October 26, 2014

Bits Bucket for October 26, 2014

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

RSS feed


Comment by Housing Analyst
2014-10-26 06:13:28

Last summer the Mrs co-worker asked me to review a problem with their shack. I reluctantly agreed so long as it was understood as a favor.

Basement taking on water during rain events at a rate of 3 gal/hr and has been getting worse since the dummies bought the shack in 2007. Wet side of wall has a sunroom on a slab and the dry side was finished with gypboard. Fine crack visible above grade on wet side was repaired with patching concrete(never works) thus pipe penetration(well water supply) through wall inaccessable due to sunroom slab. Identifying location of leak a roll of the dice. Hi est was $10k, too many unknowns. I simply offered A&E consulting at no cost. Completely in the dark, they offered to pay me to manage if I can guarantee leak is repaired. I don’t need the money or aggravation but did it as a favor this week.

Demo and disposal of sunroom- $900
Demo and dispoal of slab-$800
Excavation and backfill of wall-$1800
Crack repair M&L(sheet water proofing, Sika concrete repair)-$1100
New pipe penetration M&L(core drill, link seal)$700
Well work(convert well to pitless, demo precast pit, trench new pipe and backfill)- $2400
Regrade and restore-$1300
My time, $1500

$10,500 later, they’ve got their dry basement. They borrowed the money. They replaced leaking 15 year old roof in 2010, $14000 and they’re “still paying that off!”. I looked into what these EmptyPockets paid and on a 30 year loan at 20% down, their bare mortgage is $1800/month. Taxes are $450/month, public record. Theyre at $2250/month, $25,000 in repairs(that I know of) in 7 years and the lights aren’t even on yet.

Equivalent rent on same street? $1400. They bought it in 2010. LOL

Comment by Housing Analyst
2014-10-26 06:21:50

Bought in 2007.

Comment by Selfish Hoarder
2014-10-26 06:42:54

I am laughing and crying at the same time. The very same mentality that “you have to be a “homeowner” to be complete, is the same mentality that allows a band of thugs to murder, extort, steal, and plunder, as well as enslave. The State. We have a long way to go to agorism.

Comment by Selfish Hoarder
2014-10-26 06:45:55

Such bands of thugs murdered 262 million people in the last century. Google democide. Yet we are supposed to be horrified by the idea do anarchy? 500,000 Iraqis were killed under the GWB war. Tens of thousands of women and children included.

People better wake up and smell the coffee.

Comment by aNYCdj
2014-10-26 15:50:26

yes but not one mosque was destroyed…..such perverted goals kill innocent people

(Comments wont nest below this level)
Comment by Housing Analyst
2014-10-26 06:46:35

“I am laughing and crying at the same time.”

Exactly. :mrgreen:

But whatta ya say in these situations? I just shake my head and shrug my shoulders and think how grateful I am to not be so freakin’ stupid with money and carry on.

Comment by real journalists
2014-10-26 07:44:33

Friend of ours just bought a house built in 1926 for well north of $200/square foot, says it is taking up all his time lately “fixing it up” LOLZ.

Comment by scdave
2014-10-26 08:18:32

Friend of ours just bought a house built in 1926 for well north of $200/square foot, says it is taking up all his time lately “fixing it up” LOLZ ??

Over the years I have owned and did some re-hab of several homes older than that…They are a giant black hole for money…Repair and replacement is never ending and expensive particularly when you are trying to maintain original architecture…Stay away…Don’t fall prey to the “Its old & cute” attraction…

Comment by Housing Analyst
2014-10-26 08:42:32

Any house is a giant black hole Dave. That’s why paying $30/sq ft or less is a prerequisite. More than that is a gauranteed loss.

(Comments wont nest below this level)
Comment by Selfish Hoarder
2014-10-26 09:03:45

But you get the status of being a real Murrican when you own a home and pay as much as you can for it.

Comment by rms
2014-10-26 12:26:22

“Taxes are $450/month, public record.”

Hehe, my mortgage payment was less than their taxes.

Comment by phony scandals
2014-10-26 06:34:24

10 to 1

Comment by real journalists
2014-10-26 08:07:37

Region VIII

Comment by phony scandals
2014-10-26 08:27:20

Stay away from the drills.

Comment by phony scandals
2014-10-26 06:48:26

67-Year-Old Grandpa VS. Armed Home Invaders


It was a typical Monday night for the Byrd family at their Lumberton, North Carolina home when around 10:00 p.m. there was a knock on the door. Kenneth Byrd, 67, answered to find a young man asking for some water and saying he had car trouble. Suddenly from out of the shadows, two masked and armed men appeared. All three then forced their way into the house, rounding up Kenneth’s wife Judy, 65, and their 19-year-old granddaughter.

As Kenneth was opening his safe at gunpoint, the three began trying to gang rape the granddaughter. Byrd grabbed his hidden gun and began firing upon the intruders. They returned fire, hitting Byrd several times and severely wounding him before making their escape in his gold Cadillac. Byrd was airlifted to the nearest hospital, where he was given emergency surgery.

A short time later in a hospital just a few minutes from Lumberton, the police were notified when a Hispanic male, Brandon Carver Stephens, 28, and Jamar Hawkins, 17, showed up with gunshot wounds. Police responded and identified them as two of the three that had made the home invasion, along with other recent burglaries in the area. Law enforcement later found Byrd’s gold Cadillac with the dead body of 20-year-old Jamie Lee Faison inside.

Though Kenneth Byrd saved his family, injuring two of the intruders and killing one, he is still in critical condition in ICU.

dcgazette.com/67-year-old-grandpa-vs-armed-home-invaders/ - 155k -

Comment by phony scandals
2014-10-26 06:55:22

Lumberton man kills one, wounds two during home invasion, sex assault

Posted 12:53 p.m. Friday
Updated 4:19 p.m. Friday

The three intruders then tried to rape the Byrds’ granddaughter, so Byrd grabbed a weapon inside the house and opened fire on the men, authorities said. The trio fled the home and drove off in Byrd’s gold Cadillac.

On Thursday, both men were booked in the Robeson County jail on two counts of robbery with a firearm and one count each of first-degree burglary, assault with a deadly weapon with intent to kill, first-degree sexual offense, kidnapping, possession of a firearm by a felon and felony conspiracy. Stephens is being held under a $1 million bond, while Hawkins’ bond was set at $1.5 million.

Investigators tracked the stolen Cadillac to a home on Singletary Church Road in Lumberton, where they found the body of Jamie Lee Faison, 20.

Read more at http://www.wral.com/lumberton-man-kills-one-wounds-two-during-home-invasion-sex-assault/14111841/#GEgke4gD4BB2fUPd.99

Comment by Montana
2014-10-26 07:40:10

thank for that heartwarming story.

Comment by phony scandals
2014-10-26 08:11:38

You wekum

(Comments wont nest below this level)
Comment by Prime_Is_Contained
2014-10-26 08:52:43

Would have been more heart-warming if he had gotten all three without getting shot in return. :-(

(Comments wont nest below this level)
Comment by Shillow
2014-10-26 07:02:24

They should be executed. You also might not want to make it known that you keep large sums of cash in your house becuase you don’t trust banks.

Comment by phony scandals
2014-10-26 07:41:18

“possession of a firearm by a felon”

There should be “common sense” laws against that.

Oh wait there already are.

“The three intruders then tried to rape the Byrds’ granddaughter, so Byrd grabbed a weapon inside the house and opened fire on the men”

There should be “common sense” laws against a law abiding citizen like Byrd owning a weapon like that.

But then…
“The good news for you, you live in Denver. The Denver PD would be there within minutes,” she said to laughter.

“You’d probably be dead anyway,” she added, smirking.

April 3, 2013 6:13 AM MST

During a public forum on gun control hosted by the Denver Post Tuesday night, Rep. Diana DeGette, D-Col., mocked a senior citizen who wondered how he was supposed to defend himself under the state’s new gun laws, Jim Hoft reported at the Gateway Pundit.

Rep. Diana Degette (D-CO) mocks senior at gun control forum.
The Denver Post

The audio was not very clear, but the man can be heard talking about being at a disadvantage when facing an armed criminal.

“The good news for you, you live in Denver. The Denver PD would be there within minutes,” she said to laughter.

“You’d probably be dead anyway,” she added, smirking.

http://www.examiner.com/…-dem-mocks-senior-citizen-at-gun-control-forum-over-self-defense - 256k -

Comment by Raymond K Hessel
2014-10-26 08:02:09

The governor of Colorado got his 30 pieces of silver from Mayor Bloomberg to ram through a raft of ill-advised control measures that infuriated Colorado gun owners, who have already forced three Democrat Bloomberg stooges from office with recall elections. While “Hick’s” Republican challenger is an Establishment GOP stooge, i.e. a water carrier for the energy companies who want to carry out fracking in the state, he will likely be elected due to the backlash against the Democrat gun-control measures.

(Comments wont nest below this level)
Comment by phony scandals
2014-10-26 08:22:31

“The governor of Colorado got his 30 pieces of silver from Mayor Bloomberg”

Bloomberg’s armed guards accost journalist who asks him to disarm his own security team

Monday, February 04, 2013 by: J. D. Heyes

(NaturalNews) You understand, of course, that they are better than you, more valuable to society than you, smarter than you, and that more than anything else, they are above the law and the rules which they apply to you and me, right?

You know that their hypocrisy knows no bounds, because to them, they are not being hypocritical. Rather, they believe they are simply promoting such noble concepts as “economic justice,” “fairness” and “safety.”

And you know they see anyone who opposes their point of view as a Neanderthal, a fool, or worse, an extremist who must be silenced, persecuted, subdued and “dealt with,” for the good of society.

Who am I talking about? I’m talking about an American political class whose ranks are growing and which is filled with “do what I say, not what I do” types who have no problems with controlling every aspect of your life and dictating what you can and cannot do, but who have no intentions of living under the same rules they foist on the rest of us.

Case in point: Michael Bloomberg, the narcissistic mayor of New York City who, if he had his way, would not let residents of “his” city own so much as a BB gun to defend themselves, in defiance of the Second Amendment’s guaranteed right to keep and bear arms.

Recently, the billionaire Bloomberg - who was attending a U.S. Conference of Mayors in Washington, D.C. - was confronted by a journalist from the Talk Radio Network, who approached hizzoner to ask some relevant and pointed questions about a right that “shall not be infringed.”

‘We’ll get right back to you’

According to an exclusive report from Breitbart.com:

In an explosive exchange outside the U.S. Conference of Mayors meeting in Washington, D.C., security guards for billionaire New York City Mayor Michael Bloomberg accosted senior Talk Radio Network investigative reporter Jason Mattera when he asked the mayor about his strong support for gun control.

Specifically, as noted in a video of the encounter, Bloomberg is taped being surrounded by armed security guards in suits as Mattera approaches. When the reporter draws near he asks Bloomberg, “In the spirit of gun control, will you disarm your entire security team?”

The mayor, obviously taken aback and caught off-guard by Mattera’s simple, straightforward question, stammered in reply, “Uh, you, we’ll get right back to you.”

Learn more: http://www.naturalnews.com/038947_armed_guards_bloomberg_security_team.html##ixzz3HGTZhEwN

Comment by MightyMike
2014-10-26 12:45:22

The governor of Colorado got his 30 pieces of silver from Mayor Bloomberg to ram through a raft of ill-advised control measures that infuriated Colorado gun owners, who have already forced three Democrat Bloomberg stooges from office with recall elections.

I read some poll results from Colorado at the time of those recall elections. The two main provisions were background checks intended to keep guns out of the hands of the severely mentally ill and limits on magazine capacity. The background checks were supported by 80% of those polled. Opinion on the magazine provision was roughly 50/50.

Comment by reedalberger
2014-10-26 16:05:22

When seconds count, the cops are just minutes away.


Comment by rj chicago
2014-10-27 07:52:45

Remember too the context that occurred just before this recall election started to get some legs - I recall a former cop from TX was hunted down by the son of a large donor of the current guv.

(Comments wont nest below this level)
Comment by Skroodle
2014-10-26 09:28:38

Hispanic named Brandon??

Comment by palmetto
2014-10-26 10:26:49

Absolutely. I posted on here a few years back about this phenomenon. I was at one of our local thrift stores and observed a guest worker mom trying to control her very active toddler. She kept grunting at him “Bdyun, Bdyun” and I had no idea what she was saying and figured it was some Spanish word unknown to me, but after more grunting, I realized she was calling his name, Brian.

Comment by phony scandals
2014-10-26 12:12:12


(Comments wont nest below this level)
Comment by Selfish Hoarder
2014-10-26 06:55:44

Have any of you conveniently forgotten this and returned to the punch bowl for more kool aid?


Comment by Anonymous
2014-10-26 22:21:21

Oh, it’s all just a computer glitch or a misplaced decimal point, I’m sure…

Comment by frankie
2014-10-26 07:04:42

European banking regulators warned on Sunday that 24 banks in the European Union had a €25bn (£19.6bn) capital hole after being tested over their financial strength.

The outcome puts the focus on Italian banks, nine of which were found to have a total shortfall of €9.4bn, the largest of which was at Banca Monte del Pashi di Siena. In Greece, three banks failed the stress tests, with the same number failing in Cyprus.

The European Banking Authority (EBA) also found that a number of banks were close to failing the tests, which examined whether they had enough capital to withstand a series of economic shocks, such as a rise in unemployment and declining economic growth. UK banks passed the tests but Ireland’s Permanent TSB failed.


Comment by scdave
2014-10-26 07:19:28

whether they had enough capital to withstand a series of economic shocks, such as a rise in unemployment and declining economic growth ?

Which is exactly what is happening….Will see how much longer it takes for Merkel to blink and turn Draghi loose before it gets out of control…I think it will need to get much worse before they do…Question is; If one or two countries fall into the Abyss, will it go systemic and drag everyone with it at a rate of speed that Draghi’s action will be rendered mute…

Comment by Raymond K Hessel
2014-10-26 08:03:14


As was leaked on Friday, when the market surged on news that some 25 banks would fail the ECB’s third stress test (because in the New Normal more bank failures means more bailouts, means the richer get richest, means more wealth inequality), so moments ago the ECB reported that, indeed, some 25 banks failed the European Central Bank’s third attempt at collective confidence building and redrawing of a reality in which there is about €1 trillion in European NPLs, also known as the stress test.

Comment by Whac-A-Bubble™
2014-10-26 07:41:39

Insanity Defined: Feds Unveil Plan to Help High-Risk Homebuyers Take On Massive Debt. Again.
Stephanie Slade|Oct. 22, 2014 4:28 pm

Low Down Payments Are Coming Back,” screams a headline from The Wall Street Journal today. The story details two steps federal regulators apparently have in the works:

On Monday, Federal Housing Finance Agency Director Mel Watt announced that mortgage-finance companies Fannie Mae and Freddie Mac would start backing loans with down payments as low as 3%.

And on Tuesday, three federal agencies approved a loosened set of mortgage-lending rules, removing a requirement for a 20% down payment for a class of high-quality loan known as a “qualified residential mortgage.”

Loans with little to no down payment were a common feature of the lax lending practices that were prevalent during the housing market’s bubble years.

Of course, those bubble years eventually came to an end, causing an economic meltdown of jawdropping magnitude. Presidents George W. Bush and Barack Obama responded by running up the national debt from $10 trillion before the recession to more than $17.5 trillion today. And “experts” everywhere laid the blame at Wall Street’s feet, lambasting the banks for making reckless loans they should have known were destined to go bad.

Now, in the wake of that historic lending-bonanza-turned-financial-crisis, federal regulators are concerned—but not that we might still be incentivizing people to take on more debt than they can realistically service. No, federal regulators’ concern is that the banking system isn’t making it easy enough for people to take out expensive mortgages.

Luckily, they have a plan to help thousands of additional high-risk borrowers purchase homes they can’t afford. Sound familiar?

Comment by Mr. Banker
2014-10-26 08:01:01

“Luckily, they have a plan to help thousands of additional high-risk borrowers purchase homes they can’t afford.”

So do I.

Amy, honey, are you out there? Bring to me some more customers.

(The dotted lines are waiting.)

Comment by Raymond K Hessel
2014-10-26 08:55:32

Remember, Amy, coffee is for closers!


Comment by phony scandals
2014-10-26 09:15:52

Where is Sandy?

(Comments wont nest below this level)
Comment by Whac-A-Bubble™
2014-10-26 10:49:26
Comment by phony scandals
2014-10-26 17:51:25

Sandy Hoax

Comment by Raymond K Hessel
2014-10-26 09:55:20

Molon Latte, Amy! (That means, come and get it. My Starbucks order, that is.)

(Comments wont nest below this level)
Comment by Whac-A-Bubble™
2014-10-26 07:48:45

The Recession’s Baby Bust
At least a half-million fewer Americans were born as a result of the 2008 crisis.
Olga Khazan Sep 30 2014, 7:50 AM ET

There’s a reason why “boom times” and “baby boom” both contain an onomatopoeic signifier of the procreative act. In developed countries, fertility rates tend to go up and down with GDP.

What does that mean in real terms? A study published Monday in the Proceedings of the National Academy of Sciences by Princeton researchers Janet Currie and Hannes Schwandt quantifies just how many fewer babies were born because of the Great Recession. Their answer: at least a half a million.

For the study, the authors analyzed approximately 140 million individual birth records for all births in the United States from 1975 and 2010. They found that, for a group of 1,000 women aged 20 to 24, each percentage-point increase in the national unemployment rate resulted in 14 fewer children conceived—total, for the 1,000 women—over the course of their lifetimes. In the scheme of things, this is a relatively small effect, accounting for just .7 percent of all of the women’s pregnancies. But it’s not nothing: The shift meant that about five additional women in that cohort remained childless forever.

That is to say, it’s not that these women are simply having babies later. The recession seems to have dampened their baby-making prospects for their entire lives.

When multiplied across the entire population of 20-to-24-year-old women, this economic baby slump is fairly substantial. There are 9.2 million U.S.-born women in that age group, and the unemployment rate went up by 3.22 percent during the recession. The authors say this will result in “a long-term loss of 420,957 conceptions (and 426,850 live births) among affected cohorts, a 2.4 percent decrease in completed fertility. This long-term effect … is driven largely by women who remain childless.”

By the time these women turn 40, the rate of childlessness among them will be about 9 percent higher than in past generations.

In other words, that’s roughly half a million babies who were never born because of the recession—and that’s just to moms who were 20 to 24. (The total figure is surely even higher.) By the time these women turn 40, the rate of childlessness among them will be about 9 percent higher than in past generations.

Comment by Raymond K Hessel
2014-10-26 08:07:03

This is why Nancy Pelosi and the DNC must import tens of thousands of unaccompanied alien children from Central America, because Democrat entitlements-for-votes moms just aren’t cranking out new dependency voters fast enough.

Comment by scdave
2014-10-26 08:41:47

This is why Nancy Pelosi and the DNC ??

Just exposes your bias when you want to hang illegals on one liberal politician….

The Comprehensive Immigration Reform Act of 2007 — its full name was Secure Borders, Economic Opportunity and Immigration Reform Act of 2007 (S. 1348) — was a bill discussed in the 110th United States Congress that would have provided legal status and a path to citizenship for the approximately 12 million illegal immigrants residing in the United States.

it was crafted in large part as a result of efforts by Senators Kennedy, McCain and Kyl, along with Senator Lindsey Graham, and input from President George W. Bush, who strongly supported the bill.

Comment by Raymond K Hessel
2014-10-26 08:46:56

Has I’ve stated repeatedly in here, both oligarch-owned wings of the Republicrat Duopoly are backing unrestricted immigration and open borders, though for different reasons. The DNC wants entitlement voters for its permanant supermajority; the GOP seeks docile wage slaves for its corporate masters so they can increase corporate profits (and CEO pay) while shedding those costly and troublesome American workers.

(Comments wont nest below this level)
Comment by scdave
2014-10-26 09:11:26

GOP seeks docile wage slaves for its corporate masters ??

And votes….

Comment by MacBeth
2014-10-26 09:23:20

What you’re missing here, Raymond, is that liberals are all in favor of open borders if that’s what it takes to create that permanent, socialistic supermajority.

They’re more in favor of open borders than GOP businesses are.

What people continue to miss is that NeoCons=Progressives and that Obama = Bush.

Comment by Skroodle
2014-10-26 09:30:56

republicans == democrats

You guys are buying into the ‘us vs. them’ propaganda.

Comment by Raymond K Hessel
2014-10-26 10:02:16

Try reading for comprehension, MacBeth. Both parties are EQUALLY beholden to oligarchs who want open borders for their own selfish reasons. And to bring about the “fundamental transformation” Obama promised to deliver. Both parties have thrown the productive middle and working classes, and future generations, under the bus.

Comment by scdave
2014-10-26 10:46:54

Both parties have thrown the productive middle and working classes, and future generations, under the bus ??


Comment by Anonymous
2014-10-26 22:24:03

Repubs, Dems, they all serve the same masters…

Comment by real journalists
2014-10-26 08:10:06

Breedists gonna breed

Comment by Whac-A-Bubble™
2014-10-26 07:50:44

25 Banks Failed Europe’s Stress Test, Need to Raise $31 Billion
The test’s administrators say it will pinpoint vulnerabilities, though some analysts aren’t so sure.
Allen McDuffee Oct 26 2014, 9:57 AM ET
AP Photo/Michael Probst

The European Central Bank (ECB) said Sunday that 25 of Europe’s biggest banks have flunked the Eurozone’s first year-long financial-health exam that aimed to measure their ability to weather another economic crisis. Ultimately, the 25 banks fell short of minimum levels of capital by a total of more than $31 billion.

The assessment was only slightly worse than what was predicted of the 130 banks surveyed, and the ECB said that 12 of the 25 that failed had already made up for their shortfalls during the months the ECB was conducting its review, leaving the remaining 13 with two weeks to come up with a plan to increase their capital buffers.

Comment by Raymond K Hessel
2014-10-26 08:04:20

The “stress tests” have shown time and again their utter lack of credibility.

Comment by Raymond K Hessel
2014-10-26 08:10:58

More QE for the banksters! Run to the trough, Pigmen.


Comment by Bring Back the WPA
Comment by phony scandals
2014-10-26 08:34:11

“By the time President Obama’s eight years are over, we are on pace to approximately double the size of the national debt from $10.6 trillion to more than $20 trillion.”

Permanent Damage to US Economy-Michael Snyder

By Greg Hunter On October 22, 2014 In Market Analysis 85

Michael Snyder is a self-proclaimed “truth-seeker” and financial writer who says there is no recovery on Main Street, and we are not going to get one—ever. Snyder contends, “We’ve had permanent damage to the U.S. economy. It’s kind of like going to the beach, and you build a sandcastle. The waves start coming in, and the sandcastle is not going to be destroyed by the first wave. Then, more waves will come in, and eventually the whole sandcastle will be wiped out. That’s kind of what’s happening to the U.S. economy. We’ve had waves of economic problems, and we have had permanent damage as a result. Our economy is not totally destroyed yet, but we have permanent damage. Now, new waves are on the way, which will cause more damage because of the long term trends.” Snyder goes on to explain, “None of the long term problems that have been plaguing our economy have been fixed. Instead, the Fed printed a bunch of money and pumped up the stock market. It made people feel good, but the underlying fundamentals are not getting any better.”

On the nearly $18 trillion Federal debt, Snyder says, “This is a massive problem, but the mainstream media says the deficit is going down, and they have it under control. That is actually not true. It’s all accounting tricks and smoke and mirrors. Actually, if you look at fiscal year 2014, which just ended, . . . the national debt increased by more than a trillion dollars. What they tell you is the deficit was a little more than $400 billion, but that’s because they take all these things and say that doesn’t count as part of the deficit. . . . By the time President Obama’s eight years are over, we are on pace to approximately double the size of the national debt from $10.6 trillion to more than $20 trillion. What we are doing is absolute insanity. . . . We are going to suffer the consequences for so much of this. As far as the time window, I believe the next 12 to 15 months are going to be the most interesting time economically and as a nation as I have ever seen.”

The deficit problem is much worse than increasing by a cool trillion bucks a year. Snyder points out, “In addition to the $1 trillion a year it has to borrow, the Federal government has to roll over or pay off by borrowing new money–an additional $7 trillion a year. So, the Federal government has to borrow about $8 trillion to fund current spending and, plus, repay old debt with new debt. . . . So far, the rest of the world has played along by lending us trillions and trillions of dollars at super low interest rates. We keep borrowing, and we keep paying it off so we can keep the game going. If that changes, and all it’s going to take is a major financial event such as a stock market crash . . . or black swan event, then we are going to have a massive problem on our hands because we are going to have to borrow $8 trillion, and we will be in a situation where people won’t want to lend us money, especially at super low interest rates.”

What do you look out for as a warning sign of the next calamity? Snyder says, “When there is a financial crisis, all of a sudden, banks don’t want to lend. They don’t want to lend to each other, and they don’t want to lend to anyone else. Credit freezes up, and our financial system is based on debt and the flow of money from the banks lending it to the rest of us. I believe we will have a brief period of deflation before the response by the Federal Reserve and the federal government, where we are going to then have tremendous inflation through the roof.”

How can this be fixed? It can’t be fixed without killing the economy, as Snyder explains, “A lot of people say I hate the banks. Let the banks fail. This is kind of like a patient with a very advanced stage of cancer. That’s what our economy is like. We are so tied into these banks. If you try to kill the advanced cancer, you are probably going to kill the patient as well. If you try to kill the banks, our economy is going to die as well.”


Comment by scdave
2014-10-26 09:18:47

Snyder contends, “We’ve had permanent damage to the U.S. economy ??

Thats what many privately fear and is expressed in the terms of underemployment, flat wages and inequality….Instinctively, I just feel like there is a storm brewing…

Comment by Raymond K Hessel
2014-10-26 10:05:15

No no no, my friend, you’ve got it all wrong. The MSM says so. We can continue the current unsustainable trends and our permanant plateau of prosperity forever. Now buy moar stawks and scrap up your 1% downpayment for an overpriced crap-shack.

Comment by Prime_Is_Contained
2014-10-26 08:38:07

(Prime here, catching up on old threads due to some recent travel…)

OMG, this is _price_less!!!

From the Oct 23rd thread, did anyone notice that the Yasmine Parrish quoted in the article from LA was the owner of a “candle company”???

From her LinkedIn profile:

No 9 Candle Co.
September 2011 – Present (3 years 2 months)Greater Los Angeles Area

No 9. Candle Company is a Los Angeles based company specializing in hand poured, custom made soy and soy blend candles. Let us light your life!

+ As featured on Betty Confidential.com
+ Featured in the February 2012 issue of ESSENCE Magazine

Comment by Raymond K Hessel
2014-10-26 08:48:59

Soy-based candles packed with artificial scents? No thanks. I go with nature’s own candle solution: beeswax.

Comment by Raymond K Hessel
2014-10-26 08:39:24

Despite repeated bailouts and EU/ECB assurances of “crisis contained” in the Eurozone, the PIIGS remain far from fixed - and could drag the rest of the Eurozone down with them, as Italy and Spain, unlike Greece and Portugal, are too big to be bailed out, despite the countless trillions thrown into their fiscal black hole by the ECB and the Fed.


Comment by Raymond K Hessel
2014-10-26 08:43:13

Swiss citizens, unlike the Obama Zombies, McCain Mutants, and Romney Retards, understand the value of honest money and keeping their banksters in check. On November 30 they will vote in a national referendum with far-reaching implications, as they will signal their demand that the Swiss Franc remained backed by gold, not “faith and credit” as are greenbacks.


Comment by MightyMike
2014-10-26 12:36:48

So you’re predicting the outcome of Swiss referenda now, Ray. This Reuters article says that a Yes vote is possible, but not likely.


We should meet back here on 12/1 to see if your prediction was accurate.

Comment by Raymond K Hessel
2014-10-26 16:01:44

I didn’t predict a victory for the referendum. I merely noted that unlike the vegetables who voted for Bush, Obama, McCain, and Romney, and who will elect Hillary or Jeb Bush in 2016, Swiss citizens are sufficiently aware of the need for sound money that they will address the issue in a referendum, while the dolts who voted for hope n’ change or the various (worse) Republican alternatives obliviously continue their grazing.

Comment by MightyMike
2014-10-26 19:14:48

You wrote that they will, “they will signal their demand that the Swiss Franc remained backed by gold”. So even if the referendum fails that will represent such a demand by the Swiss people.

(Comments wont nest below this level)
Comment by phony scandals
2014-10-26 08:52:18

Disturbing Video Shows 17-Year-Old Beaten By Gang Of Girls

October 24, 2014 11:09 PM

BALTIMORE (WJZ) — A 17-year-old is beaten and robbed by a girl gang in West Baltimore. The entire thing was caught on cell phone camera and shared repeatedly on the web. Now the victim’s mother speaks with WJZ.

Meghan McCorkell has more on what she wants done.

The victim’s mother says she wants people to see the video so they can identify the girls who attacked her daughter.

It’s the disturbing video that’s been posted all over the Internet: a 17-year-old Baltimore County girl violently beaten and robbed by a group of girls on Tuesday.

“They punched her, they kicked her and mostly they stomped her in the head,” the victim’s mother said.

The victim’s mother, who didn’t want to be identified, says the group that attacked her daughter is part of the “Sisterhood” gang.

“I just think something really needs to be done about these gangs because every time we turn the TV on, it’s another gang after somebody else’s child,” the victim’s mother said.

The incident happened just blocks from Mondawmin Mall, where the teen says she was headed for a job interview.

According to a police report obtained by WJZ, a school police officer at Frederick Douglass High School witnessed the gang of girls trying to pick fights near the school. The officer followed the group and kept them moving.

But moments later, the group jumped the teen on Wheeler Avenue, while someone shot the video.

“They just kept showing it on Facebook over and over and over again,” the victim’s mother said.

Five of the girls in the video have been arrested, but the victim’s mother wants more behind bars.

“If you know anything at all about any more of the members that had anything to do with this Sisterhood gang, would you please call and report it to the police,” the victim’s mother said.

The teen that was beaten suffered serious swelling to her face and was hospitalized overnight.

The suspects stole the girl’s cell phone, her coat and money.

baltimore.cbslocal.com/…/ - 159k -

Comment by Selfish Hoarder
2014-10-26 09:08:06

Those girls are great statist material.

Comment by phony scandals
2014-10-26 09:14:52

Tarara Boomdea

I need your help again.

Comment by Tarara Boomdea
2014-10-26 11:47:47

phony scandals: help
Any time.

Lovely girls:
Disturbing Video Shows 17-Year-Old Beaten By Gang Of Girls

Comment by Tarara Boomdea
Comment by Whac-A-Bubble™
2014-10-26 14:59:28

“Now the victim’s mother speaks with WJZ.”

Is this the mother of one of the girls administering the beating?

Comment by Whac-A-Bubble™
2014-10-26 15:08:22

It would be terrible to live in an area where you were at ongoing risk of getting attacked by gangs.

(Comments wont nest below this level)
Comment by iftheshoefits
2014-10-26 11:48:21

Mondawmin Mall still exists? Geez it was unsafe to go anywhere near there 50 years ago, for this very reason.

Had to drive through that general area two months ago to get to a family internment in an old city cemetery. That whole area of Bawlamer is mostly hollowed out now. An old ghetto, but now only 10-15% inhabited. It’s beyond description, something like has been imagined for a nuclear winter scenario.

Comment by Raymond K Hessel
2014-10-26 16:06:04

“I just think something really needs to be done about these gangs because every time we turn the TV on, it’s another gang after somebody else’s child,” the victim’s mother said.

And let me guess: the same victim’s mom who demands that corrupt and incompetent Democrat municipal officials “do something” about her daughters beatdown, would probably be aghast at the notion of arming law-abiding citizens so they could put a decisive stop to not-so-random thuggery of the sort on display here.

Comment by Vincent
2014-10-26 21:16:04

You need to take that partisan crap and walk. The grumpy-old-man-Faux-News vitriol is boring and small-minded. This board deserves better.

Comment by reedalberger
2014-10-26 16:13:47

If Obama had daughters…oh wait.

Comment by Bring Back the WPA
Comment by phony scandals
2014-10-26 10:15:00

“Because first-time buyers have all been ruthlessly exploited and the supply of new victims is very low.”

Supply of new victims is very low. :)

The Fed’s mandate is to keep the economy growing at a rate that doesn’t produce inflation. In the FOMC’s minutes, the Fed said that labor conditions had improved, but that the unemployment rate was little changed. Another worry: We have a surplus of Deadbeats but we’re running low on new victims.

Comment by Bring Back the WPA
2014-10-26 10:15:36

(oops, try again…)

10 Reasons It’s A Terrible Time To Buy An Expensive House

Reason #2 includes a simple rent vs. buy equation.

Comment by Whac-A-Bubble™
2014-10-26 15:09:22

Does the fact that fedgov is about to pump more credit into the housing market change the picture?

Comment by Bluto
2014-10-26 17:47:10

A similar rule of thumb I’ve seen is that buying might make sense when the price is 10 years rent or less, last time I bought the price was close to that and it worked out well (owned that house from 1997 to 2007). Locally (Calif. wine country) prices were at about that level in 2011 but buying with a mortgage was virtually impossible thanks to 100% cash flippers and specuvestors. Am on the sidelines for now but may try buying again if prices drop to or below 10 years rent.

Comment by Whac-A-Bubble™
2014-10-26 18:02:57

Last time we bought, the price was at 2X our household income, or at least it turned out that way, after including $60K/year in home equity wealth effects. And the price was $90/sq ft, roughly 10 years of rent.

(Comments wont nest below this level)
Comment by Housing Analyst
2014-10-26 18:08:23

That’s a strange connection.

Did you stop to consider that the price of a house is founded on input costs less depreciation?

(Comments wont nest below this level)
Comment by phony scandals
2014-10-26 09:18:01

Fannie Mae Settles Securities Class Action for $170 Million

“Investors’ losses were caused by Fannie Mae’s statements and actions rather than by the financial crisis”

by Courthouse News | October 26, 2014

The Federal National Mortgage Association (Fannie Mae) will pay $170 million to settle a class action alleging that its statements caused investor losses.

The Boston Retirement System, one of the court-appointed lead plaintiffs for a proposed common-shareholder class, heralded the case for achieving what a similar lawsuit against Federal Home Loan Mortgage Corp., better known as Freddie Mac.

“Unlike the plaintiffs in the Freddie Mac case, we were able to successfully allege that investors’ losses were caused by Fannie Mae’s statements and actions rather than by the financial crisis,” Boston Retirement chairman Daniel Green said in a statement.

In addition to Boston Retirement, the Southern District of New York had appointed the Massachusetts Pension Reserves Investment Management for the proposed common-shareholder class.

Comment by Raymond K Hessel
2014-10-26 16:07:36

Fannie Mae won’t pay a cent of this. The taxpayers who involuntarily fund Fannie Mae will get this bill, like all the others racked up by government meddling in the housing market on behalf of TBTF banks.

Comment by phony scandals
2014-10-26 09:39:41

They said on the local news last night the dude had just gotten back from Africa, he was throwing up blood and people in hazmat suits took him out wrapped in what appeared to be plastic.

Ebola ruled out after fire trucks, hazmat team respond in Mirasol

By Breaking News Staff

Updated: 11:11 a.m. Sunday, Oct. 26, 2014 | Posted: 10:49 p.m. Saturday, Oct. 25, 2014


Local health officials followed CDC guidelines to rule out whether a Palm Beach Gardens patient was infected with Ebola Saturday night.

“There are currently no cases of Ebola in Florida,” according to the state of Florida Joint Information Center, established to address the response to Ebola. “In Palm Beach County on October 25, 2014, CDC guidelines were utilized to determine that an individual was not at risk for Ebola.”

Fire rescue trucks from Palm Beach Gardens and Palm Beach County — among them a hazardous materials vehicle — were at an apartment complex within the Mirasol community Saturday night, witnesses said.

The type of call to which the rescue crews were responding at the San Merano apartments was not immediately clear at the time. Witnesses reported seeing personnel wearing hazardous-materials suits at the community, on Portofino Drive west of Florida’s Turnpike and north of PGA Boulevard.

Trucks arrived at the community at about 7:30 p.m. and left sometime after 10 p.m., witnesses said.

http://www.palmbeachpost.com/list/business/real-estate/real-estate-stories/aDnQ/ - 98k -
Doctor: Feds “Disappearing” Suspected Ebola Patients Across U.S.

U.S. gov’t covering up more Ebola cases inside U.S., according to medical doctor

by Paul Joseph Watson, Adan Salazar & Kit Daniels | Infowars.com | October 24, 2014

James Lawrenzi, DO, who has two clinics in Garden City and Archie, Missouri, appeared on the Alex Jones Show today to warn that the true scale of the situation was being deliberately downplayed. It is important to note that none of these potential Ebola outbreaks occurred at the clinics in which Lawrenzi works.

Lawrenzi said that shortly after the arrival of patient zero – Thomas Eric Duncan – in the United States, he was told by a doctor at Truman Lakewood Medical Center in Kansas City they had taken in a possible Ebola patient who had a high fever and was bleeding out of all his orifices having recently returned from West Africa.

The following day, Lawrenzi was told by the doctor that the patient had “disappeared” against medical advice, but that he wouldn’t have been able to leave on his own given his medical condition.

The day after the patient disappeared, a meeting was called for anyone who had contact with the patient. Doctors and other medical workers were told that the patient had malaria. Lawrenzi also revealed that drug reps from within the area warned over additional possible Ebola cases in the area.

A second possible Ebola patient was then admitted to Research Medical Center in Kansas City the following day but also quickly “disappeared,” with hospital bosses claiming he had typhoid, according to Lawrenzi.

“These patients are disappearing, they’re doing something with the patients and God knows where they’re going,” said the doctor.

Asked why authorities were engaged in an apparent cover-up, Lawrenzi speculated that the CDC was attempting to prevent hysteria, noting that workers at his own clinics had been told not to use the word “Ebola,” just as 911 dispatchers in New York have been banned from using the term, or to reveal any information about a possible Ebola case.

Lawrenzi also revealed that Hospital Corporation of America (HCA), a private operator of health care facilities, had earlier this week removed protective gear and Hazmat suits from local hospitals without replacing it.

“They were told this was so they could have continuity of care for possible Ebola patients,” said Lawrenzi, adding that the real reason was that authorities didn’t want to cause a panic by having medical workers and doctors being seen in protective gear.

Urging people to “stay away from places where there’s large groups of people,” as well as hospitals, Lawrenzi said the situation was “much more serious than they’re letting on.”

“When flu season hits, people are going to be coming into the hospital for flu or Ebola, they’re not going to know what they have….it’s going to be a nightmare, every doctor I’ve spoken with is terrified of this fall,” said Lawrenzi.

http://www.infowars.com/doctor-feds-disappearing-suspected-ebola-patients-across-u-s/ - 87k -

Comment by Whac-A-Bubble™
2014-10-26 10:58:30

“U.S. gov’t covering up more Ebola cases inside U.S., according to medical doctor”


Comment by tresho
2014-10-26 11:03:29

“U.S. gov’t covering up more Ebola cases inside U.S., according to medical doctor”


I predict none of us will be alive 125 years from now.

Comment by Whac-A-Bubble™
2014-10-26 11:07:16

Does your “us” include our children and their children as well?

(Comments wont nest below this level)
Comment by reedalberger
2014-10-26 16:16:47

“Doctor: Feds “Disappearing” Suspected Ebola Patients Across U.S.”

Now you know why they hired a political hack instead of a physician to serve as Ebola Czar.


Comment by phony scandals
2014-10-26 17:40:19

White House Presses States to Reverse Mandatory Ebola Quarantine Orders

Obama demands states stop following proper protocol

by Marc Santora & Michael D. Shear | NY Times | October 26, 2014

The Obama administration has been pushing the governors of New York and New Jersey to reverse their decision ordering all medical workers returning from West Africa who had contact with Ebola patients to be quarantined, an administration official said on Sunday.

But both governors, Andrew M. Cuomo of New York and Chris Christie of New Jersey, stood by their decision, saying that the federal guidelines did not go far enough.

At the same time, the first person to be forced into isolation under the new protocols, Kaci Hickox, a nurse returning from Sierra Leone, planned to mount a legal challenge to the quarantine order. Despite having no symptoms, she has been kept under quarantine at a hospital in New Jersey, where she has been confined to a tent equipped with a portable toilet and no shower. On Sunday, she spoke to CNN about the way she has been treated, describing it as “inhumane.”

The rapidly escalating events played out both privately, in intense negotiations and phone calls between federal and state officials, as well as publicly in Ms. Hickox’s pointed criticism of the New Jersey governor.

Comment by Raymond K Hessel
2014-10-26 10:14:10

Today’s best political cartoons courtesy of TBP. Hilarious!


Comment by real journalists
2014-10-26 10:36:06

Everyone must check in.

Comment by Prime_Is_Contained
2014-10-26 12:09:06

Region X, checking in. All clear on the ebola front.

Good day.

Comment by phony scandals
2014-10-26 12:15:35

And may the odds be ever in your favor Region X

Comment by Whac-A-Bubble™
2014-10-26 10:59:30

Are stocks driving you crazy these days? DON’T LET THEM!

Comment by Whac-A-Bubble™
2014-10-26 11:01:18

Sunday Journal
Don’t Let Stocks Drive You Crazy
How to Keep Your Head in a Volatile Market
By Andrea Coombes
Oct. 25, 2014 8:35 p.m. ET

How do you feel when stocks fall more than 200 points one day, only to gain that and more the next?

If market volatility puts you on edge, welcome to the club. Since Labor Day, the Dow Jones Industrial Average has logged 20 triple-digit trading days—10 gains, 10 losses.

Last week, the Dow had three 100-plus point gains and one 150-point fall. It close up 2.6% for the week.

It’s enough to make even seasoned investors feel like ping-pong balls.

“Both negative news and positive news cause people to be stressed out,” says John Grable, professor of financial planning at the University of Georgia in Athens and a developer of risk-tolerance tests.

Mr. Grable, who studies how financial news affects people, says good news can be even more stressful than bad because “people perceive that they’re missing out on an opportunity.”

The question for investors is: Do you make money moves in reaction to that stress?

Typical investors are notorious for getting market timing exactly wrong—buying high, selling low. That’s why there’s a consistent gap between investor returns and market returns.

“The greatest losses occur after a market decline,” according to a study by financial-research firm Dalbar, because investors sell when the market drops and then wait too long before buying back in.

Often, that’s because fear drives investors’ decisions. The market starts to fall, and in response, we sell. “We respond emotionally to a loss. We can’t help it,” says Michael Finke, a professor in Texas Tech University’s department of personal financial planning.

Losing money activates a more emotional part of the brain, he says. “We have to struggle to tamp down those emotions,” he adds. “Even an experienced investor is going to feel it.”

Easy access to information—such as market-data apps on your phone or headlines that scream about the next market crash—doesn’t help.

“The problem is the combination of being very sensitive to losses and then looking at the short-term losses with a magnifying glass,” says Shlomo Benartzi, a professor at the University of California, Los Angeles, and chief behavioral economist at Allianz.

Comment by tresho
Comment by phony scandals
2014-10-26 13:14:16

That’ll do it alright.

Comment by Whac-A-Bubble™
2014-10-26 12:07:05

Are US mortgage rates headed up, down or sideways?

Comment by Whac-A-Bubble™
2014-10-26 12:10:19

Weekend Investor
Mortgage Rates Tumble
The Average Charge on a 30-Year Fixed-Rate Loan Is the Lowest Since June 2013
A townhouse for sale in New York: With mortgage rates having fallen, some buyers will be able to afford a more expensive property. Bloomberg News
By AnnaMaria Andriotis
Oct. 23, 2014 11:56 a.m. ET

Interest rates on mortgages are tumbling again, defying experts who have long predicted a sustained rise and offering borrowers a fresh opportunity to save money.

The average rate on a fixed-rate 30-year mortgage fell to 4.03% in the week ended Oct. 17, the lowest level since June 2013, and remained there through Thursday, according to mortgage-information website HSH.com.

That compares with 4.29% in mid-September and marks a sharp decline from the average rate in the week ended Jan. 3, when it was 4.63%. Declines of that magnitude can translate into tens of thousands of dollars in savings through lower monthly payments over the course of a 30-year mortgage—and potentially even greater savings on jumbo mortgages.

As interest rates have fallen, demand for home loans has surged. Mortgage applications jumped nearly 12% in the week ended Oct. 17 compared with a week prior, according to the Mortgage Bankers Association, a lenders trade group.

The increase is driven by homeowners seeking to refinance existing mortgages. Refinancing applications shot up 23% in the week through Oct. 17—the largest weekly leap since January 2012—though they remain 44% lower than in June 2013.

For home buyers, falling interest rates could ease the sting of rising home prices in many housing markets, making it possible to afford a house that might otherwise be out of reach.

Here is how to take advantage of the recent drop:

Comment by Whac-A-Bubble™
2014-10-26 12:12:32

End of Fed bond buying may nudge mortgage rates
Paul Davidson, USA TODAY 7:30 a.m. EDT October 26, 2014

The Federal Reserve this week is expected to remove one of the two crutches supporting the economy since the 2008 financial crisis, ending bond purchases that have held down long-term interest rates.

The anticipated decision to halt so-called quantitative easing at a two-day Fed meeting that begins Tuesday marks a milestone in the recovery. But it’s drawing little fanfare and economists expect minimal effect on financial markets, though it could push up mortgage rates slightly.

That’s because Fed policymakers have been signaling the decision for months and winding down the bond-buying, begun in late 2012. And the strengthening economy is largely being driven by other forces.

“This has all been fully telegraphed,” says Paul Ashworth of Capital Economics, noting the move is priced into bonds.

Also, the Fed’s other economic crutch — historically low short-term interest rates — remains in place, likely until mid-2015.

Many economists say the Fed’s purchases of Treasuries and mortgage-backed securities sparked a bit more mortgage and other lending and boosted stocks. Its impact recently has been muted, largely because the Fed has tapered the monthly purchases to $15 billion from $85 billion in December as job growth surged.

The Fed’s exit will remove a big buyer. But Ashworth notes the Fed still holds about $4 trillion in securities it has snapped up since 2008. That will keep market supplies and rates low.

Comment by phony scandals
2014-10-26 13:17:38

Law Lets I.R.S. Seize Accounts on Suspicion, No Crime Required

“Who takes your money before they prove that you’ve done anything wrong with it?”

by Shaila Dewan | NY Times | October 26, 2014

For almost 40 years, Carole Hinders has dished out Mexican specialties at her modest cash-only restaurant. For just as long, she deposited the earnings at a small bank branch a block away — until last year, when two tax agents knocked on her door and informed her that they had seized her checking account, almost $33,000.

The Internal Revenue Service agents did not accuse Ms. Hinders of money laundering or cheating on her taxes — in fact, she has not been charged with any crime. Instead, the money was seized solely because she had deposited less than $10,000 at a time, which they viewed as an attempt to avoid triggering a required government report.

“How can this happen?” Ms. Hinders said in a recent interview. “Who takes your money before they prove that you’ve done anything wrong with it?”

The federal government does.

Comment by Raymond K Hessel
2014-10-26 16:10:36

If Carole Hinders has voted for Establishment GOP or Democrat candidates for the past generation, this is what she voted for, and this is what she deserves. Wake up and smell the coffee, Ms. Hinders.

Comment by In Colorado
2014-10-26 17:25:37

She probably believes that the GOP is “Main St. business friendly”

Comment by Raymond K Hessel
2014-10-26 18:30:53

They certainly aren’t “Constitution friendly.”

(Comments wont nest below this level)
Comment by reedalberger
2014-10-26 16:19:55


Comment by real journalists
2014-10-26 14:25:37

Do you want me to read the card?

Comment by real journalists
2014-10-26 14:43:16

the Kinks - Destroyer


paranoia will destroy ya…

Comment by real journalists
2014-10-26 15:40:37

the Kinks - Village Green Preservation Society


Comment by real journalists
2014-10-26 16:21:39

the Kinks - Waterloo Sunset


(Comments wont nest below this level)
Comment by real journalists
2014-10-26 14:53:35

the Rolling Stones - Under My Thumb (live at Altamont 1969)


Comment by Whac-A-Bubble™
2014-10-26 15:16:21

Bad decision to employ the Hell’s Angels as a security detail…

Comment by real journalists
2014-10-26 15:26:42

the Rolling Stones - Sympathy For The Devil (live at Altamont 1969)


(Comments wont nest below this level)
Comment by rms
2014-10-26 16:51:24

“Bad decision to employ the Hell’s Angels as a security detail…”

+1 Bill Graham learned quickly though.

(Comments wont nest below this level)
Comment by real journalists
2014-10-26 14:59:04

Simon & Garfunkel - Fakin’ It


Comment by phony scandals
2014-10-26 17:30:58

“Do you want me to read the card?”

Nah, just wipe that smile off your face your supposed to be crying.

Comment by Whac-A-Bubble™
2014-10-26 16:20:05

At the NYSE, Larry Kofsky previews the week ahead
Published: Oct 25, 2014 11:15 a.m. ET
By MarketWatch

Will the Fed announce a delay to the end of QE3? Or has that ship sailed?

Comment by Whac-A-Bubble™
2014-10-26 17:08:07

Housing market is waking up to a new hangover
Diana Olick, CNBC 6:15 a.m. EDT October 26, 2014
(Photo: Eileen Blass, USA TODAY)

First came a historic national crash in home prices, then a surprisingly sharp jolt off the bottom. Investors, desperate for yield and fueled by Fed-induced cheap cash, swarmed the most distressed housing markets, buying bargain-basement properties and turning them into rentals. Some markets saw double-digit annual price appreciation. Some analysts started to float the word “bubble,” again.

Now, finally, reality is setting in yet again.

Foreclosures have fallen to new lows since the crisis, and investors, while not selling their homes, are not buying nearly as many. That has taken much of the air out of home prices. In addition, the number of homes for sale is rising, pushing sellers from the driver’s seat to the way, way back.

“What a difference a year makes,” said Stan Humphries, chief economist at Zillow. “At this time last year, we were worrying about a number of frothy markets that looked like they could be on the edge of another housing bubble, places where homes were appreciating at more than 20% per year and where buyers’ heads were spinning just trying to keep up.”

Now those markets, while not in the red, are barely in the black. Los Angeles, for example, saw home prices rise over 18% in the third quarter of 2013 from the same time in 2012. Now its annual appreciation for the quarter is down to 8%, according to Zillow.

“Buyers don’t have the same sense of urgency as they did before. They can be a little bit more discerning,” said Greg Bender, a Los Angeles-area Realtor with Berkshire Hathaway HomeServices.

Comment by Whac-A-Bubble™
2014-10-26 17:10:56

Home prices headed for a triple dip
Diana Olick | @diana_olick
Tuesday, 7 Oct 2014 | 8:42 AM ET

The headline for much of this year has been that home price gains are easing. Prices are still higher compared to last year, but not nearly as much as they had been. Now, suddenly, it looks as if home values could actually go negative on a national level.

“That will be the first time collectively, as a nation, we’ve seen prices drop since the low point or the trough of the housing crisis,” said Alex Villacorta, vice president of research and analytics at data firm Clear Capital.

Villacorta points to a 1 percent quarterly home price gain from the second to the third quarter of this year. Last year that quarterly gain was 3 percent.

“The discouraging thing about that is, yes, we’re still in the positive, but that 1 percent has been waning from that three percent, and this comes after what should have been the most active buying season in the housing market for the summer that just ended,” he added.

The West, which has some of the largest metropolitan markets in the nation, has seen a huge drop in distressed sales, as fewer properties go to foreclosure. At their peak in 2009, just over half of all sales in the West were of distressed properties; today that share is just over 12 percent, according to Clear Capital. Investors, consequently, are moving on to other markets in the South and Midwest, where there are still bargains to be had. The West is therefore seeing sharper drops in home price appreciation.

“And that is why the West is really that leading indicator, the canary in the coal mine, because as the West goes, both on the downturn and in the recovery,we’ve seen the rest of the country go as well,” said Villacorta.

Comment by Whac-A-Bubble™
2014-10-26 17:13:21

Slump in mortgage rates fails to rally home buyers
Diana Olick | @diana_olick
Wednesday, 22 Oct 2014 | 7:00 AM ETCNBC.com

More proof that low mortgage rates are not the key to home ownership: Rates dropped to their lowest level in nearly 18 months last week, causing an 11.6 percent rise in applications, the Mortgage Bankers Association reported Wednesday. The gains, however, were driven entirely by refinances, just as they have been for several weeks.

Refinance applications jumped a whopping 23 percent week-to-week on a seasonally adjusted basis; volume was at the highest level since November. Mortgage applications to purchase a home saw no boost at all from lower rates, falling 5 percent from the previous week and 9 percent from a year ago.

“Continuing concerns about weak economic growth in Europe and a few U.S. economic indicators that came in below expectations caused a flight to quality into U.S. Treasurys last week, leading to sharp drops in interest rates,” said Mike Fratantoni, the MBA’s chief economist. “Mortgage rates have fallen close to 30 basis points over the last four weeks.”

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 4.1 percent, the lowest level since May 2013, from 4.2 percent, according to the MBA. Some lenders are now offering rates below the psychologically significant 4 percent line, but only to their highest credit-worthy customers. The average loan balance for refinance applications increased to $306,400, the highest level in the MBA survey’s history, suggesting that wealthier homeowners are benefiting most from the drop in rates.

Sales of existing homes did increase in September by just over 2 percent from August, according to the National Association of Realtors; however, they are weaker than a year ago, when investors were competing for distressed homes and pushing prices ever higher. The NAR’s chief economist, Lawrence Yun, said sentiment among real estate agents was at its lowest level of the year, suggesting that sales may be weaker going forward.

“It’s turned into what I think is really a classic buyers’ market,” said Sherry Spinelli, a real estate agent with Long and Foster in Northern Virginia. “More days on market, prices are coming down, the offers are even lower and there are just a lot of houses out there, so it’s a challenge for sellers. I think you have to lower the price in order to sell it.”

Comment by Tarara Boomdea
2014-10-26 21:01:32

Two more, both Fox Biz:

Don’t Hold Your Breath for that Housing Boom By Neil Cavuto
Published October 23, 2014

The Road to Hell Is Paved by … Lax Lending Rules By Dunstan Prial
Published October 24, 2014

Comment by Raymond K Hessel
2014-10-26 17:17:18

What happens when a journalist at the corporate media tries to report real news and real truth? How Obama’s water carriers at CBS shut down a rare MSM truth-teller.


Comment by phony scandals
2014-10-26 17:36:58

Valerie Jarrett Was Key Player In Fast And Furious Cover-Up…

Posted by Van Guard on October 24, 2014 at 9:30pm

The Government Watch Dog Organization, Judicial Watch is alleging that Obama’s Top Level White House Advisor, Valerie Jarrett, was tasked by the administration to manage the situation that was created by Attorney General Eric Holder’s lying to Congress about the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) operation “Fast and Furious.”

According to Judicial Watch:

“…Practically lost in the 1,000-plus pages of records is an index that shows Jarrett was brought in to manage the fact that Holder lied to Congress after the story about the disastrous gun-running operation broke in the media …The files received by JW include three electronic mails between Holder and Jarrett and one from former U.S. Attorney Dennis Burke to Jarrett. The e-mails with Holder are all from October 4, 2011, a significant date because, on the evening of October 3rd, Sheryl Attkisson (then at CBS news) released documents showing that Holder had been sent a briefing paper on Operation Fast and Furious on June 5, 2010. The paper was from the director of the National Drug Intelligence Center, Michael Walther…”

“…This directly contradicted Holder’s May 3, 2011 testimony to the House Oversight and Government Reform Committee, during which he stated that he, “probably heard about Fast and Furious for the first time over the last few weeks.” The October 4, 2011 date may also be significant because it came shortly after the August 30, 2011 resignation of U.S. Attorney for Arizona Dennis Burke and reassignment of acting ATF director Kenneth Melson to the position of “senior forensics advisor” at DOJ…The description of one of the e-mails, written from Jarrett to Holder, reads, “re: personnel issues.” Another, also from Jarrett, reads, “outlining and discussing preferred course of action for future responses in light of recent development in congressional investigation.” Unfortunately, the index is vague and that’s all the information we have about them. Nevertheless, given the timing and subject of these e-mails, it seems clear that Jarrett quickly became a key player in the Fast and Furious cover-up in the immediate aftermath of the revelation that Holder had lied to Congress…”

Judicial Watch asserts that more disclosures will be forthcoming, including files containing documents which show:

patriotaction.net/…/jw-valerie-jarret-was-key-player-in-fast-and-furious-cover-up - 102k -

Comment by Raymond K Hessel
2014-10-26 17:42:39

No bubble here…nothing to see…move along. Rodent-infested shanty in Palo Alto on the market for insane wishing price.


Comment by rms
2014-10-26 20:19:11

Palo Alto, CA? A cash-fisted buyer will probably snatch it up.

Comment by "Auntie Fed, why won't you love ME?"
2014-10-26 17:50:56

Mobility is key.


Comment by Selfish Hoarder
2014-10-26 18:51:40

Why Auntie Fed, are you trying to woo me over now?

Comment by Selfish Hoarder
2014-10-26 18:10:43

Blame it on the wine. Or blame it on the last FB exchange with a War-mongering and war-drooling Christian bible thumping Muslim-hating response to my FB post. But I am led into thinking America is doomed to bankruptcy and forced into much higher taxes or inflation. In either case, gold and other forms of movable hidable wealth are what you need to stack up.

Just put in an order to sell more of my former company stock. Big time this time. Over $5k worth to build up even more cash. I’m being fearful while others are greedy. BTW. This will be a 1600% realized gain on shares bought in 2009.

My former recruiter called me Thursday morning. I said no. I’m not looking for consulting. Not unless it’s commercial and I’m not ready for that yet. But I’m going to be a commercial software consultant in San Francisco in my future. Linux, TCP/IP, cryptography, secure boot, openssl, SSH, etc.

Comment by Raymond K Hessel
2014-10-26 20:31:38

Reason number 98 why I don’t do Faceplant: silly flame wars among grown adults.

Comment by phony scandals
2014-10-26 18:20:59

Gettin’ testy out there.

Peaceful Ferguson Protesters Attack White Passerby: “I Just Want To Go Home”

Mac Slavo
October 26th, 2014
Reader Views: 1,253

Protesters in Ferguson have continued to gather on a nightly basis in the aftermath of the Michael Brown shooting.

They claim to be assembling peacefully, but as the video below shows, when a white man was passing through town a mob surrounded him and began making threats.

The video shows the man telling his attackers that he just wants to go home.

Another man is then heard saying “I don’t give a fuck what you wanna do.” In the background, a third man argues, “we’re standing up for what we believe.”

As the victim tries to get away from the crowd he is immediately accosted by several men who hold him back while another grabs him by the neck. When he finally breaks free and walks away numerous individuals continue to pursue him.

The following video uploaded to social media shows the incident from two different angles:

- See more at: http://www.thedailysheeple.com/peaceful-ferguson-protesters-attack-white-passerby-i-just-want-to-go-home_102014#sthash.DHN2X0EC.dpuf

Comment by Whac-A-Bubble™
2014-10-26 20:26:44

Reminds me of a (racis’) joke my (Italian) BIL used to like to occasionally toss out:

“I’m not racist, but if I see five angry looking black guys walking together on one side of the street, I get to the other side before we cross paths.”

Comment by AbsoluteBeginner
Comment by Anonymous
2014-10-26 22:41:14

All 6000 will be packaged into a Rental-Backed Security that’s a guaranteed money-maker for investors! LOL!!

Comment by Whac-A-Bubble™
2014-10-26 23:07:59

Soon to be sold to investors in Beijing, no doubt…

Comment by Anonymous
2014-10-26 22:43:58

Then there’s this: “In 2011, as the Detroit News reported, some buyers were falling behind on taxes and going through foreclosures, only to repurchase their former properties—now cleansed of the back taxes. The county has since changed the rules.”

Comment by Whac-A-Bubble™
2014-10-26 23:08:59

Don’t look now, but improving U.S. labor market conditions make it highly likely the Fed will follow through on plans to wind down QE3.

Comment by Whac-A-Bubble™
2014-10-26 23:16:24

Is it conceivable the Fed has overthought its forward guidance on when ultra-low interest rates will return to normalcy?

Financial Times
October 26, 2014 4:26 pm
US Federal Reserve set to halt asset purchases
Robin Harding in Washington
In this image taken with a tilt-shift lens, the Marriner S. Eccles Federal Reserve building stands in Washington, D.C., U.S., on Tuesday, March 13, 2012. Federal Reserve Chairman Ben S. Bernanke said Jan. 25, after the last Federal Open Market Committee (FOMC) meeting, that policy makers were considering additional asset purchases to boost growth. Photographer: Andrew Harrer/Bloomberg©Bloomberg

The end of US Federal Reserve asset purchases this week marks the climax of an unprecedented monetary campaign, but there is no room for a triumphant declaration of victory.

Barring a big shock, the US central bank will taper its last $15bn-a-month of asset purchases to zero, completing the third round of quantitative easing it began in September 2012.

With no press conference on Wednesday, however, the Fed’s only communication will be its statement – where the changes are likely to be modest. It will be a quiet end to a history-making programme of asset purchases, one that has helped put the US economy back on track, and added trillions to the Fed’s balance sheet.

The Fed is set to halt asset purchases – a policy aimed at driving down longer-term interest rates – despite recent market volatility and fears about global growth. The original goal of QE3 was a substantial improvement in the outlook for the labour market. It can declare that mission accomplished.

When QE3 began more than two years ago, with the Fed buying assets at a pace of $85bn a month, the unemployment rate stood at 8.1 per cent. It is now down to 5.9 per cent. The last jobs report was sturdy, showing 248,000 new positions, and gave little reason to doubt the labour market’s progress.

Without such a reason, Fed officials are reluctant to confuse the motivation for QE3 by following St Louis Fed president James Bullard’s suggestion, and extending purchases until their December meeting. If a new QE programme ever becomes necessary it will need a new motivation and a new explanation.

“If it looked like inflation was trending in the wrong direction, and that was going to persist, then we’d have to rethink what the appropriate monetary policy would be,” said Eric Rosengren of the Boston Fed in a recent interview with the Financial Times. He indicated QE should end as scheduled.

“But at that point we’d want to indicate that the reason we were making the change was not because we hadn’t seen substantial improvement in labour markets, but because we’d become concerned that inflation was trending down when we wanted it to trend up.”

The other issue for the rate-setting Federal Open Market Committee is how to handle its pledge of low rates “for a considerable time after the asset purchase programme ends”. That language, which needs to be changed when QE3 comes to its completion, has been a source of growing discontent among Fed officials who think it too inflexible.

The Fed has already done a lot to weaken “considerable time”. Stanley Fischer, Fed vice-chair, diluted the phrase to near irrelevance earlier this month by defining it as anything from two months to a year.

Recent market turmoil has also damped Fed enthusiasm for complicated manoeuvres on guidance. Mr Rosengren said guidance changes are affected by the state of markets. Charles Evans of the Chicago Fed has said his preference is to make “strictly necessary wording changes” to account for the end of QE3.

The simplest option is just to delete the asset purchase reference; in that case, there is no fixed starting point for the “considerable time”. A slightly more hawkish alternative is to make clear that the “considerable time” begins in October, and the clock is ticking.

Meanwhile, a host of options are floating around the Fed system for more lasting changes in language, even if they do not get used just yet.

Comment by Whac-A-Bubble™
2014-10-26 23:19:05

Are you an impoverished, financially illiterate renter?

I certainly hope not, for your own sake!

Comment by Whac-A-Bubble™
2014-10-26 23:21:06

To See How the Recession Is Lingering, Look at All the Renters
Drew Trachtenberg
Oct 25th 2014 6:00AM

Ever since the housing crisis and financial collapse of 2008, more Americans have been renting their homes rather than buying them, and a new report finds these renters are “financially fragile” compared to homeowners.

The FINRA Investor Education Foundation study finds that renters are twice as likely to say it is “very difficult” to cover their monthly bills. It defines financially fragile as the inability to respond to an economic shock. Could you come up with $2,000 in 30 days to respond to an emergency? The FINRA study shows that 58 percent of renters say they probably or definitely couldn’t.

The renter population is generally younger, lower income, single and more likely to be more racially diverse than the overall population, according to Gary Mottola, research director of the foundation and author of the report. “What jumps out at me,” he said, “is the magnitude of the differences. Look at race, look at gender, look at age. We see big differences in the ability of renters to handle a financial crisis.”

It’s Not a Pretty Picture on That Rented Wall

It’s certainly not a surprise. In many cases, if people had the money to buy a home, they would. “We know that renting and low income is highly correlated,” Mottola said, “but we can’t say one is driving the other.” But he said the study of more than 25,000 people paints a troubling portrait.

Renters have lower rates of financial literacy and are more likely to experience a large drop in income. Only 22 percent of renters say they have saved enough money to cover their expenses for three months if they lost their job or had a medical or other emergency. By comparison, half of all homeowners had such an emergency fund. Renters are also more likely to carry credit card debt, student loans and medical debt.

The effects of the Great Recession forced millions of American homeowners out of homes lost to foreclosure. Real estate marketing website Trulia (TRLA) estimates an additional 875,000 households now rent their homes than would have been the case has the 2008 housing crisis never occurred. As a result, there are fewer apartments available, and the rental prices have been increasing at a faster rate than home prices. Real estate research firm Reis (REIS) recently reported that the tight market for apartments has sent rental costs up for 23 straight quarters — ever since the recession officially ended in 2009. Prices have jumped by 15 percent and are likely to continue to rise over the next year or so.

According to the FINRA report, 74 percent of renters have household incomes below $50,000, compared to 41 percent of homeowners. Renters are also twice as likely to be unemployed or temporarily laid off. “There’s a troubling combination of factors,” according to Mottola. “You have a population with a low level of financial literacy, more likely to encounter problems and less likely to be able to handle them.”

Comment by Whac-A-Bubble™
2014-10-26 23:22:54

Has recent market turbulence inspired you to dump your emerging market stocks?

Comment by Whac-A-Bubble™
2014-10-26 23:25:40

Financial Times
October 26, 2014 11:55 pm
Global turbulence triggers flight from EM equities
Elaine Moore

Global market turbulence has triggered the biggest outflows from emerging market equities in more than a year.

Investors removed $9bn from stocks and shares across Africa, Latin America, eastern Europe and Asia in October, according to figures from the Washington-based Institute of International Finance, which tracks all cross-border investment into developing countries by non-residents.

Cooling sentiment towards emerging markets because of slowing growth in China and unwinding monetary stimulus in the US has been exacerbated by general nervousness about uneven global growth.

The FTSE Emerging index, which consists of developing countries including China, Brazil and India, has lost more than 10 per cent since early September.

“Overall, flows to emerging markets have ground to a halt,” said IIF chief economist Charles Collyns. “There has been some stabilisation in recent days but we expect the pattern of rising risk aversion and shifting Fed rate expectations to continue.”

Outflows have been particularly pronounced in emerging Europe, where Russia’s conflict with Ukraine has left Russian companies facing a possible credit crunch unless western sanctions are relaxed, according to credit rating agency Moody’s.

However, figures from the IIF show that equity flows were waning across all emerging markets, including Latin America and emerging Asia, where the Chinese ecommerce company Alibaba made the world’s largest stock market debut in September.

“When markets are calm investors tend to differentiate between countries more,” said Paul McNamara, a fund manager at GAM. “But right now there has been a blanket reaction across the sector. There have been some domestic problems in places such as Russia, Venezuela and Argentina but what’s happening is really being driven by the developed world.”

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

Trackback responses to this post