The Housing Bubble

The spawn of the Chinese oligarch embezzlers are living larging in southern CA with their purloined funds.

http://www.zerohedge.com/news/2014-11-20/caught-tape-how-children-chinese-oligarchs-live-it-socal

China going Bernake

We no longer have the rule of law in this country.

We do have the rule of obama.

Remember - according to leftists on this blog - there is no difference between the parties.

What other “laws” will be just “made up” and enacted by decree in the next two years?

2bananas Rules of Government:

Conservatives are than happy to live under the same laws/taxes they want for everyone else.

Liberals/progressives expect to be exempted from the laws/taxes they want for everyone else.

Liberals/progressives never expect the political tactics they use while in power to eventually be used against them one day.

obama showed us the way.

Phase II

‘Dreamers’ Vow to Fight On for Their Illegal-Immigrant Parents
WSJ | November 20, 2014 | MIRIAM JORDAN and ARIAN CAMPO-FLORES

Emboldened by a program that allowed them to remain in the U.S., hundreds of immigrant youths two years ago championed their next fight: to bring their illegal-immigrant parents out of the shadows, too.

“As we celebrate our victory, we remember our moms and dads…who are still undocumented,” Cristina Jimenez, managing director of United We Dream, which represents young undocumented people, told the conference in Kansas City, Mo.

FREE JOHN CORZINE!!!!

Wall Street Stunned As Iceland Dares To Jail Banker Involved In 2008 Crash
Tyler Durden - 11/20/2014 - Zero HEdge

The impossible is possible. Never say never. Wall Street bankers are staring agog at headlines coming from Europe where, in Iceland, the former chief executive of one of the largest banks in the country which was involved in crashing the economy in 2008 has been sentenced to jail time. As Valuewalk reports, in receiving a one year prison sentence, Sigurjon Arnason officially became the first bank executive to be convicted of manipulating the bank’s stock price and deceiving investors, creditors and the authorities between Sept. 29 and Oct. 3, 2008, as the bank’s fortunes unwound, crashing the economy with it. It appears he was as shocked by the verdict as Wall Street-ers are, “this sentence is a big surprise to me as I did nothing wrong.” It was likely all for the people’s own good…

Lower housing lending standards.

Make 5 million+ illegals criminals legal by executive fiat

Put not one banker in jail

————————–

Obama Housing Bubble V 2.0

Feds Turn to Housing Market to Boost Slow Recovery
FreeBeacon.com | November 13, 2014 | Daniel Wiser

Federal regulators are attempting to lower credit and lending standards for home mortgage loans during a time when there is little demand for housing, some experts say, a move that could create another destabilizing bubble if the economy improves.

Obama, and not cash, is king…

——————-

Delusions of Grandeur direct from The King
Canada Free Press | 11/21/14 | Judi McLeod

It’s no longer everyone else’s imagination but purely his own: Obama, and not cash, is king.

Make Way for the King, the one that would sink his own country by overrunning it with people born elsewhere.

Kingly, in the sense of a King George III, Obama, who hasn’t graced the inside of a church in lo these many years, had the audacity to use scripture in last night’s televised address:

“During his address, Obama quoted the Book of Exodus, saying:

“Scripture tells us that we shall not oppress a stranger, for we know the heart of a stranger — we were strangers once, too. My fellow Americans, we are and always will be a nation of immigrants. We were strangers once, too.” (Matthew Vadum).

But the ‘Ego King’ was much less than kingly when he portrayed millions of Latinos he is saving from deportation with a wave of his magic wand as those who “pick our fruit and make our beds”.

Surely it is racist to portray all Latinos as the downstairs in the ‘Upstairs Downstairs’ caricature range.

What Obama really did with his latest fiat was to pounce on the Good Ship America, adrift for six long years on the open sea, to scuttle it.

Americans, whom he was elected to represent, are now figuratively swimming in a shark-infested sea without life jackets looking for any kind of driftwood to keep from perishing.

“When progressives say the system is broken, they mean it is functioning in a less than optimal manner, failing to capture every single prospective illegal alien available to wade across the Rio Grande or walk across the nation’s largely undefended border with Mexico. To them, immigration policy is a taxpayer-subsidized get-out-the-vote scheme for Democrats and the best reform they could imagine would be to abolish America’s borders altogether. Obama’s new amnesty plan is a step in this direction.

“It is also a profoundly cynical move that rewards lawbreaking and begets future immigration amnesties. It will spell electoral death for the Republican Party in coming years because “Latinos, who are believed to comprise the bulk of the illegals, have traditionally shown a strong preference for the Democratic Party and its left-of-center public policies. The amnesty for 5 million illegals is likely just the beginning. The government recently issued a procurement order seeking a contractor to make as many as 34 million immigration documents over the coming five years.”

For all you Pat B fans…

——————

THE IMPERIAL PRESIDENCY: Caesar Obama
http://www.wnd.com | 11/20/14 | Pat Buchanan

Asserting a legal and constitutional authority he himself said he did not have, President Obama is going rogue, issuing an executive amnesty to 4 to 5 million illegal aliens.

He will order the U.S. government not to enforce the law against these 5 million and declare that they are to be exempt from deportation and granted green cards.

Where did Obama get his 4-5 million figure, not 2-4 million, or 5-7 million? Nowhere in law, but plucked out of his own mind, as to what he can get away with. Barack Obama just felt it was about right.

Thus does our constitutional law professor-president “faithfully execute” the laws of the United States he has twice swore to uphold?

Our rogue president has crossed an historic line, and so has the republic. Future presidents will cite the “Obama precedent” when they declare they will henceforth not enforce this or that law, because of a prior commitment to some noisy constituency.

The political, psychological and moral effects of Obama’s action will be dramatic. Sheriffs, border patrol and immigration authorities, who have put their lives on the line to secure our broken borders, have been made to look like fools. Resentment and cynicism over Obama’s action will be deeply corrosive to all law enforcement.

Businessmen who obeyed the law and refused to hire illegals, hiring Americans and legal immigrants instead, and following U.S. and state law on taxes, wages and withholding, also look like fools today.

Bosses who hired illegals off the books will also receive de facto amnesty. La Raza is celebrating. But, make no mistake, a corrupt corporate crowd is also publicly relieved and privately elated.

Immigrants who waited in line for years to come to America, and those waiting still, have egg on their faces. Why, they are saying to themselves, were we so stupid as to obey U.S. laws, when it is the border-jumpers who are now on the way to residency and citizenship?

When the world hears of the Obama amnesty, millions more from Latin America, Africa, Asia and the Middle East will be coming. And if they cannot get in legally, they will walk in, or fly in, and overstay their visas. Why not? It works.

One wonders. Will poor and working class blacks and whites, Hispanics and Asians, welcome this unleashed competition from the amnestied illegals, for jobs where the wages never seem to rise?

Running in 2008, Obama said he intended to become a “transformational president.” With this decision, he succeeds.

He has accelerated and ensured the remaking of America. Now when the wives and children of the illegals arrive, and their extended families apply for and receive visas, and bring their wives and children, we will become the Third World country of Obama’s dream, no more a Western nation.

But then, the community organizer did not much like that old America.

Don’t do it.

http://farm8.staticflickr.com/7150/6598216937_8b6002895a.jpg

Anyone remember this obama?

“Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘‘the buck stops here.’’ Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better. I therefore intend to oppose the effort to increase America’s debt limit.

“The problem is, is that the way Bush has done it over the last eight years is to take out a credit card from the Bank of China in the name of our children, driving up our national debt from $5 trillion for the first 42 presidents – #43 added $4 trillion by his lonesome, so that we now have over $9 trillion of debt that we are going to have to pay back — $30,000 for every man, woman and child. That’s irresponsible. It’s unpatriotic.”
– obama’s 2006 Debt Ceiling Speech

new york times - obama, daring congress, acts to overhaul immigration

http://www.nytimes.com/2014/11/21/us/obama-immigration-speech.html

washington post - obama acts on immigration, announcing decision to defer deportations of 4 million

http://www.washingtonpost.com/politics/obama-acts-on-immigration-announcing-decision-to-defer-deportations-of-4-million/2014/11/20/9a5c3856-70f6-11e4-8808-afaa1e3a33ef_story.html?tid=HP_lede?tid=HP_lede

los angeles times - in l.a., relief and joy greet obama’s immigration plan

http://www.latimes.com/local/california/la-me-1121-obama-immigration-reaction-20141121-story.html

msnbc - millions wake without fear as executive actions sink in

http://www.msnbc.com/msnbc/millions-wake-without-fear-executive-actions-sink

bloomberg - obama makes good on immigration promise, despite political risks

http://www.bloomberg.com/politics/articles/2014-11-21/obama-makes-good-on-immigration-promise

huffington post - obama moves to protect millions from deportation

http://www.huffingtonpost.com/2014/11/20/obama-immigration-plan_n_6178774.html

Whatever Happened to Overtime?

It’s one reason we’re poorer than our parents. And Obama could fix it—without Congress.

By NICK HANAUER
November 17, 2014

If you’re in the American middle class—or what’s left of it—here’s how you probably feel. You feel like you’re struggling harder than your parents did, working longer hours than ever before, and yet falling further and further behind. The reason you feel this way is because most of you are—falling further behind, that is. Adjusted for inflation, average salaries have actually dropped since the early 1970s, while hours for full-time workers have steadily climbed.

Meanwhile, a handful of wealthy capitalists like me are growing wealthy beyond our parents’ wildest dreams, in large part because we’re able to take advantage of your misfortune.

So what’s changed since the 1960s and ’70s? Overtime pay, in part. Your parents got a lot of it, and you don’t. And it turns out that fair overtime standards are to the middle class what the minimum wage is to low-income workers: not everything, but an indispensable labor protection that is absolutely essential to creating a broad and thriving middle class. In 1975, more than 65 percent of salaried American workers earned time-and-a-half pay for every hour worked over 40 hours a week. Not because capitalists back then were more generous, but because it was the law. It still is the law, except that the value of the threshold for overtime pay—the salary level at which employers are required to pay overtime—has been allowed to erode to less than the poverty line for a family of four today. Only workers earning an annual income of under $23,660 qualify for mandatory overtime. You know many people like that? Probably not. By 2013, just 11 percent of salaried workers qualified for overtime pay, according to a report published by the Economic Policy Institute. And so business owners like me have been able to make the other 89 percent of you work unlimited overtime hours for no additional pay at all.

In my defense, I’m only playing by the rules—rules written by and for wealthy capitalists like me. But the main point is this: These are rules that President Barack Obama has the power to change with the stroke of a pen, and with no prior congressional approval. The president could, on his own, restore federal overtime standards to where they were at their 1975 peak, covering the same 65 percent of salaried workers who were covered 40 years ago. If he did that, about 10.4 million Americans would suddenly be earning a lot more than they are now. Last March, Obama asked the Labor Department to update “outdated” regulations that mean, as the president put it in his memo, “millions of Americans lack the protections of overtime and even the right to the minimum wage.” But Obama was not specific about the changes he wanted to see.

So let me be specific. To get the country back to the same equitable standards we had in 1975, the Department of Labor would simply have to raise the overtime threshold to $69,000. In other words, if you earn $69,000 or less, the law would require that you be paid overtime when you worked more than 40 hours a week. That’s 10.4 million middle-class Americans with more money in their pockets or more time to spend with friends and family. And if corporate America didn’t want to pay you time and a half, it would need to hire hundreds of thousands of additional workers to pick up the slack—slashing the unemployment rate and forcing up wages.

Read more: http://www.politico.com/magazine/story/2014/11/overtime-pay-obama-congress-112954.html#ixzz3JiJ3ZTF8

“when she was asked if the illegals would get annual payments under the Earned Income Tax Credit program.”

“They are subject to our tax law,” she said, carefully.

Obama: US Taxpayers Must Pay For Illegals’ Children

6:00 PM 11/20/2014
Neil Munro
White House Correspondent

Illegal immigrants will receive huge payments from American taxpayers under rules now being imposed by President Barack Obama’s unilateral amnesty.

The illegals will get work-permits and Social Security cards, and will be required to pay taxes, according to Cecilia Munoz, the former immigration lobbyist who is now a top Obama aide.

That means they’re part of the tax system, she said, when she was asked if the illegals would get annual payments under the Earned Income Tax Credit program.

“They are subject to our tax law,” she said, carefully.

Most households of illegals have very low income, and pay little in taxes. For example, in 2011, roughly 22 percent of immigrant households — both legal and illegal — were classified as living in poverty. In contrast, only 13 percent of American households were in poverty.

However, once illegal immigrants are enrolled in the tax system, they would be entitled to EITC payments.

The payments may be huge, and will rise each year.

According to the Internal Revenue Service, two parents with three or more children would receive up to $6,143 in 2014 if they earn less than $46,997.

A family with two kids, and an income of $20,000, would receive $14,590 in taxpayer funds this year alone.

Parents who earn less than the threshold would get $3,305 if they have one child, and $5,460 if they have two children.

The EITC program is already poorly monitored and may be subject to large amounts of fraud, according to critics.

Another study says that 47 percent of legal and illegal immigrants and their children are classified as living in poverty or in near-poverty, according to the Center for Immigration Studies, which favors reduced annual immigration.

dailycaller.com/2014/11/20/obama-u-s-taxpayers-must-pay-for-illegals-children/ - 89k -

http://www.washingtonexaminer.com/article/2556457/

Cruz does Cicero speech to protest obamas executive action on immigration!
en. Ted Cruz took to the Senate floor Thursday to deliver a slightly changed version of a very old speech as a form of protest against President Obama’s planned executive action on immigration.

The Texas Republican, in a four-minute address, gave a gently edited version of Cicero’s first oration against Catiline.

Obama was substituted for Catiline, the U.S./Mexico border was swapped in for the Palatine Hill, “women” was added to references to men, “pen and phone” made an appearance, “execution” was changed to “defeat” and the IRS scandal showed up near the end.

The video is above, and the text of Cicero’s original address is below.

“The landscape is scattered with dead, down, crippled debt donkeys.”

Time to pitch more wood on the fire.

…. Housing’s Cratering…. Kumbaya….

” U.S. House Speaker John Boehner said Friday that President Barack Obama’s executive action on immigration has sabotaged chances for bipartisan legislation.

Boehner said that House Republicans intend to fight the president’s action announced in a Thursday night speech, but did not detail a preferred course of action. He indicated that Obama’s decision to use his executive authority and bypass the U.S. Congress, where legislation has stalled, could taint future efforts.”

You go get ‘em there Johnny - go on there boy - go get ‘em.
Given the history of Johnny - well never mind.

Jokes that write themselves:

“In an unexpected move Friday, China’s central bank cut interest rates. The rate cut is intended to jump start slowing growth. China’s economic growth fell to a five-year low last quarter. Manufacturing and other key economic indicators have been weak.

“The People’s Bank of China said the move did not signal a change in monetary policy, and conditions in the world’s second largest economy are within an “appropriate range.”

Bahahahaha … no change in monetary policy here, no sir.

“In Frankfurt, Mario Draghi, president of the European Central Bank, said the ECB will use more aggressive measures like large scale asset purchases – read: quantitative easing - to prevent the euro zone from falling into a new crisis. “We will continue to meet our responsibility,” Draghi said in his speech. “We will do what we must to raise inflation and inflation expectations as fast as possible.”

“We will continue to meet our responsibility” - Bahahahahahaha

“We will do what we must to raise inflation and inflation expectations as fast as possible.”

Bahahahahaha … it used to be that inflation was considered to be a BAD THING but now it is touted as the thing that will somehow save us all.

“The Chinese and European central banks’ moves are a sign global economies are in very different places than their U.S. counterpart. “Here we have two other very large central banks joining Japan in being very aggressive in trying to get out of the deflationary trap, trying to make things grow faster while in the U.S. the Federal Reserve is looking for an opportunity to do the opposite,” Yahoo Finance Senior Columnist Michael Santoli says.”

But … but … but the U.S. leadership (choke) ALSO said they want to get inflation up an going so as to save our stupid asses.

Go here for some more laughs:

http://finance.yahoo.com/news/as-global-central-banks-talk-stimulus–u-s–looks-to-do-opposite-151012538.html

Just wanted to pull this forward and continue:

Comment by Whac-A-Bubble™
2014-11-20 19:31:40

When and if interest rates eventually increase, gold fundamentals are likely to further deteriorate, at which point the crash to date will be exacerbated.

I think you’re absolutely correct - when cash becomes more scarce/expensive(higher interest), it’s value relative to most everything else increases, thus fewer dollars needed to trade for goods, thus lower prices, including gold. Supply and demand.

I think some people out there have the bizarre idea that when interest rates go up this causes or goes hand in hand with inflation. I’ve seen news stories that stated as much, fairly authoritatively.

The demand curve for dollars is basically a vertical line. And I’m not talking relative to other currencies - that’s a separate(even if somewhat related) discussion.

Thus when there are fewer of them available(higher interest), prices (the number of the dollars traded for a good or basket of goods) must eventually drop. Basic S&D. I’m often shocked at how completely clueless journalists, even FINANCIAL journalists seem to be about this simple reality.

Not that I’m complaining - it does create some very nice arbitrage potential….

Got tapeworms?

Now imagine a United States where you had to have an IQ in excess of 100 and put more into the system in taxes than you take out in benefits as a condition of voting. 99% of the stoopids, i.e. the Obama Zombies, McCain Mutants, and Romney Retards, would in one fell swoop be removed from the voting pool, and we’d have a better class of candidate from which to choose. One can only hope….

http://www.telegraph.co.uk/news/worldnews/northamerica/usa/11241203/The-Libertarians-planning-to-take-over-New-Hampshire.html

Nirvana for a libertarian in New Hampshire is a gay married couple guarding a stash of marijuana with an AK47.

“I could live with that,” said Ian Freeman, a leading light of the Free State Project and one of the pathfinders in a mass migration of like-minded people to the New England state.

He left Florida and moved to New Hampshire to push the libertarian agenda in a state whose motto is “Live free or die” - one of more than 1,600 to have done so.

They are the first tranche of 16,000 people who have pledged to up sticks and make the state a “beacon of liberty”.

200 Anti-immigration protesters outside Del Sol HS according to the local Las Vegas news. Reporter says Obama avoided them by coming in another way.

Region VIII

New DHS immigration rules: Drunk drivers, sex abusers, drug dealers, gun offenders not top deportation priorities

By Byron York | November 21, 2014 | 3:38 pm

The Department of Homeland Security has just released new “Policies for the Apprehension, Detention, and Removal of Undocumented Immigrants.” Designed to fill in the details after President Obama’s announcement that at least four million currently illegal immigrants will be given work permits, Social Security numbers and protection from deportation, the DHS guidelines are instructions for the nation’s immigration and border security officers as they administer the president’s directive.

The new priorities are striking. On the tough side, the president wants U.S. immigration authorities to go after terrorists, felons, and new illegal border crossers. On the not-so-tough side, the administration views convicted drunk drivers, sex abusers, drug dealers, and gun offenders as second-level enforcement priorities. An illegal immigrant could spend up to a year in prison for a violent crime and still not be a top removal priority for the Obama administration.

In the memo, DHS Secretary Jeh Johnson says his department must develop “smart enforcement priorities” to exercise “prosecutorial discretion” in order to best use his agency’s limited resources. Johnson establishes three enforcement priority levels to guide DHS officers as they decide whether to stop, hold, or prosecute an illegal immigrant.

Priority two offenders, whose cases are less urgent then criminals in priority one, include the following:

aliens convicted of a “significant misdemeanor,” which for these purposes is an offense of domestic violence; sexual abuse or exploitation; burglary; unlawful possession or use of a firearm; drug distribution or trafficking; or driving under the influence; or if not an offense listed above, one for which the individual was sentenced to time in custody of 90 days or more (the sentence must involve time to be served in custody, and does not include a suspended sentence)

http://www.washingtonexaminer.com/…/article/2556517/comments - 70k -

The horror — £1m lottery winner can’t get a mortgage because his credit rating isn’t good enough

‘I was going to buy a load of houses with mortgages and then get people into rent them to pay for the mortgage.
‘But mortgage lenders don’t see the interest of an investment as income so, in effect I am a millionaire, but I can’t even get a mortgage.’

1) Voters elect politicians.
2) Politicians make the rules.
3) Wall Street heavily influences politicians.
4) Voters make no connection between Wall Street transgressions, their own quality of life, and politicians.
5) Profit.

CEO Compensation: “Cheaters Prosper”: http://neweconomicperspectives.org/2014/11/ceo-compensation-cheaters-prosper.html … When the intellectual father of modern exec comp says it’s become a monster….

https://www.google.com/?gws_rd=ssl#q=top+journalism+schools

The tide toward giving amnesty eventually toward the 20 million illegals in the USA should be a gift to us who want to save.

This is another bubble blowing opportunity. The establishment and the Fed are frantically blowing bubbles to keep business going before the house of cards fall. They don’t want it to fall during their terms of office.

This will give you more years to load up on stock index funds and shift gains slowly into movable hidable wealth, cash, and bitcoin.

When the music stops and you have two decades worth of movable hidable wealth while others you know have two months worth, you can write your own ticket out of the cesspool.

phony scandals