February 8, 2013

Bits Bucket for February 8, 2013

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




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411 Comments »

Comment by Housing Analyst
2013-02-08 04:34:39

“If you buy a house today, you will be underwater instantly and you will never recover financially. Beware.

Comment by joe smith
2013-02-08 08:11:23

And if you already own, sell today because your house will be worth less every day for years to come. 65% less, in fact.

Comment by Pimp Watch
2013-02-08 08:28:42

You’re catching on.

Comment by Ryan
2013-02-08 09:46:31

How does this all work out?

How do you see massive asset price deflation and not see severe upheaval in society? How will this all work out when it comes to pass?

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Comment by Carl Morris
2013-02-08 09:52:11

It sounds like you’re assuming that it has to “work out”.

 
Comment by Ryan
2013-02-08 10:13:18

You assume that I mean how will it turn out for the best. What I mean is what will this 65% drop look like for the economy, banking, government, etc. etc.

It easy to throw a figure out like 65% without being able to substantiate any of it but now think forward to what affect that will have on broader society.

I’m not saying it will or won’t happen; I just get tired of everyone saying it will but not being able to address the basics of what will cause it to happen or what effect it will have when it happens.

 
Comment by Ryan
2013-02-08 10:17:21

If you all are willing to speculate toward a major drop in real estate prices then you should also be willing speculate what will cause it and what effect it will have.

Otherwise this speculation is no better than listening to realtors speculating on price gains and future values.

 
Comment by Avocado
2013-02-08 10:41:13

I cant wait to buy beach front prop at a 65% discount. Problem is, there are people (and groups) with more money than me who will buy it first.
AND a 65% drop means houses sell for much less than the cost to build. hmmmm….. I am all cash, and this would be great, but full on anarchy would have to coincide with it, and people fleeing America for New Zealand.

 
Comment by sfhomowner
2013-02-08 10:58:11

I cant wait to buy beach front prop at a 65% discount

I know, I’ve been saving my cash, because 65% drop means I might be able to afford that place I saw over in Pacific Heights. The one with the view of Golden Gate Bridge.

 
Comment by Avocado
2013-02-08 11:18:50

I never thought of San Fran as a beach town. lol! Locals dont even wear shorts there in the summer.

 
Comment by joe smith
2013-02-08 11:30:11

“I know, I’ve been saving my cash, because 65% drop means I might be able to afford that place I saw over in Pacific Heights. The one with the view of Golden Gate Bridge.”
——————

The problem is if price drops that much, it will be super hard to get a loan and your income will probably experience problems (retirement accounts, too).

So you better have that money in ca$h.

 
Comment by sfhomowner
2013-02-08 11:30:20

I never thought of San Fran as a beach town

It is if you are a surfer…

 
Comment by Avocado
2013-02-08 11:44:27

LOL! As someone who has surfed since he was 11, I laugh at that comment!!

I saw someone surfing Lake Michigan too…

still laughing!!

or did you mean “web surfer?”

 
Comment by sfhomowner
2013-02-08 12:18:37

Nothing to laugh about when it comes to Ocean Beach. When it’s good, it’s epic.

 
Comment by Avocado
2013-02-08 14:01:32

They say that about Lake Michigan too.

Every surfer south of Santa Cruz is laughing. Surfing at “old mans” in trunks in the summer at San O is epic…
SF is for dining out and being gay with out being hassled. Not surfing. Not an outdoorsy town at all. Yes you are near some great places: tahoe, napa, marin…. but the city bites

 
Comment by sfhomowner
2013-02-08 14:16:59

Avocado dude,

I am glad you love the place you call home. It should be that way for everyone. I’ve been to SLO, it’s lovely. Better for you, but maybe not better for everyone else.

No need to justify your choice of locale by putting down other places. To each their own.

 
Comment by Avocado
2013-02-08 14:49:26

You wanted to go city vs city. so we did.

Namaste

 
 
 
 
Comment by SUGuy
2013-02-08 10:32:06

Thank you Pimp Watch, Ral, Exeter, Housing Analyst ( I have been listening)

We have been waiting to buy an upper end home with cash. The local realtors (excuse me scumbags) have been touting “our real estate market is stable as we really never went up in prices like AZ or CA. Last night I started to look at recently sold homes in the town of Dewitt on Zillow. The asking prices and the final sold prices of the homes we had an eye on are selling at are 25 percent to 50 percent off. Nicer homes keep coming on the market so I am not in a rush to buy and take a loss. The asking prices for these homes were in the range of 550K to 1.2 million. The selling price is about $87 per square feet. These are the new comps. When we buy it will be our toe tag home so I will never care how much of a loss we might take as the utility of the home and making happy memories are more important.

Comment by joe smith
2013-02-08 11:32:01

Why wouldn’t you just rent an upper level home in NY State. You really want to *buy* in Dewitt? If housing prices fall in some places, they truly will crater in a place like Dewitt.

Heck, most of upstate NY was still experiencing a decline in housing prices, even during the decade of 2000-2010.

Source: Census data linked via NY Times yesterday. I think goon posted the link.

 
Comment by oxide
2013-02-08 11:49:15

If I recall correctly, SUguy is not healthy and is looking to make as many happy memories as possible.

SU guy, if a house is $87/sq ft and houses are a half mil, do you really want a house that is upwards of 5000 sq ft? For that kind of pricing, you may be better off buying land and building custom. Or, you could find a large old gem for cheap and spend the money fixing it up. Or, instead of looking at the suburbs, what’s the inner city like? Many cities have enclaves of very nice old homes.

Comment by joe smith
2013-02-08 12:02:42

SUguy is not healthy and is looking to make as many happy memories as possible.

———

You can’t make happy memories while renting? WTF? Someone’s not thinking clearly.

And if he’s not well, he wants to sign up for NY state property taxes so his kids can either lose the house someday or sell it at a big loss?

Why not rent and keep your cash stacked for your kids?

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Comment by snowgirl
2013-02-08 13:26:19

I just read this and instantly thought of a home my young daughter wishes we could buy. We fell in love w/it way before it ever hit the market. But it does happen to be for sale now. She asks me to drive down this road all the time as the view is jawdropping. You cannot even capture it all on a wide angle lense. If you wanted to have nice outdoor memories due to declining health this might just do the trick. The grounds are just amazing too w/lots of things we oohed and ahhed over. Sounds of stream from your balcony. However you would have to be fearless regarding the drive home considering the very steep roads in icy weather. No neighbors either. See, I like that stuff.

 
 
 
Comment by Pimp Watch
2013-02-08 12:48:18

And SUGuy….

Did you notice are resident liars and used house pimps still stamp their feet at massive price declines and ask “how” even though it’s been explain time after time after time?

Sit tight. The wheels are coming off this thing. The benchmark is always 50-$60/sq foot. And that’s for either new or perfect condition. Depreciate from that metric for less.

Comment by oxide
2013-02-08 13:18:36

Someone’s not thinking clearly.

Spoken like a true spoiled brat.

—————
Upscale home smack in the middle of Syracuse.

http://www.zillow.com/homedetails/1701-James-St-&-Teall-Ave-Syracuse-NY-13203/2116409364_zpid/

Can your outfit build new brick, hardwood, and a separate 2-car garage for $45/ sq ft, pimpboi?

—————
Here’s another:

http://www.zillow.com/homedetails/8420-Glen-Eagle-Dr-Manlius-NY-13104/31755037_zpid/

Standard McMansion on an acre in tony Manlius. $101/sq ft. Even Schumacher can’t build a floating house for that.

————–

Another one near downtown.

http://www.zillow.com/homedetails/13-Brattle-Rd-Syracuse-NY-13203/31660555_zpid/

1927 Tudor revival on a half acre. $77/square foot.

————–

and in DeWitt:

http://www.zillow.com/homedetails/5174-Winterton-Dr-Fayetteville-NY-13066/31727422_zpid/

Maybe a little outdated, but it’s under $300K at $97/sq ft.

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Comment by Avocado
2013-02-08 14:05:05

What are your utilities there? $9000 a month? I think I would rather live in a cardboard box near the tracks in Santa Barbara.

 
Comment by SUGuy
2013-02-08 15:44:56

The inner city of Syracuse is ignorant gang land filled with welfare crowd living in slumlord housing. It is not gentrified and also not a safe area. The nicer neighborhoods near the City get hit by thieves all the time which is what Oxide is pointing out. My manufacturing plant is in the town of Dewitt so buying a house about 7 miles away is an easy commute. There are several hospitals, medical establishments, gym, and grocery stores nearby also. .

The price comps I would be comfortable using for my (hypothetical offer would be based on the following recently closed sale. In Manlius I think if I wait I should be able to snag a 3500 to 4500 sq.ft with a pool for around 350K on a larger lot.

Sold comp nice house.

http://www.zillow.com/homedetails/6916-Shalimar-Way-Fayetteville-NY-13066/31728027_zpid/

What would hbb price these ones based on the above sold price. It is the same block

http://www.zillow.com/homedetails/6909-Shalimar-Way-Fayetteville-NY-13066/31728062_zpid/

http://www.zillow.com/homedetails/7039-Highfield-Rd-Fayetteville-NY-13066/31727777_zpid/

http://www.zillow.com/homedetails/5107-Waterford-Wood-Way-Fayetteville-NY-13066/31727910_zpid/

Manlius, NY

http://www.zillow.com/homedetails/127-Marangale-Rd-Manlius-NY-13104/31753647_zpid/

This one below has a ¼ pipe bringing water to the house into a large tank. The water runs out and then you have to wait 45 minutes for it to fill back up. It has a manufacturing defect. The home owner is Chinese and they are holding the price something to do about saving face. On the market for 3 years and counting and the mold is growing in the basement.

http://www.zillow.com/homedetails/308-Salt-Springs-St-Fayetteville-NY-13066/61999483_zpid/

Thank you for the suggestions

 
 
Comment by Pimp Watch
2013-02-08 14:08:21

The benchmark is always 50-$60/sq foot.

ALWAYS

And if you paid more, you’re going to lose alot of money. ALOT OF MONEY

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Comment by SUGuy
2013-02-08 15:54:03

You are so right.

The commercial buildings are going for $25 to $40 per sq ft. They rent for $4.50 to $6.00 a sq ft office/warehouse. These are 10,000 to 21,000 sq.ft buildings in desirable locations. They take a long time to sell but do rent after a while. This is perhaps the only area of real estate where speculating as a rental might be okay. The rule of thumb investors are following is that the entire cost of the commercial building should be paid in rent within 5 years.

 
 
Comment by SUGuy
2013-02-08 16:56:28

The used house lying realtors will tell you a different tale if you want to sell a house and a very different lie when you need to buy a house. I have approached them from both angles and heard their idiotic rants.

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Comment by inchbyinch
2013-02-08 04:41:08

CraigList advice was appreciated from you HBBers that chimmed in. I finally had time to put the ad on Wednesday, and it’s sold for a fair price. Thanks all.

Comment by polly
2013-02-08 05:36:07

Glad it worked out and I hope you find something that fits your space better.

Have a great weekend, folks. I’m headed into the storm.

Comment by Arizona Slim
2013-02-08 09:51:40

Just called my mom. Being the Buffalo native that she is, she wasn’t at all panicked by the storm. But she was headed to the grocery store for some stocking up.

Comment by Ben Jones
2013-02-08 10:08:20

I have a question. I’ve been reading that some areas might get 2 feet of snow. I realize the high winds with that much snow will create drifts and be a problem. But here we get 2 feet several times a year. Is 2 feet really a historic amount of snow?

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Comment by aNYCdj
2013-02-08 10:35:17

Ben from Last year:

In addition, this is the first time in recorded history that New York City has had two snowstorms drop 18.0 inches or more of snow in the same winter. The last one was the post-Christmas blizzard in December.

Ironically, both of these snowstorms, the one in December and the one in January, hit New York City on the 26th and 27th of the month.

The seasonal snowfall now stands at 56.1 inches in New York City. The snowiest season on record occurred during the winter of 1995-96, when 75.6 inches of snow fell. Given the expected weather pattern over the next month or so, this figure is well within reach. Currently this winter stands at number 6 on the all-time snowiest winters on record.

http://www.accuweather.com/en/weather-news/snowstorm-shatters-new-york-ci/44999

 
Comment by Avocado
2013-02-08 10:43:17

in Santa Fe, NM, 6-12″ can usually close the schools.

 
Comment by X-GSfixr
2013-02-08 10:59:51

In Dallas, a morning frost will shut the place down for 3 days.

 
Comment by eastcoaster
2013-02-08 11:19:59

If it snows more than 27.6 inches in Boston, it will be a new record. So, yeah, historic in that way.

 
Comment by whyoung
2013-02-08 12:37:33

The amount of grief snow causes can vary a lot by your specific location (at least here in the NY metro).

It takes a lot to shut down the subway system - I live at the end of an “elevated” line in queens and it has only shut down 4 times for weather in the 20+ years I’ve been in this location. (Twice for snow, twice for hurricanes.) If you rely on buses or suburban trains its another story.

The age and condition of our infrastructure is a also factor…

Anywhere you must be on the roads is a problem, roads are old, pot holed even at the best of times, lanes tend to be narrow by “American” standards with little or no shoulder.
Combine that with people who learned to drive in a wide variety of cultures and few of which have any regular experience driving in snow and you’ve got a recipe for disaster. There is also a lot of benign neglect and most of our bridges are functionally obsolete.

When it comes to utilities, we are comparatively lucky compared to the suburbs.
Most of our electric lines are buried underground and won’t be wiped out by falling trees. I know people on both Princeton NY and Westchester County that lose electricity fairly regularly… a decent windstorm can take out their power lines and there is no money most places to improve the systems much.

That being said, people do act like it ’s the apocalypse and strip the stores of milk and bread so they’ll have something to eat if the Chinese restaurant stops delivering.

Me, I’m staying home and making marmalade.

 
Comment by albuquerquedan
2013-02-08 15:01:43

Ben, shoveling two feet of dry western snow is not the big of deal, two feet of eastern snow will break your back. The weight of the snow causes a lot of problems.

 
Comment by aNYCdj
2013-02-08 17:08:16

N train? I’m off the 7 queens blvd.

I live at the end of an “elevated” line in queens

 
Comment by whyoung
2013-02-08 19:22:49

yep, beautiful Ditmars.

 
 
 
Comment by inchbyinch
2013-02-08 12:22:20

Polly
Be safe in the storm. I did find a small workable computer/writing desk at Costco. I had a cash card as a reward from them, and I only laid out $15-.

 
Comment by jane
2013-02-08 19:13:36

holy heck, polly - you’re not up THERE, are you? I thought all the Governors closed the highways! If I may, I would seriously recommend giving the Northeast storm the respect that it will deserve. I make bold to strongly recommend holing up and staying put. I’m originally from that area as well, and have had the personal experience of being kicked in the butt by one or two storms like that. Best to you.

 
 
Comment by eight pieces of chicken
2013-02-08 08:28:55

No tears any more….are you all dried up?

Comment by joe smith
2013-02-08 12:21:16

This meme will never get old to me.

 
Comment by inchbyinch
2013-02-08 12:25:58

Love our digs. Happy home. Last mo our cost to live here (excluding property taxes) was under most couples monthly (at at home)food bill-. Pretty cool.

 
 
 
Comment by Housing Fraud Alert
2013-02-08 04:56:36

This is a response to a lying realtard on another blog. It is the most truthfully eloquent thought on housing yet.

*It’s a letter for letter cut and paste. No edits.

You are a dumb mother fucker if you think that the news you are hearing means hedge funds are actually buying right now. If the news says they are buying, in fact they are selling. Get a clue dumbshit. It is called pump and dump and Wall Street created it. Man you are stupid.

You are the same dumb mother fucker saying on this forum that you hope prices go DOWN, so you can buy more. But here you say you are ALL IN. How the fuck do you buy more if you are all in?

Somehow heads you win and tails you win. How the fuck do you do that? You sound like a fucking infommercial on how to always make money if the market is up or down.

You are one of the stupidest motherfuckers I have had the pleasure of reading on the internet. Arrogant Dumbass Dogfucker.

Please keep spewing your stupid jackass you always win shit on this forum so I can continue to be entertained.

Comment by goon squad
2013-02-08 07:00:14

An appropriate response to any Amy Hoak piece on MarketWatch :)

Comment by rms
2013-02-08 07:15:42

“An appropriate response to any Amy Hoak piece…”

+1 Exactly what I was thinking while reading that. Too funny!

 
 
Comment by palmetto
2013-02-08 07:00:42

Tell ‘em how you REALLY feel.

 
Comment by azdude
2013-02-08 07:08:42

You should get on cnbc and call out those liars like cramer who keep screwing everyone.

Comment by Cantankerous Intellectual Bomb Thrower™
2013-02-08 07:53:53

Cramer is an attorney, and lawyers are liars…if you don’t like what he says, just turn off your teevee!

Comment by joe smith
2013-02-08 09:17:59

I’m a lawyer but I’m carrying on the RAL legacy of preaching the truth.

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Comment by ecofeco
2013-02-08 07:23:57

This is why I love the Internet. Not for the flame wars, but because it allows more and more people access to the facts and truth.

The only 2 things that can destroy tyranny in all its forms.

Comment by Avocado
2013-02-08 10:45:40

Except people believe what they want to believe, rarely is it based on facts. (see religion)

Comment by ecofeco
2013-02-08 11:12:24

Flat earthers don’t get much respect these days.

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Comment by Spook
2013-02-08 11:49:35

Thats one small step for man, one giant LEAP for mankind.

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Comment by Housing Fraud Alert
2013-02-08 07:56:14

Ben Jones,

Thank you for making an exception for the profanity in the post. I know you keep a clean house here but I believe there is some value in the original authors words and thoughts.

Thanks again.

Comment by eight pieces of chicken
2013-02-08 08:44:56

You are welcome.

 
 
Comment by Arizona Slim
2013-02-08 09:53:12

I’d like to see a wider range of cusswords. Overuse of the f-word doesn’t get the point across the way it used to.

Comment by ecofeco
2013-02-08 11:21:08

Monkey farts!

 
 
 
Comment by oxide
2013-02-08 05:23:53

From yesterday:

“Comment by joe smith
2013-02-07 14:37:13
Speaking of Rumsfeld… nice house. I guess being a “public service” does pay off.

http://www.celebrityhousepictures.com/donald-rumsfeld.php

Rumsfeld did not make his money off the taxpayer. He spent considerable time in private sector, turning around Searle by making aspartame legal and turning around General Instrument when they pioneered HDTV. He could buy six of those houses for what he netted from Searle alone.

Comment by 2banana
2013-02-08 06:58:29

You should see the huge mansion of Al Gore.

Green - it is not.

Comment by oxide
2013-02-08 07:13:29

Yeah, I lost respect for Gore when I heard about that. I still believe that the 2000 election “did” something to Gore. Ditto for John Edwards and his Two Americas… and his huge house too.

I don’t know how anyone can keep track of these big houses anyway. Even a 2500 sq ft McMansion feels too big.

Comment by ecofeco
2013-02-08 07:39:26

My last house was about 2000sqft. I felt that all it lacked was an outdoor shed.

It was about my upper size limit. To me it felt comfortable. I don’t like this whole “tiny” house thing.

The smallest I can go is an average one bedroom apt. Where I live that’s about ~600sqft.

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Comment by oxide
2013-02-08 08:12:28

The tiny house folks clearly went too far, but I think they knew it and were just doing it to “influence” the movement, not to be really livable.

The “small” house movement — 500 - 1000 — is catching on… again. Smaller houses have been around as lake cabins and guest houses or RV’s for a long time. Only now are they being reconsidered as primary homes. Unfortunately, I don’t see them being mass-built anytime soon. They are probably the least profitable to build.

 
Comment by sfhomowner
2013-02-08 09:39:41

We are a family of 4 in a 1350 sq. ft. SFH.

It’s big enough, but without the large back and front yard I would feel cramped. If I lived someplace where we had to be cooped up inside due to weather I think I’d want a larger house. Given the choice, I’d rather be outside.

Anything much bigger and that just means more housework.

 
Comment by aNYCdj
2013-02-08 09:43:43

OX:

Without stuff…you can live comfortably in that much space….everything is so small..mount the flat screen tv on the wall…couldn’t do that a few years back…..mac minis….heck you can get futons with storage underneath

http://www.goodnightmoonfuton.com/frames/picasso.shtml

there are so many ways to live small….I’d rather have a nice big back yard and screened in porch. then a few extra rooms inside and no lot

 
Comment by Avocado
2013-02-08 12:11:06

Mark Twain once asserted “The coldest winter I ever spent was a summer in San Francisco.”

 
Comment by sfhomowner
2013-02-08 12:26:36

Inaccurately credited to Mark Twain but it’s true, summer here sucks. We go back East every July for that very reason.

But what’s with the obsession with dissing other people’s choice of living locale?

Is it some kind of misplaced tribalism, like the Dodgers vs. Giants stuff that leads yahoos to beat each other up?

What gives? Everyone has a lifestyle preference: urban, suburban, rural, desert, coastal, mountains, whatever.

What is important - and this is an HBB topic - is that you find a place to live that you love. Part of the problem with the housing bubble is that it forced people to make housing decisions based on all sorts of other criteria, and it made housing ridiculously expensive for most.

If you have found a place to live that you love - more power to you. Life is too short to spend in a city or town you hate, or in a house that you never want to go home to.

 
Comment by Avocado
2013-02-08 14:09:48

we did not build these places, and everyone is a critic… ya cant run from that.

Does your partner work and you stay at home?

Do you hit Fire Island each summer? Now that is a nice beach!

 
Comment by sfhomowner
2013-02-08 14:21:18

Does your partner work and you stay at home?

Do you hit Fire Island each summer? Now that is a nice beach!

We are both teachers. Summers off.

Yes to Fire Island, too. But there’s no telling what it’s going to be like this summer. Sandy hit the island pretty badly. No beach, no dunes, devastation. Over 50% of the houses in the town we stay in have been condemned. Yes, it’s an upscale summer resort so these are high class problems. But I have spent every summer there since I was a kid, and now for my kids it is what defines summer.

 
Comment by Carl Morris
2013-02-08 14:46:32

But what’s with the obsession with dissing other people’s choice of living locale?

Is it some kind of misplaced tribalism, like the Dodgers vs. Giants stuff that leads yahoos to beat each other up?

There’s a little of that, I think. But I think sometimes those of us who don’t live in the Bay Area are dumbfounded at the price (not just dollars) that some of you are willing to pay to live there. It’s mind boggling.

 
Comment by Avocado
2013-02-08 16:05:52

“But I have spent every summer there since I was a kid”

huh, oh… I bet we know some of the same people.

POW?

 
 
Comment by eight pieces of chicken
2013-02-08 08:18:39

Even a 2500 sq ft McMansion feels too big.

Not if you have giant egos like Gore and Edwards do. Sad thing is W probably lived a more “environmentally friendly” personal life-style than these supposed environmentalists. W is still a dbag.

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Comment by Avocado
2013-02-08 14:11:10

Letting oil fields burn cancels out the dual pain windows on the ranch in Texas.

 
Comment by albuquerquedan
2013-02-08 16:30:47

? What oilfields did W let burn? Bush I did liberate Kuwait and Saddam lit the fields on fire but how is that George’s fault.

 
Comment by Avocado
2013-02-08 17:03:40

unintended consequences

“dont blame me”

 
Comment by Avocado
2013-02-08 17:06:22

Saddam lit his on fire too. Rather burn then see us have them

 
 
Comment by joe smith
2013-02-08 08:31:05

Quality is where it’s at, not quantity. For a youngish couple who want 1 kid, low 2000’s of sq ft is a great size. Instead of spending money on the size of the place (or heating/cooling it), much better to put money and thought into organizing the place, giving it a good layout, and incorporating every time-saving and labor-saving feature that you want. Time and labor = money and energy. In fact, to a busy person time has a value above and beyond money.

Customization only makes sense if you plan to live in the house for decades. The tailoring has to provide a value that exceeds what you put into it, and its foolish to expect a future buyer to place the same value on your preferences.

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Comment by inchbyinch
2013-02-08 12:33:11

We downsized to 1/2 of our former residence (new home is a 1950 sq ft-one-story) and are sooo happy. We had to purge really nice furniture (American Made higher end pieces) but this feels like a home to us. One fireplace, no built in fridge, no high end glamour, but we remodeled it beautifully and practical. The size of a home isn’t my thing. It’s the way you and your guests feel in it. This home is just perfect. The pool ohto is a pita.

 
 
Comment by Carl Morris
2013-02-08 09:11:09

Yeah, I lost respect for Gore when I heard about that. I still believe that the 2000 election “did” something to Gore. Ditto for John Edwards and his Two Americas… and his huge house too.

Well…we know lots of people who make it that far are sociopaths. No matter how we feel about their carefully engineered public persona prior to 2000, doesn’t it make sense that the only thing that 2000 “did” to them was release them from politics and let them start acting like themselves in public?

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Comment by eight pieces of chicken
2013-02-08 09:27:27

No it can’t be. It has to be Bush’s fault.

 
Comment by ecofeco
2013-02-08 11:26:53

Oh it’s still Bush’s fault. Don’t worry about that.

Reagan’s too.

 
 
Comment by Avocado
2013-02-08 10:50:31

Don’t be jealous of Gore’s wealth, he is good for the economy and spends a lot of money.
You dont keep track, your workers do.

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Comment by cactus
2013-02-08 18:06:17

You should see the huge mansion of Al Gore.

The one in Montecito Ca , I know that one.

 
 
Comment by joe smith
2013-02-08 07:04:52

“Rumsfeld did not make his money off the taxpayer. He spent considerable time in private sector, turning around Searle by making aspartame legal and turning around General Instrument when they pioneered HDTV. He could buy six of those houses for what he netted from Searle alone.”

When did I say the money was from his government jobs? Why do you assume people are naive?

He made his money because of the revolving door between gov’t and private industry. The same way Dick Cheney did it and MANY of these Congressman/Senators have done it.

No one gets rich from their actual fed government salary.

Comment by oxide
2013-02-08 07:21:32

To hear some dittoheads tell it, us Feds are all swimming in their taxpayer money. Like, “cut the agencies 10% a year until the budget is balanced.” Or “Feds make MORE money than private sector with all those juicy bennies” (we don’t). Or, “If you’re job isn’t essential then why is there even a job?” (This is what they say when the gov threatens to shut down and non-essential employees aren’t allowed to work.)

It’s easy to lose the snark quotes in a sentence like “I guess being a ‘public service’ does pay off.”

Comment by joe smith
2013-02-08 08:15:33

Typed on my phone, it also changed servant to “service”.

BTW, there is some truth in the idea that these guys who go back and forth between Fed Gov and private industry “bootstrapping” steer business towards certain companies or, at the very least, are predisposed to think that certain companies or industries are worth of support.

For example, I don’t think that Cheney did anything illegal while he was VP, but his former company (KBR, Halliburton) got tons of no-bid “emergency” sole source contracts during the Iraq War. Once you’re familiar with a company’s capabilities or assets, even if you’re not biased towards them, you are more likely to believe that they are worth the money you are paying them, even if you could’ve gotten a much better deal elsewhere.

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Comment by joe smith
2013-02-08 09:13:59

Dick Cheney lives in St. Michaels, Maryland too: http://www.washingtonpost.com/wp-dyn/content/article/2006/01/02/AR2006010200280.html

I’m sure it would be fun to have Rumsfeld and Cheney as neighbors…

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Comment by Arizona Slim
2013-02-08 09:56:52

The money quote:

Rumsfeld has been spotted driving a Volkswagen Jetta and pumping his own gas. He goes on shopping missions with wife Joyce, lugging antique knickknacks in her wake.

“Like every other husband who comes to St. Michaels,” says Peter Gregorio, a gallery owner, who imitates Rumsfeld in this role, trudging with shoulders hunched, bearing a just-purchased old washing tub sort of thing, as his wife presses onward. “One of the most powerful individuals in the world,” Gregorio marvels. “I thought it was cute.”

 
Comment by joe smith
2013-02-08 10:49:50

It really says a lot that Rumsfeld was house-hunting while the military (and contractors) were ramping up to launch the war in Iraq. And he moved in 6 months after the war started, started antiquing, etc. Like it was no big deal.

 
Comment by rms
2013-02-08 12:55:51

Like it was no big deal.

Reagan ordered two assaults, naval shelling of Beirut’s Baca Valley and the capture of a large airfield in Grenada. Rather than chew his nails he went horseback riding.

 
 
 
 
Comment by joe smith
2013-02-08 09:15:46

“Rumsfeld’s retreat — a former bed and breakfast built in 1804, for which he paid $1.5 million six months after the invasion of Iraq — is called Mount Misery. After he took title, two cannonballs were found on the four-acre property: weapons of mass destruction! — circa 1812.

Cheney’s place, named Ballintober after a previous owner’s Irish ancestral home, was originally listed for $3.1 million, but the veep drove a hard bargain and paid $2.7 million in September. Among such amenities as a wisteria arbor and swimming pool on nine acres, Ballintober has radiant heat beneath the kitchen and living room floors, especially nice if the vice president pads around in his socks.

Cheney travels through town in brusque black-SUV convoys, emerging with wife Lynne to eat in the best restaurants. Rumsfeld has been spotted driving a Volkswagen Jetta and pumping his own gas. He goes on shopping missions with wife Joyce, lugging antique knickknacks in her wake.

“Like every other husband who comes to St. Michaels,” says Peter Gregorio, a gallery owner, who imitates Rumsfeld in this role, trudging with shoulders hunched, bearing a just-purchased old washing tub sort of thing, as his wife presses onward. “One of the most powerful individuals in the world,” Gregorio marvels. “I thought it was cute.”

http://www.washingtonpost.com/wp-dyn/content/article/2006/01/02/AR2006010200280.html

Comment by X-GSfixr
2013-02-08 11:05:26

Guy I once knew had a country hacienda.

He named it “El Rancho cost Too Mucho”.

 
 
Comment by Avocado
2013-02-08 10:48:43

Rumsfield also has or had a ranch next to Julia Roberts in Taos. Doubt they got along well as JR has kids and a conscious.

Update - Julia bought him out

http://www.freerepublic.com/focus/f-news/1806139/posts

Comment by SV guy
2013-02-08 13:08:25

Rumsfeld has a spread in “The Big Hole” near Wisdom, Montana.

 
 
 
Comment by frankie
2013-02-08 06:01:53

Anglo Irish

The deal on bank debt secured by the Government yesterday “eases the burden on everybody”, Minister for Finance Michael Noonan has said.

The agreement, which will reduce the country’s borrowing needs by €20 billion in the coming decade and ease budget pressures over the next two years was unveiled by Taoiseach Enda Kenny in the Dáil yesterday.

Mr Noonan said today there was now no promissory note that meant a payment of €3.1 billion to be repaid “this March, next March or any March”.

“There will be no capital to be repaid until the bonds mature - no capital repayments whatsoever until 2038.” The last capital repayments would be in 2053.

http://www.irishtimes.com/newspaper/breaking/2013/0208/breaking7.html

Anglo Irish Bank, now known as IBRC, will be liquidated under the plan and its outstanding debt will be converted into a new long-term bond intended to spread the repayment over a longer period of time cutting the cost to the state.

The changes will require the consent of the European Central Bank, which is expected to come today, and follows negotiations between Irish and ECB officials.

At present, the Irish government must pay €3.1bn (£2.7bn) every year to service the debt it took on to rescue the bank, equivalent to about 2pc of the country’s GDP over the next decade.

The plan will involve the replacement of €28bn of promissory notes with long-term Irish government bonds that will allow the state to repay the money at a slower rate.

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9854290/Ireland-votes-to-liquidate-Anglo-Irish-Bank.html

Comment by eight pieces of chicken
2013-02-08 07:56:05

Frankie, City or United?

Comment by frankie
2013-02-08 09:01:39

Don’t do Wendyball.

Comment by eight pieces of chicken
2013-02-08 09:32:21

Ha!

You may also like tackleball.

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Comment by frankie
2013-02-08 10:04:51

yep, but not kick and clap.

 
 
 
 
 
Comment by snowgirl
2013-02-08 06:20:06

Thanks to all who commented on the question of permanent removal of shadow inventory yesterday. I guess the question is just how large a proportion will be removed and will it keep up w/deflationary forces.

Locally we can see in many public school districts, people are leaving our area. We already knew that based on census numbers. Our school taxes keep rising while the student populations in many districts those taxes serve shrunk by up to 1/3. The downward spiral is in action. Of course, administration numbers and curricula should be shrinking to reflect new numbers but that’s gonna be sticky.

My lawyer made a passing comment recently that left us kind of stunned for its honesty. He said housing was going to collapse in this area because everyone he knew (older boomers and older) were planning their escape and that the next age group couldn’t afford the prices. (Basically admitting what we say here) Obviously “everyone” is hyperbole but still a report from the front Iine.

Comment by Pimp Watch
2013-02-08 07:07:53

Thank you for that NY report Snowgirl. Like much of the northeast, NY is just entering its’ price decline phase. The beatings have only just begun.

Comment by Rental Watch
2013-02-08 10:20:24

“Like much of the northeast, NY is just entering its’ price decline phase. The beatings have only just begun.”

Wait until foreclosures of abandoned and vacant homes can happen quickly in NJ (starting March 1st)…I think we’ll see NJ fall first.

Comment by joe smith
2013-02-08 12:16:04

Unfortunately the vast majority of foreclosure pickin’ will be in areas that are looooong commutes from NYC/Philly. Or else in less desirable areas.

Don’t hold your breath for significant inventory in Bernardsville or Alpine. Probably lots of townhouses in Princeton Junction but no SFH in the borough of Princeton. etc etc

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Comment by mathguy
2013-02-08 11:54:51

Don’t worry.. The beatings will continue until morale improves.

 
 
Comment by 2banana
2013-02-08 07:20:49

Your lawyer is exactly correct.

The “next age group” are already moving in mass to lower tax, low cost and right to work states. They are not sticking around.

Those left in high cost and high tax states will be destroyed. No one is going to want to buy their house.

It will eventually reach the point that they will want to just give their house away and no one will take it due to the insane property taxes.

I guess they could always take out a home equity loans, run away and default.

My lawyer made a passing comment recently that left us kind of stunned for its honesty. He said housing was going to collapse in this area because everyone he knew (older boomers and older) were planning their escape and that the next age group couldn’t afford the prices

Comment by rms
2013-02-08 08:09:42

“I guess they could always take out a home equity loans, run away and default.”

AKA selling it to the bank. :)

 
Comment by Avocado
2013-02-08 10:54:45

but…. anything under $300k in my area is selling with in 2 weeks with multiple offers. Just call a Realtor to confirm and report back. zip 93401 Avg home is about $500k Avg family wages $40k. per foreclosure radar. figure that one out.

Comment by Avocado
2013-02-08 10:56:38

San Luis Obispo:
Education Attainment

Less than high school: 8%
High School: 16%
Some College: 21%
Associates: 10%
Bachelors: 27%
Masters: 11%
PhD or Professional: 7%

Income

Median Household Income: $40,812

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Comment by Avocado
2013-02-08 11:00:42

San Luis Obispo Housing Data
Median House Value: $588,400
Average Age: 40
Owner-Occupied: 38% Median

 
Comment by rms
2013-02-08 13:09:18

Median Household Income: $40,812
Median House Value: $588,400

Looks like a H U G E disconnect doesn’t it?

 
Comment by Avocado
2013-02-08 14:16:34

Always been that way! People bring money here from SF or LA. Wages are awful, but the lifestyle and weather is addicting.

 
Comment by Avocado
2013-02-08 14:17:34

sorry, i never grammar nor spell check. doing too many things at once, one of them is supposed to be work.

 
Comment by cactus
2013-02-08 18:09:31

Retired firemen and other retired or working state workers live in SLO

and a few fishermen

 
Comment by Montana
2013-02-08 19:38:22

Yup, my stepfather retired LAFD & moved there.

 
 
Comment by Pimp Watch
2013-02-08 12:50:16

You’ll have to explain why housing demand is at mid 1990’s levels in SLO county…. and falling.

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Comment by Avocado
2013-02-08 14:19:30

If you measure demand, buy units sold, it is 100% due to lack of inventory on the market. yes, it is currently manipulated. But multiple offers per listing, says something else.
And good rentals go on day 1, usually to a friend, not ever making it on CL.

 
Comment by Pimp Watch
2013-02-08 14:31:07

That’s alot of “if’s” to make your sick world a reality. Good thing it’s not. Demand is at mid 1990’s levels in SLO county…… and falling.

 
Comment by Avocado
2013-02-08 16:09:48

define “demand” then. inventory is down everywhere, so less transactions.

if you are an owner, you don’t care about too much other than increasing values. demand or no demand.

prices are rising on the low end, indisputable.

 
Comment by Pimp Watch
2013-02-08 16:19:07

If you need demand defined for you, it’s time you run along.

 
Comment by Avocado
2013-02-08 17:09:17

FACT bubba! prices are going up, supply is down EVEN more then demand. did you take Econ 101 yet?

 
Comment by Pimp Watch
2013-02-08 17:28:05

FACT pimp! Housing demand is at mid 1990’s levels…. and falling.

 
 
 
Comment by snowgirl
2013-02-08 13:45:07

2nd banana, the frackers will rejoice if your proclamations of our future are true. Then they’d be free to extract away without those pesky drinking water considerations.

 
 
Comment by Martin
2013-02-08 08:08:54

Lawyer is correct. RE prices that we saw in 2006-7 (boom time) were around the year 2035 prices in US. There will be a long drawn Japan like depression in RE. If you buy to live or for investment, make sure you calculate if it makes financial sense.

We may see declines for the next decade and stagnation for another decade. The current crop of people between 40-50 years of age are screwed royally. The younger generation may be okay as thye would have enough time in their lifetime to see a growth spurt.

Comment by Pimp Watch
2013-02-08 08:34:03

“We may”????

You’re in for the surprise of your life Marty. ;)

 
Comment by snowgirl
2013-02-08 14:11:18

“The current crop of people between 40-50 years of age are screwed royally. ”

Well, not all is lost. I know people in this age group with paid off homes. They married in their early twenties, bought the home early (1980s) and stayed in it the whole time w/o taking money out while both adults were working. Many had a further bump in comfort level after losing relatives and coming into inheritences. They may not be completely out of danger if they lost their jobs assuming this age group doesn’t replace employment easily but they certainly sit pretty compared to many around them.

Comment by Avocado
2013-02-08 14:21:55

timing is everything, some of us cashed out.

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Comment by joe smith
2013-02-08 08:20:27

Probably 1/3 of my Maryland friends grew up in NY. Many stayed up there for school (some at SUNYs like Fredonia, Geneseo, Binghampton). But there are no jobs there. The ones who still have siblings in NY state make it pretty clear their siblings have lucky ducky jobs. Usually the mom is a stay at home mom bc the jobs available usually don’t pay enough to make child care make sense.

Why would you stay in upstate NY since you’re obviously not in denial about what is going to happen (a massive crater!)??

Hopefully you are renting? As you say, upstate NY property taxes are insane, especially when juxtaposed with the lack of good jobs and crumbling infrastructure. (And when money does get spent to repair infrastructure, it will be spent in the NYC area, as it should be, because the bang for the buck is much better.)

Comment by sfhomowner
2013-02-08 09:45:16

Upstate NY countryside is beautiful, but the winters are brutal. Cities like Binghamton, Buffalo, Syracuse, etc. are just plain depressing.

Whatever happened to the high speed rail to NYC that was supposedly going to get built?

Comment by joe smith
2013-02-08 10:52:55

Whatever happened to the high speed rail to NYC that was supposedly going to get built?
———-

Makes no sense, how can we justify building high speed rail to a low-density population? It’s a pipe dream. Infrastructure spending needs to be directed at places that have the jobs and population density to support it, where the spending might return some value.

Upstate NY doesn’t make sense. There are some areas that are nice a few months a year. Good for vacation, etc. Upstate NY is going to continue to die off.

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Comment by 2banana
2013-02-08 11:02:27

OF COURSE IT MAKES SENSE.

The federal government pays 90% of the cost and nearly ALL the jobs go to democrat supporting unions.

It is a win-win for democrats.

No democrat politician cares if it makes ANY economic sense.

 
Comment by joe smith
2013-02-08 12:01:17

No democrat politician cares if it makes ANY economic sense.
——–

The majority in both parties are full of s***.

It’s rare to have a good politician who can be nominated by either party, place a primary emphasis on actually governing well, and then retain support and financing to stay in office or move up the food chain.

Your obsession with union goons and going after one party is quite a bit sad. You’re a sheep but you don’t know it. No better than the completely unthinking masses. Voters who can’t think are the reason that bankers and lawyers have been able to appropriate so much wealth from the American people. Sheep get sheared.

 
 
Comment by 2banana
2013-02-08 10:59:57

Isn’t that the sad thing?

Upstate NY is beautiful. Plenty of water. Plenty of minerals. Plenty of power. Great farmland. Near major population centers. Near Canada.

In any sane free market system, housing prices and taxes should be extremely LOW. People would move there. Businesses would move there. Why? Because it makes sense to take a risk there. It is a nice place. And it is cheap with ALL these advantages. And upstate NYS would recover.

But with total control of NYS by the progressives and liberals - insane taxes keep going up to keep the public unions on their side. Insane regulations. Bigger and bigger government.

It is just not worth the risk. Better to leave.

And there is no escape for those that remain. Upstate NYS is in a feedback loop that will only end into total economic ruin.

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Comment by rms
2013-02-08 13:12:51

“Near Canada.”

Is that a ranking? :)

 
Comment by 2banana
2013-02-08 13:47:26

Canada is America’s #1 trading partner…

 
 
 
Comment by snowgirl
2013-02-08 14:43:48

Preexisting illness on my part and not wanting to be the new guy in a new employment situation keep us here. My husband actually has a very nice job and we think the employer treats him quite well. Our kids should finish school here. They have nice friends that I think positively influence them. I couldn’t ask for a better school environment.

Also we are outdoor people. We’ve really tapped into some fantastic groups who are active and like to be outdoors. Mostly they are really positive and caring of each other, cohesive. If you love the outdoors to the point snow doesn’t bother you, that you even embrace it, it’s a really nice place to be. At least that’s true of the areas I’m in.

Lastly we made money on the way up. We’ve got a crater cushion because we didn’t spend it all trying to fit in w/the conspicious consumption crowd. If we give up what we made in the early 2000s, so be it.

Why would you stay in upstate NY since you’re obviously not in denial about what is going to happen (a massive crater!)??

 
 
 
Comment by 2banana
2013-02-08 06:29:21

How do you make an obama housing bubble v2.0?

Lots of ways to “run the printing presses” boyz…

———————————-

Fed Has Bought More U.S. Gov’t Debt This Year Than Treasury Has Issued
CNS News | Feb. 7, 2013 | Terence P. Jeffrey

So far this calendar year, the Federal Reserve has bought up more U.S. government debt than the U.S. Treasury has issued.

On Dec. 31, the total debt of the U.S. government was $16.4327 trillion and then-Treasury Secretary Tim Geithner announced that the government had hit what was then the legal debt limit. Last week, however, Congress enacted a law to suspend the federal government debt limit until May 18, 2013, and allow the administration to resume increasing the debt.

By the close of business on Wednesday, Feb. 6, according to the U.S. Treasury, the total federal debt had climbed to $16.4799 trillion—an increase of $47.2 billon for the calendar year.

At the close of business on Jan. 2, the Federal Reserve had owned $1.661 trillion in U.S. Treasury securities. By the close of business on Feb. 6, it owned $1.7172 trillion—an increase of $51.1 billion for the calendar year.

Thus, the Federal Reserve’s purchases of U.S. government debt in this calendar year have exceeded the Treasury’s net debt issues by about $3.9 billion.

Comment by goon squad
Comment by palmetto
2013-02-08 07:02:44

Obama gives himself permission to kill. Nice breakdown and analysis by Judge Andrew Napolitano.

http://takimag.com/article/obama_gives_himself_permission_to_kill_andrew_napolitano/page_2#axzz2KJXBQfsW

Comment by 2banana
2013-02-08 07:08:40

Nothing that any other “Nobel Peace Prize” president wouldn’t do…

He is making a list and checking it twice…

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Comment by Bluestar
2013-02-08 07:54:46

Compare and contrast. A tale of two presidents…
“Jose Mujica’s net worth when he took office in 2010 was $1,800. While his official presidential salary is about $108,000 per year, he donates 90 percent of it, mostly to a programme for expanding housing for the poor. This leaves him with a monthly income comparable to a typical Uruguayan. As Mujica is quick to say, “I do fine with that amount; I have to do fine because there are many Uruguayans who live with much less.”

Barack Obama, by contrast, lives in luxury - in the White House - and also takes in $400,000 annually as president. That, combined with his royalties from book sales, gave him and his wife an income of $1.7m in 2010. The Obamas, as they typically do, also donated a portion of their income - about 14 percent - but kept enough to maintain their position among the “one percent” nationally, and by easy extension, globally.”

http://www.aljazeera.com/indepth/opinion/2013/02/201326101914520813.html

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Comment by In Colorado
2013-02-08 08:43:06

Interesting article.

 
Comment by Avocado
2013-02-08 12:14:54

O is a great American rags to riches story. Work hard, stay in school…role model for us all.

 
 
Comment by ecofeco
2013-02-08 07:54:56

The Commander in Chief has always had this privilege in times of war.

Obama did not start the “Wah on Terra”. That was another president.

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Comment by 2banana
2013-02-08 08:02:32

“We’ve always been at war with Eastasia”

 
Comment by palmetto
2013-02-08 08:26:05

“Obama did not start the “Wah on Terra”. That was another president.”

If we used that argument, we could still have slavery today, but at some point a president decided to end the institution.

So what? Really, so what? How does this give him a free pass on taking the mistakes of his predecessor and putting them on steroids?

 
Comment by eight pieces of chicken
2013-02-08 08:27:50

Obama did not start the “Wah on Terra”. That was another president.

I thought he “ended” it.

 
 
Comment by Spook
2013-02-08 08:34:20

The same way only Nixon could get away with going to red China, only Obama can get away with bringing back slavery.

 
Comment by eight pieces of chicken
2013-02-08 09:40:29

only Obama can get away with bringing back slavery

Slavery will be cool again…..

 
Comment by sfhomowner
2013-02-08 09:46:47

Slavery still exists. It’s called sex trafficking.

 
Comment by Carl Morris
2013-02-08 09:53:11

And we’re working on new forms all the time.

 
Comment by 2banana
2013-02-08 11:04:10

$250,000 in federal student loans for a degree in Communications is pretty close…

 
Comment by ecofeco
2013-02-08 11:28:36

Which part of, The Commander in Chief has always had this privilege in times of war, are you not getting?

 
Comment by aNYCdj
2013-02-08 12:51:33

You wouldn’t believe how many resumes i get looking for talk show hosts for a friends internet radio station, who spend $100K + on this degree, and for 4 years Never ever stepped inside the college radio station, then they swear at me because they have to pay all over again for the studio and engineer’s time.

250,000 in federal student loans for a degree in Communications is pretty close…

 
Comment by Pimp Watch
2013-02-08 14:12:03

Slavery still exists.

LMAO!!!! Oh the irony!

Step away from the computer and look in the mirror.

 
Comment by sfhomowner
2013-02-08 14:23:06

PW, do you even think before you post? LMAO about sex trafficking of young girls. Really?

 
Comment by joe smith
2013-02-08 14:56:31

He’s LOLing at you for taking something like 500k mortgage on a house, despite being a HBB reader and being aware of the Fed’s actions, the shadow inventory, etc.

 
 
Comment by albuquerquedan
2013-02-08 09:59:35

Yes, he does a good job but since he is not a Rove Republican he is off Fox.

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Comment by aNYCdj
2013-02-08 12:45:18

I had an interview with the judge at fox news..still have the photo ID visitors pass

we talked for about an hour…thought i had a good chance at the job, but in the end he really wanted a secretary/personal assistant (F) rather then a paralegal/ producer …dang it still would have been a great way to get into fox

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Comment by Avocado
2013-02-08 11:04:21

How does O sleep at night? His job description increases daily per haters.

Comment by Avocado
2013-02-08 11:06:53

Wars and tux cuts are expensive, did you really think future generations would not have to pay??
Maybe we can take away that single mom’s food stamps and apply it to the cost of the war. Then she can end up in jail, costing us 5x as much. duh!!

Most Dems are so much more fiscally conservative than these neo-cons who got us in this mess.

know your party

Comment by 2banana
2013-02-08 11:23:54

The Federal Budget:

Department of Defense: 19%
Entitlements 58%

The government borrows 45 cents of every dollar it spends.

http://en.wikipedia.org/wiki/File:U.S._Federal_Spending_-_FY_2011.png

know your facts and know your math

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Comment by Ryan
2013-02-08 11:54:00

“Defense”

Seriously? Hahahahahahahaha!

You’re joking! Defense of what! Which war/s and foreign duty stations are defending the constitution and/or our sovereignty?

We should all be honest with ourselves; it’s the Department of War and International Destabilization.

 
Comment by Avocado
2013-02-08 12:16:35

“Slavery still exists. It’s called sex trafficking.”

On Folsom Street, it is all voluntary.

 
Comment by sfhomowner
2013-02-08 12:39:57

The statistics about human trafficking and child prostitution are chilling.

Every year in the U.S., 100,000 children are involved in prostitution. A study of five U.S. cities concluded 300,000 “domestic minors” were involved in prostitution.

The average age of entry into prostitution is 13-years-old.

Source: http://www.timesherald.com/article/20130109/NEWS/130109519/human-trafficking-statistics-are-chilling

 
Comment by Avocado
2013-02-08 14:34:03

Please define: “Entitlements 58%”

 
Comment by Avocado
2013-02-08 14:35:35

“The government borrows 45 cents of every dollar it spends.”

YES!! we have been yelling that since Reagan tripled the deficit!

ya cant borrow your way to prosperity.

know your party.

 
Comment by Avocado
2013-02-08 14:37:52

“Why is it that if you take advantage of a corporate tax break you’re a smart businessman, but if you take advantage of something so you don’t go hungry, you’re a moocher?
JS

 
 
 
 
 
Comment by 2banana
2013-02-08 06:57:01

CalPERS’s corruption and public unions overwhelms California taxpayers with debt.

And investing in the housing bubble - what could go wrong?

Lord help if you own a business or a house in California.

Unless you are an AVERAGE $230,000 Vallejo police officer…life is still pretty sweet even in a bankrupted city.

—————————————-

The Pension Fund That Ate California
City Journal ^ | 02/07/2013 | Steve Malanga

After spending years dogged by unpaid debts, California labor leader Charles Valdes filed for bankruptcy in the 1990s—twice. At the same time, he held one of the most influential positions in the American financial system: chair of the investment committee for the California Public Employees’ Retirement System, or CalPERS, the nation’s largest pension fund for government workers. Valdes left the board in 2010 and now faces scrutiny for accepting gifts from another former board member, Alfred Villalobos—who, the state alleges, spent tens of thousands of dollars trying to influence how the fund invested its assets. Questioned by investigators about his dealings with Villalobos, Valdes invoked the Fifth Amendment 126 times.

California taxpayers help fund CalPERS’s pensions and ultimately guarantee them, so they might wonder: How could a financially troubled former union leader occupy such a powerful position at the giant retirement system, which manages roughly $230 billion in assets? The answer lies in CalPERS’s three-decade-long transformation from a prudently managed steward of workers’ pensions into a highly politicized advocate for special interests. Unlike most government pension funds, CalPERS has become an outright lobbyist for higher member benefits, including a huge pension increase that is now consuming California state and local budgets. CalPERS’s members, who elect representatives to the fund’s board of directors, ignored concerns over Valdes’s suitability because they liked how he fought for those plusher benefits.

CalPERS has also steered billions of dollars into politically connected firms. And it has ventured into “socially responsible” investment strategies, making bad bets that have lost hundreds of millions of dollars. Such dubious practices have piled up a crushing amount of pension debt, which California residents—and their children—will somehow have to repay.

CalPERS’s investments in real estate, which had begun cautiously in the 1960s, exemplify the wrong turn. The fund started expanding its real-estate portfolio during the 1990s tech boom. Then, as its stock investments slid at the turn of the millennium, it chased even higher returns in real estate. Between 2004 and 2006, as the country’s real-estate bubble was inflating, CalPERS pumped $7 billion into the sector, most of it in a few places that later became ground zero for the housing bust. By 2008, the fund owned 288,000 homes and lots, 80 percent of them in property-bubble states California, Florida, and Arizona. The fund’s real-estate portfolio grew from 5 percent of its assets in mid-2005 to 10 percent by June 2008, even as real estate was already collapsing in CalPERS’s biggest markets.

The portfolio included a $500 million bet on two large apartment complexes in New York City—Peter Cooper Village and Stuyvesant Town—that went bust in a high-profile default. There was also an investment of nearly $1 billion in Landsource Communities, which planned to develop some 15,000 acres in California’s Santa Clarita Valley but eventually filed for bankruptcy. By 2011, the value of the fund’s real-estate holdings had declined by 49 percent, resulting in $11 billion in losses.

Desperate for higher returns, CalPERS also bought the riskiest portions of collateralized-debt obligations, accumulating $140 million of them by 2007. These were the packages of debt, largely subprime mortgages, whose defaults helped trigger the 2008 financial meltdown. According to a 2007 story by Bloomberg News, CalPERS bought these investments, known as “toxic waste” on Wall Street, from Citigroup, one of the sinking firms that the government later bailed out. “I have trouble understanding public pension funds’ delving into equity tranches, unless they know something the market doesn’t know,” Edward Altman of New York University told Bloomberg about the CalPERS buys. “If there’s a meltdown, which I expect, it will hit those tranches first.”

Yet another feature of CalPERS that has cost taxpayers is double-dealing by the board, ranging from awarding contracts to political donors to alleged outright corruption. In 2010, Jerry Brown, California’s attorney general at the time, launched a lawsuit accusing Alfred Villalobos of trying to bribe current board members (including Charles Valdes) to win investment business for his clients, mostly large financial firms that wanted a piece of the huge CalPERS portfolio. Villalobos pulled in $47 million as a go-between, the suit charged. A month after the lawsuit was announced, Villalobos filed for personal bankruptcy, temporarily blocking the suit. In 2011, the Internal Revenue Service accused him of intentionally depleting his assets while in bankruptcy, including gambling some away in Nevada casinos. News reports revealed that Villalobos had previously filed for bankruptcy, a decade before serving on the CalPERS board.

Right now, the pension bill that Californians owe because of CalPERS is enormous. In a December 2011 study, former Democratic assemblyman Joe Nation, a public finance expert at Stanford University, estimated that CalPERS’s long-term pension debt is a sizable $170 billion if CalPERS achieves an average annual investment return of 6.2 percent in years to come. If the return is just 4.5 percent annually—a rate close to what more conservative private pensions often shoot for—the fund’s long-term liability rises to a forbidding $290 billion. By contrast, CalPERS itself estimated its long-term unfunded liability at merely $80 billion, using a lofty projected annual investment return of 7.75 percent. (The fund has recently cut that estimate to 7.5 percent.)

In the last five years, three California municipalities—Vallejo, Stockton, and San Bernardino—have filed for bankruptcy, each citing retirement costs as a significant factor. But bankruptcy may not afford cities any relief from pension costs; CalPERS argues that cities have no right in federal bankruptcy court to reduce pensions, since the fund is not a creditor of these municipalities but an arm of state government. Vallejo, which has already emerged from bankruptcy, did nothing to reduce its pension costs in Chapter 9, and its employee costs remain sky-high. To employ a cop in Vallejo still requires $230,000 a year, including $47,000 in annual CalPERS costs.

Comment by Cantankerous Intellectual Bomb Thrower™
2013-02-08 07:55:11

Are you really too st00pid to realize that it is the Fed’s cutrate interest suppression policies which have put pension plans deeply underwater, not overly-lucrative pension promises?

Comment by albuquerquedan
2013-02-08 08:15:21

The Fed including the Obama Fed played an important role but to say that California cities did not over promise lucrative pensions is ignoring the facts. When the Fed causes the interest rates to be lower you must either increase your contributions or cut your promises. CA did neither one and that is why they are in the mess they are in along with Illinois.

Comment by Cantankerous Intellectual Bomb Thrower™
2013-02-08 08:54:25

“The Fed including the Obama Fed played an important role but to say that California cities did not over promise lucrative pensions is ignoring the facts.”

Republican extremists who pontificate on pension costs are the ones ignoring the facts. I’m sure overly lucrative benefits are a factor in some cases, but I’m also certain the role of ultra-low interest rates to astronomically inflate pension liabilities is the dominant factor.

And it is the latter which is never mentioned by the Republican propaganda campaign, perhaps due to honest ignorance of just how much pension liabilities depend on interest rates.

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Comment by albuquerquedan
2013-02-08 09:15:59

CBIT, while the Feds cut interest rates they pushed up the stock market so the pension funds gained from that. Unlike SS which is mandated to just be invested in government debt, pension funds certainly gained from the stock market gains created by the easy money. However, projecting 7 to 8% gains per year to fund your promises just was not reasonable. The argument about interest rates is much stronger when you talk about Social Security.

 
Comment by Cantankerous Intellectual Bomb Thrower™
2013-02-08 09:26:12

“CBIT, while the Feds cut interest rates they pushed up the stock market so the pension funds gained from that.”

Point taken.

Perhaps part of the problem is that Calpers pension fund managers are blockheads.

MARKETS
February 5, 2013, 9:08 p.m. ET

Pension Funds Cut Back On Commodity Indexes
By IANTHE JEANNE DUGAN

Pension funds and other institutions are retreating from popular investments linked to commodities after finding they did little to protect their portfolios against inflation risk and the unpredictable returns of stocks.

Investors have yanked nearly $10 billion from tradable indexes tied to energy, food, metals and other commodities after two years of record outflows. That leaves about $133 billion, said Kevin Norrish, a managing director at Barclays PLC.

The trend is accelerating this year, analysts and investors said, driven by lackluster returns and looming U.S. regulations that could make these investments more complicated and costly. The reversal could affect the way commodities are traded and temper price swings in everything from cereal to gasoline to gold, some economists said.

Among those scaling back is the California Public Employees’ Retirement System. Calpers, the nation’s largest pension fund, pulled out 55% of its holdings in commodities indexes in October, after losing about 8% annually over five years, according to the fund’s most recent financial statement. That left $1.5 billion of Calpers’s assets in commodities indexes, 0.6% of the fund’s total. The money was switched to inflation-linked bonds, under a policy that allows Calpers to make quick moves within investment areas based on market conditions, a spokesman said.

Calpers helped pioneer pension funds’ push into indexes that track metals, wheat, energy and other commodities. Unheard of a decade ago, the indexes held $155 billion at the end of 2010, up from $65 billion in 2008, according to Barclays.

 
 
 
Comment by rms
2013-02-08 08:21:17

Speaking of the Fed’s cutrate interest suppression policies I usually keep $10k to $15k handy in my interest checking account. No 1099-INT for that account in 2012 since I didn’t even accumulate $10 of interest income.

Comment by goon squad
2013-02-08 09:10:59

Yup. Getting 0.1% APY from the Credit Union of Colorado.

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Comment by joe smith
2013-02-08 08:26:04

Just chiming in to say that both the Fed and the increased benefits have played a part. I believe unions have something important to offer, but even I would agree they went far, far beyond what they should have, as far as creating a 2 tiered system to continue paying heavy benefits to older members while screwing young ones. A modest pension system is a great asset and should be treated as such. If people wanted extra money, there should’ve been other incentives workers could meet to get bumped up in salary or advance to higher positions.

These latter things I mentioned are key parts of many teachers union negotiations in progressive districts today. Baltimore City started such a system about 2 yrs ago with their new contract. Instead of jacking up pensions and salaries for everyone automatically, it spelled out guidelines about how you could increase your value and it limited the number (percentage) of people who could receive the better ratings so it does not become a situation where everyone is given top ratings, which would dillute the incentive system.

 
Comment by Hi-Z
2013-02-08 09:29:08

“Are you really too st00pid to realize that it is the Fed’s cutrate interest suppression policies which have put pension plans deeply underwater, not overly-lucrative pension promises?”

The cutrate interest policies affect EVERYONE who depends on a return on conservative investment as a retirement plan. However, only the politically based government plans are guaranteed by taxpayers due to elected officials (who count on the receiver’s vote) agreeing to them.

The elected officials are ‘bargaining’ with OPM and they have little or no cause to bargain effectively. Therefore the limit has been the sky and the plans have promised (and must deliver) the sky. The political selling of these plans to elected officials assumed liberal returns forever to make their case.

Of course I realize anyone with an opinion different from yours is st00pid.

 
 
Comment by Avocado
2013-02-08 11:11:24

As a Californian, yes pension promises and scams have nearly destroyed the state.

 
Comment by aNYCdj
2013-02-08 13:37:48

I always wondered how a CA company Tejon can have such prime property yet for decades not be able to use it for development…..snail darters, some old growth trees….why didn’t Calpers buy this company and make money by pacifying the tree huggers….it seemed like a safe bet…not buying Rent stabilized apartments in NYC hoping to toss thousands to the street and jack up the rent…..stupid beyond belief

———-

The Company believes the variability of its quarterly and annual operating results will continue during 2012. Prices received by the Company for many of its products are dependent upon the prevailing market conditions and commodity prices. Many of the Company’s projects, especially in real estate, require a lengthy process to complete the entitlement and development phases before revenue can begin to be recognized. The timing of projects and sales of both real estate inventory and non-strategic assets can vary from year-to-year; therefore, it is difficult for the Company to accurately predict quarterly and annual revenues and results of operations.

Tejon Ranch Co. is a diversified real estate development and agribusiness company, whose principal asset is its 270,000-acre land holding located approximately 60 miles north of Los Angeles and 30 miles south of Bakersfield.

More information about Tejon Ranch Co. can be found online at http://www.tejonranch.com.

investment of nearly $1 billion in Landsource Communities, which planned to develop some 15,000 acres in California’s Santa Clarita Valley but eventually filed for bankruptcy

 
 
Comment by 2banana
2013-02-08 07:06:19

At least Bill Clinton’s chicks (while he was in office) were Americans.

Menendez has outsourced his lust to a foreign country. No wonder America is heading down hill… :-)

Funny how there is barely a peep about in the MSM. Why is that?

Having a D after your name automatically gets you in the “do not report” club. The John Corzine school of MSM reporting.

—————————————–

Menendez Can’t Escape Mounting Reports
Roll Call - 2/7/2013

The allegations against Sen. Robert Menendez may have started with unsubstantiated stories about trysts with prostitutes, but questions about the lawmaker’s conduct have reached the point where they’re not focused on sex. A slow drip of national news reports about the New Jersey Democrat and his ties to Florida ophthalmologist and political donor Salomon Melgen have put his office on the defensive over an assortment of issues including a port contract in the Dominican Republic and a possible intervention in a Medicare billing dispute involving the doctor. Menendez tried to move forward with his normal agenda Thursday, holding a morning roundtable discussion with Hispanic media outlets about immigration through the Senate Democratic Hispanic Task Force, of which he is chairman.

Comment by palmetto
2013-02-08 07:22:58

“a port contract in the Dominican Republic and a possible intervention in a Medicare billing dispute involving the doctor.”

This here is the crux of the matter. The guy is dirty as hell.

Comment by eight pieces of chicken
2013-02-08 08:03:44

The guy is dirty as hell.

No he is not. All rumors. This guy is a good progressive senator.

Comment by palmetto
2013-02-08 08:11:40

“This guy is a good progressive senator.”

I guess the FBI is just making sure.

Wonder how he and Melgen are getting along right about now? From all reports, Melgen sure did a lot of trading on the good progressive senator’s name.

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Comment by palmetto
2013-02-08 08:45:01

To be fair, the issue here is Melgen, at the moment. Seems he owes the IRS a pretty penny and there’s the possibility of Medicare fraud. South Florida is ground zero for Medicare fraud in the US, it’s practically part of the culture. However the fact that Menendez appears to have made attempts to intervene on Melgen’s behalf doesn’t look good.

 
 
 
 
Comment by Avocado
2013-02-08 11:14:20

is it better or worse than the (R) wide stance in the men’s bathroom guy looking for a glory hole?

as long as they dont waste my money, i dont care what they do at night.

 
Comment by joe smith
2013-02-08 11:23:45

The (D) didn’t keep Corzine from being prosecuted. His personal wealth (he was the wealthiest man in the Senate, which is really saying something, considering there was a Rockefeller among his peers) and he was the former CEO of Goldman Sachs. He would’ve mounted a vigorous defense and have the benefit of numerous layers of underlings to insulate himself from criminal allegations.

 
 
Comment by 2banana
2013-02-08 07:15:01

As has been pointed out:

“Socialism is for the people, not the socialists”

What is the line that is often repeated here? oh yeah - “Marie Antoinette did not get it either”

I do not think you know what that phrase means…

Oh well, bigger government and higher taxes will lead the way to prosperity in America. The 47% said so…

———————————————————

Valérie Trierweiler ’succumbs to Marie-Antoinette syndrome of life of luxury’
telegraph UK - February 8th, 2013

President François Hollande’s 47-year old partner was slammed for eschewing her Left-wing principles in favour of unabashed champagne Socialism despite the threat of “thousands of job losses in the coming weeks” in companies ranging from Renault to Air France.

“Valérie Trierweiler, who often claims to be ‘Socialist to her soul’ … ultimately prefers supporting the one industry that has no particular need of her help – the luxury fashion world.

“It sends out a very mixed message to the millions of voters who elected her partner to office hoping for a change in morals and mentality.

“Instead of choosing to support welders or other workers, she has chosen to offer her presence, her support to Dior, to Yves Saint Laurent and the entire luxury industry.”

The virulent broadside comes after former first lady Carla Bruni-Sarkozy was regularly branded a frivolous figure painfully unaware of the plight of the average French person while her husband Nicolas Sarkozy was president.

The multi-millionaire former supermodel was particularly mocked for declaring “we’re simple ordinary folk” in a desperate bid to convince the French her husband was a “man of the people” during his failed re-election bid.

Now VSD said her successor had fallen into the same trap.

Comment by palmetto
2013-02-08 07:26:05

Which is why, much as I’m not disposed to like her, I do admire the more or less low key profile of the Begum Michelle Obama Khan.

 
Comment by ecofeco
2013-02-08 07:57:30

“What is the line that is often repeated here? oh yeah - “Marie Antoinette did not get it either”

I do not think you know what that phrase means…”

HAHAHAHAHAHAHAA.

*gasp*

HAHAHAHAHAHAHAHAHAHA

*gasp*

Thanks for proving the point.

 
 
Comment by goon squad
Comment by 2banana
2013-02-08 07:35:22

“I will cut taxes - cut taxes - for 95 percent of all working families, because, in an economy like this, the last thing we should do is raise taxes on the middle class.”
– Barack Obama

Comment by oxide
2013-02-08 08:29:25

And yet no one complained when their paychecks went UP in 2010, or bothered to find out why?

And what about all those bootstrappers who want to opt-out of Social Security because they think they can do better than the US gummint? What did they do with the extra money? They should have been overjoyed that they were getting their wish for a couple years. Did they save the money? Did they do better than the US gummint?

(I know someone who did, but he wasn’t one who wanted to opt-out).

Comment by sleepless_near_seattle
2013-02-08 10:40:22

or bothered to find out why?

And THAT is the problem (along with HR departments not explaining what’s going on). Most people I hear from seem to be blaming the ACA for this.

I can, however, see people being opposed to reversing the stimulus if they are anti-SS and/or want control of their money now and not decades from now when it will be worth less.

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Comment by mathguy
2013-02-08 12:16:08

oxide, I can tell you for sure, on 60k of debt I had at an average of 8% mixed blend for credit cards and student loans I *definitely* could have done better than the feds by paying off that debt faster. And as a saver, I would personally have 100% more saved as SS is approximately equal to my savings rate (15%). I wouldn’t mind if SS stayed with its original intent to provide for disabled and orphans. I’m sure some would have done worse and spent it all, but is this supposed to be a free country or not?

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Comment by Avocado
2013-02-08 11:16:42

What is not to like?
Look what O wants to do: (too bad congress is pd for)
O quotes:

If we had let GM go bankrupt, we’d be buying Chinese cars. (Oct 2012)
Lower tax rate to 25% and incentivize investment at home. (Oct 2012)
End $4B tax break for shipping jobs overseas. (Oct 2012)
End tax breaks to corporations that ship jobs overseas. (Sep 2012)
You can’t build a business on your own; we’re in it together. (Jul 2012)
End deduction for outsourcing jobs; tax outsourcing instead. (Jan 2012)
At a certain point, you’ve made enough money. (Dec 2011)
Michelle Obama: Work for community, not corporate America. (Dec 2011)
$4,000 tax credit for companies who hire unemployed workers. (Sep 2011)
Now business can write off the full cost of new investments. (Jan 2011)
Lower corporate tax rate; pay for it by closing loopholes. (Jan 2011)
OpEd: Overturn Court’s campaign financing ruling in Congress. (Jan 2010)
American elections shouldn’t be bankrolled by corporations. (Jan 2010)
FactCheck: Many steps until companies can bankroll elections. (Jan 2010)
Special interests dominate day-to-day legislative activity. (Nov 2009)
OpEd: Wall Street wealth comes from increasing gov’t role. (Nov 2009)
No capital gains tax on earnings under $250K. (Oct 2008)
High corporate tax rate is offset by numerous loopholes. (Sep 2008)
We still need corporate ethics & vigilant government. (Jul 2008)
Enforce against insider trading & market manipulation. (Jul 2008)
Regulate institutions for what they do, not what they are. (Jul 2008)
Cap the farm subsidies for Fortune 500 companies. (Dec 2007)
End tax breaks for companies that send jobs overseas. (Aug 2007)
Hold corporations responsible for pensions & work conditions. (Aug 2007)
Tax incentives for corporate responsibility. (Jun 2004)
Close tax loopholes for US companies relocating abroad. (Jun 2004)

Comment by goon squad
2013-02-08 12:20:04

And the ones you forgot:

Implement Sharia law
Force heteros into gay marriage
Obama phones (and free Escalades)

It’s all true it was in the Washington Times.

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Comment by Avocado
2013-02-08 14:42:07

my favorites:

End deduction for outsourcing jobs; tax outsourcing instead.
Now business can write off the full cost of new investments.
American elections shouldn’t be bankrolled by corporations

 
 
 
 
Comment by ecofeco
2013-02-08 08:00:10

Outright lie.

Go to the IRS website and see for yourself.

Comment by jonkoktosten
2013-02-08 17:16:34

Got Kool-Aid?

 
 
Comment by In Colorado
2013-02-08 08:50:59

This is going to be used as a reason to repeal SS altogether.

Comment by ecofeco
2013-02-08 11:30:59

As I’ve often said.

The name of the game is privatization of SS to give to Wall St. Guns, gays and economy are just distractions.

Comment by mathguy
2013-02-08 12:21:09

Why can’t a portion of SS just be optional? Also, if SS is such a good program, why can’t I put in a *higher* amount to retire on a higher fixed income?

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Comment by goon squad
Comment by goon squad
Comment by albuquerquedan
2013-02-08 09:42:50

I want them to have a path to the border. They can leave the Mexican cokes behind.

 
 
Comment by palmetto
2013-02-08 08:03:04

Parts of this area, some modest but once-pleasant little middle class pockets, have already succumbed to third-world sh*thole status.

Comment by joe smith
2013-02-08 08:42:57

Around my area, it’s an interesting mix of retired blue collar people (65-85 yrs old) and young white collar people (20s and 30s). The younger people prefering to live in the city, not suburbs like their parents. And buying houses in the 150-250k range rather than suburban McMansions. Anything near the water (inner harbor) goes pretty quickly.

Gradually my nabe is switching from majority old to majority young.

It seems like most boomers and gen x’ers are out in the suburbs and exurbs. When they need to downsize, prices will craaaater (even moreso than they have so far).

Comment by MightyMike
2013-02-08 13:25:25

The question is whether the difference is due to age or generation. Most boomers probably had little interest in the suburbs when before they had kids. It’s quite possible that today’s young twentysomething urban dwellers will want a house in the ‘burbs once they’re married with two kids and a cat and dog. Lots of people want a nice yard for the kids, good schools and more than a couple of miles between themselves and the low income, high crime areas. That philosophy has been burned into the brains of most white Americans.

There are a couple of differences between today’s situation and that of thirty or forty years ago. The crime rate in the big cities is a lot lower than it used to be. Many folks are choosing to have no children at all. Those two things could city life a little more apealling.

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Comment by albuquerquedan
2013-02-08 08:40:36

Exactly. We had that under Bush II, also, on immigration. Just like Bush I and Clinton agreed on NAFTA.

Comment by Avocado
2013-02-08 12:23:54

Who was that god-like (R) pres who gave Amnesty to 3 mill?
Hint: he also raised taxes and tripled the deficit.

know your party

Comment by 2banana
2013-02-08 13:01:02

Reagan also called it the biggest mistake of his time in office.

Of course, he really believed in this “compromise” with the democrats that the borders would actually become secure in return for amnesty.

Amnesty went through and then the democrats conveniently didn’t fund any of the border measures. But they did get 3 million new democrat voters.

And here we are about to make the same mistake AGAIN.

Know you history and know your facts.

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Comment by Avocado
2013-02-08 14:43:39

“Reagan also called it the biggest mistake of his time in office.”

oh…. so it does not count! wheeewww! that was a close one, i thought it was real.

 
 
 
 
Comment by goon squad
2013-02-08 08:57:32

MarketWatch squats to add another turd to the steaming pile:

http://www.marketwatch.com/story/america-needs-immigration-for-economic-growth-2013-02-08

Comment by Montana
2013-02-08 10:54:23

I’m sure our elites are convinced of this, which is why they’re so hellbent on “reform.”

Comment by albuquerquedan
2013-02-08 16:37:31

Well they are convinced that we need them for profit growth. We can have economic growth and wage growth without immigrants but the rising wages of the workers would probably cut into their profits despite the rising wages also increasing the demand for their products.

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Comment by frankie
2013-02-08 07:32:11

For many of the richest people in Hong Kong, one of Asia’s wealthiest cities, home is a mansion with an expansive view from the heights of Victoria Peak.

For some of the poorest, like Leung Cho-yin, home is a metal cage.

The 67-year-old former butcher pays 1,300 Hong Kong dollars (£105) a month for one of about a dozen wire mesh cages resembling rabbit hutches crammed into a dilapidated apartment in a gritty, working-class West Kowloon neighborhood.

Home to tens of thousands, such cages - stacked on top of each other - measure 6ft by 2.5ft.

Read more: http://www.dailymail.co.uk/news/article-2275206/Hong-Kongs-metal-cage-homes-How-tens-thousands-live-6ft-2ft-rabbit-hutches.html#ixzz2KJmOG23a
Follow us: @MailOnline on Twitter | DailyMail on Facebook

Comment by 2banana
2013-02-08 07:41:24

But I was told ever increasing housing prices was a GREAT thing.

Thank you central banks. Thank you Ben Bernanke. Thank you obama bailouts…

Comment by Avocado
2013-02-08 14:46:34

You forgot someone (again)

Bush 1.632 trillion dollars in bailouts that occurred between March 2008 and October 2008.

March 2008
New York Fed took control of a $30 billion portfolio of assets through a limited liability company formed to manage the assets. J.P. Morgan Chase will bear the first $1 billion of any losses associated with the portfolio, and any gains will accrue to the New York Fed. Source

OMG! That’s socialism!!!

May 2008: Stimulus checks and tax cuts
$178 Billion Stimulus Package
The U.S. Treasury provided an economic stimulus package to American taxpayers in the form of $600 economic stimulus checks for individuals and $1,200 economic stimulus payments for couples. That cost the government $100 billion, and they threw in another $68 billion in tax breaks for businesses, $8 billion to increase unemployment benefits from 26 weeks to 39 weeks, and a $4 billion economic stimulus package to be doled out to states and local municipalities to buy and rehab foreclosed properties.

 
 
Comment by ecofeco
2013-02-08 08:48:16

And for the poorest in America, home is under the bridge and a cardboard box.

Comment by Northeastener
2013-02-08 09:41:21

And how is that different from 50 years ago? 100 years ago? 1000 years ago?

Why should we be concerned with those living under a bridge? There are homeless shelters and food pantries to take care of their basic needs. What do they contribute to society? What taxes do they pay? What value do they add? Sorry, but bad luck happens… along with mental illness, substance abuse, etc.

Comment by frankie
2013-02-08 10:10:25

Are there no prisons?”

‘Plenty of prisons,’ said the gentleman, laying down the pen again.

‘And the Union workhouses.’ demanded Scrooge. ‘Are they still in operation?’

‘Both very busy, sir.’

‘Oh. I was afraid, from what you said at first, that something had occurred to stop them in their useful course,’ said Scrooge. ‘I’m very glad to hear it.’

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Comment by ecofeco
2013-02-08 11:32:38

Eggs. Zactly.

 
Comment by mathguy
2013-02-08 16:42:50

hmm, and then through no intervention of any police or law scrooge decided to give ole bob a raise and help tiny tim….
definitely an interesting point…

 
 
Comment by sfhomowner
2013-02-08 10:14:34

Why should we be concerned with those living under a bridge?

Because as humans we have this weird thing called “empathy”. This quality can be encouraged and nurtured, or we can advocate for a dog-eat-dog world. As a teacher and a parent, I believe in trying to bring out the best in our humanity.

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Comment by Northeastener
2013-02-08 10:32:57

Everyone has their causes… mine happens to be the ASPCA. Maybe once I have more time and resources, I’ll be able to give more back, but for now, that’s it.

 
Comment by Montana
2013-02-08 10:56:47

The do-gooders want to feel good about themselves, NE. No matter that the ones under the bridge were kicked out of homeless shelters because of their behavior, or don’t want to put up with any rules like no drinking, no smoking.

 
Comment by sfhomowner
2013-02-08 11:15:10

Everyone has their causes… mine happens to be the ASPCA.

We’ve been fostering dogs since we bought out house. It’s been pretty awesome. They come from the shelter all freaked out and after a couple of weeks with us their ribs are no longer showing and they have been socialized and loved and ready for adoption.

Do we do it because we want to “feel good about ourselves”? or maybe because we actually like dogs and like helping them?

Do some people believe that empathy for other humans (or other creatures) or caring for the planet is some sort of do-gooder, liberal scam? Really?

 
Comment by MightyMike
2013-02-08 11:23:25

The do-gooders want to feel good about themselves, NE

Meanwhile, NE wrote:

What do they contribute to society? What taxes do they pay? What value do they add? Sorry, but bad luck happens… along with mental illness, substance abuse, etc.

It sounds like he wants to feel good about himself, too.

 
Comment by ecofeco
2013-02-08 11:35:10

“The do-gooders want to feel good about themselves, NE”

You make that sound like a bad thing.

Can you even hear yourself?

 
Comment by mathguy
2013-02-08 16:45:28

hmm, so your nanny state didn’t provide for those animals or people in the first place despite having record amounts of money? You mean instead they wasted it on foreign wars, corporate welfare, the MIC, bridges to nowhere, and farm subsidies for corn ethanol?? Oh, well lets just give them more so they can do what they REALLY need to….

 
 
Comment by oxide
2013-02-08 11:39:41

Speaking of tiny houses, quite a few students have designed single homeless shelters as a class project.

http://www.tinyhousedesign.com/2009/02/27/tiny-house-homeless-shelters-to-weather-the-economic-hurricane/

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Comment by ecofeco
2013-02-08 11:33:50

How funny that you all have made my point for me.

I love when that happens. :lol:

 
 
 
Comment by 2banana
2013-02-08 07:54:10

Wow. An article with stats, research, figures and logic.

Waiting for the “it is all Bush’s fault” argument in 3, 2, 1…

————————-
The Worst Five Years Since the Great Depression
Forbes | 02/08/2013 | PETER FERRARA

In February, 2009, I wrote for the Wall Street Journal an article entitled Reaganomics versus Obamanomics. The article explained that the emerging Obamanomics was pursuing exactly the opposite of every policy of the enormously successful Reaganomics, and predicted that it would produce exactly the opposite results.

Well, the results are in, and under President Obama the American people have now suffered the worst 5 years since the Great Depression, as first explained by Steve McCann of the American Thinker on January 25. McCann writes,

“From 2009 through 2012, the Obama cabal, and their allegiance to statist policies, has been in charge for four years. The global financial crisis took place in the previous year, 2008 [remember the Democrat majority Congress was elected in 2006], and based on the historical pattern of American economic recovery since the depression years, the United States should have been experiencing broad and significant economic and job growth by year three at the latest.”

Instead what America got by year five was fewer jobs than before. Even though the employment age population has increased by nearly 12 million since January, 2008, there are now 3 million fewer Americans working, with employment declining from 146.3 million in January, 2008 to 143.3 million in December, 2012. If America enjoyed the same labor force participation rate as in 2008, the unemployment rate in December, 2012 would have been 11.4%, compared to 4.9% in December, 2007, under President George Bush and his “failed” economic policies of the past. We won’t see 4.9% unemployment in America again until the statest takeover of America is purged.

As I have previously recounted here, before this latest spooky downturn, since the Great Depression recessions in America have lasted an average of 10 months, with the longest previously at 16 months. The latest recession began in December, 2007. Yet here we are 62 months after the recession began, and there is hardly any recovery at all.

I have explained in previous columns that the financial crisis was caused by government, not Wall Street, which was just another victim of bad government policies. Those policies began in 1995 with President Clinton and his Executive Branch, regulatory, National Home Ownership Strategy, which was to sold as a program to expand home ownership without costing the taxpayers a dime. The regulations imposed under that strategy effectively looted the banks by trashing traditional lending standards, in the name of “fairness” of course (can’t exclude those not creditworthy from home ownership). That is how the subprime mortgage market exploded from 5% of all mortgages in 1994 to half of all mortgages by 2007.

Obama apologists can’t say the recovery has been so bad because the recession was so bad, as the American historical experience is the worse the recession the stronger the recovery. Obama was poised to be a national hero given his perfect timing, with the typical post recession boom starting in his first year. Obama and his people were expecting to ride that glory, with their statements regarding a supposed recovery summer in 2010, and Obama himself saying on national TV in 2009 that if he didn’t get the recovery going within 3 years, he would be a one term President. They knew the history.

And, no, you can’t say this time was different because it was a “financial crisis.” Every recession involves a financial crisis, and still the worse the recession the stronger the recovery. That financial crisis excuse is just boob bait propaganda for the gullible. Every other recession and recovery in America since the Great Depression has followed the above described patterns. But not this time, because Obama was busy transforming America from the most prosperous nation in the history of the world, into another banana republic.

That is why last month, 61 months after the recession began, unemployment was still rising, even while record numbers continued to drop out of the work force. The unemployment rate for blacks was still well into double digits at 13.8%, for Hispanics still nearly double digits at 9.7%, for teenagers, continued depression at 23.4%, for black teenagers, a genocidal 37.8%. The official U6 unemployment rate, counting those who were working part time because they couldn’t find full time work, and those marginally attached to the work force who wanted and were available for work for up to a year, was 14.4%.

We know Obama loves the poor, because he has created so many of them. Poverty has soared under Obama, with the number of Americans in poverty increasing to the highest level in the more than 50 years that the Census Bureau has been tracking poverty. Over the last 5 years, the number in poverty has increased by nearly 31%, to 49.7 million, with the poverty rate climbing by over 30% to 16.1%. Obama has also been the food stamp President, with the number on food stamps increasing during his Administration to an all time record high of 47.7 million, up 80% over the past 5 years.

Instead, in the fourth quarter of 2012, 5 years after the recession started, the economy was contracting again, with negative growth. One more quarter of that, and we will be back in recession, with the Fed already laying the groundwork for worse after that. The supposedly progressive Obama is leading us back into an historical reenactment of the 1930s.

Yet, while the economy has not been growing, government spending has been booming. Federal spending has increased by 41% over the last 5 years, with total government spending at all levels increasing by nearly 27%, to an all-time high of $6.2 trillion. The Democrat party controlled press told us the economy contracted in the fourth quarter because of government spending cuts. But there have been no government spending cuts. The government in the fourth quarter was spending more than ever before in world history.

Finally, despite all of President Obama’s prattle about inequality, inequality is actually worsening under his Administration. Obama said in his second inaugural address, “our country cannot succeed when a shrinking few do very well and a growing many barely make it.”

Comment by goon squad
2013-02-08 08:02:48
Comment by goon squad
2013-02-08 09:00:02

Half of this country’s workers make less than $500/week. More bad news for Lucky Ducky about the recoveryless recovery:

http://www.marketwatch.com/story/why-gasoline-prices-are-headed-even-higher-2013-02-07

 
 
Comment by ecofeco
2013-02-08 08:52:03

DOW up from 6000 to over 13,000 and this is bad?

UE down from ~10% to ~7% and this is bad?

Fortune 500 companies making record profits for the last 2 years and this is bad?

Only on planet Denile

Comment by albuquerquedan
2013-02-08 09:34:31

More than three years after the official end of the recession, Yes, it is bad, slowest “recovery” on record.

Comment by ecofeco
2013-02-08 11:36:20

From the deepest “recession” in our lifetimes.

And your point…?

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Comment by Avocado
2013-02-08 11:21:46

and all in 4 yrs.
it took 40+ to break, with deficit spending (Reagan started it off with a triple).

The GOP spends all the money, then runs from the bill.

Comment by ecofeco
2013-02-08 11:37:29

What was the joke?

“How typical of the GOP. Rich white men make a mess of everything and have the black man clean it up while blaming him for it.”

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Comment by nickpapageorgio
2013-02-08 17:20:09

“Fortune 500 companies making record profits for the last 2 years and this is bad?”

I love watching you anti 1%’ers backpedal, I hope you realize that you all have absolutely no credibility at this point.

 
 
Comment by Cantankerous Intellectual Bomb Thrower™
2013-02-08 09:28:21

“it is all Bush’s fault”

Thanks for pointing that out (again).

Comment by Avocado
2013-02-08 11:23:36

you cant go to war(s) AND cut taxes!! duh!!!

the tea party though it could run away from the neo-cons, but we all know they are one in the same. (R)

 
 
Comment by Redrum
2013-02-08 10:19:27

The author makes some good points. But, when he says:

> the financial crisis was caused by government, not Wall Street, which was just another victim of bad government policies.

he pretty much loses all credibility with me.

Comment by oxide
2013-02-08 11:35:47

You got that far? He lost me with “the Obama cabal, and their allegiance to statist policies.”

Comment by goon squad
2013-02-08 12:26:21
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Comment by ecofeco
2013-02-08 11:39:46

But wasn’t it the policies that caused the fraud and made Wall St lie, cheat and steal?

See, it really isn’t Wall St’s fault.

\sarcasm :lol:

 
 
Comment by Avocado
2013-02-08 12:27:12

If you give Bush’s last year to O, then it does look bad. I think Bush lost 800,000 jobs that yr.
And give O the cost of the wars too, since he put it on the books.
And Medicare…
and interest on the debt…

yes, pile all that on O,

but wait…. corp profs and DOW are at all time highs and unemployment is down from 10% to 7%

hmmmmm…
got Fox?

Comment by nickpapageorgio
2013-02-08 20:05:22

Got global progressive religious zealotry? What is the IQ limit to keep your membership in the anti-American global progressive movement? 90 on the top side?

 
 
Comment by Cantankerous Intellectual Bomb Thrower©
2013-02-08 18:52:34

“Wow. An article with stats, research, figures and logic.”

With a little BS-flavored fudge topping up above…

 
 
Comment by 2banana
2013-02-08 08:06:55

Bigger and bigger government with more and more power works!

It is only fair.

It is the way to prosperity.

Unless you want to eat or keep warm.

—————————————————–

Argentina Freezes Food Prices
American Thinker | 02/08/2013 | Mike Konrad

If this were not true, it would be unbelieveable. You could not make this up, let alone imagine it. Argentina’s food prices are out of control. Just read that title, and ponder what an absurdity that is.

Argentina arguably has the best beef and grain growing regions on the planet. The Pampas are grasslands that run from the cooler south to the subtropical regions of the north. They are roughly equal in size to the United States’ agricultural zones; but with only one-eighth the population of the United States, almost all of Argentina’s produce is available for export. Argentina has outproduced America in beef products at times. A relatively small population blessed with an enormously large fertile agricultural base; it is inconceivable that Argentina should be having to freeze food prices.

Yet, President Cristina Kirchner’s Admistration is having to do just that.
When one looks at Argentina’s history, one stands amazed at how its governments can make such abysmally bad decisions with frightening regularity. It beggars description.

Argentina has food, oil, gas, natural wealth, and industry. It has high rates of literacy, with a primarily European population; and no major racial problems. In 1929, it was the fourth richest per capita country on the planet. Only the USA, Britain, and Canada outperformed Argentina. By 1945, after grain and beef sales during the war, even Britain was in debt to Argentina.

Comment by albuquerquedan
2013-02-08 08:24:10

Yes, as I said on this blog at the turn of the century many people that could have come to this country decided to go there instead because they thought it had the better future. Then, came Peron and a “planned” economy, it is amazing how history repeats itself and we do not seem to learn.

Comment by albuquerquedan
2013-02-08 08:58:21

P.S. when Government manipulates interest rates to achieve economic results, I consider that a form of a planned economy. Instead of having small useful recessions we have a damaging big recession. Just like by suppressing small forest fires in the West, you cause a crown fire.

 
 
Comment by albuquerquedan
2013-02-08 08:30:42

I think I just lost a post it said I can only post one comment per minute but it was over a minute. However, the key is that Argentina under Peron went to an essentially planned economy and it has never worked out and again and again Argentina makes the same mistakes, including printing money with abandon and running large deficits.

 
Comment by In Colorado
2013-02-08 08:58:54

FWIW, Argentina didn’t do all that well when it was run by conservative military juntas. One of the reasons they started the Falklands war was to distract the population from the dismal economy.

Argentina was forced to take the bankster austerity medicine in the past and nearly fell apart in the process. After they emerged from that nothing got better.

Comment by albuquerquedan
2013-02-08 09:18:51

I don’t care who plans the economy, right wing or left wing, they mess it up.

Comment by Northeastener
2013-02-08 09:44:58

This.

But then you get socialists who spew “Free market is a license to screw people”…

Capitalism and Free Markets can work, but you need to let markets do their job and you need the rule of law (along with some common sense laws).

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Comment by sfhomowner
2013-02-08 10:30:06

you need the rule of law (along with some common sense laws

It’s not that simple. One person’s “common sense laws” are another’s “socialism.

Mandating seatbelts and airbags? Common sense or paternalistic meddling?

Banning harmful chemicals? The size of a soda you can buy?

Child labor laws? Workplace safety? Minimum wage?

 
Comment by Northeastener
2013-02-08 10:38:41

It’s not that simple. One person’s “common sense laws” are another’s “socialism.

Indeed, which is why the less the government mettle’s in our daily lives, the better off we are.

 
Comment by sfhomowner
2013-02-08 10:56:05

Indeed, which is why the less the government mettle’s in our daily lives, the better off we are.

Northeasterner,

So in which cases, if any, do you believe there should be regulation?

I am not being disingenuous here, but everyone means something different when they speak of “less government”.

For instance, does less government in our bedroom mean multiple wives is okay? How about marrying a 12 year old?

Does less government in the workplace mean it’s okay to subject workers to dangerous working conditions? How about hiring 10 year-olds to work in factories?

Food and safety inspections at processing plants - good or bad?

Etc.

 
Comment by Northeastener
2013-02-08 12:29:51

Let’s take one of you examples, labor laws. In an attempt to “limit abuse of child labor”, the government has strict rules about what age children can be employed, how many hours they can work, etc.

Having made those rules, we now need exceptions to the rules for things like family farms. But not all “businesses” are created equal, so a family restaurant gets penalized because the kids aren’t allowed to work there under the current labor laws. These are real examples… in my community a family-run restaurant had their kids busing tables after school and someone complained to the state. Restaurant got fined. Meanwhile, local farms have young children working on them, with no issues. Another example of “Some animals are created more equal than others”.

Every time the government get’s involved in regulating something, it gets fouled up. Less is more. I don’t particularly like politicians and I certainly don’t need them justifying their existence by coming up with new rules and regulations for me to follow because some constituent or other complained loudly enough. Tell me, if you follow the 10 commandments, do you think you live a good life? Is it possible to follow the 10 commandments and still break laws in our society? Why?

I’m not saying we shouldn’t have laws. I’m saying we should have the rule of law, but limit existing law to only the most necessary…

 
 
Comment by In Colorado
2013-02-08 10:03:28

I’m not sure it was “planned” when the Juntas ran it. I’ll bet there was wholesale corruption and cronyism though.

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Comment by MightyMike
2013-02-08 11:18:13

I don’t care who plans the economy, right wing or left wing, they mess it up

They don’t always mess it up. Countries like Japan and South Korea did it pretty well. Both were quite poor in 1945. Theire rise to be among the most prosperous nations in the world involved a lot of government planning.

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Comment by Carl Morris
2013-02-08 09:36:05

And now here they are making noise about the Falklands again.

 
Comment by eight pieces of chicken
2013-02-08 09:38:13

After they emerged from that nothing got better

More debt isn’t the answer?

Comment by In Colorado
2013-02-08 10:04:43

Imagine that. And yet, that it exactly what is being prescribed for the PIIGS.

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Comment by Montana
2013-02-08 10:59:15

OMG…and freezing prices guarantees shortages.

 
 
Comment by goon squad
2013-02-08 08:10:08

Linked from Google News - Southern Diet Might Explain the ‘Stroke Belt’

Study found those who at fried, salty foods and processed meats were more likely to have strokes:

http://health.usnews.com/health-news/news/articles/2013/02/07/southern-diet-might-explain-the-stroke-belt

Comment by palmetto
2013-02-08 08:14:55

Lol, the local media has been reporting on the funnel cakes at the Florida State Fair.

 
Comment by albuquerquedan
2013-02-08 08:21:34

It is what I said about the Cracker Barrel, everything being deep fried and there should be a punch card that after ten visits you get a free cardiologist appointment.

Comment by palmetto
2013-02-08 08:33:41

yeh, but people don’t have to eat at Cracker Barrel and they don’t have to eat funnel cakes and such. It’s a personal choice, although there may be some family/environmental precedent involved.

For example, I love Coca Cola. (loathe Pepsi). But I don’t bring home six or twelve packs of cans from the market. I have one every couple of weeks or so as a treat with a lunch or dinner out. It’s a guilty pleasure, but when I wuz a pup, there was some sort of family lore that my grandfather died because he drank Coke.

Comment by albuquerquedan
2013-02-08 08:44:38

I agree that it is a matter of choice and as I said I will eat there. You know I can’t say I love present day U.S. coca cola but when I was a kid I did. I found out that it was the real sugar in it that I like because I tried some coca cola imported from Mexico with cane sugar and it has the taste I liked. I will buy a bottle from time to time but try not to have it around.

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Comment by goon squad
2013-02-08 08:52:46

The squad’s beverage of choice:

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

No high-fructose-death-syrup in these. $1 for 12oz at Kroger’s.

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Comment by albuquerquedan
2013-02-08 09:30:13

It is amazing that when it comes to diet, there is a lot of agreement on this board. It is just like Rio and I loving Trader Joe’s dark chocolate or cocoa bars.

 
 
Comment by albuquerquedan
2013-02-08 09:27:10
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Comment by joe smith
2013-02-08 08:49:12

also biking, walking, and public trans are anathema in the south

lack of regular sustained movement = increased stroke risk

Comment by joe smith
2013-02-08 08:51:50

“Research suggests that 80 percent of strokes can be prevented, but lifestyle factors in addition to diet should also be considered, Bakris said. “There is no question that if you can exercise more and stop smoking, your stroke risk is going to be reduced dramatically,” he said.”

(from that article)

 
Comment by goon squad
2013-02-08 09:16:11

Riding bicycles is for homosexuals in spandex shorts and riding the bus is for Negroes. “Real American” rugged individualists drive F-350 with truck nutz.

Comment by Carl Morris
2013-02-08 09:41:12

Having been in the army in the south I don’t blame anybody who doesn’t want to expend any effort outside in the summer down there. My solution was to never live there again.

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Comment by Northeastener
2013-02-08 12:38:29

Let’s clarify this statement… riding road bicycles is for homosexuals. Real American rugged individualists ride mountain bikes. Of course, to get to the trails worth riding on, they drive an F-350 4X4 with truck nutz…

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Comment by ecofeco
2013-02-08 09:51:06

“…also biking, walking, and public trans are anathema in the south”

’cause only pinko commies treehuggers (dog whitsle alert!) do those things!

Reall men drive F350s with balls on the hitch!

Comment by joe smith
2013-02-08 11:44:11

hence my bike with glittery streamers and rainbow flag on the back, duh.

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Comment by goon squad
2013-02-08 12:31:34

What you’ll see looking up from the ditch after we run your sissy ass off the road:

http://www.amazon.com/gp/aw/d/B005NBRZPE

 
 
 
Comment by aNYCdj
2013-02-08 17:21:53

Joe when i lived in SC in a big apartment complex mostly for military people they had 2 Olympic sized pools i saw almost no one ride bikes, it would have been fun to have a riding partner…but it just wasn’t their lifestyle.

 
 
Comment by In Colorado
2013-02-08 10:06:42

Deep-fried chicken and other scrumptious Southern fare may taste great, but it’s not so great for the heart, a new study finds.

And rocks dropped into a lake sink to the bottom.

Comment by AbsoluteBeginner
 
 
 
Comment by hazard
2013-02-08 08:31:24

Speaking of Boca squatters…this one brought horses

by Kim Miller

Boca Raton squatter Andre De Paula Barbosa isn’t the first to move into a posh mansion that he doesn’t own, and the ejection lawsuit filed to remove him may not be the fastest exit.

Back in 2009 when the real estate market was in full crumble, a client of attorney Dan Kaskel found a woman and her horses living in his 6,800-square-foot vacation home in the high-end community of Horseshoe Acres in unincorporated Boca Raton.

The neighborhood of multi-million dollar estates is home to tennis star Chris Evert.

The squatter didn’t claim adverse possession _ the Florida law Barbosa is using to stake his claim _ but she falsely told law enforcement officers that she had a lease, which made them hesitant to toss her out, Kaskel said.

While Kaskel’s client was in foreclosure, the woman, and her horses, still had no permission to be in the home.

http://blogs.palmbeachpost.com/realtime/2013/02/07/speaking-of-boca-squatters%E2%80%A6this-one-brought-horses/ - -

Comment by rms
2013-02-08 09:02:00

I know a “horsey girl” who got divorced a couple of years ago. First thing she did was buy a horse trailer, new of course, and a diesel 1-ton dually to pull it. Loads of other debt too. BTW guys, she’s available!!

Comment by albuquerquedan
2013-02-08 09:38:28

I think Goon might be interested if it has truck nutz, he seems to discuss them a lot. (Just joking Goon, you have said you are married).

Comment by goon squad
2013-02-08 10:59:28

you have said you are married

Nope. We are looking to acquire a new squadette who is 100% certain in her desire not to create mini-humanoids.

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Comment by Northeastener
2013-02-08 12:41:00

Goon has stated before that he’s divorced…

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Comment by albuquerquedan
2013-02-08 13:38:05

Must have miss that I guess he was talking about an ex wife.

 
Comment by goon squad
2013-02-08 18:19:36

has stated before that he’s divorced

Nope again. The closest we came to that was me paying toward her mortgage after I moved in, but the squad has never inked a signature on a 30 year note to buy anything.

Our current walkability score: 82

Ex-squadette’s walkability score: 9

She’s where she wants to be and I’m not cutting her lawn or spending weekends at Home Depot, so it’s all good.

 
 
 
Comment by 2banana
2013-02-08 10:40:38

Send picture of the truck…

:-)

 
 
 
Comment by goon squad
2013-02-08 08:39:46

Coastal elitist, bedwetter libtard, corporate media fails to mention that cop killer’s manifesto supports Obama and gun control:

http://weaselzippers.us/2013/02/07/piers-morgan-fan-goes-on-shooting-rampage-killing-three/

Comment by Northeastener
2013-02-08 09:55:12

The guy is a former LA cop. Funny how Law Enforcement is exempt from most State gun restrictions. Another case of “Some animals are created more equal than others”.

For the record, in the state of MA, I can’t buy a new Glock from a gun dealer because of “Consumer Protection” Regulations issued by the Attorney General (not even laws, rather regulations that weren’t voted on or passed by political representatives), but MA Law Enforcement is exempt…

How is it that a new Glock is good enough for a cop, but too “dangerous” for a civilian? Oh, but I can buy a pre-98 (pre-ban) Glock from a dealer. Too bad those Glocks are old police models that have been beat to crap and need a complete overhaul to operate safely.

And yet, the liberal trash in this state think we need more gun regulations. Eff em.

Comment by sfhomowner
2013-02-08 10:39:48

How is it that a new Glock is good enough for a cop, but too “dangerous” for a civilian?

Because all of our problems will be solved when the “good guys” all have guns.

oh wait, never mind….

Comment by Northeastener
2013-02-08 12:49:29

Won’t solve all our problems, but ask yourself this: When some dirtbag like this ex-cop breaks into your home armed and with murder in his eyes, are you going to just sit back and accept your fate? How about the fate of your family?

I know what I’ll be doing… putting two .45 caliber bullets in his chest and one in his head.

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Comment by Redrum
2013-02-08 10:31:42

I don’t see Obama or gun control specifically mentioned:

http://ktla.com/2013/02/07/read-christopher-dorners-so-called-manifesto/#axzz2KF5IEBET

But, perhaps the references are to writings in other postings/documents.

 
Comment by ahansen
2013-02-08 13:17:48

You’re reading the censored version put out by the LAPD. Search online with the word “uncensored”; it’s been reposted too many times now to contain it.

Comment by Redrum
2013-02-08 13:32:58

Hmm… seems like there is an important story there regarding the censorship itself. It seems to have been censored for political (not objectionable) content. The “censored” version is laced with profanity, for instance. I get why they would remove names… but why a tirade in support of gun control? Who made that decision, why did news outfits like ktla go along with it (did they even check?).

In any event, thanks for the info/correction.

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Comment by 2banana
2013-02-08 10:46:51

Remember when the Clinton and MSM blamed Rush Limbaugh and “talk radio” for the Oklahoma City bombing? And how they needed to be regulated?

Remember when the MSM blamed blamed Rush Limbaugh and “talk radio” for the “white” militia patriot movement DC sniper - And how they needed to be regulated? Until it was discovered they were black muslims?

And then it was dropped nearly overnight.

There is no double standard. Just ask Senator Menendez (D)…

 
Comment by ahansen
2013-02-08 11:25:35

There’s a great deal more to this story, and Chris Dorner’s (uncensored) manifesto is worth looking up online and reading through. In it he names names, analyzes the corrupted-to-the core culture of the LAPD, and vows his own Dirty Harry purge against the creeps and liars who instead of protecting and serving the public, make it their own little brotherhood of criminality.

The LAPD responds by putting 10,000 cops on the manhunt 24/7 (at what must be ungodly overtime rates to the taxpayers) and strong-arming the local news stations not to publicize his legitimate complaints. After a failed boat hijacking and what appears to be a diversionary trek to snowy Big Bear ski resort, Dorner has disappeared, leaving the LAPD, for lack of a better word, terrorized.

The curious thing is that the online community responds with largely positive support for the guy, wishing him godspeed, echoing his complaints against a corrupted and self-interested authority, even calling in a series of false sightings. There is an aura of the John Dillinger about this story, and it will be interesting to see if it sparks an ongoing national response.

As one commenter put it: “It’s not right, but he’s not wrong.”

Comment by 2banana
2013-02-08 12:17:10

Only to a progressive left wing nuts. But then again, you have to break a few eggs to make an omelet…

As one commenter put it: “It’s not right, but he’s not wrong.”

————————–

Christopher Dorner, the well-armed former Los Angeles cop who is the suspect in a murder spree that has left at least three dead in southern California, is a liberal according to a manifesto he has posted on Facebook.

Dorner praises President Obama and defends Michelle. “You call his wife a Wookie,” he says regarding those with whom he is upset. “Off the record, I love your new bangs, Mrs. Obama.”

He says he’s rooting for Hillary Clinton in 2016 but also like Chris Christie. He advises Christie to lose some weight.

He strongly defends gun control which makes sense as those without guns will be easier for him to kill.

He supports gay marriage and women in combat. One of those whom Dorner is suspected of killing is a woman.

Oh, he also says the Bible is a work of fiction. One imagines that he is certainly praying that it is.

Comment by X-GSfixr
2013-02-08 12:57:00

I’d think you’d be supporting this guy.

After all, he’s using his God-given, Constitutional Second Amendment Rights to defend himself against a “Brutal Government Tyranny”.

Maybe they told him they were coming for his guns.

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Comment by ahansen
2013-02-08 13:13:27

Words of a raving lunatic:

-Those Black officers in supervisory ranks and pay grades…You perpetuated the cycle of racism in the department as well. You breed a new generation of bigoted caucasian officer when you belittle them and treat them unfairly.

- Those of you who “go along to get along” have no backbone and destroy the foundation of courage. You are the enablers of those who are guilty of misconduct. You are just as guilty as those who break the code of ethics and oath you swore.

–How do you know when a police officer is lying??? When he begins his sentence with, “based on my experience and training”.

-The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants-TJ. This quote is not directed toward the US government which I fully support 100%. This is toward the LAPD who can not monitor itself.

-I didn’t vote in this last election as my choice of candidate, John Huntsman, didn’t win the primary candidacy for his party.

-Mr. President, get back to work. Many want to see you fail as they have stated so many times previously. Unfortunately, if you fail, (so does) the U.S.

 
 
Comment by ecofeco
2013-02-08 15:38:35

Is this really what parts of the manifesto say?

Because if it is, LAPD has some very big trouble on its hands.

Without exeception, every “manifesto” I’ve read is a reliable and easy to discern work of the insane.

This? Not so much. But then, these are just excerpts and don’t really show the whole picture.

The entire work may yet clearly show he is insane.

(yes, I know, the killings clearly show that. I’m just talking about how manifesto/screeds give the author away)

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Comment by Spook
2013-02-08 12:19:04

This is why its dangerous to trick black people into believing racism does not exist; because when we experience it, we will be disapointed and disapointment is the mother of rebellion.

I make it a habit to remind every black person that they were born in a warzone and that there are no “civilians” in a race war.

Also, one way to reduce violence among black people is to remind them that black people are unreliable; this way, we are not disapointed when we depend on them and they fail to deliver.

 
Comment by 2banana
2013-02-08 12:22:14

Christopher Dorner, the well-armed former Los Angeles cop who is the suspect in a murder spree that has left at least three dead in southern California, is a liberal according to a manifesto he has posted on Facebook.

Dorner praises President Obama and defends Michelle. “You call his wife a Wookie,” he says regarding those with whom he is upset. “Off the record, I love your new bangs, Mrs. Obama.”

He says he’s rooting for Hillary Clinton in 2016 but also like Chris Christie. He advises Christie to lose some weight.

He strongly defends gun control which makes sense as those without guns will be easier for him to kill.

He supports gay marriage and women in combat. One of those whom Dorner is suspected of killing is a woman.

Oh, he also says the Bible is a work of fiction. One imagines that he is certainly praying that it is.

Comment by ahansen
2013-02-08 13:23:53

Investigate before you blurt, nannerz. This guy also rails against the union goons, the code of silence, bullying, and endemic corruption.

I should think you’d be one of those people cheering him on….

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Comment by albuquerquedan
2013-02-08 14:39:44

Sorry but what ever legitimate beef he may have had, does not allow him to kill the family of the people he believes wrong him or someone that happens to be engaged to them.

 
Comment by ahansen
2013-02-08 15:13:05

Tell it to the Marines.

(FTR, I don’t support them either.)

 
Comment by sfhomowner
2013-02-08 15:19:41

Sorry but what ever legitimate beef he may have had, does not allow him to kill the family of the people he believes wrong him or someone that happens to be engaged to them.

What he said.

 
Comment by mathguy
2013-02-08 17:16:44

You should really really look into drone strikes that kill the families of those suspected of being terrorists over in Pakistan… We call it collateral damage and move on without blinking.. How can you possibly hold a double standard and say what he is doing is *ANY* different at all than what we are doing in Pakistan?

If anything, this guy is on *higher* moral ground than the US president, as he is directly pulling the trigger rather than having someone else operate a drone to do it for him… At least as soon as those targeted take out the attacker, this will be over… what can the extended families of those killed by drone strikes do??? Nothing…

 
 
 
Comment by ecofeco
2013-02-08 15:30:01

Outside of NYPD. LAPD is the most corrupt police force in the nation.

It is/was only a matter of time before it catches up to them.

Comment by mathguy
2013-02-08 17:20:03

I’m just waiting for someone to start labeling this “blowback” .

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Comment by jane
2013-02-08 21:05:11

Who says it has caught up to them?

They will go on as before. The LAPD is like the Church. An institution with one creed - go forth and multiply.

Our press is under the control of six major corporate entities, who have bigger fish to hide. They will not pursue it: the screed, being longer than one sound bite, is worthless as news.

The California citizens don’t give a flying hoot: as long as they get theirs, who cares that the LAPD is also skimming.

LAPD is safely removed from the Federal Reserve Bank in NYC.

The guy poses no threat to the natural order. By Sunday, this story will be page 10 news. The LAPD will be touted as heroes when they gun him down. With the story, of course, that he was aiming a gun at them.

The full story will not be permitted the light of day, and the sources are contained. After the initial blunder of ever allowing the uncensored version to get out, the LAPD and whoever their puppetmasters are, are not going to make the same mistake again.

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Comment by albuquerquedan
2013-02-08 08:53:59

http://www.nationalreview.com/corner/340174/voter-fraud-never-happens-keeps-coming-back-john-fund

Wasn’t it Lenin that said something like it is not the voters than count is those that count the votes that count?

Comment by ecofeco
2013-02-08 10:53:39

Voter fraud has been an issue since the dawn of time, but never has it been so sophisticated.

One word: Diebold.

 
 
Comment by measton
2013-02-08 08:56:49

WASHINGTON — Just two weeks after pleading guilty in a major federal fraud case, Amgen, the world’s largest biotechnology firm, scored a largely unnoticed coup on Capitol Hill: Lawmakers inserted a paragraph into the “fiscal cliff” bill that did not mention the company by name but strongly favored one of its drugs.
xxx
it is projected to cost Medicare up to $500 million over that period.
xxx
The provision’s inclusion in the legislation to avert the tax increases and spending cuts that made up the so-called fiscal cliff shows the enduring power of special interests in Washington, even as Congress faces a critical test of its ability to balance the budget.

Amgen has deep financial and political ties to lawmakers like Senate Minority Leader Mitch McConnell, Republican of Kentucky, and Senators Max Baucus, Democrat of Montana, and Orrin G. Hatch, Republican of Utah, who hold heavy sway over Medicare payment policy as the leaders of the Finance Committee.

It also has worked hard to build close ties with the Obama

xxxx

But the measure runs counter to a five-year effort in Washington to control the enormous expense of dialysis for the Medicare program by reversing incentives to overprescribe medication.

Amgen’s success also shows that even a significant federal criminal investigation may pose little threat to a company’s influence on Capitol Hill. On Dec. 19, as Congressional negotiations over the fiscal bill reached a frenzy, Amgen pleaded guilty to marketing one of its anti-anemia drugs, Aranesp, illegally. It agreed to pay criminal and civil penalties totaling $762 million, a record settlement for a biotechnology company, according to the Justice Department.

political action committee have distributed nearly $5 million in contributions to political candidates and committees since 2007, including $67,750 to Mr. Baucus, the Finance Committee chairman, and $59,000 to Mr. Hatch, the committee’s ranking Republican. They gave an additional $73,000 to Mr. McConnell, some of it at a fund-raising event for him that it helped sponsor in December while the debate over the fiscal legislation was under way. More than $141,000 has also gone from Amgen employees to President Obama’s campaigns.

nytimes.com/2013/01/20/us/medicare-pricing-delay-is-political-win-for-amgen-drug-maker.html?_r=0

Yep we need to cut medicare and social security so we can pay for stuff like this. These drugs are insanely priced.

Comment by ecofeco
2013-02-08 10:55:43

Shocked I tell you!

Shocked! :roll:

 
 
Comment by Brett
2013-02-08 08:59:55

This home is a prime example of the stupidity of the housing in Austin. A teardown south of Downtown for $320k….

What would a new home cost?

908 W Elizabeth St, Austin, TX 78704
Price: $320,000
Bedrooms: 2
Bathrooms: 1
Size: 960 sqft
Year Built: 1940
Lot Size: 5,793
MLS#: 7456303

“Fabulous Bouldin Location! House needs extensive repairs. Major rehab or tear down to build your dream home. Walk to Lady Bird Lake, Twin Oaks Library, restaurants, Barton Springs, Zilker Park and SoCo. Level lot backs to alley. “

Comment by joe smith
2013-02-08 09:23:02

Hurry up and buy or you’ll be priced out forever.

Be sure to include a letter about how you’ll water the hostas and feed the squirrels.

Comment by eight pieces of chicken
2013-02-08 09:29:59

Make your kids write letters, too. Adopt kids if you don’t have any.

Comment by 2banana
2013-02-08 11:11:56

Make sure they stress that they will take care of the squirrels and the fairies…

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Comment by sfhomowner
2013-02-08 11:17:25

Appeal to the fairies.

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Comment by ahansen
2013-02-08 12:17:05

Hire a comely “stager” to present your offer?

 
 
 
Comment by Brett
2013-02-08 09:44:35

LOL
How about a power point presentation with pictures of my family and cute animations?

Comment by Arizona Slim
2013-02-08 09:59:12

Please, no PowerPoint.

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Comment by Avocado
2013-02-08 11:30:02

Perry created all those government jobs, I guess people headed there for them. Is he a Republican? I thought they wanted less gov??

The Lone Star State gained more than a million jobs since the end of 2000, while the U.S. has lost almost 1.5 million, according data from the Bureau of Labor Statistics.
About 300,000 of the new Texas jobs were in government. Well over half of them, fueled by the surging population, were at public schools. Employment in the state’s public sector has jumped 19% since 2000, compared with a 9% rise in the private sector.

Perry’s state does, however, lead the nation in the highest percentage of minimum wage jobs. And later this year, hundreds of public employees in Texas will be laid off due to the massive spending cuts the Texas legislature authorized to deal with the Lone Star state’s $27 billion budget deficit. But since, according to Perry, those jobs never existed in the first place, will the layoffs actually count as jobs lost?

GREAT JOB!!!

Comment by 2banana
2013-02-08 11:35:40

Well - which is it?

Did he hire record number of government employees or did he fire record numbers of government employees?

The bottom line if that people are FLEEING blue states - especially California, Illinois and NYS.

And they are moving to red states.

Why is that?

And why does no one want to live under progressive/liberal government?

Heck, the first thing a public union goon does when he retires is MOVE OUT OF STATE…

Comment by Avocado
2013-02-08 11:41:30

he spent money TX did not have (sound familiar) growing the gov. now he has to fire them.

any patterns? Bush / O

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Comment by joe smith
2013-02-08 11:56:49

Rick Perry is poor at public administration and management, which are really the first things a governor of either party should be concerned with.

Fail.

Comment by ecofeco
2013-02-08 15:21:58

Texas is a prime example of electing politicians who will literally turn a blind eye to big money crime.

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Comment by ecofeco
2013-02-08 15:26:51

ANYTHING within walking distance of dowtown Austin is OVERPRICED.

 
 
Comment by Bobby Mac
2013-02-08 09:25:13

hmmmm……….a tiny bit of a disconnect between the sales price and zillow…………

http://www.zillow.com/homedetails/14239-Oakwood-Cove-Ln-Orlando-FL-32832/82088467_zpid/

Comment by joe smith
2013-02-08 12:57:13

I like the tray ceilings but hate those enclosed outdoor pools.

The enclosures are because of the mosquitos right? Or is it actually cold enough down there to need the enclosure?

Comment by snowgirl
2013-02-08 15:05:09

Friends in the Lauderdale area once had an alligator in their pool. I got the idea that was not an uncommon occurence.

 
 
Comment by ecofeco
2013-02-08 15:19:34

Suburban “country”.

It doesn’t get any more hideous.

 
 
Comment by albuquerquedan
2013-02-08 10:14:17

Have not heard from bluestar but this should get a response it is from a Drudge link today:

The reality is that more than 1,000 scientists are on record dissenting from the so-called “consensus” on global warming. U.S. government atmospheric scientist Stanley B. Goldenberg of the Hurricane Research Division of National Oceanic Atmospheric Administration (NOAA) has said, “It is a blatant lie put forth in the media that makes it seem there is only a fringe of scientists who don’t buy into anthropogenic [manmade] global warming.”

Comment by ecofeco
2013-02-08 11:02:58

While another 29,000 and 11 Nobel prize winners said “How could we be so wrong about global warming?”

Not.

Comment by goon squad
 
Comment by albuquerquedan
2013-02-08 14:49:35

And not one of them can explain the pause in warming.

 
 
Comment by 2banana
2013-02-08 11:14:33

My friends in Boston would like to add some info but they are busy preparing for the snow storm if the decade right now…

My friends in Siberia would like to add some info but they are busy dealing with the coldest winter of the century right now…

My friends in England would like to add some info but they are busy dealing with the coldest winter and record snowfall of the century right now - even called it a “mini-ice age”…

Comment by In Colorado
2013-02-08 12:58:18

IIRC, climate change implies extremes: colder winters and hotter summers.

Comment by 2banana
2013-02-08 13:42:41

I LUV your new religion - you can NEVER be wrong!

And the only solution is BIGGER government and HIGHER taxes.

It is a great hiding place for liberals…gosh, we are just saving the planet.

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Comment by albuquerquedan
2013-02-08 14:46:58

Colorado, and by what mechanism is co2 causing this since global temperatures have been flat for almost 20 years, according to NASAs own data? Get back to me when we have a year significantly (.1c or more) higher than 1998.

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Comment by Michael Viking
2013-02-08 15:01:09

IIRC, climate change implies extremes: colder winters and hotter summers.

Simple mathematics implies the same thing. Records get broken all the time. It’s classic human pattern-finding to assume that it means something. We will always be hearing about record amounts of rain, snow, wind, cold, heat, running speed, etc. Records are going to get broken and keep getting broken. Always have and always will be.

The subject is a little hard to search for, but you might try searching for ‘mathematical theory of records’.

And one thing is for sure: if you take the history of the Earth into account, we are nowhere near any cold or hot records.

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Comment by ahansen
2013-02-08 11:30:11

My sister is one of those “scientists” who signed the petition. She’s an MD. I asked her if she’d let a geologist do neurosurgery on her….

Comment by ecofeco
2013-02-08 11:41:11

:lol:

OH SNAP!

 
Comment by albuquerquedan
2013-02-08 14:44:29

U.S. government atmospheric scientist Stanley B. Goldenberg of the Hurricane Research Division of National Oceanic Atmospheric Administration (NOAA) has said, “It is a blatant lie put forth in the media that makes it seem there is only a fringe of scientists who don’t buy into anthropogenic [manmade] global warming.”

So Hansen, I will accept that your sister may be one of thousand. However, when someone in the position of Stanley Goldenberg makes a public statement like that, I do not believe that it is just a fringe since he obviously cannot be considered a fringe scientist.

Comment by ahansen
2013-02-08 15:19:41

A lot of people consider Pat Robertson a legitimate theologian, too.

Goldenberg’s Heartland Institute is a C.G. Koch lobbying arm which also gained fame for arguing that smog and second-hand smoke posed no significant health risks.

Next.

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Comment by albuquerquedan
2013-02-08 15:43:10

He works for NOAA and is not legitimate?

 
Comment by albuquerquedan
2013-02-08 16:02:49

To make it more clear how are you calling it Goldenberg’s Heartland Institute when he does not work for them and the only connection I can find is that he spoke before them at a conference? Hardly surprising since he has a view that they liked. However, it smacks of McCarthism to assume that he has all the views of the Heartland Institute and is responsible for their deeds because he told them what he believed at a conference.

 
Comment by ermagerd
2013-02-08 17:15:23

AYFKM? Try google. Or here:
http://heartland.org/experts?page=5

 
Comment by ahansen
2013-02-08 18:13:38

You know, dan, I’m getting so tired of all your bogus “experts” that I just asked a friend of mine (who recently retired from NOAA Hurricane Div. as a senior advisor), what he could tell me about Stanley Goldenberg. I said nothing other than “What can you tell me about him?” Here is his response:

“He is barely a scientist. In NCAR terms he would be an associate scientist. No PHD.

Compare his cv to http://www.cswr.org/contents/wurman-cv-2009-05.pdf in regard to refereed publications which is typical of a NCAR “senior scientist”

He is prolific with offspring.”

 
Comment by Cantankerous Intellectual Bomb Thrower™
2013-02-09 04:29:30

No PHD.

He is prolific with offspring.

Life is a tradeoff.

 
 
 
 
Comment by ecofeco
Comment by albuquerquedan
2013-02-08 16:43:34

Sorry without knowing how they define believing in man made warming and the methodology of the data gathering it means virtually nothing.

 
 
 
Comment by joe smith
2013-02-08 11:14:45

Shiller: HOUSING IS NOT AN INVESTMENT (!!!!!)

http://www.businessinsider.com/robert-shiller-home-investment-a-fad-2013-2

“Housing traditionally is not viewed as a great investment. It takes maintenance, it depreciates, it goes out of style. All of those are problems. And there’s technical progress in housing. So, new ones are better.”

These were some of the issues Shiller addressed in his classic book, “Irrational Exuberance.”

He continued.

“So, why was it considered an investment? That was a fad. That was an idea that took hold in the early 2000’s. And I don’t expect it to come back. Not with the same force. So people might just decide, “Yeah, I’ll diversify my portfolio. I’ll live in a rental.” That is a very sensible thing for many people to do.”

Adam Johnson also noted that this was in line with Shiller’s assessment that real U.S. home price appreciation from 1890 to 1990 was just about 0 percent. This is explained by the falling costs of construction and labor.

For people who can’t wrap their heads around this, Shiller offers an analogy.

“If you think investing in housing is such a great idea, why not invest in cars?” he asked. “Buy a car, mothball it, and sell it in 20 years. Obviously not a good idea because people won’t want our cars. It’s the same with our houses. So, they’re not really an investment vehicle.”

Read more: http://www.businessinsider.com/robert-shiller-home-investment-a-fad-2013-2#ixzz2KKgstKi8

Comment by 2banana
2013-02-08 11:31:11

Depends on the car.

Some muscle cars and imports are now selling close to $100,000…

Comment by joe smith
2013-02-08 11:41:46

a) time value of money

b) please include maintenance costs, including supplies and labor

c) very lumpy, speculative, illiquid investment

You accounted for none of this.

Comment by 2banana
2013-02-08 13:05:41

To QUOTE your own article:

“Buy a car, mothball it, and sell it in 20 years.

I can guarantee if purchase a 2013 Shelby GT500, mothballed it and tried to sell it in 20 years - it would EASILY keep up with inflation and not depreciate….

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Comment by Carl Morris
2013-02-08 15:01:27

Past Performance Is Not an Indication of Future Results

 
 
 
Comment by X-GSfixr
2013-02-08 13:10:51

Guy I know just sold a couple of 1970 Mustangs at auction.

Got $120K for one…….got $130K for the other. Two down, 25-30 to go…….whenever he decides to sell them.

He says his old Fords are his 401K.

My old muscle cars have done a lot better over the past 30 years than any other “investment”.

The trick is buying the right cars. The money is made buying “Condition 3″ cars, and turning them into “High Condition 2″ or low “1″ cars.

Comment by In Colorado
2013-02-08 15:24:45

They must be very special, limited edition models. I know a guy who is a body shop dude. He’s restored a few cars over the years. Says he barely breaks even on them, and that doesn’t include his elbow grease.

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Comment by joe smith
2013-02-08 11:35:01

The video linked with the article is awesome.

It’s 10 minutes of Shiller bashing home builders and the real estate industrial complex.

 
Comment by sfhomowner
2013-02-08 11:38:05

It’s the same with our houses. So, they’re not really an investment vehicle

True. But they are quite nice to live in.

Turning basic necessities into a for-profit scheme hasn’t worked out too well, has it? Housing and health-care come to mind. I can’t wait for the water wars.

 
Comment by joe smith
2013-02-08 11:38:42

RAL - - fast forward to 5:50 .

Just trust me on this.

Comment by Pimp Watch
2013-02-09 06:43:32

Joe,

I’ve stated all along that M&L costs are falling and have been for years. Falling L costs are self explanatory. And M costs?

-Concrete has been falling since late 2004

-Wood and structural components falling since late 2004

-Architectural, IFS and EFS materials have been falling since 2004 unless it’s the latest and greatest(heavily marketed) shapes and styles.

-Mech subcontractor bids have been falling for years.

Why? Because they inflated rapidly from 1999-2004.

Shiller is quite correct. Construction costs have been falling. We will continue to oversupply the market, driving resale housing prices down to levels they belong at.

 
 
Comment by oxide
2013-02-08 12:13:03

real U.S. home price appreciation from 1890 to 1990 was just about 0 percent.

The operative word being “real.” Housing is traditionally
1. an inflation hedge.
2. a place where you pay rent for 30 years instead of 60 years.
If those metrics work out, housing doesn’t need to appreciate in real terms.

Comment by joe smith
2013-02-08 12:19:53

Did you watch the video? Shiller covers those provisos. He specifically says (which I always say) that your personal utility and stability has to drive the decision. NOT investment psychology.

Most Americans are idiotic and value the “inflation hedge” or “investment” outlook rather than the OPPORTUNITY COST. The opportunity cost basically wipes out the inflation hedge/investment component for most people. Most people do not have the job or family stability (divorce, health p;roblems) to support buying a house.

Shiller also discloses that he owns 2 houses and has owned them a long time.

Anyway, a smart person keeps their eye on utility. Shiller hits it out of the park repeatedly in the video that is linked.

Comment by Cantankerous Intellectual Bomb Thrower©
2013-02-08 18:48:35

“Shiller also discloses that he owns 2 houses and has owned them a long time.”

He is also most likely wealthy enough so two 2 houses represent a legitimate portfolio diversification strategy rather than a speculative gamble.

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Comment by Pimp Watch
2013-02-08 15:53:58

It all depends on how much you pay. In your case, you paid a grossly inflated amount. You got suckered.

 
 
Comment by Cantankerous Intellectual Bomb Thrower©
2013-02-08 18:46:15

“Yeah, I’ll diversify my portfolio my home was foreclosed and my credit is ruined. I’ll live in a rental.”

 
 
Comment by joe smith
2013-02-08 11:52:09

File under: my government programs are good, it’s yours that need to be cut!

http://economix.blogs.nytimes.com/2013/02/07/makers-vs-takers-an-update/

“The two groups were equally likely to support providing long-term education and training programs that help people change careers.

On two proposals, the employed were more supportive than the unemployed: requiring people to enter training programs in order to receive unemployment insurance, and giving tax credits to businesses that hire workers. Again, a majority of both groups favored these ideas.

One caveat to keep in mind when thinking about these maker-versus-taker issues is that a lot of Americans don’t realize they’re relying on the social safety net when they actually are.”

Comment by 2banana
2013-02-08 12:28:23

How Government Handouts Create Life-Sapping Dependency
Townhall.com | Feberuary 8, 2013 | Daniel J. Mitchell

Unfortunately, the same misguided policies exist in the United States. I shared a remarkable chart last year showing that a household would be better off with $29,000 of income rather than $69,000 of income because of the combined impact of both taxes and redistribution programs.

Now, courtesy of some first-rate journalism by a local television station, we have a powerful example exposing how the system operates. We learn the story of Kristina, who chooses to earn less money in order to keep the taxpayer-funded gravy train rolling.

We’ve all heard the line that America is becoming an entitlement society or welfare state, with half of U.S. households now receiving some type of government benefit. But a CBS 21 News investigation has taken that stat one step further to show you how much people are actually getting for free. A few years ago, reporter Chris Papst worked with a single mom who had two children. She turned down a raise because she said the extra money would decrease her government benefits. It was hard to understand why she did that, until Chris started working on this story. “You do what you have to do as a single mom,” explained Kristina Cogan. “And that’s what I did.” ……she admits living a life off the government can be comfortable. “If you’re going to get something for free, are you going to work for it?” Cogan explained. “It kind of like sucks you in.”

For this story, CBS 21 researched what government programs are available to a single mother of two making $19,000 a year. What we found was incredible. Our family would be eligible for $14,976 in free day care, another $13,400 for Head Start and Early Head Start, $7,148 in housing vouchers, $6,500 for weatherization projects, $400 to pay heating bills, $480 a year for a cell phone, with an extra $230 for a land line, and $182 in free legal advice. The family would get more than $6,028 in food assistance and another $6,045 in medical assistance. The mother is eligible for $5,500 in Pell Grants for school with an additional $12,000 for the Education Opportunity Grant; SMART Grant; and TEACH Grant. Our family would also get $6,800 in tax credits, and $1,900 in withholding would be returned. Add it up and this family can get $81,589 in free assistance.

No wonder the share of households taking something from the government has been increasing. And no wonder the poverty rate stopped falling once the government’s so-called War on Poverty began.

Comment by X-GSfixr
2013-02-08 13:15:13

“Eligible” doesn’t mean they will get anything.

I’m “eligible” to be a boy-toy, but I’m not betting any money on that ever happening.

Comment by joe smith
2013-02-08 13:27:25

Banana Boy’s posts make about as much sense as “All Gold Everything” lyrics

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Comment by Anon In DC
2013-02-08 19:36:45

His post makes perfect sense.
“She turned down a raise because she said the extra money would decrease her government benefits”

 
 
Comment by Avocado
2013-02-08 14:55:18

haha

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Comment by In Colorado
2013-02-08 15:22:14

“Eligible” doesn’t mean they will get anything.

Exactly. Other than foodstamps there are long waiting lists for just about everything else. The waiting lisst for section 8 housing vouchers are 5 years long in Southern California. When the HUD office in Fort Collins has a dozen new vouchers hundreds line up for them. Many are called, but few are chosen.

My wife works at the local library. The #1 group of users of the computer lab are transients looking for jobs on Craigslist. If the gov’t cheese flowed as freely as some here think, those people wouldn’t be moving from town to town like nomads, hustling for a non existent job.

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Comment by ecofeco
2013-02-08 15:14:24

“…requiring people to enter training programs in order to receive unemployment insurance,”

UI barely pays the bills. And I do mean BARELY.

Any other activity that isn’t very clsoe to home is an expense that can’t be paid for.

Set up for failure. But that’s no surprise.

 
 
Comment by goon squad
2013-02-08 12:01:07
Comment by ecofeco
2013-02-08 15:05:15

What’s that old saying?

“Keep that thing your pants!”

Comment by albuquerquedan
2013-02-08 16:23:30

Hard to use it if you do that.

 
 
 
Comment by 2banana
2013-02-08 13:37:19

obama housing bubble v2.0

What could go wrong THIS TIME?

———————–

Americans Are Using Their Houses as ATMs Again
CNBC | 2/8/2013

Nearly 11 million borrowers are underwater on their mortgages, owing more than their homes are worth, according to CoreLogic, and yet home equity lines of credit are suddenly on the rise again.

During the housing boom of the last decade Americans withdrew over $1 trillion in home equity. They did it through cash-out refinances, home equity loans, and home equity lines of credit. The latter allowed them to use their homes like an ATM. They spent the money on cars, televisions, vacations and fancy home upgrades. It was seemingly endless equity, until suddenly that equity was gone.

“Home prices are definitely a factor” in the recent rise home equity lines of credit, said Brad Blackwell, an executive with Wells Fargo [ WFC 34.79 +0.13 (+0.38%) ] Home Mortgage. “As they increase, people have more available equity.”

Blackwell also pointed to increased consumer confidence, meaning borrowers now feel better about their ability to repay these loans. Both factors fueled a 19 percent jump in originations of home equity lines of credit at the end of last year, according to Equifax. In 2008, as housing was crashing, home equity line originations dropped 55 percent.

Comment by Avocado
2013-02-08 14:53:26

banks are calling the shots, they have all the inventory, not O.

O is too busy droning bad guys and laying off gov workers.

 
 
Comment by joe smith
2013-02-08 14:29:27

I have just been staffed on a pro bono matter that will be in front of this guy:

http://en.wikipedia.org/wiki/Stephen_N._Limbaugh,_Jr.

Yes, it’s Rush’s cousin.

I did not realize Rush was related to so many federal judges…

Comment by ecofeco
2013-02-08 15:09:18

The Limbaugh family is a prominent family from Cape Girardeau, Missouri. Its members have served prominently as attorneys, judges and political commentators both in the Missouri area and on a national scale.

First generation:

Rush Hudson Limbaugh, Sr. (1891–1996), American jurist, legislator and ambassador.
Second generation:

Stephen Nathaniel Limbaugh, Sr., (b. 1927), a United States District Court judge.
Rush Hudson Limbaugh, Jr. (1918–1990), attorney and orator
Third generation:

Son of Stephen Sr.:

Stephen N. Limbaugh Jr., (b. 1952), Judge on the Supreme Court of Missouri.
Sons of Rush Limbaugh, Jr.:

Rush Hudson Limbaugh III (b. 1951), American political commentator and host of The Rush Limbaugh Show.
David Limbaugh (b. 1952), American political commentator and author.

 
 
 
Comment by frankie
2013-02-08 15:07:20

Aldi has confirmed that tests on frozen lasagne and bolognese they sell contain up to 100 per cent horsemeat as the Food Standards Agency called in the police to establish how horsemeat was passed off as beef and sold in British supermarkets.

Aldi said it felt ‘angry and let down’ by its French supplier Comigel, which also produced the contaminated Findus beef lasagnes.

Tests on Today’s Special frozen beef lasagne and Today’s Special frozen spaghetti bolognese sold by Aldi found they contained between 30 per cent and 100 per cent horse meat, the supermarket said.

Read more: http://www.dailymail.co.uk/news/article-2275166/Now-Aldi-says-frozen-lasagne-bolognese-contains-100-horsemeat-Food-Standards-Agency-calls-police.html#ixzz2KLbRLL99
Follow us: @MailOnline on Twitter | DailyMail on Facebook

I wondered why I kept experiencing an urge to jump fences ;)

Comment by hazard
 
 
Comment by hazard
2013-02-08 15:55:21

I think Sandra Fluke the 30 year old college student needs to straighten this dumb @ss pediatric neurosurgeon out.

February 08, 2013

WATCH:

Dr. Benjamin Carson, a black pediatric neurosurgeon with Johns Hopkins Hospital, gave this amazing speech at Thursday’s National Prayer Breakfast.

The doctor was critical of ObamaCare:

DR. CARSON: Here’s my solution: When a person is born, give him a birth certificate, an electronic medical record, and a health savings account to which money can be contributed — pretax — from the time you’re born ’til the time you die. When you die, you can pass it on to your family members, so that when you’re 85 years old and you got six diseases, you’re not trying to spend up everything. You’re happy to pass it on and there’s nobody talking about death panels.

Number one. And also, for the people who were indigent who don’t have any money we can make contributions to their HSA each month because we already have this huge pot of money. Instead of sending it to some bureaucracy, let’s put it in their HSAs. Now they have some control over their own health care.

http://nation.foxnews.com/national-prayer-breakfast/2013/02/08/watch-amazing-conservative-speech-upstages-obama-prayer-breakfast

 
Comment by Patrick
2013-02-08 16:15:53

If Keystone isn’t built it looks like an eastern Canadian route will be done faster. That would increase the cost of gasoline in the usa by about 5%.

 
Comment by albuquerquedan
2013-02-08 16:49:50
 
Comment by AnnGogh
2013-02-08 17:09:16

http://canadafreepress.com/index.php/article/52980

Far be it from conservatives to gain pleasure in planning the decline of America. Many of us spent the past four years attempting our dead level best to inform the uninformed about an existential threat to the United States. More eloquently expressed by George Mason University Economics Professor Walter E. Williams, we’ve been actively engaged in “Pushing back the frontiers of ignorance and trying to sell [our] fellow man on the moral superiority of personal liberty and its main ingredient limited government.”

Not everyone reading this will consider themselves a conservative, although many are without realizing it. They may have questions: “Who are these ‘conservatives’ exactly? What is this so-called ‘conservatism’ that creates unfamiliar thought patterns in my brain? Why is it so maligned by the political left and right? How can they be connected?”

Distilled to its essence, conservatism could be thought of as a political movement to preserve the philosophical core and legal integrity of statutes set forth in our U.S. Constitution and Bill of Rights; provisions through which God-given unalienable natural rights are enumerated; our rights, summarily expressed in our Declaration of Independence with seven words of unmistakable meaning and profound importance: “Life, Liberty, and the pursuit of Happiness.”

The political divide in America is self-evident. Career pundits claim conservatives are outnumbered; that moochers have overtaken producers as a percentage of those showing up at the polls and conservatives need to move left to compete for votes. Republican establishmentarians for decades promoted the indefensible position philosophical conservatism is a problem, while tip-toeing gingerly around the 850 pound gorilla standing in a corner: the looters, i.e., those within and around government connected to cozy networks of political players that personify a crony beltway culture and the legislative ruination of profligate spending they champion.

Comment by Cantankerous Intellectual Bomb Thrower©
2013-02-08 18:44:07

Hi Ann, Long-time, no post! Hope life is treating you well…
PB/GS/CIBT

Comment by AnnGogh
2013-02-09 08:24:29

Now that they killed off the tea party, I return to you a mere renter, tax payer and gun less! Long live realtors!

 
 
 
Comment by goon squad
2013-02-08 19:08:34

Alpine Squad Task Force packing up for a weekend in the high country. Going to go spend some time in the mountains that our co-workers who paid $50,000 lot premiums for mountain views in a Toll Brothers subdivision can’t afford to go to anymore because of their big-azz mortgages, but at least they can see the mountains from their McMansion in Bumf*ck Prairie, CO east of Interstate 225.

 
Comment by nickpapageorgio
2013-02-08 20:13:12

Do you know that I recently ran across some blogs popping up out there that are dedicated to trashing hard rock and heavy metal. Why you ask? Because the audience is predominately white. And guess what? The people running these blogs are white global progressives from the US.

I guess the folks running these blogs did not do much research on the subject. Guess where hard rock and heavy metal are the most popular? Socialist Europe and Socialist South America. How does that jive when the same people hold up these “Democracies” as the global model? What kind of twisted anti white american hatred is stewing in the brains of these freaks?

More proof that we have to cut these fools out of our system, we can not have low IQ global progressives running our countries. God help us.

Comment by Pimp Watch
2013-02-08 20:35:57

WTF….. I love metal.

Comment by nickpapageorgio
2013-02-08 23:38:01

It’s a brave new world my friend.

 
 
Comment by goon squad
2013-02-08 20:40:28

Yes, it may sound alarmist to you, but when the bedwetter libtard coastal elitists get their panties in a twist over something, then look out below!

Not making money for the New York / Los Angeles media controllers = that’s Racist and must be stamped out like the plague.

Now rocking out to:

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

Comment by aNYCdj
2013-02-09 08:30:36

A must play for a nuwave/alt 80’s party

http://www.youtube.com/watch?v=DXtX9u7_6F8

 
 
 
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