Marketwatch dot com
Need to Know
Get ready for U.S. bubble to burst as ‘pipsqueak’ Greece gets slammed
By Shawn Langlois
Published: Aug 3, 2015 5:56 a.m. ET
Critical intelligence before the U.S. market opens
Getty
Greek stocks are drowning.
Squeamish? Don’t look at the Athens Stock Exchange this morning. Maybe watch this video of a baby elephant chasing birds instead. Just don’t shoot it.
Then again, you’ve probably built up your market-crash tolerance after bearing witness to the fun in China in recent weeks. Still, this retreat, while not all that surprising, is particularly nasty. After a five-week hiatus, Greek stocks are open for trading, and by trading, I mean selling.
The more foreign markets tumble, the more fuel for bears awaiting our turn.
“Today, the world is a lot bigger and a lot more interconnected, which is why pipsqueak Greece had the macro implications that it did,” said Jared Dillian of the Mauldin Economics blog. “I wouldn’t say I’m scared, but I have a general anxiety of ‘something bad’ happening in the world. Something I didn’t use to worry about 10 years ago. The risk of contagion is permanently higher.”
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It’s Europe’s own fault that they blew up the pipsqueak with bond derivatives (or whatever the heck they do in those shiny buildings). How is that any better than the Chinese model of collateralizing 4-5 loans with the same warehouse of raw steel?
Who said it’s any better? It looks to me like both Greece and China are imploding…and AlbqDan is nowhere to be found to refute the evidence!
Today’s massive drop in the price of Greek securities whose trade resumed after a suspension suggests what to expect when suspended Chinese stocks are traded again.
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Comment by oxide
2015-08-03 11:10:40
When the market got volatile, A-dan suddenly had a lot of travel days. I don’t think he said he had travel just to blow us off. I wonder if AB Dan’s job involvement is directly tied to the Chinese market; for example, companies call him to do X if the market drops. (X could be short selling or legal fallout or handling BK or anything related) More drop –> more work/travel –> less time here.
I miss Dan. His IQ was almost as high as an Asian.
Comment by Raymond K Hessel
2015-08-03 16:37:44
Dan, they say you won’t find the answers at the bottom of a bottle, but I find if you hold the bottle to the light just so, and peer up into the empty bottle with one eye closed, Eureka! That looks like an answer, sure enough….
“Today, the world is a lot bigger and a lot more interconnected, which is why pipsqueak Greece had the macro implications that it did,” said Jared Dillian of the Mauldin Economics blog.
The bankers over-leveraged Greece knowing full-well that a bailout would arrive just in time. Jared is counting on it.
In the world of hundreds of trillions of dollars in derivative financial instruments, the flapping of a butterflies wings may be what sets off The Big One.
Marketwatch dot com
Eurozone PMI shows collapse in Greek output
By Paul Hannon
Published: Aug 3, 2015 4:51 a.m. ET
Uncertainty over the country’s future relationship with the eurozone sent Greek manufacturing into a tailspin in July, but that had little impact on other parts of the currency area’s economy, as Italian factories had their best month in more than four years.
The final results of a survey of purchasing managers at eurozone factories released Monday showed activity grew slightly more rapidly than first estimated, and roughly in line with June. But the national survey for Greece revealed a collapse in output, with the headline Purchasing Managers Index plummeting to 30.2, the lowest level recorded in the 16-year history of the series. A Level of 50.0 separates a contraction from an expansion, and the eurozone measure stood at 52.4.
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Marketwatch dot com
Market Extra
Greek stock market dives after trading resumes
By Victor Reklaitis
Published: Aug 3, 2015 4:15 a.m. ET
Bloomberg
It’s a stormy environment for Greek investors as trading resumes.
The Greek stock market plunged in morning action Monday after trading resumed in Athens following a five-week halt.
The benchmark Athex Composite (GD, -17.12%) was last down 176.95 points, or 22%, to 620.57. That means a year-to-date slide of 24.5% for the index.
“The political uncertainty is such that it will take a while until investor confidence in Greek assets is fully restored,” said Gary Jenkins at LNG Capital ahead of the reopening.
The Greek exchange suspended trading on June 29 after the country’s government announced a referendum on whether to agree to international creditors’ terms for new aid.
On Monday, National Bank of Greece (ETE, -30.00%) was among the big decliners, falling 30% — the daily limit. Other Greek banking stocks also were down by the daily limit.
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Marketwatch dot com
Futures Movers
Oil falls to 4-month low, hit by data on China, rigs
By Biman Mikherji
Published: Aug 3, 2015 5:51 a.m. ET
Oil prices slid to fresh four-month lows Monday as a rise in the number of U.S. oil rigs fueled supply glut concerns even as weak China manufacturing activity weighed on the demand outlook.
West Texas Intermediate crude for delivery in September (CLU5, -1.61%) dropped 73 cents, or 1.6%, to $46.39 a barrel in electronic trading. The contract briefly traded as low as $46.26, a level not seen since March by a most-active contract, according to FactSet data. WTI slid 2.9% on Friday, ending up with its biggest monthly percent drop since 2008.
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They’ve been able to keep gas prices up higher than they should be based on the price of oil though. Why did it used to be cheaper at these same levels?
I’ve always found that gas prices will be raised almost instantly if oil prices go up (’because that’s the replacement cost’), but if oil prices go down, well, they like to sell off their old, expensive inventory before they lower gas prices to reflect the new pricing.
“Up like a rocket, and down like a feather.”
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Comment by Professor Bear
2015-08-03 10:22:51
FIFO gasoline pricing when oil prices are falling, LIFO pricing when they are rising…except not at Costco.
Greek stocks bashed on return, China woes go on for commodities
By Marc Jones
LONDON | Mon Aug 3, 2015 7:10am EDT
By Marc Jones
LONDON (Reuters) - The Greek stock market slumped when it reopened on Monday after being shut down for five weeks, while weak data from China helped push oil prices to their lowest in six months and Asian stocks close to their 2015 lows.
Surveys showed China’s factory activity contracted by the most in two years, ensuring a three-month sell-off in commodity and emerging markets would continue.
Brent oil fell to $51 a barrel, its lowest since the end of January. Industrial metal copper CMCU3 dropped to its weakest in six years. Gold was $1,093 an ounce after its worst month in two years.
Europe was unsettled. Stocks in Athens plunged 17 percent when the market reopened after closing in late June. The euro EUR= and lower-rated government bonds also saw some mild selling.
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The Brent North Sea crude contract is rapidly closing in on $50/bbl.
Crude Oil Brent December 2015 (CBZ15)
52.13-2.12 (-3.91%) 12:02P CDT (ICE)
Commodity Price Quote as of Mon, Aug 3rd, 2015
High 53.95
Low 51.67
105.15 52Wk High
(-50.70%) Since 08/08/14
51.67 52Wk Low
(+0.33%) Since 08/03/15
Open 53.91
Prev Close 54.25
…
Oil sank to six-month lows on Monday with Brent crude falling below $50 a barrel on sluggish U.S. and Chinese economic data and bets for weaker gasoline consumption in the United States after tearaway demand earlier in the summer.
Brent crude oil touched a low of $49.81 a barrel earlier in the day, its weakest since Jan. 30. The contract was last down $2.40 to $49.75 a barrel. Meanwhile, U.S. crude fell $1.80 to $45.30 a barrel, after hitting a four-month low of $45.11 a barrel earlier.
Evidence of growing global oversupply and a stock market collapse in China, the world’s largest energy consumer, have weighed on oil for weeks, leading in July to U.S. crude futures’ largest monthly decline since the 2008 financial crisis.
With August trading in its first session, the rout accelerated as gasoline prices fell more than that of crude.
Supply worries aside, traders pinned the latest losses on sluggish U.S. and Chinese data.
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ft dot com > Markets >
Commodities
August 3, 2015 5:40 pm
Brent crude slides below $50 as Opec production accelerates
Anjli Raval, Oil and Gas Correspondent
Jan Erik Jensen, left, of Sandefjord, Norway, wipes his brow as Bjornar Evensen, center, of Toensberg, Norway, tightens bolts on a pipe joint with Garry Smith, of Anstruther, Scotland, looking on aboard the Pertojarl Banff in the North Sea, Wednesday, Aug. 2, 2006. In operation since 1999, the Petrojarl Banff is a turret-moored vessel in the North Sea which can process up to 90,000 barrels of oil per day.
Photographer: Suzanne Plunkett/Bloomberg News
Oil slid below $50 a barrel on Monday, extending last month’s losses to hit the lowest level since January due to signs growing production will continue to outstrip supplies.
ICE September Brent crude — the global benchmark — fell 18 per cent in July. In the first session of August, it fell another 4 per cent, losing more than $2 a barrel to hit a six-month low of $49.81.
The renewed price pressure came as market participants focus on accelerating production from Opec countries, such as Saudi Arabia and Iraq, where output has reached new records amid a global competition for customers.
The fear of additional Iranian barrels seeping into the market after last month’s nuclear deal has added further downward pressure to prices.
“After three months of oil prices showing some promise and stability, July turned out to be a disastrous month for oil bulls,” said David Hufton, chief executive of London-based broker PVM.
“The prospects of a second half-year price rebound have evaporated and there is a clear and present danger of prices revisiting the previous lows of the year,” said Mr Hufton.
The oil rout that began a year ago gathered pace in November when the Opec producers’ cartel decided not to cut output in the face of a supply glut propelled by US production.
After falling to almost $45 a barrel in January, Brent rebounded to more than $69 a barrel in May.
But since then prices have fallen back by more than 20 per cent with many traders now forecasting a longer period of lower prices.
Speculators’ bets on rising oil prices have fallen sharply since May. Last week, hedge funds reduced their positions on higher oil prices by the most in 10 months.
…
Crude-oil futures extended their fall Monday, with ICE Brent crude for September delivery (LCOU5, -4.52%) sliding below $50 a barrel. That’s the first time since January the global oil benchmark has traded below $50 on a most-active contract basis, according to FactSet data. The contract traded at $49.88 a barrel in recent action, down $2.33, or 4.4%. The U.S. benchmark, West Texas Intermediate, was also under pressure. WTI crude for delivery in September on Comex was $1.76 lower, a fall of 3.7%, at $45.39 a barrel in recent action, after hitting its lowest level since March. Oil futures are feeling renewed pressure on a global glut of crude and concerns about world economic growth.
I can’t help but wonder how that brilliant strategy of storing oil in massive container ships at sea in the expectation of being able to sell it for a killing later this year is working out?
Oil traders have booked up to 20 tankers to store an estimated 40 million barrels of crude at sea, rising from 25 million barrels last week, as they soak up a stocks glut in anticipation of future profits, shipping and oil market sources said.
The more than 50 percent fall in spot prices since June enables traders to make money by storing the crude for delivery months down the line, when prices are expected to recover.
The sources said the volume of oil earmarked for floating storage had risen in recent days. Some of the tankers could nonetheless still be used for conventional oil transportation.
“Floating storage remains a major focus in the tanker market as charterers have been fairly active in securing VLCCs (very large crude carriers) on time charters, with options to use the vessels as floating storage,” said Omar Nokta of Clarkson Capital Markets.
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Comment by X-GSfixr
2015-08-03 11:31:23
The -fixr plan to get Rich:
-Buy a few tankers worth of oil with someone else’s money, and hide them. Also buy oil company stocks.
-Find out where all of rest of these tankers are parked
-Go find a surplus Super Etendard, and a dozen or so Exocets.
With borrowed money.
-Find the tankers, and zap a few of them with the Exocets.
Landing | Mon Jun 15, 2015 3:04pm EDT Iran’s 40 million barrels stored at sea hangs over oil market
LONDON | By Jonathan Saul
Iran’s Oil Minister Bijan Zangeneh talks to journalists before a meeting of OPEC oil ministers in Vienna, Austria, June 5, 2015.
Reuters/Heinz-Peter Bader
Iran is storing as much as 40 million barrels of oil on supertankers at sea as it prepares for a sales drive if a nuclear deal can be sealed.
Iran and six world powers are seeking to overcome remaining differences with a looming self-imposed June 30 deadline to reach a deal over Tehran’s disputed nuclear program.
In the meantime, Iran has been parking oil off its coast, mainly on tankers belonging to its national carrier NITC.
“The first thing they will try and do is offload quite a lot of that storage. (Oil Minister Bijan) Zanganeh has already warned OPEC: make room for us. In other words, we are going to sell this oil at any price,” said Mehdi Varzi, a former official at the state-run National Iranian Oil Co.
“Floating storage is there to be put onto the market as soon as possible after some sort of agreement,” said Varzi, who now runs an energy consultancy in Britain.
Iran, once OPEC’s second-largest producer after Saudi Arabia, is seeking to clear space for its gradual return to the market after years in which Western sanctions have halved its oil exports to as little as 1 million barrels per day (bpd).
“It actually makes sense for them to go in fairly hard in order to reclaim market share and hope that high cost producers above them are inched out quicker,” said Samuel Ciszuk, senior adviser on security of supply to the Swedish Energy Agency.
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[SINGAPORE] Oversupply in oil products, in tandem with a crude glut, has brought back memories of the 2008-2009 crisis, but traders say the climate is not right now for a repeat of large scale fuel storage at sea.
Then, crashing oil consumption and low shipping rates drove nearly 100 million barrels of crude oil and about 85 million barrels of middle distillates into floating storage.
When market oversupply is extreme, immediate prices can collapse so severely that the stronger future prices enable traders to make money by storing them - even on ships at sea - thus creating some demand. The price structure is termed contango.
But despite the glut now, and the brimming tanks of jet fuel and diesel it has created, the contango needed to store oil products at sea is far away, traders said. The six-month forward curve on ICE gasoil futures, for example, is around $20 per tonne, a third of where it stood in 2009.
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Comment by X-GSfixr
2015-08-03 11:34:46
Yeah, the traders wouldn’t do anything that would manipulate the markets. Like say there was no offshore storage, whether there was or not.
Just ask them. Any why wouldn’t you believe them?
Comment by Professor Bear
2015-08-03 19:59:47
Telling implausible lies which directly contradict articles in reputable financial news outlets doesn’t seem to be working out very well for the traders.
.
fastFT
MarketsCommodity rout hits financial crisis levels
31 minutes ago
The commodity rout is now officially as bad as during the financial crisis.
The Thomson Reuters Core Commodity Index, the broadest and longest running basket of tradeable oil, grains, and metals, just fell to a level last seen in February 2009, reports David Sheppard in London.
The drop in the index comes as Brent crude oil has dropped back below $50 a barrel for the first time since January and as copper and aluminium prices fall to a six-year low.
The TR CRB index hit 199.7688 around lunchtime in New York, down from 203.1 on Friday. Its low in early 2009 at the peak of the financial crisis was 199.6386.
The index is made up of 19 commodities, from crude oil (the largest making up 23 per cent of the index) to lean hogs and orange juice (1 per cent each). The index, which was founded in 1957, has now almost halved in the last four years.
The commodity supercycle, for a long time on life support, looks like it’s now well and truly done.
…
Marketwatch dot com
The Tell
The chart that shows the worst may be yet to come for Chinese stocks
By Shawn Langlois
Published: Aug 3, 2015 2:04 p.m. ET
The Chinese stock market ballooned over the past year on the back of borrowed money, with margin debt climbing to a high of 9.6% of market cap as equities peaked in June, according to Guggenheim Chief Investment Officer Scott Minerd.
This is an alarming level, both historically and globally, and as you can see by the chart, it puts China in some unsettling territory. Even after the latest spiral.
“While margin debt has begun to unwind in the midst of the latest stock selloff, there is still a great deal of margin debt outstanding, meaning more turbulence could lie ahead for China’s stock market,” Minerd wrote in a blog post cited in Monday’s “Need to Know” column.
“If Chinese policy makers don’t alter course soon, the current Chinese equity-market correction could turn into a stock market plunge similar to what happened in the United States in 1929,” he wrote. For comparison, the U.S.’s margin figure is currently below 3%.
Minerd said the best case for China may be what we saw in the U.S. in 1987, when a steep market drop and rebound ultimately established a base for the next big rally. But if the worst-case 1929 scenario were to unfold, it may not be so bad for U.S. investors.
“A Chinese slowdown will put energy and commodity prices under pressure, which will benefit U.S. consumers and U.S. manufacturers as input prices fall, and should help support earnings in the near term,” Minerd said.
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BloombergBusiness
U.S. Stocks Fall as Brent Reignites Commodity Slump; Bonds Climb
by Jeremy Herron & Annelise Alexander
August 2, 2015 — 6:16 PM CDT
Updated on August 3, 2015 — 4:59 PM CDT
U.S. stocks were dragged lower by a resumption in the commodities rout, with Brent crude sliding below $50 a barrel for the first time since January. Treasuries advanced as the selloff damped the outlook for inflation.
The Standard & Poor’s 500 Index lost 0.3 percent by 4 p.m. in New York, paring losses in the last 30 minutes of trading. Brent futures slid 5.2 percent to at $49.52 a barrel, its lowest close in six months. Bloomberg gauges of the world’s biggest energy producers and mining companies tumbled to six-year lows as metals to crops and gasoline tumbled. Yields on 10-year Treasuries fell to 2.15 percent, a two-month low.
Speculation Iran could boost oil output soon after sanctions are lifted and mounting concern over the slowdown in China fueled commodity losses, with energy and materials shares sliding around the world. The plunge in oil and data indicating a pullback in U.S. manufacturing bolstered the case for keeping American rates lower for longer, with the Federal Reserve mulling its first increase since 2006 as soon as next month.
“We’re a little worried about global growth with commodities crashing down,” said Randy Warren, who manages more than $100 million at Exton, Pennsylvania-based Warren Financial Service & Associates Inc. “The Fed’s saying they’re data dependent, but so far you have to look at the data and say, really? You’re thinking about raising rates here? It doesn’t make a lot of sense.”
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The real message of plunging commodities
Michael Pento
12 Hours Ago
CNBC.com
Commodities signaling big slowdown ahead for China
The Chinese stock market recently saw its biggest selloff in eight years as the dramatic 8.5-percent fall in Shanghai “A” shares also rattled markets around the world.
For the past few weeks, China has been balancing its desire to keep the equity market from a complete meltdown, while still courting the international investment community with hopes of being a dominant player in the capital and currency markets.
But recently, the International Monetary Fund warned China’s government about its concern over limiting investors’ freedom to take equity out of financial markets. These concerns were raised when the IMF met with officials in to discuss the chances of including the yuan in the fund’s basket of currencies, also known as Special Drawing Rights.
As China tries to balance the demise of its equity bubble while still keeping the illusion of free markets intact, two delusional narratives have started to circulate around Wall Street.
The first such Wall Street-inspired delusion is that the collapsing Shanghai stock market will have no effect on the underlying Chinese economy. However, even though China’s 260 million trading accounts may be a relatively small percentage of its total population, it’s also the richest and most productive portion of its citizenry, which also happens to be equal to the entire U.S. population in 1993. And Chinese GDP growth accounts for 1/3 of total global growth. Therefore, we can already find the manifestation of slowing Chinese growth from the nascent fall in equity prices.
For example, the profit of China’s industrial firms fell 0.3 percent in June from a year earlier. That followed a 0.6-percent gain in May and a 2.6-percent jump in April. For the first half of 2015, industrial profits were down 0.7-percent from a year earlier.
China’s producer price index fell 4.8 percent in June, the 39th straight monthly decline. In fact, the economy is headed for its poorest overall performance in a quarter of a century.
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Sydney Morning Herald
Commodities swing from bad to worse as China data sinks
Workers in a factory in Shenzhen, China, where manufacturers are reporting lower output.
By Vesna Poljak
The bad news keeps mounting for commodities after the under pressure sector was dealt a further blow with weaker than expected Chinese factory output revealed for July as iron ore prices head downward again.
China’s manufacturers cut production at the fastest rate since 2011 according to the Caixin China Manufacturing Purchasing Managers’ Index, which used to be a survey sponsored by HSBC. The final result for July came in at 47.8 points on Monday, down from 49.4 points in June.
The result was concerning because the revised outcome was considerably worse than the “flash” PMI reading, which less than two weeks ago indicated a better result of 48.2 points.
Caixin’s survey is also worse than the official PMI released for the same month, which came in at 50 points, although the official report targets bigger industrial firms as respondents.
The latest PMI report shows that input costs for factories declined by the fastest rate since January, no surprise given the rout in commodity prices since the start of the third quarter.
Iron ore traded at $US53.41 a tonne on Friday, down 4 per cent after prices recovered to as high as $US55.89 on July 29, having fallen below $US50 earlier last month.
Commodity prices broadly are at the lowest level since 2009 according to the Thomson Reuters/CoreCommodity CRB Commodity Index, which closed at 202.57 points on Friday. If prices worsen, they will beat March 2009’s post-crisis low of 200.34 points for the closely watched commodities index.
For commodity experts, the narrative is not hugely compelling looking out to the rest of 2015.
“It’s been a difficult year due to anaemic demand growth [the property slowdown in China plus a sluggish pace of infrastructure investment] as well as reasonable supply growth – a legacy of investment decisions made during the boom,” said Daniel Morgan, a commodities analyst at UBS in Australia.
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Just as the Communist Party distrusts market forces, so it misunderstands them. Botched attempts to save stocks suggest it is losing control, while a successful rescue would have made buying shares a one-way bet—inflating the bubble still further. One of the persistent illusions about China’s governance is that, whatever its other shortcomings, eminently capable technocrats are in control. Their haplessness in the face of the market turmoil points to a more disconcerting reality.
China is not the first country to prop up a falling stockmarket. Governments and central banks in America, Europe and Japan have form in buying shares after crashes and cutting interest rates to cheer up bloodied investors. What makes China stand out is that it panicked when a correction of clearly overvalued shares had been expected. Rather than calming investors, its barrage of measures screamed of desperation.
The biggest proof of China’s government incompetence is that they chose to get into the stock market in the first place. People always viewed Chinese stocks as volatile, but more because of the gambler mentality of Chinese investors. For some idiot reason, the government chose a highly visible and symbolic asset to try to prop up. Now people see the stock market reeling and extrapolate to every other sector of the economy the government has implicitly guaranteed. And they blame the government when they lose money.
Yellen is much better at propping up the stock market than the Chinese government. She makes everybody think that low rates are what’s causing economic growth, and that everyone is benefiting, even though most of the profit is going to the banks and Wall Street. And when stocks fall, she can blame the poor economy that was never healthy to begin with. Sneaky and brilliant at the same time.
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Comment by Raymond K Hessel
2015-08-03 16:44:50
Read “The Creature from Jekyll Island” if you want to know why we have a Fed. In 1913 a confab of oligarchs, wanting a more efficient way to amass wealth and power into their own hands, brought the Fed into being, and it’s been ripping off the 99% ever since. ZIRP and QE have been the Fed’s Wall Street accomplices and big investers in Wall Street’s Ponzi, and no one else. The Fed’s policies are faciliatating the massive transfer of wealth from the 99% to the .1%, but as long as the sheeple keep bending over by electing water carriers for the Wall Street-Federal Reserve Looting Syndicate, the larceny will continue and will get increasingly brazen.
Comment by Patrick
2015-08-03 18:24:10
Raymond
What really surprises me is about all of the .1% benefits being received because of Fed ineptitude. The Fed never realized most of them until they started happening.
Real journalists wet the bed on Trump, say 75% of Latinos had their pwecios feewings hurt because how real journalists twisted manipulated words of The Donald
SJW betters assure that every Act Of Love grows up to be doctor or astronaut
America is clogged toilet, and adding more poors browns don’t make better
I think Bernie Sanders is missing a huge opportunity in not being appointed a National Guard Colonel. Think of that chicken lover vote he’s passing up.
And can I take that rainbow overlay off my Facebook profile pic yet?
It ain’t easy being a SJW Slacktivist™ cuz its so hard keeping up with everything your betters need you to outraged about, you gotta like and retweet all the correct things all the time. And who is bringing the quinoa casserole to the Bernie watch party tonight? Were gonna warm up the crowd with a loop of YouTube clips of Sean Penn and Susan Sarandon (no better than those betters) rallying the base at some Howard Dean campaign rallies
“Caitlyn has every right to be as conservative as she chooses,” said Jenny Boylan. “But many transgender men and women need social programs to survive and that’s nothing to be ashamed of.”
Evidently you’ve never been in a ladies’ room? All stalls, no urinals, so any and all junk is pulled out behind a wall. And we ladies are already accustomed to males in the ladies’ room. No big.
Was that you on the fixed gear bicycle at the artisan bakery yesterday?
You looked a little hungover behind that Sunday New York Times, not that you were actually reading it, but it sure as hell got alot of likes on Instagram!
No, but I was in hipsterville, brunching on gluten-free corncakes and smoked local pork, with house-made salsa verde and creme fraiche. We drove there in our Forester. Not hungover myself, but I was enjoying watching the hung over young ladies walking home in the previous night’s clothes, as my wife help up both sides of our conversation.
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Comment by palmetto
2015-08-03 06:21:19
Meh, whassup, cuck?
Comment by ComfortableClass
2015-08-03 06:30:54
What percentage of the whole locally grown or sustainable or organic, etc. foodstuffs are just marketing lies by the people selling the stuff (expecially restaurants)? Local as in the same state or the same country?
I knew a guy that worked for a bakery that cleaned up on selling housewives “fat free” muffins. Full of butter. Just a lie.
Comment by Oddfellow
2015-08-03 06:37:13
I’m a neocon? Or did we ever get a better definition?
Comment by Oddfellow
2015-08-03 07:16:23
The experienced palate can tell, even down to the county it came from, sometimes even the farm.
And, more seriously, if you can’t tell the difference between a buttery muffin and a fat-free one, you deserve to be a f@t@ss.
Comment by ComfortableClass
2015-08-03 07:30:39
If you can’t tell the difference …
I think this is part of the reason we have the whole housing bubble …. They don’t want to know.
Comment by sleepless_near_seattle
2015-08-03 09:44:25
“We drove there in our Forester.”
Got Coexist?
Comment by sleepless_near_seattle
2015-08-03 09:48:59
“are just marketing lies by the people selling the stuff”
I feel the same about farmer’s markets. They started out as a cost effective way to get fresh produce. One day someone woke up and decided that farmer’s markets were a thing and that it should be my pleasure to “buy local.” The meme was begun and higher prices followed. Maybe it’s changed but I haven’t been to one in years.
Comment by Oddfellow
2015-08-03 09:58:49
If you want your made in China antibiotic-laced pork, you can keep your made in China antibiotic-laced pork .
Comment by sleepless_near_seattle
2015-08-03 10:04:58
Newp. I buy only organic produce and meats, and just about always local to the state of Oregon. Just tired of being ripped off at the farmer’s market.
Have farmer’s co-ops been commandeered by the hipster marketing department yet? Maybe I’ll try there.
Comment by Oddfellow
2015-08-03 10:14:49
“just about always local to the state”
Then we can coexist on this point. Cyber-hug?
Comment by sleepless_near_seattle
2015-08-03 10:21:24
Depends. Is that Forester one of the older styles or the new, beefy, might-as-well-be-a-Ford-Escape style? Hate the re-design.
Went to the Subaru dealer Saturday and am realizing I’m so not the market. FFS, can a white man get manual transmission, AWD, TDI wagon in this country or what? Even Subaru is moving away from MT w/AWD.
Comment by oxide
2015-08-03 10:59:45
FWIW, most farmers markets label themselves as “Producer Only.” The vendors have to grow what they sell. If the market doesn’t say “producer only,” then the vendors can sell what they want. They are probably selling scratch-and-dent stuff from a produce auction.
All the you-pick orchards have their own little markets on-site. Some produce is from their own field, but they often get stuff out of state, especially if it’s in demand. They usually label where the stuff came from.
The consensus definition of “local” is 100 miles. In my area, that could be VA, MD, WV, PA and even some DC. The vendors in the market hang a sign with the location of the farm.
Comment by In Colorado
2015-08-03 13:02:42
Even Subaru is moving away from MT w/AWD.
A Manual Transmission is so rest of the world. Nevermind automatic transmissions, Americans ares so lazy behind the wheel that they can’t wait for self driving Google cars to go on sale. I suppose that this way they can hold a burrito in one hand and a big gulp in the other hand while the car drives itself.
Comment by AmazingRuss
2015-08-03 18:17:46
The roads are clogged with inattentive lackwits… driving sucks. If I have to be in a car, I want to pretend that I am not.
I’m still p*ssed you actually linked to a Weekly Standard article yesterday
William Kristol is dripping with blood. When those marines raped those girls in Haditha and torched their corpses, he was there videotaping it. When they strung up the charred bodies of those contractors on the bridge at Fallujah, he was beating them with a stick making nickels fall out of their pockets. After the twin towers came down, he was combing through the rubble with a metal detector and pulling the gold teeth out of peoples’ mouths, some of whom weren’t even dead yet!
That’s who this man is, and that’s what he does, and you want to help him make more money by directing hits to his website?
Article for 2brony written by real journalists at the New York Times
“The main source of the problem is growing spending on health care for state employees. Health care spending for retired state employees and their beneficiaries grew 61 percent in the past six years.”
Trump said yesterday something to the effect of: I want to pay as little taxes as possible, I’m a businessman and I also don’t like the way our government spends our money.
The Huffington Post (real journalists) links to Chicago Tribune (real journalists) article titled “15 wounded, including 2 children, in shootings citywide”
Lolly LOLZ that mayor Michael Bloomberg a f*ing billionaire stooped to the level of trying to buy state senator elections here, dem grabbers would shove their whole arm elbow deep up your arse if they thought there was a gun up there to grab
Had my first $4.00 “gourmet cupcake” the other day.
If this is the kind of “small, entrepreneurial” business that is going to be the US norm in the 21st Century, we are more effed than even I thought.
The latest “save our bacon” business trend around here seems to be micro-breweries
Comment by sleepless_near_seattle
2015-08-03 09:58:06
“The latest “save our bacon” business trend around here seems to be micro-breweries”
What? No micro-distilleries yet? Y’all are screwed!
Comment by X-GSfixr
2015-08-03 11:42:20
Yeah, we have some of those too.
Somethimes, there are good reasons why local brands disappear, and national brands become popular countyrwide.
Comment by oxide
2015-08-03 12:30:52
Trends go slow in the Midwest, I suppose. On the coast, gourmet cupcakes, red-velvet, cake-pops, et al were in and then out at least 5 years ago. Several cake places went down for lack of business. The new trends are protein and gluten-free. And the biggest surge in checkout-lane impulse items appears to be beef jerky.
Comment by rms
2015-08-03 13:00:35
“If this is the kind of “small, entrepreneurial” business that is going to be the US norm in the 21st Century, we are more effed than even I thought.”
Trendy businesses have to charge “airport prices” to survive.
I normally tip 20% at restaurants, but the SJW who waited our table last night had disgusting tattoos. I’m sorry you borrowed $150,000 to get a Masters Degree in Obama Studies, but if I have to look at those revolting inked out arms while you’re pouring my wine, I can’t tip more than 15%
Is it so hard to keep my damn soda full? Especially if I am eating something spicy. There’s probably 5 simple rules that could increase a waiter’s tips significantly. Where do they learn what “good service” means?
I get excellent service from gay male waiters in the summertime, they see my calf muscles that could snap a cinder block in half and get all giddy wanting some of that goon too
When I was hiring in that business, if anyone showed up for the interview with a visible tattoo, especially if they were the blue/black homemade ones, no job. Things have changed a lot.
The oldest millennials started turning 32 this year
Same age that childless womyn get that baby rabies
Gonna be a lot of tatted up tramps left on the shelf, no self-respecting sees some full sleeve tats and full back mural tats and wants to put a ring on that
The hardest working laborer I ever hired, was a 30 yr old homeless guy with prison pencil tattoos. Cant judge a book by its cover. After 3 mos of work for me he had a car, tools, a place and an girlfriend.
I don’t mind the tattoos, it’s the expectation that “good” service is now worth 20% that chaps my behind. The same percentage (15%) of a higher number (increased food prices) is a higher number, so why do I have to give you 20% for the same service?
Europe trip was great a month ago. Good service, no expectation of a tip. Once again, something that probably started as a nice gesture for above average service has become the mainstream here in the US…
I often wonder, similar to your comments about driving above, if Americans can figure out 20% but can’t do the math on 15%.
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Comment by oxide
2015-08-03 16:45:56
It’s worse than that. Many restaurants calculate the top for you and print the “suggested amount” right on the bill. (for those too lazy to pull out the smartphone.)
Comment by Califoh20
2015-08-03 16:51:47
there is the old, “double the tax” to get 15%-ish, method as my cheap BIL says, you dont tip on the tax amount, so dont include it.
Bill and Hillary are just everyday Americans who happened to enrich themselves to the tune of $140 million since 2007, thanks to their payola from crony capitalism.
Dana Point, California (CNN)Donald Trump wasn’t invited to address some 450 top conservative donors who gathered here at a lush oceanfront hotel for a policy-focused retreat hosted by the Koch brothers and their powerful political network.
So the real estate magnate turned to Twitter on Sunday to mock rivals — former Florida Gov. Jeb Bush, Florida Sen. Marco Rubio, Wisconsin Gov. Scott Walker, Texas Sen. Ted Cruz and former Hewlett Packard chief executive Carly Fiorina — who were given entrée to potential backers at the luxurious gathering.
“I wish good luck to all of the Republican candidates that traveled to California to beg for money etc. from the Koch Brothers,” Trump tweeted Sunday. “Puppets?”
Crony capitalist infighting. Woo. Elect Jeb Bush and you get a crony capitalist proxy. Elect Donald Trump and you get a crony capitalist. A distinction without a difference.
The first day of the month is actually not the busiest day at our dispensary
It’s more spread out over the first week, because sometimes it takes peeps a few days to sell their freshly reloaded EBT cards out for $0.60-0.75 on the dollar
I just filled up the jars of Golden Goat, Kushberry, Green Crack, Mob Boss, Bruce Banner, and these will all be empty by noon tomorrow
Come visit and try the product, we’re at **** South Broadway
Had dinner with Daughter #2 yesterday. She was telling me the story of her journey to Indiana to pick up her new Siberian cat.
(The little effer looks just like any run-of-the-mill longhair cat to me, but I obviously am not sophisticated enough to notice the subtle characteristics of Siberian cats. But I digress……)
Anyhoo, she met the breeder for the first time. College professor by day. They mentioned that they had driven out from Kansas.
The women says “So how does it feel having the worst Governor in the country?”
As my daughter agreed with that assesment, they got along fine. But it is another example of how young people from Kansas are going out of their way to move out, and eliminate any public associations with the state.
Tidbit #2………Topeka is sinking quickly into the mire of drugs and gang warfare. Eight drive-bys in two days in SE Topeka.
Local police/government reaction is to ignore it (if they don’t take a report, it must not have happened). A friend of hers had 4-5 people start beating on their front door at 2am. Cops called while they were still on the porch. door beating continued for 45 minutes before they left. Cops showed up two hours after the initial 911 call.
Interesting post X-GSfixr. Kansas illustrates why the Tea Party is a self-limiting movement. It is so easy, and intellectually lazy, to simply say “smaller government” and “less taxes” without an alternative plan. The hard part is once in office you have to be able to actually govern and make sure the trains run on time, the schools are open and potholes filled. This is where the Tea Party movement fails.
With Tea Partiers, it’s always “business/private enterprise can do it better/cheaper”
Really?
For starters, government always gets left holding the bag for the services that the Free Market doesn’t want to do, and/or are unprofitable.
And……..do you REALLY want government making their decisions based on whether they can break even or profit from it? Once you cross that barrier, there’s not too many steps until you get to the “eliminate the worthless eaters/breeders” stage.
When it gets right down to it, the way the “free market” would save money on government spending would be to do the same thing they have done to the rest of the country. Cut pay/benefits/headcount.
Seems to me that we have been on that track in the civilian world since 1980. About 90% of the people I know are working more, and taking home less. I can’t see how doing “more of the same” is going to help anyone. Maybe it’s time to come up with a Plan B.
Republicans, OTOH, say things are screwed up because they weren’t allowed to cut taxes/spending far enough.
So now, we have a Republican wet dream here in Kansas. The rich aren’t taxed, and the wretched refuse are the paying the freight in the form of budget and benefit cuts and higher sales taxes and user fees.
As noted, the wheels are falling off, but it goes mostly unreported. Even Johnson County is starting to show some fraying around the edges.
I’m thinking of changing my name to “Noneof Theabove”, and running for Governor as a Socialist.
“But it is another example of how young people from Kansas are going out of their way to move out, and eliminate any public associations with the state.”
They need to reprint those Raquel Welch w/dinosaur posters.
Also found out during conversation with the kid that married/engaged/steady girlfriend possessing guys who text/message/E-mail former girlfriends (no matter who initiates the communication) are considered “Cheaters”.
Poor decision makers maybe, but cheaters?
Sounds like a ton of girls have problems with insecurity. Seems to me that if you are that worried about your significant other running around behind your back, you shouldn’t have a serious relationship with them in the first place.
All this came up when she was telling me about her best friends recent wedding.
Her- Graduating from college next year, will be a pharmacist.
Him - Diesel mech with TWO new F-250/350s he’s making payments on (not needed for company business, evidently didn’t like the first one, but was underwater on the note; so his solution was to go out and get another one).
While living (with her) in the tack room of his parents horse barn. And going out and banging ex-girlfriends.
Her friends are screaming “PRENUP! PRENUP!”
Instead, she moves up the wedding. Which ended up being a real caring family moment.
Borderline psychotic mom + only daughter’s wedding day + high stress = You can probably guess.
I used to think Maury and Jerry Springer were BS. As I get older, I’ve found out that those guys aren’t even scratching the surface.
This mechanic is probably an extreme case, but yes, many girls have huge insecurity issues. Of course they are; they’ve been trained from birth. In societal circles, it’s better to be a stupid/meek kept woman with a cheating husband than a single millionaire with no husband. If your husband is running around, it’s his fault for being a lech. If you can’t land a man, it’s your fault for being undesirable.
That’s why the girl moved up the wedding. She wanted to get that check-mark in that life-success box before he changed his mind. She knew that a pre-nup would likely be a deal-breaker, but that check-mark is worth so much to her that’s she willing to pay half her assets for it. (And don’t forget that she probably deluded herself that she can “change” him after she’s married.)
She knew that a pre-nup would likely be a deal-breaker
She’s probably up to her eyeballs in student loan debt. At least 100K, maybe more. She probably doesn’t have any assets to hand over in a divorce court, since she’s just graduating. He might get stuck paying off some of her student loans after the court is through with him
Him - Diesel mech with TWO new F-250/350s he’s making payments on (not needed for company business, evidently didn’t like the first one, but was underwater on the note; so his solution was to go out and get another one).
While living (with her) in the tack room of his parents horse barn. And going out and banging ex-girlfriends.
Some oldsters are living under the delusion that their kids will take care of them in their old age.
My kids have explained to me in no uncertain terms that I’m dreaming, if I think one of them is going to change my adult diapers.
God forbid I do a #2. They would have to drag me to the car wash.
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Comment by Goon
2015-08-03 10:05:18
Fecal incontinence is actually pretty rare, you almost have to be a total vegetable or be missing your prostate for that
When I worked for the CPA firm preparing Medicaid Cost Reports for skilled nursing facility clients, adult diapers had their own account number, I’m talking tens of thousands of dollars a year of adult diapers!
Comment by Tarara Boomdea
2015-08-03 10:12:04
Oh, they’ll do it. They say that now, but they will.
Comment by MightyMike
2015-08-03 10:12:14
There are probably a bunch of reasons that adults wear diapers in addition to incontinence. But we’ve had enough of this topic for today.
“…President Obama promised in 2009 to put an end to the revolving door between government regulators and the entities they were regulating, banks in particular. He did absolutely nothing about it. In fact, he installed a revolving door at the White House, allowing the free movement of such rogues as Robert Rubin, Gary Gensler, Mary Jo White, and Larry Summers in and out of government. Such villains are destroying the nation. Any president with a shred of common decency could put an end to this practice.”
Anyone who needs a refresher as we approach the 7th anniversary of the great unwind should watch or re-watch “Inside Job”.
A very recent example of this is Eric Holder, the AG who declined to prosecute Wall Street crooks behind the 2008 crash has returned to his old private sector job defending white collar criminals…
The trouble is, you have to live in Kansas to pay $2.29 for gas.
And have your pay cut 50%, vs. California
And the heat, wind and sun toast your brain cells.
But at least all the 1%ers suffer with us, and create a booming economy by spending their tax savings here.
Oh wait……..they don’t spend summers in Kansas. Or winters. They do the California and Colorado thing in the summer, and Palm Springs and Scottsdale in the winter.
Death Cross occurs when the short-term moving average dives under the long-term moving average. Technicians say this is a signal of an upcoming fall in prices/bear market.
To the gals mostly,
We painted our cottage a medium pale-ish farmhouse yellow with ultra white trim, and added white shutters. Looks nice, but in a sea of earthtones and white, it’s quite a statement. It fits the elevation well. What’s your feeling on the color? (I know, kind of late. LOL)
I read that in the modest price ranges (what’s that now in So Ca, $500K) one stories in yellow sell quickly, but grn and orange undertones aren’t as popular as lemon’y. Went lemon’y, but pale.
Pale yellow is not bad, but it should be a backdrop, not a focal point. It should be only part of the entire cutie-patootie cottage look. You need bold color shutters and trim, high-quality roof, and incredible landscaping and hardscaping to match. Here’s an example of yellow done right:
oxide
I like the red accents, almost a brick red. We have Chicago brick as a focal point chimney out front, so I’m liking the idea. I have to research what paint will adhere to my vinyl shutters. Thank you. Just got home, so excuse the delayed reply .
As Neil used to say on this blog, got popcorn? Things are going to get even more interesting in the land of fruits & nuts (that apparently require a lot of water to grow BTW).
Obamaphone: started in TN 3 mos before O was in the white house.
NAFTA: Following diplomatic negotiations dating back to 1990 among the three nations, U.S. President George H. W. Bush, Canadian Prime Minister Brian Mulroney and Mexican President Carlos Salinas, each responsible for spearheading and promoting the agreement, ceremonially signed the agreement in their respective capitals on December 17, 1992.[5] The signed agreement then needed to be ratified by each nation’s legislative or parliamentary branch.
Name:Ben Jones Location:Northern Arizona, United States To donate by mail, or to otherwise contact this blogger, please send emails to: thehousingbubble@gmail.com
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Which asset prices are dropping like a rock on this first trading day of August?
Marketwatch dot com
Need to Know
Get ready for U.S. bubble to burst as ‘pipsqueak’ Greece gets slammed
By Shawn Langlois
Published: Aug 3, 2015 5:56 a.m. ET
Critical intelligence before the U.S. market opens
Getty
Greek stocks are drowning.
Squeamish? Don’t look at the Athens Stock Exchange this morning. Maybe watch this video of a baby elephant chasing birds instead. Just don’t shoot it.
Then again, you’ve probably built up your market-crash tolerance after bearing witness to the fun in China in recent weeks. Still, this retreat, while not all that surprising, is particularly nasty. After a five-week hiatus, Greek stocks are open for trading, and by trading, I mean selling.
The more foreign markets tumble, the more fuel for bears awaiting our turn.
“Today, the world is a lot bigger and a lot more interconnected, which is why pipsqueak Greece had the macro implications that it did,” said Jared Dillian of the Mauldin Economics blog. “I wouldn’t say I’m scared, but I have a general anxiety of ‘something bad’ happening in the world. Something I didn’t use to worry about 10 years ago. The risk of contagion is permanently higher.”
…
It’s Europe’s own fault that they blew up the pipsqueak with bond derivatives (or whatever the heck they do in those shiny buildings). How is that any better than the Chinese model of collateralizing 4-5 loans with the same warehouse of raw steel?
Who said it’s any better? It looks to me like both Greece and China are imploding…and AlbqDan is nowhere to be found to refute the evidence!
Today’s massive drop in the price of Greek securities whose trade resumed after a suspension suggests what to expect when suspended Chinese stocks are traded again.
When the market got volatile, A-dan suddenly had a lot of travel days. I don’t think he said he had travel just to blow us off. I wonder if AB Dan’s job involvement is directly tied to the Chinese market; for example, companies call him to do X if the market drops. (X could be short selling or legal fallout or handling BK or anything related) More drop –> more work/travel –> less time here.
There’s a whole lot of BSing going on Donk.
I miss Dan. His IQ was almost as high as an Asian.
Dan, they say you won’t find the answers at the bottom of a bottle, but I find if you hold the bottle to the light just so, and peer up into the empty bottle with one eye closed, Eureka! That looks like an answer, sure enough….
“Today, the world is a lot bigger and a lot more interconnected, which is why pipsqueak Greece had the macro implications that it did,” said Jared Dillian of the Mauldin Economics blog.
The bankers over-leveraged Greece knowing full-well that a bailout would arrive just in time. Jared is counting on it.
In the world of hundreds of trillions of dollars in derivative financial instruments, the flapping of a butterflies wings may be what sets off The Big One.
Marketwatch dot com
Eurozone PMI shows collapse in Greek output
By Paul Hannon
Published: Aug 3, 2015 4:51 a.m. ET
Uncertainty over the country’s future relationship with the eurozone sent Greek manufacturing into a tailspin in July, but that had little impact on other parts of the currency area’s economy, as Italian factories had their best month in more than four years.
The final results of a survey of purchasing managers at eurozone factories released Monday showed activity grew slightly more rapidly than first estimated, and roughly in line with June. But the national survey for Greece revealed a collapse in output, with the headline Purchasing Managers Index plummeting to 30.2, the lowest level recorded in the 16-year history of the series. A Level of 50.0 separates a contraction from an expansion, and the eurozone measure stood at 52.4.
…
Marketwatch dot com
Market Extra
Greek stock market dives after trading resumes
By Victor Reklaitis
Published: Aug 3, 2015 4:15 a.m. ET
Bloomberg
It’s a stormy environment for Greek investors as trading resumes.
The Greek stock market plunged in morning action Monday after trading resumed in Athens following a five-week halt.
The benchmark Athex Composite (GD, -17.12%) was last down 176.95 points, or 22%, to 620.57. That means a year-to-date slide of 24.5% for the index.
“The political uncertainty is such that it will take a while until investor confidence in Greek assets is fully restored,” said Gary Jenkins at LNG Capital ahead of the reopening.
The Greek exchange suspended trading on June 29 after the country’s government announced a referendum on whether to agree to international creditors’ terms for new aid.
On Monday, National Bank of Greece (ETE, -30.00%) was among the big decliners, falling 30% — the daily limit. Other Greek banking stocks also were down by the daily limit.
…
Marketwatch dot com
Futures Movers
Oil falls to 4-month low, hit by data on China, rigs
By Biman Mikherji
Published: Aug 3, 2015 5:51 a.m. ET
Oil prices slid to fresh four-month lows Monday as a rise in the number of U.S. oil rigs fueled supply glut concerns even as weak China manufacturing activity weighed on the demand outlook.
West Texas Intermediate crude for delivery in September (CLU5, -1.61%) dropped 73 cents, or 1.6%, to $46.39 a barrel in electronic trading. The contract briefly traded as low as $46.26, a level not seen since March by a most-active contract, according to FactSet data. WTI slid 2.9% on Friday, ending up with its biggest monthly percent drop since 2008.
…
They’ve been able to keep gas prices up higher than they should be based on the price of oil though. Why did it used to be cheaper at these same levels?
I’ve always found that gas prices will be raised almost instantly if oil prices go up (’because that’s the replacement cost’), but if oil prices go down, well, they like to sell off their old, expensive inventory before they lower gas prices to reflect the new pricing.
“Up like a rocket, and down like a feather.”
FIFO gasoline pricing when oil prices are falling, LIFO pricing when they are rising…except not at Costco.
I should have held out and waited for the $30-40/gallon that I was originally hoping for. Now it looks like I’m priced in for a while.
barrel
Greek stocks bashed on return, China woes go on for commodities
By Marc Jones
LONDON | Mon Aug 3, 2015 7:10am EDT
By Marc Jones
LONDON (Reuters) - The Greek stock market slumped when it reopened on Monday after being shut down for five weeks, while weak data from China helped push oil prices to their lowest in six months and Asian stocks close to their 2015 lows.
Surveys showed China’s factory activity contracted by the most in two years, ensuring a three-month sell-off in commodity and emerging markets would continue.
Brent oil fell to $51 a barrel, its lowest since the end of January. Industrial metal copper CMCU3 dropped to its weakest in six years. Gold was $1,093 an ounce after its worst month in two years.
Europe was unsettled. Stocks in Athens plunged 17 percent when the market reopened after closing in late June. The euro EUR= and lower-rated government bonds also saw some mild selling.
…
Mwwwhahahahahahaha, everything is unfolding according to plan mwhahahahaha…
If you are betting on $80/bbl December 2015 oil, the trend ain’t your friend.
The Brent North Sea crude contract is rapidly closing in on $50/bbl.
Crude Oil Brent December 2015 (CBZ15)
52.13-2.12 (-3.91%) 12:02P CDT (ICE)
Commodity Price Quote as of Mon, Aug 3rd, 2015
High 53.95
Low 51.67
105.15 52Wk High
(-50.70%) Since 08/08/14
51.67 52Wk Low
(+0.33%) Since 08/03/15
Open 53.91
Prev Close 54.25
…
Energy Commodities
Brent falls below $50 a barrel for the first time since Jan.
50 Mins Ago
Reuters
Oil sank to six-month lows on Monday with Brent crude falling below $50 a barrel on sluggish U.S. and Chinese economic data and bets for weaker gasoline consumption in the United States after tearaway demand earlier in the summer.
Brent crude oil touched a low of $49.81 a barrel earlier in the day, its weakest since Jan. 30. The contract was last down $2.40 to $49.75 a barrel. Meanwhile, U.S. crude fell $1.80 to $45.30 a barrel, after hitting a four-month low of $45.11 a barrel earlier.
Evidence of growing global oversupply and a stock market collapse in China, the world’s largest energy consumer, have weighed on oil for weeks, leading in July to U.S. crude futures’ largest monthly decline since the 2008 financial crisis.
With August trading in its first session, the rout accelerated as gasoline prices fell more than that of crude.
Supply worries aside, traders pinned the latest losses on sluggish U.S. and Chinese data.
…
ft dot com > Markets >
Commodities
August 3, 2015 5:40 pm
Brent crude slides below $50 as Opec production accelerates
Anjli Raval, Oil and Gas Correspondent
Jan Erik Jensen, left, of Sandefjord, Norway, wipes his brow as Bjornar Evensen, center, of Toensberg, Norway, tightens bolts on a pipe joint with Garry Smith, of Anstruther, Scotland, looking on aboard the Pertojarl Banff in the North Sea, Wednesday, Aug. 2, 2006. In operation since 1999, the Petrojarl Banff is a turret-moored vessel in the North Sea which can process up to 90,000 barrels of oil per day.
Photographer: Suzanne Plunkett/Bloomberg News
Oil slid below $50 a barrel on Monday, extending last month’s losses to hit the lowest level since January due to signs growing production will continue to outstrip supplies.
ICE September Brent crude — the global benchmark — fell 18 per cent in July. In the first session of August, it fell another 4 per cent, losing more than $2 a barrel to hit a six-month low of $49.81.
The renewed price pressure came as market participants focus on accelerating production from Opec countries, such as Saudi Arabia and Iraq, where output has reached new records amid a global competition for customers.
The fear of additional Iranian barrels seeping into the market after last month’s nuclear deal has added further downward pressure to prices.
“After three months of oil prices showing some promise and stability, July turned out to be a disastrous month for oil bulls,” said David Hufton, chief executive of London-based broker PVM.
“The prospects of a second half-year price rebound have evaporated and there is a clear and present danger of prices revisiting the previous lows of the year,” said Mr Hufton.
The oil rout that began a year ago gathered pace in November when the Opec producers’ cartel decided not to cut output in the face of a supply glut propelled by US production.
After falling to almost $45 a barrel in January, Brent rebounded to more than $69 a barrel in May.
But since then prices have fallen back by more than 20 per cent with many traders now forecasting a longer period of lower prices.
Speculators’ bets on rising oil prices have fallen sharply since May. Last week, hedge funds reduced their positions on higher oil prices by the most in 10 months.
…
Market Pulse
Brent crude drops below $50 a barrel for first time since January
Published: Aug 3, 2015 12:51 p.m. ET
By William L. Watts
Crude-oil futures extended their fall Monday, with ICE Brent crude for September delivery (LCOU5, -4.52%) sliding below $50 a barrel. That’s the first time since January the global oil benchmark has traded below $50 on a most-active contract basis, according to FactSet data. The contract traded at $49.88 a barrel in recent action, down $2.33, or 4.4%. The U.S. benchmark, West Texas Intermediate, was also under pressure. WTI crude for delivery in September on Comex was $1.76 lower, a fall of 3.7%, at $45.39 a barrel in recent action, after hitting its lowest level since March. Oil futures are feeling renewed pressure on a global glut of crude and concerns about world economic growth.
I can’t help but wonder how that brilliant strategy of storing oil in massive container ships at sea in the expectation of being able to sell it for a killing later this year is working out?
Wed Jan 21, 2015 11:11am EST
Traders book oil tankers to store 40 million barrels at sea: sources
LONDON | By Jonathan Saul and David Sheppard
Oil traders have booked up to 20 tankers to store an estimated 40 million barrels of crude at sea, rising from 25 million barrels last week, as they soak up a stocks glut in anticipation of future profits, shipping and oil market sources said.
The more than 50 percent fall in spot prices since June enables traders to make money by storing the crude for delivery months down the line, when prices are expected to recover.
The sources said the volume of oil earmarked for floating storage had risen in recent days. Some of the tankers could nonetheless still be used for conventional oil transportation.
“Floating storage remains a major focus in the tanker market as charterers have been fairly active in securing VLCCs (very large crude carriers) on time charters, with options to use the vessels as floating storage,” said Omar Nokta of Clarkson Capital Markets.
…
The -fixr plan to get Rich:
-Buy a few tankers worth of oil with someone else’s money, and hide them. Also buy oil company stocks.
-Find out where all of rest of these tankers are parked
-Go find a surplus Super Etendard, and a dozen or so Exocets.
With borrowed money.
-Find the tankers, and zap a few of them with the Exocets.
Landing | Mon Jun 15, 2015 3:04pm EDT
Iran’s 40 million barrels stored at sea hangs over oil market
LONDON | By Jonathan Saul
Iran’s Oil Minister Bijan Zangeneh talks to journalists before a meeting of OPEC oil ministers in Vienna, Austria, June 5, 2015.
Reuters/Heinz-Peter Bader
Iran is storing as much as 40 million barrels of oil on supertankers at sea as it prepares for a sales drive if a nuclear deal can be sealed.
Iran and six world powers are seeking to overcome remaining differences with a looming self-imposed June 30 deadline to reach a deal over Tehran’s disputed nuclear program.
In the meantime, Iran has been parking oil off its coast, mainly on tankers belonging to its national carrier NITC.
“The first thing they will try and do is offload quite a lot of that storage. (Oil Minister Bijan) Zanganeh has already warned OPEC: make room for us. In other words, we are going to sell this oil at any price,” said Mehdi Varzi, a former official at the state-run National Iranian Oil Co.
“Floating storage is there to be put onto the market as soon as possible after some sort of agreement,” said Varzi, who now runs an energy consultancy in Britain.
Iran, once OPEC’s second-largest producer after Saudi Arabia, is seeking to clear space for its gradual return to the market after years in which Western sanctions have halved its oil exports to as little as 1 million barrels per day (bpd).
“It actually makes sense for them to go in fairly hard in order to reclaim market share and hope that high cost producers above them are inched out quicker,” said Samuel Ciszuk, senior adviser on security of supply to the Swedish Energy Agency.
…
Fat chance of floating oil products storage, despite glut
Aug 3, 2015 11:45 PM
[SINGAPORE] Oversupply in oil products, in tandem with a crude glut, has brought back memories of the 2008-2009 crisis, but traders say the climate is not right now for a repeat of large scale fuel storage at sea.
Then, crashing oil consumption and low shipping rates drove nearly 100 million barrels of crude oil and about 85 million barrels of middle distillates into floating storage.
When market oversupply is extreme, immediate prices can collapse so severely that the stronger future prices enable traders to make money by storing them - even on ships at sea - thus creating some demand. The price structure is termed contango.
But despite the glut now, and the brimming tanks of jet fuel and diesel it has created, the contango needed to store oil products at sea is far away, traders said. The six-month forward curve on ICE gasoil futures, for example, is around $20 per tonne, a third of where it stood in 2009.
…
Yeah, the traders wouldn’t do anything that would manipulate the markets. Like say there was no offshore storage, whether there was or not.
Just ask them. Any why wouldn’t you believe them?
Telling implausible lies which directly contradict articles in reputable financial news outlets doesn’t seem to be working out very well for the traders.
.
fastFT
MarketsCommodity rout hits financial crisis levels
31 minutes ago
The commodity rout is now officially as bad as during the financial crisis.
The Thomson Reuters Core Commodity Index, the broadest and longest running basket of tradeable oil, grains, and metals, just fell to a level last seen in February 2009, reports David Sheppard in London.
The drop in the index comes as Brent crude oil has dropped back below $50 a barrel for the first time since January and as copper and aluminium prices fall to a six-year low.
The TR CRB index hit 199.7688 around lunchtime in New York, down from 203.1 on Friday. Its low in early 2009 at the peak of the financial crisis was 199.6386.
The index is made up of 19 commodities, from crude oil (the largest making up 23 per cent of the index) to lean hogs and orange juice (1 per cent each). The index, which was founded in 1957, has now almost halved in the last four years.
The commodity supercycle, for a long time on life support, looks like it’s now well and truly done.
…
Marketwatch dot com
The Tell
The chart that shows the worst may be yet to come for Chinese stocks
By Shawn Langlois
Published: Aug 3, 2015 2:04 p.m. ET
The Chinese stock market ballooned over the past year on the back of borrowed money, with margin debt climbing to a high of 9.6% of market cap as equities peaked in June, according to Guggenheim Chief Investment Officer Scott Minerd.
This is an alarming level, both historically and globally, and as you can see by the chart, it puts China in some unsettling territory. Even after the latest spiral.
“While margin debt has begun to unwind in the midst of the latest stock selloff, there is still a great deal of margin debt outstanding, meaning more turbulence could lie ahead for China’s stock market,” Minerd wrote in a blog post cited in Monday’s “Need to Know” column.
“If Chinese policy makers don’t alter course soon, the current Chinese equity-market correction could turn into a stock market plunge similar to what happened in the United States in 1929,” he wrote. For comparison, the U.S.’s margin figure is currently below 3%.
Minerd said the best case for China may be what we saw in the U.S. in 1987, when a steep market drop and rebound ultimately established a base for the next big rally. But if the worst-case 1929 scenario were to unfold, it may not be so bad for U.S. investors.
“A Chinese slowdown will put energy and commodity prices under pressure, which will benefit U.S. consumers and U.S. manufacturers as input prices fall, and should help support earnings in the near term,” Minerd said.
…
BloombergBusiness
U.S. Stocks Fall as Brent Reignites Commodity Slump; Bonds Climb
by Jeremy Herron & Annelise Alexander
August 2, 2015 — 6:16 PM CDT
Updated on August 3, 2015 — 4:59 PM CDT
U.S. stocks were dragged lower by a resumption in the commodities rout, with Brent crude sliding below $50 a barrel for the first time since January. Treasuries advanced as the selloff damped the outlook for inflation.
The Standard & Poor’s 500 Index lost 0.3 percent by 4 p.m. in New York, paring losses in the last 30 minutes of trading. Brent futures slid 5.2 percent to at $49.52 a barrel, its lowest close in six months. Bloomberg gauges of the world’s biggest energy producers and mining companies tumbled to six-year lows as metals to crops and gasoline tumbled. Yields on 10-year Treasuries fell to 2.15 percent, a two-month low.
Speculation Iran could boost oil output soon after sanctions are lifted and mounting concern over the slowdown in China fueled commodity losses, with energy and materials shares sliding around the world. The plunge in oil and data indicating a pullback in U.S. manufacturing bolstered the case for keeping American rates lower for longer, with the Federal Reserve mulling its first increase since 2006 as soon as next month.
“We’re a little worried about global growth with commodities crashing down,” said Randy Warren, who manages more than $100 million at Exton, Pennsylvania-based Warren Financial Service & Associates Inc. “The Fed’s saying they’re data dependent, but so far you have to look at the data and say, really? You’re thinking about raising rates here? It doesn’t make a lot of sense.”
…
The real message of plunging commodities
Michael Pento
12 Hours Ago
CNBC.com
Commodities signaling big slowdown ahead for China
The Chinese stock market recently saw its biggest selloff in eight years as the dramatic 8.5-percent fall in Shanghai “A” shares also rattled markets around the world.
For the past few weeks, China has been balancing its desire to keep the equity market from a complete meltdown, while still courting the international investment community with hopes of being a dominant player in the capital and currency markets.
But recently, the International Monetary Fund warned China’s government about its concern over limiting investors’ freedom to take equity out of financial markets. These concerns were raised when the IMF met with officials in to discuss the chances of including the yuan in the fund’s basket of currencies, also known as Special Drawing Rights.
As China tries to balance the demise of its equity bubble while still keeping the illusion of free markets intact, two delusional narratives have started to circulate around Wall Street.
The first such Wall Street-inspired delusion is that the collapsing Shanghai stock market will have no effect on the underlying Chinese economy. However, even though China’s 260 million trading accounts may be a relatively small percentage of its total population, it’s also the richest and most productive portion of its citizenry, which also happens to be equal to the entire U.S. population in 1993. And Chinese GDP growth accounts for 1/3 of total global growth. Therefore, we can already find the manifestation of slowing Chinese growth from the nascent fall in equity prices.
For example, the profit of China’s industrial firms fell 0.3 percent in June from a year earlier. That followed a 0.6-percent gain in May and a 2.6-percent jump in April. For the first half of 2015, industrial profits were down 0.7-percent from a year earlier.
China’s producer price index fell 4.8 percent in June, the 39th straight monthly decline. In fact, the economy is headed for its poorest overall performance in a quarter of a century.
…
Sydney Morning Herald
Commodities swing from bad to worse as China data sinks
Workers in a factory in Shenzhen, China, where manufacturers are reporting lower output.
By Vesna Poljak
The bad news keeps mounting for commodities after the under pressure sector was dealt a further blow with weaker than expected Chinese factory output revealed for July as iron ore prices head downward again.
China’s manufacturers cut production at the fastest rate since 2011 according to the Caixin China Manufacturing Purchasing Managers’ Index, which used to be a survey sponsored by HSBC. The final result for July came in at 47.8 points on Monday, down from 49.4 points in June.
The result was concerning because the revised outcome was considerably worse than the “flash” PMI reading, which less than two weeks ago indicated a better result of 48.2 points.
Caixin’s survey is also worse than the official PMI released for the same month, which came in at 50 points, although the official report targets bigger industrial firms as respondents.
The latest PMI report shows that input costs for factories declined by the fastest rate since January, no surprise given the rout in commodity prices since the start of the third quarter.
Iron ore traded at $US53.41 a tonne on Friday, down 4 per cent after prices recovered to as high as $US55.89 on July 29, having fallen below $US50 earlier last month.
Commodity prices broadly are at the lowest level since 2009 according to the Thomson Reuters/CoreCommodity CRB Commodity Index, which closed at 202.57 points on Friday. If prices worsen, they will beat March 2009’s post-crisis low of 200.34 points for the closely watched commodities index.
For commodity experts, the narrative is not hugely compelling looking out to the rest of 2015.
“It’s been a difficult year due to anaemic demand growth [the property slowdown in China plus a sluggish pace of infrastructure investment] as well as reasonable supply growth – a legacy of investment decisions made during the boom,” said Daniel Morgan, a commodities analyst at UBS in Australia.
…
Presented without comment.
Just as the Communist Party distrusts market forces, so it misunderstands them. Botched attempts to save stocks suggest it is losing control, while a successful rescue would have made buying shares a one-way bet—inflating the bubble still further. One of the persistent illusions about China’s governance is that, whatever its other shortcomings, eminently capable technocrats are in control. Their haplessness in the face of the market turmoil points to a more disconcerting reality.
China is not the first country to prop up a falling stockmarket. Governments and central banks in America, Europe and Japan have form in buying shares after crashes and cutting interest rates to cheer up bloodied investors. What makes China stand out is that it panicked when a correction of clearly overvalued shares had been expected. Rather than calming investors, its barrage of measures screamed of desperation.
http://www.economist.com/news/leaders/21657395-panicked-response-tumbling-stocks-casts-doubt-pace-reform-china-embraces
The biggest proof of China’s government incompetence is that they chose to get into the stock market in the first place. People always viewed Chinese stocks as volatile, but more because of the gambler mentality of Chinese investors. For some idiot reason, the government chose a highly visible and symbolic asset to try to prop up. Now people see the stock market reeling and extrapolate to every other sector of the economy the government has implicitly guaranteed. And they blame the government when they lose money.
Oh yeah, we would NEVER prop up failing stocks/banks/businesses. That would be Socialist, and make a joke of “free markets”
Signed,
The PPT
Yellen is much better at propping up the stock market than the Chinese government. She makes everybody think that low rates are what’s causing economic growth, and that everyone is benefiting, even though most of the profit is going to the banks and Wall Street. And when stocks fall, she can blame the poor economy that was never healthy to begin with. Sneaky and brilliant at the same time.
Read “The Creature from Jekyll Island” if you want to know why we have a Fed. In 1913 a confab of oligarchs, wanting a more efficient way to amass wealth and power into their own hands, brought the Fed into being, and it’s been ripping off the 99% ever since. ZIRP and QE have been the Fed’s Wall Street accomplices and big investers in Wall Street’s Ponzi, and no one else. The Fed’s policies are faciliatating the massive transfer of wealth from the 99% to the .1%, but as long as the sheeple keep bending over by electing water carriers for the Wall Street-Federal Reserve Looting Syndicate, the larceny will continue and will get increasingly brazen.
Raymond
What really surprises me is about all of the .1% benefits being received because of Fed ineptitude. The Fed never realized most of them until they started happening.
But they saw the 99% problems in advance.
Happy Monday
Real journalists wet the bed on Trump, say 75% of Latinos had their pwecios feewings hurt because how real journalists twisted manipulated words of The Donald
SJW betters assure that every Act Of Love grows up to be doctor or astronaut
America is clogged toilet, and adding more poors browns don’t make better
http://www.nbcnews.com/meet-the-press/poll-75-latinos-have-negative-view-donald-trump-n402621
Will Mark Cuban be his VP?
Will Joe Biden jump in when Hillary collapses?
I think Bernie Sanders is missing a huge opportunity in not being appointed a National Guard Colonel. Think of that chicken lover vote he’s passing up.
Sanders actually wants to close the border and reduce legal immigration, to put Americans first in line for jobs.
But that’s socialisms.
“America is a clogged toilet”
Not because of diapers either. It’s time for the royal flush.
Is Cecil the lion over yet?
And can I take that rainbow overlay off my Facebook profile pic yet?
It ain’t easy being a SJW Slacktivist™ cuz its so hard keeping up with everything your betters need you to outraged about, you gotta like and retweet all the correct things all the time. And who is bringing the quinoa casserole to the Bernie watch party tonight? Were gonna warm up the crowd with a loop of YouTube clips of Sean Penn and Susan Sarandon (no better than those betters) rallying the base at some Howard Dean campaign rallies
And speaking of watch parties, here the Los Angeles Times reviews the newest episode of I Am Cait:
http://www.latimes.com/entertainment/tv/showtracker/la-et-st-i-am-cait-recap-20150803-story.html#page=1
And if you object to her going to the restroom with and pulling out her junk in front of your 10 year old daughter, you are a racist
This is SJW comedy gold:
“Caitlyn has every right to be as conservative as she chooses,” said Jenny Boylan. “But many transgender men and women need social programs to survive and that’s nothing to be ashamed of.”
http://www.thedenverchannel.com/newsy/i-am-cait-caitlyns-conservative-views-worry-her-friends
“But many transgender men and women need social programs to survive and that’s nothing to be ashamed of.”
Sure. The Democrats get the freakshow vote, and taxpayers get the bill. Same as it ever was.
Evidently you’ve never been in a ladies’ room? All stalls, no urinals, so any and all junk is pulled out behind a wall. And we ladies are already accustomed to males in the ladies’ room. No big.
Are all these Teaparty ragepoints irony, or are you forgetting your social registry background?
Or do you know yourself?
Was that you on the fixed gear bicycle at the artisan bakery yesterday?
You looked a little hungover behind that Sunday New York Times, not that you were actually reading it, but it sure as hell got alot of likes on Instagram!
No, but I was in hipsterville, brunching on gluten-free corncakes and smoked local pork, with house-made salsa verde and creme fraiche. We drove there in our Forester. Not hungover myself, but I was enjoying watching the hung over young ladies walking home in the previous night’s clothes, as my wife help up both sides of our conversation.
Meh, whassup, cuck?
What percentage of the whole locally grown or sustainable or organic, etc. foodstuffs are just marketing lies by the people selling the stuff (expecially restaurants)? Local as in the same state or the same country?
I knew a guy that worked for a bakery that cleaned up on selling housewives “fat free” muffins. Full of butter. Just a lie.
I’m a neocon? Or did we ever get a better definition?
The experienced palate can tell, even down to the county it came from, sometimes even the farm.
And, more seriously, if you can’t tell the difference between a buttery muffin and a fat-free one, you deserve to be a f@t@ss.
If you can’t tell the difference …
I think this is part of the reason we have the whole housing bubble …. They don’t want to know.
“We drove there in our Forester.”
Got Coexist?
“are just marketing lies by the people selling the stuff”
I feel the same about farmer’s markets. They started out as a cost effective way to get fresh produce. One day someone woke up and decided that farmer’s markets were a thing and that it should be my pleasure to “buy local.” The meme was begun and higher prices followed. Maybe it’s changed but I haven’t been to one in years.
If you want your made in China antibiotic-laced pork, you can keep your made in China antibiotic-laced pork .
Newp. I buy only organic produce and meats, and just about always local to the state of Oregon. Just tired of being ripped off at the farmer’s market.
Have farmer’s co-ops been commandeered by the hipster marketing department yet? Maybe I’ll try there.
“just about always local to the state”
Then we can coexist on this point. Cyber-hug?
Depends. Is that Forester one of the older styles or the new, beefy, might-as-well-be-a-Ford-Escape style? Hate the re-design.
Went to the Subaru dealer Saturday and am realizing I’m so not the market. FFS, can a white man get manual transmission, AWD, TDI wagon in this country or what? Even Subaru is moving away from MT w/AWD.
FWIW, most farmers markets label themselves as “Producer Only.” The vendors have to grow what they sell. If the market doesn’t say “producer only,” then the vendors can sell what they want. They are probably selling scratch-and-dent stuff from a produce auction.
All the you-pick orchards have their own little markets on-site. Some produce is from their own field, but they often get stuff out of state, especially if it’s in demand. They usually label where the stuff came from.
The consensus definition of “local” is 100 miles. In my area, that could be VA, MD, WV, PA and even some DC. The vendors in the market hang a sign with the location of the farm.
Even Subaru is moving away from MT w/AWD.
A Manual Transmission is so rest of the world. Nevermind automatic transmissions, Americans ares so lazy behind the wheel that they can’t wait for self driving Google cars to go on sale. I suppose that this way they can hold a burrito in one hand and a big gulp in the other hand while the car drives itself.
The roads are clogged with inattentive lackwits… driving sucks. If I have to be in a car, I want to pretend that I am not.
Are all these Teaparty ragepoints irony, or are you forgetting your social registry background?
There’s no contradiction there. The anger of the Tea Party serves the Social Registry people.
If I had a Lion, he’d look like Cecil.
HA!! Whoa, I’m glad I didn’t sip my coffee before reading that!! “spitake avoidance”
If he were a lion, he’d probably be a realtor.
Testify, Brother Goon!
I’m still p*ssed you actually linked to a Weekly Standard article yesterday
William Kristol is dripping with blood. When those marines raped those girls in Haditha and torched their corpses, he was there videotaping it. When they strung up the charred bodies of those contractors on the bridge at Fallujah, he was beating them with a stick making nickels fall out of their pockets. After the twin towers came down, he was combing through the rubble with a metal detector and pulling the gold teeth out of peoples’ mouths, some of whom weren’t even dead yet!
That’s who this man is, and that’s what he does, and you want to help him make more money by directing hits to his website?
Shame on you
How’d you decide to focus on Kristol?
Obsessiveness has to settle somewhere.
Article for 2brony written by real journalists at the New York Times
“The main source of the problem is growing spending on health care for state employees. Health care spending for retired state employees and their beneficiaries grew 61 percent in the past six years.”
http://www.nytimes.com/2015/08/04/upshot/dont-blame-medicaid-for-rise-in-health-care-spending.html
Trump said yesterday something to the effect of: I want to pay as little taxes as possible, I’m a businessman and I also don’t like the way our government spends our money.
The Huffington Post (real journalists) links to Chicago Tribune (real journalists) article titled “15 wounded, including 2 children, in shootings citywide”
No word on that yet from SJW betters, wonder why?
Drink Cucka-Cola!
Lolly LOLZ that mayor Michael Bloomberg a f*ing billionaire stooped to the level of trying to buy state senator elections here, dem grabbers would shove their whole arm elbow deep up your arse if they thought there was a gun up there to grab
And because its a Monday, MOLON LABE
Cell phones kill more people than handguns every year.
Fat free muffins kill more people than buttery ones.
Hahahaha. I’ll stick to fat free muffintops.
Best. Comment. Today.
Had my first $4.00 “gourmet cupcake” the other day.
If this is the kind of “small, entrepreneurial” business that is going to be the US norm in the 21st Century, we are more effed than even I thought.
The latest “save our bacon” business trend around here seems to be micro-breweries
“The latest “save our bacon” business trend around here seems to be micro-breweries”
What? No micro-distilleries yet? Y’all are screwed!
Yeah, we have some of those too.
Somethimes, there are good reasons why local brands disappear, and national brands become popular countyrwide.
Trends go slow in the Midwest, I suppose. On the coast, gourmet cupcakes, red-velvet, cake-pops, et al were in and then out at least 5 years ago. Several cake places went down for lack of business. The new trends are protein and gluten-free. And the biggest surge in checkout-lane impulse items appears to be beef jerky.
“If this is the kind of “small, entrepreneurial” business that is going to be the US norm in the 21st Century, we are more effed than even I thought.”
Trendy businesses have to charge “airport prices” to survive.
Social Justice Warrior™ article so better my betters don’t know any better than better
http://www.salon.com/2015/08/02/dear_white_america_your_toxic_masculinity_is_killing_you/
I normally tip 20% at restaurants, but the SJW who waited our table last night had disgusting tattoos. I’m sorry you borrowed $150,000 to get a Masters Degree in Obama Studies, but if I have to look at those revolting inked out arms while you’re pouring my wine, I can’t tip more than 15%
Is it so hard to keep my damn soda full? Especially if I am eating something spicy. There’s probably 5 simple rules that could increase a waiter’s tips significantly. Where do they learn what “good service” means?
I get excellent service from gay male waiters in the summertime, they see my calf muscles that could snap a cinder block in half and get all giddy wanting some of that goon too
The comment brought to us by , Goon, he sounds bi-curious in his posts, but is all male in his skinny jeans and red converse.
When I was hiring in that business, if anyone showed up for the interview with a visible tattoo, especially if they were the blue/black homemade ones, no job. Things have changed a lot.
The oldest millennials started turning 32 this year
Same age that childless womyn get that baby rabies
Gonna be a lot of tatted up tramps left on the shelf, no self-respecting sees some full sleeve tats and full back mural tats and wants to put a ring on that
That elevates the ranking of the first cutie-pie you linked.
Wonder what the correlation between tats and STDs is on women these days. Ick.
The hardest working laborer I ever hired, was a 30 yr old homeless guy with prison pencil tattoos. Cant judge a book by its cover. After 3 mos of work for me he had a car, tools, a place and an girlfriend.
I don’t mind the tattoos, it’s the expectation that “good” service is now worth 20% that chaps my behind. The same percentage (15%) of a higher number (increased food prices) is a higher number, so why do I have to give you 20% for the same service?
Europe trip was great a month ago. Good service, no expectation of a tip. Once again, something that probably started as a nice gesture for above average service has become the mainstream here in the US…
Pretty soon they’ll be expecting 25%
You can’t support a family on 15%; the government needs to step in now.
Yes! Obama is too blame for people not making enough money and rates at 0%.
Lets make the gov force businesses to pay more!
Brought to you by the neo-con bus.
I often wonder, similar to your comments about driving above, if Americans can figure out 20% but can’t do the math on 15%.
It’s worse than that. Many restaurants calculate the top for you and print the “suggested amount” right on the bill. (for those too lazy to pull out the smartphone.)
there is the old, “double the tax” to get 15%-ish, method as my cheap BIL says, you dont tip on the tax amount, so dont include it.
These Hillary Supporters Want Her to Repeal the Bill of Rights if She’s Elected President
Published on Aug 3, 2015
Mark Dice - YouTube
http://www.youtube.com/user/MarkDice - 693k -
Bill and Hillary are just everyday Americans who happened to enrich themselves to the tune of $140 million since 2007, thanks to their payola from crony capitalism.
http://www.zerohedge.com/news/2015-08-03/everyday-americans-hillary-and-bill-clinton-report-140-million-income-2007
That’s a lot of Chipotle!
It’s getting ugly in Canada.
http://wolfstreet.com/2015/08/03/it-gets-ugly-in-canada-technical-recession/
On a local level Ft. Mac is ground zero, but the shock waves are radiating out at a fast clip.
http://www.theglobeandmail.com/report-on-business/economy/housing/oil-slump-hits-fort-mcmurrays-housing-market/article25814458/
Warmist Warming Monday
Washington Post (real journalists) sez climate be “ideological death struggle”
And Empress Hillary gonna “decarbonise” America
https://www.washingtonpost.com/blogs/plum-line/wp/2015/08/03/morning-plum-get-ready-for-another-ideological-death-struggle-this-time-over-climate/
SJW betters got Koch on the brain yo
Trump tweet!
Dana Point, California (CNN)Donald Trump wasn’t invited to address some 450 top conservative donors who gathered here at a lush oceanfront hotel for a policy-focused retreat hosted by the Koch brothers and their powerful political network.
So the real estate magnate turned to Twitter on Sunday to mock rivals — former Florida Gov. Jeb Bush, Florida Sen. Marco Rubio, Wisconsin Gov. Scott Walker, Texas Sen. Ted Cruz and former Hewlett Packard chief executive Carly Fiorina — who were given entrée to potential backers at the luxurious gathering.
“I wish good luck to all of the Republican candidates that traveled to California to beg for money etc. from the Koch Brothers,” Trump tweeted Sunday. “Puppets?”
http://www.cnn.com/2015/08/03/politics/2016-election-koch-brothers-donor-retreat/
Crony capitalist infighting. Woo. Elect Jeb Bush and you get a crony capitalist proxy. Elect Donald Trump and you get a crony capitalist. A distinction without a difference.
My oligarch can beat up your oligarch.
The Donald, with $4B net worth, is almost middle class next to David Koch at $43B. Koch wins the BSD contest.
Yeah, but he donates to PBS’ NOVA so it’s all good…
The first day of the month is actually not the busiest day at our dispensary
It’s more spread out over the first week, because sometimes it takes peeps a few days to sell their freshly reloaded EBT cards out for $0.60-0.75 on the dollar
I just filled up the jars of Golden Goat, Kushberry, Green Crack, Mob Boss, Bruce Banner, and these will all be empty by noon tomorrow
Come visit and try the product, we’re at **** South Broadway
Had dinner with Daughter #2 yesterday. She was telling me the story of her journey to Indiana to pick up her new Siberian cat.
(The little effer looks just like any run-of-the-mill longhair cat to me, but I obviously am not sophisticated enough to notice the subtle characteristics of Siberian cats. But I digress……)
Anyhoo, she met the breeder for the first time. College professor by day. They mentioned that they had driven out from Kansas.
The women says “So how does it feel having the worst Governor in the country?”
As my daughter agreed with that assesment, they got along fine. But it is another example of how young people from Kansas are going out of their way to move out, and eliminate any public associations with the state.
Tidbit #2………Topeka is sinking quickly into the mire of drugs and gang warfare. Eight drive-bys in two days in SE Topeka.
Local police/government reaction is to ignore it (if they don’t take a report, it must not have happened). A friend of hers had 4-5 people start beating on their front door at 2am. Cops called while they were still on the porch. door beating continued for 45 minutes before they left. Cops showed up two hours after the initial 911 call.
Interesting post X-GSfixr. Kansas illustrates why the Tea Party is a self-limiting movement. It is so easy, and intellectually lazy, to simply say “smaller government” and “less taxes” without an alternative plan. The hard part is once in office you have to be able to actually govern and make sure the trains run on time, the schools are open and potholes filled. This is where the Tea Party movement fails.
With Tea Partiers, it’s always “business/private enterprise can do it better/cheaper”
Really?
For starters, government always gets left holding the bag for the services that the Free Market doesn’t want to do, and/or are unprofitable.
And……..do you REALLY want government making their decisions based on whether they can break even or profit from it? Once you cross that barrier, there’s not too many steps until you get to the “eliminate the worthless eaters/breeders” stage.
When it gets right down to it, the way the “free market” would save money on government spending would be to do the same thing they have done to the rest of the country. Cut pay/benefits/headcount.
Seems to me that we have been on that track in the civilian world since 1980. About 90% of the people I know are working more, and taking home less. I can’t see how doing “more of the same” is going to help anyone. Maybe it’s time to come up with a Plan B.
Republicans, OTOH, say things are screwed up because they weren’t allowed to cut taxes/spending far enough.
So now, we have a Republican wet dream here in Kansas. The rich aren’t taxed, and the wretched refuse are the paying the freight in the form of budget and benefit cuts and higher sales taxes and user fees.
As noted, the wheels are falling off, but it goes mostly unreported. Even Johnson County is starting to show some fraying around the edges.
I’m thinking of changing my name to “Noneof Theabove”, and running for Governor as a Socialist.
“But it is another example of how young people from Kansas are going out of their way to move out, and eliminate any public associations with the state.”
They need to reprint those Raquel Welch w/dinosaur posters.
Also found out during conversation with the kid that married/engaged/steady girlfriend possessing guys who text/message/E-mail former girlfriends (no matter who initiates the communication) are considered “Cheaters”.
Poor decision makers maybe, but cheaters?
Sounds like a ton of girls have problems with insecurity. Seems to me that if you are that worried about your significant other running around behind your back, you shouldn’t have a serious relationship with them in the first place.
When you get your Tinder game dialed in, it’s as easy as ordering a pizza
+1. True, but ya have to lower your standards.
True, but ya have to lower your standards.
Don’t you like fats ‘n’ tats?
They do serve a purpose, if they do Yoga and have a man-made rack.
Tinder for the .1%. Or how gold-diggers snare their prey.
http://www.businessinsider.com/the-league-montauk-party-2015-8
All this came up when she was telling me about her best friends recent wedding.
Her- Graduating from college next year, will be a pharmacist.
Him - Diesel mech with TWO new F-250/350s he’s making payments on (not needed for company business, evidently didn’t like the first one, but was underwater on the note; so his solution was to go out and get another one).
While living (with her) in the tack room of his parents horse barn. And going out and banging ex-girlfriends.
Her friends are screaming “PRENUP! PRENUP!”
Instead, she moves up the wedding. Which ended up being a real caring family moment.
Borderline psychotic mom + only daughter’s wedding day + high stress = You can probably guess.
I used to think Maury and Jerry Springer were BS. As I get older, I’ve found out that those guys aren’t even scratching the surface.
This mechanic is probably an extreme case, but yes, many girls have huge insecurity issues. Of course they are; they’ve been trained from birth. In societal circles, it’s better to be a stupid/meek kept woman with a cheating husband than a single millionaire with no husband. If your husband is running around, it’s his fault for being a lech. If you can’t land a man, it’s your fault for being undesirable.
That’s why the girl moved up the wedding. She wanted to get that check-mark in that life-success box before he changed his mind. She knew that a pre-nup would likely be a deal-breaker, but that check-mark is worth so much to her that’s she willing to pay half her assets for it. (And don’t forget that she probably deluded herself that she can “change” him after she’s married.)
And if it doesn’t work out and there’s a divorce after a very short marriage, it doesn’t matter. The box has been checked.
She knew that a pre-nup would likely be a deal-breaker
She’s probably up to her eyeballs in student loan debt. At least 100K, maybe more. She probably doesn’t have any assets to hand over in a divorce court, since she’s just graduating. He might get stuck paying off some of her student loans after the court is through with him
Him - Diesel mech with TWO new F-250/350s he’s making payments on (not needed for company business, evidently didn’t like the first one, but was underwater on the note; so his solution was to go out and get another one).
While living (with her) in the tack room of his parents horse barn. And going out and banging ex-girlfriends.
And they say that girls don’t prefer bad boys
“Her- Graduating from college next year, will be a pharmacist.”
Hey… I’m available for adoption.
Easy there fella, it sounds like you might have some morals.
FoxNewsHate on TeeVee while I’m on the treadmill now, and they have commercials for adult diapers, LOLZ
You know you are close to death, by your junk mail:
Late 40s = AARP membership invitations
Early 50s = BiFocals by mail, hearing aids, boner pills……..
Mid 50s = Supplemental retirement insurance, bathtubs with walk-out doors
Late 50s = Just started getting pitches for caskets and funeral plots.
The commercial was for diapers for the active woman’s lifestyle
And some of them were kinda hot
Some oldsters are living under the delusion that their kids will take care of them in their old age.
My kids have explained to me in no uncertain terms that I’m dreaming, if I think one of them is going to change my adult diapers.
God forbid I do a #2. They would have to drag me to the car wash.
Fecal incontinence is actually pretty rare, you almost have to be a total vegetable or be missing your prostate for that
When I worked for the CPA firm preparing Medicaid Cost Reports for skilled nursing facility clients, adult diapers had their own account number, I’m talking tens of thousands of dollars a year of adult diapers!
Oh, they’ll do it. They say that now, but they will.
There are probably a bunch of reasons that adults wear diapers in addition to incontinence. But we’ve had enough of this topic for today.
That Depends…
we’ve had enough of this topic for today
Ben Jones decides that, not you
“That Depends…”
On JHK this A.M.
“…President Obama promised in 2009 to put an end to the revolving door between government regulators and the entities they were regulating, banks in particular. He did absolutely nothing about it. In fact, he installed a revolving door at the White House, allowing the free movement of such rogues as Robert Rubin, Gary Gensler, Mary Jo White, and Larry Summers in and out of government. Such villains are destroying the nation. Any president with a shred of common decency could put an end to this practice.”
Anyone who needs a refresher as we approach the 7th anniversary of the great unwind should watch or re-watch “Inside Job”.
Dick Fuld (Lehman) is laughing at you
Mozillo (Countrywide) is laughing at you
They’re all laughing at you
P.S. my cousin’s husband worked at Merrill Lynch’s Chicago office, he got a seven figure bonus in 2007
When you see clips of Fuld (that name alone) it’s *like* he’s a psychopath.
A very recent example of this is Eric Holder, the AG who declined to prosecute Wall Street crooks behind the 2008 crash has returned to his old private sector job defending white collar criminals…
http://www.salon.com/2015/07/07/why_eric_holders_new_job_is_an_insult_to_the_american_public/
Most transparent administration in history
Holder said that not passing stricter gun controls was his greatest regret on leaving office as AG
Grabbers gonna grab
Forward
(Terrorist) Assailant in Garland, Texas, attack bought gun in 2010 under Fast and Furious operation
http://www.latimes.com/nation/la-na-garland-gun-20150801-story.html#page=1
Local gas prices
Were around $2.89 in mid- July
Have dropped like a rock over the past week. Down to $2.29-2.39.
$3.62 at Costco yesterday. $3.79 at other places. CA gets cheated.
The trouble is, you have to live in Kansas to pay $2.29 for gas.
And have your pay cut 50%, vs. California
And the heat, wind and sun toast your brain cells.
But at least all the 1%ers suffer with us, and create a booming economy by spending their tax savings here.
Oh wait……..they don’t spend summers in Kansas. Or winters. They do the California and Colorado thing in the summer, and Palm Springs and Scottsdale in the winter.
And while I’m bitching……
What’s with the “All Amy Schumer, All the time” entertainment media blitz?
We’re not talking Einstein or Alexander Graham Bell here. We’re talking a marginally talented comedian.
Boy, she just barely squeak’s in as a Millennial. Is she trying to hitch a ride on the fixed gear SJW bike?
Oh well, at least you have remote control. Remember the days when you had to get up to change the channel?
I get most of my news off of websites. Don’t watch TV much.
Open up the main page to just about any of the major news sites. On any given day, these seems to be 2-3 Amy Schumer stories.
…. about that $39k condo that isn’t selling.
Talked with mom yesterday about it. She doesn’t think it’s going to sell, unless she “gives it away”
She paid $42K for it back in 2000-2001. Then about $10K in a new kitchen. Can’t even get a counter offer at $39.5.
I can help you.
She’s Chuck Schumer’s cousin. Plus she has other attributes which make her a darling of the media. Kind of like Caitlyn Jenner.
For chart watchers, a Death Cross is imminent on the Dow Jones average:
http://stockcharts.com/h-sc/ui?s=%24INDU&p=D&b=4&g=0&id=p01082354064
Death Cross occurs when the short-term moving average dives under the long-term moving average. Technicians say this is a signal of an upcoming fall in prices/bear market.
Yay!! Let the price finding begin!
To the gals mostly,
We painted our cottage a medium pale-ish farmhouse yellow with ultra white trim, and added white shutters. Looks nice, but in a sea of earthtones and white, it’s quite a statement. It fits the elevation well. What’s your feeling on the color? (I know, kind of late. LOL)
I read that in the modest price ranges (what’s that now in So Ca, $500K) one stories in yellow sell quickly, but grn and orange undertones aren’t as popular as lemon’y. Went lemon’y, but pale.
We’ve always lived in earthtones. Sick of it.
Go ahead and throw some more good money after bad on that shanty.
thsssounds fabuloooooous~! Try some nice art work on the walls to grab your eye!
Pale yellow is not bad, but it should be a backdrop, not a focal point. It should be only part of the entire cutie-patootie cottage look. You need bold color shutters and trim, high-quality roof, and incredible landscaping and hardscaping to match. Here’s an example of yellow done right:
http://www.thisoldhouse.com/toh/photos/0,,20908521,00.html
Donk,
What is a “high quality roof”.
oxide
I like the red accents, almost a brick red. We have Chicago brick as a focal point chimney out front, so I’m liking the idea. I have to research what paint will adhere to my vinyl shutters. Thank you. Just got home, so excuse the delayed reply .
Ruh-Roh! California pension fund hole keeps growing . . . .
http://www.ocregister.com/articles/pension-675141-public-percent.html
As Neil used to say on this blog, got popcorn? Things are going to get even more interesting in the land of fruits & nuts (that apparently require a lot of water to grow BTW).
Huge El Nino year. Look for 30″ in LA this winter (like 1997’s El nino)
CA does haves it’s problems, but it is the best of the 50 states for high quality of life, women, wine and outdoor fun.
“California: Welfare Capital Of The US”
http://www.utsandiego.com/news/2012/jul/28/welfare-capital-of-the-us/
Last week, I was getting a group tennis lesson at the club, there was no talk of anyone needing food stamps.
Then again, I would never live in the border town of San Diego.
“I was getting a group tennis lesson at the club, there was no talk of anyone needing food stamps.”
Well of course, the people at the country club are not going to talk about their use of SNAP.
That crowd evolved….. into heels and purses.
1983 called and wants it’s sweaters tied around yer neck back.
It’s about to git real in the Whole Foods parking lot.
I can see it now…… guys swinging their purses at each other.
Only in the land of fruits and nuts.
Murse battle zones, you can only swing so hard in skinny jeans.
…. and heels.
I had a nice golden honeydew for breakfast. Fresh from Salinas.
Mmmmmmmmm, forbidden honeydew….
I want Biden to run! More Bidenisms during campaign stomps! His are as good if not better than Bushisms.
#justiceforhitchbot
Another GOP paragon of fiscal responsibility. Needs to talk to his oligarch pimps about upping his ho allowance.
http://www.businessinsider.com/scott-walker-has-tens-of-thousands-of-dollars-worth-of-credit-card-debt-2015-8
Whoop, there it is…let’s see what dodges the ISDA uses to declare that no default event occurred, that PR is only “in arrears.”
http://www.businessinsider.com/puerto-rico-defaults-2015-8
I just saw an ad for Red Robin. Bottomless fries, combined with a bottomless Coke
….sponsored by Bristol-Myers Squibb
Obamaphone: started in TN 3 mos before O was in the white house.
NAFTA: Following diplomatic negotiations dating back to 1990 among the three nations, U.S. President George H. W. Bush, Canadian Prime Minister Brian Mulroney and Mexican President Carlos Salinas, each responsible for spearheading and promoting the agreement, ceremonially signed the agreement in their respective capitals on December 17, 1992.[5] The signed agreement then needed to be ratified by each nation’s legislative or parliamentary branch.
know your party.
No words.
http://www.zerohedge.com/news/2015-08-03/rent-too-damn-high-san-fran-residents-pay-1000mth-live-shipping-containers
http://imgur.com/pdVEeYx