Bits Bucket for September 28, 2015
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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
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Loanownership is really really overrated.
Instead of throwing money away on renting property, Americans preferred to throw money away on renting money to buy property.
I live in an asylum with 315 million inmates. That’s what it feels like.
5% of your fellow inmates are intelligent, thinking people. They are what makes it bearable.
If this were true, then why isn’t a rental rate less than PITI by the amount of interest. For example, if PITI was $2000/month with $600 of it in interest, why isn’t rent $1400/month?
It’s half that amount.
Don’t forget all your other losses.
Dennis Hastert paid $3.5 million in hush money to a high school boy to keep him quiet, and is now negotiating a plea deal to keep the details secret.
Must be a “small government” Republican Party thing. Instead of hooking up with consenting adults, you molest your students.
Wonder if he feels he got his $3.5 million worth? Those are some expensive “wrestling moves” LOLZ.
Must be a “small government” Republican Party thing.
It must also have something to do with Afghan culture.
“Women are for children, boys are for pleasure” - Pashtun saying
What do you think happened between Hastert and his student?
I have no idea. I haven’t paid any attention to the Hastert story.
He violated taxpayers nine ways to Sunday. When do I get my hush money payout?
BIG TIME!
Does the emergence of more weak China data this weekend concern you?
Marketwatch dot com
London Markets
Miners slam FTSE 100 lower after more weak Chinese data
By Sara Sjolin
Published: Sept 28, 2015 4:13 a.m. ET
Vodafone slumps after ending talks with Liberty Global
Bloomberg
U.K. stocks traded firmly lower on Monday after another set of lackluster industrial data from China, which underscored concerns the world’s second largest economy is slowing faster than expected.
…
What triggered the Chinese slowdown? Did Americans stop buying stuff? Did they run out of stuff to build? Did the Chinese not turn into junior American consumers as expected? Did a credit card bill come due that they couldn’t pay?
I’m looking for a physical or concrete reason, not some vague crap like “it collapsed under its own weight” or “what goes up must come down.” I think it’s pretty funny that these expert economists shift to 4th-grade level science when they can’t explain sh!t about what they’re supposed to expert at. (Hey, Robert and Paul and Nurial and Lawrence and Mark, how much does an economy actually weigh, in, say kilos?)
‘Did Americans stop buying stuff? Did they run out of stuff to build? Did the Chinese not turn into junior American consumers as expected? Did a credit card bill come due that they couldn’t pay?’
Among other things, yes.
Caterpillar down by half since last summer:
‘For two decades, China has been a consistent source of growth for companies like Caterpillar. The booming economy and an explosion in construction activity has helped companies weather the storms in the U.S. and Europe, but that thesis is now unraveling.’
‘China’s economy has slowed to mid-single-digit growth this year, and many observers think it’s actually in a recession. At Caterpillar, management is very worried about the slowdown there; sales in Asia-Pacific dropped an incredible 30% in the second quarter alone.’
‘China has now become a liability for infrastructure companies like Caterpillar, not a strength. That’s a huge change for market observers.’
http://www.fool.com/investing/general/2015/09/28/how-the-global-commodities-crash-continue-to-crush.aspx?source=eogyholnk0000001
20 years of boom is followed by what?
Global commodities crash prolly had something to do with the drop of CP stock price from 220 to 140 within the last 52 weeks.
I am thinking about putting a limit buy of 100 shares at $75 for Canadian Pacific.
Shilling this morning is suggesting we are heading to 1% growth with continued deflation…Ruiness competition in commodities…
Caterpillar down by half since last summer ??
And the stuff they sell has a very long shelf life…Even if some growth returns countries may not need the new chit…
“and the stuff they sell has a very long shelf life…”
Nobody buys new iron to sit and do nothing in a motor pool….. except for China.
Massive, excess productive capacity my friend. Massive, excess productive capacity.
…brought into being by massive unrepayable debt.
Every day there is more hype surrounding a fed rate hike. This is comical at this point.
Do they think all the talking is going to keep the market up forever?
In fairness to the Fed, there’s an awful lot of stupid, gullible people out there.
crushing.housing.losses.
This is a Drudge Report link, because when it snows somewhere or there is unseasonably cold weather, it reinforces the narrative that global warmism isn’t happening:
http://blogs.woodtv.com/2015/09/26/snowstorm-in-alaska
The Drudge Report did not link to this article, because it doesn’t fit the warmism narrative:
http://www.thedenverchannel.com/news/local-news/this-is-the-warmest-september-on-record-in-denver
We had summer in NY in September. It was wonderful.
The Russians love global warming, it gives them more “livable” land and easier access to oil.
OK, they look forward to it. It isn’t supposed to happen in our lifetimes.
Despite the lengthy debate on the federal budget in Congress, climate change rarely gets mentioned as a deficit driver. Yet paying for climate disruption was one of the largest non-defense discretionary budget items in 2012. Indeed, when all federal spending on last year’s droughts, storms, floods, and forest fires are added up, the U.S. Climate Disruption Budget was nearly $100 billion.
The startling reality:
America’s taxpayers paid three times what private insurers paid out to cover losses from extreme weather.
The federal government spent more taxpayer money on the consequences of 2012 extreme weather than on education or transportation.
That’s actually quite funny. Money spent in the past caused by Global Warming in the future. I agree that education is sadly lacking.
wpa pays and apologizes at the pump
$188 s of me while my societ gets about 40 cents more in taxes
It isn’t supposed to happen in our lifetimes.
I’m afraid you’ll get your climate change education sooner than you think. Anyone who pays attention to global climate patterns objectively can see the accelerating signs occurring now.
“pays attention” key phrase.
Major extremely fast moving fires nearby where I live in Calif. and recent reports say that the Sierra Nevada snow pack is at a 500 year low…scary stuff close by.
http://news.nationalgeographic.com/2015/09/15914-Sierra-California-snowpack-mountains-drought-centuries/
The Russians might be closer to their historic dream of a warm-water port, and they won’t even have to invade anyone.
There was some flooding in the south and wildfires in CA today.
Proof positive of global warming and the need to for bigger and bigger government with more and more regulations and higher and higher taxes…
Warmists gonna warm.
Humanoids need a viable global ecosystem, but the global ecosystem does not need humanoids. And praying to Jesus will not change that. If God created the Earth for humanoids, than zhe can also take it away from humanoids, because zhe doesn’t owe us anything.
Happy Monday, and enjoy the dieoff.
Your die off is their second coming.
Speaking of second coming, here the “Christian” apocalyptic death cult website World Net Daily discusses assorted interpretations of Sky Wizardry:
http://mobile.wnd.com/2015/09/planetary-alignments-spark-more-worry
May we at least abolish the Federal Reserve first?
Not as long as 95% of ‘Muricans vote for water carriers of the Wall Street-Federal Reserve Looting Syndicate.
2-fruit…I read that article you posted on Chicago…It was informative…Probably the only thing that I would question is if you just start locking people up what do they do when they get out ?? It has not worked in the past what makes him think it will work going forward…
SC - the lock up were the projects back in the day. Now the poors are all on what is elegantly termed scattered site housing, aka section 8 in wealthier nabes. Free to roam as they please. Chicago is slowly ‘exporting’ its problem children to collar nabes, collar towns and collar counties. And with the poors and the problem children come the problems that sadly they carry with them. Gang problems are occurring more and more in locales where this was unheard of even 10 years ago.
You have to live here to really understand this place. I have 30 years in and I am in the process of getting out.
Yeah rj…I have read many of your post regarding how bad Chicago is…I am not some bleeding heart but I just think our justice & prison systems are utter failures (except for the ones that profit from it which are many)….We treat small crime with the same stamp (Federal) that we do a robbery with a gun…You get that Federal conviction stamp on your forehead you are toast….
There was a time when a lot of these convicts would turn to the trades as a way of right siding there life with productive work…But that has even been undermined with background checks before your hired….
When did the GOP ever give us less spending and less gov? You have been fooled.
Reagan grew the size of the federal government tremendously. Reagan promised “to move boldly, decisively, and quickly to control the runaway growth of federal spending,” but federal spending “ballooned” under Reagan. He bailed out Social Security in 1983 after attempting to privatize it, and set up a progressive taxation system to keep it funded into the future. He promised to cut government agencies like the Department of Energy and Education but ended up adding one of the largest — the Department of Veterans’ Affairs, which today has a budget of nearly $90 billion and close to 300,000 employees. He also hiked defense spending by over $100 billion a year to a level not seen since the height of the Vietnam war.
Obama showed us the way on this - just use EOs when you don’t get your way.
I really don’t understand your liberal logic. Reagan failed at cutting spending due to a very hostile democrat senate and house. (Google how many times Tip O’Neill shut down the government but how the press never blamed democrats)
However, Reagan was wildly successful at cutting regulations, cutting taxes and having a massive REAL boom in the economy and REAL jobs. This resulted in record amounts of tax receipts.
It is too bad the democrats spent all that and more.
Imagine what Reagan could have done with a republican super-majority in the house and filibuster proof senate. I can tell you we would have gotten something much better than obamacare.
Imagine if he had actually CUT government spending.
Is your logic that Reagan tried and failed to cut spending so we are doomed to record deficits until we implode like Greece?
The logic of third grader…
With Reagan - blame congress
With Obama - blame Obama.
Bush had a super majority for 6 yrs? How did the less spending and less gov turn out? (hint: Bush doubled the deficit)
Keep believing in unicorns. (here is another fact)
Unemployment soared after Reagan’s 1981 tax cuts. Unemployment jumped to 10.8 percent after Reagan enacted his much-touted tax cut, and it took years for the rate to get back down to its previous level. Meanwhile, income inequality exploded. Despite the myth that Reagan presided over an era of unmatched economic boom for all Americans, Reagan disproportionately taxed the poor and middle class, but the economic growth of the 1980’s did little help them. “Since 1980, median household income has risen only 30 percent, adjusted for inflation, while average incomes at the top have tripled or quadrupled,” the New York Times’ David Leonhardt noted.
He spent years on the rubber chicken circuit ranting about deficits. Then he took office and drastically increased the deficit.
However, CalifoH20’s remark about the VA is irrelevant. The Veterans Administration was renamed and its head was made a cabinet member. That probably didn’t cost much.
Reagan contracted out government services and research, especially in anti-USSR defense, only making it look like a private sector boom.
You aren’t longing for Reagan, fruitcake. You’re longing for the days of pre-NAFTA, pre-repeal of Glass-Steagall, pre outsourcing, and pre-Internet. You’re longing for the days when the Baby Boomers were “thirty-something,” had all the benefits of low-cost college, were not competing for jobs with Chindians over the Internet, and were all healthy. No wonder the US was raking in taxes.
So go ahead, bring back Reagan. Only now, give him back his own Baby Boomers, who are now in their 60’s and taking SS and Medicare. Give him back his own taste for running up the budget deficit and debt. Give him back his own precedent for amnesty for illegals. Give him back his own greed-is-good philosophy which gave us outsourcing and bank mergers in the name of stock price. Let’s see how he does.
oxide: +1
Clinton created a helluva mess for sure.
Clinton created a helluva mess for sure.
how?
Don’t be a Liberace.
Don’t be a Liberace.
Huffington Post (real journalists) why more women choose not to have children:
http://m.huffpost.com/us/entry/8039694
Article notes that “almost 50 percent of women today are childless”
I’m sure they’ll be happy as they age
50%, meaning many of us on here have sisters who are childless. I have two childless sisters (boomers).
It is so common that it’s is silly for you guys to be making fun of people for recognizing that they cannot afford to have children and still live comfortably in the state where they grew up. And don’t tell them to move to Louisiana from California please.
It does seem rather illogical to say the world is in danger from overpopulation, and then to mock childless women.
When you think about it, the baby boom generation was an aberration from the norm. Maybe we’re just fixing the aberration by having so few children now. A reversion to the mean. The pig has been digested by the python.
While I try not to get shrill about the feminism, I do wish to point this out: it seems rather illogical to mock childless women when the precise reason that women are childless is because they are mocked nonstop. See HBB for evidence of such. What woman wants kids with a d-bag?
What woman wants kids with a d-bag?
According to red pill theory, all of them do. They want the alpha genes from the “d-bag” but they need a beta provider to pay for his alpha thugspawn.
AF/BB.
“…the precise reason that women are childless is because they are mocked nonstop”
Sorry this is your experience. It is not always so.
It sounds like red pill theory must contain a lot of nonsense.
the precise reason that women are childless is because they are mocked nonstop
I thought it was because they can’t find a “good man” as they approach 40.
Colo, same concept.
According to red pill theory, all of them do. They want the alpha genes from the “d-bag” but they need a beta provider to pay for his alpha thugspawn.
AF/BB.
AKA “stepping up to the plate another man left at the table” or “a real man will raise another man’s children as his own”
recognizing that they cannot afford to have children and still live comfortably in the state where they grew up ??
I looked around me and the hispanics, asians & indians have lots of kids…So, is it a issue of affordability or a issue of choice and some sacrifice ??
I see tons of women in headwraps pushing around their kids in my nabe. Husbands seem to work during the day and the wives seem to all be at home. Not sure how the housing is afforded I guess they bought when it was cheaper.
More likely is they rent. For half the monthly cost of buying.
Anything is possible if you take action. I know single moms with 2 kids and waitress jobs. They do ok. No, you cant live in Irvine and lease a new MB every 2 years. But, the OC is a shethole anyways. Much better quality of life in say, Bend, OR.
But if you’re gonna live in a cesspool, you might as well have a cool set of wheels.
Childless by choice. Evaluated my personality type, goals, and my desire to be a mom, and passed. I like kids as a pal around, not FT. Love being an aunt and playing board games with neighborhood kids. Then the little buggers go home. (Baby Boomer)
Syrian refugees will take care of them in their old age.
And pay at least 50% of their salaries in income taxes to support the old white geezers.
They’ll buy $5000 handbags thinking that will fill the void of a barren womb.
Cats, boxed wine, and Sex & The City reruns. Yes, you can “have it all!”
No single man with assets and options should ever get married.
When the Great Reset comes, these women will realize too late while the male of the species has a clearly defined role as provider and protector. Pajama Boy will be no substitute.
I see there’s a book call The Great Reset. It appears to about that whole phenomenon of millenials abandoning the suburbs for the urban neighborhoods with high walk scores.
https://en.wikipedia.org/wiki/The_Great_Reset
But will the millenials want to stay there, or flock out to the suburbs when the newness of the bars dies off?
I love DTLA (Downtown Los Angeles). The place is a walkable oasis of nice bars, restaurants, entertainment and arts venue, some intriguing retail,and it’s full of a great vibe. I love the young intelligent demographics, and the business climate. However, the youngsters I talk to, say when the baby oven gets turned on, they plan on a new chapter in the suburbs. The high density living and city pace is great for careers, but not so much for raising offspring.
“The Last Bookstore” in DTLA is 16,000 sq ft of fun. We love that place. (Old Bank District)
That’s probably because they grew up in suburban areas. They probably don’t have first hand knowledge that the city is a bad place for kids.
I agree with the second line.
Except you can have paper wallets for your crypto currency and there is no way a court or spouse can get access to them. And yes you can remember the private key.
LOL… no DTH yum-yum for you guys!
I work with 2 women in their 40’s who chose not to have kids. Each has 3 cats who are their “babies”. One set of cats even have their own room…..gag
Been around the world and found that only stupid people are breeding
The cretins cloning and feeding
And I don’t even own a TV….
– Harvey (not Carlos) Danger, FLAGPOLE SITTA
https://www.youtube.com/watch?v=jJo0MT3wDBs
Article notes that “almost 50 percent of women today are childless”
That’s not true. this is from the linked article:
According to the U.S. Census Bureau’s Current Population Survey, in 2014, 47.6 percent of women between age 15 and 44 had never had children, up from 46.5 percent in 2012. This represents the highest percentage of childless women since the bureau started tracking that data in 1976.
Time reported that this pattern is particularly pronounced for women between 25 and 29 — 49.6 percent of women in that age group don’t have kids. Unsurprisingly, after age 30 those numbers drop and more women become moms. The survey found that 28.9 percent of women ages 30-34 are childfree.
http://www.huffingtonpost.com/2015/04/09/childless-more-women-are-not-having-kids-says-census_n_7032258.html
I regret ever having had children. I had no idea, when I was younger, the way the world operated. Now I feel the need sometimes to apologize to them for bringing them into such a harsh world. It has nothing to do with any of the frivolous reasons listed in the huffpost article - which made it sound as though children were just “inconveniences” of sorts which cut into a mother’s social life, work schedule or checkbook..etc.
lah
Don’t regret giving your children life. If you raised caring, intelligent humans, you did the world a favor. It’s a-hole sociopaths having offspring, mirroring themselves, that’s the problem.
lying.through.her.teeth.the.whole.time.
“On the sidelines of a United Nations luncheon on Saturday, Merkel was caught on a hot mic pressing Zuckerberg about social media posts about the wave of Syrian refugees entering Germany, the publication reported.
The Facebook CEO was overheard responding that “we need to do some work” on curtailing anti-immigrant posts about the refugee crisis. “Are you working on this?” Merkel asked in English, to which Zuckerberg replied in the affirmative before the transmission was disrupted.”
http://www.cnbc.com/2015/09/27/angela-merkel-caught-on-hot-mic-pressing-facebook-ceo-over-anti-immigrant-posts.html
Once a Stasi, always a Stasi.
Merkel is a hireling for the banksters and globalists like Soros and Zuckerberg who want to innundate Europe and the US with Third World migrants. Not coincidentally, they want to disarm the US populace at the same time.
http://www.zerohedge.com/news/2015-09-27/george-soros-demands-eu-accept-1-million-refugees-costing-€15-billion-year-foreseeab
Once a Stasi, always a Stasi.
Mutti just wants everyone to behave well
Salon dot com (real journalists) article for Downlow Joe:
“recently, talk of sexual racism has exploded within the gay community, and a number of men using apps like Grindr and Scruff have come forward to discuss the race-based profiles they encounter”
http://www.salon.com/2015/09/28/sexual_racism_why_people_say_racist_things_on_dating_apps_partner/
Gaycists!
On the topic of gay in the news, Chicago Tribune reporting Dennis Hastert is negotiating a plea deal, LOLZ.
More proof, as if more were needed, that 95% of ‘Muricans have become brain-dead zombies.
https://www.washingtonpost.com/local/trafficandcommuting/eyes-down-minds-elsewhere-deadwalkers-are-among-us/2015/09/27/a3ad1da2-51bb-11e5-8c19-0b6825aa4a3a_story.html
With friends like these….
http://www.independent.co.uk/voices/the-evil-empire-of-saudi-arabia-is-the-west-s-real-enemy-a6669531.html
Commodity shares are cratering. When will the carnage spread to the homebuilders?
http://www.businessinsider.com/glencore-shares-are-getting-obliterated-again-2015-9
Carnage spreads from the edges in.
6,205 nearby properties found Seattle, WA Real Estate and Homes for Sale
http://www.realtor.com/realestateandhomes-search/Seattle_WA/type-single-family-home,multi-family-home,mfd-mobile-home,condo,co-op,townhouse,undefined-condo?ml=4
2,292 nearby properties found Seattle, WA Price Reduced Homes for Sale
http://www.realtor.com/realestateandhomes-search/Seattle_WA/type-single-family-home,condo-townhome-row-home-co-op,multi-family-home,mfd-mobile-home/show-price-reduced?ml=4
Keep slashin’ debtors…. keep slashin’. You’ve got alot lower to go.
Ben Jones I would like your opinion about driving in Colorado after spending the weekend here. So many road rage @ssholes on the roads, and it’s getting worse every day as more people move here.
One of the first things I noticed was the driver/pedestrian anger in downtown Denver. When I drove out to Colorado Springs there were multiple stop and go situations, on a Saturday! I went back to Denver on a rural-ish road. I noticed there weren’t any passing lanes for 40 plus miles. What’s up with that Colorado? That same road was lined with housing development; 300k, 400k.
I was asked when I got back, “what’s causing the boom?” I would say the real estate component of the Denver area economy is most of it. Better hope it doesn’t end or there will be a lot of unoccupied commercial and residential space.
When I drove out to Colorado Springs there were multiple stop and go situations, on a Saturday!
It’s been like that for a while. When my son’s soccer team had a Saturday game in Springs we would leave extra early, knowing there would be patches of stop and go on I-25 south of Denver. The traffic was worse there than on I-15 IN Denver. Something to do with Monument Hill, or so I have been told.
‘Something to do with Monument Hill’
They need to restrict slower traffic to the right lanes.
They need to aggressively ticket slow drivers who hog the passing lanes.
One of the first things I noticed was the driver/pedestrian anger in downtown Denver.
Interesting, I haven’t really noticed that, not that I get to downtown Denver all that often.
The more rats in the cage the crazier and angrier they get. You dont see road rage in small towns, because you might see that same car later parked at the local grocery store.
Yep. $400k houses on a postage stamp lot with 22 in centers.
Built in the middle of nowhere.
With dubious water sources.
With millions of acres of undeveloped land all around them.
With oil catering.
This should end well.
What’s a 22-inch(?) center?
Something super super complicated and really really expensive!
Right?
Instead of having floor beams and wall studs spaced 16 inches apart they are now 24 inches apart (typo above).
And this is OK by code.
Floors now act like trampolines…
All to save a few $ on a $500,000 house…
Note to estimator- Account for cost differential between doubled up 3/4″ decking and one-third fewer 2×10’s.
Market wins, end user wins.
My biggest customer is framing floors and roofs at 19″ on center.
Increasing the spacing is only a compromise if you fail to increase the size of the framing member.
Ply deck will still flex as beam spacing increases irrespective of beam depth. Doubled decking is the fix.
Banana, despite political differences, thank you for a real answer.
Good god.
These aren’t exactly snug and tight Craftsman bungalows here. One would THINK that a McMansion would need closer stud spacing because of the bigger rooms and open concept. And I’m not optimistic about fewer larger framing members, despite what my old statics textbooks says.
Run down 70 year old bungalows are firetraps and obsolete.
Better to go with a small but distinctive, modern design.
https://www.finehomebuilding.com/houseawards/2014/best-small-home
1600 sq ft is NOT a “small” house. That’s a 3/2 with a lot of space. And the kitchen is badly badly laid out.
They’re all depreciating junk regardless of floorplan Donk.
A lot of Californians and Texans are flooding in, and many seem to have a chip on their shoulder.
Just got road raged and cut off for a parking space by a D-Bag in a GMC SUV with California plates.
Why is this man not bleeding in the parking lot?
“Just got road raged and cut off for a parking space by a D-Bag in a GMC SUV with California plates.”
They seem like very angry people. They really do.
I think road rage is worse everywhere… there are so many more people on the road compared to 2000.
There are fewer miles driven today than there were in 2007.
A sign of the times.
I hear voices.
They say “get out now!”
——————-
Beneath Chicago’s Gloss: How it is possible for a city this booming to be this broke?
City Journal | 09/28/2015 | AARON M. RENN
Chicago’s Loop hums with life and commerce today. A parade of companies, including Kraft and Motorola, has moved from the suburbs into the central business district. The greater downtown apartment market is booming, with thousands of new units being constructed. Chicago hotels will add 2,200 new hotel rooms this year to accommodate throngs of tourists. The city has rolled out new amenities and attractions, including an enhanced Riverwalk along the once-polluted Chicago River, and Maggie Daley Park, a fantasy-like playground that replaced the forlorn Daley Bicentennial Plaza section of Grant Park. Also opening this year: a long-anticipated elevated rail trail and a new nature preserve on Northerly Island.
In May, the Illinois Supreme Court’s unanimous rejection of state legislators’ attempt to enact pension reform, along with Moody’s downgrade of the city’s debt to junk status, triggered a cascade of problems requiring painful decisions. First up is a 1 percentage-point increase in the Cook County sales tax, bringing Chicago’s combined state, county, and city sales tax to the highest in the nation at 10.25 percent. Mayor Rahm Emanuel is also hiking property taxes, something he spent four years trying to avoid. He proposes a $600 million increase to help the city start making required pension payments. He also wants to put a stop to so-called “scoop-and-toss” debt refinancing—the practice of paying off maturing debt obligations with sales of new long-term bonds. Emanuel plans to exempt homeowners with properties below the median value from the tax increase, but getting permission from the state could be difficult. He’s also raising an array of other taxes and fees, ranging from a new garbage-collection charge to a so-called “cloud tax” on online-streaming services such as Netflix.
Chicago’s troubles are a lesson in what happens to cities and states when they ignore financial realities. The blame goes to Illinois’s bipartisan system—dubbed the “Combine” by Chicago Tribune columnist John Kass—of clout and cronyism, powerful and self-interested public-employee unions, a business community happy to go along to get along, and residents who’ve known what’s going on but kept voting for the same people and the same spendthrift politics. It’s said of financial crises that they take much longer to arrive than you think and unfold more rapidly than you ever believed possible. People have been saying “the bills are coming due” in Chicago for a long time—and now it’s finally true.
it’s pension math
teachers got a 17% raise and retire in their fifties w a db pension
next question
I see stupid people….
The city would be fine if it weren’t for the pension burden. Even if pensions were fully funded this whole time, I seriously doubt that there would be enough money to pay all of the beneficiaries their full sum of guaranteed money in future years.
Unfortunately, back in the 70s, lawmakers put the burden on the taxpayers to cover any financial shortfall with a constitutional amendment. The can was kicked down the road for so long the only feasible option is bankruptcy. The union pigs would be screaming bloody murder, but who cares at this point?
Unlike Detroit, Chicago is not a complete S-hole, so a quick revival would be very much in the cards.
Are you sure? There are people living in suburbs and rural areas all over the south and west who have never been to Chicago, but are certain that it’s a sh!thole.
Unions will act like unions and drive their host in bankruptcy and then complain that they are victims and deserve a bailout.
How public unions view their “bought and paid” for politicians:
“Now the guy’s got Paulie as a partner. Any problems, he goes to Paulie. Trouble with the bill? He can go to Paulie. Trouble with the cops, deliveries, Tommy, he can call Paulie. But now the guy’s gotta come up with Paulie’s money every week, no matter what. Business bad? Fuck you, pay me. Oh, you had a fire? Fuck you, pay me. Place got hit by lightning, huh? Fuck you, pay me.”
back in the 70s, lawmakers put the burden on the taxpayers to cover any financial shortfall with a constitutional amendment
Dang! That’s the Anti-TABOR!
Speaking of which, the Centennial state has to refund $60 million TABOR bucks next year (mostly MJ taxes), and there is a ballot issue to keep that money and build schools and stuff with it. My prediction is that the “No” vote will be close to 70%.
F* schools.
Build something useful, like another 4 lanes of I-70 and a train.
Unfortunately, that will cost a lot more than $60 million.
“Build something useful, like another 4 lanes of I-70 and a train.”
And where will ‘lil gangsta get his “nutritious meal?”
Keep it comin 2B -
The bill is LONG past due here. They are not coming due - future tense - they are past due - past tense.
And the moves of kraft and moto - this is just rummy poaching the suburbs. Now he is really wanting to be an a$$hole mayor and tax anyone who comes to the city to work but doesn’t live here. There is no end to this a$$hole - none.
You have to live here to understand that writing about this mess doesn’t begin to describe how bad it is.
Just this morning as I was waiting for a train I noticed two piles of human sh*t on the station wall with attendant smell. Living here just gets a bit less tolerable with each passing day.
It is kinda funny that no matter what people say - that no one actually wants to LIVE under liberal/progressive laws and taxes.
Especially recently retired public union goons.
————
High-tailing it out of blue states:Migration is changing the economic center of gravity to the South
Washington Times | 9/27/15 | S Moore
The so-called “progressives” love to talk about how their policies will create a worker’s paradise, but then why is it that day after day, month after month, year after year, people are fleeing liberal blue states for conservative red states?
The new Census data on where we live and where we moved to in 2014 shows that the top seven states with the biggest percentage increase in in-migration from other states are in order: North Dakota, Nevada, South Carolina, Colorado, Florida, Arizona, and Texas. All of these states are red, except Colorado, which is purple. Meanwhile the leading exodus states of the continental states in percentage terms were: Alaska, New York, Illinois, Connecticut, New Mexico, New Jersey, and Kansas. All of these states are blue, except Alaska and Kansas.
The latest Rich States, Poor States document (which I co-author) published by ALEC, the state legislative organization, finds that nearly 1,000 people each day on net are leaving blue states and entering red states. This migration is changing the economic center of gravity in America — moving it relentlessly to the South and West.
The thin and healthy people are all moving to Colorado.
The fats are all moving to Texas, to be with the other fats.
Colorado is well stocked on fatties. Just take a look around. But it’s nice being out on the trails and only seeing fit people of all ages.
Only 1 in 5 are obese here, compared with 1 in 3 in the South.
Bahhhhhhhhhh cool a new word
don’t hispander
There are fatties everywhere. But there are fewer in Colorado.
If only we had Bojangles fried chicken!
50% are fat.
only 30% graduated from college.
30% believe the earth is 6000 yrs old.
30% like Trump.
15% watch Fox News.
hard to find good people these days.
I do slightly better in OC despite higher taxes and cost of living than I would in Arizona. The job market in software is better here than in Arizona.
It’s even better up north in the Bay Area. There must be more tech firms in Santa Clara than in all of Colorado.
Starting salaries in the SF Bay area for software engineers are around $100K. Experienced software engineers routinely make over $150K.
and 1 bdrm apartments are $2800 a mo in the Bay area, $800 in CO. Bay area has a 60 hr wk week too.
anything you can do on a pc can be outsourced, of course.
and 1 bdrm apartments are $2800 a mo in the Bay area
People are resorting to living in converted garages over there. Of course, apartments in the nicer parts of OC aren’t cheap either.
There must be more tech firms in Santa Clara than in all of Colorado ??
Probably so….Traffic is real bad during the week and especially during commute hours…Not so much on weekends….
Yeah I figure in O.C. $130k plus bennies is equal to $100k + bennies in Phoenix. And I think that $100k + bennies is typical for principle software engineers in Phoenix.
$150k for principle SWEs in Silicon Valley is about right.
And that is still hard to have money left over for entertainment if you are over 50 and maximizing your Roth 401k contributions and doing a backdoor Roth IRA every year - that’s $30,500 after tax.
The so-called “progressives” love to talk about how their policies will create a worker’s paradise…
I’d love to see an example of that. I doubt that the phrase “worker’s paradise” has been uttered more than a few times in America in the last 30 years.
The latest Rich States, Poor States document (which I co-author) published by ALEC, the state legislative organization, finds that nearly 1,000 people each day on net are leaving blue states and entering red states.
Another way to state that is that lots of people move from rich states to poor states when they retire. That’s because house prices and taxes are lower in poor states. Also, their kids have grown, so they don’t care if the schools are crap.
And it’s warmer.
And they don’t tax pensions and taxes are much lower in general because public unions goons don’t control the state.
I work in an environment - I am on the private business side - littered with AFSCME types - nice folk who really don’t do much.
‘Donald Trump on Friday accused his GOP rivals of seeking to “start World War III over Syria” and suggested the U.S. let Russia take up the fight against the Islamic State in Iraq and Syria (ISIS)’
“They want to start World War III over Syria. Give me a break,” Trump said at the State Fairgrounds in Oklahoma City.’
“You know Russia wants to get ISIS right. We want to get ISIS. Russia’s in Syria. Maybe we should let them do it?,” he continued. “Let them do it. What the hell are we crazy?”
http://thehill.com/blogs/ballot-box/255052-trump-gop-rivals-want-to-start-world-war-iii-over-syria
I’d rather see Russian and Chinese boots on the ground in this meat grinder than US troops. They can rebuild the place, too.
http://debka.com/article/24909/A-Chinese-aircraft-carrier-docks-at-Tartus-to-support-Russian-Iranian-military-buildup-
+1. For once it would be refreshing to see signs that read “Death to” some other country.
10-4 let them do ragheads for a while
China could clean that place up in two weeks…..
Be interesting to watch. From afar. Personally, I think they’re walking into a buzz saw.
exactly what Obama is doing, waiting for the rest of the world to step up, and it is working.
Bush signed the withdrawal treaty, and Obama did not let the lame neo-cons pressure him into going back in.
I has the exact same thought yesterday and had a little exchange about it with Oddie, no less.
Let Russia, China, Iran and Israel sort it out. Washington is completely clapped out.
Russian bombs and artillery shells raining down on ISIS. What’s not to like? Since a lot of the foreign fighters in Syria are from the former Soviet Republics, it seems like Moscow has every reason to want to kill them in Syria rather than let them carry the plague and pestilence back to the Caucasus and the i-Stans.
Yes- the Russians understand islam very well.
And they don’t fool around or give a damn if pajama boy feels offended.
Yesterday Trump says he wants to dump NAFTA and now this.
Of course, no liberal or democrat on this board will vote for him because it just doesn’t feel right. Better to go with a Clinton or a Biden.
You really don’t read, do you.
I’m left of center and a registered democrat (not that it matters) and I’d vote Trump. He’s a bag of douche, but marginally better than anyone else that could possibly be elected (which excludes Sanders). Hell, Trump may even be a shit-ton better than Clinton.
Papa Bush will be angry if NAFTA gets killed. He worked on it for 3 yrs.
Icahn warns of bubble trouble caused by ZIRP and QE.
Once again the Fed has set the stage for a financial crisis.
Once again middle class taxpayers will be forced to bail out the Wall Street grifters.
Once again 95% of the voters will piss and moan, then meekly bend over for the Oligopoly by voting for pro-bailout candidates.
Same as it ever was.
http://www.cnbc.com/2015/09/27/-of-potential-looming-catastrophe.html
Trump’s Tax Plan Doubles Down on George Bush Voodoo Trickle Down Tax Cuts
– Corporate tax rate slashed to 15%. “Trump says his tax reform plan will “create jobs and incentives of all kinds while simultaneously growing the economy,”” Where have we heard that before?
– The highest individual tax bracket, which would apply to married couples who make more than $300,000, would be lowered from the current 39.6 percent rate to 25 percent. That’s an even lower top tax rate than under Bush…
So, if Trump is elected, we can expect
– massive federal deficits, worse than Bush
– increased income inequality, worse than Bush
Trump is exposed. While he talks a good game to Average Joe, behind is back Trump works as an oligarch who wants to double down on GWB’s failed trickle down system of tax cuts for the rich.
http://thinkprogress.org/economy/2015/09/28/3706197/trump-tax-proposal/
Only if he fails to cut the projected increases in governmnent spending.
Obama massive spending and tax hikes didn’t work.
How about we try something different?
Don’t worry.
Democrats will be shouting how even a 1% cut the most bloated and inefficient government programs will result in children starving, grandma in the street and the US turning into Somalia overnight.
Tax carried interest like ordinary income, but then lower the rate from 39.6% to 25% on ordinary income? If you gave hedge fund managers a button to vote yes, they would all be pounding it right now, as fast as they could.
Don’t be silly. Trump is not an oligarch. Reckless spending must be curtailed to end deficits. Lower taxes are good for everyone. The government is way past parasitic.
Reckless spending must be curtailed to end deficits ??
Starting with the biggest welfare program we have…The Military…
Defense spending is 17% of the federal budget
Entitlement spending is 60% of the federal budget
You could zero out military spending and we would still have massive deficits.
Yet, having a military is actually called out in the US Constitution as an explicit responsibility of the government. Welfare, pensions, free health care, etc. are not.
Your move - and DO USE SOME 3rd GRADE MATH.
You could zero out military spending and we would still have massive deficits.
That’s incorrect.
This shows that military spending for the fiscal year that will end soon was $598 billion and that the deficit was $583 billion.
https://media.nationalpriorities.org/cache/31/5b/315badf0cfdfe0a2d03fe20615ee052b.jpg
The failure of Trickle Down Economics has produced a LOT of poor folks. yep!
you are counting: Soc sec (58 mill people), medicare (51 mil) and Medicaid (62 mil). Not food stamps.
You know you must have a soc sec # to get federal aid. These are Americans, who pd into soc sec for 30 yrs getting it back.
ps. jail is $50k per person per yr. I like food stamps at $155 a mo. But I am a FISCAL CONSERVATIVE.
What do longer life expectancies do to the figures?
now add: add veteran benefits and college assistance???
every household with an adult over 65 receives federal benefits of some kind.
how about unemployment benefits?
can we just turn all of these off? Why didn’t Bush with a super majority? Wait…. what was Medicare D?
Know your facts. know your party
This shows that military spending for the fiscal year that will end soon was $598 billion and that the deficit was $583 billion.
There you go again, quoting facts. Have you no shame?
DO USE SOME 3rd GRADE MATH.
Bush, and the conservatives in Congress, must have failed 3rd grade math because only in their world do tax cuts = more revenue. It’s tooth fairy economics.
Trump is promising to make “America great again” and all he is doing is trotting out the same old Bush tax-cuts-for-the-rich pony. It’s complete b—sht. But only in America are the sheeple dumb enough to fall for the trickle down nonsense not once, but twice.
Smart people know that tax cuts for the rich during deficits is the same as using Treasuries to pay the rich guy’s taxes. Rich people are for the most part smart people, they know this and laugh all the way to the bank. Reverse socialism.
+1 CalifoH20 & WPA….I was going to respond to 2-Fruit but you both summed it up quite well….2-fruit does not use his own advise on the 3rd grade math….Typical NeoCon Entitlement Meme lumping SS along side food stamps…
At least military hardware isn’t a necessity, thus forcing everyone to overpay 300%.
On the other hand, housing prices are pushed to 300% premiums over construction cost(lot, labor, materials and profit) as a result of the fraud driven organizations like Fannie, Freddie, FHA, etc.
Lets start by dismantling these shady GSE’s and do so promptly.
Trump is not an oligarch.
Well, he is self-funding his campaign. Worth between 2 and 10 billion, depending upon whom you believe.
What constitutes an oligarch?
What constitutes an oligarch?
A wealthy person with a great deal of insider political power, who uses that power for the benefit of themselves and their cabal of inner circle wealthy friends. This definition fits Trump to a T.
The one poster with several names answering himself? LOL.
lol@lola
Still waiting for you to explain how Trump isn’t an oligarch, Blue. Whoever I am.
Don’t be a Lola.
Amazing! We all know corp profits were at all time highs a few yrs ago, did they hire??
Trump = cutting the revenue stream, keep up the spending and increasing it. (but we cant just file BK like he did 4x) Typical GOP.
“If you have to borrow for 15 to 30 years, it’s not affordable nor can you afford it.”
“Kentucky Republican, along with two libertarians, claims First Amendment right to accept bribes”
At least they are being honest about their lack of ethics.
Create a “charity?”
Santa Monica, CA Housing Prices Fall 4% YoY
http://www.movoto.com/santa-monica-ca/market-trends/
Bellevue, WA Housing Prices Crater 7% YoY; Housing Recovery In Sight As Prices Fall Further
http://www.movoto.com/bellevue-wa/market-trends/
Bellevue, R.O.C.
One of the hottest places for Chinese ex-pats to buy property on the west coast.
Try again, HA!
Data my friend…. stick with the data.
San Francisco, CA Housing Prices Plunge 12% YoY As Defaults Ramp Up
http://www.zillow.com/noe-valley-san-francisco-ca/home-values/
Glencore getting monkey-hammered this morning as the commodities carnage belies the “recovery” meme. Right about now the counterparties to Glencore’s debt and CDSs must be as nervous as a nine-year-old at the Neverland Ranch.
http://investmentresearchdynamics.com/glencore-could-trigger-a-global-derivatives-nuclear-meltdown/
I am shocked, shocked! to discover that the SEC turns a blind eye to companies cooking the books and falsifying their earnings.
http://www.marketwatch.com/story/past-enforcement-suggests-proposed-clawback-rules-lack-teeth-2015-09-28
Cash-strapped Saudi Arabia pulling money out of its market investments. When will the exodus of funds turn into a stampede for the exits?
http://www.businessinsider.com/oil-prices-2015-saudi-arabia-hit-hard-and-withdraws-cash-from-funds-2015-9
Bill, you think bonds getting ready to go ka-boom?
http://wolfstreet.com/2015/09/27/junk-bonds-distresses-debt-ratio-spiking-spreads/
“A ‘housing recovery’ is falling prices to dramatically lower and more affordable levels by definition.”
Is UBS getting ready to rat out its criminal bankster peers for their manipulation of precious metals markets?
http://www.zerohedge.com/news/2015-09-28/ubs-about-blow-cover-massive-gold-price-rigging-scandal
http://finance.yahoo.com/echarts?s=^NBI+Interactive#symbol=^NBI;range=my
NASDAQ Biotechnology (^NBI) 3,077.35 -168.75(-5.20%)
From 1,000 in September 2011 to 4,000 recently. Buh-bye Boston real estate.
Bring it on, bitches. Daddy needs a decent house at $600K or less. Preferably one of those nice ones that some retard bought at > $700K.
The true retards are the 95% of the electorate who will vote for pro-bailout candidates who will ensure the bankers who never should’ve lent that $700K to that non-creditworthy moron have any and all loses made whole by taxpayers and the Fed’s printing press. That, homie, is true retardation.
The Dow is plunging towards 16,000. I suspect Yellen will defend 15,000 like a tigress protecting her Wall Street cubs. If 15,000 is breached and the Ponzi appears in danger of imploding, will Yellen carpet-bomb the super-rich with more helicopter funny money?
who really wants to invest in artificially priced assets? what we have is a casino with value really unknown.
It’s a red number day. When the prices of all risk assets are dropping as well as the dollar, what is going up?
I guess the obvious answer is that if the dollar is falling, at least some currencies in the index on the other side of the dollar are rising in relative terms.
Boston Metro Housing Prices Plummet 9% YoY; Prices Down Statewide
http://www.zillow.com/ma/home-values/
As science improves its ability to map out the brain and its wiring, one hopes we will see practical applications such as scans that detect cognitive ability and would preclude stupid people from voting.
http://www.independent.co.uk/news/science/intelligent-peoples-brains-wired-differently-to-those-with-fewer-intellectual-abilities-says-study-a6670441.html
The Obama-Fed-Goldmans Sachs “recovery” that has seen the mass destruction of living wage jobs and their replacement with part-time, low-wage, no benefits gigs is finally catching up to Housing Bubble II. Got popcorn?
http://charleshughsmith.blogspot.com/2015/09/the-echo-bubble-in-housing-is-about-to.html
“The well’s gone dry, folks. There isn’t going to be another push higher or a third housing bubble after this one pops.”
I dunno… these jooz are amazing.
Q: What happens to a country when you make someone president who has never had a job, never has been in the military and has been taught to hate everything that leads to prosperity.
A: You win a Noble Peace Prize?
—————-
Putin: “We can no longer tolerate the current state of affairs in the world” from Obama
cbsnews.com | September 28, 2015, 12:52 PM | CBS News
Putin: “We can no longer tolerate the current state of affairs in the world”
EW YORK - Russian President Vladimir Putin took a defiant tone in his highly-anticipated United Nations address on Monday, ahead of a planned meeting with President Barack Obama.
Putin spent much of the speech delivering the Russian perspective on world affairs, which he said is nothing more than “honest and frank.” Putin dismissed many Western officials’ expressed fears about Russian expansionism, saying the Kremlin has been accused too often of “growing ambitions.”
“It’s not about Russia’s ambitions but recognition of the fact that we can no longer tolerate the current state of affairs in the world,” Putin said.
The Russian president also mocked Western ideals and how they were applied to the Arab Spring, singling out Libya as an example of how things can go wrong. Instead of the promise of democratic reform, “we got violence, poverty and social disaster,” Putin said.
Putin said the “export of revolutions” continue to fail.
This is what happens when stupid people have voting privileges and believe a candidate hand-selected by George Soros and Goldman Sachs will bring “hope and change we can believe in.”
when you make someone president who has never had a job
Reagan had a job before he became president. He made a B-movie with a chimp.
And Shrub started an oil co or two funded by the Bin Ladens. He also had shares of a baseball team in TX he got into with borrowed money.
Texas Rangers currently in first place. The team has done much better since Bush left. Seems to be a pattern with him.
+1
Only job Putin ever had was as a KGB thug. Then straight into politics ever since.
Robert Shiller: “Houses Depreciate”
http://www.pragcap.com/robert-shiller-dont-invest-in-housing/
‘Fannie Mae recently unveiled new rules that allow more borrowers to qualify for a mortgage. The change is aimed at encouraging homeownership among creditworthy lower-income and minority homebuyers, Fannie says in a press release.’
‘In a departure from traditional lending standards, Fannie’s HomeReady mortgage rules mean that if your income isn’t enough to get a mortgage you also could count the salary of an employed child, a parent or another relative who lives with you but whose name is not on the mortgage loan.’
‘Parents and other relatives have been able to help their children buy a home in the past, but in different ways — by co-signing the mortgage, for example, or by giving them money to help with the down payment.’
“For the first time, income from a nonborrower household member can be considered to determine an applicable debt-to-income ratio for the loan, helping multigenerational and extended households qualify for an affordable mortgage,” the press release says. Qualified borrowers can get a HomeReady mortgages with down payments as small as 3 percent.
‘You also are allowed to count rental income from a boarder or someone renting an apartment attached to your home. Fannie did not say so, but, presumably, income from a nonrelative like a live-in partner to whom you are not married might also meet this standard.’
‘In another break from tradition, you also can include income from someone who doesn’t live in your household — a parent or a grown child, for instance — to qualify for a mortgage.’
http://finance.yahoo.com/news/rules-put-mortgages-within-reach-154525847.html
Heck of a job Mel.
Great, I look forward to competing against these new found borrowers for the first rung of the property ladder.
https://www.youtube.com/watch?v=sGUNPMPrxvA
They nationalized the mortgage finance market after 2008 meaning that the government, via Fannie and Freddie have bought nearly all the new mortgages in the US since then.
If it blows up this time, it’ll just be another draw from the Treasury, whose debt is purchased by the Fed. Even though QE stopped, the Fed is still reinvesting interest on the debt it owns on more agency (F&F) MBS. Since QE ended in October 2014, it looks like the Fed has purchased 300 billion more in mortgages to date based on that link.
Going forward, I’m a little unclear on what is limiting the drop in lending standards.
Debt is deflationary, which will definitely restrain the economy. Also being tied to housing limits labor mobility especially in lower income buyers. But en masse defaults follow, will the government really evict voters? Homeowners will basically become like a public employees union, right?
See also: http://www.bloombergview.com/quicktake/federal-reserve-quantitative-easing-tape
Great.
Making things less affordable in the name of affordability.
Ultimately, these central bank and government policies are driven by politics and money for the politicians.
If political winds change, that might put a brake on it. And it’s not so farfetched. Government and central bank policies to date have heavily favored existing asset holders. Eventually Millenials, burdened with predatory college costs and government+central bank-engineered high house prices may identify the factors behind these phenomena and vote for policies not so favorable to ever climbing prices.
In Britain, it may have already started:
1) Rising house prices used to be considered good news. Not any more
The media talks about homeowners ‘enjoying’ price rises, but a poll suggests people have had enough
http://www.theguardian.com/society/2014/feb/12/rising-house-prices-not-good-homeowners
2) A new [2013] Ipsos MORI poll for Inside Housing has found nearly three times as many Britons disagree than agree that rising house prices are a good thing for the country.
https://www.ipsos-mori.com/researchpublications/researcharchive/3290/Public-House-price-rises-are-not-good-for-Britain.aspx
“Ultimately, these central bank and government policies are driven by politics and money for the politicians.”
I’ve recounted this story before, but it is worth repeating:
I once met with a former executive from one of the GSEs. He said that every once in a while, a young politician would get elected and start making waves about reforming/shutting down the GSEs. So, they would open up a lending office in that politician’s district.
Next thing you know, there would be photo ops with the politician, and the reform plan would simply go away.
Apparently, taking a picture with a new homeowner in front of their white picket fence gets politicians brownie points with the electorate.
You have more faith in the electorate that me. I see the direct relationship between easy money and high college and housing costs. Many (most?) do not.
If you want costs to come down, people need to actually be exposed to those costs. I got into a nice argument over the Thanksgiving table about how giving people money to go to college would just drive the cost of college even higher.
I was accused of thinking like an economist. Guilty as charged.
“I got into a nice argument over the Thanksgiving table…”
The chat back in 2005 in San Jose, CA at the Thanksgiving table was all RE… easy money, borrow your way to wealth. I said my spiel regarding the spread between wages and mortgage payments, but was drowned-out. I actually watched an in-law rocking on the balls of his feet on the way to the bathroom.
Fast forward a few years to another Thanksgiving visit, and mom stopped me at the front door and whispered, “Don’t talk about housing.” Now I just mention we’re debt-free; the envy is palpable.
Dow was down 300 points last time I checked. Looks set to breach 16,000. Shrink-wrapped pallets of freshly-printed FRN funny money are being loaded onto Yellen’s helicopter as we speak, methinks.
like 1937 it won’t work anymore
The usual Fed suspects are back to their incessant, years-long jawboning about raising interest rates, knowing full well it will never happen as long as Yellen can prevent it from happening. If the rule of law applied, these asshats would be charged with currency manipulation, as well as fraud.
http://investmentresearchdynamics.com/the-fed-tragi-comedy-revs-back-up-dudley-says-economy-fine-fed-to-raise-rates-this-year/
If the rule of law applied, these asshats would be charged with currency manipulation, as well as fraud.
That would be the opposite of the rule of law, unless a new law was passed first.
Why is it that my pimp hand involuntarily starts to raise every time you try to correct me?
It’s indication of a character flaw on your part. You could pay attention and learn something, but you’d rather not.
Actually, I do pay attention, even to you. And weigh your arguments for their merits, and change my position when it’s warranted.
CraterRage Photo Of The Day®
http://goo.gl/8AzQyi
Mule RAGE!!!
DonkeyRage. Rip-snortin’ rage!
Just imagine the Khrator Rahje when that unsuspecting O.C. resident can’t aFford the Escalade lease payment any longer nor the adjustable rate on that $700,000 financed craker shack?
Your weekend tally in Chicago…..
Chicago Tribune
For the second straight weekend, more than 50 people were shot across Chicago, including a 10-year-old girl grazed in the neck in Woodlawn on Sunday afternoon.
The toll included four men killed and at least 53 people wounded between Friday evening and early Monday morning, according to police. Last weekend, nine people were killed and at least 45 were wounded.
Over the last four years, there have been no other back-to-back weekends with more than 50 shot, according to data collected by the Tribune. This past August, there were four straight weekends with more than 40 shot.
#SomeBlackLivesDontMatter ???
Sigh, forward.
Remember, it was “gun violence.” A bunch of disembodied guns picked themselves up of their own volition and randomly shot at passersby. No thugs were involved, no sirree…because then we’d have to call it thug violence.
For the second straight weekend, more than 50 people were shot across Chicago
Just did a google looksie. In 2011/2012, in the UK, there was grand total of 44 murders via a firearm.
No wonder the world thinks we’re crazy. I had fun explaining to my BIL (retired UK cop) what a “Gun Show” is in the USA. It blew his mind. I googled some images of a local (for me) “Gun Show”, with tables covered with guns for sale. He just couldn’t believe it.
And this has to do with gun violence in Chicago how?
It’s possible that a lot of the guns in Chicago were purchased at gun shows.
Straw purchasers are rarely prosecuted even when caught. Most guns shows, contrary to popular belief, require instant background checks before you can buy a firearm. And stolen firearms are a huge problem.
Bingo, Raymond!
It’s simply amazing how clueless some people are about this, thinking that anybody can walk in off the street and buy a limitless supply of guns at a gun show (of course, our gun-hating media actively promotes this misconception).
In my state, you have to be a member of the club that puts on the gun shows in order to purchase weapons at the show, and that entails a background check. And now, in our state, you also have to do paperwork for all private gun transfers, including those at a gun show.
Helpful hint to HBB readers: gangbangers don’t get their guns at gun shows. If you’ve ever been to one, you’d know that the LAST place some gangbanger would ever want to be outside of prison is at a gun show.
It’s simply amazing how clueless some people are about this,
(redmondjp, you probably know this)
When the state of Washington was looking to pass it’s recent gun control legislation, the city of Kirkland’s city council felt the need to pass a resolution in favor of the initiatives. They held a public meeting open to comments — I went and spoke.
The city council members (and some of those speaking in favor of the initiative) spoke of how someone could just go to gunbroker.com and “just buy a gun off the internet with no background checks”.
They had no understanding of what a FFL was or how they were involved in the transaction. And simply wouldn’t listen to the public who pointed out that how it works when a gun is shipped to/delivered through an FFL.
Now, as best I (and my lawyer) can tell, it’s illegal for me to teach my girlfriend how to safely handle a gun in our own home. Genius!
Straw purchasers are rarely prosecuted even when caught.
You may have made that up, but if it’s true, it only supports my point.
Most guns shows, contrary to popular belief, require instant background checks before you can buy a firearm.
That may be possible, but it’s also possible that the states with the gun shows that don’t require checks are directly south of Illinois.
it’s also possible that the states with the gun shows that don’t require checks are directly south of Illinois.
I believe you are correct. Kind of ironic he uses the laws of “ILLannoy” to try to prove his point, since he hates the state so.
LMAO…….
Wichita Eagle reports that a couple of kids approx 12 years old, armed with a paint scraper walk into a QuikTrip to rob the place.
Clerk asks them if they want candy. The kids say no, we want cigarettes.
Clerk says he needs to see an I.D. for the cigarettes. Kid say we don’t need no freaking I.D., this is a robbery.
Clerk just stares at them. (I’m guessing he’s giving them the “Hey, I can’t sell/give cigarettes to minors…….It’s the law. You want me to lose my job?” look.)
The kids, defeated by the cigarette bureacracy, eventually leave empty handed.
Back to the housing bubble, which, as I vaguely recall, was somehow connected to this blog…
http://investmentresearchdynamics.com/the-truth-will-set-you-free-housing-getting-ripped-today/
Gotta love the writers chart caption;
“Can you smell the middle class flesh burning yet – especially the ones who bought and overpaid for home in the last 12 months? Many of them are already underwater vs. their mortgage.”
To which I add, especially the ones who bought in the last 15 years.
ooooooph.
Soros demands that the EU take in at last a million Mid-East refugees. Wonder what our quota will be?
http://www.dailymail.co.uk/news/article-3249667/Germany-state-SIEGE-Merkel-cheered-opened-floodgates-migrants-gangs-men-roaming-streets-young-German-women-told-cover-mood-s-changing.html#ixzz3mwqyhhAM
Lets take 10 for every one the Vatican and Argentina take. Restrict them to the black, “rust belt” areas, and tell them to clean up the area.
Hopefully RINO Rubio will be the next ejectee from the GOP clown car.
http://www.breitbart.com/big-government/2015/09/28/exclusive-donald-trump-i-dont-really-believe-untrustworthy-rubio-read-obamatrade-before-becoming-critical-60th-vote-for-it/
Q: Why did Ted Cruz’s super-PAC donate $500K to his supposed rival, Carly?
A: It’s a big club and you ain’t in it.
http://theantimedia.org/presidential-candidates-super-pac-gives-500000-to-a-rival-candidate/
New Rules Put Mortgages Within Reach for More Families
Fannie Mae recently unveiled new rules that allow more borrowers to qualify for a mortgage. The change is aimed at encouraging homeownership among creditworthy lower-income and minority homebuyers, Fannie says in a press release.
Credit for nontraditional income sources
In a departure from traditional lending standards, Fannie’s HomeReady mortgage rules mean that if your income isn’t enough to get a mortgage you also could count the salary of an employed child, a parent or another relative who lives with you but whose name is not on the mortgage loan. (Check out “7 Tips to Help You Get Your Mortgage Application Approved” for help with applying for a mortgage.)
Parents and other relatives have been able to help their children buy a home in the past, but in different ways — by co-signing the mortgage, for example, or by giving them money to help with the down payment. (Zillow explains the rules for using gift funds toward your down payment.)
“For the first time, income from a nonborrower household member can be considered to determine an applicable debt-to-income ratio for the loan, helping multigenerational and extended households qualify for an affordable mortgage,” the press release says. Qualified borrowers can get a HomeReady mortgages with down payments as small as 3 percent.
Rental income counts
You also are allowed to count rental income from a boarder or someone renting an apartment attached to your home. Fannie did not say so, but, presumably, income from a nonrelative like a live-in partner to whom you are not married might also meet this standard.
In another break from tradition, you also can include income from someone who doesn’t live in your household — a parent or a grown child, for instance — to qualify for a mortgage.
FULL STORY
http://finance.yahoo.com/news/rules-put-mortgages-within-reach-154525847.html
Parents expected us to be adults and buy our own house when we left theirs. I will expect the same from my kids.
Reston, VA Housing Prices Plunge 13% YoY As Housing Demand Falls To 20 Year Low
http://www.zillow.com/market-report/09-15/247782/sunset-hills-reston-va.xls
Corona, CA Housing Prices Crater 4% YOY; Price Declines Ramp Up Statewide
http://www.zillow.com/corona-ca-92882/home-values/
Anyone know why the riots in Philly weren’t covered on the news?
Probably for the same reason this video or others like it will never appear on any MSM news show about the flood-tide of Islamic migrants sweeping across Europe with the complicity of their globalist political elites. And will be headed our way, too.
https://www.youtube.com/watch?v=8U36fCE_vCE
Carly Fiorina defends Bush-era torture and spying, calls for more transparency
Positioning herself as a steely advocate of aggressive counterterrorism programs, Republican presidential candidate Carly Fiorina offered a vigorous defense of CIA waterboarding as a tactic that helped “keep our nation safe” in the aftermath of 9/11.
“I believe that all of the evidence is very clear — that waterboarding was used in a very small handful of cases [and] was supervised by medical personnel in every one of those cases,” Fiorina told Yahoo News. “And I also believe that waterboarding was used when there was no other way to get information that was necessary.”
A Senate report last year portrayed waterboarding as “near drownings” that were tantamount to torture and concluded that the agency’s often brutal interrogations produced little actionable intelligence. But Fiorina rejected those conclusions, calling the report “disingenuous” and “a shame” that “undermined the morale of a whole lot of people who dedicated their lives to keeping the country safe.”
https://www.yahoo.com/politics/carly-fiorina-defends-bush-era-torture-and-spying-130015256041.html
Scottsdale Realtor Arrested In Deadly Hit-And-Run
http://www.12news.com/story/news/local/valley/2015/09/24/hit-and-run-death-arrest/72751504/
How many Death Crosses does it take before Mr Market is seriously stuck in the loo?
Marketwatch dot com
The Tell Get
Nasdaq Composite completes the ‘death cross’ grand slam
Published: Sept 28, 2015 12:19 p.m. ET
Nasdaq, Dow, S&P 500 and Russell 2000 all under ‘death cross’ spell for 13th time since 1979
By Tomi Kilgore
Reporter
FactSet
Nasdaq follows Dow, S&P 500 and Russell 2000 in “death cross” party
The Nasdaq Composite has produced a “death cross” chart pattern on Monday, joining the other three major market indexes, which have produced similar bearish chart patterns over the past couple months.
History suggests this occurrence could weigh on the broader stock market over the shorter term, but it’s not quite the death knell for the market over the longer term that the pattern’s name might suggest, according to data provided by Sundial Capital.
A death cross appears when the 50-day moving average crosses below the 200-day moving average, an event that many chart watchers view as marking the spot a shorter-term correction morphs into a longer-term downtrend.
“If we’re operating under the theory that this is a sell signal for stocks, then [historical data] don’t support the assumption,” said Jason Goepfert, president of Sundial, in a note to clients.
The Nasdaq’s (COMP, -3.04%) 50-day moving average fell to 4,913.44 in morning trade from 4,923.91 on Friday, according to FactSet, while the 200-day moving average inched up to 4,917.62 from 4,917.61. That’s the first death cross for the index since Dec. 19, 2012.
The Nasdaq fell 2% in midday trade, and has dropped 12% since its July 20 record close of 5,218.86.
The Nasdaq’s death cross completes the cycle, as the pattern has appeared in the charts of the Dow Jones Industrial Average (DJIA, -1.92%) on Aug. 11, for the S&P 500 index (SPX, -2.57%) on Aug. 28 and for the Russell 2000 Index (RUT, -2.87%) on Sept. 2.
Since their death crosses appeared, the Dow has slumped 7.5%, the S&P 500 has shed 4.6% and the Russell 2000 has lost 3.8%.
Monday marks the first time since Aug. 24, 2011, that all four indexes fell under the death cross spell at the same time, and just the 13th time since 1979, according to Sundial.
…
Deploy the SJWs to leaflet VWs! (Except, of course, the old microbuses and bugs, which are likely driven by SJWs or at least stoners.)
http://www.zerohedge.com/news/2015-09-28/found-volkswagen-portland
does it seem like the fomc members are being wheeled out more frequently after the market didn’t rally on no rate hike?
They do it after every meeting. They all keep their mouths shut, and then they talk after.
If you look on Bloomberg’s “economic calendar” on their website, they actually note when these guys are going to speak.
a bunch of hype.
+1. Part of the scam.
http://www.citylab.com/housing/2015/09/im-obsessed-with-san-franciscos-bunk-bed-craigslist-ads/407281/
Madness.
Insane:
“To help keep cost down I ask that you do your laundry at a laundry facility which there are three within a 2 mile radius. Also no smoking, no drugs, no booze, no clothes! Yes, this is correct. I seek a nudist friendly guy. The guy can be straight, bi or gay. It doesn’t matter to me, and I have lived with all three before. If you are not a nudist, this ad and room is not for you. Best to look elsewhere and I hope you find that special place to live.
If you are interested, tell me about yourself. Sell yourself to me. Why should I pick you? More words are best, less words get sent to trash as it tells me you are boring and definitely not what I am looking for in a housemate! Tell me about your eating habits? Do you cook yourself or eat out. Prefers meat or are you a vegetarian or vegan?
Also I have 8 cats, 4 inside (House/garage) and 4 outside (feral) The four outside comes and goes, mostly at night.. They are my children …..So you shouldn’t mind them or be allergic. They usually keep to themselves.”
Yikes, that truly is madness! I left my native S.F. 20 years ago and at that time having my own place (complete with garage) on an average income was no problem, paid about $600-$700/mo for a couple of decent apartments IIRC. That bunkbed deal would be SERIOUSLY bad if you were dating and the evening was going really well
BTW, CHS had an excellent post on the echo bubble at
http://www.oftwominds.com/blogsept15/echo-bubble9-15.html
People who rail against the Fed should understand the difference between a nominal housing price graph and one that is adjusted for inflation.
CHS’s graph in the middle of the page is nominal home prices.
To be clear, it won’t make the current home prices low, but it would make the current peak at approximately 100, and the peak madness at about 130.
When it suits his argument, he certainly knows how to use real (not nominal) data–as he does below when showing “Real Median Household Income”.
The entire purpose of CHS chart is to show inflation adjusted housing prices.
Nice try my friend.
Then he’s incompetent, since that chart doesn’t adjust for inflation.
Inded it does Rental_Fraud.
WTF. Do these freaks not realize they’re going to grow old someday?
http://www.dailymail.co.uk/news/article-3251928/Walk-wild-Horns-extreme-piercings-leopard-inkings-centre-stage-Ecuador-tattoo-convention.html
Yeah, she’s not going to be nearly as cute when she’s in her seventies.