October 1, 2015

Bits Bucket for October 1, 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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164 Comments »

Comment by Ben Jones
2015-10-01 01:11:10

The video I recorded in Colorado is online.

Comment by Mafia Blocks
2015-10-01 07:25:13

Was that the Master of Cermonies Goon in the beginning of the video? I can only imagine what kind of bedlam that day was.

 
Comment by azdude
2015-10-01 07:26:47

pretty cool . Love the flip at the end, classic.

Comment by Ben Jones
2015-10-01 07:37:02

We saw those flip signs in several new developments. Trying to flip before construction is finished, even as builders are cutting prices. That $850k house has over 100 new houses for sale around it.

No that wasn’t Goon. It was a real shoeshine guy on the main plaza downtown. He cracked me up, berating passers-by for wearing sneakers and sandals.

Comment by In Colorado
2015-10-01 08:27:07

I have to wonder what percentage of Denver’s population can afford an 850K house? It has to be less than 5%. Of course, the theoretical profit margins on that house must have been delectable for the builder. Why build a 250K house when you can build an 850K house and, in theory, make 250K profit (or more) on it?

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Comment by Mafia Blocks
2015-10-01 08:42:00

There isn’t much more than $200k in dirt, materials and labor in those houses in the video. Note the concrete pump. Speed, efficiency and enough placements there to justify the $1500/day for the pump and operator.

Pump and dump. That’s how it’s done.

 
Comment by inchbyinch
2015-10-01 11:20:31

mafia
Perceived value. What it costs vs. market value are 2 different things.

I just bought a pair of wicker rockers w/ cushions for my covered porch and paid $130 for the pair (new). My uppity friend, bought the almost identical ones and paid $400 for her pair. She shops nicer malls and stores. I buy the product, not the shopping experience.

 
Comment by Mafia Blocks
2015-10-01 11:58:47

$200k. And that’s with profit my friend.

 
Comment by cactus
2015-10-01 12:48:21

Slab foundations? I thought it was too cold for that in Colorado? Guess not.

 
Comment by In Colorado
2015-10-01 14:35:05

I’ve never seen a house here built on a slab.

 
 
 
 
Comment by Blue Skye
2015-10-01 07:53:40

Nice work!

Last time I was in Colorado Springs they had this;

http://blogs-images.forbes.com/erikkain/files/2012/06/Colorado-Springs-Fire-e1340807939561.jpg

You would think the locals would want a new very expensive house to have more space around it.

Comment by In Colorado
2015-10-01 08:23:00

FWIW, those buildings look like apartments, not houses. Notice the external staircase on the structure on the right.

Also, having space between houses won’t necessarily protect you in the case of a wild fire. I’ve seen single houses on 30 acre lots burn down.

 
Comment by palmetto
2015-10-01 08:58:31

Great video. Mind boggling though. Pot farms, lol.

Wonder how all those half-built homes will weather the winter?

Comment by Blue Skye
2015-10-01 09:40:53

Pipe farms, not pot farms.

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Comment by Ben Jones
2015-10-01 09:56:56

Yeah, I shouldn’t forego the external microphone. It is tempting to cut corners with these things.

 
 
 
 
Comment by inchbyinch
2015-10-01 07:55:09

Ben
Great video. I’ve always wondered about that area. The topography doesn’t look all the exciting.That urban area you included has way to much hardscape.

Comment by WPA
2015-10-01 07:59:03

After logging a number of miles behind a lawn mower over the years, hardscape looks pretty good to me.

Comment by inchbyinch
2015-10-01 08:24:16

WPA
Yeah, our backyard will be 90% hardscape (pool included), our front yard 65% hardscape,but in urban areas, trees and lush planter areas, mellow out the concrete look. I hear ya on no maintenance. Wish we could fill in the pool, but it’s $8K.

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Comment by WPA
2015-10-01 08:33:53

You mentioned that four-letter word, pool. I have an intense love-hate relationship with my pool. What a money pit. Chemicals, filters, parts, daily skimming… can be a royal PITA. OTOH, there’s nothing like a refreshing dip on a hot day.

 
Comment by inchbyinch
2015-10-01 08:43:59

WPA
We named our pool “the addict”. LOL Yeah, we figure the ratio is 4:1. Four hours of maintenance to one hour of enjoyment. We have perimeter trees (neighbor) and boy, what a pita. It makes the property look richer. Bought a pool cover, but we are leaving it off. The algae farm gets old.

 
Comment by Mafia Blocks
2015-10-01 08:47:28

lying.through.her.teeth.the.whole.time.

 
Comment by rms
2015-10-01 18:06:01

“You mentioned that four-letter word, pool.”

+1 Rented a place with a pool; money pit. Never again.

 
Comment by Tarara Boomdea
2015-10-01 18:18:20

So true. Whenever something went wrong that required $, our upside down landlord would ask “What did you do to it?” despite regular weekly maintenance, the cost of which was included in the rent.

The only one in the family who used it was me, and not that often. I couldn’t even get the dog in without bribing him with cheese. The water bill was outrageous. Don’t miss having one at all.

 
Comment by Mafia Blocks
2015-10-01 18:25:02

Pools are no different than houses. They empty your pockets.

 
 
 
Comment by inchbyinch
2015-10-01 08:04:56

the s/b that-oops.
Also Colorado Springs is compared to Westlake Village, Ca. I thought Colorado Springs would be a lush tree haven, like WLV. Marketers actually convinced transplants they are equivalent. Westlake Village originated in 1964ish and is a knockout (trees everywhere), and has great topography as well.

Comment by oxide
2015-10-01 10:49:29

The entire east coast is a lush tree haven.

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Comment by CalifoH20
2015-10-01 11:27:38

Westlake Village = great if you like fast food, stip malls, fake people, Persians, and a looooong drive to the beach.

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Comment by cactus
2015-10-01 12:54:06

Watch out Tom Selleck needs your water Westlake Village

 
Comment by inchbyinch
2015-10-01 13:56:15

cactus
Notice Tom Selleck was under the gun, and then you heard nothing. Fame and $ will do that. Did he even get fined? I doubt it. His brother Dan built the new Target Center on Russell Ranch Road by the WLV Costco.

oxide
So, I’ve heard. We were looking for a home in a “tree tunnel”. Our street is almost bare. Trees are awesome. Lucky lady, you.

CalifoH20
Westlake Village isn’t my kind of town either, you the tree experience is fantastic. The planning dept. makes developers plant lots of good size trees. Very strict on adding natural beauty. Yeah, it’s a plastic everything town, otherwise.

 
 
 
Comment by In Colorado
2015-10-01 08:30:34

I’ve always wondered about that area. The topography doesn’t look all the exciting.That urban area you included has way to much hardscape.

I think that people move to Denver to be near the mountains and the ski slopes. Denver itself is an unremarkable and boring looking town, as most towns are on the front range. And the job market is pretty mediocre for a place with such high real estate prices.

That said, there are places near downtown with plenty of trees and parks. Still unremarkable, though.

Comment by CalifoH20
2015-10-01 11:25:58

What about Boise or Reno as alternatives. Still close to mountains and skiing. Less traffic, less shopping malls.

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Comment by In Colorado
2015-10-01 12:39:30

I’ve always thought of Boise as a “mini Denver”.

One thing that might scare the hipsters away from Boise is the large LDS population. I actually know someone who turned down a job with HP in Boise for that reason,

 
Comment by cactus
2015-10-01 12:56:16

I thought Reno was pretty never lived there though.

I was there in June, drove the 395 from LA, nice scenery past mammoth.

 
Comment by inchbyinch
2015-10-01 17:21:02

What wrong with the LDSers? Some of the finest people I’ve met, and I disdain religion. Who cares what belief system people have, as long as they are respectful, responsible, nonviolent, and kind. Plus, I respect their mission work. Nothing gets a kid ready for life more than rude people and doors being slammed on you, and you keep on keeping on. BTW, do they send their daughters as well?

We live in Simi Valley (Reagan Library zombies) and we get along with Simi-ites. KOMS keep our mouths shut and just smile.

 
 
Comment by MightyMike
2015-10-01 11:40:59

How long does it take to drive from Denver to the ski areas?

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Comment by In Colorado
2015-10-01 12:40:43

Depends on the resort. Eldora is very close (like an hour or so) but is kind of ghetto.

 
Comment by CalifoH20
2015-10-01 13:12:14

Downtown Santa Fe, NM to skiing is 16 miles. no one knows this. Dry snow too.

 
Comment by MightyMike
2015-10-01 13:16:55

If the better places are two hour drive or more, it doesn’t really seem that skiing is a good reason to move to Denver. Young people in the Midwest could probably live a lot more cheaply in Minneapolis, Des Moines or Omaha and then fly to nice ski resorts a few times each winter.

 
Comment by rms
2015-10-01 18:14:43

“If the better places are two hour drive or more, it doesn’t really seem that skiing is a good reason to move to Denver.”

Serious Colorado skiers fly to Salt Lake City, UT, for better snow and more elevation drop.

 
 
 
 
 
Comment by Professor Bear
2015-10-01 02:12:47

What was it again that Mark Twain said about buying stocks in October?

Comment by Professor Bear
2015-10-01 02:14:50

Oh yeah…

OCTOBER: This is one of the peculiarly dangerous months to speculate in stocks in. The other are July, January, September, April, November, May, March, June, December, August, and February.

- Pudd’nhead Wilson’s Calendar, Mark Twain

Comment by MightyMike
2015-10-01 13:44:24

The Santa Claus rally must typically begin some time in November.

 
 
Comment by Jingle Male
2015-10-01 02:42:22

October: This is one of the peculiarly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August and February.
Mark Twain

 
Comment by Professor Bear
2015-10-01 10:28:05

Does the stock market always go down?

 
 
Comment by Professor Bear
2015-10-01 02:18:15

Have you recently noticed a number of high-profile firms announcing layoffs?

Comment by Professor Bear
2015-10-01 02:19:22

The Wall Street Journal
Wal-Mart setting up for hundreds of job cuts at its headquarters: sources
Published: Oct 1, 2015 4:44 a.m. ET
Retailer is struggling with competition, higher costs
Getty Images
A greeter at the Wal-Mart Supercenter store in Bowling Green, Ohio.
By Sarah Nassauer

Wal-Mart Stores Inc. is preparing a round of layoffs as early as Friday that would affect hundreds of employees at its Bentonville, Ark., headquarters, according to people familiar with the situation.

Human resources employees have reserved many of the meeting rooms at the headquarters on Friday as well as small rooms typically used by suppliers to pitch products to the retail giant, according to a person familiar with the matter.

Some Wal-Mart department directors were told to cancel travel this week or make sure they come to the office on Friday, said another person who spoke with the Wal-Mart employees.

Fewer than 500 workers are expected to lose their jobs. About 18,600 people work for Wal-Mart in the Bentonville region. Wal-Mart had no immediate comment.

Comment by CountryClubberLang
2015-10-01 07:52:51

Fewer than 500 to lose jobs when 19000 employed in that region? Who cares? All these little day to day stories mean nothing.

How much does Mark Zandi make a year? They’ve won.

 
Comment by inchbyinch
2015-10-01 08:30:37

You can’t beat Wal-Mart for some things, and shopping there isn’t sexy, but it works for us. Aldi (grocery chain- sister store to Trader Joe’s) is coming to So Ca. In our city, it will be a tenant in the same shopping center as WM. Aldi is expanding their market share in the USA, and their prices are VERY competitive. Costco might even take a hit. We’ll see.

I don’t see a future for the old fangled grocery store chains.

Comment by inchbyinch
2015-10-01 08:34:04

Aldi isn’t a TJ’s “paradox of choice” (limited choices/less sq ft) retailer. IIRC, they are usually 16,0000-19,000ish sq ft.

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Comment by oxide
2015-10-01 10:47:15

Aldi’s is more likely to impact Wal-Mart than Costco. Costco has name-brand in bulk. Aldi’s has limited selection of off-brand stuff and there is never much in stock.

Aldi’s stuff is so off-brand as to make me nervous. If the government ever set up its own welfare food store instead of SNAP, Aldi’s is what I would picture it looking like (minus the German-looking chocolate).

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Comment by inchbyinch
2015-10-01 11:07:16

oxide
Great data point, thank you. Never been in an Aldi, but it is truly being hyped, evidently.

Costco is my organic coffee source, but the problem with Costco is, the inconsistency in product availability.

Does anyone know if Costco is a product placement revenue chain?

 
Comment by cactus
2015-10-01 13:01:22

I think Costco is like a high end dollar store that sells what it can get in bulk then when its out its out.

 
Comment by inchbyinch
2015-10-01 14:34:40

cactus
Interesting point. Costco does have a lot of one time products.

The new one in Warner Center is part of a new shopping center complex “The Village”. Costco is a stand alone store, and relocating it into a high density shopping complex is insane. The multiple level parking structure was so congested, we left The Roscoe/Canoga Ave one closed fyi.

 
 
 
 
Comment by Professor Bear
2015-10-01 02:25:23

As Commodity Prices Slide, Layoffs And Restructurings Follow
September 30, 2015
12:27 PM ET
Marilyn Geewax
Capterpillar says it plans to lay off up to 10,000 workers, with many of those cuts coming in Illinois, amid a slide in equipment orders.
Scott Olson/Getty Images

In recent days, we’ve seen these headlines:

* Caterpillar is planning to cut up to 10,000 jobs.

* After standing for 127 years as an industrial giant, Alcoa will be splitting into two smaller companies.

* Glencore, a global mining giant, is seeing its stock price crumble amid insolvency rumors.

The three events may seem unrelated, but in fact, all are part of one big story: the commodities-price collapse.

All over the world, producers of raw materials sold in bulk, such as oil, copper, aluminum and zinc, have been tumbling in value. For most of us, these price changes may have seemed unimportant, or maybe even good. Cheap commodities have helped hold down consumer price inflation this past year.

But now, the reverberations from the commodities plunge are being felt by more and more Americans. This is no longer a story about miner layoffs in remote parts of South Africa or Australia. Now it’s about middle-class jobs disappearing from Peoria as sales of mining equipment dry up.

Last week, Caterpillar said it plans to lay off up to 10,000 workers, with a “significant” number of those cuts coming in Illinois. The company says that with equipment orders evaporating, 2016 will “mark the first time in Caterpillar’s 90-year history that sales and revenues have decreased four years in a row.”

And at Alcoa — short for the Aluminum Company of America — a divorce is coming. The company, founded in 1888 in Pittsburgh, announced it will split into two separate businesses next year.

The old part of Alcoa will chug along with its traditional bauxite-mining, alumina-refining and aluminum-production businesses. The other part will escape the commodity end of the industry to become a “value added” maker of engineered products.

And then there’s Glencore. The Swiss company has a huge trading division that buys and sells commodities, and another arm that mines those materials, such as copper, zinc and coal. And the company, which has about $30 billion in debt, has lost roughly three-quarters of its stock value this year.

Perhaps more than any other company, Glencore provides a disturbing look at what happens when soaring expectations combine with low-interest loans to create high risks.

Comment by Blue Skye
2015-10-01 05:53:26

“…one big story: the commodities-price collapse.”

Commodities collapse after manufacturing and construction drop. The big story is in China and it’s about their gigantic housing bubble credit binge rolling over.

Comment by X-GSfixr
2015-10-01 10:14:54

How much of it is “demand collapse”, and how much of it is because the speculators who ran up the prices have grabbed their money and run?

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Comment by azdude
2015-10-01 05:03:46

they need money to buyback stock and meet quotas so ceo’s can cash out.

 
Comment by Blue Skye
2015-10-01 05:39:36

There are only a little more than 2 million people collecting unemployment insurance. These must be the good old days.

Comment by azdude
2015-10-01 06:11:30

how long do u have to work before u can start collecting unemployment?

Comment by WPA
2015-10-01 07:26:17

20 weeks

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Comment by CountryClubberLang
2015-10-01 07:58:52

Why am I not surprised you answered this, and so quickly?

 
Comment by WPA
2015-10-01 08:14:06

Google is my friend. Besides that, I got your humorous dig :-)

 
 
Comment by Blue Skye
2015-10-01 07:54:49

So far, it’s been 45 years.

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Comment by Jingle Male
2015-10-01 20:54:43

Me too. Never collected it and I’ve been working for 45 years.

 
 
 
 
 
Comment by Professor Bear
2015-10-01 02:26:26

Did you notice the line from the Chinese stock market to your wallet?

Comment by Professor Bear
2015-10-01 02:27:48

Drawing A Line From The Chinese Stock Market To Your Wallet
July 28, 2015 8:03 AM ET
Marilyn Geewax
A Chinese worker is seen at a construction site in Beijing. Economic changes in China and in other places have reduced demand and prices for commodities like the metal in the building’s structure.
AP

A mega-economic story is playing out globally. It involves U.S. interest rates, the Chinese stock market and jobs in Minnesota, Arizona and North Dakota.

And your wallet, too.

No kidding. It’s all related. To see how, let your mind wander back.

Start by recalling where the U.S. housing market was a decade ago. In 2005, lenders were offering low “teaser” interest rates on mortgages. Many people bought homes that way, figuring they’d enjoy the initial low rates for a few years. And when the bargain rates expired, they could adapt to the higher payments, or if not, flip the house to another buyer.

But it didn’t work out that way. In 2006, home prices started to stall. Many homeowners wanted to bail out of their mortgages but couldn’t. The supply of houses suddenly was greater than demand.

Now reflect on the response from the Federal Reserve. In 2007, it started slashing interest rates, hoping that ever-lower rates would encourage businesses to expand and borrowers to refinance. Other central banks followed suit.

We’ve been there ever since. Year after year, the Fed has been allowing borrowers to get loans at historically low interest rates.

Here’s where this connects to China.

 
 
Comment by Neuromance
2015-10-01 04:28:37

China can’t help seeking a hair of the dog cure.

China Cuts Minimum Home Down Payment for First-Time Buyers
Bloomberg News
September 30, 2015

China’s central bank cut the minimum home down payment required of first-time buyers for the first time in five years, stepping up support for the property market after five interest-rate reductions since November failed to reverse an economic slowdown.

The People’s Bank of China cut the minimum down payment for buyers in cities without purchase restrictions to 25 percent from 30 percent, according to a statement released on its website Wednesday. The previous requirement had been in place since 2010, when the government boosted the ratio from 20 percent to help curb property speculation

http://www.bloomberg.com/news/articles/2015-09-30/china-eases-mortgage-requirement-as-economic-slowdown-worsens

Comment by Combotechie
2015-10-01 06:20:32

“China Cuts Minimum Home Down Payment for First-Time Buyers”

In a rational world this would be done if the risk to first timer buyers has diminished. But in this case this is done because the risk to the housing market has risen. So in an effort to save the housing market this increased risk needs to be passed on to first time home buyers.

Comment by Prime_Is_Contained
2015-10-01 07:48:23

Heh—fantastic way to put it, Combo.

 
Comment by Professor Bear
2015-10-01 07:53:56

They seem to have borrowed a page from the U.S. affordable housing policy manual.

 
Comment by WPA
2015-10-01 08:07:48

I don’t quite see it that way — if down payment is reduced, the buyer has less money on the table at risk. There’s a smaller loss to the buyer in foreclosure if only 3% was put down vs. 10% or more. The lender is taking on more risk here.

Comment by Prime_Is_Contained
2015-10-01 08:37:16

By pumping up the market beyond what is supported by fundamentals, the buyer has a much LARGER risk—of being underwater when the market eventually finds its own level.

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Comment by WPA
2015-10-01 09:43:15

That’s speculation, not risk. And even if I accept your definition of risk here, the lender is still taking on 97% of the risk if the pumped-up market implodes.

 
Comment by oxide
2015-10-01 10:56:31

How is it speculation if it’s a primary residence?

Comment by Mafia Bocks
2015-10-01 09:01:29

Yet you speculated by overpaying 220% and at twice the cost of rent, donk.

(See HA, I did it so you don’t have to.)

 
Comment by Mafia Blocks
2015-10-01 11:16:24

Well done Donk.

 
 
 
 
Comment by taxpayers
2015-10-01 11:49:32

smelly mel watts be giving u a loan fo 3% down
and you can even borrow that !

 
 
Comment by Neuromance
2015-10-01 04:33:29

Fed seeks Third Mandate.

Power centers always seek to gather more power.

Rosengren Paper Finds FOMC Acts Like It has a Third Mandate
by Christopher Condon
September 30, 2015 — 11:38 AM EDT

Rosengren, along with co-authors Joe Peek and Geoffrey Tootell, economists at the Boston Fed, are scheduled to present the paper, titled “Should U.S. Monetary Policy Have a Ternary Mandate?,” Friday at the start of a two-day conference hosted by the bank on macro-prudential monetary policy. Fed Vice Chairman Stanley Fischer will speak on the same topic at lunchtime Friday.

Federal Reserve officials often behave as if they have a mandate to take financial stability into account when they make interest-rate decisions, according to a research paper co-authored by Boston Fed President Eric Rosengren.

http://www.bloomberg.com/news/articles/2015-09-30/rosengren-paper-finds-fed-pays-attention-to-financial-stability

Comment by Blue Skye
2015-10-01 06:15:23

All behaviors of the Fed can be viewed in the light of their one and only mandate.

Comment by Raymond K Hessel
2015-10-01 06:18:44

Plundering the 99% on behalf of their .1% patrons in the financial sector.

Mission accomplished.

 
 
 
Comment by Neuromance
2015-10-01 04:37:59

Buying houses sight unseen. Clearly, no bubble here.

Also, government backing and encouragement of using houses as a speculative vehicle is about as socially beneficial as having clothes and food and energy be encouraged as speculative vehicles.

Would You Buy This House Sight Unseen?
Well, one guy did, as bold buyers snap up real estate without setting foot on it.
Patrick Clark
September 16, 2015

One in five Americans who bought a home in the past two years said they had made an offer on a home they had never visited, based on a poll of 2,100 recent buyers conducted for Redfin by SurveyMonkey. People who paid more than $750,000 for their homes were particularly likely to make a blind bid, with 53 percent of them submitting an offer sight unseen. So were millennials, 30 percent of whom made such an offer.

http://www.bloomberg.com/news/articles/2015-09-16/would-you-buy-this-house-sight-unseen-

Millenials, huh. They’re training these kids early. But, as they are bled by the FIRE sector, they will learn.

“Experience keeps a dear school, but fools will learn in no other.” — Ben Franklin.

Comment by The Selfish Hoarder
2015-10-01 17:41:35

20% buy houses sight unseen. No wonder the housing market is a bubble. Those people quickly find out the places they bought are nearly uninhabitable, and not rentable. Keeeerasssh!

 
 
Comment by Mafia Blocks
2015-10-01 04:40:15

Fetch what you can for your house today because it will be less tomorrow for years to come.

 
Comment by Neuromance
2015-10-01 04:43:50

Since the end of QE in October 2014, the Fed has purchased about 300 billion in mortgage backed securities through reinvestment based on interest it receives.

And, based on this link, there were even more mortgages purchases during QE as a result of reinvestment purchases, which apparently were separate from the printed-money-QE MBS purchases.

1) Fed reinvestment purchases: http://www.newyorkfed.org/markets/ambs/ambs_schedule.html

2) Brief history of QE: http://www.bloombergview.com/quicktake/federal-reserve-quantitative-easing-tape

Comment by azdude
2015-10-01 06:12:48

SO really QE has never ended?

 
Comment by Prime_Is_Contained
2015-10-01 07:52:53

Since the end of QE in October 2014, the Fed has purchased about 300 billion in mortgage backed securities through reinvestment based on interest it receives.

Oh wait—they were reinvesting the interest? I always assumed that they were only reinvesting the principal that matured.

If that is the case, then QE has been growing all of this time—at a rate of whatever yield those MBS were producing.

QE-infinity rides on?

Comment by Rental Watch
2015-10-01 11:56:48

Looking at their most recent balance sheet for the Fed, their total assets GREW by $79 BILLION from July 30, 2014 to July 29, 2015.

It’s certainly not the $85B per month of QE3, but their balance sheet is still expanding.

Of the $79B in balance sheet growth, $60B was MBS.

The balance sheet graphs do so though how much expansion was going on before, and how it largely has stopped…All of it is still frigging insane.

http://www.federalreserve.gov/monetarypolicy/files/quarterly_balance_sheet_developments_report_201508.pdf

 
 
Comment by Professor Bear
2015-10-01 07:56:39

Does the Fed have a housing mandate in addition to its inflation and employment mandates? That’s an awful lot of balls for one agency to juggle.

 
 
Comment by 2banana
2015-10-01 04:57:42

30% of homes lost value over the last year
MarketWatch - Quentin Fottrell - 10/1/2015

Not all American homes are rising in value.

Almost 30% of all homes lost value in August from a year earlier, according to real estate company Zillow Group (XNAS:Z), down from a recent high of 65% in January 2009, although a normal housing market would be closer to 20%. “Not all markets are experiencing the recovery evenly,” says Svenja Gudell, chief economist at Zillow. “Some big metro markets had a relatively large share of homes lose value over the past year, while others had precious few.” Overall, the median value of homes rose 3.3% year-over-year to $180,800, but appreciated at half the pace of August 2014.

Of the largest 35 metro markets covered by Zillow, Baltimore, Md., Washington, D.C., and Philadelphia, Penn. all had more than 40% of homes lose value year-over-year in August. In Baltimore, 48% of homes decreased in value. On the other hand, Denver, Colo. Dallas-Fort Worth, Texas, San Francisco and San Jose, Calif., Seattle, Wash. and Portland, Ore. all had less than 10% of homes lose value over the past year. “Denver, which continues to be the hottest large real estate market in the county, had a scant 1.5% of homes lose value over the past year,” Gudell says.

But this obviously varies dramatically, depending on city and the neighborhood. In the Denver area, less than 1% of all homes in ZIP code 80017 in the city of Aurora lost value year-over-year in August, compared to 23% in ZIP code 80827 in the community of Lake George. In the Baltimore metro area, 48% of homes are currently losing value, but only 25% of homes in ZIP code 21040 in the city of Edgewood to the northeast of the City of Baltimore. In ZIP code 21623 in the community of Church Hill, meanwhile, across the Chesapeake Bay from Baltimore, 74% of homes are losing value.

Comment by Professor Bear
2015-10-01 07:51:38

In other news, houses are still depreciating assets, just as they always were.

Comment by Prime_Is_Contained
2015-10-01 08:11:41

Yep.

When I read that, I was tempted to channel RAL and respond with “100% of houses are losing value in 100% of locations.”

 
 
Comment by CountryClubberLang
2015-10-01 08:03:32

In most sh!thole urban centers. I think this is another attempt to Balkanize society into two tiers (the .1 percent don’t count as a tier, they are your masters). They are trying everything to keep the middle class areas propped up.

Comment by In Colorado
2015-10-01 08:18:05

By “middle class” do you mean the work for corporate America, dual income, six figure household income class?

Comment by CountryClubberLang
2015-10-01 08:34:04

Or working for the State, state, county, city, school district. In other words, working people who aren’t entirely morons. People who actually get up and go to work.

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Comment by In Colorado
2015-10-01 10:41:35

In my neck of the woods those people aren’t that well paid. School teacher start at 30K. Cops and fire fighters do well, but most people who work for the city or county where I live don’t make much money, nothing like what I or my peers make in Corporate America.

Got TABOR?

 
Comment by taxpayers
2015-10-01 11:51:22

check out their pensions and retire dates

 
Comment by In Colorado
2015-10-01 12:44:02

check out their pensions and retire dates

Our local muni employees don’t have pensions. The teachers in our district don’t get pensions.

Got TABOR?

 
 
 
 
 
Comment by ibbots
2015-10-01 05:48:25

Dallas-Fort Worth apartment renters this year are getting slammed with record rent increases.

North Texas rents up 7% and less than 5% vacancy.

Nationwide, rents were about 6 percent higher than in September 2014, according to MPF.

An average apartment in North Texas now costs $975 a month. Rents for newly built units in hot markets like Dallas’ Uptown district are running more than $1,500.

http://www.dallasnews.com/business/commercial-real-estate/headlines/20150930-north-texas-apartment-rents-rising-at-record-rate.ece

Comment by ibbots
2015-10-01 06:55:24

From the same article:

‘While North Texas apartment rents are spiking, the increases are even stronger in some U.S. markets.

“The average for the West is around 8.5 percent,” Willett said. “There are three or four West Coast markets where rent increases are above 10 percent.’

 
 
Comment by scdave
2015-10-01 06:34:25

Quote of the year yesterday;

Comment by Ben Jones
2015-09-30 11:56:19

What should concern us today is, has the US military captured so much influence that it is a danger to a free people ?

Comment by palmetto
2015-10-01 07:12:21

Looka that face. Are ya scared? Right. Putin isn’t either.

http://fox5sandiego.com/2015/02/12/ashton-carter-to-replace-chuck-hagel-as-defense-secretary/

Comment by palmetto
2015-10-01 07:37:21

BTW, I was looking up the word “hapless” in the dictionary, and danged if the guy’s picture wasn’t right next to the definition.

 
 
Comment by palmetto
2015-10-01 07:20:04

Not to mention, the US today is no longer a country. It’s land mass controlled by an occupation government in Washington, DeeCee, which is basically a shiddy little taxing authority backed by some military hardware.

Comment by phony scandals
2015-10-01 08:12:55

At first glance I thought it said…

As President of the United States, I am mindful of the dangers that we face. They cross my border every morning.

President Obama: I lead the strongest military the world has ever known

By - - Monday, September 28, 2015

President Barack Obama addresses the UN General Assembly on September 28, 2015. “As President of the United States, I am mindful of the dangers that we face. They cross my desk every morning. I lead the strongest military that the world has ever known. And I will never hesitate to protect my country or our allies, unilaterally and by force where necessary.”

http://www.washingtontimes.com/…/28/president-obama-i-lead-strongest-military-world-ha/ - 155k -

Comment by TBoom
2015-10-01 12:40:30

Comment by phony scandals
2015-10-01 08:12:55

President Obama: I lead the strongest military the world has ever known
washingtontimes.com/news/2015/sep/28/president-obama-i-lead-strongest-military-world-ha/

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Comment by CountryClubberLang
2015-10-01 08:12:51

This is a serious topic, but so far what freedoms are derailed? I can do pretty much whatever I want whenever I want, travel anywhere, eat, work out, entertain myself on this blog, whatever. Who is stomping on my freedom? I feel like I am more free than ever what with all the amazing tech gadgets, access to the Internet from most anywhere cheap and 24/7.

All this enslavement new world order talk makes no sense because of one thing, the Internet. Also robots. The conspiracy argument used to be that the masters needed many willing slaves to produce goods, now all the masses are just more mouths to feed where robots can do it quicker and easier.

If there really was a conspiracy of the rich and powerful, they’d poison the water and get rid of 99 percent so the rest could just go on living just fine at a very high standard.

Comment by WPA
2015-10-01 08:25:55

I can do pretty much whatever I want whenever I want

Better check your CC&R’s and HOA ByLaws first. Funny how in the USA we talk about our cherished freedoms yet we create these oppressive mini-governments that micromanage what you do with your house.

Comment by CountryClubberLang
2015-10-01 08:29:26

Whaaaaat? All this Patrick Henry talk about being able to paint your house a certain color? All that is VOLUNTARY.

Taco Bell is crack.

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Comment by WPA
2015-10-01 09:49:04

…except in some areas virtually all new developments have HOA’s or CCR’s, like it or not. It becomes quasi-involuntary at that point. Life, liberty, pursuit of happiness… but don’t park your boat in the driveway and all Christmas lights must be approved in advance by the politburo, er, I mean the architectural committee.

 
Comment by redmondjp
2015-10-01 11:00:47

Bingo. 99% of the populace has absolutely no idea of what they can’t do with their own property.

In my city, I’m supposed to go get a plumbing permit from them, just to replace my hot water tank, even if I replace it with the exact same one from the box store.

 
Comment by CalifoH20
2015-10-01 11:30:56

“supposed to”

No one does.

 
Comment by oxide
2015-10-01 12:30:47

what they can’t do with their own property.

Memo to libertarians who constantly use this phrase: When you bought that piece of property, you also agreed to abide by the restrictions that went with it, whether they are county ordinances or zoning or private HOA snowplowing, as a condition of the sale. It should be stated in the contract that YOU signed. In other words, it’s NOT “your own” property.

If you really want to do anything you want with “your own” property, you may exercise your free-market option and choose property in a location with fewer restrictions, such as Texas or Wyoming.

 
 
Comment by inchbyinch
2015-10-01 14:53:43

HOAs and CC&Rs- Our former McMansions were in HOA PUDs, and we went HOA free this time around. I don’t miss the totalitarian aspect whatsoever, but I think it takes civilized and sophisticated mindsets to police yourself. The problems w/ no HOA & CC&Rs stem from a lack of p.o.o. - pride of ownership. Cities have CC&Rs, but nowadays, it’s cost prohibited to macro enforce them, and most neighbors don’t want to snitch.

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Comment by Ben Jones
2015-10-01 08:35:41

‘enslavement new world order talk’

You’re the only one to use those words.

’so far what freedoms are derailed’

How about privacy?

The colonist could move around and talk amongst themselves. Why did they run the British off?

Comment by Shrimpsaladsandwich
2015-10-01 08:56:07

Most privacy is being voluntarily relinquished in favor of convenience.

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Comment by scdave
2015-10-01 11:34:28

but so far what freedoms are derailed ??

Oh please you can’t be serious….I have no way of knowing how to data mine this but how many federal & state laws are there today vs. 1960 ??

3 strikes in California….Steal a bicycle and its life in prison…Ware a helmet when riding a motorcycle….Peeing on a tree in public can carry a sex offender conviction…None of these laws existed in 1960 along with thousands more…

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Comment by Raymond K Hessel
2015-10-01 19:00:27

Tacitus: “The more corrupt the state, the more numerous the laws.”

 
Comment by CountryClubberLang
2015-10-01 19:26:42

I guess you shouldnt commit multiple felonies then.

 
 
 
Comment by phony scandals
2015-10-01 08:50:15

“but so far what freedoms are derailed? I can do pretty much whatever I want whenever I want”

I wouldn’t make any big donations to a Tea Party group if I were you.

Comment by phony scandals
2015-10-01 09:04:51

Forgot to check if I was in a ‘free speech zone’

NY’s de Blasio bans protesters at event to ‘free speech zone’

Published May 29, 2015FoxNews.com

New York City Mayor Bill de Blasio wants landlords to bar tenants from lighting up in their homes. (AP)

The many groups that have gathered on New York’s noisy streets to engage in peaceful protest have long had a champion in Bill de Blasio, but now that the progressive is running City Hall, the honeymoon may be over.

Last week, aides to the mayor created a “free speech zone” so that a very small group of protesters wouldn’t mar a photo-op reopening a Queens boardwalk destroyed by Hurricane Sandy, DNAInfo reported. The move prompted a letter of protest from a group representing New York journalists and led one prominent civil liberties attorney to accuse de Blasio of hypocrisy.

“You would expect something like that from someone in government who didn’t profess to be for peaceful protests.”

- Civil liberties attorney Norman Siegel

“For someone who professes to be a progressive and believes in the right to peaceful protest, to then turn the First Amendment on its head when there are protestors who want to exercise their First Amendment to criticize you and your administration is extremely troubling,” attorney Norman Siegel told FoxNews.com Friday.

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Comment by Ben Jones
2015-10-01 09:23:17

When they start prosecuting reporters for pursuing information the government doesn’t want revealed we are in a very different place. Because the ability of the public to know what its government is doing is kinda essential to self-government. It has been reported that investigative journalists are afraid to use their phones and computers to even contact whistle-blowers.

‘The U.S. government charged former National Security Agency contractor Edward Snowden with three felonies, including two under the Espionage Act. He now becomes the eighth person to be charged under the Espionage Act under Obama, according to Firedoglake. That is more than double all previous presidents combined. Prior to Obama’s administration only three people who leaked information had been charged under the 1917 statute that was never really intended for leakers. The arguments that Obama uses now to use that statute to go after those who reveal information were first brought up by Ronald Reagan’s administration when it went after a Navy civilian analyst who leaked photographs to a British military magazine. But now the practice has become widespread.’

Note that a federal judge ruled what the NSA is doing, what Snowden exposed, is illegal but allowed them to continue. Just what kind of Mickey Mouse operation is this?

 
 
 
Comment by phony scandals
2015-10-01 09:57:58

After I hit Add comment (if not before) this post can be found at the National Security Agency’s data center facility in Utah.

“All this enslavement new world order talk makes no sense because of one thing, the Internet.”

It’s always about protecting someone or something isn’t it.

“At one point toward the end of the paper, the U.N. panel concludes that “political and governmental bodies need to use their licensing prerogative” to better protect human and women’s rights, only granting licenses to “those Telecoms and search engines” that “supervise content and its dissemination.”

The United Nations has a radical, dangerous vision for the future of the Web

By Caitlin Dewey September 24

On Thursday, the organization’s Broadband Commission for Digital Development released a damning “world-wide wake-up call” on what it calls “cyber VAWG,” or violence against women and girls. The report concludes that online harassment is “a problem of pandemic proportion” — which, nbd, we’ve all heard before.

[Men who harass women online are quite literally losers, new study finds]

But the United Nations then goes on to propose radical, proactive policy changes for both governments and social networks, effectively projecting a whole new vision for how the Internet could work.

http://www.washingtonpost.com/…/ -

Comment by TBoom
2015-10-01 12:45:43

Comment by phony scandals
2015-10-01 09:57:58

The United Nations has a radical, dangerous vision for the future of the Web
washingtonpost.com/news/the-intersect/wp/2015/09/24/the-united-nations-has-a-radical-dangerous-vision-for-the-future-of-the-web/

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Comment by CountryClubberLang
2015-10-01 19:31:42

They never would have let there be an Internet in the first place if there was some world wide cabal controlling things. The Internet is the greatest engine of freedom of speech ever created. All your privacy concerns pale by orders of magnitude to what is allowed and can be accomplished.

Look at places like Silk Road or the many spin offs. You have more freedom in more areas than people in the 60s could dream of.

 
 
 
Comment by In Colorado
2015-10-01 10:46:25

The Fed Gov can revoke your US passport for all kinds of reasons, which means that the residents of some states (who for some odd reason their DL’s are no longer accepted by TSA) might find themselves grounded as they must present a US Passport.

Also, in the good old days you didn’t need a passport to reenter the US from Canada or Mexico.

Anyway, it’s easy to feel “free” as long as the FedGov leaves you alone. But if they come after you, your opinion might change.

Comment by CountryClubberLang
2015-10-01 19:33:12

You are a needle in a haystack of needles. No one cares and there aren’t anywhee near enough monitors.

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Comment by Rental Watch
2015-10-01 13:16:32

Economic freedom is being negatively impacted with every new regulatory regime. Some regulation is good to minimize systemic risk…over-regulation ends up tilting the economic playing field toward large companies.

It’s getting more and more difficult to be a small business.

This is particularly the case if you are a health insurer or in a financial service business (as evidenced by mass consolidation of insurers and there being the fewest number of small banks since the great depression).

As those industries favor larger and larger enterprises, consumers and small business owners suffer (since there are fewer options to shop around).

With the internet, it should be EASIER to be a small business, not harder. The very fact that smaller businesses in these industries are suffering despite the technological world we live in speaks loudly to over-regulation.

Comment by The Selfish Hoarder
2015-10-01 17:45:49

Crypto currency.

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Comment by azdude
2015-10-01 07:29:03

Are the bagholders n the stock market ready for a fleecing yet?

 
Comment by Senior Housing Analyst
2015-10-01 07:33:01

Dallas, TX Rental Rates Fall 5%; Housing Inventory Balloons 46% YoY

http://www.zillow.com/dallas-tx-75204/home-values/

 
Comment by phony scandals
2015-10-01 07:42:51

What? No warming in 19 years?

Well let’s run it up the flagpole and see if anyone salutes it…

Climate Change!

Comment by WPA
2015-10-01 08:17:23

What? No warming in 19 years?

You’re reading the wrong satellites again. No, you can’t use your indash GPS to read global temperatures.

Comment by Your hiatus is showing
2015-10-01 08:42:27

Satellite Data Shows No Global Warming For Nearly 19 Years

Michael Bastasch
3:47 PM 06/04/2015

Scientists with the National Oceanic and Atmospheric Administration released a study Thursday claiming there’s no hiatus in global warming. But new satellite-derived temperature measurements show there’s been no global warming for 18 years and six months.

“For 222 months, since December 1996, there has been no global warming at all,” writes climate expert Lord Christopher Monckton, the third viscount Monckton of Brenchley

“This month’s [satellite] temperature – still unaffected by a slowly strengthening el Niño, which will eventually cause temporary warming – passes another six-month milestone, and establishes a new record length for the Pause: 18 years 6 months,” Monckton adds.

Monckton’s data comes as NOAA scientists release updated data purporting to show there’s actually been no hiatus in global warming. NOAA scientists made adjustments to temperature records to show more than twice as much warming as the old analysis at the global scale from 1998 to 2012

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

The difference between Monckton’s data and NOAA’s data is that satellites measure the lowest few miles of the atmosphere, temperature measurements from government scientists rely on thousands of weather stations, buoys and ships across the world’s surface.

Both satellites and surface temperature readings, however, showed prolonged periods without statistically significant warming trends — 15 years for surface temperatures and more than 18 years for satellites.

Scientists have already pushed back against NOAA’s new study. The news site Mashable interviewed about a dozen climate scientists not involved in the study, and nearly all of them said “the study does not support the authors’ conclusion that the so-called warming pause never happened.”

“Instead, they said it simply proves that changing the start and end dates used for analyzing temperature trends has a big influence on those measurements, a fact that was already widely known,” Mashable reported.

“The main claim by the authors that they have uncovered a significant recent warming trend is dubious,” scientists with the libertarian Cato Institute wrote in an open letter on the NOAA study.

“The significance level they report on their findings (.10) is hardly normative, and the use of it should prompt members of the scientific community to question the reasoning behind the use of such a lax standard,” they wrote.

Read more: http://dailycaller.com/2015/06/04/satellite-data-shows-no-global-warming-for-nearly-19-years/#ixzz3nKawyksk

Comment by phony scandals
2015-10-01 09:19:04

“Monckton’s data comes as NOAA scientists release updated data purporting to show there’s actually been no hiatus in global warming.”

NOAA scientists

We ain’t gonna have NOAA paycheck if we don’t find some global warming.

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Comment by Oddfellow
2015-10-01 09:36:12

Well if the Viscount Lord Monckton and the Cato Institute both say so, it must be true.

 
Comment by phony scandals
2015-10-01 09:59:07

Very useful.

 
Comment by Oddfellow
2015-10-01 09:59:58

Corporate tools.

 
Comment by CalifoH20
2015-10-01 13:16:25

yippeee! no warming, lets burn some tires!!

 
Comment by Mafia Blocks
2015-10-01 15:23:38

We burn tires every weekend. Whats the problem?

 
Comment by CalifoH20
2015-10-01 17:33:24

Dont be a Liberace.

 
Comment by Mafia Blocks
2015-10-01 17:54:53

What’s the problem?

 
 
Comment by Rental Watch
2015-10-01 13:25:33

http://climatecenter.fsu.edu/does-noaa-adjust-historical-climate-data

The graph shows what they are talking about. NOAA has adjusted downward prior years temperatures, which make current temperatures look higher.

I wish there were someone who could speak in an unbiased manner about this.

For instance, I would love to see someone show “paired” temperatures, like Case Shiller.

In other words, using identical weather stations around the world, and only including those stations that have consistent data. I don’t see a reference to this kind of analysis, only global average temperatures–so I’m not sure if that same-station analysis is ever done.

Otherwise, the fact that every year’s adjustments are downward make the data adjustments seem questionable. And without being snide, I’d like someone to explain to me how they are sure that similar downward adjustments to TODAY’s readings won’t occur 20 years from now.

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Comment by WPA
2015-10-01 07:54:38

“Trump: If I win, I’ll send Syrian refugees back” — reported on multiple media outlets.

How many more statements like this do we have to hear before people realize this guy is full of sh–, er, beans? So now on top of his bankrupt tax cut plan he’s got foreign policy promises he can’t keep. Like a train coming downhill with no brakes, it’s only a matter of time before it derails.

Comment by CountryClubberLang
2015-10-01 08:36:43

Would you rather have someone who makes promises he would like to keep but cannot.

Or someone who makes promises they have no intention of keeping?

Comment by WPA
2015-10-01 09:57:33

LOL, Trump has no intention of sending Syrians, Mexicans, Hondurans or Martians back to where they came from. It’s all hot air and steam.

 
 
Comment by Lola
2015-10-01 08:37:57

lol@lola

 
Comment by nhtransplant
2015-10-01 09:44:07

If you’re saying they can’t be kicked out that’s just one more reason not to let them in in the first place.

 
Comment by Oddfellow
2015-10-01 09:54:07

He’ll make ISIS build a wall.

Comment by CalifoH20
2015-10-01 11:49:44

Oh no!! Russia is bombing ISIS and the sand and rocks!!

hey! that was our job once!! We can’t get let Russia get away with wasting their money like we did!! Man, Putin is good!!

Crazytown, USA

 
 
 
Comment by CalifoH20
2015-10-01 09:27:24

Some people look forward to cutting off food stamps and the civil unrest it will bring. How is that being fiscally Conservative? What is the cost to fight the zombies and restore the property?

duh!
Like the Bush war at $3-6 trillion, remind me what we got? And you want to go back??

Is anyone a true fiscal conservative anymore?

Comment by Raymond K Hessel
2015-10-01 19:01:59

I am.

 
 
Comment by Senior Housing Analyst
2015-10-01 09:32:56

Carrollton, TX Housing Prices Fall 6% YoY; Inventory Balloons 95%

http://www.movoto.com/carrollton-tx/market-trends/

 
Comment by CalifoH20
2015-10-01 09:33:09

global warming or not…. I still want clean air, rivers and dirt.

Letting oil co’s and chemical co’s call the shots wont make it so.

Comment by Mafia Blocks
2015-10-01 09:45:03

Don’t be a Liberace.

 
 
Comment by Senior Housing Analyst
 
Comment by X-GSfixr
2015-10-01 10:08:42

The fairy tale is that the PTB love “innovation”.

Yeah, sure, as long as they can make a buck from it. If someone else uses it in a way that might reduce the “value” of what they are trying to sell, they suddenly become socialists

http://tinyurl.com/neqqmrv

To summarize:

-Indycar/NASCAR team owner develops a private testing facility to gain competitive edge.

-NASCAR and Indycar, now being in “Show” business instead of the “Automobile Racing” business, ban the use of the facility (or anything like it) to “preserve competitive balance”. Facility is shut down.

(Sounds pretty damn “socialist” to me……..but I guess it’s only “socialist” when the wretched refuse get to use it).

- The euro-socialist trash in F1 recognize a good idea when they see it, are developing a similar facility in the UK.

Result…….jobs that could be in the US are now in the UK.

 
Comment by frankie
2015-10-01 13:01:00

A Star Wars fan who walked to the tops of Snowdon and Ben Nevis while dressed as a stormtrooper has now set his sights on England’s tallest mountain.

Ashley Broomhall trekked to the summit of 3,560ft (1,085m) Snowdon in Snowdonia before tackling Ben Nevis.

It took him seven hours to walk up and down the 4,406ft (1,344m) Scottish peak near Fort William. On the way up he had a snowball fight with other walkers.

http://www.bbc.co.uk/news/uk-scotland-highlands-islands-34247170

The world id full of mad people, but in this case it’s probably all the better for it.

Comment by oxide
2015-10-01 15:25:20

snowball fight with other walkers.

Oh, did people dress up as Imperial Walkers too? (maybe their dogs?)

 
 
Comment by azdude
2015-10-01 15:47:38

If any of u worked for me I would probably fire u and buyback some more stock.

Comment by Raymond K Hessel
2015-10-01 19:03:22

And 95% of the sheeple would vote for whatever politician was on your payroll.

 
 
Comment by inchbyinch
2015-10-01 16:36:14

Just saw the Umpqua Community College (Oregon) shooting news, that took 12 innocent lives today. The story is unfolding, but supposedly the gunman died in a gun battle with police. How tragic.

 
Comment by inchbyinch
2015-10-01 16:39:04

Obviously, meant for the innocent victims, not the pos gunman.

 
 
Comment by Mafia Blocks
2015-10-01 18:32:15

Is it a violation of the realtor code of ethics if a realtor lies?

Comment by Blue Skye
2015-10-01 19:21:02

It’s a validation.

 
 
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