Bits Bucket for September 4, 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.
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Name:Ben Jones
Location:Northern Arizona, United States
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Sad panda boo-hoo for the closure of Trump Plaza in Atlantic City, NJ.
It’s been a few years, but I believe we covered the prospective meltdown of the gaming industry on the HBB a few years back. Too many casinos, not enough gamblers with subprime mortage-funded home equity wealth gains to blow at the roulette table…
Atlantic City loses again as more casinos close
Spencer Platt/Getty Images
The Revel Casino, which is facing a second round of bankruptcy, is viewed in Atlantic City on July 30, 2014 in Atlantic City, New Jersey.
by Sabri Ben-Achour
Monday, September 1, 2014
Two of Atlantic City’s casinos, the Revel and the Showboat, closed down this past weekend, bring the total closures to three this year.
Five thousand people lost their jobs, and a fourth casino – Trump Plaza – will shut down in two weeks.
“We’re trying to ease the blow,” says Ben Begleiter, an analyst with UNITE HERE Local 54, the union which represents many casino workers in Atlantic City. The union booked the convention center to get resources to people laid off. “We want to make sure that people have unemployment benefits, health benefits, utility and food assistance.”
Atlantic City is experiencing something that many cities have experienced before it. It hitched itself to a star, and that star faded.
“Atlantic City was predicated on being an east coast monopoly in the casino industry now there’s no monopolies any place,” says James Hughes, dean of the school of planning and public policy at Rutgers University.
…
I estimate the local casino here needs 50,000.00 a day to keep the doors open. some many employees and other overhead costs.
American Indian Reservation casinos have driven a stake through the heart of Atlantic City and Nevada gaming. Their immunity from local laws is questionable, in my opinion.
‘Their immunity from local laws is questionable, in my opinion.’
Wonder if they are buying up all the houses?
well its a trade off for the 80% unemployment at reservations without gambling….
Are higher U.S. interest rates on the way sooner than later?
Could the recent selloff in U.S. Treasurys reflect reallocation of capital into the Eurozone in anticipation of a QE announcement by Draghi which would push eurobond yields even lower than already-low levels?
Credit Markets
U.S. Government Bonds Sell Off
Prices Pressured by Manufacturing Data and New Corporate Bond Sales
By Min Zeng
Updated Sept. 2, 2014 4:21 p.m. ET
The roaring U.S. government bond market hit a snag following the Labor Day break.
After lodging the biggest monthly rally since January, bond prices sank broadly on Tuesday, driven by an upbeat U.S. manufacturing release and a flurry of new corporate bond sales.
In late afternoon trading, the benchmark 10-year note was 20/32 lower, yielding 2.418%.
The yield posted the biggest one-day increase since July 30. Yields rise as prices fall.
Despite Tuesday’s rise, the yield stays near the lowest level since June 2013 and has fallen from about 3% at the start of the year.
The Institute for Supply Management’s manufacturing index, a gauge of the U.S. manufacturing sector, climbed to 59 in August, the fastest pace of expansion since March 2011. The report added to concerns over whether the Federal Reserve may raise interest rates sooner than investors anticipate if the U.S. economy continues to pick up momentum.
“This data continues to make normalization of monetary policy look sensible and the ongoing rally in Treasurys hard to sustain,” said Rob Carnell, analyst at ING Bank.
…
Europe Markets
European stocks edge down as ECB decision looms
Published: Sept 4, 2014 4:39 a.m. ET
ECB decision on QE on deck
By CarlaMozee
Markets Reporter
European Central Bank President Mario Draghi.
LONDON (MarketWatch) — European stocks slipped Thursday as investors waited to find out whether the European Central Bank will pump more liquidity into the flagging euro-zone economy.
The Stoxx Europe 600 SXXP, shed 0.1% to 344.49.
Investors will watch for what the ECB will do next as the euro zone battles low inflation and sluggish economic growth. There’s been speculation that ECB President Mario Draghi and his colleagues will launch full-scale quantitative easing, but other options are available, such as a “private QE” program, say economists.
The ECB policy statement is due at 12:45 p.m. London time, or 7:45 a.m. Eastern Time. Draghi will hold a news conference at 1:30 p.m.
…
ECB live blog: Draghi unveils plan to buy covered bonds, ABS after rate cut
September 4, 2014, 8:24 AM ET
Wow, check out the pic of Draghi. Think Marketwatch editors chose it on purpose?
That’s actually the devil himself.
Oligarchs and plutocrats starting to sweat at the prospect of Scottland saying to hell with living under a City of London bankster-controlled regime.
http://www.businessinsider.com/goldman-sachs-scottish-independence-could-trigger-a-eurozone-style-financial-crisis-2014-9
http://www.washingtonpost.com/world/national-security/justice-dept-to-probe-ferguson-police-force/2014/09/03/737dd928-33bc-11e4-a723-fa3895a25d02_story.html
Meanwhile, Jon Corzine walks free for the theft, er “rehypothication” of $1.6 billion from MF Global customer accounts, and not a single banker has gone to prison for the 2008 financial meltdown.
“rehypothication”
WTF?!
Taking money out of customer accounts without their permission to cover your gambling losses. When you or I do it, it’s called theft. When Obama’s DNC campaign finance bundler does it, it’s called “rehypothecation” and there are no legal consequences or remedies.
Some animals are more equal than others.
re·hypothecation
noun \¦rē+\
Full Definition of REHYPOTHECATION
: the action of a broker who pledges with a bank or other lender securities already left on deposit with him by a customer as a pledge for their purchase on margin
That’s a lousy definition because it contains too many unidentified pronouns. Investopedia is better:
——————
Definition of ‘Rehypothecation’
The practice by banks and brokers of using, for their own purposes, assets that have been posted as collateral by their clients. Clients who permit rehypothecation of their collateral may be compensated either through a lower cost of borrowing or a rebate on fees.
Investopedia explains ‘Rehypothecation’
In a typical example of rehypothecation, securities that have been posted with a prime brokerage as collateral by a hedge fund are used by the brokerage to back its own transactions and trades. While rehypothecation was a common practice until 2007, hedge funds became much more wary about it in the wake of the Lehman Brothers collapse and subsequent credit crunch in 2008-09.
In the United States, rehypothecation of collateral by broker-dealers is limited to 140% of the loan amount to a client, under Rule 15c3-3 of the SEC.
—————-
In other words, it sounds entirely legal, because customers DID give permission to raid the accounts, as a condition of borrowing money to buy stock on margin. Those MFGlobal customers screwed themselves, and Corzine would be guilty of nothing (at least for this activity).
Interesting that rehypothecation was traditionally comensated by breaks on fees or % interest. I guess that, in the past, banks weren’t accustomed to posting much in losses if they thought that they could make it up with a few fees and points.
Hedge funds probably stopped allowing their accounts to be rehypothecated because the banks’ losses were greater than the 140% that they are allowed to raid. Yay for the “free market” days of 2001-2008, when banks leveraged with no oversight whatsoever.
doubt it. gerald celente was pretty public and vocal about NOT being on margin and having his account go poof.
Does using OPM as a pledge for purchases on margin fit the definition?
Until my renovated durable machinery is rolled back out onto the streets, look for more of the same.
Oligarchs and speculators flocking to the trough for another generous serving of ECB printing-press “stimulus,” with the resultant debasement of the currency borne by the 99%.
http://www.zerohedge.com/news/2014-09-04/equitybond-markets-overnight-highs-hopes-more-ecb-stimulus-geopolitics-back-burner
This is from yesterday’s discussion about how car dealerships and durable good retailers are borrowing money in order to extend subprime loans for cars and durable goods like furniture, appliances, big electronics.
————–
Comment by azdude
2014-09-03 09:16:15
anything to get stuff in peoples hands.
————–
Or, to be more explicit, anything to get NEW stuff into people’s hands. Economies are driven by making new stuff, not circulating old stuff. But there is no more middle class to buy new stuff, and so they have to depend on the growing ranks of lucky ducks to take up the slack.
Just this morning a shiny red SUV was speed weaving around on the road, only to be stopped at the same red light as the rest of us. The car had funny rims,* window was half down, hip-hip music blaring out. Now I guess this is racis, but rap-and-rim drivers are not generally known for the kind of cash, career, or credit rating to merit such a vehicle.
Who is bankrolling the loans for all this? Are banks still abusing their TARP money? Are banks still borrowing at 0%, depending the first few 18% payments to fund the remaining principle at the inevitable default? Can I fantasize about all this stuff being re-po’d at some point?
—————–
*I don’t follow the current fashions in rims, except that those spinny rims appear to have gone out of style. All I know is that these rims did not look original to the SUV.
A lot of the new cars cruising around are leased.
This economy relies on people buying stuff. The economy at one time relied on people building stuff.
There is so much money in advertising now that it is simply insane. The big sporting events like nfl and nascar are riddled with commercials. most people dont have any money to travel so they watch a lot of TV.
What I notice is little social interaction between neighbors and people are going out shopping a lot. It is hard to resist the temptation that is constantly pounded in your head.
“A lot of the new cars cruising around are leased.”
Not ours. All three are 100% equity — no loans, no leases.
why assume they have loanz?
could be cash proceeds from undocumented imports of colorado’s finest agricultural products.
The Left appears to have essentially won on legalized marijuana, gay marriage and illegal immigration. Those seem to be the three big “binary” issues of the last 20 years. What’s next?
And all of to provide cover for the raping, robbing and pillaging.
‘the left’
registered republican here who voted in 2012 for legalized weed, gary johnson for prez, libertarian candidate for us house, and left the rest of the ballot blank.
what’s next for the left? legal weed should be seen as 1 step forward and 10 steps back for individual freedoms, considering the statist-progressive agenda of mass surveillance, repealing the second amendment, and taxing the middle class out of existence to further enrich the 0.1% and secure the vote of the free sh1t army.
The Right appears to have won on guns at least for the next 20 years or so.
NRA protests new age requirement at Arizona Guns R Us.
9/3/14 Buck Tooth Arizona FreePress
An angry and heavily armed crowd blocked traffic and picketed in front of the Buck Tooth Arizona Guns R Us yesterday protesting the store’s new age requirements (12 years old for girls and 10 for boys) for handling fully automatic submachine guns in the wake of a 9 year old girl’s accidental killing of her instructor with an Uzi.
“It’s because of Obama”! one man raged as Rocker Ted Nugent implored the crowd to “support every 9 year old girl’s right to spray lead like a Navy SEAL!” “It’s in the Constitution and they’re only gonna get my 5 year old boy’s Glock when they pry it out of his cold dead hands!” an unidentified man yelled as he raised his AR-15.
“The age difference requirement is sexist!” a slender man in gymshorts and Lady Gaga tank-top screamed, inciting the crowd to chant “Shut The F#@k Up!” before he was ushered out by sheriff deputies for his own protection.
Wayne LaPierre the executive vice president of the NRA later told the crowd that “Guns don’t kill, little girls kill. And Fire and Drugs Kill People too. You Wanna regulate Gasoline and Drugs for 9 year old girls too?” “Never..EVER!” the crowd chanted.
See more at the BuckTooth Arizona FreePress website
NRA protests new age requirement at Arizona Guns R Us.
This is from the Onion, right?
This is from the Onion, right?
No. But thanks.
PROGBOT speaks
ProgBot!!! Ziiiiiiiiiiiiiinggggggggggggg!
Reproductive rights are/were another binary issue too.
What’s next? Occupy Wall Street hit a hot button, and I think the Millenials know it. I suspect we’ll see another uprising, only this time incorporatin lessons learned. I don’t think the Millenials are going to tolerate the militarized macing of their underemployed friends who try to protest a corporatist oligharchy.
Millennials are absolutely worthless.
They’ll “tolerate” anything if it makes for a good selfie.
Reproductive rights are so 1970s
“They’ll “tolerate” anything if it makes for a good selfie.”
Boiled selfie?
The “Look at Me” generation.
The Left appears to have essentially won on legalized marijuana, gay marriage and illegal immigration
The “Left” has lost on illegal immigration.
Illegal Immigration: A Rich American’s Game
http://www.creators.com/liberal/froma-harrop/illegal-immigration-a-rich-american-s-game.html
There’s a popular game in America that goes, I’ll cut your wages, but you don’t cut mine. And the outsourcing of your factory job to China is a good thing, because it makes my paycheck go further at Wal-Mart. We hear this theme a lot in the debate over illegal immigration.
Consider the recent raids on Swift meat-processing plants. Federal agents arrested 1,187 illegal immigrants at facilities in six states. Mere hours later, economists warned that depriving the industry of illegal labor could raise hamburger prices…..As it turns out, the meat-processing companies that employ so many illegal immigrants have been enjoying a nearly 50-percent discount on what was the going rate.
In 1980, the average meat-processing job paid $19 an hour. The companies then moved their plants to rural areas, far from the Midwest cities and their unions. The industry’s wages now average about $9 an hour.
…Illegal immigration is usually presented as a win-win situation: Undocumented foreigners earn far more than they could back home. Consumers get a bargain.
The U.S. Chamber of Commerce likes to wail about the “labor shortage.” It says there aren’t enough chambermaids, dishwashers, etc. to work for its members at lousy wages. Odd, but when there’s a shortage of labor — or anything else — doesn’t the price of it go up? The price of unskilled labor in the United States hasn’t gone up. It’s gone down. Because of immigration, American-born high-school dropouts experienced a 5-percent loss in wages during the ’80s and ’90s, according to a study by Harvard economist George Borjas.
For some reason, the job of keeping prices low has fallen entirely on the shoulders of the most vulnerable Americans. If we banged down CEO compensation and sliced lawyers’ pay by a third, the same thing would happen. Everyone’s prices would drop. The corporation could sell its products for less, and the cost of legal services would fall.
…Suggest a U.S. labor policy that depresses professional pay as a means of keeping prices in check, and you get laughed out of the room. But say that sitting on the wages of unskilled factory workers stems inflationary pressure — a frequently made argument — and the PhDs quietly nod in agreement.
And that’s how the game is played. High pay for me. Low pay for you. The folks at the economic bottom are obviously not making the rules.
Nowhere to be seen are America’s working poor who get stomped on 13 different ways. They have to compete with illegal immigrants for jobs and housing. Low-skilled natives and legal immigrants also end up subsidizing the undocumented because they tend to live in the same communities, which must provide hospitals, police, schools and garbage pickup.
I see this a lot, Rio. the funny thing is that it’s the Sister Sarah-type conservatives who are all over the news comment boards with stuff like “well if you’re low skilled, expect to be low-paid. If you want more money, go out and better yourself, etc.”
The Left wants open borders and considers those who disagree to be racist.
#FundamentalTransformationOfAmerica
why assume they have loanz?
could be cash proceeds from undocumented imports of colorado’s finest agricultural products.
The last time I was in a car dealership a Hispanic dude and his family were taking delivery of a brand new $60,000 SUV. I was told they paid cash for it. I asked the sales droid if the buyer sold drugs. He grinned and shrugged his shoulders.
It’s pretty easy when you don’t pay taxes. I could have 3 brand new cars if I were an “Illegal”.
Even if you only make $10/hr installing drywall?
FWIW, most illegals I see at construction sites drive beaters, not brand new Escalades.
I still think that dude sold drugs.
Apparently I exaggerate…OK, 3 REALLY nice used cars.
“most illegals I see at construction sites drive beaters”
And drive 4-5 to a car.
“… not generally known for the kind of cash, career, or credit rating…”
Ah, such are the perks of our instant gratification society.
The rest of us who save, plan ahead and sacrifice the “now” for a better future for ourselves and our kids get to pay for all of this crap.
Great system, isn’t it?
I guess a lot of these “buyers” were in Mexico during 2008.
“Just this morning a shiny red SUV was speed weaving around on the road, only to be stopped at the same red light as the rest of us. The car had funny rims,* window was half down, hip-hip music blaring out.”
I had a guy do this to me several years ago, then slam his brakes on when he got in front of me to try to intimidate me. Rather than slam on my brakes and stop short, I chose to lightly brake and just hit the rear of his little Honda with my truck. It was a 5 mph difference or so, but a pretty good jarring effect. At the next light he jumped out of his car screaming and coming at me, and I stepped out of my truck to “check for damage” hehehe. When he saw that I was 10″ taller than him, and of larger build, he turned around and ran to his car, jumped in, and sped off through a red light.
You’re lucky he wasn’t armed.
exactly its not worth it.
Perhaps. But it was 2 pm in the afternoon, broad daylight, with hundreds of people everywhere. Everybody saw what the guy did, and there’s no way he could have gotten away with anything. While I intentionally hit him, nobody could have known that. It simply appeared as a minor fender bender. For all the guy knew, it was an accident.
Crazy people don’t care about the time of day and witnesses. You’re lucky.
“You’re lucky he wasn’t armed.”
+1 Especially the Napoleon types.
ECB unexpectantly cuts interest rates. Let the currency debasement race begin in earnest. Your move, Janet.
http://www.zerohedge.com/news/2014-09-04/shocking-move-ecb-cuts-10-bps-sends-deposit-rate-further-negative-territory
Marketwatch op-ed: When the next housing bust hits, blame the bankers.
http://www.marketwatch.com/story/when-the-next-housing-bust-hits-blame-the-bankers-2014-09-04?dist=beforebell
When the next housing bust hits, blame the bankers.
You write some good posts but it would be nice if you would add a snippet of the articles you post. Just a thought. Something like this:
Opinion: When the next housing bust hits, blame the bankers
http://www.marketwatch.com/story/when-the-next-housing-bust-hits-blame-the-bankers-2014-09-04?dist=beforebell
The U.S. economic recovery is being endangered by a slowing housing market, as prospective homeowners with lower incomes and credit scores are finding it nearly impossible to get a mortgage.
Six years after the collapse of home prices, the mortgage-lending industry is going through an upheaval. Wells Fargo & Co. WFC, +0.34% has the largest share of the mortgage market, but CEO John Stumpf in an interview with the Financial Times last week said his company would be unwilling to lend to lower-income borrowers and those with relatively low credit scores. That is, unless regulators made it more difficult for investors to force banks to repurchase securitized loans.
But as I noted to Ben - the chart from Ritholz’s site is starting to indicated something else….hmmmmm.
http://si.wsj.net/public/resources/images/MI-CE770_NONBAN_G_20140827184203.jpg
Something you won’t hear from the UK’s establishment political parties, who have been captured by the globalist financial elites with their infatuation for unrestricted immigration and multiculturalism.
http://www.independent.co.uk/news/uk/nigel-farage-says-britain-needs-to-stand-up-for-its-judeochristian-values-to-combat-homegrown-militants-9708082.html
if you like your female genital mutilation, you can keep your female genital mutilation. cultural relativism is the greatest progressive lie ever told. stick a fork in france and the uk, because they’re done.
I thought the French were less tolerant, you know, forcing school girls to leave their burqas at home, etc.
If a Muslim girl or woman chooses to wear a burqa, that’s none of the government’s business. If her brothers and fathers harrass my wife or daughters for not wearing a burqa, on the other hand, then it’s on like Donkey Kong.
this is the fundamental change you were promised
‘the breadwinner-homemaker family, the norm since the dawn of the industrial revolution in the 19th century, is being replaced by a new norm of diversity.
‘there hasn’t been the collapse of one dominant family structure and the rise of another. it’s really a fanning out into all kinds of family structures,’ said philip cohen, a sociologist at the university of maryland. ‘different is the new normal.’
http://www.washingtonpost.com/news/local/wp/2014/09/04/for-the-first-time-since-the-1950s-there-is-no-typical-u-s-family/
because kidz don’t need fathers when they have big daddy government
It isn’t just Daddy, it is all males who are the problem. There can be no social justice with males in society, at least not with Alpha males. Maybe not even with Alpha Beta males like our current crop of politicians.
If you get rid of the alpha males who will sire all of those born out of wedlock kids, who now are the majority of kids being born?
Some feminism in the USA went too far with the anti-male thing imo.
Brazilian women (even the educated and liberal) don’t understand why they would do that or did it.
Chances of long-term marriage success guess: (after long-time observation.)
American man/Brazilian women 60-70%
Brazilian man/American women 40-50%
Part if this is the Brazilian Latin macho thing and part is some American women’s attitude towards relationship’s roles.
When I lived in Mexico the common understanding within the upper middle class circles I hobnobbed in was:
American men were great husbands.
American women were terrible wives.
The general attitude (mind you, this was 30+ years ago) was that American women were for “having fun with” and not for marrying.
That’s because American men have more money, so the Brazilian women kiss their butts.
even the new york times admits that progressive marxist feminism = fail
‘the absence of stable fathers from children’s lives has particularly significant adverse consequences for boys’ psychosocial development and educational achievement.’
http://mobile.nytimes.com/2014/09/03/opinion/what-makes-people-poor.html?_r=1&referrer=
because kidz don’t need fathers when they have big daddy government
Thankfully there are many solutions being proposed.
For instance, American males are being encouraged to grow up and take responsibility for their families, rather than bailing and expecting the female to do all the work. Right?
That’s a good idea. Another is sterilization after kid one on the dole, mom and dad both.
this is the fundamental change you were promised
How do you equate an 08 Obama campaign quote with a trend that’s been accelerating for 50 years? Or more importantly, why?
‘or more importantly, why?’
because 2banana has the day off today
forward
The votes-for-entitlements DNC supermajority isn’t going to build itself, you know. Broken and dysfunctional families make for more pliable Democrat-for-Life voters, entitlement programs and nanny state intervention and meddling.
The welfare state encourages breeding as much as any archaic religion.
this article should p1ss off amy/azdude
‘a trulia survey last year found that 51 percent of homeowners believe it’s important that their neighbors be homeowners too. in other words, renters may not always be welcome, as the new york times described in a story last summer about formerly owner-occupied neighborhoods changing in ‘profound ways,’ portending ‘reduced home values, lower voter turnout and political influence, less social stability and higher crime.’
http://www.washingtonpost.com/blogs/wonkblog/wp/2014/09/03/the-housing-bust-turned-more-renters-and-homeowners-into-neighbors/
loanowners = self-entitled loosers
Resistance is futile, homedebtors! We’ve infiltrated while you weren’t paying attention, and now we’ve got you surrounded! Oh, the humanity…
loanowners = renters minus an exit option
There is an exit option: jingle mail.
Sure, if one had little or no skin in the game to begin with. Otherwise, ouch!
As a long-term renter of single-family houses, I can attest that owning neighbors almost always snub renting neighbors. Many of them are quite direct about the reasons. Funny how I usually last longer than the loan-owners. After a few years, my owning neighbors usually attempt to befriend me, but I always snub them back out of revenge. Nothing like a good revenge snub to soothe the long-accosted ego.
We’ll be renting this house four years in October. A few months ago the old lady next door had her car stolen out of her open garage. While talking to her about it, I asked if she had “spread the word”. She said, oh, we’ve told everyone on the block except the renters. (I wouldn’t know who’s who.) She’s an original owner, since ‘78, and is 85 yo. I think she’s forgotten we’re renters.
Back in 2001 there was a block party on my street. I met a drunk woman who rented a house down the street. I later found out that she’s a racist and that her husband drinks too much as well. At some point they purchased a house two houses down from the one that hey were renting. Their character didn’t approve at all.
Maybe the snubs have nothing to do with you being a renter, and have more to do with your sparkling personality.
You speak from experience?
Oh lookee, lookee, another price reduced property pops up. It has taken this one a while to drop its price down below $100 per sq foot, but there it is and still dropping.
09/03/14Price change$199,900-7.0%$92EXIT Realty Su…
08/01/14Price change$214,900-4.4%$99EXIT Realty Su…
07/01/14Price change$224,900-6.3%$104EXIT Realty Su…
05/30/14Listed for sale$239,900+14.2%$111EXIT Realty Su…
Southeast Phoenix burbs. This was a foreclosure that went to the bank and was listed a couple weeks later. Why would a bank be dutch auctioning off like this to the tune of accelerating price cuts? Do they know something some posters here don’t want to admit?
Market price is being established!
AZ Central alluded to median prices going down in Phx. I feel encouraged, but still trepidatious.
because the future belongs to lucky ducky
wall street journal - for some graduates, college isn’t worth the debt
‘roughly a quarter of college graduates with jobs are earning barely more than those with only a high-school diploma, stoking debate about whether too many americans are sinking into too much student debt with too little to show for it.
the median wage of an american with a bachelor’s degree was $48,000 last year, far higher than the $25,052 earned by those with only a high-school diploma. but the lowest-earning quarter of college graduates make $27,000 or less.’
what those $27k/year lucky ducks need are $500,000 starter homes!
wall street journal - are colleges producing career-ready graduates?
’sociologists richard arum and josipa roksa tracked more than 1,600 students during college and about 1,000 for two years after their 2009 graduation dates. their findings are dismaying: of the students who didn’t go immediately into graduate school, slightly more than a quarter earned above $40,000 a year in a full-time job two years after graduation. nearly three-quarters relied on their parents for at least some financial assistance.’
what those lucky ducks making less than $40k/year need are $500,000 starter homes!
what those lucky ducks making less than $40k/year need are $500,000 starter homes!
They can live in Aurora or Superior
Los Angeles Times - Nearly 1 in 10 California workers are in country illegally, study finds
http://www.latimes.com/local/lanow/la-me-ln-new-immigrants-california-economy-20140903-story.html
Permanent Democrat Supermajority
and if you oppose the fundamental transformation, you are a racist
http://mobile.bloomberg.com/news/2014-09-03/americans-in-poll-increasingly-want-tough-border-control.html
within a few decades, you will have the option of voting for the free sh1t party or the more free sh1t party
A few decades? Isn’t that what we have already?
Come on up. Live tax-free and pay all cash for your Range Rover. It’s tempting to move to Mexico, disavow U.S. citizenship and cross the border to load up on free chit.
Permanent Democrat Supermajority
If this happens, it’s going to be the Repubs fault. In the past 30 years the Dems have gone more to the center and the Repubs have gone far, far more to the Right -the past 10 years to the crazy-train Right. All this while the country polls more closely with Dem positions.
Given the above facts, what would you expect to happen?
“In the past 30 years the Dems have gone more to the center and the Repubs have gone far, far more to the Right”
That is your BS opinion, Rio-Lefty. The Democrats are far more left than 30 years ago, and social and fiscal conservatism has dwindled to little or nothing. The country polls more closely with Dems because:
1) brain washing of students at all levels by left wing academics
2) influx from the southern border of Dem voters
3) The habit of Dems to give free stuff to everybody.
“In the past 30 years the Dems have gone more to the center and the Repubs have gone far, far more to the Right”
This is actually quite non-controversial. It was under Nixon that EPA and OSHA were established and he also proposed a health care plan with larger role for government then Obamacare.
It’s more like both Ds and Rs have become united in the corporate statist Wall Street-owned Republicrat Duopoly.
The country polls more closely with Dems because:
Repubs have gone off the reservation?
The whole left-right paradigm is a crock of shit. BOTH parties are corporate statists who are fundamentally hostile to individual liberty and who follow the dictates of the Wall Street oligarchs and the neo-cons. There isn’t a dime’s worth of difference between them. Both parties are on the make and on the take.
One thing “progressives” and conservatives can both agree on is that the destruction of the productive middle and working classes, the concentration of wealth and power in the hands of a tiny elite, and the capturing of both parties, the media, and our institutions by the oligarchs, do not bode well for the future of our country.
It’s like being date raped by one of the Village People. Does it really matter whether it is the biker or the indian chief?
The whole left-right paradigm is a crock of shit
Wrong. See the voting breakdown of Citizens United.
BOTH parties are corporate statists
See above for the difference.
Permanent Cheap Labor
jobs americans wont do oh my nails….wadda U mean put on a long sleeve shirt in 90 degree weather….ya gotta cover up those tats to work here!
Garbage MarketWatch article advocates debt donkeyism and YOLO
“It turns out that we saved way more than we needed for retirement. I hate to think that the retirement industry tricked us into doing so, but perhaps we should have lived a little larger when we were younger.”
http://www.marketwatch.com/story/why-you-might-be-saving-too-much-for-retirement-2014-09-04
This sounds like the same sh*t advice that if you have a paid off house you’re not managing your money responsibly
“This sounds like the same sh*t advice that if you have a paid off house you’re not managing your money responsibly”
+1 LOL, so fugg’n true!
This article advocates that a paid-off house IS the most responsible way to handle money.
I don’t think they saved “too much” for retirement. It’s that they didn’t have to save so much in the first place. We’ve all been brainwashed by financial advisers who think we need to live on 80% of pre-retirement income.
Simple pimp lies from a shill. First he says:
“My wife and I are now retired and find ourselves living very well on not much more than our Social Security retirement income” then this: “How could two generations of Mandells, all of whom were teachers and civil servants, have lived so comfortably in retirement on little more than their Social Security incomes.”
Teacher? Civil servant? Maybe technically correct, but wildly misleading.
Here is who he is:
Dr. Lewis Mandell is a financial economist with a research specialization in financial literacy and a teaching specialization in investments and valuation at the graduate and undergraduate levels. He began his professional career at the University of Michigan where he directed the Surveys of Consumer Finances, now run by the US Federal Reserve Board. In his 44 year academic career, he held professorships at a number of leading universities, most recently the University of Washington where he held the Kermit Hanson Professorship in Finance and Business Economics. He has directed research for the Comptroller of the Currency and served as Dean of Business at Marquette University and the State University of New York at Buffalo where he currently teaches in the Singapore Executive MBA program and holds the title of Professor Emeritus.
He has a pension.
Ironic that a dean of a business school and a professor of finance and economics can’t figure out how much to save for retirement.
Apparently he doesn’t trust all those formulas he teaches.
So now this person can live larger in retirement. What is their beef?
Yeah, since when is “more money” ever been a problem?
The beef must be that they could have saved less and spent more in previous decades.
Personal choice. Live for today, tomorrow, or both. If you have too much money, you can retire early. This dude sounds like a forever whiner to me.
“donkeyism”
Is one who practices donkeyism a donkist?
And all the while America sits in a delusional stupor - yep - debt em up and dumb ‘em down.
http://www.zerohedge.com/news/2014-09-03/30-million-americans-antidepressants-and-21-other-facts-about-americas-endless-pharm
2012 article
Would an Illegal Alien Be Protected Under the Fair Housing Act? A New Case Holds Most Likely Not.
http://fairhousing.foxrothschild.com/2012/05/articles/fha-basics/would-an-illegal-alien-be-protected-under-the-fair-housing-act-a-new-case-holds-most-likely-not/
crater
crater taters.
You missed the fun and games yesterday. I had the donkeys in a frenzy.
Waaahooooo!! I’m looking forward to catching these off Oregon soon!
Rare wahoo catch could be a first
http://www.grindtv.com/outdoor/excursions/post/rare-wahoo-catch-first/
50-pound wahoo landed by Eric Kim off Southern California is thought to be the first genuine catch of the species in U.S. Pacific Coast waters
Of all the rare sightings and catches during this warm-water summer off Southern California, there’s only one “first” that we’re aware of, and it involves the catch of a 50-pound wahoo last Saturday about 10 miles off Orange County.
…Surface temperatures offshore range from about 72 to 76 degrees, well above normal. This has allowed exotic species of fish, and even some marine mammal species, to venture much farther north than their typical range.
But wahoo, which are found regularly in Mexico’s Sea of Cortez and off southern Baja California, simply do not migrate this far north.
Milton Love, a UC Santa Barbara scientist and author of “Certainly More Than You Want to Know About the Fishes of the Pacific Coast,” said Wednesday that Kim’s wahoo is believed to be the first genuine catch of a wahoo in the Eastern Pacific north of the U.S.-Mexico border.
“Surface temperatures offshore range from about 72 to 76 degrees..”
You won’t be catching any wahoos off the Oregon coast any time soon (temps typically in the 50s), unless by “wahoos” you mean surfers in 5mm neoprene.
You won’t be catching any wahoos off the Oregon coast any time soon
I know. Hyperbole. It’s just that it’s happening all over the world -fast. Box jellyfish don’t belong in Sydney Harbour, they belong in Hawaii. (Unfortunately)
There’s something distinctly fishy about claims that global warming has stopped
http://blogs.telegraph.co.uk/news/geoffreylean/100282695/theres-something-distinctly-fishy-about-claims-that-global-warming-has-stopped/
Global warming, climate sceptics keep staying, has stopped for the last 16 years or so. But nobody seems to have told the fish, who keep moving towards the poles as previously cool waters warm up.
Tropical species are increasingly moving into temperate seas, a bluefin tuna has been caught off Greenland, and Britons are facing having to change the way they eat fish and chips, all as a result of the climate change, say researchers. Marine ecologist, Dr. Adriana Vergés, of Australia’s New South Wales University, says: “The magnitude of the change is so large that it is very obvious.”
The sceptics base their claim on just one measurement of warming, the temperature of air near the earth’s surface , whose increase has indeed slowed down recently, though it has not stopped growing. This is the most obvious indicator to humanity, since it records the conditions in which we live, but it is only one of several used by scientists
——————————————————————————–
Deadly irukandji and box jellyfish invading Sydney Harbour because of climate change, scientists say
http://www.dailytelegraph.com.au/news/nsw/deadly-irukandji-and-box-jellyfish-invading-sydney-harbour-because-of-climate-change-scientists-say/story-fni0cx12-1227017222546?nk=2f90d1320a4cf8c2f1493cba1f67dfb1
SCIENTISTS fear it is only a matter of time before deadly irukandji and box jellyfish move from northern Australia to invade Sydney Harbour as a result of climate change warming Australia’s east coast current.
My sarcasm meter doesn’t get recalibrated until tomorrow.
It’s Jesus calling the fish north.
you mean surfers in 5mm neoprene
I only had to use a 4/3 O’Neill in The Monterey Bay.
That’s as far north as I ever did. Can’t surf now in Rio. Shoulder. 
Region VIII checking in.
Region X > Region VIII
Region X >> Region V
the Velvet Underground, from another Region, in another time:
“I’m set free, to find a new illusion”
https://www.youtube.com/watch?v=wfzoyDOXfzY
Traffic - You Shouldn’t Have Took More Than You Gave:
https://www.youtube.com/watch?v=qthR7ezI9bA
Region IV
More “fundamental transformation” brought to you by the Obama administration.
http://www.zerohedge.com/news/2014-09-04/you-have-health-insurance-you-cannot-afford-surgery-you-should-have-bought-hum-stock
Fed equates savers with hoarders as its attempts to herd retail investors into the Wall Street slaughterhouse continues.
http://www.acting-man.com/?p=32711
Thanks for a link to another crackpot, right wing web site. Pretty soon there will be probably be over a thousand of those.
Why don’t you get yourself on over to Huff-post with the rest of the sheep and lemmings?
That’s a good one. Don’t you mean sheeple?
Your lips are moving, but all I hear is Baaaaaaaaaaa….
And in case anybody forgot their Region:
http://www.fema.gov/regional-operations
Traffic - Don’t Be Sad
https://www.youtube.com/watch?v=0QTiwVVV928
Region 2 checking in.
Janet and Mario kick the can a little further down the road and defer the financial reckoning day - for now.
http://www.zerohedge.com/news/2014-09-04/what-mario-draghi-really-did
“Neighbour Muhammed Yusuf said police knocked on his door and told him to leave the property immediately.”
“His son Ahmed, 19, said: “At first there were two police cars, then all of a sudden there were 20.”
“The police said to drop everything. I said ‘What’s going on?’ and they said there’s a guy jumping over gardens.”
(((and cutting off heads)))
Palmira Silva, 82, ‘beheaded’ in London garden
4 September 2014 Last updated at 18:48 ET Share this pagePrint
An 82-year-old woman has been killed in a suspected beheading in the garden of a north London house.
Palmira Silva was found behind the house in Nightingale Road, Edmonton, at about 13:00 BST, police said.
Palmira Silva
Police do not know whether Palmira Silva knew her attacker
Officers found her collapsed in the back garden and she was pronounced dead at the scene.
A 25-year-old man was arrested on suspicion of murder and is in custody. Detectives said there was no suggestion the killing had a terrorist motive.
The man is in hospital being treated for injuries suffered when he was arrested, police said.
A Taser was used during the arrest and a firearms officer is believed to have suffered a broken wrist.
Police said they were initially called to reports of a man armed with a knife and eyewitnesses said he had attacked an animal, possibly a cat or a dog.
Speaking at the scene of the attack, Cdr Simon Letchford said police had distracted the man while they evacuated nearby houses.
“Officers had to do everything they could to make other people safe and evacuate houses and put their lives on the line to make sure this individual did not cause further harm,” he said.
He said officers smashed windows to get people out of properties after the man was “cornered” in a house.
Police said they were not looking for anyone else in connection with the killing
Residents at a cordon in Nightingale Road
Residents were evacuated from the area and the street has been cordoned off, police said
Forensic officers in Edmonton
Police said forensic officers would be at the scene for hours to come
Det Ch Insp John Sandlin said: “I can understand why this may cause people concern, however we are confident that we are not looking for anyone else at this stage.
“Whilst it is too early to speculate on what the motive behind this attack was I am confident, based on the information currently available to me, that it is not terrorist related.”
Jump media playerMedia player helpOut of media player. Press enter to return or tab to continue.
Commander Simon Letchford: “These sort of events are very unusual”
Neighbour Muhammed Yusuf said police knocked on his door and told him to leave the property immediately.
His son Ahmed, 19, said: “At first there were two police cars, then all of a sudden there were 20.
“The police said to drop everything. I said ‘What’s going on?’ and they said there’s a guy jumping over gardens.”
Another resident Freda Odame, 30, saw a screaming man waving a weapon around.
She said: “I heard shouting and banging and I opened my curtains and saw a guy holding a knife in a back garden a few doors along.”
The BBC’s Home Affairs Correspondent Danny Shaw said it was currently unknown whether the victim and the suspect were known to each other.
The police watchdog, the Independent Police Complaints Commission, has been informed of the incident.
http://www.bbc.com/news/uk-england-29068391 - 185k -
http://maine.craigslist.org/etc/4652129402.html
phony scandals