August 28, 2014

Bits Bucket for August 28, 2014

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




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Comment by Whac-A-Bubble™
2014-08-28 02:16:30

Is there any chance something similar to the anti-corruption campaign underway in China could work in the U.S.?

Comment by Whac-A-Bubble™
2014-08-28 02:19:08

Corrupt Chinese hiding in Western nations elude Beijing’s ‘fox hunt’
By Sui-Lee Wee
BEIJING Wed Aug 27, 2014 11:40pm EDT

(Reuters) - When Yang Xiuzhu got wind in 2003 that Chinese anti-corruption investigators were looking into her affairs, she boarded a flight to Singapore. A few days later Yang changed her name and flew to New York.

China filed an arrest warrant through Interpol for Yang, a senior official who oversaw construction projects in the booming eastern province of Zhejiang. She was eventually detained in Amsterdam in 2005, but nearly a decade on, China has yet to get her back despite protracted negotiations with the Netherlands.

Yang’s case and others like it underscore the challenge for President Xi Jinping as he expands his already far-reaching anti-corruption campaign to tracking down suspects who have fled abroad, often taking their ill-gotten gains with them.

State media has been using the latest prong to Xi’s crackdown - dubbed the “fox hunt” by the Ministry of Public Security in July - to warn officials about absconding.

But while China has extradition treaties with 38 countries, it doesn’t have one with the Netherlands, or with the United States, Canada and Australia - the three most popular destinations for suspected economic criminals, according to state media.

Adding to the allure of those three countries for corrupt officials is suspicion there of Chinese law enforcement, said Chinese legal experts, along with the quality of life, world-class educational facilities and large ethnic Chinese communities.

Indeed, Western governments have long been reluctant to hand over Chinese suspects because the ruling Communist Party controls China’s courts and torture can be used to extract confessions, the experts said. Capital punishment is also widely meted out, including for corruption.

“There are differences in our political systems as well as ideological differences,” said Lin Xin, a researcher who specializes in international law at the Chinese Academy of Social Sciences, a government think tank.

“These differences will affect extradition.”

Earlier this month, Chinese officials said more than 150 “economic fugitives”, many of them corrupt officials, were in the United States. The government has given no recent overall figure for the number at large around the world.

Comment by Ed G
2014-08-28 08:22:42

Indeed, Western governments have long been reluctant to hand over Chinese suspects because the ruling Communist Party controls China’s courts and torture can be used to extract confessions, the experts said.</blockquote

Ha. Didn’t Obama just come out on a slow news day and admit ‘We tortured some folks’… But we’re taking the moral high ground on China?

Comment by "Auntie Fed, why won't you love ME?"
2014-08-28 08:33:04

Who tortured some folks? Bush says it’s legal.

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Comment by Skroodle
2014-08-28 09:59:50

Bush never said anyone was tortured, much less that torture was legal.

 
Comment by "Auntie Fed, why won't you love ME?"
2014-08-28 10:21:23

Yes, he said it was legal. I was sentient at the time.

 
Comment by Raymond K Hessel
2014-08-28 16:03:03

It was “enhanced interrogation,” not torture. There, fixed it for you.

 
 
 
 
Comment by Whac-A-Bubble™
2014-08-28 02:21:45

Owning dozens of houses is no longer something to brag about for Chinese government officials
Soon it may not be all smiles.
Reuters
Written by Daniel A. Medina
August 18, 2014

Chinese President Xi Jinping’s anti-corruption campaign has had its fair share of economic consequences. A ban imposed on lavish military banquets, for example, hurt the nation’s hospitality sector. Now, the Chinese premier appears to have his eyes set on investigating the real estate assets of Chinese government officials, which has been having an effect already in the real estate market.

According to the Wall Street Journal, which interviewed roughly a dozen property agents in China, government officials are offloading their luxury apartments en masse, often at the first bid they receive. (Presumably it was lost on none of them that the tabloid-worthy details about Wu Zhizhong, a disgraced former senior civil servant from Inner Mongolia, included a report that he owned 34 properties in China and overseas and could fill a handbag with all of his door keys.)

It’s difficult to say how much this latest crackdown will damage the nation’s already rickety housing sector, which in June reported its worst month since December 2008. Housing sales this year through July fell 10.5% from the first seven months of 2013, according to data released last week by China’s National Bureau of Statistics last week. The slowdown has frightened Chinese real estate developers.

 
Comment by Whac-A-Bubble™
2014-08-28 02:23:11

China News
Chinese Officials Rush to Sell Luxury Homes Amid Corruption Crackdown
Real-Estate Agents Say Bureaucrats Are Selling Homes at Steep Discounts
By Esther Fung and Alyssa Abkowitz
Aug. 17, 2014 7:04 p.m. ET

Cai Bin, center, whom social-media users dubbed ‘Uncle House,’ was convicted on graft charges. Imaginechina/Associated Press

China’s corruption crackdown has already taken a bite out of the hospitality sector in China with its ban on lavish banquets and is now starting to make waves in another corner of the economy, as officials afraid of government scrutiny are dumping apartments.

In one case late last year, an Inner Mongolia political leader named Wu Zhizhong was convicted of corruption, accepting bribes and embezzling public funds. Investigators said Mr. Wu owned 33 properties in China and one house in Canada. Xinhua, China’s official news agency, said the keys to all of his homes could fill up an entire handbag.

Cai Bin, a former Guangzhou official dubbed “Uncle House” on social media, was also convicted last year for accepting bribes. Investigators said he and his family owned more than 20 homes.

Those cases, and others like them, have raised alarm bells among local government leaders.

According to roughly a dozen property agents interviewed by The Wall Street Journal, officials are now afraid to buy luxury pads, and several are trying to offload properties that might raise red flags.

“Officials are focused on selling their homes quickly, so they are willing to sell at 5% to 10% cheaper than the average prices of comparable homes,” says Zhang Yan, a manager at Shanghai Centaline Property Consultants, who says he sells three to four homes to officials every quarter on average. Party members usually find a buyer within two weeks, he said, while most other sellers find buyers in about a month, waiting for a higher price.

Comment by "Auntie Fed, why won't you love ME?"
2014-08-28 08:42:46

So this is how it all comes tumbling down in China, eh? Chinese people will be happier with cheaper houses.

 
 
Comment by rms
2014-08-28 06:43:55

“Is there any chance something similar to the anti-corruption campaign underway in China could work in the U.S.?”

I doubt it on a serious level. Recall that the chief developer of the Olympic Village and a major airport was executed for corruption kick-back schemes.

 
 
Comment by Whac-A-Bubble™
2014-08-28 02:25:00

Is the U.S. housing market falling apart?

(Don’t say we didn’t warn you. And we WILL say “I told you so.”)

Comment by Whac-A-Bubble™
2014-08-28 02:27:43

Michael Sincere’s Long-Term Trader
Opinion: This house market is falling apart
Published: Aug 27, 2014 5:59 a.m. ET
Housing recovery is an illusion, real estate expert says
Michael Sincere

Most real estate experts believe the U.S. housing market is roaring back. Few have anything to negative to say about real estate. But what if they’re wrong?

Real estate analyst Keith Jurow, author of the Capital Preservation Real Estate Report, is warning that the real estate market is not as strong as it seems. Says Jurow: “I never bought into the idea that we had a recovery at all.” His research leads him to conclude that home prices will be heading lower.

Why? Largely because home listings are going up but sale prices are not. Jurow discovered that as of June 2014, listings in Ft. Lauderdale increased by 89.3% year-over-year. In Miami, listings are up by 65.7% In Charlotte, N.C. they are up 51%, and in Riverside, Calif. they’re up 28.1%. In 10 major metro areas around the country, listings have increased. Jurow gets his data from Redfin.com and Raveis.com.

Many people waited for prices to rise before putting their house on the market, and they have,” Jurow says. “But now listings are increasing because everyone has the same idea. Unfortunately, May and June are traditionally the strongest months for sales, and these home sellers have missed the peak season.”

Comment by rms
2014-08-28 06:51:45

From the comments:

“There are still plenty of crack, meth, spice ghetto beach slums in SoCal like: Lawndale, Hawthrone, North Redondo. Unzoned granny apartments no yard; over built vacated mega-masions converted to mutiple family rentals. Anyway my chicano worker today expressed sympathy for Hamas.”

Comment by "Auntie Fed, why won't you love ME?"
2014-08-28 08:46:08

The commentator doesn’t discuss the connection between slum conditions and his Hamas-sympathetic illegal Mexican worker

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Comment by Arizona Slim
2014-08-28 09:03:18

His research leads him to conclude that home prices will be heading lower.

Why? Largely because home listings are going up but sale prices are not.

Same thing’s happening here in Tucson. I’m seeing many more houses for sale. And for rent.

But ya know what? There are only so many home buyers and rental tenants. Which means that there’s a lot of empty inventory here.

Comment by rms
2014-08-28 11:08:47

“But ya know what? There are only so many home buyers and rental tenants. Which means that there’s a lot of empty inventory here.”

Even with the UA students returning?

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Comment by "Auntie Fed, why won't you love ME?"
2014-08-28 11:22:36

Tuscon has a high vacancy rate.

 
Comment by Rental Watch
2014-08-28 12:56:12

Very high, from what I remember reading.

 
 
 
 
Comment by Whac-A-Bubble™
2014-08-28 02:39:19

Home prices just hit a 70-month high. Now for the bad news
Published: Aug 28, 2014 12:01 a.m. ET
Why slower home price appreciation worries some investors
By Catey Hill
Reporter

Homes are still selling, but prices in many markets are no longer soaring.

Home prices have soared over the past year, but the news isn’t all good on the home front.

According to data released Thursday by RealtyTrac, the median price of a residential property sold in the U.S. in July was $191,000, up 3% from June and 12% from a year ago. This is the highest level since September 2008. States like Michigan (24% increase), Ohio (20%) and Virginia (20%) saw especially high year-over-year increases in median sales prices, as did cities like Detroit (33%), Dayton, Ohio (31%), Stockton, Calif. (24%), Modesto, Calif. (22%), Cleveland (20%), and Miami (19%).

But behind those gleaming numbers lies an unsettling reality: Home price appreciation is slowing. In 65% of the markets measured by RealtyTrac, the rate of home price appreciation was less than it was a year ago–a trend that Daren Blomquist, vice president of RealtyTrac, says will likely continue. “The 20%-30% appreciation we were seeing last year is not sustainable,” he says. “We know that incomes are not rising that fast, and when we look at affordability, many markets are getting back to their historic normal levels for affordability, an indication that price appreciation will slow down.” In general, a 5% — 6% rate of price appreciation over the long term is what’s normal, he adds, though of course in some years home prices don’t appreciate at all.

What’s more, in some markets–including San Francisco and Phoenix–that home price appreciation has slowed far more than others, compared with a year prior, and now is already in single digits. Many times, this is because investors jumped into these markets early to buy up properties and now are pulling out or easing off on buying because prices are high, says Blomquist.

Comment by "Auntie Fed, why won't you love ME?"
2014-08-28 08:49:51

Whenever I exhort the housing and stock markets to hurry up and crash, they always respond by back-handing me and defying gravity. Today, I will try reverse psychology on them:

“Dear stock and housing markets: Hurry up and soar, already”

 
 
Comment by goon squad
2014-08-28 02:41:40

I have so much money left after “throwing money away on rent” every month that I don’t know where to throw it.

Comment by Whac-A-Bubble™
2014-08-28 02:46:18

Heh! You’re up early, and I have insomnia…

Comment by oxide
2014-08-28 04:27:40

To answer you question from yesterday:

——————–
Comment by Get Stucco
2014-08-27 19:03:59
“But if you rent for 30 years you’ll probably pay the same amount anyway…But if you rent for 30 years you’ll probably pay the same amount anyway, and you won’t have a paid-off anything at the end.”

Well, for the record, I’ve saved several $100K in deferred compensation since living in SD for less than a decade… And your point was?

———————

Good show! But you are very lucky to have rented from an individual landlord who never raised your rent. Contrast this to yesterday’s story about the Millenials in the Virginia DC burbs who have to move every 1-2 years to escape rising rents. If you were in a commercial complex, or your LL charged market rates, over that decade your rent would have risen ~30%.

The $100K is a lot, but there is some context too. If you put that away, then you have good income, or two incomes. Outside of crazy California, rents and mortgage are much closer. With that same high income, you could have bought a house in 2003, pretend the bubble never happened, and put away that same $100K AND probably another $100K onto the mortgage. When you sold, you would get that extra $100K equity back in the sale price. If you had a low income, that $100K equity might be all you have.

It’s as I also said yesterday: it’s possible to rent for 30 years and save up enough to buy a house outright at retirement, but you need rents to stay low (which have for you) and the market to behave relatively well (which it has).

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Comment by sleepless_near_seattle
2014-08-28 08:10:44

Oxide, from yesterday:

“(a) By “ultimately” do you mean at the end of 30 years? This comparison has NOTHING to do with that. This compares initial sales price to 30 years of rental rates, that’s all.”

What is the point of doing a 30 year cost analysis comparison if you’re not including all costs incurred over those 30 years? The house we rent is supposedly worth $300k. You’re saying that I can ignore the almost $200k in interest payments (at 20% down) that go along with the $300k principle/sales price? I don’t understand the value of comparing “initial sales price” (which wasn’t what the original comment was about).

 
Comment by oxide
2014-08-28 08:40:24

Of course I’m not ignoring the $200K in interest for a $300K house. I’m simply comparing 30 years of monthly PITI, which includes the interest payments, to 30 years of monthly rent. I’m going with initial sales price because that determines the PITI.

If rent and PITI are about the same, then the total cost over 30 years should be the same too. And that assumes that rent will not go up over 30 years (unlikely).

By “ultimate price,” isn’t that what the house would sell for at the end of the 30 years? If I paid off a $240K mortgage but could only sell the house for, say, $50K, so what? That’s still $45K more than the renter would have. The only way that the renter would do as well as the buyer/owner is if the house is worth 0. And even then, if the house is worth 0, it’s STILL worth money because the owner can live in it rent and tax free.

That’s a quick and dirty comparison. For more detailed comparisons, go to the New York Times rent v buy calculator.

 
Comment by "Auntie Fed, why won't you love ME?"
2014-08-28 08:53:01

Oxide:

When the mortgage interest alone is higher than equivalent rents, then it makes no sense to buy. That situation never fully rectified itself in some places.

 
Comment by Housing Analyst
2014-08-28 09:00:58

“If rent and PITI are about the same”

They’re not. Even if they were, losses to depreciation are $5000 per year.

Put that in your feed bag Donk.

 
Comment by Prime_Is_Contained
2014-08-28 09:11:01

“If rent and PITI are about the same”

Bzzzzzt, fail.

I’m renting for about 60% of what it would cost to buy this place—and that is just principal and interest payment, ignoring taxes, insurance, maintenance, etc!!

 
Comment by sleepless_near_seattle
2014-08-28 09:32:02

“I’m renting for about 60%”

Ditto (and it hasn’t been raised in 5 years).

And if my costs for a $300k house are $600k, I’d better get $600k+ for it when I sell. Yeah, as opposed to a renter I’ll get *something* back for it but is it worth it if I spend $150k more (spend $600k but sell for $450k) than the house is worth? All I’m saying is people don’t consider that calculation.

 
Comment by oxide
2014-08-28 10:20:41

Sleepless, in a word, generally yes.

And yes, I DID consider all those calculations.

 
Comment by Rental Watch
2014-08-28 11:07:24

Why are you counting principal as a “cost”?

 
Comment by "Auntie Fed, why won't you love ME?"
2014-08-28 11:24:11

RW:

The price you pay for a thing is a cost. Furthermore, if you have negative equity, then a portion of your principal is a loss.

 
Comment by oxide
2014-08-28 11:47:37

Rental watch, I gave up.

 
Comment by Rental Watch
2014-08-28 11:54:35

So, if you buy a share of AAPL, you consider that a “cost” on par with an interest payment to a bank?

With a rent payment, you pay for shelter, but you own no piece of the asset.

With a mortgage payment, you pay for shelter, but own a little more of the asset each month.

With the interest payment, you have nothing to show for it, interest is an expense to you, and income to the bank, just like a rent payment to a landlord.

With the principal payment, you reduce the debt on the house. All else equal (and assuming of course that you are not underwater), this means that if you were to sell the house the day after a principal payment, you get that principal payment back.

I’m not proposing that there isn’t real wear and tear on a house, which means you need to spend money to maintain the asset over time, but when comparing to rent, counting principal reduction as the same as rent or interest cost doesn’t make any sense.

The real near-term comparison should be:

MITI (Maintenance, Interest, Taxes, Insurance) to RI (Rent, Insurance)

And if you really want to get fancy, you should throw an opportunity cost on the “equity” in your house, offset by some baseline “inflation” factor (a la Shiller on the gross value of the house). Personally I assume 1% overall inflation, but 2% is probably reasonable. HOWEVER, I generally don’t like this added logic–it would tend to encourage people to NOT pay off their mortgage, which I think is a bad idea.

By the way, the best arguments for renting are as follows:

1. When times get tough, asset values are soft as butter, but debt is hard as ice. Holding leveraged real estate in that regard can be quite risky.
2. If you have an alternative to owning the home you want to live in (renting), for a cost (Rent and Insurance) that is a lot cheaper than (MITI), there are better places to put your money over the long-term than a “safely” leveraged home in which you live.

 
Comment by sleepless_near_seattle
2014-08-28 12:44:14

It’s all debits and credits until you die. The goal either way is net positive.

 
Comment by MightyMike
2014-08-28 13:22:24

My father used to work with a guy whose goal was to die deeply in debt.

 
Comment by Rental Watch
2014-08-28 13:49:26

Dying deeply in debt isn’t the problem. It’s your shortened lifespan from all the stress of being deeply in debt.

 
Comment by Housing Analyst
2014-08-28 14:27:06

“Rental watch, I gave up.”

No you’re evasive.

 
Comment by "Auntie Fed, why won't you love ME?"
2014-08-28 15:59:39

Rental Watch:

Ever heard of a cost basis? That’s how you calculate your losses and gains on a stock. Same with a real-estate investment. Yes, principal is a cost.

 
Comment by Rental Watch
2014-08-28 17:50:21

Yes, but you cannot use “cost basis” as being interchangeable with “expense”.

They are different.

If I have a rental expense, I have nothing that I can resell.
If I have a cost basis in an asset, I have something that I can resell.

 
Comment by oxide
2014-08-28 17:59:15

Of course principle is a cost. But, when the house is ultimately sold, that “cost” comes back as a credit. So you either don’t subtract it, or you subtract it and then add it back. It’s six of one and half dozen of the other.

 
Comment by Whac-A-Bubble™
2014-08-28 18:21:38

“Good show! But you are very lucky to have rented from an individual landlord who never raised your rent.”

Not so. We have accepted two rent increases in ten years. We negotiated the last one down to half the increase the ll proposed.

Still our housing costs are under 25% of household income, which reportedly is very low for SoCal and leaves lots of money for saving.

 
Comment by Housing Analyst
2014-08-28 19:50:20

“If I have a cost basis in an asset, I have something that I can resell.”

Not at the price you think you’ll get.

 
Comment by Whac-A-Bubble™
2014-08-28 20:34:00

“If I have a rental expense, I have nothing that I can resell.”

That depends upon whether you invested all the extra disposable income available due to saving a fortune on renting rather than buying.

 
Comment by Rental Watch
2014-08-28 21:40:42

Whac, you’re smarter than that. The whole discussion is about whether you should include principal reduction in such a comparative calculation (between renting and buying).

If you pay $1 in rent, it is different than paying $1 in principal reduction.

 
Comment by sleepless_near_seattle
2014-08-28 23:18:37

What if you never sell? What if you trade up every 5, 10, 15 years, renting for life from the bank? So far, most of my owner friends are doing the latter. Is paying it off, selling later, and downsizing the exception or the rule? In my circle it’s by far the exception.

 
Comment by Whac-A-Bubble™
2014-08-29 00:27:38

“…principal reduction in such a comparative calculation…”

How does capital loss play into your calculation (e.g. depreciation, investment losses when the Echo Bubble pops, etc)?

 
Comment by Prime_Is_Contained
2014-08-29 07:45:00

I think RW’s point is a fair one.

I would state it slightly differently, though; it makes sense to consider the principal portion of the payment differently than the rest, as it is the “cost” of actually buying the place.

In a sense, the principal is the portion that is strictly speculative; you may resell in the future for a gain, or you may resell in the future for a loss. Neither of those bears any relation to providing shelter.

MITI are the costs that are more similar to the costs of providing shelter (and the certainty of future shelter): maintenance so it doesn’t fall down around your years; interest because you had to rent the money involved; taxes because you as owners are liable for them, and the government will otherwise take the house from you; insurance because you have to protect it against the risks of fire or other damage.

 
 
Comment by azdude
2014-08-28 05:48:33

my buddy is n escrow on his house in scripps ranch, he plans to take his equity to AZ .

Do you have anything to show after spending 250,000.000 on rent over the past 10 years?

2000/month * 12 =24k/ yr * 10 years = 240k

Where did all your money go?

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Comment by Housing Analyst
2014-08-28 05:52:21

He could have doubled his losses over the 10 years if he bought it instead of renting it.

Remember, houses depreciate resulting in loss.

 
Comment by Get Stucco
2014-08-28 05:56:00

Over $300k in savings…

 
 
 
Comment by Housing Analyst
2014-08-28 03:51:11

Again …. why buy when you can rent for half the monthly cost?

Comment by Skroodle
2014-08-28 10:01:24

Unless you can buy cheaper than renting…

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Comment by Housing Analyst
2014-08-28 10:16:19

That’s not the case at current grossly inflated asking prices of resale housing.

 
 
 
 
Comment by Whac-A-Bubble™
2014-08-28 13:52:14

Time is money

What should you do if you are underwater or thinking of moving? Here are two of Jurow’s suggestions:

1. If you are underwater on your house, do not assume the house will regain its equity. In Jurow’s view, housing prices are likely to weaken further. Take the hit and sell now if you need to move. Put your house on the market at a realistic price before the market deteriorates further.

2.If you have investment properties that are underwater, consider liquidating now while markets are still liquid. Time is not on your side.

 
 
Comment by Whac-A-Bubble™
2014-08-28 02:31:15

Are fears over an impending 60% stock market meltdown overblown?

Comment by Whac-A-Bubble™
2014-08-28 02:32:18

Two experts warn correction could total 60%
Matthew J. Belvedere | Everett Rosenfeld
15 Hours Ago
CNBC.com

Markets could soon face a fall of up to 60 percent, two experts told CNBC on Wednesday.

A jolt to international confidence in central banks will lead to a 30 to 60 percent market decline, David Tice, president of Tice Capital and founder of the Prudent Bear Fund, told CNBC’s “Power Lunch.” When this happens, he said, markets will face a “period of extreme turmoil.”

This crash will be precipitated, he said, by a disillusionment with the Federal Reserve’s “confidence game,” which will then see inflation rise, and the Fed scramble to raise rates. At that point, Tice added, “the Fed starts to lose control.”

Another market watcher also called for an impending fall.

The Fed’s low interest rates could bring a “scary” 50-60 percent market correction, said technical analyst Abigail Doolittle.

Comment by "Auntie Fed, why won't you love ME?"
2014-08-28 08:57:51

It’s 57%

 
Comment by Rental Watch
2014-08-28 11:10:19

From the comment section:

“Who are these two so called experts.

1. David Tice’s Prudent Bear Fund has lost an average of 16.4 % annually over the past five years. if you had invested $ 100 five years ago, it will now be worth only $ 20 . That is 80 % wipe out of your capital !

2. Abigail Doolittle, the founder of Peak Theories Research, is a philosophy graduate from Colgate university, who worked in several investment banks before starting her newsletter. Six monthly subscription of her newsletter costs $ 200. Her research firm has a short track record of only 5 years. As many have found out to their detriment, financial newsletters only make money for the financial advisors.

Lets not be carried away by comments from these so called experts. One has a terrible track record . The other has no track record to talk with her firm being around for only five years.

I would rather trust a snake oil salesman, rather than these two dubious ‘experts’

FORGET ALL THESE EXPERTS. BUY AND HOLD A DIVERSIFIED PORTFOLIO OF BLUE CHIPS. There will be ups and downs, but the long term trend is always up.”

Comment by Raymond K Hessel
2014-08-28 16:06:32

Tice fought the Fed. Bad move.

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Comment by "Auntie Fed, why won't you love ME?"
2014-08-28 16:15:45

Actually, the long-term trend is up and down.

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Comment by Whac-A-Bubble™
2014-08-28 02:36:55

I will mention that this summer, I successfully convinced my father to rotate the roughly-25% of his portfolio that was parked in stock market mutual funds into an allocation with a more suitable risk profile for a man in his mid-80s. And that the last time I felt the urge to convince him to significantly reduce his stock market holdings was just before the ginormous Wall Street financial meltdown in Fall 2008.

However, I have no reason to believe a similar episode is imminent at this point.

Comment by azdude
2014-08-28 05:41:27

I dont own any stock. I lost all trust in these criminals.

Comment by Get Stucco
2014-08-28 05:58:09

I do own stock. Over the long run, stocks beat real estate BIG TIME.

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Comment by Uncle House
2014-08-28 07:46:59

How so?

 
Comment by scdave
2014-08-28 07:57:50

Over the long run, stocks beat real estate BIG TIME ??

Broad stroke there….Always ??

 
Comment by drumminj
2014-08-28 08:45:03

Broad stroke there….Always ??

Yeah…I think a more accurate statement would be:

Over the long runIn the past, stocks generally have beat real estate BIG TIME (if you look at the right time intervals)

 
Comment by Housing Analyst
2014-08-28 09:03:14

A SFR isn’t an investment.

 
Comment by Rental Watch
2014-08-28 13:07:36

“real estate” is a broad statement. And real estate held for investment should not be mistaken for housing (which is consumption).

And for the data…

The Vanguard REIT index has beaten the S&P 500 over the past decade.

For the Vanguard REIT index, $10k in 2004 would have turned into $25.4k.

For the S&P 500, $10k in 2004 would have turned into $21.6k.

Stocks beating RE “big time” is wrong.

 
Comment by Rental Watch
2014-08-28 13:19:49

By the way, the REIT index also beat the Dow, and narrowly lost to the Nasdaq over the same timeframe (NASD would have turned $10k into $25.6k).

 
Comment by Housing Analyst
2014-08-28 14:15:55

“Stocks beating RE “big time” is wrong.”

Only true if you’re in the construction business. Otherwise, returns on financial assets beats re hands down.

 
Comment by Whac-A-Bubble™
2014-08-28 18:25:12

“Over the long run, stocks beat real estate BIG TIME”

Broad stroke there….Always ??

Pick any 30 year period that doesn’t include the recent mania (i.e. pre-1997) and the answer is an unconditional and resounding YES.

 
Comment by Whac-A-Bubble™
2014-08-28 18:26:59

And for my detractors, fair enough: I should have said “residential real estate” to clearly make my point.

But that is somewhat of a default here, as this is the Housing Bubble Blog, remember?

 
Comment by Rental Watch
2014-08-28 22:09:33

Yes Whac, I know, but we should be drilling into people’s heads that housing is NOT an investment, it’s shelter. It’s consumption.

Investing in real estate should be investing in rental property.

As a brief aside, I remember hearing that equity REITs have outperformed over a long period of time (not just the last 10 years).

Total return of REITs from January 1972 to today (dividends PLUS appreciation) was a total return of 12.1% annually.

Over the same timeframe, the S&P 500 (total return–to include dividends) returned 9.9% annually.

That extra 2 points per year ends up being a giant pile of money over time.

$1 invested in REITs became $129 in 42.5 years.
$1 invested in the S&P became $55 in 42.5 years.

 
Comment by Get Stucco
2014-08-29 00:29:42

“…we should be drilling into people’s heads that housing is NOT an investment, it’s shelter. It’s consumption.”

It is reasonable to characterize it as consumption for renters.

If you lock into a 30-year mortgage, it is irreversible investment with potentially catastrophic implications for your household financial outlook.

Try not to get stucco.

 
 
 
 
Comment by Get Stucco
2014-08-28 05:08:29

Don’t let blues over thu Russian invasion of Ukraine dampen your bullishness.

 
Comment by Larry Littlefield
2014-08-28 06:33:49

Is there a reason to fear a 60 percent meltdown? That would just bring stocks back to something like historic fair value relative to dividends.

Comment by oxide
2014-08-28 07:33:01

It is if you bought into this market thinking it was the new normal. Not referring to you specifically, I mean J6P who is notorious for buying high and selling low.

If you have cash waiting on the sidelines, no there isn’t much to fear.

Comment by Housing Analyst
2014-08-28 07:52:22

Then why did you pay a200% premium for a deprecating asset.

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Comment by scdave
2014-08-28 08:00:34

Is there a reason to fear a 60 percent meltdown ??

You betcha….Do you really want us to believe that if there was a 60% meltdown that you would be jumping into the market with both feet ?? You along with everyone else would be putting cash in the mattress…

 
 
Comment by scdave
2014-08-28 07:56:09

fears over an impending 60% stock market meltdown overblown ??

I hope they are way overblown…We ALL should hope they are overblown…

Comment by oxide
2014-08-28 08:06:50

Financial advisors told a friend of mine that they were expecting a 15-20% correction any day now, which would bring the DOW to about 14000.

 
Comment by Prime_Is_Contained
2014-08-28 08:46:38

I hope they are way overblown…We ALL should hope they are overblown…

Uuummmm, no. I would like the stock market to reflect fundamental values of the underlying businesses, and for the earnings yield or dividend yield to be in a historically-reasonable range.

Today, neither of those is true; why should I want the manipulated, puffed-up house of cards to remain a manipulated, puffed up house of cards?

Comment by Guillotine Renovator
2014-08-28 10:30:27

scdave is parroting the fearmongers who warn that declining asset prices will unleash bedlam. What’s never discussed is the fearmongers own most of the assets, and they’re the ones with the most to lose.

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Comment by "Auntie Fed, why won't you love ME?"
2014-08-28 09:01:59

Why? Wouldn’t you like to be able to purchase dividends at prices that will help you out in life? Why would anyone want to pay high prices for anything?

Comment by scdave
2014-08-28 11:50:10

But they are suggesting 60% correction BigV….Thats a prescription for Depression not a correction…In a depression, there are very few winners….

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Comment by Rental Watch
2014-08-28 13:09:28

“In a depression, there are very few winners”

Except those who make very bearish bets…like those giving the opinions…

 
Comment by "Auntie Fed, why won't you love ME?"
2014-08-28 16:18:02

On the other hand, the 60% run-up would be a prescription for hyperinflation. That’s the problem with bubbles, man. They ain’t right.

 
 
 
 
Comment by Rental Watch
2014-08-28 12:54:53
Comment by FED Up
2014-08-28 18:52:35

15 Terrible Financial Predictions

“4. December 1999: Ralph Acampora, Prudential Securities. “I’m not saying this is a straight line up. I’m not saying you can’t have pauses. I’m saying any kind of declines, buy them!” (Fact: He also predicted a 14,000 Dow by year-end 2000, and an 11-year bull.)”

http://caps.fool.com/Blogs/15-terrible-financial/135798

Comment by Rental Watch
2014-08-28 21:46:31

The true lesson?

The best investors don’t get often quoted on CNBC. They are too busy making money.

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Comment by Whac-A-Bubble™
2014-08-28 02:40:22

How are the eurozone economies faring these days?

Comment by Whac-A-Bubble™
2014-08-28 02:41:31

Spain’s economy sinking as deflation deepens
Published: Aug 28, 2014 4:39 a.m. ET
By Christopher Bjork

MADRID–Spain’s economy sank deeper into a spiral of price declines in August, compounding worries that countries on the periphery of the euro zone may be entering a period of deflation as they struggle to rebound from recession.

The National Institute of Statistics said Thursday that prices in the euro zone’s fourth-largest economy fell by 0.5% on the year in August, the biggest percentage decline since the country experienced a dip in prices in October last year. In July, prices had dropped by 0.3% after a few months of small increases.

Spain’s European Union-harmonized consumer-price index, which is a slightly different measure than Spain’s own, was also down 0.5%.

Spain emerged from more than two years of recession last summer, and data released Thursday by the statistics institute showed it had one of the euro zone’s fastest rates of gross domestic product growth–0.6% between March and June, and 1.2% over a 12-month period.

But economists worry that falling product prices and salaries in Spain and elsewhere in the euro zone will limit growth prospects by making it costlier for debtors to pay back loans.

The statistics institute said the drop in Spain’s consumer prices was mostly a result of falling fuel prices.

Comment by In Colorado
2014-08-28 08:48:31

Hasn’t Spain been in a death spiral for about 10 years?

Comment by Skroodle
2014-08-28 10:02:45

Rumors of Spain’s death have been greatly exaggerated.

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Comment by "Auntie Fed, why won't you love ME?"
2014-08-28 09:05:09

Where should I go on my next vacation? If some sort of reasonable investment opportunity doesn’t present itself soon, then I will feel compelled to spend money. Spain and Greece sound good to me.

 
 
Comment by Whac-A-Bubble™
2014-08-28 02:42:52

German unemployment rises, but rate stays at 6.7%
Published: Aug 28, 2014 4:21 a.m. ET
By Emese Bartha

The number of Germans without jobs increased slightly in August while the unemployment rate stayed near record lows, the country’s labor agency said Thursday, suggesting the labor market in Europe’s largest economy remains healthy despite a recent setback in economic activity.

The number of unemployed people rose 2,000 in August after a fall of 12,000 in July.

The figures, which are adjusted for seasonal variations in hiring, were worse than expected. Analysts polled by The Wall Street Journal projected a decline in the August joblessness number of 5,000. The unemployment rate was 6.7%, unchanged from July.

Comment by scdave
2014-08-28 08:02:59

The number of Germans without jobs increased slightly in August ??

Yes, and that is with negative interest rates….

 
 
Comment by Whac-A-Bubble™
2014-08-28 02:44:11

French unemployment hits new record
Published: Aug 27, 2014 7:37 p.m. ET
By William Horobin

PARIS–The number of unemployed people in France rose 0.8% in July from June, setting yet another record high at a time when President Francois Hollande is struggling to convince the French, and even his political allies, that he has the right recipe to solve the country’s economic woes.

The number of unemployed–defined as registered job seekers who are fully unemployed–reached 3,424,400 in July.

“The rise stems from zero economic growth in the euro zone and in France,” labor minister Francois Rebsamen said in a statement.

Comment by Guillotine Renovator
2014-08-28 11:50:17

The world needs more robots, automation, and systems to replace/displace even more workers, with the profits going to the top 1%. It’s so great for society…

 
Comment by Raymond K Hessel
2014-08-28 16:07:47

If you like your socialism, you can keep your socialism. The crony-capitalist French variety, that is.

 
 
Comment by Whac-A-Bubble™
2014-08-28 02:45:18

Can anyone (except ABQDan) offer comment on the degree to which China’s export markets depend on European consumption?

Comment by azdude
2014-08-28 05:45:00

I have bigger fish to fry than worrying about china constantly. I’m worried about our economy who has the real problems.

Comment by Housing Analyst
2014-08-28 05:47:10

cratering housing demand is a positive for the economy.

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Comment by Get Stucco
2014-08-28 06:02:04

Watch out for a US real estate crash when Chinese criminals on the run dump their US real estate holdings as they currently are dumping their investments back home.

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Comment by ibbots
2014-08-28 06:48:22

U.S. runs out of investor visas as Chinese overwhelm program .

http://money.cnn.com/2014/08/27/news/economy/china-us-visa/index.html

 
Comment by In Colorado
2014-08-28 08:49:48

U.S. runs out of investor visas as Chinese overwhelm program

Lifeboats are always in short supply when you need one.

 
 
Comment by "Auntie Fed, why won't you love ME?"
2014-08-28 09:12:53

What will happen to all those house prices when the Chinese buyers dry up?

:( :( :( :( :( ——— :( :( :( :( :(

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Comment by Raymond K Hessel
2014-08-28 16:09:07

CNBC has assured me our economy is robust.

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Comment by Guillotine Renovator
2014-08-28 11:52:01

There is no more Albdantroll. He was exposed, embarrassed, then spanked into non-existence.

Comment by azdude
2014-08-28 15:20:32

Dan added value here.

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Comment by "Auntie Fed, why won't you love ME?"
2014-08-28 16:19:49

Don’t make me barf.

 
 
 
 
 
Comment by Raymond K Hessel
 
Comment by oxide
2014-08-28 05:13:02

Lots of good stats on people NOT paying off their mortgages:

——————-
Boomer Wealth Dented by Mortgages Poses U.S. Risk

By Victoria Stilwell Aug 28, 2014 5:00 AM ET (Bloomibergi)

The share of Americans 65 and older with mortgage debt rose to 30 percent in 2011 from 22 percent in 2001, according to a May analysis by the Consumer Financial Protection Bureau based on the latest available figures. Loan balances also increased, with the median amount owed climbing to $79,000 from $43,400 after adjusting for inflation, the data showed.

…The increase in mortgage debt may influence labor-force dynamics as some older Americans find they’re unable to completely retire, needing extra cash to keep up monthly payments.

A surge in refinancing in the early 2000s — and to some extent the more recent wave in the post-recession years — is one reason mortgage debt grew … The highest rates of refinancing occurred among boomers, with more than half of those born between 1946 and 1964 going through the process in 2004 and 2007, Gist found.

…Those with jobs are laboring longer. About 65 percent of homeowners with mortgages are still working at age 64, compared with 54 percent of those without housing debt…

The inclination toward having bigger mortgages later in life will probably not dissipate with the coming of a younger generation. As millennials delay buying homes, they may prolong the trend..”

—————–

:shock: <— I’m not shocked at the data, I’m just sort of stunned at how screwed we are.

I — and probably you guys too — have personally seen every single one of these data points borne out. HALF the boomers cashed out for boob jobs, during the peak! These refi’s restart the clock on a bubble-sized mortgage, which they now have to pay, using income which has not gone up. In turn, lots of folks ~65 years old are not retiring because they still have a mortgage. They are not opening up jobs for Millenials, so Millenials aren’t buying either. Boomers have to subsidize the underemployed Millenials, another reason they can’t retire… what a horrid cycle.

I’m part of this cycle too. I’m not a Millenial, but I bought late. I’m making up for it with extra cash to principle so I can burn the mortgage on track, but not everyone can do that.

Comment by goon squad
2014-08-28 06:07:22

i am proud to have personally contributed to this when i worked for tarp bank in 2004-2006.

Comment by j-j-j-joe
2014-08-28 06:32:29

God bless you for your service.

Mom, the military, apple pie, bald eagles, and big business. They’re what Americans (TM) love.

Comment by In Colorado
2014-08-28 07:48:45

Don’t forget 9 year old girls with Uzis. It’s what the founding fathers wanted.

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Comment by MacBeth
2014-08-28 07:54:29

…and big government. They love that, too.

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Comment by "Auntie Fed, why won't you love ME?"
2014-08-28 09:16:38

We should start a fund to raise money to buy wigs for bald eagles.

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Comment by Raymond K Hessel
2014-08-28 16:10:35

Who lost their plummage to errant Uzi-shooters.

 
 
 
Comment by rms
2014-08-28 07:00:49

“i am proud to have personally contributed to this when i worked for tarp bank in 2004-2006.”

+1 Nothing compares to serving god’s will and helping his followers. Amen.

 
 
Comment by Housing Analyst
2014-08-28 07:39:33

,” I’m just sort of stunned at how screwed we are.”

No Mz. Craterton. …. you… You and millions of other suckers that you voluntarily joined are screwed.

Comment by Guillotine Renovator
2014-08-28 10:31:49

You’re enRAGEd.

Comment by Housing Analyst
2014-08-28 10:39:54

I enrage you.

~The Enrager

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Comment by Guillotine Renovator
2014-08-28 15:13:37

^^RAGER.

 
Comment by Housing Analyst
2014-08-28 15:57:11

Your engagement with enragement is causing your derangement.

 
Comment by Raymond K Hessel
2014-08-28 16:11:42

The mere existence of both of you is starting to offend me.

 
Comment by rms
2014-08-28 22:06:38

“Your engagement with enragement is causing your derangement.”

+1 LOL!

 
 
 
 
Comment by MacBeth
2014-08-28 08:00:39

Frankly, I’m surprised the number isn’t closer to 80%.

Oxide, you underestimate the Boomers’ predilection for hedonism.

‘Twas never a name more apt for a generation than the Me Generation.

Comment by scdave
2014-08-28 08:08:49

you underestimate the Boomers’ predilection for hedonism ??

Boomers, Boomers…All the problems in the world because of Boomers…Were you beaten as a child MacBeth ?? Given up for adoption or something that you have this penchant for despising Boomers ??…You so easily categorize 75 million people….

Comment by MacBeth
2014-08-28 08:57:39

Typical Boomer reaction…

No, scdave, I wasn’t beaten as a child. Were you overly indulged as a child?

I don’t speak much about Boomers here…Californians, yeah, but not Boomers. Don’t blame me if you equate the two.

Hedonistic? Certainly, the Boomers are.

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Comment by oxide
2014-08-28 08:10:53

I don’t see where I underestimated. The article said that half the boomers refi’d. And the 80%… are you saying that that’s the number of 64’s who should still have a mortgage?

Comment by MacBeth
2014-08-28 08:59:04

I’m not saying they should…I’m just saying I’m surprised it’s not 80% rather than 50%.

Not many Boomers know how to save anything.

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Comment by "Auntie Fed, why won't you love ME?"
2014-08-28 09:15:33

Boomers aren’t subsidizing anyone. They are being subsidized.

Comment by oxide
2014-08-28 09:26:04

Where do you get this? Every college grad Millenial living at home is being subsidized.

Comment by "Auntie Fed, why won't you love ME?"
2014-08-28 09:41:45

Families living together is not a subsidy. Boomers are subsidized by the following government policies:

1) Globalism
2) Obamacare
3) Social Security
4) Laws against ageism, which only apply to old people. It’s OK to discriminate against young people.

The sum total of those four far outweighs the “benefits” of being stuck at home with your parents because you can’t get a job. Besides, Y-gen are not the kids of Boomers. That would be X-gen (me).

Boomers generally would not allow their kids to stay with them past the age of 18, since that would require a perceived sacrifice on the part of said Boomer. Boomers do not sacrifice for anyone.

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Comment by Housing Analyst
2014-08-28 09:42:49

No Donk. Boomers are the S’S and Medicare leeches.

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Comment by Guillotine Renovator
2014-08-28 15:15:06

^^RAGE.

 
Comment by Housing Analyst
2014-08-28 17:30:44

Don’t be angry. Collapsing housing demand in your town is a positively bullish and good for the economy.

 
 
Comment by oxide
2014-08-28 18:12:27

I didn’t mean government subsidies. I meant that the parents were pitching in with informal subsidies like free rent, free food, down payment gifts/loans, keeping them on their own health insurance plan until 26, pitching in for rent if the kids do move out, etc. Not to mention informal subsidies if there are grandchildren.

While that may sound like “living with family,” that fact is, the previous generation didn’t have to live with family. One they quit sucking the b*ng, they got jobs and apartments and supported themselves. The Millenials aren’t doing that.

Millenials, not Gen X/Y, are the children of Boomers. How could so MANY boomers produce so FEW Gen X/Y… and then where did millions of Millenials come from after that? No, millions of Millenials are the kids of millions of boomers. Boomer women put off having kids for a decade while they pursued careers. The leading edge of Millenials is 33 years + 33 year old parent = leading edge of Boomer 66-67.

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Comment by "Auntie Fed, why won't you love ME?"
2014-08-28 20:08:29

Boomers starting being born in 1946. Unless you subscribe to the theory that a generation spans like 25 years, then Boomers are too old to be parents of Gen Y.

“Women” (and the males who impregnate them) have been gradually delaying parenthood since the dawn of the industrial era. When my parents procreated, it would have been considered very, very odd to wait until the age of 33 to have kids. At that time, they did it in their early-to-mid 20s. Their high salaries, stable jobs, and low tax rates made that possible. They typically had only one income when the kids were little.

Millenials (Gen Y) are the kids of the generation that came after Boomers. Like the Silent Generation or something like that.

They aren’t smoking bongs. They are staying in school and working for peanuts.

I suppose when the Boomers start getting assistance from their kids, then you will say that Boomers are not being subsidized because their kids owe them something. Being part of a family is not a form of subsidy.

 
Comment by Whac-A-Bubble™
2014-08-28 20:35:27

Being part of a family is a form of social insurance.

 
 
 
 
 
Comment by goon squad
2014-08-28 05:20:39

washington post - bad news: wages are down for pretty much everyone

‘anyone earning a paycheck knows that raises are rare these days. but a paper released wednesday shows that not only are wages flat from before the recession — they’re falling.

real hourly wages are down for workers at all education levels in the first half of this year compared to the first half of 2013, according to the economic policy institute paper.’

what those lucky ducks need are $500,000 starter homes!

Comment by goon squad
2014-08-28 05:25:50

national public radio - survey: americans are grumpy about economic recovery

‘a new survey by rutgers university found two out of three americans felt no improvement in the last year. and only about one in four expect things to get better in the year to come.’

what those debbie downers need are $500,000 starter homes!

Comment by Get Stucco
2014-08-28 05:54:40

With guaranteed annual appreciation of twenty percent, a $500,000 starter home can earn you $100,000 the first year you own it and even more in future years. Buy now, and let your home earn a living for you forever!

Comment by In Colorado
2014-08-28 07:51:27

And don’t forget! That equity is easily accessible via a HELOC. So stop by and visit Mr. Banker, he’ll help you make your dreams come true!

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Comment by MightyMike
2014-08-28 10:30:44

With guaranteed annual appreciation of twenty percent, a $500,000 starter home can earn you $100,000 the first year you own it and even more in future years.

And if you can get 100% financing, meaning no down payment, your return on investment is infinite!

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Comment by goon squad
2014-08-28 05:39:15

bloomberg - boomer wealth dented by mortgages poses u.s. risk

‘a growing number of homeowners are reaching retirement age still owing money on their houses. the share of americans 65 and older with mortgage debt rose to 30 percent in 2011 from 22 percent in 2001, according to a may analysis by the consumer financial protection bureau based on the latest available figures. loan balances also increased, with the median amount owed climbing to $79,000 from $43,400 after adjusting for inflation, the data showed.’

a nation of broke @ss loosers

Comment by rms
2014-08-28 07:03:11

“a nation of broke @ss loosers”

+1 Got that right.

 
 
Comment by oxide
2014-08-28 05:58:43

This trope is getting REALLLLY old. What these lucky ducks need is shiny $2500/month 2-bed apartments with granite countertops and yoga studios.

Comment by goon squad
2014-08-28 06:15:10

by living just a few miles outside of the hipster/yuppie zone(s), i pay less than half what some people i know pay to live downtown with all the other pretty things.

Comment by In Colorado
2014-08-28 07:54:39

Yeah, but when you go out from your cheap digs all you see are those obese, tattoo covered immigrant women with sprogs dangling from them. You get what you pay for, my friend ;-)

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Comment by scdave
2014-08-28 08:18:23

You get what you pay for, my friend ??

Exactly….

 
Comment by goon squad
2014-08-28 08:37:12

“You get what you pay for”

The local King Soopers and Safeway are only a half-mile apart. The King Soopers is where the tattooed hambeasts graze. The Safeway is where the yoga-pants thigh-gap girlz buy their hummus and Odwalla bevvies.

 
Comment by In Colorado
2014-08-28 08:52:54

Now we know where Goon shops. :-)

 
Comment by "Auntie Fed, why won't you love ME?"
2014-08-28 09:34:59

Most downtown areas are not good places to live. They are noisy, polluted, unsafe, and cramped.

 
Comment by rj chicago
2014-08-28 09:58:14

And most smell like the urinal at the ballpark!!

 
Comment by Guillotine Renovator
2014-08-28 10:55:53

“Most downtown areas are not good places to live. They are noisy, polluted, unsafe, and cramped.”

I don’t know of any downtown areas where the drug dealers, crackheads, thugs, and hos don’t come out and night and dominate. That’s not the kind of lifestyle I find appealing, especially having a dog. Dogs sometimes need to go to the bathroom in the middle of the night, as inconvenient as it might be. Walking your dog at 2:30 am around crackheads, dealers, and hos does not sound the least bit attractive.

 
 
 
Comment by j-j-j-joe
2014-08-28 06:28:32

first off, goon is correct. thing is, there are some here at HBB who still think “ownership > renting”. (this is less true than before because slithers was banned, apparently.)

I think there is still some value in showing the disconnect between financial reality and “conventional wisdom” out there in the “real world”.

 
Comment by rms
2014-08-28 07:04:19

“…and yoga studios.”

+1 Thigh-gap is a good thing.

Comment by j-j-j-joe
2014-08-28 09:05:20

ah yes, dat gap.

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Comment by goon squad
2014-08-28 09:09:59

Cameltoe in the produce aisle = WIN

 
Comment by rms
2014-08-28 11:15:12

Cameltoe in the produce aisle = WIN

+1 Indeed. Not enough of that in flyover country.

 
Comment by oxide
2014-08-28 11:54:11

For you, there’s always People of Wal-Mart. Spandex isn’t limited to nubile yoginis in LuluLemons.

 
Comment by j-j-j-joe
2014-08-28 11:57:55

in flyover, the only gap you get is plumber’s crack

 
 
 
Comment by "Auntie Fed, why won't you love ME?"
2014-08-28 09:32:22

Just in case ppl were wondering:

Full Definition of TROPE
1
a : a word or expression used in a figurative sense : figure of speech
b : a common or overused theme or device : cliché (the usual horror movie tropes)

2
a phrase or verse added as an embellishment or interpolation to the sung parts of the Mass in the Middle Ages

Examples of TROPE
(a screenplay that reads like a catalog of mystery-thriller tropes)

Origin of TROPE
Latin tropus, from Greek tropos turn, way, manner, style, trope, from trepein to turn
First Known Use: 1533
Related to TROPE

Synonyms:
banality, bromide, chestnut, cliché (also cliche), groaner, homily, platitude, shibboleth, commonplace, truism

 
 
Comment by goon squad
2014-08-28 06:03:20

marketwatch - college grads face high hurdles to buying first homes

‘the ladder to home-ownership is a lot steeper for debt-laden graduates. they need to earn a lot more money if they want to buy a home — in some cases, over 50% more.’

it’s a good thing these kidz are getting 50% raises, otherwise those $500,000 starter homes might be unaffordable

Comment by MacBeth
2014-08-28 08:07:47

Good thing there’s STEM degrees to be had!

Too bad salaries for STEM grads also are dropping. Oops!

Comment by "Auntie Fed, why won't you love ME?"
2014-08-28 09:37:20

Today’s graduates are earning the same hourly rate that I got when I graduated in 2001. This is not adjusted for inflation. It’s the same number.

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Comment by Skroodle
2014-08-28 10:07:06

Silicon Valley seems to have bizarrely high salaries.

Just like back in 1999…

 
Comment by "Auntie Fed, why won't you love ME?"
2014-08-28 10:32:46

Inflation-adjusted salaries for STEM graduates have been declining since I graduated.

 
 
 
 
 
Comment by goon squad
Comment by goon squad
2014-08-28 06:10:09

pablo escobar’s right-hand man explains why the drug war is unwinnable

http://www.businessinsider.com/why-the-drug-war-is-unwinnable-2013-2

 
Comment by Shillow
2014-08-28 06:19:41

Legalization is silly and doesn’t go far enough. Free drugs is what it should be. Give everyone free drugs.

Comment by j-j-j-joe
2014-08-28 06:26:31

^^ stupid person attempting a straw man argument

Comment by goon squad
2014-08-28 06:31:21

2 people I went to high school with died of oxycontin/heroin overdose.

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Comment by j-j-j-joe
2014-08-28 06:34:01

I might be missing the connection with weed (or drugs in general) legalization?

 
Comment by Housing Analyst
2014-08-28 07:44:23

Liberace!

 
Comment by MacBeth
2014-08-28 08:13:43

Mayor Marion Berry for El Presidente!

Or is he dead? On second thought, all the more reason to vote for the DC icon.

 
Comment by scdave
2014-08-28 08:26:03

2 people I went to high school with died of oxycontin/heroin overdose ??

Well there in the point…Making it illegal and trillions spent did not save there lives did it ?? Its a money machine…The whole thing…

 
Comment by In Colorado
2014-08-28 08:54:12

Mayor Marion Berry for El Presidente!

Wasn’t he the prez in Idiocracy?

 
Comment by MightyMike
2014-08-28 10:38:35

I might be missing the connection with weed (or drugs in general) legalization?

There was something about this just the other day.

Study: Medical marijuana could lead to fewer prescription painkiller deaths
Updated by German Lopez on August 25, 2014, 4:00 p.m. ET

Deaths from opioid painkillers plateaued in medical marijuana states between 2009 and 2010, while other states saw an increase, according to a new study published Monday in the Journal of the American Medical Association.

Researchers looked at how medical marijuana laws correlated with opioid deaths, as tracked through states’ death certificate data. States with medical marijuana laws had slightly more opioid deaths than other states during the research period (1999 to 2010). But the study found medical marijuana states had nearly 25 percent less deaths than expected, based on historical rates and trends in places that don’t allow medicinal pot. Increases in painkiller deaths also appeared to slow more the longer a medical marijuana law was in effect.

http://www.vox.com/2014/8/25/6065383/medical-marijuana-legalization-linked-to-less-prescription-painkiller

 
Comment by MightyMike
2014-08-28 10:44:29

I also saw this recently.

Study: Couples who smoke marijuana are less likely to engage in domestic violence

Marital marijuana?

A new study by researchers at the University of Buffalo finds a significantly lower incidence of domestic violence among married couples who smoke pot. “Couples in which both spouses used marijuana frequently reported the least frequent IPV [intimate partner violence] perpetration,” the study concludes.

These findings were robust even after controlling for things like demographic variables, behavioral problems, and alcohol use. The authors studied data from 634 couples over nine years of marriage, starting in 1996. Couples were administered regular questionnaires on a variety of issues, including recent drug and alcohol use and instances of physical aggression toward their spouses.

http://www.washingtonpost.com/blogs/wonkblog/wp/2014/08/26/study-couples-who-smoke-marijuana-are-less-likely-to-engage-in-domestic-violence/

 
Comment by "Auntie Fed, why won't you love ME?"
2014-08-28 16:23:26

Maybe they have less-conservative values.

 
 
 
Comment by "Auntie Fed, why won't you love ME?"
2014-08-28 09:45:43

People are starting to get pot confused with meth and heroine. I knew this was going to happen eventually. I know some alcoholics, and that’s pretty bad. I would not like to know some meth addicts and heroine addicts too.

Comment by Guillotine Renovator
2014-08-28 15:19:52

Meth addicts are amongst the most dangerous people on earth. And they rip society off blind, too. I hate tweakers more than anything.

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Comment by Skroodle
2014-08-28 10:08:15

It grows along side the highways in Missouri.

Comment by "Auntie Fed, why won't you love ME?"
2014-08-28 10:34:07

What does? Meth, heroine, or mj?

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Comment by scdave
2014-08-28 08:20:58

the war on drugs is a total failure ??

Law enforcement, criminal justice system, Private prison system and prison guards would STRONGLY disagree…

 
 
Comment by goon squad
2014-08-28 05:57:18

saw this linked from google news:

http://www.salon.com/2014/08/23/white_privilege_an_insidious_virus_thats_eating_america_from_within/

permanent democrat supermajority

Comment by j-j-j-joe
2014-08-28 06:43:27

Whites are in a tough position, man. On one hand, it’s hard to deny that for most people who are born white, you’re getting this big advantage in terms of family, life experiences, schools, etc. On the other, it’s not your fault at all that other cultures/families are self-destructive or make bad choices.

What’s really annoying is the fact that the PTB are able to divide middle class whites along BS social issue lines. It leaves rational, thinking white people without a party they can relate to. On one side, you have the GOP (whose electorate has a significant % of teabillies) and on the other the Dems (who won’t admit that one of the big reasons they want to “help” minorities is that they feel deep down that the minorities actually are inferior).

Comment by Bill, Just South of Irvine
2014-08-28 07:49:33

Let’s not think in terms of race. You confuse the growing number of multiracial people. And though my skin may look white I also have American Indian ancestry (and I still like the name “Washington Redskins”).

I don’t give a hoot about “party” as in “political party.” It’s for collectivists. Real Individualists have no place in political parties.

When you realize the problem with Democracy is it’s tyranny by majority and the problem with a representative Republic it’s tyranny by the minority, there is no place left but to ignore the state.

Comment by "Auntie Fed, why won't you love ME?"
2014-08-28 09:50:38

You forgot about the Bill of Rights. There is less tyranny than you think in the US system of governance. If you had been born into anarchy, then you would be the product of rape. Your mother would probably have chosen not to feed you, and you would be dead. Get real, Bill.

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Comment by mathguy
2014-08-28 13:40:07

You are so right. Without Swat teams dropping flash grenades in baby cribs we would have absolute chaos!!!

 
Comment by "Auntie Fed, why won't you love ME?"
2014-08-28 16:24:46

Mathguy:

Pick a number between zero and infinity. Start from there.

 
Comment by mathguy
2014-08-28 18:19:30

Fine. The number I pick is 1912. Why? Because in 1913 both the federal reserve and income tax were created. I also choose to roll back the insane usage of the commerce clause to allow regulation of drugs via the ATF and DEA, neither of which existed in 1912.

However, we can keep amendments 19, 20, 22, 24, 25, 26, and 27.

 
Comment by Bill, Just South of Irvine
2014-08-28 20:37:52

Ha! Auntie - I don’t give a flying f*** about the Bill of Rights. Those are not rights government grants us. The Constitution is not about what freedoms we have, but it’s about what the Government CANNOT DO. We are not GRANTED freedom. We have the right to freedom, whether or not a scrape of paper says so.

 
 
 
Comment by "Auntie Fed, why won't you love ME?"
2014-08-28 09:48:13

Wigs for bald eagles. Donate at Ben’s link. He will forward it to the fund.

 
Comment by Guillotine Renovator
2014-08-28 15:22:25

“On one hand, it’s hard to deny that for most people who are born white, you’re getting this big advantage in terms of family, life experiences, schools, etc.”

This is an absolutely asinine comment, likely from someone who grew up sheltered in a family with lots of money. There are millions of impoverished white people across this country.

Comment by Bill, Just South of Irvine
2014-08-28 20:35:47

My oldest sister and her two adult kids are white-skinned and impoverished. JJJ-Joe was born with a platinum spoon. Amazed he is not “progressive” like Auntie.

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Comment by j-j-j-joe
2014-08-28 06:22:33

RAL, I saw that Stephen Hawking did the ALS ice bucket challenge and nominated you and a few other scholars to go next. Can you post a video when you do this? (Vine or Instagram video is OK)

Comment by oxide
2014-08-28 08:18:08

Did you mean “nominate” and not “nominated?” I don’t usually bother about typos, but it sounds like Hawking did the nominating.

And of course Hawking would do it.

Comment by In Colorado
2014-08-28 08:56:30

I still don’t get this stupid fad.

Comment by LiberaceLOL
2014-08-28 09:07:20

Liberace does.

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Comment by Arizona Slim
2014-08-28 09:08:11

The ALS bucket challenge needs to go away. Now.

Comment by azdude
2014-08-28 15:33:45

I saw a great one today where a dude sh@t his pants, funny stuff.

http://www.liveleak.com/view?i=03b_1409006759

 
 
 
Comment by goon squad
2014-08-28 06:40:00

USA Today - What’s the most ‘American’ city? Study says Nashville

“A new study shows that Nashville is the most “American” of U.S. metro areas in 2014.

The study, from personal finance website WalletHub, says that Nashville’s demographics most closely mirror the U.S. average as a whole.

Cincinnati and Indianapolis came in second and third, with Charleston, SC, and Jacksonville, FL, rounding out the top five cities.

Yuma, AZ, Brownsville, TX, Altoona, PA, Boulder, CO, and McAllen, TX, were ranked as the cities least resembling the USA overall, according to the study.

On race, Denver most closely resembles the country.

In terms of age, Tulsa most resembles the USA.

Detroit mirrors the country most in the area of income.

And Greensboro, NC, most resembles the country in education.”

Comment by j-j-j-joe
2014-08-28 06:46:36

So our top 5 “most American” cities are basically the epicenter of the meth epidemic and emergence of the McJob?

I’m pretty sure the cities that resembles the “average America” the least would actually be NYC, SF, LA, and DC. The DC part is really funny, actually. DC is way less white that America as a whole, has tons of (east Asian, indian, middle eastern) immigrants, and is far, far left politically. Like, votes 90% Dem without fail. There are more green party members than GOP members.

Comment by goon squad
2014-08-28 06:56:16

As John Cougar Mellencamp (from Bloomington, Indiana) sang in Pink Houses, “Ain’t that America”

And LOLZ that Denver is more COEXIST than the Bobos in Paradise townz that are 99% white but where everybody has a COEXIST sticker on their Subaru/Volvo/Prius

Comment by MightyMike
2014-08-28 10:50:30

You mention those bumper stickers quite a bit, yet your comments indicate that you’ve never actually looked at one. The message on the stickers has to do with religion, not race.

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Comment by goon squad
2014-08-28 11:12:13

The 2014 Souper Bowl Coke commercial:

http://www.youtube.com/watch?v=443Vy3I0gJs

 
 
Comment by Raymond K Hessel
2014-08-28 16:16:23

It was John Mellencamp. Some lame record industry exec made him insert the “Cougar” until he sold a few million records and told the suits to piss off with their silly make-believe name.

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Comment by MacBeth
2014-08-28 08:20:19

Gee, I didn’t know any of that about DC….

You need to get out more, joe. There’s more to life than Washington and its condescending/drug-addled residents.

And no, I’m not referring to California or Boulder. Those places don’t constitute “more to life” either since they’re virtual clones of D.C.

Comment by j-j-j-joe
2014-08-28 09:10:51

I really don’t think the avg American has any idea how non-white DC (or DC area in general) is. The only place I can think of with as much asian/indian/arab population is Silicon Valley. It seems these immigrants follow the jobs. Places you don’t see this type of immigrant have poor long term job prospects (e.g. the south, with its McJobs and bad schools).

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Comment by MightyMike
2014-08-28 10:55:25

That reminds of this story from a few weeks ago. There are Indians in the South, which might not be a wise choice.

‘LOL’: Vandals attack Hindu temple in Georgia again and desecrate sacred idol

By David Ferguson
Thursday, August 7, 2014 12:58 EDT

Vandals attacked a Hindu temple in Monroe, Georgia earlier this week, spray-painting profanities and phrases like “ha ha” and “LOL” on the walls. The perpetrators also broke into the small outbuilding that held the temple’s sacred relics, tore out the icon of the deity Shiva and painted it completely black.

MyFoxAtlanta.com reported that this was the second time vandals struck the Vishwa Bhavan Mandir temple. In 2013, they sabotaged the building’s air conditioners. Police believe the same offenders may have been behind both attacks.

“As soon as I saw it I was just devastated,” said temple member Kelly Dammar to Atlanta’s Channel 5. “I was in tears because this is like another home for me.”

http://www.rawstory.com/rs/2014/08/07/lol-vandals-attack-hindu-temple-in-georgia-again-and-desecrate-sacred-idol/

 
Comment by Raymond K Hessel
2014-08-28 16:17:38

There are ignorant people in the north, south, east, and west.

 
Comment by MightyMike
2014-08-28 16:39:02

Yeah, there are ignorant people everywhere. There’s nothing criminal about it. Vandalism, however, is another matter altogether.

 
 
Comment by "Auntie Fed, why won't you love ME?"
2014-08-28 09:54:36

California and Colorado do not resemble Washington, DC in any way. I’ve been to all of those places.

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Comment by In Colorado
2014-08-28 08:01:30

Yuma, AZ, Brownsville, TX, Altoona, PA, Boulder, CO, and McAllen, TX, were ranked as the cities least resembling the USA overall, according to the study.

I’ve been to all of these, except for Altoona. Yuma, Brownsville and McAllen definitely feel like they are south of the border.

Boulder feels like it’s on Mars.

Comment by rj chicago
2014-08-28 08:11:16

Boulder doesn’t ‘FEEL’ like it is on Mars - IT IS ON MARS!!!

Comment by MacBeth
2014-08-28 08:31:31

The People’s Republic of Boulder is just fine, thank you.

It’s Washington {whatever} and Cherry {whatever} that need the help. Their interplanetary craft veered a tad off course, dumping both within shouting distance of shameful, head-shake-worthy dumps such as Aurora.

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Comment by In Colorado
2014-08-28 08:02:30

Detroit mirrors the country most in the area of income.

A nation of broke @ss loosers!

Comment by MacBeth
2014-08-28 08:34:05

Perhaps what’s left of California’s middle class will flock to Detroit and price the Michigan locals out of what’s left of their homes.

 
 
 
Comment by rj chicago
2014-08-28 08:10:05

Like the Grand Canyon when you yell in it - all you hear is an echo!!! This from ZH ala Charles H. Smith.
Happy day peeps!!

http://www.zerohedge.com/news/2014-08-28/housing-echo-bubble-popping

 
Comment by rj chicago
2014-08-28 08:16:27
 
Comment by Housing Analyst
2014-08-28 09:09:00

Crater.

Comment by Amy Hoax
2014-08-28 09:49:42

Renter for life.

Comment by Housing Analyst
2014-08-28 10:00:42

Why buy when you can rent for half the monthly cost?

Crater.

Comment by azdude
2014-08-28 15:22:14

F A I L

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Comment by Housing Analyst
2014-08-28 16:01:15

Well? Does it make sense to buy when you can rent for half the cost?

 
Comment by azdude
2014-08-28 16:19:18

well if that was true I might agree. Its not the case in our market.

U might be able to rent for half the cost in places where deliverance is a hit.

 
Comment by phony scandals
2014-08-28 17:14:16

Dueling Banjos - Deliverance 1972 - YouTube
http://www.youtube.com/watch?v=Qf3wrZ-M35Y - 317k -

 
Comment by Housing Analyst
2014-08-28 17:28:50

It is true Poet. Even in your undisclosed ShantyLand.

 
 
 
 
Comment by "Auntie Fed, why won't you love ME?"
2014-08-28 10:20:24

Be a good citizen and commit a random act of meanness against your banker today!

 
 
Comment by aNYCdj
2014-08-28 10:55:06

Hey all…here is a person ive been following for years a music critic Bob lefsetz….

http://lefsetz.com/wordpress/index.php/archives/2014/08/27/stuff/

And why buy a bigger house when you’ve just got to heat it, never mind cool it. It’s the antithesis of green. And millennials are almost all environmentalists.

Could it be that the culture of consumerism, which has driven the engine of America, is history? Or to the degree it survives, is it purely virtual? Manufacturing went overseas, we live in a service economy. Once you have the tools to access your data, do you really need anything else?

Food.

Shelter.

Access… Smartphone, laptop and flat screen.

After that, you’re done.

Comment by "Auntie Fed, why won't you love ME?"
2014-08-28 16:28:14

Generation Y does not believe in global warming.

 
 
Comment by Rental Watch
2014-08-28 13:17:28

http://www.rollingstone.com/politics/news/the-biggest-tax-scam-ever-20140827

An interesting history of “inversions” and complex international corporate tax structures.

Sounds like big business should be thanking Mr. Clinton (if they haven’t already).

Comment by azdude
2014-08-28 16:21:25

burger king is losing money. Its a desperation move.

 
Comment by Raymond K Hessel
2014-08-28 16:37:52

Big Business IS thanking the Clintons, to the tune of $200K per speech.

 
 
Comment by rj chicago
2014-08-28 13:38:29

In re: to earlier comments on Boomers - this was a PBS Frontline piece from around 8 years ago that I go back to from time to time. 2006ish if I recall - the warning bells were ringing loud and clear just before the melt down - Worth a watch on a Sat. morning when the kids are off and the wife is at the salon.

http://www.pbs.org/wgbh/pages/frontline/retirement/view/

 
Comment by goon squad
2014-08-28 15:58:34

Region VIII checking in.

Comment by goon squad
2014-08-28 16:49:14

Threefer Thursday

the Clash - Police And Thieves:

https://www.youtube.com/watch?v=W6FZwVvS8_8

the UK Subs - I Live In A Car:

https://www.youtube.com/watch?v=7FxwEORDeng

the Bureaucrats - Grown Up Age

https://www.youtube.com/watch?v=9wicY5twL34

 
Comment by phony scandals
2014-08-28 16:54:09

EVERYONE MUST CHECK IN

 
Comment by phony scandals
2014-08-28 16:56:56

“Do You Want Me To Read The Card?”

Comment by goon squad
2014-08-28 17:22:36

Region VIII checking out.

Comment by phony scandals
2014-08-28 18:12:29

You can check out anytime you’d like, but you can never leave.

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Comment by Raymond K Hessel
 
 
Comment by Raymond K Hessel
 
Comment by Raymond K Hessel
2014-08-28 16:29:49

Another reason to move your money out of TBTF banks and into local credit unions.

http://market-ticker.org/akcs-www?post=229350

 
Comment by phony scandals
2014-08-28 16:31:06

Does Al Qaeda magazine have a swimsuit issue?

AL QAEDA MAGAZINE HINTS OF LOOMING ATTACK
A CIA-funded publication?

Image Credits: FutureTrillionaire / Wiki

by LISA DAFTARI | FOX NEWS | AUGUST 28, 2014

A new English-language Al Qaeda magazine features a how-to article on making car bombs and suggests terror targets in the United States, including casinos in Las Vegas, oil tankers and military colleges, and implies that an attack is imminent.

The online publication, called “Palestine-Betrayal of the Guilty Conscience Al-Malahem” and put out by the media arm of Al Qaeda in the Arabian Peninsula, or AQAP, calls for Muslims around the world to follow “the recipe” provided to set off car bombs in crowded venues. It includes a timeline of “selected jihadi operations” that the Middle East Media Research Institute (MEMRI), which first flagged the slickly-produced latest edition of the terror publication, finds chilling.

“The timeline concludes with the date 201?’ and blank spaces and question marks for the photo and information of the next attack — implying that it is coming soon.” said MEMRI Executive Director Steve Stalinsky.

8 Comments

ilidrake • an hour ago
Why do the rags on their heads look like table clothes?
1 • Reply•Share ›

Anon ilidrake • an hour ago
Because they were taken from the CIA’s banquet table.
1 • Reply•Share ›

 
Comment by phony scandals
2014-08-28 16:37:09

JUDGE TO FBI: GO PROBE YOURSELF ON OKC BOMBING
Lawyer: Agency ‘threatened witness’ in case involving videotape

by LEO HOHMANN | WND | AUGUST 28, 2014

A federal judge has ordered the FBI to investigate allegations the agency intimidated a witness into not testifying at a recent Freedom of Information trial related to evidence in the 1995 Oklahoma City bombing that killed 168 people.

This new court order, issued Aug. 26 by U.S. District Judge Clark Waddoups, marks the second time in a month Waddoups has instructed the FBI to investigate itself over allegations of witness tampering in the case brought by Salt Lake City lawyer Jesse Trentadue.

Waddoups has now scheduled a Nov. 13 hearing on the matter, in which Trentadue accuses the FBI of threatening to eliminate a former undercover agent’s health benefits if the agent took the stand to testify against the government.

The former agent, John Matthews, reportedly met convicted bomber Timothy McVeigh while working undercover for 10 years in the FBI’s Operation PATCON, which focused on infiltrating rightwing militia groups during the 1990s.

Trentadue had lined up Matthews to testify during last month’s trial in the Freedom of Information suit he filed against the FBI in 2008. He alleges in the suit that the agency has not turned over all of the videotapes it has of the events leading up to and including the detonation of the bomb on April 19, 1995, that killed 168 people in the Alfred P. Murrah federal building.

22 Comments

Benny • 24 minutes ago

“Investigate yourself” is just code for “Take plenty of t.p. and make sure you get rid of all the sh## this time.”
• Reply•Share ›

Puppet Theater • 44 minutes ago

The results of the FBI investigation of the FBI came back this afternoon, they are completely innocent.
• Reply•Share ›

 
Comment by phony scandals
2014-08-28 16:41:51

Billionaire Warns: Yellen Collapse ‘Will Be Unlike Any Other’

By Call it Crazy Wed, 23 Jul 2014, 7:45am

Another horrific stock market crash is coming, and the next bust will be “unlike any other” we have seen.

That’s the message from Jeremy Grantham, co-founder and chief investment strategist of GMO, a Boston-based firm with $117 billion in assets under management.

Grantham pulls no punches when assigning responsibility for the coming financial carnage. In a recent interview with The New York Times, he calls Federal Reserve Chair Janet Yellen “ignorant” and says the Federal Reserve all but killed the economic recovery.

Grimly, he adds, “We have never had this before. It’s going to be very painful for investors.”

Grantham isn’t the only one worried about a market collapse.

“We have no right to be surprised by a severe and imminent stock market crash,” explains Mark Spitznagel, a hedge fund manager who is notorious for his hugely profitable billion-dollar bet on the 2008 crisis. “In fact, we must absolutely expect it.”

Billion-dollar investor Warren Buffett is rumored to be preparing for a crash as well. The “Warren Buffett Indicator,” also known as the “Total-Market-Cap to GDP Ratio,” is breaching sell-alert status and a collapse may happen at any moment.

http://www.moneynews.com/mktnews/billionaire-yellen-market-collapse/2014/07/21/id/583962/

 
Comment by phony scandals
2014-08-28 16:52:24

Al Gore’s Man Made Global Huggies

The adult undergarment that is recommended by 97% of Climate Scientists.

The Myth of the Climate Change ‘97%’ - Wall Street Journal
online.wsj.com/news/articles/SB10001424052702303480304579578462813553136 - Similar pages
May 26, 2014

 
Comment by Raymond K Hessel
2014-08-28 16:54:47

“The provision of the Constitution giving the war-making power to Congress, was dictated, as I understand it, by the following reasons. Kings had always been involving and impoverishing their people in wars, pretending generally, if not always, that the good of the people was the object. This our Convention understood to be the most oppressive of all Kingly oppressions; and they resolved to so frame the Constitution that no one man should hold the power of bringing this oppression upon us. But your view destroys the whole matter, and places our President where kings have always stood.” –Abraham Lincoln

 
Comment by Raymond K Hessel
2014-08-28 16:58:16

Germany, having unfortunately experienced the end result of central bank money-printing and currency debasement, might finally be drawing the line against the ECB’s limitless QE.

http://www.zerohedge.com/news/2014-08-28/german-finance-minister-tells-eu-leaders-free-money-partys-over

 
Comment by Raymond K Hessel
2014-08-28 17:03:06

The Fed’s mutant, broken market. This will not end well.

http://www.zerohedge.com/news/2014-08-28/feds-mutant-broken-market

Comment by Whac-A-Bubble™
2014-08-28 18:36:39

Not to worry…the stock market always goes up!

 
 
Comment by Ann Gogh
2014-08-28 19:01:03

After suing JPmorgan and Bank of America: it all goes to cherished liberal causes:
http://www.westernjournalism.com/outrage-obama-holder-running-a-big-money-laundering-racket-to-fund-radical-left/

 
Comment by phony scandals
2014-08-29 05:27:44

phony scandals

 
Comment by phony scandals
2014-08-29 06:30:02

scandals

 
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