Bits Bucket for December 1, 2014
Post off-topic ideas, links, and Craigslist finds here.
The Housing Bubble
Examining the home price boom and its effect on owners, lenders, regulators, realtors and the economy as a whole.
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Name:Ben Jones
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Is oil destined to ever bottom out?
The real question is what’s going to happen to all those junk bonds floated to pay for our “shale miracle.” And who are the counterparties for all that production that was hedged at then-market prices on derivatives contracts. Got popcorn?
And what happens to all those jobs and the unemployment rate?
And the $2000 1 bdrms for rent is the Bakken area?
Maybe we can escalate the war, start building tanks again? Who cares if we don’t use them.
I thought coal had bottomed and I bought (BTU) before the recent election, it is getting crushed. I may get stopped out with a 10% loss.
Once that epic boom turns into an epic bust, you won’t be able to sell those shacks for any price. They won’t be worth the materials to construct them.
Gas Below 2.50 in PHX.
crater! some places around sacramento have has for 2.65. I think its headed < 2.00 again.
This oil price plunge and OPEC’s willingness to keep on pumping just tells you what kind of pirates they are…The only reason they are doing this is because they now have competition with shale…In other words, they bent us over big time with their monopolistic oil @ $100.+ per barrel…Now, when there is competitive forces in play, they can sell it for $65…
Same as housing Dave. Same as housing.
If the Saudis want to sell us oil cheaper than it costs them to extract it, and that allows us to keep our reserves in the ground as insurance against a future price spike, I say “bring it on”.
They’re not giving anything away.
to sell us oil cheaper than it costs them to extract it ??
It was suggested this morning that they can be profitable down to $45.
The Saudis need $93.50 a barrel, according to this chart. Almost no one is making money at this point.
http://www.theguardian.com/news/datablog/2014/oct/16/datablog-low-oil-prices-chill-producer-economies
I think that chart shows the price needed for the various countries to balance their budgets, not extraction cost. I can’t find a chart of national extraction costs, maybe that’s top secret.
So maybe they aren’t giving it away. Just selling it cheaper than anyone else can afford to, except their gulf state buddies, because their budgets are more balanced and they have larger sovereign wealth funds. And it serves there greater interests.
Or, it could be a case of “the price is going to fall anyway, let’s get out in front of it and act like we’re still in charge”.
Here are break even points for the US shale industry. They run a wide range, from $43 to $184 a barrel. It could be a national average is pointless, especially for countries with multiple oil sources and varying extraction costs. Some fields will remain profitable, others won’t.
http://www.bloomberg.com/news/2014-10-17/oil-is-cheap-but-not-so-cheap-that-americans-won-t-profit-from-it.html
The most important thing to consider when reading the cost of extraction is the BALD FACED LIES.
I’ve seen wide ranging reports for cost of drilling in many of these areas. The most interesting comment that I’ve heard is that the best places to frack are places that have already been explored.
The reason is that very detailed sub-surface maps already exist (exploration money was spent years ago), and so these places have lower costs of finding where the shale is located.
I wonder how far APA will fall ?
“The Saudis need $93.50 a barrel, according to this chart. Almost no one is making money at this point.”
How in blazes did they make it when it was running $40/barrel in ‘09. Short memory.
My question of the day is, will the central banks start aggressively buying oil futures to intervene? Is there anything to stop them from trying?
The central bank’s will be fighting the sheiks? They’ve got to have already worked out a back room deal. What does that deal look like that allows both to win?
bingo
That’s my question!
” What does that deal look like that allows both to win?”
The central bankers get a QE4 paid for with cheap oil, which is politically palatable to almost everybody, unlike monetary stimulus. The Saudis get to destroy the economies of Iran and Russia, who stand in the way of their proposed oil pipeline to Europe. Win-win.
This is the second verse of a song that we already know the music to. Take a step back and look at why the price of oil went up in the first place. Something happened that sent demand for energy through the roof. That thing is faltering, again.
Look at the name of this blog for a hint.
The Saudi’s will be fine. They haven’t wasted the windfall of the past few years. They spent it on refineries and chemical plants, the biggest complex in the world. They’ll sell finished product and will make plenty of money with oil at $30/bbl.
What is the status of our petroleum reserves?
Dunno, but it looks like we face a perfect opportunity to top it off, with plunging oil prices and a strong dollar in play.
Need to Know
When an oil man sees $30 a barrel, it’s time to sound contrarian alarms
Published: Dec 1, 2014 8:35 a.m. ET
By Shawn Langlois
Markets reporter
The bet-against-the-herd crowd has to be licking its chops over the carnage in the oil pits. When the billionaire chairman of Canadian Natural Resources warns crude could hit $30 a barrel, contrarian alarms should be ringing from Alberta to Pascagoula.
Normally, a target that sticky would be a shoo-in for our call of the day, but not when Hillary Clinton “has lost her fastball” (more on that below). Instead, we’ll carve out a space for oil in our chart section, where one money manager uses Warren Buffett as a guide to finding value in the space.
As Jason Zweig explained in a MoneyBeat post over the weekend, “when the consensus is strong, it’s wrong.” Optimism was running high among the institutional set before this latest price destruction. But gird for “apocalyptically low” calls now — like, hey, $30 a barrel.
“Watch for the last optimists to be swept away by pessimism — at which point it will be an opportune time to add to your energy stocks or MLPs,” Zweig wrote. “We’re probably not there yet.”
While we wait, oil isn’t the only option for those looking to swim upstream. Gold — and the rest of the metals sector, for that matter — is melting this morning, after hopes for a hoarding Swiss National Bank were dashed. Silver is at its five-year nadir.
…
Oil popped 5% today, erasing 2/3 of the price drop from Friday. This is a massive war between speculators. Many will be burned.
Is housing destined to ever bottom out?
It’s a long way down.
You can say that again.
Remember…. the deflationary job losses already occurred.
Labor Force Participation Rate At 37 Year Lows
http://data.bls.gov/timeseries/LNS11300000
By BLS definitions, the labor force is the following: “Included are persons 16 years of age and older residing in the 50 States and the District of Columbia who are not inmates of institutions (for example, penal and mental facilities, homes for the aged), and who are not on active duty in the Armed Forces.”
I recall reading a link posted here about a cohort that the fed looks at, which was something like 26 to 62, or something like that; finished with college and a few years on the job or a journeyman level craftsman, basically fully employed career-track individuals. Whac?
More net jobs have been created under Obama — 5,142,000 as of the August jobs report — than under George H.W. Bush — 2,637,000 — and George W. Bush — 1,282,000 — combined, according to the Federal Reserve Bank of St. Louis.
22 million under Clinton. 18 mill under Reagan (tripled the deficit)
Employment fell under every presidency since carter.
I blame robots and outsourcing for the shareholder benefit.
Remember Nixon thought they (the Chinese) would buy from US!
So these worthless presidents have nothing to do with it.
Thanks for playing.
sure, if you feel that way stop blaming them for your misery.
cc: 2banananana
Take your own advice kiddo.
More net jobs have been created under Obama — 5,142,000 as of the August jobs report — than under George H.W. Bush — 2,637,000 — and George W. Bush — 1,282,000 — combined, according to the Federal Reserve Bank of St. Louis.
“More net jobs have been created under Obama”
Thanks for the talking points Valerie.
#ProgressivesLieYourLibertyAndMoneyDie
so you deny the truth. Cant help ya. I listed the source to verify.
“Deflation(falling prices of all types) is your wallets best friend.”
Indeed.
Are you enjoying less costly gasoline and fuel?
“Falling prices (deflation) accelerates the economy like nothing else”
Unless you’re the government or homeowner whose depreciating asset was financed by excessive debt.
Black Friday Dollar Volume Craters 11%
http://www.theburningplatform.com/2014/11/30/looks-like-it-was-a-red-friday-weekend/
“The economic recovery storyline is complete and utter bullshit. The average American can barely pay their monthly bills. If the storyline was true, there is no way retail sales would be collapsing year over year. Oil prices are deflating. Consumer spending is deflating. Wages are deflating. Global commerce is deflating. The central banks have pumped out more fiat in the last five years than had been created in world history, and their grand experiment has failed.”
The problem? Inflated prices. The solution? Lower prices(deflation).
“These articles reflect the personal views of James Quinn.”
http://seekingalpha.com/author/james-quinn
Which doesn’t change the data.
Next?
http://www.bloombergview.com/articles/2014-11-26/retailings-black-friday-hoax
More BR pimping.
Quote from the article:
“The NRF’s methods are as intellectually dishonest as anything you will find in finance”
I’d say the NAR gives them a good run for the money…
I don’t believe it’s unreasonable to state that NAR is the most corrupt and untrustworthy trade organization in US history.
What issue do you have with the data, Analyst?
What issue do you have with demand catering 11%?
In response to your query of “demand CATERING 11%”:
We are most likely run out of shrimp, BBQ, beer and bourbon.
Cheers!
get your used house license yet?
Bwahahahaha! Check out the spin:
“So there you have it: a 11% collapse in retail spending has just been spun as super bullish for the US economy, whereby US consumers aren’t spending because the economy is simply too strong, and the only reason they don’t spend is because they will spend much more later. Or something.
Apparently the plunge in Americans who even care about bargains is also an indication of an economic resurgence”
http://www.zerohedge.com/news/2014-11-30/retail-disaster-holiday-sales-crater-11-online-spend-declines-nrf-blames-retail-fias
Wasn’t there a storm on the east coast last week? Had to be part of the reason.
Perhaps part of the reason is the tens of millions paying hundreds more monthly for ObamaCare.
No one seems to ever sees that connection. Either here on the HBB or in the MSM.
It’s odd.
not too mention the Gov paying hundred more in subsidies to the insurance cos.
WE REALLY NEED HEALTH INSURANCE REFORM!!!
this ACA is not it! Keep working on it (GOP congress) !
This is my point about some miracle recovery in “tech” being a fraud. When the economy is 70% consumer and I can see Target selling 40 inch flat screens for $119 there is no recovery. Instead it is a massive self cannibalizing deflation that is setting in. The prices of all tech goodies are dropping like stones.
And how can Uber ever have an IPO when it’s entire business model is black market?
Someone in the 90s showed us lies did not matter by clearly lying straight to our face. Now we are being shown day in and day out that laws and rules don’t matter either.
Perhaps it’s because people already own all this tech gadgetry they’ll need for the next 10 years?
Jeebus…how many droids, phones and big screens do the economists think people are going to buy every single year?
Most people are not tech nerds who stand in line outside the nearest Apple store waiting with baited breath for the next piece of sh*t to hit the market.
^LOLZ….. right?????
Jeebus…how many droids, phones and big screens do the economists think people are going to buy every single year?
Exactly. Ditto for the more ordinary stuff: blenders, vacuum cleaners, etc.
When the crap breaks each year it’s time to buy a new big screen. I still love my 40″ tube style ‘01 era TV set. Early adopters pay my bills.
Apparently the plunge in Americans who even care about bargains is also an indication of an economic resurgence
How TV’s does one really need?
How TV’s does one really need?
One for every room in one’s residence & one for each back seat passenger in one’s car.
May I offer what I think the response to that might be?
1. Kitchen. Got it already
2. Master Bedroom - check.
3. Bed #2 - check.
4. Bed #3 - check
5. Basement - check.
6. “Office”, “Computer room” (’cuz according to any realtor, everyone has to have an office!). Check.
7. Car- check (2). Gotta have one for each kid to shut them up so I concentrate on making calls on my own phone/text while driving.
One for every room in one’s residence & one for each back seat passenger in one’s car.
And two in the bathroom, one for each wall, depending on how many baked beans you ate last week.
“How TV’s does one really need?”
I visited a guy’s shop (man cave) years ago, and there was a television in the corner up high with CNN 24/7 news playing.
FWIW, I quit watching television in the early eighties.
Since the MSM has been touting “Black Friday creep” for weeks now, it should come as no suprise that 11% of the money crept away from Black Friday. The money might be spent sooner or later now. Not sure how gift cards figure into that either, except that I imagine those being bought last-minute.
Or maybe stores have simply lowered the prices of items a bit so they take in less money for the same amount of stuff? I’ve seen a LOT of “New! lower everyday price!” type stickers in the grocery stores and for some basic clothing like in Kohl’s.
Silly Donk.
I haven’t been on your blog for several years and I have a couple of comments:
read “Pawns in the Game” and “Creatures from Jeckle Island”
Time ta pay the piper.
“I didn’t buy a dang thing except cheap gas over the weekend”
-Puggs
Russian Ruble in biggest one-day collapse against the dollar since 1998 - this is starting to feel like 2008 all over again, except the Fed has already shot its wad and only made the financial day of reckoning that much worse.
Be very afraid, debt serfs marooned in overpriced bubble-market housing.
http://www.telegraph.co.uk/finance/economics/11265205/Russian-rouble-shaken-in-biggest-one-day-fall-against-dollar-since-1998.html
This isn’t good. The Russian bear is starting to bare its teeth. Got gold?
http://rt.com/news/210307-russia-national-defence-center/
“Got gold?”
No, I’m waiting to buy until Russia, China, and Iran start selling their gold as they go broke in our deflationary world.
Exactly. Better gold buying opportunities lie in the future.
And now, post holiday, back to your regularly scheduled Crater.
Shills please continue to tizzy as your empires of fraud come crumbling down.
good morning debtor. did you give the landlord a big hug today?
Saving tens of thousands for every year renting is a wonderful feeling. When you can go to Zillow and easily show that prices in your area have been falling again after a massive runup, anyone who is pimping shuts up or sputters incoherencies.
I’m sorry u missed the boat again. Send your landlord a nice xmas gift this year!
Missing my chance on the Titanic? My gift will be to honor my commitments and not get a cat.
The recent tantrums by home-debtors was priceless.
The home-debtors still in the denial stage of their seven stages of grief. The rest will be more amusing as they start to act out.
13 = 12.
LOL…
Obamacare Sign-Ups Were Inflated With Dental Plans
By Alex Wayne Nov 20, 2014 2:36 PM ET
The Obama administration said it erroneously calculated the number of people with health coverage under the Affordable Care Act, incorrectly adding 380,000 dental subscribers to raise the total above 7 million.
The accurate number with full health-care plans is 6.7 million as of Oct. 15, a spokesman for the U.S. Department of Health and Human Services confirmed today, saying the U.S. won’t include dental plans in future reports.
“The mistake we made is unacceptable,” Health and Human Services Secretary Sylvia Mathews Burwell said on her verified Twitter account. “I will be communicating that clearly throughout the department.”
‘They Lied’
“The No. 1 most effective message against the Affordable Care Act is: they lied to you to get it through,” Holtz-Eakin said in a phone interview. “People believe that years now after its passage. The distrust is already there, and they’re doing nothing but exacerbate it.”
1444 comments
DeanneAdamson • 9 days ago
I was told by my health care insurance agent that under Obamacare I HAD to purchase dental insurance for my kids. Prior to this I never had dental insurance for my children because it never made sense financially - it cost way more than the dental expenses we were incurring. Months later after I purchased it and had to switch dentists, she reneged and said that I could drop it. This is outright fraudulent. Were these agents misled so the Obama admin could stretch the numbers? I researched a lot and I could not find the answer to whether or not I was required to purchase dental insurance for my kids under Obamacare so finally went with her answer. BUT the CO website was also misleading as it would raise a red flag if I tried to select an ACA plan that did not have dental coverage for my kids. Needless to say she’s no longer our agent.
Avatar
disqus_2ToVe9YdQ2 DeanneAdamson • 8 days ago
You said you researched a lot. I am curious if you have observed while researching, the same obstacles as I ….the internet has been sanitized. I can find no “message boards” from citizens, their experiences…NO websites providing unbiased reports…ONLY commercial/goverment sites selling “the plan”…We are in Ca……our individual plan through Blue Cross for a family of 4 went from a premium of 700.00 a month with a 7,000 deductible for each to 1500.00 monthly premium, 6,000 deductible. THIS YEAR THEY ARE UPPING OUR PREMIUM 300.00 for “infant dental” OUR CHILDREN ARE 19 AND 22. So it is now 1,800.00 a month. HOW DO WE LIVE??????
Avatar
marihia disqus_2ToVe9YdQ2 • 4 days ago
YOU DON’T…….THAT’S THE PLAN
http://www.bloomberg.com/…acare-s-subscriber-rolls-include-unpublicized-dental-plans.html - 174k -
The police want to assure everyone he was not attacked because he was “Bosnian”.
I will put that in the “No sh#t Sherlock” file.
The race baiting real journalists, race war screaming senators and the candy apple Sharptons of the world killed this dude.
Spontaneous protest erupts after man beaten to death by group of juveniles
KMOV.com
Posted on November 30, 2014 at 5:24 AM
Updated today at 3:12 AM
ST. LOUIS (KMOV.com) – The violent death of a 32-year-old Bosnian man beaten to death with a hammer by a group of teens sparked a spontaneous protest in the Bosnian community where demonstrators blocked traffic at Gravois and Itaska Sunday night in south St. Louis.
Zemir Begic, 32, was found unconscious with apparent injuries to his head, abdomen, face and mouth in the 4200 block of Itaska at 1:15 a.m. Police say Begic was taken to a local hospital where he was pronounced deceased.
“I want everybody to know I take your safety and everyone in the community’s safety very seriously,” said St. Louis Police Chief Sam Dotson. “I heard your message loud and clear. You want to make sure you are safe. I want to make sure you are safe in every neighborhood in our city.”
Dotson also said the strain Ferguson has put on his department is great as officers have been working 12 hour shifts and no days off, but he assured the crowd the police will be here to protect them.
According to police, Begic was in his vehicle when “several juveniles” approached his car and began damaging it. When Begic exited his vehicle the teenagers yelled and struck him with hammers.
Following the assault, the teenagers fled the scene on foot. A 15 and 16-year-old were located a short time later and placed in the custody of juvenile authorities. Police are still searching for a third suspect.
The investigation is ongoing.
Read more: http://www.kmov.com/news/crime/Homicide-investigation-underway-after-man-hit-in-head-in-south-St-Louis–284248091.html#ixzz3KfAueiBm
The commenters, as usual, don’t have the same PC blinders on as the MSM hack “journalist” who tried to consign this murder to the memory hole.
Given the way this Michael Brown race fraud was perpetrated on the American people by the White House, Justice Department and the race pimps; Valerie Jarrett, Eric Holder, Al Sharpton, Executives/Producers/Editors in the progressive media, etc. should all be put in prison for the rest of their lives.
#ProgressivesLiePeopleDie
“Spontaneous protest erupts after man beaten to death by group of juveniles”
Presumably these were unarmed white juveniles, as if they had been unarmed black juveniles, the real journalists would have mentioned their race.
“…with a hammer…”
That is a tool, not a weapon, and hence the juveniles were unarmed (and white), right?
Blacks Screamed “Kill the White People” Before Brutal Murder of Zemir Begic
Shocking hammer attack linked with Ferguson riots
by Paul Joseph Watson | December 1, 2014
Video shot in the immediate aftermath of the murder of Bosnian immigrant Zemir Begic in St. Louis features a local resident revealing how blacks had chanted “fuck the white people, kill the white people” before the brutal hammer attack which took Begic’s life.
With the mainstream media seemingly keen to keep a lid on whether or not the murder was racially motivated and linked to the Ferguson riots, this new eyewitness account is nothing less than explosive.
Begic was killed in the early hours of Sunday morning when a gang armed with hammers attacked his vehicle and then set upon the Bosnian as he tried to confront them.
Police insisted the attack was not racially motivated, while Begic’s family and other Bosnian immigrants who turned up to protest the slaying asserted otherwise. Two suspects were taken into custody, while two others, a black teen and a Hispanic teen, are still on the loose.
The clip above shows a local resident filming the scene from a distance as emergency personnel attempt to give Begic CPR.
“Arrest them all, fuck this shit,” he states, adding, “And, of course, it’s a white kid, right after black people running up and down the street yelling, ‘Eff the white people, kill the white people.’ This is what we have.”
As we documented earlier, there are numerous other examples of Caucasians being verbally or physically assaulted by black Ferguson protesters for little more than being white.
It appears that the demonstrations have taken a tragic turn for the worse, with Ferguson protesters taking their lead from the likes of Time Magazine, who published an article justifying violent riots, with whites now apparently being targeted in retribution.
As we reported last week, innumerable Twitter users have also called for the murder of Darren Wilson and other white police officers.
Ferguson protesters have openly called for violence, with one telling USA Today last week, “It’s sad to say, but this is the new civil rights movement for our generation, and there will be casualties and there should be bloodshed.”
Will the mainstream media report on what almost certainly represents a brutal and unprovoked racial hate crime that led to the horrific murder of Zemir Begic, or will this incident be swept under the rug in order to maintain the phony narrative that Ferguson protesters are peaceful?
As Alex Jones explained in depth on today’s broadcast, the Ferguson protests have been hijacked and manipulated to turn blacks and whites against each other, neutralizing a potential unifying alliance between all races in facing up to corruption and tyranny emanating from the state.
Can black people get charged and convicted of racial hate crimes? Or does that law only apply to white people who commit racial hate crimes?
I’m hoping black racism towards whites will soon end in the U.S., but recent events have left me less than optimistic.
Oops…I stand corrected:
“Although the victim was white and the suspects black and Hispanic, police said it does not appear to have been a hate crime.”
Presumably it could only have been a hate crime if the victim had been black and the perpetrators white, especially if the perps were cops. I think I’m beginning to catch on to this real journalism perspective.
Did you read the quote that you copied and pasted? The police say that it does not appear to be a hate crime, not journalists.
That’s what the real journalists said the police said.
The same real journalists who said that Michael Brown was ‘an unarmed black man’ without mentioning how he reached inside the squad car to punch a cop in the face and try to wrestle away his gun…
Who knew. Gold going the opposite of the prediction since referendum was defeated.
Central bank stabilization in play?
Haven’t we seen this show before? I don’t think it ends well…
http://www.cnbc.com/id/102227326
That should be your cue to dump those shacks you overpaid for Rental_Fraud.
More net jobs have been created under Obama — 5,142,000 as of the August jobs report — than under George H.W. Bush — 2,637,000 — and George W. Bush — 1,282,000 — combined, according to the Federal Reserve Bank of St. Louis.
++
I will agree Obama-care is uber lame. I just helped a friend sign up in CA. She is a social worker making $14 an hr. She gets a $343 gov subsidy to Blue Cross, she pays $120. So the cost of horrible coverage is $463 a mo!! $40 dr visits, $3000 deductible, no vision, no dental, no chiropractor. I hope they (GOP) add more competition and tweak the ACA, her only choice in CA was Blue Cross ? so that set the market and high prices.
Big Insurance is reaming us all.
Employment fell under bush. And fell more under obama. And still falling.
And yet average household income has remained down in the pits since the crash of 2008, so it doesn’t make any real difference. Except to try to score some lame points. Yay team!
the people working at walmart seem kind of disgruntled and unfriendly lately.I dont know how anyone can get ahead working there.
Did you know that WalMart with $17B in net profits has the highest number of poorly paid employees on gov aid? They mooch $6.9 billion off taxpayers each year.
why do taxpayers supplement wally, when they can afford to pay their employees more so we dont have to?
Go buy your own supermarket and quit whining about Walmart.
I despise welfare queens, especially Billion dollar ones reaching in my pockets and congress turning a blind eye.
I wont miss Walmart.
Self loathing isn’t good for you. How about getting some employment?
Do you want the government to raise household incomes?
I prefer they stay out of it.
2banananaaa - Just dont blame O for your misery.
OTrauma is a fraud. Like you.
” her only choice in CA was Blue Cross ? so that set the market and high prices.”
===
Something doesn’t sound right. Per Covered California: “Covered California has selected 10 health insurance companies to be in the state health exchange in 2015. All 10 health insurance companies were in the exchange for 2014 and submitted bids to return to the exchange for 2015 coverage.”
All 10 are Blue Cross, Blue Shield, Anthem…. all the same.
Some parts of CA have Kaiser Perm.
No competition so we get hosed as taxpayers.
I was blown away at the $343 gov subsidy!! For poor coverage. It would have been a $120 a mo policy 10 yrs ago.
I bet know one knows this and how bad Blue Cross is ripping off the gov.
Best just to let sleeping dawgs lie, WPA
~HG
Total debt hits $18 trillion, up 70% under Obama.
http://www.zerohedge.com/news/2014-12-01/total-us-debt-rises-over-18-trillion
CNSNews points out that during a campaign speech on July 3, 2008, then-candidate Obama said:
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 the national debt from 5 trillion for the first 42 presidents — number 43 added 4 trillion dollars by his lonesome, so that we now have 9 trillion dollars 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.
“We lied to some folks.”
According to Krugman, all we have to do is mint enough trillion-dollar coins to cover the debt. Or print away Bernanke-style. Zimbabwe has shown us the way.
http://www.providentmetals.com/coins/currency/inflationary-currency.html
Where are the progressive cheerleaders? Cat got your tongue?
#FundamentalTransformationOfAmerica
not bad. considering the $5 trillion war he did not start, the recession and the Bush tax cuts.
Reagan tripled the deficit.
Solutions?
1. Reintroduce Glass-Steagall Act
2. RICO charges for AIG, Goldman Sachs, JP Morgan, Citigroup and Bank of America for massive and on going mortgage and securities fraud.
3. Fully Audit the Federal Reserve.
4. Clawback of Banker Bonuses that were funded with taxpayer dollars
5. Allow Student Loans to be discharged during bankruptcy proceedings.
6. Overturn Citizens United vs. FEC
7. Repeal Commodity Futures Modernization Act of 2000
8. Repatriate Overseas Corporate Profits and tax at the current rate
9. Treat all Capital Gains as income for tax purposes
10. Ban High Frequency Trading and Quote Stuffing
11. Remove FICA tax cap
12. Reinstate FASB 157
13. Watch housing prices crater.
The median home value in the United States is $177,500. United States home values have gone up 6.4% over the past year and Zillow predicts they will rise 2.4% within the next year.
http://www.zillow.com/home-values/
Cheers, Analyst!
I assume by “Home Values,” you refer to the generally meaningless, upwardly-biased Zestimates™?
In the meantime sale prices continue to crater.
Enjoy Used House Pimp.
It’s a good start. I would add that anyone who voted for the crony-capitalist status quo by casting a vote for any Establishment GOP or Democrat candidate other than Ron Paul in the last three elections is hereby adjudicated to be too stupid to exercise that civic responsibility and is barred from participating in future elections. That should effect an immediate, drastic improvement in our electorate.
What’s so special about Ron Paul?
the pauls lack some character. their message is clear but they dont present it very well. people just cant jump on board their bandwagon. Good folks but not to hip.
Why? It just looks like more welfare:
“Allow Student Loans to be discharged during bankruptcy proceedings”
how about fiscal teaching responsibility?
14. Allow housing prices to crater.
15. Ban bankruptcy proceedings.
16. Reinstate debtors prison.
commi
Free sheeter.
I hope this link works so this Loon from UCLA and her friends can be heard.
White liberal UCLA student lectures black cop about racism, cop’s response is AMAZING
Profile photo of Joshua Riddle
Joshua Riddle
Screen Shot 2014-11-28 at 5.16.13 PM
On Tuesday thoughtful college students white liberal drones from UCLA actually lectured a black police officer about racism. You can’t make this stuff up.
Here are some gems from the video:
UCLA Student: “As a person of color, are you ashamed to be part of such a corrupt system?…As a black man, have you ever experienced racism?”
Officer: “I know racism. I can spot it.” The cop goes on to talk about how he was raised in Jackson, Mississippi so he can spot real racism when he sees it. Something this girl has no idea about.
UCLA Student: “Do you accept that there are covert types of racism? Racism is a structure of power. You are a black man. You are kept down by your race, even if you won’t accept it.”
Officer: “Think about it. There are people who don’t like me–they don’t know me–because of my uniform. Is that discrimination or not? Yes or no?”
UCLA Student: “That’s a bias. Job discrimination is different. I’m talking about your race. The color of your skin…You’re a black man. You’ll never reach the same pinnacle as a white man in this system, because you are black.”
Officer: “It doesn’t matter what the race of someone is.”
UCLA Student: “Yes it does!”
How insane is this?
A black man will never achieve the pinnacle? We have a black president, Oprah is a billionaire, and Ben Carson is running for president.
What ignorant liberals like this girl are telling black people is that they will never be as good as white people, and yet somehow they call us the racists? #smh
Read more at http://www.youngcons.com/white-liberal-ucla-student-lectures-black-cop-about-racism-cops-response-is-amazing/#O3kEOfAvUjWVKw24.99
Radiohead - No Alarms And No Surprises:
http://m.youtube.com/watch?v=u5CVsCnxyXg
I won’t believe the Fed’s higher rates till I see ‘em.
Business
NY Fed Chief sees mid-2015 lift-off for rates
By Kevin G. Hall
McClatchy Washington Bureau
December 1, 2014
Updated 10 hours ago
Trader Mario Innella, center, works on the floor of the New York Stock Exchange, Friday, Nov. 28, 2014.
RICHARD DREW — AP
WASHINGTON — The U.S. economy has healed enough to withstand a return to higher interest rates by the middle of 2015, the president of the influential Federal Reserve Bank of New York said Monday.
The Federal Reserve’s benchmark lending rate has been near zero since December 2008. After several years of purchasing government and mortgage bonds to stimulate the economy, the Fed is now readying to slowly notch up its lending rate_ a so-called lift-off_ because the economy is now healthier.
“Market expectations that lift-off will occur around mid-2015 seem reasonable to me,” said New York Fed Chief Bill Dudley, in a speech in New York outlining his economic outlook for 2015.
Since the Great Recession ended five years ago, he cautioned, there have been several false starts that looked like a return fast-paced economic growth.
“Subject to a few caveats … my view is that the likelihood of another disappointment has lessened,” said Dudley, who heads the most important of the Federal Reserve’s 12 district banks.
One reason for optimism, Dudley said, is that the overhang from too many homes built during the housing bubble has been absorbed in the housing market. Adding to the improvement, “a recovery in housing prices has significantly shrunk the proportion of borrowers that are underwater on their mortgages_ that is, those households that have outstanding mortgage balances higher than the value of their homes.”
…