January 29, 2015

Bits Bucket for January 29, 2015

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

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Comment by Jingle Male
2015-01-29 01:44:04

It is starting to feel like change is coming. If housing turns down steeply, we will know soon. SuperBowl Sunday is here again. There will be much less institutional selling into the market in the next 5 years than there was in ‘08-’12. Real estate markets are sticky and move in slow motion….

Comment by real journalists
2015-01-29 02:55:20


Comment by Muggy
2015-01-29 05:00:51


Comment by Professor Bear
2015-01-29 05:27:58


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Comment by real journalists
2015-01-29 05:41:06

Buy a house today and your losses will be incalculable

Comment by "Auntie Fed, why won't you love ME?"
2015-01-29 10:53:13

Greater crater, gator.

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Comment by Blue Skye
2015-01-29 05:04:06

“There will be much less institutional selling…”

Don’t you mean less institutional buying?

Markets crash slowly until they crash all of a sudden.

You will pay your tuition and take your change.

Comment by Professor Bear
2015-01-29 05:31:09

A little understood aspect of markets overrun by manic speculation is just how swiftly speculative demand can morph into speculative supply.

Result: Cr8r

Comment by Michael Viking
2015-01-29 08:42:46

Result: Cr8r

Over the years on this blog you’ve fondly pointed out to others how “A stopped clock is right twice a day”. I’m quite sure if you keep saying Cr8r you’ll eventually be proven right. Say what you will about ADan, at least he gave dates and numbers.

I’ve read enough of your posts to think I understand that you don’t want to make predictions and consider it a fool’s game. So what’s the point of stopped clock statements? They’re never wrong and eventually they’re right. Unfortunately they don’t convey any information.

There will be tidal waves, earthquakes, wars, eruptions, disease…on and on. Ice age! There’s gonna be an ice age. The important thing is WHEN!

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Comment by Housing Analyst
2015-01-29 08:52:15

Right now. Whether you agree with it or not.

Comment by Professor Bear
2015-01-29 09:08:13

Rant on, Dude!

Comment by "Auntie Fed, why won't you love ME?"
2015-01-29 19:30:58

He is saying it because of the crater problem.

Comment by Puggs
2015-01-29 13:56:30



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Comment by Housing Analyst
2015-01-29 14:27:51

CraterRage® Photo Of The Day


Comment by Puggs
2015-02-01 21:21:05


Comment by rms
2015-01-29 08:29:34

“Markets crash slowly until they crash all of a sudden.”

All top hats and umbrella dresses to the life boats. Quietly please.

Comment by Shillow
2015-01-29 06:00:45

Real estate markets are sticky and move in slow motion….

Sez who, JFraud? The institutions are bailing bigtime. They don’t want to see their paper profits go poof.

You scared, punk.

Comment by Jingle Male
2015-01-29 07:18:48

Well, I stand corrected.

Let’s reconvene at the 2016 SuperBowl and compare notes……unless you believe the cr8r will cause it to be canceled!

Comment by Housing Analyst
2015-01-29 07:20:26

Backpedal some more Jingle_Fraud.

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Comment by oxide
2015-01-29 07:27:01

“Bailing big time” on individual houses is very much slow motion compared to bailing on stocks.

Comment by Housing Analyst
2015-01-29 07:43:49

uh huh. Shifty as the goal posts moving all over the place.

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Comment by Shillow
2015-01-29 08:01:25

Ask DR Horton about slow motion with their already 10 percent plus price cuts.

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Comment by Blue Skye
2015-01-29 08:28:12

“houses is very much slow motion…”

One transaction at a lower price brings the valuation of the entire market down instantly. There is no such thing as “individual houses” in a speculative bust.

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Comment by "Auntie Fed, why won't you love ME?"
2015-01-29 19:35:10

Yeah, punk is scared. I gree.

Comment by Rental Watch
2015-01-29 10:05:05

Supply/demand should be measured by shelter/people, NOT by listings. And these dynamics differ by market.

Census released vacancy data today.

CA vacancy rate for homes is 1%. The lowest since Q1 2005 (when it was 0.7%).

CA rental vacancy rate is 3.4%. The lowest number on the page (quarterly data from the beginning of 2005) by nearly 2 full percentage points.

There will not be a collapse in home prices with job growth and these kind of vacancy rates until significant additional supply is built.

Comment by Housing Analyst
2015-01-29 10:49:43

Prices are falling statewide already.

With 4.4 million excess empty and defaulted houses in CA, vacancy rate is a pointless discussion.

Comment by Beer and Cigar Guy
2015-01-29 11:34:21

Thank you for sharing your analysis- I really needed it. I frequently live in despair that there is no one on the face of this planet more clueless than my Brother In Law, but then you post something and suddenly my world gets just a little brighter. Bless you. Buy some more houses.

Comment by Professor Bear
2015-01-30 01:20:57


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Comment by Jingle Male
2015-01-30 04:27:51

You suffer despair because your sister married an idiot? Drink another beer, smoke another cigar. It seems to run in the family.

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Comment by Beer and Cigar Guy
2015-01-30 06:49:05

And another pinhead reports in! Go buy some more houses- its a historic opportunity for lemmings like you.

Comment by "Auntie Fed, why won't you love ME?"
2015-01-29 19:37:14

Supply/demand dictates that the low vacancy rates should incentivized builders to do what they do.

Comment by Dudgeon Bludgeon
2015-01-29 20:53:19

When a house is too expensive to buy, people are told to buy more than one.

There will never be enough houses. There will never be an affordable house.

There aren’t enough babies being born - we are graying out of a greater prosperity so have more babies.

A snake eating it’s own tail. A perpetual profit machine.

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Comment by Professor Bear
2015-01-29 03:50:44

Crude extends slide to trade close to 6-year low
By Sara Sjolin
Published: Jan 29, 2015 4:09 a.m. ET

LONDON (MarketWatch) — Oil traded around its lowest level in almost six years on Thursday, continuing its prior-day slide, when a larger-than-expected increase in U.S. crude supplies sent futures plunging.

Crude oil for March delivery fell 14 cents, or 0.3%, to $44.31 a barrel, touching the lowest level since March 2009. The loss built on a 3.9% slide from Wednesday, which was triggered by poor inventory data. The U.S. Energy Information Administration said U.S. oil supplies rose by 8.9 million barrels in the week ended Jan. 23, higher than the increase of around 3.5 million barrels expected by analysts polled by Platts. At 406.7 million barrels, U.S. inventories are at their highest since 1924.

Comment by Blue Skye
2015-01-29 08:09:07

Oil is just about where it was at the end of 2008, and the slope of the decline looks exactly the same then and now. In 2008 we were having the biggest financial meltdown in the history of the universe, cascading defaults threatened to make the world stop turning and the leaders in DC were crying “Mommy, make it stop.”

Now it’s just crickets, busted roughnecks and happy talk. Something happened and it was something big, but nobody is talking. I suspect the miners in Australia know what it was.

Comment by Professor Bear
2015-01-29 09:03:26

This time oil is crashing hard with no major problems anywhere else in the economy; go figure.

Comment by Blue Skye
2015-01-29 11:57:43

The biggest expansion of credit anywhere in the world was also not part of the “economy”.

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Comment by Prime_Is_Contained
2015-01-29 13:15:21

This time oil is crashing hard with no major problems anywhere else in the economy; go figure.

Perhaps it is just reverting to where it should have been this whole time, absent massive money-printing distortion effects?

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Comment by Professor Bear
2015-01-29 04:23:30

Here is why India will keep growing faster than China
By Bloomberg | 29 Jan, 2015, 12.30PM IST

NEW YORK: The economic growth race between India and China started in the late 1940s, around the time India gained independence and adopted democracy and China turned to communism. Given the sheer size of their populations, each has the potential to dominate the global economy but until recently, it’s been no contest: In 2013, China’s per capita gross domestic product was 4.5 times larger than India’s.

The latest forecast suggests that the tide may be turning in India’s favour, possibly for good. The World Bank anticipates that, by 2017, India will be growing faster than China.

If India keeps it up, the World Bank expects its economy to grow 7 per cent in 2017, up from 5.5 per cent in 2014. Meanwhile, the forecast calls for growth in China to slow as its government reduces spending, tightens credit, and unwinds its housing bubble. The bank expects China’s growth to fall from 7.4 per cent in 2014 to a modest 6.9 per cent in 2017.

Comment by Blue Skye
2015-01-29 08:14:50

“The economic growth race between India and China started in the late 1940s…”

around the time the Chinese forced about 30 million of its intelligencia starve to death in the mountains.

“The bank expects China’s growth to fall from 7.4 per cent in 2014 to a modest 6.9 per cent in 2017.”

Let’s not forget that deflation makes your GDP go up when you are not growing at all!

Comment by Beer and Cigar Guy
2015-01-29 11:36:53

India? INDIA!?! Heresy! Blasphemy! May the curse of ABQDan be upon thee!

Comment by Dudgeon Bludgeon
2015-01-29 20:55:57

Who here has been to India lately? It’s a paradise. It’s even more paradisaical than China!

Comment by Professor Bear
2015-01-29 04:27:07

Oil near six-year lows after U.S. stockpiles hit record high
Henning Gloystein
Published Thursday, Jan. 29 2015, 5:39 AM EST
Last updated Thursday, Jan. 29 2015, 5:41 AM EST

Oil remained weak in Asia on Thursday after data showing record U.S. stockpiles sent prices tumbling to the lowest level in nearly six years in the previous session and analysts said a global glut would continue to keep the market under pressure.

The U.S. Energy Information Administration (EIA) said domestic crude oil stocks rose by almost 9 million barrels last week to reach nearly 407 million, the highest level since the government began keeping records in 1982.

“The market expects stockpiles to keep rising, pushing front-month prices further down as refineries enter maintenance season and are likely run at lower utilization rates,” ANZ said in a note.

Prices on Thursday stuck close to the previous settlement levels. Brent was trading at $48.50 a barrel at 0741 GMT, virtually flat with its last settlement, while U.S. crude was at $44.41, versus the low of $44.08 hit on Wednesday, the weakest since April 2009.

Analysts said the outlook remained weak, especially with demand slowing in China.

“The Chinese government is moving away from the post-2008 investment binge and gradually moving towards a more moderate but sustainable consumption-led economic growth,” Wood Mackenzie said on Thursday.

Comment by Professor Bear
2015-01-29 04:39:31

Oil to stay lower for longer; Chinese demand growth to slow - Goldman
By David Sheppard
LONDON Tue Jan 27, 2015 11:33am EST

(Reuters) - Oil prices will stay lower for longer after more than halving since June, Goldman Sachs’ (GS.N) chief commodity analyst said, arguing in his latest research note that demand growth in China and other emerging economies is set to slow.

Goldman’s Jeff Currie, who rose to prominence forecasting oil’s spike above $100 a barrel last decade, said the rise of U.S. shale output had realigned energy markets, making China a bigger and more important consumer than the United States.

“For the first time since the 1940s, the U.S. is no longer the world’s largest (oil) importer,” Currie wrote in the note dated Jan. 26, which is part of the bank’s ‘Top of Mind’ research series on macroeconomic trends.

“It has ceded that dubious position to China, which with other emerging markets is now forced to pay up for the last barrel of oil it needs from the rest of the world. As a result, gone are the days of surging EM (emerging market) oil demand.”

The bank, which is arguably the most influential in commodity markets, had already slashed its energy forecasts two weeks ago to predict Brent crude may fall below $40 a barrel and average just over $50 this year.

He said in this week’s note that the oil crash may be the most “startling and far-reaching market development” since the financial crisis, adding that even if oil prices recover from their recent lows they were unlikely to rebound back to levels at the start of this decade.

Brent hit an all-time high above $147 a barrel in 2008. It averaged around $110 a barrel between 2011 and 2013 as supply disruptions helped mask the impact of the U.S. shale boom.

A new equilibrium price will ultimately be found, which will likely be much lower than the price over the past decade,” Currie wrote.

Brent has fallen from above $115 a barrel in June to a near six-year low of $45.19 on Jan. 16, as the Organization of the Petroleum Exporting Countries as declined to cut output despite the price slide as it focuses on preserving market share.

Comment by Professor Bear
2015-01-29 04:42:20

Greek PM Tsipras freezes privatisations, markets tumble
By Lefteris Papadimas and Renee Maltezou
ATHENS Wed Jan 28, 2015 5:44pm EST

(Reuters) - Leftist Greek Prime Minister Alexis Tsipras threw down an open challenge to international creditors on Wednesday by halting privatisation plans agreed under the country’s bailout deal, prompting a third day of heavy losses on financial markets.

A swift series of announcements signalled the newly installed government would stand by its anti-austerity pledges, setting it on a collision course with European partners, led by Germany, which has said it will not renegotiate the aid package needed to help Greece pay its huge debts.

Tsipras, who was congratulated by U.S. President Barack Obama in a phone call for his decisive election victory on Sunday, told the first meeting of his cabinet members that they could not afford to disappoint voters battered by a plunge in living standards under austerity.

After announcing a halt to the privatisation of the port of Piraeus on Tuesday, for which China’s Cosco Group and four others had been short-listed, the government indicated it would put the whole programme on hold.

It said it would stop the sale of stakes in the Public Power Corporation of Greece, Greece’s biggest utility, and refiner Hellenic Petroleum, and put other planned asset sales of motorways, airports and the power grid on ice.

The government also plans to reinstate public sector employees judged to have been laid off unfairly, including a group of finance ministry cleaners whose case attracted publicity last year, and announced rises in pensions for retired people on low incomes.

Comment by 2banana
2015-01-29 07:33:00

OK kids.

What happens when you have lots of debt and dramatically increase spending?

What happens when you have lots of debt and take on even more debt?

And finally,

The FSA votes for which candidate?

Comment by Cactus
2015-01-29 11:42:25

Greece goes Iceland ?

Comment by Raymond K Hessel
2015-01-29 20:36:39

This new bunch in Greece seems to be sticking to their guns. I thought they’d be cutting deals the instant they got into power like every other corrupt Greek politicians (and their Republicrat counterparts for that matter) but so far, they’re holding firm on the hard line. They may be lefties, but I’m starting to feel some grudging respect.

Comment by real journalists
2015-01-29 06:13:45

One in five kidz on food stamps in the Obama recovery

Article notes that “27 percent were living in single parent homes last year, tripling the 9 percent in 1960″


My liberal betters inform that kidz don’t need fathers when they’ve got Big Daddy Government

50+ years of Marxist feminism and this is what you get, keep telling yourself you can “have it all” and “lean in” and “smash the patriarchy” as long as there are enough taxpayer dollars to pay for your lifestyle choices, and for your kidz’ heightened probability of incarceration

Comment by 2banana
2015-01-29 07:14:24

America’s longest war

We lost the 50 year “War on Poverty”

When can we bring the troops home?

We did create a 49% free sh*t army…

Comment by MightyMike
2015-01-29 10:29:10

You don’t understand the meaning of poverty.

Comment by rms
2015-01-29 14:55:00

“You don’t understand the meaning of poverty.”

LBJ didn’t either, but he was just buying votes.

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Comment by MightyMike
2015-01-29 16:10:00

No, he had a good understanding of poverty. He went out and met poor people.

Actually, though, I’m just referring to the standard definition of the word.

Comment by rms
2015-01-29 21:23:34

“He went out and met poor people.”

You can listen to Jimi Hendrix, but you can’t feel his pain.

Comment by tresho
2015-01-29 13:50:29

We lost the 50 year “War on Poverty”

When can we bring the troops home?

— Good question.
— They never left home. They muster in places like Ferguson, MO, now & then break things and kill people. Sometimes they block key freeways and major traffic arteries in our big cities. The “poverty-stricken” have won and they now want all the veterans’ benefits and pensions due them.
The Free Lunch Army has morphed into the Grand Army of the Permanent Democratic Supermajority. Their next reunion will also be known as the Democratic National Convention, to be held next summer.

Comment by rms
2015-01-29 08:57:32

Article notes that “27 percent were living in single parent homes last year, tripling the 9 percent in 1960″


Comment by oxide
2015-01-29 14:17:18

Well, technically, no.


Comment by rms
2015-01-29 21:25:34

“Well, technically, no.”

LOL, thanks!

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Comment by "Auntie Fed, why won't you love ME?"
2015-01-29 19:41:51

How many of those kidz were born in a different country?

Comment by real journalists
2015-01-29 06:18:27

And now that you’ve had your Koch, have a steaming serving of Soros


Is it “go time” yet?

Comment by Shillow
2015-01-29 06:19:11

If oil goes to $42, striking distance to $40, there is going to be a panic like you’ve never seen. Perhaps perfectly timed for that lull period after the Superbawl.

And many more articles showing it ain’t just Texas and North Dakota exposed.

Comment by Professor Bear
2015-01-29 06:21:39

What’s so special about $42? We’ve made it below $45 with no discernible signs of panic.

Comment by Raymond K Hessel
2015-01-29 07:14:21

I would call this a “discernable sign” that losses are mounting.


Comment by 2banana
2015-01-29 07:30:32

And then we get to the heart of the matter:

Out of control government spending and out of control public unions.

There is only one solution - raise taxes!

Pension costs have spiraled out of control, and no one can figure out what to do about them. By dropping the annual assumed rate of return from an unrealistic, nay, ridiculously high 7.75% to a nearly as ridiculously high 7.5%, the county’s pension costs will jump another $21 million in the next fiscal year, to $300 million a year.

And then there’s the new county jail, that after over six years of debate, was approved last December, the biggest public works project Kern County government has tackled in at least 15 years, maybe more, according to Assistant County Administrative Officer Jeff Frapwell. The first $100 million will be paid by state grant. The remainder of the operating costs, including $20.5 million for the initial staffing costs, will be up to the county. But it no longer has the money.

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Comment by Raymond K Hessel
Comment by 2banana
2015-01-29 07:26:40

And the propsef solution is…

Create a state income and sales tax.

Because there is no problem that can not be solved with bigger and bigger government, more and more regulations and higher and higher taxes

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Comment by Shillow
2015-01-29 08:04:01

42 is much closer to 40. There is a well established psychological phenomenon. By 41 it’s too late. Discounting for a PPT event.

Comment by Professor Bear
2015-01-29 06:26:27

Wait a minute…you don’t mean to suggest that Wall Street speculators are exposed with crazy long bets on oil?

Comment by oxide
2015-01-29 07:20:15

What’s your time-frame for “long,” p-bear? For me, it’s 4-5 years. For these jokers on WS it’s probably 10 minutes.

Comment by Housing Analyst
2015-01-29 08:08:38

How we get there is just the scenery. The destination doesn’t change.

Are you prepared?

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Comment by oxide
2015-01-29 08:57:18

If the destination doesn’t change no matter what the time frame is, then why do you urge me to “get what I can now?” Why now? By your reasoning, it shouldn’t matter when.

Comment by Housing Analyst
2015-01-29 09:13:56

Why wouldn’t you limit your losses now?

Comment by Blue Skye
2015-01-29 15:45:35

To look at this another way, the timing of your house purchase pretty well determines the severity of the ass pounding. I say go ahead and wait around for it.

Comment by Jingle Male
2015-01-30 04:43:57

Oxy, they’ve been singing the same song since you purchased your place. They’ve been railing me since I bought my properties. Clearly, the solid cash flow has proven them wrong time and again, not to mention values have increased the whole time they have been shouting CR8R.

Just keep paying down your debt, at a lower cost than rent and you will enjoy your asset while they collect a box of rent receipts.

Comment by Housing Analyst
2015-01-30 06:52:06

Go get’em $250aMonthMan!

Comment by "Auntie Fed, why won't you love ME?"
2015-01-29 19:43:38

If oil goes to 40, I will buy a little more.

Comment by Jingle Male
2015-01-30 05:38:06

I bought 6 barrels at $42 yesterday. I keep it under the deck.

Comment by real journalists
2015-01-29 06:23:42

Wall Street Journal reports that “The U.S. government estimates as many as six million households may have to pay a penalty for not having had health-insurance coverage last year as required under the Affordable Care Act”

And remember kidz, it’s a “penalty” and not a tax, LOLZ

Comment by 2banana
2015-01-29 06:44:17

Actually - obamacare calls it a “shared responsibility payment”

I kid you not.

We have to pass the bill to find out what is in it…

Comment by real journalists
2015-01-29 07:23:33

“shared responsibility”

Just like “it takes a village to raise a child”

From each according to his abilities, to each according to his needs (and with health care at 18% of U.S. GDP, private-sector, for-profit insurance corporations, who are the primary beneficiaries of Obamacare, are quite needy)

Comment by Shillow
2015-01-29 08:05:47

Now that we have a list of 6 million, search their houses for guns. We know they don’t care about health and guns in the home is a health issue.

Comment by real journalists
2015-01-29 08:35:58

Because registration, confiscation, extermination


Got 7.62×39?

Comment by tresho
2015-01-29 14:12:49

Got 7.62×39?
Utopia is never less than one more execution away.

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Comment by Raymond K Hessel
2015-01-29 20:40:32

Socialism, tryanny, guns, and freedom.


Comment by tresho
2015-01-29 14:15:47

The U.S. government estimates as many as six million households may have to pay a penalty
Last week my Chinese instructor here in the USA let slip that her employer (the PRC) does not pay for any health care insurance. I wondered if this US penalty will apply to her, but I didn’t dare to bring up the subject. I expect I’ll learn more later.

Comment by real journalists
2015-01-29 06:30:37

Wall Street Journal article confirms everything I predicted about the Lucky Ducky future

“The emergence of a two-tiered U.S. economy, with wealthy households advancing while middle- and lower-income Americans struggle, is reshaping markets for everything from housing to clothing to groceries to beer.

Since 2009, average per household spending among the top 5% of U.S. income earners — adjusting for inflation — climbed 12% through 2012, the most recent year available. Over the same period, spending by all others fell 1% per household”


Comment by Blue Skye
2015-01-29 06:35:11

Comment by Blue Skye

2015-01-28 16:34:00

I find this letter to the German people very interesting.


Reply to this comment

Comment by Ben Jones

2015-01-28 17:00:59

‘In 2010, the Greek state ceased to be able to service its debt. Unfortunately, European officials decided to pretend that this problem could be overcome by means of the largest loan in history on condition of fiscal austerity that would, with mathematical precision, shrink the national income from which both new and old loans must be paid. An insolvency problem was thus dealt with as if it were a case of illiquidity.’

‘In other words, Europe adopted the tactics of the least reputable bankers who refuse to acknowledge bad loans, preferring to grant new ones to the insolvent entity so as to pretend that the original loan is performing while extending the bankruptcy into the future. Nothing more than common sense was required to see that the application of the ‘extend and pretend’ tactic would lead my country to a tragic state.’

‘Indeed, even before a full year had gone by, from 2011 onwards, our predictions were confirmed. The combination of gigantic new loans and stringent government spending cuts that depressed incomes not only failed to rein the debt in but, also, punished the weakest of citizens turning people who had hitherto been living a measured, modest life into paupers and beggars, denying them above all else their dignity. The collapse of incomes pushed thousands of firms into bankruptcy boosting the oligopolistic power of surviving large firms. Thus, prices have been falling but more slowly than wages and salaries, pushing down overall demand for goods and services and crushing nominal incomes while debts continue their inexorable rise. In this setting, the deficit of hope accelerated uncontrollably and, before we knew it, the ’serpent’s egg’ hatched – the result being neo-Nazis patrolling our neighbourhoods, spreading their message of hatred.

Despite the evident failure of the ‘extend and pretend’ logic, it is still being implemented to this day. The second Greek ‘bailout’, enacted in the Spring of 2012, added another huge loan on the weakened shoulders of the Greek taxpayers, “haircut” our social security funds, and financed a ruthless new cleptocracy.’

‘Respected commentators have been referring of recent to Greece’s stabilization, even of signs of growth. Alas, ‘Greek-covery’ is but a mirage which we must put to rest as soon as possible. The recent modest rise of real GDP, to the tune of 0.7%, signals not the end of recession (as has been proclaimed) but, rather, its continuation. Think about it: The same official sources report, for the same quarter, an inflation rate of -1.80%, i.e. deflation. Which means that the 0.7% rise in real GDP was due to a negative growth rate of nominal GDP! In other words, all that happened is that prices declined faster than nominal national income.’

‘So, let me be frank: Greece’s debt is currently unsustainable and will never be serviced, especially while Greece is being subjected to continuous fiscal waterboarding.’

This gets to your question earlier, how does it end? One way is the debts become insurmountable. Look at the surprise of the technocrats that millennial’s aren’t buying houses. Here, borrow a ton of money to go to college. Credit cards, cars. What do you mean you don’t want more debt?

For all the talk by central bankers about helicopter dropping money, they never do it. They make cheap loans to their banker buddies who then use arbitrage and carry trades and bonds to skim the cream of the top, QE runs all over the globe creating bubbles. Meanwhile, people with cash have been robbed by some accounts of $ 1 trillion in the US alone. Free money indeed. This weekends post from Hodges is right on; you have to be able to repay the principle. These low rates and thin-air liquidity have only made everything worse.

Comment by palmetto
2015-01-29 07:15:35

I must say, Tsipras certainly has an excellent grasp of the problem. I know his party is lefty, and I have read some of the reforms he’s looking to institute and don’t agree with some of them, but he really does lay it on the line here, and it looks as if he’s giving hope to his people.

Comment by 2banana
2015-01-29 07:20:19

To sum it up:

You can’t solve the problem of high debt with more debt.

Comment by measton
2015-01-29 20:54:19


You can’t solve a problem of too much debt but cutting the salary of the people who have to pay the debt back. Austerity is a complete failure.

Now if the gov was able to print money and create jobs and raise salaries the debt becomes more manageable. The elite don’t want this as it will cut into the value of their cash and bond holdings. Other than default which also cuts into their holdings, it’s the only way to pay the debt back.

That bit about oligopolistic power to raise prices is perfect. It’s what’s happening in the US as well.

Comment by Cactus
2015-01-29 11:50:49

He nailed it

Comment by Raymond K Hessel
2015-01-29 20:48:40

Brilliant. Greece’s new rulers haven’t fully acknowledged the culpability of their own people and their tolerance (and votes for) a sordid succession of corrupt socialist crony-capitalists, but as far as the role of the banksters, this open letter was dead on.

Comment by measton
2015-01-29 20:56:32

“socialist crony capitalists”? Isn’t this an oxymoron?

Comment by real journalists
2015-01-29 06:36:27

Real journalists ask can House Democrats retake the House?

With 34 million more Free Sh*t Army they will, LOLZ


Permanent Democrat Supermajority

Comment by Raymond K Hessel
2015-01-29 07:11:30

Forward, Soviet! Our glorious FSA marches shoulder to shoulder with Comrad Pelosi in the vanguard, a Central American migrant child and future Democrat-for-life voter holding each hand. We must redistribute the wealth of those recalcitrate bitter clingers for the sake of “fairness” as we build our incorporated neoliberal plantation for the sheeple!

Comment by palmetto
2015-01-29 06:36:55

This has GOT to be the ultimate FB/Debt Donkey immigrant story. And in Prince George’s County, too, one of the major meltdown areas during the last bubble. Talk about wash, rinse, repeat. Last time it was Hispanic immigrants, this time African immigrants.


Comment by real journalists
2015-01-29 07:26:30

I read that yesterday, thanks for posting

Everybody’s a winner in the Victim Olympics, LOLZ

Comment by rms
2015-01-29 20:24:54

“Victim Olympics”

+1 A fitting assessment for these disgusting pigs.

Comment by phony scandals
2015-01-29 08:43:55


So that’s it. It’s an old story, one you’ve probably heard
before. But I never thought it would happen to me.

Comment by oxide
2015-01-29 08:46:08

Good god, greedy beeyotches. I tried to extract the numbers for you guys, but there were too many. Even the Post had to sum it up:

“With $257,776 owed on the Germantown house, $969,037 owed on the Fairwood house, $55,000 in personal loans and the [$90K] student loan debt, the couple who had never owned a credit card before moving to the United States [in 1997] now owe more than $1.3 million. They currently earn an income of about $100K/year.”

Comment by Raymond K Hessel
2015-01-29 20:49:54

The anti-American dream non-succes story!

Comment by rms
2015-01-29 20:20:52

“They currently earn about $100,000 a year.”

And they’re garish, impulse driven, lacking cognition. Disgusting!

Comment by Raymond K Hessel
2015-01-29 20:51:05

But victims nonetheless. We, the responsible, must bear our share of their misfortune. That’s two more Democrat votes, you know.

Comment by rms
2015-01-29 21:29:02

“That’s two more Democrat votes, you know.”

+1 Yeah, got the tee shirt.

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Comment by real journalists
2015-01-29 06:45:01

Drudge Report link from some rando website says “Iran Targets Netanyahu Children For Assassination”

If anything should whip the knuckle dragging, mouth breathing, Earth is 6,000 years old crowd into a frenzy, targeting the children of the governor of Amerikwa’s 51st state sure will

The only solution to this is another trillion dollar war

Comment by 2banana
2015-01-29 06:56:41

Obama said we had 57 states…

Comment by real journalists
2015-01-29 07:40:22

Are you counting the West Bank, Gaza Strip, and Golan Heights as states too?

American taxpayers and voters need to always remember the bravery and sacrifice of the Israeli Defense Forces for putting their “boots on the ground” in the first Iraq, Afghanistan, and second Iraq wars

We couldn’t have done it without you

Comment by Raymond K Hessel
2015-01-29 20:52:16

Onward Christian Soldiers.

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Comment by oxide
2015-01-29 07:47:42

And in the context of the time, he was correct. Seriously, are Republicans so hurting for material that they have to trot that out for years on end?

Comment by Shillow
2015-01-29 08:08:27

Wait, what?

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Comment by oxide
2015-01-29 09:16:20

Obama was speaking in context of the 57 “states” who vote in the Presidential primary, including non-states such as DC and Puerto Rico. At the time, 2008, the primary contest with H Clinton was close enough that the results in those 7 extra “states” may have affected the outcome. Obama’s mistake was in referring to them as “states” when they are actually protectorates.

So he wasn’t entirely correct, but he was certainly over-vilified by the truck-smoggers, as in “JAY-zus doesn’t he know that the good ol’ YOO ES of AYY has 50 states?” Do the truck smoggers even know about American Samoa or the Northern Marianas Islands?

Comment by Beer and Cigar Guy
2015-01-29 11:45:55

“..Do the truck smoggers even know about American Samoa or the Northern Marianas Islands?”

They do know. There are even a few still living who fought a war over there. And they are all smart enough to know that they are not “States”. Unlike that narcissistic, sociopathic pinhead currently in the White House. And his apologists.

Comment by "Auntie Fed, why won't you love ME?"
2015-01-29 19:55:54

The prez was speaking in terms of electoral votes, so he just meant that there were 57 places to count. Why get your truck smog in a bunch over semantics?

Comment by AmazingRuss
2015-01-29 13:34:35


Comment by real journalists
2015-01-29 06:47:13

See also:


Can I has Rapture plz?

Comment by phony scandals
2015-01-29 06:57:54

Jonathan Gruber at the University of Pennsylvania in October, 2013.

“Lack of transparency is a huge political advantage. And basically, call it the ’stupidity of the American voter’ or whatever, but basically that was really, really critical to getting the thing to pass.”

We Must Act Now to Protect Our Winters

2015 January 28
Gina McCarthy

2014 was the hottest year on record, and each of the last three decades has been hotter than the last.

If we fail to act, Aspen’s climate could be a lot like that of Amarillo, TX, by 2100. Amarillo is a great town, but it’s a lousy place to ski.

We Must Act Now to Protect Our Winters | EPA Connect - blog
blog.epa.gov/epaconnect/2015/01/we-must-act-now/ - 27k - Cached - Similar pages
21 hours ago …

Comment by 2banana
2015-01-29 07:16:52

Never let a crisis go to waste

Comment by real journalists
2015-01-29 07:31:24

If more people were like Jim Bob and Michelle Duggar we’d all enter the Kingdom of Heaven sooner and then nobody would have to worry about all this warmist warming

Comment by Bring Back the WPA
2015-01-29 08:24:37

Yawn… Gruber is so 2014

Comment by phony scandals
2015-01-29 08:34:16

“Yawn… Gruber is so 2014″

“not even a smidgen of corruption”

Comment by phony scandals
2015-01-29 07:25:35

PBS Drops Another Bombshell: Wall Street Is Gobbling Up Two-Thirds of Your 401(k)

By Pam Martens: April 25, 2013

If you work for 50 years and receive the typical long-term return of 7 percent on your 401(k) plan and your fees are 2 percent, almost two-thirds of your account will go to Wall Street. This was the bombshell dropped by Frontline’s Martin Smith in this Tuesday evening’s PBS program, The Retirement Gamble.

This is not so much a gamble as a certainty: under a 2 percent 401(k) fee structure, almost two-thirds of your working life will go toward paying obscene compensation to Wall Street; a little over one-third will benefit your family – and that’s before paying taxes on withdrawals to Uncle Sam.

To put it another way – you work for Wall Street. You are their slave, their lackey and as long as their toadies dominate in Congress, nothing is going to change on the legislative front to stop the looting. Wall Street seized millions of homes through illegal foreclosures and stripped the equity from the owners. They got away with it. Some Wall Street firms further enriched themselves making bets that the housing market would collapse, using their inside knowledge of the bogus loans they had made. They got away with that also. Now Wall Street is busy asset stripping the retirement plans of the working class in America while President Obama proposes to cut Social Security benefits through a discredited calculation called Chained CPI – conveniently causing people to save more in their 401(k) plans to make up for the potential loss. But the more you save, the more Wall Street asset strips.

wallstreetonparade.com/…/ - 85k -

Comment by oxide
2015-01-29 09:21:50

Gee gosh, it’s too bad Wall Street never got those “carve-outs” from Social Security.

Comment by Cactus
2015-01-29 12:02:28

If you work for 50 years and receive the typical long-term return of 7 percent on your 401(k) plan and your fees are 2 percent, ‘

Companies chose this junk because they are small and or don’t want to pay for it so they let the employees pay.

Without a Company match its no good at all. Better go with a IRA.

Comment by Tarara Boomdea
2015-01-29 12:48:07

Comment by phony scandals
2015-01-29 07:25:35

PBS Drops Another Bombshell: Wall Street Is Gobbling Up Two-Thirds of Your 401(k)

Comment by Ben Jones
2015-01-29 12:52:25

‘The Retirement Gamble was written by the outstanding team of Martin Smith and Marcela Gaviria, who exposed in January that when it came to Wall Street, the U.S. Justice Department had “no investigations going on. There were no subpoenas, no document reviews, no wiretaps.” The head of the criminal division of the Justice Department, Lanny Breuer, announced he was stepping down one day after that program aired. He returned to Covington & Burling, the corporate law firm representing Wall Street firms.’

‘The revelation of the two-thirds wealth transfer machinery was delivered by none other than John Bogle, the legendary founder of The Vanguard Group, a low-load mutual fund firm, who served as its Chairman and CEO from 1974 to 1996.’

‘Bogle: Well, you have to rely on somebody to get out a compound interest table and look at the impact over an investment lifetime. Do you really want to invest in a system where you put up 100 percent of the capital, you the mutual fund shareholder, you take 100 percent of the risk and you get 30 percent of the return?’

Comment by "Auntie Fed, why won't you love ME?"
2015-01-29 19:57:23

Stocks rise at 25% minimum every year.

Comment by phony scandals
2015-01-29 07:30:57

“We are all Americans — north and south in this hemisphere”

“This is a community, with a border going through it.”

Nancy Pelosi

Soros Group Advocates North American – Not U.S. – Passports

by Jerome Corsi | WND | January 29, 2015

A Soros-funded group arguing to replace the U.S. passport with a North American passport appears ready to take up the mantle of championing the concept of a European Union-style regional government to supersede the sovereignty of the United States, Mexico and Canada, fulfilling the dream of the late American University professor Robert Pastor.

The future of the U.S. lies in North America, not in the United States as a sovereign nation, contends the New America Foundation, a Washington-based leftist think-tank with ties to Jonathan Soros, son of famed leftist billionaire George Soros.

Appropriately named “New America,” the foundation believes the U.S. passport should soon become obsolete and replaced with a European Union-style passport issued for all citizens of the U.S., Mexico and Canada. Citizens would be redefined by their regional identity as “North Americans,” echoing President Obama’s claim in Spanish in his Dec. 17, 2014, announcement of his executive actions to re-establish diplomatic relations with Cuba, “Todos Somos Americanos,” or, “We are all Americans.

“The United States, Canada and Mexico are bound by a shared economic, environmental, demographic and cultural destiny. How we move forward together is key to our success,” wrote André Martinez, an editor with New America and a professor at the Cronkite School of Journalism at Arizona State University; and Daniel Kurtz-Phelan, a fellow at New America and a former adviser on Secretary of State Hillary Clinton’s policy planning staff, in an article titled “Why we need a North American Passport,” published by CNN.com.

Comment by real journalists
2015-01-29 07:45:59

“cultural destiny”

I don’t know what the neighborhood is like now but I caught a preview of this cultural destiny in downtown Lake Worth about ten years ago, LOLZ

Comment by phony scandals
2015-01-29 08:06:49

Hey! The illegal border crossers in that hood deserves your “respect“. And your tax $ for their anchor babies.

by Brian Hayes| Top Right News
on June 28, 2014 i

House Minority Leader Nancy Pelosi visited the Texas border where she suggested that the tens of thousands of illegal aliens encamped there are as “American” as U.S. citizens, and wished she could “take home” the unaccompanied minors there.

What’s stopping her? After all, Pelosi and her husband are worth upwards of $100 million, with $42 million in real estate holdings covering hundreds of acres, including a massive $5 million vineyard (below).

At a press conference from the Rio Grande Valley, Pelosi (D-CA) discussed her tour of a border holding facility and addressed the humanitarian crisis of thousands unaccompanied minors flooding across the U.S.-Mexico border. Pelosi said those illegal border crossers deserved our “respect“, and urged America to see this as not a “crisis” but an “opportunity.”

Comment by phony scandals
2015-01-29 08:51:06

Cloward-Piven Strategy

Census: 16 million kids relied on food stamps in 2014

Census figures show one of every five US kids relies on food stamps, more than before the recession

by Al Jazeera | January 29, 2015

The number of children in the United States relying on food stamps for a meal spiked to 16 million last year, according federal data, signaling a lopsided economic recovery in which lower income families are still lagging behind.

The roughly one in five children who received food stamps in 2014 surpassed pre-recession levels, when one in eight or 9 million children were on food stamps, according to the U.S. Census survey of American families released on Wednesday.

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Comment by Cactus
2015-01-29 12:08:48

Pelosi said those illegal border crossers deserved our “respect“, and urged America to see this as not a “crisis” but an “opportunity.”

They are a threat to her wealth so she wants the middle class to take care of it.

Can’t have them squatting in her vineyards.

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Comment by Bring Back the WPA
2015-01-29 08:30:56

Predict: if Jeb Bush wins the nom, you’ll see lots of pandering to the Hispanic voters from Jeb using his latina wife Columba front and center. Columba ads on Univision coming soon “republicanos son tus amigos”

Comment by palmetto
2015-01-29 08:53:19

You don’t know much about Columba, do you? Unless she’s undergone some major change of mind (which I doubt) you won’t see her front and center anywhere. She’s a very private, low key person who tends to stay in the background, and that’s how she likes it.

Comment by Bring Back the WPA
2015-01-29 09:50:21

Perhaps I overstated “front and center.” But no doubt she will be a component of his campaign if Jeb wins the nom … if he’s serious about winning the Presidency, she’ll have to be.

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Comment by Oddfellow
2015-01-29 10:08:11

So she’s a stay-at-home mom who won”t give speeches or otherwise campaign? It will be interesting to see how that flies in a presidential election.

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Comment by MightyMike
2015-01-29 10:31:42

I doubt that Hispanic voters (or anyone else for that matter) will care much that he has a Hispanic wife.

Comment by oxide
2015-01-29 14:24:44

Where you getting that from, Mighty Mike? I can easily see people voting for Jeb for that reason, even if Columba never says a word. On the other hand, it could backfire. They could think he’s using Columba just to get Hispanic votes and not vote out of spite.

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Comment by Blue Skye
2015-01-29 21:47:12

“pandering to the Hispanic voters”

Do the ones he works for now like him or not?

Comment by phony scandals
2015-01-29 07:34:56

Govt tells agents to ID which immigrants not to deport

Jan 28, 3:15 AM (ET)


WASHINGTON (AP) — The Obama administration has ordered immigration agents to ask immigrants they encounter living in the country illegally whether they might qualify under President Barack Obama’s plans to avoid deporting them, according to internal training materials obtained by The Associated Press.

Agents also have been told to review government files to identify any jailed immigrants they might be able to release under the program.

The directives from the Homeland Security Department mark an unusual change for U.S. immigration enforcement, placing the obligation on the government for identifying immigrants who might qualify for lenient treatment. Previously, it was the responsibility of immigrants or their lawyers to assert that they might qualify under rules that could keep them out of jail and inside the United States.

It’s akin to the Internal Revenue Service calling taxpayers to recommend they should have used certain exemptions or deductions.

http://www.richmond.com/…/ap/article_061b696d-32e3-593a-bdc7-7b0190d25843.html -

Comment by Tarara Boomdea
2015-01-29 12:56:17

Comment by phony scandals
2015-01-29 07:34:56

Govt tells agents to ID which immigrants not to deport

Comment by real journalists
2015-01-29 08:04:29

Article about legal weed (nobody I know actually pays money for weed, there is so much of it everywhere it’s essentially free, and the only time I’ll spend money is for manufactured edible products)


Colorado will be issuing TABOR taxpayer refund checks next year

And LOLZ to all the Deep South states spending tens of thousands of taxpayer dollars a year per inmate to incarcerate poor blacks and poor browns for marijuana possession, because it’s “for the children”

Comment by rj chicago
2015-01-29 08:49:14

And sadly just like old Tabor came to realize in the Colorado silver rush back in the day - this too will implode once the market for it collapses.

Comment by Blue Skye
Comment by Ben Jones
2015-01-29 08:30:04

‘Sarah Palin’s odd, rambling speech last weekend before an audience of committed conservative activists in Des Moines has many influential voices on the right saying that the time has come to acknowledge that the romance has gone cold and the marriage is dead.’

‘Weekly Standard editor William Kristol was an early booster of Palin, all the way back to 2007, when she was a new governor little known outside of Alaska. Less than a year ago, he said on MSNBC’s “Morning Joe” that Palin “might be kind of formidable in a Republican primary.”

“Did I say it that recently?” Kristol said Wednesday when reminded of that comment in an interview. “The name Sarah Palin hasn’t come up in the past three to six months. . . . Maybe the speech Saturday was just a confirmation of her no longer being a major player, at least in these circles.”

Now Bill, those with any memory at all know that you hand picked Palin while on a cruise in Alaska. You visited her office and saw she had a framed Israeli flag on the wall. That was all it took, and next you were trying to push this reality show kook into the White House. And notice how the neocon WP turns to Kristol, when he’s about as “conservative” as Trotsky, who is his god. Politics are so screwed up in this country.

Comment by real journalists
2015-01-29 08:42:47

Thank you for posting this

And it is important to remember that all Drudge links are not created equal

I liked the New York Times piece about libertarianism with a quote that said “radical Islam is like herpes but it isn’t A.I.D.S.”

How Christian Zionists react to radical Islam is the greatest threat to American national security

Comment by Ben Jones
2015-01-29 16:46:48

I don’t think this was a drudge link.

Comment by Blue Skye
2015-01-29 21:44:25

She’s done a really good imitation of bipolar. Zaney is tragically attractive, depressed and disoriented, not so much.

Comment by Raymond K Hessel
2015-01-29 20:56:41

Kristol has moved on to smarter and more reliable neo-con stooges than Palin. Like Jeb Bush or Mitt Romney.

Comment by Bring Back the WPA
2015-01-29 09:00:11

Better Call Saul

“Real estate agent fined over meth property”

“David Sharma, who works for Real Estate Out West in Auckland, marketed a property as suitable for families and children, despite being aware the house had methamphetamine levels above recommended health levels”


Comment by 2banana
2015-01-29 09:20:34

I guess we get to keep our death panels now…


50 die under secret 999 policy
The Telegraph | 1/13/15 | Laura Donnelly

More than 50 patients have died after an NHS trust introduced a secret policy to downgrade 999 calls and not to send ambulances to terminally ill patients.

Managers at East of England ambulance trust were accused of “the most cruel form of rationing imaginable” after admitting that 8,000 patients had been affected by the changes. An internal NHS report discloses that 57 patients died after their calls were downgraded following a decision not to send ambulances to the terminally ill and to those who had given instructions not to resuscitate.

However, details of the practice have only now emerged in an internal NHS document. It discloses that 21 types of call were downgraded.

Comment by real journalists
2015-01-29 10:49:45

A Google search on “percent medicare spending end of life care” returns results stating that end of life care in beneficiaries’ final year of life is between a quarter and a third of all Medicare spending

Look at all the clinically obese and people who smoke cigarettes in this country, unless you like paying higher taxes to pay for their bad lifestyle choices, death panels may not be such a bad idea


Comment by 2banana
2015-01-29 11:16:28

The Nazis actually had a term for this

Lebensunwertes Leben

“Life unworthy of life”

Comment by Muggy
2015-01-29 17:08:30


2ban, when was the last time you got laid? Scratch that, when was the last time you smiled or laughed?

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Comment by Housing Analyst
2015-01-29 09:31:27

“Remember… a stock can go to zero but losses on a depreciating assets like houses go negative.”

Good point.

Comment by Rental Watch
2015-01-29 10:08:12

losses going negative is a profit

The person who wrote that statement is an idiot. Who wrote it?

Comment by Housing Analyst
2015-01-29 10:17:38

Houses are depreciating assets that go negative Rental_Fraud.

Comment by Ben Jones
2015-01-29 12:47:31

‘Monday’s guilty verdict in the trial of former CIA officer Jeffrey Sterling on espionage charges — for talking to a newspaper reporter — is the latest milepost on the dark and dismal path Barack Obama has traveled since his inaugural promises to usher in a “new era of openness.”

‘Far from rejecting the authoritarian bent of his presidential predecessor, Obama has simply adjusted it, adding his own personal touches, most notably an enthusiasm for criminally prosecuting the kinds of leaks that are essential to a free press.’

‘The Sterling case – especially in light of Obama’s complicity in the cover-up of torture during the Bush administration – sends a clear message to people in government service: You won’t get in trouble as long as you do what you’re told (even torture people). But if you talk to a reporter and tell him something we want kept secret, we will spare no effort to destroy you.’

‘There’s really no sign any more of the former community organizer who joyously declared on his first full day in office that “there’s been too much secrecy in this city… Starting today, every agency and department should know that this administration stands on the side not of those who seek to withhold information but those who seek to make it known.”


Comment by Bring Back the WPA
2015-01-29 15:58:15

It’s easy just to take this and slam Obama for not delivering the change he promised. Instead, there’s a bigger takeaway: there’s no point in electing the “outsider” candidate who promises to change Washington. The reverse happens — the forces and power within Washington are so great they change outsider candidate into the insider incumbent.

Comment by Ben Jones
2015-01-29 16:56:11

Oh yeah, let’s feel sorry for Obama! Poor guy, he tried but those meanies in DC made him lock up whistle-blowers and target reporters. Let me tell you something; the ONLY thing that makes this a great country to live in is freedom. If we end up with a silenced bureaucracy, that freedom will be seriously challenged.

Comment by Bring Back the WPA
2015-01-29 18:09:08

Maybe Obama was inspired by the recent film “Silenced,” about the Bush admin’s crackdown on whistleblowers who outed illegal torture being done by the US. This stuff’s been going on in every administration. Point is, if the hope n change guy does it, is there any hope that any outsider, right or left, will ever change the culture?

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Comment by Raymond K Hessel
2015-01-29 21:00:50

Obama wasn’t a case of a sincere and well-meaning “outsider” being corrupted. He was hand-picked by George Soros and Goldman Sachs to masquerade as a progressive, while the real agenda all along was to be a reliable Wall Street marionette. Only the dupes who fell for “hope and change Goldman Sachs can believe in” got taken in by this con job.

Comment by Blue Skye
2015-01-29 21:38:46

We need to overthrow these pathological elites, before outsiders do.

Comment by azdude
2015-01-29 17:37:58

anybody buy any inflated assets today hoping to pass them on to the greater fool?

Comment by phony scandals
2015-01-29 20:22:42

Region IV

Comment by aNYCdj
2015-01-29 21:25:36

a little music levity tonight


Comment by Housing Analyst
2015-01-29 22:09:16

Tune in to the HBB tomorrow for reports on substantial declines in list prices.

Cya then.

Comment by phony scandals
2015-01-30 16:36:24

phony scandals

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