January 11, 2016

Bits Bucket for January 11, 2016

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Comment by Professor Bear
2016-01-11 01:28:21

Have China’s stock markets stabilized?

Comment by Professor Bear
2016-01-11 01:29:21

Financial Times
Last updated: January 11, 2016 6:59 am
Shenzhen closes down 6.6% as China market rout continues
Patrick McGee in Hong Kong and Charles Clover in Beijing
Investors sit in front of screens showing stock market movements in a stock firm in Wuhan, central China’s Hubei province

China equities plunged further on Monday after one of the most horrid weeks on record, as investors failed to take heart from efforts by the central bank to support the renminbi.

The CSI 300 Index of bluechips from both exchanges was down 5 per cent at the close while across the border in Hong Kong the Hang Seng index, still trading, was 2.5 per cent lower at mid-2013 lows.

Swooning stocks followed a ghastly week for mainland exchanges, which saw some $1tn wiped off their value in the first week of the new year. The selloff reverberated around the globe as investors panicked about China’s currency, economy and ability to manage both.

Monday’s trading opened on a similarly downbeat note and proceeded to fall further, undeterred by of a stable fix for the renminbi 15 minutes before the open.

The Shanghai Composite closed down 5.3 per cent and the tech-heavy Shenzhen Composite lost 6.6 per cent. In the six sessions of 2016, the indices have fallen by 14.8 per cent and one-fifth, respectively.

The theme of disjointed policy making which has marked much of China’s market meltdown this year — itself a replay of last summer — also continued.

Comment by Professor Bear
2016-01-11 01:32:45

China stocks drop again, dragging Asian markets
Published: Jan 11, 2016 2:14 a.m. ET
Asian markets continue to slide after volatile week
AFP/Getty Images
China’s stock market is off to a rocky start after the Shanghai Composite Index lost 10% last week.
By Chao Deng and Kate Geenty

China shares slid Monday, and losses in other regional markets deepened, as a rout that knocked trillions of dollars off global stocks last week ricochets back to Asia.

The Shanghai Composite Index (SHCOMP, -5.33%) fell 5.3% to 3,018 and the smaller Shenzhen Composite Index (399106, -6.60%) was last down 3.5%.

Comment by Professor Bear
2016-01-11 02:10:27

Marketwatch dot com
Oil prices under fresh pressure as China continues to spook the market
By Jenny W. Hsu
Published: Jan 11, 2016 1:59 a.m. ET
Crude potentially kicking off another bruising week

Crude prices fell more than 2% in early Asian trade Monday as volatility in the Chinese stock market and worries about the Chinese economy keep investors feeling bearish.

Regional stock markets also started the week lower. The Shanghai Composite Index (SHCOMP, -5.33%) fell 2.5% to 3106.99, while the Shenzhen Composite Index (399106, -6.60%) was 3.3% lower after a modest recovery on Friday.

Comment by Professor Bear
2016-01-11 07:37:30

Marketwatch dot com
Oil could fall toward $20, but not for the reason you think
By William Watts
Published: Jan 11, 2016 9:11 a.m. ET
It’s more about the dollar than a global glut of crude
The world’s awash in oil, but that’s not what’s driving crude toward $20 a barrel.

The oil-in-the-$20s club just got a new member. But Morgan Stanley’s case for another leg lower has less to do with a global glut of crude than it does with a strengthening U.S. dollar.

In a Monday note by analysts including Adam Longson, head of energy commodity research, Morgan Stanely argues that traders have put too much of the blame for recent weakness in commodities, especially oil, on market fundamentals. Instead, they contend that the primary driver over the last several months has been a strengthening U.S. dollar.

Oil futures last week tumbled to their lowest levels in more than a decade, extending a selloff that has seen West Texas Intermediate crude (CLG6, -1.33%) the U.S. benchmark, and Brent (LCOG6, -1.64%) the global benchmark, drop by around 70% from their mid-2014 highs.

And with China likely to further devalue its yuan currency and the Federal Reserve in tightening mode, further dollar strength seems likely, the analysts said.

While oil markets are undoubtedly oversupplied, after a certain point, deteriorating fundamentals have little to do with the price action. “Oversupply may have pushed oil prices under $60, but the difference between $35 oil and $55 oil is primarily the USD (U.S. dollar), in our view,” they wrote.

Comment by Professor Bear
2016-01-11 11:36:44

ft dot com > Markets >
Last updated: January 11, 2016 6:02 pm
Oil price to slide towards $20 a barrel, warns Morgan Stanley
Anjli Raval and David Sheppard in London
FILE - In this Dec. 13, 2015 file photo the sun sets behind an oil pump in the desert oil fields of Sakhir, Bahrain. Oil futures spiked briefly on Monday, Jan. 4, 2016, after the news that Saudi Arabia would cut diplomatic ties with Iran, a development that could be seen as a threat to oil supplies. Investors quickly discounted those fears, however.
(AP Photo/Hasan Jamali, File)

Oil’s dismal start to the new year continued on Monday as prices plumbed fresh lows, with Morgan Stanley adding to a growing number of voices warning that prices could slide to $20 a barrel.

Brent, the global oil marker, fell by more than $2, or 6 per cent, to $31.48 a barrel in late trading, a level last reached in April 2004. On the other side of the Atlantic, meanwhile, West Texas Intermediate, the US oil benchmark, dropped $1.70 to $31.28 a barrel, a fresh 12-year low.

The falls extended to 16 per cent a rout that had seen more than 10 per cent knocked off both benchmarks in the first trading week of 2016.

“Oil in the $20s is possible,” said Morgan Stanley analyst Adam Longson in a report that focused on risks posed to commodities by the possibility of China further devaluing its currency.

A slowdown in China, whose growth led the rise in global oil demand over the past decade, in recent weeks has added fears of slowing consumption to massive oversupply, even after a 70 per cent price drop over the past 18 months.

While efforts to further weaken China’s currency could help shore up its export-focused economy, it would make imports of oil and other dollar-priced commodities more expensive and would be likely to further hit demand.

“[That] could lead to another round of commodity weakness and send oil into the $20s,” said Mr Longson in the report. “$20-$25 oil price scenarios are possible simply due to currency.’’

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Comment by Canklepants
2016-01-11 06:01:33

Futures look positive so far, Herr Merkel.

Comment by Professor Bear
2016-01-11 06:37:46

What does Merkel have to do with U.S. stock futures?

Comment by Canklepants
2016-01-11 07:26:06

Globalist agenda

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Comment by Raymond K Hessel
2016-01-11 07:32:27

Soros and his ilk dictate, and the likes of Merkel, Obama, and Hillary scurry to obey. While the sheeple graze on.

Comment by wondering
2016-01-11 09:13:03

I get so sick of this “sheeple”. Was the whole USA the “sheeple” when Bush was starting his wars?

Since Edward’s Snowden’s revelations there are no “sheeple”- there are skeptical citizens and apathetic citizens- the latter are arguable “sheeple” given their lack of dissent.

Of course, the powerlessness of most people to effect meaningful change could make them “sheeple” to some extent.

Comment by The Central Scrutinizer
2016-01-11 09:45:05

‘Sheeple’ is a term basement dwellers use when they’re feeling insignificant. It’s an ad hoc form of bigotry that lets the invoker feel superior without targeting a specific race or social class.

“Everyone is an idiot but me” is the plaintive cry of the ignored basement dweller.

Comment by Raymond K Hessel
2016-01-11 19:11:51

“Sheeple” are willfully ignorant, complacent people who don’t have a thought in their head that wasn’t put there by the mass media. They now comprise the vast majority of the population.

Comment by Professor Bear
2016-01-11 08:02:09

Collapsing share prices provide bad optics for a State of the Union speech.

Comment by azdude
2016-01-11 08:04:03

It is a great opportunity to unload some bonds.

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Comment by wondering
2016-01-11 09:25:29

Unload bonds?
As the US goes into recession? Are you buying materials and energy stocks?

Comment by azdude
2016-01-11 09:29:31

for janet yellen to reduce the balance sheet.

Comment by Wondering
2016-01-11 11:20:59

Why does she need to reduce her balance sheet? A tuition payment to make?

The Fed doesn’t (won’t) reduce its balance sheet. Just hold its own IOU’s to maturity.

Comment by Mafia Blocks
2016-01-11 12:46:47

Why would you buy energy stocks when oil is in a freefall with no bottom in sight?

That’s as misguided as buying a house in the last 15 years.

Comment by Professor Bear
2016-01-11 09:14:37

Dow down. That was short!

Comment by Professor Bear
2016-01-11 01:37:03

He’s starting to catch on!

‘Tax Wall Street,’ Trump Pledges After Worst Market Week Since 2011
“When China goes bad, we go bad,” the billionaire says.
John McCormick
January 9, 2016 — 1:29 PM PST
Updated on January 10, 2016 — 11:50 AM PST
Republican presidential candidate Donald Trump speaks on Jan. 9, 2016, in Ottumwa, Iowa.

Republican presidential front-runner Donald Trump pledged to “tax Wall Street” as he sought to use a severe stock market selloff to plant new seeds of fear among voters during a campaign rally Saturday in Ottumwa, Iowa.

At times, the real estate mogul sounded more like Democratic presidential candidate Senator Bernie Sanders, a constant critic of Wall Street, than a billionaire candidate running for the Republican presidential nomination.

“There’s a bubble,” Trump told his audience in southeastern Iowa, noting the nation’s high level of debt. “You see the stock market is starting to, you know, see what’s going on,” he said. “It’s starting to have some very bad weeks and some very bad numbers.”

Comment by Blue Skye
2016-01-11 07:06:28

It would be better to get the nation and its people out of debt and drown Wall Street in the bathtub.

Comment by Puggs
2016-01-11 12:33:45

Best statement TODAY.

Comment by CalifoH20
2016-01-11 13:27:18

why would gov do that? People are responsible for their own debts.

Comment by Blue Skye
2016-01-11 18:10:51

Government has encouraged debt. Why would they do that? It is as if they are not “for the people”.

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Comment by Raymond K Hessel
2016-01-11 19:12:56

A Tobin tax would be awesome to put the HFT front-runners and market manipulators out of business.

Comment by Raymond K Hessel
2016-01-11 06:43:42

RIP, David Bowie.

Comment by palmetto
2016-01-11 06:45:45

Amen, brothah! Thanks for the tunes, Bowie.

Comment by palmetto
2016-01-11 06:57:09

Modern Love and Young Americans, couple of my fave tunes.

I really didn’t understand some of his more recent stuff. Kinda morose, but now I understand why. Didn’t know he’d been battling the big C. I think he was a pretty heavy smoker.

Comment by Combotechie
2016-01-11 07:04:26

Wiki says this …

“David Buckley said of Bowie: ‘His influence has been unique in popular culture—he has permeated and altered more lives than any comparable figure.’ In the BBC’s 2002 poll of the 100 Greatest Britons, Bowie was placed at number 29. Throughout his career, he has sold an estimated 140 million records worldwide. In the UK, he has been awarded nine Platinum album certifications, eleven Gold and eight Silver, and in the US, five Platinum and seven Gold certifications. He was inducted into the Rock and Roll Hall of Fame in 1996.”

Comment by Oddfellow
2016-01-11 06:58:29

We lost one of the Great Ones. Full album Ziggy Stardust:


Comment by Raymond K Hessel
2016-01-11 07:34:34
Comment by MacBeth
2016-01-11 08:59:39

I’ve never done good things
I’ve never done bad things
I never did anything out of the blue…

“Ashes to Ashes”

RIP David Bowie.

Space Oddity, Low, Heroes, Let’s Dance. Quite an arsenal.

Comment by palmetto
2016-01-11 09:45:20

I enjoyed the movie “The Man Who Fell to Earth”.

Comment by Rental Watch
2016-01-11 15:15:45

Judging from the timing, he held on until his birthday, and he released his last album.

Same thing happened with my grandfather, held on and then died on his birthday. And my aunt–held on for her granddaughter to make it home for one last visit (and waited for her to leave), then died a day later.

The mind can be a powerful force, even over a dying body. RIP indeed.

Comment by Prime_Is_Contained
2016-01-11 16:21:53

+1, RW; my father did the same thing, passing not long after his birthday.

It’s pretty amazing how powerful the mind is.

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Comment by The Selfish Hoarder
2016-01-11 16:33:00

Diamond Dogs was the first David Bowie album I bought in early 70s. I was just thinking yesterday how young he looked in recent photos and did not know he had this bad illness. We will never forget David Bowie.

Comment by Raymond K Hessel
2016-01-11 19:16:59

We will never forget David Bowie.

Death is the ultimate change agent, Steve Jobs said before his own departure. We might not forget David Bowie, but he will be forgotten, as we all will be in time. And that’s OK.

Comment by Selfish Hoarder
2016-01-11 20:13:05

Who was Steve Jobs?

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Comment by Jingle Male
2016-01-12 07:02:28


Comment by Muggy
2016-01-11 17:20:28

The description of the case of ammo pinged my radar, and the Bowie ref pinged another.

How’s life, Alad?

Comment by Oddfellow
2016-01-11 21:02:27

I thought he died alone.

A long, long time ago.

Comment by Raymond K Hessel
2016-01-11 06:52:35

Germany’s globalist Merkel administration and PC police failed in their most basic duty: to ensure the security of German citizens. Now the backlash is gathering force. Watch and learn, Hillary supporters. She will be our own Merkel, only more corrupt and venal.


Comment by palmetto
2016-01-11 07:22:24

These “backlashes” tend to fail because they don’t go after the correct targets. The “migrants” are but a symptom. The causes of the problem are in the banks and government offices, and the “police” that protect them.

It was interesting to note the the German police were very well mobilized with water cannon and other deterrents when the citizens protested. But when the “migrants” were on the loose, there was “nothing they could do”.

Comment by redmondjp
2016-01-11 10:40:15

They were interviewing some German apologist on NPR this morning regarding that situation . . . he sounded like Obama when confronted with something he didn’t like, studdering “it . . . it . . . it” I think at least 8 times, trying to answer a question.

The interviewer began the interview with “we have to be very, very careful here” (not to say anything not PC).

Something like 500 criminal complaints and 30 suspects LOL! Cue up Schultz from Hogan’s Heroes: “I know nothing!”

Comment by clark
2016-01-11 06:53:02

The Constitutional Convention Big Con

“For a very long period of time we have had an extra-constitutional government, acting unrestrained by what Thomas Jefferson described as “the chains of the Constitution.”

After the attacks of September 11, 2001, our government has engaged in systematic policies of torture, targeted killing, indefinite detention, and mass surveillance. It violated the rule of law, eroded many of our most cherished values, rights and liberties, and made us less free and less safe.

Some of these policies, such as torture and extraordinary rendition, are no longer “officially” condoned. But most other policies—indefinite detention, targeted killing or assassination by drones, trial by military commissions, warrantless arrest and imprisonment without legal counsel, warrantless surveillance, and racial, religious, and other forms of profiling—remain core elements of U.S. national security strategy today.

We have become an invasive leviathan state running out of control, with preemptive, undeclared no-win wars overseas, and a growing police state at home.

Recently Texas Governor Greg Abbot has called for a new constitutional convention to ratify new amendments to give back more powers to the states and limit the power of the federal government.

Governor Abbott is probably perfectly sincere in his naïve desire for constitutional reform but the totalitarian statists have been eagerly preparing for such a window of opportunity for decades.

See [ Proposed Constitution for the Newstates of America ]

Review your American history. America’s original constitution, the Articles of Confederation and Perpetual Union, was ratified during our American Revolution from the tyranny of King George III and secession from the British Empire.

Later the Articles were considered unwieldy and too restrictive of power by certain nationalists who believed in a strong consolidated central government. The plotters organized a special convention to meet in Philadelphia in 1787 under the pretext of amending it. Instead they executed a coup d’état. These nationalists met in secret session behind closed doors, completely threw out the Articles and created a totally different constitution and a new mechanism to legitimize their coup.

A passionate and heated debate over the ratification of the plotter’s Constitution soon resulted between the Federalists (the nationalist supporters of the coup document) and the Anti-Federalists (the opponents of the plotters who supported a decentralized federal republic of explicitly limited power to the general government with most authority residing between sovereign independent states.) They believed that was what our Revolution from Britain had been all about.

In any new constitutional convention as proposed by the governor and others, history could very easily repeat itself. Delegates could easily get control of the convention through spurious/rigged delegate selection process or parliamentary procedure tactics and substitute a new document such as the proposed Constitution for the Newstates of America referred to above. In one bold gesture it would not only be the end of the republic but of any remnant of liberty itself.

We are under the most serious constitutional crisis we have faced since 1861.

We ceased being a decentralized constitutional republic of independent sovereign states in 1865.

We became a National Security State with the enactment of the National Security Act of 1947, which among other draconian measures, created the Central Intelligence Agency.

See [ Supplanting the US Constitution: War, National Emergency and ‘Continuity of Government’ ]

See [ The Deep State: The Unelected Shadow Government Is Here to Stay ]

See [ National Emergencies and the Subjective Prerogative of the Sovereign ]

See [ White House Continuity of Government Plan ] Is this parody or leaked expose?

I believe that two related but seemingly independent efforts of subversion are underway by the statists to impose a fascist government, one openly discussed in the mainstream media – naïve but well-meaning efforts (such as that by the Texas governor) calling for a new constitutional convention (but not how these “reform movements” could be manipulated for totalitarian ends); and the other covert and undiscussed – national emergency planning under executive orders and continuity of government directives.

We had our “Reichstag Fire” on 9/11 and the implementation of COG, the USA PATRIOT Act, and the various Military Commissions Acts and National Defense Authorization Acts, TSA dehumanizing gate-rape at airports, and the widespread use of SWAT teams and the increasing militarization of local police forces, propelling us into planned chaos and engineered insecurity.

Calling a new constitutional convention does not address the most serious constitutional crisis we face – that of the usurpation of power and authority of the public state by the deep state.

Professor of International Law Michael J. Glennon of The Fletcher School of Law and Diplomacy at Tufts University has composed one of the most fascinating and comprehensive studies of what many policy analysts such as Peter Dale Scott are now calling “the public state” and “the deep state.”

The Harvard National Security Journal online article is entitled “National Security and Double Government.” Glennon contrasts the “Madisonian” public state described in the first three Articles of the United States Constitution (and taught in junior high Civics) with that of the covert “Trumanite” National Security State established in 1947 (and rarely known of by anyone outside its inner clandestine corridors).

In many ways he is reaffirming what the great Old Right libertarian Garet Garrett prophetically observed at the creation of this monstrosity. Glennon strips bare any illusions as to where the true source of power lies. His descriptions of the inner workings, motivations, bureaucratic inertia, institutional loyalties, of this “double government” are brilliantly outlined. He conclusively demonstrates that although the transparent public face of power in the executive, legislative, and judicial branches may change with each new presidential administration or rotation in office of elected congressional officials or appointments to the courts, the faceless elite forces shaping national security policy are deeply entrenched, unapproachable, and unaccountable.

This parasitic deep state feeds off its public state host, (and in turn off those hapless tax slaves who sustain both of these ravenous leviathans in our midst). An expanded book-length analysis is also available.

For the past fifteen years the momentum has been building for a deadlier transformation.”

- Charles Burris

Comment by Canklepants
2016-01-11 07:29:08

Don’t post full articles. Also you are more free than at any point in human history. Enjoy it.

Comment by Raymond K Hessel
Comment by azdude
2016-01-11 07:32:51

A falling stock market will enable yellen to liquidate some of her portfolio as the flight to safety occurs.

Comment by Prime_Is_Contained
2016-01-11 16:20:28

They have no intention of liquidating any of it.

Comment by Mafia Blocks
2016-01-11 16:50:10

Thus demand continues to collapse.

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Comment by clark
2016-01-11 06:54:52

To see the supporting links and the original comment, go here: https://www.lewrockwell.com/lrc-blog/constitutional-convention-big-con/

Comment by Raymond K Hessel
2016-01-11 06:55:26

Hackers scamming homebuyers and sellers. I thought that was the NAR’s job.


Comment by Raymond K Hessel
2016-01-11 06:58:24

NYT’s admits conservatives were right all along on (European) immigration.


Comment by Raymond K Hessel
2016-01-11 07:00:01

Are white blue-colar voters belatedly realizing that a vote for the crony capitalist status quo, i.e. HillaryJeb, is a vote for their own destruction?


Comment by palmetto
2016-01-11 07:26:56


What is “authenticity” in contemporary politics? Is it a man who parlayed a routine Congressional career into a lucrative gig at Lehman Br”others presenting himself as the son of a mailman? Or is it a billionaire with a supermodel wife dropping the pretense that he’s no different from you stump-toothed losers in the rusting double-wides? Trump’s lack of pandering extends to America, too. He doesn’t do the this-is-the-greatest-country-in-the-history-of-countries shtick that Mitt did last time round. He isn’t promising, like Marco Rubio, a “second American century”. His pitch is that the American dream is dead - which, for many Americans, it is. In 1980, Jimmy Carter’s “malaise” was an aberration - a half-decade blip in three decades of post-war US prosperity that had enabled Americans with high school educations to lead middle-class lives in a three-bedroom house on a nice-sized lot in an agreeable neighborhood. In 2015, for many Americans, “malaise” is not a blip, but a permanent feature of life that has squeezed them out of the middle class. They’re not in the mood for bromides about second American centuries: They’d like what’s left of their own lifespan to be less worse.”

Comment by MightyMike
2016-01-11 17:03:24

What is “authenticity” in contemporary politics? Is it a man who parlayed a routine Congressional career into a lucrative gig at Lehman Br”others presenting himself as the son of a mailman? Or is it a billionaire with a supermodel wife dropping the pretense that he’s no different from you stump-toothed losers in the rusting double-wides? Trump’s lack of pandering extends to America, too.

A better question is, “Why should anyone care about things instead of the policies that these guys would pursue in office?”

Comment by The Central Scrutinizer
2016-01-11 09:14:06

The GOP will be 100% Trumplings by summer.

Comment by Raymond K Hessel
2016-01-11 19:22:06

I hope so, when I look at the alternatives (with the exception of Rand Paul). Trump is the murder weapon for the corrupt, worthless Establishment GOP. That is why the Republican base is voting for him, as a direct repudiation of what these arrogant, co-opted “elites” have become.

Comment by Raymond K Hessel
Comment by Raymond K Hessel
2016-01-11 07:05:09

While the MSM already ignores inconvenient truths that belie its DNC talking points and oligopoly-approved narratives, once Comrade Pelosi’s permanent Democrat Supermajority is in place, the media omertà will be even more pronounced and blogs like this one will assume even greater importance for disseminating real news and real truth.


Comment by azdude
2016-01-11 07:27:35

why hasn’t the PPT came to the rescue of the retail investor? what are they waiting for?

Comment by Raymond K Hessel
2016-01-11 07:35:54

The PPT has never cared about the retail investor, only the high rollers and TBTF banks.

Comment by Blue Skye
2016-01-11 07:38:48

Lenders get rescued. Debtors get squashed.

Comment by Professor Bear
2016-01-11 07:38:51

Today is the day!

Comment by palmetto
2016-01-11 07:44:34

Melt-up first.

Comment by azdude
2016-01-11 08:05:18

wealth is evaporating too fast.

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Comment by palmetto
Comment by azdude
2016-01-11 08:55:08

It seems like the PPT has all but vanished and all the big banks are going negative on stocks. Coincidence?

Comment by Blue Skye
2016-01-11 09:05:57



Comment by Raymond K Hessel
Comment by Raymond K Hessel
2016-01-11 07:39:27

Counting the days to a Russian default. Let’s get this party started!


Comment by phony scandals
2016-01-11 08:04:02

MightyMike has taken issue with comments from the article…

Obama Touts ‘Road to Socialism’ Auto Bailout in Weekly Address

Breitbart | Jeff Poor - January 10, 2016

After offering proof that Detroit was still in decline after the Auto bailouts MightyMike still had a problem with this comment…

Bunkerbound American •

Chrysler was given to Fiat as repayment for the millions of dollars given by Italian unions for Oblame-a’s 2008 election campaign. (All done through untraceable internet donations).

Comment by MightyMike
2016-01-10 12:29:59

How about the claim that Italian unions donated to Obama’s campaign in 2008? Is there any proof of that? Do you care whether there is any evidence?

I felt the need to check with some of the most powerful people in the land to get their opinions on the subject.

Harry Reid said he was told by an extremely credible source that Bunkerbound American has checked his sources for 10 years.

Obama said If you like your comment, you can keep your comment.

Hillary Clinton said whether it was Italian unions, the UAW or untraceable internet donations, what difference – at this point, what difference does it make?

Lois Lerner said Bunkerbound American has not done anything wrong, Bunkerbound American has not broken any laws, Bunkerbound American has not violated any IRS rules or regulations and he has not provided false information to this or any other blog. While he would very much like to answer the MightyMike’s questions today, he has been advised by his counsel to assert his constitutional right not to testify or answer questions related to the subject manner of this hearing.

Eric Holder could not comment because hid thoughts on the matter were sealed by President Obama under executive privilege along with documents in the the botched “Fast and Furious” operation which led to the killing of U.S. Border Patrol Agent Brian A.Terry.

After reviewing all of these great Americans statements I must conclude that there is not even a smidgen of corruption in Bunkerbound American’s comment.

Comment by MightyMike
2016-01-11 09:52:54

In other words, the facts don’t matter.

Comment by phony scandals
2016-01-11 10:14:01

“In other words, the facts don’t matter.”

According to Harry Reid, Eric Holder, Lois Lerner, Hillary Clinton and President Obama facts don’t matter.


Detroit Census Confirms a Desertion Like No Other


The number of people who vanished from Detroit — 237,500 — was bigger than the 140,000 who left New Orleans.

“It’s a major city in free-fall,” said L. Brooks Patterson, the county executive of neighboring Oakland County, which was also hit by the implosion of the automobile industry but whose population rose by almost 1 percent, thanks to an influx of black residents. “Detroit’s tax base is eroding, its citizens are fleeing and its school system is in the hands of a financial manager.”

The reasons for Detroit’s losses over the last decade include the travails of the auto industry and the collapse of the industrial-based economy.

“There’s been an erosion of the nation’s industrial base, and this is the most dramatic evidence of it,” Mr. Beveridge said.

http://www.nytimes.com/2011/03/23/us/23detroit.html -

Demographic and Labor Market Profile: Detroit City
milmi.org/…/2343_Detroit_City_Demographic_and_Labor_Mkt_Profile.pdf - Cached - Similar pages
Since 2010, the population in the city of Detroit has continued to drop.

Comment by redmondjp
2016-01-11 10:45:45

If you look at the city taxes in Detroit proper, you as well will conclude that there is really no upside to staying. Let’s sum up:

- High taxes
- High crime (your own neighbors will steal from you)
- No police protection (outside of downtown)
- Likely to get mugged or carjacked every time you get gas
- High home heating costs
- Crumbling neighborhood infrastructure that will never be repaired
- Fracking cold 9 months of the year

What’s not to like?

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Comment by phony scandals
2016-01-11 11:04:07

Obama: I “refused to let Detroit go bankrupt”

By Lucy Madison CBS News October 13, 2012, 11:33 AM

“Just a few years ago, the auto industry wasn’t just struggling - it was flatlining,” Mr. Obama said. “GM and Chrysler were on the verge of collapse. Suppliers and distributors were at risk of going under. More than a million jobs across the country were on the line - and not just auto jobs, but the jobs of teachers, small business owners, and everyone in communities that depend on this great American industry.”

His administration, he argues, “refused to throw in the towel and do nothing. We refused to let Detroit go bankrupt. We bet on American workers and American ingenuity, and three years later, that bet is paying off in a big way.”

http://www.cbsnews.com/news/obama-i-refused-to-let-detroit-go-bankrupt/ - 169k -

Comment by Mafia Blocks
2016-01-11 12:25:36

Detroit sounds much like San Francisco. Widespread petty crime, inflated housing costs, inflated taxes, crumbling infrastructure, etc.

What’s not to like?

Comment by azdude
2016-01-11 08:06:49

why are people planting disruptive folks of foreign nationalities at trump rallies?

Comment by palmetto
2016-01-11 08:35:36

Trump is a threat to the globalist agenda. My guess is there’s a Soros foundation behind much of it.

Comment by The Central Scrutinizer
2016-01-11 09:18:13

Trump probably plants them himself…. He gets front page media every time it happens, and the Trumplings love the videos of the evil stereotypes being ejected. The symbolism is powerful.

Comment by MightyMike
2016-01-11 09:54:55

why are people planting disruptive folks of foreign nationalities at trump rallies?

I hadn’t heard about that. Do you have a link?

Comment by Professor Bear
2016-01-11 22:58:45

Trump trolls needn’t ever bother with links. Propaganda requires no factual references.

Comment by rj chicago
2016-01-11 08:50:46

Mooslim interlopers take heed……


Comment by palmetto
2016-01-11 08:54:29

Good info, thanks. One of the reasons this country sucks so profusely these days.

Comment by MightyMike
2016-01-11 09:59:18

What a load of nonsense. It can’t possibly be the case under North Carolina law that Democrat who shows up to a Trump rally is committing trespass.

Comment by Blue Skye
2016-01-11 10:35:27

Probably more relevant that she identified herself as a protester.

Comment by MightyMike
2016-01-11 11:04:17

It sounds unlikely that protesting would be considered to be trespass North Carolina law. Also, her protest consisted of wearing certain clothing and standing up when everyone else was sitting down.

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Comment by Blue Skye
2016-01-11 11:32:39

Since you are researching this, was she charged with a crime by North Carolina?

Comment by MightyMike
2016-01-11 13:48:52

I couldn’t find anything with a quick Google search. I scanned through the Breitbart article, which had much of the same rant as Market Ticker, and I didn’t mention of charges.

It reminds of some rock concerts that I’ve attended. Everyone was seated while the warm-up band was playing. Then, when the main act came out, the people in front row stood up, blocking the view of the people in the row behind them. So those people stood up, blocking the view of other rows. Eventually, everyone had to stand to see the stage. I always find this to be annoying, but I never think that it’s a matter for the police.

Comment by Blue Skye
2016-01-11 13:55:30

I have the same problem in church, and then everybody starts singing.

Comment by redmondjp
2016-01-11 21:39:00

LOL! Too true . . .

Comment by rj chicago
2016-01-11 08:56:09

Regarding all the surveillance we all are under by our govt. betters - I finally sat down this weekend (not withstanding the near riot on Sat evening in Cincinnati when the Steelah invaded) and watched on Netflix - “Terms and Conditions May Apply”, a documentary on FB, phones, computers, NSA, CIA etc. data collection posted by an HBB’er here on this site. What is buried in the fine print of all those ‘contracts’ we “AGREE” to is - well I don’t have words to describe what I have been “AGREEING” to.
One word - terrifying.

Comment by Mafia Blocks
2016-01-11 09:41:03

“1 In 3 Americans Slash Staples Spending To ‘Afford’ Obamacare”


Comment by CalifoH20
2016-01-11 10:05:20

And congress does nothing to fix it. Blue Cross wins again.

Profits before people.

Comment by Mafia Blocks
2016-01-11 10:38:32

Fixt for you.

“And congress Obama does nothing to fix it”

Comment by Rental Watch
2016-01-11 10:54:35

And this is why even when you have all the power (like Obama did when passing the ACA), you still find a way to get the other side to buy in to legislation that you are trying to pass.

Why would the GOP help to fix Obamacare? There are too many GOP political careers that benefit if it fails.

Comment by CalifoH20
2016-01-11 11:11:20

I understand the GOP is corp profits before the people, hence we vote out the neo-cons and stop the moochers.

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Comment by Rental Watch
2016-01-11 14:15:37

So, let me get this straight.

The Dems passed a law that is turning out to be great for large corporations, and has led to even more consolidation in the health insurance industry (giving more power to fewer corporations).

And since the GOP (who would like the law repealed), isn’t fixing a law that they had no part in writing, you want to give the power back to the Dems, who caused the problem?

Overregulation = “Too Small to Succeed” = ACA

Comment by CalifoH20
2016-01-11 15:08:06

do nothing congress - i am not a fan

Comment by Blue Skye
2016-01-11 12:18:34

Not so fast RW. I seem to remember that Obama was happy enough to have the law without making any bother for any support at all from Republican legislators. As for “help fixing” it, I am pretty sure he didn’t care what was in it…”Pass something, anything”. I also seem to recall that the Dems didn’t even read it before voting on it. Have the Democrats or Obama just recently asked the GOP to work with them on fixing something about Obamacare or are you just making stuff up?

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Comment by Rental Watch
2016-01-11 14:09:54

You may not understand what I’m saying.

I was responding to:

“And congress does nothing to fix it.”

Of course they won’t do anything to fix it–the GOP doesn’t have any reason to do so, and today, they control both the House and Senate.

If the ACA had even minimal GOP backing, there might be some reason for the GOP to do something to “fix it.”

Comment by rj chicago
2016-01-11 10:18:27

um……it is there on the paper.

Off a cliff in a Wiley Coyote moment.

Comment by Puggs
2016-01-11 12:48:32

We almost cut our grocery budget…but then thought twice and decided to cut the cord with the big medical and go the medishare route. Know a lot of people that have had good luck with it and their enrollments are quadrupling… I figured if I can’t have a car payment and and iphone neither should the big medical executives. LOL.

Comment by Senior Housing Analyst
2016-01-11 10:23:11

Natick, MA Housing Prices Crater 17% YoY


Comment by Rental Watch
2016-01-11 10:48:17

I saw an interesting set of numbers (courtesy of Calculated Risk).

Total job growth for the past three years:

2013: 2.388MM
2014: 3.116MM
2015: 2.650MM

They also show job growth each year going back to the late 90’s. It seems like once job growth peaks, it tends to then move down to the next recession (1999 bucked that trend, but only by about 130k jobs).

So, job growth from one year to the next went:

1998: Down from 1997
99: up
00: down
01: down
02: up
03: up
04: up
05: up
06: down
07: down
08: down
09: down
10: up
11: up
12: up
13: up
14: up
15: down
16: ??

In other words, job growth tends to go on long runs better than the prior year, or worse than the prior year (at least as evidenced by the past ~20 years of data). Is this normal if we go back many decades?

So, are we in store for a year with sub 200k/month job growth? What could the implications be in terms of the next recession? The election?

Comment by Mafia Blocks
2016-01-11 12:27:12

Labor Force Participation Rate Plummets To 37 Year Low; Jobless Population Soars To Record High


Comment by MightyMike
2016-01-11 13:20:05

If you actually look at that graph, you’ll see that the rate has increased lately. On the other hand, it’s a pretty useless statistic because it includes everyone over the age of 16.

Comment by Mafia Blocks
2016-01-11 14:50:33


37 year lows and falling.

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Comment by MightyMike
2016-01-11 16:45:51

Have your vision checked.

Comment by Mafia Blocks
2016-01-11 20:29:04

Falling like SnowFlakes to record low.

Thanks for nothing Obama.

Comment by Blue Skye
2016-01-11 13:53:30

” According to the BLS, the US economy generated a miniscule 11,000 jobs in the month of December. Yet notwithstanding the fact that almost nobody works outdoors any more, the BLS fiction writers added 281,000 to their headline number to cover the “seasonal adjustment.”


Comment by Rental Watch
2016-01-11 14:18:30

BTW, I looked back at data from the 1940s onward, and it looks like the seemingly long trends getting better and getting worse isn’t the norm over many decades.

The last 20 years might be an anomaly in terms of the number of multi-year runs up and down.

Of course, the past 20 years might be more indicative of that is happening today, than what happened in the 40’s, 50’s, and 60’s.

Needless to say, when you look back over more data, it is very hard to say there is a discernable pattern.

Comment by Mafia Blocks
2016-01-11 15:07:20

You need to spend more time analyzing data and less time spinning and gyrating Rental_Fraud.

Comment by Blue Skye
2016-01-11 15:52:50

11,000 jobs added in December. There’s your pattern.

Comment by CalifoH20
2016-01-11 11:03:55

Did you think China would crash?


DO you think it has a long way to go….down?

profit from it, then. Put your money where your mouth is.

Comment by Mafia Blocks
2016-01-11 11:26:30

It’s already crashing Lola.

Comment by CalifoH20
2016-01-11 12:13:22

Can someone explain to Mafia how congress works to create policy?

Comment by Mafia Blocks
2016-01-11 12:20:25


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Comment by CalifoH20
2016-01-11 13:25:25


Comment by Mafia Blocks
2016-01-11 14:49:20

Remember…… Nothing cures poverty like falling prices. Nothing.

Comment by Mr. Banker
2016-01-11 14:37:45

“Can someone explain to Mafia how congress works to create policy?”

No problem:

Youse gotta understand, Mafia, dos Congress guys, dey woik fo me. Dis policy thing is sumtin dat dey do on my behaf.

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Comment by Puggs
Comment by CalifoH20
2016-01-11 13:20:49

How will I get my LED lights?

Comment by Mafia Blocks
2016-01-11 13:23:13

She’s a biggun’ fer sure.

Comment by Professor Bear
2016-01-11 13:53:23

Red sky at morning,
Sailors take warning.

Comment by Mafia Blocks
2016-01-11 12:37:56

Irving, TX Housing Prices Plunge 7% YoY On Cratering Housing Demand


Comment by Mafia Blocks
2016-01-11 12:44:27

“Trannies(not you Lola), Small Caps Breakdown Into Bear Market; S&P, Nasdaq Collapse Into Correction”


We cautioned to exit in the Dow 18k range, get rid of the mortgage and the depreciating house.

Comment by azdude
2016-01-11 13:02:50

where is the PPT?

Comment by Michael Viking
2016-01-11 13:59:45

Looks like they came in for the win.

Comment by Professor Bear
2016-01-11 13:54:29

Would you be OK with a 26% drop in the S&P 500 Index?

Comment by CalifoH20
2016-01-11 15:09:08

hoping for 48% drop

Comment by Prime_Is_Contained
2016-01-11 14:06:38

Comment by Professor Bear
2016-01-09 09:24:28

“Greenspan answered: ‘You have to ask yourself why would they make that judgment. The problem that you’re raising is a statistical illusion. … If you took 1,000 people and you split them into two and you had them toss coins against each other, when you get down to the last two guys, tell them that they don’t know how to toss coins.’”


Greenspan is still a fine dissembler. Yes, the quote makes no sense—but he sure did succeed in avoiding answering the question, didn’t he??

You have to ask yourself why would they make that judgment.

Maybe because they actually have some judgement—and used it. The mania was right there for everyone to see; and manias predictably come to an end, always.

Comment by azdude
2016-01-11 18:37:07


Comment by Combotechie
2016-01-11 14:29:46
Comment by rj chicago
2016-01-11 14:31:59

The world burns and Obama wants us all to make nice with each other…..
Two words for you Obozo - “F…..You!!”


Comment by CalifoH20
2016-01-11 15:14:54

not everyone’s world is burning.

for every loser there is a winner

Comment by Canklepants
2016-01-11 19:09:56

Far from true. The house always wins. One loser doesn’t mean one winner. One winner could mean 1000 losers.

Comment by azdude
2016-01-11 15:14:09

Moments ago, Alcoa reported adjusted EPS of $0.04, or $65 million in adjusted net income, beating consensus expectations of $0.02 handily (nevermind that it missed consensus revenues of $5.3 billion by $50 million, an 18% decline from the $64 billion a year ago).

There is, alas, a problem with these adjusted “earnings”, because on a actual, GAAP basis, Alcoa actually reported a whopping $500 million loss.

How did Alcoa “fill the gap?” Simple: with an unprecedented $534 million in “one-time” charges. We put one time in brackets, because the chart below shows that for Alcoa, charges are anything but one time, although in Q4 the company quite literally has outdone itself.

In other words, more than 100% of Alcoa’s “EPS” in the quarter was due to what management thought was another quarter of recurring “non-recurring”, non-one time “one-time” charges.

What about for the full 2015year? Things here get downright comincal, because whereas Alcoa’s GAAP Net Income for the LTM period ended December 31 was a net loss of $121 million, when one adds back all the charges incurred over the past 12 months, the “net income”, on a non-GAAP Basis of course, soars to a ridiculous $787 million.

Said otherwise, more than all of Alcoa’s earnings in 2015 were the result of “non-recurring” addbacks, “one-time” charges, and other proforma changes to the non-GAAP net income number.

And that, ladies and gentlemtn, is accounting magic 101.


Comment by azdude
2016-01-11 16:57:57

It’s the same problem as 2008, only bigger?

Comment by azdude
2016-01-11 17:22:46

“A considerable proportion of Australia’s current and future economic prospects depend heavily on China’s current strategy of building its way out of poverty while sustaining strong real GDP growth. To date, China has successfully pulled hundreds of millions of its people out of poverty and into the middle class through mass provision of infrastructure and expansion of housing markets, alongside a powerful export operation which the global economy has relied upon since the 1990s for cheap imports.

With the Chinese economy beginning to falter, the fear is Australians must now figure out where their economic future lies for the next generation who have been brainwashed into believing that digging up rocks and flipping houses by accumulating a gargantuan mountain of private debt is how a modern western country builds its future. The results will not be pretty.”


Comment by Mafia Blocks
2016-01-11 17:46:29

“The China Syndrome: The Coming Global Financial Meltdown”


The great unwind has manifested itself.

Comment by Blue Skye
2016-01-11 18:33:49

It may be slow in the North Atlantic, but I have an inbound container from Germany. It is on the water.

Comment by Mafia Blocks
2016-01-11 19:15:30

lol@degenerate gamblers and lolas


Comment by Raymond K Hessel
2016-01-11 19:46:58

Imagine the fury of the Commisars of Political Correctness at the NEA indoctrination mills formerly known as public schools when they learn that they voted for corrupt successive Democrat administrations in Chicago and other Democrat-run urban dystopias in expectations of a gold-plated retirement, but now THERE IS NO MONEY FOR PENSIONS!

BWHAHAHAHAHAAHA! Enjoy your well-earned poverty, scumbag teachers.

Comment by Ann Gogh
2016-01-11 20:13:28

Don’t worry, we’ll get taxed to death for Chicago!

Comment by Raymond K Hessel
2016-01-11 21:16:37


Hey NEA scumbags: did it ever occur to you that voting for corrupt Democrats could end up costing YOU?!!! Hehehehe….

Comment by redmondjp
2016-01-11 21:45:56

The Seattle Times has a similar article about the declining funding percentage of city workers’ pensions:


And this is in a city that is booming, with record-breaking tax receipts.

When will union supporters of democrats wake up and see that they have been sheared of their wool by those same people? Now am I saying that republicans would be any different? Nope.

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