July 29, 2013

Bits Bucket for July 29, 2013

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

RSS feed


Comment by azdude
2013-07-29 05:09:19

maybe someone should start another ponzi scheme via tulips again?

Comment by Combotechie
2013-07-29 05:39:42

Tulips was a mania, not a ponzi.

Comment by azdude
2013-07-29 05:47:16

the illusion of value

Comment by Combotechie
2013-07-29 05:56:16

“the illusion of value”


(Comments wont nest below this level)
Comment by Housing Analyst
2013-07-29 05:56:53

and houses.

Comment by AbsoluteBeginner
2013-07-29 06:26:52

Yeah, no one ever sang ” Houses, houses are forever” as a meme.

Comment by Housing Analyst
2013-07-29 07:12:27

It’s more accurately, “Housing losses are forever.”

Comment by Blue Skye
2013-07-29 07:30:56

From Realtors with Love.



Casino Realty.

The World is not Enough. - Subprime

The Bubble Never Dies.

Flip and let Flip.

Comment by AbsoluteBeginner
2013-07-29 07:50:07


Comment by Steve J
2013-07-29 06:32:09

Every fashion designer in the world sell an allusion.

(Comments wont nest below this level)
Comment by whirlyite
2013-07-29 07:28:15
(Comments wont nest below this level)
Comment by Whac-A-Bubble™
2013-07-29 23:47:57

This story left me scratching my head. Aren’t there enough scams already playing out with legitimate money to exhaust SEC resources which might otherwise be wasted protecting Bitcoin investors from their folly?

Anyone dumb enough to invest in Bitcoin may as well wear one of those tee shirts that has “I’m stupid” written on it in bold letters.

Bitconned: SEC busts alleged Bitcoin Ponzi scheme
By James O’Toole @jtotoole July 23, 2013: 3:49 PM ET
Physical bitcoins minted by a software engineer earlier this year.

Add another entry to the list of milestones digital currency Bitcoin has reached this year: its first Ponzi-scheme case.

The Securities and Exchange Commission announced charges Tuesday against a Texas man for allegedly defrauding investors using Bitcoin. The SEC says 30-year-old Trendon Shavers of McKinney, Tx., took to the Internet to raise more than 700,000 bitcoins from investors between September 2011 and September 2012, a sum worth about $4.6 million based on the average daily value of the digital currency during that period.

According to the complaint, Shavers promised investors up to 7% in interest per week, but in fact was using funds from new investors to pay out the promised returns. He is also accused of converting roughly $147,000 worth of bitcoins to cover personal expenses including rent, food and gambling.

An SEC spokesman said the case was the first the agency has handled involving Bitcoin.

“Fraudsters are not beyond the reach of the SEC just because they use Bitcoin or another virtual currency to mislead investors and violate the federal securities laws,” Andrew Calamari, director of the SEC’s New York office, said in a statement.

Shavers could not be reached for comment, and the SEC said he had yet to retain a defense lawyer.

Comment by Housing Analyst
2013-07-29 05:43:30

The outcome will be staggering when the spring recoils.

Comment by azdude
2013-07-29 05:48:29

its ok, they will print some more cash and further wipe out your cash savings.

Comment by Housing Analyst
2013-07-29 05:49:48

That doesn’t happen when printed money is stored.

Comment by Beer and Cigar Guy
2013-07-29 06:30:46

“Comment by azdude
2013-07-29 05:48:29

its ok, they will print some more cash and further wipe out your cash savings.”

So, your premise is that buying a depreciating asset that plummeted 50% in value just 5 years ago is a better idea? And buying now is somehow better than last time why? Because they addressed all of the underlying problems from Bubble 1.0? Because systemic risk is somehow less today? Because Obama’s ‘recovery’ is in full swing, secure jobs are readily available and wages are increasing to keep pace with skyrocketing RE costs? Financial ignorance and suicide.

If “they” knew what they were doing, then the world wouldn’t be in this predicament, since there are much more productive uses for capital. If “they” knew what they were doing, then we wouldn’t be having this conversation. If “they” had the power to ‘fix’ it, it would have been ‘fixed’ by now. “They” have no answers and no magic powers. “They” are all flailing madly- and in an uncoordinated fashion- at the Frankenstein Monster bubble that they have created and enabled. Like a bubble in a waterbed each time they push on it, it simply reappears in another part of the mattress. And they will keep pushing on it until they pop the mattress. And everything they do has unintended and unknowable consequences.

Comment by (Neo-) Jetfixr
2013-07-29 07:36:24

“They” are desperately attempting to avoid being the bagholders.

“They” are creating a “pump and dump” market for housing, like they have for stocks.

(Comments wont nest below this level)
Comment by michael
2013-07-29 07:59:36

is there a place you can find inflation rates by state/region/metropolitan area?

I read an essay some time ago about inflation and how in the beginning stages…it shows itself where the money is and then trickles down.

i think inflation is rampant in the DC metro area for example…and not just in housing.

Comment by Rental Watch
2013-07-29 08:35:19


This might be a place to start. I know they do have regional CPI…we have a few contracts where the CPI calcs are based on a specfic region’s CPI.

(Comments wont nest below this level)
Comment by Steve J
2013-07-29 08:49:23

House prices are not used directly in inflation calculations.

There is an “owners equivalent rent” that is used instead.

You might look at the Emoloyment Cost Index.

(Comments wont nest below this level)
Comment by Blue Skye
2013-07-29 05:45:39

Report from the Rideau Canal in Upper Canada: Chaffey’s Lock is a 60s style cottage resort community. Everything is for sale. The bass fishing has been wonderful.

Comment by Housing Analyst
2013-07-29 05:51:24

Smallmouth? Largemouth? What are you throwing?

Comment by My failure to respect women is unacceptable
2013-07-29 06:30:53

You mean Smallmooth or Largemooth?

They are Canadians, no?

Comment by Steve J
2013-07-29 06:33:19

Poutine, the fish love it up there.

Comment by Mr. Smithers
2013-07-29 07:29:39

Bacon Poutine is one of mans’ top 10 inventions.

(Comments wont nest below this level)
Comment by Blue Skye
2013-07-29 07:45:40

There are both kinds of bass, depending on the spot. There are deep lakes and shallow ones. Also some 1 1/2 lb yellow perch (my favorite dinner). Haven’t hooked into a pike or a pickerel yet but hope to. Throwing mostly old school spinners with a ruby bead. Hoping to score some minnows in Westport for a bit of still fishing.

Comment by Housing Analyst
2013-07-29 07:55:28

If you find a reed bed, pitch a horny toad texas rigged on a 4/0 double offset hook.

(Comments wont nest below this level)
Comment by aNYCdj
2013-07-29 06:51:29

Blue ..us landlubbers go to google maps….interesting a wooden plank bridge….how does the lock system work? someone lives there to open the locks? i see 4 wheels…..

Comment by Blue Skye
2013-07-29 07:37:50

Most of the locks and swing bridges are hand operated. There used to be some live in lock masters and seasonal day workers to operate the lock doors. So far it looks like they have retired these old timers and have mostly school kids working for the summer. The great wooden doors are opened and closed by cranking on a drum that winds up the chains. Look at the Rideau Canal website for a pictorial. It is mostly like it was in 1830, and modeled after the locks the Romans built many centuries earlier.

Comment by #Realtalk from Joe S.
2013-07-29 08:20:44

can you post some addresses for sale? I’m assuming there are a lot of low-priced offerings?

Comment by Housing Analyst
2013-07-29 08:33:28

What’s up Liberace? Did you gig last weekend?

Comment by Blue Skye
2013-07-29 08:38:03

You mean like smoking flipper deals?

Comment by #Realtalk from Joe S.
2013-07-29 09:03:07

No, like cheap lake houses. I dated a girl in college whose dad spent about a month pretty far north in Canada just fishing and relaxing. No cell service, no computer, etc. I want an idea of what will be out there in the future. I’m assuming stuff up there goes for under 50k? Maybe less?

(Comments wont nest below this level)
Comment by Blue Skye
2013-07-29 09:07:47

Joe, Canada has a housing bubble yet to burst. Nothing is for sale “cheap”. By the way, you can turn your cell and computer off from any location.

Comment by #Realtalk from Joe S.
2013-07-29 09:19:38

I’m aware you can turn off technology. But I’m talking about a vast region where life is slower because there is a lack of the “conveniences” most of us take for granted. Not only did he not have a working cell up there, no one in his little camp area did either. The locals lived in a world devoid of cable TV, high speed internet, etc. The social norms were very different.

This guy also had a makeshift cabin (some prefab thing) near the county line of Clinton and Potter counties in PA (no-man’s land). I went up there with him once for a week with him in ‘05, it was basically my highlight of that year. Wake up at 4am, go fishing until 10, eat lunch, hike around, pass out a little after dark while sitting around a fire. Like his Canada place, there was basically no technology, cell phone signals could only be had on certain mountain passes.

I think he paid maybe 20k total for his PA place and allegedly he paid almost nothing for his place in CA. It was either northern quebec or newfoundland (I forget which).

Comment by Housing Analyst
2013-07-29 09:34:47

Lib…. Repeat…. Canada is in the midst of a massive credit bubble right on the edge of the cliff.

Comment by #Realtalk from Joe S.
2013-07-29 10:29:36

I’m waiting to hear key-rasssh-ing sounds before considering anything, obviously. I’d still be interested to see what kinds of areas we’re talking about.

Comment by Housing Analyst
2013-07-29 10:32:43

Ice cold tundra for 8 months of the year.

Comment by Blue Skye
2013-07-29 13:25:03

Make an offer, but don’t hold your breath.


It is not getting renovated. It is a depreciating relic of the past. Beautiful, but the new owner will have to bring everything up to code, and overcome tremendous deterioration. Mrs. Cross died last year and her daughter decided suicide was a better option than running this ravaged by time albatross. Closing might be tricky.

You will not have internet service.

Comment by ahansen
2013-07-29 13:46:20

Not for long….

Comment by Whac-A-Bubble™
2013-07-29 06:07:32

Low Interest Rates: Bad for Retirees, Worse for Gen X-ers
by Dan Caplinger Jul 27th 2013 6:00AM

For years, low interest rates have hurt retirees trying to generate enough income from their retirement savings to cover their living expenses. But the biggest impact from low rates on retirement prospects could well hit current workers, including those who are still more than a decade away from retiring, according to a recent study from the Employee Benefit Research Institute.

The Impact of Low Rates on Retirement Readiness

Obviously, for retirees who are living in part on investment income, low rates have an immediate impact on their standard of living. With few prospects to add to whatever they’ve managed to set aside in their retirement nest eggs, retirees are largely at the mercy of banks and other financial providers that determine how much interest they’re willing to pay their customers on their investment balances. With rates on certificates of deposit having fallen from around 4.5 percent five years ago to less than 1.5 percent today, according to figures from Bankrate, the roughly 3-percentage-point drop equates to about $250 less in monthly interest income for every $100,000 in savings a retiree has.

But for those who are counting on long-term returns from their investments to help them get ready for retirement, the EBRI study reveals an equally troubling trend. The study found that among baby boomers and members of Generation X, fully 25 to 27 percent of those who would have had adequate income to retire comfortably based on historically normal interest rates won’t earn enough investment income if low rates continue indefinitely.

In particular, the study looked at two assumptions, one under which bond rates had returns equal to the rate of inflation, and the second under which bond rates stayed at their current level below the inflation rate. In the first case, retirement-readiness rates dropped by about 10 percentage points, cutting the figures from 55 percent to 45 percent for the older portion of the baby boom generation, and from 57 percent to 47 percent for younger boomers and members of Generation X. The lower-rate scenario pulled success rates down even further, to roughly 40 percent for early boomers, 42 percent for late boomers, and 43 percent for Gen X.

The results varied a lot more when the study looked at income levels. For low-income workers, interest rates don’t matter very much, because even under current conditions, only 1 in 6 workers has enough saved to produce income to cover their expenses. As income levels rise, though, the impact gets larger, with the top half of income-earners seeing declines of 17 percentage points in their retirement readiness.

Will Rates Stay Low Forever?

Comment by Steve J
2013-07-29 08:51:47

Rates will stay low until this depression ends.

Comment by Housing Analyst
2013-07-29 09:59:35

For as long as the rates are bought down, the deflationary spiral will continue.

Comment by Steve J
2013-07-29 10:06:46

I look forward to food, gasoline, and medical costs deflating.

(Comments wont nest below this level)
Comment by Housing Analyst
2013-07-29 10:08:32

That’s price fixing, not inflation my friend. *Learn* the difference.

Comment by Steve J
2013-07-29 11:13:24

Price fixing? Is the Illuminati doing that again?

Comment by Housing Analyst
2013-07-29 11:46:29

*Learn* the difference.

Comment by ecofeco
2013-07-29 17:01:13

What difference? If it walks like a duck and quacks like a duck, it’s a damn duck.

Of course it’s artificial. Seriously? Do you think inflation is some natural phenomenon?

Supply and demand was thrown out decades ago and replaced by voodoo economics. (supply side)

Comment by Housing Analyst
2013-07-29 18:02:40

That goes for you too.

Comment by Bluto
2013-07-29 11:21:41

The only positive effect of artificially low rates for me is that when I retired early last year I was able to cash out my pension at a much higher value than I would have gotten a few years ago…but many plans do not have a cashout option (assuming someone even has a pension these days)..I do not trust my former employer so I took cash rather than a monthly check and rolled it into an IRA.

Comment by ecofeco
2013-07-29 17:04:54

Low to joke interests rates on savings are news? This has been a problem for over 20 years.

Comment by Hi-Z
2013-07-29 18:29:21

I got 7-9% in the 80s and 5-6% in the 90s without straining. CU rates were 1-2% higher.

Present rates for these same investments are 0.3-1%. Not exactly the same problem.

Comment by Whac-A-Bubble™
2013-07-29 06:10:23

Hey students: Start planning now. Senate deal means interest rates will go up
By Karoun Demirjian
Monday, July 29, 2013 | 2 a.m.
Washington —

Most of the Senate, including most of the skeptics, put aside their principled positions on student loan reform last week to back new interest rates in the name of achieving a bipartisan compromise to keep college affordable.

But Nevada’s college financial aid administrators aren’t so sure lawmakers ought to be congratulating themselves.

“It’s good for the short term,” Renee Davis, director of student affairs for the Nevada System of Higher Education, said. “But in a few years, the interest rate could easily go up — and that’s going to be more money that students will have to pay back after they leave school.”

A quirk in the way new student loan rates are calculated will likely saddle current middle schoolers with a much higher debt burden once they graduate from college — and financial aid advisers are warning would-be students and their parents to prepare for the hidden sticker shock.

Comment by Mr. Smithers
2013-07-29 07:25:58

Oh boy the govt is setting interest rates. What could go wrong?

Hey I know, after setting interest rates the govt should start setting prices and production levels too. Command and control baby!!

Comment by Housing Analyst
2013-07-29 07:39:13

You much rather have the Federal Reserve setting them Slithers.

Comment by My failure to respect women is unacceptable
2013-07-29 07:49:33

Fed setting interest rate = Free market capitalism
Congress setting interest rate = Socialism

(Comments wont nest below this level)
Comment by Housing Analyst
2013-07-29 07:57:38

Slithers LOVES the Federal Reserve.

Comment by Mr. Smithers
2013-07-29 08:17:11

“Slithers LOVES the Federal Reserve.”

Sure, why not? It’s predictable and I can profit from it.

Comment by Housing Analyst
2013-07-29 08:35:46

We’ll let that beaut hang out there a while Slithers

Comment by Steve J
2013-07-29 08:53:40

The President appoints the Fed members….so isn’t the President really the one setting interest rates?

Comment by Housing Analyst
2013-07-29 09:56:03

And it’s not up to “the president” either.

Comment by Rental Watch
2013-07-29 15:29:44

Steve J,

Check out this:


Each Member of the board of governors is appointed by the President (confirmed by the Senate), but sits for 14 years.

Yes, 14 years.

The Chairman is chosen from among these 7, and is chairman for 4 years.

So, while Obama can make the next appointment, it can only be a hand-picked person if he fills Powell or Duke’s seat with someone new. Otherwise, he needs to choose from one of the remaining 4 (excluding Bernanke), which includes Yellen (currently the Vice Chair).

Bernanke will be one of the 7 voices until 2020, unless he resigns.

I guess my point is that the president picks the board of governors of the Fed, but not necessarily THIS president.

Comment by Whac-A-Bubble™
2013-07-29 23:55:23

“I guess my point is that the president picks the board of governors of the Fed, but not necessarily THIS president.”

OMG someone on the HBB has stumbled on the reason the Fed is considered independent of the President!

And another Redumblican strawman dies in the process from collateral damage…

Comment by michael
2013-07-29 08:21:23

how about neither?

(Comments wont nest below this level)
Comment by My failure to respect women is unacceptable
2013-07-29 11:20:31


Comment by ahansen
2013-07-29 13:47:58

My new favorite word, failure.

Comment by Whac-A-Bubble™
2013-07-29 20:54:13

Actually I thought the move was not to set interest rates, but rather to tie them to a market rate (10-year Treasury bond yield).

Never mind if the 10-year yield is currently set by the Fed using QE3!

July 24, 2013, 7:13 p.m. ET
Senate Backs Student-Loan Bill
Measure Would Tie Interest Rates to 10-Year Treasury Yields

WASHINGTON—The Senate ended a lengthy battle over student-loan interest rates, passing a bipartisan measure to revamp how borrowing costs are set for millions of college students.

The bill, which would tie interest rates on federal student loans to the government’s borrowing costs, passed the chamber Wednesday evening by a vote of 81 to 18. All but one of the chamber’s Republicans voted “yes,” while Democrats voted about 2-to-1 in favor.

The bill must be approved by the House. House Education Committee Chairman John Kline (R., Minn.) said he believed the bill would win “swift passage” in the House. The White House said it backs the deal.

Under the Senate plan, interest rates for undergraduates would be set 2.05 percentage points above the yield on the 10-year Treasury note. Undergraduates would pay an interest rate of 3.86%, instead of the current 6.8%, on federal loans taken out for the 2013-14 school year.

But loans taken out in subsequent years would likely carry higher rates, because the 10-year Treasury yield is expected to rise as the economy improves. Congressional researchers project that the rate on new loans for undergraduates would be 4.62% for loans taken out next year and 7.25% for loans taken out in 2018. The bill caps the rate at 8.25%.

Comment by Blue Skye
2013-07-29 07:51:09

Sorry Renee, your school is too expensive, and the next generation won’t borrow to keep your world from collapsing. The price of education will go down and those dozen people you have in your office filling out endless forms will be reduced to two.

Comment by ecofeco
2013-07-29 17:10:10

There are dozens of FREE on-line choices coming on line each year. With courses complexity ranging from your local CC to MIT.

While you still can’t get an accredited degree from them, you CAN now get a certificate of completion.

In fact, this has become a real problem for profit schools that most schools no longer offer test out equivalency credits options. Or you can test out, but you still have to pay the full year price.

Comment by goon squad
2013-07-29 06:10:39

Colorado concealed-carry permits see dramatic increase in 2013:

“More people than ever before are attempting to legally carry a concealed gun, and by no small margin. It’s 87 percent more. And while 2012 saw a sizable increase from 2011 of permit seekers, that figure pales in comparison to this year.

University of Colorado at Boulder professor Hillary Potter said the driving force behind permit seekers may be political. Others contend the skyrocketing numbers are a direct result of preparedness.

“More people are realizing they are responsible for their own protection,” said Richard Abramson, general manager of the Centennial Gun Club. Abramson maintains that by the time a violent crime has been committed, it is too late to rely on police.”


Comment by Mr. Smithers
2013-07-29 07:28:33

“University of Colorado at Boulder professor Hillary Potter said the driving force behind permit seekers may be poloitical ”

Gee, ya think? I wonder who many tax payer millions of dollars she needed to study this.

Comment by Steve J
2013-07-29 08:54:55

They are just getting ready for the opening of Drone season.

Comment by AmazingRuss
2013-07-29 11:45:16

Handguns are no good for drones… you need a shotgun, and those don’t require a carry permit.

(Comments wont nest below this level)
Comment by ecofeco
2013-07-29 17:11:41

Damn those new restrictive Colorado gun laws taking away people’s rights!

Oh wait…

Comment by Whac-A-Bubble™
2013-07-29 06:13:23

Congress serves itself in second-home deduction
July 27, 2013 12:12 pm • By RICHARD RUBIN / Bloomberg News

WASHINGTON — Only a small percentage of U.S. taxpayers benefit from the ability to deduct mortgage interest on a second home. That group just happens to include many of the people who craft the nation’s tax laws.

Members of the congressional tax-writing committees are eight times more likely than the average American to own second homes with mortgages, casting doubt on their eagerness to curb the tax break, according to data compiled by Bloomberg.

Lawmakers are an ideal market for second homes: They’re wealthier than the typical person and they live and work in two places — their home states and Washington. That will shape their approach to revising the tax code, said Bill Allison, editorial director of the Sunlight Foundation in Washington, which promotes government transparency.

“What you end up seeing out of Washington is a real disconnect between how Congress lives in Washington, as one of the most affluent areas now, and how the rest of the country lives,” Allison said.

The Senate Finance and House Ways and Means committees are exploring the first rewrite of the U.S. tax code since 1986, and the chairmen of both panels have promised to scrutinize every tax break. That examination will include the estimated $8 billion a year the second-home mortgage deduction costs as lawmakers try to lower marginal rates.

The lawmakers will start that process coming from a different financial place from many of their constituents. More than 40 percent of members of the House Ways and Means and Senate Finance committees have mortgages on homes other than their primary home-state residences.

Examples are Finance Chairman Max Baucus’s Capitol Hill townhouse, Rep. Tom Reed’s cottage on Keuka Lake in upstate New York and Rep. Sander Levin’s home on Martha’s Vineyard.

About 5 percent of all homes in the United States are second residences, according to the National Association of Home Builders.

Reed said he and his 11 siblings inherited the lake cottage in his district from his mother. That arrangement didn’t work well, and he borrowed money to buy them out. He now owes between $100,000 and $250,000 on the cottage and between $50,000 and $100,000 on his primary home in Corning, where he was mayor before coming to Congress in 2010.

“This longstanding tradition is something that if we move away from we should do it very carefully,” he said. “And we should do it in a very well-thought-out manner.”

The mortgage-interest deduction, with an estimated cost of $72 billion in forgone revenue in 2014, is one of the largest tax breaks in the Internal Revenue Code and the subject of a real-estate industry lobbying campaign to protect it.

Taxpayers can deduct interest on mortgages of up to $1.1 million on as many as two homes, a “main home” where they live most of the time and a second home. At least for voting purposes, lawmakers declare their primary residences in their home states. A rule that would constrain the deduction to primary residences would limit the break.

The Internal Revenue Service doesn’t require taxpayers to break out mortgage interest by home, and the agency doesn’t have data on the cost of the break. The nonpartisan Tax Policy Center offers a rough estimate that repealing the deduction could generate $8 billion a year for the government.

The second-home break was one of the few Mitt Romney, the 2012 Republican presidential candidate, suggested could be ended to pay for lower tax rates. It’s one of the specific ideas lawmakers offer when asked what breaks should disappear.

Comment by Housing Analyst
2013-07-29 07:10:13

And the mortgage interest deduction with cease to exist as we know it within 5 years.

Comment by Steve J
2013-07-29 08:56:37


California and New York benefit too much to ever let it go.

Comment by Housing Analyst
2013-07-29 09:32:58

It’s not up to CA or NY.

(Comments wont nest below this level)
Comment by Ol'Bubba
2013-07-29 11:03:11

And it’s not up to Housing Analyst either.

Comment by Housing Analyst
2013-07-29 11:09:22

You’re right. If you have a problem with the mortgage interest tax deduction going away, take it up with congress.

In the meantime, arrange your finances as though the mortgage interest tax deduction doesn’t exist….. because it won’t exist 5 years from now.

Comment by Steve J
2013-07-29 11:14:30

Can you tell us who will win the Super Bowl in 2018 too?

Comment by My failure to respect women is unacceptable
2013-07-29 11:30:10

Can you tell us who will win the Super Bowl in 2018 too?

Chicago Cubs

Comment by Housing Analyst
2013-07-29 11:54:37

Sorry underwater donkey but the game has already been played.

Comment by Phil Shiffley
2013-07-29 12:59:29

The NAR is one of the most generous lobby groups in DC. And for that reason alone, I think Housing Analyst may just be right.

Comment by polly
2013-07-29 13:42:52

Phil, can you explain your logic to me?

You think that one of the most generous lobbying groups in Washington is going to have its favorite tax break removed from the tax code in less than 5 years despite recognizing the importance of their generosity? What do you think is going to counter their influence?

HA thinks that every rumor he hears about people talking about maybe collecting opinions about something will automatically come to pass, but that is just his little delusion.

Comment by Housing Analyst
2013-07-29 14:38:17

Nobody needs to explain a damn thing to you.

Ignore blog laiwyer Phil.

Comment by Whac-A-Bubble™
2013-07-29 23:58:26

“What do you think is going to counter their influence?”

1. Honesty
2. Integrity
3. Intelligence
4. Other?

Comment by ecofeco
2013-07-29 17:13:09

That’s because Congress is 100% more likely to have better income streams from insider trading.

Comment by goon squad
2013-07-29 06:19:46

Jobs! Jobs! Jobs!

“Amazon.com has been spending heavily to add more distribution centers near U.S. urban centers. Now it has to fill the warehouses with workers.

The online retailer plans to announce Monday that it has openings for 5,000 jobs at 17 facilities, a network that extends from Tracy, Calif. to Breinigsville, Pa. The figure could rise, as Amazon has plans to build more facilities.

The company pays around $11 per hour for jobs that consist primarily of picking, packing and shipping orders, according to its website.”


Comment by aNYCdj
2013-07-29 06:55:27

could be a great job if you are in training to be a marathon runner..

Comment by AmazingRuss
2013-07-29 07:25:56

Until Amazon reaches full automation.

Comment by Mr. Smithers
2013-07-29 08:19:00

Who in their right mind will work for $11/hr and sitting at home, watching Maury and collecting welfare, food stamps, medicaid, Section 8 is equivalent for $15/hr +

Comment by #Realtalk from Joe S.
2013-07-29 08:40:18

$25/hr is the minimum that a rational person should be willing to work for in W-2 wages. This assumes that the 25 is after health benefits are taken out.

Comment by Steve J
2013-07-29 08:58:15

Only single women with kids get Section 8 and wealfare in the states Amazon is building in.

Comment by polly
2013-07-29 10:10:15

Darn those facts.

(Comments wont nest below this level)
Comment by rms
2013-07-29 10:46:24

Single men usually get a room in a half-way house.

(Comments wont nest below this level)
Comment by Strawberry picker
2013-07-29 16:13:02

Single men live with those “single” women in many of those Section 8 houses. It’s all pretend and the system knows all about it. No one checks other than for token inspections to carry on the illusion. Get the single woman her own place, then she can attract a man who needs a place to stay until it is time to move on. Rinse and repeat.

The single man might then be able to take a job like this cause it won’t be reported as income to Section 8.

(Comments wont nest below this level)
Comment by Hi-Z
2013-07-29 18:33:49

Single men stay at the single women w/kids Section 8 house!

(Comments wont nest below this level)
Comment by ecofeco
2013-07-29 17:20:40

2000 full time, the rest part time and seasonal.

At $11 hour. WHOOPEE! That will buy some houses and new cars! :roll:

Comment by Whac-A-Bubble™
2013-07-29 06:21:07

This article reminds me of Bush’s announcement on the Iraq war from the bow of the ship.

Originally published Saturday, July 27, 2013 at 8:05 PM
Housing is looking up, but from a deep hole
Don’t look for housing to return to the commanding position it held in the economy 10 years ago.
By Jon Talton
Special to The Seattle Times

Our long national housing nightmare is over.

Last week the government said sales of new houses in June reached their highest level since May 2008. The seasonally adjusted figure of 497,000 sales nationwide was up 38 percent from the same period last year and powered ahead despite higher mortgage rates.

Sales of previously owned houses declined a bit nationally in June but were still up 15 percent from a year ago.

The Standard & Poor’s/Case-Shiller 20-city index posted its largest ever gain in prices for existing houses in April. The number of underwater mortgages, where the owner owes more than the house is worth, is down. Even shares of the big production housebuilders have recovered since 2010.

Housing has contributed significantly to recent gains in economic activity,” one prominent economist said, noting that sales, prices and construction had all increased over the past year. “Rising housing construction and home sales are adding to job growth, and substantial increases in home prices are bolstering household finances and consumer spending while reducing the number of homeowners with underwater mortgages.”

This view carries weight, considering the economist quoted is Ben Bernanke, Federal Reserve chairman, testifying before the House Financial Services Committee.

Comment by tresho
2013-07-29 06:55:28

Our long national housing nightmare is over and has been replaced by a new, improved and larger national nightmare.

Comment by AmazingRuss
2013-07-29 13:39:21

A national night terror.

Comment by Whac-A-Bubble™
2013-07-29 06:23:42

Housing market has buyers willing to use ‘aggressive tactics’
Home buyers willing to be aggressive
By Andrew Khouri
July 28, 2013, 5:12 p.m.
A Compton home for sale earlier this year. (Gary Friedman / Los Angeles Times)

The frenzied market in real estate has prospective home buyers ready to gamble, according to a study.

Two-thirds of would-be homeowners would resort to “aggressive tactics” — such as paying the seller’s closing costs, bidding above the asking price or borrowing money from loved ones for a down payment — to get the home of their dreams, according to the survey by real estate website Trulia.

“Consumers are worried that mortgage rates and prices will keep rising before they buy, and many are willing to fight over the limited number of homes for sale,” Jed Kolko, Trulia’s chief economist, said in a statement.

According to the survey, 25% of respondents would bid 1% to 5% over a home’s asking price, and the same percentage would offer to cover the seller’s closing costs.

Trulia said young adults — ages 18 to 34 — are more willing to resort to tactics the firm labels aggressive, with 30% of those respondents willing to pay the seller’s closing costs and 31% willing to bid 1% to 5% over asking price.

Comment by goon squad
2013-07-29 06:50:36

“young adults — ages 18 to 34″

Welcome to a lifetime of mortgage albatross debt slavery, LOOSERS!

Comment by #Realtalk from Joe S.
2013-07-29 09:04:15


Why the h8?

Comment by goon squad
2013-07-29 09:41:03

Because they are broke a$$ loosers with mortgages they can’t afford, because they had to buy now or get priced out forever, and buy in the right school district, because it’s “for the children”, all the while portraying themselves as victims.

These would be 20-30-somethings in my office with combined household incomes of $150,000 to $200,000+, who are constantly whining about how broke they are. They should spend more time reading the Mr. Money Mustache blog and less time buying sh*t they don’t need.

(Comments wont nest below this level)
Comment by #Realtalk from Joe S.
2013-07-29 10:38:21

I like the Mr. Money ’stache blog, thanks for posting it here a few months ago. Some of his frugality is a little over-the-top to me, but his reasoning is more thorough than anything I’ve found in any mainstream media.

I agree with the LOL @ people who are suffering on 100k+ (probably bc of multiple kidz). The “right school district” thing is also funny to me. My parents used that rationale, living in a good school district in an economically strong area, only to uproot to freaking Flori-duh in their 50’s. I’d rather send my kiddo to normal unremarkable schools that aren’t full of whites & asians, let the kid finish at the top without having a heart attack, and then rock the SAT. Other benefits for the kid: being less entitled, less whiny, and less intellectually lazy. If this board still exists in ~20-25 yrs, I’ll let you know how it turns out.

Comment by goon squad
2013-07-29 11:15:58

The MMM blog is a bit over-the-top in its advocated frugality, but there are many valuable lessons of conscious choices that can be made of what to spend and not spend your money on.

My season pass to ski at Loveland is $379. Some of the people in my office spend that much every month on Starbucks and lunch. They are constantly b*tching about how broke they are, but they never stop and figure out why…

Comment by #Realtalk from Joe S.
2013-07-29 11:44:14

Does Loveland have good lifts? Is it a challenging/enjoyable skiing area?

I ask because I could potentially go skiing a lot at crappy mountains, but driving to better mountains (still not amazing) in the Poconos in PA would add another 1 hr in each direction making them too far for a day trip.

This is a pretty weak skiing area where I learned to ski as a kid. Their lift passes are similar in price to the one you mention: https://www.springmountainadventures.com/season-passes

An hour further gets you to this place, which costs a bunch more for somewhat better mountains: http://www.skibluemt.com/the-mountain/tickets-passes-packages/

Comment by goon squad
2013-07-29 12:28:23

Loveland is pretty meh for Colorado. But it is good because it is cheap and closer than the Summit County resorts (A-Basin, Breck, Keystone, Copper). Loveland is just east of the I-70 tunnel which is a nasty traffic bottleneck when returning from Summit County, Vail ($115 for single day lift tickets last season!), or Beaver Creek. We usually drive out early, drink coffee in the lodge until the lifts open at 8:30, and leave at 1:00ish before the Denver-bound traffic starts choking up. After the Big Name resorts close in early April the traffic disappears and we start later and ski all day until they close in May. Their season pass also includes 3 days at Monarch, 3 days at Purgatory, and 1 (unguided) day at Silverton.

Comment by Beer and Cigar Guy
2013-07-29 07:58:32

Ladies and Gentlemen, I’d like to introduce you to our next crop of whining, ‘victimized’ bagholders and future bailout supplicants- ‘The Aggressive Buyers’ from Compton! Lets give ‘em all a big hand and wish them the best as they embark upon their VERY short careers as professional knife catchers!

Comment by Dale
2013-07-29 09:44:33

and may the odds be ever in their favor…..

Comment by ecofeco
2013-07-29 17:22:49

18-34 year olds? No surprise. Most of are arrogant dumbarses and are preyed upon accordingly.

Comment by Whac-A-Bubble™
2013-07-29 06:25:42

July 29, 2013, 6:01 a.m. EDT
Home-builder stock volatility is part of recovery
Worries about rising rates scuttle the recent rally; investors get pickier
By Wallace Witkowski, MarketWatch

SAN FRANCISCO (MarketWatch) — Recent volatility in home-builder stocks is more indicative of regrowing pains, as the housing market recovers, than a new housing bubble, according to analysts and fund managers.

While they have made great strides in the past year, home-builder stocks have become volatile recently as investors deal with mixed economic housing data, rising mortgage rates, and, in the cases of a few overheated markets such as San Francisco, worries that the market is setting up for another painful collapse.

Comment by goon squad
2013-07-29 06:25:56

Let them eat cadmium:

“Estimates from state-affiliated researchers say that anywhere between 8% and 20% of China’s arable land, some 25 to 60 million acres, may now be contaminated with heavy metals. A loss of even 5% could be disastrous, taking China below the “red line” of 296 million acres of arable land that are currently needed, according to the government, to feed the country’s 1.35 billion people.”


Comment by AmazingRuss
2013-07-29 13:41:44

As long as they survive long enough to reproduce, they’ll be ok.

Comment by Dale
2013-07-29 21:35:38

Mutate and select ……a winning strategy.

Comment by goon squad
2013-07-29 06:35:11

If I had a son, he’d look like Trayvon - President Barack Obama

“A Bethesda man was beaten and robbed early Saturday morning in Adams Morgan by three men who yelled, “This is for Trayvon Martin,” before attacking him, police said.

Three black men approached an adult white male from behind while he was walking in the 1700 block of Euclid Street NW at 1:26 a.m. Saturday, police said.

Two of the men threw the victim to the ground and kicked him, (D.C. police spokesman Araz) Alali said. The three perpetrators then took the victim’s iPhone and wallet and fled.”


Comment by aNYCdj
2013-07-29 06:59:14

and im a racist for reporting on all this last year….and still no one has been charged with a hate crime unless you are white.

Comment by tj
2013-07-29 09:06:02

and im a racist for reporting on all this last year…

don’t let them bother you. you know you’re not a racist. anyone that doesn’t tow the liberal line is called a racist. it’s the race baiters that call non-racists, racists that are the real racists. and they’re the ugliest part of humanity.

Comment by goon squad
2013-07-29 10:16:25



(Comments wont nest below this level)
Comment by alpha-sloth
2013-07-29 10:29:45

it’s the race baiters that call non-racists, racists that are the real racists.

Posting articles about individual black-on-white violent crimes that you (or some right wing website) have culled from the local news from across the nation, and pretending it shows a rising trend of such violence, is indeed racist. A classic example of racism and race-baiting, actually.

Even if done ‘ironically’.

(Comments wont nest below this level)
Comment by aNYCdj
2013-07-29 10:52:08

aplha apologize much do you? Its not racist if its true

There is an epidemic rise in black on white violence and I attribute it directly to the refusal of ohBah and Holder to demand hate crime apply to black people…..the youthzz know this so why not go crazy and really mess white folks up.

Comment by tj
2013-07-29 10:52:28

Posting articles about individual black-on-white violent crimes

yes mr. race baiter, black on white crime should be ignored.

pretending it shows a rising trend of such violence

yes mr. race baiter, we should pretend that we are pretending about the trend. we should ignore blatantly racial black on white crime because we all know it’s politically incorrect.

A classic example of racism and race-baiting, actually.

proof you don’t know what race baiting is. of course you probably don’t even know what racism is, so how could you know what race baiting is.

Comment by tresho
2013-07-29 07:00:11

The three perpetrators then took the victim’s iPhone and wallet and fled.
If they had taken his brain, we could call them zombies.

Comment by Mr. Smithers
2013-07-29 07:32:14

If I owned a city, it would look like Detroit.
- Prezzy B

Comment by Northeastener
2013-07-29 07:52:50

Two of the men threw the victim to the ground and kicked him, (D.C. police spokesman Araz) Alali said. The three perpetrators then took the victim’s iPhone and wallet and fled.”

Simple answer: it’s called the Mozambique drill. Learn it, practice it, use it when the need arises…

The Mozambique Drill, also known as the Djibouti Shooty, is a close-quarter shooting technique in which the shooter fires twice into the torso of a target (known as a double tap to the center of mass), momentarily assesses the hits, then follows them up with a carefully aimed shot to the head of the target. The third shot should be aimed to destroy the brain or brain stem, killing the target and preventing the target from retaliating.

If you want to see what this drill looks like in practice, check out the movie Collateral and it’s “briefcase shoot” scene on Youtube.

Comment by goon squad
2013-07-29 08:08:44

This is very useful information, but it’s probably racist or something.

Comment by Northeastener
2013-07-29 08:24:23

This is very useful information, but it’s probably racist or something.

Just make sure when you follow up with the third shot, you yell out “It’s coming right for me!”

South Park - It’s coming right for us

(Comments wont nest below this level)
Comment by Dale
2013-07-29 09:52:39

Why does Trayvon need an iPhone and a wallet?

Comment by Dale
2013-07-29 12:00:06

too bad the victim didn’t have a concealed carry.

Comment by Northeastener
2013-07-29 12:11:42

too bad the victim didn’t have a concealed carry.

Liberals don’t like self-help… rather people be dependent upon the state, whether for food, housing or protection. Why else have an (unconstitutional) ban on handguns and concealed-carry in Washington DC for so many years?

Comment by ahansen
2013-07-29 13:53:18

All you guys feels better now? Freakin’ armchair heroes. And yeah, you’re racist cowards.

(Comments wont nest below this level)
Comment by Hi-Z
2013-07-29 18:15:54

Everybody is a racist and every business is racist and every event must have racial overtones and no one does anything without racial thoughts!
At least from the armchair liberal viewpoint (except them of course).

Comment by polly
2013-07-29 13:51:54

Just like to point out that the Post article calls this a hate crime. And that it was the lede on the local news last night. And that the local news guy also called it a hate crime.

No one is trying to pretend that this was anything other than what it was. So please don’t use this one as an example about how “no one” ever calls black on white crime a hate crime. They do and this is just one example.

Comment by aNYCdj
2013-07-29 15:10:20

Polly I’ll believe it when i see them arrested on the charge and have to make bail…….its all BS, you know it too…

Comment by polly
2013-07-29 16:26:40

They have to find them first, dj. Seriously. Random violence at 1:30 in the morning. And unlike the area where my old office was (near White House), there aren’t cameras all over Adams Morgan.

(Comments wont nest below this level)
Comment by aNYCdj
2013-07-29 17:46:16

Polly open your mind its all over been that way for years…..you just refuse to admit black people cannot be charged with a racial hate crime…..

What if white people start killing blacks claiming it’s for trayvon???…oops see what happens…….Its all about fairness…..and finally my prediction will come true Ohbahhmas legacy is the death of political correctness

Now lets see the mayor demand they be charged with a hate crime , and NO PR bond either……..see Polly that was the change ohbahma & holder should have believed in.

Comment by My failure to respect women is unacceptable
2013-07-29 06:43:10

It comes down to this.

US economic history will be rewritten this week, as the most far-reaching methodological changes in years will add the equivalent of a country the size of Belgium to output in the world’s largest economy.

The most important change by the Bureau of Economic Analysis, to be announced on Wednesday, will be to start counting spending on research, development and copyrights as investment, and reflect pension deficits for the first time.

Combined they are expected to add 3 per cent to gross domestic product.

“We are carrying these major changes all the way back in time – which for us means to 1929 – so we are essentially rewriting economic history,” Brent Moulton, who manages the national accounts at the Bureau of Economic Analysis.

Comment by ecofeco
2013-07-29 17:28:00


Good find.

Comment by 2banana
2013-07-29 06:45:58

Drill baby drill!

The less oil Saudi Arabia sells - the less terrorism there will be.

They are scared. Oil is ALL they have.


Prince Alwaleed sees shale threat to Saudi economy
MarketWatch | July 29, 2013 | By Summer Saidr

Saudi Arabian billionaire Prince Alwaleed bin Talal has warned that the kingdom’s petroleum-dependent economy is increasingly vulnerable as rising production of U.S. shale oil and gas decreases global demand for crude from members of the Organization of the Petroleum Exporting Countries.

In an open letter dated May 13 addressed to Saudi Oil Minister Ali al-Naimi and several other ministers, said the kingdom won’t be able to fulfill its plan to increase its crude production capacity to 15 million barrels because of the shale threat.

Comment by AmazingRuss
2013-07-29 07:28:14

And when ours is gone, they will own us.

Comment by Mr. Smithers
2013-07-29 07:39:51

“And when ours is gone, they will own us.”

The IER estimates there is potentially 1.5 TRILLION barbells of oil within the US including shale in Colorado/Utah. That’s enough for more than 100 years worth of consumption without importing a drop of oil.

Add to this amount the oil in Canada/Mexico and N. American would be self sustain itself for hundreds of years without a drop of imports from the middle east.

But let’s not allow any of that oil to be drilled. Instead let’s spend billion every year on “green” energy boondogles that go bankrupt instead.

Comment by Steve J
2013-07-29 09:52:56

Unproven oil reserves are worthless.

(Comments wont nest below this level)
Comment by ecofeco
2013-07-29 17:32:28

Darn those pesky facts, Steve.

Green energy going bankrupt? Some one should tell Forbes.


Comment by Pete
2013-07-29 12:22:00

“But let’s not allow any of that oil to be drilled. Instead let’s spend billion every year on “green” energy boondogles that go bankrupt instead.”

Whatever. We will drill and produce and *hopefully* we can appreciate the coming energy boom as an unexpected reprieve from peak oil and use that time to plan for when it really does run out. Yes, that will require spending on green energy research and infrastructure. Might even be a few boondoggles along the way. If I thought for a minute that the “market” would do this on its own, I would support that. But there are too many monied interests that would succeed in keeping us on oil alone until it was too late. Geez, if the Saudis are worried about our oil production, just imagine their panic if we actually had a decent compressed natural gas fueling infrastructure set up as well.

(Comments wont nest below this level)
Comment by AmazingRuss
2013-07-29 13:45:44

…and when it’s gone, they will own us.

I don’t care how much there is. Eventually we’ll run short of it, and at that point, we’ll be a LOT better off if we used theirs first.

Keep on shrieking and flinging poo from that tree though.

(Comments wont nest below this level)
Comment by ecofeco
2013-07-29 17:34:10


Comment by (Neo-) Jetfixr
2013-07-29 07:40:50

A glut of oil, yet prices are at historic highs.

Like you assure us, there’s no market manipulation here.

Comment by Mr. Smithers
2013-07-29 08:21:42

1. Prices are not at historic highs. Oil was much higher in 2008.

2. What glut of oil?

3. The price of oil is really the inverse of the price of the dollar. The dollar has been beaten up which means oil is expensive.

This is basic Econ 101 stuff.

Stop thinking everything is a conspiracy dude. You sound like a fool.

Comment by Housing Analyst
2013-07-29 08:39:17

Another bait and switch from Slithers.

No Slithers… … Retail fuels are roughly where they were in 2008……. in spite of the glut in fuel.

(Comments wont nest below this level)
Comment by ecofeco
2013-07-29 17:35:45

Math is be hard for slithers. It involves facts and stuff.

Comment by (Neo-) Jetfixr
2013-07-29 08:57:01

Inventories are at all time, seasonal highs

Demand is down 10% since 2007 in the country that is still the #1 user. (If nothing else, this should take the “refinery shutdown” excuse out of the picture)

-As I’ve noted before, the retail price of Jet-A doesn’t seem to change a whole lot.

We were told for years that the reason fuel was so high was because of the last 3% of demand drove the price (higher) of all oil. Yet, it doesn’t seem to work in reverse.

(Comments wont nest below this level)
Comment by (Neo-) Jetfixr
2013-07-29 09:01:22

Seems like some other people are as deluded as I am


Comment by Housing Analyst
2013-07-29 09:44:23

Gasbuddy? Gasoline? LOLZ

Slithers Slithers Slithers…. you have much to learn and a corrupt moral character to build.

It’s diesel…. as in #2 fuel oil and “gas buddy” isn’t going to help you in this latest caper of yours.

Comment by measton
2013-07-29 10:00:08

Wife and I haven’t purchased gas in 4 months and her tank is still full (chevy volt and new electric). I’m charging at night for 7cents/kwh. With split pricing I’ve shifted 85% of my electrical needs to low priced PM electric rate and when solar goes up. Saudi Arabia Iran etc are getting very little from us. Nissan Leaf is now 21-22k w credit, Volt 25k. It’s a no brainer.

Comment by rms
2013-07-29 10:56:01

+1 Thanks for sharing.

Comment by Rental Watch
2013-07-29 12:28:40

I’m curious…what is the cost in kW per mile? I’d love to say I pay $0.07 per kWh, but I’m in CA, and my cost is MUCH higher. My commute is a short distance, so either way, it won’t make me get an electric car (it’s far more economical to drive my current vehicle into the ground). I’m just curious if I could take an e-car serious if my car were to die.

Comment by goon squad
2013-07-29 06:46:21

The Peoples Republic of Lockheed Martin:

“A number of contractors and advocacy groups say the government has repeatedly inflated the share of contractin dollars awarded annually to small firms, masking serious problems in the procurement process that prevent small businesses from securing more government work.

During his run for the presidency in 2008, then-Sen. Barack Obama emphasized small business, at one point saying that “it is time to end the diversion of federal small-business contracts to corporate giants.”

Nearly five years later, in her most recent management report, SBA Inspector General Peggy Gustafson said the agency’s top challenge is still that “procurement flaws allow large firms to obtain small-business awards and agencies to count contracts performed by large firms towards their small-business goals.”


Comment by ecofeco
2013-07-29 17:39:25

You have problem with Corporate Communist Capitalism©®™, comrade?

Comment by 2banana
2013-07-29 07:02:09

Do You Want To Scare A Baby Boomer?
Economic Collapse Blog | January 17th, 2013 | By Michael Snyder

If you want to frighten Baby Boomers, just show them the list of statistics in this article. The United States is headed for a retirement crisis of unprecedented magnitude, and we are woefully unprepared for it. At this point, more than 10,000 Baby Boomers are reaching the age of 65 every single day, and this will continue to happen for almost the next 20 years. The number of senior citizens in America is projected to more than double during the first half of this century, and some absolutely enormous financial promises have been made to them.

So will we be able to keep those promises to the hordes of American workers that are rapidly approaching retirement? Of course not. State and local governments are facing trillions in unfunded pension liabilities. Medicare is facing a 38 trillion dollar shortfall over the next 75 years. The Social Security system is facing a 134 trillion dollar shortfall over the next 75 years. Meanwhile, nearly half of all American workers have less than $10,000 saved for retirement.

2. According to one recent poll, 25 percent of all Americans in the 46 to 64-year-old age bracket have no retirement savings at all.

3. 26 percent of all Americans in the 46 to 64-year-old age bracket have no personal savings whatsoever.

5. According to a survey conducted by the Employee Benefit Research Institute, “60 percent of American workers said the total value of their savings and investments is less than $25,000″.

6. A Pew Research survey found that half of all Baby Boomers say that their household financial situations have deteriorated over the past year.

11. According to one recent survey, 70 percent of all American workers expect to continue working once they are “retired”.

12. According to a poll conducted by AARP, 40 percent of all Baby Boomers plan to work “until they drop”.

New research from the AARP also shows that those ages 50 and over are carrying higher balances on their credit cards — $8,278 in 2012 compared to $6,258 for the under-50 population.

16. Between 1991 and 2007 the number of Americans between the ages of 65 and 74 that filed for bankruptcy rose by a staggering 178 percent.

18. In 1945, there were 42 workers for every retiree receiving Social Security benefits. Today, that number has fallen to 2.5 workers, and if you eliminate all government workers, that leaves only 1.6 private sector workers for every retiree receiving Social Security benefits.

27. In California, the Orange County Employees Retirement System is estimated to have a 10 billion dollar unfunded pension liability.

28. The state of Illinois has accumulated unfunded pension liabilities of more than 77 billion dollars.

29. Pension consultant Girard Miller told California’s Little Hoover Commission that state and local government bodies in the state of California have 325 billion dollars in combined unfunded pension liabilities.

32. Back in 2004, American workers were taking about 30 billion dollars in early withdrawals out of their 401(k) accounts every single year. Right now, American workers are pulling about 70 billion dollars in early withdrawals out of their 401(k) accounts every single year.

Comment by goon squad
2013-07-29 07:38:50

two words: soylent green

Comment by Dale
2013-07-29 10:03:18

carousel (logan’s run)

Comment by sleepless_near_seattle
2013-07-29 12:14:03

The Lottery. (Jackson’s version or Sliders - “Luck of the Draw” version)

(Comments wont nest below this level)
Comment by Phil Shiffley
2013-07-29 12:26:58

Can’t leave out “Agenda 21″ where all the “undesirables” are rounded up, moved to specific housing and supposedly left w/o medical care or food.

Sounds remarkably like Hitler’s Master Race plans.

Comment by polly
2013-07-29 13:56:58

The Lottery was a random choice of a single person from each town each year. It could end up picking a child. Not an efficient way to get around the existance of old, broke people.

Comment by Housing Analyst
2013-07-29 07:44:00

That’s what you get when you market an unattainable Shangri-La called “retirement”.

Comment by MightyMike
2013-07-29 09:15:05

If you look at items 11 and 12 on that list it appears that it should be pretty difficult to scare baby boomers. It makes me wonder if this knowledge is motivating people to try save something for retirement.

Comment by Happy2bHeard
2013-07-29 12:53:46

Items 11 and 12 should scare younger folks.

Comment by Steve J
2013-07-29 09:55:10

Didn’t Orange County go bankrupt 20 years ago?

Comment by aNYCdj
2013-07-29 10:46:10

Orange county lumber truck one of my favorite songs….crazy guitar work… http://www.youtube.com/watch?v=xMeGJSu7LGc

Comment by ecofeco
2013-07-29 17:42:12

It’s always easy to scare people when you take 75 YEARS of data and present it as a single data point and then imply it’s going to have an immediate impact.

Oldest trick in the book.

Comment by Hi-Z
2013-07-29 18:05:25

Sorta like using CO2 emissions data versus climate change to trumpet “the sky is falling, the sky is falling”..

Comment by ecofeco
2013-07-30 02:57:12

Er, no.

(Comments wont nest below this level)
Comment by goon squad
2013-07-29 07:09:38

’so what’s the matter with atlanta? a new study suggests that the city may just be too spread out, so that job opportunities are literally out of reach for people stranded in the wrong neighborhoods. sprawl me be killing horatio alger.’


Comment by goon squad
2013-07-29 07:11:47

me = may

Comment by Mr. Smithers
2013-07-29 07:45:56

So if I get this straight, poor neighborhoods are a bad place to start a new business. So companies are started in good neighborhoods. But old Krugie doesn’t like this because, well, racism. So the solution is for govt to force companies to close up shop in Dunwoody or Alpharetta (where evil rich white people live) and relocate to the inner city.


Former Enron adviser Paul Krugman, does it again. Funniest economist in the land.

Comment by MightyMike
2013-07-29 09:35:23

Most big cities have a large portion of their jobs located in business districts that are not residential neighborhoods. In other words, nobody lives there, rich or poor. The problem for Atlanta is that its size and its sprawl and its public transportation make it difficult for poor people in poor neighborhoods to travel to areas where the jobs are. Other cities, such as San Francisco and Pittsburgh, are more compact. That makes it easier for everyone to travel to where the jobs are.

That’s Krugman’s thesis, anyway. You would have learned that if you had read his column.

Comment by Steve J
2013-07-29 09:57:42

Urban planners from the 60’s/70’s/80′ seemed to want living, shopping, and working to be in 3 distinct districts accessible only by automobile.

(Comments wont nest below this level)
Comment by My failure to respect women is unacceptable
2013-07-29 11:04:30

Urban planners from the 60’s/70’s/80′ seemed to want living, shopping, and working to be in 3 distinct districts accessible only by automobile.

It helped the auto workers unions for sure.

Comment by ecofeco
2013-07-29 17:48:57

Where I live, it’s the developers, who wouldn’t know urban planning from Max Planck.

A planned community where I live usually consists of 2000-6000 houses with no, and I mean NO type of business whatsoever, not even a dry cleaners and quick shop, within the boundaries.

The same with apartments clusters. 10,000 people and the nearest store of any kind can be a mile away.

Mass transit serving these developments? NONE. Apts or houses close to mass transit? Out of price reach for anyone who needs mass transit.

Marie Antoinette didn’t get it either.

Comment by Pete
2013-07-29 16:10:34

“So if I get this straight,” poor neighborhoods are a bad place to start a new business. So companies are started in good neighborhoods. But old Krugie doesn’t like this because, well, racism. So the solution is for govt to force companies to close up shop in Dunwoody or Alpharetta”

You do not have it straight. The only suggestion he makes is, “The apparent inverse relationship between sprawl and social mobility obviously reinforces the case for “smart growth” urban strategies, which try to promote compact centers with access to public transit.”

Where did you get the part about forcing companies to close up shop and move to poor neighborhoods?

Comment by ecofeco
2013-07-29 17:50:59

He got it from the same place he always does: the voices in his head.

(Comments wont nest below this level)
Comment by (Neo-) Jetfixr
2013-07-29 07:48:58

The much bragged about “mobility of the US work force” era is coming to an end.

Higher transportation costs……a lucky duck job market for the vast majority means that one $12/hour job close to home is worth more than one 15-20 miles away…..intergenerational and two income households mean nobody can relocate for a new job, because everybody in the home has to find a new job if they relocate.

Comment by AbsoluteBeginner
2013-07-29 08:01:37

‘intergenerational and two income households mean nobody can relocate for a new job, because everybody in the home has to find a new job if they relocate.’

Two-income trap redux.

Comment by goon squad
2013-07-29 08:02:22

Wilmington, Ohio is a good example of this. After DHL closed their hub there, the town rolled over and died. It’s just far enough from Columbus, Cincinnati, Dayton to make commute times excessively long and unaffordable.

There is a recent series in the New York Times about teenage girls from troubled homes in western Tennessee. Many of them went through criminal problems, drug use, teenage pregnancies (self-inflicted problems, yes) and the common theme of them trying to put their lives back together is looking for work and not being able to afford a car, car repairs, or gas to get to a job. Sad.

Comment by Mr. Smithers
2013-07-29 08:25:47

Liberals are funny.

Just last week you guys were high fiving each other over the fact that people were driving less. Hooray!! The end of the car is here. Everyone is taking the bus. No more evil cars on the road thanks for $4-5 gas.

Now you’re whining that people can’t drive to where the jobs are because driving is too expensive.


(Comments wont nest below this level)
Comment by (Neo-) Jetfixr
2013-07-29 08:46:05

There ain’t no public transportation to speak of around here.
And a lot of people I know are racking up miles, driving between their multiple regular/contract jobs.

(the -fixr has put 14K miles on his car since I bought it in February. Why?

-Because it is a few hundred dollars a month cheaper to drive the 70 miles in from BFE than it is to rent.

-And because in a flight department meeting with my company CFO couple of weeks ago, he told us that things were going great…..which, if past history can be used as a guide, means the company will implode inside of 18 months. Which means a relocation, assuming there is any work).

Try again.

Comment by Northeastener
2013-07-29 10:04:01

Just last week you guys were high fiving each other over the fact that people were driving less. Hooray!! The end of the car is here. Everyone is taking the bus. No more evil cars on the road thanks for $4-5 gas.

This x 1000. Went to a family cookout this weekend and one of the more liberal members of the family was telling me how he thinks gas prices should be higher, to reflect the true cost to the environment and such for extraction and transportation.

I had to laugh… public transit is a joke in this country and the working poor have a hard enough time affording a reliable car/insurance/fuel without adding to the expense.

Of course, MA just had it’s gas tax go up another .03/gal. Have to pay for all those transportation-related projects somehow, never mind all the projects center around Boston while the tax affects drivers throughout the state, including Western MA, 120 miles away from Boston.

Then there was the discussion about the liberals and environmentalists demonstrating against the last coal-fired power plant in MA. Seems they want to close it down or switch it over to “cleaner-burning” nat gas… works great, right up until natural gas prices when we start allowing more exports. Then everyone will be asking why they’re electricity bills are so high and why coal is so cheap.

Comment by Northeastener
2013-07-29 10:05:53

that’s supposed to be “natural gas prices increase when”…

Limosine liberals. Tax you so they can feel better about themselves while spending your money on their pet projects…

Comment by Steve J
2013-07-29 11:06:27

Your generalizations are very general.

Comment by Happy2bHeard
2013-07-29 13:03:49

“public transit is a joke in this country “

In the 1950s, you could ride a trolley from Pittsburgh to Chicago.

Comment by Pete
2013-07-29 16:04:02

“Now you’re whining that people can’t drive to where the jobs are because driving is too expensive.”

The squad a liberal? Anyway, liberals want more Prius’ and Volts on the roads, and want to bike when they can, and they want YOU to bike when you can. But in the end, even liberals love their cars and hate high gas prices. And I should know, I lived in the Peoples’ Republic of Davis for 25 years.

Maybe you were referring to people like Ralph Nader, who really does want higher gas prices, and would probably whine when people couldn’t afford to get to work. Yes, he is a liberal of sorts. No, his views do not represent those of most liberals. I’m guessing you already knew that.

Comment by Happy2bHeard
2013-07-29 16:56:34

“Just last week you guys were high fiving each other over the fact that people were driving less.”

Driving is a lot more pleasant when everyone else gets off of my roads.

Comment by (Neo-) Jetfixr
2013-07-29 08:32:10

Any parent subsidizing/furnishing transportation for a teenager to get a fast food job might as well just scratch out checks to the owner’s of all of the local restaurants.

They are essentially subsidizing the fast food industry.

A typical, 150K population town out here usually has all of the Wal-Marts, Targets, Best Buys, and restaurants concentrated on a “commerical strip” away from downtown, and with no public transportation. A 10-15 mile drive to work each way is not uncommon.

I ran the numbers once, and my youngest was essentially working for $1/hour back in 2009-2010, if her transportation costs were figured in.

IMO, the first thing that needs to happen is for parents to figure this out, and take their kids out of the job market, unless they need to work to survive. Too many parents are pushing kids into work so they can develop a “work ethic”.

Same with married men/women with kids. They need to figure out how much that second income really contributes to the household income, after all of the costs are subtracted.

Go broke working, or go broke staying at home. Pick your poison.

(Comments wont nest below this level)
Comment by Steve J
2013-07-29 10:03:02

Working has other benefits than money for teenagers.

Comment by (Neo-) Jetfixr
2013-07-29 12:42:23

Like what?

The one thing my daughters are getting from their work experiences are how effed up/stupid/cheap/crooked the general population is.

And what crooks/perverts some of the local small business owner are.

IOW, they are getting a free education on the people to avoid doing business with, if at all possible. By going to work for large, nationally owned chains, for starters. They have HR reps, and employee handbooks.

A lot less of this “Policy is whatever I say it is” stuff. A crappy economy is great for this type.

Comment by polly
2013-07-29 16:30:27

I don’t know, ‘fixer. Becoming appropriately cynical about bosses is a pretty valuable lesson, if you ask me.

Comment by Happy2bHeard
2013-07-29 16:59:03

I always figured those minimum wage jobs were good incentive to study harder and find a niche where they don’t have to put up with the nasty bosses.

Comment by ecofeco
2013-07-29 18:00:43

>I always figured those minimum wage jobs were good incentive to study harder and find a niche where they don’t have to put up with the nasty bosses.

It would if there were actually more of those to be had.

Comment by AbsoluteBeginner
2013-07-29 07:58:31

Yeah, I noticed that Atlanta is huge. Great if you like to drive. And get stuck in traffic and all the other trappings. City life. Eventually whole east coast may be a sprawl. Not just the Boston to Washington corridor. Picture people and cars and malls everywhere in flyover east coast areas. Nothing Malthusian gonna happen.

Comment by goon squad
2013-07-29 08:18:51

The last time I was in Atlanta, I waited NINE HOURS for a table at Applebees.

Comment by Housing Analyst
2013-07-29 08:51:02

The economy must be roaring in Atlanta!

(Comments wont nest below this level)
Comment by goon squad
2013-07-29 08:59:09

the guy standing in line in front of me at applebees told me that in the time between he got in line and got seated that the value of his house went up by 10,000 dollars.

Comment by Housing Analyst
2013-07-29 09:40:16

I heard 10 year old honda civics are “going up in value” by $1500 a day.


Comment by Beer and Cigar Guy
2013-07-29 11:23:08

“The economy must be roaring in Atlanta!”

Its all those filthy-rich Atlanteans, buying up all of the properties sight unseen and offering 90% over asking price. They zoom around on their magic jet airplanes, snapping-up all the houses before they even go on sale. They are unstoppable.

Comment by AmazingRuss
2013-07-29 13:47:51

I had to write a letter to the hostess explaining how my family would take good care of the table, and feed the squirrels.

(Comments wont nest below this level)
Comment by ecofeco
2013-07-29 18:02:16

:lol: You guys are killin’ me! :lol:

(Comments wont nest below this level)
Comment by goon squad
2013-07-29 07:36:53

this associated press piece was already posted here this weekend. some excerpts:

‘hardship is particularly on the rise for whites, based on several measures. pessimism among that racial group about their families’ economic futures has climbed to the highest point since at least 1987.

minorities have more optimism about the future after obama’s election, while struggling whites do not.

by race, nonwhites still have a higher risk of being economically insecure, at 90 percent. but compared with the official poverty rate, some of the biggest jumps under the new measure are among whites, with more than 76 percent enduring periods of joblessness, life on welfare or near-poverty.’


Comment by (Neo-) Jetfixr
2013-07-29 07:56:14

“minorities have more optimism…..”

We’ll fix that, by electing a Republican as President.

Comment by Steve J
2013-07-29 10:05:26

Bush and Obama are pretty much interchangeable if you ignore what they say and only look at their actions.

Comment by Beer and Cigar Guy
2013-07-29 11:25:58

Obama is Bush-Lite.

(Comments wont nest below this level)
Comment by goon squad
2013-07-29 11:56:51

i just started reading the biography of stalin by robert service (professor of russian history at oxford). an excerpt of the new york times book review from 2005:

’stalin took great pains to cover up the facts of his childhood and youth. aided by state hagiographers, he revised the events of his life multiple times, making it nearly impossible to determine what role he played in the crucial events of the october revolution and civil war. airbrushing by state hagiographers added extra layers of obfuscation. inconvenient witnesses tended to disappear. secretive, introverted, and paranoid, stalin made an art of concealing his motives and his methods.’

doesn’t sound much different from barack hussein obama.

(Comments wont nest below this level)
Comment by alpha-sloth
2013-07-29 12:14:51

Oh come on, Obama’s far worse than Stalin. He’s the antichrist, for god’s sake!

Comment by aNYCdj
2013-07-29 13:28:20

Nah Ohbah is just the most racist pres we ever had….but give him a few more years and then maybe I’ll agree alpha

Comment by Beer and Cigar Guy
2013-07-29 13:33:33

Yup, complete with the Cult Of Personality obsession. Most- if not all- politicians are egomaniacs and/or sociopaths.

Comment by tj
2013-07-29 13:33:41

at least stalin didn’t blame the ills of the world on his own country.

Comment by Resistor
2013-07-29 15:25:48

If Stalin had a son, he would have looked like Trayvon.

Comment by rms
2013-07-29 19:48:35

“When Stalin says dance, a wise man dances.” -Nikita Khrushchev

Comment by (Neo-) Jetfixr
2013-07-29 12:29:07

Yeah, I know that, and you know that…….

Reapublicans are too busy painting him as a socialist/commie/taker to actually check his record. And Democrats should (but aren’t) checking his record either.

The only difference between Romney and Obama is who they were going to give government money. And everything I’ve seen says the top 10%ers have more money than they know what to do with.

Disclaimer: I haven’t voted since the 2008 election. Not much point in it.

(Comments wont nest below this level)
Comment by Happy2bHeard
2013-07-29 17:07:16

If you read the article, it is a lifetime risk of having periods of low or no income. I think this has a lot to do with how willing someone is to work into old age.

I know people who have had a middle class income their whole lives, with no interruptions. They are looking forward to retiring and traveling like my parents’ generation was able to.

Even if I had as much retirement income as they expect to, I would not feel as secure. Having lived through several periods of uncertain income and medical issues, I know how quickly circumstances can change and I see my best security as continuing to work and maintaining my skills and marketability.

Comment by Housing Analyst
2013-07-29 07:48:57

C’mon out and play Stealtors.

Comment by My failure to respect women is unacceptable
2013-07-29 07:57:05

Stealtors are busy scamming the gullibles.

Comment by My failure to respect women is unacceptable
2013-07-29 11:01:54

I must say though I have seen more and more “sale by owner” this year in my nabe. Are you seeing the same in your city?

Comment by Housing Analyst
2013-07-29 11:10:57

We’re seeing more 4 sale signs popping up in general.

(Comments wont nest below this level)
Comment by (Neo-) Jetfixr
2013-07-29 07:53:57

The-fixr is going road-tripping to Colorado the second week of August

Anything interesting to do in Grand Junction? From what some of the pilot’s say, I need to go buy cowboy boots and a cowboy hat.

Damn…..and I thought I was going to Eagle…….

Comment by goon squad
2013-07-29 08:04:36

Rent a mountain bike and check out the Kokopelli Trail along the Colorado River near Fruita.

Comment by Steve J
2013-07-29 11:07:38

Pan for gold along the Arkansas.

Comment by AmazingRuss
2013-07-29 13:49:01

Colorado National Monument.

Comment by jose canusi
2013-07-29 09:55:21

Compare and contrast two stories about the Hialeah, Florida shooting:


“We dunno, we’re searching for answers”.



“The gunman who went on a shooting rampage at his South Florida apartment building, killing six people, was a lonely man who spoke about having pent up anger, those who knew him said Sunday.

Pedro Vargas, 42, lived on the fourth floor of a barren, concrete apartment complex in the Miami suburb of Hialeah with his elderly mother. He rarely spoke with others there, and confided to a man who worked out at the same gym that he liked to work out his anger by lifting weights and trying to get big.

“He’d just say this was the only thing that would keep him normal, pulling out all the anger in the gym,” Jorge Bagos told The Associated Press.

Bagos said the gunman expressed frustration over bad experiences with women and losing all his hair from using steroids.”

The Houston Chronicle picked up their info from AP, but there it is: a simple case of ‘roid rage”, the same thing that drove the wrestler Chris Benoit to murder his family and then off himself.

Isn’t the use of these types of steroids against the law? That’s some bad stuff there. Guy was pizzed because he was having problems with women (can’t imagine why) and his hair fell out from the roids.

Funny how more isn’t being said about this. Guess it doesn’t fit the “we need gun control” meme.

Comment by 2banana
2013-07-29 10:53:56

we need more gun control.

it is the only way to be safe

just ask chicago

Comment by Steve J
2013-07-29 11:11:10

I think they are just making up the steroid issue.

I’m surprised he wasn’t called a white caucasion.

Comment by jose canusi
2013-07-29 11:44:39

I have a working theory that much of what goes on today is directly or indirectly attributable to drugs and meds of various types. James Holmes? Medicated. Adam Lanza? Medicated. Hialeah shooter? Medicated. And the beat goes on.

I think if you did some research, you’d find the majority of politicians and gov’t folks and Wall Streeters are on some sort of mood altering substance, and part of my working theory is that due to the fact that these substances sort of numb the psyche of the individual (against things like fear, guilt, anxiety, bipolar,etc.), they lose a certain amount, if not all, empathy and conscience in their actions, and do things they normally wouldn’t if they were in their right mind, no matter how anxiety producing that right mind might be. And then there are things like ‘roids that induce anger and violence. Or mixing meds that shouldn’t ought to be mixed.

It’s a brave new world out there, and the drugs are pretty vicious, a lot more so than they used to be.

Comment by Arizona Slim
2013-07-29 12:04:33

And don’t forget the case of the guy who shot up the Louisville printing plant where he worked. Prozac implicated in that one.

(Comments wont nest below this level)
Comment by jose canusi
2013-07-29 12:21:50

Having had some interactions with folks who are on psychiatric meds, it can really mess up your mind dealing with them. They walk, they talk, they smile and nod and you think you’re talking to a human being, but you’re not. You’re talking to the drugs. Half the time they don’t remember what you said, if they remember talking to you at all. And they can get weird and go from really cheerful to pissed off for no good reason in the wink of an eye. Or they’ll just be real cold and numb and show contempt for people who have real feelings and emotions. If I know someone is on these kinds of meds, I avoid them like the plague, especially after I had to drive someone home from the workplace who mixed their meds. I’ll never do that again.

I wouldn’t be a bit surprised if most workplace violence didn’t have something to do with meds or drugs of some sort, whether prescription or illegally obtained.

Comment by cactus
2013-07-29 11:27:56

Meredith Whitney famously predicted in December 2010 that “hundreds of billions of dollars” of municipal defaults would happen within the next 12 months. The good news is that Whitney’s call never materialized and the former banking analyst has since been widely criticized. In her new book Fate of the States, Whitney discusses the cause of the 2008 housing crash and forecasts boom times for the states that escaped the residential crash and burn. But investors and analysts are eager to get Whitney’s take on Detroit’s filing for bankruptcy protection — the largest in U.S. history — and revisit her notorious prognostication again. She called the filing “a game-changing event.”

When asked how Detroit’s situation will impact the muni bond market more broadly, Whitney demurred.

“Well let me turn that question back to you because you have more experience in the muni bond market than I do,” she says to The Daily Ticker’s Aaron Task in the attached video. “What do you think?”

When pressed, Whitney agrees with Task that cash-strapped cities and municipalities will likely pay high interest rates on their bonds from creditors, a situation that would dig local governments deeper into debt. She explains:

“In state constitutions there are caps on the debt service payments but not caps on the total debt outstanding that a state is allowed to carry. So when you have very low interest rates, and very cheap costs to borrow, you can borrow a lot. Now all of a sudden if your cost of borrowing has gone up by a factor of 2x, you’re hitting limits that are actually going to trigger a real downsizing for a lot of the municipalities that have been really going for broke over the last couple of years.”

Comment by Neuromance
2013-07-29 11:33:05

It occurs to me that a good way to encourage your contributors to give you more is to threaten to pass something that they strongly oppose.

Why ‘PATH’ Approach to Fannie, Freddie Phase-out is Troubling
July 29, 2013, by Robert Freedman

Lawmakers have been talking about reforming the secondary mortgage market since the housing bust but until now the effort has remained largely in the planning stage. No more.

In the House last week, the Financial Services Committee reported out a bill, called the PATH Act, that would phase out the two secondary mortgage market companies, Fannie Mae and Freddie Mac, and make major changes to the way FHA conducts its business. “PATH” stands for “Protecting America’s Taxpayers and Homeowners.”

NAR has long called for replacing Fannie and Freddie while ensuring continued mortgage market liquidity in good times and bad through the maintenance of an explicit federal presence in the market. On that basis, the Senate approach, called the Housing Finance Reform and Taxpayer Protection Act, is the better starting point of the two.

It’s unclear how far Congress will get this year in taking the next step—that is, passing either of these bills in their respective chambers as well as considering other bills that need to be factored in, including bills that focus on FHA reforms.


Comment by Whac-A-Bubble™
2013-07-30 01:28:55

“NAR has long called for replacing Fannie and Freddie while ensuring continued mortgage market liquidity in good times and bad through the maintenance of an explicit federal presence in the market.”


Comment by Housing Analyst
2013-07-29 12:11:32

“Like diamonds are forever”, losses on depreciating assets like houses are eternal.

Comment by ahansen
2013-07-29 14:17:08

Like gold, good diamonds are a longterm store of value, invaluable as barter in a pinch and highly effective as a manipulator of human nature.

I’ve been listening to people disparage investment grade diamonds all my life, but somehow their exchange value has only gone up over the last 100 years. That’s the power of a good cartel.

Comment by (Neo-) Jetfixr
2013-07-29 13:06:59

On Zillow, looking for a place to rent…….

Nothing better to show you that you are a new member of the “working poor” than trying to find a place to rent, using “old paradigm” budget numbers.

Nice 1 bedrooms aren’t too much of a problem. If you have any tools, or kids visiting/living with you, and you need two+ bedrooms, and/or a garage? And a single income? Welcome to Ft. Apache.

Comment by polly
2013-07-29 14:12:09

Being able to stick with a one bedroom has allowed me to rent in a neighborhood way above my “station.” Is there any way to ge the space for the tools nearby, rather than as an actual part of the apartment?

Comment by ahansen
2013-07-29 15:04:10

A balcony storage shed or repurposed closet is a good place to store tools. Or try a pegboard wall disguised as an art installation, or a net hammock strung between two ceiling corners. Underground parking lots often rent storage cages to tenants. Where there’s a wall there’s a way….

Comment by Arizona Slim
2013-07-29 15:26:06

I like that. Where there’s a wall, there’s a way…

(Comments wont nest below this level)
Comment by alpha-sloth
2013-07-29 15:32:55

What do you need so many tools for if you live in an urban apartment? Do you repair your car?

Comment by tresho
2013-07-29 17:32:25

How big a pile of tools do you have?

(Comments wont nest below this level)
Comment by alpha-sloth
2013-07-29 17:43:05

Most of my larger tools are related to gardening or having a yard. During the two decades I lived in apts, I kept all my tools (non-culinary) in 2 toolboxes. I didn’t fiddle with cars for a hobby like fixr does, but I don’t think polly does either.

Comment by Resistor
2013-07-29 18:43:35

“Should I bring my f*ckin’ tools?”


Comment by ahansen
2013-07-29 14:02:13

This is for oxy, SF, inch, and the rest of us lady unFBs:

Harvesting apples, nectarines, plums, Asian pears, strawberries by the bushel now. Peaches, apples, pistachios, black walnuts, melons, squashes, termaters and herbs next month and beyond.

Enough food to can, freeze, ferment to get me and mine through the winter at least. Try doing that on the balcony of your rootless rental apartment.

Comment by alpha-sloth
2013-07-29 15:37:55

Your losses will be unfathomable.

Comment by ahansen
2013-07-29 19:33:47

Burp. :-)

Comment by Housing Analyst
2013-07-29 14:31:30

Hey Slithers…….

You’re a fraud. A bonafide fraud. If you respond, I’ll take back every word. Until then… You’re a fraud.

Comment by Whac-A-Bubble™
2013-07-30 01:26:39

Proven! :-)

Comment by phony scandals
2013-07-29 16:57:23

The Standells - Dirty Water with Lyrics - YouTube
http://www.youtube.com/watch?v=q7dGxVDwitE - 122k -

I’m wanna tell you a story
I’m wanna tell you about my town
I’m gonna tell you a big fat story, baby
Aww, it’s all about my town

Yeah, down by the river
Down by the banks of the river Potomac
Aw, that’s what’s happenin’ baby
That’s where you’ll find me
Along with liars, buggers and thieves
Aw, but they’re cool people

Well I love them phony scandals
Oh, D.C. you’re my home
Oh, you’re the number one place

Frustrated AP reporters (I mean they’re frustrated)
Had their lines all tapped (oh, that’s a shame)
But I’m wishin’ and a hopin’, oh
That Eric Holder ain’t blamed
He needs to take the Fifth or have it sealed under executive order or somethin’

Well I love them phony scandals
Oh, D.C. you’re my home (oh yeah)

‘Cause I love them phony scandals
Oh, D.C. you’re my home (oh, yeah)

Well I love them phony scandals (I love it, Bammy)
I love them phony scandals (I love D.C.)
I love them phony scandals
(Have you heard about Benghazi)
I love them phony scandals (Jay Carney is the man)
I love them phony scandals (Owww!)
I love them phony scandals (I’m in love with D.C.)
I love them phony scandals (Aww yeah)

Comment by rms
2013-07-29 17:37:00

“Real Housewives of New Jersey stars face fraud charges”

“By Richard Esposito
Senior Executive Producer, NBC News Investigations

Two stars of the TV reality show “Real Housewives of New Jersey” were hit with a dose of reality Monday when federal prosecutors charged them with 39 counts of fraud, alleging that they used fake paystubs, tax returns and W-2s to secure nearly $5 million in loans before trying to declare bankruptcy.”


Comment by tresho
2013-07-29 17:55:21

Two police officers accused in Detroit robbery, assault

A photograph snapped by a citizen and distributed to the media led to the arrest of two police officers who allegedly robbed and assaulted two people last week, Detroit Police Chief James Craig said Monday.

The two men — one a sergeant and 20-year veteran of the Detroit Police Department; the other with the same rank in St. Clair Shores — allegedly wore their badges around their necks and drew their department-issued pistols when they robbed two men at an east side gas station on July 21, according to police. One of the victims was assaulted, Craig said.

The crime happened around 4:45 p.m. at a Citgo gas station on French Road. The two cops drove to the station together in a private vehicle, approached the victims with their guns drawn and badges hanging from their necks, Craig said.

“It’s alleged they stole money and a cellphone,” Craig said. Stair added that one of the victims was struck with one of the officers’ guns, although his injuries are not thought to be life-threatening.

“The Good Samaritan who took those photographs saw that something wasn’t right,” Craig said.

Comment by rms
2013-07-29 18:17:21

+1 Wow, even the city’s finest are low-down street-thieves.

Comment by alpha-sloth
2013-07-29 18:30:20

I doubt they were true thieves (or robbers). They were probably owed money in a shakedown.

Comment by Whac-A-Bubble™
2013-07-30 01:25:03

If Detroit is an “outlier,” as evidenced in part by its large (-62.1%) population decline since 1950, then I guess so are these other major American cities on the top ten list by 1950 population:

Chicago (-25.0%)
Philadelphia (-25.3%)
Baltimore (-34.6%)
Cleveland (-57.3%)
St. Louis (-62.9%)
Washington (-21.2%)
Boston (-20.6%)

Relax, We’re Not Detroit
by Daniel Gross Jul 29, 2013 2:50 PM EDT
Fears that the rest of the country will go the way of Detroit are unfounded fearmongering. Daniel Gross on why the Motor City is an outlier.

No, Detroit is not a symbol, a harbinger, or a leading indicator of what is happening to America—despite what you may have read. Since the city initiated bankruptcy proceedings last week, a stream of anguished pieces have tried to warn America that Detroit’s fate is just the beginning. “Come See Detroit, America’s Future,” warns Charlie LeDuff’s op-ed in The New York Times. Meredith Whitney, the false prophet of municipal debt disaster, took to the Financial Times and Yahoo Finance to make her case. Whitney, who predicted dozens of massive municipal defaults in 2010, said: “We know [Detroit’s bankruptcy] is a game-changing event for certain.” In due course, companies will “either get their act together or follow Detroit’s lead.” The obligatory Time cover asked: “Is Your City Next?”

In a word, no.

To be clear, like Detroit, the U.S. as a whole—and many of its companies, states, cities, and consumers—has a significant mismatch between its assets, cash flows, and liabilities. There are large pockets of pain and financial misery throughout the U.S. There will be more failures. But the difference between Detroit and the rest of the country could not be more stark. In recent years Detroit had lost the capacity to stay current on its debts, to fund its operations, and to grow. At the same time, the rest of the country is doing a much better job staying currents on its debt, funding its operations, and growing.

Comment by tresho
2013-07-30 07:20:35

the rest of the country is doing a much better job staying currents on its debt, funding its operations, and growing.
Did this come from the Onion?

Comment by Resistor
2013-07-29 18:12:02

“Former Indiana and current Florida schools chief Tony Bennett built his national star by promising to hold “failing” schools accountable. But when it appeared an Indianapolis charter school run by a prominent Republican donor might receive a poor grade, Bennett’s education team frantically overhauled his signature “A-F” school grading system to improve the school’s marks.”


Comment by tresho
2013-07-29 19:28:19

Michigan - Ecorse mayor tracks down his stolen air conditioner … again

For the second time in seven months, thieves swiped the central air conditioning unit from the home of Mayor Darcel Brown.

According to Brown, the boldness of the theft is a symptom of reduced police staffing in Ecorse, a financially strapped city that until recently had been under the guidance of an emergency financial manager.

“I was asleep Sunday night when I heard a knocking sound,” Brown said. “I looked outside and there was a truck with my air conditioning unit in the back. I called the police, and they were there very quickly, but the truck had already taken off.”

Driving his own vehicle, Brown joined police in a search for the truck.

“We found the truck and an individual in an alley,” Brown said. “The AC unit was still on the truck.”

According to Sgt. Narda Bruno, within minutes after the truck was seized by police, the owner of the vehicle called to report it had been stolen.

“It wasn’t stolen,” Bruno said. “It was only reported as stolen after we found it.”

Bruno suggested residents should cover outdoor AC units with metal cages secured with heavy locks.

“Otherwise, they just lift them right off the concrete pad,” Bruno said. “If your unit is stolen, stay calm and get as much of a description of the people involved as possible. That would help tremendously.”

Comment by Whac-A-Bubble™
2013-07-29 20:57:03

Times are tough when the world’s oldest profession goes flaccid!

Sex doesn’t sell
An old industry is in deep recession
May 25th 2013 |From the print edition
The mass-market end of the business

TIMES are tough for Debbie, a prostitute in western England who runs a private flat with other “mature ladies”. She does two or three jobs a day. A year ago she was doing eight or nine. She has cut her prices: “If I hadn’t, I wouldn’t still be open.” She says that she can now make more money doing up furniture and attending car-boot sales than she can turning tricks.

George McCoy, who runs a website reviewing over 5,000 massage parlours and individuals, says that many are struggling. Sex workers tell him they have been forced to hold down prices. Like other businesses, massage parlours and private flats are suffering from rising rents and energy costs. Even Mr McCoy’s website is under the cosh: visitor numbers are down by a third.

Comment by rms
2013-07-29 22:47:31

While it’s impossible to off-shore these services the seasoned ladies are likely faced with firm competition from the amateur entrants during tough times.

Comment by Whac-A-Bubble™
2013-07-30 00:03:32

“…during tough times.”

Apparently times were tough rather than hard.

Comment by rms
2013-07-30 07:37:00

“Apparently times were tough rather than hard.”

+1 Good times are hard.

(Comments wont nest below this level)
Comment by Whac-A-Bubble™
2013-07-30 01:31:40

Berkeley libruhls aren’t friendly enough to Wall Street.

Comment by Whac-A-Bubble™
2013-07-30 01:32:57

Obama was one of the leakers of Summers at Fed speculation, columnist says
July 29, 2013, 2:39 PM

President Barack Obama was one of the officials who leaked that he was on the verge of naming Larry Summers to succeed Ben Bernanke as chair of the Federal Reserve, according to a column Monday by progressive columnist Robert Kuttner.

According to Kuttner, in a follow-up email, a reliable source told him the president mentioned Summers on background to a small group of the press.

The carefully orchestrated campaign went awry because of a massive backlash from Senate Democrats, Kuttner said.

At the daily press briefing Monday, White House deputy press secretary Josh Earnest declined to comment on Obama’s deliberations in picking a Fed chair.

Kuttner, who has long decried the influence of Robert Rubin on the Democratic Party, sees the former Treasury secretary as the puppet-master at the center of the race for Fed chairman.

In a blog on the Huffington Post, Kuttner said Rubin and his allies would never accept Yelllen as Fed chief because she is too independent and not friendly enough to Wall Street.

So with Summers’ candidacy damaged, Rubin will look for another viable candidate.

Comment by Whac-A-Bubble™
2013-07-30 01:35:06

Feminists angry at Obama’s rumored pick of Larry Summers to lead the FED
Published time: July 24, 2013 16:30
Former Treasury Secretary Lawrence Summers (Mark Wilson/Getty Images/AFP)

Reports have surfaced that former White House Economic Adviser Larry Summers might be the next chairman of the Federal Reserve, but presumed controversies about the alleged frontrunner have sparked some opposition to the choice.

People dismissed Summers’ chances a month or two ago, but he’s increasingly viewed as the leading candidate today – and opinions on this, for reasons I don’t fully understand… have really hardened in the last 72 hours,” reports the Washington Post’s Ezra Klein.

People who have been briefed on the Obama administration’s preference told the Huffington Post that the president is indeed leaning towards Summers, who currently serves as director of the National Economic Council.

But critics have lashed out against the choice, slamming Summers for his economic record and his purported inability to work with women. Some liberal critics have expressed their preference for Federal Vice Chair Janet Yellen, who is currently considered the other frontrunner for the job.

Comment by Whac-A-Bubble™
2013-07-30 01:37:45


July 28, 2013, 6:46 p.m. ET
Obama’s Fed Circus
Democrats put on a spectacle of Wall Street and gender politics.

The Federal Reserve chairman is the world’s most important economic official, especially with today’s weak U.S. Treasury. So how embarrassing for American economic leadership to see the choice of Ben Bernanke’s successor devolve into a brawl between the Democratic Party’s gender liberals and its Wall Street wing. If only the two sides disagreed on the conduct of monetary policy.

President Obama opened the circus in June when he signaled to PBS’s Charlie Rose that Mr. Bernanke had “already stayed a lot longer than he wanted or he was supposed to.” A more managerially competent President would have quietly advised Mr. Bernanke about his intentions and let the Fed chairman announce his departure on his own terms after eight years.

Mr. Bernanke would have been treated with more respect. And the President could have given himself more flexibility in vetting a replacement and avoiding what is now a very public scramble for the job.

Name (required)
E-mail (required - never shown publicly)
Your Comment (smaller size | larger size)
You may use <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong> in your comment.

Trackback responses to this post