December 27, 2014

Bits Bucket for December 27, 2014

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




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Comment by real journalists
2014-12-27 03:01:46

A man without a Region

Comment by phony scandals
2014-12-27 08:07:37

Happy Birthday Kurt Vonnegut! Top Ten Quotes from “A Man Without a Country”

November 11, 2013

Today would have been Kurt Vonnegut’s 91st birthday. In honor of the late, great writer we would like to share our favorite quotes from his book A Man Without a Country.

“So the America I loved still exists, if not in the White House or the Supreme Court or the Senate or the House of Representatives or the media. The America I love still exists at the front desks of our public libraries.”

Comment by Raymond K Hessel
2014-12-27 08:11:02

+1. While 95% of our fellow ‘Muricans have become lobotomized herd creatures, 5% still carry the torch and will not go gently into that long goodnight.

Comment by Guillotine Renovator
2014-12-27 16:45:43

If you really feel that way about 95% of the population, wouldn’t you yourself be a blithering moron to even waste time worrying about the actions of such dolts? Seriously, why would you even expect anything but drooling foolery from such people? Your anger and contempt for others’ actions has completely taken control of your life.

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Comment by Claudius Maximus
2014-12-28 05:35:58

+1 million

 
 
 
Comment by Whac-A-Bubble™
2014-12-27 08:12:04

If you get to Indianapolis, check out the Vonnegut museum.

 
 
 
Comment by Tout-suite
2014-12-27 05:07:35

Saw on Zero Hedge housing was down so I checked our local MLS. Looks like asking is up. Lots of them marked as contingency but who knows. I don’t trust the realtors for straight up info. Curious what was up in everyone else’s back yard. We’re not selling. We bought this house for $60k less than asking a few years back. I still think we overpaid but I’m also glad we’re here. Acreage, no neighbors. We can build up to a 10′ x 10′ without a permit. Except for the mortgage which with taxes is only $100 more than our previous rent on a dump, it feels like freedom. People pay far more in rental costs for the condition this house was in (excellent) than what we’re paying. $500 to $700/month more. And then they’re stuck in some tight neighborhood. No killer views or sunsets.

I also figured out what’s keeping prices up here or at least influencing them. Corporate buy outs. So many friends of mine that have left the area don’t have to pack, don’t have to sell their home. It’s all taken care of by corporate. Passed onto us, the consumer, in company’s product pricing, I’m sure. Another acquaintance working for Shell got a 50k loss covered on their home. I’m jealous of the windfall they get to take a higher paying job. :)

OTOH my son has said younger kids on his sports team are all talking about how they really should quit the team and get a job. Guess things are not all so easy across the board.

Comment by Ben Jones
2014-12-27 07:29:15

‘Except for the mortgage…it feels like freedom.’

Comment by Whac-A-Bubble™
2014-12-27 07:49:25

Renting money from a mortgage lender will never feel like real wealth.

Comment by Housing Analyst
2014-12-27 08:16:27

Arcadia, CA Sale Prices Collapse 20% YoY As Demand Plummets And Inventory Skyrockets

http://www.zillow.com/arcadia-ca/home-values/

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Comment by Tout-suite
2014-12-27 08:45:48

‘Except for the mortgage…it feels like freedom.’

I think you missed the part where the renters are paying $500 to $700 more to rent the same type of place a month. And when things broke in the ole shitebox, the doctor landlords that owned the place before were unreachable for weeks. My husband takes care of things here right away. He’s a former builder. Our friend is an electrician. We do everything ourselves. Knowledge is your friend. This for only $100 more a month than renting that place we always had to worry if our basement stuff in storage was going to be destroyed when the cheap basement sump pump was overwhelmed every spring. Or when we had no electricity in 1/2 of the upstairs and the election we had come over (before he retired) said the wiring was obviously done by someone without a clue and a real fire hazard.

Look I’m not trying to troll the place. I used to come here daily for years. I’m just saying. I’m still waiting for the price collapse in our town. It started to happen before QE, and then we saw pricing slowly come back. It’s higher now than before I found your site around 2006/7.

I came back here to check thinking things were looking wobbly again. I wondered if we might really see that drama we’d been talking about, now almost 10 years ago.

Comment by Housing Analyst
2014-12-27 08:50:09

Prove it.

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Comment by Jingle Male
2014-12-27 10:45:03

Shut it. HA!

 
Comment by Housing Analyst
2014-12-27 10:52:45

There’s always this….

Tustin, CA Sale Prices Plunge 9% YoY As Housing Correction Gains Speed

http://www.zillow.com/tustin-ca-92780/home-values/

 
 
Comment by oxide
2014-12-27 10:53:52

I think you missed the part where the renters are paying $500 to $700 more to rent the same type of place a month.

They always miss that part. Or they will say that you shouldn’t be living in “the same type of place.” Instead, you should stuff your family into a two-bed apartment in order to save money.

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Comment by Guillotine Renovator
2014-12-27 11:31:46

Most of the time, it’s a lie. Around here, mortgages on equivalent properties are much higher than rent. Anyone who buys a house tries to justify the added expense. I can go rent a million dollar house for $3,000 per month, or buy it for around $6,000 per month + taxes.

 
Comment by Housing Analyst
2014-12-27 12:14:37

Let’s take a look at the data shall we?

http://www.zillow.com/md/home-values/

Maryland Median Sale Price-$270k or $1970/month with 5% down and we haven’t even paid the property taxes, insurance, depreciation or turned the lights on yet.

Maryland median rental rate/month? $1580.

There isn’t a single location in the country where renting is more costly than buying at current grossly inflated asking prices of resale. Not one.

 
Comment by Prime_Is_Contained
2014-12-27 12:38:59

Maryland median rental rate/month? $1580.

Um, it makes no sense to compare across two different pools of very different housing stock. The median house that someone buys, and the median house that someone rents are likely quite different.

It makes more sense to compare apples-to-apples; in other words, how much would it cost me to buy the house that I current rent? Or how much would it cost to rent the house that I am considering buying?

The answer in my area, and for my current rental, is about 2X. So I rent.

 
Comment by Housing Analyst
2014-12-27 12:52:12

It is apples to apples. Both medians cover all housing stock.

 
Comment by Prime_Is_Contained
2014-12-27 14:04:00

Both medians cover all housing stock.

If you can’t see that the rental pool and the purchase pool of housing stock are likely to be somewhat different, there is little hope for you.

 
Comment by Housing Analyst
2014-12-27 14:28:48

Much like I expected from someone who doesn’t understand the difference between unit price and lump sum and in deep denial of the price declines.

 
 
Comment by Prime_Is_Contained
2014-12-27 11:24:14

I’m still waiting for the price collapse in our town. It started to happen before QE, and then we saw pricing slowly come back. It’s higher now than before I found your site around 2006/7

That “[prices are] higher now” is an illusion—think about how much purchasing-power the dollar has lost in the last 8yrs.

Nominal prices may be higher; real prices are still lower.

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Comment by rms
2014-12-27 13:18:38

‘Except for the mortgage…it feels like freedom.’

FWIW, the “commitment entrée” is the wife and kids. Quality healthcare and education are fixed expectations not to be confused with keeping the bird happy and providing growing kids with challenging opportunities.

 
Comment by oxide
2014-12-27 19:34:24

The freedom isn’t really the mortgage. Freedom is the knowledge that your job is stable enough to support taking on a mortgage.

Comment by Housing Analyst
2014-12-27 19:45:42

Oh I see. So it’s a job now. Gotcha.

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Comment by Prime_Is_Contained
2014-12-28 15:07:11

LOLZ, I agree with you here, HA! Job == freedom??!? WHAT?!?

Freedom is knowing that I will be just fine even if I choose to quit my job.

How did that happen? Spending less than I earn (a LOT less) over the course of many years—plain and simple.

 
 
 
 
Comment by Housing Analyst
2014-12-27 07:34:08

Yet you could have rented it for less than half your excessive monthly carrying costs.

How are you going to extricate yourself from the mess you’re in?

Comment by Tout-suite
2014-12-27 08:49:23

I got money to give back from the run up. The rental money was gone anyway. And we were already pissing away 15k a year and really unhappy about how unsafe, and how junky that place was. Maybe I’m pissing this money away too. We’ll see. My health isn’t what it used to be. I’m enjoying life while I’m still here. Have a great day!

Comment by Housing Analyst
2014-12-27 08:57:07

No need to wait. You already pissed away double that amount on a depreciating asset at a grossly inflated price.

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Comment by scdave
2014-12-27 10:03:49

We’ll see. My health isn’t what it used to be. I’m enjoying life while I’m still here. Have a great day! ??

Don’t bother bantering with HA….Just ignore him….Don’t respond to any post he makes…And please come back to the blog and give your input…You have a great day also…

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Comment by Housing Analyst
2014-12-27 11:19:05

And don’t forget about this-

Oceanside, CA Sale Prices Crater 11% YoY; Sellers Slash As Delinquencies Balloon In California

http://www.zillow.com/oceanside-ca-92057/home-values/

 
 
 
 
Comment by scdave
2014-12-27 09:16:32

‘Except for the mortgage…it feels like freedom.’ ??

Isn’t having a mortgage on a property you purchased a form a freedom ?? Like freedom to stay ?? Freedom to do as you please to the place ??

I get the point Ben…A mortgage is a chain around your ankle…Some may prefer to say its around your neck…But, as I suggested, their are some freedoms that come with owning also…Even with a mortgage…

Comment by Jingle Male
2014-12-27 10:47:21

Freedom from eviction. That’s a nice benefit!

Comment by Housing Analyst
2014-12-27 10:49:35

With millions of evictions due to nonpayment to the bank in the last 10 years……

You’re a real ball of fire Jingle_Fraud.

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Comment by Prime_Is_Contained
2014-12-27 11:28:42

Freedom to make the payment every month! :-)

Seriously, though—it is the freedom to stay, assuming you do make the payment. My LL hasn’t jacked the rent in 5yrs now, but he did mention that he wants to come by and check out the house sometime soon; since I don’t trouble him with any maintenance, he hasn’t seen the inside in 5yrs. I hope that isn’t prelude to a bump.

 
 
Comment by shendi
2014-12-27 14:06:17

Does that mean you as a landlord have the extra headache of evicting tenants all the time? And then hope that you land better tenants the next time. Not a good argument for being landlord no?

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Comment by Guillotine Renovator
2014-12-27 11:33:11

Debt is now freedom? WOW, this is getting nuttier by the day.

Comment by Housing Analyst
2014-12-27 11:39:39

It’s The Donk/Jingle_Fraud routine. And it’s hilarious.

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Comment by tresho
2014-12-27 05:33:08

Negative wages paid to teachers in eastern Massachusetts.

Instead of receiving their paychecks on Friday, Plymouth Public Schools employees who receive their salary via direct deposit found that the amount they were supposed to have been paid had been withdrawn from their bank accounts.

In an email to all school employees sent Friday afternoon and shared with Boston.com, Plymouth Superintendent of Schools Dr. Gary E. Maestas said the issue was caused by a human error and discovered Friday morning. The school department is working with Plymouth’s Finance Director and Town Treasurer to fix the problem, and several banks have agreed to correct the error today, according to the superintendent’s statement.

Maestas said other banks, including Bank of America, Citizens Bank, and Santander have refused to make corrections…

Comment by azdude
2014-12-27 06:30:55

“In reality, most of this is political theater. We have not had a Hawkish Fed in well over 20 years (possibly 30). As far as Greenspan, Bernanke, and Yellen have been concerned, the answer to any and all problems in the financial system has been to keep interest rates too low, print money, and buy assets from Wall Street (a kind of “cash for securities trash”)”

Comment by Whac-A-Bubble™
2014-12-27 07:50:47

“cash for securities trash” = QE3 Fed MBS purchase program

Admittedly I hadn’t thought of it that way before.

Comment by Prime_Is_Contained
2014-12-27 11:30:31

Admittedly I hadn’t thought of it that way before.

Huh?!? We discussed it in similar terms here when it began!

The Fed _IS_ the Super-SIV!

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Comment by Whac-A-Bubble™
2014-12-27 21:07:14

Also the all-purpose bailout SIV…for whatever asset classes the Fed deems bailout-worthy.

 
 
 
 
Comment by Raymond K Hessel
2014-12-27 08:28:23

If teachers’ pay was tied to results (for education, not collectivist indoctrination) they’d all be in debtors’ prisons.

Comment by Muggy
2014-12-27 08:37:41

Great post! +1

All teachers are dumb.

 
Comment by TCA
2014-12-27 08:55:51

Obviously, most of yours were imbeciles.

Comment by Jingle Male
2014-12-27 10:50:10

+1 +1 = +2. My teachers were brilliant!

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Comment by Raymond K Hessel
2014-12-27 12:10:22

I feel cheated that as a High School lad, I was never “victimized” by a hot-babe teacher who would have rounded out my education.

https://www.youtube.com/watch?v=FyMQLrnbBgE&spfreload=10

 
Comment by Muggy
2014-12-27 13:37:40

Tell us about your other life disappointments, Ray.

 
Comment by Guillotine Renovator
2014-12-27 16:49:45

“Tell us about your other life disappointments, Ray.”

I’d say his angry mood has to be up there. :)

 
 
 
 
 
Comment by Ol'Bubba
2014-12-27 05:35:03

Today is Saturday, but it doesn’t feel like a Saturday.

Comment by real journalists
2014-12-27 06:14:22

These are the days of our Regions

 
 
Comment by aNYCdj
Comment by Ben Jones
2014-12-27 06:58:19

‘The residential property market is surging, up more than 10 per cent in the last year, as people are priced out of other Los Angeles neighbourhoods. Properties are being snapped up by investors and professional house flippers have started targeting the area. Compton’s first home with a price tag of $1 million recently went on the market.’

‘Mrs Brown said: “In California they’re not making any more land. And with the high cost of land, from a business standpoint, being able to move your goods quickly and cheaply makes Compton an attractive place to be.”

I woke up this morning thinking about the strawberry picker story from a few years back. I came across it in a small papers web sight. First, I read an interview with a lawyer; he was representing the workers. The way I remember it, the loan was made combining the wages of two couples who were to live in the house. So it was really four berry pickers, and it was really all cooked up by the loan officers. The loan fraud was a big deal that we don’t reflect on much. Some of these people were making a ton of money and were prowling for anyone to take out a loan. That’s what this lawyer was saying; his clients were tricked.

A lot of people remember that story. The contrast with the field worker and the 700k house made it obvious, I guess. But as it turned out, there were millions of loans with no more chance of being repaid. It’s the same today. Just look at the median prices in California’s bay area, or San Diego, LA or Boston.

Comment by Housing Analyst
2014-12-27 07:08:08

There’s a reckoning coming. And everyone thought 2008-2010 was horrific.

Comment by azdude
2014-12-27 07:34:41

“Another big factor in currency wars is the question of paying sovereign debts. It’s the sovereign deficits that are really the problem and the question is how to deal with them. One way to deal with them is through inflation, which, of course, is the goal in a currency war. The problem is that not everybody can devalue against everybody else all at once. You have to take turns. So it goes back and forth and back and forth. That’s what happened in the 1920’s and 1930’s and it’s happening again today.”

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Comment by Housing Analyst
2014-12-27 07:44:05

We’re in a deflationary spiral Poet.

 
 
Comment by Blue Skye
2014-12-27 10:18:03

Our politicians have been as dumb as the berry pickers, thinking they could afford anything just by borrowing.

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Comment by Raymond K Hessel
2014-12-27 12:11:23

Our politicians are a reflection of the imbeciles who elected them.

 
 
 
Comment by azdude
2014-12-27 07:10:49

The same thing is happening over again in slow motion. No one can solve structural problems in the economy and thus rely rely on monetary policy and asset bubbles to try and grow the economy. When sh@t hits the fan it becomes a great excuse to print some more currency and throw it at the casino. They win on the way up and then on the way down.

Comment by Housing Analyst
2014-12-27 07:19:20

There is always an end Poet. As you allude, it takes time to get there.

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Comment by scdave
2014-12-27 11:07:40

No one can solve structural problems in the economy ??

IMO, thats the next huge policy shift thats coming…WPA like program….It will be interesting which presidential candidate takes it up full throttle…

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Comment by Prime_Is_Contained
2014-12-27 11:52:14

WPA like program….

Because what we need is a million unskilled workers swinging shovels and pick-axes. Uh huh. Right.

Back in the thirties, that may have made some sense; today, one person driving a Cat can do the work of all of those guys combined in a matter of days.

 
Comment by Bring Back the WPA
2014-12-27 14:03:12

A new WPA doesn’t have to be the same as the original. It could be privatized and let contractors hire workers in the trades. The value of a WPA-like program is to rebuild America’s crumbling infrastructure to support future business expansion and to bolster the middle class. Best bang for the stimulus buck.

 
Comment by Prime_Is_Contained
2014-12-27 14:05:01

I agree that it is worth doing, but I disagree that it will employ a significant number of the unemployed.

 
Comment by Housing Analyst
2014-12-27 15:40:28

There is already funding for bridge/highway, water, wastewater. Considering businesses aren’t expanding due to falling demand in every sector, it’s the same and excavating and backfilling the same hole. Senseless.

 
 
 
Comment by Shillow
2014-12-27 07:26:08

Straight outta Compton
Donkeys With Attitude

DWA

Comment by goedeck
2014-12-27 08:11:17

Just another day
Another FB goes underwater

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Comment by reedalberger
2014-12-27 07:49:52

“Compton’s first home with a price tag of $1 million recently went on the market.’”

#WTF?

Comment by Housing Analyst
2014-12-27 07:52:19

A wise man said, “If you want to run a __________ and cause a complete collapse, just raise prices.”

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Comment by aNYCdj
2014-12-27 08:01:56

If you want to run a scam hire the prettiest clueless airhead chicky poos and gamer guys to front your business.

just about every wells fargo and mortgage brokers offices had them

that’s when i knew something was wrong, very wrong

 
 
 
Comment by Whac-A-Bubble™
2014-12-27 07:52:02

“In California they’re not making any more land. And with the high cost of land, from a business standpoint, being able to move your goods quickly and cheaply makes Compton an attractive place to be.”

The used home sales profession hasn’t run out of morons yet.

Comment by Realtors Are Liars®
2014-12-27 08:18:50

realtors are liars

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Comment by real journalists
2014-12-27 09:40:21

“realtors are liars”

You can say that again

 
Comment by Realtors Are Liars®
2014-12-27 09:51:22

Once isn’t enough?

 
 
Comment by TCA
2014-12-27 09:01:27

They aren’t making any more gangland…

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Comment by Bluto
2014-12-27 12:27:10

That quote was actually from the current mayor of Compton.
But I do share that opinion on the average intelligence of realtors…actually if most were honest nitwits that would not be so bad but so many are amoral sociopaths to boot.

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Comment by Bill, just south of Irvine
2014-12-27 14:16:48

I fly over the Mojave Desert in California. The entire 30 million could easily live in that corner of the state …”they aren’t making any more land…”

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Comment by azdude
 
Comment by azdude
2014-12-27 07:06:19

“That is to say, the BOJ’s bond purchase program is now so massive that it is buying 100% of the government’s gross debt issuance. In practical terms this means the float of public debt is actually being shrunk, and that the government bond market for all practical purposes has been extinguished by the BOJ.

There is nothing left except one relentless bid by the central bank. Recent data from Japan’s government pension insurance fund (GPIF), for example, show that the GPIF alone has already sold several hundred billions dollars worth of government bonds to the BOJ.

Needless to say, this radical monetization of the entire government bond market is an act of financial suicide. The BOJ now dares not stop the printing presses because absent the central bank’s big fat bid, the market would gap up violently. Yet 40% of Japan’s government revenue is already absorbed by servicing its gargantuan public debt. Even a 180 basis point increase in average yields (meaning that the 10-year JGB would still be under 2%) would absorb the remainder. That’s right, 100% of government revenue would be pre-empted by debt service.”

Comment by Whac-A-Bubble™
2014-12-27 07:58:02

Why are so many Western governments falling on their swords by monetizing their bond markets?

Comment by azdude
2014-12-27 08:10:25

food stamps and disibility checks are exspensive.

 
 
Comment by Prime_Is_Contained
2014-12-27 11:58:58

Even a 180 basis point increase in average yields (meaning that the 10-year JGB would still be under 2%) would absorb the remainder. That’s right, 100% of government revenue would be pre-empted by debt service.”

Holy Moly!!

They are way closer to total failure than I had realized.

Comment by Guillotine Renovator
2014-12-27 20:39:11

“Holy Moly!!

They are way closer to total failure than I had realized.”

Dewwwwd, if you’re gonna party, party like a rock star, brahhh!!

 
 
 
Comment by Ben Jones
2014-12-27 07:18:02

‘Although the fascination with hypothetical cyber shenanigans as a terrorist tool, and the entrenchment of the term cyberterrorism in the language, provide an impetus for labeling the presumed North Korean action against Sony Pictures as terrorism, there surely is a case to be made for maintaining a clear distinction—in terminology as well as in responses—between actions that delay a movie’s release and ones that have the more material effects commonly associated with terrorism.’

‘Another reason for pause in applying the label of terrorism to what has occurred, and no doubt a reason the Obama administration is pausing before applying it, is to think about what the United States, or countries the United States calls allies, have done or might do with their own cyber capabilities overseas. If one action is to be called terrorism, then so must the other.’

‘This gets to an asymmetry that has kept us Americans from fully coming to terms with how we and others use state-sanctioned violence for political purposes. The most common conceptions of terrorism mostly correspond to the legal U.S. definition that is used for another one of those official lists (the one for foreign terrorist organizations). That definition refers to politically motivated violence conducted against noncombatants by either a nonstate organization or clandestine agents of a state. Most of the politically motivated violence that we, or our purported allies, practice (much of which affects noncombatants, sometimes in very bloody ways) is conducted openly as military operations. Others may not have that opportunity, either because of weakness in military capabilities or lack of recognition as a state, or both.’

‘So we get to apply the label of terrorism to the other guy’s politically motivated violence but don’t have to apply it to our own, or perhaps to that of a putative ally. A distinction is made in semantics, even if not in morality or material effects. But if we apply the label to any hostile cyber operations in a foreign country and have conducted any such operations ourselves, we lose that convenient terminological asymmetry.’

‘Of course, one could follow McCain’s approach of simply calling everything war, but that leads to two other observations. One is that if we have conducted hostile cyber operations not in response to anything that could be called either terrorism or war but instead in response to something else (such as, say, a nuclear program we don’t happen to like), then we would have to say we started a war. (And is that any better than initiating other forms of politically motivated violence?) The other observation is that if we are in a state of war any time a hacker goes after a movie he doesn’t happen to like and affects its box office receipts, we are in worse trouble than any of us thought.’

http://nationalinterest.org/blog/paul-pillar/the-sony-pictures-hack-old-confusion-about-terrorism-11919?page=2

Comment by Shillow
2014-12-27 07:49:14

By Election Day 2016 McCain will be 80 years old.

Comment by Raymond K Hessel
2014-12-27 12:12:57

And still a poster boy for neo-con Wall Street fluffers and influence-peddlers.

Comment by Prime_Is_Contained
2014-12-27 12:48:54

Unfortunately, there is no mandatory retirement age for Wall Street fluffers!

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Comment by reedalberger
2014-12-27 07:52:23

We should concentrate on securing our electric grid. The high paid nerds in government and business should be able to take care of the IT stuff.

#EMP

Comment by aNYCdj
2014-12-27 08:04:21

so if we dont have a viable 3rd party in 2016 who can make sure there is no majority of either party we might as well live off the grid?

 
Comment by Ben Jones
2014-12-27 08:20:33

‘The high paid nerds in government and business should be able to take care of the IT stuff’

Well they shut down that illegal immigration thing pretty fast.

 
Comment by Raymond K Hessel
2014-12-27 12:13:58

Maybe it would be smarter to lessen your reliance on the grid, and have back-ups in place like solar.

 
 
 
Comment by azdude
2014-12-27 07:18:10

“Offshore oil contractors such as Halliburton or Transocean have seen their share prices tank worse than exploration companies because their revenue comes from being paid to drill, not necessarily from oil production after wells are completed. That means that when drilling slumps, their profits take an immediate hit. Even worse, exploration companies may see rising profits from existing production as oil prices rebound, but drilling service companies don’t benefit if their drilling contracts had been put on hold or cancelled.”

Comment by Housing Analyst
2014-12-27 07:36:42

Eventually oil prices will bottom. How far down?

Comment by reedalberger
2014-12-27 07:55:57

We can party like it’s 1988. I think regular unleaded hit .99/gal briefly when I was living in Cali.

#BringItOn

Comment by Housing Analyst
2014-12-27 07:59:57

We were paying 48 cents/gal fuel oil-offroad fuel at 1000gals/clip in 1999.

Gotta love falling prices to dramatically lower and more affordable levels.

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Comment by Whac-A-Bubble™
2014-12-27 08:06:34

It sure would be nice to see a return to $10/bbl oil prices as we saw in 1998.

 
 
 
Comment by azdude
2014-12-27 08:03:04

Seems like we have some competition for market share dont we? Are other folks willing to work cheaper than us? what is pretty amazing is that oil on the other side of the globe can be pumped out of the ground and shipped across the ocean cheaper than it can be done in our backyards.

If your revenue from exporting oil starts to take a hit from lower prices the only way to keep revenue the same is by pumping more oil right? Otherwise you start slashing spending.

 
 
 
Comment by azdude
2014-12-27 07:21:03

Time to buy a house millenials:

http://www.cnbc.com/id/102294349

Comment by Housing Analyst
2014-12-27 07:32:23

Why buy it when you can rent it for half the monthly cost and pocket the difference?

Comment by TCA
2014-12-27 09:07:01

You can’t put a price tag on the pride of debt slavery … er … ownership!

 
 
Comment by TCA
2014-12-27 09:05:35

“Calling all millennials: The future of the housing market is resting on your shoulders.”

No pressure or anything…

 
 
Comment by phony scandals
2014-12-27 07:29:38

“Our scientists have determined that cigarette smoking is not damaging to your health.”

So there is a precedent for scientists being paid to arrive at a predetermined outcome.

Sens. Paul, Grassley challenge climate group’s spending on lobbying, alcohol and parties

By Kimberly Kindy September 18 2014

Two senators are investigating whether the National Science Foundation and Defense Department auditors skirted federal laws by signing off on a nonprofit organization’s use of taxpayer money for “unallowable expenses,” including alcohol, lobbying and extravagant parties.

Sen. Charles E. Grassley (R-Iowa) said the practice came to his attention earlier this year when a whistleblower provided him with a draft audit that showed a climate change group used federal funds to pay $112,000 for lobbying, $25,000 for an office Christmas party, and $11,000 for “premium coffee services” and an unspecific amount on French hotels.

The Colorado-based National Ecological Observatory Network (NEON) has received tens of millions of dollars in grant money from the NSF to build sites across the country for collecting climate change data.

In a written statement, NEON Chairman James P. Collins said his group “has spent all funding in strict compliance with our understanding of the guidelines provided.”

Collins said in his statement that NEON is in now compiling the records requested by the senators.

From 2009 to 2013, NEON classified all the expenses that Grassley and Paul are questioning as a “management fee.” Internal documents show that the NSF was told by NEON that it was having a difficult time covering the costs because it had little in the way of private funds.

According to Grassley’s staff, the auditor said two levels of supervisors signed off on his work. However, he told the senator’s staff that he said he believes the audit had stalled because DCAA management was concerned about spark a controversy for the high-profile program, the foundation, and the defense department.

Grassley’s staff said the auditor came forward because he believed the audit was going to be “whitewashed.”

NEON received $90 million this year from the foundation — nearly half of all money it awarded for major research and development projects, records show.

The project is highlighted in the foundation’s 2015 budget proposal, which says NEON will “generate snapshots of ecosystem health by measuring ecological activity from strategic locations throughout the U.S.”

http://www.washingtonpost.com/…/ -

Comment by Ben Jones
2014-12-27 07:35:40

“[The telephone] is a great invention but who would want to use it?”
— U.S President Rutherford Hayes (1872)
“There is no reason anyone would want a computer in their home.”
— Founder of Digital Equipment Corporation (1977)
“Everyone acquainted with the subject will recognize [the light bulb] as a conspicuous failure.”
— Chairman of the American Lighthouse Board (1880)
“Fooling around with alternating current is just a waste of time. Nobody will use it, ever.”
— Thomas Edison (1889)
“The wireless music box has no imaginable commercial value.”
— internal memo to the President of RCA (1921)
“Who the h*** wants to hear actors talk?”
— one of the Warner Brothers (1927)
“Flight by machines heavier than air is unpractical and insignificant.”
— Canadian astronomer (1902)
“Television won’t last because people will soon get tired of staring at a plywood box every night.”
— Producer for 20th Century Fox (1946)
“We don’t think we’d do well in the cell phone business.”
— Steve Jobs (2003)
“But what is this [microchip] good for?”
— IBM Engineer (1968)

Comment by scdave
2014-12-27 10:21:14

Nice find Ben…

 
 
Comment by aNYCdj
2014-12-27 07:58:12

NEON was always a welfare to work acronym.

NEON Mission Statement

The National Employment Opportunity Network (NEON) is the leading national voice on hiring tax incentives.

http://neon.aristotle.com/pages/mission.aspx

 
Comment by Oddfellow
2014-12-27 08:55:14

“So there is a precedent for scientists being paid to arrive at a predetermined outcome.”

Oh, absolutely! Here’s a book about it. A small faction of scientists can always be monetarily persuaded to represent interests other than science.

“Merchants of Doubt is a 2010 non-fiction book by American historians of science Naomi Oreskes and Erik M. Conway. It identifies parallels between the climate change debate and earlier controversies over tobacco smoking, acid rain and the hole in the ozone layer. Oreskes and Conway write that in each case “keeping the controversy alive” by spreading doubt and confusion after a scientific consensus had been reached, was the basic strategy of those opposing action.”

wikipedia

What’s never been shown to have happened is for the vast majority of scientists to be so bribed. It’s always a small faction of “brave truth-tellers”. Thank goodness they were there to tell us cigarettes were perfectly safe. And that global warming is all bunk.

 
Comment by Tarara Boomdea
2014-12-27 11:36:55

Comment by phony scandals
2014-12-27 07:29:38

Sens. Paul, Grassley challenge climate group’s spending on lobbying, alcohol and parties - By Kimberly Kindy
washingtonpost.com/blogs/federal-eye/wp/2014/09/18/rand-paul-chuck-grassley-shine-a-light-on-the-nonprofit-climate-change-group-neon/

 
 
Comment by Housing Analyst
2014-12-27 07:41:13

Remember….. Falling prices and deflation are your wallets best friend.

 
Comment by real journalists
2014-12-27 07:42:49

Region IV

Comment by phony scandals
2014-12-27 08:02:18

What you talkin’ ’bout my Region Willis?

Comment by real journalists
2014-12-27 08:47:04

there are some fawked up people in this region, yesterday was the first time i met someone who packs their concealed carry to church

Comment by phony scandals
2014-12-27 09:36:26
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Comment by Prime_Is_Contained
2014-12-27 12:35:21

yesterday was the first time i met someone who packs their concealed carry to church

Don’t you remember the news items some years back when a deranged individual entered a church and stabbed a whole bunch of people?

If someone had been packing, many fewer people might have died…

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Comment by Oddfellow
2014-12-27 16:01:38

Just think if Jesus had been packing.

 
 
 
Comment by Housing Analyst
2014-12-27 08:47:27

Is there a crater region or are they all cratering?

Comment by real journalists
2014-12-27 09:35:27

I drove by a house yesterday for sale for $34,900

It’s getting regional

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Comment by Prime_Is_Contained
2014-12-27 12:59:44

Was it overpriced? :-)

 
Comment by phony scandals
2014-12-27 13:12:09

“Was it overpriced?”

“(”Perfect for Horses,” according to the listing)”

Do they make bullet proof vests for horses?

This House In Compton Is Asking $1 Million

Wednesday, November 27, 2013,
by Adrian Glick Kudler

Real estate prices in the northwest part of Compton had an incredible comeback after the recession, but mostly only because they dropped so low during the recession. Also this house is not anywhere near northwest Compton. It is, however, asking $1 million. It is the only single-family house in Compton asking more than half a million dollars, judging by listing site Redfin. Still, the house is large (3,918 square feet), newish (built in 2010, apparently never sold before), and sits on 1.48 acres of land (”Perfect for Horses,” according to the listing). And Compton’s new mayor says she’s going to make the city “a new Brooklyn,” so you gotta start jacking up home prices somewhere. The house also comes with a pool, patio, dining room, and media room with theater seating.

Comments (23 extant)

SURE, I want to live in Compton, Watts, ELA - close to the gangs & “knock-out” thugs, drive-byes … uh huh ……..

la.curbed.com/archives/2013/11/this_house_in_compton_is_asking_1_million.php - 361k -

 
Comment by rms
2014-12-27 14:07:00

“I drove by a house yesterday for sale for $34,900″

Went to visit a friend this morning who lives in one of the lower income areas of town. For sale signs everywhere, abandoned kids toys and trash, idled cars with flat tires, matted weeds, etc., but there’s a satellite dish on nearly every house. Admission is roughly $55/sqft.

 
Comment by Prime_Is_Contained
2014-12-27 14:08:31

Do they make bullet proof vests for horses?

They do, actually. Google “ballistic paneling”

I know a guy who had “ballistic paneling” added to his kids bedroom after a bullet entered his house near his child’s bed, and lodge in the doorframe of the closet on the other side of the room.

The crazy thing is that he lives in a really nice and safe part of town (Queen Anne), so it seemed incredibly unlikely that his house would ever be hit by a stray bullet again—in fact, it was crazy-improbable that it ever happened in the first place! But it made him sleep easier at night, so it was worth it to him.

 
Comment by Housing Analyst
2014-12-27 15:42:03

Sounds like the admission price is grossly inflated there too. Remember…. $55/sq is for new construction.

 
Comment by phony scandals
2014-12-27 17:25:41

“I know a guy who had “ballistic paneling” added to his kids bedroom after a bullet entered his house near his child’s bed,”

Another reason I like CBS construction.

 
Comment by Prime_Is_Contained
2014-12-28 01:02:02

Do they make bullet proof vests for horses?

Whoops, I read that as vests for HOUSES, rather that horses. Doh.

 
Comment by Prime_Is_Contained
2014-12-28 01:05:22

Another reason I like CBS construction.

+1!

 
 
 
 
 
Comment by phony scandals
2014-12-27 07:58:50

“People are working three days a week just to pay their taxes so the government can keep producing more Jaguars. If Jaguars stop moving, the economy will stop. So the government begins giving Jaguars away.”

Jaguar Inflation – A Layman’s Explanation of Government Intervention

December 26, 2014 Economics, EWI reports

EDITORIAL
By Elliott Wave International

I am tired of hearing people insist that the Fed can expand credit all it wants. Sometimes an analogy clarifies a subject, so let’s try one.

It may sound crazy, but suppose the government were to decide that the health of the nation depends upon producing Jaguar automobiles and providing them to as many people as possible. To facilitate that goal, it begins operating Jaguar plants all over the country, subsidizing production with tax money. To everyone’s delight, it offers these luxury cars for sale at 50 percent off the old price. People flock to the showrooms and buy. Later, sales slow down, so the government cuts the price in half again. More people rush in and buy…

Sales again slow, so it lowers the price to $900 each. People return to the stores to buy two or three, or half a dozen. Why not? Look how cheap they are! Buyers give Jaguars to their kids and park an extra one on the lawn.

Finally, the country is awash in Jaguars. Alas, sales slow again, and the government panics. It must move more Jaguars, or, according to its theory — ironically now made fact — the economy will recede. People are working three days a week just to pay their taxes so the government can keep producing more Jaguars. If Jaguars stop moving, the economy will stop. So the government begins giving Jaguars away. A few more cars move out of the showrooms, but then it ends. Nobody wants any more Jaguars. They don’t care if they’re free. They can’t find a use for them. Production of Jaguars ceases. It takes years to work through the overhanging supply of Jaguars. Tax collections collapse, the factories close, and unemployment soars. The economy is wrecked. People can’t afford to buy gasoline, so many of the Jaguars rust away to worthlessness. The number of Jaguars — at best — returns to the level it was before the program began.

The same thing can happen with credit.

I hate to challenge mainstream 20th century macroeconomic theory, but the idea that a growing economy needs easy credit is a false theory. Credit should be supplied by the free market, in which case it will almost always be offered intelligently, primarily to producers, not consumers. Would lower levels of credit availability mean that fewer people would own a house or a car? Quite the opposite. Only the timeline would be different.

Initially it would take a few years longer for the same number of people to own houses and cars — actually own them, not rent them from banks. Because banks would not be appropriating so much of everyone’s labor and wealth, the economy would grow much faster. Eventually, the extent of home and car ownership — actual ownership — would eclipse that in an easy-credit society. Moreover, people would keep their homes and cars because banks would not be foreclosing on them. As a bonus, there would be no devastating across-the-board collapse of the banking system, which, as history has repeatedly demonstrated, is inevitable under a central bank’s fiat-credit monopoly.

Jaguars, anyone?

http://www.globaldeflationnews.com/jaguar-inflation-a-laymans-explanation-of-government-intervention/

Comment by phony scandals
2014-12-27 08:09:38

If I had known the link was going to work I would have shortened that post.

 
Comment by scdave
2014-12-27 10:28:58

Nice post…Thanks…

 
Comment by oxide
2014-12-27 10:45:32

Speaking of cars, HA wanted to know why Dodd-Frank hasn’t affected auto sales. Main reason: Dodd-Frank doesn’t take effect until July 21 of 2015. After that, banks will either have to do some sensible underwriting (of both home and auto loans), or they have to keep 5% of their crap.

I don’t think that Dodd-Frank will affect the smaller loans for cheap used jalopies. But I think it will cut down on the number of $40+K behomoths with paper plates. Few lucky duckies will have $5K in cash to put down, and no illegal will have a credit report with 2 years of credit history on it. So if there is to be a slowdown in car sales, look to next August.

[Of course, banks have been lobbying the heck out of the Repubs in Congress to get all the D-F rules delayed. Obama has already said that he will veto any change in the laws.]

Comment by oxide
2014-12-27 10:49:26

Correction… just found another source which says the effective date will be December 24, 2016. So auto and house sales will collapse just in time for the new Republican President.

Comment by Housing Analyst
2014-12-27 11:42:56

Thanks polly.

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Comment by Whac-A-Bubble™
2014-12-27 08:09:47

How is the oil price drop affecting your local economy?

Comment by Whac-A-Bubble™
2014-12-27 08:10:48

15:04 GMT, Dec 27, 2014
Crude price drop triggers major layoffs in US oil industry
Published time: December 27, 2014 12:51
Reuters / Jonathan Alcorn

Thousands of recently highly paid workers have been laid off after the oil price plummeted 50 percent in 2014. At least four American oil-producing states are already facing budget problems due to decreasing oil revenues.

The price plunge has affected petroleum production in all oil-extracting countries, including the US.

Currently cheap fuel is still believed to be providing an overall boost to the US economy, as consumers can spend less on gasoline and more on shopping and services. But for the American energy sector the future looks less bright. It’s effecting places like Alaska, Louisiana, Oklahoma and Texas, the New York Times reports.

US oil experts recall the 1980s oil price downturn, accompanied by economic disasters around the globe and arguably becoming one of the causes of the fall of the Soviet Union. Some experts are positive and say America’s oil-producing states won’t suffer too much because they “diversified their economies.”

This doesn’t apply to the state of Alaska. According to the NYT, approximately 90 percent of state’s budget is formed from oil revenues. Alaska’s government is considering a 50 percent capital-spending cut for bridges and roads in the face of the oil price drop, with Moody’s, the credit rating service, lowering Alaska’s credit outlook from stable to negative.

The state of Louisiana’s 2015-16 budget is going to be $1.4 billion short, with 162 state government positions already eliminated and more to be discontinued starting from January. Contracts and projects are being either reduced or frozen in state agencies. According to the state’s chief economist Greg Albrecht, for every $1 fall in price of an annual average barrel of oil, Louisiana loses $12 million.

For Texas, which has a far larger and more diversified economy than Louisiana, the oil price downturn is no good either. In just October and November Texas lost 2,300 oil and gas jobs, the federal Bureau of Labor Statistics reported last week. Through the last half a year the state has been losing $83 million in potential revenue every day, the Greater Houston Partnership recently reported. They blamed this on crashing price of its West Texas Intermediate crude oil, which has depreciated to $54.73 per barrel this week, from more than $100 six months ago.

The situation in other oil-extracting states could be even worse. In a study published last year, the Council on Foreign Relations warned the largest job losses caused by sharp decline in oil prices are going to take place in North Dakota, Oklahoma and Wyoming, where the number of drilling rigs is decreasing.

The US oil industry has showed 50 percent employment growth since the recession officially ended in mid-2009, giving jobs to over 779,000 people as of October 2014, the Wall Street Journal reported. A total of 10 million jobs have been associated with the US oil and gas industry, Mark Mills, a senior fellow at the Manhattan Institute, estimated.

Now according to Tom Runiewicz, a US industry economist at IHS Global Insight, if oil stays around $56 a barrel till the middle of the next year, companies providing services to oil and gas industry could lose 40,000 jobs by the end of 2015, while oil and gas equipment manufacturers could slash up to 6,000 jobs.

Comment by azdude
2014-12-27 08:29:35

It kind of like we need higher home prices so people don’t lose their jobs.

Since we had 5% gdp what kind of hit to growth do u see from lower oil prices?

Comment by Housing Analyst
2014-12-27 08:38:11

The job losses already occurred and GDP hasn’t been anywhere near 5% in a decade.

Labor Force Participation Rate At 37 Year Lows

http://data.bls.gov/timeseries/LNS11300000

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Comment by Raymond K Hessel
2014-12-27 12:15:25

GDP “gains” were driven by forced Obamacare expenditures.

 
 
 
 
Comment by Whac-A-Bubble™
2014-12-27 08:13:34

$20 oil wouldn’t force production cut – Saudi oil minister
Published time: December 23, 2014 11:16
Edited time: December 23, 2014 16:02

Saudi Arabia’s oil minister said OPEC wouldn’t budge on its decision not cut production, even if oil hits $20 a barrel. He also said the world may never see $100 a barrel ever again.

“It is not in the interest of OPEC producers to cut their production, whatever the price is,” Ali al-Naimi told the Middle East Economic Survey, a weekly oil and gas publication. Naimi added, “Whether it goes down to $20, $40, $50, $60, it is irrelevant.”

Saudi Arabia is the world’s largest oil producer, and is also the most dominant force in the Organization of the Petroleum Exporting Countries (OPEC).

“We have entered a scary time for the oil market and for the next several years we are going to be dealing with a lot of volatility,” Naimi said. “Just about everything will be touched by this.”

Comment by azdude
2014-12-27 08:31:25

my initial reaction to the lower oil prices was, it is to good to be true and it wouldn’t last long like last time around. Now I’m really wondering.

Comment by AbsoluteBeginner
2014-12-27 09:06:00

‘my initial reaction to the lower oil prices was, it is to good to be true and it wouldn’t last long like last time around. Now I’m really wondering.’

I’m buying UGA when gasoline prices get Crazy Eddie low.

(Comments wont nest below this level)
 
 
 
 
Comment by Housing Analyst
2014-12-27 08:10:27

Flower Mound, TX Sale Prices Plunge 8% YoY; Crater 17% QoQ As Housing Inventory Balloons

http://www.zillow.com/flower-mound-tx/home-values/

 
Comment by Housing Analyst
2014-12-27 08:26:30

Middlesex County, MA Sale Prices Crash 20% YoY As Housing Correction Resumes Nationally

http://www.zillow.com/middlesex-county-ma/home-values/

 
Comment by Raymond K Hessel
2014-12-27 08:30:24

Any bets on when the black swan that is China’s soon-to-crater housing market is going to crash the asset bubble party?

http://www.businessinsider.com/rosenberg-black-swan-china-housing-market-2014-12

Comment by palmetto
2014-12-27 08:52:13

zzzzzzzzzzzzzzzzzzzzzz

 
 
Comment by phony scandals
2014-12-27 08:54:06

Disposable housing will blindside the real estate industry
in virtually every country on earth

April 24th, 2014

Ugly or not, WinSun won the first phase of this undeclared competition, and is now putting together plans to build 100 factories in China to “collect and transform” construction waste into aggregate for its machines.

The most important feature, at least in my mind, is that these houses can just as easily be ground up a second, third, or fourth time, and be reprinted as an entirely new home. They are, in fact, disposable houses that will fit very well with the nomadic lifestyles of future generations.

Disposable Houses - FuturistSpeaker.com
http://www.futuristspeaker.com/2014/04/disposable-houses/ - 81k

Comment by Ella58
2014-12-27 11:54:17

And those concrete hovels are different from the favelas surrounding Rio, Sao Paulo and Mexico City… how, exactly?

 
Comment by Housing Analyst
2014-12-27 12:04:17

All houses are disposable. They depreciate.

 
 
Comment by Housing Analyst
 
Comment by Bring Back the WPA
2014-12-27 09:45:22

Dow Jones to hit 20,000 by December 31, 2015!

Won’t be hard for the Wall Street Machine to do. Just goose the forward earnings estimates and issue analyst upgrades. Make sure Yellen makes vague mewing noises about continuing low rates. Actual revenues and profits don’t matter.

You know 20,000 is going to happen… buy now! What could possibly go wrong?

Comment by Raymond K Hessel
2014-12-27 11:27:49

The “new normal” in our Keynesian, centrally-planned casino economy: Fed-levitated Ponzi markets continue to rise while the physical (real) economy continues to deteriorate.

http://www.zerohedge.com/news/2014-12-26/new-normal-2014-summed-1-simple-chart

Comment by Bring Back the WPA
2014-12-27 13:57:36

While I agree QE/ZIRP has lasted far too long and is causing problem, what we have today isn’t Keynesianism. Keynes believed that monetary policy alone was of limited value and is not the optimal tool to raise aggregate demand in a recession.

 
 
 
Comment by AbsoluteBeginner
Comment by Bill, just south of Irvine
2014-12-27 10:48:52

What is that? To me it looks like a way to take on a credit as an investment and someone is paying a double digit interest rate. Too risky.

Comment by Prime_Is_Contained
2014-12-27 13:19:56

To me it looks like a fool who wants to pay 13% on their vacation costs over a five year period!

It would take a similar caliber of fool to think it a good idea to trust this person with their money.

 
 
 
Comment by Housing Analyst
2014-12-27 09:56:23

Pensacola, FL Sale Prices Plunge 10% YoY; Foreclosures March Higher

http://www.zillow.com/pensacola-fl-32507/home-values/

 
Comment by phony scandals
2014-12-27 10:24:03

Justice Department Grants Linked to Cop-killing Rap Video

Written by Alex Newman
Friday, 26 December 2014

Justice Department Grants Linked to Cop-killing Rap Video

As if the American people needed more evidence that the Obama administration’s Justice Department was out of control after six years of non-stop scandals, it was recently revealed that the DOJ was funding a “community” organization linked to a controversial rap music video glorifying the murder of New York City police officers. The group in question, Bronx Defenders, has received at least $1.5 million in U.S. taxpayer dollars from the Department of Justice, and played a prominent role in the pro-cop killing music video. The link between the widely condemned rap production and the DOJ made headlines this week after two New York City Police Department (NYPD) officers were murdered, execution style, under the guise of obtaining “revenge” for the deaths of Eric Garner and Michael Brown.

The explosive link between the Justice Department-funded organization and the glorification of violence against police was first reported by the Heritage Foundation’s Daily Signal news outlet on December 22. It was not immediately clear whether the Bronx Defenders group, which is featured in the video, along with staff attorneys for the organization, played a role in financing the violent film. In addition to DOJ funding offered under a program ironically named after a murdered NYPD officer, the organization has also received upwards of $40 million from city taxpayers just in the last two years. So far, the Bronx Defenders has largely remained silent about the full extent of its involvement in the production, according to media reports.

The lyrics and images, though, sparked a national outcry and left members of the law-enforcement community furious. “For Mike Brown and Sean Bell, a cop got to get killed,” go the words of the song, called “Hands Up (Eric Garner Tribute)” by rappers “Uncle Murda” and “Maino.” “Time to start killing these coppers.” The music video also features numerous images of two black men dressed in thug costumes pointing handguns at a police officer’s head. The violent words of the rap song make numerous references to killing law enforcement officers to obtain “revenge” and “justice” over the alleged systemic racism and brutality of police officers across America.

http://www.thenewamerican.com/…-justice-department-grants-linked-to-cop-killing-rap-video - 92k -

Comment by Tarara Boomdea
2014-12-27 11:17:00

Comment by phony scandals
2014-12-27 10:24:03

Justice Department Grants Linked to Cop-killing Rap Video
thenewamerican.com/usnews/crime/item/19792-justice-department-grants-linked-to-cop-killing-rap-video

 
 
Comment by phony scandals
2014-12-27 10:29:20

New “muzzle” law sparks protests across Spain - YouTube
http://www.youtube.com/watch?v=EBJL-zGJejs - 320k - Cached - Similar pages
6 days ago … Thousands of demonstrators have taken to the streets of several Spanish cities to express their anger at a new public security law.

 
Comment by aNYCdj
2014-12-27 10:38:46

Police here are not happy with a racist mayor, political correctness is finally on it’s way out..

http://abcnews.go.com/US/nypd-officers-turn-back-de-blasio-cops-funeral/story?id=27851746

Comment by Raymond K Hessel
2014-12-27 11:24:18

This makes its own statement about the lack of professionalism of the NYPD.

Comment by aNYCdj
2014-12-27 11:28:17

Wrong the police have a mayor on the side of thugs……it wont be long before de Bozio will side with thugs in a racial hate crime against a white person………then he may not make a full term..

Comment by aNYCdj
2014-12-27 11:49:02

Debozio has pizzed off parents too…in his moron vision zero…trying to eliminate pedestrian accidents/deaths….they put speed bumps on lots of streets the past few months plus extended the sidewalks taking out maybe 30 parking spaces then they had to change the school bus routes because the drivers are not supposed to go over speed bumps with children on the bus.

(Comments wont nest below this level)
 
 
 
 
Comment by phony scandals
2014-12-27 11:07:03

The Destruction Of The Middle Class Is Nearing The Final Stages

Submitted by Tyler Durden on 12/23/2014

Submitted by Tom Chatham via Project Chesapeake,

The events of the past few months seem astounding when taken in all at once. The plan to destroy the U.S. dollar and the American middle class is moving at an ever increasing speed.

At the recent G20 meeting the nations agreed that bank deposits would no longer be considered money. These bank deposits become the property of the banking institution and as such can be used any way the bank wants. This means that any money you deposit in a bank now is no longer yours but makes you an investor in the bank and subject to lose that money if a banking crisis takes down the bank.

The spending bill just passed by congress makes the American taxpayer responsible for any derivatives loses that banks may suffer. These derivative holders now have first priority when any funds are paid out and depositors are relegated to last place. FDIC insurance will have to pay out these funds but it has no where near enough money to pay the more than 300 trillion in losses that will be suffered in a banking crisis. That means any depositor has little hope of getting anything back. In order for depositors to get anything back massive money printing would have to take place making any payout amount to only pennies on the dollar.

And if you don’t think there is any danger of a banking crisis in America you may want to keep in mind that the Treasury Dept. has recently ordered $200k worth of 72 hr emergency kits for dispersion to every major bank in America. These are known by many as bug-out-bags and are used to support individuals when disaster strikes and they have to care for themselves for the first few days of crisis.

New legislation now gives pension plans the ability to cut benefits to pensioners in the future making the future welfare of these people uncertain.

The sanctions being placed on Russia are beginning to destabilize the world in many ways.

For the past few years those elite with knowledge of the coming monetary destruction have been putting their fiat dollars into any hard assets they can find.

This diversification includes precious metals and land as well.

You may feel some security knowing you have a good job but among the deposits that disappear will be billions in commercial accounts that belong to businesses.

There are three lessons that many people will learn in the coming months. If you do not have it already you may not be able to get it. If you do not have it physically in your hands you do not own it. If you cannot protect it you will not have it for long.

http://www.zerohedge.com/news/2014-12-23/destruction-middle-class-nearing-final-stages - 150k -

 
Comment by Raymond K Hessel
2014-12-27 11:20:02

This is what it looks like when the public loses faith in their currency and political elites. Coming soon to a crony-capitalist Keynesian plutocracy and Fed-debased currency near you.

http://news.yahoo.com/russia-imposes-rationing-token-gesture-204634332.html

Comment by Oddfellow
2014-12-27 15:10:20

There’s a black market for cheese developing in Russia too, since they’re too screwed up to produce their own, and they’ve banned most imported food.

But they “found” a trillion rubles to bail out the banks! Yes, that’s trillion with a “t”.

 
 
Comment by Housing Analyst
Comment by phony scandals
2014-12-27 13:02:54

That’s an angry donkey.

 
Comment by rms
2014-12-27 14:28:36
Comment by phony scandals
2014-12-27 16:18:49

I’m partial to right turn Clyde.

I named my first Black Lab after him.

http://www.youtube.com/watch?v=i98QrSSHxo4 - 408k -

Comment by rms
2014-12-27 16:35:55

:)

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Comment by Housing Analyst
2014-12-27 17:06:27
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Comment by phony scandals
2014-12-27 18:45:53

Wasssup Goober

 
Comment by Tarara Boomdea
2014-12-27 19:38:45

Very handsome guy.

Had no idea chocolate labs were so popular (see a lot on reddit - 10 minutes daily puppy/kitten watching is therapeutic.)

 
Comment by rms
2014-12-27 20:06:40

“Say hello to Goober.”

Certainly has that look of wisdom. Thanks!

 
 
 
 
 
Comment by john
2014-12-27 13:40:32

Gift idea: Terrible Estate Agent Photos: A Book of the Most Baffling Property Photographs Ever Taken Hardcover – November 26, 2014

 
Comment by Oddfellow
2014-12-27 14:22:57

Anybody catch the Bitcoin Bowl yesterday? I watched it for a bit.

Comment by phony scandals
2014-12-27 16:43:22

I thought you were joking.

NC State caps turnaround, has way with UCF - Go.com
scores.espn.go.com/ncf/recap?gameId=400610209 - 141k - Cached - Similar pages
17 hours ago … The Bitcoin Bowl was a homecoming of sorts for Brissett, who is from West Palm Beach and transferred to NC State from Florida. The 6-foot-4,

 
 
Comment by Housing Analyst
2014-12-27 17:25:51

“Why Housing Is Dead: First-Time Buyers Collapse To 27-Year Lows”

http://www.zerohedge.com/news/2014-11-03/why-housing-dead-first-time-buyers-collapse-27-year-lows

Comment by rms
2014-12-27 18:38:28

“…mirroring FHFA’s Mel Watt’s Einsteinian insanity…”

+1 A fitting ad hominem assault.

 
 
Comment by Whac-A-Bubble™
2014-12-27 21:43:18

Sign in Dad’s garage, photographed as we get our parent’s place ready to sell.

Comment by rms
2014-12-28 09:23:15

+1 Glad to see he felt strongly enough about it to protest.

Comment by Prime_Is_Contained
2014-12-28 15:08:27

Awesome. My hat is off to your dad…

 
 
 
Comment by Whac-A-Bubble™
2014-12-27 21:57:31

10 worst states for retirement security
By MarketWatch
Published: Dec 26, 2014 7:32 a.m. ET

51. California

Median hourly pay, age 55 & up: $15.93

Unemployment rate, age 55 & up: 8.5%

Tax rate on retirement income: 6%

Average Medicare, out of pocket: $1,890

Average Medicaid spending, eligible seniors: $9,449

Average retirement account balance (excludes pensions): $23,381

Percent of senior households who spend more than 30% on housing: 42.5%

Percent of private sector employees in employer-sponsored retirement plan: 40.2%

 
Comment by Whac-A-Bubble™
2014-12-27 22:07:23

ft dot com
December 26, 2014 3:13 pm
Oil price collapse stokes financial crises in producing countries
Ed Crooks in New York
ConocoPhillips©Bloomberg

The most significant development in the world economy in 2014 was the collapse in the price of oil.

The near-50 per cent drop in the price of internationally traded Brent crude from a high of more than $115 a barrel in June to less than $60 earlier this month has put extra money into consumers’ pockets and boosted fuel-intensive businesses such as airlines, while cutting oil companies’ revenues and stoking financial crises in oil-producing countries including Russia and Venezuela….

 
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