Bits Bucket for September 5, 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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Watched the parade the other day in Beijing on TV. I understand why Obama didn’t go. We should have sent an honor guard or something, though. Lots of other countries participated. If you can’t celebrate the end of WWII together what can you celebrate?
No golf courses?
China would steal their marching and wreath placing secrets.
The government that was our ally in WWII is in Taiwan, not Beijing.
Spot on, Blue. But history is a dead subject these days.
Obama was in Alaska taking selfies. China understood how important that was for him, so they were kind enough to send five navy ships to him and positioned them off the coast for his inspection.
The Chinese parade was aimed very transparently at intimidating Japan and Taiwan. Anyone who thinks it was about commemorating the Chinese role in WWII is a dupe.
Sherman Oaks, CA Housing Prices Crater 7% YoY As Housing Prices Resume Falling Nationally
http://www.movoto.com/sherman-oaks-ca/market-trends/
Sherman Oaks has some very high end areas. Lots of really nice big lots, behind private walls, with lush vegetation. A lot of Hollywood types live there.
Sherman Oaks Galleria was the place they filmed Fast Times at Ridgemont High.
And falling housing prices.
‘A lot of Hollywood types live there.’
I musingly thought to myself the other day that Hollywood actors and VIPs could flip houses amongst themselves until the cows come home. Even B actors could get in on the action.
A number of HBB regulars hsve followed the real estate investing career of this Hollywood high roller over the years.
The Sun
How Nic Cage blew £96m and can’t pay his tax bill
Hollywood superstar’s money troubles
Uneggspected … Nic and Alice leave The Cracked Egg
Coleman-Raynor
By ANDY HALLS, Associate Head of Showbiz
2 months ago
HE was one of Hollywood’s most extravagant spenders and owned castles and mansions around the world.
But Nicolas Cage is now renting a modest home, eating in cafés and selling some of his most lavish purchases to pay the taxman.
Twenty years on from his Oscar-winning role in Leaving Las Vegas, the one-time movie A-lister has gone from a £96million fortune to financial meltdown, living on the outskirts of Sin City, far from the bright lights and glamour of the famous strip.
A Vegas estate agent told The Sun: “Hollywood A-listers don’t usually live where Nic Cage is right now.
“It is quite a fall from grace for him considering all the properties he’s owned around the world.”
Nic was box office on and off-screen. He blew millions earned from films such as The Rock, National Treasure and Face/Off, and was married to Patricia Arquette and Elvis’s daughter Lisa Marie Presley.
Blaming his accountant — who he once tried to sue for £12.85million — and the 2008 property crash, he has been forced to sell almost all his assets around the world.
…
Nicholas Cage lost his cage.
….. and found a crater. He’s a Donk now.
https://www.reddit.com/r/onetruegod
“Falling Gas Prices Could Add Millions To Local Economy”
http://www.kitv.com/news/Falling-gas-prices-could-add-millions-to-local-economy/35117668
Nothing accelerates the economy like falling housing and gasoline prices.
8 people per mile (about every 200 yds) x 2000 miles of border x 3 8 hours shifts. This will help the economy. After 1 year you can cut it in half to one person every quarter mile.
Repurpose the TSA for this.
Or just bring our troops home from overseas and have them patrol the border. Having a Dept of Defense that only does defense, what a concept.
That’s fine to use the military also. In fact I’d prefer that because they aren’t unionized like border patrol and TSA.
I proposed this weeks ago. Are y’all stealing my campaign?
I’m happy to have as many people as possible thinking alike on this issue. If I got it from you, thanks.
Yes, add up most of the troops stationed overseas and we could easily do this.
Years ago I proposed this to high school friend who is border patrol. Didn’t go well.
City activists’ brazen new battle cry: Sue the suburbs!
Lamar Anderson, San Francisco magazine
Updated 10:47 am, Friday, September 4, 2015
Between 2007 and 2014, the nine Bay Area counties issued permits for only about half the number of housing units needed to keep pace with population growth, according to an assessment by the Association of Bay Area Governments. This has created “a classic tragedy of the commons or collective action problem,” says Gabriel Metcalf, director of the urban planning think tank SPUR. “Every neighborhood has an incentive to say no to higher-density development because some of the impacts are felt locally. But when you aggregate that at the level of the whole Bay Area, the net effect of each neighborhood saying no is a profound crisis of affordability.”
But now the housing activists at the (unfortunately acronymed) SFBARF are attempting to use the court system to reverse that dynamic. The first case could center on the Homes at Deer Hill, a development that won approval from Lafayette’s city council last month. The project will bring 44 single-family homes, along with sports fields and a playground, to a grassy slope on Deer Hill Road, just north of Highway 24.
When it’s built, the development will house far fewer people than the 315-unit moderate-income apartment complex that developer O’Brien Homes initially proposed for the site back in 2011, called the Terraces of Lafayette.
http://www.sfgate.com/news/article/City-activists-brazen-new-battle-cry-Sue-the-6485289.php
A revisit; Feb 14th 2010;
“Home Affordability: Prices Are Still 40% Higher Than ‘Normal’”
http://www.dailyfinance.com/2010/02/14/home-prices-must-drop-40-more-to-reach-normal-affordability-lev/
*Note- Resale prices in 2010 were double new construction costs. Although we concur with the analysis, their methodology drastically understated the actual overvaluation of resale housing.
Not getting any interest on your tiny savings account is your contribution to the banker bailouts.
Its a big club and u aint in it!
“Its a big club and u aint in it!”
Another George Carlin fan, I see. He was way before his time. His routine on religion resonated with me, and changed my life for the better.
+1
ZIRP is a tremendous swindle against the 99%, as is QE, but as long as 95% of the electorate sanction such rip-offs with their votes for the status quo, the rip-offs will continue.
“Its a big club and u aint in it!”
You are probably “in it” but you are most likely not a member.
If you do not know the difference then I will be happy to discuss with you a few facts over a FREE cup of coffee.
And while we are at it perhaps I can interest you in signing up for our Dotted Line Special (after which you will definitely be “in it” - deep in it).
“Metaphorically speaking, dollars are hightailing back to the Eccles building. China and the petro-states are selling and off-shore dollar lenders are effectively making a margin call.
At length, both the epic bond bubble and the monumental stock bubble so recklessly fueled by the Fed and the other central banks after September 2008 will burst in response to the deflationary tidal wave now cresting.”
http://davidstockmanscontracorner.com/why-hedge-fund-hot-shots-finally-got-hammered/
Seems more like a light chop at this point.
‘In the last few weeks the long reign of the global money printers has begun to sprout fractures. Over on the other side of the earth in China what had become a 20-year long $4 trillion cumulative “bid” for US treasuries and other DM fixed income securities has gone serious “offers”.
‘This will prove to be one of the great financial pivots of history. During the course of their stupendous inflation of China’s $28 trillion Credit Ponzi, the red suzerains of Beijing bought treasuries hand over fist and thereby kept their price rising and the volatility of the world bond market falling.’
‘To be sure, this wasn’t charity for America’s debt besotted shoppers and governments. It was done in order to peg the RMB exchange rate and thereby keep its mercantilist export machine humming and the people grateful to their beneficent communist party rulers.’
‘But at length it became too much of a good thing because every time the Peoples Bank Of China (PBOC) bought Uncle Sam’s debt it similtaneously expanded the internal banking system and supply of RMB credit. Moreover, after Beijing launched its madcap infrastructure building campaign in response to the the 2008 financial crisis the phony construction and investment boom which ensued attracted increasing waves of hot money from abroad, thereby inflating the domestic Chinese economy to a fever pitch.’
IMO, when the history of this episode is written, the most calamitous moves will be seen to occur from 2008 and on. People will read in disbelief that housing in Beijing, a city once reported to have 3 million air boxes using little or no electricity, was more expensive than New York or London.
So if the chinese unload some of these fx reserves they receive dollars when they sell treasuries. They need yuan back home.
Anyone know the process of getting the dollars back to yuan?
I guess they could technically buy stuff with the dollars after selling treasuries.
What if they just want yuan? Is this conversion done on the open market somewhere? Or are the dollars exchanged with the FED and they give the chinese yuan back?
Hey! Lookie here! Why … it’s a Money Velocity Chart:
https://research.stlouisfed.org/fred2/series/M2V/
It almost appears that the Greenspan money printing binge of the Roaring Nineties led to a fifteen year plunge in the velocity of money which began around 2000 and continues today. Current monetary velocity is by far the lowest on record, at least since 1959, with no bottom in sight.
The US population in 1959 was 177 million. So less people will have less circulation of money. What am I missing? Can we even make this comparable? Is the current velocity of money worse than 1959 with almost double the population.
Population isn’t relevant here, back in ‘59 there were less people but less money in circulation too. Money velocity is the rate at which money changes hands; it’s a proxy for overall economic activity.
This chart is a symptom of the global savings glut. There’s a lot of cash sitting idle in the hands of corporations, institutions and individuals. It’s not “trickling down” and being spent. This chart coincides with stagnant wages, low inflation and low interest rates. There’s a lot of capital sitting idle in money markets, cash, bonds and not being spent.
Why invest when the average consumer has fewer and fewer discretionary dollars. Until the tax and trade system changes it’s down the toilet we go.
+1
“This chart is a symptom of the global savings glut.”
Bernanke-speak
“There’s a lot of capital sitting idle in money markets, cash, bonds and not being spent.”
Why invest when assets are chronicaly overvalued, expected returns are dismal, and the risk of capital loss is high? Wouldn’t it be more financially prudent to leave your savings under the mattress until after the central bank engineered credit bubble bursts, then snap up assets at fire sale prices?
Did the Fed’s huge balance sheet expansion since 2008 possibly account for some of the global savings glut and plummeting velocity of money?
Assets overvalued and debt too high. And wages stagnant. No reason at all to invest. It will be nice watching the asset valuations taper since the companies are certainly not raising wages to be able to match the cost of rents and houses.
I just snipped $138 off my monthly cable bill. Hardly watched television even when back in Phoenix for the last year. I would watch sports if not for the fascist military recruiting ads which annoy me to no end.
Energy, $50, security alarm $40, rent $1100 water $40, flights, car rental and airport parking at least $350. About $1700 per month to regain.
Comment by WPA
…There’s a lot of capital sitting idle in money markets…
Deposits in money markets, which have been loaned out, might not be part of M2 at all.
“Current monetary velocity is by far the lowest on record, at least since 1959, with no bottom in sight.”
Likely aided by the huge retirement wave underway by the last generation with real disposable income. Like the gimp says, “demand is falling.”
http://picpaste.com/the_gimp.png
I have meet quite a few boomers who blew their disposable income on foolish, high-risk investments / exorbitant purchases and now can’t retire.
Yes, and falling velocity is a result of a severe imbalance in the economy due to years of supply side policies and little or no demand side policies.
WPA you are absolutely right.
Isn’t the HUD/FHA/FHFA affordable housing policy a demand side policy?
Also demand side:
-Cash for clunkers
-Handing out over a trillion in student loan debt that doesn’t pencil out well for repayment given the low current return on a college degree
Don’t forget the mothers of all demand-side policies: BAILOUTS
-TARP/HARP/HAMP etc
-Federal bailouts of Fannie, Freddie, AIG, Detroit, and numerous other corporations that were deemed too-big-to-fail after the Fall 2008 financial collapse
- QE1, QE2, QE3 etc
- Fed stealth bailout of global banking system to the tune of $4+ trillion
All of these appear to qualify as qualify as demand-side measures. I’m not offering normative judgments on their merits; simply pointing out the fallacy of the claim that demand side measures have not been implemented.
PB No.
FHA etc were already fixed programs and within the mix. If anything, their reduced activity slowed things down.
Clunkers - you must be kidding
Student loans - again fixed but you may have a bit of a point due to the economic slowdown contributing to a larger student population
Bailouts, QE - not on the demand side -supply side mostly
I think what WPA is trying to say is that the administration have not concentrated on the economy having let the supply siders at the FED do the heavy lifting.
Bailing out lenders is demand side economics?
Lending to the poors is demand side economics?
Someone’s had a few.
Lending to people only increases demand once, when it becomes clear they can’t pay it back it doesn’t work anymore. In fact more and more of their paycheck goes to servicing the debt. You pad current demand by stealing from future demand.
Now taxing the elite, and creating an economy that pays it’s workers and doesn’t flood the system with cheap labor permanently stimulates demand.
The US has all the natural resources it needs. It has all the technology it needs. It has more than enough labor.
What the F are we doing trading with slave labor states and totalitarian governments.
I’m fine with free trade, when our trading partners have the same tax, labor, and environmental standards that we do, or rather did.
I officially agree with measton.
=^..^=
Why would this be I wonder?
One possibility: People are trying to save money. Cutting back on their spending. Rising prices would do that. Also, high debt would do that as more money is being spent on debt service. Why else? Perhaps we are approaching utopia, with people’s needs being met with less money required to obtain them? Sounds but I’m trying to identify the possibilities.
Government inflation data says inflation is extremely muted, approaching “danger” levels, so according to government data, it’s not rising prices. Is that true?
Central bank FOR/DSR numbers say the amount spent on debt service is at historic lows. Is that true? The NY Fed branch says in its household debt is close to all time highs. Is that true?
Could we be closer to utopia than previously guessed? People need to spend less to live comfortably? I suspect not, in light of increasing housing/rent costs, education costs, medical costs. But it’s an option for lowered money velocity. Is it true?
Others?
It’s not utopia it’s dystopia
People are spending a higher and higher percentage on what they need and a lower and lower percentage on what they want.
Health care - rising insurance and deductible payments and rising cost of medicine.
Housing - inflated
Education
Fuel - Despite dropping oil prices gas prices propped up by oligopoly of refiners coordinating refinery failures.
Food - Oligopoly of food producers and distributors keeping food prices higher than they should be.
Taxes - shifting from progressive taxes to higher fees and regressive taxes and fewer services.
Meanwhile more and more people are working part time and have extreme job insecurity. Companies like Hewlett Packard are moving whole divisions to separate private contractors and slashing pay and benefits in the process.
Jobs moving overseas where workers earn less and thus can spend less or to technology where there are no workers at all.
Wallstreet stripping saved wealth
Then why do so many people still support zirp and QE? They have done nothing but raise prices to the people who are already having hard time.
Do not try to understand stupidity. Just understand that it infects 95% of the electorate and populace and try to link up with the thinking 5%. Even if you patiently try to explain to an Obama Zombie, McCain Mutant, or Romney Retard the consequences of what they voted for, i.e. Wall Street water carriers who helped faciliate the massive swindle of the 99% to benefit their .1% patrons, the sheeple will stare at you with empty-eyed incomprehension as they scatch at their throbbing lobotomy scars. Truly, you can’t fix stupid. You can only find like-minded people and try to brace for impact.
“Then why do so many people still support zirp and QE?”
No significant part of the voting public supports or opposes zirp and QE. The general voting public doesn’t even know what those terms mean. Voting is based on god, guns, gays, and skin color. Don’t believe me? Turn on the news.
That’s how they herd us.
Add M1 and you still are heading down !
Yesterday AZ posted that corporate debt increased by roughly what QE doled out ! Probably for share buybacks !
Chinese have virtually stopped buying houses all of a sudden.
Banks still holding massive shadow inventory while reporting their loans at par - not street value.
Canusa companies starting to reject repair work on Chindia products - poor quality cannot be repaired cheaply.
Commodities markets in worse shape than ever.
But the economy is improving ?
“Chinese have virtually stopped buying houses all of a sudden.”
Nobody could have seen it coming!
Maybe it’s just because they have all been falling down elevator shafts and disappearing.
I mean escalator.
David Stockman has zero credibility. He is the inventor of low tax trickle down voodoo economics.
You are such a troll
lol@ Lola
WPA plan = there is no problem more government money cannot solve. Double the dole.
I dont see it that way. We want less gov and less spending. We just never get it from the party who talks about it.
The DEMS do a very slightly better job managing the purse strings.
Hard crash coming, too many bad choices since Reagan.
“We”? I think you just outed yourself as a mult, Lola.
You are such a troll
Nope. I post ideas to show there are economic schools of thought other than the trickle down free market GOP talking points. If this makes you uncomfortable, I recommend that you seek out echo chambers for your line of thinking, such as the Zero Hedge forums.
lol@Lola
What does his credibility have to do with the validity of his argument on this point?
So I read Stockman’s piece. Seems like he nails it … “credibility” notwithstanding.
What is it about the piece you disagree with? Or was the “credibility” comment meant to circumvent intelligent dialogue?
Stockman’s problem is he’s been making the same prediction for forty years. And he was an integral part in bringing on the very problem he warns us against. He’s a real Shakespearean character. A lifelong, slow-motion tragicomedy of errors.
Don’t be a Lola.
Uh…doesn’t deflation increase the value of dollars in your pocket or dollar-denominated fixed annuities? Not sure I follow Stockman’s logic, unless it is based on the expectation for a catastrophic failure of extreme measures by the Fed to offset the deflationary trend.
PS In case this is not obvious, a long-term Treasury is simply a dollar-denominated fixed-term (interest only) annuity with semi-annual coupon payments and return of principal at the end of the term.
Show of hands: after the Wall Street/Federal Reserve Looting Syndicate implodes under the weight of its own fraud, how many of you to vote for pro-bailout candidates like HillaryJeb who will once again bend you over to cover Wall Street’s gambling losses?
Gov’t Accuses Company Of Discrimination Over Employees Having To Prove Citizenship Status
BY: Joe Schoffstall
September 3, 2015 4:29 pm
The Department of Justice has accused a business of discrimination due to the company requiring employees to show proof of citizenship for employment.
The DOJ claims that Nebraska Beef Ltd., a Nebraska-based meat packing company, “required non-U.S. citizens, but not similarly-situated U.S. citizens, to present specific documentary proof of their immigration status to verify their employment eligibility.”
After receiving pressure from the government, Nebraska Beef agreed to pay $200,000 in a civil penalty settlement and said they will establish an uncapped back pay fund for people who lost wages because they could not prove they are in the country legally.
The settlement also requires the business to undergo compliance monitoring for two years, train employees on the anti-discrimination provision within the Immigration and Nationality Act, and to revise policies within its office.
freebeacon.com/…/ - 76k -
Comment by phony scandals
2015-09-05 06:16:00
Gov’t Accuses Company Of Discrimination Over Employees Having To Prove Citizenship Status
freebeacon.com/issues/govt-accuses-company-of-discrimination-over-employees-having-to-prove-citizenship-status/
I thought ppl were required to show their eligibility to work everywhere.
as china sells off its treasuries that it bought with printed cash, where will those dollars eventually end up as they spend them?
They have many trillions in debt to service.
They are also buying their own script back with dollars, so that the skimmers and scammers can slip wealth out of the country.
+1
And we accept as real money in trade for our land. Cheaper to by the USA than invade us.
Don’t they need to repay the margin loans they used to purchase their underwater stock portfolios?
That’s what I think too.
If china and middle east are selling they are either selling with the left and buying with the right or someone else is buying. Interest rates aren’t rocketing higher
Japan, Brussels and most of all Mr Yelling. They will buy.
“The US Housing Recovery Is A Mirage”
http://www.businessinsider.com/keith-jurow-us-housing-recovery-mirage-2013-4#ixzz2QpVCDDPz
Falling housing prices to dramatically lower and more affordable levels resulting in increasing demand is the very definition of a ‘housing recovery’
US Housing Demand Falls To 20 Year Low
http://2.bp.blogspot.com/-fqSztKilps8/VFlPKlr52JI/AAAAAAAAhKU/v5oS41S-y0s/s1600/MBANov52014.PNG
Did the fund backing your pension survive the market swoon (assuming you are among the lucky few to participate in a pension plan)?
Public union goons laugh!
We get our pension no matter what the stock market does.
A promise is a promise.
We can always raise taxes higher to cover any funding gaps.
And thank gawd for right to work states to retire in…
“We get our pension no matter what the stock market does.”
That is how the U.S. pension system was set up, to provide workers (whether salaried or hourly) with insurance against market fluctuations. It really has nothing to do with the obsessive fixation on ‘union goons’ which preoccupies your employer.
Are union goons really any worse than the people who pay you to post here? I personaly can’t imagine that.
Those guarantees aren’t always honored. Some times creditors succeed in breaking pension promises.
SUSAN TOMPOR
City of Detroit retirees and what they’re losing
Susan Tompor, Detroit Free Press Personal Finance Columnist
Nov 10, 2014
Jessica J. Trevino, Detroit Free Press
Uwe (Bob) Rose, 63, is a Detroit water department retiree.
HOW DETROIT WAS REBORN: A SPECIAL SECTION
Name: Susie Nicholson
Age: 68
City: Farmington Hills.
When retired: Retired officially in 2006 after taking medical leave in 2004 from the city’s water department. She had 24.7 years of active duty.
How’s she doing: Thankful to be a 10-year cancer survivor, Nicholson is worried about big bills, such as buying a car.
Her vote on pension cuts: No.
Benefits, before deductions:
Pension: $2,200 a month. Social Security: $2,300 a month.
Future: Expects her city pension check to be cut 18%, ending up at about $1,800 a month, due to 4.5% cut and a clawback of excessive interest paid into her city savings plan.
Quote: “I understand we have to give up something, but why take such a big slice?”
…
Thanks for posting their propaganda.
It’s not propaganda. It’s a news article documenting the amounts by which Detroit city workers had their pensions cut.
PUBLIC UNIONS ARE AN ABOMINATION ACCORDING TO IKE.
Even fdr warned on public unions
2012 Hungary stole everyone’s 401k
Betting the gov workers are getting paid
Curious, has anyone figured out a way to short the Canadian and/or Australian market? Seems like shorting is the only way to go right now.
Puts
THE WALL STREET JOURNAL
Markets
Public Pension Funds Roll Back Return Targets
Few managers count on returns of 8%-plus a year anymore; governments scramble to make up funding
By Timothy W. Martin
Updated Sept. 4, 2015 6:07 p.m. ET
Public pension funds from California to New York are cutting investment-return predictions to their lowest levels since the 1980s, a shift that portends greater hardships for employees and cash-strapped governments as Americans age.
…
Dropping the discount rate used to value pension liabilities from eight percent down to a more realistic two-to-three percent, in line with the current risk-free rate on long-term Treasurys, would have a catastrophic effect on the pension funding picture.
“Few managers count on returns of 8%-plus a year anymore; governments scramble to make up funding.”
Bahahahahaha … 8%-plus returns? Shirley, you jest!
What’s fun is picking apart the statement: “Few managers count on returns of 8%-plus a year anymore …”
FEW managers! I am surprised there are ANY managers who are counting on 8%-plus returns.
Truly, a world filed with dummys: Dummys who manage other people’s money and dummys who send their money to be managed by these dummys who manage other people’s money.
Eight-percent-plus returns … bahahahahahahahahahahahahaha
The jokes just keep on writing themselves.
An eight percent (or similarly lofty) discount rate assumption is useful to help actuaries hide the ginormous magnitude of pension liabilities relative to the amounts of assets in the associated pension funds.
Nobody in their right mind would assume that eight percent is a reasonable estimate of the risk-free rate of return, give that current long-term Treasury yields are well south of three percent.
Filing should be reserved for more intelligent people.
The Feds raid Goodwill. Oh, NO! NOT Goodwill, sob!
http://www.cnn.com/2015/09/04/us/abilityone-investigation-update/index.html
I don’t think Goodwill is the end target here, it seems to be the taxpayer funded program Ability One and SourceAmerica, but it illustrates the massive fraud that goes on with government contractors. I am glad the Feds are doing this, but I wish the banksters were included.
It does, however, illustrate what happens to taxpayer dollars under these public/private “partnerships”.
With that said, Goodwill sucks. Our local Goodwill used to have all kinds of great treasures, because of its proximity to the affluent retirement communities in the area. Those treasures dried up, only to be replaced with new crap from China. I was told that people from their regional corporate office come in and divert the good stuff to other stores or to their website. Some of the local ladies were really pissed because a lot of the great old costume jewelry was being replaced by shiny poison trinkets from China.
Apologies if this was posted yesterday, good article on taxpayer funded stadiums. Your local team owners thank you for your support. But the flow goes only one way.
http://www.zerohedge.com/news/2015-09-04/bread-circuses-shady-slimy-corrupt-world-taxpayer-funded-sports-stadiums
I’ve pretty much given up bitching about this. A severely high percentage of our fellow citizens/voters are okay with being robbed by these guys.
Especially as they think of these teams as “our” team. ( no, it ain’t your team…….you just get to pay out the azz for it). Colleges? Same thing.
I don’t blame you. And your point is perfectly illustrated in the John Oliver video, where the white trash beetch gets up at a public meeting and calls out the mayor who was trying to save the taxpayers money. I see it around here, too. “Support the Bucs, yee-haw”.
I now have a better understanding why some politicians cave. It’s not so much the business interests, it’s the dumb mouth breathing voters. Why bother helping these twats?
It’s not just stadiums, either. I’ve tried to get some of my fellow county residents to see that Tallahassee has totally screwed them over by getting rid of the impact fees and other money that developers and builders used to have to pay for infrastructure. No, they’d rather up their own taxes than even so much as make a phone call to their state rep or senator. It’s much easier for them to get mad at me for not wanting to “contribute” to the “community”.
Are you not entertained?
(Bahahahahaha … I certainly am.)
A snippet taken from the embedded Pacific Standard magazine article:
“The story of what’s happening in Milwaukee is remarkable, if not already familiar. Step one: A down-on-its-luck team is purchased by a group of billionaire investors. Step two: The owners nod to their “moral responsibility” to keep the team in its hometown,while simultaneously lobbying for a new stadium. Step three: The team threatens to abandon its hometown for greener pastures—and newer facilities—in another city. Step four: The threat scares up hundreds of millions of public dollars in stadium financing. Step five: The new stadium opens, boosting the owners’ investment, while sloughing much of the financial risk onto taxpayers. As New York Times columnist Michael Powell wrote, “From start to desultory end, Milwaukee offered a case study in all that is wrong with our arena-shakedown age.”
Bahahahaha … dumb ‘em down, and profit.
I don’t understand why anyone at all cares about a new stadium.
Good point. Plus every time I rent a car in Phoenix some of the proceeds go toward the “Stadium tax.”
BCC - blatant Crony Capitalism. Or worse: fascism because the U.S. Military does a lot of promotions using pro and college sports.
Netanyahu arrest up for debate as UK petition hits target
Call to detain PM for ‘war crimes’ can now be discussed by MPs after garnering 100,000 signatures on Parliament website; senior MP dismisses ‘absurd’ petition
A petition on the British Parliament’s website urging the UK to arrest Netanyahu for “war crimes” has received more than 100,000 signatures, making the matter eligible for debate by lawmakers. The campaign reached its target on Saturday morning
The petition demands that Netanyahu “be arrested for war crimes upon arrival in the UK for the massacre of over 2,000 civilians in 2014,” a reference to the 51-day war between Israel and Hamas that summer
http://www.timesofisrael.com/netanyahu-arrest-up-for-debate-as-uk-petition-hits-target/
To find out who rules over you, simply find out who you are not allowed to criticize.” — Voltaire
Right. You’d be accused of being an “anti-Semite”. Look what happened to Penelope Cruz and Javier Bardem. Jackie Mason went nutz on them, accusing them of “biting the hand that fed them”. The message was very clear. WE control the movie biz and you goy trash are just lucky we gave you a gig.
Even the oligarchs who have been the exclusive beneficiaries of the market rigging and manipulation enabled and abetted by the Fed and regulators are getting huffy when inventive new scams give other hedge funds an “unfair” advantage.
http://wolfstreet.com/2015/09/05/why-hedge-fund-hotshots-finally-got-hammered/
The oligarchs who bankroll the Republicrat puppet show are getting seriously alarmed about Donald Trump, and will be using their corporate statist propaganda outlets to try to halt his momentum.
http://www.washingtonpost.com/politics/conservative-group-trying-to-mount-anti-trump-ad-campaign/2015/09/04/201a4f0c-532b-11e5-9812-92d5948a40f8_story.html
People who are supporting Donald Trump don’t care if he is a conservative or not. Most of those voters won’t even know what it really means. A marketing idea that will fail in my opinion. I think the same applies to Bernie sanders. People don’t care what party he belongs to instead they care what he says.
Exactly. This was pointed out by one of our local political analysts.
People are trying to ban superhero lunchboxes. PC authoritarianism has run wild. Is it any wonder people support Trump who wants to give the finger (ah fangool) to that crowd?
“People are the worst.” Seinfeld
Pointing out that “All Lives Matter” seems to have seriously backfired for Sanders.
Sanders has to please the social justice warriors, which (IMO) is a much smaller crowd than they think they are. If Trump calms down some of his rhetoric and solidifies his policy, he has a good chance of capturing the moderates, which is a much bigger crowd than anyone realizes.
Sanders shouldn’t worry about “moderates”. He should care about the working man. That is where Trump wins. Sanders socialism is anti-work.
All socialism is taking from the productive by coersion and force, and distributing the stolen wealth to the takers in exchange for their votes. Trump could do a better job of pointing that out.
No you are thinking about communism.
Progressive taxation only levels the playing field.
The elites strip wealth from the middle class not by being productive anymore but by controlling markets, milking government, banking, and stripping wealth from their workers.
The elites strip wealth from the middle class not by being productive anymore but by controlling markets, milking government, banking, and stripping wealth from their workers.
And what about the working, white-collar folks who are getting taxed at 40%+ on their earnings? Do they deserved to be “punished” as well?
Try 50%+. And LIEberals love it because they’ve got nothing and don’t want anyone else to have anything. Just like them.
schiff on ‘quantitative tightening’ (QT) [the schiff report-video]
https://www.youtube.com/watch?v=QSVfADfbhGQ
good stuff!
Time to take a 3 yr vacation.
Repost from yesterday:
The JoshuaTree extension is now available for Chrome:
JoshuaTree extension at Chrome Web Store
(The Firefox extension, with screenshots and a better description, can be found at addons.mozilla.org)
It’s a near-complete re-write with some functionality culled. If there’s some important piece missing, let me know.
But give it a try, let me know what you think! And as always, please donate to Ben to help keep this blog running if you find it helpful.
Thank you
“JoshuaTree extension at Chrome Web Store”
Yep, works now without developer mode. Thanks!
Applebees, after years of playing off local cities for tax abatements/freebies, decides to move their HQ once again…….
To California.
So much for the “cut taxes, and they will come” plan.
Bahahahaha … pitting the states against each other.
Gotta love it.
Which is the only reason Boeing started building jets in South Carolina, as leverage against the Seattle unions, and to get tax freebies from Washington state.
Never mentioned are what these savings cost in inefficiencies, transportation, training, scrappage, etc.
Tax cuts are immediate, while the costs are spread out over years/decades, and (as I have asserted) hidden from the public view, or at least until the HQ guys cash out their stock options.
“Tax cuts are immediate, while the costs are spread out over years/decades …”
Yep.
http://news.yahoo.com/blogs/trending-now/famous–flintstone-house–on-the-market-for–4-2-million-192450604.html
“…….nothing is more American than grabbing a hot dog, heading to the ball park, and watching nine guys from the Dominican Republic make majic on the field……….. Make that eight guys, and one guy from Irvine, California.”
Will Ferrell
Climate Crisis, Inc. has become a $1.5 trillion industry
by Paul Driessen
August 22, 2015
No warming in 18 years, no category 3-5 hurricane hitting the USA in ten years, seas rising at barely six inches a century: computer models and hysteria are consistently contradicted by Real World experiences.
So how do White House, EPA, UN, EU, Big Green, Big Wind, liberal media, and even Google, GE and Defense Department officials justify their fixation on climate change as the greatest crisis facing humanity? How do they excuse saying government must control our energy system, our economy and nearly every aspect of our lives – deciding which jobs will be protected and which ones destroyed, even who will live and who will die – in the name of saving the planet? What drives their intense ideology?
The answer is simple. The annual revenue of the Climate Crisis & Renewable Energy Industry has become a $1.5-trillion-a-year business!
- See more at: http://www.cfact.org/2015/08/22/climate-crisis-inc-has-become-a-1-5-trillion-industry/#sthash.NFaCstfR.dpuf
No small part of this “industry” involves the propaganda machine which ridicules or attacks anyone who dares question the pronouncements of the high priests of climate science.
You are completely incorrect in your assertion that there has been no warming in 18 years.
The illegal immigration problem could be stopped in 10 days if they really wanted to ( And Mexico will not pay for the fence, dummies)
Time to stop giving illegals jobs, rental apts, bus passes, bank accounts, drivers licenses, library cards, education….etc — EASY - no more illegals.
When you check into a hotel in Europe they ask to see your passport.
Too bad big biz loves illegals and controls the puppets. next…
‘If you fail to verify that an individual has legal authorization to work in the United States, your company may have to pay a fine. If you do not complete an I-9 form for an employee within three days of hiring him, you may face a fine ranging from $110 to $1,100, according to the Ohio State Bar Association. A fine can be assessed for each failure to complete the form and for failing to complete the form properly. If you knowingly employ individuals who are not authorized to work in the United States, you may face a fine of $10,000 per employee. You may have to pay this fine regardless of having properly completed an I-9 form for the undocumented worker.’
‘Though you will most likely face a fine as a penalty for hiring undocumented workers, you could also spend some time in jail. If a court determines that you’ve shown a pattern of breaking the law in hiring undocumented workers, the court could sentence you to up to six months in jail. Likewise, if you knowingly employ at least 10 undocumented workers in a given year, you may be convicted of harboring illegal employees. If a court finds you guilty of this, it could sentence you to up to 10 years in prison. You may also face imprisonment if you are found guilty of perjury in relation to employing workers without legal documentation.’
‘If your company works with contractors, you could also face penalties for any undocumented workers the contractor hires.’
http://smallbusiness.chron.com/penalties-hiring-illegal-workers-65282.html
‘Illegal immigrants who seek employment often engage in identity theft in order to work in the United States. Employers are required to make a good faith effort to make sure that their employees are legally permitted to work in the country. Good faith efforts include checking social security numbers and making sure the numbers are valid.
http://www.legalmatch.com/law-library/article/penalties-for-employers-hiring-illegal-immigrants.html#sthash.tzXgNTCY.dpuf
Just enforce the law. It would all be over in months.
Yep. But they don’t, and fools think Mexico will pay for a wall. Bummer, Trump or Bernie don’t pick up on this.
No wall will ever be a match for human creativity and will. Only retards think a wall will thwart illegal immigration. Not so.
25 billion a year is wired to family in Mexico. 50 percent tax will have a deterrent effect and also help pay for the wall.
Those remittances are being sent to families in Mexico, where money goes a lot further. If you taxed them at 50%, that would be a strong incentive to smuggle those families into the US instead.
“Cause and effect” clearly isn’t your strong point.
they are already smuggling everyone they can. Don’t talk about things you don’t know about .
Importing poverty and problems allow government to accumulate more power than it already has in the name of solving them. Governments are not the friend of the little guys….especially the western governments.
“Too bad big biz loves illegals and controls the puppets. next…”
This is posted above with link.
Gov’t Accuses Company Of Discrimination Over Employees Having To Prove Citizenship Status
BY: Joe Schoffstall
September 3, 2015 4:29 pm
The Department of Justice has accused a business of discrimination due to the company requiring employees to show proof of citizenship for employment.
The DOJ claims that Nebraska Beef Ltd., a Nebraska-based meat packing company, “required non-U.S. citizens, but not similarly-situated U.S. citizens, to present specific documentary proof of their immigration status to verify their employment eligibility.”
After receiving pressure from the government, Nebraska Beef agreed to pay $200,000 in a civil penalty settlement and said they will establish an uncapped back pay fund for people who lost wages because they could not prove they are in the country legally.
The settlement also requires the business to undergo compliance monitoring for two years, train employees on the anti-discrimination provision within the Immigration and Nationality Act, and to revise policies within its office.
True. Stop all taxpayer aid to undocumented people. But it is funny how my racist conservative friends don’t want that. They are primarily racist, not really against taxpayer aid. They used to have rhetoric against welfare decades ago.
I cannot distinguish them from lieberals anymore. They all think redistribution of wealth is patriotic.
Who are these conservative friends of yours who don’t want to cut off benefits to the illegals? I have never met a conservative that didn’t want to cutoff such benefits. I’ve never even heard of it in real life. I hear people on here bitching about big business chamber of commerce type crony capitalists wanting illegal immigration, but have never ever heard someone in real life actually claim that position. The courts say you have to pay the benefits.
No offense and I hope my tone here isn’t harsh, but are you really saying you know conservative people in real life who don’t want to cutoff benefits to illegals?
The conservatives WANT the government to pick up the dime on behalf of the businesses that hire the illegals. They aren’t about low taxes. They are about low taxes on the rich, but high taxes on the middle class.
redistribution of wealth is a horrible plan.
stopping the cheating and mooching at the top is the plan.
dont be a lola
They don’t ask for your passport at hotels in the UK.
They must hate freedom….
Would this be a bad time for dips to buy?
Marketwatch dot com
‘Bearish divergence’ is warning investors not to buy the dip in the stock market
By Tomi Kilgore
Published: Sept 4, 2015 10:04 a.m. ET
The S&P 500 could fall a lot further before a ‘bullish divergence’ appears to suggest a potential bottom
‘Bearish divergence’ is warning investors not to buy the dip
A chart signal that warns you not to buy can be just as useful as one that warns you it’s time to sell. The long-term “bearish divergence” in the S&P 500’s chart suggests it is still much too soon to try to pick a bottom.
The bearish divergence was flashing a yellow light for stocks as far back as two years ago, but it didn’t turn red until a couple of weeks ago, when the S&P 500 (SPX, -1.53%) broke below support at the January low.
Bearish divergences don’t necessarily suggest investors should sell, but they do warn that when a breakdown in price does occur, they should not fight it. The pattern now indicates the index could fall a lot further before the opposite “bullish divergence” appears.
The Relative Strength Index (RSI) technical indicator, which compares the magnitude of recent gains with the magnitude of recent losses, is used by chart watchers to gauge the momentum of a market trend.
One way chart watchers use the RSI is to watch for when the RSI trend moves in the opposite direction of the price trend it tracks. When a bullish trend in price is accompanied by a bearish trend in the RSI—a “bearish divergence”–it implies the uptrend has lost momentum, and could reverse course at any time.
The bearish divergences depicted in the above chart are what the Market Technicians Association describes as the most-bearish type–“Class A bearish divergence”–as prices climbed to record highs while RSI hit distinct lower highs and lower lows.
On the flip side, a bullish divergence can be a strong buy signal, as the two big bear-market bottoms of the last 15 years show. The bad news is, it could take months and a much deeper decline before a bullish divergence appears.
…
Never in history so much of ink and bytes been wasted in talking about the stock markets.
It’s rigged and it will go up as long as the Central Banks don’t lose their controls. Anything else is waste of time and space.
+1. You can’t “taper” a Ponzi. You have to keep pulling in new suckers or cash to keep up the illusion. Despite the jawbonings of the various Fed dissemblers, Yellen will announce QE4 in days or weeks.
Then, how, my dear golden chainsaw, go you explain the recurring, gigantic stock market crashes that have been happening my entire life?
Huh? It was posted on ZH a few days ago. I know, you ask that same question every day!
Another 10% trim coming up in stocks.
New York housing prices starting to slide.
It’s going to happen. As Neil asked, got Popcorn?
Once the reality of falling U.S. housing prices in areas that were crawling with investors just a short time ago hits home, the stock market will likely enjoy another leg down in sympathy with housing.
appreciation - depreciation = cash in your pockets
Progressivism lead to Monarchy?
doesn’t drive, needs food prepared, needs help with remote control, needs people to bring her beverages, doesn’t pay her own bills……
Ladies and gentlemen, I give you our next queen for life…..
Who are you talking about? Was there supposed to be a link?
Oh this will make the muppets laugh
http://www.huffingtonpost.com/entry/geithner-rubin-paulson-income-inequality_55e9eabde4b093be51bb73c3
Charley Reese has been a journalist for 49 years. Charlie Reese is a former columnist of the Orlando Sentinel Newspaper.
545 PEOPLE By Charlie Reese
Politicians are the only people in the world who create problems and then campaign against them.
Have you ever wondered, if both the Democrats and the Republicans are against deficits, WHY do we have deficits?
Have you ever wondered, if all the politicians are against inflation and high taxes, WHY do we have inflation and high taxes?
You and I don’t propose a federal budget. The President does.
You and I don’t have the Constitutional authority to vote on appropriations. The House of Representatives does.
You and I don’t write the tax code, Congress does.
You and I don’t set fiscal policy, Congress does.
You and I don’t control monetary policy, the Federal Reserve Bank does.
One hundred Senators, 435 Congressmen, one President, and nine Supreme Court justices– 545 human beings out of the 300 million are directly, legally, morally, and individually responsible for the domestic problems that plague this country.
I excluded the members of the Federal Reserve Board because that problem was created by the Congress. In 1913, Congress delegated its Constitutional duty to provide a sound currency to a federally chartered, but private, central bank.
I excluded all the special interests and lobbyists for a sound reason. They have no legal authority. They have no ability to coerce a senator, a congressman, or a President to do one cotton-picking thing. I don’t care if they offer a politician $1 million dollars in cash. The politician has the power to accept or reject it. No matter what the lobbyist promises, it is the legislator’s responsibility to determine how he votes.
Those 545 human beings spend much of their energy convincing you that what they did is not their fault. They cooperate in this common con regardless of party. What separates a politician from a normal human being is an excessive amount of gall. No normal human being would have the gall of a Speaker, who stood up and criticized the President for creating deficits. The president can only propose a budget. He cannot force the Congress to accept it.
The Constitution, which is the supreme law of the land, gives sole responsibility to the House of Representatives for originating and approving appropriations and taxes.
Who is the speaker of the House? Nancy Pelosi. She is the leader of the majority party. She and fellow House members, not the President, can approve any budget they want. If the President vetoes it, they can pass it over his veto if they agree to.
It seems inconceivable to me that a nation of 300 million can not replace 545 people who stand convicted — by present facts — of incompetence and irresponsibility. I can’t think of a single domestic problem that is not traceable directly to those 545 people. When you fully grasp the plain truth that 545 people exercise the power of the federal government, then it must follow that what exists is what they want to exist.
If the tax code is unfair, it’s because they want it unfair.
If the budget is in the red, it’s because they want it in the red
If the Army & Marines are in IRAQ, it’s because they want them in IRAQ
If they do not receive Social Security but are on an elite retirement plan not available to the people, it’s because they want it that way.
There are no insoluble government problems.
Do not let these 545 people shift the blame to bureaucrats, whom they hire and whose jobs they can abolish; to lobbyists, whose gifts and advice they can reject; to regulators, to whom they give the power to regulate and from whom they can take this power..
Above all, do not let them con you into the belief that there exists disembodied mystical forces like “the economy,” “inflation,” or “politics” that prevent them from doing what they take an oath to do.
Those 545 people, and they alone, are responsible.
They, and they alone, have the power.
They, and they alone, should be held accountable by the people who are their bosses.
Provided the voters have the gumption to manage their own employees.
We should vote all of them out of office and clean up their mess!
What you do with this article now that you have read it is up to you, though you have several choices:
1. You can send this to everyone in your address book and hope “they” do something about it.
2. You can agree to “vote against” everyone that is currently in office, knowing that the process will take several years.
3. You can decide to “run for office” yourself and agree to do the job properly.
4. Lastly, you can sit back and do nothing or re-elect the current bunch.
“Politicians are the only people in the world who create problems and then campaign against them.”
Such as this guy?
“The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. Over the past 5 years, our federal debt has increased by $3.5 trillion to $8.6 trillion. That is ‘‘trillion’’ with a ‘‘T.’’ That is money that we have borrowed from the Social Security trust fund, borrowed from China and Japan, borrowed from American taxpayers. And over the next 5 years, between now and 2011, the President’s budget will increase the debt by almost another $3.5 trillion.”
(snip)
“Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘‘the buck stops here.’’ Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.
“I therefore intend to oppose the effort to increase America’s debt limit.”
Senator Barrack Obama, 2006
Obama…. One Bad Assed Mistake America
Only losers go to Gamblers Anonymous.
Even the Oligopoly-controlled media is acknowledging that HillaryJeb are getting an unenthusiastic response from an electorate that is turning increasingly anti-establishment. Are the sheeple finally waking up?
http://www.washingtonpost.com/politics/what-have-bush-clinton-learned-from-voters-attraction-to-the-outsiders/2015/09/05/3500ba66-532e-11e5-8c19-0b6825aa4a3a_story.html
Props to Obama for being the first standing president to visit a federal prison. Our penal system is a national disgrace. The really big criminals have total impunity (i.e. Jon Corzine) while our jails and prisons are filled with people, many of them railroaded by win-at-all-cost prosectors and cops, who pose little or no real threat to society but are being held under conditions that should shame every single on of us. While Obama predictably focused on black and Latino prisoners, he at least is in a position to bring postive reforms to our prison-industrial system.
http://www.chicagotribune.com/news/nationworld/ct-obama-prison-visit-20150716-story.html
If you treat people in prison like beasts, it shouldn’t surprise anyone when they come out that way at the end of their sentences.
http://america.aljazeera.com/articles/2015/9/4/3-calif-deputies-arrested-for-beating-death-of-inmate.html
Our neutered, socially-engineered new military is going to be a friend for the friendless, a home for the homeless, and a garden for the vegetables who make it a career.
http://www.telegraph.co.uk/news/worldnews/northamerica/usa/11845991/US-elite-military-academy-annual-pillowfight-ends-in-broken-bones-and-concussions.html
I can’t figure out how your comment relates the article.
The Oligopoly’s favorite candidate-for-hire isn’t quite living up to their expectations. While a pliable stooge, even the dullest of the sheeple are unenthusiastic about voting for a George W Bush clone.
http://www.businessinsider.com/jeb-bush-nightmare-candidate-for-donors-2015-9
A typical fawning media apologia for a SJW who’s Twitter posts ignited a sh*tstrom.
http://nymag.com/daily/intelligencer/2015/09/victim-of-a-scary-web-shaming-speaks-out.html?mid=twitter_nymag
Maybe it’s time to think through the unintended consequences of the neo-cons’ “regime change” adventurism.
http://www.independent.co.uk/voices/comment/isis-are-threatening-to-capture-a-vital-highway-in-syria–the-loss-of-which-could-push-millions-of-refugees-out-of-governmentheld-areas-10488379.html
Although Tom Friedman is a neo-con douche, at least he’s finally told the truth about our corrupt, debauched Saudi “allies.”
http://www.nytimes.com/2015/09/02/opinion/thomas-friedman-our-radical-islamic-bff-saudi-arabia.html?_r=0
Will political instability threaten Spain’s ability to maintain the austerity demanded by its EU overlords?
http://www.theguardian.com/world/2015/sep/05/spain-catalonia-showdown-election
Is it time to short treasuries yet? when will it be time?
Three Trillion and They’re Still Not Satisfied
Environmentalists should be jumping for joy
by Laurence M. Vance | LewRockwell.com | September 5, 2015
Environmentalists, that is. It was long thought the planet had about 400 billion trees. Now it turns out that the true number is about 3 trillion. Environmentalists should be jumping for joy, but no, they’re still not satisfied. You see, there used to be twice as many—until the ax was invented. But, of course, how do they know that? If they only recently thought there were 400 billion trees and had to revise the number to 3 trillion, how can they be trusted to know how many trees there used to be hundreds and thousands of years ago. And that’s not all. Because mankind is using too many trees, in 300 years the planet will run out of trees. More trees need to be planted, but not so we don’t run out of them, but to combat the effects of climate change.
Phony:
The nature of science is that you learn more as time goes on. The nature of anti-science is that you never learn anything at all. How can I trust you to run to the store when you once couldn’t even crawl?
“The nature of science is that you learn more as time goes on. The nature of anti-science is that you never learn anything at all.”
Which one of those two sentences would apply to “the science is settled”?
The part where you “LEARN”. There comes a point where you’re pretty durned sure that you know something. There is never any such thing as being 100% sure, but you can get close.
To that matter, the entertainment/news media love to report silly conclusions about various scientific articles. I don’t know where you got this thing about the trees (’cause I won’t bother searching), but I’ll bet if you looked up the journal article behind it, you’d get a different story. Like maybe one group of scientists estimated how many trees there were in a certain spot, but there turned out to be more small trees and fewer big trees after they traveled there and took an inventory. Just because you read it on the net, doesn’t mean it’s true.
Besides, why in the world have you arbitrarily decided to settle yourself on believing in this cockamamie conspiracy theory where someone out there is getting rich by lying about global warming? They’re not. Most scientists sudying this stuff are making less that a waiter at a medium-priced restaurant.
rapidly.depreciating.houses.
Just get this interest rate increase drama over with would ya , fed?