Bits Bucket for May 3, 2014
Post off-topic ideas, links, and Craigslist finds here.
The Housing Bubble
Examining the home price boom and its effect on owners, lenders, regulators, realtors and the economy as a whole.
About Me
Name:Ben Jones
Location:Northern Arizona, United States
To donate by mail, or to otherwise contact this blogger, please send emails to: thehousingbubble@gmail.com
PayPal is a secure online payment method which accepts ALL major credit cards.
Links
-
November 2024 M T W T F S S « Sep 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
Photo Submission: hbbphotos@gmail.com
View the HBB Photo Gallery *updated 4/13/2008
“Why would pay more than new construction cost ($55 per square foot) for a rapidly depreciating 20+ year old resale house?”
Let me guess…… Because realtors tell you that the cost of a house cannot be evaluated using math?
Realtors are liars.
Yesterday’s WSJ published an opinion piece about how those evil “dead and retired policy makers” are bankrupting the country, referring of course Medicare and Social Security.
WSJ is still stomping its little foot that Congress didn’t allow them to get their sticky fingers onto that Social Security money themselves via “opt-in” and “carve-out” SS accounts. If we had “carve-outs” now, the WSJ would be canonizing those dead and retired policy makers as saints.
What percentage of Social Security and Medicare are just welfare?
What percent of people who “go on disability” are really on welfare?
85 percent now
It is a sure sign of a top when the WSJ is desperate to get the little guy into the market.
I wonder why this is?
Purchase Mortgage Applications Hit 19-Year Low: MBA
http://www.nationalmortgagenews.com/dailybriefing/purchase-mortgage-applications-hit-19-year-low-mba-1041195-1.html
“I wonder why this is?”
I’ve heard people mention that housing is cratering.
“The mortgage market has failed to shift from refinances to purchases as anticipated,”
This is going to be epic. Get out of debt while you still can. *Hint* No 30 year loans.
Tens of millions of excess empty houses… How can this be?
“Housing Inventory Remains Spacious”
http://blogs.wsj.com/economics/2013/11/06/vital-signs-housing-inventory-remains-spacious/
“Buying A House Is The Worst Investment You Will Ever Make”
…. at least at current asking prices which are triple construction costs(lot, labor, materials, profit)
http://caps.fool.com/Blogs/buying-a-house-is-the-worst/714396
Sold for $605K over asking. YOLO!
http://blog.sfgate.com/ontheblock/2014/05/02/overbid-madness-glen-park-home-sells-for-605k-over-asking/#23018101=0
2.1 million total for a: a 2-bed, 2.5-bath property, spans 1,850 feet in Glen Park
Congrats to the fraudsters that pulled this off.
Just seems to be the market in the SF area…..reposting this….
Comment by Jingle Male
2014-05-01 02:08:00
Is it a “bubble” if the market trend is ongoing for almost 70 years?
My Uncle was an engineer in “Silicon Valley” before there was any silicon in the valley (Varion, Lenkart, Sylvania, etc). When he died in 1986, his house sold in 1 week for $375,000. I remember everyone in my family saying the price was insanity. 1,780 SF. $210/SF.
Here is the house today:
http://www.zillow.com/homedetails/120-Gabarda-Way-Menlo-Park-CA-94028/15601528_zpid/
Everyone is still saying the same thing today: Insanity at $2,000,000. $1,123/SF.
Like so many others, pretending that peak prices were not fueled by fraud. Your tears will fill oceans.
Look at those blue skies; surely adds a $1-million to the price.
Because it must be worth it to be voluntarily wanting to pay more property taxes for the “progressive” government in California.
IOW: “please shackle me and make me a slave so I can pay for the illegal alien Gods and Goddesses and their anchor babies.”
I was in an ER last night in Las Vegas. A woman brought in four children at 12:45 AM (baby through pre-teen) to be examined. They all looked fine. One of the middle ones, asked by the triage nurse what’s wrong, said “I have a runny nose.”
Remember that this is what “winning” is all about.
People will pay with their livelihoods to live their precious lifestyles.
Lots of evidence out there that inventory management and zero dollar exchanges of housing units between hedgies and government entities counted as sales.
That’s your recovery.
Please post a link.
Logan “Hoagie” Mohtashami says “it’s different in TX”
‘Happy Days’ no more: Middle-class families squeezed as expenses soar, wages stall
“Wages for millions of American workers, particularly those without college degrees, have flat-lined. Census figures show the median household income in 2012 was no higher than it was 25 years ago. Men’s median wages were lower than in the early 1970s.
Meanwhile, many of the expenses associated with a middle-class life have increased beyond inflation. This includes college tuition, whose skyrocketing cost has laid siege to a bedrock principle of the American Dream: that your children will do better than you did.
A recent poll conducted by the Washington Post and the Miller Center at the University of Virginia found that 40 percent of those calling themselves middle class felt less financially secure than they were just a few years ago. Forty-five percent said they worry “a lot” about having enough money stashed away for retirement, and 57 percent said they worry about meeting their bills. Less than half said they expect their kids to do any better.
Fewer Americans find themselves in the heart of the middle class with every passing year.
In the mid-1970s, the majority of Americans were in the middle, with 52 percent earning the equivalent (in today’s dollars) of $35,000 to $100,000. Today, according to census figures, the share of households earning under $35,000 is virtually unchanged, 35 percent. The shift has occurred in the other two categories. Households with incomes over $100,000 have doubled, to 22 percent, while less than 44 percent are in the middle cluster.”
http://www.washingtonpost.com/local/happy-days-no-more-middle-class-families-squeezed-as-expenses-soar-wages-stall/2014/04/26/f4a857f0-7a47-11e3-b1c5-739e63e9c9a7_story.html
More class warfare from Bloombergie
http://www.bloomberg.com/news/2014-05-02/miami-s-poor-live-on-11-a-day-as-boom-widens-wealth-gap.html
My parents both had two year degrees from community colleges. I have a MSCS. Two of my sisters have BS degrees. I suppose I can equal the standard of living as my parents had. But I did not get to that point until my mid 40s. And I have no spouse or kids. None of my sisters come close to the standard of living my parents had.
Yes, no wife or kids, but through inflation you are supporting a fleet of bankers.
And illegal aliens with anchor babies.
Soon, you’ll be supporting your two sisters, despite their BS degrees.
I don’t think a lot of people on this board realize how bad this really is.
(Another post today discusses the outsourcing of even more jobs - has anyone here even thought about the effects of ObamaCare upon where a company will source its workers? Why the hell would ANY company keep its workers in the United States if it didn’t have to?)
Why the hell would ANY company keep its workers in the United States if it didn’t have to?
FWIW, decent jobs provided good health insurance prior to Obamacare. And the offshoring juggernaut has been steamrolling workers for decades, again, before Obamacare. It doesn’t matter if your employer provides zero benefits if there is a guy in the third world who will do your job for $2/hr.
“Soon, you’ll be supporting your two sisters, despite their BS degrees.” Since 2006 I figured this as very very likely.
“I don’t think a lot of people on this board realize how bad this really is.” I figure around 50% of us.
“Why the hell would ANY company keep its workers in the United States if it didn’t have to?”
For another version of this, why would ANY company keep its workers in California, the most anti-business state on the planet, if it didn’t have to?
U.S. News
California City of Torrance Grapples With Toyota Relocation to Texas
Giant Auto Maker Is Moving 3,000 Jobs to New North American Headquarters
By Tamara Audi and Mike Ramsey
April 30, 2014 8:37 p.m. ET
A car rides past Toyota’s campus in Torrance, Calif. Orange County Register/Zuma Press
Five weeks ago, Torrance, Calif., Mayor Frank Scotto was celebrating the opening of the city’s new athletic fields with officials of Toyota Motor Corp. The city’s biggest employer and a prime benefactor had given a half-million dollars toward the project.
This week, Mr. Scotto has had a less pleasant duty to perform: Figuring out how Torrance can fill the 101-acre hole the giant auto maker will leave behind when it vacates its sprawling campus and moves 3,000 jobs to a new North American headquarters in Texas.
Toyota’s decision to consolidate much of its U.S. operations in Plano, Texas, by 2017, officially announced Monday, caught Mr. Scotto by surprise. Toyota’s own employees in Torrance were informed just minutes after the mayor got a courtesy call. State of California officials, too, had been in the dark about the move, which Toyota had been exploring for the past year.
“It was a shock,” Mr. Scotto said, though he had heard reports rumoring the move. “We didn’t realize the magnitude of what it was.”
…
“Soon, you’ll be supporting your two sisters, despite their BS degrees.”
I feel so very, very lucky to have three sisters who live debt free existences. In fact, if the rest of America’s households adopted their spending habits, we could put Wall Street’s Megabank debt parasites out of business, which would be one of the greatest financial achievements in American history.
Let’s go for it!
When I read that Toyota was leaving for Texas I was wondering what my “progressive” California-centric friends who I worked with for more than eight years (one mile from that Toyota HQ) must be thinking. So much of a great opportunity to rub their faces in the mud and gloat.
But I didn’t discuss the issue. Obviously it is a big statement against “progressivism” Toyota is making. “Progressivism” is unaffordable. Way unaffordable.
They don’t realize how much I have held back from them. They are lucky.
It won’t be much longer (maybe a decade?) until the rest of the country discovers it cannot afford California.
There are laws at work here, even if the government and the people want to ignore them.
“It won’t be much longer (maybe a decade?) until the rest of the country discovers it cannot afford California.
There are laws at work here, even if the government and the people want to ignore them.”
Mebbe equal outcome obsessed France will annex California and all the non-”progressives” will be long gone in Texas, Wyoming, New Hampshire, or Arizona. The only remaining “progressives” will be the rich knee jerks. The other progs will be infecting Colorado, Nevada, Washington, etc. With their mental disease. California will be a feudal system, just like Mexico, with only very wealthy 0.001 percenters and the remaining earning $10.10 per hour.
“While we are not certain why Toyota is moving jobs, in California, excessive litigation, overregulation, and high taxes are factors for both the employer and the employees in making location decisions,” Allan Zaremberg, president and CEO of the California Chamber of Commerce, said in a statement.
Did Jesse Jackson ever get a chance “shake-down” Toyota?
“One of four biweekly checks can go to child care, if it’s done illegally,” he added. “If it’s done legally, it’s much more.”
Your most precious gem(s) in life in an illegal childcare setting?
“Implosion Of Housing Bubble II Hits Six Cities In The West”
http://www.testosteronepit.com/home/2014/5/1/implosion-of-housing-bubble-2-hits-six-cities-in-the-west.html
You’re going to be thanking your lucky stars you didn’t buy a depreciating asset like a house in the last 14 years.
Oh great, Phoenix is #1!!!
San Diego is right up there on the sales collapse / inventory explosion list.
Boo-yah!
Your paper is filled with stories about how SD is the best place to relocate. Goon
Goon, Denver is only #4.
Keep your pile of cash high ladies and gentlemen. The collapse this time will have no floor. Government cannot continue to print its way out of the economic collapse.
A great idea to continue realizing your best stock gains and put the cash under your mattress.
Is the recent housing mania that culminated in the 2007-09 financial panic no more extreme than any that preceded it (e.g. the lead-up to the early-1990s housing bust)?
Prices cratered to their long term trend in all previous bubbles…. except for the Global Housing Bubble. And the Global Housing Bubble correction just getting legs under it will result in irrrecoverable financial losses for those holding onto depreciating assets like houses.
I just posted the long-term Case-Shiller price index graph (hopefully soon to appear). Unless this time is different, we have yet to enter a couple of decades with home prices roughly 30-40 percent below their long-term average level.
Stay tuned for the real correction!
I agree. The prices will collapse to 1997 levels.
“The prices will collapse to 1997 levels.”
They already did so in some low-end markets (e.g. Richmond CA, Detroit MI, Hammond IN, etc.).
It’s the high-end coastal zones where the correction is lagging the rest of the country.
There’s no precedent baby!
Here is a graph which puts the lie to Jingle Male’s claim from late last night.
There truly is no other bubble in U.S. housing price history that even comes close to the one experienced over the past two decades.
Excellent post Whac. Is there an updated version thru the current period?
If the economy is doing so well, then how come the labor force is contracting so sharply?
Retirees?
Or, maybe because of something like this:
The Brain Trust areas of our country (i.e. SF Bay area) spend a lot of money and pay a lot of good salaries to people who are involved in researching and in developing nifty products that will some time later, after the R&D is finished, be put into full production by a factory of some sort.
The good news: The Brain Trust is located in sectors of the United States.
The bad news: The factories are located somewhere else.
If your job is involved in the R&D sector then you have it made. If not then you don’t.
I shoulda kept the source….
Recently I read that contrary to popular belief, it’s not retirees that are the driver of the shrinking workforce.
Instead, it’s those under 50. And no, not just those under 30.
Well duh?
How else are they going to show an ever decreasing jobless rate?
As I’ve mentioned before, the numbers coming out of this government are skewed to make the Prez look good.
In fairness to the CIC, the statistical lie of excluding so-called “discouraged workers” from the headline unemployment rate calculation long precedes his time in office.
True. But the level of massaging has served our master.
At this rate, soon we’ll have negative unemployment and interest rates both!
If the employment picture is so good, then do we really need to raise the minimum wage?
then do we really need to raise the minimum wage?
If your agenda includes creating a permanent Democrat supermajority & preventing rioting, the answer is “yes”.
Won’t raising the minimum wage result in further decline in work opportunities and labor force participation?
Yes. If an employee can’t contribute enough to cover their earnings, they won’t have a job.
I don’t understand why liberals think it is good economic policy to eliminate jobs that might otherwise be available for people of limited means to provide for themselves. Don’t they realize that out-of-work people often turn to crime for sustenance?
This entire country is slowly becoming one big Indian reservation.
Where did all the jobs go?
Business
Big U.S. Firms Shift Hiring Abroad
Work Forces Shrink at Home, Sharpening Debate on Economic Impact of Globalization
By David Wessel
Updated April 19, 2011 12:01 a.m. ET
U.S. multinational corporations, the big brand-name companies that employ a fifth of all American workers, have been hiring abroad while cutting back at home, sharpening the debate over globalization’s effect on the U.S. economy.
The companies cut their work forces in the U.S. by 2.9 million during the 2000s while increasing employment overseas by 2.4 million, new data from the U.S. Commerce Department show. That’s a big switch from the 1990s, when they added jobs everywhere: 4.4 million in the U.S. and 2.7 million abroad.
A General Electric worker in Belfort, France, examines a component for a gas turbine. These days, GE gets about 60% of its business overseas. Bloomberg News
In all, U.S. multinationals employed 21.1 million people at home in 2009 and 10.3 million elsewhere, including increasing numbers of higher-skilled foreign workers.
The trend highlights the growing importance of other economies, particularly in rapidly growing Asia, to big U.S. businesses such as General Electric Co. (ge -0.34%), Caterpillar Inc., (cat -0.06%) Microsoft Corp. (msft -0.78%) and Wal-Mart Stores Inc. (wmt -0.73%).
The data also underscore the vulnerability of the U.S. economy, particularly at a time when unemployment is high and wages aren’t rising. Jobs at multinationals tend to pay above-average wages and, for decades, sustained the American middle class.
Some on the left view the job trend as reason for the U.S. government to keep companies from easily exporting work overseas and importing products back to the U.S. or to more aggressively match job-creating policies used in some foreign markets. More business-friendly analysts view the same data as the sign that the U.S. may be losing its appeal as a place for big companies to invest and hire.
“It’s definitely something to worry about,” says economist Matthew Slaughter, who served as an adviser to former president George W. Bush. Mr. Slaughter, now at Dartmouth College’s Tuck School of Business, is among those who think the U.S. has lost some allure.
…
Sing- no umemployment scheme =1.9% unemployment
I have slightly boosted my percentage of stocks in the international side, compared to a year ago.
China as an example of a country with little natural population growth and minimal immigration is an example of how the free market can address most of the issues that the left makes a priority. Chinese wages have been rising at a double digit rate for years and are now reaching levels where many in China’s upper middle class have more money than the poor in America. This has squeezed Chinese industry but is starting to create an internal market for its products. That there is not a large group of people on the left opposed to immigration based on environmental and economic reasons is a testament to how easy MSNBC brain washes them. Business profits are down in China but wages had ten percent growth again last year:
http://www.tradingeconomics.com/china/wages
10%+ unemployment = UGLY
What Happens To The Unemployment Rate If You Add Back Labor Force Dropouts?
May 2, 2014
By Sean Davis
The Department of Labor reported new jobs numbers this morning, and on the surface the results were encouraging: 288,000 new payroll jobs were created, and the unemployment rate fell to 6.3 percent from 6.7 percent. Below the surface, though, were some worrying numbers: namely, that the labor force continues to contract, to the tune of 806,000 more people.
Since the official end of the recession in June of 2009, the U.S. labor force participation rate has fallen by nearly 3 percent. As of April of this year, that number sits at 62.8 percent, matching its lowest level in decades. By way of comparison, the average labor force participation rate for the economy from 2001 through 2010 was 66 percent.
So what would today’s unemployment rate look like if the economy had the same labor force participation rate — 65.7 percent — as it did when the recession ended in June of 2009? What is the economic picture when labor force dropouts are added back? Not so good, it turns out:
Unemployment Rate With LF Dropouts 05022014
What causes that massive discrepancy? When people who are effectively unemployed abandon their search for work, they are removed by Labor Dept. beancounters from the ranks of the labor force, which means they are no longer counted as being unemployed. The result of that move is to artificially depress the headline unemployment rate, hence the large gap between the headline unemployment rate and the dropout-adjusted unemployment rate.
…
This guy doesn’t say which labor force participation rate he uses. If it’s the rate for everyone over the age of 18, a person who retires is considered a labor force dropout. We know that a very large number of Americans were born in the late 1940s, so many people have been reaching the age of 65 every month for the past few years.
Also, when I read the article there was link at the bottom having something to do with Pajama Boy. Put thefederalist.com on the list of websites to disregard.
It amazes me how much U.S. housing prices have gone up against the backdrop of double-digit unemployment.
Professor,
As your posts show, things haven’t been going so well.
In Phoenix I know the investors “were” fighting over investment grade properties but I’ve heard this isn’t happening anymore.
My guess. Investors outbid each other, resulting in increasing prices, while paying cash, explaining the reduction in mortgages.
I don’t know if decreasing mortgages can be explained by cash investors any more. The first movers who are now gone used cash (borrowed). The bagholders flippers who have been buying for the last year or so here in PHX are not paying cash. And I’d suspect they are also lying on mortgage apps to make the deal work, just like last time.
Who is it here who asks one of these big shill SFH investors always crowing here whether their mortgage apps claim their properties to be personal residences ( and then never gets an answer from the crow)?
I’m not sure that that’s possible anymore since the mortgage lenders are going to be held responsible for anybody that defaults.
“I don’t know if decreasing mortgages can be explained by cash investors any more.”
It doesn’t and it never did.
Like I said earlier….. there is some BS data going on and it’s not the mortgage app data. Reread my posts above.
LolaLOL asks
“Who is it here who asks one of these big shill SFH investors always crowing here whether their mortgage apps claim their properties to be personal residences ( and then never gets an answer from the crow)?”
Lolo, if you are referring to me, I have answered your question (see below). I have never purchases an investment property using an “owner occupied” loan. I don’t believe in misrepresenting anything. I have purchased 2 homes using owner occupied loans which became rental properties several years later, when I moved.
——
Comment by Jingle Male
2014-04-30 03:44:59
…..All my loans (except my home, which is at 3.25%) are at non-owner occupied rates. I don’t believe in deceiving the lenders about claiming owner occupancy…..
We’ll find out soon enough.
It amazes me how much richer the rich have gotten in the last 6 years. They don’t call him the Messiah for nothing.
Keep licking his boots shills.
“Keep licking his boots shills.”
I think you have it backwards.
Zimbabwe!!
There’s decades of Keynesian style employment.
http://data.bls.gov/timeseries/LNS11300000
But do keep the price fixing going. It’s only a matter of time now.
For those who have a sense of humor:
“Ten ways to fix America”
http://finance.yahoo.com/blogs/the-exchange/10-ways-to-fix-america-183631645.html
IMO (and FWIW) the comments are more interesting and informative than the article.
“That is what many said about the 1990 bubble. Then it happened in 2005. Many think it is happening again in 2014. There was nothing “unprecedented” about it.”
It was six men of Indostan
To learning much inclined,
Who went to see the Elephant
(Though all of them were blind),
That each by observation
Might satisfy his mind.
The disputants, I ween,
Rail on in utter ignorance
Of what each other mean,
And prate about an Elephant
Not one of them has seen.
Blue, the point I am making:
There is a precedent for bubbles. There is nothing unprecedented about them. They have been going on since time began.
The Dutch tulip bulb bubble happened in the 1600’s I believe.
And they all collapsed…. except for one.
Your empty wallet is blinding you again J._Fraud.
Wall Street Journal - The New Math of Renting vs. Buying
“The five markets where renting recently became cheaper than buying include some popular cities and suburbs where home prices are climbing fastest: Sacramento, Calif.; Phoenix; San Bernardino and Riverside, Calif.; Austin, Texas; and Northern Virginia.”
http://online.wsj.com/news/articles/SB10001424052702303948104579534230618539424?mod=WSJ_hpp_MIDDLE_Video_second&mg=reno64-wsj&url=http%3A%2F%2Fonline.wsj.com%2Farticle%2FSB10001424052702303948104579534230618539424.html%3Fmod%3DWSJ_hpp_MIDDLE_Video_second
KEEP AUSTIN WEIRD
And by weird, I mean pick one:
1. Turn athletic events into opportunities to drink beer with middle-aged hipsters that refuse to act like adults!
http://photoblog.statesman.com/wp-content/uploads/2010/06/jtbkeepaustinweird07.jpg
2. Promote men’s facial hair!
http://uploads.neatorama.com/images/posts/654/57/57654/1358724411-0.jpg
3. Order from a punny food truck!
http://www.loveballsbus.com/
4. Act like you can taste the difference!
http://www.craftbeeraustin.com/
Aww, heck. You don’t follow the rules anyway. Pick all four!
Did I say Austin? I meant Louisville. Yeah. KEEP LOUISVILLE WEIRD.
1. Turn athletic events into opportunities to drink beer with middle-aged hipsters that refuse to act like adults!
http://extras.mnginteractive.com/live/media/site21/2012/1201/20121201__02dcauglw_500.jpg
2. Promote men’s facial hair!
http://www.louisville.com/files/u4822/pink%20buy%20local.jpg
3. Order from a punny food truck!
http://www-mobilefoodnews-com.zippykid.netdna-cdn.com/wp-content/uploads/2013/08/KY-Louisville-Holy-Mole-a-500×332.jpg
4. Act like you can taste the difference!
http://s3.amazonaws.com/localview-images/posts/pics/000/000/795/newlist/halfway-to-lcbw-300.jpg?1397582912
Asheville. That’s the one. KEEP ASHEVILLE WEIRD
1. Turn athletic events into opportunities to drink beer with middle-aged hipsters that refuse to act like adults!
http://media-cache-ak0.pinimg.com/236x/76/68/ba/7668ba6ff7e4c0fe3ef2cdfd2c5e194f.jpg
2. Promote men’s facial hair!
http://www.mountainx.com/images/blogimages/sm_news_jonas_votes_BR1_7134_thumb.jpg
3. Order from a punny food truck!
http://ashevilledowntowncondo.com/wp-content/uploads/2012/05/foodtrucks-4.jpg
4. Act like you can taste the difference!
http://www.romanticasheville.com/images2014/pubcycle.jpg
I’m sorry, I didn’t mean Louisville. I meant Boulder. That’s it… KEEP BOULDER WEIRD
1. Turn athletic events into opportunities to drink beer with middle-aged hipsters that refuse to act like adults!
http://jjarnot.files.wordpress.com/2010/03/2675658229_dbc58100be.jpg
2. Promote men’s facial hair!
https://fbcdn-sphotos-d-a.akamaihd.net/hphotos-ak-prn2/t1/p403×403/9460_546880811989350_1957046312_n.jpg
3. Order from a punny food truck!
http://cheeselouisefoodtruck.com/
4. Act like you can taste the difference!
http://www.gannett-cdn.com/-mm-/35906903a3b73323b0d579742081827f6b260b91/c=0-0-960-542/local/-/media/USATODAY/GenericImages/2013/09/04/1378317737000-Oskar-Blues-Tap-Handles.jpg
Whaddya mean it wasn’t a good idea to borrow $200K to go to Bumcrack University School of Law?
Wall Street Journal - Law School Job Data Shows Wide Gulf Between Elite and the Rest
“In an unforgiving job market, graduates of top-ranked law schools have had a far easier time landing full-time employment than their peers from the lower ranks. That much is obvious. But how much easier?
A Law Blog analysis of the latest American Bar Association employment data paired with the most recent U.S. News & World Report rankings suggests the gulf between the top 50 schools and the rest of the bunch is huge.
The unemployment rate for graduates from the top 50 is more than 60% lower than the unemployment rate for everybody else.
About 5% of class of 2013 graduates from a top 50 school were still looking for work in February, about nine months after spring 2013 graduation. Meanwhile, 14% of graduates of schools below the top 50 were searching for a job.”
http://blogs.wsj.com/law/2014/05/02/law-school-job-data-shows-wide-gulf-between-elite-and-the-rest/?mod=WSJ_hp_EditorsPicks
“Law School Job Data Shows Wide Gulf Between Elite and the Rest.”
Yeah? Well the elite happens to be a private club and you are either a member or you are not.
Bahahahahahaha.
The less-than-elite go deep - way deep - into debt so as to land a law degree so they can join the ranks of the elite but instead they end up being used as tools of the elite.
And tools of the lenders.
Bahahahahahaha.
About 5% of class of 2013 graduates from a top 50 school were still looking for work in February, about nine months after spring 2013 graduation. Meanwhile, 14% of graduates of schools below the top 50 were searching for a job.”
Plus there is the issues with the quality of the job landed. The elite school grads are employed by elite law firms. Those who graduated from Bumcrack U work for some dude with a divorce/bankruptcy practice on Main St., next door to a realtor’s office.
Just finished 2nd week at new job. Been looking at rentals in the Chantilly - Ashburn - Centreville area. Generally ~$2000/mo for a townhouse. It seems like most of the housing is pushed to the $2000 mark, but then when you get to $2500-3000 it loosens up quite a bit. Full on nice house for $3000, random townhouses asking $2000-2300. Anything $2300 sits on the market.
Rental inventory is pretty thin. Realtors aren’t great so far either. Craigslist is just full of realtors posting the same stuff from MRIS (MLS) which is the same as zillow, hotpads, etc.
That’s not our observations. Not remotely close.
Take another look.
Why in the world are you looking at advertised properties online or in the paper to land a sweet deal?
That’s crazy.
Starting driving through various neighborhoods you like and look for signs in the yards and on buildings. If an owner has a sign in the yard with a phone number on it, call it.
Be prepared to act that same day….meaning have your checkbook, a paystub and maybe your credit history with you at all times.
“Full on nice house for $3000…”
Every thirty fugg’n 30-days. Jebus.
I gotta go swap out a couple idlers arms on the dirtymax. Please keep the tears mopped up.
Article for Dannyboy, because warmists gonna warm
“Child psychiatrists, psychologists and educators say they’ve seen an escalation in the anxiety levels of today’s youth, who are constantly exposed to doomsday talk about the destruction of our planet. But despite the fact that we live in a world with more volatility and fear, experts say there is hope. And to stay mentally strong, they all advocate not just calling for change, but acting for it.
Dr. Anthony Levitt, Sunnybrook Health Sciences Centre’s director of research in the department of psychiatry, agrees climate-change anxiety increasingly enters into the discussions he has with many of the young people who come to see him. “Younger people [teens to mid-20s] appear to be much more accepting of the science and facts than older people,” Levitt observes. He’s also seen an uptick in climate-change-related anxiety in parents with younger children.
“For most people who are anxious about climate change, the anxiety is escalated by the fact they do not see an answer or a way to make a change. Worry plus powerlessness leads to distress,” says Levitt, who is also a professor in the psychiatry department at the University of Toronto.
“The answer, on a personal basis, to this kind of helpless distress is ‘mastery’: that is, helping people to master small tasks that reduce their carbon footprint can lead to a greater sense of control and efficacy for that person – and with that a reduction in anxiety.”
http://www.theglobeandmail.com/life/health-and-fitness/health/youth-anxiety-on-the-rise-amid-changing-climate/article18372258/
“Child psychiatrists, psychologists and educators say they’ve seen an escalation in the anxiety levels of today’s youth …”
A beautiful thing.
“The answer, on a personal basis, to this kind of helpless distress is ‘mastery’: that is, helping people to master small tasks that reduce their carbon footprint can lead to a greater sense of control and efficacy for that person – and with that a reduction in anxiety.”
Nonsense, the answer is for them to go out and buy something, something they don’t need, using money they don’t have.
Nonsense, the answer is for them to go out and buy something, something they don’t need, using money they don’t have.
A new iPhone, to replace the current one they have, which works just fine, should do the trick.
Things were much simpler in my childhood. The world was going to burn up in a nuclear holocaust any day. Now kids have to worry about stuff happening a century or two away.
The movie Sharknado believed in CAGW and if the children are totally scientifically illiterate I can see it scaring them. For adults it is such a bad movie it can be fun to watch.
For the kids:
http://wattsupwiththat.com/2014/05/02/friday-funny-industrial-strength-skeptic-in-a-can/
Asia Times Online - How the US created, and lost, Afghan war
http://www.atimes.com/atimes/South_Asia/SOU-02-300414.html
US and the word loser should be synonymous.
Afghanistan, “The Graveyard of Empires.”
The housing bubble requires radical intervention
Economic indicators are starting to read precisely as they did before the financial crisis. Further rapid house price rises risk destabilising the recovery
Alex Andreou
theguardian.com, Friday 2 May 2014 10.45 EDT
‘Resistance to reform is predicated on an evangelical belief that the market knows best and must remain unfettered.’ Photograph: Yui Mok/PA
The deputy governor for financial stability at the Bank of England, Sir Jon Cunliffe, made a speech on Thursday in which he expressed apprehension that the housing bubble in the UK risks destabilising economic recovery.
“There will always be a number of blinking warning lights – risks generated at home and risks coming from abroad – on our dashboard. The growing momentum in the [housing] market is now in my view the brightest light on that dashboard,” he explained. He warned that the danger signs emanating from the housing market were like “a movie that has been seen more than once in the UK”.
This came on the day that Nationwide reported that annual house price rises in London had hit double digits – a staggering 10.9% in the past 12 months, the highest rate of inflation since 2007 – and a duplex penthouse in west London was reported to have sold for £140m.
The reason for the bubble is very simple. Private capital investment in property is seen as safe, because it is attached to assets of ostensibly ever-rising value. It is easy to stimulate, by keeping interest rates low and pumping money into the banking system – whether as quantitative easing or as cheap lending to banks. It provides an easy and quick fix for governments (of all political hues) desperate to demonstrate economic recovery. Large sums of money change hands, the Treasury collects stamp duty, estate agents cash in on the resulting merry-go-round, foreign currency floods into the country as investment property is snapped up, the City takes its cut from the foreign exchange, pound sterling grows stronger, and sales of furniture, materials and building services rise.
Never mind that every economic indicator is beginning to read precisely as it did before the global financial crisis, as Cunliffe warns. Never mind that millions of people who aspire to own the roof over their heads, as a home rather than an investment, are priced out of the market. Never mind that transport services are put under huge pressure as more and more people commute to work from increasingly unlikely places. Never mind that the government’s favoured inflation indicator does not include house prices, so its negative results remain largely invisible. Short-term political interest trumps long-term national interest, as it has done so often.
…
10-Yr Bond 2.5910 -0.58%
wow ! jobs report had to be weaker than it looked
The Chinese will soon even be taking our jobs selling weapons to Saudi Arabia:
http://thediplomat.com/2014/01/saudi-arabia-may-buy-pakistani-chinese-fighter-jets/
800,000+ dropping out of the labor force in one month (12 X 800,000 = 1 million annual rate, to a first approximation) looked pretty weak to me.
These days, anyone with a non menial, full time job is “elite”.
Whac, how is 12 x 800,000 = 1,000,000? I get 9,600,000.
“Housing: A Phony Nirvana”
http://www.caseyresearch.com/articles/housing-a-phony-nirvana
Turn off the TV/msm and wake up folks.
‘As a Realtor, I feel like a celebrity at times when I go to parties with people asking questions and fascinated by aspects of my work.’
The comment:
‘So, the SF realtor wrote: “As a Realtor, I feel like a celebrity at
times when I go to parties. . . ” As a gold bullion dealer for now more
than 40 years, I lived through some tops, including the 1980
gold/silver top. One of the tell tale signs of a top is euphoric
confidence, with people in the industry being treated like celebrities.’
I like to focus on this sort of thing; I’m in the miracle business, it’s never going to end, etc. Worth a thousand words.
“Oh, who can take tomorrow, dip it in a dream
Separate the sorrow and collect up all the cream
The Candy Man, oh the Candy Man can
The Candy Man can ’cause he mixes it with love and makes the world taste good”
… yet they should be treated with contempt like all criminals who are proud of their crimes.
Can somebody, anybody, help me figure out why the hell this stupid, one year old HP laptop has been giving me, for the past few weeks, “USB device not recognized” any time I plug my Samsung phone into any USB port? I have tried everything and I cannot move photos from my phone to computer. I deleted all the USB drivers then reinstalled, deleted Samsung Kies then reinstalled, and I am at my wits end. I am sick of Microsoft and this crap. I cannot for the life of me find anything that works, and I am about to take the computer and the phone and SMASH THEM INTO PIECES!
“I cannot for the life of me find anything that works, and I am about to take the computer and the phone and SMASH THEM INTO PIECES!”
With one visit to your local mall and peace and tranquility can once again be yours.
(Pssssst … do not forget to take your credit card.)
Restart, hit F8, select “disable driver signature enforcement”, then boot.
I bought an HP laptop about three years ago.
It lasted 5 months.
I’ll never purchase any HP product again.
Ditto with printers.
The thing about your “HP” laptop is that it isn’t made by HP. Like most laptops, it’s made by Asian vendor with the lowest bid.
Other than its ink cartridges, I don’t think HP makes anything anymore.
for the past few weeks, “USB device not recognized” any time I plug my Samsung phone into any USB port?
I have had a Samsung Android tablet (not phone) for a few months & that’s been the case almost the entire time. None of my many other USB devices gives this error message. Don’t have time to mess / fuss with this nonsense. It’s quicker to pop the Android’s SDHC card out & into my laptop for transferring files.
“It’s quicker to pop the Android’s SDHC card out & into my laptop for transferring files.”
This is the best (simple) answer.
The phone is probably not in a “USB Drive” mode, and it likely is trying to act as a Internet connection host instead.
Best to remove the memory card and slip it into an USB card reader adapter.
Why would anyone drive into a massive tornado?
Check out what happened to the vehicles that did this in Mississippi.
I guess it is different when someone drives into a twister to get an adrenaline fix? You know it is bad when the chaser spontaneously erupts in prayer.
The guy who made that video has a heart of tungsten and balz of steel.
If anyone has a BETTER tornado video than that one, please post. I have yet to see one (with the possible exception of one of the Tuscaloosa twister videos from a couple of years back).
Here is a close rival. The guys who filmed this one are nuckin futz.
Absolutely Insane Chickasha Oklahoma Tornado Video From Up Close!!!!!
On The Edge Of War: The Latest Russian And Ukraine Troop Movements
Zero Hedge
May 3, 2014
If Putin needed a pretext to finally drive across the Ukraine border, he got it following first the death of nearly 40 pro-Russian protesters in Odessa during a confrontation between pro-Russia and pro-Kiev forces, and then, what appears to be a storming in progress right now by the Ukraine national guard of yet another separatist-controlled city in east Ukraine: Kramatorsk.
According to RT, Ukraine’s National Guard is storming the eastern town of Kramatorsk even as it has also resumed its special operation in Slavyansk, where two soldiers have been killed.
“The assault is starting now,” a Kramatorsk self-defense activist has told RIA Novosti by phone. Another activist told the news agency that the National Guard opened fire on self-defense forces.
Dozens have been killed or injured in Kramatorsk, a doctor told RIA Novosti. The medic added that the fighting has now stopped and all of those injured have been taken to hospitals in Kramatorsk and Slavyansk. At least two died on the way to the hospital, she said.
Meanwhile, the Ukrainian military’s special operation has resumed in the nearby town of Slavyansk. The headquarters of the people’s self-defense is under snipers’ fire, according to Itar-Tass. There are reports of injuries among protesters.
Recall that Putin has made it very clear that all the Kremlin needs to green light an operation in Ukraine is a pretext of “self-defense” for the pro-Russian citizens currently there being attacked by the local military, something which if the tables were turned, would have been classified as a civil war by the impartial western media.
So what does the theater of operations look like should Russia finally get involved?
The Washington Post is publishing a new map that shows, using information from the Royal United Services Institute, recent troop movements in the region. The graphic illustrates how military exercises conducted by Russia have left a big build-up of troops on Ukraine’s border. It also shows Ukraine’s own military moves to its borders with Russia and Moldova’s Russian-dominated enclave, Transnistria.
It may be a long weekend.
This article was posted: Saturday, May 3, 2014 at 6:49 am
Tags: foreign affairs, war
http://www.infowars.com/on-the-edge-of-war-the-latest-russian-and-ukraine-troop-movements/ - 66k -
Everyone Must Check In.
Do you want me to read the card?
It is not recommended to go off script during a False Flag Psyop
Real journalists talk about how real journalists cover the White House:
http://www.politico.com/magazine/story/2014/04/whca-survey-the-white-house-beat-uncovered-106071.html?hp=t3_3
The empire cannot afford itself
http://www.lewrockwell.com/2014/05/patrick-j-buchanan/the-empire-cant-afford-itself/
The empire cannot afford to keep robbing Peter to pay Paul.
Peter is plssed and about to defend himself from the thugs robbing him.
“What Tokyo, Seoul and Manila get out of their alliances with the United States is easy to see — the security of a superpower’s pledge to come and fight their wars for them.”
And these “yella-fellas” buy our treasury bonds, IIRC.
Astute point. Hmm…
You’re foam, or you’re not.
You’re right…. that’s the grim reality.