Bits Bucket for August 31, 2015
Post off-topic ideas, links, and Craigslist finds here. Please visit my Youtube channel which you can also find here:
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The Housing Bubble
Examining the home price boom and its effect on owners, lenders, regulators, realtors and the economy as a whole.
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Name:Ben Jones
Location:Northern Arizona, United States
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I have a new video available, titled LOL @ Blackstone!
http:tinyurl.com/http-hbb-com
LOL@Blackstone is right. 50%+ vacancy rates and fraud indictments coming post 2016 election.
There’s a bunch of empty houses down there. They don’t put notices on them, probably so vandals and thieves have less of a chance to realize it’s vacant. But I know as much as anyone about identifying vacant property and it’s all over the place in Maryvale.
I wonder if the people who paid billions for Blackstone’s single-family backed bonds know that the way they deal with squatters is to leave a nasty little hand-written note? The police aren’t going to evict squatters for you. You have to go to court. And why is it vacant? Why do they own something in Maryvale to start with?
…. and a fresh bag of Cheetos in the video! Now that’s a beautiful sight.
I’m getting the knack of this video thing. Lots to learn, but I feel more at ease with each video. I think the next shoot will be Biltmore near Scottsdale. I hear there’s a bunch of for sale signs in front of mansions over there.
Do a follow up video on the Biltmore condo project Neuveau Riche put all its followers into in 2007. 80/20 subprime, $150 closing cost, so the developer’s leaseback and $4.50/year cash flow produced a 5% ROI!
They melted down and foreclosed once the above market leaseback ended and the FB’s realized they had nothing but air!
Are your favorite stock futures tanking?
Is artificially inflating asset prices really another way to create money out of nothing?
China worries weigh on Asia stocks, US futures
Nyshka Chandran | @NyshkaC
4 Hours AgoCNBC.com
Asian equities closed mostly lower on Monday, with the Shanghai Composite significantly paring losses amid talk that Beijing will halt its controversial market intervention.
A report by The Financial Times over the weekend said Beijing will abandon large-scale share purchases, sparking concerns over more declines for A-shares and sending Dow futures tumbling by more than 200 points in the Asian session.
Beijing may now switch its focus from intervention to stopping those it believes are “destabilizing the market,” the FT report said. Suspected state firm buying has propped up A-shares in recent sessions, resulting in two straight days of 5 percent rallies in Shanghai last week.
…
Now that August is over, is it safe again to invest in Chinese stocks?
How do some countries simply get away with printing massive amounts of money and then buying up other countries real assets? What makes this work?
In theory those issuers would see there currencies fall in value with the mass printing but that to can be masked.
It might help if you are able to deceive other countries into believing that your economy is growing faster than it actually is growing.
It’s the central bankers’ version of keepin’ up with the Joneses.
Business
Mon Aug 31, 2015 | 4:18 AM EDT
China stocks slide as crackdown on speculators spreads, lose 11 percent in August
China markets get Monday morning blues
SHANGHAI (Reuters) - China stocks fell sharply on Monday before recovering much of their losses as regulators cracked down on speculators which Beijing blames for a 40 percent crash in the country’s stock markets since June.
Both main indexes plunged more than 4 percent at one point, pulling down markets across Asia, before paring losses in the afternoon.
…
Arresting hundreds of people for allegedly spreading rumors about the Chinese stock market is certain to quell the panic.
International
China Arrests Nearly 200 Over ‘Online Rumors’
August 30, 2015 4:21 PM ET
Scott Neuman
Chinese authorities have arrested 197 people who are accused of spreading rumors on social media about the recent stock market crash and the deadly explosion at Tianjin earlier this month.
China’s state-run Xinhua news agency quoted a Ministry of Public Security statement saying the rumors “caused panic, misled the public and resulted in disorders in stock market or society.”
The rumors in question included one that claimed a man in Beijing had jumped to his death due to the stock market slump and another that 1,300 people had died in the Tianjin explosions. Yet others included “some seditious rumors about China’s upcoming commemorations of the 70th anniversary of the end of World War II,” Xinhua reported.
It said 165 online accounts had been closed due to the violations.
The BBC reports:
Story source: National Public Radio
No irony there
Huh? I thought it was a BBC report.
“I thought it was a BBC report.”
That was a quote in context of the NPR report.
So it was originally a BBC report, that NPR quoted, and the original source was NOT NPR.
Reasonable guess about the attribution chain, though I am not sure…
Censorship seems incompatible with effective stock market operation.
LOL, unlike in the US where there’s plenty of voluntary censorship and propaganda.
So far I haven’t heard of any arrests in the U.S. for “stock market rumor mongering.”
No, but you might lose your MSM gig if you dare to go off-script.
That is imposed by the advertisers who sponsor the MSM gig, not the government.
No, it imposed by the Oligopoly that owns the six corporations that own virtually all US media outlets.
It’s our God given right to anonymously lie on the internets. Thank god the Founding Fathers protected it.
In other news, you have to live in England 10 years before you are a citizen, regardless of whether you are born their.
“…you have to live in England 10 years before you are a citizen, regardless of whether you are born their.”
I like that requirement. That would fix our anchor baby problem(Hispanic & Asian births). Squatting on our soil should not make your offspring Americans. Period. Our “cafeteria” Constitution was written in a different era.
Speaking of England, housing is appallingly expensive, even far away from London. Stayed with some relatives who live near Poole in Dorset. They live in a crummy, tiny house they pay $2100 USD a month to rent. I asked them what it would fetch if sold. Was told it get over $600,000 USD. This thing was about 1200 sq ft with a single car, detached garage.
Now staying with other relatives in Cornwall. It is cheaper here. The Dorset house would “only” be $400,000 USD here.
What is interesting is that the place looks prosperous. It seems like everyone has a new car, and a lot of them are high end models. I suppose they are all up to their eyeballs in debt.
“What is interesting is that the place looks prosperous. It seems like everyone has a new car, and a lot of them are high end models.”
That’s what easy money and low rates get you. We just bought a new car and it was clear that they didn’t need our money. Not much room for negotiation when they’ve got gobs o’ people lining up to buy, most of whom don’t want to negotiate a lower price. Low rates give them cover to not worry about purchase price…
sleepless
What make?
Like you probably do, we think cars are depreciating consumables. Congrats on the new wheels.
We needed a new vehicle and found a low low mileage Volvo (4 years to the first 100K miles)and let the previous owner take a $20K depreciation hit. First used car we’ve bought and the inspection was flawless. Not a leaseback, and was cherry.
And when talking with the locals about bubbles and crashes, I found myself on the receiving end of rolling eyes and derisive laughter. They really believe that a decrepit shanty that is over 100 miles from London really is worth a King’s Ransom … and a lot of those people COMMUTE to jobs in London (on a train). That must be a barrel of monkeys, getting up at 5AM to catch a 2 hour train ride to London (not a bullet train, but one with many stops); putting in a day’s work, then catching another 2 hour train ride back.
Overpay $250k for a run down shack and throw more good money after bad on it. A bucket of bolts is the last thing you have to worry about.
yawn
“I suppose they are all up to their eyeballs in debt.”
Yep… struggling just to make the interest payments; they’ll never live long enough to own anything outright. Plus… their weather sux. Bend thy knee… subjects!
Depends on what end you are operating the stock market to.
Disclaimer: This is an article from a published MSM news source, not a rumor!
Asia Markets
Chinese stocks end brutal August with another daily loss
Published: Aug 31, 2015 5:41 a.m. ET
Asia stocks have worst month in more than three years
A slowdown in China’s economy accelerated a rout in Shanghai that spread across the globe during August.
By Chao Deng
Asian stock markets closed their worst monthly performance in more than three years in August, as shares struggled to recover from a global selloff sparked by worries about China.
A slowdown in China’s economy, magnified by a surprise devaluation of the Chinese yuan earlier this month, accelerated a rout in Shanghai that spread across the globe, pushing down everything from stocks in the U.S. and Europe, to commodities and emerging market-currencies. While stability has returned in recent days in Asia, the selloff has left currencies in the region near multiyear lows and stocks at their lowest levels in months.
The Shanghai Composite Index (SHCOMP, -0.82%) ended down 12.5% this month, its third straight month of declines, and a close runner-up to July’s 14% loss, which was the index’s biggest monthly drop since August 2009.
…
Johnny Thunders had the answer decades ago:
Somebody called me on the phone
They said, “Hey, is Dee Dee home?
Do you wanna take a walk? You wanna go cop?
You wanna go get some Chinese Rocks?
I’m living on a Chinese Rock
All my best things are in hock
I’m living on a Chinese Rock
Everything is in the pawn shop, it is
The plaster’s falling off the wall
My girlfriend’s crying in the shower stall
It’s hot as a bitch, I shoulda been rich
Now, I’m just digging a Chinese ditch
I’m living on a Chinese Rock
All my best things are in hock
I’m living on a Chinese Rock
Everything is in the pawn shop, it is
Ooh, aah, ooh, aah
The plaster’s falling off the wall
My girlfriend’s crying in the shower stall
It’s hot as a bitch, I shoulda been rich
Now, I’m just digging a Chinese ditch
I’m living on a Chinese Rock
I’m living on a Chinese Rock
I’m living on a Chinese Rock
I’m living on a Chinese Rock
I’m living on a Chinese Rock
I’m living on a Chinese Rock
Question: Will the Aussie dollar continue to drop?
The exchange rate vs. the US dollar is quite favorable already for a yank planning a trip down under. But I don’t know if I should rush to pay for things now, or wait.
Perhaps it all depends how much China’s economy slows down…not that it’s easy to tell what’s actually going on there given the bogus numbers from Beijing.
More importantly, what is the effect of the economic turmoil on brothel rates?
Are you suggesting the all-cash Chinese buyers (or absence thereof) might be taking a toll on the discrete personal services industry?
Did you win big in the Illinois lottery? Congrats! Here’s your IOU.
http://www.cnbc.com/2015/08/31/illinois-lottery-winners-receive-iou-amid-lack-of-budget.html
Palmy - you might like this one too……
It is after all the utopia called ILLANNOY!!!
http://www.theburningplatform.com/2015/08/31/say-you-dont-have-my-money-one-more-time/#more-104723
I wonder if they get the tax bill for their winnings at the same time.
Hey, they got their money already, they have to pay the tax on it in this years tax bill, even if they don’t get any cash!
IOU’s ,might be considered to be cash by IRS!
if the book maker didn’t pay the bill, the mob would take action
But not the illinois public!
Individuals are cash basis (not accrual basis) taxpayers. So, if you don’t get the cash, you don’t owe the taxes unless you volunteered to not take the cash. If it isn’t your choice, you aren’t stuck.
Various very complicated rules apply in the arena of certain executive compensation schemes and stock options, so that may be different, but in a situation where you are supposed to get a cash prize they refuse to hand over the money, that should be pretty straight forward.
Now, if the lottery ticket is owned by an accrual basis taxpayer, you are talking about another story.
All that being said, it wouldn’t be that hard to convert the IOU to some amount of cash. You would have to take a time and risk discount, but someone would buy it.
Maybe this is why Chinese immigrants in the US are rather chilly in their demeanor:
http://www.zerohedge.com/news/2015-08-31/china-punishes-hundreds-maliciously-manipulating-market
Perhaps they prefer to limit contact so the wrathful eye of the Chinese gubbermint doesn’t fall on them. In fact I think Obama issued a warning to China not to send its agents to the US to ferret out its citizens in hiding.
The housing market is toast.
http://investmentresearchdynamics.com/the-housing-market-is-toast/
Thanks for posting that again, Ray K. You must’ve been reading my mind, because I read it yesterday and what actually got my attention was the comment section and the off topic comments about Amazon. I kind of got the idea that some sort of correction is in store for Amazon and thought it was interesting. Those posters are no fans of Bezos, that’s for sure.
If you read the HBB this is old news:
July 30, 2015
“Residents of The Woodlands – or Houston commuters driving through the area to and from Dallas and other points north – have found themselves stuck in all kinds of traffic. A significant reason for the massive surge in infrastructure upgrades is due to the world headquarters of Exxon/Mobil moving into the neighborhood. For over a year, local residents have been bracing themselves for the influx of what was estimated to be 50,000 new inhabitants. However, the current substantial drop in oil prices put a hold on much of the transition, and only a fraction of the predicted total have moved in.”
“Kimberly Nicole, a Realtor based in The Woodlands who caters to upscale and elite homes and clientele, terms situations like this ‘The Exxon Effect,’ where preparations for growth can be overly optimistic. There is a glut of new building and real estate agents alike; when the bubble pops as reality sets in, there are too many empty houses and an overabundance of those wanting to fill them.”
“‘The Woodlands situation is an example of how a housing market can fluctuate as wildly and as immediately as the New York Stock Exchange,’ she said. ‘Most agents are unprepared for the tumult; it’s the savvy agents who are familiar with all aspects of real estate that can successfully navigate through the turbulence.’”
http://thehousingbubbleblog.com/?p=9156
yes, well, parts of Florida, mainly Central and West Central (Tampa Bay area) are about to get clobbered by heavy rains from the remnants of Tropical Storm Erika and some of our new patsies, er, cough, I mean residents from other parts of the country are going to find out what the effects of unrestrained development in Florida are. Many will be underwater in the literal sense. Unless some fortunate weather pattern intervenes and moves that moisture out into the Gulf.
It’s a complete mess that people from other parts of the country wouldn’t be aware of unless they lived here and were exposed to the local media. We had unusually constant and heavy rains during July. As the media says “The ground is saturated! People haven’t recovered!”
The more desirable part of Tampa (I have no clue why this particular area is desirable) has always had issues with flooding and this time it was way over the top. The media loves to get out there and show people rafting and boating in the streets.
Another area (West Pasco County, northwest of Tampa) really got hit with the ugly stick. The Anclote River overflowed and they’re still dealing with the effects. This is an area of mainly marginal income people living in old 1960s era Florida houses, trying to hang on to any kind of a halfway decent lifestyle. There were always minor flooding issues. Now, due to the massive development to the east of them, their area has reverted to swamp. The media likes to show images of people scrambling for sandbags at the local government emergency response centers.
The icing on the cake is the State Road 54 corridor that runs west to east along the bottom of Pasco County. AKA “The Land of the Cul de Sac”. There are no through roads where people can get out of the traffic and take an alternate route. It’s just one development after another, an area that many families relocated to during this bubble 2.0, because “good schools, good schools!” Of course, now they’re complaining that these “good schools” are jammed with portable classrooms to handle all the kidz.
And did I mention the sinkholes? Sinkholes galore! This part of Florida is starting to look like swiss cheese.
In many ways, bubble 2.0 has been worse in this part of Florida than the first one.
Anyway, my point is, because of this massive, poorly planned development, people eye the skies nervously, wondering if they’ll be the next poor SOBs to find themselves in their living rooms wading through water up to their knees.
And you didn’t even mention the sinkholes!
And here’s an interesting tidbit, that I wasn’t aware of, but doesn’t surprise me:
http://www.observernews.net/2015/08/26/county-struggles-with-transportation-issues-after-state-changes-developers-rules/
“When the Florida State Legislature took away some of the requirements for developers building new homes and retail projects, it left counties scrambling to find the money to fund infrastructure that the new residents impact.
Because of the change made in Tallahassee in 2011, developers no longer have to pay for site access into new developments, or pay impact fees that had been used to enlarge roads, schools and other facilities.
As explained at the meeting, developers still are required to do some things but not nearly what they used to have to do, so Hillsborough County staff is trying to get a “mobility fee” to make them pay according to their new development’s impact on infrastructure, education and other public uses. The county is currently putting together an ordinance that will go before the Board of County Commissioners, to take to the state.
After 90 public meetings — 54 just since the first of this year all around the county, listening to specific problems of residents — county staff has listed ways to alleviate the worst problems that have resulted in making Hillsborough County the 11th worst for congestion in the U.S.”
My county is the 11th WORST for congestion in the entire US!
Sorry for being on such a tear this fine morning, but does anyone detect the toxic pattern here? Privatize the profits, socialize the losses (or expenses). I saw a local news clip over the weekend about the Tampa Palms/New Tampa area where they’re having all sorts of infrastructure problems due to crappy development. Oh, boy, here it comes: some Gen Xer all decked out in his Columbia Sportswear Florida Lifestyle duds gets up in a commission meeting and pleads for his taxes to be raised.
So once again, the taxpayer is left holding the bag for the corporations.
Privatize the Profits and Socialize the Costs:
NPR had an excellent article recently about the Big Pharma R&D costs funded (and work done) by the NIH (sometimes in conjunction with BP), and the profit rewarded to Big Pharma. A lot of things are hybrids of private and govt revolving doors, as we know. It irks me to no end. America is an illusion, imho.
palmetto
Columbia CEO flew free in the co’s private jet) the mothers of the heroes of the foiled Amsterdam to Paris Terrorist attack to Paris to see their kids (roundtrip)
Testify, Brother Bernie!
http://www.zerohedge.com/news/2015-08-31/bernie-sanders-blasts-business-model-wall-street-fraud
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Mon, 08/31/2015 - 09:27 | 6489798 realmoney2015
realmoney2015’s picture
Unfortunately, Sanders is a socialist. So all his talk about how bad our financial system is really is pointless. You can’t have the huge welfare system without a central bank printing an endless supply of money.
We need to end the Fed. It is our biggest problem. Most other problems stem from this evil establishment. There is only one candidate who understands this, and its not Bernie or Trump!
Ernie is not just anti-crooked crony capitalist, he is just plain anti-capitalist. There is a difference.
On a similar note, I had a very interesting discussion with an Obama supporter yesterday who seems to support Trump. He is in electrical engineering/manufacturing and what is drawing his support is that he thinks we are being killed by China and a Trump is the only one saying anything about that. He also said something like “Trump says what I want to, but can’t, say. This guy is no social conservative.
he is just plain anti-capitalist.
Not true. In fact, mixed socialist-capitalist economies are not hostile to business. The world’s largest corporation, Royal Dutch-Shell, is based in the Netherlands — about as socialist as Europe gets.
By definition socialism is not necessarily anti-business, but it can be. France, for example. Germany, OTOH, is very pro-business and thrives “despite” the socialism there.
What the wealthy here don’t (yet) understand is, if the right elements of socialism are deployed here — especially demand-side measures that expand high-paying middle class jobs — the economic expansion will make the wealthy wealthier despite higher tax rates.
Rich people don’t create jobs. Middle class workers create rich people.
lol@Lola
lol @ you, sitting in your vintage double-wide wearing the latest “Caitlyn” wig and mascara. You should switch to a high cut dress, the back flab and back hair doesn’t compliment you.
You’re angry today Lola.
A little locker-room trash talk banter isn’t anger, MB.
You’re trash talk for sure Lola.
lol @ you, sitting in your vintage double-wide wearing the latest “Caitlyn” wig and mascara. You should switch to a high cut dress, the back flab and back hair doesn’t compliment you.
+1 his 1982 single wide is not even cool enough to be “vintage.”
Data my friend…
Huntington Beach, CA Housing Prices Fall 5% YOY; Inventory Skyrockets 45%
http://www.movoto.com/huntington-beach-ca/market-trends/
watch the trailer:
http://www.imdb.com/title/tt2215151/
Then you will get it.
RKH: Testify, Brother Bernie!
Bernie remains the only candidate openly advocating breaking up the big banks and regulating Wall Street.
What has Trump said about this? Nothing. Crickets. While he’s wailing away about Mexico, immigrants and China, he’s silent about big banks and Wall Street. What does that tell you? If any HBB’ers complain about the oligarchy, don’t look to Trump to fix it. He’s part of it.
The Oligopoly that has a parasitic stranglehold on our political, economic, and cultural life should be the #1 issue in this and every campaign. Regretably, 95% of our population are sheep who will continue to vote for the status quo, no matter how badly they get fleeced.
R*df*n is no longer posting sold at prices, and discloses the most current list price in its place. In Ca the sold price, property tax liability, and other data is public record. Did the NAR complain?
My neighbor just sold his rental on this street, and he paid $500+ yr in late property tax fines. Did he not cash flow the property? Insane.
Neighbor sold their house and its not listed on redfin or Zillow
werid
Old LL’s house (Vegas) on market 51 days now, and reduced $10K. Feeling schadenfreude-y.
Surprised that no all-cash Chinese investor has snapped it up by now!
cactus
Interesting data point. Could your neighbor gone FSBO, or it was an office exclusive (no MLS) for 30 days? Then eventually the data shows up. Seen that as well.
On Gene St., we had an office exclusive not show any where for 30 days. Finally went MLS and the data showed up in realturd dot com.
Because sold prices are falling quick.
NARscum, RedFraud. It’s all good.
Aren’t they concerned that a sudden policy shift to exclude sold prices might spook buyers?
Hell no. They’re more concerned with hiding market data from the public.
Bloomberg News, one of the flagship Oligopoly propaganda outlets, is laying off 80 employees as apparently retail investors, aka bagholders, are losing their appetite for “Everything is awesome! truth-suppression.
http://www.marketwatch.com/story/bloomberg-news-to-lay-off-80-employees-by-labor-day-2015-08-31
August 31, 2015 - American Voters Dissatisfied, Angry, Distrustful, Quinnipiac University National Poll Finds; Wide Support For College Tuition Assistance
A total of 71 percent of American voters are “dissatisfied” with the way things are going in the nation today, including 41 percent who are “very dissatisfied,” according to a Quinnipiac University National poll released today. Only 2 percent are “very satisfied,” with 26 percent “somewhat satisfied.”
Looking at the federal government, 49 percent of voters are “dissatisfied, but not angry” with Washington, while 27 percent are “angry,” the independent Quinnipiac (KWIN-uh-pe-ack) University poll finds. Only 2 percent are “enthusiastic” about the federal government, while 21 percent are “satisfied, but not enthusiastic.”
Only 2 percent of voters trust government “almost all the time,” while 13 percent trust government “most of the time.” Another 51 percent trust government “some of the time” and 34 percent trust government “hardly ever.”
Voters disapprove 81 - 12 percent of the way Republicans in Congress are doing their job and give the Republican Party a negative 31 - 58 percent favorability.
Disapproval of Democrats in Congress is 66 - 27 percent and the Democratic Party gets a negative 40 - 50 percent favorability.
The Tea Party gets a negative 26 - 45 percent favorability.
“Most American voters sing sadly, along with The Rolling Stones, that they are unable to find any satisfaction with the way things are going in the nation or with the federal government,” said Tim Malloy, assistant director of the Quinnipiac University Poll.
“More than 25 percent of voters go beyond dissatisfaction to anger with government. And very few voters think Congress is doing a good job.”
Voters are divided 44 - 44 percent on whether the Republicans or Democrats should control the U.S. Senate. Voters also are divided on control of the House of Representatives as 46 percent want the Democrats in charge and 44 percent want Republicans. College
Tuition Assistance
American voters support 61 - 34 percent “major new spending by the federal government” to help students pay tuition at public colleges. Support is 85 - 12 percent among Democrats and 57 - 37 percent among independent voters, with Republicans opposed 59 - 36 percent. All age groups support the measure, especially voters 18 to 34 years old, who back the idea 76 - 21 percent. Support is the same among voters with or without a college degree.
http://www.quinnipiac.edu/news-and-events/quinnipiac-university-poll/national/release-detail?ReleaseID=2275
Realize you are really a voluntaryist and ignore the statists. Thinking they are special is the biggest source of your grief.
“American voters support 61 - 34 percent “major new spending by the federal government”
So 61% support Free Sh#t.
Shocking.
U.S. National Debt Clock : Real Time
http://www.usdebtclock.org/ - 245k -
PS
I think the debt clock is stuck or spinning it’s tires or something.
“American voters support 61 - 34 percent “major new spending by the federal government”
Hence you need to keep building movable hirable wealth.
Investment grade whiskey, ammo, firearms, precious metals (physical), cash, crypto currency. All except crypto currency should be kept guard by the guns/a security alarm system/or a guard dog or a combination of the three.
hirable = hidable
How hideable is it when you talk about it?
Seems like operational security is a very important element to your plan, Bill. Part of that should probably include not talking about your hoard, be it water, food, ammo, gold, etc.
(I agree with your thinking, btw)
I live right next door to the school marm.
bwaaa… hahahahahahahaha!
It might help to be a valuable member of a small community, like be the guy who makes pretty decent whiskey.
1. Prices rise.
2. Entitled people complain about the prices.
3. Government applies subsidies.
4. Prices rise even more due to the subsidies.
5. Entitled people complain about the prices more.
6. … you get the idea.
7. Demand collapses
Banks get bailed out
Exxon gets subsides
Alcoa gets subsides
farmers get subsides
wars cost trillions
middle class gets shafted.
Chinese buy up America.
8. Prices fall even more.
Professors threaten bad grades for saying ‘illegal alien,’ ‘male,’ ‘female’
Peter Hasson
Texas Campus Correspondent
Aug 29, 2015 at 9:45 AM EDT
Multiple professors at Washington State University have explicitly told students their grades will suffer if they use terms such as “illegal alien,” “male,” and “female,” or if they fail to “defer” to non-white students.
The punishment for repeatedly using the banned words, Breikss warns, includes “but [is] not limited to removal from the class without attendance or participation points, failure of the assignment, and— in extreme cases— failure for the semester.”
According to her syllabus, students will lose one point every time they use the words “illegal alien” or “illegals” rather than the preferred terms of “‘undocumented’ migrants/immigrants/persons.” Throughout the course, Fowler says, students will “come to recognize how white privilege functions in everyday social structures and institutions.”
http://www.campusreform.org/?ID=6770 - 231k -
I would like to ask Professor Breikss what the PC name is for someone who has been been deported multiple times from the U.S after having been convicted in of lewd and lascivious acts with a child and had illegally entered the country again earlier this week.
Undocumented child molester?
Immigrant rapist?
Undeportable Migrant sexual predator?
Convicted Child Molester with Multiple Deportations Caught in Texas
by Ildefonso Ortiz28 Aug 2015730
A previously convicted child molester who has been deported at least three times is once again in federal custody after being arrested in Texas.
Juan Carlos Alvarez Rodriguez, a criminal alien from Mexico was arrested this week near Alice Texas following a traffic stop by Jim Wells Sheriff’s Office, court records obtained by Breitbart Texas revealed.
Alvarez was in a vehicle that was being used to smuggle other illegal aliens into the country and Jim Wells Deputies called U.S. Border Patrol agents for assistance.
The case is listed in court records as a two on three administrative case, meaning that there were two people suspected taking part in the smuggling of three aliens. When a case is listed as an administrative case, it generally means that the U.S. Attorney’s Office did not move to prosecute the human smugglers and Border Patrol agents moved forward with the deportations.
During the subsequent interview, agents determined that Alvarez had been convicted in 1998 of lewd and lascivious acts with a child. The criminal alien had also been deported multiple times from the U.S including once in 2006 through San Ysidro California and in 2014 through El Paso.
Alvarez told the agents that he had illegally entered the country earlier this week, three days before his arrest.
Breitbart Texas also reported on Friday about the previously deported, illegal alien sex offender who is being hunted by police for allegedly sexually assaulting a 16-year-old girl with Down Syndrome in Pearland, Texas. The suspect was deported late last year after being placed on eight years probation for indecency with a child.
Additionally on Friday, a previously deported convicted murderer was arrested while re-entering the U.S. just months after being deported.
http://www.breitbart.com/…/ - 75k -
Comment by phony scandals
2015-08-31 08:02:37
Convicted Child Molester with Multiple Deportations Caught in Texas
breitbart.com/texas/2015/08/28/convicted-child-molester-with-multiple-deportations-caught-in-texas/
Here’s Trump’s latest JEB! the Twink ad, entitled “Acts of Love”.
https://instagram.com/p/7DdvbEmhWG/
Priceless!
Wonder what they would do to me if I added F. U. to each of the banned words?
Just got back from TDY in STL.
Went to visit the youngest daughter at her work. I’ve found that visiting mom and dad is about #886 on they typical 20 year old’s priority list. Hence I try to be proactive.
Besides, I get her employee/family discount on some pretty awesome food.
Anyhoo, she works about a block or two away from the Sprint Center in KC. Evidently, the ics show “Frozen” has been running 3-4 shows a day since last Thursday. Unfortunately, I got caught up in the traffic jam created when the mid-afternoon show let out.
Hundreds of people stepping out into the street directly into traffic. At first, I thought they were idiots. Only when I got closer, did I notice they parents all had “1000 yard stares”. Especially the mommies escorting the packs of little princesses. It was sad to see the life drain out of their Soccer Mommy eyes………
Daughter reports that it was a zoo for four days. They ran out of coloring books and crayons on Friday. Which was okay by them, because all the little princesses did was break them up, then grind them into their hardwood floors when they started running around the tables, beating each other over the head with their wands.
She noticed that the smart parents came in before the show, got the kids food, while they had 3-4-5 drinks. Then they walked over to see the show. Getting a good buzz on is evidently a great way to deal with tired, whiney kids after the show.
One kid pitched a fit over her Happy Meal, and wouldn’t eat it. Got her meal for free, because (according to mom) the problem was with the food, not the spoiled brat.
At one point, my daughter swept her arm across the crowd and said “This is MY birth control”……
Thanks for the boots-on-the-ground report! My wife and kids are into the Frozen bit big-time. They listen to the soundtrack in the car (fortunately, kids ride with mom, while dad takes own car to work).
The biggest frustration, and I was just talking with my good friend last night about this is: the more people ‘escape’ from our current reality and lose themselves in this fantasy make-believe world (Disney Co.), the more 1) unprepared they will be for what is coming, and 2) the more shocked they will be about how things ‘really’ are. See John Carpenter’s movie “They Live” - that movie perfectly illustrates the problem IMO.
I have no issue with watching a good show or movie now and then, but it’s the rampant escapism that it fosters that worries me more than anything. Smart phones are the latest enabler of this, as you can now escape anytime, anyplace (that you can get wi-fi or cell signal!).
The aviation business is a house of cards that is barely able to handle their current business. If we actually had a real “recovery”, the wheels would be falling off big time.
Talking shop with boots on the ground people in other technical disciplines tells me that effed up management has other industries in a similar condition, and has permeated every business in US America.
If the Internet ever Chernobyled, the Millenials (for the most part) wouldn’t know whether to (as they used to say) S##t, or go blind.
Observing things in STL just confirmed this. Newly licensed Aircraft Mechanics who (literally) can’t pick out the right screwdriver for the job.
Back in the day, I could tell a newbie mechanic to “Remove this access panel”. Now, along with showing him which panel to remove, you have to tell him what tools to use, what to do if there is too much paint on the screws, what to do if he strips a screw, how to keep all of the screws with the panel, etc. This would be okay if the kid was a quick study, and you only had to tell them once. Unfortunately, the “quick” guys seem to be few and far between.
fixr-
Just flew to the UK on British Airways, and have a story to share: Our flight (the Friday flight) left BEFORE the Thursday flight, which left 26 HOURS LATE.
This also happened to the July 31 flight, it didn’t leave until the next day.
So, anywho, as we’re barreling down the runway all was cool, until the 747 raised its nose. The cabin vibrated fierce and loud (I think it was the overhead bins). There were plenty of turned heads when that happened. As soon as the wheels left the ground the racket stopped. Needless to say, that didn’t inspire a lot of confidence in me. From what I have heard, the BA 747’s are very old. Now I understand that with good maintenance that isn’t an issue, but given all the groundings it makes one wonder what kind of maintenance “The World’s Favourite Airline” does.
Thanks for the boots-on-the-ground report! My wife and kids are into the Frozen bit big-time.
They have a lot of company. And keep them away from Disneyworld if you can, especially the studios park.
Did Disneyland with the kiddo’s (6 -10) in 2012. The people, lines + heat was horrific.
NEVER. AGAIN.
I prefer the DMV, it has AC.
“This is MY birth control”
Sounds like you have an awesome daughter!
A platoon in the FSA gets relocated by Hurricane Katrina to B##f##k, Nebraska…..
http://tinyurl.com/osdavpe
Alternate Title:
“How to wear out your welcome, by telling people how effed up/backwards they are, continue doing the things you did in NOLA, and remain financially dependent on them”
Send them back to the Astrodome. They would be better off there, at least according to Barbara Bush.
The FSA thinks the Flyover people are effed up. And visa versa.
And they are both right.
The part of the story about the kid with (according to him) has a “Culinary Degree” was illustrative. He was told to make sandwiches with American cheese. He decided to be “creative” and make them out of provalone (didn’t bother asking why, just assumed that provalone was better. Never mind that maybe they had their reasons to use American. Like maybe the locals don’t like provalone. Never mind that provalone might cost a lot more).
(This, BTW, is not an uncommon problem when dealing with 17-21 year olds.)
Out in BFE, kids doing what they are told is still SOP. An out of towner (no matter what Race/color/creed) who decides to do what he wants without asking, then telling everybody how effed up they are, is going to find it tough to find a job, once word gets around. (And in small town America, it will. Rapidly)
Of course, if the locals are white, the “Racist” flag will automatically be thrown by certain segments of the population.
I read that article. The kid said that in his previous training at that particular shop, they told him to use provolone. His problem came when he was corrected to use American by the person supervising him that day. He should have said, “Are you sure? [Trainer] told me to use provolone when (s)he showed me how to make that sandwich last week.” Instead, he said that provolone was better because of what he learned in culinary school. Appealing to the instructions of the previous authority figure is always preferable to claiming to know better than the current authority figure when you are a peon. The current authority figure might listen to the opinion of the previous authority figure. You, on the other hand, don’t know anything by definition because you are a peon.
Accepting that no one cares what you think is hard for a smart kid, but is a basic emotional intelligence thing.
Just lost my appetite for my ham sandwich……
http://eagnews.org/thanksmichelleobama-school-resumes-students-begin-posting-skimpy-lunches/
Republicans, Tea Partiers, etc. are all closet socialists and they don’t even know it:
“A Pew poll conducted in 2013 found that just 21% of Republicans favored cuts in Medicare. A higher percentage (24%) favored an increase in Medicare spending. The findings for Social Security were even more dramatic. Just 17% of Republicans favored Social Security spending cuts while 35% favored an increase.
Even among very conservative voters, support for entitlement spending is high. A 2014 Pew poll found that among “consistently conservative” Americans, 59% wanted to maintain current Social Security benefits. Only 38% favored reductions.”
http://thinkprogress.org/election/2015/08/29/3696850/what-the-republican-elite-doesnt-understand-about-donald-trump/
http://www.lawyersgunsmoneyblog.com/wp-content/uploads/2015/04/medicare-keep-your-hands-off-my-medicare.jpg
http://www.addictinginfo.org/wp-content/uploads/2011/04/003.jpg
The party of Jesus wants their God-given benefits, but they want to make sure nobody else gets any. Crybaby Conservatism is now mainstream conservatism, and if you’re not a Crybaby, you must be a liberal. For some reason, the world is suddenly filling up with liberals.
‘crybaby conservative’.. now there’s a new one. is that anything like ‘dark sunshine’?
Just part of the super secret global UN liberal persecution of God Fearing Peoples.
i’m a conservative. where have i ever been touting god?
You lay down with dogs, you wake up with fleas.
I am a fiscal conservative who likes women and the great outdoors. Not a member of the GOP.
you should know.
I am a fiscal conservative who likes women and the great outdoors.
you’re a fiscal conservative or libertarian, like i’m a democrat.
I am no fan of the Democrats either.
Les gov and less spending, no more corp moochers…
see
i’m not calling you a full on communist either.
but a fiscal conservative you’re not. you made many posts indicating this already. i’m not going back to look for them, but i can point out such posts in the future.
Get and keep a job WPA. I need you to pay my benefits.
Can’t be in the club if you don’t love Jesus… and if you aren’t in the club, you’re a liberal.
I sure live like a fiscal conservative. No debts! None. Nada.
and if you aren’t in the club, you’re a liberal.
you’re obviously wrong because i’m not in the club and i’m no liberal.
I sure live like a fiscal conservative. No debts! None. Nada.
you can have no debts and still not be a fiscal conservative. hillary does it well.
sorry to rock your boat, many liberals want to end the gov waste and be more efficient. Look at Bill Clinton’s spending vs Reagan.
that’s like saying libs love puppies. so what? they might want to wake up with a quarter under their pillow every morning also.
saying it and doing it are two different things. they always say it and NEVER do it.
“you’re obviously wrong because i’m not in the club and i’m no liberal.”
What else could you possibly be then? Which side of The War on Christmas do you fall on? The War on Drugs? Gay marriage? LIBERAL! Don’t want to send a trillion dollars worth of ordinance to the middle east to Keep America Safe? Liberal false flag America destroyer!
There is no such thing as a libertarian. There are only liberal scum, undermining our freedoms, undermining our holy institutions, undermining our god given primacy as White People, blaspheming by denying the existence of the Sky Wizard.
Welcome to the other club.
you don’t know how to construct a logical argument, do you? all you can do is bluster with a lot of non-sense.
you’ve seen many of my posts on this board. stop trying to deflect and instead show how you think i’m a liberal.
your position is nonsensical. explain, if you can, how i’m a liberal.
Make a new account over on free republic, and wright a post that vaguely espouses the idea that maybe gay marriage won’t bring on the apocalypse, and my diagnoses will be corroborated by multiple conservative experts.
It’s time you accept your true nature.
you’ve proven you know nothing of my nature.
and no matter how much you try to get me to, i’m not going to argue religious issues.
What you think your nature is is of no consequence. The members of the group decide if you are in or out.
explain how i’m a liberal.
saying it and doing it are two different things. they always say it and NEVER do it.
That is why we complain about the GOP. Got Bush and Immigration reform when he had full control for 6 yrs.?? liars.
the gop is just democrat lite these days.
yet you support these big gov, big spenders.
not ALL, but the percentages are probably correct. that’s why the country is screwed over the long term. many so-called ‘conservatives’ don’t know how liberal they really are.
LOL, Boehner is the ultimate “crybaby cuckservative”.
he’s crybaby alright. never further than 5 feet from a hanky. but he’s no conservative. not even close.
Exactly. That’s why we call him a CUCKservative.
the old term was ‘rino’. i think i’ll get into less trouble if i stick to that one.
Not to worry. The “cuckservative” meme has its roots in the word “cuckold” and “cuckoo”, as in the bird. Nothing to be afraid of.
yes, but the word is too close to the other word for me to use in everyday conversation. i see it as an unnecessary distraction.
To say nothing of cuckhold fetish porn….
Yes, that new term hasn’t picked up enough steam to be used in everyday conversations yet. RINO has.
RINO? That’s so 2008. You are hereby banished from the cool kid’s table.
Republicans, Tea Partiers, etc. are all closet socialists and they don’t even know it:
No, Social Security and Medicare have nothing to do with socialism.
why don’t they?
Socialism is a social and economic system characterised by social ownership and/or social control[1] of the means of production and co-operative management of the economy,[2][3] as well as a political theory and movement that aims at the establishment of such a system.[4][5] “Social ownership” may refer to cooperative enterprises, common ownership, state ownership (achieved by nationalization), citizen ownership of equity, or any combination of these.[6] There are many varieties of socialism and there is no single definition encapsulating all of them.[7]
A socialist economy is based on the principle of production for use, to directly satisfy economic demand and human needs, and objects are valued by their use-value, as opposed to the principle of production for profit and accumulation of capital.[8] In the traditional conception of a socialist economy, coordination, accounting and valuation are performed in kind (using physical quantities), by a common physical magnitude, or by a direct measure of labour-time in place of financial calculation.[9][10] For distributing output, two alternative principles have been proposed: to each according to his contribution and from each according to his ability, to each according to his need. The advisability, feasibility and exact way of allocating and valuing resources are the subjects of the socialist calculation debate.
https://en.wikipedia.org/wiki/Socialism
gee thanks. i’d never have been able to find out what wiki says without your help.
i’m arguing with YOU, not an article. my question still stands.
When the word became very popular around seven years ago it became apparent that people were unfamiliar with its meaning.
there are many definitions of socialism. to me, the most accurate is from marx. for you, it’s probably different.
just answer my question in your own words.
That Wikipedia definition is true for what it is, an abstract academic definition. Common usage for socialism is a mixed economy somewhere between capitalism (full private ownership) and communism (full state ownership), with an emphasis on providing means and services to citizens that capitalism by itself will not provide on its own.
someone in favor of a ‘mixed’ economy is generally called ‘centrist’ (as if some kind of ‘balance’ is needed).
that’s like saying some kind of balance is needed between sewage and pure water. i’d like my water to be as pure as possible. i’d like the economy to be as close to pure capitalism as possible also.
We’re having an argument about the meaning of a word, so a cited reference material.
other reference material can be cited with different conclusions. then if proven wrong, the referencer often says ‘well, don’t blame me, blame wiki’ or some such thing. then the whole argument was a waste of time.
owning what you say requires a degree of responsibility. it has forced me more than once to take back something i’ve claimed was true and later found out it wasn’t.
make your own argument in your own words or it’s a waste of time.
if proven wrong, the referencer often says ‘well, don’t blame me, blame wiki’ or some such thing.then the whole argument was a waste of time.
owning what you say requires a degree of responsibility. it has forced me more than once to take back something i’ve claimed was true and later found out it wasn’t.
make your own argument in your own words or it’s a waste of time.
Once again, we’re talking about the meaning of a word. It wouldn’t be possible for someone to prove that the Wikipedia meaning is incorrect. At this point the discussion about the meaning of that word has been going quite a while.
if you’re going to argue something, the first thing to do is get a good definition. often it ends the argument right there. a good definition is central to the argument.
i’ve seen you say that the definition isn’t all that important, or words to that effect. if that’s really your position, you’re wrong. if you don’t have an accurate definition you will inevitably be arguing about two different things.
Why don’t you give us all a definition of socialism in your own words, along with the reason that you prefer that definition?
Don’t you see? Words mean whatever the person saying them say they mean. For example, Socialisim==Communisim, and it is impossible for white people to be racist.
Isn’t this fun? We all get to say whatever we want, and we all get to be right!
Why don’t you give us all a definition of socialism in your own words, along with the reason that you prefer that definition?
‘us all’? so you can’t stand on your own..
i’ve already told you i accept marx’s definition as being the most accurate. i don’t remember his exact words, but it goes something like this..
’socialism is any step taken to bring on full communism’.
in other words, you can have a high degree of freedom, but if you go in a direction that leads to communism, you’re on the socialist path. socialism.
as for why i prefer that definition.. it’s because i think marx understood socialism and communism very well. i think he is correct. socialism’s end goal is full on communism. marx understood that it would take a long time to happen, but he’d be very happy if he could see what’s happening today. he’d be laughing to himself.
if i had to bet, i’d say that socialism is going to win. most people won’t see the danger until it is far too late. by then ‘resistance will be futile’. the state will be too powerful. of course the state will eventually wither and die of its own weight, but countless lives will be ruined or even lost in the process. the damage done will be huge.
i’ve said here before that socialism may have already killed all of us, we just don’t know it yet. without socialism/communism/fascism the world would have been much more prosperous and wealthy. we would probably have had an impactor mapping system in space long ago as it would have been easily affordable. maybe there’s an impactor with our name on it that won’t be seen now until it’s too late. maybe we’d have found it and put up a defense against it already, to save the planet. but we’re still too poor to be able to do that now.
how different this world would have been in every way without socialism..
That’s incorrect.
In Marxist theory, socialism, also called lower-stage communism or the socialist mode of production, refers to a specific historical phase of economic development and its corresponding set of social relations that supersede capitalism in the schema of historical materialism. Socialism is defined as a mode of production where the sole criterion for production is use-value and therefore the law of value no longer directs economic activity. Production for use is coordinated through conscious economic planning, while distribution of economic output is based on the principle of To each according to his contribution. The social relations of socialism are characterized by the working-class effectively owning the means of production and the means of their livelihood, either through cooperative enterprises or by public ownership and self management, so that the social surplus accrues to the working class and society as a whole.[1]
This view is consistent with, and helped to inform, early conceptions of socialism where the law of value no longer directs economic activity, and thus monetary relations in the form of exchange-value, profit, interest and wage labor would not operate and apply to socialism.[2]
The Marxian conception of socialism stands in contrast to other early conceptions of socialism, most notably early forms of market socialism based on classical economics such as Mutualism and Ricardian socialism. Unlike the Marxian conception, these conceptions of socialism retained commodity exchange (markets) for labor and the means of production, seeking to perfect the market process.[3] The Marxist idea of socialism was also heavily opposed to utopian socialism.
https://en.wikipedia.org/wiki/Socialist_mode_of_production
what’s incorrect? you can copy and paste your butt off, i don’t care. until you tell me with your own words, i won’t have any idea what you’re talking about. i’m not about to read the wiki imbeciles, much less interpret them for you.
i guess you can’t make your own case or you would have, so you can take a hike.
i took the time to explain why i liked marx’s definition and then all you do in reply is copy and paste, copy and paste. you can’t think for yourself. you let wiki do your thinking for you. pathetic.
I just looked up some information. In this case, it’s Marx’s conception of socialism. A guy like Marx wouldn’t call a small step in some direction an -ism. It would have to be well-defined economic and social system.
how do you know what ‘a guy like marx’ would do? (sounds like you admire him)
show me some quote by marx that indicates i’m off the mark.
LOL - of course they do.
Study: Denmark, Iceland, Norway, Sweden and Finland
The United Nations World Happiness Report 2013 shows that the happiest nations are concentrated in northern Europe, where the Nordic model of social democracy is employed, with Denmark topping the list. This is at times attributed to the success of the Nordic model in the region.
All Free-Shit countries. I’d be happy if all my shit were free too.
Don’t be Lola.
not free, you need to go back to school
Free my friend.
Chicago weekend shooting toll: 3 dead, 30 wounded
Move to Terre Haute. IN.
Too much snow there - I am moving to sunnier climes.
Obviously too much .22 available and not enough .243.
“Chicago weekend shooting toll: 3 dead, 30 wounded”
Al,Jessie and CNN should be on their way.
Is it September yet?
“September shaping up as Fed’s worst nightmare
…September is setting up as a difficult month for a variety of reasons: Expected continued volatility in stocks, weak corporate sales figures and an economy likely to give back at least some of the gains it achieved in the second quarter.
Throw in some fairly daunting historical trends and it probably adds up to a Fed that stays on hold still longer in the midst of an unprecedented nearly seven-year run of zero interest rates….”
http://www.cnbc.com/2015/08/31/september-shaping-up-as-feds-worst-nightmare.html
Remember, the last time rates were similarly low, they stayed there for something like fifteen years (1933-1948)…
Bernie wants to end the war on drugs. Seems like that would save taxpayers a ton of money that could be used on Education and infrastructure.
Bernie wants to end the war on drugs.
he should since a couple liberals (nelson rockefeller and nixon) started it.
when you say ‘education’ you mean indoctrination, right?
Charter schools, K-12 privatize it, more competition, better results. save $$.
Darn NIXON!
i agree as far as you’ve gone. but i’d privatize ALL education. get the government completely out.
and yes, nixon was a terrible president. most of them have been.
I’d let the gov compete too, if they think they can.
The UC schools in CA are some of the best in the world. Just look at any top 50 list.
Just no more cheating and mooching!
gov doesn’t compete. it takes by force and spends. it doesn’t have to spend efficiently, because it’s so easy to take so much from the public.
gov is inefficient at everything including defense. but at least that’s a role the constitution gives it.
“privatize ALL education.”
What do you mean by this?
hi Muggy,
i mean get the government totally out of education. i know you won’t like that much, but i honestly feel it’s the best way. and now more than ever it is easy to educate yourself online. to the extent personal teaching is needed, it can be done at private institutions that don’t get government money. that means that the cost of tuition would fall to more reasonable prices. teachers could still get good pay if they prove they are worth it. but much education could be done by computer more efficiently.
…and poor people would get none instead of barely any.
“but i’d privatize ALL education. get the government completely out.”
Education is a public good. Privatization would result in the provision of less of it, coupled with follow-on consequences of further loss of American competitiveness and increased crime rates among uneducated, unemployable adults. I guess this broken window outcome could be good for workers in the prison industrial complex, but I don’t see how it would benefit the rest of us.
Education is a public good. Privatization would result in the provision of less of it
That depends. If “government completely out” means government isn’t a provider of educational services, but however provides a voucher for each child (paid for by taxes as schools are currently funded), then I don’t think there would be less of it. It simply would be an open market without the government controlling both the service and the funding.
I’m with you, drumminj, but that’s not my understanding of tj’s characteristically extreme proposal.
Reaganomics
Fiscal Conservatism was rhetorically promoted during the presidency of Ronald Reagan (1981–1989). During Reagan’s tenure, income tax rates of the top personal tax bracket dropped from 70% to 28% in 7 years,[4] while payroll taxes increased as well as the effective tax rates on the lower two income quintiles.[5][6] Real Gross domestic product (GDP) growth recovered strongly after the 1982 recession and grew during Reagan’s remaining years in office at an annual rate of 3.4% per year.[7] Unemployment peaked at over 10.7% percent in 1982 then dropped during the rest of Reagan’s terms, and inflation significantly decreased.[8] Federal tax receipts nearly doubled from $517 billion in 1980 to $1,032 billion in 1990. A net job increase of about 16 million also occurred (about the rate of population growth).
According to a United States Department of the Treasury non-partisan economic study, the major tax bills enacted under Reagan, as a whole, significantly reduced (~-1% of GDP) government tax receipts.[9] The Economic Recovery Tax Act of 1981 was a massive (~-3% of GDP) decrease in revenues (the largest tax cuts ever enacted)[10] By the end of Reagan’s second term the national debt held by the public ballooned from 26 percent of the GDP in 1980 to 41 percent in 1989. By 1988, the debt totaled $2.6 trillion, in part because of both increased military spending at the end of the Cold War and according to some, the tax cuts. The country owed more to foreigners than it was owed, and the United States moved from being the world’s largest international creditor to the world’s largest debtor nation.[11]
or
Former President Bill Clinton, who was a New Democrat and part of the somewhat fiscally conservative Third Way advocating Democratic Leadership Council, is a prime example of this as his administration along with the Democratic-majority congress of 1993 passed on a party-line vote the Omnibus Budget Reconciliation Act of 1993 which cut government spending, created a 36% individual income tax bracket, raised the top tax bracket, which encompassed the top 1.2% earning taxpayers, from 31% to 39.6%, and created a 35% income tax rate for corporations.[14] The 1993 Budget Act also cut taxes for fifteen million low-income families and 90% of small businesses. Additionally, during the Clinton years, the PAYGO (pay-as-you-go) system originally introduced with the passing of the Budget Enforcement Act of 1990 (which required that all increases in direct spending or revenue decreases be offset by other spending decreases or revenue increases and was very popular with deficit hawks) had gone into effect, and was used regularly until the system’s expiration in 2002.
After this combination of tax hikes and spending reductions, the United States was able to reduce the $3.8 trillion public debt by $360 billion and create the largest federal budget surplus ($236 billion in fiscal year 2000) as well as the longest period of sustained economic growth in United States history.[15][16] However, the claimed surplus was only recorded against public debt which was calculated with the exclusion of intragovernmental holdings. This meant that the administration was able to record loans deducted from the social security trust fund as revenue on budget reports, which accounted for the bulk of the surplus money. Calculating both the intragovernmental holdings from the public debt, the lowest deficit was $17.9 billion; in effect, the alleged surplus was a mere accounting fiction[17][18][19][20][21][22][23] The total national debt (gross federal debt) rose every year of the Clinton Administration from $4.3 trillion to $5.6 trillion and from $5.4 trillion to $5.6 trillion over the years where the surplus was claimed.[24]
do you have anything to say yourself, or are you just going to rely on the partisan hacks that write wiki articles? they’re too stupid to know that they’re describing the things that actually work against an economy and instead they laughably tout them.
i don’t debate pablum articles written by imbeciles. it would simply take too much time.
they get some facts right and then interpret them wrong. but you go ahead and merrily post your biased articles.
facts are facts. Just because I did not write it, does not mean it is not true.
Fact: Reagan nearly tripled the deficit. Fact. Reagan gave amnesty to 3 mill illegals.
I like facts, not talk radio. I am a fiscal conservative.
yes, reagan spent too much. but the amnesty was done with the promise that the dems in the house would reduce the spending. they reneged on their promise as they always do. he should have known better.
as for you claiming you’re a fiscal conservative, i’ll point out your posts in the future that prove you aren’t.
yes, Reagan spent too much and was fooled, you agree.
we cant have that again.
what about all the weapons he smuggled to Iran? still in love>?
reagan made mistakes. he was still far better than anyone we’ve had since.
Clinton was twice the man Reagan ever was.
Obama, so far has Reagan crushed.
Yes, the Bush family sugked.
Reagan was a serial tax raiser. As governor of California, Reagan “signed into law the largest tax increase in the history of any state up till then.” Meanwhile, state spending nearly doubled. As president, Reagan “raised taxes in seven of his eight years in office,” including four times in just two years. As former GOP Senator Alan Simpson, who called Reagan “a dear friend,” told NPR, “Ronald Reagan raised taxes 11 times in his administration — I was there.” “Reagan was never afraid to raise taxes,” said historian Douglas Brinkley, who edited Reagan’s memoir. Reagan the anti-tax zealot is “false mythology,” Brinkley said.
twice the man? what, he could beat reagan up? that’s your argument?
obama has ‘crushed’ reagan? again, i don’t know what you’re talking about since obama is the only bonafide traitor president this country has ever had.
as a matter of fact there is no other country on earth that has elected a president that dislikes his own country. that’s soley obama’s territory.
other presidents as bad as they’ve been, at least ‘thought’ they were doing good by the country. not traitor obama. he brings in iranian born commie witch jarret as his closest advisor. if someone threw a bucket of water on her, she’d probably melt away. as a matter of fact, she’s more than an advisor, she along with soros are the puppet masters than control obama’s strings. what a pathetic excuse for a so-called ‘president’.
do you know how many somalians obama has brought into the country by bypassing normal immigration? millions. how many millions, i’m not sure of. there are various estimates.
they don’t know our culture and disrespect our laws. many have attacked our citizens.
he’s practically declared open season on cops. the latest one i know of is a deputy in texas that was gunned down from behind.
he asked his union thugs across the country to ‘get in peoples faces’. and they did. lots of fights and beatings.
he’s single handedly set race relations back many years.
he’s undermining this country in ways you wouldn’t believe, that i can’t even talk about here. he’s a scumbag from head to toe. but you love him, right? he’s your guy. good for you. someday what he’s done will come out completely and it will startle most people.
one more thing.. the ONLY reason i hate the sob is because of what he has done and is doing to our country. everything about him is slimy and destructive.
everything about him is slimy and destructive.
surely not everything
tj is nuts. raging nuts. that is what is wrong with America.
Housing my friend….. Housing.
Bothell, WA Housing Prices Crater 5% YoY
http://www.zillow.com/bothell-wa-98011/home-values/
Clinton also cut merit based math/science scholarships (which hit me in my pocketbook).
And with respect to Reagan, no one likes to comment about how the tax code was so riddled with loopholes that few actually paid the highest marginal rate. That 1981 law passed the house with 75%+ of the vote.
Reagan’s 1986 reform passed the senate 97-3 (point being that the law was passed under Reagan, but there was broad consensus across party lines).
So none of it was Reagans fault, blame congress
So none of it was Obama fault, blame congress
It’s like this for most liberals and they’re never able to see the irony:
Republican president, democratic congress:
Everything is the republican’s fault. The democrats couldn’t do anything because of that turd.
Democratic president, republican congress:
Everything is the republican’s fault. They president couldn’t do anything with those turds in congress.
Please feel free to go back through your mind’s blame game and see.
Also note the endless stream of presidents:
…, i-3, i-2, i-1, i
Whatever problems democratic president has, it’s always because of republican president i-1 or i-2 or i-3. And yet somehow, whatever problems republican president i-1 or i-2 or i-3 has, it’s never due to democratic president i-4 or i-5…Please feel free to go back through your mind’s blame game and see if you can always blame all of your “i” man’s problems on some i-x.
Liberals can never do any wrong. There’s always some previous bugaboo to blame.
Congress certainly is not without blame. However, Obama shoved through Dodd Frank and the ACA with significant opposition from the other side–he built no consensus. Those are firmly on his and the Democrats’ ledger.
Obama is unwilling or unable to work with the right. This started with his stance during his first days in office (a “f ‘em, we’ve got the votes attitude” on a stimulus package)…I blame Obama for poor leadership and taking politically expedient paths rather than what was best for the country (e.g. Simpson-Bowles).
Regardless of whether you agree with the policy, Reagan was able to bring the left and right together to form substantial agreement on policy. He was a great leader.
You can’t deny either Reagan’s (or even Clinton’s) leadership. Obama, IMHO, has been a poor leader.
Clinton also cut merit based math/science scholarships (which hit me in my pocketbook).
Were those NSF scholarships that got cut?
I honestly can’t remember the name.
I think they were $5k or $10k per year–I got mine cut before I got the first check.
Aurora, CO Housing Prices Crater 19% YoY; Inventory Balloons 142%
http://www.movoto.com/aurora-co/market-trends/
Rain Gutters - El Nino scare tactics has sent rain gutter installation prices to the moon. Might just be DIY’ers again. $2,200 for 130 ft of aluminum/3 downspouts on one-story. Ridiculously expensive. (So Ca)
reminds me, i need to clean 4 yrs of dirt out of mind and screw them in
A mind is a terrible thing to waste.
Ditto for a pretty blonde.
Does throwing good cash after bad on overpriced junk make you feel better?
Since when do SoCal houses have rain gutters?
Californicans have this thing for gutters.
Texas Emerges as Top Destination for Californians Fleeing State
Estimated loss from migration in annual income roughly $26 billion
by Valerie Richardson | Washington Times | August 31, 2015
Californians fled the state in unprecedented numbers over the last decade, and their primary destination was Texas, according to an analysis issued Monday.
About 5 million Californians departed the Golden State between 2004 and 2013, while 3.9 million arrived from other states for a net population loss of roughly 1.1 million, the Sacramento Bee reported Monday using tax-return data from the Internal Revenue Service.
The estimated loss from the migration in annual income to California? Roughly $26 billion.
Nearly 600,000 Californians wound up in Texas, while about 348,000 Texans moved to California. The other top net recipients of Californians were Arizona, Nevada, Oregon and Washington, the analysis found.
What explains the sudden crazy upward spike in the oil price? AlbqDan’s long-predicted $80/bbl price by December 2015 suddenly does not seem so far-fetched.
Last week the supply in Cushing, Oklahoma “unexpectedly” declined. On top of that, today it was announced that US production in June fell by 100k barrels per day as compared to May (9.4MM BPD to 9.3MM BPD–was at 9.6MM BPD in April), and OPEC said that they were concerned with the prices and were going to talk to producers.
In short, the oil price increase was partly from this reality of supply declines in the US, and in part due to the threat of market manipulation by OPEC.
I must stay, I expected the supply declines (geology dictates it). I’m surprised that OPEC is going to act. If they were going to act, I would have thought they would have already acted. I suspect if the US production continues to fall at a pace of 100k+ BPD per month (which will support prices in its own right), OPEC might walk back their comments about speaking to producers.
You like to extrapolate…It was estimated that there was a 1MM BPD excess of production globally, and an annual estimated growth in demand of about 1MM BPD.
So, if production was flat, the global inventory build would stop in about 12 months from when the 1MM BPD excess was calculated. However, if production is falling in the US (which was the bulk of the past several years of global production increase) by 100k barrels per day per month, you get to that stopping of global inventory build in about 6 months.
‘if production is falling in the US by 100k barrels per day per month’
What happens to production when prices rise?
The beauty of the “invisible hand” of the market.
If prices rise to a level that justifies additional drilling and fracking, then production and supply will increase–thus tempering any further price increases.
The most common number I’ve seen as the “magic” number for increasing production is $60 per barrel–well under $80 that was predicted by Adan.
However, since prices have been so volatile, I suspect the price will need to rebound to be something higher than $60 before people have the courage to start spending lots of money on drilling/fracking again. People will need to have comfort that $60 per barrel will be there when they try to sell.
However, because fracking can bring oil back online so quickly (there is even a “fracklog” of drilled, but unfracked, wells), I think other than short term spikes that could bring oil above $60 for periods of time, prices will generally stay under $80 per barrel for a while (years).
Fracking and drilling?
I’ll give you a chance. Go ahead.
You understand geology as much as Abq Dan.
Geology, construction, engineering aren’t your strong suits Rental_Fraud.
I am not a geologist, but I don’t need to be to understand the dynamics created by fracked wells. The only things you need to understand about oil and geology are two pretty undisputed facts:
1. A major source of the global oil supply increase over the past 4-5 years was fracking in the US; and
2. Fracked wells have massive depletion rates…a gush turns to a trickle within about 2 years.
So, based on these two facts, logic dictates that if you stop drilling and fracking, production falls pretty quickly–naturally.
Guess what?
Rig count started falling in Q4 2014. Oil production from fracked wells started falling in early 2015.
1) Nonsense. 15%. And hydro frac has been around for decades.
2) More nonsense. Well development using hydro frac in the 1960’s are still productive.
You seem to be adept at bullshitting your way through technical detail you know nothing of to suit your desired outcome.
Guess what? You don’t know anything about field development, well maintenance and surging and redevelopment of wellheads.
This is an interesting report from the EIA:
http://www.eia.gov/petroleum/drilling/pdf/dpr-full.pdf
Bakken:
Production from new wells: +48k BPD
Production from existing wells: -75k BPD
Net change: -27k BPD
Not creating enough new wells to maintain production
Eagle Ford:
Production from new wells: +87k BPD
Production from existing wells: -143k BPD
Net change: -56k BPD
Not creating enough new wells to maintain production
Niobrara:
Production from new wells: +26k BPD
Production from existing wells: -44k BPD
Net change: -18k BPD
Not creating enough new wells to maintain production
Permian:
Production from new wells: +80k BPD
Production from existing wells: -72k BPD
Net change: +8k BPD
They are still creating enough new wells to increase production in the Permian Basin–but not by much.
What’s interesting is if you look at the net change per month over all regions…the monthly decline numbers are still increasing…at the current rate over the next 12 months, more than 1MM BPD will be cut from US production.
Looking back over prior month’s reports: http://www.eia.gov/petroleum/drilling/
Aug 2015: -93k BPD
Jul 2015: -91k BPD
Jun 2015: -91k BPD
May 2015: -86k BPD
Apr 2015: -57k BPD
Mar 2015: +1 BPD
Feb 2015: +68 BPD
Jan 2015: +103k BPD
What will it be next month? -95k? -100k?
Horizontal drilling has not been around since the 60s.
Fact: US production fell by 93k BPD last month on a base of 5.363MM BPD from fracking regions. This is a decline pace of 20.8% per year.
HOWEVER, this ignores the fact that 248k BPD was added from new wells coming online. In other words, the decline from existing wells was way more than 93k BPD.
If you add up the depletion from existing wells, you get a decline of 341k BPD on the base of 5.363MM BPD, or a decline pace of, well, way over 15%.
Data HA, data.
http://www.eia.gov/petroleum/drilling/archive/dpr_aug15.pdf
http://www.eia.gov/petroleum/drilling/#tabs-summary-2
And no one said that fracked wells weren’t productive for decades.
However, the decline rates are massive in the first 24 months:
http://oilprice.com/Energy/Crude-Oil/Bakken-Decline-Rates-Worrying-For-Drillers.html
The first chart says all you need to know. Production falls off a cliff from month one…60%+ decline rates in the first year.
wellheads - dont forget to count your losses and deprecation.
A few hundreds thousand barrels out of tens of millions of barrels of global production in an environment of declining demand.
You’re ducking Rental_Fraud.
Not enough guys have gone out of business. This run-up looks more futures related than supply and demand. The over-capacity problem hasn’t been resolved. And if you consider the motives of producers like Saudi’s; did they cost themselves so much money to put a little ding on the frackers? Or do they want to deep six the industry for decades? Anyway, this size of a move in such a short time is kinda stupid. Probably a lot of people out there figgerin’ like you have here, with Yellen bucks burning a hole in their pockets, just looking for a trade to go die in.
Who said anything about horizontal drilling? Hydro frac Rental_Fraud. learn the difference.
A few hundred thousand barrels in a market of tens of millions while demand is falling is raindrops in the desert.
Keep backpedalling Rental_Fraud. Keep backpedalling.
there is fear of a supply disruption.
google ‘yemen conflict’.
guess someone already posted it. should have checked below.
I made a bet on oil, but not on the price of oil. I bet on services companies.
My assumption is that growing global demand, and production increases coming from fracking, with high depletion rates, we need to drill more and more and more to increase production.
Yes, it’s a bet that correlates with the price of oil, but I don’t care whether fracking is profitable at $60 per barrel or $100 per barrel, the fact that they will need to restart fracking at some point is enough to bring more business to the likes of Halliburton.
I put some patient money into the bet…I figure it’ll take 3-5 years to sort itself out.
Yemen doesn’t have any oil.
“My assumption is that growing global demand”
Global demand for crude is falling.
If China goes into recession, the world has a recession. I’d bet they are already there; all of a sudden, every day I find articles with Chinese people complaining about a lack of good jobs.
The cynic in me wonders this; if OPEC only has to mumble a little about meetings and prices go up, why wouldn’t they use that power to make a few billions on it? Go long, leak something, clean up. There’s the added twist that if they can give the frackers hope, maybe they’ll borrow more to stay alive. This is the second time this year this has happened.
Yemen doesn’t have any oil.
Yemen has 20 million hard, destitute, warlike people who live in unforgiving terrain. Saudi Arabia is now embroiled in a war with the northern Huthis, who have shown their tactical prowess and are fighting with élan. The Huthis and their tribal allies are already launching forays and missiles (including Scuds) into Saudi territory. The war promises to be a costly and bloody affair, and check out the sea lanes that could end up being at risk if the war expands to pull in Iran, which is backing the Yemeni Huthis.
http://www.moonofalabama.org/images4/yemen-sitmap150807.jpg
The Saudis will have to pump more oil to pay for that war.
“Probably a lot of people out there figgerin’ like you have here, with Yellen bucks burning a hole in their pockets, just looking for a trade to go die in.”
This is a much more plausible explanation for a short term price runup than ‘geology dictates a production slowdown.’ Remember, the world is swimming in a glut of cheap oil against the backdrop of a collapse of Chinese demand.
“(geology dictates it)”
On a time scale that explains the dramatic price movement of the past few days?
I’m not buying it.
the derivitives control the underlying
This might be one factor in the oil price spike.
http://www.moonofalabama.org/2015/08/into-the-cauldron-saudi-and-uae-troops-invade-yemen-.html
Why would military action initiated several weeks ago lead to a big move over the past couple of days, unless some more recent related development has played out?
Sammamish-Carnation, WA Housing Prices Fall 17% YoY
http://www.zillow.com/market-report/08-15/30766/carnation-wa.xls
FED doing its part:
ICE removed 102,224 people from the interior of the county during the 2014 fiscal year — a 24 percent decline from the previous year — and those numbers are expected to drop again in 2015. ICE said its numbers fell last year partly because state and local law enforcement agencies were refusing to hold people when immigration authorities asked.
States and locals… not so much
Obamacare ‘Cadillac Tax’ Threatens Millions of Tax-Free Health Savings Accounts
“If the Cadillac tax doesn’t change, FSAs will go away very quickly”
by Newsmax | August 31, 2015
The Obamacare “Cadillac tax” won’t take effect until 2018, but lawmakers from both parties are concerned the assessment could endanger tax-free flexible health spending and are calling for it to be junked.
“It’s a death knell for them,” Rich Stover, a healthcare actuary and principal at Buck Consultants, told Politico. “If the Cadillac tax doesn’t change, FSAs will go away very quickly.”
The tax may be one of the first items to cross a new president’s desk after he or she takes office in 2017, and already, Democratic presidential candidate Bernie Sanders has promised to kill the tax. Frontrunner Hillary Clinton has said she is open to changing it, telling the American Federation of Teachers she is worried “that it may create an incentive to substantially lower the value of the benefits package and shift more and more costs to consumers.”
Nevada Republican Sen. Dean Heller, who is working on legislation on the the issue, said the the tax is one way Obamacare continues to “overpromise and under deliver.”
comments
Harry Sherry • 5 hours ago
Obamacare is nothing more than a giant tax increase on Americans so freeloaders can get free care and you and I will pay for it. PLUS extra taxes. Gotta support those freebies and cronies!
g Harry Sherry • 3 hours ago
Yep
the illegal aliens can get free health care on the backs of the stupid ones who sign up for this hitler’s garbage.
This was never health benefits but always a tax on those that work. The objective is to take away ALL
choice in health care and make everyone convert to the hitler tax
They are just doing it slowly so the slaves doin’t rise up and protest in the streets ; which may happen in a few years anyway.
Once sally has to pay over 2000 bucks a month for ””care”’ and joe american has to pay over 2500 bucks a month….the rise is on….
THis tax will just increase steadily over the years and no one will be able to afford it and if they don’t pay it; the thugs will come to take the $$$….just sayin’
funny how congress has NO idea how to improve HCA. None, nada, zero.
Blue Cross wins!
Remember…. falling prices of all kinds is positively bullish and good for your economy.
Can’t help but wonder if deflation-wary central bankers might not somehow have a role in oil’s mysterious spike?
“Get Shorty”
Business
Mon Aug 31, 2015 | 5:57 PM EDT
Oil jumps 8 percent, biggest three-day surge since 1990
An attendant cleans the window of a car near a sign displaying the petrol station’s current fuel prices in yen in Tokyo August 24, 2015. REUTERS/Thomas Peter
By Robert Gibbons
NEW YORK (Reuters) - Oil futures soared on Monday for a third consecutive day, rising more than 8 percent, as a downward revision of U.S. crude production data and OPEC’s readiness to talk with other producers helped extend the biggest three-day price surge in 25 years.
U.S. crude oil prices have skyrocketed more than $10 a barrel in three days, erasing the month’s declines as a series of relatively small-scale supply disruptions and output risks prompted bearish traders to take profits on short positions, which had been near a record a week ago.
On Monday, prices fell initially but reversed course mid-morning. The three-day gains were more than the 20 percent mark that often signals a bull market. Even so, few were prepared to call a definitive end to the slump.
“Sharp gains over the past three trading sessions were driven by a combination of short covering and chart-readers again looking to call a bottom falsely,” Citi said in a report, saying that prices may yet test new lows before year’s end.
…
Dear Obama Zombies, McCain Mutants, and Romney Retards,
Kindly post video of your expressions at the precise moment you realize, belatedly, that your vote for crony capitalism and the vaporization of your 401 (ks) are intrinsically linked.
Hugs in advance,
RKH
http://www.bloomberg.com/markets/stocks/futures
I’m guessing not many (of any of us) are capable of making direct connections between the votes we cast at the ballot box and the real-world impacts on us….
Meanwhile, Hillary’s already low support among young people is being further eroded by Bernie Sanders’ popularity. Just say no to corrupt crony capitalism and more of the same.
http://america.aljazeera.com/articles/2015/8/31/sanders-gains-on-clinton-in-new-iowa-poll.html
As Jeb goes nowhere, the Oligopoly has another reliable stooge waiting in the wings.
http://www.nationalreview.com/article/423332/mitt-romney-donors-pine-2016
I was surprised to see how low Jeb has fallen in the polls. A third Bush just doesn’t give anybody a woody.
Oil up 28% since Thursday. Why would Saudi Arabia benefit from lower prices. It will take North Dakota a year to ramp up their fracking so the Saudi’s got a year of higher prices.
Or maybe this was a way to punish Putin for invading Ukraine.
Sounds like a good guess about the OPEC strategy:
1) Use a price war to drive down U.S. production.
2) Drive up the price once American production is on its back and OPEC market share is up.
Sounds like a good guess about the OPEC strategy:
1) Use a price war to drive down U.S. production.
2) Drive up the price once American production is on its back and OPEC market share is up.
MOAR QE!!!!!!
More China stock market declines on the way to start off September?
October is still a month away!
Asian stocks decline as China twin PMIs sap risk appetite
See Kit Tang
51 Mins Ago
CNBC.com
An investor watches the stock market at a stock exchange hall in Nanjing, China.
Asian stocks declined on Tuesday, as losses on Wall Street overnight and new manufacturing data out of the world’s second-largest economy curbed risk appetite.
China’s official manufacturing purchasing managers’ index (PMI) edged down to 49.7 in August from 50 in July, just below the 50-mark that separates expansion from contraction. Separately, the final Caixin/Markit manufacturing purchasing managers’ index (PMI) came in at 47.3 in August, above a preliminary reading of 47.1 but down from 47.8 in July.
“The data is hardly new. China’s economic data have been weak for a long time,” said Pruksa Iamthongthong, investment manager at Aberdeen Asset Management, who has an underweight call on Chinese equities.
“We do see a fair bit of bloodbath in other sectors and across the market”, she told CNBC’s “Street Signs Asia” on Tuesday.
Overnight, U.S. equity markets ended in the red to chalk up their worst month since 2012. The Nasdaq Composite closed down 1.07 percent, while the Dow Jones Industrial Average and S&P 500 dropped 0.69 and 0.84 percent, respectively.
In early Asian trade on Tuesday, S&P futures eased 1.1 percent while Dow futures fell 190 points.
…
Markets | Tue Sep 1, 2015 12:50am EDT
China stocks slump as weak PMIs heighten growth fears; HK also down
SHANGHAI
An investor looks at an electronic board showing stock information at a brokerage house in Beijing, August 27, 2015.
REUTERS/Jason Lee
Chinese stocks gyrated wildly on Tuesday, with main indexes tumbling 5 percent at one point as weak manufacturing data laid bare the daunting challenge faced by Beijing as it races to revive a stumbling economy.
At the end of the morning session, the markets had managed a recovery of sorts, with the CSI300 index off 1.2 percent to 3,324.83 points, while the Shanghai Composite Index was off 1.1 percent, to 3,172.03 points.
Hong Kong stocks also fell, weighed down by weak retail sales data, and sluggish performance on Wall Street.
…
September 1, 2015
China stocks are getting hosed again
David Scutt, Business Insider Australia
An investor looks at an electronic board showing stock information at a brokerage house in Shanghai, China, August 26, 2015. REUTERS/Aly SongThomson ReutersAn investor looks at an electronic board showing stock information at a brokerage house in Shanghai
Chinese stocks have endured a wild session so far on Tuesday, tanking as much as 5% in early trade before recovering into the mid-session close.
The benchmark Shanghai Composite index closed the morning session down 1.06% at 3172.0. Earlier in the day it had been down close to 5%.
Like the benchmark index, the price action elsewhere was equally as wild.
The CSI 300 is lower by 1.24% while the SSE 50, comprising large cap stocks listed in Shanghai, has fallen by a smaller 0.47%.
The fact large cap stocks are yet again outperforming their smaller peers, something that has occurred in recent sessions, points to the likelihood that the government, through its financial intermediaries, is yet again intervening in the market in order to prevent larger losses.
While large cap stocks are down modestly, small cap stocks remain under significant selling pressure.
The CSI 500, Shenzhen Composite and tech-heavy ChiNext indices are all lower by more than 3%.
Earlier in the session the government released its latest manufacturing PMI gauge which revealed activity across the sector contracted at the fastest pace seen in three years in August.
…
Maybe if they arrest a few hundred more stock market skeptics, they can arrest their stock market out of its tailspin.
Chinese arrests over Tianjin and stock market ‘rumours’
Updated at 8:20 am on 31 August 2015
Chinese authorities have punished 197 people for spreading rumours online about stock market falls and the recent fatal explosions in Tianjin, according to state news agency Xinhua.
…
ft dot com/frontpage
September 1, 2015 5:52 am
China PMI shrinks, sending stocks lower
Patti Waldmeir in Shanghai
This photo taken on June 30, 2015 shows a man checking a machine designed by himself in a factory in Zouping, eastern China’s Shandong province. China’s official manufacturing index was flat at 50.2 last month, government data showed on July 1, while a private survey suggested deterioration slowed marginally as demand picked up slightly in the world’s second-largest economy.
CHINA OUT
AFP PHOTO
©AFP
Activity in China’s manufacturing sector contracted at its fastest pace in three years, sending shares down and exacerbating fears about a China slowdown that have roiled global markets.
The official Purchasing Managers’ Index (PMI) fell to 49.7 in August from the previous month’s reading of 50, the first time since February that the bellwether figure for large industrial enterprises has fallen below 50 — the level that separates expansion from contraction.
The reading backs up the earlier Caixin flash PMI, representing a group of private sector and small and medium enterprises, which fell to 47.1 in August, from the final reading of 47.8 in July.
China’s stock markets spiralled as much as 5.8 per cent lower after the data, but pared back losses later. The Shanghai Composite Index was down 1.1 per cent at the lunchtime close while Shenzhen had fallen 2.9 per cent.
Wang Tao, chief China economist at UBS, said the reading showed the persistence of downward pressure on growth — a pressure that has triggered a flurry of supportive measures from Beijing, dented stock markets around the world and sent emerging market currencies into a swoon.
“This is why the [Chinese] government has intensified policy support recently, announcing plans to bring forward some key infrastructure projects, ways to fund them, and another marginal easing for property purchase in the past couple of days,” said Ms Wang.
…
China stocks are still scary at this level
Michael Yoshikami
15 Hours Ago
CNBC.com
…
After a huge run-up in the last year and a half, the Chinese market has given back a significant percentage of the previously captured gains. But just because there has been a downturn in Chinese equities as of late, we should not be lulled into a false sense of security the Chinese equities have in any way bottomed.
Remember: Chinese investors tend not to buy the value of a company, but instead tend to trade based on the perceived demand for shares. It’s a more momentum-based focus for investing and one that can create incredible volatility as we have seen over the course of the last 18 months.
…
The great fall of China
China’s all-important manufacturing industry is running out of steam.
An important gauge of factory activity fell to a three-year low of 49.7 in August, according to China’s National Bureau of Statistics. Any number below 50 indicates a deceleration in the manufacturing sector.
A separate survey conducted by Chinese media group Caixin and Markit Economics showed manufacturing PMI dropped to 47.3 in August, marking the sixth month the index has fallen below 50.
“We suspect the latest bout of weakness mostly reflects temporary disruptions to factory output due to restrictions on polluting activities,” ahead of a public holiday and military parade in Beijing, said Julian Evans-Pritchard of Capital Economics about the government data. “The Tianjin warehouse explosion will also have negatively impacted industrial activity.”
The official government manufacturing gauge is heavily weighted toward large enterprises, while the Caixin survey taps a smaller sample size and places greater emphasis on smaller firms.
Stocks in Shanghai fell by over 4% on Tuesday morning after the official data was released before paring some losses. Other major Asian markets were also in the red. Australia’s ASX All Ordinaries was down 1.3%, while Tokyo’s Nikkei shed nearly 2%.
Investors and economists are closely tracking data out of China that might provide a glimpse into the health of the economy.
Concerns are growing over China’s economic slowdown — the world’s second-largest economy is now posting the worst growth since the financial crisis. Gross domestic product dipped to 7% in the second quarter, and economists expect the figure to trend lower over the next few years.
…
China fears leading to volatile global markets
A bank clerk counts renminbi banknotes last week at a bank branch in Huaibei in central China’s Anhui province. A series of questionable decisions have increased doubts globally about Beijing’s economic stewardship.
(via The Associated Press)
The Associated Press
on August 31, 2015 at 11:02 AM, updated August 31, 2015 at 11:03 AM
WASHINGTON — The fear that gripped financial markets this month is a stark one: That China’s economy might be slipping into a decline that could persist for years.
…
Global stock markets have sunk — and gyrated — as investors have wrestled with their doubts. The Dow Jones industrial average has lost nearly 1,000 points since China’s surprise move to devalue its currency Aug. 11. That step, in part an effort to align the yuan with market forces, was also seen by investors as a desperate bid to fuel exports in a faltering economy.
“The incredible faith in the Chinese policymakers has been shaken,” says Ruchir Sharma, head of Morgan Stanley’s emerging markets equity team.
…
Is oil too risky to buy nowadays?
Markets | Tue Sep 1, 2015 1:48am EDT
Oil prices drop 3 percent as investors retreat from overnight gains
SINGAPORE | By Keith Wallis
…