Bits Bucket for May 11, 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.
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Name:Ben Jones
Location:Northern Arizona, United States
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Is China’s GDP growth poised to drop below 7%?
Economy
China Cuts Interest Rates as Economic Growth Slows
People’s Bank of China cuts the benchmark lending and deposit rates by 0.25 percentage point
By Lingling Wei
Updated May 11, 2015 2:36 a.m. ET
BEIJING—China cut interest rates for the third time in six months amid a worse-than-expected economic slowdown, as authorities scramble to ease the heavy debt burdens of companies and governments.
The People’s Bank of China said Sunday it would shave a quarter of a percentage point off benchmark lending and deposit rates, effective Monday.
The move comes as senior Chinese officials are growing more fearful that the mountain of debt from the rapid expansion of credit over the past few years is weighing on efforts to pick up the world’s second-largest economy.
In one of the starkest official warnings about China’s growing debt woes, the PBOC said in its monetary-policy report Friday that the “rising debt size is forcing China to use a lot of resources in repaying and rolling over debt” while limiting the room for further fiscal expansion. The central bank is also considering a credit-easing tool that will allow local governments to restructure debts, according to people familiar with the matter.
Meanwhile, easing measures taken by the central bank—including two interest-rate reductions since November—have largely failed to spur new-loan demand.
Instead, the actions have triggered a strong run-up in China’s stock markets in recent months, which has helped the authorities to keep funds from flowing outside China but also led to concerns over speculative trading. Chinese shares tumbled last week as regulators moved to limit investors’ ability to buy stocks with borrowed funds.
President Xi cited a need to channel policy to help the real economy.
People with knowledge of the discussions say China’s policy makers are increasingly concerned that Beijing may fall short of reaching its already-lowered expectations for growth—set at about 7% for this year, the lowest level in about a quarter-century.
…
How does China’s GDP grow at 7% while all of the sectors of its economy are in contraction?
Not all sectors are growing lower than 7%, more services less manufacturing. I will be too busy to post much this week but I saw Doctor Doom yesterday on CNBC last night could not believe how much we agreed on China. One of his main points I have made on this board. While the U.S. has wasted its money and gone into debt with transfer payments, China has actually build something with its debt so it is not the same.
An “economic slowdown” is not growth.
Sources from China have to be very cautious about explaining this to you.
“China has actually build something with its debt…” There is quite the revision. Weren’t you schooling us ad nauseam on how little debt the Chinese have? Too much debt is a big problem, no matter what kind of useless and wasteful stuff you build with it.
“There is quite the revision. Weren’t you schooling us ad nauseam on how little debt the Chinese have”
Government debt is very low, SOE debt is high but it is backed up by collateral. US debt is backed up by nothing, it went to transfer payments, we actually have poor infrastructure and our private debt has been built up for consumption and not for factories. I have not changed my view and Dr. Doom actually agreed with me. He said as I said the West is in far worse shape than China.
$25 Trillion and it can’t be serviced.
It doesn’t matter what clown you found surfing the TV over the weekend.
“China has actually build something with its debt…”
Ghost cities, as well as bullet trains, roads and bridges to said ghost cities.
What could possibly go wrong?
This same Dr Doom also scoffed at the idea of 7% gdp Dan.
So we’ve moved to a healthy debt vs unhealthy debt argument now. Household and government debt is relatively low, but corporate debt totaling 190% of GDP is good debt because it’s collateralized? Oh, you can’t make good on what you owe me but you’ve got a non-producing factory and some empty high-rises I can have? Sweet!
Maybe it’s just me, but I’ll take the un-collateralized debt from a global super power that can tax, print money and bomb its naysayers to smithereens.
I wonder at what point you actually believe the utter nonsense you spew forth.
So far I have been right and you have been wrong, do not see any deflation in oil or iron ore recently, seems to be the markets are seeing a China that it growing close to the target.
it=is. BTW, iron ore is back up to about $62.50 a ton.
Dan, you quoted Faber and said he agreed with you. Yet in the same interview he laughed at the suggestion of 7% GDP. Was even mum when they asked for him to clarify if China was growing or contracting.
And now you say I am wrong after 2 weeks of iron ore price changes? Ha. That is noise, Danny. Corn prices. Lumber prices. Gold prices. All trending lower. But that too is noise.
“$62.50 a ton”
Sure, on the slide from $180 per ton. Are you day trading? You are certainly not looking at the big picture. We are so far past peak on this that you are about the last one out in the dark.
Over the past several months we’ve shared articles over and over that say something like “We’re contracting. This is a really big problem. Defaults are on the rise. THIS WILL MAKE IT DIFFICULT TO HIT GROWTH TARGETS.” This is the way Asians say the $hit has hit the fan.
“Sure, on the slide from $180 per ton.”
To $62? Damn…. that is more good news. Falling prices are exactly what this moribund economy needs.
Do you think the Bush war was worth $2 T +?
And the tax cuts at the same time where a great idea?
Increase spending and decrease income… Bush 2016!!
ABQ - Are you Chinese?
P.S. Also, while not good news for the world, it is increasing its defense budget by 10%+ per year.
P.S. Also, while not good news for the world, it is increasing its defense budget by 10%+ per year ??
In a nuclear armed world why does a military matter ??
Good question.
A military is for picking on smaller countries that don’t have nukes, and invading Texas, apparently.
A military is for picking on smaller countries that don’t have nukes, and invading Texas, apparently.
Invade Texas? That’s unpossible! Texans are all armed to the teeth and are ready for “go time”, right? Or are all those pretty gunz just for show, like a pair of truck nutz on an F-350?
Because a military can (plus or minus a few “weddings”) pick off the “undesireable” half of the population. Nukes don’t do that.
It matters right up until the point you are willing to go nuclear.
I suppose it is technically possible for some sectors to contract while others grow fast enough to compensate. But normally a slowdown in one part of an economic system creates a drag on the remaining parts, rather than acceleration. (Take for example the drag the U.S. economy is exerting on China’s, which some HBB poster mentioned yesterday…)
why are politicians allowed to bury future generations in debt for their own gains in the now?
“why are politicians allowed to bury future generations in debt for their own gains in the now?”
Politicians are not “allowed” to do anything.
As employees of the PTB what they do is follow orders.
This is neither the sign of a collapsing economy nor even a sign of a collapsing housing market, yes it is but one city but a very important city, I expect within a few days the housing data for the entire country will show improvement:
http://www.shanghaidaily.com/business/real-estate/Strong-sales-of-new-homes-in-Shanghai/shdaily.shtml
Excerpt and last post of the day, unless I find something to reply to in the posts just below this one:
THE area of new homes sold stayed above the 300,000-square-meter threshold for the third straight week in Shanghai as strong momentum extended further.
A total of 312,400 square meters of new residential properties, excluding government-subsidized affordable housing, were sold during the seven-day period ended Sunday, a week-over-week decrease of 3.9 percent, Shanghai Deovolente Realty Co said in a report released today.
“The housing market maintained its strength for another week despite the retreat,” said Lu Qilin, a Deovolente researcher. “New supply, meanwhile, also surged during the period which could be viewed as further evidence for optimism among real estate developers.”
Last week, 329,300 square meters of new houses were released to the market, a week-on-week surge of 114.7 percent, according to Deovolente data.
By price, new homes sold last week cost an average 30,585 yuan (US$4,933) per square meter, up 1.2 percent from the previous week.
Citywide, half of the city’s 10 best-selling projects last week cost more than 30,000 yuan per square meter, indicating robust demand in the medium- to high-end segment.
It speaks to the rape of China by its own elite class. An average worker could only buy a m2 or so with their entire yearly earnings. “Strong momentum” indeed.
Sheldon Adelson faces new scrutiny as documents challenge his testimony
Casino magnate’s trial remarks raised more questions than they answered about Las Vegas Sands’ connection with an alleged organised crime leader in China
http://www.theguardian.com/us-news/2015/may/09/sheldon-adelson-macau-testimony-las-vegas-sands
Adelson might face “scruntiny” but he’ll never, ever face an indictment given his political top cover. Some oligarchs, er, animals, are more equal than other animals.
Follow the money
http://en.wikipedia.org/wiki/William_Kristol
Clubber Lang and all the other cowards are so easily manipulated by this @sshole, cowering under their bed crying for Big Daddy Government to save them from the scary scary ISIS boogeyman.
You could have voted for Ron Paul in 2008 and 2012, but you didn’t.
Breitbart has a video link titled “DHS Chief: ‘Lone Wolf’ Attackers Could ‘Strike At Any Moment’
This is emotional manipulation, and will not result in “lower taxes” or “smaller government”
Fox has an article titled “Terrorism Has Gone Viral”
The “War On Terror” has cost over $1.6 trillion so far, would anybody care to explain who pays for the next trillion dollar war?
And once again, you could have voted for Ron Paul in 2008 and 2012, but you didn’t
but you didn’t ??
If you did you still lost…
No smaller government or lower taxes happening here:
“The dominant theme of the summit was national security and combating terrorism, which made sense in a military-centric state such as South Carolina. The rhetoric was especially sharp — even for a conservative confab — and appears to be intensifying, a sign that the candidates desperately want to be seen as the tough enforcer in the field.”
http://www.washingtonpost.com/blogs/post-politics/wp/2015/05/10/south-carolina-was-the-center-of-the-gop-presidential-universe-this-weekend-here-are-the-five-biggest-takeaways/?tid=HP_politics?tid=HP_politics
Friend of mine in the Midwest is in contract on a house. I was quite surprised, as he is a sort of free spirit, not one to be tied down. Outskirts of a medium-sized city. Single; had a live-in SO; they just broke up. Salary ~$45K. $120K 3/2 ranch 1/4 acre. VA loan, 0% down, 2.5% interest.
He’s a little older than me, and finally realized he isn’t getting any younger. He said that he was sick of rent going up. He’s not quite thinking toe-tag house yet, but he knew enough to avoid stairs. His goal is to build at least some equity. He reports that in his area, anything “decent” is being snapped up, with some bidding wars. But anything in bad condition is sitting.
It sounds like he does need to be tied down, replacing a lost mistress with a mortgage.
LOL… In other words, replacing one form of bondage with another!
Well there’s no mistress; neither is married. And he didn’t lose the SO and buy a house to feel better. The relationship was a bit on the rocks anyway, and it was the house buying and living arrangements (more family involved) that precipitated the final breakup.
Nobody told me I needed to be married to have a mistress. I guess I’ve been doing it all wrong.
Charles had a mistress before marriage. The Crown desired an heir fertilized and incubated in a wholesome virgin; enter Diana. The 0.1%
“Salary ~$45K.”
Your friend is a renter.
$120,000 at 2.5% = $474/month.
The low interest rate provides for a lot of principal reduction. In ten years, his loan balance will be $90,000. That means about $250/month of the $474 will go to principal reduction in years 1-10.
Net monthly interest cost for his house: $224/month. Very nice.
And with the VA he’s paying no PMI either even if it’s 0% down.
The rent on a two-bed is already near $1000. I don’t see how this is a bad thing.
And with the VA he’s paying no PMI either even if it’s 0% down.
The rent on a two-bed is already near $1000. I don’t see how this is a bad thing.
What!? It cost less to own than rent … a lot less? That’s unpossible!
+1 for the Simpsons reference.
I bought a place for about that price ($115K) in 1997, also used a zero down VA/GI bill loan, though at that time my interest rate was 8% for a payment of $850, about what it would have rented for…anyway the fundamentals made sense and it worked out fine, owned it for 10 years and sold in early 2007.
I’d buy again if prices are right but currently a 3/2 tract house locally is $400K plus so renting is a much better option…a 30% plus price drop after Bubble 2.0 pops would get me back in the market.
And still multiples above local rental rates. Just because a few fools signed up for those losses doesn’t mean he should.
Get it right people.
Um, no thanks. But here’s a suggestion, after you get there, why don’t you stay there? And stop ripping off American taxpayers, we are sick of paying for a fascist apartheid state.
http://mobile.wnd.com/2015/04/come-to-israel-with-me-this-fall
That’s racis…. wait that’s anti-semitism!
According to Clubber Lang, these sentiments are pro-radical Islam.
Not that he is capable of thinking critically, he just posts what Sheldon Adelson pays him to post.
Global Warming! Climate Change!
The dividing issue of our time!
Go here and pick a side (unless you have a side already picked for you):
http://climatedebatedaily.com/
Or, if you want to understand the science so you can do your own thinking, try out this site:
http://scienceofdoom.com/
“do your own thinking”
That’s not allowed on the Democrat and Republican plantation.
Dannyboy’s 100 post threads on the warmist topic are really really boring.
Almost as boring as your 100 plus posts promoting AGW
“100 plus”
Name the calendar date that happened, Dannyboy?
Oh wait, because you can’t. But you post that many every single day here.
Seven more miserable months to go and then the Obama regime is done. I dunno if what follows will be any better, it’s hard to see how it could be any worse, but then again, that’s what I thought about Bush.
If we get another bush or clinton you know it will be the same old.
Jeb said he liked the idea of invading Iraq.
He cant win saying stupid stuff like that.
What next, preztel eating contests?
He cant win saying stupid stuff like that.
Oh yes he can. You seem to be grossly overestimating the intelligence of the ‘Murican electorate.
Seven? No, it’s just under 18 months until the election and just over 20 months until the next inauguration.
And yes, it will be worse. Alot worse (except for the 0.1% of course).
Stick a fork in this country, because it’s done
Jeebus, I need more coffee or something. Lol, I was wondering why the campaigns weren’t cranking up faster.
But you never know, at the rate things are going, maybe it will only be seven months after all.
All kidding aside, the SOB is really trying to do as much damage as he do in the time left to him. You know it’s bad when Arabian potentates snub him and his “summit”.
Think of this, Iran can increase oil production by 500,000 barrels a day over about six months if a deal is reached, but Saudi Arabia could half its oil production or a cut of five million barrels to punish the US for making the deal. Oil would shoot to $200 a barrel and the Saudis would make about twice the money it is making now for half the production. Not saying it will happen but it could happen if Obama makes them mad enough.
Who cares with oil prices falling?
Crude Oil Down 40%+ YoY
http://www.marketwatch.com/investing/future/crude%20oil%20-%20electronic
And yes, it will be worse. Alot worse (except for the 0.1% of course).
Yup, the next admin will be just as miserable, if not even more, especially if you’re a lucky ducky, or become one.
Of course my dual income, $200K+ household income, Highlands Ranch, Lexus driving, iPhone 6 toting coworkers don’t have a clue what life is like to for the ducks.
“Of course my dual income, $200K+ household income, Highlands Ranch, Lexus driving, iPhone 6 toting coworkers don’t have a clue what life is like to for the ducks.”
“Bad boys, bad boys… What’cha gonna do? What’cha gonna do when they come for you?” –Bob Marley
“Seven more miserable months to go ”
The butthurt is strong with this one.
Yep, I got so excited about it I upped the timeline.
I can’t say that it has been any more miserable than under the previous admin. Life under both sucked.
Of course my coworkers are all giddy with their Denver home appreciation and are adamant in their belief that this time “it’s different”
If what other people think can make you miserable, you’re probably going to spend a lot of time miserable.
No “real journalists” involved in this fight:
http://www.foxnews.com/politics/2015/05/11/salons-clickbait-strategy-phantom-fight-against-fox-news/
It is true that Fox News “has nothing but fear” but it is also true that Salon dot com has nothing but white liberal guilt, white self-hatred, and white self-extermination
“If you ever need to be reminded how superior the West is, just hop in a taxi. The drivers come from anywhere-but-here and pretty much all of them are ambassadors of suck. The days of the charming, loudmouth cabbie with the cigar stub and rude jokes have been replaced with rude jerks from Pakistan, Russia, Central America, and Africa. When they’re not driving like there’s a zombie apocalypse, they’re stinking up the cab, chatting on the phone, antagonizing customers, whining, and leaving bags of urine on the street. It’s not racist to be a Western chauvinist. I hate them all equally, especially the Russians. They are humorless ingrates who complain all the time like they didn’t just win the immigration lottery.”
http://takimag.com/article/a_road_test_for_multiculturalism_gavin_mcinnes#axzz3ZpiS8k00
Whew. After reading this, I actually thank my lucky stars that the majority of immigrants around here are from south of the border. Much as I hate illegal immigration, I have to say that despite all the manual labor the migrants around here are involved in, I have yet to catch a whiff of stench from them. They’re very clean, for the most part.
come to Sh*tcago there Palmy - the Russians - you ain’t seen nothin til you had into an ethnic Russian grocery store in the midst of the city - bashing you with shoppin carts - whining about long lines - etc. Then head up to the north shore where first wave arrivals of Russian jews makes life really interesting - there is a big influx of these rude, entitled refugees of the oligarchs it makes me wonder if they have not brought the very thing with them that they are trying to escape from - Frankly I don’t trust them and I avoid them any time i can.
The Killing of Osama bin Laden
http://www.lrb.co.uk/v37/n10/seymour-m-hersh/the-killing-of-osama-bin-laden
Turns out there are so many lies involved. I’m sure Limbaugh and Hannity will admit today that torture didn’t have a thing to do with it. These brave SEALs didn’t face any resistance. The guards were ordered to leave when they heard the copters coming. The CIA immunization scam was falsely attributed to this deal. Obama does have a press conference this morning to refute it all, right?
Why doesn’t the United States shut down every military base in the Middle East?
There is nothing “smaller government” or “lower taxes” about spending $600,000,000,000+ a year on the military industrial complex
And while you’re at it, close bases in Europe, Korea and Japan. They are 1st world nations and can fund their own defense. That’s one thing I agree with the Libertarians on: “Fortress America.” Bring home the troops to defend America instead of being spread all over the world getting involved in other nation’s business. We’d save a ton of money that can be put to use fixing up our tired infrastructure.
‘to defend America’
From all the falling TV sets? Or the toilet paper thieves?
I wish it were possible. But look at the presidential candidates, all trying to out-hawk each other. This is an empire we live in and they are likely to run us into the ground paying for it. It has crossed my mind that is what the PTB intended all along.
Bush had full control for 6 yrs.
The GOP did nothing, not even secure the borders.
smoke and mirrors!
Vote for women with kids who are not attorneys.
Lets see what t hey can do.
Multiple news sites already poking holes in Hersh’s “expose.” Apparently there’s a lot of existing evidence that contradicts Hersh’s accounts, and Hersh relies too much on an unnamed source.
Of course. But why doesn’t Obama come out and say it isn’t true? Or are we going to leave this to Fox News and Brian Williams to get to the truth?
I would suspect that if he says anything at all, they’ll just go deeper into their frothing, pants-wetting fury about how the Muslim Antichrist African Atheist Potsmoking president wants to Destroy America!
WH statement: “There are too many inaccuracies and baseless assertions in this piece to fact check each one,” White House National Security spokesman Ned Price said
LOL. Yeah, we don’t want to fact check each one because Hersh got at least a few things right but was wrong on others. So the real truth lies somewhere between Obama’s account and Hersh’s version.
It’s seems kind of important. Why not have an investigation, put people under oath and find out? I’m sure Hersh and his source realized they might be called to testify. Because as any judge would tell you, when two accounts are so different, somebody is lying.
Why not have an investigation, put people under oath and find out?
Wasn’t it George Carlin who mocked testifying under oath, as if taking an oath will keep people from lying through their teeth?
I remember Bush and Cheney’s testifying to the 9/11 committee. They set the rules: must testify together, no cameras, no families, no audio. Truth??
I guess we could torture them. But then they just tell you what you want to hear so you’ll stop. Ah heck, let’s just cram some hummus up their rear ends anyway.
Lying under oath is a crime. The possibility of prosecution does keep a lot people honest. The Iran-Contra committee was able to get a lot of information out there.
“…a former senior Pakistani intelligence officer who betrayed the secret in return for much of the $25 million reward offered by the US…”
Armand Hammer would say, “My sweetener clinched it.”
A lot cheaper than the trillion dollars spent pummeling and rebuilding and pummeling Afghanistan.
If you like your strategic blunders, you can repeat your strategic blunders.
http://www.foxnews.com/politics/2015/05/10/exclusive-jeb-bush-says-hillary-clinton-would-have-backed-iraq-invasion/
You slept in late today.
Nope, no bubble here….
http://www.businessinsider.com/chinese-stock-rises-after-name-change-2015-5
Why homebuyers face a tough spring
Eager to buy your first home this spring? Already own, but want to trade up? Be warned: there’ll be plenty of competition
Bidding wars have broken out in hot real-estate markets like Denver and Los Angeles, where there aren’t enough houses to meet demand. The lack of supply is a key reason home sales nationwide have yet to return to healthy levels following the housing collapse in 2008.
“Inventory is still fairly low in a lot of markets across the country,” said Skylar Olsen, senior economist at real estate data firm Zillow. “Buyers are not going to have the easiest time out there.”
Further tilting the market in favor of sellers are low mortgage rates, which have ratcheted up pressure on buyers to wrap up deals before borrowing becomes more expensive.
Then there’s the matter of price. While the overall rise in home prices has slowed this year, fierce competition in many cities and markets will make the cost of buying much harder this spring. Prices are peaking or coming close in roughly half the country. Seven states set highs in March, including Colorado, New York, Tennessee and Texas, according to real estate data provider CoreLogic.
Homebuyers this spring will need to pay attention to six major factors:
— SUPPLY IS TIGHT
Among the toughest markets for buyers: San Jose, San Francisco and Los Angeles, as well as Seattle, Denver, Dallas-Fort Worth, Texas, Nashville and Boston, according to Zillow.
Full story here
http://finance.yahoo.com/news/why-homebuyers-face-tough-spring-113937167–finance.html
Back on planet earth…
Mountain View, CA Sale Prices Sink 5% YoY; Dive 10% MoM
http://www.zillow.com/mountain-view-ca/home-values/
Revealed: How Chris Christie Got Fat
http://nymag.com/daily/intelligencer/2015/05/christie-spent-82000-on-snacks-at-nfl-games.html
That’s a lot of chili-dogs, even at stadium prices.
The GOP, our “fiscal conservatives” in action!
CUOMO ANNOUNCES ACTION TO PROVIDE $2.4 TRILLION IN MORTGAGES FOR AFFORDABLE HOUSING FOR 28.1 MILLION FAMILIES
WASHINGTON - Housing and Urban Development Secretary Andrew Cuomo today announced a policy to require the nation’s two largest housing finance companies to buy $2.4 trillion in mortgages over the next 10 years to provide affordable housing for about 28.1 million low- and moderate-income families.
http://archives.hud.gov/news/1999/pr99-131.html
Classic votes for entitlements, to be paid for by middle class taxpayers.
HUD Archives: News Releases
——————————————————————————–
HUD No. 99-131
Further Information: For Release
In the Washington, DC area: 202/708-0685 Thursday
Or contact your local HUD office July 29, 1999
——————————————————————————–
CUOMO ANNOUNCES ACTION TO PROVIDE $2.4 TRILLION IN MORTGAGES FOR AFFORDABLE HOUSING FOR 28.1 MILLION FAMILIES
WASHINGTON - Housing and Urban Development Secretary Andrew Cuomo today announced a policy to require the nation’s two largest housing finance companies to buy $2.4 trillion in mortgages over the next 10 years to provide affordable housing for about 28.1 million low- and moderate-income families.
Cuomo said the historic action by HUD raises the required percentage of mortgage loans for low- and moderate-income families that finance companies Fannie Mae and Freddie Mac must buy from the current 42 percent of their total purchases to a new high of 50 percent - a 19 percent increase - in the year 2001. The percentage will first increase to 48 percent in 2000.
Commenting on the action, President Clinton said: “During the last six and a half years, my Administration has put tremendous emphasis on promoting homeowners and making housing more affordable for all Americans. Our housing programs and institutions have been a success. Today, the homeownership rate is at an all-time high, with more than 66 percent of all American families owning their homes. Today, we take another significant step. Raising the GSEs goals will help us generate increased momentum in addressing the nation’s housing needs. I congratulate HUD Secretary Andrew Cuomo and the entire HUD team on their efforts in this important area.”
http://archives.hud.gov/news/1999/pr99-131.html
But how can this be solved when this is evident….
(from Art Cashin at UBS)….
Further Foibles In The Payroll Numbers – In his weekend note, my friend and fellow market veteran over at
Option Investor cited some other disturbing anomalies that lay beneath the surface of Friday’s payroll report.
Here’s a bit of what he wrote:
The best comment I heard on Friday came from Larry McDonald, managing director at Societe
Generale. He wanted a number well over 300,000 jobs. He said we should not be excited by an
economy that is averaging +191,000 jobs after zero interest rates for six years, $4 trillion in QE and $20
trillion and rising in global stimulus. He said when the financial crisis began in 2008 we had 23 million
full time jobs in America. Today there are only 21 million. Over that same period the population has
grown more than 20 million. In April full time jobs declined by -252,000, the most in nearly a year,
while part time jobs rose by +437,000, the most since last June. There is something seriously wrong
with that scenario and we should not be celebrating a Goldilocks number.
To me the most sobering of those numbers is the 23 million full time jobs in 2008 versus 21 million today, despite
a population growth of 20 million. Not much progress in those numbers.
what is worse is that one person doing several part time jobs are counted as several jobs in the report, I think. All I heard is that the retail industry is not in good shape, even Walmart is earning less.
Why don’t they just report the people having taxes withheld and filing taxes? The number of people with jobs would be able to be figured out quite easily.
Take that # / able workers and there u have it.
The labor force participation rate shows about 95 million folks not in labor force. I think there is about 250 workers of age and able to work in the US. 95/ 250= 38% without jobs.
This 5.4% is total bs and a lie.
Nobody seems to care as long as stock and home prices keep going up. Its a lot easier to borrow money from the FED than to actually create jobs.
He said when the financial crisis began in 2008 we had 23 million full time jobs in America. Today there are only 21 million.
That doesn’t sound right. Where’d you get this information?
He said when the financial crisis began in 2008 we had 23 million full time jobs in America. Today there are only 21 million. Over that same period the population has
grown more than 20 million.
So … only 1 out of ten workers has a full time job? I know things are bad and dire, but that does seem a bit on the low side. Googling around, I see numbers more around 120 million.
Once again, with 25 million excess, empty and defaulted houses, supply is not an issue.
The question is, how long can the Fed and companies hold to keep them off market?
people are living in the houses free thus they have disposable income to buy stocks and durable goods thus they are helping to support the recovery. so they will be there as long as it takes to unload them.
It is up to the lenders to determine when to kick them out instead of the people living in the houses. But how long can the lenders wait before they have financial trouble?
as long as they have a printing press behind them I would guess as long as it takes to liquidate everything.
I know some deadbeats that have been living like 6 years rent free n so cal. Its really a joke.
And for every deadbeat there are 1000 excess empty houses.
Simi Valley, CA List Prices Sink 5% YoY; Statewide Housing Demand At 30 Year Low
http://www.movoto.com/simi-valley-ca/market-trends/
Bank owned sales are now less than 10% of CA coastal property being sold. Prices are skyrocketing, bubble is expanding. Feels just like 2008 all over, RE is the talk of the town.
And demand is at 30 year lows.
remember I can ask $50,000 for my 10 year old Chevy pickup where is the buyer at that price?
Start slashing.
how many highballs today?
Vehicles depreciate !
Houses can last generations.
There is nothing like a coastal view in CA. It is priceless.
My 30 year old truck is worth 30,000.00
Stick with the data Poet.
Huntington Beach, CA List Prices Sink 5% YoY As Housing Correction Resumes
http://www.movoto.com/huntington-beach-ca/market-trends/
The house across the street is for sale. asking 319k For what i’m not really sure. I’m thinkn 120k
Should I make a lowball offer?
You’ve got some noisy muffler bearings today Poet.
‘Should I make a lowball offer?’
Be sure to start lower so you have a place to go.
Interesting action in the bond markets today.
http://www.marketwatch.com/story/treasury-prices-decline-as-eurozone-bond-market-resumes-selloff-2015-05-11
Jeb Bush - the 2nd coming of Shrub. Only in a nation where 95% of the electorate are imbeciles would this neo-con plutocrat have a good shot at becoming our next president.
http://www.businessinsider.com/video-democrats-attack-jeb-bush-2015-5
“The men the American people admire most extravagantly are the greatest liars; the men they detest most violently are those who try to tell them the truth.”
-H.L. Mencken
Which is why Ron Paul only got 5% of the vote.
“The men the American people admire most extravagantly are the greatest liars; the men they detest most violently are those who try to tell them the truth.”
-H.L. Mencken
Yes, just try to tell this board the truth about China that it does not want to hear and you will see the truth in that statement. But somehow China just became the largest importer of oil in the world, I guess a collapsing economy just wants to use and stockpile more and more oil:
http://finance.yahoo.com/news/nation-just-became-worlds-top-152218806.html
Brother Dan,
Believe it or not, some of us on the HBB are weighing your posts for their merits. However, we are also noting the proliferating indications that China is a bubble waiting for a pin.
RKH
http://www.zerohedge.com/news/2015-05-11/last-time-happened-chinese-stocks-crashed
“Yes, just try to tell this board the truth about China that it does not want to hear and you will see the truth in that statement.”
The board recognizes that you are proselytizing.
China’s stock bubble is even more epic than ours, thanks to equally deranged and reckless central bankers.
http://www.zerohedge.com/news/2015-05-11/chinese-stock-bubble-now-plumbing-depths-human-stupidity
It was actually Faber that had the comments about China.
This one’s for you, selfish hoarder.
http://www.telegraph.co.uk/finance/commodities/11596319/Silver-no-longer-the-poor-mans-gold-as-solar-demand-surges.html
A murderer, a cheater and a liar walk into a bar. Bartender says “Go Pats!
Pitt Narduzzi (@PittNarduzzi) | Twitter
twitter.com/pittnarduzzi - 232k - Cached - Similar pages
pic.
Yecch. Is it just going to keep going?
House Flippers Are Back Together With Wall St. What Could Possibly Go Wrong?
From down under:
Don’t Buy Now! Property Buyers Strike is on Facebook.
“Help the property market correct itself”
Slang from the page - “dog box construction”, seems to mean apartments as small as a dog house.