December 15, 2012

Bits Bucket for December 15, 2012

Post off-topic ideas, links, and Craigslist finds here. And check out Chomp, Chomp, Chomp by a regular poster!




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Comment by goon squad
2012-12-15 05:14:38

Drudge Report links:

Rush Limbaugh - Left Mobilizes to Politicize School Shooting

“Every such incident as this, even Hurricane Katrina, they tried to blame on Bush. We actually had people saying he didn’t care. He wanted to steer it if he could have to get rid of the population there. So we shall soon see. It won’t be long. Gabby Giffords shooting, you name it. Any incident like this. There was The Dark Knight Rises shooting in Aurora, Colorado. Brian Ross, ABC News, blamed it on the Tea Party. So it may sound a little hard-edged to say it, but I’m telling you, there are elements of the mainstream media who are doing everything they can, their number one objective is to see if there’s anything they can blame on conservative media or Republican policies or the Second Amendment. I don’t care what it is, you know that that’s coming. I just want to get it out there and prepare you for it.”

http://www.rushlimbaugh.com/daily/2012/12/14/left_mobilizes_to_politicize_school_shooting

Breitbart - Bloomberg: Obama Must Take ‘Immediate Action’ Against Guns

“If Bloomberg’s deepest sympathies were with the family, he wouldn’t use this as an opportunity to get on his soapbox about gun control. We don’t know all the facts of the case yet, Connecticut has some of the most restrictive gun control laws in the country, and it seems that the shooter obtained his guns legally.”

http://www.breitbart.com/Big-Government/2012/12/14/Bloomberg-politicizes-shooting

Breitbart - Boston Mayor Menino: Time For ‘National Policy on Guns’

“There is no law on earth that can take tragedy out of our future. The guns used today were apparently semi-automatic, not automatic. And as for the loopholes in the law, there is no evidence of any loopholes exploited by the perpetrator. As mentioned, Connecticut has some of the most stringent gun laws in the nation — which is why Menino is calling for a national gun policy, since he clearly can’t blame Connecticut’s gun policy.

But all of that won’t stop the radical left from politicizing the shootings with minutes. And it hasn’t.”

http://www.breitbart.com/Big-Government/2012/12/14/Menino-gun-control

And a link titled ALEX JONES: ‘THE FIX IS IN, THEY’RE COMING FOR OUR GUNS’…

http://www.youtube.com/watch?feature=player_embedded&v=2h1QNTQDnoU

Comment by Cantankerous Intellectual Bomb Thrower™
2012-12-15 07:50:51

“Left Mobilizes to Politicize School Shooting”

Right mobilizes to show they still pander to bloviating bigots.

Comment by Anon In DC
2012-12-15 08:10:45

How many school shootings were there in the 1970s? 1960s? 1950s? etc.. It’s not the guns.

Yet calls for more gun control from Obama*, Bloomberg, Menino (mayor of Boston) etc… All of whom happily surround themselves with armed security details.

Dem. lawmaker: To get gun control, Obama must ‘exploit’ shooting
http://www.washingtontimes.com/news/2012/dec/14/dem-lawmaker-get-gun-control-obama-must-exploit-sh/

*President Photo Opp. could not wait even one day to jump in front of the cameras.

Comment by Cantankerous Intellectual Bomb Thrower™
2012-12-15 08:19:52

“1960s?”

It was open season on “progressives”:

1. MLK
2. JFK
3. Bobbie Kennedy

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Comment by ahansen
2012-12-15 10:34:20

Kent State.

 
Comment by ahansen
2012-12-15 10:49:35

School shootings in the US have been remarkably consistent since the 1900’s, with about fifty students killed in schools every year and a dozen mass incidents a decade. The fifties and sixties were just as rife with psychopaths as the seventies and eighties onward.

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

 
Comment by Ben Jones
2012-12-15 10:55:13

‘School shootings in the US have been remarkably consistent since the 1900′

OK, but this isn’t all school shootings. Last week there was a shooting at a mall in Oregon. The guy who shot people at a Sikh temple, the movie theater shooting. There was the one in Tucson, and at Ft Hood. And the one last year in Afghanistan where the US soldier allegedly went house to house for three hours. I’m probably missing others.

 
Comment by ahansen
2012-12-15 11:22:08

Agreed, Ben. Rampaging is part of our genetic makeup; right up there with mob violence, warmaking, and in its more refined form, team sports competitions and popular entertainment media. The impulse is there in all of us. More disturbingly, we celebrate it.

Except when the individual does it….

 
Comment by nickpapageorgio
2012-12-15 16:01:14

This violence will stop when these cowards start getting mowed down by adequate security, armed citizens or close by police officers. Hell, I have no kids but I would volunteer one or two days a week of free security for any neighborhood school. Why not call on retired military, retired police or security professionals to donate time?

Gun free school zone signs won’t do the trick.

 
Comment by Carl Morris
2012-12-15 18:05:12

This violence will stop when these cowards start getting mowed down by adequate security, armed citizens or close by police officers.

I’m not so sure about. It seems that they want to die…they just want to take others with them. Even if we mow them down, the most that will do is maybe reduce the body count. I wonder if instead there’s a way of creating less people who hate life and humanity.

 
Comment by nickpapageorgio
2012-12-15 19:27:05

Some will see that it’s not as lucrative….in terms of deaths per incident. Less chance of making the news cycle. Or…we can continue to produce a culture of victims hiding in closets and begging for their lives.

 
Comment by tresho
2012-12-15 19:35:36

I wonder if instead there’s a way of creating less people who hate life and humanity.
Sure, easy-peasy. Exterminate the human race. After that there definitely won’t be any human left who hates life & humanity, and no way to make any more either. Not a realistic wish when carried to extremes or a realistic solution.

 
Comment by skroodle
2012-12-15 21:28:41

If we did like the guys who jump on the field during baseball games(camera operators immediately point the cameras to the sky and the announcers talk about something else), it would put a stop to these acts.

These guys want to be famous and on the front page of every newspaper and on every news broadcast.

 
 
Comment by whyoung
2012-12-15 08:42:56

“How many school shootings were there in the 1970s? 1960s? 1950s? etc.. It’s not the guns.”

Were assault weapons available to civilians back then?

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Comment by Carl Morris
2012-12-15 10:13:42

Civilians have owned semi auto rifles with large capacity magazines at least since the 20s, I think. Some of them were even full auto (think Tommy-gun) until those became highly regulated. So we’re getting close to 100 years.

 
Comment by moral hazard
2012-12-15 10:16:00

“How many school shootings were there in the 1970s? 1960s? 1950s? etc.. It’s not the guns.”

“Were assault weapons available to civilians back then?”

Full auto weapons were available to civilians back then.

The restrictions on full-auto firearms are a result of the Hughes Amendment (99th Congress, H.AMDT.777). The amendment prohibited the general public from possessing fully-auto firearms manufactured after May 19, 1986. Rep. William Hughes (D-N.J.) proposed the amendment late in debate and at night when most of the members of the House were gone. Rep. Charles Rangel (D-N.Y.), a long proponent of gun control, was presiding over the House at that time and a voice vote was taken. Despite the fact that the bill appeared to fail, Rep. Rangel declared the amendment approved and it was incorporated into House Bill 4332. Once passing the House, H.R.4332 was incorporated in its entirety into S.49. The Senate passed the final S.49 on April 10, 1986 by voice vote and it was signed by the President on May 19, 1986.

 
Comment by ahansen
2012-12-15 10:40:12

Gun control was first instituted by individual rights hero, Governor Ronald Reagan, in the early 1970’s in response to Black Panthers who (legally) marched into the in-session first day of the California Assembly at the Capitol Building in Sacramento bearing AK47’s and Mini14s.

See: Mulford Act

 
Comment by alpha-sloth
2012-12-15 14:28:27

Gun control was first instituted by individual rights hero, Governor Ronald Reagan,

Cognitive dissonance alert!

 
Comment by nickpapageorgio
2012-12-15 16:03:21

“Were assault weapons available to civilians back then?”

What exactly is an assault weapon? If you mean semi-automatic, yes.

Don’t forget, if I assault you with any weapon, ballistic or non ballistic, that weapon becomes an assault weapon.

 
Comment by Ryan
2012-12-15 19:59:34

Nick,

You are asking people who have likely never seen one let alone fired one. Good luck.

 
Comment by Al
2012-12-15 20:45:30

An assault weapon is a firearm designed to kill people, as apposed to a firearm designed to hunt animals or put holes in paper targets. High rates of fire, large magazines, bayonet mounts and the like are sure signs.

The general public doesn’t need assault weapons.

 
Comment by Carl Morris
2012-12-15 20:59:58

The general public doesn’t need assault weapons.

Nope. Not until right up to the moment when they them really badly.

 
Comment by Ryan
2012-12-15 21:00:11

This is such a misnomer.

Rates of fire: I can fire an AK full auto and be lucky to hit anything from 25 meters out on full auto. Switch to select fire and I am much more accurate.

Large Magazine: I can take a weapon with a large magazine and stand across the room from you and miss you because I fire quickly, knowing I have a lot of rounds. I can sit across a field from you with a scoped, bolt-action rifle and end your day with a single pull of the trigger.

Bayonet mount: Whether I have a bayonet mount or not, why would I jab you with a bayonet if I still have ammo? If I wanted to stab you, why would I mount a knife on my gun to do it?

Why is this an assault weapon?

Another to consider:
Caliber of ammunition: The ‘assault weapon” you are thinking of in your mind fires a very small round. There are much larger rounds, which create much larger wound channels available to the public. Why is this your concern?

This whole discussion about “assault weapons” is arbitrary. People need to stop and realize that this world is not always necessarily a nice place, full of good people, where good things happen. Trying to create new rules isn’t always the answer. Sometime you just need to embrace the suck.

 
Comment by Al
2012-12-15 21:29:20

It’s hardly arbitrary. We’re talking weapons designed for soldiers to kill other soldiers. They don’t belong in the hands of anyone else. It’s easy enough to label certain fire arms as such.

If you put that AK with a large mag on auto and fire into a crowd, you’ll hit a lot. A hunting rifle won’t do as much damage. And many of the crazies will spend time learning to be accurate. Instead of taking time to aim and killing one at a time, they can spray a crowd. The bayonet mount is just a potential feature of an assault weapon.

Your mentioning calibre brings a up a good point. How would you feel about having 50 calibre machine guns floating around? Are they fair game?

As a business guy, I like to think in terms of cost-benefit. What possible benefit is it to have assault weapons in the hands of the general public? The costs, by contrast, can be significant.

 
Comment by Carl Morris
2012-12-15 23:25:27

What possible benefit is it to have assault weapons in the hands of the general public?

If we reach the point of being forced into another American revolution, we’ll need the populace to have all the firepower they can possibly get.

 
 
Comment by alpha-sloth
2012-12-15 14:25:30

How many school shootings were there in the 1970s? 1960s? 1950s? etc..

Well, there was that guy who shot 48 people at UT in 1966. Does that count?

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Comment by tresho
2012-12-15 19:41:00

Does that count?
Not in my book. Charles Whitman just happened to use a building on the UT grounds as a vantage to shoot whoever he could.

 
Comment by tresho
2012-12-15 19:42:00

I am still grateful I changed my mind about bicycling to the UT library that day.

 
Comment by alpha-sloth
2012-12-16 04:26:29

Charles Whitman just happened to use a building on the UT grounds as a vantage

And in the current slaughter the gunman apparently just chose the elementary school for dramatic effect. He didn’t work there, had no ties to it.

What’s the diff?

 
 
 
 
Comment by aNYCdj
2012-12-15 08:53:56

Maybe its time to put mental patients away for a long time???

Ok Geraldo’s exposing Willowbrook was key to reform

How about re-purposing the military bases for storage of these people? The costs would be minimal since the infrastructure is still there.

You have housing cooking ,space, recreation, security high walls and how many people break INTO a mental institution….

Say Our own Guantanamo base in North Carolina… holds thousands…and the homeless have a safe place too…

Comment by Ben Jones
2012-12-15 09:30:32

‘How about re-purposing the military bases for storage of these people?…Say Our own Guantanamo base in North Carolina… holds thousands’

This is an appropriate place to put some thoughts I have on the subject. I’ve got no conclusions, just some points to think about.

‘From Euripides to Shakespeare to Hitchcock, criminal madness has played a central role in the most popular and influential media of the day. This is, perhaps, not surprising. Not only is criminal madness an intrinsically powerful melodramatic plot device, it touches upon fundamental social and psychological issues central to cultural conceptions of justice, proper social organization, and the self.’

‘Far less has been written about the cultural iconography of criminal madness—that is, the array of images, narratives, and symbols that popular culture deploys to enable it to tell stories about the kinds of disturbances to the social order that result from “madness” (however that concept is defined).’

Consider this:

‘In the New York Times on Sunday, Frank Bruni wrote: “I’m betting that Dick Cheney will love the new movie ‘Zero Dark Thirty.’” That’s because “‘enhanced interrogation techniques’ like waterboarding are presented as crucial” to finding America’s most hated terrorist.”

‘Bruni explains: “[I]t’s hard not to focus on them, because the first extended sequence in the movie shows a detainee being strung up by his wrists, sexually humiliated, deprived of sleep, made to feel as if he’s drowning and shoved into a box smaller than a coffin.”

“New York Magazine’s David Edelstein just named it the best film of 2012…he notes: “It also borders on the politically and morally reprehensible. By showing these excellent results — and by silencing the cries of the innocents held at Abu Ghraib, Bagram, and other ‘black sites’ — it makes a case for the efficacy of torture.”

I’m not saying what the chicken or the egg is here. But think about this; the zombie thing has dug into our culture. What is it at it’s basic form; ‘normal’ non-zombies, killing a whole bunch of formerly human zombies, and feeling pretty darn good about it. It’s hard to miss the us versus them part, and the glee taken in violently killing humanoid forms.

I posted before about the phenomenon of soldiers in Afghanistan wearing a popular zombie killers patch on their uniform. Does anyone remember the soldiers taking photos of themselves urinating on the heads of dead Afghans? And has the media made much of the trial going on right now of the US soldier that allegedly killed 19 innocent Afghans last year, including youth who pleaded with him that they were ‘just children’ before he shot them?

Does anyone remember when Dirty Harry was a really violent movie? Now compare that to Kill Bill, parts one and two, which is basically a revenge movie that makes you feel pretty damn good about Uma Thurman killing those SOB’s.

Look at what’s going on in Mexico. In any other era, the world would be turned upside down by such violence. But now you can find mariachi music glorifying it, played to youtubes of beheadings. Jeebus people, some of this stuff is gonna stick.

I don’t know what all this means. I was horrified when, post 9/11, people would get on TV and say, not only should we torture people, we absolutely must. I can’t see the justification for killing a hundred people at a wedding to get one bad guy. But I’ll say this; some of the mass murderers probably have a justification for what they are doing. And maybe the root is this violence is lurking in places most aren’t considering today.

Comment by tj
2012-12-15 09:45:33

But I’ll say this; some of the mass murderers probably have a justification for what they are doing. And maybe the root is this violence is lurking in places most aren’t considering today.

profound, original and true.

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Comment by ahansen
2012-12-15 10:57:50

The root is lurking in our DNA — all of ours. In earlier times, the violent psychopath would become chieftain. But through the civilizing mesh of socialization and regressive benefit to the whole they simply become heads of TBTF financial institutions.

 
Comment by tresho
2012-12-15 16:59:35

Any estimates on the relative numbers of innocent people killed by small arms fire / hand weapons in 2 categories: (1) perps were bands of armed men commanded by dictators or warlords (from Genghis Khan to Saddam) and (2) perps were criminally insane like the most recent one in the news.
Don’t count battle deaths & forget about dronezaps. Just consider hand-held weapons.
I would guess the ratio is at least 99:1 in favor of warlord induced killing. Handwringing & grief expressed over the death toll is probably a billion to 1 the other way.

 
Comment by tresho
2012-12-15 17:01:52

In earlier times, the violent psychopath would become chieftain.
You have omitted all the other violent psychopath would-be chieftains rubbed out & removed from history by the ultimately successful psychopath, the one whose strong arm defeated his competitors.

 
Comment by Resistor
2012-12-15 18:34:54

” In earlier times, the violent psychopath would become chieftain.”

Yes, and in those times Lanza would have bravely chased a bison off a cliff while hunting.

 
Comment by tresho
2012-12-15 19:38:23

bravely chased a bison off a cliff
His tribe would most likely have either ostracized him or done him in. Or perhaps he would have gone on a vision quest & died of exposure or starvation while pushing himself a little farther than was compatible with life. I don’t think Lanza would have made a very good Genghiz Khan, got to have yourself together to do that.

 
 
Comment by Salinasron
2012-12-15 09:49:00

If I’m not mistaken a man in china the day before attacked 22 kindergarten students with a knife. Gee, let’s ban knives!

We live in a society where everyone loves the kitty, the puppy but hates the dog, hates the cat when they can’t get it to conform. We love the little children and hate them as young adults when they don’t conform, and we kill them them before they are born because we don’t want to interrupt our life style of sex without responsibility! Passing more laws is not the solution, nor is throwing more money at the problem.

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Comment by alpha-sloth
2012-12-15 14:42:42

Speed Kills
What’s the lesson of the Connecticut school massacre? The faster the weapon, the higher the body count.

This morning, a madman attacked more than 20 children at an elementary school in China. As of this writing, there are no reported fatalities.

A few hours later, a madman attacked an elementary school in Connecticut. As of this writing, 20 of those kids are dead.

The difference? The weapon. The madman in China had a knife. The madman in Connecticut had a semi-automatic rifle.

Look up the worst school massacres in history, and you’ll see the pattern. Madmen are everywhere. They strike without regard to gun laws, mental health care, or the national rate of churchgoing. They’ve slaughtered children in every country you’d think might have been spared: Scotland, Germany, Canada, Brazil, Finland, Japan. They’ve falsified every pet political theory about what kind of culture or medical system or firearms legislation prevents mass murder.

But one pattern holds true: The faster the weapon, the higher the body count. It’s not politics. It’s logistics. If you stick a knife in your first victim, it takes time to move on to your second. You might need two stabs or more to finish off the first kid. By then, the other kids have begun to flee. Soon, the cops will be here. How much time do you have? At some point, it’s time to off yourself. And all you managed to kill were two lousy kids because the only weapon you had was a kitchen knife.

Google “knife control” and you’ll find legions of gun-control skeptics comparing U.S. firearm attacks to Chinese knife attacks. In the past two years, there’s been an epidemic of knife attacks on Chinese schools. Some of them show up on Wikipedia’s list of school massacres. But none crack the top 10 because the body counts never rise above single digits. It’s just too hard to kill that many people, even little kids, with a knife.

Guns do more damage. Look down the list and you’ll see gun after gun after gun. But not all guns are equal. I’ve gone through the 25 worst massacres on the chart, and nearly every shooter had a semi-automatic weapon. The one exception was a guy who had speedloaders and a bandolier so he could keep firing…

http://www.slate.com/articles/news_and_politics/human_nature/2012/12/connecticut_school_shooting_semi_automatic_weapons_and_other_high_speed.html

 
Comment by Ryan
2012-12-15 16:11:20

Timothy McVeigh, without firing a single shot, killed 168 people. All he needed was diesel and fertilizer.

 
 
Comment by Combotechie
2012-12-15 10:03:26

“I posted before about the phenomenon of soldiers in Afghanistan wearing a popular zombie killer’s patch on their uniform. Does anyone remember the soldiers taking photos of themselves urinating on the heads of dead Afghans?”

As discussed here once before, once a soldier “goes there” and “does that” there is, for him, no going back.

For him and everybody associated with him.

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Comment by alpha-sloth
2012-12-15 14:45:01

once a soldier “goes there” and “does that” there is, for him, no going back.

What about those hundreds of thousands of soldiers who came back from WW2 to live mostly normal lives?

 
Comment by Ben Jones
2012-12-15 15:11:41

‘who came back from WW2′

‘Once-Censored WWII Documentary Shatters Cliches’

‘Their conditions manifested in such maladies as stuttering, nervous tics, paralysis, amnesia, and social phobias, leading them to an 8-week stint in one of these huge Army hospitals. Huston and his crew had done such a wonderful job of drilling down 75 hours of interviews between the Army psychiatrists and their patients — exposing at a rare level (at least at that time) the pain, the sense of isolation, guilt, and melancholy these men brought home from them the war — that the Army simply banned “Let There Be Light” and kept it from public view for the next 30 years.

The Army was so frightened that the film would hurt recruitment that when Huston tried to screen it for his friends at the Museum of Modern Art in New York City, a couple of military police came and seized it, supposedly on the pretense that the film would violate the privacy of the vets involved. The War Department claimed the releases signed by the men had been lost, but the Army never attempted to get new ones. In Huston’s words:

” We then pointed out that, though the film indeed represented a deeply personal investigation into the innermost lives of these men, nothing was disclosed which might cause them to be ashamed. We proposed asking them individually to write letters of clearance, but the War Department said no. The authorities had made up their minds.”

So the documentary was locked up in a vault, along with some of the most truthful reflections of the war and the human psyche captured on film up to that time.

http://www.theamericanconservative.com/once-censored-wwii-documentary-shatters-cliches/

 
Comment by alpha-sloth
2012-12-15 15:33:56

I don’t doubt for a second that many people were warped by their combat experiences in WW2. But many more came back to lead very normal lives.

I was disputing combo’s “once you see combat, you’re forever freaked” dictum. Seeing combat in your youth/early manhood has probably been the norm for most of human history.

 
Comment by Combotechie
2012-12-15 16:17:45

“Once you see combat, you’re forever freaked”

Yours words, not mine.

 
Comment by alpha-sloth
2012-12-15 16:51:48

Yours words, not mine.

What does ‘no going back’ mean, then?

 
Comment by tresho
2012-12-15 17:29:05

many people were warped by their combat experiences in WW2. But many more came back to lead very normal lives.
A huge number of people warped by combat go on to lead what appear to be normal lives. Those lives just LOOK normal. You haven’t interviewed enough combat vets, or even vets who saw combat for a distance that was a bit safer.
Screaming nightmares that regularly wake up the spouse, recurrent over many months, seem to be common sequelae. Just my observation.

 
Comment by Ben Jones
2012-12-15 18:06:26

‘Seeing combat in your youth/early manhood has probably been the norm’

Yes, war is normal, say worshipers of the state.

‘In times of peace, we usually ignore the State in favour of partisan political controversies, or personal struggles for office, or the pursuit of party policies. It is the Government rather than the State with which the politically minded are concerned. The State is reduced to a shadowy emblem which comes to consciousness only on occasions of patriotic holiday.’

‘Government is obviously composed of common and unsanctified men, and is thus a legitimate object of criticism and even contempt. If your own party is in power, things may be assumed to be moving safely enough; but if the opposition is in, then clearly all safety and honor have fled the State.’

‘With the shock of war, however, the State comes into its own again. The Government, with no mandate from the people, without consultation of the people, conducts all the negotiations, the backing and filling, the menaces and explanations, which slowly bring it into collision with some other Government, and gently and irresistibly slides the country into war.’

‘The moment war is declared, however, the mass of the people, through some spiritual alchemy, become convinced that they have willed and executed the deed themselves. They then, with the exception of a few malcontents, proceed to allow themselves to be regimented, coerced, deranged in all the environments of their lives, and turned into a solid manufactory of destruction toward whatever other people may have, in the appointed scheme of things, come within the range of the Government’s disapprobation. The citizen throws off his contempt and indifference to Government, identifies himself with its purposes, revives all his military memories and symbols, and the State once more walks, an august presence, through the imaginations of men.’

‘The patriot loses all sense of the distinction between State, nation, and government.’

‘The State is the country acting as a political unit, it is the group acting as a repository of force, determiner of law, arbiter of justice…Wartime brings the ideal of the State out into very clear relief, and reveals attitudes and tendencies that were hidden. In times of peace the sense of the State flags in a republic that is not militarized.’

‘For war is essentially the health of the State.’

‘The ideal of the State is that within its territory its power and influence should be universal.’

http://www.antiwar.com/bourne.php

 
Comment by alpha-sloth
2012-12-15 18:36:07

‘For war is essentially the health of the State.’

Perhaps. But prior to the state was ‘war of all against all’. And since the invention of the state, there has been no shortage of war. Some form of war seems to be our natural state. If anything, the invention of the state was probably mainly due to our mutual desire for protection and advantage in this eternal war.

I’m not saying this warlike tendency is a good thing, but perhaps it is. It may be one of the driving forces that helps us evolve. We’re debating on the internet, which probably wouldn’t exist if not for the competition of the Cold War. Penicillin has saved many more people than were lost in the war that led to its invention. Evolution moves in mysterious ways.

 
Comment by Cratering Global Housing
2012-12-15 19:00:31

Yes, war is normal, say worshipers of the state.

ZINGGGGGGGGGGGGGGGGGGGGGGGG!

 
Comment by jane
2012-12-15 19:44:53

Dudgeon, never have seen it, but thanks for the tip on a good flick! I declare, I get more tips here on this blog about good things to read, watch and lissen to! I don’t exactly have time to go out and suss ‘em out on my own.

Thanks to all of you, respected members of the HBB community.

 
Comment by tresho
2012-12-15 19:45:50

Yes, war is normal, say worshipers of the state.

ZINGGGGGGGGGGGGGGGGGGGGGGGG!
No credit for truisms. Nothing profound or ‘zingy’ here. War is normal, and not just to ‘worshipers of the state.’

nor·mal
/ˈnôrməl/
Adjective
Conforming to a standard; usual, typical, or expected.
Noun
The usual, average, or typical state or condition.
Synonyms
adjective. regular - standard - ordinary - common - usual
noun. normality - normalcy - perpendicular

Well, leave out the ‘perpendicular’ part

 
Comment by Cratering Global Housing
2012-12-15 19:59:56

Nonsense.

Organized violence, i.e., war is no more “normal” than violence between two individuals.

Learn what war is before you claim it “normal”.

 
Comment by alpha-sloth
2012-12-16 04:30:14

Organized violence, i.e., war is no more “normal” than violence between two individuals.

If peace is normal, then why is it such a rarity?

 
 
Comment by DudgeonBludgeon
2012-12-15 10:04:29

Has anyone here seen the film ” Unthinkable”?
I caught it by chance on cable and have never seen it showing since. It really is a disturbing film. I can imagine why it’s not shown.
http://www.imdb.com/title/tt0914863/

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Comment by Ben Jones
2012-12-15 10:15:53

Are these films a reflection of society, or the other way around? Do they make these things because we want them? Why are they so popular? I don’t have the answers.

Is this all a reaction to feelings of decline, or helplessness? It’s interesting that today the US govt sees the use of force or control as a first reaction to almost any event. Is that a reflection of what most people want?

 
Comment by tj
2012-12-15 10:27:19

Is this all a reaction to feelings of decline, or helplessness?

helplessness in the face of perceived injustices. anger about the helplessness. hatred towards everyone they think is involved. what better way to get revenge in a society that one hates, than to kill innocents, especially innocent children.

 
Comment by ahansen
2012-12-15 11:04:36

Dudgeon,

Yes, I saw it as well and found it profoundly disturbing for the dissonance it forces us to confront in our conflicting emotions. Too Honest For Television. Similarly, “Five Fingers” appears on cable every now and then, inducing much of the same squirm factor. Each highly recommended, not so much for the production values (although FF has an extraordinary soundtrack) as for the self-induced sermon.

 
 
Comment by Bluestar
2012-12-15 10:30:07

One of my favorite SiFi movies was the 1956 classic Forbidden Planet. The memorable line “Monsters from the id!” seems especially enlightened. It’s a feature, not a bug. Every human has this sub-conscience capability to inflict pain and death on their fellow man. Powerful feelings of fear, anger and revenge lurk just below the facade of civilized society. The Krells had their Great Machine which could materialize an indestructible monster. Luckily all we have semi-automatic guns.

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Comment by tj
2012-12-15 10:58:02

Luckily all we have semi-automatic guns.

at least guns can be used for self-dense. we have much more terrifying technology that there’s no defense against. people with BS degree in bio-science can make bugs that there’s no defense against and will spread silently before one even knows they’ve infected or spread it. new bugs that could be spread through the air, like the common cold would be impossible to stop.

there are people that would willingly use those things because they falsely believe that there are too many people on the planet. in truth, all our pollution and food problems can be solved with science and technology. and the more people we have working, the more we will be able to build space based defenses against comet or asteroid impacts. we can’t do those things without a growing population.

 
Comment by ahansen
2012-12-15 11:08:14

“Self-dense”. Excellent!

Here’s another self-dense individual who thought his extensive home arsenal would protect him from the ravaging hoardes:

“… The police called out through a bullhorn that they were there looking for illegal firearms and narcotics, then stormed in, breaking open doors with sledgehammers, handcuffing four security guards, and shooting a guard dog dead.

Inside, the cops found $20,000 in cash, a lab stocked with chemistry equipment, and a small armory’s worth of firearms: seven pump-action shotguns, one single-action shotgun, two 9-mm. pistols, 270 shotgun cartridges, 30 9-mm. pistol rounds, and twenty .38 rounds. Vexingly for the police, all of this was actually legal….”

http://gizmodo.com/5958877/secrets-schemes-and-lots-of-guns-inside-john-mcafees-heart-of-darkness

 
Comment by Bill in Los Angeles
2012-12-15 11:50:45

Tj, you must have read Clancy’s “rainbow Six.” scary premise. But yes I think there are people who think the world has too many humans and they actually want extermination. Maybe that is what was in the killer’s twisted mind at that school. Also in China. Since 2010, 20 Chinese school children were killed by similar mass attacks, not by guns, but by knifes. An additional 50 Chinese school children were I juried in those attacks. The perps were not other kids, but adults. Just as sick as that killer in Connecticutt.

 
Comment by tj
2012-12-15 12:02:05

you must have read Clancy’s “rainbow Six.”

no, i haven’t.

But yes I think there are people who think the world has too many humans and they actually want extermination.

i fear there are many.

Since 2010, 20 Chinese school children were killed by similar mass attacks, not by guns, but by knifes. An additional 50 Chinese school children were I juried in those attacks.

i think Ben is correct that we’re not looking in the right places for the cause.

 
Comment by ahansen
2012-12-15 12:04:06

I’m betting the shooter thought he was doing the little kids a favor by saving them from a life like he’d experienced. Or perhaps it was to punish the legacy of the teacher-parent who had hurt him.

In any case, the murdered children were simply pawns in a larger game, not the point of it.

 
Comment by el cabezon
2012-12-15 12:15:14

It’s wash,rinse,repeat time folks! Just as with Columbine,VTech,Aurora,Tucson,etc,etc. There will be: Shock,Horror,Anger,Debate,More Debate,Tear Jerking Memorial,Teddy Bears and Candles,Razing of the School with Some park and “We will never forget” plaque. And then we will all go back to our “regularly scheduled programming” until the next boot stomps on the anthill. We are basically ants when it comes to this as we just rebuild the hill each time a boot stomps on it. It’s never improved, reinforced, or relocated. Mental Health is a long avoided issue in this country and it’s all coming home to roost. Somehow I recall a certain political party doing away with funding for dealing with mental health many years ago. Blowback is a terrible thing. This all blows over in a few months until another individual storms into another facility and blows away more people. Somewhere in the far future, archaeologists will unearth all of these monuments to massacre and ponder why there were so many and what they really did to solve anything.

 
Comment by oxide
2012-12-15 13:00:40

I’m not sure how gun control is going to solve this. If you ban semi-autos and limit the psycho to a 6-round revolver, then what? He’s still psycho. He’ll succeed in killing 6 people instead of 22. And if he carries 3-4 loaded revolvers, he’ll get his 22 anyway.

No, prevention needs to happen earlier on in the process.

 
Comment by nickpapageorgio
2012-12-15 16:07:15

“Here’s another self-dense individual who thought his extensive home arsenal would protect him from the ravaging hoardes:”

Your example sites a meth lab. Good Job on the progressive spin.

 
Comment by tresho
2012-12-15 17:43:51

I’m betting the shooter thought
My educated guess is the shooter wasn’t ‘thinking’ the way most readers of the HBB think of ‘thinking.’ He was acting out a shooter game protrayed countless times in his head, triggered by stage, screen & media including news items. Monkey see, monkey do, combined with whatever internal distress s/he had. Combined with going bats*t crazy.

 
Comment by GrizzlyBear
2012-12-15 18:01:00

I have never been for gun control, but there is something to be said for limiting magazine size, and perhaps having a serious discussion about semiautomatic rifles and pistols. If this guy had a bolt action rifle with a 5 shot magazine which he had to reload, there is no way he’d be pumping 11 rounds into each defenseless child. It would have given people time to get away from him, and the damages would have been far less.

When you’ve got an AR-15 with a 30 round clip backed by two semiautomatic pistols sporting similar capacities, you can lay waste to incredible numbers of unarmed humans in a short period of time. With a single-shot bolt action rifle, not so much. Let’s be honest here. These guns are good for one thing- killing humans. The biggest fear I have insofar as losing my guns has nothing to do with defending myself against bad people, but rather losing my defense against a rogue government.

 
Comment by Carl Morris
2012-12-15 18:16:28

The biggest fear I have insofar as losing my guns has nothing to do with defending myself against bad people, but rather losing my defense against a rogue government.

Therefore what?

 
Comment by Ryan
2012-12-15 20:06:05

What about 8-shot shotguns? What about compound bows with 12-arrow quivers? What about throwing knives?

 
 
 
 
Comment by talon
2012-12-15 09:08:39

As long as we’re posting links, here’s one to ponder:

http://listverse.com/2008/01/01/top-10-worst-school-massacres/

In the face of this horrific tragedy calls to “do something” in the form of passing some law or instituting a “policy” are understandable. But they only serve to undesrcore the fact that most people will do anything to avoid acknowledging a deep seated fear: that the world is often a violent, irrational place, and, in the end, there’s nothing to be done about that. The closing lines from one of my favorite movies sums it up rather well:

“The world has to be watched very carefully. It tends to go crazy from time to time”

 
Comment by BetterRenter
2012-12-15 17:37:34

Menino is calling for a national gun policy

Somebody needs to send Menino an email that there’s ALREADY a national gun policy, called the Second Amendment. And that policy is: The federal government shall not infringe on your right to keep and bear arms.

 
 
Comment by frankie
2012-12-15 06:29:26

I went to bed happy and drunk, I woke up happy and hung over; then I saw the news. My heart felt sympathy to the families and friends of the children and adults killed and injured by this waste of skin.

Comment by Cantankerous Intellectual Bomb Thrower™
2012-12-15 07:52:04

Stop politicizing a tragedy!

Comment by Anon In DC
2012-12-15 11:18:42

We politicizing politics. Maybe some solutions will be generated from the engagement. Does not mean we have less sympathy for the immediate victims and our fellow citizens.

 
 
Comment by oxide
2012-12-15 08:26:05

Thank you for your thoughts Frankie!

 
 
Comment by palmetto
2012-12-15 06:36:18

Could we dispense with gun control debates today? Please?

Comment by goon squad
2012-12-15 06:45:48

Too late. We posted what the Drudge Report chose to link to regarding this without commentary of our own. Whether the “debate” to follow is constructive or not is up to the HBB posters :)

Comment by palmetto
2012-12-15 07:04:46

Gee, thanks a pantload.

(Faint hope that HBB will ignore the subject)

Comment by moral hazard
2012-12-15 07:35:58

“Gee, thanks a pantload.”

http://www.youtube.com/watch?v=7hX3NrSVuYc - 148k - Cached - Similar pages
Feb 8, 2010 … 2010 Super Bowl XLIV ETrade Upgrade Commercial. … save me a pantload lol. Reply …. *E-Trade Baby Commercial Super Bowl 2010by …

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Comment by RioAmericanInBrasil
2012-12-15 09:10:50

Whether the “debate” to follow is constructive or not is up to the HBB posters

I don’t think there can be much of a debate on guns in this issue. I offer no debate but just an observation. It’s reported that the guns were registered to his mother. Assuming she was sane and not a criminal, that is her Constitutional right. That’s the way it is.

There are many positives coming from the right to bear arms and I would not make an effort to change it. But rights are not free, and we see that sometimes the price of our rights comes very dear. God please help those families.

 
 
 
 
Comment by Cantankerous Intellectual Bomb Thrower™
2012-12-15 08:36:58

I’m not suggesting this is the appropriate forum to debate what to do about the tragedy, but I disagree with those who say it is best to delay any discussion until the passion of the moment is gone.

Once the passion is gone, so is the impetus for meaningful action to make sure it never happens again. Just look at the Fall 2008 financial crisis, for a great example…four short years later, and the too-big-to-fail Wall Street Megabanks are bigger, more powerful and financially destructive than ever before. America missed the best chance since Andrew Jackson was president to collectively free ourselves from the shackles of debt servitude, and we blew it.

Comment by alpha-sloth
2012-12-15 15:01:13

America missed the best chance since Andrew Jackson was president to collectively free ourselves from the shackles of debt servitude, and we blew it.

What would have freed us from the shackles of debt?

Comment by tj
2012-12-15 15:17:51

What would have freed us from the shackles of debt?

an excellent question since every transaction involves debt, and you’re shackled by it until the debt is paid. (if i hand someone an animal hide, they owe me two spears[debt], until they actually hand them to me[paid]).

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Comment by BetterRenter
2012-12-15 17:41:25

America missed the best chance since Andrew Jackson was president to collectively free ourselves from the shackles of debt servitude, and we blew it.

CIBT, we blew it since we still (now as then in 2008) admit that the banks are out of control, and their monetary control of government is equally out of control. We can’t admit we woke up slaves on the continent our fathers conquered. We can’t admit we put the warnings of Thomas Jefferson and Dwight D. Eisenhower totally in our past, running full tilt into the problems they predicted for us.

We STILL can’t admit any of this. So we must suffer further. The delusion runs so deep that we’re decades away from meaningful socio-economic change.

 
 
Comment by Bill in Los Angeles
2012-12-15 09:08:17

Okay. I will quietly buy my “self-defense items and accessories” (guns and ammo) as well as my “tangibles” (gold). Oddly, the thugernment does not want is prey (oops citizens) to own any of that stuff.

Comment by mikeinbend
2012-12-15 10:04:49

“God please save our children”
God: “I am not allowed in the schools”

(from the Facebook page of my lovely mother-in law)

Comment by ahansen
2012-12-15 11:11:16

Typical whiney God response.

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Comment by tresho
2012-12-15 17:46:20

(from the Facebook page of my lovely mother-in law)

Typical Facebook stuff. SSDD.

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Comment by azdude
2012-12-15 06:55:11

I wonder how blackstone will like being a landlord? Do they take section 8?

Comment by palmetto
2012-12-15 07:48:02

Hah! You BET they take section 8. Otherwise I don’t think they’d be in the landlording biz.

 
Comment by Cantankerous Intellectual Bomb Thrower™
2012-12-15 07:54:23

I betcha they will take as much as Uncle Sam has to offer when it comes to the freebies…

 
Comment by Bigguy
2012-12-15 08:21:39

Section 8 is the floor and another giveaway/bailout of housing. Without it rents would collapse and investors would flee.

Comment by Combotechie
2012-12-15 08:32:38

With Section 8 tenants will flee.

Comment by Bigguy
2012-12-15 18:53:59

Hasn’t happened, it actually increases the pool of “tenants”

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Comment by moral hazard
2012-12-15 07:12:46

Principal reductions may be paid for by Hardest Hit Fund

By Kimberly Miller
Posted: 4:29 p.m. Thursday, Dec. 13, 2012
Palm Beach Post Staff Writer

Florida’s key foreclosure prevention program may use a portion of its $1 billion to pay down mortgage principal amounts for struggling homeowners, a controversial tactic that critics believe leads more people to default on their loans.

The plan, as described at a board of directors meeting this month, would partner the corporation with the non-profit National Community Capital group to cut principal balances enough to leave borrowers with 5 percent equity in their home.

Announced in 2010, the Hardest Hit program has allocated $7.6 billion to 17 states and the District of Columbia to help homeowners while they look for a job or better-paying employment.

Florida International University real estate professor Ken H. Johnson said he understands people who are paying their mortgage may be angered over principal reductions for defaulted homeowners, but that everyone benefits from fewer foreclosures.

Still, he said the state’s principal reduction plan will only work if the homeowners can afford to pay the reduced mortgage.

“The sentimental choice is to give it to people most financially stressed, but that’s probably not sound for the program,” Johnson said. “If they get the money, and they can’t make the payments, it will just end up back in foreclosure down the line.”

http://www.palmbeachpost.com/news/business/real-estate/principal-reductions-may-be-paid-for-by-hardest-hi/nTWLT/ - 90k -

Comment by Cantankerous Intellectual Bomb Thrower™
2012-12-15 07:56:22

Why the principle reductions for those fortunate enough to have accumulated the wealth to own a home? Why not focus on rental payments for those who are truly hard hit and cannot afford to own a home?

Comment by In Colorado
2012-12-15 08:31:51

Why not focus on rental payments for those who are truly hard hit and cannot afford to own a home?

Section 8?

 
 
 
Comment by moral hazard
2012-12-15 07:19:54

Updated: 6:05 a.m. Thursday, Dec. 13, 2012 | Posted: 8:00 a.m. Wednesday, Dec. 12, 2012

Florida Realtors discuss 2013 housing market with national economists

By Kimberly Miller

Palm Beach Post Staff Writer

ORLANDO —
In the fall of 2010, the chief economist for federal mortgage giant Fannie Mae bought a waterfront home in Cape Coral believing real estate prices in the west coast Florida town had hit bottom.

It was a good bet, said Doug Duncan, who spoke Wednesday at the second annual Florida Realtors Economic Forecast Conference. His Redfish Cove four-bedroom house has seen a value bump of 20 percent.

According to the Irvine, Calif.-based firm RealtyTrac, which publicly released its November numbers this morning, one in every 304 Florida homes received either an initial foreclosure notice, a notice of foreclosure sale or a notice of final bank repossession in November. That’s twice the national average and higher than both second-ranked Nevada (1 in 390), and third-place Illinois (1 in 392).

Maria Wells, a Martin County Realtor and secretary of Florida Realtors, said foreclosures and a recovering market aren’t mutually exclusive. With inventory statewide at just 5.2 months, even prices on foreclosed homes are going up.

In October, the average bank-owned home in Florida sold for $95,100, up from $84,350 from the same time in 2011.

“The days of buying a foreclosure for pennies on the dollar are over,” Wells said. “As soon as one is listed, it’s gone, so if there are foreclosures ready for the market, I say, ‘Bring them on.’ ”

http://www.palmbeachpost.com/news/business/real-estate/florida-realtors-discuss-2013-housing-market-with-/nTSmd/ - 95k -

Comment by Cratering Global Housing
2012-12-15 07:55:28

“The days of buying a foreclosure for pennies on the dollar are over,”

BWHAHAHAHAHAHAHAH!

Imagine…… corrupt pieces of $hit like realtors issuing edicts like this.

 
Comment by Cantankerous Intellectual Bomb Thrower™
2012-12-15 07:59:59

“The days of buying a foreclosure for pennies on the dollar are over,” Wells said. “As soon as one is listed, it’s gone, so if there are foreclosures ready for the market, I say, ‘Bring them on.’ ”

I say “Bring on the all-cash foreign and hedge fund investor-knife catchers, soon to be landlords.” This is fodder for future amusement, folks.

It concerns me because I thought housing would be too boring of a subject by now for us to discuss first thing in the morning before coffee. But with all the bubble reflation efforts underway, I am now thinking the amusement value may remain high for another decade.

Got popcorn?

Comment by tresho
2012-12-15 17:55:24

thought housing would be too boring of a subject by now for us to discuss first thing in the morning before coffee.
The Housing Bubble is like a gift that keeps on giving, a never ending source of education or at least humor.

 
 
Comment by Combotechie
2012-12-15 08:06:15

Unload them and they will come?

Comment by moral hazard
2012-12-15 08:09:50

“Unload them and they will come?”

:)

 
 
Comment by Blue Skye
2012-12-15 11:13:39

“even prices on foreclosed homes are going up”

Doesn’t sound like a market in “equilibrium” to me.

 
 
Comment by Cantankerous Intellectual Bomb Thrower™
2012-12-15 08:04:43

Can anyone explain the rational to me of handing people in excess of $100K in tax free income, merely because they are homeowners who struggle to pay their monthly?

Comment by Cantankerous Intellectual Bomb Thrower™
2012-12-15 08:05:54

Congress Urged to Save Expiring Mortgage Relief Tax Break
By Clea Benson - Nov 29, 2012 9:01 PM PT

Congress has been urged to extend a $1.3 billion federal tax break on write-offs of mortgage debt that may expire at the end of the year even as lenders are increasingly cutting loan principal to help troubled borrowers.

The Mortgage Debt Relief Act of 2007 enables borrowers to avoid paying income taxes on the amount of principal that’s forgiven as part of a loan modification or during a short sale in which they sell their homes for less than they owe. If the measure expires, homeowners would have to count such debt reduction as money they earned.

“If these folks are going to have to pay tax on phantom income, it’s very impactful for homeowners,” Mark Goldhaber, a North Carolina mortgage industry consultant, said in an interview.

Comment by Combotechie
2012-12-15 08:23:23

“phantom income”

Borrow money and then not pay it back is phantom income?

What part of the income is the phantom part?

Comment by Cantankerous Intellectual Bomb Thrower™
2012-12-15 08:26:45

I guess he is referring to the part they used to buy cars, boats and fancy vacations, rather than to build home equity that could help them survive the Great Recession without losing their home?

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Comment by Combotechie
2012-12-15 08:36:14

So the phantom part of the income is determined from what I spend it on and not from where it came?

 
Comment by Cantankerous Intellectual Bomb Thrower™
2012-12-15 08:38:24

“So the phantom part of the income is determined from what I spend it on and not from where it came?”

Yes. The part of your home equity which is spent on luxury consumption henceforth becomes dead equity, aka ‘phantom income.’

 
Comment by Combotechie
2012-12-15 08:40:48

I like it. Where do I go to sign up?

 
Comment by oxide
2012-12-15 13:15:49

“So the phantom part of the income is determined from what I spend it on and not from where it came?”

Darrell — hopefully still in — Phoenix would argue the opposite. The phantom is where the income came from. What you spent it on was real.

I think the “phantom” part of the income is the future labor which you promised to do, to earn your wages, which you would eventually use pay off the debt. But now you don’t need to labor to pay the debt. Instead, the bank is giving you $$, which you use to pay off debt right now. No different than a Grandma writing you a very big check for Christmas. That’s why it’s taxable.

 
Comment by jane
2012-12-15 19:59:41

Oxy, an apt analogy, makes it very easy to explain to others (like kids). Thanks.

 
 
Comment by Rental Watch
2012-12-16 00:13:32

Phantom Income is taxable income with no cash associated with it.

Most frequently one sees this in the context of partnership taxation.

Simple Example:

Cash Partner Invests $100
Sweat Equity Partner Invests $0.
Profits are agreed to be split 50/50.

Say in the first year, the partnership makes a profit of $30, and generates cash of $30.

IF the deal is that the cash partner gets back his $100 first, then all the $30 cash would be distributed to the cash partner, but the profit would be allocated $15 to the cash partner, and $15 to the sweat equity partner.

The $15 profit to the sweat equity partner (on which they need to pay taxes) is “phantom income”.

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Comment by aNYCdj
2012-12-15 09:14:11

We are so dumbed down, or I would have expected a massive outcry from Renters over this insane giveaway.

 
 
Comment by Combotechie
2012-12-15 08:09:43

I would find it easy to explain if I were one of the receipiants.

Comment by Cantankerous Intellectual Bomb Thrower™
2012-12-15 08:20:52

Well d’oh…

 
 
Comment by moral hazard
2012-12-15 08:28:29

“Can anyone explain the rational to me of handing people in excess of $100K in tax free income, merely because they are homeowners who struggle to pay their monthly?”

Snork the magic Deadbeat
Lives here for free
He lost his job
He`s Hardest Hit
He don`t rent like you and me

Snork bought in 2000
Refied back in 03
Again back in 05 and six
He`s a victim can`t you see

Snork ain`t got no income
The refi money gone
But if you rent your out of luck
Cause there are no Renter songs

Oh
Snork the magic Deadbeat
Lives there for free
He lost his job
He`s Hardest Hit
He don`t rent like, you, and meeeee

Comment by moral hazard
2012-12-15 09:20:19

Peter Paul & Mary - Puff the Magic Dragon - YouTube
http://www.youtube.com/watch?v=Wik2uc69WbU - 205k

 
Comment by ahansen
2012-12-15 11:13:02

Your best yet, Jethro. Bravo!

 
Comment by Blue Skye
2012-12-15 11:15:40

Perfect!

 
Comment by Cratering Global Housing
2012-12-15 12:29:09

Jethro…. you’re the best.

By the way….. you don’t have to pay for any shelter costs. You live in AlphaSloth’s empty skull…. rent free.

Comment by alpha-sloth
2012-12-15 15:49:18

You live in AlphaSloth’s empty skull…. rent free.

I seem to have some space in your head too.

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Comment by Cratering Global Housing
2012-12-15 18:57:42

And yer empty skull is vast enough for a few of us here.

Kick yer feet up Jethro!

 
 
 
 
Comment by ahansen
2012-12-15 11:55:52

Because it would cost society more than that $100K to let the collective “them” default?

Comment by alpha-sloth
2012-12-15 15:51:44

Because it would cost society more than that $100K to let the collective “them” default?

No macro points, please! Let’s keep it micro. Where we can do our best moralizing.

 
 
 
Comment by Cantankerous Intellectual Bomb Thrower™
2012-12-15 08:10:00

Do you notice how the U.S. stock market is falling up again, despite massive ongoing investor withdrawals throughout 2012? It has recently fallen up from levels below DJIA = 13K to higher levels, and just yesterday it dropped by 36 points to 13,135 on news of the Connecticut school shooting tragedy.

I’m always curious whether the market can keep falling up indefinitely, or will there be a protracted period of bloodletting starting at some point in 2013, once the election and the fiscal cliff are behind us. I guess only time will tell, as my crystal ball is very cloudy and gray.

Comment by Cantankerous Intellectual Bomb Thrower™
2012-12-15 08:13:39

The fascinating thing is that despite massive investor withdrawals, the stock market nonetheless had a stellar year. Just imagine how well it would have done if money had poured in instead of out?

November mutual fund flows: Cash exits stock funds for 9th month in row, bonds gain again
By Associated Press, Published: December 13

BOSTON — Mutual fund shareholders continued to take a conservative approach to investing last month, possibly reacting to the threat of going over the “fiscal cliff.”

Investors pulled cash out of stock funds in November for the ninth consecutive month, fund industry consultant Strategic Insight said on Thursday. Bond funds attracted new cash for the 15th month in a row.

A net $16 billion was withdrawn from U.S. stock mutual funds in November, slightly more than the amount pulled out in the previous month. The last month that deposits exceeded withdrawals was February. Year-to-date, net withdrawals total $70 billion.

Bond funds are a more conservative investment option than stock funds, with less potential for sharp gains or losses. They have attracted new cash each month since September 2011, and last month’s bond fund intake was $23 billion.

Avi Nachmany, research director with New York-based Strategic Insight, said deficit-reduction talks between Congress and President Barack Obama may have contributed to last month’s cautious investing behavior. Unless a deal is reached to avoid going over the so-called fiscal cliff, wide-ranging tax increases and spending cuts will automatically be triggered in less than three weeks.

If a deal emerges, “investors would increase their use of mutual funds during 2013 and in the years to come,” Nachmany predicted.

Fund investors have been rewarded with strong returns this year. Stock fund returns averaged more than 13 percent through November, with bond fund returns averaging more than 8 percent, Strategic Insight said. As a result, stock and bond fund assets have appreciated in value by more than $1 trillion this year to $8.9 trillion.

Comment by Combotechie
2012-12-15 08:38:32

PFM.

Comment by Combotechie
2012-12-15 08:51:47

Consider this:

Prices are set by buyers and sellers, not by passive owners.

The passive owners may benifit or be punished by the rise and fall in the value of their holdings but they really have no say in the matter, only the buyers and sellers have a say.

The buyers and sellers can be, and probably are, a very minor part of the total asset base of a publicly traded company (or a RE market or any other market) but nevertheless they are the ones who set the prices for the entire asset base. And if these buyers and sellers are clever enough they can step in and, with little volume in comparison to the volume of the passive asset base, radically alter prices. And this may be what is going on.

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Comment by Combotechie
2012-12-15 09:04:06

This altering of prices by the Very Clever is not only easy, it is cheap.

The Very Clever - because it is their game - do not have to bear the expenses that the Less-Than-Clever have to bear.

 
 
 
 
Comment by oxide
2012-12-15 08:42:11

Low trading volume?

 
Comment by Bill in Los Angeles
2012-12-15 09:14:57

Also I noticed a huge amount of insider selling. Note AAPL is owned by lots of funds and it also had been going through insider selling.

This too me seems like the year 2000 into 2001. Something is fishy and it is why a flight to safety is where the smart money is going. Both cash and precious metals. I don’t know if there will be a major draconian U.S. crackdown on our dwindling individual liberties, or a huge austerity deal but something’s up.

Comment by Combotechie
2012-12-15 09:25:28

“Note AAPL is owned by lots of funds …”

(lots of funds = lots of OPM)

“… and it also had been going through insider selling.”

Insider selling means the ones who CONTROL the company are selling. The ones who CONTROL are not necessairly the one who OWN.

In this era it it often the ones who control who are the ones who benifit, and they benifit at the expense of the ones who own.

Comment by Combotechie
2012-12-15 09:35:09

And it’s not only those who control the companies that benifit from control, the ones who control the vast pools of OPM also benifit from control.

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Comment by Cratering Global Housing
2012-12-15 12:40:22

“I don’t know if there will be a major draconian U.S. crackdown on our dwindling individual liberties, or a huge austerity deal but something’s up.”

The plan to offset SS with 401k contributions is progressing.

Comment by Carl Morris
2012-12-15 15:14:35

Better not progress too fast or 401(k) contributions will fall off a cliff. Better make them mandatory first.

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Comment by nickpapageorgio
2012-12-15 18:01:34

And Rio scoffed at me when I stated that no private dollar will be left standing. Got to feed the greedy beast.

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Comment by Cantankerous Intellectual Bomb Thrower™
2012-12-15 08:15:03

He’s not merely a central banker looking out for the interests of his industry constituents. He’s a “steward of the American economy.”

Comment by Cantankerous Intellectual Bomb Thrower™
2012-12-15 08:16:53

Does Bernanke’s clearer ‘Fed speak’ make him a better steward of the U.S. economy?
By Zachary A. Goldfarb, Published: December 13

This past summer, Alan Greenspan, the former Federal Reserve chairman, told a magazine how he’d practice the opaque dialect known as “Fed-speak” in his nearly two decades leading the U.S. central bank.

He said to Bloomberg Businessweek that he would think about whether a sentence he might utter could move markets — and if it could, he’d resolve “the sentence in some obscure way which made it incomprehensible.”

Like Greenspan, the current Fed chairman, Ben S. Bernanke, also has a degree from the school of Fed-speak— in addition from Harvard and MIT. But while Greenspan was famously obfuscatory, Bernanke has pushed in the opposite direction. He has moved the central bank away from ambiguity and toward specificity, a shift that culminated in Wednesday’s decision to link Fed policymaking to numeric targets for unemployment and inflation.

The announcement that the Fed would keep interest rates close to zero until unemployment falls to 6.5 percent or inflation looks likely to exceed 2.5 percent was a historic moment for the central bank.

Bernanke described the policy Wednesday — although his desire for clarity did not mean he was abandoning a penchant for dense, jargony prose.

“The modified formulation makes more explicit the [Fed’s] intention to maintain [low interest rates] as long as needed to promote a stronger economic recovery . . . , a strategy that we believe will help support household and business confidence and spending,” he told reporters. “By tying future monetary policy more explicitly to economic conditions, this formulation of our policy guidance should also make monetary policy more transparent and predictable to the public.”

 
Comment by Cantankerous Intellectual Bomb Thrower™
2012-12-15 08:18:38

New York Fed slams window into key crisis-era deliberations
December 14, 2012, 4:53 PM

The New York Federal Reserve Bank slammed on Friday a window into the 2007-2008 financial crisis when it released minutes of its board of directors meetings from those two years that remove all meaningful discussions.

As the subprime mortgage crisis moved in early 2007 like a slow trail of lit gunpowder that lasted for months and months to eventually to explode in the fall of 2008 into a global economic crisis, many of the leading players in the crisis, including, on occasion, Richard Fuld, former Lehman Brothers CEO, Jeffrey Immelt, the CEO of General Electric, Jamie Dimon, the CEO of J.P. Morgan Chase and then-New York Fed President and now-Treasury Secretary Timothy Geithner, met to discuss conditions.

During this time, the New York Fed engineered the rescue of Bear Stearns by J.P. Morgan Chase in March 2008, and played a starring role in allowing Lehman Brothers to collapse, and helped rescue the troubled global insurance company AIG in the fall of 2008.

In a move only a central banker could love, the New York Fed trumpeted the release of the scrubbed minutes as greater transparency. That’s because the regional Fed bank is going to release the minutes going forward with a six-month lag.

 
Comment by Cratering Global Housing
2012-12-15 08:36:04

He’s a “steward of the American economy.”

I think I’ve had enough bull$hit for one week.

 
 
Comment by tj
2012-12-15 10:05:07

Comment by alpha-sloth
2012-12-13 13:02:53

production still has to happen first.

But if it happens in China, that’s how we can have an economy that has more consumption than production. Which was your question.

alpha- sorry i got side tracked a couple days ago before i could answer.

here’s the answer. ‘trade’ in a global economy, is zero sum. it’s zero sum even though trade improves everyone’s lives who engage in it.

the only way to ‘over consume’, is to borrow more than you can ever hope to pay back.

 
Comment by ahansen
2012-12-15 11:34:42

Here’s something to celebrate (and an extraordinary photograph of an asteroid taken from a distance of two miles away):

http://cosmiclog.nbcnews.com/_news/2012/12/15/15919205-new-milestone-for-china-probe-snaps-close-ups-of-asteroid-toutatis?lite

Comment by Combotechie
2012-12-15 13:51:21

Amazing.

Also amazing - truly amazing - is the video, included in the article, of the same asteroid as “seen” by radar 4.3 million miles away from earth.

 
Comment by Resistor
2012-12-15 17:33:36

Olygal would have delighted in the Geoduckness of this thing.

 
Comment by Blue Skye
2012-12-15 19:21:55

Very interesting!

 
 
Comment by moral hazard
 
Comment by moral hazard
 
Comment by moral hazard
 
Comment by oxide
2012-12-15 14:03:17

Just a quick update: Yesterday the Bits Bucket posted comments from sports analyst Rob Parker. Parker was musing about quarterback Robert Griffin III being a “black guy kind of distancing himself from other black people.”

Per ESPN, Parker has been indefinitely suspended from his job.

 
Comment by Resistor
2012-12-15 19:05:38

“TALLAHASSEE — House Speaker Will Weatherford has apologized for the behavior of some lawmakers at a retreat last month when several Republican members who had been drinking became unruly at a Disney World hotel.”

http://www.tampabay.com/news/politics/legislature/article1266241.ece

 
Comment by Resistor
2012-12-15 20:05:13

Resist!!!

Them:
A A A A A A A A A A A A A A A A A A A A A A A A A A
A A A A A A A A A A A A A A A A A A A A A A A A A A
A A A A A A A A A A A A A A A A A A A A A A A A A A
A A A A A A A A A A A A A A A A A A A A A A A A A A
A A A A A A A A A A A A A A A A A A A A A A A A A A
A A A A A A A A A A A A A A A A A A A A A A A A A A
A A A A A A A A A A A A A A A A A A A A A A A A A A

You:
b

Comment by Carl Morris
2012-12-15 21:06:36

Better take a full combat load of ammo.

 
 
Comment by Cratering Global Housing
2012-12-15 21:43:04

C — R — A — T — E — R
| | | | | | | | | | | |
V V V V V V V V V V V

 
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