December 23, 2011

Bits Bucket for December 23, 2011

Post off-topic ideas, links, and Craigslist finds here.




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191 Comments »

Comment by Congress Are Whores®
2011-12-23 04:31:49

Congress Are Whores®

 
Comment by Realtors Are Liars®
2011-12-23 04:38:13

Realtors Are Liars®

 
Comment by goon squad
2011-12-23 04:42:27

From Politico - Ron Paul in Iowa: Surging numbers; steady message

“DUBUQUE, Iowa — His crowds have swelled and polls now place him at the front of the pack in Iowa, but Texas Rep. Ron Paul hasn’t deviated from the doctrine he’s been preaching for three decades.

In Iowa, it might be a message whose time has come.

“I don’t think the problems are all that complicated,” Paul told an audience of more than 100 in Maquoketa Thursday — double the crowd that greeted Rick Perry in town two days earlier. “I think we’ve gotten into the mess mainly because we’ve had too many people in Washington that really didn’t read or didn’t care about our Constitution. If we obey the Constitution, I think we could solve most of our problems.”

While other campaigns tinker with messaging following a polling surge, Paul has made no such recalibration.

His stump speech, which clocks in at about 40 minutes, is the same liberty-loving, Fed-bashing, anti-interventionist riff that grew his national following four years ago.

But now it’s receiving fresh scrutiny following several public polls that show him within striking distance of capturing Republicans’ first nominating contest — an outcome that would send shockwaves through the party.”

Comment by goon squad
2011-12-23 05:26:06

And because any who dare to question the criminal cartel that is the Federal Reserve, they have to try to take him out with that weak, tired, attack of last resort, that Ron Paul is a racist.

In the UK Guardian, from Talking Points Memo:

“Ron Paul is bristling over a new round of questions over a newsletter he published in the 1980s and 90s espousing radical fringe views, at one point walking out of an interview on Wednesday.

Paul has claimed that the newsletter, which compared African Americans to zoo animals, warned of a coming race war, and generally promoted racist, anti-semitic, and fringe militia views, was written by other authors and that he was unaware of its content — even passages written from his perspective. He has not offered up any of the names of the six to eight writers he said were responsible for writing the incendiary material, however, and reporters are pressing him for more details.”

Comment by Ben Jones
Comment by Hwy50ina49Dodge
2011-12-23 08:48:57

Similarly today, the best way to fight violent drug cartels would be to pull the rug out from under their profits by bringing these transactions out into the sunlight.

Political I$$ue #7 from “I’m-gonna-be-the-Decider!” leadership of tomorrow.

Ron Paul: End the War on Drugs!
By Ron Paul on March 30, 2009

We have escalated the drug war enough to see it only escalates the violence and profits associated with drugs. It is time to try freedom instead.

If these reasons don’t convince the drug warriors, I would urge them to go back to the Constitution and consider where there is any authority to prohibit private personal choices like this.

Think of all the time and resources law enforcement could save if they could instead focus on violent crimes, instead of this impossible nanny-state mandate of saving people from themselves!

Up next: Abortion & the American legal punishment for Murder

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Comment by easthawaii
2011-12-23 16:24:53

Thanks for posting the YouTube!

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Comment by alpha-sloth
2011-12-23 05:49:16

I find it hard to imagine that there’s a magazine being published by him, named after him, and he ‘never read the articles’- even those published naming him as the author.

I mean you wouldn’t have a copy sitting around the house, maybe by the can, just to see what you’ve (supposedly?) written in a nationally distributed magazine?

That fails the smell test. I’m not sensing ’straight shooting’.

Comment by Ben Jones
2011-12-23 06:07:06

Yeah alpha, just skip over the video I posted. And don’t forget to vote for more wars, more bailouts.

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Comment by Steve W
2011-12-23 06:34:48

I love the guy for his honesty and his realism. I don’t see anyone else on either side talking about the wars we’re in actually making relationships worse with the rest of the world. I personally think the newsletter stuff was him being a bit stupid and naive (allowing others he trusted to do the work).

But there’s no way in heck I’m voting for a guy who wants to eliminate the capital gains tax. No way.

I suppose I have to realize that there’s never going to be the “perfect” candidate, but that policy would be the last nail in the coffin of the 99.5%ers. Capital gains should be taxed at the usual rates. Period.

 
Comment by GEG
2011-12-23 07:44:28

“Capital gains should be taxed at the usual rates. Period.”

Here is how cap gains is taxed in other countries:
Argentina: 0%
India: 0%
Germany: 0%
Belgium: 0%
Netherlands: 0%
Singapore: 0%
Japan: 7%
Italy 12.5%
Brazil: 15%
UK: 18%

In fact there are only 2 countries that have a rate higher than 35% (which is what you’re proposing). Denmark (45) and Chile (40). Even France’s rate is only 27% for crying out loud.

 
Comment by Jim A
2011-12-23 08:05:26

And yet, GEG, the Wall Street bankers haven’t fled en mass to one of those countries.

 
Comment by GEG
2011-12-23 08:17:55

That’s the point. If the difference is 15% vs 0%, they won’t flee. If the difference is 35% or higher vs. 0%, they just might.

Or if not flee, move their assets to Germany and trade on the German floors instead of American floors.

NY used to be the world’s financial capital. Not any more. Trading fees and taxes have made NY less competitive. The money now is going to London, Tokyo, Hong Kong, Singapre, etc.

So many of you think it’s still 1811, not 2011. There is no international boundary for money. Money will always chase the highest return. And when tax on money is 35% or whatever Harry Reid’s latest millionaire tax is, money will flow away from America and to places where it’s 0%.

London has overtaken NY as the financial capital of the world. Here is brief synopsis:

“The UK has a number of characteristics that seem to mirror the factors responsible for Delaware’s comparative advantage. Certainly the financial services industry is critical to the UK, growing from 5.3 percent of the economy in 2001 to 9.4 percent in 2006. The industry employs half a million people in London alone. From a regulatory perspective, the UK’s credible and responsive Financial Services Authority (FSA) might be viewed as the securities law analogue to the Delaware Chancery Court’s role in corporate adjudication.

The flow of foreign companies stopped and, more worryingly, reversed. After the SEC relaxed standards for foreign companies wanting to de-list, a flood of companies headed for the doors. London seized the opportunity; 14 of the top 20 IPOs listed on the London Stock Exchange came from outside the United Kingdom in 2005-2008. By contrast, only four of the top 20 IPOs in New York came from outside the United States. At the same time, London’s pool of liquidity was growing deeper as it developed its own community of hedge funds and private equity.”

I know we’re all supposed to hate evil Wall St. But would you rather have those evil millionaires and billionaires earning their evil millions and billions (and paying taxes) in London or in NY? Keep taxing the snot out of them in NY, and they will go to London and Singapore and anywhere else money is allowed to grow.

 
Comment by goon squad
2011-12-23 08:57:38

From the Boston Globe: Romney will not reveal tax data, at least for now

“Mitt Romney said yesterday he has no current plans to release his tax returns, and suggested that he would not shrink from using a controversial provision of the tax code that allows him to pay at just a 15 percent rate on income he continues to receive from Bain Capital.

Partners at firms such as Bain, which buy companies, as well as hedge funds, qualify for a 15 percent tax rate on “carried interest,” or the profits they make on investment deals.”

 
Comment by The_Overdog
2011-12-23 09:15:32

There must be some kind of capital gains taxing rules in those countries to prevent people from trading any gain in for profit, which would seriously promote day trading among small investors.

Just as an example, so your shares made $40 in gains.

In the US, you would actually only take home (using a 20% tax rate and $20 in buy/sell costs) $12. In those countries, you’d take home $20. $20/$12 = 60% higher.

In the US, a gain of $25 would be $0 take home, with $20 in transaction costs and $5 in taxes vs $5 in foreign country. Below gains of $25, the US take home turns negative, but the foreign take home doesn’t go negative until at $21.01.

Now, if you believe in economics, then at some point making less than minimum wage trading stocks would not be a good way to spend your time, but if you are foreign trader and can make money on much smaller gains, it really changes the investing game.

There must be something structural in the foreign economies which prevents this.

 
Comment by polly
2011-12-23 09:42:49

A large amount of the time of corporate tax lawyers is spent figuring out ways to convery ordinary income to capital gains. When I was in law school the difference between the two rates was smaller, and the prof told us if the transactions he described seemed too complicated to be worth the bother for that much of an advantage, we should just keep adding zeros to the described transactions until the actual amount saved felt like it was worth it.

Hedge fund managers get almost all their income as long term capital gains, even if all they have done is picked stocks and bonds and decided how much to leverage up the transaction. That is what the carried interest provision does. It converts compensation for work (in this case, investment advice) into capital gains. A few democrats (including the president) have tried to get it reformed, but the response by most republicans plus a few democrats (I think Chuck Schumer might be one of them being from NY, but someone should check me on that) is so violently opposed that it always gets tossed out. At this point, it is almost like they only include it as a bargaining chip, something they know is going to get tossed out, but it might help them keep something else.

 
Comment by In Colorado
2011-12-23 10:00:42

I took a quick looksie on wikipedia. Here’s what it said about Argentina:

“here is no specific capital gains tax in Argentina; however, there is a 9 % to 35 % tax for fiscal residents on their world revenues, including capital gains”

India:

“As of 2008, equities are considered long term capital if the holding period is one year or more. Long term capital gains from equities are not taxed if shares are sold through recognized stock exchange and STAT is paid on the sale. However short term capital gain from equities held for less than one year, is taxed at 15% [7] (w.e.f. 1 April 2009.[8]) (plus surcharge and education cess). This is applicable only for transactions that attract Securities Transaction Tax (STT).”

Germany:

“The German capital gains tax is 25% plus Solidaritätszuschlag (add-on tax initially introduced to finance the 5 eastern states of Germany - Mecklenburg-Western Pomerania, Saxony, Saxony-Anhalt, Thuringia and Brandenburg - and the cost of the reunification, but later kept in order to finance all kind of public funded projects in whole Germany), plus Kirchensteuer (church tax), resulting in an effective tax rate of about 28%”

etc.

 
Comment by Blue Skye
2011-12-23 10:17:25

“Capital gains should be taxed at the usual rates. Period.”

Be craeful what you ask for.

For most people, the only significant capital gain in their lives is appreciation of their home due to relentless inflation. If a family were to sell their home mid career and pay 35% of the supposed profits in taxes, they would be in a piclke trying to buy another house.

Is that the kind of “usual” you want?

 
Comment by polly
2011-12-23 10:18:31

Overdog,

Would you please write out the math you are using for your calculations?

 
Comment by The_Overdog
2011-12-23 10:38:31

Sure, just a $40 made up gain.

So $40 gain at at a 20% tax rate (random regular tax rate a small time day trader might have) is $8 in taxes.

$20 in transaction costs (most places you buy/sell stocks for $9.99, so together close enough to $20 for a buy+a sell). So total expense is $8 + $20 = $28 in costs and taxes. $40 gain - $28 costs = $12 net gain in the US. Remove the $8 in taxes and you have $20 in net gain for a country with no capital gains tax.

There are some tax write offs for buying and selling transaction costs (the $20), but not 100% and so to simplify I didn’t include it.

The math is the same for the $25 gain. $20 gain, $5 in taxes at 20%, $20 in transaction costs for a net gain of $0 in the US.

 
Comment by X-GSfixr
2011-12-23 11:43:28

Up until about 1998 or so, profits from the sale of a SFH WERE subject to Capital Gains taxes, unless reinvested in another house within 24 months.

Gee…….what a coincidence. Doesn’t that coincide with the start of our recent “Housing Bubble” calamity?

Return the capital gains treatment of profits from selling a SFH back to the way they were pre-1998, and a lot of the incentive for inflating house prices and house flipping disappears.

 
Comment by polly
2011-12-23 11:46:29

You actually think that you don’t get to deduct the entire amount of the cost of selling stock from the capital gains you make? Really? I’m going to need a citation on that. What part of the cost of selling stocks or any other capital asset isn’t used to offset the gain on the sale. This isn’t a cost of purchase which might have to be amortized. Even if it was, amortization would be accelerated into the year of sale because you can’t amortize a cost over a time period when you don’t own the asset.

I think your $40 of gains is really $20 of gains because you get to deduct the $20 of transaction costs and the 20% tax is only $4 leaving you $16 of profit on $20 of capital gains.

 
Comment by shendi
2011-12-23 12:02:43

Polly

Your calculation is correct. One has to deduct the “cost of doing business” from the gross gains. The nett gains are then taxed.

One can also deduct any interest paid (margin etc.) from the gross gains. In other words if you make any nett gains then you pay appropriate tax.

 
Comment by cactus
2011-12-23 20:15:35

It converts compensation for work (in this case, investment advice) into capital gains.”

unbeleivable no wonder the country is failing in so many ways

 
 
Comment by CarrieAnn
2011-12-23 06:30:24

The description of what he wrote sounds pretty inflamatory. Do we have a link to what was actually published? ‘Cause Cosby has made some comments that angered people but I always felt he was taking a tough love stance in hopes that people could get past the cycle of killing each other or losing their kids to gang activity. He was tired of people just accepting the loss and deterioration of home which was very important to Cosby.

Was RP referring to that? I’d take a stand saying some commenters on syracuse.com conduct themselves like farm animals. I don’t know nor do I care what color their skin is. It’s how they conduct and represent themselves that causes me to feel that way. Does it deserve a killing of the messenger who dares to say this tears at the fabric of society and counteracts any “pursuit of happiness” the general public subjected to their antics might desire? I think I’m going to start ignoring any MSM that jumps on this story and gives it credence.

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Comment by SV guy
2011-12-23 06:47:02

“Do we have a link to what was actually published?”

I chased down a link a few weeks ago after Allena raised the issue. I ended up on a black website that had some excerpts of some issues posted. I didn’t read the every article but what I did read was insensitive but not incorrect. I don’t remember anything about calling people animals, that surely wouldn’t be right.

I honestly think our collective problems have been a direct result of people becoming conforming and PC. IMO, if we called BS when it was appropriate we could have nipped a lot of this in the bud. One example, Realtors are Liars.

 
Comment by Muggy
2011-12-23 06:53:42

I am not familiar with this site (simple google search), but it has a lot of info.

http://hotair.com/archives/2011/12/22/paul-in-1995-say-have-you-read-my-newsletters/

 
Comment by Ben Jones
2011-12-23 07:10:34

Did you watch the video I posted above?

 
Comment by Montana
2011-12-23 07:25:34

someone was tweeting quotes last night…most of which were just not pc, not necessarily untrue.

 
Comment by CarrieAnn
2011-12-23 11:55:10

I did watch the your video before posting. Hard to tell when comments won’t nest who your question is aimed at, but when I wrote my post I considered it in support of your video.

 
Comment by CarrieAnn
2011-12-23 12:30:59

Thanks SV for your attempt to get to to the actual quotes. If this story grows legs we’re going to eventually get to see the real McCoy.

I know RP’s campaign is fledgling enough to know he doesn’t want to turn away any vote. But w/o seeing what he actually said I’m guessing there is a way to gather momentum back to what we used to call common sense. In my mind, common sense is the binding feature against the 1%. What was once referred to as “common sense” is all the rest of us have to bind us. I believe it will provide the inner strength that will carry us all forward.

 
Comment by alpha-sloth
2011-12-23 13:59:24

Here’s a good article about the Ron Paul newsletters, with links to some of the originals. Most of those in a position to know seem to think Lew Rockwell wrote the articles, while he was Paul’s chief of staff. Lew was also encouraging the libertarians to become more ‘redneck populist’, and support people like David Duke.

I still think it’s hard to imagine that Paul was unaware of these debates going on around him, and of these articles posted in his name in a magazine named after him. Unless he’s a real Mr. Magoo- and would such a person make a good president?

http://www.slate.com/blogs/weigel/2011/12/20/the_secret_origin_of_ron_paul_s_newsletters.html

Ben- I just got back and will watch the video you posted now. Response forthcoming…

 
Comment by alpha-sloth
2011-12-23 15:05:59

This is from an article in Reason magazine:

“The most detailed description of the strategy came in an essay Rothbard wrote for the January 1992 Rothbard-Rockwell Report, titled “Right-Wing Populism: A Strategy for the Paleo Movement.” Lamenting that mainstream intellectuals and opinion leaders were too invested in the status quo to be brought around to a libertarian view, Rothbard pointed to David Duke and Joseph McCarthy as models for an “Outreach to the Rednecks,” which would fashion a broad libertarian/paleoconservative coalition by targeting the disaffected working and middle classes… These groups could be mobilized to oppose an expansive state, Rothbard posited, by exposing an “unholy alliance of ‘corporate liberal’ Big Business and media elites, who, through big government, have privileged and caused to rise up a parasitic Underclass, who, among them all, are looting and oppressing the bulk of the middle and working classes in America.”

http://reason.com/archives/2008/01/16/who-wrote-ron-pauls-newsletter/1

 
Comment by SV guy
2011-12-23 15:17:42

alpha,

It you want to see good old fashioned bona-fied racism in play do a quick search on Eric Holder’s tenure. And who does he work for?

 
Comment by alpha-sloth
2011-12-23 15:30:23

SV guy,

Does he work for the Straw Man Association?

 
 
Comment by 2banana
2011-12-23 07:22:55

I dunno…could happen.

Obama sat in the pews in a black racist church for 20 years and claimed he never paid attention or heard any of it.

Of course, the press really didn’t care to report any of it until forced to but they seem to relish every republican misstep from 22 years ago.

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Comment by Realtors Are Liars®
2011-12-23 07:30:45

Hello John Quinn.

 
Comment by goon squad
2011-12-23 07:59:20

Obama is going to pay for her gas and mortgage:

http://www.youtube.com/watch?v=P36×8rTb3jI

 
Comment by chilidoggg
2011-12-23 09:15:46

I don’t get the reference to “john quinn.”

 
Comment by Realtors Are Liars®
2011-12-23 09:28:29

Ooops… I meant Jim Quinn. Read all about 2banana.

http://en.wikipedia.org/wiki/Jim_Quinn

Banana, Are you Quinn or Jefferson? Which one of you runs The Burning Platform dot com? Or do you both?

 
 
Comment by Seen it all
2011-12-23 08:29:35

I’ll check out the video at home.
My question for him would be ” WHy did you have newsletter if you never read it? (nevermind not writing it)

I have seen him speak a thousand times (on tv and youtube) and have never once heard any kind of “slip” that would betray racisit, anti-semitic, or homophobic leanings.

I’m sure it has been remarked that all these “damning revelations” that would make him “unfit” for the presidency will make him all that more appealing to Republicans.

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Comment by alpha-sloth
2011-12-23 15:58:43

Ben- Many of the people in the video sound like they may be black separatists, who probably do like much of Paul’s message. And I’m sure there are some black libertarians who like Paul, but that doesn’t mean he didn’t have knowledge of and/or write those newsletters.

Where Paul and MLK agree is on American isolationism, which I don’t think is the part of MLK’s message that most resonates with the American public. Paul seems to think racial segregation is allowable due to the sanctity of property rights, which MLK clearly found unacceptable.

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Comment by Pete
2011-12-23 17:00:43

“Paul seems to think racial segregation is allowable due to the sanctity of property rights”

Without enforcement by law officials, yes that seems to be his position. I can understand the position as an academic exercise, but he says, “the market will take care of it”. The market takes care of certain things, imo, but that’s not one of them. Nor is pollution. These aren’t deal-breakers for me, but they’re fatty food for thought. When in doubt, he errs on the side of libertarian orthodoxy. That can be good or bad, depending on the topic at hand.

 
 
Comment by ahansen
2011-12-24 00:05:22

Ben,
I subscribed. It was worse than they say.

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Comment by SV guy
2011-12-23 06:40:05

“And because any who dare to question the criminal cartel that is the Federal Reserve, they have to try to take him out with that weak, tired, attack of last resort, that Ron Paul is a racist.”

That is THE reason that he is so feared by the money changers. Dare say anything about the Red Shield Gang and the race card comes flying out at a speed that would make Al Sharpton blush.

Wake up people and smell the damn coffee.

Real Money & Freedom. Embrace it.

Comment by Realtors Are Liars®
2011-12-23 07:10:52

RP is a good start but he’s already stated he won’t breakout for a 3rd party run. He won’t get the nomination. The duopoly will make sure of that.

It doesn’t matter… It is the den called congress where the criminals hide.

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Comment by Ben Jones
2011-12-23 07:20:45

‘He won’t get the nomination’

I decided to listen to talk radio the past few weeks just to hear what they are saying. This is exactly what Limbaugh, Hannity and Savage are saying too.

This is what I want to know; why is it that almost no one running is against the police state? Why is it that almost no one running is against more wars? Why is it that wall street people fill up the white house no matter who gets elected?

I watched a few GOP debates. It’s all “bomb Iran, bomb Syria”. More Patriot Acts. Jeebus, the people in DC just passed an indefinite detention law. No trial, no charges, no release. And it didn’t even get much attention in the press. They are trying to censor the internet now. How far are we going let this go? That’s what I want to know.

‘I’d suggest watching the 2008 town hall meeting that candidate Obama gave in Farmington, Indiana, where a woman in the audience prompted him to reaffirm his promises on civil liberties. He began with his frequent refrain about how “there should be no contradiction between keeping America safe and secure and respecting our Constitution,” and went on to say this:

When you suspend habeus corpus, which has been a principle dating before even our country — it’s the foundation of Anglo American law, which says very simply, if the government grabs you, then you have the right to at least ask, ‘Why was I grabbed?’ and say, ‘Maybe you’ve got the wrong person.’ The reason you have that safeguard is because we don’t always have the right person. We don’t always catch the right person.

We may think this is Mohammed the terrorist. It might be Mohammed the cab driver. You may think it’s Barack the bomb thrower. But it might be Barack the guy running for president. So the reason that you have this principle is not to be soft on terrorism. It’s because that’s who we are. That’s what we’re protecting. Don’t mock the Constitution. Don’t make fun of it. Don’t suggest that it’s unAmerican to abide by what the Founding fathers set up. It’s worked pretty well for over 200 years.

Where happened to that guy?’

 
Comment by 2banana
2011-12-23 07:33:11

If obama actually governed this way, threw some 1000+ bankers in jail for fraud and cut spending (all “beliefs” he espoused before he was president) - I would even be a huge supporter.

When you suspend habeus corpus, which has been a principle dating before even our country — it’s the foundation of Anglo American law, which says very simply, if the government grabs you, then you have the right to at least ask, ‘Why was I grabbed?’ and say, ‘Maybe you’ve got the wrong person.’ The reason you have that safeguard is because we don’t always have the right person. We don’t always catch the right person.

 
Comment by SV guy
2011-12-23 07:37:04

I don’t believe he’ll get the nomination. What I am looking for is his message of Freedom to penetrate the skulls of the prozac addled masses. Freedom from economic slavery. Freedom from a police state.

It’s so obvious to me and yet I find oblivious bliss rampant at every turn.

To say Thomas Jefferson was prescient would be somewhat of an understatement. My advice would be to exercise your first even numbered Constitutional Amendment right while it still exists.

 
Comment by goon squad
2011-12-23 07:48:29

I decided to listen to talk radio the past few weeks just to hear what they are saying. This is exactly what Limbaugh, Hannity and Savage are saying too.

At least Limbaugh and Savage can be amusing, but how can you listen to Hannity without throwing up in your mouth every time he opens his?

 
Comment by GEG
2011-12-23 07:57:33

Why won’t Paul win in 3 simple answers:

1. He’s a neo-Nazi
2. He’s a crazy person.
3. See #2 and #3

There’s no conspiracy here.

 
Comment by Hwy50ina49Dodge
2011-12-23 08:08:32

This is exactly what Limbaugh, Hannity and Savage are saying too.

Ha, eyes plum run out of “Brain Bleach” years ago. (Hwy50 turns the dial, changes the channeling…oh cool, Alaska Gold ru$h, RFD-TV (Training Mules and Donkeys) in x1 hour…mutes commercial) :-)

Excuses for delaying personal American $timulus x2 days before $anta,…relaxing & refreshing.

 
Comment by Ben Jones
2011-12-23 08:26:08

‘how can you listen to Hannity without throwing up’

I believe in free speech. But it is remarkable that these people can insinuate the GOP candidate with the highest support from African Americans is a racist, even as they can barely contain their zeal for killing hundreds of thousands of brown people halfway around the world.

‘The party bosses will have to do everything in their power to prevent Paul from reasserting the values of the ‘old-right’ Republicans who once stood, steadily and without apology, in opposition to wars of whim and assaults on individual liberty. The party’s amen corner in the media is doing its part. Republican-insider radio and television programs have begun to go after Paul, the veteran congressman from Texas who is either leading or near the top in recent polls of likely caucus goers. Rush Limbaugh ridicules Paul on his radio show, while Sean Hannity’s Fox show has become a nightly Paul-bashing fest.’

‘But the truth is that his politics descend directly from those of former Ohio Senator Robert ‘Mr. Republican’ Taft and former Nebraska Congressman Howard Buffett—old-right opponents of war and empire who served in the Congress in the 1940s and 1950s and who, in Taft’s case, mounted credible bids for the party’s presidential nomination in 1940, 1948 and finally in 1952. In all three campaigns, Taft opposed what he described as the ‘Eastern establishment’ of the party—the Wall Streeters who, he pointedly noted, had little in common with Main Streeters.’

‘Taft was a steady foe of American interventionism abroad, arguing very much as Paul does today that it threatens domestic liberty. Indeed, just as Paul joined US Senator Russ Feingold in opposing the Patriot Act, spying on Americans and threats to freedom of speech and assembly in the first days of what would become an open-ended ‘war on terror,’ so Taft warned during the cold war that ‘criticism in a time of war is essential to the maintenance of any kind of democratic government.’

‘After his defeat, Taft griped, ‘Every Republican candidate for President since 1936 has been nominated by the Chase National Bank.’

‘The notion that the Grand Old Party might actually base its politics on values, as opposd to pay-to-play deal-making, unsettles the Republican leaders who back only contenders who have been pre-approved by the Wall Street speculators, banksters and corporate CEOs who pay the party’s tab—and kindly pick up some of the bills for the Democrats, as well.’

‘And if he wins Iowa, he could begin a process of transforming the Republican Party into a conservative party. That scares the Republican bosses who currently maintain the party concession on behalf of the Wall Streeters. But it, if the polls are to be believed, it quite intrigues the folks on Main Street who may be waking up to the fact that the ‘conservatism’ of a Newt Gingrich or a Mitt Romney is a sham argument designed to make the rich richer and to make the rest of us pay for wars of whim and crony-capitalist corruption.’

 
Comment by Realtors Are Liars®
2011-12-23 09:19:47

“At least Limbaugh and Savage can be amusing, but how can you listen to Hannity without throwing up in your mouth every time he opens his?”

I thought Hannity was the worst until I tuned into Savage a few weeks ago. In some ways I have a bit of empathy for Hannity. He’s a closeted gay man that just can’t forgive himself.

 
Comment by Neuromance
2011-12-23 09:32:16

The fact that Paul is doing as well as he is despite the constant bashing from the Hannity and Limbaugh juggernauts indicates that core Republican sentiment is shifting.

Just the other day, I caught a bit of Limbaugh’s show. He actually semi-bashed half of Wall Street. Of course, it was heavily qualified. But he said something along the lines of “half of Wall Street (and all liberals) would damage America if it helped themselves.” He went on to say that well, yeah, half of Wall Street would do it because they wouldn’t think America would really be damaged. But, he put the initial statement out there. And for any Limbaugh watchers, that is huge.

But I listened to Limbaugh for years, till the mid-2000’s. Saying something even remotely Wall Street/Business unfriendly - is huge. Rush must be sniffing a change in his audience.

 
Comment by goon squad
2011-12-23 10:12:01

I thought Hannity was the worst until I tuned into Savage a few weeks ago. In some ways I have a bit of empathy for Hannity. He’s a closeted gay man that just can’t forgive himself.

Whether you agree with him or not, Savage (real name Michael Weiner), like Limbaugh, is capable of creating good radio.

 
Comment by In Colorado
2011-12-23 11:24:52

“At least Limbaugh and Savage can be amusing, but how can you listen to Hannity without throwing up in your mouth every time he opens his?”

I mentioned this a few days ago, but I’ll say it again. Michael Savage reminds me of the “Prothero” character in “V for Vendetta”.

 
Comment by measton
2011-12-23 11:46:04

The fact that Paul is doing as well as he is despite the constant bashing from the Hannity and Limbaugh juggernauts indicates that core Republican sentiment is shifting.

This is what amazes me.
I posted that poll of Tea Party Republicans and his support in that poll was a whopping 6%. I think Romney was #1.

Either the poll is FOS
or those who initially were in the Tea Party have fallen away and no longer support it.

I’m voting for Paul in my primary just to make things interesting. His message will get a wide audiance in the presidential debates.

Romney Obama will just be a debate about things that don’t really matter but will keep the sheeple from focusing on the big issues.

 
Comment by X-GSfixr
2011-12-23 11:52:39

“What happened to that guy?”

Maybe “The Man” got to him, and has him under the influence of mind control drugs. We’ll know for sure if he announces that he is going to start a fried-chicken franchise.

Time to call in Sistah Girl, Conspiracy Brother and Smart Brother.

 
Comment by alpha-sloth
2011-12-23 16:13:19

“What I am looking for is his message of Freedom to penetrate the skulls of the prozac addled masses. Freedom from economic slavery. Freedom from a police state.”

Freedom to have no affordable medical coverage when you’re old. Freedom for the factory next door to dump its waste in the creek out back. Freedom for kids to work in coal mines (they fit better!).

 
Comment by SV guy
2011-12-23 18:07:08

Nobody wants that alpha. Is your last name Bernanke or what?

 
Comment by alpha-sloth
2011-12-23 19:42:45

Bernanke has nothing to do with medicare, environmental protection, or child labor laws.

And are you sure RP doesn’t want that? I’m pretty sure he does. Or at least he’d allow it, due to the sanctity of private property, contract law, yadda, yadda…

 
 
Comment by Sammy Schadenfreude
2011-12-23 08:29:34

Wake up people and smell the damn coffee.

Real Money & Freedom. Embrace it.

Testify!

To any sheep, zombies, or vegetables who frequent the HBB and feel unfairly maligned by my comparisons of you to Obama and McCain voters, I hereby apologize unreservedly.

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Comment by goon squad
2011-12-23 13:50:24

WRT the Federal Reserve, see also Bloomberg article Fed’s Once Secret Data Released to Public…

A trillion here, a trillion there, pretty soon we’re talking about real money :)

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Comment by GEG
2011-12-23 07:16:09

If I were voting solely on fiscal issues, Ron Paul would have my vote. In Chicago, he’d have all 3 of my votes as well as the votes of my dead uncle.

But on foreign policy, the guy is nuts. As to the newsletters, you have to be either naive or have your head totally buried in the sand to think he had NOTHING to do with those articles. Maybe he didn’t write them personally, but it’s beyond the scope of reality to think he didn’t at least tacitly endorse the viewpoint of the articles.

Comment by SV guy
2011-12-23 11:50:13

I think RP must have known something about the newsletters. Maybe after the fact but who knows. I didn’t see anything but brutal honesty in the snippets I viewed. Something this world could use a little more of IMO.

GEG, why do you feel a policy of non-intervention is nuts?

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Comment by stewie
2011-12-23 13:14:24

Can’t speak for GEG, but the sad reality is our interventionism is what keeps the economy going. Without it, the House of Saud would be overthrown, Iran would control the Persian Gulf, oil would be $500/barrell, and we’d all be driving horse and buggies to work….if we even had work.

 
Comment by SV guy
2011-12-23 15:28:09

Stewie,

We’ve got a little of our own oil you know. There would surely be an adjustment period but the world wouldn’t end. And that world would have a lot more opportunity for our own children rather than the debt slave casting call being played right now.

I would welcome the change and would happily absorb a great loss just to see a few thousand bankers and their paid for politicians walked to the gallows.

 
Comment by polly
2011-12-23 18:09:51

SV Guy,

Having your own oil only helps if you believe in restricting trade so that the oil produced here has to be sold here. Ron Paul does not, so US oil producers would sell where ever they could get the best price. Would that go to $500 a barrel? Darned if I know, but “having our own” is irrelevant if world demand keeps going up and OPEC gets really feisty with restricting supply.

 
 
 
Comment by Sammy Schadenfreude
2011-12-23 08:18:51

http://news.yahoo.com/federal-judge-iran-shares-responsibility-9-11-terror-192626879.html

Looks like the neo-cons are pushing every possible angle to get the US embroiled in yet another mid-east “regime change.” Since the last few have worked out so well for us.

Comment by GEG
2011-12-23 08:34:44

Obama’s a neocon? You learn new things every day.

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Comment by Prime_Is_Contained
2011-12-23 12:43:08

“Obama’s a neocon? You learn new things every day.”

His actions on the world stage have been indistinguishable, at least to me, from other globalists.

 
Comment by Realtors Are Liars®
2011-12-23 19:19:57

Puleez. Obamas foreign policy is to the right of the neo-cons. We’re still bombing brown people.

Anyone catching on yet? ANYONE?

 
 
Comment by rms
2011-12-23 08:48:12

The comments are great too.

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Comment by oxide
2011-12-23 09:32:08

Best comment:

“The military industrial complex has gone an entire day without profitting off Iraq… Quick bomb Iran!!!”

Yeah really, onw would think the MID could have waited a couple months before seeking the next round of RFPs from the Pentagon.

 
 
Comment by Hwy50ina49Dodge
2011-12-23 08:52:23

neo-con$
neo-con$
neo-con$
neo-con$
neo-con$

Choo$e:

Linda-the-Lunch-Lady-Lives-Lavi$hly!

or

“Audit-the-Pentagon!”

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Comment by evildocs
2011-12-23 11:53:06

—-Paul has claimed that the newsletter, which compared African Americans to zoo animals, warned of a coming race war, and generally promoted racist, anti-semitic, and fringe militia views, was written by other authors and that he was unaware of its content — —–

I certainly don’t know that Ron Paul holds all these views, views which apparently appeared in his newsletter if not scribed directly by him.

But, there is an “executive skills” concern– at the very least— with this situation. Whether or not we at HBB choose to be more tolerant of Ron Paul’s newsletter printing such things than we would be of such writings by a group under (or at least affiliated with), say, Newt Gingrich, I will not address. Each reader can search his own soul.

But, that Ron Paul was willing to have a newsletter done in his own name– a precious thing one’s name– and at the very least did not know what tripe was being published under his precious name… indicates poor managerial/executive skills.

I do not assert that this disqualifies him to be a good leader, but I note that the issue should be addressed, not so much (though one can go there if one wishes) for the racism in the newsletter, but rather for why he would not check what is in his newsletter, even if immediately after the fact back in the day, to disavow what was written.

 
Comment by Sammy Schadenfreude
2011-12-23 12:49:56

http://www.goodreads.com/author/quotes/395622.Ron_Paul

As Ron Paul gains in popularity on the Establishment’s Hollow Man candidates, it was a given that the character assassination would begin in earnest. Contrast RP’s avowedly pro-liberty conservatism with the statist, corporatist drek spewed by the Establishment’s empty suits, and draw your own conclusions.

 
Comment by cactus
2011-12-23 20:01:23

and generally promoted racist, anti-semitic, and fringe militia views,”

the big boys have to shut this guy up any way they can

he would be too hard to control

 
Comment by ahansen
2011-12-24 00:03:15

Here’s a clue:

Lew Rockwell. I subscribed. It was inexcusable. Ron Paul’s name was on the masthead as editor-in-chief.

Sorry.

 
 
Comment by oxide
2011-12-23 09:04:13

Can anyone point out the Article in the Constitution which establishes the Corn Subsidy?

Comment by goon squad
2011-12-23 09:15:40

I have a theory about why Big Corn is so powerful… that it is much less expensive to fund elections for Congress in lesser populated corn states than it would be to purchase a Senator in CA, NY, TX, FL.

Comment by GEG
2011-12-23 09:58:34

There’s a conspiracy for everything. Kinda like an iphone app. That gives me an idea, a conspiracy app. A real time conspiracy based on the day’s news and your geographic location all for the low low price of $1.99 a year.

The Ron Paul market alone will make me rich beyond my wildest dreams.

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Comment by goon squad
2011-12-23 10:51:14

Thank you for sharing :)

 
 
Comment by Hwy50ina49Dodge
2011-12-23 10:46:52

You can fit x9 states inside the area of CA, thus we should get 18 US Senators! :-)

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Comment by turkey lurkey
2011-12-23 14:39:06

Here’s all you need to know about republicans.

http://www.republicanoffenders.com

 
 
Comment by Realtors Are Liars®
2011-12-23 05:45:34

Holy suffering $hit….

I’ve bitched for 3 years or more about the Housing Crime Syndicate gaming the shadow inventory. Over the past few months I’ve observed less and less until this morning. I see stuff back on the market this morning they said was sold well over a year ago.. I back checked the property records and it was NEVER sold. All of them are doing it. Additionally, I’ve seen sale pending status on inventory for 6 months or longer.

If you don’t believe or don’t understand, don’t bother. Go do your own research and tracking on fannie, freddie, reotrans etc.

Comment by Muggy
2011-12-23 06:01:19

Trudat. I’m seeing the same thing. The houses behind me and to the north of me are both in suspended animation. The one behind is being gamed, and the one to the north of me is simply waiting to be dealt with.

I can’t tell you how many times the one behind me has been “active with contract.” Total BS. The one to the north of me is obviously some sort of liability since nobody wants it back. Hell, even the county has a lien on it. Why don’t they do something with it?

This is it, folks, we’ve been predicting capitulation, and it hasn’t truly happened. I know getting to this moment has nearly driven me insane, but I think we’re getting close. Right?

I dunno… Gah!

RAL, what reason do any of us have to believe that they won’t just turn around and do all of this again for another year or two?

Comment by Realtors Are Liars®
2011-12-23 06:12:06

Well… there is no evidence to suggest they’ll do anything else but what they’ve been doing for years. It’s long past the point of stale and old. These games anger me. Arrogant criminals.

Comment by Neuromance
2011-12-23 12:05:54

Based on the 60 Minutes last week, where bulldozing inventory was cheaper was cheaper than selling, is the system currently set up for them to either get full amount owed, or letting it decay to the bulldozer and somehow getting the amount owed from the government?

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Comment by combotechie
2011-12-23 06:15:51

Think in terms of marketing and it will all make sense.

As long as there are so many with influence that benifit by keeping prices high there will be pressure applied in this direction.

In the LONG RUN the forces of supply and demand should prevail (because they always do) but in the short run clever manipulations can hold sway.

Comment by combotechie
2011-12-23 06:35:03

We have a generation whose only economic experience has been:

1. Cyclical downturns and

2. Rising real estate prices.

The Idea of this downturn being something other than cyclical is foreign to them as is the idea that (despite the evidence) real estate prices don’t always go up. These are the people that are being tapped for their money. And as long as this money can be tapped - is there to be tapped - then prices will be supported.

But eventually the money will be tapped out (or people will finally catch on) and then the support for prices will be withdrawn and then prices will come down.

Eventually.

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Comment by Muggy
2011-12-23 07:52:20

“Eventually.”

Look at this one in my ‘hood:

http://www.zillow.com/homedetails/16214-3rd-St-E-Redington-Beach-FL-33708/46987666_zpid/

On Zillow: 609 days

10/13/2011 Price change $220,000
04/14/2011 Price change $169,000
02/18/2011 Price change $149,000
02/04/2011 Price change $165,000
01/15/2011 Price change $174,500

WTF :shock:

 
Comment by oxide
2011-12-23 08:46:57

Muggy, even worse, the Zestimate is $231K.

This would be a very good price for the DC area, but here, we pay a penalty because we have “jobs.” What they use to justify the price down there?

 
Comment by Moman
2011-12-23 14:18:09

Redington Beach is not prestigious. To even get there from any direction, one would have to drive through some of the worst parts of Pinellas county.

Worth 85k, max.

 
Comment by Realtors Are Liars®
2011-12-23 16:50:45

That was my exact thought too moman. I don’t know florida at all but that place isn’t worth a small fraction of asking.

 
 
Comment by SV guy
2011-12-23 07:43:53

Combo,

Is there any way you could post a copy of your three page economic handbook for us? I fear I may be over thinking this whole debacle.

:)

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Comment by combotechie
2011-12-23 07:55:05

Three pages? Try one sentence:

Go to cash until everything settles down, then focus your attention on buying quality.

 
Comment by combotechie
2011-12-23 08:06:30

Oh, and keep your job. A job means a steady flow of cash, something that is a bit scarce nowdays.

 
Comment by Hwy50ina49Dodge
2011-12-23 08:23:08

Oh, and keep your job

incomplete equation.

Action #1:

http://tinyurl.com/7jrhmz2

To every action there is always an equal and opposite reaction:

Reaction:

http://tinyurl.com/67cx2k3 + http://tinyurl.com/yerroa2

Lucy: “Hwy50 you’re such a BLOCKHEAD!!!!”

:-)

 
Comment by SV guy
2011-12-23 09:26:48

It’s all in good fun Combo.

 
 
Comment by nycjoe
2011-12-23 10:16:53

A good question is: How long is the short run these days? The euro will be propped up, it looks like, but maybe not Greece. Junk houses are going cheap, but ones you’d think of actually living in are going down much, much more slowly. Must admit I finally hoisted the white flag and bought a few weeks ago. Have greatly appreciated the insight I’ve found here, but time was right, for us.

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Comment by X-GSfixr
2011-12-23 12:25:24

Long run = 20-30 years? Could be.

One one side, you have the banksters, any government that levies taxes on real estate, all of the former and current housing cheerleaders who are trying to keep their jobs, owners of MBSs, and current homemoaners, who all have a vested interest in keeping house prices propped up.

On the other side, there are the people unwilling and/or unable to afford houses at current prices…….IOW, “poor people”.

We’ve had numerous examples of the former class getting bailouts, and “poor people” being told to pound sand. All this talk of “free-markets” and “supply and demand” just makes me laugh. Anyone who believes that “supply and demand” will ever be actively permitted are just addicted to a different brand of “Hopium” than the majority of the sheeple.

That’s the one good thing about getting your mid-life crisis out of the way. You forget about making your “dreams come true” (because they won’t/aren’t) and you deal with the world realistically.

Which in my case means: Forget about owning a house or a new car. Remain portable. Keep debts to a minimum. Diversify your skill set. Keep your resume circulating constantly. Out here in BFE/Flyover, the wheels are still falling off, but nobody is reporting it/wants to admit it. The vampire squids own the government, with no signs of the government going all “Iron Chef” on them, and turning them into calimari. This giant Charlie-Foxtroted state of affairs is still only in the 2-3rd inning.

We’ve had our Pearl Harbor, but the First Battle of Savo Island hasn’t happened yet.

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Comment by goon squad
2011-12-23 14:01:45

+1 especially on the financial and mid-life crisis advice…

Making dreams come true… the Oil City plan (western version) is Chaffee County, CO. No ski-town bubble prices, world class whitewater rafting and mountain climbing, and 300 days of sunshine every year :)

 
Comment by X-GSfixr
2011-12-23 14:55:54

Ben…..you really need to file a copyright on “Oil City Plan”. :)

It may get to the point where living out in the boonies with inadequate medical service is seen as an advantage…….you will either be long dead by the time you are found, or you’ll die sooner, because of the inadequate doctors/facilities.

At minimum, the functional equivalent of the Inuit “Put the sick elder on an ice flow, and tow him out to sea” trick will be a lot easier to accomplish, without all of those pain in the azz “first responders” around, trying to save your life.

(As Josey Wales said: “Buzzards gotta eat too….”)

God forbid you have a stroke in a big city, where they can run up the charges at a rate of $150K a day, and put you in the poorhouse before you know what hit you.

I still like my idea of daily medical shuttle flights between major cities and Larado/Juarez, with daily connecting service to India for major surgury/treatment.

Company motto: “Making Globalization work for the Little Guy”

 
 
 
Comment by GEG
2011-12-23 08:07:29

Muggy,

It happens more than you think. Someone puts a bid on a house, contract is signed and then the buyer backs out. Most likely it’s because they can’t get financing. But it can also be after the inspection. Or they changed their mind or found something better in the meantime.

I did this with a short sale I was interested in as an investment property. I put a bid on it. About 5 months later the bank accepted the offer. So we went to contract. But I had second thoughts. I didn’t want to lose my earnest money and walk away. So I had an inspection done, the inspection found about $1500 worth of work that needed to be done. For a 10 year old house that was actually pretty good. However, I said that was unacceptable to me and cancelled the contract. The contract was worded such that I could walk away if the inspection was “not satisfactory”, which is the standard way a seller can get an easy out for $350 (the cost of the inspection) since no house will ever be perfect at inspection.

Comment by Muggy
2011-12-23 11:02:13

GEG, I was “under contract” myself (and backed out) over a year ago… I get that. This is different than the thing RAL is describing, and what I am agreeing with.

Listings are being made to look like they’ve received offers, then closed, only to be be re-listed months/years later. I have seen this myself in a few neighborhoods I track closely.

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Comment by turkey lurkey
2011-12-23 14:41:51

Don’t worry too much RAL, the market can out-wait them longer than they can out-wait the market. That’s all this proves.

People ain’t got no money to buy overpriced houses.

2012 ought to the final reckoning for RE.

 
 
Comment by jeff saturday
2011-12-23 06:35:09

Lyrics to Jingle Bells :

Living in a home
A home where we dont`t pay
Through the years we go
Laughing all the way
Robo signers now
Making spirits bright
Oh, what fun to laugh and sing
While living free tonight

Oh, living free, living free
Laughing all the way
Oh, what fun it is to live
In a house where you don`t pay-ay
Living free, living free
Laughing all the way
Oh, what fun it is to to live
In a house where we don`t pay

A year or two ago
I couldn`t pay my loan
And soon then B of A
Had called me on the phone
I thought I`d have to leave
Misfortune seemed my lot
And then we told the bank
Clear title you have not

Oh, living free, living free
Laughing all the way
Oh, what fun it is to live
In a house where you don`t pay-ay
Living free, living free
Laughing all the way
Oh, what fun it is to live
In a house where we don`t pay

Comment by Elanor
2011-12-23 10:28:13

Very festive, Jeff. Love it!

 
Comment by Hwy50ina49Dodge
2011-12-23 11:18:14

The MegaBanker$ All Fee$ Choir sings verse 3:

Oh, Get-those-fee$, Get-those-fee$
Laughing all the way
Oh, what fun it is to loan
to peons you know can’t pay
Get-those-fee$, Get-those-fee$
Laughing all the way
Oh, what fun it is to to loan
to peons you know can’t pay

A year or two ago
My bonu$ was a bone
20% down was just a drag
Sell 540 ficos for a loan
no Doc’s put it in the bag
great fortune was in sight
$elling Fees so profits never lag
Is every banker$ right!

 
 
Comment by jeff saturday
2011-12-23 06:49:39

Squatters say foreclosed homes beat homeless shelters

By Tina Susman, Los Angeles Times
December 21, 2011, 4:09 p.m.

Reporting from New York— Slips of paper are pasted to the broken door of the corner row house, violations for the garbage piled near the front steps. The stench of trash wafts up the dark interior stairway, where an ashtray filled with cigarette butts sits like an abandoned potted plant on the second-floor landing.

Nobody lives here, at least not officially.

But as you climb the narrow stairs to the top floor, a door opens into an airy apartment that is home to Tasha Glasgow, who is part of a largely invisible population of squatters occupying vacant homes across America. Given their clandestine lives, it’s impossible to say how many people are squatting in this country, but with more than 1.3 million homes in foreclosure and hundreds of thousands of people homeless, advocates say it’s safe to assume the number is growing.

“I wouldn’t say it’s the new normal yet, but I think it’s coming close to that,” activist Ryan Acuff said of people occupying vacant homes, or refusing eviction orders from their own homes. Acuff is a leader in Take Back the Land-Rochester, part of a nationwide network of activists. Its goal, Acuff said, is to publicize the housing crisis through confrontational tactics such as the occupation — or “liberation” — of foreclosed houses. He said officials have been reluctant to move against squatters when the spotlight is on them.

Realtors contracted to sell foreclosed homes sometimes offer cash to squatters to get rid of them quietly. Glasgow said she’d heard a rumor that someone might offer her $2,000 to leave the Queens apartment.

http://www.latimes.com/news/nationworld/nation/la-na-squatters-20111222,0,5121151.story - 182k -

Comment by 2banana
2011-12-23 07:28:21

Why not? After you “liberate” all the equity in your house you can then “occupy” and “liberate” your home and stop with making payments.

“I wouldn’t say it’s the new normal yet, but I think it’s coming close to that,” activist Ryan Acuff said of people occupying vacant homes, or refusing eviction orders from their own homes. Acuff is a leader in Take Back the Land-Rochester, part of a nationwide network of activists. Its goal, Acuff said, is to publicize the housing crisis through confrontational tactics such as the occupation — or “liberation” — of foreclosed houses.

 
Comment by In Colorado
2011-12-23 12:16:39

Homeless shelters don’t have granite countertops, walkin closets and jetted tubs in the bathroom. Then again, you have to find a house that hasn’t been stripped bare before you squat.

Comment by jeff saturday
2011-12-24 03:36:11

“Homeless shelters don’t have granite countertops, walkin closets and jetted tubs in the bathroom.”

But down here section 8 homes do.

 
 
 
Comment by jeff saturday
2011-12-23 07:16:11

If they couldn`t figure out what happened from 2007 - 2010
How can it be said that….

Foreclosures May Delay Housing Rebound to 2013

By John Gittelsohn -
Dec 22, 2011 10:36 AM ET

‘Dirt Cheap’
Prices may drop an additional 7 percent, according to Scott Simon, head of the mortgage- and asset-backed securities teams at Pacific Investment Management Co. in Newport Beach, California. Homes are more affordable now than at any time on record, setting the stage for a turnaround, he said in a telephone interview.

“The new normal is that, if you can get a mortgage, housing is dirt cheap,” Simon said, using the term popularized by his colleagues at the fund manager to describe the extended period of below-average economic growth they forecasted following the 2008 financial crisis. “You’re going to look at a graph someday, and it’s going to look like somewhere between Jan. 1, 2012, and June 30, 2013, housing bottomed.”

http://www.bloomberg.com/news/2011-12-22/foreclosures-weighing-on-prices-may-stall-u-s-housing-recovery-until-2013.html - 191k

Comment by Hwy50ina49Dodge
2011-12-23 08:28:09

in Newport Beach, California

Some folks are in the boat parade, others just watch from afar.

 
 
 
Comment by Awaiting
2011-12-23 07:59:51

“The new normal is that, if you can get a mortgage, housing is dirt cheap,”

Really? In 1998 we paid $398K for almost 4,000 sq ft, fully loaded with amenities, and even a view. Now, an 1,800 sg ft rancher fixer that needs everything ($40K) is $379K. Jobs were plentiful and paying well back then. I’m baffled by that comment. (So Ca)

This controlled collapse just pisses us off. The rancher is worth $250K on a good day.

Comment by Neuromance
2011-12-23 09:45:08

Housing is not dirt cheap. In the central Maryland area, one can look at the price history of the house. The government maintains a database of this data. Condos that cost 85K in the late 90s are now nearly double that, 150K (the ones I’m looking at). That well outpaces the rate of inflation. So, it’s still quite bubbly.

I do want to get my ducks in a row and be ready to buy. But prices are still high, inventory has just dropped through the floor, and bank sales are not being released for a penny less than what is owed on the house. And foreclosures seem few and far between.

The goals of the government, explicitly stated by Obama and Geithner (”putting a floor under real estate prices”) has been successful.

We’ll see if there are any unintended consequences which force them to allow the market to set prices.

Comment by oxide
2011-12-23 11:46:48

I didn’t know there was a “central” in Maryland because it’s an oddly shaped state.

Comment by Neuromance
2011-12-23 12:07:56

There is! It’s like Baltimore city is the center, and draw a circle around it, radius about 20-30 miles.

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Comment by In Colorado
2011-12-23 10:08:21

“The new normal is that, if you can get a mortgage, housing is dirt cheap,”

Maybe in Topeka, KS and other parts of flyover where there are no jobs.

Comment by X-GSfixr
2011-12-23 12:29:39

Exactimundo……

 
Comment by oxide
2011-12-23 13:13:50

It’s a good time to go Oil City plan.

 
 
Comment by cactus
2011-12-23 21:06:07

“The new normal is that, if you can get a mortgage, housing is dirt cheap,”

Housing is not dirt cheap just interest rates are

Interest rates are dirt cheap because we are in a Banking Depression

Homes are selling around here 450K is a quick selling price. I don’t think that dirt cheap but maybe my price is “anchored” from 1990’s. I don’t know what’s keeping them up now. I wonder if Gov. Brown will be able to increase taxes on everyone to keep the government sector going, the last middle class segment in CA IMO.

 
 
Comment by Seen it all
2011-12-23 08:24:32

Shocked! Iwas shocked last week when my son came back from getting his wisdom teeth removed. All went well.

He got a presrciption of pain killers which he didn’t need. I thought they were percodan/cets, but NO! It’s oxycontin. I have a dozen of them. I feel like i have aloaded gun lying around with them in the medicine cabinet. I’m actually anxious to twist my ankle/throw out my back so I can try one and see what the hubub is all about.

Is Oxycontin really so casually prescribed?

Comment by Hwy50ina49Dodge
2011-12-23 08:34:03

Eyes witnessed an 80 year old “seldom ever an ailment” / stoic tough man from Wyoming take those and then commence to sit in a chair for hours and wind up thousands of yards of spider webs.

(twirlling his hands one over the other): “Look, look at all these spider webs, there right there in front of you, don’t you see them?”

Sad and scary.

 
Comment by palmetto
2011-12-23 08:44:17

I once was prescribed some hydrocodone (which I think is the generic for oxycontin) after some major dental work. My heart started hammering wildly and I thought it was going to jump out of my chest. Yeah, I didn’t feel any pain, but I felt like I wuz gonna have a stroke or heart attack. Not worth it.

Comment by Awaiting
2011-12-23 09:34:05

Life isn’t worth living without GMO, pharmaceuticals, or chemicals. We’re all dinosaurs in our thinking? sarcasm off

Finally the idea the pouring pharmaceuticals down the drain, flushing, or tossing them might have some bad (and I mean BAD) repecussions. For instance, Los Angeles County water testing found numerous pharmaceuticals in their drinking water, including large quanities of Diabetes drugs.
That’s freak’in scary.

Comment by Awaiting
2011-12-23 09:44:50

Most cities have a pharmaceutical throw away location program. Please use them. I know it’s a pita, but the ROI is huge. If your city doesn’t, write city hall.

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Comment by X-GSfixr
2011-12-23 12:33:42

Or send them to me.

I have a “throwaway program”. Honest. :)

According to my 18 year old, and her loser boyfriend, you don’t just take the pill. You chase it with beer/alcohol.

If you are stockpiling ammo and guns, you need to be stockpiling drugs, too. For barter reasons, if no other.

 
 
 
Comment by Awaiting
2011-12-23 09:38:42

Wow. I have those in the house from Laparoscopic surgery for adhesions in my intestines, but never took one. I was keeping them around for an emergency of pain. Thanks for the one up guys.

 
Comment by evildocs
2011-12-23 12:01:13

Oxycontin is not hydrocodone. Oxcycontin is slow release Oxycodone. Hydrocodone is less powerful

 
Comment by Moman
2011-12-23 14:22:40

Hydrocodone is weaker than oxycontin.

 
 
Comment by oxide
2011-12-23 09:35:56

How old is your son??

Comment by Seen it all
2011-12-23 09:46:55

My son is 15.
The only advice was not to take it on an empty stomach.

 
 
Comment by Insurance Guy
2011-12-23 09:38:17

I used them after a hip surgery. Just an incredible wonderful high for a few days. I got a little scared of them because they were so wonderful and ground up the rest of the presription and washed it down the drain.

But is was a very nice high and a very, very dangerous drug. I would not let a child near them.

Comment by Seen it all
2011-12-23 09:52:08

Phew! Thank’s insurance guy. I knew somebody must have had a pleasant experience with it.
Like awaiting, I am hanging onto them in case of emergency.

 
Comment by Neuromance
2011-12-23 12:20:12

The fish thank you :P

(BTW, solid waste can be bundled and safely thrown in the trash. Liquid hazardous waste can be poured in cat litter so it becomes solid and it too can be put in the trash. Oil and whatnot can be recycled.)

 
Comment by X-GSfixr
2011-12-23 12:40:19

Try morphine sometime…….it’s da schit. :)

(Had a giant kidney stone in the middle of the night about 10 years ago, the emergency room shot me up with morphine to kill the pain until the surgery/extraction team came in in the morning.

A guy can be smashing your ‘nads between an anvil and sledgehammer, and you wouldn’t care, if you were on morphine)

Comment by chilidoggg
2011-12-23 15:09:53

cue Billy Crystal:

“I HATE when that happens!”

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Comment by MrBubble
2011-12-23 16:50:52

I’ve had two so far and all I got was lousy Percosets. Take ‘em two at a time and you may put a dent in that pain…

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Comment by alpha-sloth
2011-12-23 19:13:19

A lot of those pain pills have acetaminophen in them too, which means you should _never_ take them with alcohol.

 
 
 
Comment by MrBubble
2011-12-23 16:49:26

“ground up the rest of the presription and washed it down the drain”

I do this with my motor oil, CFLs and cat tranquilizers. Thanks for the tip!

 
 
 
Comment by Neuromance
2011-12-23 09:57:24

It used to make sense to buy a house. The money you saved overall well outpaced what you spent on the house. It used to make sense to borrow to finance a college education. The wealth you built well outpaced what you spent on education.

But now it seems, the price of that debt is so high that few get net benefit from taking on that debt.

It’s similar to necessary prescription drugs. The drug markets know the value the drugs offer you and seek to extract all of that value from you. If something is going to save your life, they can charge 10 thousand dollars a dose. Some call this price gouging. In truth, it’s monopoly pricing, which is why monopolies are so destructive.

With house-ownership and education, the same seems to have happened - the debt markets are seeking to extract all the extra value you would have normally gotten from that debt, making taking it on a wash.

It’s like renting furniture versus buying furniture. You can pay a lower rate monthly, in perpetuity. Or you can present the money up front and in a few years, save the money you would have spent on furniture.

BUT - the debt markets realize - “Hey - there is value this guy is getting from using debt that we’re not taking from him.” Then they make debt much cheaper and easier to get, which jacks up the cost of the furniture. So the money you would have saved in the previous system, is now going to the debt markets.

It’s a wash. The maximum possible value is extracted from the debtor, making taking on the debt pointless in terms of building wealth.

Comment by Hwy50ina49Dodge
2011-12-23 10:50:21

98% of medicinal pill$ should be priced in the range of Aspirin

Anti-Snake venom, comes to mind as a plausible exception. ;-)

Comment by evildocs
2011-12-23 12:05:56

—-98% of medicinal pill$ should be priced in the range of Aspirin—

Yeah, all Tiffany jewelry should cost less than a buck. And all peanut butter should cost less than a dime per jar, and all teachers should get less than $6/hr… and…. and…. and….

Comment by Hwy50ina49Dodge
2011-12-23 15:02:37

Current Hippocratic Oath:

1st do no financial harm :-)

Thus updated:

“I will pre$cribe regimen$ for the good of my patient$ according to my ability and my judgment and never do financial harm to anyone.”

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Comment by 2banana
2011-12-23 11:23:30

Go look up patent law.

When you invest the money/time in R&D and invent something new - most sane individuals and companies get a patent. They get SOLE use of that invention for 17 years. After that, it is public use.

There is a reason why some countries seem to always invent things while other just wallow and wallow and invent nothing. NO ONE is going to invest the time and money to discovering something new if the next guy can just steal it.

And - isn’t it nice to at least have these new wonder drugs available? We can argue about the price but at least they exist. At least there is an option.

In your version of reality (all drugs should be priced like aspirin) - AIDS, polo, cancer, measles, hep A, hep C, (nearly every drug we take for granted today) etc. would have NO cures or treatments AT ANY PRICE. Because they would have never been discovered.

Liberals are funny. They think taking away stuff from people will not change the way people behave. That is why they can never understand why the USSR/communism fell, why Cuba is a basketcase and why North Korea is not a worker’s paradise…

It’s similar to necessary prescription drugs. The drug markets know the value the drugs offer you and seek to extract all of that value from you. If something is going to save your life, they can charge 10 thousand dollars a dose. Some call this price gouging. In truth, it’s monopoly pricing, which is why monopolies are so destructive.

Comment by X-GSfixr
2011-12-23 12:51:05

Good thing penicillin was invented before the Medico/Insurance/Pharma Complex could buy off the government.

Damn those Socialist Roosevelt government researchers in the U.S. and U.K. …. Just think about how much profit wasn’t made when they gave out that stuff free to wounded soldiers, instead of charging them $1000 a dose.

 
Comment by turkey lurkey
2011-12-23 14:48:17

“hat is why they can never understand why the USSR/communism fell, why Cuba is a basketcase and why North Korea is not a worker’s paradise…”

Lucky we had $16 TRILLION laying around or Capitalism would have failed too!

Oh wait…

 
 
Comment by oxide
2011-12-23 11:50:01

+1.

It’s like the reverse of the fable about killing the goose who lays the golden eggs. They know that killing the goose is a bad idea, so they lock you up and keep you laying. It’s even better if they can get the government to buy the goose food.

 
Comment by evildocs
2011-12-23 12:04:32

—-If something is going to save your life, they can charge 10 thousand dollars a dose. Some call this price gouging. In truth, it’s monopoly pricing, which is why monopolies are so destructive.—-

In all fairness, this is a bit broad in claim.

One of the most powerful drugs to save your life in acute heart attack (regarding long term mortality) costs about a penny. Plenty of key meds that are lifesaving in various settings cost very little, perhaps in the dozens of dollars per dose, and are available in generic form in non-monopoly fashion.

It is fine to address and analyze the economics of very expensive medications, but let’s keep some focus.

Comment by Prime_Is_Contained
2011-12-23 13:19:11

“One of the most powerful drugs to save your life in acute heart attack (regarding long term mortality) costs about a penny.”

That is because the drug has been around a long time, and is not under patent.

It’s the intellectual property law that is used to extract ridiculous amount of money per dose.

Is that nitroglycerine, btw?

Comment by turkey lurkey
2011-12-23 14:50:05

Aspirin.

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Comment by Prime_Is_Contained
2011-12-23 15:14:36

Can one take it at home while waiting for the ambulance, when they realize that they have had a heart-attack?

If so, what is the recommended dosage?

 
Comment by evildocs
2011-12-23 15:28:05

—-Can one take it at home while waiting for the ambulance, when they realize that they have had a heart-attack?

If so, what is the recommended dosage?
——

WIth the usual caveats that not all CP is heart attack, and with the usual caveats about aspirin safety, typically taking 4 chewable baby ASA (NOT whole-swallow of slow-release ASA), for total 324mg is the usual suggestion. Of course, if your chest pain really is Aortic Dissection as with John Ritter, de-stickying your platelets might not be the best thing…

 
 
Comment by evildocs
2011-12-23 15:13:55

—It’s the intellectual property law that is used to extract ridiculous amount of money per dose.—-

As is often the case with “I hate ‘Big X’” discussions here, discussion has been reduced rather to black and white terms. In respect then for black-and-white and while eschewing then the big gray zone, I’ll note that were I a big pharmaceutical company, I would not spend zillions of dollars to develop any drugs, if I know someone who had nothing to do with the development of it then could dictate I’d sell it for $1/dose.

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Comment by Awaiting
2011-12-23 17:40:01

How about the NIH and their research towards new important (not lifestyle) drugs. The taxpayer helps support some of the research. Big Pharma does some good, and much harm.
IIRC, some drugs are getting the restrained supply side squeeze to keep the price sky high. Too big to jail, and to bad.

Comment by evildocs
2011-12-23 19:31:44

I don’t object.

On other hand, the gov’t supported Solyndra too.

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Comment by Neuromance
2011-12-23 12:13:09

I am very pro-profit, I am very pro-business. Having a society where people can innovate and get rich from that innovation leads to the benefit of everyone.

But there are caveats. I’m not a free market fundamentalist.

Monopolies and monopoly pricing is generally considered destructive though. That’s why the government tries to break up monopolies. The ability to price highly desired items without competition leads to price gouging. I’m not a fan of monopolies.

 
Comment by Neuromance
2011-12-23 12:17:28

What it comes down to I guess, is that I don’t want to have to “Sell my soul to the company store

I see people who have lots of nice things, but live in debt. It seems like there is a global company store which has formed, to which one increasingly has to sell one’s soul in order to buy the basics of a middle class lifestyle.

Comment by X-GSfixr
2011-12-23 13:35:37

Like the housing bubble, the Medico/Insurance/Pharma complex is going to collapse due to it’s excesses.

I’ve already decided that I’d rather kick the bucket early, and be able to hand something down to my kids, than hand over a lifetime of savings/assets to the doctors and the drug companies, just to prolong my life for a few miserable months/years.

The only commercial construction going on around here is Doctor’s offices. To improve the level of treatment? Nope. They are just building their offices bigger, to maximize the number of patients/billable hours they can generate in a 24 hour period.

Not too many Doctor’s driving Hondas or Toyotas around here. Lots of BMWs, Porsches, and M-Bs, even out here in BFE.

Update: Got my lab results back. Numbers are even better than they were 3 months ago, cholesterol number is @ 158. Just like they’ve been for the past 8-9 years. No changes in dosages. Can’t wait to see the bill.

Comment by Neuromance
2011-12-23 14:07:01

There was a local radio host who did just that very thing. He was diagnosed with stage 4 metastatic pancreatic cancer in late October. He died earlier this week, just about 8 weeks after the diagnosis. Even with a messy disease like cancer, he knew the prognosis and instead of waiting till he was begging for death (like Gollum being broken on the rack), he went the 1) bout of chemo - no miracle - right to home hospice with the drug cocktails. De facto euthanasia. That’s not a bad approach in that situation.

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Comment by b-hamster
2011-12-23 15:10:59

In my travels back east, I am always struck by the juxtaposition of the old (factories and manufacturing) and the new (mostly doctors offices, new wings to hospitals and other signs of a healthy community like prisions, WalMarts…). Thank goodness we are such a sick and aging society.

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Comment by MrBubble
2011-12-23 16:56:06

X-GS –

Certainly not to bum you out, but my number was 139 (IIRC), but with not a great LDL/HDL ratio before my “troubles”. I keep nitro and aspirin on me at all times is case of the “big one” [think Redd Foxx as Fred Sanford]. Good luck and stay healthy.

MrBubble

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Comment by Awaiting
2011-12-23 17:52:12

Dr. William Davis, a preventive cardiologist says heart disease and such have a inflammatory cause, and not so much a cholesterol cause. He’s on line
http://www.trackyourplaque.com/blog/author/heartprotection
http://www.carbohydratescankill.com/503/dr-william-davis-ep
http://www.youtube.com/watch?v=1zIciBJNWFw heart scanning before the event
http://www.wheatbellyblog.com/

This doc is a great guy and knows his stuff. He’s been proven right over and over.

 
Comment by MrBubble
2011-12-23 18:32:21

I am putting a call into Telstra to release the bandwidth throttling that they have on the PILs account so that I can look at the sites. Thanks for posting. I never got an explanation better than “bad genes” as to why I got a stenosis at such a young age and how it worsened so rapidly to critical/deadly levels.

Having to be hooked into the pharm boys indefinitely really blows.

 
Comment by cactus
2011-12-23 21:31:59

I quit eating wheat years ago because of an illness I couldn’t figure out, I lost some weight as a result.

Anyway I figured out my illness ( nausea ) was a bad low back nothing to do with diet, got back surgery, started eating wheat again and have gained about 20 lbs.

However quiting wheat is a costly and pain in the ass endevor

Quinoea and rice was a big favorite back in my wheat free days, that and corn chips I still get people at work who remember when I wouldn’t eat wheat and ate corn chips instead.

I know a person who has celiac sprue or at least is pretty sure he has it but he won’t get tested because he’s afraid his insurance will drop him if its positive.

 
 
Comment by evildocs
2011-12-23 19:32:45

—-Not too many Doctor’s driving Honda—-

Cool.

My 2004 Honda Accord Coupe V-6 Leather, Dual Exhaust, currently 120k miles, riding like day purchased… serves this evil doc very well ;)

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Comment by Blue Skye
2011-12-23 13:41:28

That depends entirely upon how you define your necessities and lifestyle. The problem for most people is that they are insatiable and short sighted.

 
 
 
Comment by GEG
2011-12-23 10:38:12

It’s like renting furniture versus buying furniture. You can pay a lower rate monthly, in perpetuity. Or you can present the money up front and in a few years, save the money you would have spent on furniture.

_________

You’d be right if mortgages were at 30% which is what renting furniture costs.

With mortgages at 3.5%, the calculation is a wee bit different.

 
Comment by Hwy50ina49Dodge
2011-12-23 12:01:52

IDK, x1200 3bdrm home$ on 26 acres… :-/

The 26-acre neighborhood-in-progress is being designed to include car-free pedestrian zones, courtyards and landscaped grounds, while the planned underground parking means vehicles will be stowed tidily out of sight.

The new district, Strand East, will include 1,200 homes, of which about 40 percent will have three or more bedrooms.

IKEA is Assembling its Own London Neighborhood
By Colleen Kane, CNBC com / December 22, 2011

IKEA is going into the business of selling walls, floors and roofs, in addition to furniture, housewares and rugs.

Inter IKEA Holding Services, the intellectual property owners of the home-goods retail monolith, recently announced plans to build an entire neighborhood in Stratford, East London, just south of the Olympic Park, where the 2012 Olympics will take place.

Comment by oxide
2011-12-23 13:18:22

Any bets as to how long the houses will last until they fall apart?

Comment by polly
2011-12-23 19:55:46

I have an IKEA bookcase that is over 20 years old, but a house is a heck of a lot more complicated than a book case. Anything with drawers has not lasted as well. And the bookcases don’t have to deal with English rain.

 
 
 
Comment by In Colorado
2011-12-23 13:13:23

Yesterday, Mike said:

“Once upon a time, cars only lasted for 2-3 years.”

I would disagree with that. They might not have been as trouble free as today’s cars, but they did last longer than 3 years. My dad had a 64 Impala SS that he kept until 1972. It ran fine.

Comment by X-GSfixr
2011-12-23 13:40:26

Right up to the time the dreaded “GM nylon toothed timing gear failure” set in? :).

(Really, GM……WTF were you guys thinking??)

Signed……..Former 1965 Impala SS owner.

Comment by Carl Morris
2011-12-23 22:56:10

Back in the early 80s my dad bought a somewhat wrecked 69 427 Impala SS for the motor. We found a lot of those nylon chunks in the oil pan when we took it apart, but it was still running when it came out…

 
 
Comment by Blue Skye
2011-12-23 13:46:26

My ‘60 Chevy was a tank. IIRC, the timing chain got replaced in the driveway with the engine in the car. The car didn’t wear out exactly, but failed to negotiate a wet mountain road in Maine during its second decade.

Comment by Moman
2011-12-23 14:26:28

Generally the body rusted out long before the drivetrain was shot. I’ve driven 3 GM cars near 200k without major repairs. Intend to do it again, current GM at 118K and going strong.

 
 
Comment by bink
2011-12-23 16:19:54

My family had a bright yellow ‘72 pinto station wagon that lasted well over 300k miles before I destroyed it learning to drive. In spite of its reliability, it was not missed by myself or my siblings.

 
 
Comment by X-GSfixr
2011-12-23 15:09:02

Question: Why are the PTB so anxious to start a war with Iran, when all they want is nukes like the rest of the “big boys”?

Ask yourself: What is the most likely US target of a Iranian nuke? New York? Washington? North Platte, Nebraska?

(Frankly, hitting North Platte would probably put a bigger dent in the Main Street economy than either NYC or DC……but I digress)

I say “Probably A or B”.

IOW a “win-win” situation.

Comment by evildocs
2011-12-23 15:56:32

—-IOW a “win-win” situation.—-

Guess you don’t have any loved ones in town, so it doesn’t matter. Selfish.

 
Comment by Prime_Is_Contained
2011-12-23 17:20:45

Careful, X…

That sounds like you are with the terrorists. Now you can be indefinitely detained.

 
 
Comment by Neuromance
2011-12-23 16:13:41

Q&A with John Bogle:

Bogle: Investment should be taxed less than ‘gambling’
By Mark Jewell, Associated Press
Updated 2h 42m ago

Q: What do you think about the ongoing discussion over tax fairness?

A: I believe the rich should pay more, but that’s not a good platform for tax policy. What has gone wrong is that we’ve failed to recognize the difference between earned income and unearned income. Is it really fair for gamblers on Wall Street to pay a 15% rate when they make a winning investment, and an honest working person — a bricklayer for example — may pay an equal or higher tax on their wages than a gambler? That’s absolute absurdity.

http://www.usatoday.com/money/perfi/funds/story/2011-12-23/bogle-markets-taxes/52195070/1

Comment by Anon In DC
2011-12-23 18:36:26

Yes of course it’s fair. Why? Because taxes are paid in DOLLARS not rates. But even more fair if for all income to be taxed at the same rate. Get the government of of social / economic meddling.

 
 
Comment by Realtors Are Liars®
2011-12-23 19:22:16

The market is booming(?)
But where are buyers?
Inventory is Looming,
Realtors Are Liars®

 
Comment by measton
2011-12-23 20:28:17

During the four weeks leading up to Christmas this year, an estimated $1.8 billion in merchandise will be shoplifted from U.S. retailers, according to The Global Retail Theft Barometer, a survey of retailers worldwide. That’s up about 6 percent from $1.7 billion during the same period last year.

Sticky fingers are common during the holidays. The crowded stores and harried clerks make it easier to slip a tablet computer into a purse or stuff a sweater under a coat undetected. But higher joblessness and falling wages have contributed to an even bigger rise this year. People steal everything from necessities (think food) to luxuries they can no longer afford (think electronics or Gucci purse).

Expect more of this. My thought is that the big box stores at some point will have to go to paid memberships and that the small mom and pop will do a better job guarding a small lot of goods than an underpaid wage slave guarding 10million dollars worth of tools.

finance.yahoo.com/news/tis-season-steal-172713254.html

 
Comment by Realtors Are Liars®
2011-12-23 20:57:07

Freddies dead…… that’s what I said.

 
Comment by jeff saturday
2011-12-24 04:57:27

Merry Christmas Hwy, Colorado and the rest of my HBB friends who look at the world from a different angle than I do.

“Little Drummer Boy”

House, they sold me
Boy, we, sure, are, dumb
A neg-am loan it was
Boy, we, sure, are, dumb
They pumped the prices up
Boy, we, sure, are, dumb
There was no down payment
Boy, we, sure, are, dumb

The bankster sold this loan
Boy, we, sure, are, dumb
He took huge bonuses
Boy, we, sure, are, dumb
Financial markets crashed
Boy, we, sure, are, dumb
We, sure, are dumb
We, sure, are dumb

So to honor him
Boy, we, sure, are, dumb
We print more cash for him
Boy, we, sure, are, dumb
More bonuses for him
Boy, we, sure, are, dumb
We, sure, are dumb

Then we bought back these loans
Boy, we, sure, are, dumb
They still service these loans
Boy, we, sure, are, dumb
The banksters livin large
Boy, we, sure, are, dumb

I don`t get it
I guess, I am, dumb
The Fed don`t sweat it
I guess, I am, dumb
Bankers are skum
Bankers are skum

 
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