July 14, 2013

Bits Bucket for July 14, 2013

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




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Comment by Bubbabear
2013-07-14 03:51:35

Inevitably housing is still Toast no matter how much the fed tries to blow

Kondratieff economic cycle :

Today, we are faced with another Kondratieff Winter (depression) when the majority of the world anticipates economic expansion. Each individual needs to weigh the risk of depression in light of Kondratieff’s work. 

http://www.martinfrost.ws/htmlfiles/aug2008/kondratieff_cycle.html

Comment by Whac-A-Bubble™
2013-07-14 07:12:35

Are his cycles set in stone, or can the printing press technology serve to indefinitely sustain the Kondratieff Fall?

Comment by Whac-A-Bubble™
2013-07-14 07:29:15

Ben Bernanke as Easter Bunny: Why the Fed Can’t Prevent the Coming Crash
By Terence Burnham

STAN HONDA/AFP/Getty Images The Dow may have risen nearly 170 points Thursday, but don’t expect it to stay that way, argues Terry Burnham. Photo courtesy of Stan Honda/AFP via Getty Images.

Paul Solman: Despite today’s 170 point rise in the Dow, Terry Burnham remains a battle-scarred stock market skeptic. Burnham, whose microeconomics course I took at Harvard’s Kennedy School years ago, is a former Goldman Sachs trader, biotech entrepreneur, professional money manager and faculty member at the Harvard Business School. Now an economics professor at Chapman College, Terry is best known for his books “Mean Genes” and “Mean Markets and Lizard Brains.”

But as I wrote here recently, he may be better known to PBS NewsHour viewers from his appearances in stories on the dot.com crash, evolution and economics and the neuroscience of economics. Or to NewsHour readers for his grim much-read post here on “The Stockholm Syndrome and Printing Money” a few weeks ago in which he foresaw a market crash.

Recently on the Making Sen$e Business Desk, the estimable business writer Charles Morris predicted a new economic boom due to cheap energy. Now, as Ben Bernanke again reassures investors that he won’t stop pumping money into the economy, and the stock market soars seemingly in response, Terence Burnham counters with his dark vision of a spectacular economic bust. He says our lizard brains are again getting the best of us and argues that Fed intervention makes another crash even more likely — a prediction I’ve been asking him to elaborate here for quite some time.

Terence Burnham: I believe the stock market is about to have a devastating decline. To make a concrete prediction, we will see Dow 5,000 before we see Dow 20,000.

This prediction is exactly the opposite of conventional wisdom. Jeremy Siegel, author of “Stocks for the Long Run,” is predicting new all-time highs for stocks, while Warren Buffett, the best investor of the previous century, is 100 percent behind stocks.

The signs of collapse are right in front of us. We cannot see the signs now, however, because our brains aren’t built to seem them. As I have written in “Mean Markets and Lizard Brains” and explained to NewsHour economics correspondent Paul Solman on the program, we are more often than not at the mercy of “lizard brains,” which evolved in, yes, lizards, to drive them to eat, survive and reproduce.

These lizard brains lead us to buy stocks after they have gone up and blind us to the obvious realities.

Comment by AbsoluteBeginner
2013-07-14 21:30:57

‘Terence Burnham: I believe the stock market is about to have a devastating decline. To make a concrete prediction, we will see Dow 5,000 before we see Dow 20,000.’

Market follows path of least resistance. If traders think they can keep the game going, they will. They make money in up and down markets. It is main street who gets kick in the sac. All the 401K and IRA money? Like it really is yours to do anything with other than keep it in the market?

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Comment by Whac-A-Bubble™
2013-07-14 22:13:45

“Market follows path of least resistance.”

Even when artificially propped up?

 
 
 
Comment by Whac-A-Bubble™
2013-07-14 07:36:38

Government policies have been making the problems worse, not better.

The next time someone tells you that the Fed is going to save the economy, ask that person if the Easter Bunny will also play a role.

The Fed has been keeping interest rates at rock bottom lows to supposedly stimulate the economy. But unemployment remains extremely high. As David Stockman pointed out on this page recently, the low rates have fueled speculative markets, not real economic growth.

The idea that the Fed can save the economy is simply ridiculous. Yogi Berra’s diet famously included pizzas cut into fewer slices. Instead of eating two slices out of an eight-slice pizza, he would trim down by eating one slice of a pizza sliced into fourths.

Believing that Federal Reserve Chairman Ben Bernanke is going to save us is pure fantasy. Wrapping it up with New York Times columnist Paul Krugman’s Nobel Prize does not make it real.

Over the past few weeks, markets have seemed to react — violently — to Bernanke’s pronouncement that the Fed’s long experiment with wanton money creation may be coming to an end. It suggests that many investors may have bought into the delusion. But ask yourself this: How real can economic growth be if it depends solely on faith in the printing of money?

What about fiscal policy? Can we deficit spend our way to prosperity? This is also ridiculous. Our problem is that we have overspent. If you had a problem of drinking 50 cups of coffee a day, would the solution be to drink 80 cups a day for a while? Not only have Americans saved far too little, we all now have a much bigger portion of the government debt to pay in the form of higher taxes and lower Social Security and Medicare benefits somewhere down the line.

Remember, the Easter Bunny cannot save you, nor can Ben Bernanke’s printing press.

Comment by RioAmericanInBrasil
2013-07-14 09:32:27

Our problem is that we have overspent …on wars relative to the decreased revenue resulting from BushTaxCutsForTheRich and corporations.

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Comment by Anon In DC
2013-07-14 10:43:14

The “rich” will eventually run out of money. Of course tax cuts go to the rich. Who do you think pays taxes?

The top 1% (AGI of $350K) pay ~35% of all federal income taxes. The top 10% (AGI of $120K) pay 70%o of all federal income taxes.

 
Comment by RioAmericanInBrasil
2013-07-14 11:01:15

Of course tax cuts go to the rich. Who do you think pays taxes rigs the American political system and pushes B.S. TaxCutsForTheRich propaganda?

The top 10% (AGI of $120K) pay 70%o of all federal income taxes.

“we can say that just 10% of the people own the United States of America……”

As of 2010, the top 1% of households (the upper class) owned 35.4% of all privately held wealth, and the next 19% (the managerial, professional, and small business stratum) had 53.5%, which means that just 20% of the people owned a remarkable 89%, leaving only 11% of the wealth for the bottom 80% …Edward N. Wolff at New York University (2012).

…. it’s important to note that for the rich, most of that income does not come from “working”: in 2008, only 19% of the income reported by the 13,480 individuals or families making over $10 million came from wages and salaries.

…..In terms of types of financial wealth, the top one percent of households have 35% of all privately held stock, 64.4% of financial securities, and 62.4% of business equity. The top ten percent have 81% to 94% of stocks, bonds, trust funds, and business equity, and almost 80% of non-home real estate. Since financial wealth is what counts as far as the control of income-producing assets, we can say that just 10% of the people own the United States of America; see Table 3 and Figure 2 for the details. UCSC “Who owns America”

 
Comment by X-GSfixr
2013-07-14 11:58:00

So, in short, they own 95% of the country, but only pay 70% of the taxes. And 0% of the lives needed to defend it.

Sounds like “welfare/socialism” for the rich to me.

 
Comment by Mr. Smithers
2013-07-14 16:38:19

Still blaming Bush? Lame.

 
Comment by Mr. Smithers
2013-07-14 16:42:59

Socialists always get income and wealth confused. We pay income taxes in this country, not wealth taxes. Therefore whining that evil rich people own more than 40% of the wealth is irrelevant. Evil rich people earn less than 40% of the ****INCOME**** yet they pay 40% of the ****INCOME**** taxes.

It’s not that hard.

 
Comment by Whac-A-Bubble™
2013-07-14 22:24:14

AMERICA TODAY: 3 Million Overlords And 300 Million Serfs
Henry Blodget Apr. 10, 2013, 3:39 PM
Serfs — Monty Python And The Holy Grail

One of the most disturbing trends in this country is the rise of extreme wealth and income inequality.

As the following charts show, America is rapidly becoming a country of a few million overlords and three hundred million serfs.

Unfortunately, this issue has been politicized, which means that people don’t think about the implications of it — they just start yelling.

But extreme inequality is bad for everyone, even the overlords.

Why?

Because when inequality gets bad enough, serfs don’t have much money to buy products from overlords. This hurts the overlords’ ability to get even richer.

 
 
 
Comment by Bubbabear
2013-07-14 11:54:21

GLOBAL ECONOMIC Kondratieff WINTER! (capital account) [INTERVIEW PART 1]

http://www.youtube.com/watch?v=rkmZ6ik0_E0

GLOBAL ECONOMIC Kondratieff WINTER! (capital account) [INTERVIEW PART 2]

http://www.youtube.com/watch?v=Cm5C2DmiU30

 
 
Comment by RioAmericanInBrasil
2013-07-14 09:27:16

Today, we are faced with another Kondratieff Winter (depression) when the majority of the world anticipates economic expansion.

Maybe, but I think I’ve read versions of that quote for almost 30 years.

Comment by Whac-A-Bubble™
2013-07-14 09:51:20

That’s true! A stopped clock is right twice a day.

Comment by "Uncle Fed, why won't you love ME?"
2013-07-14 12:42:35

A stopped clock is always right, as long as you travel around the globe at exactly 1/24th per hour, while carrying the clock with you.

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Comment by Whac-A-Bubble™
2013-07-14 11:11:13

Professor Nickolai Kondratieff ( pronounced “Kon-DRA-tee-eff”) Shortly after the Russian Revolution of 1917, he helped develop the first Soviet Five-Year Plan , for which he analyzed factors that would stimulate Soviet economic growth.

How did them Five-Year Plans work out for the Soviets?

Comment by Whac-A-Bubble™
2013-07-14 11:20:22

Based upon Kondratieff’s conclusions, his report was viewed as a criticism of Joseph Stalin’s stated intentions for the total collectivization of agriculture. Soon after, he was dismissed from his post as director of the Institute for the Study of Business Activity in 1928. He was arrested in 1930 and sentenced to the Russian Gulag (prison); his sentence was reviewed in 1938, and he received the death penalty, which it is speculated was carried out that same year.

Note to future generations of economists: If your national leader resembles Stalin to any degree, don’t disagree with him, no matter how far off his thinking on economics may be.

 
Comment by Skroodle
2013-07-14 11:42:57

China is doing great so far with their “5 year” plans. I guess it depends on who you have doing the planning.


China’s legislature, the National People’s Congress, endorsed the country’s 12th Five-Year Plan on 14 March 2011. This far-reaching plan sets the nation’s course for the next five years: the social and economic measures contained in the plan will have a deep impact on the business landscape, both within China and in countries that do business with China.

Three of the main priorities in this plan are sustainable growth, industrial upgrading and the promotion of domestic consumption. These priorities explain why certain sectors, including energy, automotive, IT infrastructure and biotechnology also receive a high degree of focus.

Comment by Whac-A-Bubble™
2013-07-14 11:55:45

Chinese tycoons are no longer just “snapping up” U.S. real estate investments; they are now “snatching” it up.

How does this development factor into Red China’s Five-year Plan?

Kenneth Rapoza, Contributor
I cover Brazil, Russia, India & China.
Investing
7/10/2013 @ 9:50PM
Chinese To Spend Billions On American Real Estate
34 comments, 29 called-out
Real estate tycoon Zhang Xin of SOHO China. Xin and thousands of other wealthy Chinese individuals and companies are snatching up U.S. real estate, from Malibu Barbie dream homes in California to office space from Midtown Manhattan to Oakland.

Wealthy Chinese with a few million yuan to burn will spend billions on U.S. real estate in the years ahead, according to a report released Wednesday by CB Richard Ellis, a large global real estate firm.

The United States is the country of choice for China buyers. Canada and Australia come in next at No. 2 and No. 3 respectively. That rich Chinese individuals and savvy corporations are buying up real estate in world class cities is no surprise at this point.

News of new Chinese real estate deals are popping up every quarter. Similar moves happened with the Japanese back in the 1980s. Now it’s China’s turn. And by most estimates, they are snatching up high end real estate in Los Angeles, San Francisco and New York, in particular. In California, China is the third largest foreign buyer of real estate, following Mexico and people from the Philippines, according to Realtor.org.

In New York, the Chinese are second only to wealthy people from the Dominican Republican, which in and of itself suggests that foreigners are not gobbling up New York housing as much as Americans might think they are.

For Realtor.org’s interactive map of the 50 states and the biggest foreign buyers of properties there, click here.

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Comment by X-GSfixr
2013-07-14 12:00:41

Oligarchs are the same, no matter what their country of origin.

The 1% class in the US/UK/wherever have more in common with the 1% class in China than they do their own countrymen.

 
Comment by "Uncle Fed, why won't you love ME?"
2013-07-14 12:44:59

I think snatching happens very close to the top. Snapping happens somewhere in the middle.

 
 
Comment by X-GSfixr
2013-07-14 12:03:12

China’s Five Year Plans are not purely economic plans.

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Comment by Blue Skye
2013-07-14 05:06:48

Report from the sand dunes on Lake Ontario: There are no houses on Sandy Island. The economy here consists of trading cold beers.

Comment by goon squad
2013-07-14 05:25:40

report from elevation 11,000′ in the sangre de cristo mountains. the economy here consists of rocks, trees, birds, bears, and elk.

no george zimmerman riots up here that i’m aware of.

 
Comment by Ol'Bubba
2013-07-14 05:26:54

Isn’t beer always rented, rather than sold?

Comment by polly
2013-07-14 07:26:45

Not sure about the beer but maybe the ice is sold. Mother nature repossesses it even without a foreclosure action.

 
Comment by Whac-A-Bubble™
2013-07-14 07:33:04

Beer is generally consumed. Wine may either be invested or consumed, depending on the age and quality.

 
Comment by Al
2013-07-14 07:53:19

‘You don’t buy beer you rent it.’ Haven’t heard that in a while. Once you “tap the keg” the foreclosure process really accelerates.

Comment by Whac-A-Bubble™
2013-07-14 09:52:24

Once the keg is tapped, rapid depreciation is certain to soon follow.

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Comment by Ol'Bubba
2013-07-14 10:31:52

Thanks for “getting it”, Al.

For the rest of you, “you don’t buy beer, you rent it” is a reference to the need to void one’s bladder shortly after consuming beer.

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Comment by Patrick
2013-07-14 06:43:39

Are you headed for the Trent?

Comment by Blue Skye
2013-07-14 07:44:23

No agenda Patrick. Anchoring behind the dunes for now with no schedule. Swim, sun, fishing, reading. May head up the Rideau when this gets old. The Trent locks took their toll in the heat of last summer. Just taking it easy this summer. I need to start at the beginning of June to do the Trent all the way, and to do it in a relaxed way.

Comment by Patrick
2013-07-15 16:11:14

Blue Skye

If you come to the west end of Lake Ontario I have an empty dock spot at a private marina you can use for a couple of weeks. Not a concrete jungle type. On Hamilton Harbour though. Forest walking trails at the foot of the marina, close to shopping etc.

I haven’t had time to get my boat in the water. Looks like it won’t happen this year (first time in at least 40 years).

If you do the Rideau I envy you. I have never done it. I have done the area you are in and all of the thousand islands though, Trent etc.

If you decide to go thru the Welland canal and get to Lake Huron there is a fantastic area (Lake Sinclair). On the Canadian side the fishing is great. On the American side there must be a hundred thousand or more houses on canals. Tons of entertainment areas as well. If you get there I have a 900 ft canal lot where you are also welcome to tie up to. Very sheltered, excellent swimming, fishing, etc.

Hope your a diver. Lots of wrecks nearby the dunes.

Anyways, welcome to Canada.

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Comment by SV guy
2013-07-14 06:44:16

Report from the Montana Rockies. Not a riot in sight.

 
 
Comment by Housing Analyst
2013-07-14 06:13:49

“Houses are never investments. Houses are a loss and depreciate, always.”

Comment by azdude
2013-07-14 06:17:20

more verbal diarreah today?

Comment by Ol'Bubba
2013-07-14 06:21:14

Don’t take the bait.

RAL doesn’t have a life. This is his way of getting attention.

Comment by scdave
2013-07-14 06:58:26

Ignore him….Maybe he will go away…

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Comment by Al
2013-07-14 07:48:35

He once asked me if I was trying to dominate the blog. I think he tipped his own hand.

 
 
 
Comment by Housing Analyst
2013-07-14 06:26:06

“If you correctly understand that a “housing recovery” is dramatically lower prices by definition, then higher interest rates will accelerate the housing recovery.

Falling housing prices to dramatically lower levels is bullish optimism and will accelerate the economy.”

Beautiful truth.

Comment by azdude
2013-07-14 06:57:51

same old rubbish day after day. find some new material.

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Comment by Whac-A-Bubble™
2013-07-14 07:14:38

You have to admit that he is persistent.

 
Comment by Blue Skye
2013-07-14 07:40:25

He is concisely truthful, that is the most irritating part.

 
Comment by Whac-A-Bubble™
2013-07-14 07:52:47

I pull in resolution, and begin
To doubt the equivocation of the fiend
That lies like truth.

– Shakespeare’s Macbeth

 
Comment by In Colorado
2013-07-14 08:53:57

He is concisely truthful, that is the most irritating part.

Tell that to the people who bought my parents’ Fountain Valley House for 20K. It’s current Zestimate is 600K.

 
Comment by Blue Skye
2013-07-14 10:03:24

Those folks rode the great credit expansion. I’m thinking that is not what we are in any longer. Do you think your parent’s house will be worth 300 times as much as it is now a decade or two from now? Maybe you’ll be making $15 million a year and can buy it back.

 
Comment by polly
2013-07-14 10:40:11

The thing won’t be worth 300 times as much in however many decades it took for it to happen the first time, but who cares? HA says “always.” Always means he denies that it happened even once. He is wrong. Just one counterexample is enough to prove it.

 
Comment by RioAmericanInBrasil
2013-07-14 11:03:29

HA says “always.”…….He is wrong. Just one counterexample is enough to prove it.

That’s too complicated, because it involves the definitions of words and math stuff.

 
Comment by "Uncle Fed, why won't you love ME?"
2013-07-14 12:32:34

Hello Rio.

We were worried that you might be dead or something.

 
Comment by RioAmericanInBrasil
2013-07-14 12:40:16

Hello Rio.

We were worried that you might be dead….

Thanks for your concern! I’m fine and visiting friends and family in the USA (without my laptop) and having a blast.

 
Comment by Blue Skye
2013-07-14 12:43:47

In terms of price, maybe wrong 1 day out of 1,000, but decay is also a valid use of the term depreciation. Houses always decay and always require maintenance and are in that sense a relentless expense 1,000 days out of 1,000.

The counterpoint, that houses always go up, is a lie 999 days out of 1,000.

 
Comment by alpha-sloth
2013-07-14 15:24:15

but decay is also a valid use of the term depreciation.

Really? Could you provide a link to such a definition?

 
Comment by Blue Skye
2013-07-14 17:11:48

I imagine you’depreciate that.

Depreciation is the process of loss of value over time due to age and wear. I find it rather self evident that things like houses decay, housing bubble or not. The fact that prices of used houses went up during the bubble despite this wear and tear of age was due to a larger process moving in the opposite direction. Just because the sum of the forces are positive, doesn’t disprove the existance of the underlying negative force. That’s my take, I’m sure it is not the only possible one.

 
Comment by alpha-sloth
2013-07-14 19:44:20

I find it rather self evident

Couldn’t find a definition that fit, eh?

 
Comment by Housing Analyst
2013-07-14 20:50:34

Tell that to the people who bought my parents’ Fountain Valley House for 20K. It’s current Zestimate is 600K.

Don’t be dishonest. What are their losses just to depreciation alone so far? 300k? 400k?

Houses depreciate, ALWAYS

ALWAYS

 
Comment by Whac-A-Bubble™
2013-07-14 21:36:40

I’ve repeatedly used these exponential decay models of depreciation in various HBB posts over the years.

Exponential Decay

Exponential decay models apply to any situation where the decay (decrease) is proportional to the current size of the quantity of interest. Such situations are encountered in biology, business, chemistry and the social sciences.

Exponential decay models
are also used very commonly, especially for radioactive decay, drug concentration in the bloodstream, of depreciation of value.

Depreciation

If the value of some article (for example, a car), originally $C, depreciates x% per year, then the value after t years is given by the formula:

y = C(1 – x/100)^t

Example:

The original value of a car is $28,000. If it depreciates by 15% each year, find its value in 4 years.

Substitute.

y = 28000(1 – 0.15)^4

y = 28000(0.85)^4

y = 28000(0.52200625)

y = 14616.175

So after four years, the car is worth about $14,616.

 
Comment by Robin
2013-07-14 21:38:24

Have you ever experienced depreciation when it was tax deductible? I have.

Jealous?

 
Comment by Whac-A-Bubble™
2013-07-14 22:26:47

“Have you ever experienced depreciation when it was tax deductible?”

You mean like the violin I bought a couple of years ago for $8.5K and depreciated as a business expense?

 
 
 
 
 
 
Comment by Whac-A-Bubble™
2013-07-14 07:21:41

Do “civil rights leaders” believe in double jeopardy when a jury of their peers examining the evidence don’t reach the desired verdict?

Comment by Whac-A-Bubble™
2013-07-14 07:25:31

Civil rights leaders seek new charges against Zimmerman
Supporters of Trayvon Martin gathered outside the courthouse in Sanford, Florida and reacted to the news that George Zimmerman was found not guilty of second-degree murder and manslaughter in the death of Trayvon Martin.
Larry Copeland, USA TODAY 9:40 a.m. EDT July 14, 2013
Other legal options may be examined.

Story Highlights
- Rev. Al Sharpton calls verdict “an atrocity”
- NAACP urges Justice Department to pursue civil rights charges against Zimmerman
- Leaders appeal for calm

Angry civil rights groups on Sunday were pressing for new criminal charges following George Zimmerman’s acquittal on second-degree murder and manslaughter in a Florida courtroom.

The NAACP website featured an online petition asking the Justice Department to bring federal charges against Zimmerman in the February 2012 fatal shooting of Trayvon Martin.

“The most fundamental of civil rights — the right to life — was violated the night George Zimmerman stalked and then took the life of Trayvon Martin,” the petition says. “We ask that the Department of Justice file civil rights charges against Mr. Zimmerman for this egregious violation.”

Comment by MightyMike
2013-07-14 09:37:27

I learned in high school that facing both federal and state charges for the same act is not double jeopardy under the constitution. And my high school quite mediocre. And the civil rights charges under discussion different from the charges that Zimmerman was acquitted of yesterday.

Polly or Joe: Please correct me if I’m wrong about this.

Comment by Whac-A-Bubble™
2013-07-14 10:14:39

I still question whether there would be a political juggernaut to file charges on some other matter if he had been convicted of manslaughter or murder. Maybe this conditional dependence on the verdict doesn’t matter in the scheme of justice…I don’t claim to know.

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Comment by polly
2013-07-14 10:41:26

Mike,

You are correct.

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Comment by Neuromance
2013-07-14 13:44:10

If it scores political points, the AG will go after Zimmerman.

BUT - Obama is not running again. The Democrats always get an overwhelming majority - 90 percent - of the black vote. In a tight election, that 10% is worth fighting for.

On the other hand, there’s the cost in white and Hispanic votes. Whites obviously are a highly fragmented voting group, and Hispanics are less bloc-based than blacks.

I think most people appreciate this is a tragedy, having seen Trayvon’s Martin’s parents in mourning. However again, many if not most people appreciate Zimmerman’s position of trying to reduce crime in his neighborhood, and stepping up to do something about it.

There are costs and benefits to going after Zimmerman. What they do will come down to what internal polling suggests will yield the best electoral outcome for Democrats.

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Comment by Whac-A-Bubble™
2013-07-14 15:06:56

“What they do will come down to what internal polling suggests will yield the best electoral outcome for Democrats.”

At the end of the day, that’s what justice in America is about: Winning more votes for Democrats.

 
 
 
 
Comment by jose canusi
2013-07-14 07:28:43

No, they don’t. It remains to be seen if Holder will take any action. There are those who say he will (bringing civil charges against Zimmerman) and he might, but if I’m him, I’m backing off, considering the information that came out about the Justice Department organizing protests and such. I think the City of Sanford would have a case against the DOJ. Not to mention, more people might start to wonder if segregation might not have been a really good idea after all.

Comment by Whac-A-Bubble™
2013-07-14 07:31:15

“I think the City of Sanford would have a case against the DOJ.”

Is the DOJ generally required to follow the Constitution, or is this only on a discretionary basis depending on the politics of the situation at hand?

Comment by polly
2013-07-14 07:37:46

Double jeopardy doesn’t mean what I think you believe it means.

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Comment by jose canusi
2013-07-14 07:47:28

I don’t think he’s being literal, polly. It would be like the OJ case, where OJ was acquitted on criminal charges, but they still brought civil charges and convicted him on those. That’s not double jeopardy, but the term has been sarcastically used to describe actions that Holder may decide to take in this case.

 
Comment by Whac-A-Bubble™
2013-07-14 07:59:05

This is about what I thought it meant, before looking it up. I guess it will be up to the DOJ to decide whether the Zimmerman case rises to the level of the “rare instances” standard which was previously applied to the 1960s era murder of civil rights activists:

Legal Dictionary | law.com
double jeopardy

n. placing someone on trial a second time for an offense for which he/she has been previously acquitted, even when new incriminating evidence has been unearthed. This is specifically prohibited by the Fifth Amendment to the U.S. Constitution, which states: “…nor shall any person be subject for the same offence [sic] to be twice put in jeopardy of life or limb…” However, in rare instances a person may be tried for a different crime based on some of the same facts which were used to try him/her when he/she was acquitted. A prime example is the use of the Federal Civil Rights Act to charge a person with violation of another’s civil rights by killing him, after a state murder case had resulted in an acquittal, as happened in the 1994 trials for the deaths of civil rights activists and freedom riders Andrew Goldman, Michael Schwerner, James Chaney and Viola Liuzzo, that occurred thirty years earlier.

 
Comment by alpha-sloth
2013-07-14 15:43:40

Dual sovereignty doctrine
wikipedia

The “separate sovereigns” exception to double jeopardy arises from the dual nature of the American Federal-State system, one in which states are sovereigns with plenary power that have relinquished a number of enumerated powers to the Federal government. Double jeopardy attaches only to prosecutions for the same criminal act by the same sovereign, but as separate sovereigns, both the federal and state governments can bring separate prosecutions for the same act.

As an example, a state might try a defendant for murder, after which the Federal government might try the same defendant for a Federal crime (perhaps a civil rights violation or a kidnapping) connected to the same act. For example, the officers of the Los Angeles Police Department who were charged with assaulting Rodney King in 1991 were acquitted by a jury of the Superior Court, but some were later convicted and sentenced in Federal court for violating King’s civil rights. Similar legal processes were used for prosecuting racially motivated crimes in the Southern United States in the 1960s during the time of the Civil Rights movement, when those crimes had not been actively prosecuted, or had resulted in acquittals by juries that were thought to be racist or overly sympathetic with the accused in local courts.

 
Comment by Whac-A-Bubble™
2013-07-14 16:39:16

Hopefully a highly-politicized and sensationalized interpersonal conflict between Zimmerman and Martin doesn’t rise to the level of public servant (LAPD) brutality in the Rodney King incident or of cold-blooded murder of civil rights activists in the 1960s South.

 
 
Comment by jose canusi
2013-07-14 07:43:41

“Is the DOJ generally required to follow the Constitution, or is this only on a discretionary basis depending on the politics of the situation at hand?”

Very good question, because that’s what it’s all about, isn’t it?

I was listening to a legal commentator on one of the local affiliates here in Florida last night after the verdict was rendered. You could tell he was just disgusted with the whole case from the get-go.

But he said something very interesting (and I’m paraphrasing based on what I recall): “Justice” is not the outcome, justice is the process and the system, hence it is a misnomer to say that a verdict is “unjust”, unless there is misconduct in the proceedings. One may not agree with the outcome, but that doesn’t mean it is “unjust”.

His point was that most people have a mis-understanding of what “justice” really is, as it pertains to the legal system in this country. I agree, because he cleared that up for me. Thus, when someone is a “fugitive from justice”, it means they’re evading the process and the system, not that they are guilty. When you “bring someone to justice”, they’re being brought into the process and the system.

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Comment by Montana
2013-07-14 12:09:15

The term “social justice” has robbed plain old “justice” of its meaning.

 
Comment by Neuromance
2013-07-14 16:29:27

Justice is the reason the process exists. The process exists to obtain justice. But the process is not justice.

Some confuse the process with justice. If a miscarriage of justice occurs, the process was completed, but justice was not achieved.

 
 
Comment by "Uncle Fed, why won't you love ME?"
2013-07-14 11:43:22

No, Eric Holder can do whatever he wants. He can lie to Congress about NSA spying, and then go to lunch at George’s by the Cove later that day. No repercussions whatsoever. Wanna know why? Because he is black.

Meanwhile, there are nonblack people putting themselves in jeopardy to defend our freedoms (Snowden, Zimmerman), and THEY are targeted for life-long harassment, threats, and general ruination.

When will the world acknowledge that being black should not be an excuse for being an A-hole?

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Comment by Whac-A-Bubble™
2013-07-14 08:24:49

Would this discussion even be in play if the jury had convicted Zimmerman?

Zimmerman could still be held responsible for Martin’s death
By Ben Brumfield, CNN
updated 9:37 AM EDT, Sun July 14, 2013
George Zimmerman is congratulated by members of his defense team, Don West and Lorna Truett, after the not guilty verdict is read on Saturday, July 13, in Sanford, Florida. A jury of six women found him not guilty in the shooting death of Trayvon Martin.
STORY HIGHLIGHTS
- NEW: NAACP president: “There is reason to be concerned that race was a factor”
- The organization is calling for the Justice Department to file a civil rights suit
- Zimmerman could be held liable for Martin’s death in a wrongful death suit
- Martin’s family has not indicated that it will pursue any further legal pathways

(CNN) — This might sound like a legal conundrum:

A Florida jury has pronounced George Zimmerman not guilty of murdering Trayvon Martin.

But a court could still hold him accountable for the death.

Martin’s family so far has only commented that it wants the public to respect the Florida court’s verdict.

Two options, however, are available: A civil suit, or a civil rights suit.

Though they sound similar, they are very different.

A civil suit allows one party to seek monetary damages against another for causing physical or emotional harm, regardless of the outcome of a criminal trial.

A civil rights suit involves criminal charges for violating someone’s civil rights, which are protected under federal law.

Comment by ahansen
2013-07-14 12:20:55

The MSM is going to keep flogging this dud until the last gasps of popular traction can be wrung from its corpse. The trial was a cash cow from the get-go; Mr. and Mrs. Travon, the State Attorney’s orifice, the smarmy “family lawyers” and of course the networks that fomented and cheerlead the whole “Justice For Trayvon” movement will all lose a major source of revenue as this sordid episode fades into the next news cycle.

I hope Zimmerman wins enough in his various lawsuits to buy Boliva for his mother, and they all emigrate to a country where they’re not harassed for doing what any of us would have done under similar circumstances.

What an embarrassment. In other news, a woman in FL just got 20 years for firing a warning shot. Literally.

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Comment by X-GSfixr
2013-07-14 12:48:03

We’ll just have to agree to disagree, at least in part.

To me, this is just another example of someone (Zimmerman) getting to throw the “Victim” card, because he did something stupid.

Nobody will know what really happened, because it took the two weeks (and media pressure) for them to investigate it.

A lot of police departments conduct independent investigations of any and all shootings when a death is involved (whether by cops or citizens).

Of course, we have a lot of half-azzed PDs in this country.

 
Comment by ahansen
2013-07-14 13:09:31

Not disputing he handled it (very) badly, gulfie. But when a punk is in the process of beating you up and goes for your firearm, etiquette is not the first thing that enters your mind.

Mr. Zimmerman was doing what Neighborhood Watch members do, but he should have identified himself as such from the get go — and apparently he didn’t.

 
Comment by alpha-sloth
2013-07-14 15:57:49

A guy patrolling the neighborhood by himself, at night, in plain clothes, with no flashlight, and a gun in his pocket is a vigilante, not a neighborhood watch.

 
Comment by Mr. Smithers
2013-07-14 16:48:10

The FBI investigated this and the report said there was no racial motivation for the shooting. It’s going to be fun watching Holder charge him with civil rights violations that contradicts his own FBI.

The former Sanford police chief said there was not enough evidence to charge GZ. But there was pressure from the usual race hustlers that charges were eventually filed.

The initial prosecutor didn’t file charges since he knew it would be impossible to convict. They had to bring in a second prosecutor who took orders like a good little poodle from Holder/Sharpton/Jesse and brought charges.

 
Comment by ahansen
2013-07-14 18:45:14

For the record, alpha, he wasn’t on patrol, he was on his way home from Target when he saw suspicious activity in his neighborhood and called 911. And he was carrying a flashlight at the time. Off-duty cops don’t wear uniforms either, but they sure investigate suspicious activity when they encounter it. Neighborhood Watch volunteers are on duty when they’re not on patrol too.

 
Comment by Northeastener
2013-07-14 19:15:28

Who attacked who first? Who initiated violence? Who had a propensity for violence given previous fights he had been in?

Treyvon was a punk who attacked the wrong guy and got exactly what he deserved. Justice was delivered.

The only thing I would have done differently is I would have emptied the entire magazine into that dumb punk. If I’m going to have my life ruined by the media and AG and be on the hook for 400,000 in attorney’s fees just for defending my life, I’m making damn sure your dumb punk ass is dead.

 
Comment by alpha-sloth
2013-07-14 19:46:27

Treyvon was a punk who attacked the wrong guy and got exactly what he deserved. Justice was delivered.

The only thing I would have done differently is I would have emptied the entire magazine into that dumb punk.

Whoomp, there it is. Thanks for standing up for the Constitution.

 
Comment by alpha-sloth
2013-07-14 19:48:40

just for defending my life,

Treyvon jumped into his SUV?

 
Comment by Rental Watch
2013-07-15 00:48:37

I didn’t know that the news media chopped up Zimmerman’s call to 911–I guess I shouldn’t be surprised.

Apparently what NBC aired:

“Zimmerman: This guy looks like he’s up to no good. He looks black.”

The whole transcript from the 911 call:

“Zimmerman: This guy looks like he’s up to no good. Or he’s on drugs or something. It’s raining and he’s just walking around, looking about.

Dispatcher: OK, and this guy — is he black, white or Hispanic?

Zimmerman: He looks black.”

In any event, Zimmerman is now suing NBC for defamation (making him look like he was racially profiling).

 
 
 
 
Comment by Whac-A-Bubble™
2013-07-14 09:02:07

George Zimmerman jury reached right verdict
July 14, 2013|Beth Kassab, Local News Columnist

Like it or not, the jury got this one right.

Nobody wants to see two parents who already lost their teenage son also lose out on what they saw as justice.

As painful as it may be, though, acquitting George Zimmerman was the only verdict the jury could logically reach.

The state simply didn’t prove second-degree murder. Or manslaughter.

As much as I don’t like many of the choices Zimmerman made the night he killed Trayvon, the evidence presented at trial gave way to more than one reasonable doubt about Zimmerman’s guilt.

The jury believed Zimmerman’s claim of self-defense.

A lot of people didn’t see it that way.

They saw Zimmerman as the man who should be held accountable for tipping the first in a series of dominoes that led to 17-year-old Trayvon’s death early last year.

Zimmerman made the wrong assumptions about Trayvon Martin, but he didn’t break any laws by calling police to report Trayvon as suspicious.

He didn’t use good judgment, but he didn’t violate any laws by following Trayvon, either.

And you can say Zimmerman didn’t need to stick a gun in his waistband when he decided to get in his truck and drive to Target that night, but he had a legal permit for a concealed firearm.

The state couldn’t prove that Zimmerman started the fight between him and Trayvon.

But without a doubt it was Zimmerman who was losing. His nose was bloodied and broken. His head was cut and bruised.

Trayvon had barely a scratch, until the gunshot that killed him.

Comment by X-GSfixr
2013-07-14 09:19:55

Follow strangers around, start a fight, proceed to get your azz kicked, then shoot the azz kicker and say it was self-defense self-defense.

What’s not to like?

Comment by jose canusi
2013-07-14 09:34:05

When I wuz a pup, I would occasionally get into it with one of my siblings. Usually how it went was I would verbally taunt or otherwise annoy the sibling, and I was pretty good at this, so it would usually provoke a rather violent, physical reaction, and I would not fight back (usually because I was confronted by superior force). I’m not proud of this, by the way, but that’s the way it would go. I would then play the victim card “They hit me!”. It maybe worked the first couple of times, then my parents caught wise. So both of us would get punished for getting into it and I usually got the worst of the bargain for starting it when I should have known better.

I had to learn to keep my mouth shut, even when it was difficult and even when I was right. Sometimes discretion is the better part of valor. Pity Z never learned that lesson.

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Comment by Ol'Bubba
2013-07-14 10:39:44

“But Mom… it all started when he hit me back.”

 
Comment by jose canusi
2013-07-14 10:54:40

“But Mom… it all started when he hit me back.”

Yeah, kinda-sorta, except my initial assault was verbal rather than physical, but it provoked the physical blow-back. This way I could put on an “innocent” victim act. Like I said, I’m not proud of this and I didn’t realize what I was doing until my later adult years. Took me that long.

Z’s crime was provocation, for whatever reason. And I doubt he would have engaged in the provocation had he not been carrying. But that’s about the gist of it.

 
Comment by X-GSfixr
2013-07-14 10:58:32

I have three daughters……..the “sugar and spice” BS is exactly that……BS.

The middle daughter would try to ignore the pestering of the youngest, but one the throw down started, the major league, unlimited-war azz-kicking would commence.

Of course, she would come crying to me, complaining about getting her azz kicked “for no reason”.

Kids for the most part don’t actually lie, but have a bad habit of leaving out pertinent/inconvenient facts. After I became a supervisor, I found that some adults have the same problem.

 
Comment by jose canusi
2013-07-14 11:15:20

“After I became a supervisor, I found that some adults have the same problem.”

Heh. Many adults have the same problem. And it usually stems from some lesson learned in childhood, for better or for worse.

 
Comment by jose canusi
2013-07-14 11:33:32

x-gs, I get the sense you’ve been a good father. I don’t know if your children have ever tried to cast doubt on that, I hope they haven’t.

Sometimes kids do this to their parents. And it’s actually a really crappy thing to do. When I wuz a pup, well underage, I wanted to go to some rock concert with a buddy, who my parents rightly didn’t approve of. I knew there was no way I was going to get permission. So I deliberately provoked a confrontation with my parents. They both came at me. POW! I saw stars. And turned it into an opportunity to accuse them of abuse and leave the house with my buddy, and go to the concert (which sucked and I never enjoyed the experience, served me right).

Unbeknownst to me, my mom carried the guilt of that incident with her for years, thinking she had abused me and should have been more restrained. Decades later, not long before she descended into dementia, she brought up the incident and wanted to apologize. I’ll never forget the look of stunned relief when I confessed how I’d rigged the situation and how it wasn’t her and dad’s fault and I was the one who needed to apologize. The joy and relief she got from that was amazing and it taught me a good lesson.

Like many kids, I blamed my parents for some of my own self-created difficulties.

 
Comment by Whac-A-Bubble™
2013-07-14 11:40:08

“Yeah, kinda-sorta, except my initial assault was verbal rather than physical, but it provoked the physical blow-back.”

Don’t feel badly about how you behaved when you were a kid, as I believe it is normal, based on observing the behavior of two of my sons over the years. One of our younger sons has a way of constantly putting himself into a situation where his big (literally 6′2″ 180 lbs) brother has to either ignore provocation or fight back. This has continued for years, and we used to believe big brother generally was usually the instigator. Over time, we have come to realize conflict typically stem from little brother’s aggression.

Luckily as my older son grew several feet taller than he was when this pattern of interaction began, his temper has also become far less mercurial.

 
Comment by X-GSfixr
2013-07-14 12:14:25

For the record, my daughters got a few swats (with my hand) on the backside when they were young. They went a long way.

OTOH, I never told then to “do what I say, and shut up”. If they wanted to argue something, I’d argue with them. Sometimes, they could even make their case, and change my mind about things.

I’m sure that there were a few “authority figures” who don’t think I’ve raised them right. IMO, “respect/deference” is too often demanded, but never earned. If nothing else, I never had to worry about an authority-figure sexually assaulting them, then intimidating them into keeping quiet about it.

 
Comment by ahansen
2013-07-14 13:10:33

Interesting how your modus operandi hasn’t changed all that much in the intervening years, jose.

 
Comment by alpha-sloth
2013-07-14 16:01:45

Interesting how your modus operandi hasn’t changed all that much in the intervening years, jose.

lol. I was thinking the same thing.

 
Comment by jose canusi
2013-07-14 16:25:13

hansen, give it a rest, OK? Find someone else to vent your considerable spleen on.

 
Comment by jose canusi
2013-07-14 16:30:43

“lol. I was thinking the same thing.”

Of course you were. Two peas in the same festering pod.

 
Comment by ahansen
2013-07-14 19:14:27

I calls ‘em as I sees ‘em, jose. Now go to your room.

 
 
Comment by scdave
2013-07-14 09:37:52

Yeah…I have wondered what the future fall-out may be due to a not guilty verdict….I think you just gave a lot of gun toters the legal ammo to do some ugly things…

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Comment by StrawberryPickers
2013-07-14 09:59:34

Yes, they will all be looking for chances to have their skulls bashed into the concrete so they can then shoot someone.

 
Comment by Whac-A-Bubble™
2013-07-14 10:28:18

“…looking for chances to have their skulls bashed into the concrete…”

It seems likely that without this factor, the jury would have found it difficult to interpret Zimmerman’s action as self-defense.

 
Comment by jose canusi
2013-07-14 11:13:29

Exactly right. That was the crux of the matter.

 
Comment by X-GSfixr
2013-07-14 11:24:18

As Chris Rock once said, “Sometimes, you deserve to have your ass kicked…..”

If there was ever a place where some people/punks deserved a good-ass kicking, but aren’t getting them, it would be the United States of America, circa 2013.

Instead, the azz-kickees/punks are allowed to carry the guns.

We have tons of George Zimmerman-types around here. If he was so terrified, why didn’t he draw his gun from the get-go, instead of getting into a fist fight he ended up losing?

And why didn’t the Sanford PD treat it like a homicide from the get-go? I know why. Because Zimmerman fit the profile of the middle-class, home owning white guy, and was a cop-worshipper they knew, and the kid fit the profile of trouble making black kid that they didn’t know.

People watch to much TV. Especially “COPS”. They always show the arrests that put the cops in the best light. They never show any video where the cops act like pricks.

For various reasons, mostly related to my speed, or that I was coming home from work at 3am, or both. I’ve had a few experiences with various PDs. Let’s just say that if I was black, I’d probably have spent a few nights in jail by now.

Mainly because I don’t like getting pulled over by cops, because they “suspect” I’m doing something. Or for getting two inches from my face (trying to trigger the “fight-or flight” mechanism, when no “flight” was possible) and threatening to arrest me for obstruction, because I dared ask them when they planned to reopen the bridge I needed to cross to get to work.

 
Comment by jose canusi
2013-07-14 11:43:50

“Or for getting two inches from my face (trying to trigger the “fight-or flight” mechanism, when no “flight” was possible) and threatening to arrest me for obstruction”

Phew, I’ve been there. Cops can and will deliberately try to provoke confrontation so they have an excuse to handcuff you and haul you in, even though they’re the ones acting like pricks. I had it nearly happen to me when two cops came by one day looking for the former occupant of an apartment I had rented. I was home recuperating from an illness and they woke me up and wanted to come in and look around. The two of them alerted just like attack dogs, quivering in place and ready to pounce should I resist them in any way. It was something I could actually see and sense, so I backed down and let them in even though I didn’t have to. I was mainly pissed because they’d woken me up most rudely by beating on the door.

But, as I say, sometimes discretion is the better part of valor.

 
Comment by Skroodle
2013-07-14 11:56:32

Zimmerman doesn’t look like any white guy I have ever met.

 
Comment by Whac-A-Bubble™
2013-07-14 12:05:01

“Because Zimmerman fit the profile of the middle-class, home owning white guy, …”

BUZZ: WRONG!!!!

German name, Peruvian ethnicity.

Trayvon- Zimmerman tragedy shows labels don’t fit when it comes to race, ethnicity
IN THE SHADOW OF RACE: 6th in an occasional series
7:18 p.m. EST, October 13, 2012|

By Arelis R. Hernández, Orlando Sentinel

Whenever JoJo Ramos visits his “meemaw,” he never forgets to ask for “bendición,” a Spanish blessing, in his Appalachian-Florida dialect before crossing into the heart of her home in Belle Glade.

He calls himself a “hillbilly” Puerto Rican in honor of his mixed heritage. His kids, Ramos says proudly, are a “quarter Porto.”

When Vibert White sways his hips to the “tu-cú” rhythm of the conga slap, people ask where he learned to salsa.

Never mind that the dark-skinned Afro-Latino has known the steps since boyhood.

Fair-skinned and blue-eyed, Karen Toledo endured being called a “gringa” by her olive-skinned relatives and mistaken by outsiders for everything but who she says she is: a Puerto Rican woman, a Latina.

Looks are deceiving when it comes to Hispanics and those of multiethnic backgrounds. Their personal histories and multiple heritages confuse and disrupt narratives, challenge and transform identities and inject nuanced perspectives into uniquely American issues.

The shooting death of 17-year-old Trayvon Martin last February in Sanford was initially thought to be an American tragedy born of racial injustice. White and black.

But that narrative was contorted when his shooter, George Michael Zimmerman, identified himself as a Hispanic man of Peruvian heritage.

 
Comment by Whac-A-Bubble™
2013-07-14 12:09:49

“I know why. Because Zimmerman fit the profile of the middle-class, home owning white guy,…”

It would have made it so much easier to get a conviction had this been the case.

 
Comment by X-GSfixr
2013-07-14 12:28:55

I get it. You guys are invested in picking fly-sh#t out of the pepper, in order to justify his actions.

Zimmerman looks like 90% of the 4th-5th generation, native born, Hispanics around here. He looks a helluva lot more like a Caucasian than an Aztec.

But you aren’t disagreeing about any other part of my evaluation. Including the cop-wanna-be persona.

 
Comment by Whac-A-Bubble™
2013-07-14 12:36:04

“But you aren’t disagreeing about any other part of my evaluation. Including the cop-wanna-be persona.”

If he were a white homeowner, I doubt he would have identified himself as a ‘Hispanic man of Peruvian heritage’ unless it was true.

 
Comment by ahansen
2013-07-14 13:16:38

@scdave,

I think the fallout from this unfortunate incident will be that a truly ill-conceived gun law gets revisited and modified by federal mandate, thus opening the whole “gun control” can of worms again. Only this time it may have legs.

I only hope that Mr. Zimmerman isn’t drawn in for a second extended round as the (judicial) sacrificial lamb upon the alter of public opinion.

 
Comment by polly
2013-07-14 14:07:21

fixer,

The cop called to the scene did want to charge him. It went up a level or two (either a supervisor at the police or possibly whoever was on call at the DAs office) before it was squashed. That all happened almost immediately, but it was reported on early in the process. The cop(s) who wanted to arrest were not allowed to do whatever they would have done to investigate the incident until much later.

 
Comment by Michael Viking
2013-07-14 14:09:17

But you aren’t disagreeing about any other part of my evaluation. Including the cop-wanna-be persona.

What do you make of Mr. Martin’s gangsta-wanna-be persona? Irrelevant?

 
Comment by alpha-sloth
2013-07-14 16:15:45

What do you make of Mr. Martin’s gangsta-wanna-be persona? Irrelevant?

He’s guilty of being a teenager. I had spiked hair and looked pretty wild at his age, too. I was a suburban punk rocker on his way to college, not a wandering murderer.

I probably had thc in my system at the time, too. And crazy pictures that were thankfully pre-internet.

 
Comment by Michael Viking
2013-07-14 18:22:20

He’s guilty of being a teenager. I had spiked hair and looked pretty wild at his age, too. I was a suburban punk rocker on his way to college, not a wandering murderer.

I probably had thc in my system at the time, too. And crazy pictures that were thankfully pre-internet.

He’s guilty of being a thug. How many fights did you typically get in? How many times did you ‘ground and pound’ somebody? How many times did somebody ‘ground and pound’ you? How many times did you get in a fight and fear for your life? He had reason to fear grave bodily injury and waiting to see if he wakes up breathing dirt or wakes up a vegetable or permanently disfigured or whatever other negative outcome is a *stupid* gamble in his situation.

I can’t believe the naivete I see in some of the posters here. Put yourself in Mr. Martin’s position. Do you honestly believe the outcome would have been the same?

 
Comment by Carl Morris
2013-07-14 18:53:02

I might not have gotten into that situation…I don’t know, I’ve never been the neighborhood watch type. But once I was in it I’d have fired, too.

 
Comment by alpha-sloth
2013-07-14 19:49:57

How many times did you ‘ground and pound’ somebody?

How many times did Trayvon?

 
Comment by Michael Viking
2013-07-14 20:09:04

I might not have gotten into that situation…I don’t know, I’ve never been the neighborhood watch type. But once I was in it I’d have fired, too.

You’re missing my point. I’m asking if you’d get into Mr. Martin’s situation! If you were walking in a neighborhood and somebody from the neighborhood watch accosted you, what are the chances you’d end up pounding this person’s face into the pavement?

 
Comment by Pete
2013-07-14 20:18:48

” If you were walking in a neighborhood and somebody from the neighborhood watch accosted you, what are the chances you’d end up pounding this person’s face into the pavement?”

Do I know that I’m being accosted by someone with the neighborhood watch or just some random idiot? Not trying to re-argue the case here, I agree with the verdict but if you’re going to ask that question, we need to be clear here.

 
Comment by alpha-sloth
2013-07-14 20:28:32

Do I know that I’m being accosted by someone with the neighborhood watch or just some random idiot?

Exactly. The people saying they think Zim was innocent are the same people who would have shot him if they were Trayvon. But with their own gun.

 
Comment by Michael Viking
2013-07-14 20:42:56

Do I know that I’m being accosted by someone with the neighborhood watch or just some random idiot?

I imagine Mr. Zimmerman announced he was from the neighborhood watch, but there is no way to know so let’s say it’s a random idiot who wants to know who you are, where you’re going and why you’re in the neighborhood. Gonna end up in the pound and ground? Gonna make derogatory comments and go about your way? Gonna ignore him? I’m willing to believe people get asked or looked at with the “what are you doing here” all over the world again and again. It takes a certain kind of person to end up from there to doing grave bodily harm.

 
Comment by alpha-sloth
2013-07-14 20:48:58

I imagine Mr. Zimmerman announced he was from the neighborhood watch,

Well,that proves it, then.

 
Comment by Whac-A-Bubble™
2013-07-14 21:51:38

Trayvon Martin’s Texts Matter, George Zimmerman Defense Attorneys Say
Fighting and drug use could be relevant to the shooting, defense says
By Steven Nelson
May 24, 2013

George Zimmerman arrives in Seminole circuit court with his attorney Mark O’Mara (L) for a pre-trial hearing April 30, 2013 in Sanford, Fla.

Attorneys for George Zimmerman, the man charged with second-degree murder for shooting 17-year-old Trayvon Martin last year, released photos and text messages from the teen’s phone Thursday, which the defense contends are important evidence.

A hearing on whether the texts can be admitted as evidence is scheduled for Tuesday. Prosecutors don’t want jurors to consider the communications, which discuss fighting, marijuana use and an incident that resulted in Martin being kicked out of his mother’s home.

“If they had suggested that Trayvon is nonviolent and that George is the aggressor, I think that makes evidence of the fighting he has been involved with in the past relevant,” Mark O’Mara, an attorney for Zimmerman, told The Associated Press.

 
Comment by Whac-A-Bubble™
2013-07-14 22:11:36

Perhaps one of the HBB’s resident legal experts could explain why evidence that Mr. Martin had a propensity for fighting was irrelevant to the question of whether Zimmerman acted in self defense.

I’m missing it.

Judge in Trayvon Martin Case Puts Limits on Defense
By LIZETTE ALVAREZ
Published: May 28, 2013

MIAMI — Lawyers for George Zimmerman, who is charged with second-degree murder in the killing of Trayvon Martin, will be barred from mentioning Mr. Martin’s marijuana use, history of fights or high school suspension during opening statements in Mr. Zimmerman’s trial, which begins June 10.

George Zimmerman was interviewed by the Sanford Police Department in the hours and days after he killed Trayvon Martin.

At a hearing Tuesday in a Seminole County court, Circuit Judge Debra Steinberg Nelson denied a string of defense motions concerning evidence that was intended to portray Mr. Martin as a troubled teenager with a propensity for fighting and an interest in guns. Prosecutors argued that such evidence had nothing to do with Mr. Martin’s death.

Mr. Martin, an unarmed 17-year-old, was killed in Sanford, Fla., on Feb. 26, 2012, by Mr. Zimmerman, who said he shot him in self-defense.

Mark O’Mara, Mr. Zimmerman’s lawyer, argued that Mr. Martin’s drug use could have made him aggressive and paranoid, which the defense said might have prompted him to attack Mr. Zimmerman, 29, a neighborhood watch volunteer.

All of that fits in squarely to what the defense is going to present: that George Zimmerman was put in the position that he had to act in self-defense,” Mr. O’Mara said. “How could you keep us from arguing that?

 
Comment by Carl Morris
2013-07-15 06:53:42

If you were walking in a neighborhood and somebody from the neighborhood watch accosted you, what are the chances you’d end up pounding this person’s face into the pavement?

Very close to zero. If I’m in the “nice” neighborhood of a relative, especially my father, and I’m a stranger there, I’m going to humor the local doofus no matter how big of a jerk he’s being, assuming he doesn’t corner me and start beating me with no provocation from me. As soon as I think there’s a problem I’m going to call my dad and just let him know that something weird is going on and he’s going to need to come get me. But I didn’t grow up in the ghetto so I tend to assume that being reasonable will get me what I want even if it’s an inconvenience. I realize others have different experiences.

 
 
Comment by nickpapageorgio
2013-07-14 11:41:11

“start a fight”

Which eye witness claimed that Zimmerman started the fight?

If this were true, that Zimmerman started the actual fight, then 2nd degree murder would have been more than appropriate.

In this case Martin attacked Zimmerman unprovoked (following is not provocation) and proceeded to beat him down. In reality Zimmerman showed tremendous restraint, waiting as long as he did to pull his weapon.

I still think people like George Zimmerman give permit holders a bad name. You never never never put yourself closer to real or potential danger when you are armed. He could have just stayed in his vehicle and called in Martin’s last direction of travel and description. That being said, Zimmerman never violated the law before being attacked.

The only people that should be jailed for this event are the community leaders and members of the media who made this an issue about race.

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Comment by X-GSfixr
2013-07-14 12:22:43

“In this case, Martin attacked Zimmerman……”

Like you said, sez who?

The Sanford PD effed up. Gave Zimmerman time to get his story squared away.

If some random d##kweed starts following me around for no reason, you can bet there is going to be a confrontation. I guess this gives the concealed carry crowd an excuse to shoot me.

 
Comment by nickpapageorgio
2013-07-14 12:50:35

“If some random d##kweed starts following me around for no reason, you can bet there is going to be a confrontation.”

Then you would be in the wrong. You just can’t legally decide to give any person a beat down unless you are defending yourself. Only bullies and hot heads act in such a manor, the true martial way is to be peaceable and only respond when attacked.

 
Comment by X-GSfixr
2013-07-14 13:30:33

Confrontation does not necessarily mean fighting. I’ve never started a fight in my life, and haven’t been in one since high school. (of course, this may have to do with the fact that I was 6′ 5″, 220 as a high school senior).

As for calling the cops? Don’t make me laugh.

I was stalked once, by a crazy-azz former contractor that we had to terminate for cause, and she thought it was my doing. Tried to run me off the road, among other things.

Too bad I didn’t recognize her until I swerved onto the shoulder……..she was driving a 15 year old POS Toyota. I was driving a new, airbag equipped F-150. I’d have let her hit me, if I’d known it was her.

Cops were called several times (I wasn’t the only one being stalked). All they did was take reports.

Of course, most of this happened in the pre-concealed carry days. I’m sure she’d be carrying now.

(My favorite part of the stalker story…..stalker took to following out female scheduler home. First time it happens, she called the local cops.

Cop met her, bummed some cigarettes and had the following exchange with her:

Cop: “Do you have a husband/boyfriend”

Pxxx: “No”

Cop: “Then you need to go to (insert name of local cowboy/$hitkicker bar here), and get one…..”

Stalking continued for a week or two. She started getting worried. Me, being Mr Common Sense says “Hey, let’s call the company security guys…….they must know some guys with the local PD/Sheriffs office that they can call; have them do an “off the record” check on her record, and see if she’s just venting, or if there is some reason to be concerned.

So far, so good.

Couple of hours later, the call comes back………the woman is on work release from the mental ward at the local VA Hospital.

“Oh yeah…….we all feel better now.”

 
Comment by nickpapageorgio
2013-07-14 15:51:06

To protect yourself in today’s world, where just about everything is against the law and everyone is watching, I would make sure you are not the instigator in any combative situation…that’s all.

 
 
Comment by ahansen
2013-07-14 12:42:45

Have you ever volunteered for Neighborhood Watch, gulfie? Keeping a close eye on unusual activity is the whole point of the exercise, and there is a disquieting element of the hunt about it. There is good reason it’s deterrent to criminal activity.

Where I live you can bet your booty everyone’s armed to the teeth when they’re out on patrol, and if there’s something suspicious going on, the suspect WILL be followed (for miles, if necessary) and likely confronted.
Except up here the volunteers are mostly grey-hairs, and many of them are retired cops with time on their hands and small tolerance for shenanigans. There are also a lot of repurposed mine shafts….

Not surprisingly, although we get minimal support from the county sheriff’s office, crime in our community is mostly of the victimless variety.

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Comment by X-GSfixr
2013-07-14 13:06:45

What makes sense in rural areas may not apply in urban/suburban environments. Never been in a neighborhood watch, because it’s pointless……all of the neighborhoods I’ve been in are ghost towns between 7am-4pm (when everyone is at work, and when the break ins happen)

What cracks me up are the 3-4000 population towns, white bread, 95% Catholic (or Lutheran, Mennonite, etc) towns out here in BFE with ZERO crime to speak of, but everyone has a CC permit, and post neighborhood watch signs all over the place.

In these towns, if you are anything other than an At church every Sunday, Rush-listening, Fox News watching, never been out of the county, inbred NBK, you are immediately considered a “suspicious person”.

They can run their towns however they want. Including making it uncomfortable for “suspicious” persons. But there is a reason all of the best/brightest move to the big cities.

 
Comment by ahansen
2013-07-14 13:33:04

Absolutely true, gulfie, and within is the lesson. In my experience, “suspicious” outliers (like me) in these communities are willingly accepted if they make the small effort to introduce themselves — and then mind their own business. Color or ethnicity has little-to-nothing to do with it. You may not be invited to dinner, but you’ll certainly be welcomed in the local diner. (In fact our local diner is owned and operated by a flamboyant 6′4″ transexual.)

It can be something as simple as knocking on your neighbor’s door and saying “Hello, I’m new to the community and just wanted to let you know I’m here. Here’s my phone number if you need anything from me.” Or volunteering an afternoon at a community event. Or showing up after a Sunday church service and shaking hands with the minister. Or dropping into the sheriff’s substation and introducing yourself.

Word spreads fast.

PS. Neighborhood Watch volunteers are generally the homebound/retired/marginally-employed folks who are actually THERE between 7 and 4 to…watch.

 
Comment by X-GSfixr
2013-07-14 13:49:39

Well there you go…..didn’t have no homebound/retired/marginally employed types where I lived.

We were all “producers” with day jobs :).

Of course, I have a bias against “neighborhood watch”-types. When I was in high school, our neighbor did a “neighborhood watch” before it became popular.

Since there was no crime, he spent all of his time monitoring the comings and goings of all of us kids, and narced us to our parents.

My brother mooned him one day, on his way out to his car. Of course, to rat him out, he would have had to admit he was spying on us.

 
Comment by Whac-A-Bubble™
2013-07-14 15:04:46

“What cracks me up are the 3-4000 population towns, white bread, 95% Catholic (or Lutheran, Mennonite, etc) towns out here in BFE with ZERO crime to speak of, but everyone has a CC permit, and post neighborhood watch signs all over the place.”

I can top that. My SIL is a resident of Spring City, UT:

Small Utah town makes gun in every home a top priority

Published January 09, 2013
Associated Press

Officials in a small Utah town want to make sure every head of household has a firearm and knows how to use it, and they want to give school teachers training with guns too.

Spring City Councilman Neil Sorensen first proposed an ordinance requiring a gun in every household in the town of 1,000. The rest of the council scoffed at making it a requirement, but they unanimously agreed to move forward with an ordinance “recommending” the idea.

The council also approved funding to offer concealed firearms training Friday to the 20 teachers and administrators at the local elementary school.

“It sends a statement that criminals better think twice,” Sorensen told The Associated Press on Tuesday. “If a teacher would have had a concealed weapon in Sandy Hook, I think the death loss would have been fewer. If sane, trained people had guns, they could have shot back.”

The measure, which will go before the full council in February for further review, seems to have the support of the council’s five members and many residents in the farming community about 90 miles south of Salt Lake City.

But school administrators don’t think arming teachers is wise, and they are not encouraging teachers to participate in Friday’s training.

“The more guns you have in the school, the more dangerous it is,” said Leslie Keisel, superintendent of the North Sanpete School District.

 
Comment by Pete
2013-07-14 15:40:54

“In these towns, if you are anything other than an At church every Sunday, Rush-listening, Fox News watching, never been out of the county, inbred NBK, you are immediately considered a “suspicious person”. They can run their towns however they want. Including making it uncomfortable for “suspicious” persons.

From Elton John’s “Texan Love Song”

I heard from a friend you been messing around
With a cute little thing I’d been dating uptown
Well I don’t know if I like that idea much
Well you’d better stay clear I might start acting rough
You out of town guys sure think you’re real keen
Think all of us boys here are homespun and green
But that’s wrong my friend so get this through your head
We’re tough and we’re Texan with necks good and red

So it’s Ki yi yippie yi yi
You long hairs are sure gonna die
Our American home was clean till you came
And kids still respected the president’s name
And the eagle still flew in the sky
Hearts filled with national pride
Then you came along with your drug-crazy songs
Goddamit you’re all gonna die

How dare you sit there and drink all our beer
Oh it’s made for us workers who sweat spit and swear
The minds of our daughters are poisoned by you
With your communistic politics and them negro blues
Well I’m gonna quit talking and take action now
Run all of you fairies clean out of this town
Oh I’m dog tired of watching you mess up our lives
Spending the summertime naturally high

 
 
 
 
Comment by Whac-A-Bubble™
2013-07-14 10:08:29

blogs wsj dot com
July 14, 2013, 11:29 AM
Pressure Mounts for Federal Probe in Martin Case
By Siobhan Gorman

Pressure mounted on the Justice Department Sunday to pursue federal criminal charges in the shooting death of Florida teenager Trayvon Martin in the aftermath of the acquittal of his killer, George Zimmerman, late Saturday.

NAACP President Ben Jealous called on the Justice Department to take up the killing of Mr. Martin, a 17-year-old who was unarmed and black.

“There reason to be concerned that race was a factor in why he targeted young Trayvon,” he told CNN’s State of the Union.

Mr. Jealous cited comments from young black boys in Mr. Martin’s neighborhood who said they had felt singled out by Mr. Zimmerman, a 29-year-old former neighborhood-watch volunteer who is Hispanic.

“It feels so often that our young people have to fear the bad guys and the good guys,” he said. He added that he was pleased that there had been no violence the night of the verdict.

Rep. Raul Grijalva (D., Ariz.) said he supported a Justice Department investigation into the case. He stopped short of saying that Mr. Zimmerman should be charged at this point, but said the investigation should “to lead to a consequence of charges, if necessary.”

Texas Gov. Rick Perry, a Republican and possible presidential candidate for 2016, defended the judicial process and the jury’s decision Sunday.

“I think our justice system is color blind,” he told CNN’s State of the Union. “That jury made the right decision from their standpoint.”

Comment by Whac-A-Bubble™
2013-07-14 12:29:26

“That jury made the right decision from their standpoint.”

As someone who agreed with almost nothing Rick Perry said during the 2012 presidential campaign, I am somewhat surprised to find myself strongly agreeing with him on this point. Anyone who has made it as far in our legal system as the voi dire (jury selection) stage of jury duty knows that both the prosecuting and defense attorneys have the right to reject prospective jurors. In the Zimmerman trial, the jurors who survived this winnowing turned out to all be women, with five of the six of them mothers. If anything, such a jury would have a natural bias in favor of a seventeen-year-old kid facing off against an adult male. And yet, after weighing the arguments and evidence presented in the courtroom, they agreed to acquit Zimmerman.

Nobody look in from the outside has the same perspective on the evidence that was presented, making it difficult to understand all the second guessing of the verdict that is currently underway. Whether or not you like the verdict, or consider Zimmerman, Martin or both to be jerks who behaved badly, it appears the justice system worked as intended.

Politically-motivated tampering with the an outcome which disagrees with certain groups’ preferences risks setting a bad precedent.

 
Comment by ahansen
2013-07-14 12:56:25

Wouldn’t it have been nice if all the kids in the neighborhood had been personally invited to introduce themselves and join Neighborhood Watch to help their parents keep their homes and families safe from intruders?

Neighborhoods used to have “Welcome Wagons” to serve this purpose, and theoretically, this is what HOAs are for. Somewhere along the line our communities got fractured and isolated, and instead of inclusion there is a notable sense of opposition. Divide and conquer and all that.

Comment by Whac-A-Bubble™
2013-07-14 14:57:52

“Somewhere along the line our communities got fractured and isolated, and instead of inclusion there is a notable sense of opposition.”

Often a few motivated individuals make the difference between cohesion and mutual isolation. (I know, as I am married to an inclusionist — bless her heart.)

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Comment by Bill, just south of Irvine, CA
2013-07-14 10:10:42

A couple of my lily white liberal FB friends posted their tearful posts this morning opposing the verdict. They happen to live in lily white very low crime areas too.

Comment by Bill, just south of Irvine, CA
2013-07-14 10:13:50

The one in Oregon lives where 94% of the area is white people. The one in L.A. lives where 80% of the people are white and 6% to 9% are asian, and again no blacks.

 
 
Comment by Anon In DC
2013-07-14 10:47:47

I just don’t see how people see race is involved. I see jerk A meeting jerk B. Result: Jerk B is dead.

Comment by jose canusi
2013-07-14 11:05:33

+1. However, there’s LOTS of moolah in the race hustle. Tons of it. And this is why it will never end, as long as there’s profit in it. If tomorrow we woke up to find that the US was at peace racially, I guarantee you Sharpton, Jackson, NAACP, etc., etc. would be gnashing their teeth.

It’s kind of like people on disability. They’re getting paid for their condition. One thing doctors know is that if they have a patient on disability, that patient will never, ever be cured. Oh, they’ll treat those patients, but doctors know they can’t cure them because the patient really doesn’t want to be cured (in most cases). So when groups and individuals receive some sort of pay or support or re-inforcement for being victims, there’s no way they’ll ever give up that victim-hood.

Comment by Whac-A-Bubble™
2013-07-14 12:33:17

“It’s kind of like people on disability. They’re getting paid for their condition.”

And then there are folks like the paraplegic who makes it in to work every day in my firm’s graphics department, and faithfully helps anyone who needs it produce content.

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Comment by jose canusi
2013-07-14 12:45:15

Exactly. He’s not being paid for his DISability, he’s being paid for his ability, sorry if I made a sweeping generalization, I didn’t mean to.

 
 
 
Comment by scdave
2013-07-14 11:55:36

Why didn’t he knee cap him…Shoot him in the shoulder…Did you see the kids Bloodied shirt ?? Straight in the heart…Zimmerman was not trying to stop the kid…He was trying to kill the kid…

Comment by "Uncle Fed, why won't you love ME?"
2013-07-14 12:14:31

The “kid” was, at the time, sitting on top of Zimmerman, punching him in the face and slamming his head against the sidewalk. There was no way for Zim to do anything but fire at the trunk point-blank.

BTW, this kid was a buff dude, and used some pretty advanced fighting techniques. Almost as if he was training himself to be a good street-fighter. Almost as if he was also a drug dealer and a gun dealer, and knew that he would need these skills if he wanted to pursue his life of crime (as evidenced by his cell-phone records).

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Comment by X-GSfixr
2013-07-14 12:31:07

I’m thinking about becoming a white collar criminal.

So shoot me.

 
Comment by "Uncle Fed, why won't you love ME?"
2013-07-14 12:46:53

Nah, the existing white-collar gang wouldn’t let you in. You don’t have the right aura about you.

 
Comment by alpha-sloth
2013-07-14 19:52:17

The “kid” was, at the time, sitting on top of Zimmerman, punching him in the face and slamming his head against the sidewalk

It amazes me the first-hand knowledge people have of this case.

Quite revelatory!

 
Comment by Whac-A-Bubble™
2013-07-14 22:33:06

It amazes me what people will say who apparently have not read a single article about this case.

Revelatory, indeed!

 
Comment by Whac-A-Bubble™
2013-07-14 23:57:18

News Analysis
In Zimmerman Case, Self-Defense Was Hard to Topple
George Zimmerman leaving court after his acquittal on Saturday of all charges in the shooting death of Trayvon Martin.
By LIZETTE ALVAREZ
Published: July 14, 2013

SANFORD, Fla. — From the moment George Zimmerman held up his arms and told the police that he had shot Trayvon Martin, one fact was undisputed: an unarmed black teenager lay dead.

But as one top Florida defense lawyer, Michael Band, said on Sunday, “Trials, for better or worse, are not morality plays.”

From the start, prosecutors faced a difficult case — weak on evidence and long on outrage. Mr. Zimmerman had the power of self-defense laws on his side, and was helped by a spotty police investigation and prosecutorial missteps. The initial investigation foundered when the local prosecutor balked at bringing charges, convinced that overcoming the self-defense claims would prove impossible.

But six weeks after the killing, his replacement, Angela B. Corey, from the Jacksonville area, charged Mr. Zimmerman with second-degree murder, a tall order.

At the trial, the fight between Mr. Martin and Mr. Zimmerman that preceded the shooting produced a muddle of testimony — and grist for reasonable doubt. It remained unclear who had thrown the first punch and at what point Mr. Zimmerman drew his gun. There were no witnesses to the shooting and no definitive determination of which man could be heard yelling for help in the background of a 911 call.

The only version of events came from Mr. Zimmerman, who did not take the stand, denying prosecutors a chance to cross-examine him. His statements to the police spoke for him at the trial. Defense lawyers also had a powerful piece of evidence in photographs of Mr. Zimmerman’s injuries: a bloody nose and cuts and lumps on the back of his head.

Mr. Zimmerman, a neighborhood watch volunteer, claimed that he shot Mr. Martin only after the teenager knocked him to the ground, punched him, straddled him and slammed his head into the concrete — “a weapon,” as his lawyer, Mark O’Mara, called it. The murder charge required a showing that Mr. Zimmerman was full of ill will, hatred, spite or evil intent when he shot Mr. Martin. But prosecutors had little evidence to back up that claim, legal experts said.

 
Comment by alpha-sloth
2013-07-15 04:13:03

Revelatory, indeed!

Here ya go:

“Mary Cutcher and her roommate, Selma Mora Lamilla, appeared on AC 360, and Cutcher stated that she believes that “there was no punching, no hitting going on at the time, no wrestling” just prior to the shooting but admitted that she neither saw the shooting nor the preceding altercation.[148][149][150] Cutcher and her roommate heard the pair in their backyard and a “very young voice” whining, with no sounds of a fight. They heard a gunshot; the crying stopped immediately, and they saw Zimmerman on his knees straddling Martin on the ground.[148][150] Mary Cutcher phoned police after the fatal shooting and said the black man was standing over another man, although Trayvon Martin was already dead.[35] According to the Orlando Sentinel article, “Police spokesman Sgt. Dave Morgenstern [on March 15] issued a statement disputing Cutcher’s version of events, calling her statements to WFTV “inconsistent with her sworn testimony to police.”[151] However, Cutcher and her roommate maintain that their account of the incident to the police did not agree with Zimmerman’s, and they demanded the police issue a retraction.[149]

On March 29, 2012, an eyewitness referred to as a male said that he saw two men on the ground scuffling, then heard the shooting, and saw Zimmerman walk away with no blood on him.[152][153] The witness later appeared on CNN AC360 referred to as a female, giving more details on her account. She pointed out that she heard an argument between a younger and an older voice. During the time that she witnessed the incident, the scuffling happened on the grass. She said that the larger man, who walked away after the gunshot, was on top and that it was too dark to see blood on his face”
wikipedia

I’m still not clear how our resident experts know so much more about what happened than the witnesses.

 
Comment by alpha-sloth
2013-07-15 08:35:45

It remained unclear who had thrown the first punch and at what point Mr. Zimmerman drew his gun. There were no witnesses to the shooting and no definitive determination of which man could be heard yelling for help in the background of a 911 call.

Which was my point. And yet we have experts here who seem to know exactly what happened.

 
 
Comment by ahansen
2013-07-14 13:00:29

Because when someone is sitting on top of you and grabbing for your weapon you don’t have time to take careful aim?

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Comment by Whac-A-Bubble™
2013-07-14 14:31:24

“Why didn’t he knee cap him…”

Probably difficult to aim for the knee when your assailant is sitting on top of you slamming your head into the ground.

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Comment by "Uncle Fed, why won't you love ME?"
2013-07-14 11:29:11

IMHO, it is time for Zimmerman to start doing some suing. First of all, CNN can be blamed for repeatedly and knowingly reporting false information, leading to Zimmerman’s arrest and trial with no evidence. They did this on purpose for their own ratings. Even up to the last day of the trial, they were still reporting “facts” that had already been debunked during the trial itself.

Secondly, there is now ample evidence to show that the prosecution and the court both engaged in misconduct, harming Zimmerman’s chances. Firing that IT guy for going through proper channels to ensure the defense got all the evidence? That has GOT to be illegal.

I can’t believe that people are STILL discussing the possibility of further harassing this man. He was found not guilty because he’s not guilty. NO evidence.

Comment by nickpapageorgio
2013-07-14 12:59:59

“I can’t believe that people are STILL discussing the possibility of further harassing this man. He was found not guilty because he’s not guilty. NO evidence.”

+1

The RIC (Race Industrial Complex) needs to accept the verdict and move on to their next hustle.

Comment by rms
2013-07-14 13:22:37

“The RIC (Race Industrial Complex) needs to accept the verdict and move on to their next hustle.”

+1 Agreed.

FWIW, I can’t remember ever visiting a condo complex, gated community or neighborhood that I didn’t have any business at.

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Comment by nickpapageorgio
2013-07-14 13:15:54

http://www.orlandosentinel.com/news/local/trayvon-martin/os-george-zimmerman-whistleblower-fired-20130713,0,2426704.story

—-

Report: George Zimmerman special prosecutor fires IT chief who raised discovery concerns

“The special prosecutor in the George Zimmerman case has fired her information technology director, who last month testified that he found evidence on Trayvon Martin’s cell phone that Zimmerman’s lawyers say the state never turned over, according to a Jacksonville.com report.”

“According to the report, Ben Kruidbos received a scathing letter from State Attorney Angela Corey’s office Friday morning, calling him untrustworthy and adding he “can never again be trusted to step foot in this office.”"

“Kruidbos testified last month that he found embarrassing photos found on Trayvon’s cellphone, including pictures of a clump of jewelry on a bed, underage nude females, marijuana plants and a hand holding a semiautomatic pistol. Defense attorneys allege that data wasn’t turned over to them as part of the evidence exchange process, known as discovery.”

—-

Does anyone see a problem with not only the politicization of this event, but also the blatant corruption of our “justice” system?

Comment by ecofeco
2013-07-14 14:01:19

Where actual drugs, guns and stolen goods found on Trayvon?

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Comment by nickpapageorgio
2013-07-14 15:55:19

The evidence speaks to his character, not sure if it was admissible, but it should have been disclosed. Paints an entirely different picture than the photo of him at 12 years old.

 
 
Comment by Whac-A-Bubble™
2013-07-14 14:39:31

“…pictures of a clump of jewelry on a bed, underage nude females, marijuana plants and a hand holding a semiautomatic pistol.”

If I found those materials on any of my sons’ cell phone, serious consequences would follow, including the end of their cell phone privileges.

That said, I am pretty sure it will never happen, as none of my sons are into worshiping gansta culture…

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Comment by Northeastener
2013-07-14 19:31:02

This x 1000. Maybe if Treyvon’s parents had been better at raising a well adjusted kid instead of a wannabe gangsta, they’d still have their son alive with them.

 
Comment by ahansen
2013-07-14 23:53:08

Mrs. Travon put him up for adoption when he was three years old. She reclaimed him after his death, however, and copyrighted his name….

 
 
 
 
Comment by Whac-A-Bubble™
2013-07-14 11:49:51

I don’t understand the point of these protests. Are they protesting against the jury’s decision in the verdict? Or is it the U.S. justice system of trial by jury they don’t like? If there is something wrong with our justice system, how would these people propose to improve it?

July 14, 2013, 1:53 p.m. EDT
Protests widen after Zimmerman acquittal
By Ronald D. Orol, MarketWatch
A protester blocks a train in Los Angeles Saturday after George Zimmerman was acquitted in Florida on charges of murdering Trayvon Martin. Zimmerman claimed self-defense.

WASHINGTON (MarketWatch)—Protests were planned Sunday in several more cities in the wake of the acquittal Saturday of George Zimmerman on all charges in the Feb. 26, 2012 shooting death of Trayvon Martin in a case that triggered national debates on racial profiling and self-defense.

Protests loomed in Boston, New York, Chicago and San Francisco, according to The Wall Street Journal.

They would follow reported protests and marches Saturday night in San Francisco; Philadelphia; Chicago; Washington, D.C.; Atlanta; Oakland, Calif., and Sanford, Fla., where the shooting occurred and where a jury acquitted Martin on murder and manslaughter charges.

According to the Journal, some protesters in Oakland broke windows, burned flags and started small street fires. At least one police car was damaged.

Comment by X-GSfixr
2013-07-14 12:37:40

The only reason he stood trial at all was because of community protests.

Otherwise, the local PD was going to give him a pass, without any actual investigation

It’s funny how some cops/courts assume some people are guilty, until proven otherwise, and some are innocent, until proven otherwise.

Try going to traffic court, or divorce court, or better yet both, and get an up close and personal view of what passes for a “judicial system” in this country.

In misdemeanors cases, it’s about generating revenue for the courts and lawyers. In felony cases, it’s prosecuting the easy cases, because the tough ones cost too much money, and take too much time/energy/brainpower.

Comment by "Uncle Fed, why won't you love ME?"
2013-07-14 13:00:42

The decision to not arrest Zimmerman was correct, as revealed by the complete lack of evidence presented at trial. Too bad the sheriff got run out of office for making the right choice. The decision to charge Zimmeran with murder was a huge and stupid waste of money, given that there wasn’t even enough evidence to arrest him in the first place, much less charge him.

THEN the “justice department” starts playing little games. If he isn’t guilty of murder, then charge him with manslaughter and murder at the same time. If he is found not guilty of both by the jury, then get the federal government to charge him with the same crime, and then try to sue him in a bunch of never-ending civil cases.

All of this goes completely against the grain of the justice system in the United States. This is what they used to do to people back in England. If the authorities had it out for you, they would charge you with endless crimes until you were somehow found guilty of something, anything. If you were never found guilty, then at least your resources would be drained and you would be powerless against the political will of the PTB.

The threats against Zimmerman are a violation of his civil rights. There has been a bounty on his head by the Black Panties, and the criminal justice system continues to attack him like a grizzly during mating season. I hear black people are breaking windows and starting fires now.

Here’s the thing. None of this would have happened if Martin’s “loving mother” had not kicked the “child” out of the house. None of this would have happened if Martin had not been raised to attack all nonblacks at the slightest provocation. None of this was caused by a lack of investigation at the PD. It was all caused by Martin, his own family, and a libelous media outlet or two.

Why doesn’t CNN run a bunch of indignant articles about black women being brutalized by black men? About black men refusing to support their families? About black men being murdered by other black men during illegal activity gone wrong? Funny how Zimmerman is presumed guilty until proven guilty by the press and the courts, yet you believe that this is unfair because you got a divorce and the courts made you pay child support or something. That connection doesn’t even make any sense.

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Comment by X-GSfixr
2013-07-14 13:34:16

Maybe the reason the prosecuters had no case is because the cops blew the case from the get-go.

 
Comment by Whac-A-Bubble™
2013-07-14 14:44:59

“…because the cops blew the case from the get-go.”

That was my takehome from the OJ Simpson trial.

“This is what they used to do to people back in England. If the authorities had it out for you, they would charge you with endless crimes until you were somehow found guilty of something, anything. If you were never found guilty, then at least your resources would be drained and you would be powerless against the political will of the PTB.”

Luckily our Constitution put an end to this practice.

 
 
Comment by Whac-A-Bubble™
2013-07-14 14:53:24

“It’s funny how some cops/courts assume some people are guilty, until proven otherwise, and some are innocent, until proven otherwise.”

It’s also funny how the MSM and some of their readership assumes some people are guilty until proven otherwise, and some are innocent, until proven otherwise.

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Comment by alpha-sloth
2013-07-14 19:55:35

It’s funny how people decide who’s guilty or innocent based on skin color.

 
Comment by Whac-A-Bubble™
2013-07-14 22:56:11

You mean like all the outsiders, not on the jury, who verbally convicted George Zimmerman of racially-motivated murder or manslaughter because the guy who got shot was black and he was not?

 
 
Comment by Whac-A-Bubble™
2013-07-14 22:57:54

“The only reason he stood trial at all was because of community protests.”

So you are saying that community protests should dictate who stands trial?

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Comment by Whac-A-Bubble™
2013-07-14 23:21:01

George Zimmerman verdict: DOJ to revive probe into
Trayvon Martin civil rights violation as protesters take to streets

The jury may have found George Zimmerman not guilty of murdering Trayvon Martin, but onlookers are not so convinced. The former neighborhood watchman has years of hiding ahead of him as the death threats and potential civil suits pour in.
By Adam Edelman , Lisa Lucas In Sanford, Fla. AND Stephen Rex Brown / NEW YORK DAILY NEWS
Published: Sunday, July 14, 2013, 10:30 AM
Updated: Monday, July 15, 2013, 12:21 AM

George Zimmerman stands when the jury arrives to deliver the verdict as his attorneys Mark O’Mara (L) and co-counsel, Don West (2nd L) and Lorna Truett (2nd R) await for the verdict announcement for Zimmerman’s murder trial in the 2012 shooting death of Trayvon Martin at the Seminole County Criminal Justice Center in Sanford, Florida, July 13, 2013. Zimmerman was acquitted of all charges on Saturday for the fatal shooting of unarmed black teenager Trayvon Martin in this central Florida town in February of last year.

As protesters took to the streets Sunday to condemn George Zimmerman’s acquittal, the U.S. Department of Justice said it would review the case for possible violations of Trayvon Martin’s civil rights.

Attorney General Eric Holder had begun the investigation last year into whether the deadly confrontation between Zimmerman, 29, and Trayvon, 17, was motivated by racial profiling, but he stepped aside to let the trial in a Florida court proceed.

A six-member jury found Zimmerman not guilty on counts of second-degree murder and lesser charges Saturday, setting off widespread outrage.

 
 
 
 
Comment by StrawberryPickers
2013-07-14 15:12:33

What’s the answer going to be if the Feds bring charges and the first question asked by the defense is whether they have a copy of the Trayvon - Rachael Jenteal call somewhere ?

Comment by Whac-A-Bubble™
2013-07-14 17:32:56

From the videos, she seems like an over-the-top bizarre witness.

Love her or hate her, Rachel Jeantel is a star

By Jason Johnson, HLN contributor
updated 7:11 AM EDT, Fri June 28, 2013

Editor’s note: Jason Johnson is an HLN contributor and professor of political science at Hiram College in Ohio. He is the author of “Political Consultants and Campaigns: One Day to Sell.” He is on Twitter.

(CNN) — There is no middle-of-the-road opinion on Rachel Jeantel, the “friend, not-girlfriend” of Trayvon Martin who testified in the George Zimmerman trial Wednesday and Thursday.

Some people see a surly, unreliable witness who’s been caught telling several whoppers over the past year. Others see your average working class teenage girl, trying her best to stay composed while retelling the story of the death of her close friend under the most grueling of circumstances.

Which one did you see? It probably has a lot to do with what demographic boxes you check to identify yourself.

Since Zimmerman was arrested, legal analysts have predicted that Martin’s “girlfriend,” who was talking to him on the phone when he encountered Zimmerman last February, would be a crucial witness for both sides.

 
 
Comment by Whac-A-Bubble™
2013-07-14 16:52:14

Coincidentally, we had a minor vigilante justice incident last week at a Boy Scout camp my three sons attended along with around 1300 other boys. Some of the kids from another part of San Diego County, Escondido*, were misbehaving in the showers, including defecation in once instance, and harassment of boys who were just there to take a shower. One of my older son’s peers, who has grown to similar proportions in recent years (6′+, 180 lbs or so), took it upon himself to body slam one of the perpetrators, who incurred a broken collar bone.

Obviously the situation doesn’t rise to the level of the Zimmerman-Martin imbroglio, but it does highlight the risks of taking the law into your own hands. The body slammer is a kid we have known for years, with whom I have gone camping on a number of occasions. He is not a troublemaker by nature — I am quite sure he felt like he was standing up for the right side of the situation, in fact. Nonetheless, there are rumors circulating that the kid whose collarbone was broken is planning to file a lawsuit (never mind whatever kind of bad behavior led up to his getting thrown to the floor!), and it is generally pretty uncool for this kind of situation to play out at an LDS Scout gathering, where every day begins and ends with a prayer.

* My sons referred to the Escondido contingent at their camp as “ghetto,” and I called them on the use of a derogatory term. That said, I suspect cultural differences played a role in setting the stage for the incident.

Comment by alpha-sloth
2013-07-14 19:58:14

took it upon himself to body slam one of the perpetrators, who incurred a broken collar bone.

The guy with the broken collarbone should have shot him, right?

Comment by Whac-A-Bubble™
2013-07-14 22:46:08

These were kids at a scout camp, not a teen with a violent history squaring off against a gun-toting neighborhood watch volunteer. And it was the kid with the broken collarbone who started the problem (yes I know this even though I was not there to see it first hand!). Moreover, California does not have a comparable self-defense law to Florida’s of which I am aware.

So in short, aside from the vigilantism theme, the situations bear few similarities.

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Comment by alpha-sloth
2013-07-15 04:22:15

So in short, aside from the vigilantism theme, the situations bear few similarities.

Yeah, aside from the vigilantism. And one person attacking another. Did the person attacked have a right to be there? Could he have been justifiably in fear for his life when his collarbone was broken? Then he should have shot the attacker- or is it different when your kids are involved?

 
 
 
 
Comment by Whac-A-Bubble™
2013-07-14 16:55:59

Obama: ‘A jury has spoken’ in Zimmerman case
Floridians who have followed the George Zimmerman trial from the beginning and watched the verdict on live TV found no resolution in the trial’s ending. State Rep. Darryl Rouson told WTSP: “Black life is cheap. What do I tell my five sons?”
Gregory Korte, USA TODAY 5:32 p.m. EDT July 14, 2013
Story Highlights
The president urged ‘calm reflection’
‘We are a nation of laws, and a jury has spoken,’ Obama said
Obama renewed his call for gun safety legislation

President Obama called the death of Trayvon Martin a tragedy Sunday, but urged “calm reflection” in the wake of a jury’s verdict finding his killer not guilty.

“We are a nation of laws, and a jury has spoken,” Obama said in a statement posted on the White House web site following a Florida jury’s acquittal of George Zimmerman Saturday.

Comment by Whac-A-Bubble™
2013-07-14 17:16:25

“Black life is cheap. What do I tell my five sons?”

White life is cheaper.

If the 17-year-old in this situation had been white and the adult’s identity the same, this trial would have received no media coverage or national attention.

Comment by alpha-sloth
2013-07-14 20:00:54

If the 17-year-old in this situation had been white and the adult’s identity the same, this trial would have received no media coverage or national attention.

The shooter would have been arrested.

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Comment by Whac-A-Bubble™
2013-07-14 22:49:11

Like Zimmerman was?

Zimmerman Arrested On Murder Charge In Martin Case; Will Plead Not Guilty
by April 11, 2012 6:06 PM

State Attorney Angela Corey announces that George Zimmerman has been arrested and charged with second-degree murder in the shooting death of Trayvon Martin in Florida.

 
Comment by alpha-sloth
2013-07-15 04:23:26

The shooter would have been arrested.

at the time of the shooting.

 
 
 
 
Comment by Whac-A-Bubble™
2013-07-14 21:53:54

Trayvon Martin Los Angeles: Protests Over George Zimmerman Verdict Take Violent Turn
Posted: 07/14/2013 10:25 pm EDT | Updated: 07/15/2013 12:16 am EDT

Demonstrators protesting the George Zimmerman verdict in the slaying of Florida teen Trayvon Martin reportedly shut down part of a freeway in Los Angeles Sunday night.

According to CBS Los Angeles, about 200 protesters stood on the SB 10 Freeway in Crenshaw to block traffic. There have also been reports of bottles being thrown.

Jasmyne Cannick, a politics and race commentator who is on the scene, said the Los Angeles Police Department have surrounded the protesters.

 
Comment by Whac-A-Bubble™
2013-07-14 21:59:00

Rioting in California’s streets is yet another sign the bubble may soon resume its bottoming-out process.

Carly Schwartz
Oakland’s Trayvon Martin Protests Underscore City’s History Of Racially Charged Violence (PHOTOS)
Posted: 07/14/2013 6:02 pm EDT | Updated: 07/14/2013 11:57 pm EDT

When protests in Oakland, Calif. took a violent turn Saturday night, it was nothing the city hadn’t seen before.

More than a hundred demonstrators gathered downtown to march against the verdict in the George Zimmerman trial, which allowed a man who shot and killed an unarmed black teenager to walk free. But while other events that materialized across the country remained mostly peaceful, Oakland’s were marred by window-smashing, flag burning and other forms of vandalism, including aggressive graffiti declaring “Kill Zimmerman” and “F*ck the Police.”

Though Saturday’s activity was relatively tame compared to past instances — nobody was arrested or visibly harmed — it’s a story that unfolds time and again in the small port city on the San Francisco Bay.

You can’t go six months without something getting smashed,” longtime Oakland resident Max Allstadt, who attended the protests, told The Huffington Post. “The people doing it have various ideological justifications, but outside the Twitter echo chamber they’ve created for themselves, there’s not a lot of support.”

 
 
Comment by polly
2013-07-14 07:36:06

I ended up driving through a rather high end portion of McLean, VA yesterday (by accident while trying to get back on the beltway). Lots of for sale signs. Nothing even remotely untended or unkempt, but lots of signs. Mostly from Sotheby’s (there is an office near my Metro stop, so I recognize the sign).

 
Comment by Whac-A-Bubble™
2013-07-14 07:40:16

Is subprime already on a major upswing, so soon after bringing the global economy to the brink of collapse in the 2007-2008 period?

Comment by azdude
2013-07-14 08:01:07

I’m not sure it has really gotten a head of steam yet. I think the auto dealers haven got real desperate for buyers though.

When you see them stooping to new lows of trying to recruit more people into the scheme its time to get out.

 
Comment by Whac-A-Bubble™
2013-07-14 08:10:16

It’s been a couple of decades since my wife and I raised a 20% downpayment for our first home.

MINIMAL DOWN PAYMENTS AVAILABLE UNDER NEW RULES
FHA, Fannie Mae and Freddie Mac differ on interest rates and mortgage insurance
By U-T San Diego
5:55 p.m. July 12, 2013
Updated 12:01 a.m. July 14, 2013

It’s a crucial question for many first-time and moderate-income buyers in rebounding markets across the country: Where do we find the lowest down payment, lowest monthly cost loans? The answers are changing.

True zero-down alternatives are rare and tend to be tightly restricted. If you’re a veteran or active military, a VA-guaranteed home loan might be ideal because it requires no down payment. The same is true for certain rural housing loans administered by the Department of Agriculture, but purchases must be in designated areas outside large population centers. Members of the Navy Federal and NASA federal credit unions can qualify for zero down financing, but those programs are closed to everybody else. Some state housing finance agency programs may also be helpful, but they often come with income limits and other requirements.

For most shoppers looking for mini-down payments, there are much larger, less restrictive sources. The Federal Housing Administration is probably the traditional favorite because it requires just 3.5 percent down. But beware: In the wake of a series of insurance premium increases and a highly controversial move to make premiums noncancelable for the life of the loan for most new borrowers, FHA no longer rules the low-cost roost.

Fannie Mae, the giant federal mortgage investor, may now do better. And for some applicants, so might Freddie Mac, Fannie’s smaller competitor. Consider this scenario prepared by George Souto, a loan officer with McCue Mortgage in New Britain, Conn., who has long specialized in putting first-time buyers into houses using FHA loans. But lately, says Souto, “the numbers just don’t work as well.” He’s directing clients instead into Fannie Mae’s 3 percent minimum down payment “My Community Mortgage” program.

Here’s the head-to-head: Say you want to buy a $180,000 house, but you don’t have much cash for a down payment. If you go with a 3.5 percent FHA loan, you would need to come up with $6,300. If you select Fannie’s 3 percent loan, it’s just $5,400.

The rate on the FHA loan with zero points will be lower — 4.25 percent in Souto’s hypothetical — than 4.625 percent for Fannie. (A point is 1 percent of the loan amount.) But FHA’s new mortgage insurance premium charges spoil the rate advantage: $195.41 monthly for FHA versus $123.68 for Fannie’s plan using private mortgage insurance. On a monthly basis, FHA costs $43.30 more — a $1,064.67 payment compared with $1,021.37 — including principal, interest and insurance.

More important for buyers who plan to hold on to their low mortgage interest rates for years, Fannie’s insurance charges disappear when the principal balance on the loan reaches 78 percent of the purchase price of the home — knocking $123.68 off the monthly mortgage bill. FHA’s insurance fees of $195.41 a month, by contrast, are a drag until you pay off the loan. FHA previously allowed cancellation, but that changed June 3, when the agency revoked the privilege for most new borrowers.

 
Comment by Whac-A-Bubble™
2013-07-14 08:50:00

Buying a Home Without a Down Payment
You can buy a home without any down payment at all
By Dini Harris

You are tired of renting and living on someone else’s property. You want to buy your own home and decorate it to your own personal taste. You want to create warm memories for your children in their own family home. You’ve determined that the time is ripe for you to buy a house. A quick look at your savings account balance dissolves your decision. Your paltry savings are hardly sufficient to cover even closing costs. You definitely do not have the means to put a down payment on a house. Can you buy a home without a down payment?

Comment by Anon In DC
2013-07-14 10:49:17

Gosh I LOVE renting someone else’s property. It’s much less than buying where I live.

Comment by Whac-A-Bubble™
2013-07-14 12:14:31

Same here in SD. Renting is already cheaper than owning, and the market has barely started adjusting to a massive influx of new investor-owned rental properties which will drive down rents.

There truly has never been a better time to rent!

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Comment by Housing Analyst
2013-07-14 21:01:38

Same here in Manhattan.

 
 
 
 
Comment by Whac-A-Bubble™
2013-07-14 08:51:58

4 mortgages that require little money down
By Holden Lewis • Bankrate.com
Highlights
* Mortgages with small down payments becoming more common again.
* Some borrowers may be eligible for no-down-payment loans.
* Standard home loan with PMI is another option for some.

Homebuyers with little money for a down payment are finding more home loans available for a low down payment or even no down payment.

These mortgages are becoming more commonplace even as the country recovers from a housing bust made worse by the popularity of low down-payment mortgages during the housing boom.

The Federal Housing Administration insures loans with small down payments. And private mortgage insurers have lowered their down payment requirements.

It’s even possible to get a mortgage today with no money down. The nation’s biggest credit union offers “zero-down” mortgages. The Veterans Administration and the Department of Agriculture guarantee home loans with no down payments.

Following are a few options for borrowers seeking low down-payment and zero down-payment home mortgages:

 
Comment by Whac-A-Bubble™
2013-07-14 09:11:06

Subprime mortgage market still exists within the FHA
By Jack Guttentag, July 03, 2013

Think subprime mortgages have gone away? Think again. We have a subprime market lurking within the Federal Housing Administration, with features that are eerily similar to those of the private market that went into hyper-drive in the 2000s and collapsed in 2007.

The central features of a subprime market are:

●Expensive marketing directed to borrowers with poor credentials and few options.

●Liberal qualification requirements that allow some of these weak borrowers to be approved.

●Overcharges, with profit margins much higher than those available on other mortgages.

●High default rates.

The techniques used in the two subprime markets to target potential customers are the same. A letter I received recently described “an event sponsored by a real estate company/mortgage company to help people that have had a foreclosure or short sale get back into a house. We did a short sale on our house about two years ago. While there, our qualifications were checked, and a few days later they approved us.” The approval was for an FHA loan. Other than that, this letter could have been written 10 years ago.

The private subprime market depended on the substantial liberalization of underwriting requirements that arose out of the housing bubble from 2000 to 2007. The prevailing assumption was that rising house prices would convert the otherwise weak subprime loans into good loans — which they did, until the bubble burst and the default rate ballooned.

In a similar vein, the FHA subprime market today depends on the FHA’s liberal underwriting requirements. The FHA requires a down payment of only 3 percent, with no minimum credit score. Further, the mortgage insurance premium does not vary with the credit score. While FHA borrowers in total have an average score of about 700, a small group of FHA borrowers have scores below 620. This is the subprime lender’s target market.

Most mortgage lenders do not take advantage of this, imposing underwriting “overlays,” which set requirements more restrictive than the FHA’s. The reason is that they want to retain their status as approved FHA lenders. They know that if the default rate on the loans they submit exceeds some limit set by the agency, they will lose FHA accreditation. None of the six lenders offering FHA loans on my Web site, for example, will accept a credit score below 640.

But a small group of lenders will accept any score, their only concern being whether they can get it through the FHA. Because of what I do, I am solicited by these people every day, and the e-mails they send me are outrageously misleading and dishonest.

 
Comment by Whac-A-Bubble™
2013-07-14 09:26:02

Given that private subprime lending was an abysmal failure, is there a standing presumption the federal government can do it better?

Comment by rms
2013-07-14 11:37:26

“Given that private subprime lending was an abysmal failure, is there a standing presumption the federal government can do it better?”

Under the tutelage of Goldman-Sachs the federal government can do it better, will do it better. Yes we can!

 
 
Comment by Whac-A-Bubble™
2013-07-14 09:33:19

Analysts fret about danger to home buyers from too-easy mortgages
August 27, 2005|By Amy Baldwin, Knight Ridder/Tribune: Charlotte Observer

* Easy-bake loans, with no down payments.

* Interest-only loans. Option ARMs.

* New types of mortgages are hot, but will borrowers get burned?

Surging real estate prices have made it harder for consumers to afford the cornerstone of the American dream, the family home.

That’s why a growing number of home buyers are turning to newer, more sophisticated and often risky mortgages that don’t require downpayments or pay-down of principal.

No money down. Interest-only payments. No principal payments.

It begs the question: Is it getting too easy to get a mortgage?

I don’t know if it is too easy, but the standards are not what they used to be,” said Greg McBride, a senior analyst with the personal finance Web site Bankrate.com. “Lenders are more willing to make loans to borrowers with lower credit scores and higher debt-to-income ratios.”

According to the Office of the Comptroller of the Currency’s annual underwriting survey issued last month, 28 percent of banks reported easing lending standards last year.

The incentive for lenders to lower standards and offer products such as interest-only mortgages is a matter of demand.

The strong housing market has pushed a record number of American households — about 70 percent — into homes they’ve purchased rather than rented, McBride said.

In addition to interest-only loans, many adjustable-rate mortgages allow borrowers to pick how much they pay each month — anywhere from a bigger-than required payment, which tackles more principal, to a minimum that doesn’t fully cover interest owed.

With interest-only loans and ARMs, borrowers are betting that real estate values or their incomes will rise. If they’re wrong, they might not be able to afford their home when principal payments kick in and if interest rates rise as well.

“People may not realize that the monthly payment is going to jump at some point,” said Eric Tyson, author of “Mortgages for Dummies.”

Tyson cautioned consumers against assuming they’ll be able to refinance to a more favorable loan.

“You can’t always refinance — not necessarily, not if you don’t have more money or a better job,” he said.

 
Comment by Whac-A-Bubble™
2013-07-14 10:05:08

Feds shy away from crackdown on ‘nothing down’
By Dan McSwain
5 p.m. July 6, 2013

FILE - In this June 19, 2013 file photo, Federal Reserve Chairman Ben Bernanke speaks during a news conference in Washington. A majority of the more than two dozen economists polled in an Associated Press survey late last week agree with the Fed’s plan to start slowing its bond purchases later this year if the U.S. economy continues to strengthen. Higher long-term rates will likely result. (AP Photo/Susan Walsh, File) — AP

It looks like regulators are chickening out on a major tightening of lending standards for mortgage loans. Low down payments are here to stay, and may be poised for a big comeback.

Although this certainly helps homebuyers, owners and Realtors, it won’t do much to protect the banking system or smooth out the ups and downs of the real estate market, which have become particularly volatile in San Diego.

On Tuesday the Federal Reserve outlined new regulations that may eventually reduce systemic risk by increasing the amount of equity a “too big to fail” bank must hold. The Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. are scheduled with the Fed this week to unveil detailed proposals on leverage.

But the Fed went easy on small and regional banks, and it backed away from a proposal that would have discouraged lenders from making loans without at least a 20 percent down payment from the borrower.

What a difference a few years makes.

 
 
Comment by Whac-A-Bubble™
2013-07-14 07:45:21

Is “the taper” a virtual certainty at this point? If so, how come Wall Street doesn’t “get it”?

Comment by Whac-A-Bubble™
2013-07-14 07:49:51

ft dot com
The Last Word
July 14, 2013 4:58 am
The art and artifice of Fed-watching
By Jonathan Davis

Ben Bernanke’s pronouncement about the possible tapering of quantitative easing – call it a promise, call it a threat – sent global financial markets into a spin in June. That is emblematic of the bizarre ways financial markets sometimes behave, for if tapering were indeed to begin in September or soon after, it would be a mostly positive development for anyone who still retains the capacity to think things through for the longer term. It would be ironic if fear of a negative market reaction were to jeopardise that outcome.

Not for the first time, observers have made some common mistakes in rushing to judgment on Mr Bernanke’s apparent change of tune. The first is taking their tone from the initial market reaction to the news, ignoring the fact that it came when equities and many fixed income securities had already become severely overbought, making a short-term correction inevitable. To that extent the Fed chairman’s message was a convenient rather than a reasoned explanation for a correction that was already overdue.

Second, as many previous episodes, sudden corrections in financial markets often tell you less about changing fundamentals than they do about the positioning of the most highly geared market participants. The June sell-off in equities and other interest-rate sensitive assets was no different.

Third, to the extent that the Fed’s apparent shift in policy is indeed a factor in recent market movements, it appears to reflect some over-simplistic analysis. Nobody who reads what Mr Bernanke said can honestly be in doubt about the meaning of what he has been saying. It did however alert many investors to the fact that their prior complacent expectations about the scale and timing of QE – and the likely path of the data that will drive the decision – could be wrong.

As it is, when one of the primary objectives of QE is to maintain asset prices at artificially high levels, central bankers who support it are discovering, just as many of us feared, that exiting the policy will be no easy matter, since it leaves them dangerously in hock to investor expectations. Higher, less distorted bond yields at the long end of the curve need not be a disaster (it is hard to think of a more effective way to boost bank lending, for example).

The real worry is that the current muddle and confusion may be signalling a process of gradual surrender by central banks, to both markets and governments, of their credibility and independence. For that reason, if the economic data obliges this autumn, it is to be hoped that Mr Bernanke can stiffen the resolve of his colleagues to stand firm. If not, it will be another way station towards the ultimate result of higher inflation.

Jonathan Davis is editor of Independent Investor

 
Comment by scdave
2013-07-14 07:54:22

Barnake back-walked it the other day after seeing the turmoil after just the mention of taper…FED has themselves in a box…

Comment by azdude
2013-07-14 08:07:34

I wonder when it will become a diminsihing return for them to keep these asset classes propped up? When does 1 dollar in equal < 1 dollar in asset prices increases?

Who is gonna have the b@lls to actually hold the people accountable for paying all this money back?

We have hit a wall with all this inflation. More and more people cannot keep up and are dropping into poverty.

Comment by scdave
2013-07-14 08:11:29

I agree azdude…I hear it from my children…Just yesterday @ lunch with one of my son’s…He just said; Dad I can’t believe how much everything costs…

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Comment by Whac-A-Bubble™
2013-07-14 08:31:03

I confess thoughts of inflation crossed my mind last night as I shopped for groceries at Trader Joe’s. It seemed as though at least some of the fresh fruits whose prices typically come down with the summer bounty were maybe 25% higher in price this year than last, and I found myself avoiding purchases (e.g. fresh blueberries) which I normally make this time of year.

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Comment by X-GSfixr
2013-07-14 10:14:48

Where we are at?

-The government/Fed/banks want high housing prices, so the housing they have on their books can be sold off at break even, at minimum.

-While at the same time, the same government is pursuing various policies that are reducing the number of families that can own a home. Tough to have real inflation, without inflation in payscales.

This would make no sense, if we were in a “free market”. But we aren’t. It’s always been about figuring out a way to bail out the banksters. In this particular case, it will be a decades long project.

They make money off the spread between the rate they borrow money at, and what they charge the wretched refuse. They make money off manipulating commodities prices. The just steal it (MF Global). They demand a 8% ROI, or they take their balls and go home.

The poor, w-2/1099 working schlub will pick up the tab, thru higher costs, inflation, reduced retirement income, reductions in benefits they’ve been paying into for a lifetime.

All the politicians want/need from the schlubs is their vote, which they can buy with campaign contributions. So they will continue to promote the interests of the banksters and their friends, as long as they continue to get the campaign contributions to buy J6Ps vote.

The rest of the world recognizes the United States as the banana republic that it has become. Shouldn’t be a surprise that our global leadership is being questioned.

 
Comment by Whac-A-Bubble™
2013-07-14 10:25:06

“The government/Fed/banks want high housing prices, so the housing they have on their books can be sold off at break even, at minimum.”

For how many more years will this justification be used to prop up housing prices?

 
Comment by X-GSfixr
2013-07-14 10:49:09

Who know?

Back when I was a free market propaganda believer, I might have said 5-6 years.

But now, with the PTB doing all they can to keep the roosting chickens away? Long enough to make the purchase of a house in what remains of my lifetime a losing proposition.

We were in a depression 10 years before historians/economists say that WWII arms spending ended it.

The 1%ers have too much money invested in China, Russia, etc. for the US to ever get into an actual shooting war with any 1st World country/economy of consequence. You will need several Syrias/Libyas to create the broad based demand that a major war creates, unlike our current situation, where there are as many contractors as boots on the ground. And the “fight them over there before we fight them over here” meme is getting old pretty quick.

 
Comment by alpha-sloth
2013-07-14 20:32:05

We were in a depression 10 years before historians/economists say that WWII arms spending ended it.

No, no, no! The rest of the world was “bombed flat”. That’s the only way Keynes’ theories work!

 
 
 
Comment by Whac-A-Bubble™
2013-07-14 08:12:48

“back-walked it”

It was totally predictable.

In fact, if you paid attention to my posts of the last few weeks, you know I predicted it here. (I didn’t predict the recent new record stock market highs, but in retrospect, those were also predictable.)

 
 
Comment by Whac-A-Bubble™
2013-07-14 09:19:30

INFLATION ESTIMATES GIVE FED ROOM TO PARE BACK
2% rise in price gains is goal to start trimming bond purchases
By Michelle Jamrisko & Catarina Saraiva
BLOOMBERG NEWS
12:01 a.m. July 14, 2013

Economists project inflation is as low as it’s going to get this year. The outlook will help give the Federal Reserve room to reduce its monthly asset purchases in 2013.

Consumer prices will rise 1.2 percent in the third quarter and 1.4 percent in the fourth, based on the personal consumption expenditures index, according to a Bloomberg survey of economists this month. That signals a reduced risk that disinflation could weaken the economy.

Statistics published Friday support the view that inflation won’t slow further. Prices paid to the nation’s producers climbed 2.5 percent in the year ended in June, the biggest year-over-year increase since March 2012. A pickup in price gains would bring inflation closer to the Fed’s goal of 2 percent, supporting policymakers who want the central bank to start scaling back its $85 billion in monthly asset purchases later this year.

“Expectations are pretty well-anchored close to the Fed’s goal,” said Michael Feroli, chief U.S. economist for JPMorgan Chase in New York and a former Fed economist. “That gives the Fed some leeway to trim back on purchases.”

Prices in May rose 1 percent from the same month last year, according to the PCE measure, the Fed’s preferred inflation gauge. That was down from a 1.5 percent gain in the year ended in May 2012.

Bullard’s dissent

The slowing rise in prices prompted St. Louis Fed President James Bullard to dissent at the Federal Open Market Committee’s meeting June 18-19, arguing for a stronger signal of the central bank’s “willingness to defend its inflation goal in light of recent low inflation readings.”

Since 2010, Bullard has expressed concern that slowing inflation could lead to deflation, or a broad decline in prices, and Japanese-style economic stagnation.

The FOMC’s June minutes released last week revealed Bullard wasn’t the only one concerned that slumping inflation might sap the economic recovery.

“Many others worried about the low level of inflation, and a number indicated that they would be watching closely for signs that the shift down in inflation might persist or that inflation expectations were persistently moving lower,” the minutes said.

Hours after the minutes were published Wednesday, Fed Chairman Ben Bernanke called for maintaining “highly accommodative monetary policy,” setting off a rally in Treasuries and pushing stock indexes to record highs.

The rally continued through Friday, with the Standard & Poor’s 500 Index gaining 0.3 percent to close at a record 1680.19. The Dow Jones industrial average added edged up 0.1 percent to 15,464.3, also an all-time high.

 
Comment by Whac-A-Bubble™
2013-07-14 09:21:50

U.S. Producer Prices Rise For Second Straight Month: July Producer Price Index (PPI)
By Nat Rudarakanchana
on July 12 2013 8:44 AM

The Producer Price Index (PPI) for goods produced in the U.S. rose 0.8 percent in June from the previous month, showcasing a startling rebound of 2.5 percent from a year before, according to the Bureau of Labor Statistics. The rise is slightly less than the largest yearly rise since March 2012, when the index gained 2.8 percent.

This compares to a 0.5 percent monthly rise in May’s PPI, …

 
Comment by Bill, just south of Irvine, CA
2013-07-14 10:02:51

I don’t know about Wall street, but I don’t believe the taper is going to happen.

Still buying gold regularly. But I cannot find a coin shop in OC as good as my coin shop in L.A. So I’m going to just buy three times a year from this point on the days I have to see my doctor in L.A.

Comment by Whac-A-Bubble™
2013-07-14 10:18:15

“I don’t believe the taper is going to happen.”

Time will tell, and I owe you a verbal pat on the back if this is how the situation turns out.

 
 
Comment by Whac-A-Bubble™
2013-07-14 23:46:15

U.S. News
A September Fed taper won’t last: ‘Currency Wars’ author
Published: Sunday, 14 Jul 2013 | 9:00 AM ET
By: Matt Twomey | CNBC.com Writer/Editor

If the Federal Reserve begins pulling its irons out of the stimulus fire in September, the resulting rocketing of the dollar and accompanying deflation will lead the Fed to reverse course by early 2014.

So says Jim Rickards, managing director of Tangent Capital and author of the 2011 bestseller, “Currency Wars.”

Rickards, who said September tapering could spur the dollar to jump 20 percent versus the yen, added, “The bigger picture is the Fed has no good alternative.”

The central dilemma: The Fed is feeling heat to ratchet down its $85 billion-a-month bond-buying program, which pressures the dollar because it is tantamount to printing money. Hawks are worried about asset bubbles and systemic risks. Growing speculation that the Fed would taper in September sent the dollar index to three-year highs early this week.

Then came Fed Chairman Ben Bernanke’s dovish remarks Wednesday, which knocked the wobbly consensus off its axis, and in turn drove dollar-sellers to push the index down about 3 percent.

The words “highly accommodative monetary policy for the foreseeable future is what’s needed,” sent short bond traders scrambling.

 
 
Comment by scdave
2013-07-14 08:32:31

It was totally predictable ??

Not quite sure…I think it was a test balloon…A tiny pin-prick of the euphoria in the markets…I don’t think they liked what they saw happen…

With that said…What the hell can they do…They injected this liquidity to stabilize the economy which it appears they were successful…Problem is, the economy is now stabilized on steroids…Remove the steroids, and things could become very unstable again..That was the purpose of the little test IMO…

Budgets deficits, Debt, social & pension obligations, 10,000 people turning 62 every day…Those are some serious issues we face as a nation…If we go back up to 9-10% “stated” unemployment, how the hell are we going to be able to address those problems…

Comment by azdude
2013-07-14 08:58:30

It is all based on more debt.

 
 
Comment by In Colorado
 
Comment by Whac-A-Bubble™
2013-07-14 09:14:01

Fixing California: DeMaio sees a money pit
In inflation-adjusted dollars, Californians pay more than ever, yet have less services
By Carl DeMaio 6 a.m.July 13, 2013

The never-ending debate in California politics for the last 30 years has pretty much gone something like this: Californians need to give government more money or drastic cuts in services will have to be made.

Leading voices in the two major political parties have lined up on the extremes of that debate and proceeded to tug back and forth. So after 30 years, where are we? An analysis of government spending compared to service levels provided shows both sides won — if you can call it that.

California citizens are paying more for state government than ever before, but still receiving less in services. In many key service areas, Californians are receiving less for their tax dollars than residents in other states and less than previous generations of Californians received for their tax dollars.

What’s worse, that trend is not likely to change, unless we convince Californians that simply throwing more money into a broken system will somehow produce better results. If we want better performance, we must fix the broken system first — whether that’s in education, health care, criminal justice or something as simple as filling potholes.

A close analysis of government expenditures and service levels in the top program areas of state government illustrates what I’m dubbing the “pay more, get less” phenomenon in California.

Comment by ecofeco
2013-07-14 14:05:56

Pay more, get less, is everywhere.

 
Comment by Pete
2013-07-14 17:18:33

“Californians pay more than ever, yet have less services”

I’m sure the writer knows what he’s talking about, but what journalist worth his salt opts for the improper “less” in place of the proper “fewer”?

 
 
Comment by X-GSfixr
2013-07-14 09:25:32

Gas prices up 30 cents in less than a week.

The pigmen must have needed to generate some cash for a margin call.

Comment by Mr. Smithers
2013-07-14 10:44:08

Or…..it’s summer, early July is when school’s out everywhere, people are going on vacation and there’s more demand for gas, hence higher prices.

Nah, that’s too crazy. Let’s go with your conspiracy theory instead.

Comment by Anon In DC
2013-07-14 10:52:40

Smithers your posts are the best. There were a bunch this past week that really made sense. Thanks!

Comment by Whac-A-Bubble™
2013-07-14 11:25:15

Great minds think alike.

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Comment by X-GSfixr
2013-07-14 13:41:07

Yeah sure. Just like it was a coincidence/market forces to jack it up 30 cents before Memorial day, then drop down 30 cents until July 1, then jack it up 30 cents again, just in time for July 4.

Of course, Memorial Day and the Fourth are totally unexpected increases in demand.

It’s funny how jet fuel prices don’t fluctuate the same way.

Ever heard of OPEC? As long as production is regulated by a cartel, you can’t have a free market.

 
Comment by ecofeco
2013-07-14 14:08:28

Yet overall demand is down for the decade.

Yes, you can goggle it.

Comment by Mr. Smithers
2013-07-14 16:50:54

“Yeah sure. Just like it was a coincidence/market forces to jack it up 30 cents before Memorial day,”

Hmmm…Memorial Day…what happens that weekend? Wait I got it!!! People drive a lot. Come on, I know you can put 2 and 2 together and figure out why more demand = a higher price.

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Comment by Mr. Smithers
2013-07-14 16:56:19

OPEC? Dude it’s 2013 not 1973. Do try to catch up with the times….

“Oil supply from countries beyond the Opec producers’ cartel is set to grow by the most in two decades next year on the back of the US shale revolution, according to the International Energy Agency. Output from US fields such as the Bakken in North Dakota is surging, eating into Opec’s share of the market. The industrialised countries’ energy watchdog expects non-Opec supply growth to accelerate again next year to 1.3m barrels a day, with the US accounting for the vast majority of growth.”

Again, enough of the conspiracy theories. Gas goes up in the summer when people drive more. It’s as basic supply/demand as you can get. There is a fixed amount of refining capacity in the US. Fixed supply with fluctuating demand = wild swings in price, even in the short term.

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Comment by Bill, just South of Irvine, CA
2013-07-14 17:50:36

+1 Smithers!

Communist luddites such as X-GS-Fxr never say a peep when the gas prices go down. But when they go up it’s a capitalist conspiracy.

 
 
 
Comment by Whac-A-Bubble™
2013-07-14 09:55:46

Will rising rates pop the echo bubble?

Comment by Whac-A-Bubble™
2013-07-14 09:57:49

Mortgage rates hit 2-year high
By Lily Leung
8:16 a.m.July 11, 2013

A neighborhood in Carmel Valley. A neighborhood in Carmel Valley. — Howard Lipin / Union-Tribune staff

Fixed mortgage rates have jumped to a two-year high after they cooled off a bit last week, says a report from mortgage giant Freddie Mac on Thursday. The spike, likely spurred by an encouraging jobs report, could price out more potential buyers from the housing market and make consumers increasingly antsy.

The average 30-year fixed-rate mortgage was 4.51 percent, up 4.29 percent from the same time a year ago. The last time it was around that level was summer of 2011, when the monthly average was 4.55 percent.

The 15-year fixed-rate mortgage averaged 3.53 percent, rising from 3.39 percent last week, bringing it to a roughly two-year high.

Freddie Mac chief economist Frank Nothaft said June’s jobs numbers fueled speculation that the Fed will wind-down its bond-buying stimulus program. The effect: Bond yields increased, as did mortgage rates, he added. Mortgage rates track the yield on the 10-year Treasury note.

 
Comment by Whac-A-Bubble™
2013-07-14 10:11:17

July 10, 2013, 4:29 PM
Home Buyers Cast Wary Eye on Rising Rates
By Conor Dougherty

Rising mortgage rates are the biggest worry for prospective home buyers—bigger than rising prices and the lack of available choices, according to a survey released today by Trulia, an online real estate site.

Still, the survey suggested that rates—which remain below 5%—aren’t likely to be a deterrent to home buyers just yet.

Mortgage rates have jumped in recent weeks, creating concerns that the rebounding real-estate market could lose steam. A separate survey released Wednesday from the Mortgage Bankers Association showed that interest rates for a 30-year fixed mortgage rose to 4.68% last week—the highest rate in two years and up from 4.58% a week earlier.

While prospective homeowners may be concerned about rising rates, they shouldn’t be surprised, Trulia Chief Economist Jed Kolko notes in a blog post about mortgage rates. Economists have been expecting rates to increase because the economy is improving and market expectations that the Federal Reserve will ease up on bond buying and other extraordinary measures designed to keep interest rates low.

To find out what the effect on consumers, Trulia surveyed about 2,000 people over three days in late June, just after rates began to spike upward. Some 41% of respondents said their biggest worry was that mortgage rates would rise before they were able to buy a home. That was more than the 37% who were worried about pries rising and the 36% who worried that they wouldn’t be able to find a home they liked.

While rising mortgage rates have yet to have a noticeable effect on purchase mortgages, they have already led to a steep decline in refinancing. But, over time, rising rates should slow down recent price growth.

 
Comment by X-GSfixr
2013-07-14 10:24:09

It should. Depends on who is actually buying houses.

People crying about “high 5% mortgage rate” makes me laugh, compared to what we saw in the 80s. Of course, those were the days of the 10% T-bill, and 5-6% interest on run of the mill savings accounts.

 
 
Comment by Whac-A-Bubble™
2013-07-14 10:02:33

Foreclosures down though still plaguing CA – UT San Diego
July 10, 2013 San Diego

Foreclosures continue to trend downward nationwide, though California has one of a top concentrations of home repossessions in a country, pronounced housing-data provider CoreLogic on Tuesday.

The republic available 52,000 foreclosures in May 2013, a 27 percent dump from a same time a year ago, formed on total from a Irvine-based company. What a association calls “shadow inventory” — severely derelict properties, and homes in a foreclosure routine or hold by banks and not listed — is during 2 million nationwide, down 18 percent from a year ago.

“We continue to see a pointy dump in foreclosures around a republic and with it a diminution in a distance of a shade inventory,” pronounced Anand Nallathambi, boss and CEO of CoreLogic, that recently purchased San Diego-based housing information tracker DataQuick. DataQuick provides monthly housing reports to a U-T San Diego.

Comment by Pete
2013-07-14 19:42:59

“We continue to see a pointy dump in foreclosures around a republic and with it a diminution in a distance of a shade inventory,”

For a minute, I thought I knew what that meant!

 
 
Comment by X-GSfixr
2013-07-14 10:35:37

Re: Commmentary regarding the airlines on Thursday.

The requirement for co-pilots to have an ATP will help flight safety.

With the suddenly frenzied hiring/recall by the airlines of anyone with an ATP, starting around June 1, expect to see flight cancellations starting August 1. Not enough qualified crews. Unless something happens to reduce the demand for air travel.

No one will have seen it coming, of course.

 
Comment by Mr. Smithers
2013-07-14 10:41:51

Happy Bastille Day mes amis.

I was in Paris one year for the celebrations. They know how to do a national holiday right. No PC bullshit about offending anyone. It’s I’m French, I’m proud and eff you if you don’t like it. Kind of like the 4th of July was until 15-20 years ago.

Comment by RioAmericanInBrasil
2013-07-14 11:15:30

It’s I’m French, I’m proud and eff you if you don’t like it.

Of course they’re proud. They have universal health-care, good pensions, low wealth inequality, great vacations/time off and they live in a first world country.

Kind of like the 4th of July was until 15-20 years ago.

And a couple weeks ago in flyover country.

Funniest T-Shirts observed:

‘merica
F&^K Yea!

USA
Back to back World War Champions

Funny stuff!

Comment by Bill, just South of Irvine, CA
2013-07-14 11:57:16

Frederic Bastat was the founder of liberalism, which is certainly different from the perverted meaning stolen by collectivists in the last 100 years. He certainly opposed handouts and certainly was French.

Comment by Bill, just South of Irvine, CA
2013-07-14 11:58:29

Bastiat

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Comment by RioAmericanInBrasil
2013-07-14 12:22:09

Frederic Bastat was the founder of liberalism, which is certainly different from the perverted meaning stolen by collectivists in the last 100 years.

Which is certainly different from the type of collectivism desired by America’s founding fathers.

Securing the Fruits of Labor: The American Concept of Wealth Distribution, 1765-1900.
James L. Huston…..Reviewed by Brian Greenberg (Jules Plangere Chair in Social History, Monmouth University)

http://www.h-net.org/reviews/showrev.php?id=3203

“……Even before the eighteenth century drew to a close, Americans had reached a consensus over what constituted a natural, equitable distribution of wealth. Huston identifies four key elements that he believes framed this consensus: the labor theory of property/value, the political economy of aristocracy, the abolition of primogeniture and entail, and the population-to-land ratio.

For the American revolutionaries, the preservation of individual liberty required “equitability,” that is, the nearly equal distribution of wealth. Americans remained convinced through most of the next century that this would be possible only if each person could reasonably expect to receive the fruits of his own labor. More an ethical standard than an economic principle, what Huston terms the labor theory of value/property bestowed property rights on all who labored. Although inequalities might continue to exist, injustice occurred when a privileged few manipulated government to their own benefit.

Revolutionary leaders censured the political system of aristocracy as an enemy of the republican distribution of wealth. In Europe, through policies such as an onerous tax system that funded a bloated and corrupt government bureaucracy, an established church, government-bestowed special privileges, and paper money, the aristocracy appropriated the fruits of others’ labor. In removing these props of aristocracy, Americans had created a naturally equitable distribution.

The aristocracy of the Old World derived its strength from its near monopoly of the land. Hereditary aristocracy secured their monopoly through primogeniture and entail, which meant that they obtained great wealth without labor as a result of birth. The fourth axiom identified by Huston, the ratio of land to population, had nothing to do with human choice. The vast frontier afforded Americans an opportunity to own land that was not possible in the Old World. Over the century following the Revolution, the basic principles of the republican theory of the distribution of wealth held sway, according to Huston, without change or significant challenge.

Huston posits a direct correspondence between the commercial agrarian base of the United States economy before the 1880s and the superstructure of political economic ideas about wealth distribution that were held by Americans. During this “Age of the American Revolution,” the nation remained overwhelmingly agrarian. Manufacturing, according to Huston, did not undergo any drastic change. Taking advantage of available western lands, Americans experienced horizontal growth and the creation of a national market but not vertical growth, as enterprise remained small scale. Not until the last two decades of the nineteenth century would the unitary economy of the republican era be undone with the coming of large-scale industry and corporate enterprise…..”

James L. Huston. Securing the Fruits of Labor: The American Concept of Wealth Distribution, 1765-1900. Baton Rouge: Louisiana State University Press, 1998. xxiv + 482 pp. $65.00 (cloth), ISBN 978-0-8071-2206-8.

Reviewed by Brian Greenberg (Jules Plangere Chair in Social History, Monmouth University)
Published on H-SHEAR (June, 1999)

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Comment by X-GSfixr
2013-07-14 13:55:30

And now, unless we start launching Conestogas to the Moon or Mars, all of the land in the “New World” is owned by someone.

At least all of the land worth owning.

 
Comment by Bill, just South of Irvine, CA
2013-07-14 16:23:42

Such drivel you post. The founding fathers were influenced by John Locke. Every human has the right to life. Property rights are a corollary to the right to life. As is liberty and the pursuit of happiness.

Rio if you favor equal outcome, I will be happy if you provide me with a better car.

 
Comment by RioAmericanInBrasil
2013-07-15 17:34:06

Rio if you favor equal outcome, I will be happy if you provide me with a better car.

My taxes pay your salary, not vice versa. LOL

Such drivel you post. The founding fathers were influenced by John Locke

No. Prove this wrong:

“Revolutionary leaders censured the political system of aristocracy as an enemy of the republican distribution of wealth. In Europe, through policies such as an onerous tax system that funded a bloated and corrupt government bureaucracy, an established church, government-bestowed special privileges, and paper money, the aristocracy appropriated the fruits of others’ labor. In removing these props of aristocracy, Americans had created a naturally equitable distribution.”

 
Comment by Bill, just South of Irvine, CA
2013-07-15 20:14:42

no longer Rio. For one thing, you are not in America. What taxes?

For another, I’m working purely commercial.

 
Comment by Bill, just South of Irvine, CA
2013-07-15 20:16:53

You read from a Marxist revisionist. Because you tend to be Marxist (why should I be surprised?)

 
 
 
Comment by X-GSfixr
2013-07-14 14:01:04

“Eff you if you don’t like it”

Our new US National Motto …..

 
 
 
Comment by Bubbabear
2013-07-14 12:34:29

What Is A “Liquidity Trap” And Why Is Bernanke Caught In It?
Written by Lance Roberts | Friday, July 12, 2013

I have spoken, and written, much lately about the fact that the Federal Reserve is beginning to realize that they are caught in a “liquidity trap.” However, what exactly is a “liquidity trap?” The following is one definition:

http://www.streettalklive.com/daily-x-change/1764-what-is-a-liquidity-trap-and-why-is-bernanke-caught-in-it.html

Comment by Combotechie
2013-07-14 13:55:29

“… the Federal reserve is beginning to realize that they are caught in a ‘liquidity trap’.”

The saddest part of this statement is “the beginning to realize” part.

All these years have passed and they are seemingly just now “beginning to realize”.

 
Comment by Whac-A-Bubble™
2013-07-14 17:03:46

Fednado!

Comment by Whac-A-Bubble™
2013-07-14 17:06:28

How Sharknado Explains the Federal Reserve
Flying sharks are just like quantitative easing. Really.
Matthew O’Brien
Jul 12 2013, 11:40 AM ET

There is a movie called Sharknado. It is a real movie. It is about sharks in a tornado. The killer sharks in the tornado fly around snatching up people who say things like “we just can’t wait here for sharks to rain down on us.”

And it explains everything you need to know about the Federal Reserve nowadays.

Sharknado, the movie, might just be a dumb story about sharks. But Sharknado, the business, is a story about a cable channel’s need to keep upping the ante to persuade viewers that it can always come up with a crazier idea than the last. After all, this isn’t the SyFy Channel’s first foray into absurdist animal action. Before tornadoes started catapulting great white sharks at unsuspecting victims, there was Sharktopus and Dinoshark and Piranhaconda. But with each stoner nightmare of science-or-nature-gone-wrong, SyFy has had to turn the ridiculousness to 11 to keep anybody’s attention: Alright, you’ve seen a genetically-engineered shark-human hybrid go on a rampage, but what about a genetically-engineered supergator … versus, um, a a dinocroc!?! (Those are real movies by the way).

Upping the ante isn’t just the job of the people in charge of SyFy Channel movies. It’s also the job of the people in charge of the U.S. economy. Namely, the Federal Reserve.

For the last five years, the Fed has been in the business of persuading investors that it can be irresponsible. Now, in normal times, the Fed is anything but; it’s boring. It just raises short-term interest rates when the economy is too hot, and lowers them when it’s too cold. But when short-term interest rates are at zero, the economy is stuck in what economists call a liquidity trap. The Fed can’t really cut interest rates below zero, because if it did, people would move their money from bank deposits that were costing them to cash that weren’t. The only way the Fed can get the economy moving again is to cut real interest rates by, as Paul Krugman originally put it, credibly promising to be irresponsible.The Fed has to say it will run looser policy than it should in the future to raise expected inflation now — and markets have to believe it won’t go back on this.

In other words, the Fed has to promise to be a little, well, crazy. But the thing about crazy is that once you’ve been Sharknado crazy, you need to be even crazier to stay ahead of the curve — or else disappoint everyone.

Comment by Bubbabear
2013-07-14 18:03:50

Basically Ben bought himself some months to a year of time. Interest rates will increase which will destroy corporate earnings and destroy customers since their debt payments will get too expensive.

” For him to ignore the rates screams he’s out of ideas.” Remember that interest rates on mortgages from 5.5-6.5% brought the big wave of foreclosures in 2007 which served the 2008 decline. Right now mortgage rates areat 4.5% and I’m thinking they’ll be 5-5.5% by the end of this year.

Also remember by the end of this year Ben will stop showing interest income on his books and his assets will force losses on him and he will bill the treasury.

So I’m thinking the end of this year will put enough stress from rates and Ben’s bad books of his finances to set the stage of a 2008 repeat!

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Comment by Bubbabear
2013-07-14 18:19:48

SHARKNADO’S CLIMACTIC ENDING IS APPROACHING

http://www.youtube.com/watch?v=8hrocLTjvy0

Former US Treasury Official - The Fed Is Facing Collapse

Today a former US Treasury Official told King World News that the U.S. Federal Reserve is facing collapse, and is completely trapped at this point. Dr. Paul Craig Roberts also warned that the Fed is continuing to interfere in the gold market as they desperately attempt to implement a new global plan scheme to protect the dollar. Below is what Dr. Roberts had to say in this powerful interview.

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/7/12_Former_US_Treasury_Official_-_The_Fed_Is_Facing_Collapse.html

Comment by Bubbabear
2013-07-14 20:11:20

U.S. Trying to Push Back a Dollar Blowup

http://www.youtube.com/watch?v=AyO-xR6ZW20

 
Comment by Whac-A-Bubble™
2013-07-14 22:50:14

“The Fed Is Facing Collapse”

That sounds a bit overblown.

 
Comment by Whac-A-Bubble™
2013-07-14 23:27:42

So bad it’s good

‘Sharknado’ premiered on the Syfy channel and Twitter…

 
 
Comment by Housing Analyst
2013-07-14 20:56:29

“Housing Demand Continues To Sink In California”

http://picpaste.com/pics/8bea9437a62db7bb3de923643f0ee876.1373858653.png

 
Comment by Whac-A-Bubble™
2013-07-15 00:01:06

Got fleeced?

China Wealth Eludes Foreigners as Stocks Earn 1% in 20 Years

By Weiyi Lim & Kana Nishizawa - Jul 14, 2013 7:21 PM PT

China’s 20-year economic boom has boosted the wealth of its 1.3 billion citizens at the fastest pace worldwide and spawned some of the biggest companies in history. Foreigners earned less than 1 percent a year investing in Chinese stocks, a sixth of what they would have made owning U.S. Treasury bills.

The MSCI China Index has gained about 14 percent, including dividends, since Tsingtao Brewery Co. (168) became the first mainland company to sell H shares to international investors in Hong Kong in July 1993. That compares with a 452 percent return in the Standard & Poor’s 500 Index, 322 percent in the MSCI Emerging Markets Index and 86 percent from Treasuries. Only the MSCI Japan Index had a weaker performance among the 10 largest markets, losing about 1 percent.

“China is a case in point that great GDP doesn’t mean a great stock market,” Nicholas Yeo, a money manager at Aberdeen Asset, which oversees about $322 billion worldwide, said by phone from Hong Kong on July 10. “The lack of quality in terms of corporate governance is one of the main reasons we find why companies don’t perform well over the long term.”

 
Comment by Bubbabear
2013-07-15 06:24:55

The looming threat to the housing recovery

Today, a family hoping to buy a median home will pay $208,000, and 4.6% interest. Annual interest on an 80% mortgage: $7,600.

In other words, the effective cost of buying the median home in the U.S., when measured in terms of the actual cost of the mortgage per month or year, has risen by more than 50% in just a few months.

http://www.marketwatch.com/story/the-looming-threat-to-the-housing-recovery-2013-07-12

 
2014-12-16 12:12:25

Yet going through the process will allow you to release any of
the negative “money experiences” and negative associations to money that you may
not have even known you were holding on to. A business cannot delegate an employee to sign the tax forms.

Whatever your business does, there will be a way for you to measure
the influence of social media.

 
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