing.

Cornwall Bridge, CT Housing Prices Crater 6% YOY

https://www.movoto.com/cornwall-bridge-ct/market-trends/

Comment by azdude
2018-03-11 13:40:01

u fought the central bank and lost!

 
 
Comment by BlackSwandive
2018-03-11 12:00:09

All that is needed is for the federal government to send in authorities to start arresting the politicians and bureaucrats who are flouting the law. That would get their attention real quick and my bet is they would step in line immediately.

 
Comment by BlackSwandive
2018-03-11 12:09:29

“California’s defiance marks a seismic shift in a state that has morphed from the nation’s biggest critic of undocumented immigrants a generation ago into their fiercest protector.

In 1994, nearly 59 percent of voters passed Proposition 187, a ballot initiative that sought to deny public benefits to those here illegally and expel undocumented children from public schools. The measure was ultimately blocked in court. But outrage over its passage, fueled by the state’s rapidly growing Latino population, helped turn a Republican stronghold into a mecca for Democrats.”

It’s always been about votes. I have lost all respect for the Democrat party and would never, ever, ever in a million years vote for one again. It’d be one thing if they were doing this for humanitarian reasons. They’re not. It’s a disgusting policy based upon creating a permanent Democrat super majority.

Comment by azdude
2018-03-11 12:34:59

if u resist global central bankers plan to inflate asset prices, here is your sign!

 
 
 
Comment by Apartment 401
2018-03-11 09:23:45

Andrew Sullivan: The World Is Better Than Ever. Why Are We Miserable?

“Earlier this week, I went to a lecture given by Steven Pinker on his latest book, Enlightenment Now. I’m a huge and longtime fan of Pinker’s, and his book The Blank Slate was, for me, a revelation. He’s become a deep and important critic of the visceral hostility to nature and science now so sadly prevalent on the left and right, a defender of reason and the Enlightenment against the “social justice” movements on campus, and his new book is a near-relentless defense of modernity. I sat there for an hour slowly being buried in a fast-accumulating snowdrift of irrefutable statistics showing human progress: the decline of violence and war, the rise and rise of democracy, the astonishing gains against poverty of the last couple of decades, the rise of tolerance and erosion of cruelty, lengthening lifespans, revolutions in health, huge increases in safety, and on and on. It was one emphatic graph after another that bludgeoned my current depression into a kind of forced rational cheeriness. There were no real trade-offs here; our gloom is largely self-imposed; and is entirely a function of our media and news diets.

At the same time, I was finally reading another new book, Why Liberalism Failed, by Patrick J. Deneen. If you really want a point of view that is disturbingly persuasive about the modern predicament and yet usually absent from any discussion in the mainstream media, I cannot recommend it highly enough. A short polemic against our modern liberal world, it too is relentless. By “liberal,” I don’t mean left-liberal politics; I mean (and Deneen means) the post-Machiavelli project to liberate the individual from religious authority and the focus of politics on individual rights and the betterment of humankind’s material conditions. Deneen doesn’t deny any of the progress Pinker describes, or quibble at the triumph of the liberal order. It is, by and large, indisputable. He does something more interesting: He argues that liberalism has failed precisely because it has succeeded.

As we have slowly and surely attained more progress, we have lost something that undergirds all of it: meaning, cohesion, and a different, deeper kind of happiness than the satiation of all our earthly needs. We’ve forgotten the human flourishing that comes from a common idea of virtue, and a concept of virtue that is based on our nature. This is the core of Deneen’s argument, and it rests on a different, classical, pre-liberal understanding of freedom. For most of the Ancients, freedom was freedom from our natural desires and material needs. It rested on a mastery of these deep, natural urges in favor of self-control, restraint, and education into virtue. It placed the community — the polis — ahead of the individual, and indeed could not conceive of the individual apart from the community into which he or she was born. They’d look at our freedom and see licentiousness, chaos, and slavery to desire. They’d predict misery not happiness to be the result.

Pinker’s sole response to this argument — insofar as he even acknowledges it — is to cite data showing statistical evidence of rising levels of a sense of well-being in one’s life across the world. And this is a valid point. But Pinker seems immune to the idea of paradox, irony, or unintended consequences. He doesn’t have a way of explaining why, for example, there is so much profound discontent, depression, drug abuse, despair, addiction, and loneliness in the most advanced liberal societies. His response to the sixth great mass extinction of the Earth’s species at the hands of humans is to propose that better environmental technology will somehow solve it — just as pharmaceuticals will solve unhappiness. His general view is that life is simply a series of “problems” that reason can “solve” — and has solved. What he doesn’t fully grapple with is that this solution of problems definitionally never ends; that humans adjust to new standards of material well-being and need ever more and more to remain content; that none of this solves the existential reality of our mortality; and that none of it provides spiritual sustenance or meaning. In fact, it might make meaning much harder to attain, hence the trouble in modern souls.”

http://nymag.com/daily/intelligencer/2018/03/sullivan-things-are-better-than-ever-why-are-we-miserable.html

Comment by Mr. Banker
2018-03-11 09:54:45

“Why Are We Miserable?”

To me the why is not important; What is important to me is that people are miserable.

Miserable people are eager to alleviate their misery and one way they try to do this is buy something that they cannot afford. And this is where I, Mr. Banker, come onto the scene - I and my Dotted Line Specials.

The misery that drove the miserable to come seem me is alleviated FOR A WHILE but it is destined to return in force. Return in force to stay - stay forever if possible.

 
Comment by MacBeth
2018-03-11 10:38:08

“As we have slowly and surely attained more progress, we have lost something that undergirds all of it: meaning, cohesion, and a different, deeper kind of happiness than the satiation of all our earthly needs. We’ve forgotten the human flourishing that comes from a common idea of virtue, and a concept of virtue that is based on our nature.”

Ahh…one of the rare appeals to ethics and morals!

Happiness is tied to individual liberty, which is possible only when a populace places ethics and morals above law.

Law is always subservient to ethics and morals. ALWAYS. A land that believes and operates otherwise suffers from a lack of individual liberty.

Our country now is focused on get-rich-quick schemes, victimhood, and special interest groups, none of which are interested in ethics and morals. Indeed, quite the opposite.

That we’re miserable is to be expected.

Comment by scdave
2018-03-11 12:04:52

which is possible only when a populace places ethics and morals above law ??

You mean like Judge Moore in Alabama ??

Comment by azdude
2018-03-11 12:26:35

even if u dont believe in global central bank rigged asset prices, u still have to hold your nose and buy.

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Comment by MacBeth
2018-03-11 12:44:49

Yes, it’s why Moore lost. Republicans in Alabama turned their backs on their own candidate, and in large numbers.

It’s the same reason why Hillary Clinton lost. Many Democrats perceived her as lacking in morals and ethics. So, they didn’t vote…or they voted for Trump.

And it’s why Pelosi, Feinstein and Governor Moonbeam have yet to be tossed out. Californians are severely lacking in both ethics and morals.

Accept it. Then address it. Then maybe California can be something other than a have / have not sh!thole.

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Comment by OneAgainstMany
2018-03-11 12:56:15

Ethics = principles of right conduct.
Morals = the principles upon which one’s judgement of right or wrong is based.

Here’s a scenario:

Illegal immigrants are crossing the border in search of a better life. They are violating US immigration law. Does the pursuit of a better life or fleeing drugs, crime, or corruption supersede the law? To extend this further, DHS is now separating children from parents at the border. Is this moral?

The justification for this is that it will be a deterrent against future immigration. But how moral is it to cause psychological suffering to an innocent child when their parents broke the law?

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Comment by OneAgainstMany
2018-03-11 13:44:20

That Andrew Sullivan piece is a good one. We often talk on this blog about the absurdity of housing prices and bubbles that abound all across the world. But we rarely talk about the psychology and general malaise that enables these bubbles. There surely is a spiritual void that makes one more susceptible to succumbing to debt servitude. I still think this is a gem of a quote:

“HGTV depends on the dream that has been with us since the saltboxes of New England and the Spanish bungalows of Southern California and the Leisuramas of Montauk: that if you can just get the right house — the one that looks like your friends’ houses look, only a little bit better — your family will pour into it, like thick cream into a pitcher: smooth, fluid, pleasing. Who could get a divorce in a house with so many lush towels rolled up in the master bathroom? Who could raise a sullen teen when there is a “great room” where the family can gather for nachos and football on the big screen?”

 
Comment by Mafia Blocks
2018-03-11 14:34:21

Sad Panda.

 
 
 
 
 
Comment by Apartment 401
2018-03-11 09:48:58

The narrative has been scripted. And as I have posted here before, the content of any given narrative is mostly irrelevant. What matters most is that the narrative, once scripted, must be controlled:

What Trump Means When He Calls Gary Cohn a ‘Globalist’

“The term “globalist” is a bit like the term “thug.” It’s an epithet that is disproportionately directed at a particular minority group. Just as “thug” is often used to invoke the stereotype that African Americans are violent, “globalist” can play on the stereotype that Jews are disloyal. Used that way, it becomes a modern-day vessel for an ancient slur: that Jews—whether loyal to international Judaism or international capitalism or international communism or international Zionism—aren’t loyal to the countries in which they live.

That slur has a long, dark history. The infamous 1903 forgery, The Protocols of the Elders of Zion, warns that, “The nations of the West are being brought under international control”—by Jews. In 1935, Nazi Minister of Propaganda Joseph Goebbels railed against “the absolute destruction of all economic, social, state, cultural, and civilizing advances made by western civilization for the benefit of a rootless and nomadic international clique of conspirators”: Jews. David Duke called Brexit a triumph over the “Jewish globalist agenda.”

On Thursday, President Trump saluted his outgoing director of the National Economic Council, Gary Cohn. “He may be a globalist,” Trump declared, “but I still like him.”

The generous interpretation is that Trump was merely referring to Cohn’s support of free trade, as illustrated by his opposition to the steel and aluminum tariffs Trump just imposed. Cohn’s Jewishness had nothing to do with it.

That’s conceivable. Not all the people who Trump’s supporters call globalists are Jews. Breitbart enjoys hurling the term at National Security Adviser H.R. McMaster, who it considers too supportive of military intervention. And some Trump administration Jews—for instance, Stephen Miller, a fierce opponent of immigration—are rarely called globalists.

It’s possible to use the term “globalist”—even about a Jew—innocently, just like it’s possible to use the term “thug” about an African American with no racist intent. And perhaps that’s what Trump was doing when he applied it to Cohn. The problem is that this requires giving Donald Trump a benefit of the doubt that he forfeited long ago.”

https://www.theatlantic.com/politics/archive/2018/03/trump-globalist-cohn/555269/

I grew up in Northeast Ohio, one of the epicenters of industrial rot, outsourcing of American manufacturing jobs, and urban decay, all a result of globalism, irrespective of any religious narrative applied to it. My entire lifetime, and several years before that, has seen this country’s economy, if pinpointed to 1973 as the year when median incomes peaked and began their irreversible decline, destroyed by globalism. I’d be happy to give any interested HBB reader a tour of inner-city Cleveland, Akron, Youngstown, Canton, Lorain to show them the physical and economic destruction created by globalism. Globalists, you turned my native state into a shithole, and your newest narrative is just that, shit.

Comment by scdave
2018-03-11 10:22:05

What Trump Means When He Calls Gary Cohn a ‘Globalist’ ??

LOL….Cohn came and got exactly what he wanted then left…LOL…You have been had America…Now go out and by the costco membership with you tax savings…

Comment by Apartment 401
2018-03-11 10:51:28

Economic nationalism in the U.S. is a work in progress.

The Atlantic Magazine doesn’t get to decide what I’m allowed to think or believe.

 
Comment by MacBeth
2018-03-11 10:54:16

Actually, I’m investing all of my tax savings. I am also investing about half of the 4.67% RAISE I received just three weeks ago.

I was very surprised to receive that boost, as I had just gotten a raise of 4% in October of 2017.

Thus, with the two raises (8.67%) and the tax cut, my paycheck is now nearly 11% higher than it was in September 2017.

Comment by scdave
2018-03-11 15:40:41

my paycheck is now nearly 11% higher than it was in September 2017 ??

11% on minimum wage ain’t much.

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Comment by MacBeth
2018-03-11 18:19:48

I guess it’s my turn today. Who are you going to stalk tomorrow?

Don’t blame others here for your poor thinking and judgment.

California is falling apart all around you and you’re still trying to defend philosophies that led to its current condition. Be my guest. Defend it until there is nothing left.

 
Comment by BlackSwandive
2018-03-11 18:21:50

You know what they say about ASSumptions. Beyond that, I’m sure anybody in the world would happily take an 11% wage increase, minimum wage or otherwise. What is your point, anyway?

 
Comment by In Colorado
2018-03-11 22:12:28

California is falling apart all around you and you’re still trying to defend philosophies that led to its current condition.

Heck, “thought leaders” are still defending that clusterf#ck known as South Africa.

 
 
Comment by jeff
2018-03-11 20:04:11

“I was very surprised to receive that boost, as I had just gotten a raise of 4% in October of 2017.”

Way to go MacBeth!

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Comment by MacBeth
2018-03-11 11:02:01

Where did this idea come from - that “globalists” conjure up Jews?

Associating the two has never come up in my mind before. Are there globalist Jews? Certainly. There also are globalist Indians, Saudis, French, Brazilians, Canadians, Ghanans and Australians.

What a strange thing for someone to say, that globalists are predominately Jewish. Reveals considerable naivete.

Comment by Montana
2018-03-11 13:26:42

No, just the usual paranoia.

Comment by MacBeth
2018-03-11 15:05:30

That, too.

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Comment by cedarapple
2018-03-11 16:20:10

The Clintons and Bushes (none of whom are Jewish) are the ultimate globalists. The purpose of the article is to equate having reservations about globalism with anti-Semitism. This is similar to the way in which those who would want immigration laws enforced are called racists by elites.

Comment by GreenEggsAndSpam
2018-03-11 17:56:19

Agreed but many of the thought leaders in the US pushing open borders and a trade policy that guts domestic production (along with the 65 genders, Islamic superiority/Christian inferiority, Black Lives Matter and Antifa madness) are often jewish, but more ethnic than religious IMO. Many were the original neocons that pushed for the US invasion of Iraq and Afghanistan after 19 guys (16 who were Saudi) committed 9/11 and behind the push for GMO frankenfoods and drugging people from cradle (vaccines) to grave.

But pointing out these faces makes people anti semitic, kek.

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Comment by rms
2018-03-11 18:31:31

“…the US invasion of Iraq and Afghanistan…”

A policy meant to position U.S. airbases on both side of Iran. All the other schitt happening there is a sideshow.

The U.S. is also trying to position NATO bases inside Ukraine, but Putin isn’t buying it. Estonia, Latvia, Lithuania, Belarus and Ukraine are the “buffer zone” between Europe and Russia.

 
Comment by GreenEggsAndSpam
2018-03-11 18:44:39

Oil, natural gas, minerals and maybe pipelines (syria anyone?) probably play a role too.

 
 
Comment by tresho
2018-03-11 19:48:47

The purpose of the article is to equate having reservations about globalism with anti-Semitism.
I agree. This is along the lines of the old saying “Give a dog a bad name and then hang him.”

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Comment by Mortgage Watch
2018-03-11 11:07:49

Portland, OR 97239 Housing Prices Crater 16% YOY On Rising Mortgage Defaults

https://www.zillow.com/portland-or-97239/home-values/

*Select price from dropdown menu on first chart

Comment by azdude
2018-03-11 11:46:34

dont fight the FED!

 
 
Comment by azdude
2018-03-11 12:02:39

“fighting the global central bank asset inflation plan is like picking up pennies in front of a steam roller.” SHP

 
Comment by azdude
2018-03-11 12:09:00

i invested my tax cut check in a case of wine.

Comment by BlackSwandive
2018-03-11 19:26:01

Thunderbird or Night Train?

Comment by tresho
2018-03-11 19:56:20

What’s the word?
I used to use that question as part of my Mental Status Exam on people just off the rez who appeared in my ER with a decreased level of consciousness.

 
 
 
Comment by goedeck
2018-03-11 12:26:29

EUGENE Fifth Street Public Market’s $60 million expansion plan released to Eugene, Lane County officials “The mood was giddy Friday on a downtown Eugene parking lot, where Eugene and Lane County leaders heard the details of Fifth Street Public Market owner Brian Obie’s $60 million expansion that they hope will transform part of the city’s urban core. Obie and his grandson, Casey Barrett, unveiled their large planned expansion of Fifth Street Public Market, the upscale shopping and hotel complex. The three proposed buildings would add more than 100 apartments, dozens of hotel rooms and retail and office space to the land immediately west of the market.”

Comment by goedeck
2018-03-11 12:30:14


EUGENE
Fifth Street Public Market’s $60 million expansion plan released to Eugene, Lane County officials

They will need the City Council’s support to secure hefty property tax waivers that Obie, 76, has long called essential to the project.

Under Eugene’s Multi-Unit Property Tax Exemption policy, or MUPTE, downtown apartment developers can qualify for up to 10 years of tax waivers if they meet certain conditions, such as using local contractors and constructing energy efficiency buildings.

Those waivers could save Obie Companies about $6 million in property tax payments that it would otherwise owe over the first decade. However, the company says those figures won’t be finalized until the firm makes a formal application to the city.

To qualify for the tax waivers, developers must limit rents on 30 percent of the apartments in a building to “moderate-­income” tenants. As an alternative, developers can pay a fee equal to 10 percent of the tax waivers to a Eugene affordable housing fund.

 
Comment by oxide
2018-03-11 13:43:35

upscale hotel and shopping complex…

gimme a damn break. People stay at AirBnB and they don’t have money to shop. This Obie idiot would do better to build a factory. “Create, instead of living off the buying and selling of others.” — Wall Street, 1987.

Comment by Mr. Banker
2018-03-11 13:57:28

“’Create, instead of living off the buying and selling of others.’ — Wall Street, 1987.”

Old school thinking. It is better to ship all the wealth creating jobs to other countries and focus one’s time on creating wealth by generating price increases using lots and lots and lots of borrowed money.

 
 
 
 
Comment by 2banana
2018-03-11 12:31:02

But…but…if you make drugs legal it will solve all drug related problems!

+++++

Study: Calif. Pot Industry Staying Illegal to Escape State’s High Taxes, Onerous Regulations
cnsnews.com | 3/8/2018 | Craig Bannister

California’s trademark high taxes and overwhelming, onerous, costly and confusing regulations are preventing the state from reaping the revenue benefits of legalizing the $7 billion marijuana market, a new study by the California Growers Association concludes.

As of Thursday, California’s Bureau of Cannabis Control has sent about 980 warning letters to unlicensed pot sellers and ordered a marketing company to stop advertising vendors who don’t have permits, Bureau Chief of Communications Alex Traverso told CNSNews.com.

Less than one percent (0.78%) of the state’s 68,150 marijuana growers have obtained licenses, and as little as 25 percent of the cannabis consumed in California is currently being purchased from licensed retailers, “An Emerging Crisis: Barriers to Entry in California Cannabis – California Growers Association,” finds.

The reason: government greed and overregulation have made it easier and more practical to remain illegal – the same reasons companies typically cite for relocating to another state.

 
Comment by OneAgainstMany
2018-03-11 13:36:57

Silicon Valley Is Over, Says Silicon Valley
New York Times
March 4, 2018

Kevin Roose

“Last month, I accompanied Ms. Li and roughly a dozen other venture capitalists on a three-day bus trip through the Midwest, with stops in Youngstown and Akron, Ohio; Detroit and Flint, Mich.; and South Bend, Ind. The trip, which took place on a luxury bus outfitted with a supply of vegan doughnuts and coal-infused kombucha, was known as the “Comeback Cities Tour.””

“But a funny thing happened: By the end of the tour, the coastal elites had caught the heartland bug. Several used Zillow, the real estate app, to gawk at the availability of cheap homes in cities like Detroit and South Bend and fantasize about relocating there. They marveled at how even old-line manufacturing cities now offer a convincing simulacrum of coastal life, complete with artisanal soap stores and farm-to-table restaurants.”

“These investors aren’t alone. In recent months, a growing number of tech leaders have been flirting with the idea of leaving Silicon Valley. Some cite the exorbitant cost of living in San Francisco and its suburbs, where even a million-dollar salary can feel middle class. Others complain about local criticism of the tech industry and a left-wing echo chamber that stifles opposing views. And yet others feel that better innovation is happening elsewhere.”

“This isn’t a full-blown exodus yet. But in the last three months of 2017, San Francisco lost more residents to outward migration than any other city in the country, according to data from Redfin, the real estate website. A recent survey by Edelman, the public relations firm, found that 49 percent of Bay Area residents, and 58 percent of Bay Area millennials, were considering moving away. And a sharp increase in people moving out of the Bay Area has led to a shortage of moving vans. (According to local news reports, renting a U-Haul for a one-way trip from San Jose to Las Vegas now costs roughly $2,000, compared with just $100 for a truck going the other direction.)”

https://www.nytimes.com/2018/03/04/technology/silicon-valley-midwest.html

This echos what Ben has been saying out outflow of bay area residents and what Oxide has been saying about corporations decamping for smaller, more livable work clusters.

Comment by Mr. Banker
2018-03-11 14:04:25

“Others complain about local criticism of the tech industry and …

(wait for it)

“… a left-wing echo chamber that stifles opposing views.”

Bahahahahahahahaha … that is something that will not be left behind.

 
 
Comment by Mortgage Watch
2018-03-11 14:01:03

Springfield, VA Housing Prices Crater 9% YOY As Fairfax County Housing Correction Expands

https://www.movoto.com/springfield-va/market-trends/

Comment by azdude
2018-03-11 14:34:41

u are a complete moron to fight 20 trillion n global central bank liquidity.

ECB
BOJ
SNB
FED
BOE

They dont want bankers to take a bath on their collateral backing loans.

Comment by Mr. Banker
2018-03-11 15:06:17

Let God’s will be done, on earth as it is in heaven.

Comment by In Colorado
2018-03-11 17:48:40

I know you’re joking, but as a favor, could you please not say things like that.

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Comment by Mr. Banker
2018-03-11 18:35:15

You do not want God’s will to be done on earth as it is in heaven?

 
 
 
 
 
Comment by Norma
2018-03-11 14:04:08

“New York City’s offer of a free year’s rent to homeless people who move out of town is such a sweet deal that at least one man left his job to take advantage of it, an official revealed Friday.”

Solve for the equilibrium once the availability of this program becomes widely known.

https://nypost.com/2018/03/09/upstaters-rage-at-new-york-citys-pay-to-move-program/

Comment by Mr. Banker
2018-03-11 15:26:25

One place the New York City boys sent their homeless to is Broome County, and the Broome County boys are a wee bit less than fully amused …

“Now they show up to Broome County public assistance with no ability to pay rent — but want their medical assistance, their utilities paid, and they may also want additional cash from Broome County Social Services. They may require day care if they do get jobs — but then again, none of them are employed.”

Bahwhahahahahahahahahahahahahahahahahahahahaha

 
 
Comment by Mortgage Watch
2018-03-11 14:44:58

Palmetto, FL Housing Prices Crater 28% YOY As Subprime Mortgage Meltdown Resumes

https://www.movoto.com/palmetto-fl/market-trends/

Comment by azdude
2018-03-11 15:14:41

the bankers took u to the woodshed.

 
 
Comment by Obama Goons
2018-03-11 17:34:43

Elizabeth Warren refuses DNA test to prove Native American heritage

https://nypost.com/2018/03/11/elizabeth-warren-refuses-dna-test-to-prove-native-american-heritage/

Lying Liz Warren

Comment by tresho
2018-03-11 19:51:28

Asked whether she’d take an ancestry test, Warren said she wants to hold onto the folklore of her parents’ love story.

Sounds like white woman speaking out of both sides of mouth with forked tongue, Fauxcahontas! Ugh.

Comment by Rental Watch
2018-03-12 09:04:45

At least she admits that it’s folklore now, like The Pied Piper, Jack and the Beanstalk and Goldilocks and the Thee Bears…how’s that porridge?

Comment by tresho
2018-03-12 18:58:48

she admits that it’s folklore now
But she won’t admit she cashed in on it.

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Comment by aNYCdj
Comment by Mr. Banker
2018-03-11 19:53:58

“Company officials said its financial models were based on 20 years of consistent growth, but an explosion of microbreweries led to changing dynamics in the marketplace.”

And these changing dynamics in the marketplace are going to - do what?

There’s likely to be just enough customers and just enough microbreweries to keep all the microbrewery owners slowly bleeding money.

I believe Ben called this particular phenomenona “the dry cleaner effect”.

Comment by azdude
2018-03-12 07:42:56

there is too much capacity industry wide. your beer has to stand out to survive. I have had smuttynose and they r a good beer. They never had a big inventory at total wine.

Comment by Mr. Banker
2018-03-12 09:01:41

“there is too much capacity industry wide.”

And this capacity isn’t likely to disappear, just become dormant.

The lights will be turned out but the infrastructure will remain until another starry-eyed entrepreneur decides he has the genius to make a go of it where others have failed and once again money will be thrown at the situation and the capacity of beer will expand into a beer market already filled to capacity and as a result not only he but ALL OTHERS in the beer making business will feel this strain of overcapacity and ALL OF THEM will bleed cash until enough of them say “enough” and turn out the lights (but will allow the infrastructure to remain) until another starry-eyed entrepreneur (with money or access to money) arrives on the scene at which time the cycle will be repeated.

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Comment by Carl Morris
2018-03-12 11:45:17

Those make the best hobby businesses for those who have a spouse who brings in the real money. Not beer specifically, just anything where nobody can make a profit because too many participants are enjoying themselves and don’t actually have to make a profit.

 
 
 
 
 
Comment by jeff
2018-03-11 22:48:04

I’ve Got a Woman by Ray Charles

https://www.youtube.com/watch?v=xB2pRuEN7IM

 
Comment by jeff
2018-03-11 23:08:40

VIDEO: TOMMY ROBINSON ATTACKED BY ANTIFA GANG

1 Patriot vs. 10 soy boys

Daily Mail - MARCH 11, 2018

In the video, Robinson can be heard asking if they wanted to go ‘one on one’ before punches and kicks are thrown from both sides.

As Robinson, 35, begins to unload his own punches on the masked group, he has his feet swept from underneath him by the group, who reign down kicks on him.

https://www.infowars.com/video-tommy-robinson-attacked-by-antifa-gang/

 
Comment by Mortgage Watch
2018-03-12 02:08:14

Newcastle, WA Housing Prices Crater 22% YOY As Seattle Area Housing Inventory Skyrockets

https://www.movoto.com/newcastle-wa/market-trends/

Comment by Prime_Is_Contained
2018-03-12 23:26:19

Active intentory: 11. That’s anecdote, not a statistically-meaningful data-set.

Note: Median $/Sqft up 16^ YoY.

Nice try.

Comment by Prime_Is_Contained
2018-03-12 23:27:24

16^ YoY.

up 16% YoY.

 
Comment by redmondjp
2018-03-13 09:26:34

Yup. HA posting complete lies as usual.

 
Comment by Mafia Blocks
2018-03-13 09:45:04

Hello my good friend.

Kenmore, WA Housing Prices Crater 10% YOY

https://www.movoto.com/kenmore-wa/market-trends/

 
 
 
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