Bits Bucket for November 12, 2014
Post off-topic ideas, links, and Craigslist finds here.
The Housing Bubble
Examining the home price boom and its effect on owners, lenders, regulators, realtors and the economy as a whole.
About Me
Name:Ben Jones
Location:Northern Arizona, United States
To donate by mail, or to otherwise contact this blogger, please send emails to: thehousingbubble@gmail.com
PayPal is a secure online payment method which accepts ALL major credit cards.
Links
-
April 2024 M T W T F S S « Sep 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
Photo Submission: hbbphotos@gmail.com
View the HBB Photo Gallery *updated 4/13/2008
Is it a given that real estate and stocks can only go up from their current levels?
Investing
The Only Chart You Need to See About Record Market Highs
Susie Poppick @susiepoppick
Nov. 11, 2014
Trader on NYSE Stock Market Floor Spencer Platt—Getty Images
Media pundits love to make a big deal of new stock market peaks—but they are actually surprisingly common.
The stock market reached new record highs on Monday, with the Dow and S&P 500 indexes closing above 17,613 and 2038, respectively.
As usual, the occasion was cause for skeptics to raise concerns that we are in the midst of a market bubble.
But the headline numbers obscure a simple point: Record market highs are not unusual during a bull market—at all. As shown by the chart below, courtesy of my colleague Pat Regnier, record highs can occur again and again for years before the market tumbles.
That’s not to say that another market tumble is completely out of the question. After all, even at the lowest point of the October market slump, stock valuations were at or near historic highs.
But the simple fact of new nominal highs in the market’s major indexes is not by itself reason for concern. As investment adviser and blogger Josh Brown points out in the video below, the market has been hitting new highs about once a month on average over the past 65 years.
…
Is there any truth at all to it beyond it all being a reflection of a huge pump up from QE? The economy is just not very good. Not at all. Housing is tumbling again and with it construction jobs. “Tech” is mostly a fraud that has been cannibalizing itself for years. Healthcare is a disaster and just a function of Big Pharma anyway, not something productive.
Any minute they can press the button and zing, there will go your winnings.
“Tech” is mostly a fraud that has been cannibalizing itself for years.
Huh?!?
“Tech” has brought you information at your fingertips, on almost any subject that you might have interest. It has made it trivial to form a group at great distance and communicate about subjects of common interest, such as in the case of this blog. It has the capability to continue to cause massive change, and hopefully improvement in people’s lives.
Sure, many folks mistakenly appraised tech valuations during the bubble, losing sight of all business fundamentals and focusing only on eyeballs. But you need to forgive yourself and move on. Tech isn’t a fraud across the board.
Sure there is value but when it comes to the crazy IPOs it mostly VCs and investors pumping something to cash out. The internet can mostly be summed up as another front end to another database over and over, and the value is pretty much people’s personal info or huge numbers of users — not the technology itself.
The internet is already built. There isn’t any tech to it anymore. It’s been commoditized and distributed. It’s over.
Tech is indeed a fraud.
“The internet is already built. There isn’t any tech to it anymore. It’s been commoditized and distributed. It’s over.”
I wonder if someone said the same thing about electricity in the early 19th century.
ISTR reading where it takes decades to fully utilize the benefits of a major technological advance like the internet–we aren’t even close yet.
In other words, it’s not distributed internet that is important, it’s what to do with it.
“Everything that can be invented, has been invented.”
This quote is most often attributed to Charles Duell, Commissioner of the U.S. Patent Office in 1899.
Tech is a fraud.
Has Apple announced their first wave of layoffs yet?
Go long on ACHN.
Combo you are supposed to be 100% in cash. It’s uncharacteristic of you to be promoting biotech.
Better thing to do would be at most in the S&P 500 index.
Go long CASH.
The short answer is no.
The long answer is that it depends on your time horizon.
In a world where the standard view is that the amount of fiat money should forever expand, then on a NOMINAL basis, over LONG periods of time, real estate and stocks should go up from current levels. It’s just that in the short and medium term (over the next decade), there will likely be periods where the stock market and real estate values are below where they are today. However, if you put your money in the S&P 500 today, and sell 20 years from now, it is highly likely that you will end up with more money. If you extend to 30 years, it is even more likely.
Reminds me of something that Kyle Bass said:
“Zimbabwe’s stock market was the best performer this decade - but your entire portfolio now buys you 3 eggs”
Now, if you adjust for inflation, it is much less likely that housing keeps going up from here. On an inflation adjusted basis, we seem to be at a level consistent with a cyclical peak–we might repeatedly touch today’s level over time, but I’d be surprised if we exceed it on an inflation adjusted basis very often.
It is much more likely that the S&P beats inflation over long periods of time…even from today’s level.
R._Fraud, Real estate is already overvalued by 300% at a very minimum.
If that’s true, then you can make millions. Find a way to short mortgage backed securities–it’s your path to riches! Buy LEAP puts on homebuilders. Short home improvement stocks.
Go for it.
It’s true and you know it’s true. That truth simply gets in the way of a wager you made.
“Redfin Experts Predict US Home Prices to Keep Falling This Year”
http://www.realtytoday.com/articles/6457/20140925/redfin-experts-predict-home-prices-keep-falling-year.htm
“Subprime Auto Loan Delinquencies Rise”
http://www.collectionscreditrisk.com/news/ccr_otherconsumer/subprime-auto-loan-delinquencies-rise-3019572-1.html
no surprises here
uh huh. This one is problematic big time. Like houses, the only reason the price of a car is in excess of $15k is the availability of credit to the worlds under-employed. And the under-employed is the economy.
The strange thing about new autos, unlike houses, is the MSRP never seems to go down. They just build fewer. Prices are absolutely outrageous on new and used cars right now.
The supply chain inefficiencies result in the incentives. And they can be substantial.
They last a lot longer than they used to.
Silver Spring, MD(DC Metro) Sale Prices Crater 6% YoY; Plummet 8% MoM Accelerating Declines
http://www.zillow.com/silver-spring-md-20901/home-values/
“Mass Default Looms As World Sinks Beneath A Sea Of Debt”
http://www.telegraph.co.uk/finance/economics/11129108/Mass-default-looms-as-world-sinks-beneath-a-sea-of-debt.html
Rising foreclosures, rising auto loan defaults, rising student loan defaults.
Liquidate and retire your debt. You’ll be glad you did.
From yesterday
—————–
Comment by Blue Skye
2014-11-11 09:12:48
Update on the suggestions here to solve my irritating google ad frustration. I have succeeded in convincing google that I am a spendthrift Victoria Secret shopper. The banners are much less irritating now. Thanks!
—————–
Did you walk into a Vicki’s with your cell phone GPS turned on? Better yet, buy a little something for the red-head, from the catalog, with your credit card. You’ll be spammed with beauty every day.
One of the podcasts I listen to is always pointing out their Amazon banner and how clicking through that to buy anything from Amazon gives them a small piece. Does the Amazon ad here work the same way? If not, an AMazon banner might be a thought. People are gonna shop from there anywY, might as well put a little wind in Ben’s sails while doing it.
No, I haven’t visited any stores or catalog sites in this quest. In my experience a catalog purchase results in whole trees being delivered to my mailbox over time. As for the red headed deck fox, boating is more of a raw nature experience than one of window dressing.
Doesn’t she burn?
No. There is full bimini coverage on deck against the midday sun. If it is really hot she retreats to the air conditioning of the cabin during those hours. On the beach she is provided with a very generous umbrella. At all times the Captain is ready to assist with sunscreen application. Safety First is my motto.
The real danger of her getting burned is not her fair skin, she owns a house in Canada.
Gotcha Skipper. lolz
she owns a house in Canada.
Sell!!! Sell!!!
PS- You might as well change your username to Skipper.
I am used to being called “Blue Skye”. I am only called “Captain” by lock masters who cannot see the name painted on the stern. “Skipper” only by some long time friends.
Not sure the Skipper was ever _that_ lucky!
Counting now the days until spring…
Where’s Gilligan?
We haven’t seen a photo of Ginger yet.
The good buddy in this story has four paws, a wet nose and likes to swim and chase birds.
” a photo of Ginger…”
Sorry, we don’t really fit that script. But you knew that.
Here’s an interesting website for the bits bucket:
http://emachiavelli.com/ThemesforToday.htm
The website belongs to a psychologist who offers up his interpretation of Machiavelli’s teachings.
Some excerpts:
“The most brutal and cruel act committed by those who truly believe it righteous cannot be called evil. Evil denotes violation of ones moral creed without rational justification. This leaves few, if any, deeds that ever be deemed evil.”
“Moral people have a near obsessive fascination with those who are not. The psychopathic character dominates fiction and media.”
“Morality is ultimately defined by those with superior force and sufficient time.”
“All ethical and moral values are arbitrary artifacts from the cultures that set them forth. All political and military greatness is derived from ignoring them.”
See also: doing God’s work
http://www.businessinsider.com/sage-and-christina-kelly-divorce-papers-2014-10
Awaiting the selfies,,,from her.
interesting, some of them were a little odd, but I like this one:
There are great risks in being the master of one’s own life, but failing to take them on leads to the most shallow of existences. Those who have chosen to be subjugated will be the most vociferous critics of your decision to be your own master.
Whoa.
“some of them were a little odd”
I liked the line you quote, but much of the rest seems more like the personal philosophy of a psychopath. Therefore it’s probably good stuff to remember if you’re working your way up a large corporate ladder.
I agree.
That quote cuts both ways. Kind of hard to be a master if you are subjugated to a “land LORD.” Yes, it could be argued that the bank is my landlord, but every month, the bank is a little less of a lord.
We just met our 1 year lease obligation, and now we’re month-month. And don’t have to pay ~10% of $300,000 or so as a down payment on buying my freedom. We just need to move when we’re ready. Who’s subjugated here?
‘every month, the bank is a little less of a lord’
Very little for the first 20+ years. Have you ever looked at an amortization schedule?
By the 7th or 8th year (the average period of time between moves for Americans) you may have paid down by the amount of your next seller closing costs! What a deal.
Pay a 250% premium for a depreciating asset thus $125k inflates to roughly $400k. Finance it for 30 years and $400k becomes $800k. Add in 30 years of depreciation and $800k becomes $1 million. And the lights are on yet nor the taxes paid.
All for a 30 year old shack that rents for $430k over 30 years.
“Yes, it could be argued that the bank is my landlord, but every month, the bank is a little less of a lord.”
It could become a lot more of a lord if long-heralded deflation kicks in at some point.
“I’d rather be the person who bought the Brooklyn Bridge than the person who sold it.” — Will Rogers
Not everyone’s a douchebag, or aspires to be.
That’s cool, but evolution suggests otherwise. Each species has its own moral code, with interindividual variation providing fodder for change.
‘Wal-Mart stores Inc issued an “urgent agenda” memo to its store managers across the United States last month, laying out guidelines to boost sales of “chilled and fresh” food, the New York Times reported.’
‘The memo, marked “highly sensitive”, asks Wal-Mart marketing managers to make sure they discount aging meat and baked goods to maximize chances of selling them before their expiration dates, according to the report. The memo, which the newspaper said was leaked for public use by a Wal-Mart manager unhappy about understaffing, urges managers to reduce inventory and warns them not to exceed budgets.’
‘Reporting by Devika Krishna Kumar in Bangalore’
http://finance.yahoo.com/news/wal-mart-urgent-memo-urges-134351040.html
Worst voter turn out in 72 years..I wonder what is suggests…Apathy ??…Or is it something deeper…
https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&uact=8&ved=0CB4QqQIwAA&url=http%3A%2F%2Fwww.nytimes.com%2F2014%2F11%2F12%2Fopinion%2Fthe-worst-voter-turnout-in-72-years.html&ei=iG5jVI6zHIXyONvpgbAN&usg=AFQjCNEpzZJn55ZVVPsiB3l2CoF7lxPYkQ&sig2=BDFnJ7fJ5Fk_BuXjU6VecA
‘Dear Democratic Party: If you want to win midterm, state and local elections, stop pandering to groups that don’t vote in any elections other than for president.’
‘Dear Democrats who only vote for president: Don’t complain now that the GOP has taken over state houses, the U.S. Congress and state governorships.’
‘Don’t complain when the state houses start passing voter ID laws and gerrymandering districts to ensure GOP control, or when immigration reform never happens or is limited for the sake of appeasement for a potential 2016 GOP presidential win.’
OK, stop pandering to voters! But here’s a rich one:
‘Don’t complain when we end up in another never-ending military conflict for decades, draining our Treasury and creating deficits like we saw under President George W. Bush.’
‘Don’t complain when we end up in another never-ending military conflict for decades, draining our Treasury and creating deficits like we saw under President George W. Bush.’
That’s a hilarious one. America has been involved in wars in several different nations under Obama since he first started his first term.
And now we’re getting more deeply involved in sectarian conflicts, de facto aligning ourselves with dubious “allies.”
http://www.theguardian.com/world/2014/nov/12/shia-militia-fightback-against-isis-leads-to-massacre-of-sunnis
Everyone should just vote for the write-in candidates.
If we ever become forced to vote, I will first visit the zoo and the monkey exhibits, then I will write in the names of as many monkeys as write-ins.
Another one? Bedside the bush Middle East War? Are were taking on the Philippines?
$9 million a day for 13 yrs….
Smarten up Lola.
HA is by far the most depressed person on here. Definition of “hater.” I wonder where he lives and in what?
Cheer up Cupcake. Falling housing prices is positively bullish and good for the economy. What’s not to like?
Falling house prices. A winner. Falling gasoline prices. Also a winner. And having an economical car at the same time that is paid off?
With all the money I’m saving and selling off my huge stock gains, I have to put it in a second mattress.
The voting system is rigged. 95% of Congress got re-elected. Ron Paul’s face was pushed into the sand by his own party in 2012.
I do not give any consent to anyone in Washington D.C. If I voted, they would claim I consented to abide by whatever the majority voted for. I don’t. We have had tyranny by the majority for quite awhile.
So I did not vote this year. I plan not to consent in 2016 either.
term limits?
term limits ??
That would not be a bad idea….How about, no lobbying job after leaving “ever”….
That would be my approach - Gotta drain the fetid swamp from time to time.
Term limits are no substitute for not voting in crooks to begin with. If voters are happy with their elected representatives, they should have the option of electing them for as many terms as they see fit.
Still need to drain the swamp.
$3 gas isn’t juicing their sales enough, tainted meat is the path to recovery, LOLZ
Liberace would never walk in a walmart.
Liberace gets all the tainted meat he can fit in his mouth at Paddles.
The thing about $3 gas is that it eventually translates into lower food prices. The company is in a crisis now that SNAP benefits have gone down a few percent, wait until 25% lower food prices whacks their sales numbers.
wait until 25% lower food prices whacks their sales numbers
The masses will spend the savings on more junk food.
Real journalists at the New York Times report on warmist conspiracy to take away your Hummers and light bulbs and Big Gulps
http://mobile.nytimes.com/2014/11/13/world/asia/climate-change-china-xi-jinping-obama-apec.html
Forward
‘Chinese leader Xi Jinping and President Obama struck a deal Wednesday to limit greenhouse gases, with China committing for the first time to cap carbon emissions and Obama unveiling a plan for deeper U.S. emissions reductions through 2025.’
‘China, the world’s biggest emitter of greenhouse gases, pledged in the far-reaching agreement to cap its rapidly growing carbon emissions by 2030, or earlier if possible.’
‘Residents of Beijing have coined a new term to describe the rare blue skies over the Chinese capital — APEC blue — alluding to the ongoing Asia-Pacific Economic Cooperation, or APEC, summit and “something that is pretty, but temporary,” according to a report by BBC. Beijing is usually shrouded in thick smog, earning the city the dubious distinction of being one of the world’s most polluted cities.’
“He’s not really into you — it’s an APEC blue,” a Chinese netizen commented online. The words “Beijing smog,” on the other hand, have come to symbolize something permanent and persistent. The Chinese government in recent days has reportedly undertaken massive efforts to ensure that the air in Beijing is breathable as delegates from 21 nations, including U.S. President Barack Obama, arrived for the two-day summit.’
Senator Mitch McConnell, as quoted on Bloomberg:
“This unrealistic plan, that the president would dump on his successor, would ensure higher utility rates and far fewer jobs”
and john boehner chimes in on business insider:
‘it is the latest example of the president’s crusade against affordable, reliable energy that is already hurting jobs and squeezing middle-class families’
There must be thousands (hundreds of thousands) of these Crusaders. Why wouldn’t there be?
All treaties must be ratified by the senate.
Of course - Obama has a phone and a pen a lots of blank EOs…
No they don’t.
Look up “treaty clause” in wiki. Some agreements need 2/3 of Congress, some need only a majority, and some need only executive action. Supreme Court has upheld all of it. I don’t know where this agreement lies.
As for China, they ain’t stupid. I suspect they are doing this for the smog, not the CO2. They’ll pop up a nuke plant. The real purpose is for smog reduction, but they can use the tree hugger bonus to poach more American manufacturing jobz.
More Chicago politics - sheesh - great to be a former Black Panther!!!
http://politics.suntimes.com/article/washington/house-ethics-committee-continue-probe-rep-bobby-rush/mon-11102014-330pm
And more from Chicago ILLANNOY -
Illinois’ municipal pension shortfall, excluding Chicago, has spiked to more than $12 billion from $1 billion just a decade ago.
Swirling around the drain I say.
http://www.illinoispolicy.org/reports/pensions-case-study-north-riverside/
Public unions - they are for the children
The Mid-Life Divorce Boom: How to Avoid Financial Carnage
“Older divorcees have just a fifth of the wealth that older married couples have”
http://www.bloomberg.com/news/2014-11-10/the-mid-life-divorce-boom-how-to-avoid-financial-carnage.html
And older bachelors who never married have three times the wealth that older married couples have
Witness the post an HBB’er made yesterday about Harold Hamm’s ex.
Look before you leap there baby!!
I finally caused the stock market to crash!
damn….. I had no idea that you are that powerful.
I have the magic at my fingertips. I merely need to purchase stocks.
More “hope ‘n change Wall Street can believe in.”
http://rt.com/usa/204603-matt-taibbi-us-taxpayers/
In recent story published in Rolling Stone, Taibbi detailed how a former JP Morgan employee Alayne Fleischmann helped the Justice Department in its investigation against the bank. Eventually, a $9 billion settlement was reached. However, that agreement did not require the bank to admit guilt for fraud – and it all came about to keep the information Fleischmann divulged from surfacing.
Speaking with Thom Hartmann on RT’s ‘The Big Picture’, Taibbi said that Fleischmann, a deal manager at the company, criticized JP Morgan’s banking practices when she realized that the normal procedures on due diligence and compliance on loans were not being handled in the usual way. These loans were to be packed into securities and re-sold to investors (pension funds, hedge funds, insurance companies), but the due diligence department wasn’t forthcoming with information, and deal managers were told not to send emails with their inquiries.
This is the top headline on the Drudge Report website, article discusses new film about Hollywood executives’ widespread abuse of underage boys
http://www.hollywoodreporter.com/news/hollywood-sex-abuse-film-revealed-748375
And 100% of their votes and 100% of their campaign donations go to Democrats
The Uncle Ernies described in the article are Hillary Clinton’s base
And once elected, Hillary Clinton will name Lena Dunham as Secretary of Education
Forward
And not one of them will ever face any charges. All animals are equal but some are more equal than others.
Face charges?
They’ll be hosting Democrat fundraisers in 2016
And there’s really nothing to be alarmed about anyway, real journalists will sweep this down the memory hole, brush it off as “just horsing around” like Jerry Sandusky did
There’s still a Drudge Report?
478th most popular in the world and 134th most popular in the US according to this:
http://www.alexa.com/siteinfo/drudgereport.com
And remember, anytime you see one of the following linked here you know it’s a Drudge link:
Washington Times
Daily Caller
Weekly Standard
Breitbart
Washington Examiner
World Net Daily
If you ever listen to Rush Limbaugh live while reading the Drudge Report you’ll note that he generates discussion content for his radio show directly from Drudge links
Living in a bankster paradise: In the UK, only one in 40 new jobs is full-time with benefits. To the vegetables who voted for hope ‘n change or the even worse Establishment GOP alternatives, enjoy your crony capitalism - this is what you voted for.
http://www.theguardian.com/business/2014/nov/12/one-40-jobs-created-recession-full-time-employee-tuc-employment
but but.. the uk is amazing.. they have the NHS!
We had only two choices. O or Romney.
Romney….lol!
We had only two choices. O or Romney.
Obama….lol!
Only until the politicians follow your example and go down the insurance route.
Breitbart dot com are not real journalists
Breitbart - The Death Panels Are Coming
http://www.breitbart.com/Big-Government/2014/11/11/Death-panels-coming
And on the topic of banner advertising, the ad at the top of this article says “Host Your Own Disney Princess Party”
The Swiss public, unlike the ‘tards who voted for Obama, McCain, and Romney, understand the value of honest money backed by gold, not “faith and credit” in a central bank printing press. Now their banksters are starting to sweat at being forced to keep gold as a cornerstone of their monetary system.
http://www.marketwatch.com/story/swiss-central-bank-warns-against-gold-initiative-2014-11-12
So now the GOP wing of the Republicrat Duopoly wants to hold hearings because the arcitect of Obamacare said what is self-evident: American voters are stupid (at least the 95% who voted for Obama, McCain, and Romney). So now we need Congressional hearings because an Administration insider, in an unguarded moment, tells the truth? Why not have hearings on why stupid people are allowed to vote in the first place?
http://www.washingtonpost.com/blogs/post-politics/wp/2014/11/12/hearings-floated-as-hill-republicans-seize-on-gruber-obamacare-comments/
Most transparent administration in history…
Ever wonder how 95% of the people all think people are stupid?
Down in Southeastern Virginia where I moved from the local paper called out the Virginia Beach mayor. It seems as if he has been voting and hooking up deals for discounted public land purchases, right of way passes and other things to customers of the bank he is also an executive at. Many millions of loans.
When he ran for office he popped up with $600K in funding while the little old lady he replaced might of ran with a campaign budget of $25K. So it was pretty obvious he was backed by the developers. Still fascinating to watch it all explode.
Sounds like fallout from the McDonnell(?) governor corruption case.
Pension funding still a major risk after Detroit bankruptcy settlement
The SEC bars private companies from reporting their pension liabilities in the same ways that most local and state governments now do.
Michigan is putting $195 million into the grand-bargain pot, and in exchange Detroit’s retirees are releasing the state from any liability under its constitutional clause barring public pension cuts.
BWAHAHAHAHAHAHAHAHA!
Even the judge presiding over Detroit’s bankruptcy settlement expressed misgivings: “history will judge that this court’s approval of that settlement was a massive mistake.” IF the state of Michigan fails to ensure its subdivisions adequately finance their public pension plans, that is. Looks like a pre-ordained failure.
“It’s a very clever basic exploitation of the lack of economic understanding of the American voter.”
THIRD Gruber Video Reveals How Administration Sought to Hide Obamacare Tax
by Paul Joseph Watson | November 12, 2014
Despite claiming that he spoke “off the cuff” when he said that a “lack of transparency” was key in fooling ‘stupid Americans’ to accept the passage of Obamacare, a third video has emerged of MIT economics professor Jonathan Gruber in which he admits that the administration exploited Americans’ “lack of economic understanding” to hide the fact that ACA was a direct tax on the customer.
The clip comes from a November 5, 2012 speech at Rhode Island University. In the first part of the video, Gruber laments the fact that Americans do not have to pay tax on health insurance provided by employers.
The MIT professor then explains how under Obamacare, Americans’ “lack of economic understanding” would be exploited so as to make them think that the “evil insurance companies” were the ones being taxed, when in reality the companies simply “pass on higher prices” to the customer.
“I have been making this speech for twelve years and people would come up to me and say, ‘but wait a second you’re going to tax my heath insurance?’ And I’d say no, no, no! We’re going to tax subsidies on your health insurance. And they’d go ‘you’re going to tax my heath insurance?’ And you just can’t get through its politically impossible. So despite the fact we thought we might get this as part of the law it was going to be dead.”
“Until a second Massachusetts hero arose, John Kerry. John Kerry said no-no we’re not going to tax your heath insurance, we’re going to tax those evil insurance companies. We’re going to impose a tax that if they sell health insurance that’s too expensive we’re going to tax them. And conveniently the tax rate will happen to be the marginal tax rate on the income tax code. So basically it’s the same thing – we just tax insurance companies, they pass on higher prices, that offsets the tax break we get into being the same thing. It’s a very clever basic exploitation of the lack of economic understanding of the American voter.”
Gruber’s arrogance in publicly acknowledging that the administration, with whom he helped craft Obamacare after being paid $400,000 dollars, would utilize dirty tricks to hide the fact that ACA was a de facto tax being imposed directly on Americans, is rivaled only by his deception in attempting to explain away his comments.
Even as another video emerged of Gruber asserting that “the American people are too stupid to understand the difference” between a direct tax and a tax on insurance companies, the professor appeared on MSNBC to claim that his remarks were not planned.
In reality, on at least three different occasions Gruber openly stated that the administration sought to deliberately deceive Americans during the promotion of Obamacare, relying on what he termed “the stupidity of the American voter” and a “lack of transparency” to accomplish the feat.
Comment by phony scandals
2014-11-12 18:07:58
“It’s a very clever basic exploitation of the lack of economic understanding of the American voter.”
THIRD Gruber Video Reveals How Administration Sought to Hide Obamacare Tax
Region VIII checking in.
May the odds be ever in your favor Region VIII
were did the money go ? Bought Jun 1999 for $235,000
6607 Pecan Ave,
Moorpark, CA 93021
3 beds2.5 baths1,661 sqft
FOR SALE
$450,000
Zestimate®: $484,069
EST. MORTGAGE
$1,685/mo
Get Pre-Approved on Zillow
This 3bdrm/2.5ba 2-story home w/pool located within walking distance to Moorpark College. Close to schools, parks, shopping and restaurants. Easy freeway access for commuters. Close to public transportation. Property sold AS IS - This is a short sale. Property needs a lot of work. Brokered And Advertised By: Real Estate eBroker, Inc Listing Agent: Sabrina R. Simpson
FACTS
Lot: 6,098 sqft
Single Family
Built in 1984
349 days on Zillow
Cooling: Central
Last sold: Jun 1999 for $235,000
Price/sqft: $271
MLS #: 12016318
Another $75k house in CA.
Fugg’n insanity; $450,000 for an “AS IS” fixer? And the Google street view shows cloudy skies too; that ain’t right, where’s the respect?