Bits Bucket for March 25, 2015
Post off-topic ideas, links, and Craigslist finds here.
The Housing Bubble
Examining the home price boom and its effect on owners, lenders, regulators, realtors and the economy as a whole.
About Me
Name:Ben Jones
Location:Northern Arizona, United States
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View the HBB Photo Gallery *updated 4/13/2008
Ashburn, VA(DC Metro) List Prices Dive 17%; Inventory Skyrockets 90%
http://www.movoto.com/ashburn-va/market-trends/
Hooray!
Realtors are liars.
http://thehousingbubbleblog.com/?p=8920
Open up your empty wallets you debtors and lion realturds. That goes for you too Lola and Liberace. Get your purse out.
+1 Did so Monday morning.
I did mine via PayPal - thanks for your good work.
I don’t need another account/password/log in! No to Pay pal. Sent my $50 via USPS, the old fashioned way….keep a postal worker making his house payment…..so he won’t go postal!
Happy belated birthday Ben!
Hope you had some fun yesterday!
I second the motion. Your birthday present is in the mail. What is the birth date of the HBB?
I need to get something into the mail, I am on travel and without my checkbook. But happy birthday Ben.
Cash works also. Ask Lola about the cash economy.
To paraphrase Ha, he can raise his price to $100 a night but who is going to buy it?
Ask Lola about the….
Ask Lola how powerful ideas can scare peeps so much they can’t stop thinking about them, or the one threatening their small world with the ideas.
7 comments noting me before I even checked in. Yep.
You’re a mess Lola.
Ben Jones does such a great job keeping this site. I for one really appreciate it. I will send my check out. Most of us would be lost or confused without the input from various posters on a platform provided by Ben. His brilliance moderating this blog is awesome.
Happy Belated Birthday
How Asians became white.
—————-
Asians beware - Top marks largely go to Asians. Bill de Blasio wants to change the exams
The Economist | 14.Mar.2015 | Economist
New York has nine specialised high schools, of which eight admit students using the city’s Specialist High Schools Admissions Test (SHSAT). The education they offer rivals that of private schools that charge $40,000 a year. The high schools are free. The most popular, Stuyvesant, sends roughly 25% of its graduates to the Ivy League or other top colleges. The school’s unofficial mantra is “Sleep, study, socialise: pick two.” It admits 4% of test-takers, pickier than Harvard.
New York’s Democratic mayor, Bill de Blasio thinks the SHSAT favours parents who can afford tutors. He wants to “broaden” (ie, relax) the admissions criteria, to help poorer black and Hispanic families.
The SHSAT also faces a legal challenge. The NAACP, the country’s biggest civil-rights legal defence fund, joined others in 2012 to file a suit demanding changes in admissions procedures. New York City’s public schools, the suit claims, are among the most racially segregated in the country
Asians make up more than 70% of pupils at Stuyvesant; blacks and Hispanics combined make up 3%, and falling. White pupils took 80% of places in 1970; now it is less than 25%.
When you can’t meet the standard, lower the standard. Why should hard work and effort and ability pay off? Equal access for all, that’s the socialist way…
I coach two youth soccer teams for our town. They are competitive travel teams, where the roster is determined by annual tryouts. If a child doesn’t make the travel team, they can play recreational soccer, which is open to all ability levels. Rec soccer doesn’t offer the same level of training and competition, doesn’t qualify you for state championships like travel league soccer, and requires a lower level of commitment.
No one ever suggests we lower standards to allow more players of lessor ability and commitment to join travel teams. I wonder why? Could it be because the current tiered system works just fine for all ability levels and everyone knows that not everyone is cut out for competitive sports? What makes anyone think secondary education or higher education should be any different?
My brother went to the Bronx School of Sciences. The cost of private transportation from Queens where we lived to the Bronx every day for the school year was more than the tuition of a Catholic High School. This was back in the late 70’s.It is a school that attracts very bright hard working students with natural abilities. I do not remember anybody having private tutors in the 8th grade. And on top of that if you need a tutor to pass classes chances are you will not get into the Bronx School of Sciences. It was merit based and not based on color or ethnic back ground. If they bring in some sort of a quota system then the less intelligent students will be left behind and discouraged. In my opinion a student should be placed in a school or college where they can manage grades with their peers intellectually.
After Bronx Sciences he went and got dual degrees in aeronautical/mechanical engineering. Then he went on to Columbia University for an MBA. After that he got masters in computational finance from Carnegie Mellon which requires stochastic calculus much tougher than quantum chemistry which I was required to take in chemical engineering.
The point I am making is all these degrees were only possible based on the fundamentals one learns right from high school or before based on intelligence, determination, hard work not some stupid quota system. Blasio is trying to dumb down the system.
Bronx Science! One of my regrets. Only two in our year got in - I was one. We (and our parents) were told by the nuns that we shouldn’t go there; we were given a “thanks but no thanks” letter to send. I went to a Catholic girls high and my enthusiasm for school went from slight to none whatsoever.
My brother sums up his HS days like this: “I did four years at Cardinal Hayes.”
I am sorry to hear that and I hope it all turned out well for you.
Thank you.
hope it all turned out well
I don’t know yet
Smart and funny.
You are certainly Bronx Science material. Good luck
Merit-based. A vanishing concept. Now it’s all about “equality of outcomes” and “fairness.” And stealing from the productive to give to the parasites.
Thank you, Obama Zombies.
Leadership.
What we don’t have as a nation.
————-
Obama budget defeated 98-1 in Senate vote
washingtontimes.com | March 24, 2015 | Stephen Dinan
President Obama’s budget suffered its latest ignominious defeat when the Senate rejected it on a 98-1 vote Tuesday evening, capping off the first votes of the budget season.
“This is the president’s proposed budget,” said Sen. John Cornyn, the Texas Republican who forced the vote by offering the amendment, complete with the tax hikes, spending increases and deficit targets Mr. Obama had projected in the document he sent to Congress last month.
Rejecting presidential budgets has become standard in recent years. The Senate defeated Mr. Obama’s fiscal year 2011 plan by a 97-0 vote and his 2012 plan by a 99-0 vote.
And remind me again of which idiots installed our current leadership? Oh, right, the brain-dead 95% of the electorate.
Will it ever be otherwise? What percentage of the population was allowed to vote back during the founding? Now I gotta make like Lola and do some Googling.
One article said it was only 10-15 percent of the population. White male property owners I knew about, but I didn’t figure that low.
What could go wrong?
————
NYT: ‘Jealous,’ ‘Hoarding’ Americans Should Let in 11 Million Immigrants—Annually
Breitbart | 03/24/2015 | Katie McHugh
The United States should absorb as many as 11 million immigrants each year into its economy, NPR “Planet Money” founder Adam Davidson writes in The New York Times Magazine.
“Few of us are calling for the thing that basic economic analysis shows would benefit nearly all of us: radically open borders,” he writes.
His proposal would double the current U.S. population in only 29 years to over 637 million people.
You have to ask why these oligarchs and their poltical and media mouthpieces are pushing so hard to change the basic demographics in America and ensure a permanent Democrat supermajority.
Because the primary mission of the “progressive” movement is the global extermination of white people
I think it’s more accurate to say they want pliable mindless serfs, regardless of color. They’re almost there.
I think it’s more accurate to say they want pliable mindless serfs
So you’re saying they want to expand Ted Cruz’s base?
Ding, ding, ding! It’s about money, power, and complete control.
From wikipedia:
“Davidson’s journalistic ethics have come under criticism from Fairness and Accuracy in Reporting[2] and the Shame The Hacks Who Abuse Media Ethics Project. His program, Planet Money, is uniquely (for an NPR program) sponsored by only one organization, Ally Bank. Davidson himself, according to SHAME[who?], “earns lucrative speaking fees from banks and financial companies, including J.P. Morgan, Wells Fargo, Bank of America and Goldman Sachs—the same companies he covers as a journalist.”[3]“
And this is a surprise to anyone who has followed this guy through his reporting on NPR aka National Propaganda Radio.
Wow, that is NOT good but not so surprising. Another NPR financial hack I’ve developed an intense dislike for is Kai Ryssdal of Marketplace and via Google learned many others share that feeling and one even wrote a most excellent poem expressing that
http://annakisstemp.blogspot.com/2007/02/ode-to-kai-ryssdal-you-talk-like-game.html
ode to kai ryssdal
you talk like a game-show host,
you beckon me to take you seriously,
to forget that the whole of your show is merely a vaguely liberal appraisal and applausal of capitalism,
as though America,
its politicians,
its celebrities,
its puppets
weren’t all jizzing all over themselves in celebration of money,
of the products they parrot,
in order to continue the moving of the machine
the march forward,
the growing of pocketbooks under the pressure of
consumption by housewives with amnesia
bratty teenagers with the cash they whined for,
and the hoards of poor
throwing away their lives at wal-mart
you beg me to forgive, turn a blind eye,
you do it with such swagger,
your voice tilted in a smirked grin,
you smarmy whore of a man,
celebrating and selling,
talking about the numbers,
from the frank stanton studios in los angeles
where the cars are always moving,
eating the oil, the fuel of the machine,
smogging the air
and emboldening the chrome dream of all its immigrants,
come to the city of angels
for the hope of a prayer,
searching for salvation in the supermarket,
shopping
as a good citizen should.
you let me down, kai,
your machinations are void of meaning
your ken doll voice asks no substantial questions,
seeks no fundamental truth.
you leave me empty,
feeling the hollowness of my bank account,
forgetting the importance of my heart,
filled,
as it is,
by family calling me to dinner,
asking me
to shut off the radio.
I think they’ve seen some projections for 20 years from now with all the aging Boomers and know it can get real ugly. Basic Ponzi scheme economics, keep em coming in.
Why do Ponzis collapse? Can’t recruit enough new participants. Withdrawals from current participants usually due to some fear or panic or black swan. Or somebody spills the beans.
637 million? That’s alot of food stamps and medicaid and earned income tax credits to pay for
That is A LOT of free sh*t army democrat voters
New recruits for the world police and our future debt holders.
These guys just get high and type their liberal utopiaist fantasies where everyone holds hands and gets along and sings Kumbaya and no has to get up and work for a living.
An acquaintance of mine from Bosnia fought in the Yugoslavian civil war in the 1990’s, no reason that can’t happen here. Multicultural civilizations can’t last.
Will the last white taxpayer in the United States please turn out the lights?
Manson had similar thoughts about where it was all heading back in the 60s. You’ll live to a ripe old age.
I think you minimize how closely society was to breaking down in the 60’s. My guess is our oligarchs bought some time going off the gold standard and working that oil for dollars reserve global currency deal with the Saudis.
What bag of extend and pretend tricks are left, other than global war to reset the economic clock?
What bag of tricks is available to extend the meltdown clock?
Finally a sensible idea. I love it.
That has to be sarcasm, otherwise we know where your bread is buttered.
The United States should absorb as many as 11 million immigrants each year into its economy, NPR “Planet Money” founder Adam Davidson writes in The New York Times Magazine.
Right, because we have so many surplus jobs.
How about we just keep shipping bags of rice and beans to them, and they they can continue to live in their Sharia paradises?
11 million immigrants each year what will they do ?
http://www.brisbanetimes.com.au/technology/sci-tech/robots-to-replace-almost-half-of-jobs-over-next-20-years-expert-20150323-1m5oei.html
Stocks are overpriced, overleveraged, headed for trouble
Mar 25, 2015 - Anora Mahmudova - MarketWatch
But Berg identified several indicators that are pointing to a correction. Instead of looking at valuation in isolation, Berg and his team analyzed other factors, such as corporate profits and leverage, and found a disturbing picture.
He argued that forward price-to-earnings ratios are not very good predictors of market downturns, as they tend to be biased during boom times, but other metrics, such as the so-called CAPE ratio, Q-ratio and Buffett indicator all offer warning signs.
Just to offer a little context for the less technically minded market watchers, the CAPE ratio is the ratio of the S&P 500 index to trailing 10-year average earnings. Q-ratio is the market value of nonfinancial corporate equities outstanding divided by net worth, while the Buffett Indicator describes the ratio of corporate market value to gross national product. All three of those metrics are approaching two standard deviations above historical means, while forward P/E ratios are within historical norms.
Translation: Stocks are way overvalued and companies’ earnings growth isn’t sustainable.
Margin debt levels at half a trillion dollars at the end of 2014, as well corporate debt levels estimated at $7.4 trillion are alarmingly high, argues Berg, saying “..forced sales of equities by large leveraged investors at the margin could be a catalyst that sparks a larger selloff”.
As to corporate leverage, debt proceeds have largely been used for stock buybacks, dividend increases, and mergers and acquisitions. “Once the cycle turns from expansion to downturn, the buildup of past excesses will eventually lead to future defaults and losses,” he writes.
Janet Yelling will keep on buying those stucks. Keep out of the market in your own peril.
warmist warming wednesday
http://www.washingtonpost.com/news/energy-environment/wp/2015/03/24/ted-cruz-says-satellite-data-show-the-globe-isnt-warming-this-satellite-scientist-feels-otherwise/?hpid=z4
More commentary about Ted Cruz from liberal rag the Guardian here:
http://www.theguardian.com/commentisfree/2015/mar/24/imagine-ted-cruz-presidential-campaign-new-speech
Ted Cruz says he is a Tea Party Republican, the platform of which is presumably reducing the size of government and lowering taxes.
Unapologetic support for Israel, the “war on radical Islam”, and bailouts for Wall Street banks (his wife works at Goldman Sachs which received a $10 billion bailout in 2008), are three things that do not reduce the size of government or lower taxes.
How can Ted Cruz claim to be Tea Party when he obviously has taken petrodollars to spout his climate denier nonsense?
The same way fauxcahontas Warren claims she’s for the little guy.
Another bankster-owned AIPAC toady masquerading as a “conservative.” In a parallel universe where 95% of the electorate wasn’t stupid, everyone would see right through this charlatan. ‘Muricans, though, will buy his snake oil hook, line and sinker.
Just had 4 inches of global warming here in Region V Chicago ILLANNOY yesterday.
I may be unavailable today but not because Rio’s tactic of trying to silence conservative critics with allegations of racism. I tried to find the post where Rio stated that I was upset because he was a successful black man that I remember from years ago but he has just posted too many Al Sharpton type posts that pop up when you try to search the relevant terms. Thus, Rio is free to do a Michael Jackson and move from being a black male to be a white woman. I do think it is quite odd that when I questioned why a black man would quote Jefferson, he never replied he was not a black male but then he decided to make my belief that he was a black male as proof I am racist. The term has been so debased it has lost all meaning to me. I guess it means you use facts to show that we do not need big government programs and all the money (trillions) spent to close achievement gaps between whites and blacks has had a negligible impact.
Reading the back and forth between the two of you is really, really BORING.
Isn’t it a good excuse to fire up the bong?
Boring and predictable, Dannyboy.
+1. Like two bitchy blue-hairs in a sewing circle. Grow the f*** up, both of you.
It won’t go on much longer. Lola has a pattern of ramping up his insanity until he melts down and gets banned, only to later come crawling back with his tail between his legs.
2 minutes to midnight on his doomsday clock of meltdown.
Grow the f*** up, both of you.
But he started it!
The duel of the copy and pasters…..
Nothing original….regurgitation of tired talking points.
Nothing original….regurgitation of tired talking points.
Do you want something original? Here.
The level of taxes don’t matter much within reason. Why? Because people work and take jobs for their take-home-pay plus the benefits. Peeps don’t work for their gross. They work for the net plus benefits. The gross is just a number.
Take the Euros, their taxes are about 10% higher but they get “free” medical dental and pensions, time off, more worker’s rights etc. So their net is smaller but enough to keep them in a decent life with great benefits. Why? Because major concerns in their live are already paid for so their net is enough. (And more than USA in many situations.)
Tax cuts don’t mean much when there are no benefits and in many Euro countries their higher taxes give them GREAT benefits.
I remember that post also.
when I questioned why a black man would quote Jefferson, he never replied he was not a black male
I’m not your barking seal. Here’s what I said but you don’t have the firepower to comprehend “I don’t understand anything about your post or who you are speaking of”
I tried to find the post where Rio stated that I was upset because he was a successful black man
You can try to find it until the cows come home. It never was.
I remember that post also.
How can you remember something that never existed. You are lying and you know it.
Rio is not to be taken seriously,
That’s why so many do right?. I’m sure you dream about me
“I tried to find the post where Rio stated that I was upset because he was a successful black man that I remember…”
Adan
“I remember that post also.”
Shillow/StrawberryPicker/Richard Warm Onger
You both “remember” right? Really. You both “remember that post”?
You Adan and Shillow/Warmonger are proven liars. This was not a “mistake”. You both intentionally lied. You clowns knew you were lying. You’re liars who will lie to trick people on this board. Is this the post you’re looking for liars?
LOL. 2012. Read it and know people know you are liars now.
Comment by RioAmericanInBrasil
2012-10-04 19:17:41
Carlson scolded black Americans for being proud of their community for surviving slavery.
Well F#$K Tucker Carlson and the slave-groomed horse he rode in on. That guy is a disgrace to our American ideals.
I’m a white American who is proud to grow up much of my life in KANSAS. And Kansas stood up and was the first state to really be counted in blood to have fought against slavery. See: “Bleeding Kansas”, the “Missouri Compromise”, “Kansas: Free State” and “The Kansas/Nebraska Act”. Kansas now is a bit f*&*^d up. But in the past, Kansas stood tall when no other state had.
No, it was another comment I was thinking of. 1 minute, 30 seconds now.
Rio is not to be taken seriously, he/she/it may be nothing more than a Soros emergency response team bot…making the world safe for communism. You are not racist you are a raging marxiphobe/commiphobe/progressiphobe.
#FundamentalTransormationOfAmerica
I tried to find the post where Rio stated that I was upset because he was a successful black man that I remember
Was it this post where I again told you I was white? The one where you were saying some races were smarter than others?
Comment by RioAmericanInBrasil
2014-06-20 16:08:18
he’ll swear the Chinese are smarter than the Spanish and especially Mexicans… (Rio on Adan)
…I would support that statement…. (quoting Adan answering)
LOL As I said…. Like a trained monkey on cue.
(I knew it because I’m very, very smart because I’m white and don’t like to go in the sun a lot.)
The real reason the American dream is unraveling. Wake the flock up, sheeple!
http://www.theburningplatform.com/2015/03/22/the-real-reason-the-american-dream-is-unraveling/
Marketwatch posted an article this week titled Why the American Dream is Unraveling, in 4 charts. As usual, the MSM journalist and the liberal Harvard academic can create charts that reveal a huge problem, but they completely misdiagnose the causes and offer the typical wrong solution of taking more money from producers and handing it to the poor, with no strings attached. This has been the standard operating procedure since LBJ began his War on Poverty 50 years ago. Do these control freaks ever step back and assess how that war is going?
The poverty rate had plunged from 34% in 1950 to below 20% before LBJ ever declared war. It continued down to 15% just as the welfare programs began to be implemented. The percentage of people living in poverty hasn’t budged from the 15% range since the war began. This war has been just as successful as the war on drugs and the war on terrorism. Any time a politician declares war on something, expect a huge price tag and more of the “problem” they are declaring war upon.
Bigger and bigger government with more and more regulations and higher and higher taxes will fix this…
The poverty rate had plunged from 34% in 1950 to below 20% before LBJ ever declared war. It continued down to 15% just as the welfare programs began to be implemented. The percentage of people living in poverty hasn’t budged from the 15% range since the war began. This war has been just as successful as the war on drugs and the war on terrorism. Any time a politician declares war on something, expect a huge price tag and more of the “problem” they are declaring war upon.
There’s a misunderstanding of poverty here. Consulting a dictionary is called for.
What’s the misunderstanding here Mike ? Where is he wrong? Maybe throw out your own figures? I won’t hold my breath.
from Wikipedia:
In the decade following the 1964 introduction of the war on poverty, poverty rates in the U.S. dropped to their lowest level since comprehensive records began in 1958: from 17.3% in the year the Economic Opportunity Act was implemented to 11.1% in 1973
The year 1973 was right around the time when things started unraveling economically for around 80% of the population.
Also:
A 2013 study published by Columbia University asserts that without the social safety net, the poverty rate would have been 29% for 2012, instead of 16%.[10] According to OECD data from 2012, the poverty rate before taxes and transfers was 28.3%, while the poverty rate after taxes and transfers fell to 17.4%.
There you go.
http://en.wikipedia.org/wiki/War_on_Poverty
“The year 1973 was right around the time when things started unraveling economically for around 80% of the population.”
“The Yom Kippur War of October 1973 was a terrible surprise, which put Israel’s security - and even survival - in jeopardy.”
http://www.jewishvirtuallibrary.org/jsource/History/intel73.html
Oil embargo and oil shooting up to 3 or 4 times its pre-war price.
The year 1973 was right around the time when things started unraveling economically for around 80% of the population.
And then with Supply-Side in the 80’s the income inequality went off the charts.
And you wonder why there’s still a lot of poverty?
warmist warming wednesday
http://www.nytimes.com/interactive/2015/03/24/science/earth/arctic-ice-low-winter-maximum.html
p.s. copying and pasting drudge report links will not change the actual amount of ice covering the arctic ocean
If you like your rigged stock markets, you can keep your rigged stock markets!
http://www.businessinsider.com/hanergy-thin-film-power-group-stock-price-rising-suspicion-last-ten-minutes-2015-3
The Greeks just got less wiggle room for “extend and pretend.”
http://globaleconomicanalysis.blogspot.com/2015/03/screws-tighten-on-greece-ecb-forbids.html
They are almost out of other people’s money…
Excerpt from a Bloomberg article which I believe shows that you have to understand that the Western Banksters are trying to protect their turf from China, do you really believe that the U.S. bankers are protecting worker’s interests:
Regarding the new infrastructure bank, U.S. Treasury Secretary Jacob J. Lew told lawmakers last week the administration is concerned that the institution may not adhere to the same standards as other international financial institutions.
Worker Protection
“Will it protect the rights of workers, the environment, deal with corruption issues appropriately?” Lew said at a House Financial Services Committee hearing in Washington. “Anyone joining needs to ask those questions at the outset. And I hope before the final commitments are made, anyone who lends their name to this organization will make sure that the governance is appropriate.”
Part of China’s international-development push stems from economic self-interest. With much of the nation’s almost $4 trillion in foreign-currency reserves earning little, “they see this as an opportunity to improve their rate of return over Treasuries,” said Nicholas Lardy, who’s studied China for more than three decades and is a senior fellow at the Peterson Institute for International Economics in Washington.
More “green shoots.”
http://www.marketwatch.com/story/february-durable-goods-orders-drop-14-in-weak-report-all-around-2015-03-25
Link to China excerpt:
http://www.bloomberg.com/news/articles/2015-03-24/china-s-influence-poised-to-climb-in-revamp-of-postwar-order
Office of Financial Research warns of Fed-created stock market bubble.
http://www.marketwatch.com/story/stocks-are-overpriced-overleveraged-headed-for-trouble-2015-03-25?dist=beforebell
The “worst since Lehman” reports are coming fast and furious, yet the Ponzi market continues to levitate thanks to Yellen & Co. and financial media cheerleaders.
http://www.zerohedge.com/news/2015-03-25/durable-goods-orders-drop-and-miss-worst-run-lehman
Buy the fooken dip!!!!
It almost feels like the only folks investing are the ones who know the predetermined outcome. Anyone else feel that way?
For years the Zimbabwe stock market led the world in gains, if you print enough money, “this sucker is going up”, until the country’s real economy collapses. Hard to say where we are in the cycle.
“You can’t blame these scientists for sucking up to the fed’s mantra du jour. Scientists live off grants.”
Gary Sutton
I like it. I love it. I want some more of it.
I try so hard, I can’t rise above it.
Don’t know what it is about that Glacier Meltin’ money,
but I like it, I love it, I want some more of it.
Gary Sutton: “I like it. I love it. I want some more of it.”
Willy Sutton: “That’s where the money is.”
Funny, I posted pretty much the same thing just prior to your post appearing.
If you want to push RE then you will probably need to involve an appraiser. If you need the appraisal price to be high then you will hire the appraiser who will give you the highest OPINION of what the appraised price is. (Please note the word “opinion”).
The same thing goes with anything else where facts are available but OPINIONS regarding the meaning and interpretation of the given facts are what is needed. And once an OPINION is rendered then this opinion can be represented as a FACT - even a settled fact.
And this is true for any issue and it is true for either side of any issue.
Where is the fact about the value of an individual building available, prior to the sale?
I was going to use the Willie Sutton quote and say they write pro-CAGW because that is where the money is, but Wikipedia kind of quashes that, so I will use a real quote from the article and say too bad he did not have a chance to comment on Obama:
In an ironic display, he made a television commercial for New Britain Bank and Trust Company in Connecticut for their credit card with picture ID on it. His lines were, “They call it the ‘face card.’ Now when I say I’m Willie Sutton, people believe me.” Sutton disliked Jimmy Carter and when Carter ran for President in 1976, Sutton told an interviewer “I’ve never seen a bigger confidence man in my life and I’ve been around some of the best in the business”.[4]
Saul Alinsky time, phony? I’ll take a shot:
It took a small, brave band of oil-industry-sponsored scientists to expose and defeat the International Scientist Conspiracy of global warming.
We haven’t seen such heroism in exposing the truth since the days when those brave few tobacco-industry-sponsored scientists showed us that smoking was actually beneficial to your health.
How much pollution is going to be put into the air by cities burning? There are bigger and more pressing fish to fry than something that’s going to happen many decades or centuries from now.
All it will take to keep the cities from burning is free food, which is why the FedGov spends 100 billion on foodstamps. Even the repubs know this, and while they huff and puff about ending foodstamps to appeal to their base, they will never actually vote to end it.
Going to get harder to keep the masses of SNAP recipients fed with the breadbasket of the US in drought and inflation in food rampant…
Let them eat Apple Watches.
Tobacco is why Global Warming is true?
The “controversy” surrounding global warming exactly mimics the “controversy” surrounding the dangers of tobacco smoking a few decades ago. In both cases a few scientists-for-hire pimped themselves out for money from the industries concerned to buy thoae industries time and profits.
The tobacco companies have since admitted they essentially made the whole scientific controversy up. The oil companies will too, someday. We’ve seen this movie before.
Feeling that you are in a similar circumstance should make you cautious or skeptical, but it is not logical to draw a final conclusion based on suspicions.
I like it. I love it. I want some more of it.
In Nahant, NU eyes federal funds for climate research
By Tracy JanGlobe Staff July 08, 2014
NAHANT — A rocky bluff overlooking Massachusetts Bay has had many lives: a US senator’s estate, a World War II bunker, a Cold War missile base. Now, Northeastern University is gambling that it can turn the location into a research magnet for tens of millions in federal dollars to study climate change.
“This is a no-brainer for us. We’re positioning ourselves aggressively. We need the money to survive,” said J. Murray Gibson, dean of Northeastern’s College of Science.
Northeastern’s pursuit of the research money provides a case study of how universities are competing for federal dollars — especially smaller schools tired of living in the shadows of research powerhouses like Harvard and MIT.
As a result, more than a half-dozen new pots of federal money are being eyed by Northeastern.
“It used to be you’d work something out with Ted Kennedy and you’d be fine,” said Mike Armini, Northeastern’s senior vice president for external affairs, referring to the earmarks of yesteryear doled out by the late Senator Edward M. Kennedy. “Now we are working a lot more directly with agencies.”
http://www.bostonglobe.com/…/eFtbMxqeas4gPNtzyG9VCN/story.html -
Support for seven from president’s climate fund
$20M initiative to accelerate clean-energy solutions announces inaugural grants
February 11, 2015 | Editor’s Pick
River_ClimateGrants_605
By Colin Durrant, Harvard Staff Writer
Seven research projects aimed at confronting the challenge of climate change using the levers of law, policy, and economics, as well as public health and science, have been awarded grants in the inaugural year of President Drew Faust’s Climate Change Solutions Fund.
news.harvard.edu/…/story/2015/02/support-for-seven-from-presidents-climate-fund/ - 80k -
“We need to put a price on carbon to accelerate these market trends, and in order to do that, we need to put a price on denial in politics.”
Al Gore
#NudgeShoveShoot
The smark money, meanwhile, is quietly seeking safe haven from the coming hyperinflation and dollar collapse, thanks to the Fed’s deranged money-printing.
http://www.kitco.com/market/
I had to look that one up Raymond.
From the urban dictionary;
“Combination of Smart and Mark, Mark meaning a wrestling fan who believes (or temporarily suspends his disbelief) in pro wrestling. The Smark is the fan who knows wrestling is choreographed, but appreciates it on a higher level.”
smart money, I clearly meant. Big hands, banana fingers, small keyboard.
I actually liked the reference to Studio Wrestling.
coming hyperinflation
When is it coming?
After spiraling deflation and cascading defaults have had their way.
The smark money, meanwhile, is quietly seeking safe haven from the coming hyperinflation and dollar collapse, thanks to the Fed’s deranged money-printing.
This blog is so interesting. On one hand, we have deflationistas, who insist that any day now nice houses will cost $20,000 and new cars will be available for $2000.
On the other hand we have hyper-inflationistas, who predict that “real soon now” a loaf of bread will cost $1000.
It seems to me, however, that most of the new money is ending up in the hands of the few, who use it to purchase assets and not consumables.
Ironically, those consumables come from the so-called assets.
Anyway, I have both ends reasonably covered, as there is a bread machine on my boat!
I’m not in the hyperinflation camp.
However, on the other side, it is extremely rare for a country with fiat money to have deflation. That’s why people often instead of saying “deflation” they say “like Japan”–because Japan is the only significant example of deflation with fiat currency.
I believe that demographics will ultimately drive a labor shortage, and that labor shortage COULD lead to faster wage growth, which COULD be the spark for higher than 2% inflation. My understanding is that the Fed might be OK with higher than 2% inflation for a time to “catch-up” for the years where we had lower than 2% inflation.
If I were to guess, I would guess that inflation will run between 1.5% and 5% over the coming decade, but not deflation, and not hyperinflation.
A very boring prediction…which is why the press doesn’t air such standard prognostications.
“This blog is so interesting.”
What is interesting is your false assertion that everything is correctly priced.
Demand is collapsing for the simple reason that nothing is correctly priced my friend.
http://www.npr.org/2015/03/24/395119065/as-economy-rebounds-government-still-plays-role-in-mortgage-business
So is this based on the price of nuclear compared to solar, a desire to build a bomb in the future or both:
http://peakoil.com/publicpolicy/jordan-signs-10-billion-nuclear-power-plant-deal-with-russia
No worries. Obama will just bomb Jordan.
He is quite good at killing people.
Why won’t he bomb Iran, like Dan and Shillow always call for?
I have not called for the U.S. to bomb, now if Israel or any Arab nation in the region wants to, they can have a green light.
He needs them right now to counterbalance his Frankenstein monster creation of ISIS…
You home gamers need to keep buying stocks so the smart money can unload their stocks on to you and leave you holding the bag again.
Another Month Of Record Cold
By Call it Crazy Follow Tue, 24 Mar 2015, 2:10pm PDT
BOSTON (CBS) -Enough is enough. For the past eight weeks or so (starting around Jan. 23) we have experienced the harshest New England winter stretch ever recorded in our long and weathered history. This is not an exaggeration. Records haven’t just been challenged, they have been smashed, obliterated. We all deserve and NEED a break.
After the snowiest and coldest February ever recorded, March came in like a polar bear and looks to be going out the same way.
In fact, as of this writing, our average temperature this March is 31.8 degrees.
This ties us with 1984 as the coldest March on record since they started taking readings at Logan Airport in 1936. A few relatively “mild” days later this week will likely prevent us from holding onto the number 1 spot, but either way March 2015 will go down as one of the coldest ever recorded.
And, likely something you don’t want to hear, this weather pattern isn’t going anywhere fast. As my colleague Barry Burbank writes in his blog from today, the atmospheric conditions responsible for all this record breaking cold and snow will likely remain for many more months!
http://boston.cbslocal.com/2015/03/23/march-2015-tied-for-coldest-ever-in-boston/
(Just remember, Global Warming, I mean Climate Change, causes record LOW temperatures for multiple months….)
Nice job of cherry-picking Phony Scandals. Now let’s look at the big picture:
http://www.ncdc.noaa.gov/sotc/service/global/map-percentile-mntp/201502.gif
There’s more red squares than blue squares, which means the planet overall is warmer.
Aren’t you ashamed of the misleading post you made calling record ice extents at the south pole “continuous loss”?
Isn’t NOAA ashamed of the string of lies I wrote about yesterday?
You are like the Global Warming Ground Hog. Same BS different day. Nothing personal, but are you a computer bot? If you are, then all is clear.
Nothing personal, but are you a computer bot
Now that’s one funny quote!
(Nothing personal)
Just wondering.
I’m going to Boston and Salem on april 7th. Freaking out because i live in san diego. can’t believe i might have to bring a winter coat, leggings and turtle necks. Could i just bring a sweatshirt?
Don’t forget boots and a hat.
I have friends in San Diego, they need a winter coat when the low hits 50, I do not think a sweatshirt will be enough for you.
“Could i just bring a sweatshirt?”
Check out the latest federally funded climate change settled science climate research prediction and bring the opposite of whatever they say.
I would bring a winter coat, leggings, turtle necks, boots and mittens.
You are here: EPA Home
Climate Change
Impacts & Adaptation
Northeast Impacts
Over the last several decades, the Northeast has experienced noticeable changes in its climate. Since 1970, the average annual temperature rose by 2°F and the average winter temperature increased by 4°F. [2] Heavy precipitation events increased in magnitude and frequency. For the region as a whole, the majority of winter precipitation now falls as rain, not snow. [2] Climate scientists project that these trends will continue.
http://www.epa.gov/climatechange/impacts-adaptation/northeast.html - 55k -
“For the region as a whole, the majority of winter precipitation now falls as rain, not snow. [2] Climate scientists project that these trends will continue.”
They should commission some Blind Squirrels to do a study because they would at least find an acorn every once in a while.
Too funny.
There is still quite a bit of snow on the ground in and around Boston and it’s been in the 30’s for the most part. Dress warm.
Greetings from sunny California
California the first state to reach 5% of power from solar:
http://fortune.com/2015/03/24/california-solar-energy/
California #1 in USA for job creation: “California gained 498,000 new jobs in 12 months ended Jan. 31, almost 30% more than Texas’ total of 392,900″ L.A. Times
Solar power and jobs. It’s a great sunshine-y day here in the Golden State!
Solar = fail without massive govt $$$
WPA = We Piddle Around. See Nixon’s failed jobs program CETA, the Comprehensive Employment and Training Act. Handing out jobs failed then and would fail now, no matter what the producers of House of Cards wants to pretend.
If you like breathing your brown cloud, you can keep your brown cloud.
Meanwhile, there will be “alot” of unflushed toilets in the southwest this summer, where residents will get a taste of what it feels like to live in a third world country where water is rationed and taps are often dry.
Almonds will go up in price.
And avocados, lettuce, squash, etc.
Solar = fail without massive govt $$$
Internet = fail without massive govt $$$
Highway system = fail without massive govt $$$
Disease control = fail without massive govt $$$
Healthcare for the elderly = fail without massive govt $$$
Small pension = fail without massive govt $$$
NationalSecurity= fail without massive govt $$$
Basic Research = fail without massive govt $$$
America’s global economic success = fail without massive govt $$$
90 seconds!
“California the first state to reach 5% of power from solar…”
Congratulations, an epoch loser bought on credit and at peak petroleum prices. You guys are not content to be the poorest state in the country, you want to drag the rest of us down with you!
““California gained 498,000 new jobs in 12 months ended Jan. 31″
And started about 80,000 housing units (single-family and apartments combined) in 2014.
And vacancy rates as of 12/31/14 according to the Census (the best measure of housing slack) were 3.4% for rentals, and 1.0% for owned homes.
With that kind of jobs/housing imbalance, either more homes will be built, or prices and rents will go up faster than general inflation.
Census data excludes foreclosures, defaults and all the housing hung up in foreclosure moratoriums.
That’s where the measure of “zombie foreclosures” matter. These are homes that are in the foreclosure process AND vacant (ie. more supply when they get through the process and come back to the market).
California, at last measure by RealtyTrac, had about 7,500 Zombie foreclosures.
That’s nothing.
All other homes that are in the foreclosure process have people living in them…when the foreclosure goes through, these families will go somewhere else to live.
4.4 million excess, empty and defaulted houses in CA isn’t “nothing”.
In the submarket where I work, Craigslist available SFR rental housing has gone from 350 units down to 103.
Sierra foothills east of Sacramento. Inventory is tight and seems to be getting tighter.
6500+ rentals Jingle_Fraud.
http://sacramento.craigslist.org/search/apa
Get your scams straight.
HA-
Your search included ALL housing in the entire region (you notice homes in Elk Grove and Davis in the list…which are not Sacramento).
Jingle specifically noted one submarket, and only single-family.
The Sacramento metro area includes a population of about 2 million people and more than 600,000 housing units. 6500+ listings in that entire metro isn’t a lot–it represents approximately 1% of the housing stock.
With 25 million excess empty houses in the US, 4.4 million of them in CA alone, inventory is more than adequate.
Look out below.
US House Votes 348-48 To Arm Ukraine, Russia Warns Lethal Aid Will “Explode The Whole Situation”
Submitted by Tyler Durden on 03/25/2015
Yesterday, in a vote that largely slid under the radar, the House of Representatives passed a resolution urging Obama to send lethal aid to Ukraine, providing offensive, not just “defensive” weapons to the Ukraine army - the same insolvent, hyperinflating Ukraine which, with a Caa3/CC credit rating, last week started preparations to issue sovereign debt with a US guarantee, in essence making it a part of the United States (something the US previously did as a favor to Egypt before the Muslim Brotherhood puppet regime was swept from power by the local army).
The resolution passed with broad bipartisan support by a count of 348 to 48.
“Policy like this should not be partisan,” said House Democrat Eliot Engel, the lead sponsor of the resolution. “That is why we are rising today as Democrats and Republicans, really as Americans, to say enough is enough in Ukraine.”
This war has left thousands of dead, tens of thousands wounded, a million displaced, and has begun to threaten the post-Cold War stability of Europe,” Engel said.
Odd, perhaps the US state department should have thought of that in a little over a year ago when Victoria Nuland was plotting how to most effectively put her puppet government in charge of Kiev and how to overthrow the lawfully elected president in a US-sponsored coup.
Then again, one glance at the Rep. Engel’s career donors provides some explanation for his tenacity to start another armed conflict and to escalate what he himself defines as a cold war into a warm one.
http://www.zerohedge.com/…-arm-ukraine-russia-warns-lethal-aid-will-explode-whole-situati - 183k -
This is stupid beyond belief. Is this what Obama meant when he told Putin he could do more in his second term?
That’s some small, small government and some low, low taxes right there.
You are in a Jade Helm 15 state that is…
Blue: Permissive
Red: Hostile
Blue: Permissive
Brown: Uncertain (Leaning Hostile)
Light Blue: Uncertain (Leaning Friendly)
Hi - Welcome to Walmart.
http://247wallst.com/retail/2015/03/20/wal-mart-is-largest-employer-in-20-states/
Interesting how most of those states are southern, right to work states.
Must be the people in all the new car and plane factories that have opened up in the south over the last 30 years. They actually have money to spend at Wal-Mart above and beyond the FSA EBT limits.
Ya know - the way things are going and with my age advancing I am thinking in the realm like that amazing scene in American Beauty where Kevin Spacey is looking at the burger manager in the eye and telling him “I want a job with the least amount of responsibility.” In other words when in Rome do as the Romans.
Note also that his b*tchy wife in that film was a REALTOR®
Thanks - I forgot that. And the affair she had with the KING of real estate - that was just epic!!!
Renters Sought After Massachusetts House Rigged to Explode
M. Alex Johnson
4 Hours Ago
NBC NEWS
Investigators in two Massachusetts cities were seeking the renters of a house for sale that was intricately wired to explode and cause “significant destruction” if someone had simply flipped a light switch, police said Tuesday night.
The homeowner, his attorney and an electrical inspector were conducting a pre-sale inspection when the electrician discovered the mechanism, Milton Police Chief Richard G. Wells Jr. told reporters Tuesday. Boston police bomb specialists worked in the house, on Craig Street in Milton, for several hours before declaring it disarmed and safe.
Read MoreTHIS masks a nasty surprise for homebuyers
“It took some work to put it in there,” said Wells, who described the mechanism as involving wires meticulously snaking through several rooms from a gallon container of an incendiary substance, which was “secreted inside the house,” to a particular light switch.
“We believe the intention was that if someone had flipped the light switch on where it ended, the device would have exploded,” he said.
http://www.cnbc.com/id/102533215 - 242k -
Anyone miss the “good old days” when bitter renters and FB would just pour cement down the toilet?
You didn’t read the story.
Quoting the article, it states that officers had been called to the property a week earlier because of a complaint that the renters had poured cement down the drains.
Jade Helm 15 Military Training Exercise Prep for Martial Law, World War III - Fiction!
Summary of eRumor:
A real military training exercise called Jade Helm 15 is designed to prepare the military to impose martial law, or to prepare them for World War III.
The Truth:
There’s no proof that Jade Helm 15 is anything more than a standard military training exercise.
The U.S. Army Special Operations Command (USSOCOM) has headed up the Jade Helm 15. It’s set to be held in seven southwestern states from July to September of 2015, according to unclassified documents:
“(Jade Helm) is a challenging eight-week joint military and interagency (IA) Unconventional Warfare (UW) exercise conducted throughout Texas, New Mexico, Arizona, California, Nevada, Utah and Colorado.
“(Jade Helm) is a USSOCOM sponsored exercise to improve the Special Operations Forces’ UW capability as part of the National Security Strategy.”
Elite military units like the Green Berets and Navy SEALS will take part in the exercise, along with local officials that are invited to participate. The documents explain that much of the exercise will be held in Texas:
“The USSOCOM has conducted numerous exercises in Texas because Texans are historically supportive of efforts to prepare our soldiers, airmen, marines and sailors to fight the enemies of the United States.
“To hone advanced skills, the military and interagency require large areas of undeveloped land with low population densities with access to towns. The proposed areas offer the conditions conducive to quality training because of real obstacles to challenge joint and interagency personnel during planning and execution of their tasks.”
Thomas Mead, the operations planner for Jade Helm 15, offered more information about the training exercise when asked commissioners in Goliad County, Texas, for permission to move forward, mySouTex.com reports:
“This allows our soldiers to get a better training environment,” Mead said. “You can only do so much in a military environment. You don’t really get a true interaction with the public.
“We have Army Green Berets, Navy Seals, Marine Special Operations Command, the 82nd Airborne Division and we also have some of our interagency partners such as the DEA, FBI and the joint personnel recovery agency that will be working with us.
“We’re getting these guys back into the woods,” Mead said. “We’re getting them back into the field to make it hard for them.”
Mead said that neighbors in the area could expect to see an increase in air traffic at night, and that the exercise may result in noise complaints. Mead added that some of the participants would have weapons with blank ammunition and would be wearing civilian clothes.
A video posted on YouTube titled, “Red Dawn and the New World Order” fueled speculation about the Jade Helm 15 exercise. In the video, a narrator reads through planning documents and encourages viewers to speculate about what each page could mean.
Speculation aside, there’s no proof that Jade Helm 15 is anything more than a normal military training exercise.
TruthorFiction.com has reached out to military officials for more information about the Jade 15 exercise. Future updates will be posted here.
http://www.truthorfiction.com/…aining-Exercise-Prep-for-Martial-Law-and-World-War-III.htm - 35k -
Why worry about this when local PD’s already have arsenals that would have been right at home on the front lines of WW2?
http://www.businessinsider.com/t-boone-pickens-oil-will-reach-100-by-the-end-of-2016-2015-3
Thousands Of Layoffs Coming After Buffett Merges Heinz With Kraft, Creating 5th Largest Food Company In The World
“Significant synergy opportunities”: translation: thousands of layoffs imminent.
by Zero Hedge | March 25, 2015
Another day, another mega-M&A deal taking advantage of abnormally low bond rates, this time however not involving biotechs or a specialty pharma seeking to purchase a debt-free balance sheet, but one involving the Oracle of Omaha himself, and his Heinz investment, which will merge with Kraft Foods whose market cap was over $40 billion this morning on the news of the merger, and create the third largest food and beverage company in the US, and 5th largest in the world.
And while the resulting company will certainly be an unprecedented food giant, one which leaves the US food industry even more concentrated, here is the rationale behind the deal and the punchline for American workers: “significant synergy opportunities.” Translation: thousands of layoffs imminent.
Just continue to look at dailyjobcuts.com in the next months and this will become increasingly evident.
Maybe they can go work at Wally mart - right?
Some will find similar jobs at smaller companies that pay less. For some it will be hard as Heinz or Kraft will be the only job they ever had since finishing college. I suspect that the grunts on the production lines will be relatively safe in comparison
Ain’t that the truth.
If you voted for corporate statists Obama, McCain, or Romney, or intend to vote for HillaryJeb, this is what you voted for. “Shareholder value” uber alles, obscene salaries and bonuses for the CEOs and top management, pink slips for the proles.
4 reasons to sell your home now
CNNMoney.com - Kathryn Vasel - 3/25/2015
Attention potential sellers sitting on the fence: It could be time to make a move.
Mid-March to mid-April is the best time to hang the sale sign nationally, with homes selling 15% faster and for 2% more than the average sale, according to Zillow. The window tends to be a little earlier for sellers in warmer climates and a little later in colder climates.
“It’s still predominately a seller’s market, but less so than the last year or two,” said Stan Humphries, Zillow’s chief economist. “Some advantages are moving back to buyers; but largely and broadly … it’s still favoring the sellers.”
Here are four reasons you might want to list your home:
1. Low housing supply: Tight inventory is a main reason the ball is still in the sellers’ court.
2. Fewer cash buyers: All-cash and investment buyers helped buoy home sales in the last couple years. And while the acceleration of home prices has slowed from its recent double-digit growth, experts still expect modest gains this year, but with fewer cash buyers.
All-cash offers made up nearly 31% of sales in 2014, according to RealtyTrac, a 13% drop from 2013 and the lowest level in four years.
3. Higher interest rates: While mortgage rates remain low, experts predict more buyers will enter the market in the coming months.
“When interest rates are thought to be escalating, we see a wave up activity with people getting off the sidelines,” said Budge Huskey, president and CEO of Coldwell Banker Real Estate.
4. Rising rents: Rising rental prices could motivate tenants to make the leap into home ownership. Rent prices have risen 15% nationwide in the past five years in 70 metro areas across the U.S. and income growth hasn’t kept up, according to NAR.
When you have NO debt you have NO boss.
Even if you have a paid off house.
Public union goons will still be your boss.
Goddamn goons!
The amusement is going to be epic when the public labor unions reach retirement age looking forward to that gold-plated pension and benefits they were promised for turning a blind eye to municipal graft and corruption of successive Democrat administrations, only to realize the Wall Street-Federal Reserve looting syndicate has so debased the currency and looted pension funds that all they’re left with is empty promises. They may not react well.
When you have NO debt you have NO boss.
Tell that to all the Lucky Duckies on the day the rent is due.
The only people with “NO boss” are those who are financially independent, who have enough assets to generate sufficient cash flow for them to cover their monthly expenses. Everyone else has a boss.
Fixt it for you.
Tell that to all the Lucky Duckies on the day the
rentmortgage payment is due.Now lets get back to the valid assertion;
When you have NO debt you have NO boss.
BINGO
When you have NO debt you have NO boss.
Correction:
When you have NO debt (and a paid off house) you have NO boss.
(If you have no debt but have to pay rent, you still have a boss.)
I mean right?
The end result is the same Lola. Difference is rent is half the cost of buying a house.
(If you have no debt but have to pay rent, you still have a boss.)
Funny how such a simple concept is beyond some people.
Says you who states “everything is priced correctly”.
Difference is rent is half the cost of buying a house.
It is not. Show me the USA median home price vs the median rent using a mortgage calculator. Too much work?
Sure it is Lola. And it enrages you.
HA is the dumb money time and time again.
Data Poet data.
http://oilprice.com/Energy/Crude-Oil/Bakken-Decline-Rates-Worrying-For-Drillers.html
This one’s for you Adan. I like the analysis.
I have seen this article and I like the analysis. Additionally, I read that the other reason for the accelerated decline is more complete fracking of the rock and the fact with more in-field drilling, the wells are starting to drain each other. Oil was up over a buck a barrel today. The production numbers were flat coming from the EIA but I am not convinced that it was an actual leveling and not a failure to report. But soon we will see sustained drops in production which will be very hard to reverse.
Check this out:
http://finance.yahoo.com/news/north-dakota-drilling-rig-count-172214236.html
Just in from Reuters via UBS…….Wells Fargo cuts.
Wells Fargo to cut 1,000 jobs, shut Milwaukee home-lending office
Reuters 3/25/2015 2:38 PM ET
Print Article
March 25 (Reuters) - Wells Fargo & Co, the fourth-largest U.S. bank by assets, said it will cut 1,000 jobs and close its home-lending servicing office in Milwaukee, Wisconsin.
As the U.S. economy has improved over the last two years, the bank has received fewer delinquent payments and fewer customers have required assistance staying in their homes, the bank said in an email on Wednesday.
Wells Fargo, which will close the office in late July, will inform employees of other job opportunities within the company, the bank said.
Shares of Wells Fargo, which had about 265,000 employees as of Dec. 31, were down about 1 percent at $54.82 in afternoon trading on the New York Stock Exchange. (Reporting by Avik Das and Amrutha Gayathri in Bengaluru; Editing by Joyjeet Das)
Cashin’s Comments March 25, 2015
Make Room. Make Room – Traders will carefully note today’s 10:30 release of crude inventory data. Here’s a bit from Bloomberg on the growing oil glut.
A supply glut has dragged U.S. crude for May delivery almost $10 a barrel below contracts a year out. This market structure, known as contango, has encouraged traders to shove the most oil in 80 years into storage so they can sell it for more in the future. The problem is, tanks are filling up, according to banks from Bank of America Corp. to Citigroup Inc. and Goldman Sachs Group Inc. That’s where the extra space comes in. There’s the normal “working” capacity. And then there’s
“contingency” space, a buffer between the working storage and the tank tops that typically sits empty to keep oil from spilling out. The company that built most of the tanks at Cushing, Oklahoma, the biggest U.S. oil hub, says the buffer is about 3 to 5 percent of storage space. That’s equivalent to about 20 million barrels of room in tanks across the country.
“Their sole orientation is capturing the contango, and they’re pushing it as much as possible,” Rashed Haq, vice president at consultant Sapient Global Markets, who worked with a trader in November to model the use of his contingency space, said by phone March 17. “The difference between the working capacity and the tank top could be 1 percent, but that’s 1 percent of margin. That’s pure profit. That’s in the millions.”
Traders’ attempts to use every cubic inch of storage underscores how desperate the market has become to stow oil. Supplies at Cushing reached a record 54.4 million barrels as of March 13, Energy Information Administration data show. Nationwide, stockpiles at 458.5 million are the highest since 1930. Stockpiles at the highest since 1930. That’s not a short-term phenomenon.
If you like your involuntary Soviet-style commitment to a mental institution, you can keep your involuntary Soviet-style commitment to a mental institution.
http://www.washingtonpost.com/blogs/the-fix/wp/2015/03/24/this-woman-was-put-in-a-mental-hospital-because-she-said-obama-follows-her-on-twitter-she-was-kind-of-right/?wprss=rss_national
And so it begins…bye bye cheap oil.
http://www.zerohedge.com/news/2015-03-25/another-middle-east-war-breaks-out-saudi-arabia-begins-bombing-yemen
How long until we see a Saudi pilot set aflame?
Houthis are a lot more civilized than ISIS. In fact they’ve been fighting Sunni extremists in Yemen.
More on the mess in Yemen. Maybe we let them sort it out themselves just this once.
http://www.zerohedge.com/news/2015-03-25/presenting-theater-war-who-controls-yemen
John McCain & Lindsay Graham explain Obama’s move…
U.S. Senators John McCain (R-AZ) and Lindsey Graham (R-SC) today released the following statement on Saudi Arabia leading an international coalition conducting air strikes against Iranian-backed separatists in Yemen:
“Saudi Arabia and our Arab partners deserve our support as they seek to restore order in Yemen, which has collapsed into civil war.
“We understand why our Saudi and other Arab partners felt compelled to take action. The prospect of radical groups like Al-Qaeda, as well as Iranian-backed militants, finding safe haven on the border of Saudi Arabia was more than our Arab partners could withstand. Their action also stems from their perception of America’s disengagement from the region and absence of U.S. leadership.
“A country that President Obama recently praised as a model for U.S. counterterrorism has now become a sectarian conflict and a regional proxy war that threatens to engulf the Middle East. What’s worse, while our Arab partners conduct air strikes to halt the offensive of Iranian proxies in Yemen, the United States is conducting air strikes to support the offensive of Iranian proxies in Tikrit. This is as bizarre as it is misguided – another tragic case of leading from behind.”
Went to this alumni function for my wife’s alma mater tonight at this ultra-fancy San Diego hotel. My thought, on learning it opened in 2006: How is this place possibly not bankrupt?
Grand Del Mar earns top hotels ranking
By Lori Weisberg
2:13 p.m.Jan. 22, 2015
The Grand Del Mar, located in Carmel Valley, has earned the distinction of No. 4 hotel in the nation, based on TripAdvisor reviews.
In a week of new hotel rankings across the U.S., San Diego’s Grand Del Mar has picked up two more: No. 2 luxury hotel and No. 4 among all properties, based on reviews from TripAdvisor users.
The resort, located in Carmel Valley, is the only Southern California hotel to have made the top 10 list in both categories of TripAdvisor’s annual Traveler’s Choice Awards, although it slipped from last year’s ranking as the nation’s top hotel.
…
We’re talking mostly vacant, at $400+ for a night’s stay.
phony scandals