May 23, 2016

The Bubble Is Losing Its Air

A report from the Oregonian. “For the first time in recent memory, the number of closed and pending home sales in the Portland area saw an annual decline, according to the April Regional Multiple Listing Service’s monthly report. With the housing market on a tear, the report had become predictable from last summer into this spring – the number of closed and pending sales for a given month was either the most since before the recession, or the most of all time. But the 2,611 closed sales in April marked a 4.5 percent drop from the same month last year, and pending sales fell from 3,613 in 2015 to 3,076 this year.”

“The median reached $350,000 last month, the point at which half of homes are more and half are less; in April 2015, the median was barely above $300,000. Homes in desirable areas often receive double-digit numbers of offers. ‘The buyer who did win the bid may have a Monday-morning headache crunching the numbers on how much they just paid,’ said Israel Hill, a managing broker at John L. Scott Real Estate specializing in Northeast Portland.”

The San Mateo Daily Journal in California. “The residential real estate market typically heats over the summer, but after years of a sizzling home sales industry along the Peninsula, some local money lenders are sensing a cooldown on the horizon. Uncertainty regarding the sustainability of the ongoing economic boom has caused more to put their house up for sale, for fear of missing the chance to strike while the market remains hot, according to some lenders.”

“‘I think a lot of people are starting to realize that if you are going to sell something, do it before it drops,’ said Rich Wachter, of Wachter Investments in Burlingame. Homes for sale are staying on the market longer, bidding is not as competitive as it has been and inventory numbers, though low, are gradually creeping up, according to Wachter, who identified the trends as potential signs of an industry turning. ‘I just think that I see a softening in the market,’ he said.”

“Ted Yamagishi, a broker with Spinner Mortgage in San Mateo, expressed a similar sentiment. ‘The bubble is losing its air,’ he said. ‘I think it is at an all-time high.’”

The Naples Daily News in Florida. “In real estate, slowdowns require quick thinking. And that’s just what real estate agents and homebuilders are doing as Southwest Florida’s housing market rounds the curve from hot to not-so. Matt Lane, managing broker of William Raveis Realty LLC in Naples, said his firm leaves no stone unturned in its marketing. Yet one of the brokerage’s most effective tools, he said, is also one of its simplest — an emailed sheet that sorts local data into ‘changes favoring buyers’ and ‘changes favoring sellers.’ ‘Data doesn’t lie, and when a market slows, the best content to market is the facts,’ he said.”

“Fahada Saad, an agent with Premier Sotheby’s International Realty in Naples, has used creative marketing techniques over the years. But ultimately, she said, all of the promotional tools in the world can’t make up for the one thing that sells a home the quickest: A seller who sets a realistic price. ‘The market is contracting, and for what we have in our inventory now, we just need to be super sharp on pricing,’ she said.”

The Odessa American in Texas. “Odessa home sales increased modestly in April while prices continued to fall, reflecting a more balanced market, a report by the Odessa Board of Realtors found. April home sales increased 2 percent from the same month of 2015 to 115 homes sold. Median home prices fell by 3 percent to $165,000 from the same period. Meanwhile, the board reported Odessa’s monthly housing inventory climbed to 5.1 months of inventory in April, 2.3 months more than the same month of last year. The Real Estate Center at Texas A&M University considers 6.5 months of inventory a balanced market.”

“Homes spent an average 58 days on the market in April, a week longer than April 2015. In the same time frame, active listings increased 63 percent to 473. ‘Although we are seeing a slight down turn in the housing market, indicators continue to point to a more balanced market,’ Tommie McClane, president of the Odessa Board of Realtors, said in a news release.”

The Inland Valley Daily Bulletin in California. “It’s a scene out of the Great Recession: A half-built housing tract serves as a modern-day ghost town, dreams of both the developer and future residents dashed, dust accumulating, imaginary voices echoing in the unfinished structures. Except this is not 2008-09. This is today, a post-recession real estate market many describe as hot. And this is Claremont, dubbed the ‘best suburb’ in the West by Sunset magazine.”

“At Towne Avenue and Base Line Road sits more than a skeleton of what was supposed to become a 95-unit town home project on a former strawberry patch. Like abandoned projects in the desert during the Great Recession, infrastructure has been laid and the first buildings are almost complete — on the outside. In February, the council learned that construction came to a stop. Claremont Director of Community Development Brian Desatnik reported the developer — Newport Beach-based William Lyon Homes, a longtime builder with 19 other projects currently for sale in Southern California — needed 60 days to reaccess the market. With time up, Desatnik said he still hears the same in recent communication from the developer.”

“‘It was a shame,’ said Mayor Sam Pedroza. He finds it especially surprising coming from a builder so ‘well-known and established.’ He acknowledged the market maybe be oversaturated with that type of high-density product.”

RSS feed


Comment by Ben Jones
2016-05-23 02:33:58

‘after years of a sizzling home sales industry along the Peninsula, some local money lenders are sensing a cooldown on the horizon’

We were just discussing San Mateo with rental and jingle and they said it was bullet-proof because of all da’ MONEY. Lenders? But jingle said it was all stock options and why would anyone there need to borrow?

‘I think a lot of people are starting to realize that if you are going to sell something, do it before it drops…I think it is at an all-time high’

Wow, these guys are really smart too.

Comment by Ben Jones
2016-05-23 02:35:01

‘A half-built housing tract serves as a modern-day ghost town, dreams of both the developer and future residents dashed, dust accumulating, imaginary voices echoing in the unfinished structures. Except this is not 2008-09. This is today, a post-recession real estate market many describe as hot’

Heh, shortage.

Comment by Ben Jones
2016-05-23 06:24:29

‘‘It was a shame,’ said Mayor Sam Pedroza. He finds it especially surprising coming from a builder so ‘well-known and established.’ He acknowledged the market maybe be oversaturated with that type of high-density product.’

The headline:

‘Unfinished Claremont townhome project becomes a ghost town’

The website does list 19 other projects.

A little digging around turned up this:

Strong demand keeps Claremont in development mode
January 26, 2015

‘If you build it, they will come. Following years of little or no growth in the city, a number of new residential developments in Claremont are near completion.’

‘More than 125 new homes have been added to the city’s hardscape this past year, with more proposed projects—both residential and commercial—expected to break ground in 2015.’

‘Two surplus properties owned by the Claremont Unified School District (CUSD) remain available, with at least one showing promise of development. National builder D.R. Horton has expressed interest in the former District Service site located at 700 West Base Line Road. With demolition of existing structures on the property currently underway, the sale should be near completion.’

“We’re working on it right now,” said CUSD Assistant Superintendent Lisa Shoemaker. “No closing date has been set.”

‘The possible sale of the former La Puerta school site located at 2475 N. Forbes Avenue also showed promise in recent months, but a due diligence agreement between CUSD and Brandywine Homes never came to fruition.’

“The amount they agreed to pay was contingent on the feasibility of the project they wanted to do on the property,” explained Ms. Shoemaker. “Unfortunately, it was determined the project would not be feasible. We don’t have any immediate plans for that property.”

‘Grading has begun on the future site of Meadow Park, a brand-new 95-unit attached community by William Lyon Homes. Located on Base Line Road and Towne Avenue, the new neighborhood will consist of eight townhome and motor court designs as well as a recreation area with lap pool, barbecues and cabanas—something not yet offered in Claremont’s newest residential developments.’

‘Several proposed projects around the city have stalled altogether.’

‘Brandywine Homes had shown interest in two proposed residential projects, one on Auto Center Drive and another at 735 S. Mills Avenue (City Blessings Church). These projects are no longer moving forward. Calls to the builder seeking comment were not returned.’

‘Also, a 13-unit townhome project at 365 W. San Jose Street approved by the city in 2007 remains in limbo. The current property owner has listed the .71-acre lot with accompanying project for sale at $1,680,000.’

Stalled altogether? But sewer hookups. Those sewer hookups cost alot! The permit costs make this land gold, pure gold! Limbo, in California?

Comment by Ben Jones
2016-05-23 06:30:52

Oh dear…

Housing project indefinitely on hold
February 19, 2016

‘Construction on the 95-unit townhome project on Base Line Road and Towne Avenue has been halted. The developer, William Lyon Homes, broke ground on the project in early 2015 and had nearly completed two showcase homes.’

‘Construction at the site has been limited or absent in recent weeks. According to Brian Desatnik, development director for the city of Claremont, the homebuilders had recently indicated they were going to temporarily suspend construction.’

“The last we heard a couple of weeks ago was that they were going to finish up the two buildings that were there and then put the project on hold for 60 days to reassess the market,” Mr. Desatnik said.’

‘Mr. Desatnik, who later followed up with the developer, related that no additional explanation was given other than that the developers were evaluating market conditions and that the project is on hold.’

‘Grading for the site began in January 2015 for Meadow Park…An interest list for purchasing a Meadow Park townhome had been started last year, according to a previous report in the COURIER. However, an online search shows no record of the project on the William Lyon home page. When a user clicks the “join the interest list” tab, the Claremont project is not an option.’

‘Additionally, the Meadow Park Claremont page on Facebook, which was last updated in August of 2015, does not have a direct link to the project. Several calls to William Lyon Homes had not been returned as of press time.’

They were grading. That means all the loan-owners had to do was follow the grader and pick up the gold nuggets.

(Comments wont nest below this level)
Comment by aNYCdj
2016-05-23 08:49:20
Comment by BoBo Brazil
2016-05-23 08:58:26

I’m guessing they have some connection to Lyon Realtors?

Comment by Professor Bear
2016-05-23 06:42:55

‘I think a lot of people are starting to realize that if you are going to sell something, do it before it drops,’

Translation: Sell now, or get priced in forever. Hi

Comment by TheFabulousMoolah
2016-05-23 07:26:15

As the declines begin, let’s see who learned anything from last time about dropping prices quickly to get it sold and get out before you are stuck. I think most will still slowly chase the market down.

Comment by Bluto
2016-05-23 10:58:02

Probably true…was following the HBB way back in early 2007 and thanks to that was (correctly) convinced that the pop was imminent. Put my house up for sale and priced it about $10K under the market (which only amounted to about 3%) and had a buyer under contract within a week. Had I been greedy might very well have got much less in the long run.
(I lived in this place for 10 years and did NOT buy it as an investment)

(Comments wont nest below this level)
Comment by BoBo Brazil
2016-05-23 11:01:48

Here we are again 9 years later.

Get what you can get for your house today because it’s going to be less tomorrow for decades to come.

Comment by The Selfish Hoarder
2016-05-23 12:02:39

The one who bought your house was caught holding the bag. But it was a great timing on your part with pricing it right.

Comment by CalifoH20
2016-05-23 13:19:27

My Reaturd said now is a good time to buy as the prices are going up. They also said, now is a good time to sell as the market is hot.

then they walked into a wall.

Comment by Rental Watch
2016-05-23 10:05:14

I don’t think I was involved in any San Mateo discussion as you note.

I believe the last comments I had about the Bay Area was with respect to prices in Palo Alto near where my great aunt lived, which I referred to as (and I think I’m using the same phrase)…”Completely batsh*t insane”.

I will not say the Bay Area is bulletproof.

HOWEVER, at the peak of the madness in 2005-2007, a local mortgage broker noted that the most popular loan on the Peninsula was the Option ARM–that was one of my handful of “I can’t believe how crazy this sh*t is getting” moments about the madness then.

I’m not hearing anything like that today.

In other words, I think that homes are being purchased in a different manner (more cash, more longer-term fixed-rate debt), and that will change the shape of the correction.

Comment by Ben Jones
2016-05-23 10:27:23

It was in light of this:

‘More than half of the homes in San Francisco cost $1 million or more. While million-dollar-housing creep is happening nationwide, it’s nowhere more prevalent than in San Francisco, San Jose, and Oakland.’

‘The rise of “Billionaire’s Bay” is a distressing wake-up call from Trulia chief economist Ralph McLaughlin, who has charted recent growth in seven-figure homes across the 100 largest metros. There’s no comparison: Between 2012 and 2016, the percentage of $1 million+ homes in San Francisco grew a gobsmacking 37.8 percent, rising to represent 57.4 percent of the homes in the city.’

‘In San Jose, 46.3 percent of homes now cost more than $1 million, an increase of 28.9 percent. And in Oakland, an astonishing 19.7 percent of homes hit seven figures in 2016, a growth of 14.5 percent since 2012. Oakland today boasts a higher percentage of $1 million+ homes than San Francisco did four years ago—a figure that ought to give Oakland residents pause.’

San Mateo had some of the biggest increase of all. I said it would make a good test of your theory.

1 Westwood Park, San Francisco 2.9% 96.0% +93.0 2 Nineteenth Avenue, San Mateo 10.3% 100% +89.7 3 Southeast Hillsdale, San Mateo 12.9% 98.8% +85.9 4 Northwest Hillsdale, San Mateo 17.5% 98.2% +80.7 5 Fiesta Gardens, San Mateo 4.9% 85.4% +80.5

Watch the info-graphic.

Comment by BoBo Brazil
2016-05-23 10:51:36

Ooooph. If that doesn’t show the pain on the horizon nothing does.

(Comments wont nest below this level)
Comment by Bluto
2016-05-23 11:08:44

FWIW San Mateo is a city within San Mateo county and is pleasant enough, I lived there for about a year and liked it especially since I was walking distance from downtown…but for the most part the county has historically been middle class suburbs with typical suburban houses of various ages and the current million dollar pricing of these places is indeed madness.

(Comments wont nest below this level)
Comment by The Central Scrutinizer
2016-05-23 19:10:52

I don’t like it down on the peninsula… Traffic and mostly generic suburbs.

Comment by Bluto
2016-05-23 19:30:58

I’m a native of S.F. and didn’t think I’d like it either…but San Mateo was OK, had a real downtown, an excellent library, good parks, and parts of town were 100+ years old…had more of a small town than suburban feel at least in the center where I lived.

Comment by Rental Watch
2016-05-23 14:37:18

Here is the most interesting quote:

“Since 2012 the share of million dollar homes in the United States has increased from 1.6% to 3%, but many metros and neighborhoods have seen a much larger increase.”

So, we went from 1.6% to 3%…here is my question:

If you exclude the cities they note, what are these two numbers for the rest of the country?

Certainly a much lower differential than 1.6% to 3%.

If you look at the markets outside these zones, you see a much different story than the one being articulated by Trulia. You see markets where home prices are still way below the peak, markets where impact fees and cost to develop land has hindered the ability to add affordable supply.

You start to see a picture of a split market.

This is dramatically different than 2005-2007, where nearly every market was inflated due to rampant speculation driven by easy credit.

Whatever is driving prices higher, it isn’t something that is universally effecting every market the same way easy credit did in 2004-2007. Here is some Zillow data, because I can’t help it:

Palo Alto: 91% above bubble years’ peak
San Francisco: 36% above bubble years’ peak
San Mateo: 43% above bubble years’ peak
Sacramento: 25% BELOW bubble years’ peak
Stockton: 40% BELOW bubble years’ peak
San Diego: 2% above bubble years’ peak
Los Angeles: 4% BELOW bubble years’ peak
Irvine: 1% above
Modesto: 35% below
Palm Springs: 4% below
Palm Desert: 25% below
Temecula: 17% below

In other words, there is HUGE variation in where prices are today relative to the bubble years.

As such, as I said before, there is something else at play currently, other than the same thing that got us into trouble in 2004-2007.

(Comments wont nest below this level)
Comment by BoBo Brazil
2016-05-23 14:40:38

It’s the same fraud today as it was 10 years ago. Only difference being that housing demand is at 20 year lows..

Comment by Ben Jones
2016-05-23 14:49:11

We can all agree the year is 2016.

Comment by Ben Jones
2016-05-23 02:38:51

‘In real estate, slowdowns require quick thinking. And that’s just what real estate agents and homebuilders are doing as Southwest Florida’s housing market rounds the curve from hot to not-so. Matt Lane said his firm leaves no stone unturned in its marketing. Yet one of the brokerage’s most effective tools, he said, is also one of its simplest — an emailed sheet that sorts local data into ‘changes favoring buyers’ and ‘changes favoring sellers.’ ‘Data doesn’t lie, and when a market slows, the best content to market is the facts’

Yeah Matt, but do you send those emails to the buyers or the sellers?

Comment by Apartment 401
2016-05-23 02:48:01

Houses depreciate.

Comment by Apartment 401
2016-05-23 02:56:54

The top headline on Drudge is the Washington Post SPLC/ADL sponsored content “article” that I posted yesterday. Then underneath that there is this link (highlighted in red text, to rally the base) which confirms that Matt Drudge is not a libertarian, because Matt Drudge is a neocon:

No “smaller government” or “less regulation” or “lower taxes” happening here.

Comment by Apartment 401
2016-05-23 04:26:31

William Kristol’s Weekly Standard is celebrating its 1,000th issue this week, and provides the following narrative on Iran and Hezbollah:

Comment by TheFabulousMoolah
2016-05-23 06:25:37

We have one neocon running for president. One.

The other guy we aren’t allowed to talk about because some posters lose their minds and have thus achieved a heckler’s veto.

Comment by Apartment 401
2016-05-23 06:32:15

Excerpt from a election politics article titled “_____ leaving neocons in dust” that I’ll not post here:

“A recent Pew poll found that nearly six in 10 Americans said the U.S. should “deal with its own problems and let other countries deal with their own problems as best they can,” a more isolationist approach at odds with neoconservative thought.”

William Kristol is a war criminal.

(Comments wont nest below this level)
Comment by Apartment 401
2016-05-23 06:53:44

See also:

“Neoconservatives are furious that their efforts to trick the country into another unnecessary war in the Middle East failed.

They spent tens of millions of dollars in an orchestrated campaign to kill diplomacy with Iran. They lost. The nuclear agreement with Iran is in place and working. It has prevented an Iranian bomb and prevented a new war.

They can’t stand it. Over the past few weeks they have launched a wave of attacks on those they hold responsible for thwarting their plans: the Obama Administration, independent experts and advocates, and the hated “liberal media.”

Comment by Ben Jones
2016-05-23 07:13:49

The title:

‘Why the Right Wing Is Angry That We Blocked War With Iran’

By the time I was 19, I realized this left and right stuff served only to confuse people, and purposefully so.

Comment by Apartment 401
2016-05-23 07:22:36

this left and right stuff served only to confuse people

Yeah, it is kinda confusing when your allegedly “conservative” foreign policy traces its roots to a Trotskyite:

Comment by phony scandals
2016-05-23 14:18:52

“By the time I was 19, I realized this left and right stuff served only to confuse people, and purposefully so.”

I was 55.

I’m 56 now.

Comment by The Central Scrutinizer
2016-05-23 19:18:26

Better late than never!

Comment by Professor Bear
2016-05-23 06:51:01

Anyone who fails to kowtow to fascism clearly is mentally defective and due for some re-education.

(Comments wont nest below this level)
Comment by TheFabulousMoolah
2016-05-23 07:28:24

My fascist is better than your fascist?

Comment by Ben Jones
2016-05-23 07:31:19

I understand the notion that the GOP is nominating Hitler. I really do. Because that’s similar to how I felt about the Bushes and Clinton’s. I had hopes Obama meant the “anti-war” stuff he ran on, but alas, he too became good at killing people. But you know, I didn’t call everyone who voted for these people a fascist. I realize the political predicament we are in. The limits, the way power is exerted. For instance, just recently a guy named Curley told the world the party picks the nominee. He wasn’t alone. Guess what, Curley was wrong.

I’ll concede that Trump may turn out to be really bad. So that fear justifies joining the neocons for Clinton? Give me a break! We only have so much to go on. And I’m an optimist when it comes to the people in this country. Sure our government does bad things in our name, but I don’t see truly malevolent people all around me:

‘A recent article in the Boston Globe, summarizing the observations of a group of Brown University students who tracked the foreign policy discourse of the candidates, underscored what is happening on both sides of the partisan divide: “As we watched, Republican voters rejected every candidate who favored their party’s traditional hardline foreign policies, including Lindsey Graham, Chris Christie, Jeb Bush, and Marco Rubio…. Trump, the presumptive nominee, has broken with foreign policy dogma on a host of issues. He asserts that decades of foreign wars have not been good for the United States – hardly a traditional Republican view.”

‘The Democratic party, too, is experiencing what these youthful observers describe as a “foreign policy identity crisis”: “Clinton, the likely nominee, is an activist by nature and supports escalation from Afghanistan to Syria to Ukraine. Her opponent, Senator Bernie Sanders, has condemned her ‘very aggressive policy of intervention’ and said he does not believe the United States should be ‘the world’s policeman.’ Yet though Sanders effectively pushed Clinton further left in terms of domestic policy, he was unsuccessful in changing her deeply held foreign policy views.”

‘The two parties are undergoing a process of “role reversal,” as these students put it, right before our eyes. Trump is now attacking “trigger happy Hillary,” while Mrs. Clinton is parrying these thrusts with accusations that “dangerous Donald” lacks the steadiness of an Establishment politician who sticks with the familiar script that casts America in the role of “the indispensable nation” destined to police the world.’

‘American conservatives have been steadily moving – in fits and starts – back to their historic position of nonintervention in the affairs of other nations. Neoconservatism was an anomaly, a tangent occasioned by the alleged necessities of the cold war: its life was prolonged by the 9/11 attacks, but as the effect of that signal event wore off, and as the country exhausted itself in a futile (and losing) military campaign to make the Middle East into an Arabic version of Kansas, the rebellion against the neocons gathered strength and finally triumphed. No matter what the fate of Trump’s candidacy, and in spite of his other controversial views, he has succeeded in overthrowing the old GOP foreign policy orthodoxy and replacing it with what he calls a policy of “America First.”

‘And while this inward-looking nationalism has its problems and contradictions, the direction the Right seems to be moving is an unmistakable victory for anti-interventionists: the terms of the foreign policy discourse have been shifted in a fundamental way, and – much to the neocons’ chagrin – there is no going back.’

‘On the left, too, the anti-interventionists are on the offensive. Although they have not succeeded in overthrowing the Establishment – thanks to a rigged primary system, Mrs. Clinton has all but clinched the nomination – Sanders has directly challenged Clintonian interventionism and he is taking his fight all the way to the Democratic party national convention. Sanders’ critique of the bipartisan foreign policy “consensus” springs from the same roots as Trump’s: correctly perceiving an economic and even a spiritual crisis on the home front, Bernie wants America to come home and concentrate on solving our domestic problems – which threaten to overwhelm us even as we go marching off to “liberate” the world.’

‘This turmoil is cause for optimism.’

Comment by Professor Bear
2016-05-23 18:31:38

“But you know, I didn’t call everyone who voted for these people a fascist.”

Nor did I. In fact, I’d guess most of the Germans and Italians who allowed Hitler and Mussolini to take over their countries were not fascists, but rather people who were initially excited by whatever these politicians promised, and later appalled by what ensued, though unable at that point to do anything to stop it.

Comment by The Central Scrutinizer
2016-05-23 19:22:16

Like we are, every election?

Comment by Professor Bear
2016-05-23 22:45:52


Comment by Apartment 401
2016-05-23 04:30:08

More neocon alarmist trash from Moonie rag the Washington Times:

“With a media blitz, the Islamic State has set its sights on Egypt’s Sinai Peninsula as the next shot at expanding its empire and establishing a base from which to attack neighboring Israel.

The terrorist group’s propaganda units have gone into high gear for recruitment this month to build a force in Sinai large enough to one day conquer Jerusalem — the same way its fighters took over large parts of Syria and Iraq.

Last week, Marine Gen. Joseph Dunford, chairman of the Joint Chiefs of Staff, warned of the Islamic State’s presence in Sinai, where the group may have placed as many as 1,000 terrorists. The general’s concern is a signal that the U.S. faces another war front against the Islamic State in addition to Iraq, Syria and Libya.”

No “smaller government” or “less regulation” or “lower taxes” happening here.

Comment by Apartment 401
2016-05-23 04:37:15

American taxpayers, do you support a $600,000,000,000+ a year foreign policy based on this?

“In a sense, the Mount of Olives is God’s landing strip,” Cahn explained. “It’s where He commissioned His disciples and left this world, ascending into the heavens. And it’s the same place to which He will return, the focal point of the Second Coming, the place on which, according to the Book of Zechariah, His feet will stand.”

No “smaller government” or “less regulation” or “lower taxes” happening here.

Comment by In Colorado
2016-05-23 08:40:37

My understanding is that the belief that the “Day of Yahweh” will begin at the Mount of Olives and that the those buried there will be the first to be resurrected is a Jewish belief and isn’t documented in the scriptures, hence it wasn’t accepted as “canon” by any of Christendom until the rise of Christian Zionism within Protestant Fundamentalism.

Comment by MightyMike
2016-05-23 11:11:12

That’s interesting. Fundamentalists that I’ve known claim that they only believe what’s in the Bible. It’s the other phony Christians, according to them, who add non-biblical stuff to the canon.

(Comments wont nest below this level)
Comment by The Central Scrutinizer
2016-05-23 19:24:04

Well then, let the zombies sort all this out.

(Comments wont nest below this level)
Comment by Apartment 401
2016-05-23 03:12:40

On the subject of neocon, and “real journalists” there’s this too:

“An article about a long-running lawsuit against Sheldon G. Adelson, the paper’s new owner, had just been cut in half for the print edition on orders from the top editor, and the reporters were disturbed by what they considered editorial interference. With two other colleagues conferenced in, they discussed the possibility of a byline strike.

The problem is particularly acute for The Review-Journal. Mr. Adelson, the chairman of the Las Vegas Sands Corporation, is a casino magnate, a powerful Republican donor, a patron of education and a fierce defender of Israel, and his myriad interests present an almost singular example of how aggressive journalism can collide with the pursuits of a paper’s owner.

That new dynamic has roiled the ranks of the newsroom, creating a divide between top editors who see it as part of their job to review coverage of Mr. Adelson, and staff members who chafe at what they perceive as inappropriate interference. In the nearly six months since Mr. Adelson purchased the paper, at least a dozen journalists have quit, been fired or made plans to leave soon; many cite a strained work environment and untenable oversight, in particular regarding the coverage of a bitter legal dispute related to Sands’s operations in Macau.”

Sheldon Adelson is a neocon. Political candidates that take his money are neocons.

No “smaller government” or “less regulation” or “lower taxes” happening here.

Comment by TheFabulousMoolah
2016-05-23 07:31:20

Nice try to paint with the neocon brush, but speaking out against globalism and foreign entanglement isn’t exactly neocon. If Ron Paul said the exact same things there would be giddiness.

Comment by Apartment 401
2016-05-23 08:24:26

speaking out against globalism and foreign entanglement

Speaking is one thing, governing is another thing. Listen and learn, son.

Anyone who takes money from Sheldon Adelson will be brought into the fold.

Sheldon Adelson gave $50,000,000 to support a free newspaper described as follows on Wikipedia:

“2008 study by Moran Rada published in The Seventh Eye showed that while competing newspapers’ coverage of Benjamin Netanyahu was “not especially fair,” Israel Hayom’s coverage was biased in favor of Netanyahu in most editorial decisions, that the paper chooses to play down events that don’t help to promote a positive image for Netanyahu, while on the other hand, touting and inflating events that help promote Netanyahu and the Likud. Oren Persico reached the same conclusion after the 2009 Knesset elections, writing that throughout the campaign, Israel Hayom published only one article critical of the Likud, and tens of articles critical of Kadima.”

Would someone like to explain what the benefit of this is to American taxpayers?

I live in the United States, I work in the United States, I pay taxes (alot of taxes) in the United States.

My tax dollars pay for the neocon adventures that this “newspaper” promotes.

Comment by Apartment 401
2016-05-23 03:24:05

SPLC sponsored content as presented by the New York Times:

“The shootings took place everywhere, but mostly outdoors: at neighborhood barbecues, family reunions, music festivals, basketball tournaments, movie theaters, housing project courtyards, Sweet 16 parties, public parks. Where motives could be gleaned, roughly half involved or suggested crime or gang activity. Arguments that spun out of control accounted for most other shootings, followed by acts of domestic violence.

The typical victim was a man between 18 and 30, but more than 1 in 10 were 17 or younger. Less is known about those who pulled the triggers because nearly half of the cases remain unsolved. But of those arrested or identified as suspects, the average age was 27.

Most of the shootings occurred in economically downtrodden neighborhoods. These shootings, by and large, are not a middle-class phenomenon.

The divide is racial as well. Among the cases examined by The Times were 39 domestic violence shootings, and they largely involved white attackers and victims. So did many of the high-profile massacres, including a wild shootout between Texas biker gangs that left nine people dead and 18 wounded.

Over all, though, nearly three-fourths of victims and suspected assailants whose race could be identified were black. Some experts suggest that helps explain why the drumbeat of dead and wounded does not inspire more outrage.

“Clearly, if it’s black-on-black, we don’t get the same attention because most people don’t identify with that. Most Americans are white,” said James Alan Fox, a professor of criminology at Northeastern University in Boston. “People think, ‘That’s not my world. That’s not going to happen to me.’ ”

Michael Nutter, a former Philadelphia mayor, who is black, said that society would not be so complacent if whites were dying from gun violence at the same rate as blacks.

“The general view is it’s one bad black guy who has shot another bad black guy,” he said. “And so, one less person to worry about.”

Remember, this is all just a sideshow to the globalist narrative. The Davos/Aspen set don’t actually give a sh*t about black poors wasting each other, with guns that aren’t registered and weren’t purchased legally anyway.

The globalists want to grab the scary looking guns.

The ones you don’t fire holding sideways.

The ones that can resist and defeat tyranny.

Comment by 2banana
2016-05-23 05:36:54

Blacks make up 13% pf the US population. Black males make up about 6.5% of the US population.

Mayor Nutter should explain this stat:



According to the US Department of Justice, blacks accounted for 52.5% of homicide offenders from 1980 to 2008, with whites 45.3% and “Other” 2.2%. The offending rate for blacks was almost 8 times higher than whites, and the victim rate 6 times higher. Most homicides were intraracial, with 84% of white victims killed by whites, and 93% of black victims killed by blacks.


Think about that. 6.5% of of certain racial group commits over 50% of all the murders. And most of those murders are other blacks.

To a statistician - it is a huge anomaly.

To a liberal - it means we are all racists because black males kill so many other black makes and we need bigger and bigger government, more and more regulations and higher and higher taxes to solve this.

To a conservation - who looks at the data and history and wonder why before the era of the first national “gun control schemes” and the “big society programs” and the “war on poverty programs,” black families used to have a lower illegitimate birth rate than whites and lower crimes in their black neighborhoods. That the destruction of the black family was almost planned…

Comment by Young Deezy
2016-05-23 07:55:13

Shhhh 2B! Can’t have any realtalk regarding that issue in public!

Comment by MightyMike
2016-05-23 08:40:13

To a conservation - who looks at the data and history and wonder why before the era of the first national “gun control schemes” and the “big society programs” and the “war on poverty programs,” black families used to have a lower illegitimate birth rate than whites and lower crimes in their black neighborhoods. That the destruction of the black family was almost planned…

I think that that’s false. Daniel Patrick Moynihan’s report on the black family, which discussed the high level of illegitimacy came out in 1965, the same year that LBJ started the Great Society programs. So the illegitimacy had to have started decades earlier.

Of course, the current level of illegitimacy today among American whites is at the same level or higher than it was among blacks 50 years ago. We’re still waiting for a report on the breakdown of the white family.

Comment by 2banana
2016-05-23 09:12:52

Black “illegitimacy” rates:

2010: 72%

1965: 24%

Isn’t bigger and bigger government, more and more regulations and higher and higher taxes grand?

Can’t wait to see these stats after eights years of Hillary…

(Comments wont nest below this level)
Comment by MightyMike
2016-05-23 11:05:25

There’s been reduction in teen births by 35 percent for whites, 44 percent for blacks, and 51 percent for Hispanics.

Comment by taxpayers
2016-05-23 11:51:26

racis sis

Comment by CalifoH20
2016-05-23 17:43:42

We want walls!! ….around Chicago….

Comment by Apartment 401
2016-05-23 03:39:29

FoxNewsHate rallies the base:

“Al Qaeda has returned to its longtime base of operations in southern Afghanistan and is plotting new attacks against the West, fifteen years after being overrun by U.S.-led NATO forces following the 9/11 attacks, according to a published report.”

No “smaller government” or “less regulation” or “lower taxes” happening here.

Comment by Apartment 401
2016-05-23 04:07:00

Another article for all the Big Government authoritarians:

“In the current scheduling system, marijuana is placed in the same “most dangerous” category as heroin, one of the most powerfully addictive and dangerous illegal substances on the planet. Psychedelics like peyote and LSD and the party drug MDMA (ecstasy) round out Schedule I.

Meanwhile, tobacco and alcohol, the two most widely used and deadly substances in the US, are nowhere to be found. Fentanyl, a painkiller approximately 80 to 100 times more powerful than morphine — and hundreds of times more powerful than heroin, according to the US Centers for Disease Control and Prevention — is in Schedule II.

To many observers, the US’s drug scheduling seems arbitrary. To understand why, it’s instructive to look back at how the schedules were made.

The five groups were determined during the approval process of the Controlled Substances Act in 1970. The scheduling of most drugs was determined by Congress during the debate over the bill and was supposedly chosen according to the scientific and medical evidence at the time.”

War on drugs = Big Government.

No “smaller government” or “less regulation” or “lower taxes” happening here.

Comment by Apartment 401
2016-05-23 04:13:50

Long hot summer in California this year:

“Stubborn drought conditions and an epidemic of dead and dying trees mean California is facing a potentially catastrophic fire season, federal officials said Tuesday as they promised to send extra money and personnel to the state.

Similar circumstances contributed to record acreage lost to wildfires in the West last year, including three blazes that laid waste to Lake County, and top officials at the U.S. Department of Agriculture said improved rain and snow totals during the winter did little to ease the threat.

Four straight dry winters before this one wiped out sugar pines, cedars and oaks throughout the Sierra and other mountains in California, Agriculture Secretary Tom Vilsack said during a briefing on the fire season in Washington, D.C.

“You’ve got 40 million dead trees. You’ve got 40 million opportunities for fire,” Vilsack said. “You’re looking at a very serious situation.”

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

Comment by Apartment 401
2016-05-23 04:19:02

California is the most impoverished state in the country:

“Portland, like Los Angeles, San Francisco and Seattle, has declared a homelessness emergency. That allows the city to cut red tape and seek more federal assistance. The four cities and their surrounding counties account for an estimated 70,000 homeless. The U.S. Housing and Urban Development Department says a third of America’s homeless are bedding down in California alone. The National Alliance to End Homelessness estimates almost 600,000 people sleep outside, in emergency shelters, or in transitional housing around the U.S.”

Comment by Dandroidz
2016-05-23 09:36:15

I spoke with a paramedic over in Honolulu at a bar, and she told me the homeless epidemic there is because those states offered one way tickets for their homeless to go anywhere. They chose a state with great weather and easy access to medical treatment, HI. Go through Waikiki beach area and you’ll see entire villages of tents.

I thought it was just a satirical South Park episode (play on homeless/zombies) but its for real.

Comment by Ben Jones
2016-05-23 04:42:29

‘the board reported Odessa’s monthly housing inventory climbed to 5.1 months of inventory in April, 2.3 months more than the same month of last year. Homes spent an average 58 days on the market in April, a week longer than April 2015. In the same time frame, active listings increased 63 percent to 473′

I talked with a UHS that has contacts in Midland the other day. He said it’s a freaking bloodbath, and the job cuts are outta sight. FWIW.

Comment by Ben Jones
2016-05-23 05:29:49

‘From lunch-time dealmaking to mergers devised over 18 holes, elite country clubs in energy’s heartland offer oil and gas executives a chance to brush elbows with other drilling bigwigs. That kind of access makes five-digit annual dues worth the cost — or at least that’s what the executives using these private clubs hope they can convince their shareholders.’

‘In smaller towns that are heavily dependent on the oil industry, there’s often an expectation that senior executives be a part of the community, and social or industry clubs are a significant way to accomplish that, said Chad Hesters, managing director for the Houston office of executive recruiting firm Korn Ferry. “It’s part of the fabric of how business is done in the industry,” he said.’

‘Club memberships can also be a way to incentivize executives to stick around at companies based in rural Texas, Oklahoma or Colorado, Pay Governance’s Ellerman said. “When you’re recruiting someone to go live in Midland, Texas, you’ve got to do something for them.’’

First of all, why does an oil exec have to live in Midland? It’s not like you have to look out the window to oversee some wells. These guys live in Houston or Dallas. The country clubs aren’t deal making hubs. It’s booze and buffets.

Comment by Ol'Bubba
2016-05-23 04:46:34

It’s been a while since I’ve posted here, so I need an update on the current names of the cast of characters.

Is it safe to say that Apartment 401 is one and the same as Professor Bear/Get Stucco/CIBT/et al?

What handles has Exeter/Housing Analyst been using lately?

Is Bill still hiding his gold in the pantry behind the oatmeal?

Comment by Apartment 401
2016-05-23 05:18:19

You are wrong and Ben Jones’ IP logs will confirm that.

If you’re going to post about “smaller government” and “less regulation” and “lower taxes” don’t be a hypocrite, because there’s nothing “smaller government” and “less regulation” and “lower taxes” in supporting pre-emptive neocon wars (paid for with borrowed money) or an authoritarian police state that steals from the innocent via civil forfeiture and spies on its own citizens.

Comment by redmondjp
2016-05-23 11:02:25

Here is a list of Housing Analyst’s recently-used names:

BoBo Brazil
Classy Freddie Blassie
Haystacks Calhoun
Happy Humphrey
Gorilla Monsoon
The Central Scrutinizer
Senior Housing Analyst

Comment by BoBo Brazil
2016-05-23 11:07:28

Who is housing analyst?

(Comments wont nest below this level)
Comment by phony scandals
2016-05-23 14:39:38

Costello: You the manager?
Abbott: Yes.
Costello: You know the guys names?
Abbott: Im telling you their names!
Costello: Well whos on first?
Abbott: Yeah.
Costello: Go ahead and tell me.
Abbott: Who.
Costello: The guy on first.
Abbott: Who.
Costello: The guy playin first base.
Abbott: Who.
Costello: The guy on first.
Abbott: Who is on first!
Costello: What are you askin me for? Im askin you!
Abbott: Im not asking you, Im telling you.
Costello: You aint tellin me nothin. Im askin you, whos on first?
Abbott: Thats it!

Comment by TheCentralScrutinizer
2016-05-23 12:45:10

We’re one big happy family!

(Comments wont nest below this level)
Comment by The Central Scrutinizer
2016-05-23 06:52:26

401 is Goon.

Comment by Professor Bear
2016-05-23 07:44:03

Boy are you dense…

Comment by Ben Jones
2016-05-23 04:49:20

‘For the first time in recent memory, the number of closed and pending home sales in the Portland area saw an annual decline…With the housing market on a tear, the report had become predictable from last summer into this spring – the number of closed and pending sales for a given month was either the most since before the recession, or the most of all time’

There’s always this sense of amazement: ‘it stopped going up.’

‘But the 2,611 closed sales in April marked a 4.5 percent drop from the same month last year, and pending sales fell from 3,613 in 2015 to 3,076 this year’

Then, “Oh no! It’s coming back down!”

Really, what did you think was going to happen?

Comment by Professor Bear
2016-05-23 06:54:17

Next up: “Home prices are falling. IT’S A CRISIS!”

Comment by oxide
2016-05-23 04:50:03

From yesterday:

Comment by oxide
2016-05-22 12:56:59
So, where are the mortgages where the monthly payment is less that fully amortized PITI? Not 0% down. Not low FICO. Less than fully amortized PITI.

Comment by Ben Jones
2016-05-22 14:23:36

[article from northern Idaho] ‘For many programs the income limit for Kootenai County is now $90,000 annually with a home cost limit of $312,300. If you are a one- or two-person household that income limit lowers to $73,680 or $85,960 for three of more in the family wanting to use a first-time loan, a tax credit/Mortgage Credit Certificate loan or an FHA loan with a second mortgage to cover the down payment. All other IHFA loans are allowed for folks making up to $90,000 in income.’

‘An MCC is an on-going federal tax credit that can continue year after year for as long as you retain the loan and occupy the home as your primary residence. The amount of the MCC tax credit is based on a percentage of the amount of mortgage interest you pay on the first mortgage loan. The exact percentage of first mortgage interest you can claim is determined by Idaho Housing.’

Ben, I gave this a quick look and couldn’t find where the monthly PITI was less than fully amortized. This looks like the state will pitch into give a little boost to the MID, but that’s about all. But it’s certainly not an I/O or a neg-am.

Anyway, your article just confirmed another prediction that I made: that house prices would not drop to where J6P can afford them. Instead, the price will stay high and various levels of government would pitch in for some part of the payment.

I have meetings all of today.

Comment by Ben Jones
2016-05-23 04:51:48

I wasn’t replying to you, just posted the article there.

Comment by Combotechie
2016-05-23 05:06:08

“Anyway, your article just confirmed another prediction that I made: that house prices would not drop to where J6P can afford them. Instead, the price will stay high and various levels of government would pitch in for some part of the payment.”

Affordability isn’t about price (it should be but it isn’t).

Affordability is about getting one’s foot in the door, it’s about getting one’s commitment to paying the price accepted.

J6P does not need much in the form of money to make this happen, and lofty prices are a reflection of this fact.

Comment by Professor Bear
2016-05-23 07:01:33

Affordability is about groups favored by SJWs having access on a discriminatory basis to federal subprime lending programs that enable them to get their foot in the door in locales where they otherwise would not be able to afford.

Comment by BoBo Brazil
2016-05-23 06:28:52

Donk take a look at todays headline.

“The Bubble Is Losing Its Air”

Comment by Apartment 401
2016-05-23 04:51:31

Wall Street Journal subscriber paywall article excerpt:

“Student loans are often blamed for the record-low homeownership rate among young adults. But new research suggests that young people without a college diploma face especially big hurdles to owning a home.

College graduates ages 18 to 34 years old without student debt will need just over five years of additional savings to afford a 20% down payment for a starter home, defined as the median home at the bottom third of the market, according to research to be released Monday by Apartment List, a rental listing website. In comparison, it takes college grads with student loans about 10 years. For those who haven’t graduated from college, the wait to buy a home swells to nearly 15.5 years.

“It’s really everywhere that people without college degrees won’t be able to afford homes. They could be stuck renting for a long time,” said Andrew Woo, director of data science at Apartment List.

The report is based on a survey of 31,000 respondents and looks at how much people in each category are currently saving, coupled with how much they have already saved and are likely to receive from friends and family.”

Comment by Dandroidz
2016-05-23 09:46:50

I graduated with no debt, had a job right away as an engineer, its just hard to save up $30-60k for a legitimate down payment these days unless you live rent free at home for the following 3-5 yrs. And then to immediately dump it into one asset? Even if people did save it, they could immediately be house poor.

Comment by redmondjp
2016-05-23 11:06:27

You are supposed to be house poor, and then max out all of your credit cards at the big box stores buying stuff for the place.

Then you get a 72-month car loan on top of that.

You become a debt slave, exactly as they want you to be.

Our consumer-spending-based economy depends on it.

Don’t fight the FED. Take full advantage of those Yellenbucks helicoptering down all around you.

Comment by BoBo Brazil
2016-05-23 11:08:54

Rent it for half the monthly cost then buy later after prices crater for 65% less.

(Comments wont nest below this level)
Comment by CalifoH20
2016-05-23 13:59:10

Hey Bobo - when will this happen? I will need to beat the chinese guy with all cash on the sideline.

Comment by BoBo Brazil
2016-05-23 14:20:16

Data my friend data.

Glendale, CA Housing Prices Crater 11% YoY

Comment by The Central Scrutinizer
2016-05-23 19:32:39

Don’t forget the $20,000 wedding!

(Comments wont nest below this level)
Comment by Apartment 401
2016-05-23 04:56:28

Wall Street Journal book review:

“But while radical libertarianism tends toward anarchy, postmodern leftism has a totalitarian impulse. The goal of a postmodern progressive isn’t universal truth, which supposedly doesn’t exist, but power, which is presented in the guise of equality and social justice. The left’s quest for power isn’t of the goose-stepping, arsenal-building kind employed by 20th-century dictators, Mr. Holmes takes great pains to insist. But, he allows, progressive liberals are “willing to dip into the totalitarians’ illiberal tool box.”

Look no further than the effort to gain power over language and debate on college campuses, through concepts like microagressions, trigger warnings and safe spaces, which police the expression of ideas. This is done in the name of inclusiveness and diversity, but in reality it’s a demonstration of power over those who think differently.”

Comment by Apartment 401
2016-05-23 05:02:41

Wall Street Journal — How the West (and the Rest) Got Rich:

“If capital accumulation or the rule of law had been sufficient, the Great Enrichment would have happened in Mesopotamia in 2000 B.C., or Rome in A.D. 100 or Baghdad in 800. Until 1500, and in many ways until 1700, China was the most technologically advanced country. Hundreds of years before the West, the Chinese invented locks on canals to float up and down hills, and the canals themselves were much longer than any in Europe. China’s free-trade area and its rule of law were vastly more extensive than in Europe’s quarrelsome fragments, divided by tariffs and tyrannies. Yet it was not in China but in northwestern Europe that the Industrial Revolution and then the more consequential Great Enrichment first happened.

Why did ideas so suddenly start having sex, there and then? Why did it all start at first in Holland about 1600 and then England about 1700 and then the North American colonies and England’s impoverished neighbor, Scotland, and then Belgium and northern France and the Rhineland?

The answer, in a word, is “liberty.” Liberated people, it turns out, are ingenious. Slaves, serfs, subordinated women, people frozen in a hierarchy of lords or bureaucrats are not. By certain accidents of European politics, having nothing to do with deep European virtue, more and more Europeans were liberated. From Luther’s reformation through the Dutch revolt against Spain after 1568 and England’s turmoil in the Civil War of the 1640s, down to the American and French revolutions, Europeans came to believe that common people should be liberated to have a go. You might call it: life, liberty and the pursuit of happiness.”

Comment by Apartment 401
2016-05-23 05:06:05

London Times — Hobbit star says Hollywood has its own Savile scandal:

“Allegations that powerful Hollywood figures have been protecting child abusers have circulated widely in recent years and Anne Henry, co-founder of Bizparentz, a group set up to help young actors, said: “Hollywood is currently sheltering about 100 active abusers.”

After the convictions of several industry figures and claims by Corey Feldman, another former child actor, that he had been “surrounded” by molesters when he was 14, Henry warned that a “tsunami of claims has begun”.

Henry estimated about 75% of child actors who “went off the rails” later in their career had suffered abuse. “This problem has been endemic in Hollywood for a long time and it’s finally coming to light,” she said.

“I don’t believe the most powerful people in Hollywood are sitting in a darkened room plotting to spread paedophilia. But very bad people are still working here, protected by their friends.”

Comment by Apartment 401
2016-05-23 05:21:41

Because age of consent laws only apply to the little people:

“Lawyers for two women who say their rights as crime victims were ignored when prosecutors negotiated a “sweetheart deal” with the billionaire financier who sexually abused them in their teens are meeting with federal prosecutors this morning to try to settle their dispute.

The civil lawsuit was filed by the women, identified only as Jane Does 1 and 2, against the U.S. Department of Justice eight years ago.

They allege federal prosecutors deliberately went out of their way to keep the victims in the dark about a secret agreement the prosecution reached with Jeffrey Epstein that guaranteed he would not face federal charges. Epstein, now a registered sex offender, pleaded guilty to state charges in 2008, served 13 months in a local jail and a year of house arrest.

A settlement conference, similar to a mediation session, is scheduled to start at 9:30 a.m. in a federal courtroom in West Palm Beach.”

Comment by 2banana
2016-05-23 05:40:58

Paging Bill Clinton. Paging Bill Clinton.

Comment by Raymond K Hessel
2016-05-23 06:39:30

Powerful, well-connected pedophiles like Jeffry Epstein can molest at will, knowing they’ll get a slap on the wrist thanks to their political top cover from “friends” and cronies like Bill Clinton.

Comment by redmondjp
2016-05-23 11:11:49

Kubrick’s last film, Eyes Wide Shut, seems to have more and more relevance every time that I watch it.

Tom Cruise’s character thought he was one of the elite - a successful doctor with an attractive wife hob-nobbing with the bigwigs in the city, but finds out that to the powers-that-be, he is just a servant and he had better stay in his place.

And the things that the powers-that-be do behind closed doors never shall be mentioned. And why do they do these things? Because power is the ultimate aphrodisiac.

Comment by Ben Jones
2016-05-23 05:09:39


Markets to Fed: You don’t have our blessing to hike yet

It isn’t last call yet for this house party.

Comment by Ben Jones
2016-05-23 05:18:08

‘Bond investors appear to have placed their faith in commodities exceptionalism, with many positing that the recent pick-up in U.S. default rates will defy historical trends and remain confined to that industry.’

‘New research from Deutsche Bank AG pours cold water on that idea, arguing that there are already signs of contagion in junk-rated debt outside of the commodities space. A look at previous peaks in default rates shows the potential for more pervasive corporate stress. While default rates were higher amongst particular sectors—such as telecoms in the early 2000s or financials during the 2008 crisis—the rate for junk bonds excluding these specialized industries also increased significantly.’

“Default cycles of the past have never been about a single sector, or small group of sectors,” Oleg Melentyev and Daniel Sorid, Deutsche credit strategiests, said in the note. “Yes, cycles were always driven by concentrated distress but they always found their way to affect other areas of the market.”

Comment by Combotechie
2016-05-23 05:24:26

“’Default cycles of the past have never been about a single sector, or small group of sectors,’ Oleg Melentyev and Daniel Sorid, Deutsche credit strategiests, said in the note.”

Ultimately it’s about debt. This should be a Captain Obvious sort of statement but nevertheless that’s what it’s about.

Comment by Raymond K Hessel
2016-05-23 06:50:45

Yellen won’t hike until Goldman Sachs goes short and gives the order.

Comment by Professor Bear
2016-05-23 07:08:17

The markets clearly have a loaded bazooka pointed at the FOMC, ready to fire the moment the Fed makes good on liftoff plans.

But meanwhile, as long as the music keeps playing, Mr Market has to get up and dance!

Comment by Apartment 401
2016-05-23 05:13:24

More big government for the authoritarian badge lickers and uniform fetishists:

“Louisiana Gov. John Bel Edwards, a Democrat, is expected to sign into law the nation’s first so-called “Blue Lives Matter” law, extending hate crime protections to men and women wearing a police badge.

The bill, passed by the legislature in Baton Rouge this week, is controversial, coming amid a national debate over the shooting of unarmed black people by police officers. Expanding hate crime protections to all active and non-active police officers is seen by some as an attempt to muzzle law enforcement critics and to undermine efforts to curb the use of excessive force by police.”

I read an article in Patrick Buchanan’s American Conservative a few years ago that noted Louisiana has a higher per capita incarceration rate than Russia did under Stalin.

No “smaller government” or “less regulation” or “lower taxes” happening here.

Comment by Raymond K Hessel
2016-05-23 05:35:11

Is my life worth any less than a cop’s? All murders and unprovoked assaults should be treated as serious crimes and punished equally severely.

Comment by Apartment 401
2016-05-23 05:59:00

I’m not discussing this in the context of political elections.

It’s about authoritarianism. Having a badge does not make you above the law.

Comment by 2banana
2016-05-23 05:45:11

It is very ironic that the people who used to benefit from affirmative action hate it when it is used against them.

Go google how the “Asians became white” with college admissions.

Actually, they have become even worse than white. But Asians sure loved it when they were on the receiving end of affirmative action back in the day.

Comment by The Central Scrutinizer
2016-05-23 07:02:17

Some pigs are more equal than others.

Comment by TheFabulousMoolah
2016-05-23 07:40:31

I don’t know about this first in the nation type stuff. Lots of places increase the offense for hitting a cop or a firefighter. I think this has been around for many years.

Comment by Fang nu
2016-05-23 07:48:37

Don’t commit crimes.
I don’t care about Stalin.
I do care about people committing crimes.
Don’t commit crimes.

Comment by Dandroidz
2016-05-23 09:48:44

Shouldnt every murder count the same? Same thing as this LGBT rights non sense. They do have rights, they are Americans.

Comment by anklepants
2016-05-23 10:32:02

That’s ridiculous. Killing a young child is worse than killing a drug dealer. There’s a thousand other similar distinctions.

Comment by MightyMike
2016-05-23 11:07:23

Killing a nurse should then be punished more severely than killing a realtor.

(Comments wont nest below this level)
Comment by Raymond K Hessel
Comment by 2banana
2016-05-23 05:23:04

You voted for socialism. Don’t complain when you get socialism.

And people wonder why the Donald is so popular…


They’re Coming For Your Home | May 23, 2016 | Katie Kieffer

Effectively, AFFH regulations will eliminate local zoning in 1,200 cities and counties (see if yours is on the list) by mandating new federal rules based on race and income that will override all local jurisprudence.

Today, if you want to live in a certain neighborhood in America—you are already 100%free to move into that area. There are no laws hindering Hispanics, African Americans, women, gays, Muslims, poor people or any other so-called minority or “protected” group from living in the neighborhood of their choosing.

Jimmy Carter knew it. Bill Clinton knew it. Barack Obama knew it. Hillary Clinton knows it. The dirty little secret is: if you can convince people that you will help them buy homes, you can turn them into voters for your party. Because humans have an innate desire to own and care for a special plot of space, and call it home.

Obama’s great “recovery” has created so few jobs that—according to the Bureau of Labor Statistics’ National Longitudinal Surveys program—over half (55%) of Millennials are moving back home with their parents by the time they reach age 27. Conniving politicians know, as more Millennials start families, the pressure to move out will escalate.

What the AFFH really does is create a new definition of victim that has never existed in America. If you are low income or a minority, AFFH assumes that you are a victim.

AFFH creates a new definition called “fair housing choice,” which states that the federal government must micromanage local zoning so “individuals and families… [are] able to achieve fair housing choice given the legacy of segregation, ongoing discrimination, and residential patterns that offer different levels of access to community assets.”

Comment by Cracker Bob
2016-05-23 06:48:15

Well, gee whiz - why did Obama “need” a recovery from the the very successful Bush/Cheney + Republican Congress economy?

Comment by MightyMike
2016-05-23 07:08:00

That’s a pretty lame excerpt, or maybe a lame article. We’re not told what AFFH stands or what its provisions are.

Comment by 2banana
2016-05-23 07:20:42

It is a long article and per Ben’s instruction we don’t post whole articles on his blog.

Go read it for yourself and post what you think is important.

Comment by Ben Jones
2016-05-23 07:35:13

If I allowed entire articles, I’d be sued off the web in a week.

(Comments wont nest below this level)
Comment by MightyMike
2016-05-23 08:51:02

Well, you could have chosen a better section to excerpt, if there was one.

Apparently, only the right wing media that’s taken an interest in AFFH.

OK. So it turns out that the Fair Housing Act of 1968 outlaws most of the obvious forms of housing discrimination, and has done a relatively good job of enforcing discrimination rules since then. However, it also requires the Department of Housing and Urban Development to run its programs in a way that affirmatively furthers fair housing. That is, if a local community is heavily segregated, it has to affirmatively try to reduce that segregation in order to qualify for HUD funds.

It turns out that HUD hasn’t done much of anything about this particular aspect of the law, and President Obama would like them to start. So a couple of years ago HUD started developing guidelines called, uncreatively, “Affirmatively Furthering Fair Housing.” Last year they released a tool for assessing segregation and fair housing choice that can be used by community planners, and a few days ago they released the final 377-page rule.

That’s the basics. It’s surprisingly hard to get more because Google returns almost exclusively either (a) evaluations of AFFH by civil rights and fair housing groups, or (b) outraged rants from conservative outlets. Ordinary newspapers seem to have little interest (or, as Kurtz puts it, “The mainstream press has been straining to avoid AFFH”).

Obviously I’m not going to pretend to be an instant expert now that I’ve read half a dozen pieces about AFFH, but basically the concrete goals seem to be (1) providing communities with data regarding the racial, ethnic and income distribution of housing in their towns; (2) encouraging and funding affordable housing in prosperous areas; and (3) pressing communities to change zoning rules that promote segregation.

(Comments wont nest below this level)
Comment by BoBo Brazil
2016-05-23 09:02:59


Comment by TheFabulousMoolah
2016-05-23 07:42:26

There are only 3 classes in America. The Dole, the Working Class, and the Rich (those who don’t need to work).

Comment by Raymond K Hessel
2016-05-23 05:26:21

A preview of coming attractions once the takers overwhelm the makers. Forward!

Comment by Raymond K Hessel
2016-05-23 05:33:13

“Far right” populism sweeping Europe as voters turn against Establishment political parties that have become the adjuncts of the oligarchs and crony capitalists. How much longer will the EU and ECB be able to force European taxpayers to cover their banker cronies’ gambling losses and lavish trillions in printing-press “stimulus” on the .1%?

Comment by Apartment 401
2016-05-23 05:44:32

Mr. Banker won’t like this:

“Many banks don’t have clear policies when there are questions. Discrepancies can occur when the amount a customer writes on a deposit slip doesn’t match the amount actually deposited, or when the teller makes a data entry error, or when the bank’s computers don’t capture a good image of the deposit slip.

“Consumers should not be denied timely access to the full amount of their deposits,” CFPB Director Richard Cordray said in a statement. The new guidance “should make it clear that we expect financial institutions to take steps to handle and resolve deposit discrepancies and avoid consumer harm.”

Last August, Citizens Bank was ordered to pay $18.5 million in refunds and penalties for not crediting customers with the full amounts of deposits. Citizens is Greater Cleveland’s third-largest bank, with 9 percent of local deposits.

Citizens kept the money when there was a discrepancy between the customer’s deposit receipt and the amount actually deposited, the Consumer Financial Protection Bureau said. Regulators believe Citizens shorted customers by millions of dollars over a six-year period.”

Comment by Apartment 401
2016-05-23 05:50:38

Decades of failed U.S. drug policy and this is what you get:

“Death can strike anywhere in Acapulco these days: A sarong vendor was slain on the beach in January by a gunman who escaped on a Jet Ski. Another man was gunned down while enjoying a beer at a seaside restaurant. In the hillside slums that ring the city, a 15-year-old girl’s body was found chopped into pieces and wrapped in a blanket, her severed head in a bucket nearby with a hand-lettered sign from a drug gang.

The upsurge in killings has made Acapulco one of Mexico’s most violent places, scaring away what international tourism remained and recently prompting the U.S. government to bar its employees from traveling here for any reason.

In response, Mexico has lined the city’s coastal boulevard with heavily armed police and soldiers, turning Acapulco into a high-profile test case for a security strategy that the government has used elsewhere: When homicides spike, flood the area with troops.”

Another plug for the book “Gangster Warlords” by Ioan Grillo:

Comment by 2banana
2016-05-23 06:10:29


Mexico has some of the toughest gun control laws in the world.

It is virtually impossible for the average law abiding citizen to own a gun in Mexico. And if they politically connected and manage to legally own a firearm, it will be a shotgun only.

Hillary tells us this will lower crime. And I believe her this time.

Comment by Raymond K Hessel
2016-05-23 07:07:12

Narcos and criminals enjoy near-complete impunity for their crimes in Mexico, thanks to deeply corrupt governance at all levels. Hillary exemplifies corruption and impunity, and millions of morally bankrupt scum casting votes for her would take America down the same path. Forward!

Comment by Ben Jones
2016-05-23 17:04:00

‘Despite a grisly human rights record and alleged ties to drug traffickers, Colombia’s ex-President Uribe has been a favorite of Hillary Clinton and her husband Bill, helping Clinton associates turn hefty profits, reports Jonathan Marshall.’

(Comments wont nest below this level)
Comment by Apartment 401
2016-05-23 06:03:38

Cloward-Piven is real:

“Children from families with incomes at or below 130 percent of the poverty level (or $31,536 a year for a family of four) are eligible for free meals. Those with incomes between 130 percent and 185 percent of the poverty level are eligible for a discounted meal, which costs no more than 40 cents.

An Enquirer analysis of federal data shows participation in the school lunch program has grown dramatically in Greater Cincinnati: 49 percent over the course of 10 years in local Ohio counties, and 22 percent over the course of five years in Northern Kentucky counties.

At Cincinnati Public Schools, participation in the program increased 13 percent between 2005 and 2015. During the same time period, enrollment at CPS dipped 7 percent.”

Comment by 2banana
2016-05-23 06:17:19

The FSA votes.

And they vote for the candidate who promises more free sh*t

Comment by Raymond K Hessel
2016-05-23 07:03:41

Forward! We, too, must become Venezuela!

Comment by junior_bastiat
2016-05-23 15:26:18

Good news is most of that food will kill them off. Dems might give you a free trip on a train but don’t be surprised if the final destination is a gas chamber.

Comment by Apartment 401
2016-05-23 06:07:46

More big government for authoritarians who hate the Constitution:

“But a powerful new insider account undermines the idea that the inspector general’s office offers whistleblowers a safe route. John Crane supervised the whistleblower-protection unit of the Pentagon inspector general, which has oversight responsibility for defense department components such as the National Security Agency. His story, told at length in Mark Hertsgaard’s powerful new book Bravehearts: Whistle-Blowing in the Age of Snowden, suggests that an office meant to aid whistleblowing can put whistleblowers in danger.

This is someone who was deep inside the system who says the system failed. Much of the book deals with the case of Thomas Drake, an NSA employee more senior than Snowden, who became concerned after 9/11 over warrantless surveillance and took his concerns to the inspector-general’s office. Crane’s suspicion is that instead of protecting Drake, as his office should have done, Drake’s identity was passed to the justice department.”

Comment by 2banana
2016-05-23 06:13:47

2banana’s Rule.

Conservatives are more than happy to live under the same laws and taxes they want for everyone else.

Liberals/Progressives expect to exempted to the same laws and taxes they want for everyone else.

Do you think obama’s daughters will have to worry about this ever? Private schools up to college, a “gap year” visiting National Parks, secret service protection in gated/fenced housing and then off to Harvard…


Obama’s plan to reintegrate ex-convicts into society raises crime fears
Washington Times | May 23, 2016 | Andrea Noble

The Obama administration has gone into overdrive in the last two months, pushing administrative policy changes to make it easier for ex-convicts to rejoin society, but at the same time sparking concern that reforms will increase crime and jeopardize safety.

The federal efforts have been spurred on in part by bipartisan criminal justice reforms enacted at the state level and changing public opinion that has warmed to second chances, experts say.

Reforms have included recommendations to make it easier for ex-offenders to obtain state ID cards, removing questions about criminal history from federal job applications and suggestions to do the same for college applications, and warning landlords that rejecting renters based on their criminal history may violate federal law.

Comment by CalifoH20
2016-05-23 13:20:45

2013 -Gov. Jerry Brown announced that his state has suddenly projected a surplus of $851 million. Two years ago, when Brown came back into office, the state had a $25.4 billion deficit, a Sisyphean problem Governor Arnold (GOP) struggled with unsuccessfully all last decade.

Comment by Rental Watch
2016-05-23 15:42:18

Let’s see, Gray Davis (Democrat) increased spending and cut taxes with the expectation that good times would go on forever.

Then the dotcom bust.

He, a Democrat, was kicked out of office in CA.

Arnold inherited the budgetary mess, and on top of it, was hit with the financial crisis, but before that, did a good enough job to get re-elected over the Democrat…he won by more than 10 points…a landslide.

And then Jerry Brown steps in and raised taxes to fill the budgetary hole, and benefited from a strengthening economy, strong tech sector, rising stock market, and plenty of capital gains taxes paid by those in tech.

And you take this fact pattern and want to give JB an award over Arnold, without mention of the fact that it was another Democrat that put CA on this fiscally disastrous path to begin with?

Comment by CalifoH20
2016-05-23 17:27:56

Timing is everything.

Who else inherited a mess? Arnold (GOP) was a joke. Enron-joke.

(Comments wont nest below this level)
Comment by Apartment 401
2016-05-23 06:27:03

Leona Helmsley was right, only the little people pay taxes:

“Since 1713, when the Great Council of Geneva banned banks from revealing the private information of their customers, Switzerland had thrived on its reputation as a stronghold of financial secrecy. International élites could place their fortunes beyond the reach of tax authorities in their own countries. For Swiss wealth managers, who oversaw more than two trillion dollars in international deposits, the promise to maintain financial privacy was akin to a religious vow of silence. Switzerland is the home of the numbered account: customers often specify that they prefer not to receive statements, in order to avoid a paper trail. In light of these safeguards, the notion of a breach at H.S.B.C. was shocking.

According to a 2012 study by James Henry, a former chief economist at McKinsey who now advises the Tax Justice Network, the world’s wealthiest people salt away at least twenty-one trillion dollars beyond the reach of tax authorities. In a book published last year, “The Hidden Wealth of Nations,” the economist Gabriel Zucman offers a lower, yet still enormous, estimate: $7.6 trillion, or eight per cent of the world’s personal financial wealth. Zucman calculates that “the fraud perpetuated through unreported foreign accounts each year costs about $200 billion to governments throughout the world.”

H.S.B.C., or the Hong Kong and Shanghai Banking Corporation, traces its origins to 1865, and its early success to the opium trade. The bank has grown substantially over the past two decades—it now has nearly fifty million customers—and it has acquired a reputation for being less than scrupulous, even by the loose standards of international banking. In 2012, a U.S. Senate investigation concluded that H.S.B.C. had worked with rogue regimes, terrorist financiers, and narco-traffickers. The bank eventually acknowledged having laundered more than eight hundred million dollars in drug proceeds for Mexican and Colombian cartels. Carl Levin, of Michigan, who chaired the Senate investigation, said that H.S.B.C. had a “pervasively polluted” culture that placed profit ahead of due diligence. In December, 2012, H.S.B.C. avoided criminal charges by agreeing to pay a $1.9-billion penalty. The company’s C.E.O., Stuart Gulliver, said that he was “profoundly sorry” for the bank’s transgressions. No executives faced penalties.

Comment by Raymond K Hessel
2016-05-23 06:35:17

Funny how the Oligopoly and its media border collies had no issue with stupid voters as long as the beneficiaries were its annointed water carriers such as Obama and Hillary. But now that a wild card, Trump, has shown up, suddenly the MSM has decided that ignorant, low-information voters might not be such a good thing after all, at least when they vote for non-oligarch annointed candidates.

Comment by Raymond K Hessel
2016-05-23 06:41:57

More jawboning from one of Yellen’s flying monkeys. Maybe the only good thing to come from the coming collapse is that the Keynesian fraudsters who led us down this primrose path might finally face real justice in a federal pound-me-in-the-a$$ prison.

Comment by Raymond K Hessel
2016-05-23 06:45:17

The most successful scam in American history, the Federal Reserve, continues to use its control over our money issuance and monetary policies to concentrate wealth and power in the hands of the .1% at the expense of everyone else.

Comment by Dutch Spikes
2016-05-23 08:37:50

Good article. Inflation IS much higher than reported. And the Fed is to blame.

Comment by BoBo Brazil
2016-05-23 09:00:44

That’s not inflation my friend.

Comment by Raymond K Hessel
Comment by Apartment 401
Comment by 2banana
2016-05-23 07:17:50

It is racist to point out muslim child rapists when they rape children.

It is even worse than racism to want to punish muslim child rapists.

After all, they are just following their culture and the life/fun times of their prophet as documented in their holy book of sex slaves and child rapings…

Comment by Apartment 401
2016-05-23 06:48:08

No “pent-up demand” for $500,000 retirement homes happening here:

“Retirement is not easy for a large number of Philadelphians, a new report by City Controller Alan Butkovitz’s office concludes.

Just 44 percent of elderly households in the city receive some sort of retirement income other than Social Security, according to the report, “Retirement Security in Philadelphia,” which is to be released Monday.

That’s a problem. The average Social Security income is $16,429 a year, but a senior household in Philadelphia - a single person or a couple - needs $28,750 a year to meet basic needs without relying on public assistance, according to the report.”

Comment by 2banana
2016-05-23 07:12:58

1. What is the first thing a Philadelphia public union goon does when he retires? He moves OUT of Philadelphia.

2. Philadelphia, another long term democrat (50+ year) controlled public union goon dominated city. It is BANKRUPT. Every year they beg Harrisburg for a bailout, and every year they get it. Philadelphia has the highest wage tax in the country (~4.5%), just massively raised their property taxes and is looking to pass a “sugar tax” on drinks for the “children.” And they ares still bankrupt. The public unions have stolen everything.

3. Despite all these taxes and spending $15,000+/year per CHILD on public education, it has some the worst schools in the country. Crime is back with a vengeance too. Nothing the city touches works in Philadelphia except parking tickets and towing. And the place is corrupt to the bone.

The real question - is why would a senior citizens WANT to live there?

Comment by Apartment 401
2016-05-23 07:12:21

Current Drudge headline article on Baltimore:

“As we await the judge’s verdict in the Officer Nero trial, one prominent lawmaker is calling for peace throughout the city.

Congressman Elijah Cummings says the city called for justice and whatever verdict is reached is justice.

With all eyes on the courthouse awaiting a verdict for Officer Edward Nero, Congressman Elijah Cummings is asking residents to stay calm.

“We must remain vigilant to our moral code of peace, no matter what the verdict,” Cummings said.

Freddie Gray was murdered by Baltimore police.

Which doesn’t justify looting all the Oxycontin from Walgreen’s and burning down your own neighborhood, but when that happens later today it should make for some really good TeeVee.

Comment by 2banana
2016-05-23 07:23:11

Nothing says social justice like looting a Foot Locker…

Comment by Raymond K Hessel
Comment by Professor Bear
2016-05-23 07:18:59

Opinion: The Fed has fueled inflation — and it’s helping the rich
By John Coumarianos
Published: May 23, 2016 8:56 a.m. ET

Higher stock and real estate prices don’t benefit average Americans

It may come as no surprise that in the aftermath of an epic single-family housing boom and subsequent bust, millions of more people have been renting — without much new multifamily housing supply until recently.

This situation has let to strong gains for apartment REITs and an astonishing ability for property owners to raise rents.

Now a research paper by Rob Arnott and Lillian Wu of Research Affiliates in Newport Beach, Calif. asks why the CPI doesn’t reflect the inflation that is apparent in places where people spend their money.

Arnott and Wu argue that the four biggest expenditures for most people — rent, food, energy, and health care — have been rising. Since 1995, rents have been rising at 2.7% clip, energy at a 3.9%, food at 2.6%, and health care at 3.6%. Notably, these four expenses account for 60% of the aggregate of people’s budgets, 80% of middle-class budgets, and 90% of the budgets of the working poor.

Comment by Professor Bear
Comment by Ben Jones
2016-05-23 08:18:23

‘North of San Diego proper, Del Mar is a small, beach-side community, dominated by luxury and high-end properties. The city is known for its spectacular and numerous beaches, including North Beach (known affectionately by the locals as “Dog Beach”), the Fifteenth Street beach and Torrey Pines State Park.’

‘Although prices remain high, price concessions are becoming increasingly common. In mid-April, 41% of properties had a price decrease, and the average days on market stood at 138. It’s a buyers’ market in Del Mar and inventory, though not high, is increasing as buyers bide their time.’

‘For single-family homes, there was a 5.3-month supply of inventory in March, a 29.3% year-over-year increase.’

Comment by Ben Jones
2016-05-23 08:24:27

Naples, FL Real Estate and Homes for Sale
8,621 Homes

Naples, FL Price Reduced Homes for Sale
3,233 Homes

Chosen at random:

18272 Lagos Way, Naples $1,199,000

3 beds 3 full , 1 half baths 3,037 sq ft 0.25 acres lot

05/20/2016 Price Changed $1,199,000 $395
05/14/2016 Listed $1,299,000 $428
11/17/2015 Listed $1,299,000 $428
12/08/2009 Sold $1,000,000 $343
11/30/2009 Sold $1,000,000 $333
02/10/2009 Price Changed $1,295,000 $432
11/22/2007 Listed $1,425,000 $475
02/24/2005 Sold $906,100 $310

They whacked 100k off the asking 6 days after listing it.

Comment by Combotechie
2016-05-23 09:02:51

“It’s a buyers’ market in Del Mar and inventory, though not high, is increasing as buyers bide their time.”

What? No bidding wars? Buyers biding their time? What’s up with that?

Inventory increasing? A seller’s market transitioning (or has transitioned) into a buyers market does what to prices? Does what to inventory? Does what to sales volume?

Not a good thing to happen to a wealth generating machine, not good at all.

No increase in wealth translates to no increase in equity cash outs. No increase in equity cash outs means our consumer-based economy will have to depend on earned-based income instead of borrowed-based income.

We’re screwed (well, some of us are screwed).

Cash …

Comment by BoBo Brazil
2016-05-23 09:12:58

Cold hard cash.

(Comments wont nest below this level)
Comment by Cracker Bob
2016-05-23 09:58:31

Hot, steel balls!

Comment by Puggs
2016-05-23 12:59:26

I all set and staged to buy some suckers over leveraged car they borrowed on 2 or 3 years ago.

(Comments wont nest below this level)
Comment by CalifoH20
2016-05-23 13:22:29

Be careful if it is out of warranty. A new super duper sensor can be $1200 and dealer only. Some of the 6cyls have $2500 water pump repairs at 100k.

Comment by junior_bastiat
2016-05-23 15:33:16

I lived in Del Mar for 2 years in the mid 90s. Beautiful area, but the lagoons are polluted so after a rain they flush into the ocean. If there is any maintenance you will often get more pollution which typically goes unreported. The stream mouth around Dog Beach is always bad thanks to illegals camping along the river - which I almost got arrested for taking pictures of by a Fish and Game a-hole. People in Del Mar were uniformly lame, I think I met less than a handful of people who were cool - everyone else was stuck up.

(Comments wont nest below this level)
Comment by Ben Jones
2016-05-23 16:59:30

‘illegals camping along the river’

Klassy with a K.

Comment by CalifoH20
2016-05-23 17:29:49

sitting in traffic makes everyone uncool.

Comment by The Central Scrutinizer
2016-05-23 19:48:05

I’m spending some time in del mar, and got dragged into social hour with some of the inhabitants. Apparently most of them are doped to the gills on antidepressants. Who knew slaving away to get that 15k house payment and 2k in Lexus payments (they ALL seem to have the same Lexus) grinds one’s soul into pulp.

They all looked sad when I told them I had been spending my days on my mountain bike, exploring the awesome trail network the runs through the arroyos between the endless stucco boxes.

They are caught in a terrible trap. I felt bad for them. They seemed like they might once have been interesting people.

Comment by Senior Housing Analyst
2016-05-23 08:15:14

Berkeley and Palo Alto, CA Housing Prices Down YoY; Berkeley Plummets 13% QoQ

Comment by 2banana
2016-05-23 09:22:44

Excellent read.


Greetings, Slaves
Richard Fernandez - May 21, 2016 - Pj Media

We expect revolutionaries to be indifferent to money. Yet in reality the Left thinks about nothing but money as the Venezuelan socialists who have stolen $350 billion from the treasury, according to the Basel Institute on Governance, should have proved to the world. If it’s any consolation to the Democratic Party, Bernie Sanders is not as indifferent to lucre as he seems. Sanders’ filings show he’s received money from Super PACs and donors with links to Wall Street — so he may be normal after all.

Perhaps the first major 20th century writer to realize that the ambition of all true Communists should be to become billionaire revolutionaries was Hilaire Belloc. In his 1912 book, The Servile State, Belloc argued the then-burgeoning Communist movement would find more success ditching Leninism in favor of an alliance with Crony Capitalists to reinstate Slavery. “Slavery, or a Servile State in which those who do not own the means of production shall be legally compelled to work for those who do, and shall receive in exchange a security of livelihood.”

Belloc argued that the only two exits from the evils of crony capitalism were an expansion of property holdings to the great majority of the people (the classic conservative program) or collectivism. Of the two alternatives, the elites would find collectivism far the easier path. He wrote, “if you are suffering because property is restricted to a few, you can alter that factor in the problem either by putting property in the hands of many or the hands of none … a trust or monopoly is welcomed because it ‘furnishes a mode of transition from private to public ownership.’” Crony capitalism furnishes collectivism so well that the Servile State becomes indistinguishable from the Workers’ Paradise and its leaders equally interchangeable. Thus we have billionaires who become men of the people and men of the people who become billionaires.

Where both Belloc and Orwell may have erred was in assuming the Servile State could fix the sustainability problems that doomed Leninism. The hope of finding a lasting formula for collectivism lies at the heart of the USSR’s reboot and the EU and Hillary’s socialism in words but crony capitalism in deeds strategy, in contrast to Bernie Sanders’ hair-on-fire socialism. Nobody argues with the collectivist goals, just about how to pay for them. Both the EU and its American imitations are attempts at finding a socialism which can pay the bills. Unfortunately the present political crisis raises the possibility that the Servile State itself is inherently unsustainable.

The issue which dogs Hillary and which no cosmetic distancing from Sanders will solve is that the middle class is losing faith in the platform. The political turmoil threatening to break apart the EU and the American Blue Model is rooted in the fact that both are broke and have no prospect of meeting obligations as manifested in the stagnation of wages in the West and also in the collapse of the “security” safety nets for which the present-day slaves have traded away their freedom. The progressive campaign is essentially predicated on the assumption that a sufficiently resolute government can defy the laws of financial gravity. There is now some doubt on that point.

Collectivism cannot even pay its pensions. “The present value of unfunded obligations under Social Security as of August 2010 was approximately $5.4 trillion. In other words, this amount would have to be set aside today such that the principal and interest would cover the program’s shortfall between tax revenues and payouts over the next 75 years.” One of the culprits, ironically, is that the socialists have succeeded all too well in changing mankind’s dreadful habit of forming families and breeding children.

It’s not just the Government that’s broke but also its political partners. Recently the Teamsters’ Central States Pension Fund announced that it was bust. Unless it gets an infusion of taxpayer money, pension benefits for about 407,000 people could be reduced to “virtually nothing.” Orwell famously said that “if you want a picture of the future, imagine a boot stamping on a human face — forever.” What he and Belloc failed to anticipate was that the boot might rot to pieces and fail to fulfill its function to oppress.

Teamsters who are able to intimidate everything find they are finally helpless against addition and subtraction. At the end of it all they, like everyone else who has mismanaged their pensions, can pay their retirees “virtually nothing.”

In the face of this failure perhaps it is time to revisit Belloc’s alternatives. If the only remaining path is to encourage a return to the popular ownership of property and making markets freer as opposed to cutting deals with monopolists — then so be it. Technology may be working in favor of the path not taken. As intellectual property becomes the dominant means of production, every human is automatically born with a certain amount of capital, provided Planned Parenthood doesn’t get to him first.

Lincoln Steffens thought he saw a future that worked but it was cruel fraud. Why not try property this time instead of slavery? We’ve tried being slaves. Let’s try being free. Belloc points out this idea is so revolutionary that anyone who espouses it will almost certainly be suspected of mental incapacity.

Comment by Cracker Bob
2016-05-23 09:59:46

Is Atlas shrugging??

Comment by 2banana
2016-05-23 10:08:10

It is in Venezuela, Greece, France, Italy, Spain…

And Venezuela has more oil than Saudi Arabia…

Comment by taxpayers
2016-05-23 12:23:35

portugal-hungary-poland-argentina (twice)

all took private pension money

Ben Dover

gov workers kept their pensions

(Comments wont nest below this level)
Comment by The Central Scrutinizer
2016-05-23 19:49:28

More like Atlas is farting.

Comment by MightyMike
2016-05-23 10:39:23

Collectivism cannot even pay its pensions. “The present value of unfunded obligations under Social Security as of August 2010 was approximately $5.4 trillion. In other words, this amount would have to be set aside today such that the principal and interest would cover the program’s shortfall between tax revenues and payouts over the next 75 years.” One of the culprits, ironically, is that the socialists have succeeded all too well in changing mankind’s dreadful habit of forming families and breeding children.

This should be applied to the armed forces. For as long America exists it’s going to spend a massive amount on “defense”. Unlike Social Security, there is no dedicated tax or trust fund for the Department of Defense. So that must represent some giant “unfunded liability”, probably around the size of the GDP.

Comment by 2banana
2016-05-23 11:11:18

1. The military and national defense is an explicate function of government called out in the US Constitution

2. Welfare, pensions, health care and social security are no where mentioned in the US Constitution

3.Defense Spending: 16% of the Federal Budget
Entitlements for Individuals: 62% of the Federal Budget

Math is hard. Do try to keep up.

Comment by MightyMike
2016-05-23 11:40:51

None of that contradicts my point.

(Comments wont nest below this level)
Comment by BoBo Brazil
2016-05-23 11:55:09


Comment by The Selfish Hoarder
2016-05-23 12:09:09

It is true that the defense is constitutional, so some form of funding (whether by donation or by force must be done).

It’s the force part that is the immorality, combined with that it really has not been defense. The closest was in WWII in the war against Japan. However FDR goaded the Japanese to invade.

Korea was no threat and N.Korea is no threat. Vietnam was no threat. Iraq never a threat, Iran never a threat. Afghanistan never a threat. Libya never a threat. Somalia never a threat. Yemen never a threat.

The “defense spending” is socialist because 1) it’s overkill, no one is a threat and it’s all about oil and the banksters and 2) it keeps millions of people employed. It’s welfare for white collars and I was one of ‘em.

(Comments wont nest below this level)
Comment by Ben Jones
2016-05-23 09:27:31

‘More than 2.5 million Americans earned income via on-demand platforms like Airbnb Inc., Etsy Inc. and Lyft Inc. in 2014, and the companies generated an estimated $15 billion in revenues. But the companies don’t withhold taxes on the income they pay to people who provide services or sell items via their platforms.’

‘The companies are required to notify the IRS of that income — and send service providers a 1099-K form of their yearly earnings to file with their tax returns — only if they earn at least $20,000 and have 200 or more transactions in a year. The rule applies only to companies that get paid by credit card.’

‘A study by researchers at American University has found that more than two-thirds of those who earned income from the platform economy never received a statement of their earnings. The study, which surveyed 40,000 members of the National Association of the Self Employed, found that many people who earn income on the platforms are confused about when, whether or how to report their earnings on their tax returns.’

‘The study said the current system ill-serves the millions of people who earn income from the platforms, by exposing them to possible audit and penalties for misreporting their income. “At best, these small business owners are shortchanged when filing their taxes,” the study said. “at worst, they fail to file altogether.”

Comment by 2banana
2016-05-23 10:04:19

Bigger and bigger government with more and more regulations and higher and higher taxes will save us and solve all our problems.


20,642 New Regulations Added in the Obama Presidency
The Daily Signal | 5/23/16 | James Gattuso & Diane Katz

The tide of red tape that threatens to drown U.S. consumers and businesses surged yet again in 2015, according to a Heritage Foundation study we released on Monday.

More than $22 billion per year in new regulatory costs were imposed on Americans last year, pushing the total burden for the Obama years to exceed $100 billion annually.

Comment by Muggy
2016-05-23 10:17:41

“ST. PETERSBURG — The top-floor penthouse of the Ovation, a luxury condo tower on Beach Drive in downtown St. Petersburg, has sold for a record $6.9 million.”

Comment by Ben Jones
2016-05-23 11:33:13

‘An 8,803-square-foot penthouse at Four Seasons Residences in Brickell was just reduced by $2.577 million to its current ask of $25 million ($2,839 a foot). The unit has been on the market for 376 days.’

Comment by Senior Housing Analyst
2016-05-23 10:37:55

Windermere, FL Housing Affordability Improves As Prices Crater 9% YoY

Comment by Senior Housing Analyst
2016-05-23 10:47:43

Tampa, FL Real Estate and Homes for Sale-16,130 Homes

Tampa, FL Price Reduced Homes for Sale-5,251 Homes

33% of Tampa sellers reduced their price at least once

Comment by Ben Jones
2016-05-23 10:56:01

‘Oil traders awaiting a recovery in crude are turning to floating storage after benchmark Brent prices more than halved over a span of two years, according to Morgan Stanley analysts led by Adam Longson.’

‘Unlike previous oil storage trades, however, this one is unusual in that current oil prices and storage costs ought to make it unprofitable. Morgan Stanley estimates that the one-month Brent storage arbitrage currently produces a loss of $0.48 per barrel, while its six-month equivalent loses $6.11 per barrel.’

‘That suggests “no incentive to store oil on ships,” the analysts write. “Yet, banks are seeing a sharp uptick in interest to finance storage charters. This storage is not happening for profit. Rather, the market is looking for places to store oil. To profit, traders need to hope for oil prices to rise enough to pay for the new debt incurred for this storage.”

“The increase in floating oil comes despite disruptions in the Atlantic Basin and an out-of-the-money floating storage arb[itrage], suggesting markets are not as healthy as sentiment suggests,” the Morgan Stanley analysts write. “It also highlights the speculative nature of much of the oil bounce this year.”

Comment by BoBo Brazil
2016-05-23 11:00:37

Record high supply and growing, record low demand and falling, current price 8x production cost, I’d say oil as a long way to fall yet.

Comment by Senior Housing Analyst
2016-05-23 11:14:18

Lahaina, Hawaii Housing Affordability Improves As Prices Plummet 9% YoY

Comment by Puggs
2016-05-23 11:24:52

‘The buyer who did win the bid may have a Monday-morning headache crunching the numbers on how much they just paid,’ said Israel Hill, a managing broker at John L. Scott Real Estate specializing in Northeast Portland.”

Just ask, “You gotta roll with it” Caitlyn Vestal. She had to take prescription pain relief once she found out how much she overpaid earlier this year!

Comment by Combotechie
2016-05-23 11:43:48

FWIW: Here’s an article from 2012 that has an interview with James Hansen, aka The Father of Global Warming.

If the Father of Global Warming says it will be so then, hey, it is destined to be so. (link to follow).

“What will life be like if carbon emissions continue to grow?”

“James Hansen: Well, if we allow emissions to continue at a high rate, in this century we’re going to see ice sheets begin to disintegrate. And one of the things I write about in my book is the effect that will have on storms, because as Greenland begins to release more fresh water, cold fresh water, and Antarctica does, what it does is cool the North Atlantic Ocean and the southern ocean, and that increases the temperature gradient between low latitudes and middle and high latitudes. And that will increase the strength of storms that are driven by horizontal temperature gradients. So our children can look forward to increasing storms. And with a rising sea level that is going to lead potentially to a very chaotic situation, because once you have hundreds of cities in the situation analogous to what happened in New Orleans, then we’ve got an economic situation that’s just out of control globally.

“In the long run, if that really happened, as I point out in the book, over centuries, we could actually get a runaway greenhouse effect, and then that’s it for all the species on this planet. And as I try to point out, there’s no practical way to escape from this planet; we can’t even transfer one species to another planet. I discuss the monarch butterfly and just how complex it is. And for us to hope that we could transplant life from our planet to another planet is really unrealistic.

“What is the runaway greenhouse effect?

James Hansen: A runaway greenhouse effect means once the planet gets warmer and warmer, then the oceans begin to evaporate. And water vapor is a very strong greenhouse gas, even more powerful than carbon dioxide. So you can get to a situation where it just — the oceans will begin to boil, and the planet becomes so hot that the ocean ends up in the atmosphere. And that happened to Venus. That’s why Venus no longer has carbon in its surface. Its atmosphere is made up basically of carbon dioxide because it had a runaway greenhouse effect. Now the earth, it can go unstable either toward a cold climate or toward a hot climate. And the earth has had a runaway snowball earth situation. This happened most recently about 700 million years ago. The earth froze all the way to the equator.

“So these runaway situations can occur. We’ve never had a runaway greenhouse effect, because if we did, that would have been the end. Once — that’s a permanent situation. In the case of a snowball earth, when the earth becomes ice-covered, then the planet can escape from that situation because volcanoes continue to go off, but the weathering process is greatly reduced. So volcanoes put carbon dioxide into the atmosphere, and it builds up more and more until there’s enough to melt the ice. But we can’t push the planet off of the runaway greenhouse end. That’s the end for everybody if we do that.

How long would this take to occur if we stay on this path?

James Hansen: Well, you would have to — first of all, you’d have to melt the ice sheets, and that takes a while. The Antarctic ice sheet is a couple miles thick. But with continued rapid increase in greenhouse gases, that — you could melt the ice sheets in less than a century. And then things start to get hotter and hotter. So over a period of several centuries it would be conceivable to have a runaway greenhouse.”

There’s more for those who care and for those who dare.

Again, FWIW.

Comment by Ben Jones
2016-05-23 11:57:28

Another apartment flip:

‘American Realty Advisors has acquired a newly built, 314-unit multifamily property in the Union Station submarket of downtown Denver. Featuring a two-story below-grade parking garage, the building also offers approximately 58,000 square feet of ground floor retail space. Elan Union Station will be rebranded as ALARA Union Station.’

‘ALARA Union Station’s luxury features include bamboo floors, quartz countertops with tile backsplashes, undermount sinks and stainless steel appliances. A state-of-the-art fitness center, two interior courtyards featuring a resort-style pool and stainless steel grilling stations are among the luxury amenities of the building. Also featured are a bocce ball court, large outdoor fireplace, resident lounge, two private offices, large fully-connected conference room, pet spa, bicycle and ski maintenance shop with lockers and bike wash and private residents-only elevator to the ground-floor grocery store.’

‘A 48,000-square-foot King Soopers, a subsidiary of metro Denver’s dominant market-share grocer Kroger, anchors the ground floor retail. The remainder of the ground-floor retail is leased to Wells Fargo, high-end pet food store Kriser’s and The Pig and Sprout, a new restaurant concept from a Denver-area restaurateur.’

Comment by Ben Jones
2016-05-23 12:02:16

‘Just as a huge apartment complex at South Broadway and Hampden Avenue nears completion, another dense multi-family development is springing up a few miles away in Englewood.’

‘The multi-family building rush isn’t new to the metro area — or to Englewood, for that matter — but with more than 1,000 apartments, condos and even some single-family homes welcoming tenants, breaking ground or otherwise moving through the city’s development pipeline this year, Englewood leaders are excited about what the increased density means.’

‘City Manager Eric Keck credits the influx of multi-family housing, and the younger population it is bringing, for helping spur recent business activity in Englewood. He pointed out that not all of the multi-family development is high-end or market-rate.’

Yeah, a couple hundred are for seniors.

Comment by Ben Jones
2016-05-23 12:06:22

Vacancies up, rents down, now this:

‘Colorado’s unemployment rate reverses course for first time in 63 months’

‘A decline of 2,000 nonfarm payroll jobs and an increase of 11,300 people in the labor force contributed to a jump of 5,200 unemployed people. Colorado’s unemployment rate went as low as 3.5 percent in April 2007 during the housing boom. That reversal then proved more ominous, foreshadowing a severe recession that pushed the state’s unemployment rate up to 8.9 percent by late 2010.’

‘While tight job markets often precede economic downturns, they don’t cause them, Horvath said. There are a variety of scenarios that can follow — not just the 2007 pattern.’

Are people moving there without jobs?

‘an increase of 11,300 people in the labor force contributed to a jump of 5,200 unemployed people’

Comment by taxpayers
2016-05-23 12:20:52

if u r depressed to u get free pot?
move there now

(Comments wont nest below this level)
Comment by Ben Jones
2016-05-23 14:58:54

‘While tight job markets often precede economic downturns, they don’t cause them, Horvath said. There are a variety of scenarios that can follow — not just the 2007 pattern.’

This guy cracks me up. Booms are followed by busts, but they don’t cause them. Then, life is like a box of chocolates!

Comment by Apartment 401
2016-05-23 14:25:19

Denver = Debtver.

Most people here are one missed paycheck away from total collapse.

Cash out refi’s are the only thing keeping this fake economy afloat.

(Comments wont nest below this level)
Comment by Ben Jones
2016-05-23 14:53:06

‘It’s a landlord’s market in Portland with demand for apartments driving rents up over the last few years. The demand for luxurious Portland apartments with all modern conveniences is growing, leading the owners of existing buildings to refurbish older buildings while new luxury apartment complexes spring up continuously.’

‘Low vacancy make Portland a big favorite with developers, as opposed to tenants who face rising rents and intense competition for available apartments. New developments completed since 2010 primarily target the upmarket tenant, with average rents for these developments standing at $1,707 compared to the overall $1,394 average for Portland apartments according to data from Yardi Matrix. 2015 saw the completion of several striking apartment projects, and a look at the top 5 reveals the latest upmarket apartment trends.’

I checked; no bocce ball.

Comment by taxpayers
2016-05-23 12:19:35

my county reports 16% vacancy for commercial RE
A look on LoopNet makes that number look way low
is it like unemployment where you have to have your building listed to count?


Comment by Ben Jones
2016-05-23 12:23:03

‘Clinton’s widely shared family photos have done little to convince Pullmann that she’s a good mother or grandmother. “I’ve seen her Twitter feed holding her little granddaughter, and Bill’s behind her and I’m like ‘Look, you hate Bill’s guts … [and] how much time are you spending with that baby? Not much, you’re campaigning for president, you can hardly sleep.”

‘Pullmann feels no kinship for the secretary of state based on gender. “I actually think it’s offensive to say I should vote for someone because she has a vagina,” she says.’

Comment by TheCentralScrutinizer
2016-05-23 12:48:09

Trump is an ignoramous, but he’s got charm. Hillary is a freaking devil robot from hell. I’m reversing my previous prediction… Trump is going to win it… the dems have made a yuuuuuge mistake in sandbagging Sanders.

Comment by Ben Jones
2016-05-23 13:30:40

Lots of people in power have misjudged the nations mood. Those who dare call themselves “elites” drew the line on Trump and he flattened them. In the 5 mid-Atlantic states he won recently, he won every county in those states. That’s incredible. I read an article on George P Bush the other day that lamented “the Bush name may now be a liability instead of royalty.” We don’t have royalty in the US. Lots of people died to make sure of it.

Their egos grew and grew until they openly held the very process of voting in contempt. I can’t imagine a group less deserving of holding power.

This is about outsiders. And IMO, there is a shift going on. Will it stick, I don’t know. My Mom, who is in her 80’s told me, “I never thought I’d vote for a yankee, but I probably will.” Then she explained by way of a story. “There was a guy who had a basement full of rats. He said, ‘when the guy came to get them out, I didn’t ask if he drank, or treated his dog poorly, or anything else. I just wanted to get rid of those rats!’”

Comment by The Central Scrutinizer
2016-05-23 13:45:41

I don’t think any rats will be harmed.

(Comments wont nest below this level)
Comment by Ben Jones
2016-05-23 14:11:24

Let’s ask Jeb.

Comment by TheCentralScrutinizer
2016-05-23 14:19:43

He’s not a rat, he’s a sad old hound dog.

Comment by Ben Jones
2016-05-23 14:25:30

Last year at this time he had 100 million bucks to spend. Now it’s gone and the Bush name is mud.

Comment by Raymond K Hessel
2016-05-23 17:12:34

“They’ve got a set of Republican waiters on one side and a set of Democratic waiters on the other side, but no matter which set of waiters brings you the dish, the legislative grub is all prepared in the same Wall Street kitchen.”
– Huey Long

(Comments wont nest below this level)
Comment by CalifoH20
2016-05-23 14:17:16

just wait until the independents revolt.

Comment by MightyMike
2016-05-23 21:44:11

It may be offensive to say that a female voter should vote for Hillary Clinton because they’re both women, but it’s not very sensible to vote against her based on family photographs.

Comment by Ben Jones
2016-05-23 13:48:47

‘Self-driving cars? Nobody wants one’

‘It’s probably the most revolutionary thing to happen in the automobile industry in a century. And apparently nobody’s interested. A new study from the University of Michigan finds that only 15.5% of drivers say they’d want to own a fully autonomous vehicle once the technology becomes available. That’s very low, given how much publicity self-driving cars have been getting.’

‘The biggest perception problem seems to be safety, with 66.6% of drivers saying they’d be very or moderately concerned about riding in a self-driving car. Only 9.7% said they’d be unconcerned.’

If they showed these people how much these cars would cost, probably only 1% would want them. And the 1% already have drivers.

Comment by The Central Scrutinizer
2016-05-23 19:15:44

I drove one with adaptive cruise in an area with a spectacularly moronic driver population. Was nice not having to react to their stupidity. If I ever get another car, I’d want the self driving tech. Driving stopped being fun and became universality frustrating around 2000.

Comment by TheFabulousMoolah
2016-05-23 19:34:28

I wonder if Michigan is in the pocket of the auto industry? Self driving cars decimate the auto industry. It’s mass transit on a micro scale. I’d trust Google and Hal over your average slack jawed yokel.

Comment by Ben Jones
2016-05-23 13:57:58

‘Jim Wunderman, Bay Area Council president and chief executive officer, told the San Francisco Business Times that “Traffic is horrific. People living in the Bay Area spend an average of 78 more hours in traffic than the rest of the nation and the Silicon Valley isn’t far behind at 67 hours. Residents are considering just how much all that extra time is costing them and looking elsewhere. Our housing shortage is pricing workers, families and others out of their homes and out of the region. These problems threaten to erode our economic vitality and diminish our quality of life.”

‘This isn’t only happening in San Francisco, Silicon Valley residents are now moving out of the area faster than they’re arriving. According to a study conducted by the Silicon Valley Competitiveness and Innovation Project, the California tech corridor lost more than 7,500 residents to other areas of the United States in 2015. That was the first time in four years the area lost more domestic residents than it gained.’

‘So what can the Bay Area to do keep all its inhabitants happy, thriving and able to afford to stay? That depends on how seriously leaders take residents’ concerns, Wunderman said Yolo, Stanislaus, and Stockton are rapidly becoming spillover housing for the Bay Area. The issue is that we think housing is too expensive which means we need to develop more houses, but the Bay Area Council report found that more residents than not think the region will experience a downturn in the next three years, so this makes developers hesitant to start large projects that could take years if the cost of homes is going to decrease. The Bay Area will always be a desirable place for people to live and nobody can say when this bubble will burst but is the writing on the wall?’

‘Adam Modzeleski is a real estate professional with Rainbow Funding and Realty, located in Newark for more than 30 years’

Comment by TheCentralScrutinizer
2016-05-23 14:22:24

At least half of the people there could work remotely… but the management feels that cramming a bunch of engineers into a big noisy room enhances productivity.

Meanwhile, everybody that’s actually doing any work has headphones on to drown out the din, and communicating via instant message.

Comment by The Selfish Hoarder
2016-05-23 19:28:38

My company is open to telecommuting. I know some young guys who work from home. They are talented engineers.

Comment by CalifoH20
2016-05-23 14:24:15

Do smarter people make more money? Or is it the risk takers?

Comment by Combotechie
2016-05-23 15:35:35

Neither. Connected people are the ones who make the most money.

It’s who you know, as in Private Club.

Comment by CalifoH20
2016-05-23 17:32:30

What does it take to “know” the right people?

Comment by Combotechie
2016-05-23 18:16:05

This is something that the “right” people get to decide.

(Comments wont nest below this level)
Comment by CalifoH20
2016-05-23 18:26:02

r u a defeatist?

Is it a personality contest?

Comment by Combotechie
2016-05-23 18:32:18

It is what the right to people say it is. If they say it is a personality contest then that’s what it is.

Their club, their rules.

Comment by Combotechie
2016-05-23 18:50:01

Wiki-up “Truman Capote” and scroll on down to “La Cote Basque 1965″ and give it a read.

Capote was “accepted” by the power elite (or at least he was kept around as sort of a pet) until he wrote “La Cote Basque”, and then he wasn’t. What he did was commit “social suicide”.

The final paragraph: “The aftermath of the publication of “La Cote Basque” is said to have pushed Truman Capote to new level of drug abuse and alcoholism, mainly because he claimed to have not antipated the backlash it would cause in his personal life.”

The deciders in the private club decided he was on the outs hence he was on the outs.

Comment by Combotechie
2016-05-23 18:52:29

“r u a defeatist?”

No, I merely recognize (and accept) that it is what it is.

Comment by Combotechie
2016-05-23 19:00:49

If you read many books about Washington politics then you are bound to sooner-or-later run into comparisons with high school.

A lot of the “anointed ones” in high school liked the idea of being anointed and will work very hard to maintain that status. These are the ones who will pay most any price to achieve and maintain their anointed status. Any price.

Comment by Combotechie
2016-05-23 19:16:30

Their club, their rules. Sometimes their may decide to make a rule such as “Lets get friendly with the Black Panthers and invite them into our social group for a while”.

No kidding.

Wiki-up “radical chic” and give it a read.

Comment by Combotechie
2016-05-23 19:57:58

Radical Chic: That Party At Lenny’s

- Tom Wolfe

Comment by The Selfish Hoarder
2016-05-23 19:33:12

The smart people focus on reducing their effective tax rates. If I was smart I would have only contributed enough to get machine 401k contributions and put the rest into individual stocks through a brokerage.

What is 15% long term capital gain tax rate versus the ordinary tax rate of distributing 401ks?

Two guys I worked with in my younger days were very aware.

Comment by CalifoH20
2016-05-23 14:29:19

Germans trying to buy the devil -

Bayer bids $62B for Monsanto

Comment by Apartment 401
2016-05-23 16:10:56

Thinking about mortality and this song He’s Gone by the Grateful Dead:

My friend T died of an Oxycontin overdose and was found dead by his dad face down in their back yard at age 26 a month after his mom died of cancer. I saw half the family die in a month. T’s brother and only sibling was my roommate in college.

Comment by sleepless_near_seattle
2016-05-23 21:29:26

Same here, but with a co-worker and friend. Except…I found him. Not a good day.

Comment by Raymond K Hessel
2016-05-23 16:51:19

I am shocked, shocked! that a Hillary Clinton crony and fundraiser, who just rammed through a measure to give 200,000 Virginia felons voting rights to help elect one of their own, is under FBI investigation for illegal campaign contributions.

Comment by Combotechie
2016-05-23 16:54:32

From TED (run time = 5:13) …

“How Free Is Our Freedom Of The Press?”

Comment by Raymond K Hessel
2016-05-23 17:21:13

Some longtime Democrats can no longer stomach their party’s endemic corruption, or more likely, are butt-hurt over their small cut of the graft and patronage.

Comment by CalifoH20
2016-05-23 17:30:52

Feel the Bern!! No one likes Hillary, she supported the Bush Wars. $6 trill wasted.

Comment by Raymond K Hessel
2016-05-23 17:27:46

A preview of coming attractions once the collectivist comrades of the DNC install their Permanent Democrat Supermajority kleptocracy.

Comment by CalifoH20
2016-05-23 17:47:23

Hey, I am just as racist as the next guy, but Trump????

Get rrrrready to rrrrrrumble….

“He could bankrupt America like he’s bankrupted his companies. Ask yourself: How could anybody lose money running a casino? Really.” Clinton was apparently referring to Trump’s Taj Mahal casino in Atlantic City, New Jersey.

Comment by The Central Scrutinizer
2016-05-23 19:56:41

America is already bankrupt. It’s time for a circus led by a superannuated orangutan !

Comment by redmondjp
2016-05-23 21:22:51

You mean, just like how could Bill and Hillary were broke when they left the White House?

Comment by Raymond K Hessel
2016-05-23 18:20:23

If you like your corrupt influence peddling, you can keep your corrupt influence peddling. Hilary for Prison 2016!

Comment by Raymond K Hessel
2016-05-23 18:35:45

Our Permanent Democrat Supermajority isn’t going to build itself, you know.

Comment by Senior Housing Analyst
2016-05-23 19:48:28

Ventura, CA Housing Affordability Surges As Prices Plunge 16% YoY

Comment by phony scandals
2016-06-30 18:12:32

Hillary Clinton’s Email Story Continues to Get Harder and Harder to Believe

Emails poke holes in Clinton’s initial explanation for why she decided to exclusively use a private email server

Chris Cillizza | Washington Post - June 30, 2016

On Monday night, the Associated Press published a piece noting the release of an additional 165 pages of emails Hillary Clinton sent from her private email address while serving as secretary of state. These were emails that had never been previously released and only were made public because of a court order in response to a request from a conservative group.

And yet again, the emails poke holes in Clinton’s initial explanation for why she decided to exclusively use a private email server for her electronic correspondence while serving as the nation’s top diplomat.

Let’s start with this from the AP story: “The emails were not among the 55,000 pages of work-related messages that Clinton turned over to the agency in response to public records lawsuits seeking copies of her official correspondence.”

Remember that Clinton and a small group of people working for her reviewed all of the emails she sent from her private server and made the decision about what was solely personal and what was work-related. She handed over the work-related email and permanently deleted those that she and her team decided were purely personal. She wound up deleting more emails than she turned over to State.

Name (required)
E-mail (required - never shown publicly)
Your Comment (smaller size | larger size)
You may use <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong> in your comment.

Trackback responses to this post