June 5, 2015

Bits Bucket for June 5, 2015

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




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200 Comments »

Comment by AbsoluteBeginner
2015-06-05 01:49:33

Sum ting wrong the market?

Comment by Professor Bear
2015-06-05 04:27:57

No ting wong.

1. Borrow money.
2. Buy stocks and housing.
3. ?
4. PROFIT!

Comment by azdude
2015-06-05 04:44:01

buying a house makes you feel part of something bigger than you.

Comment by Raymond K Hessel
2015-06-05 05:22:54

FB Nation is pretty big, all right. Which is good, because misery is going to like company.

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Comment by azdude
2015-06-05 05:27:02

Its not to late too get in the game RAY.

 
Comment by Blue Skye
2015-06-05 06:50:39

What game, pin the tail on the debt donkey?

 
Comment by Raymond K Hessel
2015-06-05 12:06:02

I’ll buy my house at the foreclosure sale, thank you very much. If you’ll tell me which soup line you’ll be patronizing, Azdude, maybe I’ll be kind enough to make a donation.

 
 
 
 
 
Comment by Professor Bear
2015-06-05 09:35:09

I

Comment by Professor Bear
2015-06-05 09:36:09

I meant to ask, is this a good time for dips to buy?

Comment by Professor Bear
2015-06-05 09:39:52

ft dot com
On Wall Street
High time for greed to yield to fear
Henny Sender
June 5, 2015 10:21 am
The dangers of a wholesale retreat from risky positions

There have been many false alarms in the past two years regarding the end of quantitative easing and the timing of the first Federal Reserve rate rises.

The consensus on the first rate rise seems to move just a bit further off into the future with each disappointing data point, whether on GDP growth or retail sales, which hit a six-year low in April.

“Investors remain trapped in the twilight zone, the transition period between the end of QE and the first rate hike, the start of policy normalisation,” noted one recent research report from Bank of America Merrill Lynch. “The investment backdrop will probably continue to be cursed by mediocre returns, volatile trading rotation, correlation breakdowns and flash crashes.” In addition to that sobering message, Merrill warned of this year’s’ “liquidity paradox”.

“In a world of infinite central bank liquidity, asset markets can suddenly turn extremely illiquid. Reducing risk rather than maximising return is the smarter mid-2015 strategy,” Merrill’s strategists add.

Merrill is right to sound the alarm. Since it is QE that has driven the markets up, it is reasonable to assume that the end of QE and zero rates will trigger a downdraft in the markets in the absence of any fundamental reason to be optimistic about either economic prospects or corporate earnings, especially given the elevated levels at which shares and corporate debt now trade.

Rate rises remain some time away. And in a way QE has not ended since the Fed continues to reinvest the billions in proceeds from securities it already bought.

Yet already there have been extreme moves without any visible catalyst in markets: ranging from German Bunds to oil, Swiss francs and US Treasuries, while other markets such as high yield stubbornly refuse to rally any further. In other words, market behaviour seems to suggest that the end of zero rates has not been fully discounted yet, either in the developed world or in emerging markets, almost two years after the initial taper tantrum.

The problem, of course, is that if everyone tries to reduce risk at the same time, as per Merrill’s counsel, they risk precipitating precisely the extreme market moves they seek to avoid. The most important players in financial dramas today are not the bankers, (despite the disclosure of questionable behaviour on the part of traders), but the asset managers, whether traditional or alternative.

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Comment by Professor Bear
2015-06-05 21:11:24

Since it is QE that has driven the markets up, it is reasonable to assume that the end of QE and zero rates will trigger a downdraft in the markets in the absence of any fundamental reason to be optimistic about either economic prospects or corporate earnings, especially given the elevated levels at which shares and corporate debt now trade.

Best ever one-sentence summary of the Fed’s conundrum?

 
 
 
 
 
Comment by Housing Analyst
Comment by Professor Bear
2015-06-05 04:29:23

Dang real estate infestors…

Comment by azdude
2015-06-05 04:45:55

buyers should have hired an inspector. Trying to save a buck literately bit them in the arse!

Comment by Housing Analyst
2015-06-05 05:17:11

They’re on the take too Poet.

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Comment by Cracker Bob
2015-06-05 04:46:45

Viper Beware!

 
Comment by rms
2015-06-05 06:24:06

“Realtor Conceals Infestation From Buyers”

Why is the kitchen on the second floor? Midnight snacks?

 
Comment by Damnedifino
2015-06-05 07:44:46

I’m assuming rat snakes eat rats. Houston, I think we have a problem.

 
 
Comment by Professor Bear
2015-06-05 04:33:53

Any thoughts on how much of recent violent sovereign bond yield fluctuations were driven by uncertainty regarding Greek bailout negotiations versus other factors?

Comment by Professor Bear
2015-06-05 04:41:34

Marketwatch dot com
Market Extra
‘Greece goes Zambia’, ‘desperate scramble’ — what analysts say on IMF payment delay
By Sara Sjolin
Published: June 5, 2015 6:14 a.m. ET
Greek PM Alexis Tsipras and EC President Jean-Claude Juncker ahead of a crunch meeting in Brussels this week.

The Greek debt crisis has been cranked up a notch, after Athens on Thursday performed a 180-degree turn and decided to delay a scheduled debt payment.

Greece was due to repay 303.3 million euro ($341.85 million) to the International Monetary Fund on Friday, but after days of drawn-out negotiations, the country asked to bundle its four June payments into one, due at the end of the month.

The move comes after Greek Prime Minister Alexis Tsipras earlier in the week rejected the international creditors’ reform proposals, arguing they were too harsh.

Some see the choice to bundle as a gesture of defiance and a step closer to the eurozone exit, while others interpret the decision as a sign an agreement is near.

Here are some of the initial analyst reactions:

“According to the IMF, the only other country which has ever used this obscure technical provision to bundle principal payments at month-end was Zambia in the 1980s. Back in January, we had warned that the policies of Syriza, if fully implemented, could turn poor Greece into a populist paradise like Venezuela, just without the oil. Did we look at the wrong continent?” — Holger Schmieding, chief economist at Berenberg

“This move by Greece means the debt debate has ratcheted up another gear; the decision not to pay is either a sign of a country that isn’t willing to be exploited by its lenders, or, an example of a government desperately scrambling to delay the inevitable. Most likely, it’s a bit of both.” — Connor Campbell, financial analyst at Spreadex

“The longer it takes to come to an agreeable consensus for all parties, the greater the chance of the Greek referendum to decide its continuing status in the eurozone. This looks increasingly like the best route to take because, should the Greek voters choose to remain in the eurozone, this would offer Syriza the mandate to break its election promises and become more flexible in negotiations.” — Alastair McCaig, market analyst at IG

“The government’s request for postponement has at least bought it a few extra weeks. As such, the Greek demand for delayed repayment was not surprising (even though IMF chief Lagarde seemed neither aware of it nor was expecting it earlier in the day). In essence, the postponement represents a cost-free option allowing Greece to continue negotiating with creditors in the hope of shifting the final outcome in its favor.” — analysts at Daiwa Capital Markets

“The move is seen by some as an expression of confidence on the part of the Greeks that a deal will be reached in June to unlock much needed bailout funds, with such a move previously rejected on the grounds that it would indicate Greece had no money left.” — Mike van Dulken and Augustin Eden, analysts at Accendo Markets

Comment by azdude
2015-06-05 05:08:02

greece is bankrupt. I wish they would just face it and start over.

I think some major haircuts are in store for bond holders.

I can give a good haircut.

 
 
Comment by Professor Bear
2015-06-05 04:48:19

Marketwatch dot com
Market Pulse
European stocks drop as Greece worries persist, bond yields climb
By Barbara Kollmeyer
Published: June 5, 2015 3:58 a.m. ET
A prior version of this pulse gave an incorrect basis-point gain for German bund yields.

European stock markets fell Friday, as divisions remained between Greece and its international creditors over a deal to unlock bailout funds and yields pushed higher across European bonds. Late Thursday, Greece opted to bundle its June loan repayments to the International Monetary Fund. The Stoxx Europe 600 index SXXP, -1.08% fell 0.6% to 390.29, though losses pared slightly from a deeper drop at the open. The German DAX 30 index DAX, -1.33% lost 0.8% to 11,261.77, while the French CAC 40 index PX1, -1.39% lost 0.8% to 4,949.82. Spain’s IBEX 35 index IBEX, -0.82% fell 0.6% to 11,077.80, and the FTSE MIB Italy index FTSEMIB, -1.66% dropped 0.6% to 23,188.92. London’s FTSE 100 index UKX, -0.77% was off 0.4% to 6,834.19. Banks and oil stocks led decliners, with Total SA TOTAL, -2.69% TOT, -1.72% off 1% and Banco Santander SA SAN, -0.99% SAN, -1.63% down 0.9%. The yield on Germany’s 10-year bund tmbmdke-10y rose 2 basis points to 0.865%.

 
Comment by Cracker Bob
2015-06-05 04:50:45

I don’t have to be Warren Buffet to figure this out. If everything was going to be OK in Greece, then investors from around the world would just be piling in on Greek bonds. Go ahead load up; millionaires are created when blood is running in the streets.

Comment by Professor Bear
2015-06-05 05:37:37

I’m afraid to buy now at obvious points of crisis, as I saw in 2008 how the meddling of bailout authorities created a long time delay (over a year) between the onset of crisis and the best opportunity to buy the dip.

 
 
Comment by Professor Bear
2015-06-05 08:05:30

Apparently Greece is not the only factor…

Markets Credit Markets
U.S. Government Bonds Sell Off After Healthy Jobs Report
Yield on 10-year note reaches highest level since October
By Min Zeng
June 5, 2015 8:48 a.m. ET

U.S. Treasury bonds sold off on Friday as the latest U.S. employment report brightened the growth outlook, sending the yield on the benchmark 10-year note to the highest level since October.

The world’s largest economy added 280,000 nonfarm jobs in May, compared with 225,000 forecast by economists polled by The Wall Street Journal.

The latest sign of robust labor-market expansion raised concerns that the Federal Reserve may raise interest rates sooner than many investors expect. Fed officials have been prepared to raise rates sometime this year for the first time since 2006, a shift investors say would shrink the value of outstanding bonds.

“It is a solid report and certainty put the Fed on course to raise rates in September,’’ said Christopher Sullivan, who oversees $2.4 billion as chief investment officer at the United Nations Federal Credit Union in New York. “If growth continues to improve and wage inflation ticks higher,” bond yields have room to rise, he said.

The yield on the benchmark 10-year Treasury note rose to as high as 2.44% and was recently at 2.409%, according to Tradweweb.
The latest sign of robust hiring raised concerns that the Federal Reserve may raise interest rates sooner than many investors expect. Above, a window washer at work in Washington in April. ENLARGE
The latest sign of robust hiring raised concerns that the Federal Reserve may raise interest rates sooner than many investors expect. Above, a window washer at work in Washington in April. Photo: Associated Press

It compared with 2.352% right before the jobs report and 2.309% Thursday. Bond prices fall as their yields rise.

The two-year note’s yield rose to 0.737%, the highest in 2015, from 0.661% Thursday. The yield is among the most sensitive to changes in the Fed’s interest rate policy outlook.

Government bonds in Germany and the U.S. have taken a heavy beating this week, extending a recent selloff that started in late April. Investors have been shedding bondholdings as they are fretting that bond yields at these low levels don’t reflect an improving economic and inflation outlook in the eurozone and the U.S.

 
Comment by Professor Bear
2015-06-05 08:08:44

Markets Stocks Europe Markets
German Bonds, Europe Stocks Fall
Greek assets slumped after the government decided to bundle its loan repayments to the IMF this month
Stormy seas at Newhaven in southern England. It has been a choppy week for global stock, bond and currency markets. Photo: Reuters
By Josie Cox
Updated June 5, 2015 9:17 a.m. ET

German government bonds, European stocks and Greek assets fell sharply Friday, at the end of a wild week for markets around the globe.

Early in the European afternoon, the yield on the 10-year German government bond was higher at around 0.89%. On Thursday it hit 0.99%, its highest level since September, before reversing sharply. Yields rise as bond prices fall.

The euro reversed gains against the dollar after nonfarm payrolls from the U.S. came in better than expected, which boosted the buck. The common currency was recently down around 0.9% at $1.11.

The Stoxx Europe 600 was trading 0.8% lower early Friday afternoon.

Greek assets also suffered losses after the government decided to bundle its loan repayments to the International Monetary Fund this month into one payment at the end of June.

The yield on the two-year Greek government bond was recently up 2.9 percentage points on the day to 24.4%, while the yield on the 10-year added around 0.8 percentage point to over 11%. Yields rise as bond prices fall. A so-called inverted yield curve, where shorter-dated bonds yield more than longer-dated bonds, generally indicates that investors see a heightened chance of default.

Greece’s main stock index was down around 5% early in the afternoon, led by declines of up to 15% in some bank stocks.

Athens had previously rejected the bundling option—even though it relieves pressure on its cash flow—for fear of signaling that it had no money. Instead, Greek officials had said they would bundle the IMF payments only if they were confident that a deal with creditors was near.

 
Comment by Professor Bear
2015-06-05 08:12:32

It’s another brutal day for bonds as market braces for ‘wild’ jobs report
Lucy Meakin, Bloomberg News | June 5, 2015 7:58 AM ET
More from Bloomberg News
On Friday, ten-year Treasuries resumed a slump that pushed their yields on Thursday to the highest since October, as German bonds headed for their worst week in more than 16 years.
AP Photo/M. Spencer Green

U.S. government bonds fell as investors braced for another day of heightened volatility before jobs data that may offer a sign the economy can withstand the Federal Reserve starting to increase interest rates.

Ten-year Treasuries resumed a slump that pushed their yields on Thursday to the highest since October, as German bonds headed for their worst week in more than 16 years. The jump in bund yields has catalyzed a global fixed-income selloff, erasing returns in 2015 while dimming the relative allure of Treasuries.

The U.S. added 226,000 jobs in May, according to a Bloomberg survey of economists, more than the average of 189,460 for the past five years. The unemployment rate held at a seven- year low of 5.4 per cent and average hourly earnings rose from April, according to separate surveys.

“It’s going to be a wild one between now and the close,” said Craig Collins, managing director of rates trading at Bank of Montreal in London. “With payrolls, the headline number is going to have an immediate impact but not necessarily going to set the tone for the rest of the day, as we’re vulnerable to further headlines.”

 
Comment by Professor Bear
2015-06-05 08:14:18

Why no one should be surprised by the bond collapse that has wiped out 2015 gains
John Shmuel | June 4, 2015 4:43 PM ET

This week’s bond rout has traders panicking and investors making frantic calls to their advisers as the bond market, in the span of two days, has erased all its gains for the year.

The rout seemingly caught investors off guard. Many in the market expected that as bond yields began their rise in April, traders would see bargains and come back to support bond prices.

But the support never came, especially in Europe, where the crash in prices has been swift and shocking following months of negative yields. German bunds this week saw their biggest two-day drop since 1988, based on data from Citigroup.

“There is a repricing going on and it is very significant,” said Edward Jong, vice president and head of fixed income for Tri-Delta Financial in Toronto.

 
Comment by Professor Bear
2015-06-05 08:17:50

Bond rout wipes out year’s gains as trader stay glued to screens
Cecile Gutscher, Bloomberg News | June 4, 2015 12:48 PM ET
More from Bloomberg News

Bond traders have been caught off guard by signs the worldwide economy is likely to avoid mass deflation and by improvement in the eurozone’s economy, leaving little incentive to own debt securities with yields that are often below zero.

The global bond market selloff has erased all of this year’s gains as historic market moves from Germany to the U.S. and Japan whipsaw traders.

After being up as much as 2.3 per cent as of mid-April, the Bank of America Merrill Lynch Global Broad Market Index of bonds with a total face value of US$41 trillion is now down 0.4 per cent for the year.

Bond traders have been caught off guard by signs the worldwide economy is likely to avoid mass deflation and by improvement in the euro zone’s economy, leaving little incentive to own debt securities with yields that in some cases are below zero. Fixed income continued its slide on Thursday, a day after European Central Bank President Mario Draghi said investors should get used to the heightened volatility they’ve seen in recent weeks.

“This is sheer panic in the market from the standpoint of what’s been happening in Europe,” said Thomas di Galoma, head of fixed-income rates and credit at ED&F Man Capital Markets in New York. “Most of Wall Street is guarded here as far as taking on new positions.”

 
Comment by Professor Bear
2015-06-05 08:20:49

Boom! A bond market implosion this big has only happened twice in the past 15 years
Julie Verhage, Bloomberg News | May 7, 2015 7:17 PM ET
More from Bloomberg News
This week’s rout is a classic pain trade — a sudden reversal that no one sees coming — leaving investors in agony and analysts scratching their heads over why it happened.
Associated Press

The last couple of weeks have proven to be quite interesting for bond markets around the world.

Major government debt markets including Germany, the U.S. and the U.K. have seen a dramatic sell-off, sparking stark jumps in bond yields. The sharp moves have left many analysts scratching their heads as to the causes, with the narrative now focusing on the possible return of inflation in the Eurozone and the U.S. — a development that would erode the purchasing power of fixed payments on bonds. Still though, the swiftness of the resulting shift out of bonds has caught many analysts, economists and large investors by surprise given that just weeks ago people were paying through the nose to hoard government debt with extremely low yields.

German bunds have now seen their eighth day of losses, with the yield on the benchmark 10-year bund reaching 0.78 per cent on Thursday, its highest level since December. Yields were hovering around zero less than two weeks ago. Barclays’ Jim McCormick notes that moves of this size — in an asset famed for its stability and safeness — are extremely rare. They are also very painful for investors who have built their portfolios around a particular set of assumptions, such as that interest rates will remain low and volatility in the bond market subdued.

 
Comment by Professor Bear
2015-06-05 08:41:35

Opinion Review & Outlook
The Latest Bond Panic
Draghi tells the truth about volatility, and the markets prove his point.
European Central Bank President Mario Draghi
Photo: Kai Pfaffenbach/Reuters
June 4, 2015 7:23 p.m. ET

Sometimes Mario Draghi is too honest for his own good. The European Central Bank president’s latest gaffe of blunt truth-telling was warning investors Wednesday that markets “should get used to periods of higher volatility.”

Bond yields in Europe and Asia proceeded to jump on a roller coaster as if to prove the point. Germany’s benchmark 10-year bund rose to a high of 0.99% Thursday from 0.68% on Wednesday morning, before falling back below 0.85%.

European bond yields have been rising for more than a month before this week’s ECB policy meeting, and the reasons are open to debate. Theories include the balance between hope and fear over an EU-Greek debt accord, or, more positively, a growing belief that growth and inflation are returning to the eurozone.

One obvious culprit is tighter banking regulation introduced after the 2008 financial panic, which has reduced liquidity in bond markets and amplifies volatility when prices start to fall. In his press conference Wednesday, Mr. Draghi admitted the ECB has no idea which of these explanations is at work or to what degree.

If markets are signaling that Europe is emerging from deflation, then the rise in yields—still ultralow by historical standards—should be manageable and even beneficial. If you believe that post-2008 regulations are making the financial system safer, then greater day-to-day volatility and bigger bid-ask spreads on bond prices resulting from reduced liquidity may also seem like a fair price to pay.

But if other factors are at work, it would be another sign that abnormal monetary policy can have unpredictable consequences. J.P. Morgan CEO Jamie Dimon made essentially this point in his latest annual letter to shareholders when he warned that a similar but more severe ruction in the market for U.S. Treasurys last October showed that, under the new monetary and regulatory normal, markets can flare up even under benign conditions.

Whatever is causing recent bond moves, the danger is that markets could overshoot through some combination of misguided sentiment, faulty price signals amid historically cheap capital, and low-liquidity volatility. An uncontrolled rise in yields would threaten the many investors who, out of want or necessity, have bought into the unprecedented bond rally Mr. Draghi and other central bankers created. That includes the banks and insurers that have piled into government bonds at the same time central-bank purchases of those securities were driving bond prices higher.

Mr. Draghi said Wednesday that the ECB intends to continue quantitative easing despite the uptick in volatility that is a preview of how choppy the eventual transition away from QE could be. He’s telling the truth about the central bank’s inability to smooth the way for markets. Investors have to hope he knows what he’s doing when he concludes these risks are justified by the growth and inflation benefits that QE is supposed to deliver.

 
Comment by Professor Bear
2015-06-05 08:44:49

Trading the global bond market panic
John Melloy | @johnmelloy
22 Hours Ago
CNBC.com
Traders work on the floor of the New York Stock Exchange.
Getty Images

Traders on the floors of Wall Street can’t stop talking about the turmoil in the global bond market this week.

The 10-year Treasury yield touched 2.42 percent Thursday, its highest level of the year and up from 2.09 percent a week ago. The yield on the German 10-year bund also hit its 2015 high.

These are not the kind of moves that should happen in the supposedly very liquid and stable global bond market.

The reasons for this vary. Some traders believe investors are dumping bonds in response to strong economic data and the possibility of a smooth resolution to the Greece situation with the European Union.

While others believe it’s because of a sudden lack of liquidity in the bond market and investors are running for the exits of a long-term bond bull market.

Regardless, here’s a way to trade this turmoil.

To continue you must be a PRO subscriber.

 
Comment by Professor Bear
2015-06-05 08:46:36

Investing
Yields gone wild: Trading the jobs report
John Melloy | @johnmelloy
1 Hour Ago
CNBC.com
A “now hiring” sign in the window of a Subway restaurant in Sarasota, Fla.
Scott Mlyn | CNBC

Interest rates surged after a better-than-expected jobs report, sending the yield on the 10-year Treasury to 2.44 percent in early trading Friday, the highest since October.

On April 3, the yield on the 10-year was just 1.80 percent, making this move the biggest two-month jump in rates since August 2013.

The jobs report raised confidence that the Federal Reserve may hike rates this year. So how should investors get in front of that move?

Using Kensho, a quantitative tool used by hedge funds, CNBC.com looked at what happened to stocks when long-term interest rates surged over a 30-day period. The graphic below shows which stocks had the biggest 30-day return on average and what percentage traded positively during that period.

 
Comment by Professor Bear
2015-06-05 09:27:05

Do you wonder as I do how much money deep pocket firms like members of the Megabank, Inc banking cartel make off ‘panics’ like the one underway?

 
 
Comment by rallying the base
2015-06-05 04:38:58

http://www.drudgereport.com

Click, copy and paste, rinse and repeat

Comment by rallying the base
2015-06-05 04:42:17

What’s even better about this is that you don’t even have to think

Anything in the world that you could possibly be angry about, there is a link there just for you…

Comment by Professor Bear
2015-06-05 04:49:50

Anger is the opiate of the asses.

Comment by azdude
2015-06-05 05:10:03

any guess at the jobs # @ 530 pst? Time to seasonally adjust again?

Fry cooks and bartenders can help mop up the home inventory.

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Comment by Professor Bear
2015-06-05 05:53:29

Was a good number (280K) which portends rough sailing today on The Street due to heightened rate hike fears.

 
Comment by azdude
2015-06-05 06:18:48

raise it 1 1/4 point for sh@ts and giggles?

How do you raise rates? You have to sell treasuries right? Take cash out of the system.

That is virtually impossible when the central banks are basically the bond markets.

The rate hike gig is a hoax.

 
Comment by rms
2015-06-05 06:28:34

“Fry cooks and bartenders can help mop up the home inventory.”

Just add “mo credik,” right?

 
 
Comment by rallying the base
2015-06-05 05:20:20

I am the HBB’s smartest and most well-read Media Analyst

Nobody does it better. Nobody

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Comment by rms
2015-06-05 06:33:08

“I am the HBB’s smartest and most well-read Media Analyst”

+1 Your anger and uncanny wit are unmatched.

 
Comment by rallying the base
2015-06-05 06:35:04

+1

 
Comment by rallying the base
2015-06-05 06:51:37

I read the lines that are written between the lines, the ones you can’t see

I plunge the toilet of progressive/neocon filth with my bare hands

Ben Jones, Raymond Hessel, and Joe Smith are the only other people here who “get it” but I haven’t given up on the rest of you…

 
Comment by Joe smith
2015-06-05 07:56:35

The only candidate I like right now is Rand because he annoys the ossified “strong defense” types. I don’t think he has much of a chance after Iowa and NH because super Tuesday is largely southern states with big military bases 😞

 
Comment by dataminer
2015-06-05 14:10:08

“I am the HBB’s smartest and most well-read Media Analyst

Nobody does it better. Nobody”

Aren’t you the poster that sells pot in Colorado ?

 
 
 
 
Comment by Combotechie
2015-06-05 05:02:14

From one of the links taken from the drudge link:

“National Oceanic and Atmospheric Administration scientists have found a solution to the 15-year “pause” in global warming: They “adjusted” the hiatus in warming out of the temperature record.

“New climate data by NOAA scientists doubles the warming trend since the late 1990s by adjusting pre-hiatus temperatures downward and inflating temperatures in more recent years.”

Translation: NOAA didn’t like the numbers so they tweaked them.

Read more: http://dailycaller.com/2015/06/04/noaa-fiddles-with-climate-data-to-erase-the-15-year-global-warming-hiatus/#ixzz3cBjNzd3s

Comment by Professor Bear
2015-06-05 05:16:43

R u trying to send AlbqDan into a tizzy?

Comment by Oddfellow
2015-06-05 06:15:30

Someone has to be Dan’s science-is-a-crock stand in, showing us the lies behind the world’s science, bringing us the truth from the fossil-fuel web sites, and ignoring the fact that most of the leading oil companies of the world are now backing away from their climate change denial disinformation campaigns, as the threat of RICO statutes and the like begin to appear.

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Comment by Oddfellow
2015-06-05 06:23:32

Tell it to your enemy, tell it to your friend,
Ooba-chogga ooba-chogga
Science again!

https://www.youtube.com/watch?v=3ShQm-KhSEk

 
 
Comment by Albuquerquedan
2015-06-05 11:56:30

No time for tizzy but this link says it all and the conduct of NOAA shows that government money is driving science, if CAGW was real they would not have to massage its numbers, the warming would resume on its own:

http://wattsupwiththat.com/2015/06/05/the-climate-warming-pause-goes-awol-or-maybe-not/

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Comment by Albuquerquedan
2015-06-05 12:01:59

Key excerpt based on real science not CAGW religion:

Not only that, but the same satellite data show no warming trend from 1979 to 2000 – ignoring, of course, the exceptional super-El-Nino year of 1998. This finding is confirmed by other, independent instrumental data — and also by (non-instrumental) proxy records (from tree rings, ice cores, lake sediments). This leads to important far-reaching consequences that are more fully discussed and referenced in the reports of NIPCC (Non-governmental International Panel on Climate Change) [search NIPCCreport.org, esp. the CCR-II report of 2013].

UN-IPCC claims for AGW undermined

IPCC-4 [2007] and IPCC-5 [2013] both present claims for anthropogenic global warming (AGW) that are based mainly on reported surface warming from 1979 to 2000. In the absence of such a warming trend, the IPCC claims become invalid; there would be no human-caused greenhouse warming in the 20th century – and certainly not earlier.

It is worthwhile, therefore, to re-examine carefully the absence of warming in the last two decades of the 20th century.

The satellite results of near-zero warming trend are fully backed by radiosonde data from balloon flights — notwithstanding spurious claims by Santer et al [in Int’l J of Climatology 2008; see full discussion by Singer in Energy&Envir 2013]. The absence of a tropical “Hotspot” (a once-controversial upper-troposphere warming trend) “makes the cheese more binding.”

 
Comment by Oddfellow
2015-06-05 13:30:37

Dan, don’t take your work with you on vacation. Relax, enjoy the sun, rub some lotion on banana’s back. We’ll get along just fine without you two for a week.

 
Comment by Albuquerquedan
2015-06-05 15:38:36

Oddfellow, rub some lotion on Lola’s banana.

 
 
Comment by Oddfellow
2015-06-05 19:44:58

I’m going to send 2banana daiquiris up to your hotel room, on me. Relax and enjoy the evening, you two.

 
 
 
Comment by rallying the base
2015-06-05 05:18:07

This alone should warrant another 100 posts on this subject

Comment by phony scandals
2015-06-05 05:39:29

At least one more on it’s way to be followed by….

en.wikipedia.org/wiki/Useful_idiot - 60k -

and their…

A political think tank will strategize the most effective informational attack on a target topic and launch talking points from media personalities to saturate discourse in order to frame a debate in their favor, standardizing the responses of sympathizers to their unique cause.[citation needed]

When used politically in this way, the typical purpose of a talking point is to propagandize, specifically using the technique of argumentum ad nauseam, i.e. continuous repetition within media outlets until accepted as fact.[citation needed]

en.wikipedia.org/wiki/Talking_point - 59k -

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Comment by rallying the base
2015-06-05 05:46:58

I am picturing William Kristol in an air conditioned television studio, with his hands clasped on the desk in front of him, hands that have never once been dirty in his lifetime, looking at the camera, looking out of his beady little eyes, and thinking to himself: you dumb f*ing goyim, so easily manipulated, tripping over yourselves to put boots on the ground in Iraq for the third time…

 
Comment by Oddfellow
2015-06-05 06:31:14

“A political think tank will strategize the most effective informational attack on a target topic and launch talking points from [a handful of web posters] to saturate discourse in order to frame a debate in their favor”

By jove, that’s how you guys do it, isn’t it?!

“specifically using the technique of argumentum ad nauseam”

That’s Dan’s specialty, right?

I love it when you guys talk shop , and don’t care that we can all hear. So revealing and interesting!

 
Comment by Professor Bear
2015-06-05 08:25:05

“argumentum ad nauseam”

Sounds like something an attorney would do.

 
 
Comment by AmazingRuss
2015-06-05 08:28:57

A global warming once bit my sister.

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Comment by nhtransplant
2015-06-05 06:17:34

If you got it from a Drudge link, it cannot be true. Or at the very least it should be mocked and disregarded.

Comment by rallying the base
2015-06-05 06:21:21

The harvest of low hanging fruit does not a Woodward and Bernstein make

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Comment by LtColFrankSlade
2015-06-05 06:40:00

Only the Democrats can save us. All Republicans are evil.

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Comment by rallying the base
2015-06-05 06:57:00

Sheldon Adelson will be just as satisfied with Hillary as with any Republican candidate he purchases for you to vote for

 
Comment by nhtransplant
2015-06-05 09:59:33

Yes but Soros will be angry if a democrat doesn’t win so we must choose Hillary! to please all of the oligarchs.

 
 
 
Comment by rms
2015-06-05 06:45:55

“Translation: NOAA didn’t like the numbers so they tweaked them.”

“It is difficult to get a man to understand something when his salary depends on him not understanding it.” –Upton Sinclaire

Comment by Bring Back the WPA
2015-06-05 07:46:51

+1 rms. Great quote!

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Comment by In Colorado
2015-06-05 12:51:45

So the NOAA guys will lose their jobs if there is no global warming? I don’t think so.

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Comment by Oddfellow
2015-06-05 13:45:54

Exactly. Nor would tenured professors lose their jobs.

Conversely, there are clearly some in the fossil fuel industries who could lose their jobs, or worse yet, make less money. In some cases, a lot less money. They are the ones who have a logical desire to distort the science. Otherwise, we have to believe in a worldwide conspiracy of scientists of all stripes, in all sorts of different institutions, striving for world-domination for some reason. Conceivable, but far, far less likely.

Occam says…fossil fuels guys are lying.

 
Comment by Albuquerquedan
2015-06-05 16:03:20

Big grants can be taken away from professors, tenure is irrelevant, government employees can be ignored for promotions, plus you ignore that many of them just want to stop fossil fuels for other reasons and arguing global warming is just a convenient weapon.

 
Comment by Oddfellow
2015-06-05 16:25:23

“Tenure is irrelevant.”

lol. You must not know many professors.

 
 
 
 
Comment by Combotechie
2015-06-05 05:10:23

Here’s what the very real and the very highly regarded climate scientist Judith Curry has to say about NOAA’s newest findings:

“My bottom line assessment is this. I think that uncertainties in global surface temperature anomalies is substantially understated. The surface temperature data sets that I have confidence in are the UK group and also Berkeley Earth. This short paper in Science is not adequate to explain and explore the very large changes that have been made to the NOAA data set. The global surface temperature datasets are clearly a moving target. So while I’m sure this latest analysis from NOAA will be regarded as politically useful for the Obama administration, I don’t regard it as a particularly useful contribution to our scientific understanding of what is going on.”

http://judithcurry.com/2015/06/04/has-noaa-busted-the-pause-in-global-warming/#more-18991

Comment by Rental Watch
2015-06-05 10:43:02

But, but, but, I thought the science was “settled”…

 
Comment by phony scandals
2015-06-05 18:03:36

“So while I’m sure this latest analysis from NOAA will be regarded as politically useful for the Obama administration, I don’t regard it as a particularly useful contribution to our scientific understanding of what is going on.”

Exit Oddfellow stage left

Comment by Oddfellow
2015-06-05 19:39:20

Enter Oddfellow stage right:

“While Judith Curry supports the scientific opinion* on climate change,[15] she has argued that climatologists should be more accommodating of those skeptical of the scientific consensus on climate change.[15]”

* The scientific opinion on climate change is that the Earth’s climate system is unequivocally warming, and that it is extremely likely (at least 95% probability) that humans are causing most of it

wikipedia

She nibbles around the edges of it and makes a big name for herself in the process.

Nice to see your liberal arts education shining through, though.

Exeunt

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Comment by phony scandals
2015-06-05 05:30:56

“Their intent and methods are so obvious they’re laughable.”

Obama admits that climate change will be in Obamatrade

By Howard Richman
June 4, 2015

But in an interview on NPR’s Marketplace yesterday (June 3), President Obama said that enforcing climate change regulations will indeed be part of the Trans-Pacific Partnership, the Obamatrade pact that he is currently negotiating with Malaysia and 10 other countries. He said:

If we want to solve something like climate change, which is one of my highest priorities, then I’ve got to be able to get into places like Malaysia, and say to them, this is in your interest. What leverage do I have to get them to stop deforestation? Well part of the leverage is if I’m in a trade relationship with them that allows me to raise standards.

In December, Obama will negotiate a multi-country climate agreement in Paris. We already know from Obama’s joint announcement with China that he will commit the United States to a huge reduction in carbon emissions of 26%-28% from 2005 levels, but he will let China, already a much larger carbon emitter, continue to expand its carbon emissions until 2030

Read more: http://www.americanthinker.com/blog/2015/06/obama_admits_that_climate_change_will_be_in_obamatrade.html#ixzz3cBl7vNKL
————————————————————
NOAA Fiddles With Climate Data To Erase The 15-Year Global Warming ‘Hiatus’

Michael Bastasch
2:00 PM 06/04/2015

National Oceanic and Atmospheric Administration scientists have found a solution to the 15-year “pause” in global warming: They “adjusted” the hiatus in warming out of the temperature record.

New climate data by NOAA scientists doubles the warming trend since the late 1990s by adjusting pre-hiatus temperatures downward and inflating temperatures in more recent years.
ADVERTISING

“Newly corrected and updated global surface temperature data from NOAA’s [National Centers for Environmental Information] do not support the notion of a global warming ‘hiatus,’” wrote NOAA scientists in their study presenting newly adjusted climate data.

To increase the rate in warming, NOAA scientists put more weight on certain ocean buoy arrays, adjusted ship-based temperature readings upward, and slightly raised land-based temperatures as well. Scientists said adjusted ship-based temperature data “had the largest impact on trends for the 2000-2014 time period, accounting for 0.030°C of the 0.064°C trend difference.” They added that the “buoy offset correction contributed 0.014°C… to the difference, and the additional weight given to the buoys because of their greater accuracy contributed 0.012°C.”

“It’s the same story all over again; the adjustments go towards cooling the past and thus increasing the slope of temperature rise,” Tisdale and Watts added. “Their intent and methods are so obvious they’re laughable.”

Read more: http://dailycaller.com/2015/06/04/noaa-fiddles-with-climate-data-to-erase-the-15-year-global-warming-hiatus/#ixzz3cBr3yfmi

Comment by Blue Skye
2015-06-05 07:07:43

It may not be wise to let politicians experiment with the weather.

 
Comment by redmondjp
2015-06-05 11:27:12

While listening to NPR on the way home from work last night, I LOL’d when I heard that they had massaged the data in their favor.

From the very same “hide-the-decline” folks that brought you the hockey-stick data plot.

We use to call this “dry-labbing” when we were in chemistry class!

Settled-science indeed!

 
 
 
Comment by Raymond K Hessel
2015-06-05 05:18:53

Just sent another donation to Rand Paul this morning. Anyone subject to so much vitriol by corporate statists, Wall Street, Constitution tramplers, and neo-con stooges is A-OK in my book.

http://www.businessinsider.com/why-we-should-listen-to-rand-paul-2015-6

Comment by rallying the base
2015-06-05 05:33:45

+1

And as I stated before, if Rand Paul starts getting too much traction, he will go down in flames (literally) like Paul Wellstone

Comment by MightyMike
2015-06-05 07:16:58

How much traction would be too much?

 
 
Comment by LtColFrankSlade
2015-06-05 06:41:09

The illusion of choice.

 
Comment by Selfish Hoarder
2015-06-05 09:53:54

I am still avoiding rewarding Rand since he is a zionist.

Comment by Raymond K Hessel
2015-06-05 12:09:32

If you’re holding out for perfection, sorry, brother, you’re out of luck. Rand is no Ron, but he’s a standout compared to the nine occupants of the Establishment GOP clown car.

Comment by AmazingRuss
2015-06-05 13:02:53

So it really has come to this….

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Comment by Raymond K Hessel
Comment by Blue Skye
2015-06-05 07:08:48

Eventually, the central bankers will claim they raised rates intentionally.

 
 
Comment by Raymond K Hessel
2015-06-05 05:27:04

Watch the bond rates in Spain and Italy (which the ECB has been crowing show that the Eurozone crisis has been “fixed”) for contagion from Greece.

http://www.marketwatch.com/investing/Bond/TMBMKES-10Y?countrycode=BX

 
Comment by Raymond K Hessel
Comment by Professor Bear
2015-06-05 05:48:18

Last time central bankers panicked, back in 2008, created great investment opportunities for those who didn’t panic.

Comment by Oddfellow
2015-06-05 06:57:45

Not for those of us who expected the crash to be a bit greater. Like maybe to bring asset prices down to historically cheap levels, not just to relatively cheap compared to credit bubble levels.

Comment by Prime_Is_Contained
2015-06-05 08:32:09

+infinity. Their pumping prevented the natural cleansing process that would have avoided everything re-bubbling so quicly.

Sadly, it also avoided many of the investment opportunities that I had anticipated and prepared for. 2009 should not have been the bottom, and the markets should not have headed for the moon so quickly.

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Comment by Puggs
2015-06-05 09:48:49

Tru dat. False recovery.

 
Comment by drumminj
2015-06-05 10:19:05

Yep. As a result, I’ve capitulated and decided that market-timing on even a macro-level isn’t something I can succeed at. So I’ve been averaging into a Harry Browne permanent portfolio allocation these past six months, even at these inflated levels.

It’s painful, but hopefully ultimately liberating.

 
 
 
 
 
Comment by Raymond K Hessel
2015-06-05 05:50:45

Whoa. Looks like “investors” are losing appetite for buying US debt.

http://www.marketwatch.com/investing/bond/tmubmusd02y?countrycode=bx

 
Comment by phony scandals
2015-06-05 05:50:50

RECOVERY!!! - 47% of population doesn’t have $400 for an Emergency Expense!

By Call it Crazy Follow Thu, 4 Jun 2015,

To determine individuals’ preparedness for a smaller-scale financial disruption, respondents are also asked
how they would pay for a hypothetical emergency expense that would cost $400. Just over half (53 percent) report that they could fairly easily handle such an expense, paying for it entirely using cash, money
currently in their checking/savings account, or on a credit card that they would pay in full at their next
statement (referred to here as “cash or its functional equivalent”).

The remaining 47 percent indicate that such an expense would be more challenging to handle. Specifically, respondents indicate that they
simply could not cover the expense (14 percent); would sell something (10 percent); or would rely on
one or more means of borrowing to pay for at least part of the expense, including paying with a credit
card that they pay off over time (18 percent), borrowing from friends or family (13 percent), or using a
payday loan (2 percent).

Respondents who indicate that they would pay the $400 expense exclusively using resources other than
cash or its functional equivalent are also asked what the largest expense is that they could cover using cash
on hand or money in their bank account. Thirty-nine percent of these respondents report that the
largest expense that they could cover using cash on hand is under $100.

A further 16 percent indicate that they could only cover an expense between $100 and $200, and 22 percent could cover an expense
between $200 and $400. The remaining 22 percent report that they could cover over a $400 expense—
suggesting that for this subset of respondents, paying the $400 expense using other means reflects a preference of payment methods rather than a necessity.

http://www.federalreserve.gov/econresdata/2014-report-economic-well-being-us-households-201505.pdf

Comment by Joe smith
2015-06-05 06:19:13

To be fair, even when the economy was “booming” in the late 90s and early 00ss, I remember seeing stats like this. Even in formal economic articles, the u.s. savings rate always lags other first world nations. The u.s. overall usually has about a 1% savings rate, with parts of the country (the south) having a zero or slightly negative rate of savings.

Almost all the real planning and saving (by $ amount) is done by the top few percent of earners.

 
 
Comment by phony scandals
2015-06-05 05:56:21

It’s about time

State department issues travel warning for Mexico

By Maribel Molina Updated 11:00 am, Thursday, June 4, 2015

As summer travelers start packing their bags, the State Department has issued a travel warning for vacationers intending to go to Mexico.

The warning lists the safe areas to visit, and more information about the violence occurring south of the border.

While resort areas and popular tourist destinations generally do not see the same levels of drug-related crimes, some are located within states with travel safety advisories. Violent crimes from organized groups have resulted in U.S. citizens becoming victims of kidnapping, carjacking, robbery and murder while in Mexico.

The Department of State reports the number of U.S. citizens murdered in Mexico increased from 81 in 2013 to 100 in 2014. According to the travel warning, more than 130 Americans were reported kidnapped between January and November of 2014.

http://www.sfgate.com/150years/article/State-department-issues-travel-warning-for-Mexico-6304339.php

Comment by MightyMike
2015-06-05 07:18:51

Can anyone guess the ulterior motive on this one?

Comment by Oddfellow
2015-06-05 08:28:46

Cheaper travel deals?

 
 
Comment by rj chicago
2015-06-05 14:45:30

I see that Nayarit is on the list -
Not surprising - and this makes me sad.
My wife and I went there oh back in 2009ish and things were getting a bit ‘buggy’ then. Sat on the beach and all seemed ok until we went into the adjacent town of Sayulita. Great little town - right on the ocean - lots of Canadians - no Amercun gringos to speak of but it had a noticeable edge to it. Surfers mixed with locals and then a batch of Mexicans who just didn’t seem to ‘fit’ there if you get my drift.
Anyway, whilst on said beach the bar keep (the mayor of the thatched hut on said beach) would kindly deliver beers with a lime and we would talk. He said in no uncertain terms to stay away from the state capital of Tepic. It was starting to get infested with the mafia as he called ‘em. Killings were not uncommon. Kidnapping was becomming a big worry. Violence had escalated alot just in the year prior.
Seemed the fight was over territory Sinaloa cartel vs. ???? I can’t remember the other one, but the innocents would invariably get caught in the cross fire as battles would open up in public streets and squares mostly in broad daylight.
Just seemed so sad to me - Nayarit is a beautiful place - great surfing - lots of good fish / fish tacos and cold beer. Plenty of sun and still relatively cheap. What is surprising to me is this…..Nayarit is a state that is just up the coast from PV (Puerto Valarta) and just around the horn from one of the nicer upscale hotels in the world (the 4 seasons at Punta Mita).
Tourism? Not so much me thinks.

 
 
Comment by phony scandals
2015-06-05 06:01:29

Got Jade Helm?

Explosions rock Michigan neighborhood as US Army urban training …
http://www.youtube.com/watch?v=IbItNU25xqg - 195k - Cached - Similar pages
2 days ago

 
Comment by Joe smith
2015-06-05 06:10:39

Story that’s going to come out today… Hastert’s serial abuse victim died of AIDS a number of years ago. The person he was paying off is someone else who knew about and had proof of the abuse.

Comment by palmetto
2015-06-05 06:26:54

It’s already out. So, you’re saying the blackmailer didn’t necessarily get messed with by Hastert, but knew what Hastert was doing to someone else and was shaking him down on that basis?

Comment by Joe smith
2015-06-05 07:48:24

My comment was held up for approval, I believe. But yes the story is out now, at least one victim had been named.

There might be other victims and they may have come across each other in the intervening years. Would be interesting if hastert was still f—ing boys after he left IL for DC. Pedophiles usually can’t refrain from their behavior (compulsion) and it would’ve been much easier to hide in a large city, far from his family and small town people.

Since the Bachmans have that clinic to “cure” homos, maybe they should offer him treatment. (BTW, bachman’s husband’s gayness is of the charts… Surprised that the Tea Party people are the only ones who don’t know this.)

Comment by Raymond K Hessel
2015-06-05 12:11:12

Hasert switched from buggering boys to a more mass buggery of taxpayers, with his Republicrat compatriots carrying on the tradition to this day.

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Comment by In Colorado
2015-06-05 12:49:57

BTW, bachman’s husband’s gayness is of the charts

She probably likes it that way, because he won’t be nagging her for nookie.

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Comment by rallying the base
2015-06-05 06:27:32

Today’s new “progressive” vocabulary words of the day:

Giftgivers & Bugchasers

 
Comment by palmetto
2015-06-05 06:42:59

I don’t see what the problem is. All he has to do is go tranny and get a Vanity Fair “Call Me Denise” cover and he’ll get all sorts of moral courage awards and be redeemed and revered.

Never let a good crisis go to waste.

Comment by Joe smith
2015-06-05 08:02:24

GOP base will only accept gays in the closet. Not just hastert, but also mark Foley, Charlie crist, Larry Craig, Lindsey Graham, Michelle Bachman’s husband, etc.

Once you’re outed, you’re done. If you can hide your activities, you’re all good.

Comment by Oddfellow
2015-06-05 08:20:28

Apropos of nothing, it looks like Dan and 2banana have decided to take a vacation together this year. Or maybe the whole cubicle farm has gone to the beach for a week?

Either way, I hope they have a good time.

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Comment by nhtransplant
2015-06-05 10:17:58

I may be the only person left who feels this way but I still say Larry Craig got railroaded. As a tall man myself I have noticed that I do have a “wide stance” and sometimes my feet do cross the border with the stall next to me. Never had anyone tap my foot though.

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Comment by joe smith
2015-06-05 10:26:26

gotta watch the manspreading on subways and in airport stalls.

lol if you are serious about larry craig (long time closet case) being railroaded though. the only thing being railroaded was his poop shoot.

 
Comment by Ben Jones
2015-06-05 10:35:07

All right, that’s enough.

 
Comment by palmetto
2015-06-05 12:20:48

Can I post a link to Louis CK’s SNL bit on the subject?

 
 
 
 
Comment by Housing Analyst
2015-06-05 19:42:14

Liberace!

 
 
Comment by phony scandals
2015-06-05 06:19:03

After critique, ‘white privilege’ training company hides school district client list from public

After the critique, PEG has wiped its large client list off its website

by Kyle Olsen | EAG News | June 5, 2015

SAN FRANCISCO – After Pacific Educational Group received criticism from this website, a St. Paul teacher and “The O’Reilly Factor,” among others, the company peddling “white privilege” training for public school employees wiped its client list off its website.

Now, after the critique, PEG has wiped its large client list off its website and replaced it with a message, “Please submit written request to julissa@pacificeducationalgroup.com.”

Last week, EAGnews published a series of stories telling the experiences of St. Paul 4th grade teacher Aaron Benner. He contends school district administrators are trying to fire him because of his criticism of the training.

We told, too, about a controversial staff meeting in which teachers stared at a photo of a KKK member and were asked, “When do you wear the hood?”

On Tuesday, Benner appeared on “The O’Reilly Factor” to share with the top-rated host his first-hand experience with behavioral breakdowns in his school district. He blames Pacific Educational Group, a school consultant that urges students be held to different standards based on race and claims teachers need to own their “whiteness.”

EAGnews takes meticulous notes, and captured the list before the company decided to become less transparent with taxpayers.

Here it is:

It is unclear, if this company stands by its work in these dozens of school districts, why they would opt for secrecy. Alas, that’s precisely the tact they’ve chosen to take.

Or, to put it another way, apparently taxpayers aren’t privileged enough to know where PEG is profiting by peddling victimhood.

http://www.infowars.com/…/ - 87k -

Comment by rallying the base
2015-06-05 06:31:13

Progressive = Exterminate Whitey

Comment by AmazingRuss
2015-06-05 08:31:41

I’m not white. I’m an albino brother.

Comment by Professor Bear
2015-06-05 08:34:12

You my albino brother through another mother!

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Comment by phony scandals
2015-06-05 13:01:54

“I’m not white. I’m an albino brother.”

Maybe Tom Hank’s son should have said that instead of…

“If I say the (N-word) I say it amongst people I love and who love me. If I say “(expletive) yall hatin ass (N-words)” it’s because that’s really how I felt at the time.”

Tom Hanks’ son defends using the N-word

Arienne Thompson, USA TODAY 8:45 a.m. EDT June 3, 2015

Chester Hanks, the son of Oscar-winning actor Tom Hanks and actress Rita Wilson, uses the N-word freely and is proud of it, he says in an Instagram video.

The younger Hanks, a rapper who goes by the stage name Chet Haze, is defending his use of the racial slur following a flurry of angry comments on his Instagram page after he used the N-word in a photo caption over the weekend.

“If I say the (N-word) I say it amongst people I love and who love me. If I say “(expletive) yall hatin ass (N-words)” it’s because that’s really how I felt at the time. And I don’t accept society getting to decide what ANYBODY can or can’t say. That’s something we call FREE SPEECH. Now I understand the older generation who grew up in the Jim Crowe era might have strong feelings against this. And that’s understandable… But what I’m saying is this is 2015… And even tho we are still far from where we need to be and black people are still being literally KILLED by a RACIST and (expletive) up system… We have also reached a point where the word can no longer have a negative connotation if we so choose. And who is to say only black people can use it? The way I see it, it’s a word that unifies the culture of HIP-HOP across ALL RACES, which is actually kind of a beautiful thing. It’s a word that can be used out of camaraderie and love, not just exclusively for black people. What’s the point in putting all these built up ‘rules’ about it. It’s time to let go. You can hate me or love me for it, but can’t nobody tell me what I can or can’t say. It’s got nothing to do with trying to be a thug. It’s about the culture of the music. And that’s all I have to say about that (no pun intended) lol. It’s all love. Some people will get it, some people won’t. Either way, Ima keep living my life however the (expletive) I want. ALL LOVE.”

http://www.usatoday.com/…/06/02/tom-hanks-son-defends-his-use-of-the-n-word/28369727/ - 116k -

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Comment by Pendulum
2015-06-05 06:36:37

Bought my first home this week! We paid $30,000 for a 100 year old 2,000 square foot house. It’s in Columbus OH, within a mile of downtown, so we can walk to work.

The house needs considerable work, but its mostly updating mechanicals, drywalling, flooring, and painting. The foundation is strong and the roof and windows are good.

The neighborhood is historically and currently poor and high crime, but good things are happening.

Two more months of paying rent before move-in, and then rent goes bye-bye! We are pleased as punch.

Comment by rms
2015-06-05 07:10:17

“We paid $30,000…”

Plunk down cash, right?

Comment by Puggs
2015-06-05 09:38:36

Most banks wouldn’t touch a mortgage that low. Unless you did a low cost 5 or 7 year HELOC style loan.

 
 
Comment by Selfish Hoarder
2015-06-05 10:03:28

Met a consultant in software from Columbus a month ago. He has been in software work since high school in the mid 70s. About my age. He is the head of his own company and loves Columbus. Has small farm and big old house. He can retire anytime if he wants. He is financially well set.

 
 
Comment by Professor Bear
2015-06-05 07:20:14

Do rate hike fears have you dumping stocks?

Comment by Professor Bear
2015-06-05 07:22:30

Market Snapshot
U.S. stocks slip as jobs report stirs rate worries
By Victor Reklaitis and Barbara Kollmeyer
Published: June 5, 2015 10:04 a.m. ET
Crude lower after OPEC keeps output unchanged
Bloomberg
The stock market is digesting Friday’s much-anticipated jobs report.

U.S. stocks traded slightly lower Friday after an upbeat jobs report boosted expectations of an interest-rate hike this fall.

The S&P 500 SPX, +0.01% dropped 5 points, or 0.2%, to 2,091, while the Dow Jones Industrial Average DJIA, -0.05% fell by 45 points, or nearly 0.3%, to 17,861. The Nasdaq Composite COMP, +0.00% pulled back by 19 points, or 0.4%, to 5,040.

 
Comment by Professor Bear
2015-06-05 07:25:42

+0.05%

Market Pulse
Treasury yields soar after strong U.S. jobs report
By William L. Watts
Published: June 5, 2015 9:55 a.m. ET

U.S. Treasurys tumbled Friday, pushing up yields, after a stronger-than-expected May jobs report reinforced expectations the Federal Reserve will deliver its first rate hike in nearly a decade later this year. The yield on the 10-year Treasury note TMUBMUSD10Y, +3.27% rose more than 10 basis points, or 0.1 percentage point, to 2.409%. Yields rise as bond prices fall. “Bond markets are reacting with higher yields because they see a sign of improving economic growth. That is a normal cause for rates to rise,” said David Kotok, chief investment officer at Cumberland Advisors, in a note.

 
Comment by Professor Bear
2015-06-05 07:29:07

Market Pulse
U.S. adds 280,000 jobs in May; unemployment 5.5%
By Jeffry Bartash
Published: June 5, 2015 8:30 a.m. ET

WASHINGTON (MarketWatch) - The U.S. economy generated 280,000 new jobs in May - the biggest gain since the end of 2014 - as most industries added workers after a slowdown in hiring earlier in the year. Economists polled by MarketWatch had expected a gain of 210,000 nonfarm jobs. The unemployment rate edged up to 5.5% from 5.4%, but mainly because more people entered the labor force in search of work. Employment gains for April and March were also revised up by a combined 32,000, the Labor Department said Friday. The government said 221,000 new jobs were created in April instead of 223,000. March’s gain was raised to 119,000 from 85,000.

Comment by Raymond K Hessel
 
 
 
Comment by X-GSfixr
2015-06-05 07:33:06

“Disney lays off tech workers, dorced to train their Indian replacements”

Nothing new about this story. Except they had the option to train their replacement for 90 days for a 10% bonus on their severance.

They should quit bitching. Just about everyone else makes “training your replacement” a REQUIREMENT for getting a severance package.

I’d have told them to pound sand if they made me that offer. Some things money just can’t buy, at least at the price they were offering.

Comment by Joe smith
2015-06-05 08:05:47

Both parties poodle the lie that “we can’t find enough people to work in tech”.

The long term strategy is to do almost all of it offshore or with indentured h1b workers.

They just have to make the shift slowly, do the pro-business voters and the pro-immigration voters BOTH believe the official reasons given.

Gop and dems are both spineless.

Comment by Bring Back the WPA
2015-06-05 08:23:10

We could learn from the Germans on this. They know not every high school kid is suited for college and they have excellent technical and vocational programs that prep their students for work in industry. German quality and craftsmanship speaks for itself.

The U.S. mostly abandoned wood shop, metal shop, etc. in schools. For-profit ripoff colleges sprung up to fill the gap but all they do is saddle the students with big loans. It’s all so unfortunate.

Comment by palmetto
2015-06-05 10:06:52

“German quality and craftsmanship speaks for itself.”

Yeah? Wanna buy a crappy VW Passat wagon that has to go in the shop if someone so much as looks at it cross-eyed?

Worst. Auto Purchase. Ever.

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Comment by Bring Back the WPA
2015-06-05 10:36:32

I hear you, I don’t know what it is about some VW’s. Check your VIN number. If it has an “E” it was made in EU; if it’s a “C” it was made in Chattanooga TN.

 
Comment by In Colorado
2015-06-05 10:53:56

Same with our long gone MINI. That thing broke like a 1970’s Chrysler.

 
Comment by In Colorado
2015-06-05 10:55:30

Check your VIN number. If it has an “E” it was made in EU; if it’s a “C” it was made in Chattanooga TN.

What do the ones made in Mexico say? “M” or “P”? Now that’s a car I would NEVER buy.

 
Comment by Bring Back the WPA
2015-06-05 12:09:09

I think M = Mexico and P = Brazil.

 
Comment by palmetto
2015-06-05 12:13:53

Heh, I checked the VIN. It has TWO E’s in it, no C’s. Lol, probably would have been better if it was made in ‘nooga. Beemers are being made in Greenville, SC these days, I think.

 
Comment by Selfish Hoarder
2015-06-05 12:22:45

My Toyota was built in Mexico I think. 12 years ago and fine.

 
Comment by In Colorado
2015-06-05 12:47:37

My Toyota was built in Mexico I think. 12 years ago and fine.

I just checked. They assemble Tacomas in Mexico, but that’s it. Your Corolla was probably assembled in the Bay Area at the now defunct NUMMI plant.

 
Comment by oxide
2015-06-05 17:19:46

I don’t know what Bill has. I’m the one with the Corolla, and I’m pretty sure it was assembled in Fremont.

 
Comment by Professor Bear
2015-06-05 21:21:15
 
 
Comment by nhtransplant
2015-06-05 10:28:19

We could learn from ourselves and how we did it 30 years ago in America.

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Comment by MightyMike
2015-06-05 10:38:51

We could learn from the Germans on this. They know not every high school kid is suited for college and they have excellent technical and vocational programs that prep their students for work in industry. German quality and craftsmanship speaks for itself.

You have a valid point about German industry, but I don’t see how it relates to the H1B/Disney issue.

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Comment by Bring Back the WPA
2015-06-05 11:36:40

You have a valid point about German industry, but I don’t see how it relates to the H1B/Disney issue.

Germany uses domestic labor for technical trades, with good techs coming out of their vocational education system. If the US had a similar educational approach, then Disney could hire Americans to fix/build/tinker their rides, shows, etc. rather than import via H1B.

 
Comment by X-GSfixr
2015-06-05 12:12:02

That, and their corporate execs seem to be Germans first, and “businessmen” second.

We’d better pray that the next “war” is a 100% Cyber War.

Because if we get into a fight that requires the know how to build/repair ships, airplanes or tanks, we’ll be done in about six weeks.

 
Comment by MightyMike
2015-06-05 13:16:03

You may have missed the original article. The Disney workers who lost their jobs worked in IT. Disney didn’t bring Indians over because it couldn’t find people with the right skills in Florida. Foreign workers were used because they’re cheaper. Another reason may have been to replace people in their 40s and 50s with younger workers without having to worry about age discrimination laws.

 
 
Comment by rj chicago
2015-06-05 14:51:19

I learned something that astounded me re auto techs recently….
Because shop, wood working, mechanical drawing and the like went bye bye a while back in HS - to get outta tech school - buy the tools you need to work on vehicles etc. in this modern age - these guys are into it near 90k (at least here in ILLANNOY) before they turn one lug nut - what’s with that?

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Comment by MightyMike
2015-06-05 07:40:04

some recent poll results:

CBS News/New York Times Poll. May 28-31, 2015. N=1,022 adults nationwide. Margin of error ± 3.

“Which comes closer to your view? In today’s economy, everyone has a fair chance to get ahead in the long run. OR, In today’s economy, it’s mainly just a few people at the top who have a chance to get ahead.”

Everyone: 35%
A few people: 61%
Unsure/No answer: 4%

“Do you feel that the distribution of money and wealth in this country is fair, or do you feel that the money and wealth in this country should be more evenly distributed among more people?”

Fair: 27%
Should be more even: 66%
Unsure/No answer: 7%

“Do you think the gap between the rich and the poor in the U.S. is getting larger, getting smaller, or has it stayed the same?”

Getting larger: 67%
Getting smaller: 5%
Stayed the same: 25%
Unsure/No answer: 3%

Do you think the gap between rich and poor in this country is a problem that needs to be addressed now, a problem but one that does not need to be addressed now, or not a problem?”

Addressed now: 65%
Not addressed now: 16%
Not a problem: 17%
Unsure/No answer: 3%

“Should the government do more to reduce the gap between the rich and the poor in this country, or is this something the government should not be doing?”

Should do more: 57%
Should not be doing: 39%
Unsure/No answer: 4%

“Do you favor or oppose raising taxes on people earning more than $1 million per year?”

Favor: 68%
Oppose: 30%
Unsure/No answer: 2%

http://pollingreport.com/budget.htm

Comment by SFBayArea
2015-06-05 08:36:37

Eat the rich!

We’re all socialist now…

Great post!

 
Comment by Puggs
2015-06-05 09:28:19

SAD.

 
Comment by cactus
2015-06-05 14:29:28

“Do you favor or oppose raising taxes on people earning more than $1 million per year?”

That’s stupid what about embedded wealth that shows no income ?

 
 
Comment by Bring Back the WPA
2015-06-05 08:02:06

The only candidate who would come close to implementing those results is Bernie Sanders, the only true independent candidate. The Repub candidates, Clinton and Libertarian Lite won’t raise taxes on the rich.

Comment by Raymond K Hessel
2015-06-05 12:14:27

I hope Sanders runs as an independent if HillaryJeb (or any of the other GOP dwarfs other than Rand Paul) is our “choice.” I’d vote for Sanders despite his faults rather than the lying, corrupt, mendacious Millary or the Nine Clones.

 
Comment by mathguy
2015-06-05 14:58:31

Would you accept just lowering taxes on the middle class and poor? Or is it only bigger and bigger government collecting more and more taxes that can save us?

Comment by MightyMike
2015-06-05 15:12:52

Lowering taxes on the middle class and poor doesn’t make government any smaller, contrary to Republican doctrine. The lost taxes are replaced by increased borrowing.

 
 
 
Comment by X-GSfixr
2015-06-05 08:04:05

Dont know why anyone is surprised about the rise of ISIS/ISIL. In fact, I’m surprised they don’t get more recruits from the USA.

I can just see the recruiting adds…….

“Stuck in a dead end job? For life? Women treat you like a total loser? Then join ISIS! Run around and shoot guns all day, and get paid! Three squares! No more dealing with the expense aggravation and rejection of “dating”. Just grab one, and throw her in the back of the HUMVEE. Which is also free, thanks to the US government! Local chicks not appealing? Then take your pick of the gullible Western women who are drawn to the cause!

Take pride in forcing your conservative religious views on the population! Get respect! Bust some caps on some people, after being dissed! Discover what the “open carry” crowd back home have discovered! Spew BS opinions all day, no need to argue/defend your views!”

Comment by Oddfellow
2015-06-05 08:59:23

“Live out a real-life computer shoot-em-up game!” Yes, you can see its attraction to millions of disaffected youth around the world, in a post-credit bubble, deflationary, automating world that needs fewer and fewer workers.

Oh well, maybe it attracts the ones that otherwise would be shooting up a movie theater or something if they stayed here. Better to have them shooting up the place over there, than over here?

Comment by Puggs
2015-06-05 09:46:16

After the next crash it will only get worse.

Lock N’ Load.

 
Comment by X-GSfixr
2015-06-05 10:07:29

Naw, we’d end up trading headlines, from “Gunman shoots up movie theater” to “Suicide bomber drives car-bomb into movie theater”, after they get back from ISIS-Basic.

Of course, they might not notice in Texas, what with all of that ammonium nitrate fertilizer being stored around schools and nursing homes.

Maybe Texas is the new “Evangelist-Tea Party Caliphate”

 
 
Comment by Raymond K Hessel
2015-06-05 12:24:09

ISIS is well equipped, thanks to the cowardice of the Iraqi military and countless billions in military equipment paid for by US taxpayers, courtesy of the neocons.

http://www.businessinsider.com/isis-turning-us-humvees-into-iraqs-nightmare-2015-6

 
 
Comment by X-GSfixr
2015-06-05 08:11:01

-fixrs list of “Things that pizz me off”, number 145,965.

Belt loops on pants. Specifically, the lack thereof. And the ones that are there are not sewn on correctly.

Or am I expecting too much out of a $70 pair of jeans?

Comment by AmazingRuss
2015-06-05 08:35:21

Maybe you should try suspenders.

Comment by X-GSfixr
2015-06-05 10:15:20

I’m thinking bib overalls.

Or powder blue/Khaki coveralls.

Then I can hang around all morning with the “Free to Seniors” coffee club at Mickey Dees.

AKA (according to my Aunt)……”The Rusty Zipper Club”

 
 
 
Comment by X-GSfixr
2015-06-05 08:24:50

The paint crew from Juarez is out in force with their Wagner Power Painters.

They repainted my door in some kind of slow dry enamel. Cure time hasnt been helped by the cooler than normal temperatures.

Did I mention that the cottonwoods are blooming?

I now have a totally bitchin’, customized fuzzy front door.

Comment by azdude
2015-06-05 09:13:22

I see stocks and a home in your future.

Comment by X-GSfixr
2015-06-05 10:12:12

Mortgage yourself for 20-30 years, and you too can paint your front door whenever you want, in any color you want!

I think I can live with my fuzzy door, if that’s the alternative.

 
 
Comment by drumminj
2015-06-05 11:05:53

I now have a totally bitchin’, customized fuzzy front door.

Think of it as noise insulation :)

 
 
Comment by Puggs
2015-06-05 09:16:23

It truly feels like 2004 - 05 all over again.

Friends buying high priced towable RV’s, new car plates around the office, long wait lines at most restaurants, vacation size traffic almost year round, friends/family taking numerous expensive/exotic vacations.

Fool me once shame on you…won’t fool me again….

I’ll have fun when everything is 50% off.

 
Comment by azdude
2015-06-05 09:40:44

buy the rumor sell the news in regards to rate hike?

 
Comment by joe smith
2015-06-05 10:23:20

How much privilege do you have?

Have you checked all your privileges?

http://patri-archie-comics.tumblr.com/image/100761834737

:)

Comment by cactus
2015-06-05 14:46:11

patri-archie is fighting the last war. its all changing fast

 
 
Comment by X-GSfixr
2015-06-05 10:57:49

Got a visit from a sales guy last week, selling maintenance for a Texas shop.

“We’ll save you money…..”

Yeah you sure can, by having a bunch of illegals and/or unlicensed mechs do all of the grunt work, then pencil-whipping everything because “We’re from Texas, those guys that designed this airplane aren’t as smart as we are.”

There isn’t enough time in the day to tell all of the stories I’ve got about Texas airplane shops.

Just some highlights:

-Major aircraft mod (aka “Supplemental type Certificate/STC” just released by Illinois shop. Texas shop (without looking at either the mod paperwork, or the actual airplane) underbids the guys WHO DESIGNED THE MOD.

-Significant problems during installation. Texas calls STC holder. STC holder says “You guys are so smart that you underbid us by $400K, you figure it out”. Aircraft kicked out the door 12 weeks late, with numerous “band-aids”. After a year of back and forth, finally got it (mostly) sorted out.

-Guy schedules airplane into Texas shop, because they can “start right now” (every other legit shop in the country has a 90 day backlog). Paint quote is for $35K, when the going rate for that aircraft at legit shops is close to $100K. Quote also doesn’t detail the “work included”…….told the guy that there was a lot left open to interpretation in the contract.

A week and a half before first flight, after paint/interior work/mods, shop tells workforce that their paychecks for the last two weeks are going to bounce. Chief Pilot wears out AmEx card on cash advances, paying people cash to come out and finish the aircraft.

Then the FAA shows up, pulls the shop’s Repair Station certificate, tells everyone “We are now the QC Department”; thus confirming the -fixr’s evaluation, which was G the airplane TFOOD, because those guys have every incentive in the world to “pencil whip” QC requirements (and the FAA knew it too)

-Flight control surface “balancing” not mentioned in the paint contract. Shop told pilot it “wasn’t required”. I pointed out, if it’s “not required”, why is there a procedure to do it in the aircraft Maintenance Manual?

Then the Feds show up…….airplane can’t fly without having the flight control surfaces balanced, not even on a “ferry permit”

So the “Remote Service Truck” comes up from the OEM shop in San Antonio, balances and reinstalls flight controls. Aircraft subsequently flies, but flies like crap on autopilot (Dutch Roll, especially in turns).

Yours truly (after talking to the “they don’t know nothing” engineers in ICT) troubleshoots, and finds out that San Antonio installed the aileron position/deflection “resolvers” (call them fancy potentiometers) 180 degrees out from where they needed to be. Flight Guidance Computer didn’t know where the ailerons were at, so it couldn’t tell the rudder where it needed to be to eliminate Dutch Roll, or co-ordinate turns.

Comment by samk
2015-06-05 11:44:30

“installed the aileron position/deflection “resolvers” (call them fancy potentiometers) 180 degrees out from where they needed to be”

I once got a call to visit an afloat asset in order to troubleshoot a search radar that was experiencing major interference when radiating. Turned out the CPO had installed a search radar position sensor 180 out. It would only radiate when it was facing the skin of the ship!

Comment by X-GSfixr
2015-06-05 12:04:14

The 1%ers think they are going to escape the societal meltdown by flying away to their privately guarded enclaves.

Not if guys like the -fixr get 5-10 minutes alone with their airplanes.

I know of one way to disable an airplane that will take 2-3 days for the troubleshooters to figure out. Assuming that there are any troubleshooters left around to fix it, instead of some newbie engineer with an “Expert System”.

See resolver example above. The Expert System will get you there eventually, but I got it figured out in about 10 minutes by:

-Knowing who to call, and
-Mentioning the magic phrase, “This aircraft just came out of a repaint”.

Comment by samk
2015-06-05 13:01:07

Nothing like real world experience and motivation to get a job done quickly!

Back when learning to troubleshoot an extremely old and basic computer I was assigned to a “breakable” hardware simulator. This simulator displayed the contents of three or four registers as we stepped through a short program. A lit light bulb indicated that a memory location held a 1. We were to determine when the failure presented itself and troubleshoot accordingly. I found the bad component and took my troubleshooting notes to the instructor. Correct component, incorrect failure indicator. The instructor walked over and hit the side of the sim and a bulb in the faulty register lit. The socket had a loose connection. I got to retake the test.

I learned a couple of things. One - something as simple as a faulty light bulb socket can potentially make your day very, very, bad. Two - keep the guys with the knowledge and real-world experience on your good side. They can also make your day very, very bad.

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Comment by Blue Skye
2015-06-05 11:04:59

Looks like OPEC is not sympathetic to our day trader’s needs.

http://www.cbc.ca/news/business/oil-prices-dip-after-opec-leaves-output-targets-unchanged-1.3101998

Comment by Professor Bear
2015-06-05 13:01:53

How is oil going to get back up to $80/bbl by December 2015 if they keep pumping like there is no tomorrow?

Comment by MightyMike
2015-06-05 13:37:11

He’ll explain it away as government “manipulation”.

 
Comment by Albuquerquedan
2015-06-05 15:42:46

Shale oil well decline rate combined with demand increasing by about 100,000 barrels a day per month which is happening, simple as that.

Comment by Professor Bear
2015-06-05 21:51:54

If bond yields keep heading up, I can’t see much further interest in speculating on tepid oil demand and ongoing high levels of OPEC production leading to future capital gains in oil exceeding financial asset returns.

Markets Credit Markets
U.S. Government Bonds Suffer Biggest Weekly Selloff Since June 2013
Yield on 10-year note closes at highest level since October

By Min Zeng
Updated June 5, 2015 3:52 p.m. ET

Fresh signs of solid U.S. jobs growth and an uptick in wage inflation sparked a wave of selling in U.S. Treasury bonds, sending the yield on the benchmark 10-year note to an eight-month high.

Friday’s price decline capped the biggest one-week selloff of the bond market since June 2013 when the bond market was rattled by the taper tantrum, or fears over reduced bond buying from the Federal Reserve.

The yield on the benchmark 10-year Treasury note rose to 2.402%, compared with 2.309% on Thursday. It is the highest closing level since Oct. 6. Bond prices fall as their yields rise.

For the week, the yield climbed by 0.305 percentage point.

Government bonds in the U.S. and Germany have sold off since late April after a strong run-up in price over the past year. Many investors are recasting portfolios as they believe the rise in bond yields reflects improving economic and inflation outlooks in the eurozone and the U.S.

The May nonfarm jobs report Friday bolstered the Fed’s case to raise interest rates sometime this year, a shift investors say would shrink the value of outstanding bonds.

“The rise in bond yields is a natural process and it is a sign that the U.S. economy is moving in the right direction,” said Poul Kristensen, portfolio manager with New York Life Investment Management’s strategic asset allocation & solutions group, which has $9.84 billion assets under management.

Mr. Kristensen said he has been positioned for a rise in U.S. interest rates by underweighing Treasury bonds and holding a small underweight position on U.S. stocks.

U.S. Treasury bond yields have been held at historically low levels driven by an uneven pace of global economic growth, deflation concerns and monetary stimulus from the Fed and other major central banks following the 2008 financial crisis.

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Comment by Raymond K Hessel
2015-06-05 12:29:56

Looks like Greece’s stealth bank run has just kicked things up a gear. Anyone who still has their money in the system deserves to lose it to a “bail-in.”

http://www.zerohedge.com/news/2015-06-05/greek-banks-verge-total-collapse-bank-run-surges-massively-depositors-yank-€700-mill

Comment by azdude
2015-06-05 15:32:28

Your beating a dead horse with the Greece story RAY.

Tell us how to make some money. Monday morning quarterbacking is getting old.

 
 
 
Comment by Professor Bear
2015-06-05 13:00:38

Uncle Buck loves today’s jobs number!

Marketwatch dot com
Currencies
Dollar surges on strong jobs report
Published: June 5, 2015 9:44 a.m. ET
By Ellie Ismailidou
Markets reporter
& Hiroyuki Kachi

The dollar jumped against most rivals after a strong U.S. jobs report indicated the economy bounced back strongly in May, another sign that the Federal Reserve is right in calling the weakness in the early part of year transitory.

Investors viewed the labor data as the potential catalyst that the data-dependent Fed needs to raise short-term interest rates long before central banks in the eurozone and Japan.

“The Fed is still on track to take the first rate hike before the end of the year. Today’s report only makes that more likely. The Fed is also on track to a gradual path. This report affirms that as well,” David Kotok, chief investment officer at Cumberland Advisors, said in a note.

As Treasury yields rose to their highest levels in six months, the dollar got a boost. The WSJ Dollar Index (BUXX, +0.85%) a measure of the dollar against a basket of major currencies, was up 1.17% at 87.80.

“As long as higher [Treasury] yields reflect a stronger U.S. economy — as today’s data suggest — the dollar becomes more desirable to international investors and capital will flow into dollar-denominated assets,” said Kirk Barneby, portfolio manager of the Centre Active U.S. Treasury Fund at Centre Funds.

The euro (EURUSD, -1.0945%) fell to $1.1088 from $1.1238 late Thursday, while the dollar jumped to around a 13-year high at 125.715 yen. The U.S. currency (USDJPY, +1.01%) recently was at ¥125.69, compared with ¥124.37 late Thursday in New York, while the euro (EURJPY, -0.12%) was at ¥139.41, down from ¥139.79.

Investors were also closely monitoring developments involving Greece’s loan repayments. Greece has notified the International Monetary Fund it plans to bundle all its loan repayments due this month into one payment of around $1.7 billion at the end of the month, according to the IMF and Greek officials.

 
Comment by phony scandals
2015-06-05 13:24:51

TPP Emails Show CEO Joked About Making “Royalty Payment” to US Officials

“These are our rules,” bragged Chemical company boss

by Paul Joseph Watson | June 5, 2015

Emails released under a Freedom of Information Act request show how one chemical company CEO was so pleased with the rules being set by the Trans Pacific Partnership (TPP) trade deal that he joked about making a “royalty payment” to U.S. government officials before bragging, “these rules are our rules.”

400 pages of confidential emails between industry advisors and USTR officials were obtained by Intellectual Property Watch. The USTR (Office of the United States Trade Representative), is the U.S. government agency responsible for developing the United States’ trade policy.

One of the emails was written by Jim DeLisi of Fanwood Chemical, a company that provides “technical marketing, direct sales, manufacturing and regulatory services” to the chemical industry.

Addressed to the USTR’s Barbara Weisel, the email states (emphasis mine);

“Hi Barbara – John sent through a link to the P4 agreement. I have taken a quick look at the rules of origin. Someone owes USTR a royalty payment – these are our rules. They will need some tweaking but will likely not need major surgery. This is a very pleasant surprise. I will study more closely over the weekend.”

Read the emails in full here – 1,2,3,4.

The context of the comments suggests that DeLisi is not actually advocating that U.S. officials be paid off, but the remarks clearly indicate how pleased corporations involved in the TPP negotiations are with the rules being made in secret by the U.S. government.

According to Derek Scissors, Ph.D., “rules of origin,” which are particularly key to the TPP, dictate “how to treat goods and services from sources that are not party to the agreement.”

According to Intellectual Property Watch’s William New, the trove of emails, the majority of which are blacked out, “reveal a close-knit relationship between negotiators and the industry advisors that is likely unmatched by any other stakeholders.”

“The cleared advisors in the email exchanges represent a range of industries and companies, including law firms. Among them are (in no particular order): Recording Industry Association of America, PhRMA, General Electric, Intel, Cisco, White and Case, Advanced Medical Technology Association (AdvaMed), Motion Picture Association of America, Wiley Rein, Entertainment Software Association, Fanwood Chemical, American Chemistry Council, CropLife, Medtronic, American Continental Group consultants, and Abbott. There is also an exchange with generics pharmaceutical industry representatives,” writes New, noting that many of the industry advisors are themselves former USTR officials.

A whole raft of different issues are raised in the emails, from “access to medicines, Canada and culture, US patent reform, IPR and environmental information, software patentability, relations with the European Union, other trade agreements and international developments, and as expected numerous consultations over elements of the draft treaty text.”

As we reported earlier, President Barack Obama is looking to secure enough votes for Congress to approve the Trade Promotion Authority (TPA) next week, which will allow the TPP itself to be fast tracked.

The TPP has attracted controversy due to the bulk of its text being kept secret. From what has emerged, critics assert that the trade package will eliminate U.S. jobs and allow foreign corporations to change laws in the United States with little judicial oversight.

http://www.infowars.com/…/ - 83k -

 
Comment by Professor Bear
2015-06-05 14:53:43

Since when is a 1% stock market decline a panic indicator?

Comment by azdude
2015-06-05 15:30:36

yeah dude this stage is so rigged its almost laughable at this point. I’m waiting for the catalyst to flush the sheep.

 
Comment by Professor Bear
2015-06-05 21:36:10

Deutsche Bank wins the forecasting prize!

Markets More: Closing Bell
STOCKS CRUSHED BEFORE THE JOBS REPORT: Here’s what you need to know
Akin Oyedele
Jun. 4, 2015, 4:00 PM

Global bonds recovered from a sharp selloff overnight but US stocks continued sliding and saw their worst day this week. The selloff in stocks came ahead of Friday morning’s big May jobs report in the US – the last one before the Federal Reserve’s June policy meeting.

First, the scoreboard:

* Dow: 17,905.58, -170.69, (-0.94%)
* S&P 500: 2,095.84, -18.23, (-0.86%)
* Nasdaq: 5,059.12, -40.11, (-0.79%)

And now, the top stories on Thursday:

1. There was chaos in global markets. German bund and treasury prices fell overnight, sending their yields above year-to-date highs that were crossed yesterday. The sell off paused during day trading, with the benchmark 10-year treasury note finishing near a session low of 2.30%.

2. In a morning note before the open, Brean Capital’s Peter Tchir wrote: “It is time to reduce US equity holdings for the near term and look for a 3% to 5% move lower. The Treasury weakness is NOT a ‘risk on’ trade it is a ‘risk off’ trade, where low yields are viewed as a risk asset and not a safe haven.” And Tom di Galoma, head of fixed-income rates and credit at ED&F Man Capital Markets, told Bloomberg, “This is sheer panic in the market from the standpoint of what’s been happening in Europe … Most of Wall Street is guarded here as far as taking on new positions.”

3. The International Monetary Fund slashed US growth forecasts, and urged the Federal Reserve to delay its first interest rate hike until 2016, in a statement that crossed as the stock market opened. The IMF forecast that inflation is not likely to reach a level that warrants wage hikes until sometime in the first half of 2016.

4. Greece got a new deadline on its €300 million-payment due to the IMF tomorrow. It has asked to bundle its four payments due this month into one lump sum it will pay in full at the end of the month. Greek newspaper Kathimerini reported the news, adding that the IMF is expected to approve the request. Greece owes a total of 1.5 billion euros.

5. The SEC has sued PTG Capital and a Bulgarian trader over the bizarre buyout offer made to Avon last month. Avon’s stock rocketed nearly 20% on May 14 after a filing on the SEC’s Edgar website indicated that PTG Capital Partners was offering to buy Avon for $18.75 per share. Avon said it didn’t receive any offer. The SEC alleges that PTG Capital used a fake notarized signature to apply for its Edgar login ID. It also claims Nedko Nedev, 37, unduly profited from the plunge through derivatives he owned.

6. Crude oil prices fell more than 2% ahead of the June meeting of the Organisation of Petroleum Exporting Countries on Friday. West Texas Intermediate crude, the US benchmark, tanked to a one-week low of around $58.16 per barrel. The market doesn’t expect the 12-member cartel to make any changes to production levels, which it has increased to fight for market share.

7. Initial jobless claims fell to 276,000 last week, versus 278,000 expected. That was the 13th straight week of a reading below 200,000. The 4-week moving average of claims rose to 274,750, still near a 15-year low, and the prior week’s average was revised upwards to 284,000.

8. Shares of Bio-Reference Laboratories surged by up to 40% on news it’s being acquired by Opko Health for $1.47 billion. Opko Health said it would pay 2.75 shares for each Bio-Reference Labs share, which comes to about $52.58 per share. Opko is interested in boosting sales of its 4Kscore test, a blood test used to establish a “personalized risk score” for prostate cancer.

9. Deutsche Bank has the most bullish forecast we’ve seen for Friday’s jobs report: +275,000, with the unemployment rate falling to 5.3% from 5.4%. The consensus, according to Bloomberg, is for a 227,000 gain in nonfarm payrolls, and an unemployment rate of 5.4%. In a note to clients Thursday, chief US economist Joseph LaVorgna wrote, “the labor market inputs we use to project employment have strengthened meaningfully over the past month.” He also cited the low reading on initial jobless claims in the survey week for the jobs report. We’ll have full coverage in the morning.

 
 
Comment by Raymond K Hessel
2015-06-05 15:42:38

Another farcical DoJ “crackdown” on “bad actor” banks involved in bundling toxic-waste MBSs.

http://www.zerohedge.com/news/2015-06-05/doj-tax-wall-street-again-mbs-probe

 
Comment by Professor Bear
2015-06-05 23:01:42

As promised, I ran some numbers on 30-year Treasury bond values in 2015. If I did the calculation correctly, then valuations are more than 25% off their highest valuation earlier this year — what would be called a “bear market” in case stock values fell this far.

Here is the formulation (in ‘R’):

# Compute values of 30-year T-bond at constant maturity

i <- Yld30yr/2
v <- 1/(1+i)
B <- (1+(i-1)*v^60)/i

# Index to maximum value in 2015 = 100

IDX <- 100*B/max(B)

Results seem reasonable; I’ll double-check the maths in the morning. Look forward to reposting the figure bright and early!

 
Comment by Professor Bear
2015-06-05 23:03:59

If 30-year Treasury bond valuations are off by over 25% in 2015, can the value of houses be long to follow?

 
Comment by Professor Bear
2015-06-05 23:09:56

With QE-to-Infinity-and-Beyond underway, how can you possibly go wrong buying stocks and houses?

 
Comment by Professor Bear
2015-06-05 23:33:56

I am beginning to doubt the bond analysis I did tonight ( should never have attempted it late Friday after wine).

I’m not far off; will check and post corrections bright and early tomorrow.

 
Comment by phony scandals
2015-06-06 07:37:05

phony scandals

 
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