February 7, 2016

Bits Bucket for February 7, 2016

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Comment by Professor Bear
2016-02-07 02:31:34

Are emerging markets about to again submerge?

Comment by Jingle Male
2016-02-07 02:48:03

What? It’s SuperBowl Sunday. Everything starts selling tomorrow!

Comment by Raymond K Hessel
2016-02-07 07:14:19

FB’s will start selling their wives and daughters to try to stave off foreclosure as true price discovery asserts itself at long last.

Comment by Professor Bear
2016-02-07 07:47:24

That won’t work once the price of personal pleasure services drops to the cost of a sandwich.

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Comment by Raymond K Hessel
2016-02-07 08:01:19

The FB wives and daughters will have to make it up on volume, then.

Comment by Professor Bear
2016-02-07 08:05:49

RT dot com
Greek sex workers’ rates fall to record low – study
Published time: 29 Nov, 2015
© Leonhard Foeger / Reuters
Greece’s debt crisis has affected each and every area of the country’s economic activity, including the sex industry, resulting in young Greek women selling their services for the lowest price in Europe.

Following almost six years of crisis, sex workers have had to dramatically cut prices, driving central and eastern European women who used to dominate the industry out of business, a three-year study compiling data on more than 17,000 sex workers shows.

Before the crisis hit the country, the average price for sex with a prostitute was €50 ($53). Today, it has plummeted to as low as €2 ($2.12) for thirty minutes. With the unemployment level reaching almost 60 percent, more and more women are joining the industry, raising more than €600 million (almost $638) annually.

“Some women just do it for a cheese pie, or a sandwich they need to eat because they are hungry,” Gregory Lazos, a professor of sociology at Panteion University in Athens and lead author of the research, told the London Times newspaper. “Others [do it] to pay taxes, bills, for urgent expenses or a quick [drug] fix.”

Comment by Professor Bear
2016-02-07 08:07:50

Sounds like they may face the same problem as OPEC nations the oil industry’s death spiral.

Comment by Prime_Is_Contained
2016-02-07 10:13:25

One key difference: they cut off your head for selling sex in most of those middle eastern OPEC nations.

Comment by rms
2016-02-07 11:27:58

“With the unemployment level reaching almost 60 percent…”

Wow, catching up with Somalia.

Comment by Professor Bear
2016-02-07 02:48:57

Top News
Fri Feb 5, 2016 | 1:30 PM EST
Emerging market dollar credit boom may be at turning point -BIS
By Marc Jones

LONDON Feb 5 (Reuters) - The years-long boom in dollar borrowing by emerging market firms may be coming to an end, the head of the Bank for International Settlements (BIS) said on Friday, warning that could trigger more currency market volatility.

Jaime Caruana, the General Manager of the Swiss-based forum for major central banks, said the latest data, which is from the end of September, showed there had been no increase in dollar-denominated debt of EM companies for the first time since 2009.

“The feedback loop between deleveraging and emerging market economy (EME) currency depreciation presents challenges that should not be underestimated,” Caruana said in a speech at the London School of Economics.

“That feedback loop has started to impact the broader economy in EMEs.”

A strong dollar can be problematic for emerging markets because it makes it more expensive in local currency terms to pay back any debt that is in dollars.

The BIS estimates that EM firms have $3.3 trillion of debt in dollars outstanding, roughly one-third of it in bonds. The dollar jumped roughly 30 percent against many EM currencies last year.

Comment by Professor Bear
2016-02-07 19:17:37

You can run but you can’t hide.

Comment by Professor Bear
2016-02-07 19:18:38

Emerging-Market Central Banks Battle Capital Flight
Rate cuts are avoided as they signal concerns about growth prospects
By Anjani Trivedi
Feb. 7, 2016 2:30 p.m. ET

HONG KONG—Central banks in some emerging markets are stepping up efforts to flood their financial systems with cash, highlighting the pressure that they face from rapid capital flight.

The moves amount to a collective turnabout from months of interest-rate cuts in 2015 that helped send emerging market currencies down by 20%-30% over the past year against the dollar.

Comment by Professor Bear
2016-02-07 02:41:33

Are central bankers more likely to follow or to ignore BIS guidance on propping up asset prices?

Comment by Professor Bear
2016-02-07 02:43:58

BIS Warns Against Easier Policies to Support Markets
By Paul Hannon

Central bankers should resist the temptation to support tumbling financial markets by pursuing easier monetary policies, the head of the Bank for International Settlements said on Friday.

Speaking at the London School of Economics, Jaime Caruana said the turbulence in financial and commodity markets and big moves in foreign exchange rates don’t constitute a new “shock” to the global economy, but are part of a “longer movie” that is driven by excessive levels of debt.

While Mr. Caruana didn’t specifically address the actions of any single central bank, he urged policy makers to return to more “normal” monetary policy conditions.

“Bumpiness should be expected, but should not be a reason to delay normalization,” Mr. Caruana said, according to a text of his remarks.

In particular, Mr. Caruana warned against efforts to sustain or revive rises in asset prices by lowering interest rates or adding to quantitative-easing programs.

“The temptation may be to try to keep the financial booms going, or to give them a new lease of life, but this will be just a palliative unless the stock of debt is adjusted and vulnerabilities are reduced,” he said.

The BIS is the global organization for central banks, and has long warned of a buildup of excessive debt, and is in favor of tighter monetary policies.

In his speech, Mr. Caruana focused on the dangers posed by the rising levels of debt denominated in U.S. dollars on the books of companies based in China and other developing economies. When the dollar appreciates–as it did in 2015 in anticipation of the Federal Reserve’s December move–it becomes more expensive to repay those debts in terms of the yuan or other local currencies.

“This is important because the expected mechanism through which currency devaluation may bring export benefits may be offset or even reversed by stock valuation effects that operate through balance sheets,” Mr. Caruana said.

Mr. Caruana also repeated the BIS’ view that lower oil prices may not quickly reduce supply because highly-indebted producers must maintain or even increase output to meet their interest payments.

“The measure of outstanding stocks…is an indication that lower prices have not removed excess capacity from the market, but instead have exacerbated it,” he said.

Write to Paul Hannon at paul.hannon@wsj.com

Comment by Professor Bear
2016-02-07 02:46:47

Barn door left open
All of the horses have fled
Hurry, shut the door

Comment by azdude
2016-02-07 05:42:27

monetary policy is more talk and hype than anything else.

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Comment by Mafia Blocks
2016-02-07 06:16:43


Comment by Blue Skye
2016-02-07 06:27:00

$10 Trillion here. $10Trillion there. After a while it adds up.

Comment by FrankBruno
2016-02-07 07:15:28

The stemware and silver crowd is doing fine, attending golf events, flying off to family vacations multiple times a year, sucking lots out of the govt test through public-private partnerships, it’s all good.

Comment by Raymond K Hessel
2016-02-07 07:21:35

95% of the sheeple, being indescribably stupid, continue to give their support to crony capitalism and the Oligopoly takeover of our institutions of governance by casting votes for the oligarchy’s Republicrat puppets, so the looting and asset-stripping of the 99% will continue apace.

Comment by Combotechie
2016-02-07 05:41:31

“Are central bankers more likely to follow or to ignore BIS guidance on propping up asset prices?”


Party on …

Comment by Combotechie
2016-02-07 05:58:42

“In particular, Mr. Caruana warned against efforts to sustain or revive rises in asset prices by lowering interest rates or adding to quantitative-easing programs.”

Yeah, right. Asset prices translate to “wealth” and voters will toss out any politician that will allow this wealth to vaporize.

It may be the right thing to do … but they’re not going to do it.

Party on …

Comment by azdude
2016-02-07 06:30:29

As long as the credit is there prices will keep rising. Leverage up the future!

Look at car loans. Talk about silly season. As long as they can find a way to keep payments low they will keep selling.
Drop rates to zero and extend the loan length.

With home rates at 3.75% there is a lot of room between there and 0%. Just think if home loans went to 1%? Prices would go to the moon.

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Comment by Mafia Blocks
2016-02-07 07:00:49


“As long as the credit is there prices will keep rising demand will continued collapsing.”

Comment by Oddfellow
2016-02-07 07:03:13

As long as the credit is there prices will keep rising.

“The Fed was largely responsible for converting what might have been a garden-variety recession, although perhaps a fairly severe one, into a major catastrophe. Instead of using its powers to offset the depression, it presided over a decline in the quantity of money by one-third from 1929 to 1933 … Far from the depression being a failure of the free-enterprise system, it was a tragic failure of government.”

— Milton Friedman, Two Lucky People, 233[48]


Comment by Blue Skye
2016-02-07 07:30:42

Prices would go to the moon…until we are clean out of idiots.

Comment by Blue Skye
2016-02-07 11:54:38

 Milton Friedman…

Easy money, reckless borrow and spend and malinvestment broungt on the Great Depression. Thanks Fed. Obama did like Hoover. Thanks Obama. It was 20 years after Hoover that the Great Depression ended. Thanks again Bernanke, in advance.

Comment by Oddfellow
2016-02-07 11:58:36

“it was a tragic failure of government”

…not to expand the money supply.

Comment by Blue Skye
2016-02-07 13:23:40

A tragic expansion of the money supply by government cannot be corrected by more tragic expansion of the money supply.

Comment by Oddfellow
2016-02-07 13:45:29

So Friedman was wrong?

Comment by Blue Skye
2016-02-07 14:43:38

Was Bernanke right? Yes or no it should be the same answer.

Comment by Blue Skye
2016-02-07 14:45:14

Oops, either they were both right of both wrong.

Comment by Oddfellow
2016-02-07 14:47:58

Yes or no it should be the same answer.

Which is it?

Comment by Blue Skye
2016-02-07 15:34:30

How long have you been reading Ben’s Blog?

Comment by Oddfellow
2016-02-07 15:56:21

From back when gollum was called exeter.

Comment by AbsoluteBeginner
2016-02-07 16:21:38

‘With home rates at 3.75% there is a lot of room between there and 0%. Just think if home loans went to 1%? Prices would go to the moon.’

Can you do the math here on that? What would a $250,000 house w/ a 3.75% rate jump to if rates were 1%?

Comment by Blue Skye
2016-02-07 16:25:36

That’s a while. Stay tuned.

Comment by Prime_Is_Contained
2016-02-07 22:34:16

Can you do the math here on that? What would a $250,000 house w/ a 3.75% rate jump to if rates were 1%?

The how-much-a-month computation suggests a value of $359,964.78.

BTW, that computation takes only a few seconds; I ran this formula through Google Sheets (with a couple of intermediate cells to sanity-check the results in the middle):


Comment by Oddfellow
2016-02-07 06:59:20

voters will toss out any politician that will allow this wealth to vaporize.

How do voters toss out the Fed?

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Comment by Professor Bear
2016-02-07 07:15:40

Central bankers aren’t politicians…are they?

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Comment by Raymond K Hessel
2016-02-07 07:22:49

Central bankers and politicians are the monkeys. Oligarchs like George Soros and Sheldon Adelson are the organ grinders.

Comment by Combotechie
2016-02-07 07:50:12

Perish the thought!

Comment by Raymond K Hessel
2016-02-07 07:19:09

The central bankers have lost control of the markets, and been exposed as the Keynesian fraudsters that they are. Look at the BoJ - they “shockingly” institute NIRP, and that only juices the market for less than two days. Yellen the Felon will shortly announce NIRP, but by now the adverse effects of QE are so well documented that even the Fed might finally recognize the folly of trying this failed gifting of trillions to their oligarch handlers yet again. The long-deferred financial reckoning day is finally at hand.

Got popcorn?

Comment by Oddfellow
2016-02-07 08:46:18

“Instead of using its powers to offset the depression, [The Fed] presided over a decline in the quantity of money by one-third from 1929 to 1933 … Far from the depression being a failure of the free-enterprise system, it was a tragic failure of government.”

Milton Friedman

Comment by Professor Bear
2016-02-07 21:04:20

Are you suggesting the choice is either to starve the system of money, or to flood it with so much through megabailouts, multi-trillion dollar balance sheet expansion, ZIRP and QE1, QE2, QE3, QE4, NIRP, etc. that the entire global economy engages in a binge of drunken debt debauchery of historic scale and duration?

Certainly there is a happy medium in there somewhere.

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Comment by ibbots
2016-02-07 08:12:38

Here’s an interesting story about the variances of the cost to operate a well.

“In DeWitt County, which produced more than 100,000 barrels a day in November from the Eagle Ford formation, the average well can be profitable with U.S. benchmark crude at $22.52 a barrel, $4 below the lowest level this year.”

“Ni ne areas had break-even costs at $30 or below. Those include some of the biggest oil-producing counties in Texas, such as DeWitt, Midland, Martin and Reeves, with combined output of 430,000 barrels a day in November, according to the Texas Railroad Commission.”


There’s more detail in the article.

Comment by Professor Bear
2016-02-07 12:38:06

Tower of Babel?
Prophet of Basel Battles Yellen, Draghi and Easy Money
Jul 3, 2014 1:48 PM EDT
By Leonid Bershidsky

It is painful to see how out of sync Jaime Caruana is. The general manager of the Basel-based Bank for International Settlements, Caruana wants to remove the punch bowl from a party that other monetary policymakers claim hasn’t gotten started. Less than a week ago, Caruana called for an end to ultra-low interest rates, saying they were no longer helping to stimulate demand. The increased risk-taking fostered by lax monetary policies, he added, might not “turn into productive investment.” In the short time since his speech, his view has been rebutted by Federal Reserve Chair Janet Yellen, Bank of England chief economist Andy Haldane, European Central Bank President Mario Draghi and Sweden’s central bank.

The consensus among these policymakers, who have actual responsibility for economic performance in their respective domains, is that monetary easing is necessary, too-low inflation is evil and tighter supervision of banks will suffice to stave off future financial crises. For the second year in a row, Caruana’s lonely voice is being drowned out by a Keynesian chorus.

In a lecture this week, Yellen delivered a paean to the macroprudential approach to building financial stability. “I do not presently see a need for monetary policy to deviate from a primary focus on attaining price stability and maximum employment,” she declared. If banks have more capital and are more tightly regulated in general, she reasoned, they become more resilient. “Because a resilient financial system can withstand unexpected developments, identification of bubbles is less critical,” Yellen said.

On the same day, Haldane made a cheerful speech at a financial conference in London. “Has monetary policy aided and abetted risk-taking? I hope so,” he said. “That’s why we did it.” If at some point the financial “pudding” becomes “over-egged,” macroprudential regulation — a new arm central banks have grown, Haldane said — will be brought to bear.

During the ECB’s monthly press conference this week, Draghi said that interest rates would “remain at present levels for an extended period of time” to lift inflation closer to the ECB target — slightly less than two percent. The ECB will start regulating banks in November, at which point Draghi will surely follow the consensus line on regulation, as well.

Sweden’s Riksbank, meanwhile, rejected Caruana’s arguments in the most forceful way. It cut its key rate to 0.25 percent from 0.75 percent, ending a three-year effort to prevent bubbles with tighter monetary policy.

In April, Nobel laureate Paul Krugman subjected Riksbank to a vitriolic attack, calling its decision to raise its benchmark rate to 2 percent in 2011 a “terrible mistake” and accusing it of “sadomonetarism.” (The BIS, according to Krugman, is a “sadomonetarist stronghold.”) Because of the rate hike, Krugman wrote, Swedish unemployment stopped falling, then deflation set in (consumer prices have indeed been falling for the past four months in Sweden), and “the rock star of the recovery turned itself into Japan.”

Comment by Goon
2016-02-07 04:49:47

As much as I’d like to see Cam Newton carried off the field in a stretcher 6 minutes into the 1st quarter, it will be Panthers 31 Broncos 20. No free pizza in Region VIII tomorrow.

Comment by palmetto
2016-02-07 06:01:11

Maybe, but we’ll still have that angry, glowing red Coke bottle, accompanied by the call of the muezzin.

Comment by FrankBruno
2016-02-07 07:18:37

There’s plenty of Papa Johns deals all the time. Sign up and they’ll pepper your email inbox like Professor Troll posting antiTrump spam.

Comment by The Central Scrutinizer
2016-02-07 07:52:30

Aww, did he hurt your feelings, Trumpling? Truth is like that….

Comment by scdave
2016-02-07 08:55:08

Trumpling ??


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Comment by phony scandals
2016-02-07 09:09:44

The start of a weekend outing for Goon?

http://www.youtube.com/watch?v=cSAZ-8qVhYo - 155k -

Comment by Oddfellow
2016-02-07 09:29:57

“weekend outing for Goon”

Sounds like he’s holing up at moms:

“He said his writings were satire taken out of context by feminists and SJWs.”


Comment by phony scandals
2016-02-07 10:10:00

I guess you missed…

How the hell did you get the dog up there?

Comment by FrankBruno
2016-02-07 10:06:44

He’s got his hijab all in a bunch, not my worry if he wants to self appoint himself our resident antiTrump troll. I enjoy his failed predictions.

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Comment by Professor Bear
2016-02-07 10:19:11

I generally don’t predict, except to point out the doomed moronic predictions of others. For instance, do you remember that AlbqDan dude, who was last seen trying to down yet another crow dinner?

Comment by FrankBruno
2016-02-07 10:27:08

I remember AbQDan, I think you’ve implied at some point that is me, but it ain’t. But you do make predictions and then pretend you’re just providing info and being neutral. You’ve been called out on that here many times.

Comment by Professor Bear
Comment by Professor Bear
2016-02-07 10:36:45

I bet you do remember Albuquerque Dan well.

Birds of a feather, flock together.

Comment by Professor Bear
2016-02-07 10:42:24

If even Hitler thinks it would be crazy for the Republicans to nominate Trump, WHAT ARE REPUBLICANS THINKING?

Comment by Michael Viking
2016-02-07 10:46:12

Hitler Reacts to Trump’s Presidential Bid

It’s amazing how often you lose to Godwin’s law.

Comment by Professor Bear
2016-02-07 11:09:37

It’s amazing how consistently lame your ad hominem attacks are.

Comment by Professor Bear
2016-02-07 10:15:24

Did you hear all those boos when Trump spoke at last night’s Republican debate? It didn’t sound much like a frontrunner’s reception.

Comment by FrankBruno
2016-02-07 10:28:18

It’s gonna kill you if he wins NH.

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Comment by Professor Bear
2016-02-07 10:45:50

I suppose the opportunity to mock people with a latent desire to share The Donald’s bed would be reduced, but otherwise I don’t care.

Comment by scdave
2016-02-07 10:58:51

It’s gonna kill you if he wins NH ??

Why ?? NH has less people in it then the county I live in…

Comment by Professor Bear
2016-02-07 12:41:18

If Trump loses NH, will the Trumplings turn into Dumplings?

Comment by Professor Bear
2016-02-07 13:21:16

‘Trump Is Falling Fast’: An Election Gambler Predicts New Hampshire
Are betting markets more accurate than polls? We asked a professional gambler to find out.
By Paul Krishnamurty
Paul Krishnamurty is a British professional political gambler currently touring America to watch the primaries firsthand—and to bet on the election. He’s reporting regularly for Politico Magazine on how the gambling markets see the race—who’s up, who’s down, and where the smart money is moving.

1. Trump’s odds plunged when he lost Iowa

When Trump came in second to Ted Cruz in Iowa, he took a big hit in the betting markets: His chance of winning the nomination was at 50 percent before Iowa, then almost immediately fell to 25 percent after the caucus results. As for New Hampshire, before Iowa, the market gave Trump a 75 percent chance in the state. Now he’s hovering around 65 percent, with the odds going up and down every five minutes. So yes, the market still favors Trump to win the state, but the key detail is that Trump is falling fast—faster than anyone else.

I wouldn’t be surprised if his percentage falls further before New Hampshire. The market has learned from Iowa that Trump can’t be relied on for turnout. Second, he’s lost momentum, and third, Trump’s brand is no longer the same: I’m number one, look at me, I’m on top, you’re down there.

Comment by Professor Bear
2016-02-07 13:23:34

If I were a betting man, my money would be on Rubio to win the Republican nomination.

Trump’s prospects have diminished considerably since his crushing defeat in Iowa.

Comment by oxide
2016-02-07 15:27:37

If Rubio gets the nom, Hillary will demolish him. Christie’s attack that Rubio does nothing but recite little campaign ads at debates was right on the mark.

Comment by Obama Goons
2016-02-07 15:47:43

Hillaryous is unelectable.

Comment by phony scandals
2016-02-07 10:38:46

“Did you hear all those boos when Trump spoke at last night’s Republican debate? It didn’t sound much like a frontrunner’s reception.”

Report: GOP Rigged Debate Crowd Against Donald Trump

Establishment moves against Trump

Richard Reeves | Infowars.com - February 7, 2016

Richard Reeves interviews attendees of the GOP debate at Saint Anselm College in New Hampshire and finds that most where supporters of establishment candidates and were selectively given passes to attend.

Donald Trump was only given a small amount of guest passes and Trump supporters could not be found after the event.

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Comment by Professor Bear
2016-02-07 10:48:20

Trump has a very clever propaganda committee to cook up an explanation like that for the boos. Maybe the hecklers were just a representative slice of the sixty percent of Americans who dislike him?

Comment by phony scandals
2016-02-07 11:36:26

“Maybe the hecklers were just a representative slice of the sixty percent of Americans who dislike him?”

You mean the Trumpophobes?


1. (Psychology) hatred or fear of Donald Trump or of his politics or culture

2. (Government, Politics & Diplomacy) hatred or fear of Donald Trump or of his politics or culture

Trumpophobic adj



Comment by Professor Bear
2016-02-07 11:48:26

No, I meant the misantrumps.

Comment by CalifoH20
2016-02-07 13:05:54

Bernie 2016!!

Comment by phony scandals
2016-02-07 15:03:35

Can Bernie lift his arms over his head?

When he tries to put his arms up while making a point it looks like Rigor mortis has already started to set in.

Comment by phony scandals
2016-02-07 07:32:30

“As much as I’d like to see Cam Newton carried off the field in a stretcher 6 minutes into the 1st quarter,”

Denver’s defense does rally to the ball and hit hard. They hammered Andrew Luck the whole game this year, but even after they lacerated one of his kidneys and tore a muscle in his abdomen in the fourth quarter, Luck stayed in the game and threw the winning touchdown pass.


Luck never took another snap in a game for the rest of the year.

Andrew Luck Injury Injured Kidney vs Broncos 2015 4th … - YouTube
http://www.youtube.com/watch?v=7fjNOCEyC6E - 243k - Cached - Similar pages
Nov 10, 2015 ..

By Josh Wilson @JoshWilsonSB on Nov 10, 2015

The Colts said that Luck was injured in the fourth quarter and was sore after the game, but after he was feeling worse on Monday and so was sent for tests. Those tests revealed a laceration in one kidney and a partially torn muscle in his abdomen.

Comment by Oddfellow
2016-02-07 08:49:44

What it was, was concussionball.

Dementing tomorrow’s leaders for over one century.

Comment by phony scandals
2016-02-07 09:56:52

“What it was, was concussionball.”

Then don’t play (like there was ever any chance of that) or watch.

There are some other sports that are dangerous you may want to do away with.

Top 10 Worst Sports Injuries - YouTube
http://www.youtube.com/watch?v=a1sJhdNP3_k - 287k -

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Comment by FrankBruno
2016-02-07 10:30:00

Concussion risk is as overrated as terrorism risk. It’s pretty much confined to a very narrow band of high level players. Much riskier to drive a car or own a cell phone.

Comment by Oddfellow
2016-02-07 10:36:49

. It’s pretty much confined to a very narrow band of high level players.


Comment by Professor Bear
2016-02-07 12:44:51

The Epidemiology of Sport-Related Concussion
Daniel H. Daneshvar, MA, MD / PhD Graduate Student,a Christopher J. Nowinski, Co-Director, Co-Founder Ann McKee, Co-Director, Associate Professor of Neurology and Pathology and Robert C. Cantu, MD, Co-Director, Clinical Professor, Chief of Neurosurgery Service, Chairman, Director of Sports Medicine, Co-Director, Co-Founder

Each year, an estimated 38 million children and adolescents participate in organized sports in the United States.(1) In addition, 170 million adults participate in physical activities, including sports.(2) Table 1 presents the number of high school and collegiate athletes participating in each sport from the 1982–83 season through the 2007–08 season.(3) Many of these activities are associated with an increased risk of traumatic brain injury (TBI).(4) In the United States, an estimated 1.7 million people sustain a TBI annually, associated with 1.365 million emergency room visits and 275,000 hospitalizations annually with associated direct and indirect costs estimated to have been $60 billion in the United States in 2000.(5, 6) Additionally, the Centers for Disease Control estimates that 1.6 to 3.8 million concussions occur in sports and recreational activities annually.(7) However, these figures vastly underestimate total TBI burden, as many individuals suffering from mild or moderate TBI do not seek medical advice.(5, 7)

Comment by phony scandals
2016-02-07 12:58:59

How did you like that basketball player with his eye ripped out Oddie?

The baseball player that got skulled with the fastball was nowhere near the worst I have seen but I guess it’s all they had.

The hockey goalie with the hemorrhaging face was bad, but I saw one worse in person at a minor league game years ago.

Hell, last years NHL playoffs had a lot of injuries including…

Rangers’ Mats Zuccarello lost ability to speak after getting hit in head by puck

Updated June 1, 2015 10:48 PM

GREENBURGH, N.Y. - Rangers forward Mats Zuccarello lost the ability to speak for four days and suffered a skull fracture and bleeding in his brain after getting hit in the head by a puck in the first round of the playoffs.

The extent of the scary injury wasn’t revealed until Monday as the Rangers bade farewell to the 2014-15 season in their breakup day at the team’s training facility.

“I was in the hospital for three days,” Zuccarello said. “I couldn’t talk for a while, had a contusion, some blood in my brain. That affects a lot. Now I go to speech therapy. I’m getting much better. I couldn’t say a word for four days. I feel much better.”
So you had better get the Fruit patrol busy and bubble wrap everybody while you’re shutting down all the sports and any other kind of physical activity.

Comment by Professor Bear
2016-02-07 13:02:25

A quick look at the statistics in that medical report I posted suggests that American football is not the only sport with Traumatic Brain Injury risk. Perhaps we can agree that playing sports is inherently risky?

Case in point: Racquetball is not normally thought of as a “contact sport.” However my racquetball partner slipped and crashed head first into the wall a couple of weeks ago. I was terrified that he had a concussion or worse, but he went on to win the game we were playing and the following game, which was somehow reassuring.

Comment by Oddfellow
2016-02-07 13:05:50

Calm down phony, don’t blow a gasket in your concussionballed head.

“We gonna chase those concussionballed heads out of town…”

Comment by phony scandals
2016-02-07 13:23:01

“Perhaps we can agree that playing sports is inherently risky?”


Comment by phony scandals
2016-02-07 14:11:00

“We gonna chase those concussionballed heads out of town…”

Don’t worry Oddie

I realize men being men and not wanting to put on a dress and shower with the girls is a problem for you and your crowd.

Besides that, you are missing the rich people kicking out the homeless and making the city pay for their Super Bowl Party!

(Ammiano reminded me of you Oddie)

California Journal Party down in San Francisco for Super Bowl! (Homeless people, go away.)

Robin AbcarianRobin AbcarianContact Reporter

February 5, 2016

The demonstration took place on the Embarcadero, just across the street from a fenced-off party venue called Super Bowl City. In normal times, Super Bowl City is a premier public space, along the city’s popular waterfront, with a windswept plaza and a children’s playground, and two blocks of Market Street.

Super Bowl City is meant, I guess, to be a gift to the people of San Francisco. Once they get past the metal detectors, it’s hard not to feel as if this is a corporate branding opportunity as much as anything else. (Did I forget to mention the actual name is Super Bowl City Presented by Verizon?). If you can tune out the corporate logos, you might enjoy listening to live music (Chris Isaak and Alicia Keys). Or perhaps meeting some players, cheering along in pep rallies, listening to “sports and technology chalk talks,” and watching fireworks.

And it’s all free!

Well, it’s free if you don’t count the estimated $5 million local taxpayers belatedly discovered they are shelling out for police, fire, emergency and transit services. As my colleague Michael Hiltzik recently reported, Santa Clara, where the Super Bowl is actually taking place, was smart enough to get the obscenely profitable NFL to reimburse it for its costs. San Francisco made no such deal.

No big surprise, then, that not everyone is fired up about the party.

Among the spoilers: a couple of hundred protesters who turned out Tuesday to express their displeasure outside the gates of Super Bowl City. Many have been irritated about the Super Bowl for months, ever since Mayor Ed Lee announced that homeless people sleeping in the Super Bowl City area would have to move along.

Protesters toted signs both pithy (“People Before Profit”) and wordy (“In terms of income inequality, San Francisco fares worse than Rwanda & only slightly better than Guatemala”).

“They treat homeless people in this city worse than other people would treat their dogs,” said Julianna Cheng, a 29-year-old mother of a 3-year-old daughter who was homeless during her pregnancy. “We are a city with incredible wealth and we have one of the largest homeless populations in the nation, and the way we treat our most vulnerable communities, really shows who we are as a city. They tried to get the homeless out of the way, so the city can maintain its reputation while we have tourists and all these visitors for the Super Bowl. That’s disgusting.”

Ammiano bristled at the presence of dozens of police officers in riot gear. “What are we, ISIS?” he said. “How many cops can we have? Who’s paying for that? What am I going to do, hit them with my purse? I’m so threatening, aren’t I?”

He bemoaned the fate of a “homeless bill of rights” he proposed in Sacramento in 2013. It died in committee.

“As a gay man, I have seen hate,” he said. “But I have never seen such hate, and such ignorance, visited upon a population, meaning the homeless. Never, ever have I seen how much they are reviled.”

Comment by In Colorado
2016-02-07 07:53:44

No free pizza in Region VIII tomorrow.

The Bronco’s luck runs out today. The defense can’t win all the matches, And their O-line sucks at protecting the QB. It’s gonna be a repeat of SB 48; it’ll be over before the second quarter starts.

Comment by scdave
2016-02-07 09:00:36

And their O-line sucks at protecting the QB ??

Yes and Carolina’s defense is very good also….If Carolin’s defense gets to Manning its game over…Is Denver’s defense good enough to stop the best QB in the NFL ?? Only if he turns the ball over…

Comment by oxide
2016-02-07 15:04:45

Goon, how much do the Denver players like Manning? Do they idolize him enough to want to win the game “for him?” That may well be the difference tonight. If they feel kinda neutral about him, he’s toast.

Comment by Mafia Blocks
2016-02-07 15:50:35

Hey Donk.

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Comment by oxide
2016-02-07 16:44:07

And a hi-hey to you angelcake. I’m a bit afraid to watch Peyton’s allegded last game, but it’s gotta happen sometime, I suppose.

All going decently on the appreciation front, thanks.

Comment by Mafia Blocks
2016-02-07 17:13:02

Are you sure?

Washington, DC Housing Craters; Prices Plunge 16% YoY On Ballooning Housing Inventory


Comment by ibbots
2016-02-07 07:59:48

‘Newton carried off the field ’ That’d be a terrible way to win. You’re right though in that Denver will have to knock him around to have a chance. I think Denver can stay close as long as the D plays great and Manning doesn’t make turnovers. I’m pulling for Denver, I’d like to see Ware get a ring, Phillips too. If Miller and Ware get going….

I got ribs marinating in Apple juice and apple vinegar, slow cook them with some wings on the side, mac and cheese, fries, and of course a big ole fat pineapple to make it a healthy meal!

Comment by scdave
2016-02-07 09:03:31

big ole fat pineapple to make it a healthy meal ??


Comment by phony scandals
2016-02-07 08:15:38

This was funny.

Peyton Manning United Way Parody

http://www.youtube.com/watch?v=uEEYbXVCoT0 - 236k -

Comment by aNYCdj
2016-02-07 08:47:47

today is the perfect day for another terrorist attack……just wonder would or servicemen would go fight them if the score was tied in the 4th quarter with 2 minutes to play and the ball on the 2 yard line???

Comment by scdave
2016-02-07 09:06:45

today is the perfect day for another terrorist attack ??

I am at the epicenter of it all…I will ride mike bike over there today to check out the action…The security is incrediable…Humvee’s, Blackhawks & F18’s all being deployed…

Comment by aNYCdj
2016-02-07 09:48:01

exactly everyone is on the west coast but the east coast? hmmm

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Comment by Combotechie
2016-02-07 06:30:19


Zillow says my house appreciated by $1,927 over the past thirty days and my imputed rent increased by $129 per month over the same time period!

And all I had to do to make this happen was … to exist.

It’s a financial miracle!

(I like it, I love it, I want some more of it.)

Comment by azdude
2016-02-07 06:34:33

exactly, just sit back and watch the cash roll in buddy.

People that own stocks and homes have the upper hand.

A lot of people have to actually work to get cash.

Seems like this is creating the haves and have nots isnt it?

The poor guy workn a job struggles to get ahead. Maybe that’s why a lot of people have quit working?

Comment by David Lereah
2016-02-07 06:46:11

If you paid your mortgage off, it means you probably did not manage your funds efficiently over the years. It’s as if you had 500,000 dollar bills stuffed in your mattress.

Comment by azdude
2016-02-07 08:14:55

that made sense at one time. If you could get more yield on your savings in a safe investment why put it toward your mortgage?

Now your savings interest is zero and your home loan is about 4 at least%.

Pay down your debt buddy!

Comment by Blue Skye
2016-02-07 09:22:11

“Pay down your debt…”

You’re a very slow study Poet, but that is the logical conclusion.

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Comment by joe smith
2016-02-07 10:23:31

^^ This will never get old.

Comment by palmetto
2016-02-07 06:32:33

Interesting article, apologies if it has been previously posted. What I don’t get, though, is how this is money laundering if the properties just sit there abandoned and rotting. I can see if they’re being flipped or rented or even just kept up enough to maintain current value. Looks more like money-losing than money laundering to me.


Comment by Professor Bear
2016-02-07 07:24:40

As long as there is another money launderer seeking an investment property — any property — and a title to change hands, the condition of the property may matter little if any to the price. If the pool of money laundering flippers ever dries up and price reverts to fundamental use value, the latest buyer becomes the bagholder.

Comment by Oddfellow
2016-02-07 08:54:19

It also shows the attraction of condos to such investors. Much easier to maintain a “box in the air” from afar.

Comment by scdave
2016-02-07 09:13:21

Looks more like money-losing than money laundering to me ??

You can’t lose when you turn dirty money into clean money even if you get 1/2 back…There is that organization called the IRS that keeps tabs on your cash…If a pile of cash just happens to show up in your bank accounts, alarm Bells go off in the data base at the IRS….

Comment by Prime_Is_Contained
2016-02-07 23:18:27

If a pile of cash just happens to show up in your bank accounts, alarm Bells go off in the data base at the IRS….

You give them WAY too much credit, I’m afraid…

Comment by Goon
2016-02-07 06:35:54

Voters are vegetables:

“Libertarian icon and Former Texas Representative Dr. Ron Paul appeared on Fox Business channel Friday, heralding a message that neither Sen. Ted Cruz nor any Republican or Democrat candidate for president should win the libertarian vote.

“You’re not going to find anyone in the Republican or the Democratic primary that even comes slightly close to ever being able to claim themselves a libertarian,” the senior Paul told Stuart Varney on Fox Business.

Paul also went on Kennedy’s program on Fox Business, saying that no one in the Republican presidential field even comes close to his son Rand on protection of privacy, reaching out to minorities, making people think about not going to war carelessly. The senior Paul went on to cast others that are seeking the libertarian vote as “pretenders.” He called the effort “a real joke.”


Comment by The Selfish Hoarder
2016-02-07 07:08:25

Those who have an interest in being “led” want more blood. The Ron Paul voters got out of politics and saw through Rand Paul as a compromiser. We did not forget his endorsement of Romney. We became voluntaryists. I am more sure that the non voters are less statist, based on the more statist sentiment for tyrants. The crop of thugs this year lacks the Ron Paul and non of the voters miss him. We non voters respect and are grateful for Ron Paul showing us how the system is rigged. So much that only the statists want more statism.

Comment by Goon
2016-02-07 07:22:08


America isn’t a country, it’s a game.

Comment by Raymond K Hessel
2016-02-07 08:03:41

America lives on in the hearts of the 5%, even as the slack-jawed ‘Muricans have no concept of her former greatness and what she once stood for - and it isn’t “The American Way of Life.”

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Comment by FrankBruno
2016-02-07 07:30:35

How many voluntaryist a does it take to screw in a lightbulb?

Comment by Raymond K Hessel
2016-02-07 07:31:06

While it’s an indisputable fact that 95% of the people who voted in 2008 and 2012 are retards, based on their support for oligarchy-annointed candidates like Obama, McCain, and Romney whose sole agenda is concentrating more wealth and power in the hands of their .1% puppetmasters, it must be noted that only 30% of the eligible voters actually voted. This raises the possibility that of the 70% who didn’t bother to vote, a significant percentage may actually have been intelligent enough to reject the prospect of voting for the Republicrat status quo, rather than being too lazy or indifferent to vote.

My operative assumption has been that only 5% of the electorate are intelligent, thinking people…but what a pleasant surprise it would be if the true number was more like 10%. We’d still be hopelessly outnumbered by the Stoopids, but the picture would be more encouraging, all in all.

Comment by The Selfish Hoarder
2016-02-07 09:57:02

Thank you RKH, for having more respect for the majority of Americans, those who don’t vote. I am optimistic about most people because most people do not vote. Most people around the world do not do terrorism. Most Muslims are not initiating force. Only the collectivists of the right and collectivists on the left have bad judgement about groups. Most people do not give a hoot about sociopaths who want to rule. I thumb my nose at all politicians, The politicians are all lower than lawyers, real estate agents, car salesmen, and job recruiters.

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Comment by FrankBruno
2016-02-07 10:37:59

Hilarious this pretending to respect the people who don’t vote. While some small percentage do it for principled reasons, the vast vast majority of those nonvoters are just lazy and clueless to what’s going on.

If those people voted, they’d vote all your money to them a you jokers would be complaining about mob rule. Face it, you don’t have a core belief in democracy anyway.

Comment by The Selfish Hoarder
2016-02-07 16:51:51

“Hilarious and pretending.”

How about your own pretending that your vote counts? Especially since the electoral collage mostly overrules the popular vote anyway. Especially since hundreds of thousands of unelected bureaucrats in the EPA and BLM create new laws, especially since the shadow government and FISA courts, also unelected, run the shop!

You sir, are brainwashed by the state you worship.

Comment by FrankBruno
2016-02-07 07:26:44

Dear Rand Paul Supporters, Here’s Why Your Guy Didn’t Win


Read it all, and the comments.

TLDR: libertarianism ignores the real world we live in and the faux pretending for ideological purity by a rich Senator is easily seen through.

Comment by palmetto
2016-02-07 08:38:29

As a philosopher, a standard bearer, a codifier of policy and a man of principle, there’s none better than Ron Paul.

As a leader, he is a “real joke”. If that sounds way harsh, it is. And it’s not undeserved. He had many supporters, but I realized something was wrong when I contacted his campaign office in DC, asked what I could do and was told “join a meet-up group”. After being treated to a rambling discourse on principles by a very nice guy. What were they thinking? That some sort of movement would just magically coalesce behind him and carry him on their shoulders in triumph to the White House? First fail: little to no organization.

And when I read Ben’s post about what happened at the Republican convention, and how the rules were changed mid-stream to invalidate his delegates, I realized he had thrown his supporters under the bus.

If the whole point of his campaign was to do nothing more than call attention to the issues, fine. But be honest with your supporters. How do you manage to serve 23 years in Congress and be active in the Republican party without realizing how vicious and underhanded it can get and putting in place some strategy and tactics to deal with the snake’s nest?

If you don’t want to get your hands dirty, stop cooing about “all the young people” and use some of that internet Ron Paul Money Bomb to get someone on board who will. Get a Walsingham or even a Roger Stone, for Jeebus’ sake.

He’s no leader and should never have pretended to be one. In doing so, he let a lot of people down who were willing to go to the wall to support him. And my guess is he was too much of a purist to allow anyone to do what was necessary. He’d make a great policy adviser to a President, but he’d probably throw a hissy the minute his candidate deviated or compromised just the slightest bit on some point or another, so no one’s gonna beat a path to his door. Who wants to have to deal with Joan of Arc?

As to his son, that’s a real “what might have been”. There’s this:


And this:


Comment by The Selfish Hoarder
2016-02-07 10:18:11

The Ron Paul approach is not hierarchical. That is something that those still affected by state worshipping cannot handle. Libertarian’s are naturally repelled by hierarchies, so a lot of Ron Paul fans were in favor of meet ups.

Comment by FrankBruno
2016-02-07 10:53:48

Have you ever been to a grocery store? Something like that with its complexity and supply chain requirements is impossible in these utopian voluntaryist fantasies. Give me an example of where this has ever worked? Some hippie commune?

Voluntaryists are vegans ordering salad at a steakhouse in smug self satisfaction.

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Comment by The Selfish Hoarder
2016-02-07 11:17:39

False analogy. Grocery store is all about the sum of voluntary interactions. Grocery stores are great examples of anarchy capitalism.

Comment by palmetto
2016-02-07 10:54:45

It’s like I said, if he was just getting his message out there, he should have told his supporters. While it’s nice to meet people of like mind, I don’t have to go to a meet-up for that.

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Comment by The Selfish Hoarder
2016-02-07 10:19:56

“He’s no leader.” I don’t know one libertarian who wants a leader.

Comment by palmetto
2016-02-07 12:57:58

Well, then don’t run for president and pretend to have a campaign.

With that said, my sense is that he did a great job serving his constituents while in Congress, to the extent that he could. And he did speak truth to power while there, not an easy thing to do. I applaud him for that.

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Comment by Goon
2016-02-07 06:48:48

Another Sky Wizard narrative, brought to you by the 40% of the Republican primary electorate who believe that the Earth is 6,000 years old:


American taxpayers, do you feel that your $600,000,000,000 a year Pentagon budget to keep this racist apartheid state afloat, because voters in Texas who don’t own shoes or a toothbrush think it will bring the Rapture five minutes sooner, is worth it?

William Kristol is a war criminal.

Comment by Professor Bear
2016-02-07 07:28:04

Does Ted Cruz believe the Earth is a mere 6,000 years old?

And does his belief on this point matter to his supporters?

Comment by Raymond K Hessel
2016-02-07 07:32:40

Don’t be so hard on Rafael “Ted” Cruz. He is only mouthing the script his Goldman Sachs masters handed him. It’s only necessary to fool 51% of the Stoopids to become our next president.

Comment by azdude
2016-02-07 08:38:50

cruz was born on canadian soil.

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Comment by FrankBruno
2016-02-07 07:33:44

The founding fathers believed all that nonsense too, right wing radicals all of them. They wanted to put a Bible Scene with Moses on the Great Seal of the US.

Comment by Goon
2016-02-07 07:43:50

all that nonsense

Here’s a nice article about the Religion Of Piece:


Which doesn’t change the fact that Israel is not the 51st state.

It’s time for American taxpayers to pull the plug on this FAIL.

“This sucker could go down” — George W. Bush

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Comment by Professor Bear
2016-02-07 07:57:07

By “nonsense”, do you mean the belief I mentioned about the age of the earth being only 6,000 years?

In their defense, the founding fathers didn’t have access to the body of knowledge developed by Charles Darwin and the geologists and other scientists who followed his lead to determine that the world is billions (not thousands) of years old.

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Comment by The Central Scrutinizer
2016-02-07 08:20:38

They also had their share of Christian whacjobs to placate. The Puritan influence must have bee insane back then.

Comment by FrankBruno
2016-02-07 09:31:36

They believed all the stuff you lib whacktards hate, like criminals should hang from the neck until dead, and Jesus.

Comment by In Colorado
2016-02-07 09:42:44

They also had their share of Christian whacjobs to placate. The Puritan influence must have bee insane back then

Given the number of Founding Fathers who were either Unitarians, Quakers, Deists, Anglicans or Catholics; it doesn’t seem like the Puritans had that much influence.

Comment by Professor Bear
2016-02-07 10:29:25

Did Jesus directly give Ted Cruz special permission to lie? After all, Ted is both an attorney and a politician.

Comment by Professor Bear
2016-02-07 10:57:44

Ted Cruz is wrong about CNN’s reporting
By Dylan Byers
Updated 12:04 AM ET, Sun February 7, 2016
Trump to Cruz: You’re a liability as a candidate
Trump: Cruz ‘insulted 20 million people’
Ted Cruz says he wasn’t trying to trick Iowa voters
Ted Cruz: It’s been a remarkable victory
Ted Cruz rips media, thanks supporters
Ted Cruz: Judeo-Christian values built America
Young Ted Cruz’s aspirations: World domination

Manchester, New Hampshire (CNN) Sen. Ted Cruz knowingly misstated CNN’s reporting during Saturday’s Republican primary debate, despite the fact that CNN’s reporting was correct all along.

Cruz blamed CNN for a message his campaign sent to supporters the night of the Iowa caucuses suggesting Carson was going to suspend his campaign.

“My political team saw CNN’s report breaking news and they forwarded that news to our volunteers, it was being covered on live television,” Cruz said during the debate.

Comment by Professor Bear
2016-02-07 12:51:09

Trump: Without Cruz’s ‘Fraud,’ ‘I Probably Came In First’ in Iowa
by Pam Key
7 Feb 2016

Sunday on CNN’s “State of the Union,” Republican presidential candidate Donald Trump said he ” probably” won in Iowa but his close second place was only because his rival Sen. Ted Cruz’s campaign told voters Dr. Ben Carson was dropping out of the race and did a mailing that looked like a government form which Trump called “a fraud.”

Comment by Oddfellow
2016-02-07 09:03:37

The founding fathers believed all that nonsense too,

Then why did Jefferson rewrite the bible, taking out all the miracles and magic and such?

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Comment by FrankBruno
2016-02-07 09:37:25

Jefferson wanted MOSES leading the Israelites out of Egypt as the Great Seal of the US. Yeah, real nonjudeochristian that guy. Christ if an R would propose that today the Ds heads would blow off.

Comment by Oddfellow
2016-02-07 09:53:17

You didn’t answer my question.

Comment by FrankBruno
2016-02-07 11:08:30

Apparently to proselytize the Indians. Christian proselytizing. He had his unique view of Jesus, we all do.

Comment by Oddfellow
2016-02-07 11:29:32

Apparently to proselytize the Indians.

Bzzt. Wrong. Do you just make things up to suit your current needs?

Here’s tj himself on the subject:

“In extracting the pure principles which he [Jesus] taught, we should have to strip off the artificial vestments in which they have been muffled by priests, who have travestied them into various forms, as instruments of riches and power to themselves. We must dismiss the Platonists and Plotinists, the Stagyrites and Gamalielites, the Eclectics, the Gnostics and Scholastics, their essences and emanations, their logos and demiurges, aeons and daemons, male and female, with a long train of … or, shall I say at once, of nonsense. We must reduce our volume to the simple evangelists, select, even from them, the very words only of Jesus, paring off the amphibologisms into which they have been led, by forgetting often, or not understanding, what had fallen from him, by giving their own misconceptions as his dicta, and expressing unintelligibly for others what they had not understood themselves. There will be found remaining the most sublime and benevolent code of morals which has ever been offered to man. I have performed this operation for my own use, by cutting verse by verse out of the printed book, and arranging the matter which is evidently his, and which is as easily distinguishable as diamonds in a dunghill. The result is an octavo of forty-six pages, of pure and unsophisticated doctrines.[5]”


Comment by The Central Scrutinizer
2016-02-07 17:17:14

Jesus was big on capital punishment, in Crybaby Christianity, anyhow..

Comment by salinasron
2016-02-07 07:09:12

Wow. The bankers, etc can try to keep talking the game but it is starting to become a case of everyman or government for themselves. T. Boone Pickens sold all his old holdings this past week after predicting higher oil prices. Obama wants a $10 barrel tax on oil. Countries that produce nothing but oil will have to flood the market with more oil to keep their standard of living and the downward spiral will continue. (Read “the Prize: The Epic Quest-Money-Power” by Daniel Yergin).
BIS will be the only place besides private money to bail out the world economies if we keep the path we are now on i.e easy monetary policies.

Comment by Energy Analyst
2016-02-07 07:26:14

Considering the massively inflated price oil has been for the better part of 15 years, the falling price of crude is a very bullish indicator.

Comment by Professor Bear
2016-02-07 07:29:35

What bailout authority does the BIS have?

Comment by azdude
2016-02-07 07:43:08

They are the central bank that oversees the central banks. I guess they have the higher authority to bail them out. They will never run out of fiat thats for sure.

Special drawing rights, SDR’s, is what gets you in the big club.

Comment by Raymond K Hessel
2016-02-07 07:39:19

How much of Obama’s $10 a bbl tax on oil will flow directly to his oligarch puppetmasters, who can then fill up the DNC’s coffers with a percentage of their ill-gotten loot?

Comment by In Colorado
2016-02-07 09:45:24

Uh, wouldn’t the GOP controlled congress have to pass a bill for that tax?

Comment by scdave
2016-02-07 10:04:00

Exactly Colorado….

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Comment by Mafia Blocks
2016-02-07 11:06:01

And you drama queens want to pay higher retail prices?


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Comment by The Central Scrutinizer
2016-02-07 17:18:23

Some of us aren’t poor and obese.

Comment by Mafia Blocks
2016-02-07 17:39:34

More nonsense.

Comment by MightyMike
2016-02-07 11:07:48

How much of Obama’s $10 a bbl tax on oil will flow directly to his oligarch puppetmasters, who can then fill up the DNC’s coffers with a percentage of their ill-gotten loot?

The answer is zero. Every dollar would have to “flow” to the government first.

Comment by Senior Housing Analyst
2016-02-07 07:11:34

Washington, DC Housing Craters; Prices Plunge 16% YoY On Ballooning Housing Inventory


Comment by Mafia Blocks
2016-02-07 07:27:43

Donald Trump. An esteemed statesman with a squad of sexy strumpets.

Comment by Professor Bear
2016-02-07 12:53:29

Donald Trump Wants to Authorize ‘Something Beyond Waterboarding’
Feb 7, 2016, 11:50 AM ET
PHOTO: Republican presidential candidate Donald Trump gestures as he speaks at a campaign rally, Feb. 5, 2016, in Florence, S.C. John Bazemore/AP Photo

Republican presidential candidate Donald Trump said the United States needs to authorize “something beyond waterboarding” in order to better fight terror groups.

Trump justified the use of waterboarding and other unnamed advanced interrogation techniques because terror groups use greater measures to inflict fear and harm. He added that groups like ISIS go well beyond waterboarding.

“I would absolutely authorize something beyond waterboarding and believe me, it will be effective,” he said Sunday on ABC’s “This Week With George Stephanopoulos.” “You have our enemy cutting heads off of Christians and plenty of others, by the hundreds, by the thousands.”

“Do we win by being more like them?” asked Stephanopoulos.

“Yes,” replied Trump. “I’m sorry. You have to do it that way.”

Comment by Professor Bear
2016-02-07 12:59:43

I don’t recall other U.S. politicians openly advocating waterboarding.

Comment by Oddfellow
2016-02-07 13:02:56

But that torture is such a big middle finger to the establishment!

Comment by Professor Bear
2016-02-07 13:27:45

It’s more of a middle finger to the Geneva Convention.

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Comment by Oddfellow
2016-02-07 13:48:30

Whatever, them too. They gave us a bum deal.

A huge middle finger.

Comment by Donald Trump
2016-02-07 07:29:10

Our leaders are stupid, they are stupid people.

Comment by Raymond K Hessel
2016-02-07 08:41:23

Our leaders are a reflection of the dolts who elected them.

Comment by The Selfish Hoarder
2016-02-07 16:54:50

True that. I don’t hate the rulers. I hate the idiots who elect them and the idiots who follow their orders.

Comment by Oddfellow
2016-02-07 09:06:51

Our leaders are stupid,

Is that why you’re leading in the polls?

Comment by The Selfish Hoarder
2016-02-07 07:31:45

Thirteen years ago the would have been a gunsg ho Trumpest or Hillary supporter, a willing order follower. Now?


Comment by Professor Bear
2016-02-07 07:32:55

Is it best to buy more, hold or fold your stock market investments when the world economy is locked into a death spiral?

Comment by Professor Bear
2016-02-07 07:35:54

Citi: World economy seems trapped in ‘death spiral’
Katy Barnato
Fri, 5 Feb ‘16 | 11:05 AM ET

The global economy seems trapped in a “death spiral” that could lead to further weakness in oil prices, recession and a serious equity bear market, Citi strategists have warned.

Some analysts — including those at Citi — have turned bearish on the world economy this year, following an equity rout in January and weaker economic data out of China and the U.S.

“The world appears to be trapped in a circular reference death spiral,” Citi strategists led by Jonathan Stubbs said in a report on Thursday.

“Stronger U.S. dollar, weaker oil/commodity prices, weaker world trade/petrodollar liquidity, weaker EM (and global growth)… and repeat. Ad infinitum, this would lead to Oilmageddon, a ’significant and synchronized’ global recession and a proper modern-day equity bear market.”

Stubbs said that macro strategists at Citi forecast that the dollar would weaken in 2016 and that oil prices were likely bottoming, potentially providing some light at the end of the tunnel.

“The death spiral is in nobody’s interest. Rational behavior, most likely, will prevail,” he said in the report.

Comment by Professor Bear
2016-02-07 07:40:22

Cramer: The stock market is not working
Krysia Lenzo | Anita Balakrishnan
Fri, 5 Feb ‘16 | 2:45 PM ET
Stock quotes and silhouette of a bear

The mechanism of the stock market is not working, CNBC’s Jim Cramer said Friday.

“We are paying far less for earnings than we were willing to pay just a few months ago, particularly for high-growth companies. This is a sign that the market attacks one area after another, after another,” Cramer said on “Squawk on the Street.”

Major stock indexes opened lower Friday, falling more than 1 percent after nonfarm payrolls rose less than expected in January. At one point, the telecom sector was the only one trending higher, as shares of companies from media to technology hit lows. The indexes were all down more than 1 percent midafternoon Friday.

There is not enough money going into one sector without leaving another sector, Cramer added. One example? Shares of metals manufacturer Alcoa and Freeport-McMoRan popped Thursday as money cycled back into the commodity sector.

Cramer said part of the problem is people are drawn to the cheapest stocks for fear of getting hurt.

“On any given day, if you owned Alcoa, you’d say, ‘What is Cramer talking about? We had a great day,’” he said. “But its a rolling bear market, through sectors.”

On Friday, the technology and biotech sector were the latest to feel the pain as shares of companies like LinkedIn were pummeled.

“We’re in a bear market — we can’t get away from it,” Cramer said.

Comment by Professor Bear
2016-02-07 07:44:59

To the Perma-Bulls Out There: We Are in a Bear Market
Richard Gobel
Feb 5, 2016 4:55 PM EST

The U.S. stock market ended the first trading week in February with huge losses. The DJIA lost 1.59% for the week, while the S&P 500 lost 3.26%. The Nasdaq was down 5.5% on the week and the Russell 2000 was lower by 4.79%.

For the year 2016, the DJIA is down 7%, the S&P is down 8.17%, the Nasdaq has lost 12.93%, and the Russell 2000 has lost 13.22%.

If that is not bad enough, the Russell 2000 is down an incredible 24% from its June 2015 high and the Nasdaq is lower by 16% from its July 2015 high.

Folks, we appear to be heading much lower during the course of 2016, so prepare yourself for what lies ahead. It will not be a pretty picture.

The Bureau Of Labor Statistics reported non-farm payrolls on Friday morning that came in up 151,000, with the unemployment rate at 4.9%. That was a big miss in jobs added.

However, unless we see a number of new jobs added at a very disappointing clip, say less than 100,000 during the next jobs report, it would appear that the Fed and Janet Yellen are still on course for a March interest rate increase at the next meeting. Things could change if the stock market continues to go down and the S&P losses another 200 points or so from these levels.

The markets appear to be thinking that the Fed is done raising rates in 2016, so another shock to the system of raising rates at the March meeting will continue to send the stock market much lower. In the meantime, stay extremely defensive, and if you find the need to buy stocks in the market, make your trades short and quick.

Comment by Mafia Blocks
2016-02-07 07:49:07

I hope you all got out in the 18k range. ;)

Comment by azdude
2016-02-07 10:37:28

you never got in! LMAO DONK

Comment by Mafia Blocks
2016-02-07 10:57:48

you I never got in! out.”

That’s more like it az_donk.

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Comment by Professor Bear
2016-02-07 12:58:43

You would have done well to sell in May (2015) and go away for good.

Comment by Professor Bear
2016-02-07 11:55:25


Comment by Professor Bear
2016-02-07 11:57:13

Nasdaq hits 15-month low in Friday freefall
Adam Shell, USA TODAY1 day ago

Wall Street’s short winning streak came to a brutal end Friday as a disappointing jobs report sent stocks skidding and the Nasdaq composite to its lowest level in more than 15 months.

The Dow Jones industrial average, which had patched together two straight days of gains, was down 211.61 points, or 1.3%, to 16,204.97. The broader Standard & Poor’s 500 was down 35.40 points, or 1.9%, to 1880.05.

The real carnage was in the Nasdaq, which tumbled 146.41 points, or 3.3%. to 4363.14 — its lowest close since Oct. 20, 2014.

For the week, the Nasdaq posted a more than 5% loss. The Dow dropped about 1.6% and the S&P 500 tumbled 3.5%. The Nasdaq is now 16.4% below its record close last year, creeping ever closer to a 20% that would qualify as a bear market.

Stocks slid from the opening bell following the release of a weak January jobs report, a key data point that shows a possible downshift in the U.S. economy amid global tumult and which adds further uncertainty to Federal Reserve interest rate policy.

Comment by Professor Bear
2016-02-07 12:54:59

Trending Now
Top 20 Stocks for 2016
Feb 7, 2016 @ 01:04 AM
Does The Stock Market Have You Singing The Blues?
John S. Tobey
I write about investment themes being overlooked or misinterpreted.
Opinions expressed by Forbes Contributors are their own.

Stocks got you in a funk? Small wonder, given the noisy, negative gyrations, seemingly going nowhere. “Just get it over with, already!” is the general cry of investors, immersed in uncertainties that were missing last July, and are now in full force. Sitting back and watching the market as little as possible helps somewhat, but we really need a sense of what the future will bring. Unfortunately, the popular choices are negatively arranged from okay to same-ol’ to bad to worse.

The good news is that there is a cure: Steps to take that can help move thoughts and emotions past this nerve-wracking roadblock and into the future.

Comment by Professor Bear
2016-02-07 16:49:37

Thu Feb 4, 2016 | 6:47 PM EST
U.S.-based stock funds post 5th straight week of withdrawals: Lipper
By Tariro Mzezewa

NEW YORK (Reuters) - Investors pulled $6.5 billion out of U.S.-based stock funds during the week ended Feb. 3, Lipper data showed on Thursday, as investors largely shunned risky financial assets for the fifth straight week.

U.S.-based corporate investment-grade bond funds, another gauge of risk appetite, also saw significant cash withdrawals, with investors yanking $1.5 billion from the sector for an 11th straight week. U.S.-based emerging market debt funds posted $415 million in outflows, the group’s 15th straight week of cash withdrawals, Lipper said.

Taxable bond mutual bond funds had outflows of $523 million, their lightest since they began cash withdrawals 13 weeks ago, according to Lipper data.

As investors shied away from risky assets, they continued to add U.S.-based government Treasury funds and high-yield municipal bond funds. Treasury funds attracted inflows totaling $1.5 billion for the eighth consecutive week, Lipper data showed. U.S.-based high yield muni funds posted inflows of $78.6 million, marking their 18th straight week of gains.

Comment by Raymond K Hessel
2016-02-07 07:36:46

A New Zealand woman is under arrest after throwing a dildo in the face of an Oligopoly political puppet who voted for TPP. She yelled, “That’s for raping our sovereignty!” before being hauled away! Hahahahaha!


Comment by In Colorado
2016-02-07 09:48:24

Once upon a time, IIRC, New Zealand would allow US Navy ships in their ports. Now their leaders are rolling over like leaders everywhere else.

The Billionaires have won. Game over.

Comment by phony scandals
2016-02-07 12:08:15

“A New Zealand woman is under arrest after throwing a dildo in the face of an Oligopoly political puppet who voted for TPP.”

“The Billionaires have won. Game over.”

Not over but Bammy, Michael Bloomberg and the rest of the Ruling Elite’s front men and women are trying to make sure the only thing that stands between them and their plan in some flying dildos.

Firearms-Control Legislation and Policy: New Zealand


In New Zealand, the licensing of gun owners and restrictions on firearm sales are governed by the Arms Act 1983[1] and regulations made under that legislation: the Arms Regulations 1992[2] and the Arms (Restricted Weapons and Specially Dangerous Airguns) Order 1984.[3] Several provisions in these instruments were recently amended by the Arms (Military Style Semi-automatic Firearms and Import Controls) Amendment Act 2012.[4] The New Zealand Police (the Police) is the body responsible for administering firearms legislation. There is no right to own or possess firearms under New Zealand law, including for the purposes of self-defense.

The current legal regime for firearms can be characterized as a “licensing but no registration” system since the majority of firearms in the country do not need to be registered. A range of amendments aimed at further restricting access to firearms were introduced in 1992 following a massacre in which thirteen people were killed by a licensed gunman carrying semiautomatic firearms.

Comment by The Selfish Hoarder
2016-02-07 07:38:12

“You get what you deserve.”


No, we non voters are screaming that we do not consent. I don’t care if only 1,000,000 people vote and they vote for Al Quaeda. I do not consent to this system. The system ain’t broken. It was designed this way.

Comment by Raymond K Hessel
2016-02-07 07:45:18

Multimillion dollar Vancouver homes sold to Chinese embezzlers, er, investors, are deteriorating due to a lack of maintenance from their absent owners. When will the people of Vancouver give a middle-finger salute to their oligarch overlords and elect true representatives who will force homebuyers to show the source of their funds and refuse to allow unscrupulous embezzlers to distort their housing markets? When will such eyesores be seized by the municipal government and put up for sale to families who will live in them as primary residences and restore them to their previous lovingly-maintained condition?


Comment by Goon
2016-02-07 07:50:19

Another article about the Religion Of Piece:


Aisha was nine years old when 53 year old muhammed consummated their marriage.

But instead of militarily disengaging with these goat f*ers, the Republican primary electorate who see the face of Jesus in a Big Mac bun will vote for the candidate that Sheldon Adelson purchased. That Sheldon Adelson purchased. That Sheldon Adelson purchased.

Comment by Raymond K Hessel
2016-02-07 07:53:56

Europeans voted for oligarch-owned globalists; now they’re reaping the fruits of the Oligopoly’s “fundamental transformation.” Coming soon to a swimming pool near you once Soros tool Hillary Clinton is elected and floods the country with more Middle East entitlement voters.


Comment by Raymond K Hessel
2016-02-07 07:56:22

I covered most of my tech shorts on Friday. That means the bottom is going to drop out of the market next week, since I ALWAYS sell too soon. Consider yourselves warned….

Comment by Professor Bear
2016-02-07 07:59:47

You have to wonder how bad things are going to get when Jim Cramer throws in the towel and declares that a bear market has arrived.

Comment by Raymond K Hessel
2016-02-07 08:08:12

Cramer got crucified for telling the sheeple “Bear Stearns is fine!” right before it crashed from $60 to $2. Once bitten twice shy - he probably recognizes there’s a lamppost in his future if all the bagholders who lost money on his permabull shilling for Wall Street ever come looking for revenge.

I saw an interesting trailor for a new George Cloony movie, “Money Monster” in which a revenge-seeking bagholder comes after a character very clearly based on Jim Cramer. Of course the Cramer figure is depicted as genuinely wanting to help the bag holder uncover the fraudsters who bilked him out of his life savings…yeah, right.

Comment by Raymond K Hessel
2016-02-07 08:09:23
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Comment by azdude
2016-02-07 08:16:15

cramer is a fraud and costs people a lot of money. It seems these business channels have been turned into a comedy show.

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Comment by Professor Bear
2016-02-07 08:20:13

Anyone who bases their investing decisions on the advice of a shrill clown like Cramer deserves to see their life savings get washed down the drain.

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Comment by Raymond K Hessel
2016-02-07 07:59:06

Brace for impact…and for you home-moaners, get ready to see your ficticious valuations returning to earth.


Comment by Raymond K Hessel
Comment by rms
2016-02-08 00:03:00

“In the end a $700,000 crap shack is still a crap shack. That $1.2 million piece of junk in San Francisco is still junk. And you better make sure you can carry that housing nut for 30 years.”

Yep, financial suicide.

Comment by Goon
2016-02-07 08:03:22

Washington Times (published by the Unification Church i.e. the Moonies) has a subsection titled “Threat Assessment” with links to the following articles:

Why Would Iran Be Worried About Saudis Fighting ISIS? Because It’s Not About ISIS

German intelligence: ISIS sending fighters disguied as refugees

Top ISIS commanders taking refuge in Libya

No smaller government or less regulation or lower taxes happening here. Just more trillion dollar neocon wars. And btw, did you know that Richard Perle lives in a villa in the South of France?

Also note that both the FoxNewsHate and real journalists Washington Post top articles on global affairs now both concern North Korea’s successful test of a long range rocket.

But the Washington Times is still stuck on ISIS. Its masthead has a very newsy looking font, which leads some zika-brained link clickers to believe it is an actual newspaper.

Neocons gonna neocon.

Comment by Raymond K Hessel
2016-02-07 08:13:49

The bankers and their captured Democrat elites are clearly alarmed that even the dullest of the sheeple are expressing disquiet over Hillary’s unsavory character and lack of appeal as a candidate. It was so much simpler when 95% of the sheeple mindlessly voted for their own fleecing as they did in 2008 and 2012.


Comment by Goon
Comment by Oddfellow
2016-02-07 09:26:38

Or is it Russian propaganda?

Like RT, the German branch of Sputnik — named after the satellite that established the Soviet claim to supremacy in space almost 60 years ago — is part of the Rossiya Segodnya media empire. Its mandate is to broadcast Moscow’s worldview at Putin’s behest. Dmitry Kiselyov, the Kremlin’s chief propagandist, serves as Sputnik’s general director. The only Russian journalist on the EU sanctions list against Moscow, he sees himself as being involved in an “information war.” In fact, he says, this is the “primary form of warfare” today.


Comment by Oddfellow
2016-02-07 10:49:18

” In contrast to the past, the pro-Moscow camp abroad is no longer leftist but staunchly right-wing. Russia sees itself as the leader of a new, global conservatism — anti-liberal, xenophobic and homophobic — against a supposedly decadent West and its decline in values. Moscow uses right-wing groups to advance its agenda.”

“European security agencies have warned for some time that Moscow is targeting public opinion in European Union countries. Kremlin-controlled broadcaster RT disseminates news and videos online in English, Russian, Spanish, French and Arabic, and with great effectiveness.”

“And then there are the many concealed provocateurs doing their damage on the Internet, as well as other press organizations controlled by the Kremlin.”

Comment by Raymond K Hessel
2016-02-07 08:17:05

As Jeb’s oligarch donors switch their support to Marco Rubio, the Jeb half of HillaryJeb may finally have to accept the reality that he is loathed by the Republican base, who do not share their Democrat counterpart’s affinity for the crony capitalist status quo.

Comment by azdude
2016-02-07 08:40:08

Do u see JEB literately wheel out his mom this week who proceeded to bash trump? LMAO

Comment by I am yuuuge in Burma
2016-02-07 08:57:55

Elder abuse is a crime, no?

Comment by scdave
2016-02-07 09:42:02

see JEB literately wheel out his mom this week ??

Can’t you smell the desperation out of the republican party…You were riding high in the saddle 2000-2008 with the all hat no cattle cowboy leading the charge..You reap what you sow…

Comment by azdude
2016-02-07 10:44:35

the democrats sure have some pretty pathetic options dont they?

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Comment by MightyMike
2016-02-07 10:23:00

As Jeb’s oligarch donors switch their support to Marco Rubio

I have a feeling that this is yet another one that you’ve just made up.

Comment by Raymond K Hessel
2016-02-07 10:42:54

That is a very insightful comment, Mike, which we all could’ve done without.

Comment by MightyMike
2016-02-07 11:10:13

If it’s true that you just made something up, it would have been better for you to keep it to yourself.

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Comment by Raymond K Hessel
2016-02-07 08:23:55

Not only has China stopped buying America’s debt, they are burning through their treasury holdings at an unsustainable rate. What happens when Yellen can’t find anyone foolish enough to buy up US debt that the Fed intends to print into worthlessness?


Comment by In Colorado
2016-02-07 11:28:51

The thing here is, China isn’t dumping Uncle Sam’s IOUs because they’re worthless; rather it’s because it’s the only thing of value that they have, and someone is buying them. Remember, when the SHTF, money makes a beeline to safety in the US.

Comment by Raymond K Hessel
2016-02-07 08:25:39

How long can Chinese companies keep on using printing-press Yuan to buy up real companies in the West?


Comment by azdude
2016-02-07 08:35:43

Seems like everyone is trying to print fiat and get something of value for basically the cost of ink and paper.

Comment by In Colorado
2016-02-07 11:24:37

Aren’t they supposed to have trillions in foreign reserves?

Comment by Professor Bear
2016-02-07 13:07:50


International China
China’s Foreign Reserves Plunge To Lowest Level In Over 3 Years
by Reuters
February 7, 2016, 1:15 PM EST
The central bank dumps dollars to defend the yuan.

China’s foreign reserves fell for a third straight month in January, as the central bank dumped dollars to defend the yuan and prevent an increase in capital outflows.

China’s foreign reserves fell $99.5 billion to $3.23 trillion in January, the lowest level since May 2012, central bank data showed, but higher than the median forecast of $3.2 trillion from economists surveyed in a Reuters poll.

The size of the drop was second only to the $107.9 billion fall in December, the largest monthly decline on record. The central bank has intensified efforts to prop up the yuan after it staged a surprise devaluation in early August.

China’s reserves remain the world’s largest despite losing around $420 billion in the last six months. In 2015, they fell by $513 billion, the largest annual drop in history.

The country’s foreign exchange regulators said on Feb. 4 that trade and investment had caused $342.3 billion of the drop in reserves in 2015, while currency and asset price changes caused another $170.3 billion fall.

Officials said the fall had been further exacerbated by a rush by local firms to repay foreign debt and increased dollar buying by local residents as the yuan fell.

Capital outflows have gained momentum since the yuan’s August devaluation, fanned by concerns about China’s economic slowdown and expectations of U.S. interest rate rises.

Comment by Professor Bear
2016-02-07 21:11:40

“…fell $99.5 billion to $3.23 trillion in January,…”

$3,230/$99.5/12 = 2.7 more years to go all the way down to $0 at that burn rate.

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Comment by Raymond K Hessel
Comment by aNYCdj
2016-02-07 09:17:44

i only hope they do things backwards this time, and bail out CIT instead of AIG….save the little guys, small business, and let the big guys use up their cash….instead of using it for hundreds of billions in stock buybacks. and huge bonuses

Comment by Professor Bear
2016-02-07 13:08:50

Isn’t it interesting how the Bernanke Moment was postponed for a protracted period of time after he left office?

Comment by Mafia Blocks
2016-02-07 08:37:58

Remember….. nothing accelerates the economy, boosts demand and increases employment like falling prices to dramatically lower and more affordable levels. Nothing.

Comment by azdude
2016-02-07 13:13:25

Do u have any new material on your script?

Comment by Mafia Blocks
2016-02-07 14:32:36

Falling housing prices my friend….. Falling housing prices.

Comment by Raymond K Hessel
2016-02-07 08:45:14

China’s monthly burn rate for defending the Yuan: $100B a month (if you believe their official data).


Comment by In Colorado
2016-02-07 11:23:30

That’s a lot of houses in Vancouver and Sydney.

Comment by Professor Bear
2016-02-07 21:13:02

2.7 more years at that burn rate would exhaust their reserves entirely.

Comment by Raymond K Hessel
2016-02-07 08:49:58
Comment by Raymond K Hessel
2016-02-07 08:56:31

With Jeb roundly rejected by the GOP base, the oligopoly is pushing a new Hollow Man candidate: Marco Rubio. How many of the sheeple will be duped by this open-borders advocate and Wall Street puppet?


Comment by palmetto
2016-02-07 11:36:00

A detestable individual. He used similar tactics here to stonewall state legislation on illegal immigration when he was $peaker of the Florida House. I’ll never forget the video of him burying the vote.

He more or less rose by hanging on to JEB!’s coattails. Charlie Crist had already turned on JEB! and Marco saw an opening to use this to get support to run for US Senate. He got it and ran on a Tea Party platform and people actually fell for this. Those who fell for it the most were the ladies in retirement communities all over Florida who fell for his greasy charm and he worked them to the point they were practically dropping their panties for him whenever he made an appearance at their clubhouse. I don’t know who was more disgusting, Rubio or the women. “Such a nice young man. And he’s Latino!”

There’s a huge retirement community in the middle of Florida called The Villages, I don’t know if anyone’s heard of it, it’s notorious in Florida for a number of reasons, one of which is the high level of STDs among the residents. The Villages and similar communities pretty much put him into office. The nastier side of me almost wishes he’d become president just to see SS yanked from these useless half-wits. I’d be happy to deliver dog and cat food to them with the Rubio label on it.

Marco Rubio, a true candidate for the donorist class and a Banana Republican.

Comment by Raymond K Hessel
2016-02-07 09:06:10

Anxious Chinese pulled tones of gold from the newly opened Shanghai Precious Metals Exchange last month. Meanwhile, our CRIMEX, er, COMEX, is levered up on paper (non-existent) gold to the tune of over 500 paper ozs for each real oz of physical gold in their stocks. Should be illegal, but isn’t.


Comment by The Selfish Hoarder
2016-02-07 09:48:09

The drain of gold out of the U.S. continues while the Keynesians and their peanut gallery followers laugh.

Precious metals won’t be confiscated by the U.S. government. 401ks, IRAs, bank accounts, and brokerage accounts will.

Comment by Raymond K Hessel
2016-02-07 09:09:34

COMEX gold levered at 542 paper ozs for each real oz of physical gold in their holdings. What a racket…and when “investors” try to stand for delivery, they are going to get a severe shock as they discover the gold they purchased doesn’t exist in real physical form. While the regulators slumber on….


Comment by Raymond K Hessel
2016-02-07 09:14:57

Pride goes before destruction; a haughty spirit goes before a fall. — Proverbs 16:18


Comment by phony scandals
2016-02-07 10:14:28


Ford to More Than Double Mexico Production

The Wall Street Journal - February 7, 2016 21

Ford Motor Co. will build a new assembly plant in Mexico and sharply increase Mexican factory output, representing the latest shift of investment abroad by a Detroit auto maker following the signing of a costly new labor deal.

The No. 2 light-vehicle seller in the U.S. plans to add 500,000 units of annual Mexican capacity starting in 2018, more than double what it built in 2015, according to people briefed on the plan. The plan mirrors General Motors Co.’s $5 billion investment to double Mexican capacity by 2018.

Ford will build a new assembly complex in San Luis Potosi, and expand an existing factory near Mexico City. The moves will make room for several models, including a yet-to-be-disclosed hybrid vehicle that is described as a Toyota “Prius fighter,” and allow Ford to focus its U.S. factories on higher-profit trucks and sport-utility vehicles.

Comment by In Colorado
2016-02-07 11:20:28

And illegals will still make more money busing tables in the USA than working for any automaker in Mexico. Heck, they make more than newly minted college grads do in Mexico, even the ones with STEM degrees.

Comment by phony scandals
2016-02-07 11:31:36

I know 3 guys who put their brother through college in Honduras by sending money to him every month they earned here working in construction. He graduated and has what they say is a good job in Honduras, but they still make more money than he does.

Comment by In Colorado
2016-02-07 14:39:45

I’m gonna guess he makes about $800 USD per month, and has to wear a suit and tie to the office.

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Comment by Raymond K Hessel
2016-02-07 10:44:15
Comment by azdude
2016-02-07 10:54:49

seems like the problem really is we are trying to substitute paper for real wealth?

Comment by phony scandals
2016-02-07 11:15:55


1. (Psychology) hatred or fear of Donald Trump or of his politics or culture

2. (Government, Politics & Diplomacy) hatred or fear of Donald Trump or of his politics or culture

Trumpophobic adj



Comment by In Colorado
2016-02-07 11:21:30

3. Does his hair count?

Comment by Oddfellow
2016-02-07 11:32:15

Zat rat on hiss head vill be zee vice president! It vill be one heartbeat away from zee presidency!

Comment by Mafia Blocks
2016-02-07 11:53:17

Only when it’s growing out of your empty skull.

Comment by Professor Bear
2016-02-07 12:06:14


Comment by Professor Bear
2016-02-07 12:07:14

It’s not a recession, it’s an earnings recession.

Comment by Professor Bear
2016-02-07 12:08:31

America’s earnings recession deepens
Alex Rosenberg
3 Hours Ago
CNBC dot com
Corporate America, we have a problem.

The fourth quarter of 2015 looks to be the third straight quarter in which S&P 500 companies’ profits fell versus the year prior. This would be the first time this has happened since 2009 (when profits fell in Q1, Q2 and Q3).

The official numbers aren’t out yet, since not every S&P 500 company has reported results for the period. However, a combination of the results from the first 63 percent that have reported, and the expected results from those companies yet to report, yields a combined earnings decline of 3.8 percent, according to FactSet. (Note that this number should rise a bit as results are released, as the average company beats expectations.)

To be sure, the low-oil-plagued energy sector, and its 74 percent earnings decline, has been a big contributor to the overall drop. But it’s worth noting that six of the ten S&P 500 sectors are seeing their earnings fall compared with fourth quarter of 2014.

Comment by Professor Bear
2016-02-07 12:09:31

Have China stocks finally come out of their tailspin?

Comment by Professor Bear
2016-02-07 12:14:28

ft dot com > World > Asia-Pacific >
February 7, 2016 1:18 pm
What stock market turmoil means for China’s economy
Yuan Yang
* Efforts to expand equity financing and move away from banks being stymied
* An investor looks at an electronic screen showing stock information at a brokerage house in Nanjing, Jiangsu province, January 26, 2016. China stocks plunged more than 6 percent on Tuesday after yet another late bout of panic selling triggered by a resumed slide in global equity markets and oil prices.
REUTERS/China Daily

China’s stock market tremors this year have shaken investors across the world. But there is some consolation from January’s 23 per cent fall in the Shanghai Composite index: the panic has little direct effect on the country’s economy.

A drop in stock prices can lead to lower demand: people consume less when they become poorer. But this so-called wealth effect is small in China. “Domestic wealth invested in stock markets is insignificant as a proportion of Chinese household wealth,” says Chen Long of Gavekal Dragonomics, an investment research firm, who estimates that households hold about 5 per cent of their total assets in the stock market.

China’s stock market plays only a small role in financing the real economy. In 2015, China’s domestic stock market supplied Rmb760bn in funding to non-financial firms, through initial public offerings and follow-on offerings. This represents only 5 per cent of total financing flows to the real economy.

Credit in the Chinese economy has boomed since the 2008 credit stimulus. Since then, the stock of total social financing (the government’s chosen metric for credit) as a proportion of gross domestic product has increased by 88 percentage points. Meanwhile, equity financing as a proportion of GDP has increased by only 3 percentage points.

Banks still run the show . . .

Instead of stock markets, banks run the financial system. Bank loans made up 69 per cent of new financing in 2015. The sector is dominated by the Big Four state-owned banks, which loosen their purse-strings when the economy needs stimulus. Because of this, there is no threat of China’s finances drying up.

Yet this model is itself a problem. Policymakers know the economy needs other sources of finance. Ideally, companies would draw more from stock markets and bond markets, and rely less on bank lending.

Comment by Oddfellow
2016-02-07 12:29:26

estimates that households hold about 5 per cent of their total assets in the stock market.

The rest is safely in real estate.

Comment by Professor Bear
2016-02-07 12:27:11

China Economy 2016 Forecast: After Slowdown, Stock Market Uncertainty Continues
By Jess McHugh
On 02/07/16 AT 12:23 PM

Following a stock market slowdown in August 2015 that saw the Shanghai Composite fall 8.5 percent – its worst single day in eight years – the Chinese economy continues to struggle amid continuing uncertainty, as labor unrest and lagging GDP growth spread throughout the vast country. As businesses, factories and financial services firms grapple with the economic reality in China, economists disagree on the nation’s fiscal outlook.

China has the world’s second-largest economy behind the United States, and the rapidly developing nation has become an industrial giant over the past two decades. The economy slowed down throughout 2014 and 2015 and the stock market tumble in August 2015, dubbed China’s Black Monday, sent shockwaves throughout the world. Chinese economic growth has continued to shrink, hitting a 25-year low of 6.9 percent in January, the Wall Street Journal reported.

Factories have been unable to pay their employees, and many workers have skipped New Year celebrations to stage protests. “The developer has kept using the fact that they have no money as an excuse. As of now they haven’t paid us a single penny,” Fan Fu, a laborer in Hebei province, told Reuters, adding, “We really don’t have any other options.”

Comment by Professor Bear
2016-02-07 19:28:23

Japan, Australia Stocks Fall As China, Other Asian Markets Stay Closed For Lunar New Year Holidays
By Coco Alcuaz On 02/07/16 AT 8:08 PM
A man watches firecrackers and fireworks during celebrations for the start of the Lunar New Year in Beijing early Feb. 8, 2016.
Photo: Reuters

Japan and Australia stocks fell on Monday morning after oil extended declines last week and many Asian stock markets were shuttered for the Lunar New Year holidays. Financial markets are waiting for U.S. Federal Reserve Chair Janet Yellen to speak on Wednesday, amid speculation the agency will hold off on further interest rate increases amid the global market turmoil since the start of the year.

Japan’s Nikkei 225 fell 1.3 percent, Australia’s ASX 200 0.4 percent.

The three major U.S. stock indexes fell on Friday resulting in weekly declines of 1.6 percent for the Dow Jones Industrial Average, 3.1 percent for the Standard and Poor’s 500 and 5.4 percent for the Nasdaq Composite. The U.S. oil benchmark fell 83 cents, 2.6 percent, to $30.89 per barrel after U.S. inventories rose to a record, Reuters reported. The global benchmark fell 40 cents, 1.2 percent, to $34.06 per barrel.

Financial markets in China, Hong Kong, Taiwan, South Korea, Singapore, Indonesia, Malaysia, New Zealand and the Philippines are closed Monday. China will remain shut all week.

Yellen will testify before the House Financial Services Committee on Wednesday. The declines and gyrations in stock and oil prices have fueled speculation the Fed will hold off on raising interest rates in March. The Fed raised rates for the first time since the global financial crisis in December, leaving many observers to speculate on four more rate increases this year, starting in March. Speculation that interest rates won’t rise has, in turn, helped make the U.S. dollar less attractive, boosting currencies like the yen and making it tougher for Japanese and other manufacturers to sell to the U.S.

Comment by phony scandals
2016-02-07 12:12:41

Are you a Trumpophobe?

Comment by Professor Bear
2016-02-07 12:19:15

Trump’s popularity among Republicans is slipping.

Donald Trump

February 04, 2016
Republican Race Tightens Nationally; Clinton Still Solid

PPP’s newest national poll finds the race on the Republican side tightening considerably in the wake of Donald Trump’s surprise loss in Iowa on Monday night. Trump’s lead has fallen to just 4 points- he’s at 25% to 21% each for Ted Cruz and Marco Rubio, 11% for Ben Carson, 5% each for Jeb Bush, John Kasich, and the now departed Rand Paul, 3% each for Chris Christie and Carly Fiorina, and 1% for Jim Gilmore. Rick Santorum had literally zero supporters on our final poll including him.

Trump’s 25% standing reflects a 9 point drop from our last national poll, which was taken the week before Christmas. It reflects an overall decline in Trump’s popularity with GOP voters. Trump’s favorability has dropped a net 17 points, from a previous +24 standing at 58/34 to now just +7 at 48/41.Trump is particularly starting to struggle on the right- he’s dropped to 3rd place with ‘very conservative’ voters at 19% with Cruz at 34% and Rubio at 22% outpacing him with that group. He does still lead with moderates and ‘somewhat conservative’ voters to give him the overall advantage.

Comment by Professor Bear
2016-02-07 21:18:44

The Financial Times of London
February 7, 2016 2:26 pm
Donald Trump and Ted Cruz alarm corporate America
Barney Jopson in Washington and Gregory Meyer in Miami Beach
Republican presidential candidates Donald Trump (L) and Ted Cruz (R) participate in the Republican Presidential Candidates Debate on February 6, 2016 at St. Anselm’s College Institute of Politics in Manchester, New Hampshire. Seven Republicans campaigning to be US president are in a fight for survival in their last debate Saturday before the New Hampshire primary, battling to win over a significant number of undecided voters.
/ AFP / Jewel SamadJEWEL SAMAD/AFP/Getty Images

Bemusement over the Republican presidential race is giving way to alarm in corporate America as the traditional party of business toys with nominating two candidates — Donald Trump and Ted Cruz — who many executives view as intolerable.

The spectre of Mr Trump’s caustic bluster and Mr Cruz’s unbending conservatism has left some Republican-leaning business people discussing a previously unthinkable prospect: voting for Hillary Clinton, the Democratic frontrunner.

Speaking ahead of Tuesday’s New Hampshire primary, Jim Newsome, a derivatives lobbyist who chaired the Commodity Futures Trading Commission under President George W Bush, said until recently he was laughing about the Trump campaign.

I’m not laughing any more . . . I’m slightly worried about it,” he told a conference following last week’s Iowa caucuses, where the property mogul saw victory snatched from his grasp by Mr Cruz, the Texas senator.

If it comes down to Hillary and Trump or Cruz, Hillary’s got my vote. While I don’t agree with Hillary on a lot of issues, I know what I’m getting if we elect Hillary versus a Trump or a Cruz,” said Mr Newsome.

Joshua Lewis, founder of Salmon River Capital, a New York private equity group, said: “I think it’s a devil’s choice. I categorise myself as an independent. There are Republicans I could vote for. But neither one of those two under any circumstance.”

An executive at one of America’s biggest companies said of Mr Trump and Mr Cruz: “They are getting invested in issues that are not of interest to business — or actively anti-business.

Despite Mr Trump’s credentials as a billionaire entrepreneur, he has dismayed business people with his attacks on women, Mexicans and Muslims and his tendency to offer more vague promises of greatness than concrete policies.

Trump has been so bereft of any detail that it’s very hard to know what you are going to get,” said the executive.

Mr Trump has suggested mass deportations that would risk paralysing the US economy, declared a new Pacific Rim trade deal backed by business a “disaster” and vowed to make Apple manufacture all its devices in the US, an idea experts say is implausible.

Mr Cruz, a slick speaker with sharp intellect, has a reputation for arrogance and is regarded by many as too rightwing to win the general election.

He gained notoriety in 2013 when he helped to shut down the government in a protest over President Barack Obama’s healthcare reforms, an episode that many executives saw as a triumph of ideology over good sense.

Even if I were a libertarian — which I’m not — I don’t think Cruz is capable of governing,” said Mr Lewis. “He’s better at burning the house down than building it.”

Comment by phony scandals
2016-02-07 12:21:24

Americans Set to Devour 1.3B Chicken Wings Over Super Bowl Weekend

by Kate Rogers, CNBC
Feb 6 2016, 8:29 am ET

Super Bowl Sunday should be big business for fast casual businesses like Wing Zone, and restaurant chains like Buffalo Wild Wings, across the country.

Americans are set to eat 1.3 billion chicken wings this weekend, leading up to and during Super Bowl 50, according to the National Chicken Council. That’s up 3 percent or more than 37 million wings from last year’s game. An estimated 75 percent of wings eaten will come from food service outlets.

Comment by CalifoH20
2016-02-07 13:02:48

75-80 degrees in CA today.

Comment by Professor Bear
2016-02-07 13:31:23

Global warming has its benefits!

Comment by phony scandals
2016-02-07 13:35:24

in the 40s tonight in SE Florida.

Comment by Mafia Blocks
2016-02-07 14:30:43

So much for global warming.

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Comment by rms
2016-02-08 00:56:01

“75-80 degrees in CA today.”


Comment by Professor Bear
2016-02-07 12:29:06

Falling prices of almost everything are a huge bullish indicator for the global economy and the U.S. in particular!

Comment by Professor Bear
2016-02-07 12:30:35

GRANTHAM: The stock market sell-off makes me nervous, but I fear the big crash is coming later
Myles Udland
Feb. 6, 2016, 6:00 AM 25,512 22

Jeremy Grantham is surprisingly bullish!

In his latest quarterly outlook, Grantham, cofounder and chief investment officer at GMO, outlines his views on the markets and the economy.

And in somewhat of a contrast to his recent commentary, sees the oil crash as a big tailwind for the economy and doesn’t think the stock market, though it is expensive and potentially heading into a bear market, is going to crash.

“Looking to 2016, we can agree that uncertainties are above average,” Grantham writes.

“But I think the global economy and the U.S. in particular will do better than the bears believe it will because they appear to underestimate the slow-burning but huge positive of much-reduced resource prices in the U.S. and the availability of capacity both in labor and machinery.”

Comment by Oddfellow
2016-02-07 12:31:40


Comment by Professor Bear
2016-02-07 13:11:28

“…the slow-burning but huge positive of much-reduced resource prices in the U.S. and the availability of capacity both in labor and machinery.”

Comment by Oddfellow
2016-02-07 13:49:53

So our economy is about to boom?

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Comment by Mafia Blocks
2016-02-07 14:29:35

It’s not far off Lola. Once these the prices fall to dramatically lower and more affordable levels.

Comment by azdude
2016-02-07 15:12:46


Comment by Mafia Blocks
2016-02-07 15:56:40

Hey az_Donk.

Comment by phony scandals
2016-02-07 12:35:44

It must be hard being a Trumpophobe.

All the hatred and rage, not to mention the fear of Donald Trump and his politics.

Comment by Professor Bear
2016-02-07 13:15:38

Donald Trump will be dumped by Americans
Tim Montgomerie
The Times
January 21, 2016 11:00AM

When I asked a few American contacts what would happen if The Donald makes it to the Oval Office I was assured it would never happen — and not just because voters will eventually realise that a Trump presidency would be a car crash. One contact predicted a literal car crash. Another suggested “they” would inject Mr Trump with a drug that would induce a fatal heart attack. Another predicted “they” would shoot him, JFK-style. “They” being the CIA or other shadowy organisations that Americans brought up on a diet of conspiracy theories have come to believe are the real powers in the land.

But what if neither the American electorate nor the Langley Illuminati stop Mr Trump? What happens if, God forbid, some terrorist outrage or economic crisis leads enough voters to conclude they need a strongman in the White House? What happens if Sarah Palin (one of the few politicians in the US who can make Trump look statesmanlike) becomes US Secretary of State, keeping an eye on Russia from her Alaskan vantage point?

If Mr Trump did half of what he has suggested he might do, there is no doubt that his presidency would be a calamity. The only question is which of his most outrageous policies would be most calamitous. How about his idea of slapping 45 per cent tariffs on Chinese imports? With China, a motor of the world economy, already slowing down, even the threat of such a move could chill markets and investors. Proud politicians in Beijing would almost certainly retaliate. The Smoot-Hawley tariff bill of 1930 helped to deepen the great depression of the pre-war years. World trade shrank by 66 per cent as nations engaged in round upon round of beggar-my-neighbour retaliations. We mustn’t go down that road again.

A second candidate for the most calamitous Trump idea is his proposal to deport 11 million illegal immigrants. The cost would be more than $10,000 per head but the political and personal cost would be even greater. The spouses and children of between a third and a half of illegals are American citizens. Deportations would produce waves of civil unrest as families were torn apart. Barack Obama has come under fire for his limited policy of returning trafficked migrants to their home countries but at least he has the benefit of the doubt from vulnerable minorities. He hasn’t tweeted out incendiary and entirely fictional claims from a neo-Nazi organisation that 81 per cent of white murders have been perpetrated by black people. The correct statistic is 15 per cent.

Comment by Oddfellow
2016-02-07 13:51:49

fictional claims from a neo-Nazi organisation that 81 per cent of white murders have been perpetrated by black people. The correct statistic is 15 per cent.

That must be where phony gets his numbers too.

Comment by Blue Skye
2016-02-07 13:52:15

The problem is this Hilley Bear. Some Americans think it was wrong to offshore millions of American jobs. Some Americans think that illegal immigration is wrong (and illegal). We want some fundamental changes. Blowing the horn for your Brit buddies that we are Neo-Nazi will not change the situation.

Comment by Professor Bear
2016-02-07 13:19:03

Letter from Britain
Dear Americans, What Are You Thinking?
And why does it feel so familiar?
By Alex Massie

If you think millions of Americans are terrified by the looming prospect of Donald Trump securing the Republican presidential nomination, you should see what we Brits think of him. Many of us—and countless millions of other Europeans—are wondering, not always politely, if the United States has succumbed to a kind of mass outbreak of madness.

Prime Minister David Cameron—Trump’s would-be partner in the special relationship, and a conservative—considers Trump “divisive, stupid and wrong.” George Osborne, chancellor of the Exchequer, decries Trump’s “nonsense.” Not to be outdone, London Mayor Boris Johnson recently noted, “The only reason I wouldn’t want to go to some parts of New York is the real risk of meeting Donald Trump.” It was perhaps Harry Potter author J.K. Rowling who put it best when she said that, compared with Trump, “Voldemort was nowhere near as bad.” At least 500,000 other Brits appear to agree: In response to Trump’s call to ban any Muslim from entering the United States, they signed a petition calling to ban Trump from Britain.

For a long time, most foreign observers have confidently expected the Trump bubble to burst. Sure, he might be a blowhard, and sure, he might do well in early polls, when name-recognition is a candidate’s most valuable attribute. But, come the choosing time, everything would be different, we told ourselves. The fever would break, and the American people would, as they usually do, choose wisely. Or if not wisely, then at least not stupidly.

Those predictions may still prove sensible, but they’ve taken a battering as severe as anything seen in the stock markets of late. The choosing time is almost upon you, and you still—I am afraid there is no soft way of saying this—appear to be out of your minds. Or, at least, according to the polls, a plurality of those Republicans preparing to vote in Iowa and New Hampshire appear to have departed from the planet of sanity.

Of course, snake-oil peddlers and two-bit hucksters have a long and dishonorable history in American affairs, and most Brits think all U.S. presidential elections are a circus on a P.T. Barnum scale. (A little secret: That’s one reason they have such a devoted international following.) But this one seems, at least for now, to have taken the circus to places never previously enjoyed, or endured. I mean, when the alternative to Trump is Ted Cruz— whose hatred for the government he aspires to run remains a thing of wonder—you begin to worry there might be something in the water. In an ordinary U.S. election, Cruz would be the candidate terrifying Europeans, but he would soon enough bow to a more popular mainstream candidate. In this election, no such candidate appears to exist.

Comment by In Colorado
2016-02-07 14:31:34

Meanwhile, the UKIP is surging out of nowhere.

Comment by tresho
2016-02-07 14:52:07

North Dakota now has an emptier feeling
WILLISTON, N.D. — The “man camps” sprang up from the prairie, rows of trailers and modular steel boxes that housed thousands of workers chasing their fortunes in North Dakota’s oil fields. But these days, the man camps are missing something: men.
Now, laid-off oil-field workers are piecing together new jobs, and some have left town altogether. Hotels that were once booked solid for months are about half-occupied. Some of the new luxury apartments built to handle the surge of arrivals are dark…Real estate prices have come down, giving a welcome break to many renters, but agents say there is a glut of about 300 to 400 homes for sale, with more being built…At the Fox Run R.V. park north of town, Reid Thibodeaux has been living out of a trailer given to him by a friend. He came up from Lafayette, La., on a bus 16 months ago and quickly found work encasing newly drilled wells. He lost his job in December, and with few new holes being punched in the ground, he said he was on the verge of abandoning his $800 monthly rent and returning to his 13-year-old son in Louisiana. The empty lots around his trailer suggest others have already made that decision.
It is hardly a bust — unemployment is low, and there are still plenty of help-wanted ads for the area…Local leaders say they have faith that oil and will rebound and fuel decades of economic opportunity.

Comment by Goon
2016-02-07 18:06:00

Region VIII may actually win this Souper Bowl.

That said, the commercials (which are all muted on the Goon TeeVee) appear to support a corporatist, vaguely “patriotic” narrative but support unlimited immigration.

Who owns your narrative? Who is paying for it?

Comment by palmetto
2016-02-07 20:23:50

LOL, at halftime they had all the rainbows, flowers and butterflies. The Brotherhood of Man, while security is armed to the teeth to prevent the odd Allahu Achbar from sneaking through.

And does this Beyonce gal do anything besides a stamping dominatrix schtick? Makes me nostalgic for Madonna. Almost.

Comment by palmetto
2016-02-07 20:24:53

“Who owns your narrative? Who is paying for it?”

Who cares? Free pizza for you!

Comment by phony scandals
2016-02-07 20:17:11

I didn’t know a Panther could actually lay an egg.

By the way, as prognosticators you guys suck.

They opened a can of whoop@ss on old Cam.

Comment by Mafia Blocks
2016-02-07 20:51:01

Sure did. It was a lame game but the best team won.

Can Peyton go away now? And send Tom Brady home too.

Comment by phony scandals
2016-02-07 21:24:56

“Can Peyton go away now? And send Tom Brady home too.”

If they do they should take Cam Newton with them.

When he was done giving 2 minutes of one word pouty answers at his press conference he got up and walked out in the middle of a question.

Peyton and Brady have always stood there and answered the questions (no matter how stupid) until they were done.

A far cry (pun intended) from the cocky dude who showed up in zebra pants last week.

Comment by Mafia Blocks
2016-02-08 07:52:33

Can’t argue with that.

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Comment by Professor Bear
2016-02-07 21:21:35

Is this the week the Baltic Dry Index will finally bottom out?

Comment by Professor Bear
2016-02-07 21:23:07

ft dot com > Companies >
February 7, 2016 4:05 pm
Shipowners in financial distress as dry bulk crisis deepens
Robert Wright in New York
Cranes unload coal from a container ship as a wheel loader dumps coal into a tipper truck at the Kirshnapatnam Co. port in Kirshnapatnam, Andhra Pradesh, India, on Monday, June 15, 2015. A southern Indian port has established the nation’s newest facilities to handle the world’s largest ships.
Photographer: Prashanth Vishwanathan/Bloomberg

Record low prices for transporting coal, iron ore and other dry bulk commodities by sea have pushed shipping companies into severe financial distress.

The suspension of payments to creditors and big write-offs by publicly listed entities are likely to reflect similar hidden crises at smaller, private operators that own most of the world’s vessels for carrying these products.

Shipowners are reacting to a slump in charter rates brought on by a mix of faltering trade growth, particularly with China, and a glut of ships as vessels ordered in better times arrive on the market.

The collapse has dragged on far longer than anticipated, with average charter rates for dry bulk carriers — already at the lowest level since the Baltic Dry Index started in 1985 — declining every day so far in 2016.

Average short-term charter rates for Capesize ships, which are the largest carriers, were at $2,824 a day on Friday. This is well below the cost of operating which is about $8,000 a day.

Basil Karatzas, a New York-based maritime finance adviser, said the market was “very bad” and that on a recent trip to Greece he had encountered owners who for the first time appeared scared about the market’s outlook.

“The shipowners have been burning cash now for about 18 months,” he said. “They’re running very low on capital.”

Comment by Professor Bear
2016-02-07 21:25:11

Dry-bulk shipping under water as bankruptcies rise
in Dry Bulk Market,International Shipping News 08/02/2016

The global commodities bust has rocked the dry-bulk shipping industry, with a wave of bankruptcies washing across the sector and major players forced to restructure, divest or scrap assets.

On Jan. 5, the Shanghai International Shipping Institute issued a striking report after polling about 50 of the nation’s largest bulk shippers. The survey concluded that more than 60% of the firms it polled were struggling with long-term losses and about 40% faced liquidity problems.

“The market is extremely depressed and these conditions are likely to continue in 2016, exacerbating dry bulk firms’ losses, increasing costs and creating obstacles to obtaining financing. This will kick-start a wave of bankruptcies,” government-run SISI said in the report.

Already so far, more than half a dozen shipping companies from countries including Hong Kong, China, South Korea, Japan and the U.S. have filed for bankruptcy in the past two years. In 2015, bankruptcies gathered pace as orders dried up while new ships continued to enter the market.

Japan’s fifth largest dry-bulk shipping company Daiichi Chuo Kisen and its wholly owned subsidiary Star Bulk Carriers Co. filed for bankruptcy in September. Prior to that, in the first quarter of 2015, privately owned Danish company Copenship, South Korea’s Daebo International Shipping Co., China’s Winland Ocean Shipping Corp. and Hong Kong-based Shagang Shipping filed for bankruptcy proceedings.

The bad news rolled on into 2016. Japan’s “Big Three” shipping companies — Mitsui O.S.K Lines, Nippon Yusen and Kawasaki Kisen (K Line) — all slashed their earnings outlooks drastically in January.

Mitsui said that for the year ended March 2016, it expected to now report a consolidated net loss of 175 billion yen ($1.47 billion) from a previously projected profit of 17 billion yen. It will book 180 billion yen in extraordinary losses due to the retirement of vessels and other restructuring expenses.

Comment by Seattle
2016-02-07 21:35:07

It’s different this time. ***Dot.com 2.0***


“The kaboom now has a name, place, and can be seen and heard by anyone brave enough to not avert their eyes or ears.

It’s called LinkedIn™.”

Comment by Professor Bear
2016-02-07 22:07:58

Does it feel like the wheels are falling off the global economic bus again?

Comment by Professor Bear
2016-02-07 23:12:03

Davos 2016
Fears grow of repeat of 2008 financial crash as investors run for cover
As leaders gathered in Davos, FTSE 100 was gripped by panic selling and entered bear market with Dow Jones also plunging
A man at the New York stock exchange
The Dow Jones Industrial Average slid more than 450 points, or 2.9%, in morning trading.
Photograph: Richard Drew/AP
Phillip Inman Economics correspondent
Wednesday 20 January 2016 17.07 EST
Last modified on Friday 22 January 2016 06.33 EST

Fears that the global economy could be heading for a repeat of the 2008 financial crash have sent shockwaves through financial markets – prompting a rush to safe havens by investors.

Oil prices fell to a fresh 12-year low on Wednesday and metal prices tumbled in response to warnings that China’s slowdown could derail the global recovery at a time when central banks, which came to the rescue in the credit crunch, have only limited firepower.

Comment by Professor Bear
2016-02-08 00:14:18

ft dot com > Comment >
The Big Read
January 29, 2016 7:03 pm
Federal Reserve: Credibility on the line
Sam Fleming in Washington
Last month’s rate rise is drawing criticism. Some say it should abandon plans to increase again soon
The Marriner S. Eccles Federal Reserve building stands past moving vehicles in Washington, D.C., U.S., on Tuesday, Sept. 15, 2015. While economists are almost equally divided on whether Federal Reserve chair Janet Yellen will raise U.S. interest rates this week, the bond market suggests policy makers will wait.
Photographer: Andrew Harrer/Bloomberg

As Janet Yellen, chair of the Federal Reserve, was preparing last month for the first increase in US interest rates for a decade, protesters in New York’s financial district were holding a candlelight vigil bemoaning the end of near-zero monetary policy.

In the crowd bearing illuminated signs saying “what recovery?” and “wage growth is good” was Mauricio Jimenez, a 44-year-old construction worker from Queens, who warned against the move as he stood outside the New York Fed.

“It was a mistake,” he said this week, arguing the central bank should have paid more attention to working families and minorities who had seen paltry wage growth, and that the Fed should reverse course. “We are the people most affected.”

Complaints about the prospect of higher rates had long been levelled by left-of-centre groups such as Fed Up, which arranged the protest, as well as Democratic politicians including Bernie Sanders, the presidential challenger, as a way to highlight the stagnating fortunes of millions of Americans.

This month, however, fears of a global slowdown and the crash in commodity prices have prompted a flurry of criticisms from a different constituency. Stung by brutal declines in the S&P 500 index, some Wall Street investors are accusing the Fed of failing to appreciate the dangers brewing overseas.

Instead of soothing the markets, US policymakers are accused of fraying nerves and exacerbating outflows from emerging markets by purportedly clinging to a strategy that envisages further increases this year.

“The market views tightening as a mistake now,” says Jordi Visser, chief investment officer at Weiss Multi-Strategy Advisers. “I don’t think 25 basis points matters much but the market clearly does. We’re now closer to a recession than we all realise.”

Comment by Professor Bear
2016-02-07 23:14:17

Is the Republican party in a state of disarray?

Comment by Professor Bear
2016-02-07 23:15:57

A Panic-Inducing Night for the GOP Establishment
At Saturday night’s debate, Republicans wanted Marco Rubio to soar and Donald Trump to stumble. The opposite happened.
By Brian Beutler
February 6, 2016

The Republican establishment’s fondest hope before Saturday night’s debate was that Marco Rubio would deliver yet another solid (if unmemorable) debate performance, and that Donald Trump would fall on his face—compounding the damage he suffered in Iowa, and surrendering more, if not all, of his lead in New Hampshire over to Rubio, who’s in second place and climbing.

Instead, the establishment got almost exactly the opposite.

The single biggest spoiler wasn’t Trump, or even Ted Cruz, but New Jersey Governor Chris Christie, who—let’s not euphemize—humiliated Rubio in an exchange about Rubio’s dearth of experience and accomplishments. Christie became the first Republican presidential candidate this cycle to weaponize Rubio’s grating habit of pivoting to relevant portions of his stump speech rather than answering the questions posed to him.

“I want the people at home to think about this,” Christie said. “That’s what Washington, D.C. does. The drive-by shot at the beginning with incorrect and incomplete information, and then the memorized 25-second speech that is exactly what his advisers gave him.”

Rubio responded to Christie by proving his point, pivoting not just to a portion of his stump speech, but the exact same portion of the stump speech he had just recited.

“There it is,” Christie gloated. “There it is. The memorized 25-second speech. There it is, everybody.”

Then Rubio did it again. When he repeated the same lines, nearly verbatim, a fourth time—“Let’s dispel once and for all with this fiction that Barack Obama doesn’t know what he’s doing. He knows exactly what he’s doing.”—the audience booed him.

Comment by Professor Bear
2016-02-07 23:22:18

Saturday, Feb 6, 2016 05:00 AM PST
Secrets of Donald Trump’s cult: This is why the angriest white voters will not leave his side
Trump may have finished second in Iowa, but he’s far from finished.
His base is as fearful as ever
Chauncey DeVega

Donald Trump is a political cult leader. In that role, he is also a political necromancer, beating a drum of nativism and fear to control the right-wing political zombies that follow him.

The Republican Party’s base of voters is rapidly shrinking. Contemporary conservatism is a throwback ideology that is unpopular with a large and growing segment of the American public. The result of these two factors is a Republican Party and American conservative establishment that is under threat, obsolescent and in a deep existential crisis.

These are the conditions that have catapulted Donald Trump to the forefront of the 2016 Republican presidential primary.

Trump’s most strident supporters are found among the alienated, disaffected, fearful, white working class. This is a cohort whose members are facing greatly diminished life chances in an age of globalization, extreme wealth inequality, neoliberalism and a reduction in the unearned material advantages that come as a result of white privilege. As recent research by public health experts, sociologists, economists and others has detailed, the white American working class and poor are, quite literally, dying off. They are killing themselves with pills and alcohol, committing suicide with guns, and dying of despair.

For many decades, if not centuries, racism (and sexism for white men) artificially buoyed the life prospects of the white working class in American society. With those palliatives and aids removed, the white working class and poor are left exposed and vulnerable to the realities of the American neoliberal nightmare and the culture of cruelty. They are ill-equipped for life in this new world.

Donald Trump knows that a crisis is an opportunity: he is transforming the fear and anxiety of the white American working class into political capital and energy.

To that end, Trump is leveraging what social psychologists have termed “terror management theory.” If “Trumpmania” is a puzzle, then terror management theory is a decoder ring or cipher. In many ways, the logic of terror management explains almost all of Trump’s popularity.

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