The Problems Of Having A High Proportion Of Investors
It’s Friday desk clearing time for this blogger. “San Francisco Realtor Brendon Kearney said there is some weakening in the San Francisco market. ‘It’s definitely not as hot as usual’ for this time of year, he said. ‘I have had buyers pay 30 percent over asking to get the condo they wanted. I have had condos sitting 20 days on the market with no activity.’ As for those micromarkets, ‘we are definitely seeing softening in the $3 million-plus market,’ said Kearney, who is with Vanguard Properties. A home in that price range that used to take 14 days to sell is now taking 28 to 35 days, often after price reductions. Kearney said there is less demand for homes that need cosmetic fixing and for condos in and near the South of Market area. ‘They are not moving as fast as they were at the price point we would expect. It’s a very first-time home-buyer market, a very tech-driven market. With a shift in VC funding, we are seeing less activity there.’”
“Patrick Carlisle, chief market analyst with Paragon Real Estate Group noted ‘a significant shift in Bay Area employment numbers.’ He said that employment in San Francisco, San Mateo, Alameda and Contra Costa counties fell between December and May by a total of 5,000 jobs. This is the first time since 2009 that employment in these counties declined in the first five months of the year. ‘Changes in employment figures, up or down, typically affect the rental market relatively quickly and dramatically — more so than the real-estate purchase market — and that certainly appears to be the case in San Francisco, where softening demand and rents have been widely reported,’ Carlisle wrote.”
“The housing market has slowed down from and its 2015 rush, and according to some analysts, it’s sellers that are responsible. B.E.A.R., the real estate trade association which covers the Bonita Springs and Estero areas, reported that sales have dropped by 13 percent over the past year, and an 18 percent drop in pending sales. ‘Sellers have not yet come to understand the shift in the market,’ stated D. Michael Burke, 2016 B.E.A.R. President. ‘This shift requires lowering prices to real market value to generate sales activity, but many sellers have not realized this yet.’”
“A year ago, the area had just nine weeks’ worth of inventory on hand. Today, that’s nearly doubled. As many sellers see dollar signs in the sold listings around them and just into the market, realtors are struggling to get buyers to bite on prices they believe are too high. In its report, B.E.A.R. reported that open house activity has slowed to a near halt, ‘as they know that the most powerful marketing is useless if the price is not marketable.’”
“A mid-year report from the Greater Houston Partnership indicates apartment occupancy is at about 90 percent. Rates below 90 tip the balance in favor of renters, and occupancy is expected to fall into the mid-80’s. This is as developers are adding 25,000 more units over the next two years. ‘Job growth was, I guess in 2014 it was around 100,000 jobs and all of a sudden in 2015 it fell off the table,’ said Bruce McClenney with ApartmentData.com. ‘We got caught in a development stage and the job growth kind of ran out on us. So there’s more supply than demand right now, which would be a definition of overbuild.’”
“The inventory of single-family homes for rent has increased over the past year, and especially in the past 30 to 60 days. The market is forcing property owners to absorb increased property taxes and insurance costs. ‘So we definitely have a pressure on the rent from the market, and the pressure is to keep the rent — it must stay low, despite the fact that the taxes have gone up and insurance rates have gone up as well,’ said Wojciech Kic with ManageRentHouses.com. ‘Property owners have to absorb the difference between what the expectations were, perhaps, and where the market is today.’”
“The highest number of contracts this year were signed last week at $4 million and above in Manhattan — but only after many sellers agreed to hefty price cuts. According to Olshan Realty’s weekly snapshot of Manhattan’s luxury market, this was only achieved after desperate sellers, whose properties were languishing on the market, were forced to cut prices by an average of 11% from the original asking price amid a glut of luxury homes for sale. The average property was on the market for a lengthy 311 days.”
“‘The luxury market is bloated and choking with a lot of over-priced inventory, but once sellers capitulate and adjust to realistic price levels, the market moves. Not coincidentally, the May and June weeks that showed the strongest activity of the year were also those that saw prices slashed,’ said Donnan Olshan, president at Olshan.”
“A troubling trend has been gaining traction in one of the country’s most overheated residential real estate markets: condo developers in Vancouver privately offering their most affordable units to particular realtors as well as family and friends, prior to the sale dates of these units, thus revealed The Globe and Mail reporter Kathy Tomlinson. ‘I think we are being deceived,’ realtor Steve Saretsky argued, going on to say that most of the buyers who are granted exclusive access to these insider trades are speculators that do not plan on residing in the purchased units. ‘I think it’s giving local people a false hope – that if we keep building and building and building, it’s going to help them to find a home.’”
“In some suburbs across Australia almost all the homes are investment properties, including some of Sydney and Melbourne’s inner-most property hotspots, new research shows. ‘While investors have generally derived strong capital gains from their properties over recent years, growth in rental income has been comparatively soft. Investment is currently ensuring that there is ample rental accommodation and subsequently easing rental price pressures,’ said CoreLogic head of research Tim Lawless. Many of the areas with high proportions of investors are ‘renter’s, rather than landlord’s, markets,’ he said.”
“One of the problems of having a high proportion of investors in one area is more volatility in the market, said BIS Shrapnel senior manager of residential Angie Zigomanis. ‘Investment properties are a discretionary purchase to some extent, and if times got harder they’re the properties that would be the first to go,’ Mr Zigomanis said. ‘It’s a risky proposition if you are forced to sell at the wrong time.’”
“For the past two years, Swadeep Sharma was on the lookout for a house in Noida. Last year, he zeroed-in on a house, in one of the newly-completed projects on the Noida Expressway. However, he was unable come up with the finance for the house that cost Rs 5,600 per sq ft. After sorting out his funding issues, he recently went to the same location, anticipating that he would need to shell out more money. He was surprised to find that an apartment in the same society, was now available at Rs 4,800 per sq ft.”
“‘Initially, I thought that it was a distress sale. On further examination, I realised that this was the prevalent rate in the locality. However, none of the developers in the region had reduced their prices. The first owner revealed that he had bought the house, when it was launched six years ago, at Rs 3,000 per sq ft,’ Sharma explained. The price of the property that Sharma had seen, had appreciated by 60% over six years, indicating that property was not the best investment instrument, in this case.”
“Moreover, the decrease in prices in the secondary market, by 10% to 20%, suggests that developers will have to keep waiting for buyers. Requesting anonymity, a Ghaziabad-based developer admits that transactions in the secondary market, indicate a sharp correction. In spite of this, he maintains that developers cannot reduce prices, due to high input and overhead costs and blames retail investors, for ruining the market. ‘Today, we are paying the price for selling our inventory to investors. They don’t have the patience to wait. Reports of price corrections are making them nervous and they are resorting to what can be described as distress sales,’ the developer explains.”
“Hong Kong property prices have plummeted in recent months as a consequence of weaker demand, with values dropping by an average of 11% since late last year. Many property developers in Hong Kong are now offering significant price reductions to help offload a high volume of new build housing stock in the city. Wheelock Properties recently sold a luxury home in Hong Kong’s exclusive Peak neighbourhood for around £73m which was 25% lower than estimates by some analysts. ‘I am very surprised [at the sale price],’ said Danny Leung at Centaline Property Agency.”
“Whether you are a buy-to-let landlord or a private residential owner, you may well feel as though there is a pressing need to sell your house in the current climate. Most recently, we have witnessed the collapse of Scotland’s very own property boom town: Aberdeen. After seven years of relentless growth, the average price of property in Aberdeen has fallen to £186,200. This represents quite a decline, especially for a location that up until recently was renowned as the energy capital of Europe.”
“At the peak of its growth, Aberdeen boasted more millionaires per 100,000 residents than London, which underlines just how far the town has fallen in the last two years. To make matters worse it is now officially ranked as the least attractive location for property investors with a score of -40. Given the size of London and the level of inflated growth that has defined the market during the last 18 months, and economic collapse could cause values to plummet and leave thousands in significant debt.”
“Almost immediately, you can see the similarities between Aberdeen and London and the portents for the capital. While the former towns’ decline was triggered by the decline of a specific industry, London could be even harder hit by a widespread economic collapse in 2016.”
“A few weeks ago we published a piece on the global property bubble – its causes and its consequences. This week has brought news of another one of its symptoms: two Australian states have announced that they are toin an attempt to deal with fast-rising house prices (there has been a wave of Chinese money hitting the market over the last few years).”
“New South Wales is to have a new stamp duty of 4% for foreign buyers and Queensland is to have one of 3%. New South Wales is also planning to charge a 0.75% land value tax on real estate investors. The news comes hot on the heels of a government decision earlier in the year to block the sale of S Kidman & Co, a company that holds nearly 1% of Australia’s land mass (25 million acres and 2.5% of its agricultural land), to a consortium of Chinese buyers on the basis that the sale would not be in the national interest.”
“The problem here is obvious – the latest wave of globalisation has made money movement international. But politics is still (quite rightly) pretty local. That means that politicians feel obliged to come up with local solutions to block the perceived problems of globalisation – and that those solutions are often (rightly or wrongly) protectionist.”
Dah meddle fanger
Rental watch called this one; “oh people are scared, they never vote for scary things!”
I don’t think it’s officially over yet; they haven’t counted the super delegate votes all of which will be ‘remain’.
That surprised me.
My partner called it though. He noted the polling where older Brits were in favor of leaving, and younger wanted to stay. A similar (but opposite) thing happened with the Scottish vote (where older wanted to stay a part and the young wanted to leave).
Ultimately, the polls were meaningless because the older folks turned out to vote, and the younger didn’t.
Not quite right, the poor white trash voted. They’ve had a hard time and it was there way of getting back at the elite. Perhaps the elite shouldn’t have treated them like trash.
Perhaps the elite shouldn’t have treated them like trash.”
Same here in the states why we have Trump
4th turning unraveling ? Or is it Crisis already ?
By “poor white trash” I assume you’re referring to the forgotten members of the 99%? The people who are being robbed blind by the Oligopoly?
Do you have an article to share, or does that just fit your narrative?
Here is the data on voting by age.
http://bgr.com/2016/06/24/brexit-vote-results-age-generation-uk/
Have you seen any data on the vote by income/wealth?
The Brexit campaigner was quick to mention how he understood there had been high turnout in council estates – which is expected to aid the Leave campaign.
He added: “I have been in politics 24 years now and I don’t think I have seen turnout like this in council estates.”
This follows similar comments from fellow Brexiteer Boris Johnson who said: “From what I have heard and all the information is that turnout is good in areas where we need it to be.”
Data throughout the campaign has shown voters from low-income brackets are more likely to vote to leave the EU than to stay in.
http://www.express.co.uk/news/politics/682904/Iain-Duncan-Smith-Nigel-Farage-EU-referendum
When I voted last night, there was a queue to vote, I can never remember this happening before. The voting station I vote at is a area of mainly poor terraced housing, often rented. While standing in the queue I saw a lad in his early twenties in his warehouse clothes being told how to vote (not who to vote for, but how you vote), he’d obviously never voted before but was a pleased as punch that he was voting to stop immigrants, as he told us all.
Rental watch called this one; “oh people are scared, they never vote for scary things!
I think that it was Raymond who claimed that women are scared of something or other and would keep the UK in the EU.
“I think that it was Raymond who claimed that women are scared of something or other and would keep the UK in the EU.”
Squeezing-out puppies from different dawgs and getting the public to support them is not a god-given right. Phuc ‘em.
Ben Jones what a glorious moment in Current Year.
Globalism sucks, and I’m listening to the Sex Pistols for breakfast today
Geez, you could at least listen to the Stones.
Although most of the Brit pop stars are hopelessly cucked. With the exception of true Britons like Bryan Ferry.
Sir Mick is a sellout. I saw Johnny Rotten with Public Image Limited perform here in November and they’ve still got it.
Regarding globalisation, watch some Smiths videos filmed in 1980s Manchester, it reminds me of the rotting, hollowed out carcass of America’s post-industrial economy of the Midwest…
Public Image! From the movie Hardware:
https://www.youtube.com/watch?v=hMaVIAlJlnw
I first heard this song on an episode of Miami Vice back in the 1980s.
“Anarchism is the faint glimmer of hope.” - Mick Jagger
He’s the man
Out of Our Heads
Aftermath
Between the Buttons
Beggar’s Banquet
Let It Bleed
Sticky Fingers
Exile On Main Street
Exile is probably my favorite Stones album. Have you ever seen the documentary about making it?
Roger Daltrey is alright.
Who Are You? Roger Daltrey Calls EU Leaders ‘Bunch Of F***ing Useless W***ers’
Who legend Roger Daltrey: Why I’m voting ‘Leave’ in the EU Referendum
Thx for those links! Roger is the man (not Mick)!
God Save the Queen!!!
Congratulations, Blighty! And a jolly well done to Boris Johnson!
‘No government can sustain a rival government in its ranks. It must concede defeat, or destroy the pretender. Cameron knew the latter option was not open to him, and had the guts to follow where the implacable logic led. Better than most, he knows what lies ahead and how expectations of change, unmet by those who promise it, can compound anger faster than we imagine. As he reached the end of his speech, his voice broke. He yearned to weep, but I do not think his tears were principally for himself.’
Oh boo-hoo, Cameron, go bomb somebody why doncha?
Boy the weasels are on the rampage:
‘As he reached the end of his speech, his voice broke. He yearned to weep’
What ever, Dah Meedle Fanger to you Cameron, you globalist stooge.
“Dah Meedle Fanger to you Cameron, you globalist stooge.”
It can’t be said enough.
“I do not think his tears were principally for himself.”
Really? I doubt if he was weeping for Jo Cox.
A poster came on here last week and said “Brexit is finished, somebody shot an elected official.”
Nobody even mentioned her last night that I saw. It wasn’t relevant that some nut job killed her.
I was disappointed that Nigel Farage came out before one result had been announced and said he thought they’d lost it. Come on guys, at least have some courage at the gate!
I’ve noticed there’s this tendency toward cynicism. Things will never get better. We can’t change anything. The bastards always win and they always will. It’s just not true.
“globalist stooge”
Globalism. A word manufactured by washed up, failed marxists that defines 21st century communism. Clinton Communist Initiative spearheads the domestic marxist effort.
Never get drawn into the weeds by marxist pigs. You’ll end up broke, dirty and smell like $hit if you do.
“I’ve noticed there’s this tendency toward cynicism.”
Big time. And it’s deliberate on your blog. Talk to J6Pack and I can draw out that ‘give up to the system’ cynicism in less than 3 sentences.
‘Never get drawn into the weeds by marxist pigs’
And look at the Goldman Sachs guys they hand entire counties over to.
In all fairness to the poster, I understand why they said that.
Was Jo Cox sacrificed? I have no clue, but it wouldn’t surprise me. If so, it didn’t work.
I was a little disappointed in Farage myself, but to be fair, he’s used to losing and I thought his statement was a way of preparing himself, with a bit of that stiff upper lip thing for which some Britons are noted. So I forgive him.
In the end, though, this: “The bastards always win and they always will. It’s just not true.”
ED ZACHARY!
“a bit of that stiff upper lip thing”
We call that “keeping your pecker up”.
It looks like Grow or Die just got a little smaller.
[[A poster came on here last week and said “Brexit is finished, somebody shot an elected official.”]]
That was me Ben. I am gratified to see I was wrong. The polls did start to tighten after that but cooler heads prevailed.
As far as the cynicysm is concerned, I must admit I share in that mindset. It does seem that whenever people get a chance to vote themselves out of this mess we’re in, they get distracted by some wedge issue and blow the opportunity. Perhaps the winds have changed though.
I am a cynic as well. Some of that is because I am further to the left than most here, and looking at the Democratic Party and especially the Clinton and Obama presidencies, it’s almost impossible not to become cynical. And I see people on the right, especially those who are libertarian, cynical about their political leadership too.
I just hope I dont lose all my British Airways miles.
It almost always comes down to “What do I think is best for me!”
It’s about time some country found courage! Soros how’s this working for you?!!
I betcha he somehow made a bundle off it!
Soros is a parasite.
MarketWatch dot com
Soros looks set to make a killing on Brexit result
By Mark DeCambre
Published: June 24, 2016 9:59 a.m. ET
Reports have suggested that Soros is bearish on stocks
Bloomberg
Bearish bets by George Soros are panning out in a big way Friday.
George Soros may be getting rich on an implosion in British markets—again.
The landmark vote in the U.K. to leave the European Union has rocked global markets, sending the British pound (GBPUSD, -7.2879%) to its lowest level in more than 30 years. Futures for the Dow Jones Industrial Average (DJIA, -2.16%) plunged as much as 700 points at one point and Europe’s benchmark stock-index (SXXP, -5.40%) was facing its worst one-day plunge since 1987.
It is precisely the scenario Soros, writing in Britain’s Guardian newspaper last week, warned of. The global financial carnage and Friday’s tumble could be adding to the wealthy investor’s bankroll, if reports are true.
…
Soros, wins again. Smart man making the right bets.
My CHina short is up >10% today too, but I did not bet millions.
SOROS - http://www.marketwatch.com/story/soros-looks-set-to-make-a-killing-on-brexit-result-2016-06-24
we cant all be winners.
didn’t come out and say prior to the vote that brexit would cause economic catastrophe? How many people talk against their book.
From Bloomberg
Soros, who supports the U.K. remaining in the EU, takes the argument directly to a reader’s personal finances.
Just heard about Brexit myself. I don’t know the extent of the trade deals and suchlike, but I was just SO SICK of all those arrogant “finance minister” globalist bankers showing up on the news to say what a disaster this all would be. They were sounding desperate that they might only be ale to afford a $30 hot dog instead of a $40 hot dog. Middle Fanger is right.
‘France’s Hollande says UK’s move to leave the EU is ‘painful’
‘French President Francois Hollande says he’s pained by the UK’s choice to leave the European Union, but pledges to maintain close ties and friendship.’
What, no “you are on your own, we won’t trade with you”?
The UK has a trade deficit with the EU. You need them more than they need you, isn’t that right Merkel? Who’s going to buy your expensive cars?
Based on the photos already posted, I’m hoping that Janet Yellen shared some words of concern on the Brexit.
She’s waiting on the teleprompter. Stooge.
Yellen said the Fed stands at the ready.
You know what, Janet? Stop screwing the populace. Take your neocon=progressive marbles and go home.
Greenspan is unhappy…so Brexit must be good for the rest of us!
[img]http://img.photobucket.com/albums/v408/csskalet/2016%20Uploads/Greenspan_zps7yptaoti.jpg[/img] (I hope that works)
http://www.cnbc.com/2016/06/24/alan-greenspan-says-british-break-from-eu-is-just-the-tip-of-the-iceberg.html
Now theres a real beaut.
Sounds to me like affordable gasoline will be back in the near future…
Oil Prices Hammered by U.K. Vote to Leave EU
The British referendum result triggers a selloff across markets
By Nicole Friedman
Updated June 24, 2016 8:59 a.m. ET
NEW YORK—Oil prices plunged Friday as the U.K.’s vote to leave the European Union in a nationwide referendum triggered a selloff across markets.
U.S. oil prices recently fell $2.21, or 4.4%, to $47.90 a barrel on the New York Mercantile Exchange, after falling as low as $46.70 a barrel in overnight trading. Brent, the global benchmark, traded as low as $47.54 a barrel and recently traded down $2.36, or 4.6%, to $48.55 a barrel on ICE Futures Europe.
…
I might actually turn on the news tonight, or watch some CNBC youtbues or something, just to watch those same finance ministers SQUIRM.
death to bureaucrats is the message
Junker- the IMF the ECB
fck em
Hope UK stays w LP type trade policies, then they’ll thrive.
‘U.S. Vice President Joe Biden said on Friday the United States would have preferred Britain to remain in the European Union, but respected the result of the Brexit referendum. “I must say we had looked for a different outcome. We would have preferred a different outcome … but the United States has a long-standing friendship with the United Kingdom and that very special bond will endure,” he said in a speech in Dublin.’
What? Obama said they were going to the back of the line if they voted Leave. You mean you’ll still take their money? That was quick.
All that posturing, threatening to punish the UK if they left was just that, posturing.
Did “One world government by the central banking cartel, for the central bankers’ constituents” just see a major setback?
‘German Chancellor Angela Merkel on Friday warned EU member states against drawing hasty conclusions about Britain’s decision to quit the bloc, as that risked further splitting Europe. “We take note of the British people’s decision with regret. There is no doubt that this is a blow to Europe and to the European unification process,” she said.’
Ben,
That is one of my all-time favorite pictures.
Mine too. Let the oligarchs get a taste of what the serfs really think of them.
Dumb question of the day: Will the Brexit make it harder or easier for the Asian money launderers to get their cash stashes into and out of the UK?
Maybe now even more of it will go to the other places where they’re stashing it!
Is this it though, or does the EU come back with a list of concessions, and then Britain does a revote? It was a close vote. If Britain was offered a few concessions it might be enough to swing it the other way. The cynic in me is not dead I guess. lol
I am a global trader. The ignorant conservatives do not understand the free market and think by me being a globalist, I am for a one world government. It’s the opposite. The free trade has gotten a vote of confidence last night and libertarianism is the winner, not authoritarianism. Sorry Trump humps.
I watched Sky News last night as the Remainers started doing a postmortem on what they flubbed. Trade wasn’t it. It was jobs, house prices, self governance, illegal immigrants changing the character of their towns. Look at the map on this page:
http://www.bbc.com/news/politics/eu_referendum/results
It’s almost all blue. The rural areas and suburbs overwhelmingly went Leave.
The success if the UK (awesome!) today is a big plus for international trade. The UK being freed from Brussels signifies more freedom, which expands potential for trade.
Trump’s argument is not otherwise. He has repeatedly said he wants to make deals with individual countries. Many, many times he has said so.
‘
Globalists are anti-middle class. Anti-working class. They want to determine what is best for others.
Globalists are anti-free trade. They are for creating trade blocs, which is inherently anti-trade. Individual countries artificially grouped together economically, only to serve the wishes of distant puppeteers, is globalist.
The UK just said no. They ALSO said “no” to open door-immigration (which currently is structured as a globalist effort, not a libertarian effort), to globalized energy, to bailouts of the irresponsible all across Europe.
Anyone who thinks “open door” immigration policy as executed today is somehow libertarian is a fool.
To wit:
“Separately, the Commission proposed that EU countries refusing to accept migrants under new proposals to overhaul the EU’s failed asylum laws face fines — dubbed a “solidarity contribution” — of 250,000 euros ($285,000) for each person rejected.
The penalties are part of a new plan to more evenly share the burden of hosting hundreds of thousands of people fleeing conflicts and violence in places like Syria, with the current asylum system on the verge of collapse.”
Source:
http://www.ksl.com/index.php?nid=235&sid=39630290&title=eu-countries-could-face-fines-for-rejected-refugees
Maybe something like that would inspire more countries to leave the EU.
It’s just a proposal. It’s not likely to result in more exits.
That isn’t the point. The point is that nearly all “open door” immigration policies simply are additional items on the globalist agenda.
Until libertarians think pragmatically rather than idealistically, they will continue to fall for this type of globalist nonsense. I’m tired of the typical libertarian’s unwitting stupidity.
Once libertarians get serious (i.e. pragmatic) rather than idealistic, maybe they’ll be able to accomplish something. Once they stop pro-offering doped-up, imbecilic yahoos like Johnson to represent them, maybe others will listen.
Morons.
The point is that nearly all “open door” immigration policies simply are additional items on the globalist agenda.
Who are these “globalists”? Do they publish their agenda somewhere so that we can read it?
Always asking people to do research for you Mike. Here’s an idea; do some web searches and read up on it and report what you find here.
I don’t recall making many other requests for people to do research for me. Though that’s probably the best option. It’s probably not sensible to trust others on the matter.
It’s interesting. It reminds that it was just around this time of the year eight years ago that I heard someone call Barack Obama a socialist. Shortly afterward that time it became widespread. Many of the people who fell in love with the word that summer couldn’t define when asked. I wonder if the use of such words ending in -ist and -ism can be traced back to some small group who started it maybe a hundred years ago or something.
You’d still be relying on others.
Start here:
https://en.wikipedia.org/wiki/Globalism
Maybe something like that would inspire more countries to leave the EU.
Might as well get the lingo down.
I like Hungary —> Full
Possible names for EU exits for all members of the EU
http://finance.yahoo.com/news/brexit-101-just-happened-why-075121518.html#
Here’s a comment:
‘many people still dont get it. its not about just money. its about having a say in your own country. about not being forced to kow tow to other folks or being told that you are now tenants in your own country having to answer to absentee (unelected) landlords in Brussels who dismiss any and all your concerns without a heart beat.’
‘Its about european feudalism and luvvie socialism at the tax payers cost (no cost to those who decide or rich guys with expert accountants). Its about the elite mooring themselves in safe tax havens and mnc negotiating to pay paltry taxes less than a middle income tax payer.’
‘Finally its about self annointed “experts” and eurocrats and fellow politicians from around the world (like Obama) telling the British they have no right to feel slighted or even think about leaving the european community which has been turned into european unification project (juncker’s own words on EU). how can the cost of living and culture of germany be equal to that in greece, or turkey or albania? with that difference why would those folks in poorer neighborhoods not all rush off to the “better” places, earn money to send home? What happens then to the folks who originally come from those migrant magnets? how can a single currency work with economies of member states at different level?’
Latvia - Leavia - Lat-me-out
Luxembourg - Luxdisembark - Luxgetouttahere
‘But there’s still a big question looming over the world markets: Will the Brexit have a ripple effect that spurs other countries to leave the EU or otherwise spurn globalization?’
(There it is again Mike, it must be a thing).
‘Already Friday morning, politicians in several European countries called for referendums similar to the one just held in the UK. The Brexit vote reflects rising nationalist sentiment that prevails across the world that has been, in many ways, underestimated. Former White House Chief of Staff to Bill Clinton Mack McLarty said in an interview with Yahoo Finance that the popularity of the “leave” camp in the UK fits in with a broader aversion to globalization across the world.’
“These feelings about insecurity and the future and change are … a global phenomenon,” he said. “I think it’s incumbent on our leaders, both in the government and in the private sector, to really address those needs, concerns and anxieties.”
You know Mack, when we have guys named Curley telling us they pick our candidates, not the people, it kinda pisses us off. When we have thousands of people coming across the border, illegally, and the Border Patrol drives them around, some of us don’t like it. When we have vast wealth concentrated in the hands of fewer and fewer, while our opportunities dwindle, we have questions about the system and if it should be changed. And when you globalists (whatever that is, I’m waiting on Mike to get back to us) refuse to reform and change or hold your little secret billionaire meetings, the peasants get restless. Now I’m not saying we should tar and feather all your sorry asses (along with Curley), but it has been mentioned down at the lodge.
I think that they people who the word globalism must mean something different than the more widely used term globalization.
That’s a start Mike. One might be the theory and the other the practice. But what is it? Have you found a publication?
Here’s a good one that some might like:
globalism
[gloh-buh-liz-uh m]
Examples Word Origin
noun
1.
the attitude or policy of placing the interests of the entire world above those of individual nations.
http://www.dictionary.com/browse/globalism
The problem is that it’s hard to imagine that nearly half of the British population holds such views.
One might be the theory and the other the practice.
What I meant is that you would the terms in different places. It’s probably the MSM that uses globalization and things like ZeroHedge that use globalism.
Origin of globalism
1940-1945
1940-45, Americanism
What happened in 1945? Back to the wiki link:
‘The word itself came into widespread usage, first and foremost in the United States, from the early 1940s.[4] This was the period when US global power was at its peak: the country was the greatest economic power the world had ever known, with the greatest military machine in human history.[5] Or, as George Kennan’s Policy Planning Staff put it in February 1948: “[W]e have about 50% of the world’s wealth but only 6.3% of its population. […] Our real task in the coming period is to devise a pattern of relationships which will permit us to maintain this position of disparity”.[6];
‘America’s allies and foes in Eurasia were, of course, at this time suffering the dreadful effects of World War II.’
‘In their position of unprecedented power, US planners formulated policies to shape the kind of postwar world they wanted, which, in economic terms, meant a globe-spanning capitalist order centered exclusively upon the United States.[7]‘
‘By 1948, economic integration was appearing in an increasing number of American documents and speeches.[9] Paul Hoffman, then head of the Economic Cooperation Administration, made the most marked use of the term in a 1949 speech to the Organisation for European Economic Co-operation.[9] As The New York Times put it: “Mr Hoffmann used the word ‘integration’ fifteen times or almost once to every hundred words of his speech. It is a word that rarely if ever has been used by European statesmen having to do with the Marshall Plan to describe what should happen to Europe’s economies. It was remarked that no such term or goal was included in the commitments the European nations gave in agreeing to the Marshall Plan. Consequently it appeared to the Europeans that “integration” was an American doctrine that had been superimposed upon the mutual engagements made when the Marshall Plan began …[10]”
‘7 Kolko & Kolko 1972. “One American historian has gone as far as to describe this particular American version of globalism as visionary, in order to highlight its potently ideological nature—indeed, “Washington’s most impressive Cold War ideological achievement”. Visionary globalism was a far-reaching conception of “American-centric state globalism using capitalism as a key to its global reach, integrating everything that it can into such an undertaking”.
Learning is fun! OK, so more on trade from Justin Raimondo at antiwar.com (it’s all interrelated, bear with me):
‘NATO is another example of how the system works to enrich the “donor class” at our expense. Whenever a new member is inducted into the alliance, they must “upgrade” their military hardware to “NATO standards” – and there is Lockheed-Martin, or some other weapons manufacturer, ready and willing to do the job. And American taxpayers foot the bill, because our protectorates pay Lockheed or whomever with the “foreign aid” we lavish on them with abandon. The internationalists tell us we’re holding back global chaos by exercising “global leadership,” but the vulgar reality is that the “security architecture” so beloved by our foreign policy “experts” is just a cash machine for powerful corporate interests.’
‘The Trans-Pacific Partnership (TPP) and similar agreements have nothing to do with free trade: they are in fact cartels set up by the signers to exclude commercial rivals. In the case of TPP, the target is China. Who benefits? Certain corporate interests, who get to exclude competitors. Consumers are the losers.’
“Free trade” is nowadays used to further the globalist agenda, which seeks to substitute supra-national “standards” enforced by international “commissions” for the rule of law at home. NAFTA’s numerous “side agreements” set up a whole raft of rules, regulations, and enforcement mechanisms to “harmonize” environmental and labor regulations, taking them out of our hands and giving ultimate authority to unaccountable international bureaucracies. TPP follows the same centralizing, supranational statist pattern.’
‘We are truly living in Bizarro World, where up is down, right is wrong, and protectionist nonsense is “free trade.”
Please read the entire article if possible.
But WHO are these globalists and how did they set up in Europe (besides using the Marshall Plan to bully weak nations after the war). More from Raimondo:
‘The upcoming British referendum on whether to stay in the European Union (EU) represents the culmination of a long term project by the United States to destroy the concept of national sovereignty in the Old World and replace it with a supranational entity with ironclad links to Washington.’
‘The European Union was born in the bosom of the Central Intelligence Agency: that’s what declassified documents tell us about the origins of the European project and its progress since the Truman administration.’
‘In the midst of the cold war, the United States and its European allies conceived the EU as the political concomitant of the North Atlantic Treaty Organization (NATO). The basic idea was to counterpose a European identity against the “internationalist” ideology of the Soviets and their increasingly powerful fifth columns in the West.’
‘The “European Movement,” which was and still is the “grassroots” organization that relentlessly pushed for the creation of a European super-state, was financed to the tune of $1 million a year by the “American Committee for a United Europe” (ACUE), which was founded by Allen Dulles, who was at that point chairing a committee tasked with looking at how to organize the nascent CIA, and William “Wild Bill” Donovan, who had been head of the Office of Strategic Services (OSS), forerunner of the CIA.’
‘Allen Dulles, who would become a CIA’s director, was the Vice President. On the board was Walter Bedell Smith, the CIA’s first director, as well as number of spook-ish figures who played various roles in the American intelligence community at one time or another. Prominent politicians such as Herbert Lehman and businessmen, such as Conrad Hilton, were involved, as well as left-leaning labor leaders, such as David Dubinsky and the ex-Communist Jay Lovestone. CIA agent Tom Braden served as Executive Director.’
‘Covert US financial support to the European federalist movement never amounted to “less than half” of the various groups’ budgets. The money was funneled through the Ford Foundation, the Rockefeller Foundation, and other private conduits. The head of the Ford Foundation was Paul Hoffman, a former OSS official who played a major leadership role in the ACUE.’
‘The ACUE was organized at the behest of Winston Churchill, although support for European federalism in Britain was limited to a small minority. European unity was seen by Washington and Churchill as the indispensable glue that would hold NATO together and provide resistance to what they saw as an imminent threat of a Soviet takeover. Yet the British contingent, centered in the Conservative Party, began to pull back when they felt the project was moving too far, too fast, and this almost led to a public split that was, however, eventually papered over by the Americans.’
‘The bulk of support came from the non-Communist left on the Continent, and was closely linked to the CIA’s support for noncommunist left elements in an effort to battle the Kremlin’s allies in France and Italy. The Social Democrats and other leftists were enthralled with the idea of the Schuman Plan, a scheme cooked up by French foreign minister Robert Schuman, that would put the production and sale of French and German steel and coal under the direction of a central authority: the arrangement would then be opened up to other European countries. This was the precursor to the vast apparatus of economic planners and regulatory agencies that today make up the EU’s notorious bureaucracy, which controls every aspect of economic life in the member states.’
‘The secrecy and authoritarianism that characterizes the ruling style of the Eurocrats was prefigured in the memos sent back and forth between US government officials, the ACUE, and their European sock puppets. As the Telegraph reports: “A memo from the European section, dated June 11, 1965, advises the vice-president of the European Economic Community, Robert Marjolin, to pursue monetary union by stealth. It recommends suppressing debate until the point at which ‘adoption of such proposals would become virtually inescapable.’”
‘Indeed, the American sponsors of this “European” project directed every aspect of the pro-unity Astro-turf “movement.” As Ambrose Evans-Pritchard points out, “Papers show that it treated some of the EU’s ‘founding fathers’ as hired hands, and actively prevented them finding alternative funding that would have broken reliance on Washington.”
‘Even though the Soviet Union is long gone and the Russian “threat” to Europe is largely a figment of the neoconservative imagination, the function of the EU as the political complement to NATO is today clearer than ever.’
‘The fact of the matter is that it is far easier for Washington to control Europe with one central authority at the reins than it is dealing with dozens of separate sovereignties. Indeed, the very idea of national sovereignty as the foundation of international relations is something the empire-builders of the Beltway, and their bag-men in the capitals of Europe, would like to do away with. For this time-honored idea stands in the way of the “democracy”-promotion crusades we have been engaged in since the end of the cold war, and contradicts the left-internationalist doctrine of the “responsibility to protect” that has sparked wars from the Balkans to Libya and Syria.’
‘Globalism is the name of the game for our deracinated elites, and nationalism – of any kind, including the American variety – is the enemy. That’s why we’re seeing both the Obama administration and the ostensibly “Conservative” Party leadership of the British state undertake a combined assault against Euro-skepticism and the threat of “xenophobia.” If you don’t want to see your country absorbed into the Euro-Borg, then you’re a “racist,” a right-wing extremist, and a hate-criminal to boot.’
There’s more, with plenty of links.
There’s some good stuff there. Though it’s interesting that he doesn’t mention that one reason for the formation of the coal and steel community was to make war less likely between Germany and France. I would think that a guy who runs something called antiwar.com would take an interest in that.
He also claims that Britain never had a referendum on the EU, which is false. They had one back in 1975.
That last part of racism and extremism is tired nonsense that we hear about America, that racism was eliminated decades ago and that the big problem today is false accusations of racism. I doubt that there any quotes out there from David Cameron or Nicola Sturgeon saying that people who support Brexit are all extremists and racists. And the fact of the matter is that Nigel Farage has has to spend a lot of time throwing people out of his party who expressed racist sentiments.
Uk lp voted leave because of the paid immigration
No welfare = no problem
Serious question, Bill: have you ever been diagnosed with Aspergers? You have a notable tendency to contort reality to fit your worldview instead of altering/expanding your worldview and assumptions to conform to verifiable facts.
Me? Or SH? C’mon man, I know I gave you a hard time about pizzing on the 95% but mostly I’m in agreement with you, you know that.
Hmm…I am a strong proponent of the primacy of existence. Religious people and statists are those who do contort reality to fit their world view. Look in the mirror. Are you religious? Are you statist?
The reality is most of us practice anarchy 99% of the time. If you are too blind to see it then that itself is the sign that YOU have the aspirer’s syndrome an not me.
and no. never diagnosed with it.
31 years in my career, age 57, undergraduate degree Math, 3.55 Graduate degree in computer science, 3.75.
Next?
That doesn’t help rebut his argument. There are probably a lot of men who have Asperger’s or something similar who are good at math.
I have a friend (also an anarchist) who is studying psychology and runs a physchological anarchist website. He has interesting theories on mental health. He is from the area that believes counseling and not drugs is how to get people to check their premises and get them all aligned. He has some ideas on psychedelic drugs that I am too old fashioned about. There are dozens of articles stating a double digit percentage of people are using prescription drugs to deal with mental issues. I think it’s alarming.
My anarchist circle is about 100 people now. I have about three long time scholars in libertarianism in my circle and a few young people who are very good writers and have very interesting perspectives in their writing. Jeffrey Tucker has a quote “anarchy is all around us.” That’s what I’ve been saying and those who are not in politics or wear a uniform or have a badge (does not follow orders) are anarchists 99% of the time. The voting is the only act that significantly undoes all the good your everyday anarchic living does.
Been a while.
All I have to say is … s..k it globalist trash!!!!
+1
‘The problem here is obvious – the latest wave of globalisation has made money movement international. But politics is still (quite rightly) pretty local. That means that politicians feel obliged to come up with local solutions to block the perceived problems of globalisation’
‘Call it the “China Syndrome” — an unfortunate paralysis afflicting Canadian politicians — stopping them from speaking the truth about what is happening to B.C.’s housing market. The reality is an enormous amount of Chinese capital, estimated by the National Bank of Canada at $12.7 billion, was spent in Vancouver alone in 2015 on real estate — that’s one-third of all sales.’
‘And there’s much evidence of what most people in Metro Vancouver already believe based on what they see — that buyers from China are scooping up vast swaths of the available residential homes and driving prices sky high and out of reach of ordinary Canadians.’
‘University of B.C. business professor Tom Davidoff agrees. “I believe a flood of cash looking to get out of — this year it’s China, who knows next time — rich people who want to go to a low-tax, low-regulation, high-safety environment, great physical space, are going to want to come to Vancouver,” Davidoff said.’
‘But federal, municipal and — especially — provincial politicians are all scared witless to say out loud what everyone else knows. We are letting ultra-wealthy Chinese and other investors make housing in not just Metro Vancouver, but Victoria and other regions completely unaffordable.’
‘Last week, I proposed the B.C. government ban sales of residential property to foreigners for six months — to create a cooling-off period and find longer-term solutions. While some thought that was xenophobic, SFU professor Josh Gordon has released a detailed study that says stating the facts about Chinese buyers is not racism.’
“The problem is that the money is foreign, and that it is sufficient to seriously distort the housing market, not that it is Chinese money,” Gordon writes.’
‘Exactly. And as Davidoff says: “As long as money floods in, in the long run this is going to be a global playground for the elite, and not a place to live and work, a place to have money and not to make money.”
‘One of the practices most commonly used by organised crime is buying and selling property at fake values. Let’s say a mafia boss buys an apartment in London for £500,000. Using a false name, he opens an offshore bank account, for instance on the Cayman Islands, and deposits the profits of, say, drug trafficking there. After a bit of work – a new kitchen, a paint job – he sells the apartment to the offshore company for £1m. The transaction, in itself apparently perfectly legitimate, has enabled him to show that his money is obtained through legal means. These laundered funds can now be invested.’
‘In 2013 a study by the Italian transnational crime research centre Transcrime revealed that Italian mafias have taken over numerous UK businesses: the Sicilian Cosa Nostra has invested in gambling; the Naples Camorra in public building contracts, restaurants, and property development in Scotland; the Calabrian ’Ndrangheta in London property. A number of studies have shown that the City of London is the world capital for laundering the profits of drug trafficking. The Russian mafia has contributed to the London housing bubble and inflated prices by investing in property.’
‘While the Greek economy is desperate for foreign investment, the country’s bureaucratic structures appear to be doing everything possible to drive it away, as evidenced by a bit of digging into the so-called “golden visa” program allowing investors from third countries to obtain a resident permit in Greece if they acquire properties adding up to a minimum of 250,000 euros.’
‘Another Chinese buyer was unable to obtain a resident permit because in the contract of the property he had just acquired the notary had written that the price was paid in cash in front of him, so it was impossible to ascertain that foreign currency was imported.’
‘Property owners with a solid financial status prefer to keep properties empty than to rent them lower than the asking price, according to what several experts have told the Macau Daily Times. This explains why so many investor-owned properties, particularly the high-end ones, lie empty or have low occupancy.’
‘Jeff Wong, head of residential at Jones Lang LaSalle (JLL) notes that high-end real estate investors usually have a stable financial situation and “feel no pressure to sell the properties they are holding.” “Real estate is still a profitable market,” he says, adding that it is “a very simple and a very secure way to invest.”
‘Contributing to the slowdown in the local property market is also the “increase of supply registered in the last few years, together with a decrease on the demand,” Wong told the Times.’
“The structural change of the casino industry tends to affect the occupation on some of these luxury market properties,” Wong explained, adding that in the near future, JLL expects an increase in demand on the market, driven “mostly by people working in the hotel industry, retail and food and beverage,” that generally opt for less expensive solutions.’
‘Nevertheless for the property expert, “to invest in that kind of real estate [high-end] is still a good business especially for people entering on first of two phases since is still possible to achieve earnings of about 40 percent,” Jeff Wong concluded.’
‘Daniel Lam from Bela Vista Property Services Limited, a property service company promoting and managing several high-end market properties, told the Times about one of the company’s most recent developments – “The Fountainside” – saying “it’s mostly sold, I would say somewhere in between 70 to 80 percent.”
‘The property owned by Sniper Capital Limited is located in Macau peninsula at the side of Lilau Square and Mandarin House. It features 38 apartments and four villas. Despite the apparent lack of occupation of some units in the property, Lam claims that “29 or 30 of its units” are occupied either by their owners or by tenants.” Lam added that the company does not have any current plans for “promotional activity to sell the remaining units,” preferring instead to wait for “a more favorable moment.”
‘Developments like “One Penha Hill” seem to be ready to lodge new owners, while others are still waiting for better days-like the case of the “Peak,” a large development built in Taipa island which remains with a uncertain destiny.’
‘In fact, several changes to the project lead to an increase of the property area to three towers of 41-stories each under the mandate of the Secretary for Transport and Public Works Ao Man Long, who was later arrested on graft charges.’
‘As the project is still involved in a corruption case, it remains unused although fully built.’
‘In fact there are other buildings that seem to be vacant although developers state that they are occupied in full.’
‘The Panama Papers reveal a secret McKinsey-linked investment scheme involving major financiers’
‘Walker had delivered for Hu, not only with cash but also with connections. Hu was photographed with her boldface-name investors in the Chinese press, which was wide-eyed at her friendship with “the big crocodiles of Wall Street.” There was even a quote from AIG founder Hank Greenberg, saying that Hu was “born to be in the insurance business” and would one day be as successful as he was.’
“perceived problems of globalisation’”
Perceived. Yup, spoken like a true millionaire who doesn’t really have to worry about keeping a job, or getting another one if he gets laid off.
All those problems of globalization are just in your pretty little head, because you’re just “afraid” of immigrants, oh, and don’t forget that you’re a racist too.
Those IT workers at Disneyworld didn’t actually lose their jobs, it was just fear.
Nor did those people at Carrier. Or the GM/Ford/Chrysler workers. Or the people in the composite and wire bundle shops in Wichita. Or the people who used to work at the airline overhaul shops..
Nor did every accountant or low-level programmer or call-center employee or X-ray reader who lost a job to someone in India. The other day there was some news story about some muckety-muck in India promoting how India has a very young population, and that other countries should “recognize the talent that India has to offer” or something the that effect. Yeah, I know what that means.
Only gov workers keep their jobs
‘Active-adult homebuyers age 55 and older can take advantage of a $70,000 price reduction in addition to an unprecedented opportunity to own a home at Nolan’s Ridge in Mount Arlington. Prices at the lifestyle community have been cut dramatically, according to Sales Manager Tom Jablonski.’
“Home shoppers are invited to bring their best ideas and best offers to us,” Jablonski said. “We are prepared to be flexible in an effort to help motivated buyers move into one of these magnificent residences as quickly as possible.”
‘The Operetta, which serves as a builder’s model, includes a walkout basement and deck. Set high on a premium homesite, which provides spectacular views of the surrounding countryside, the Operetta, was priced at $597,900. The home is now being offered at $524,900 and is scheduled for delivery in late summer.’
no one is aging anymore
um seniors might have a very hard time climbing the stairs or falling down the severely pitched backyard….
but its less then a mile from an I-80 exit
If you think prices are cut dramatically now, just wait 20 years when all these folks kick off. There aren’t enough Gen-xers to fill all this stuff up.
The demographic has already started dying off Donk.
I am divided on the idea of 55. And older communities. To live among grumpy people and watching hearses drive down the street would be a big downer. Onmthe other hand, to live next to,college students (I did in my early 40s) means watching cops give sobriety tests to drunk girls in the apartment complex parking lot at 2 in the morning.
Those aren’t the only options. Maybe the best option for you — and perhaps all of us — is to live 15-20 miles outside a college town (in AZ?). Close enough to get to a med school hospital easily, close enough to spend an occasional evening at the craft brewery, but too far for the bulk of students to commute. It shouldn’t be hard to find an existing 1970’s house that you could trick out with a lap pool and plenty of secret passages for wine and car parts. Or even to buy some land and build new.
Eastern nc beach for me
1/3 the taxes
Most folk are from dc etc
They have teeth
UK Pound Collapses, Nikkei, European Futures Crash, Oil Dives, Gold & Bonds Soar as Brits Choose “Leave”
by Wolf Richter • June 24, 2016
http://wolfstreet.com/2016/06/24/asian-stocks-european-futures-crash-oil-dives-uk-pound-collapses-gold-soars-brits-vote-leave-brexit/
The scar on the wall of my local 7-Eleven where the pay phones were recently removed:
http://www.picpaste.com/20160624_045649.jpg
Teenage drug dealers of the 90s/00s will remember the feeling of their pager vibrating from someone in need, and finding a pay phone, preferably a drive up one, to call back from…
Nowadays they have to make do with a prepaid cell phone.
There was a fancy AT&T payphone called the Payphone 2000. They had a video screen and keyboard, and never did anything useful due to FCC regulations or something. I’ve tried to find one for home but have yet to be successful.
My dream house is a sane sized house with an in ground pool in the backyard with a payphone booth next to it.
Like this one?
http://l7.alamy.com/zooms/ca60e4d7e8b94cc0969af9ff1a970c8b/super-video-pay-phone-at-the-orlando-international-airport-florida-debaec.jpg
California’s skyrocketing housing costs, taxes prompt exodus of residents:
“A growing number of Bay Area residents — besieged by home prices, worsening traffic, high taxes and a generally more expensive cost of living — believe life would be better just about anywhere else but here.
During the 12 months ending June 30, the number of people leaving California for another state exceeded by 61,100 the number who moved here from elsewhere in the U.S., according to state Finance Department statistics. The so-called “net outward migration” was the largest since 2011, when 63,300 more people fled California than entered.
“The main factors are housing costs in many parts of the state, including coastal regions of California such as the Bay Area,” said Dan Hamilton, director of economics with the Economic Forecasting Center at California Lutheran University in Thousand Oaks.
“California has seen negative outward migration to other states for 22 of the last 25 years.”
http://www.mercurynews.com/business/ci_30037774/greener-pastures-beckon-some-beleaguered-residents
Not only is California the most impoverished state in the country, but they also don’t have any water, LOLZ
“The Sierra snowpack, which is responsible for more than 60 percent of California’s water, won’t likely make it back to its pre-drought levels until 2019, scientists said in a study published this week, dashing the hopes of those who believed one extremely wet El Niño year could alleviate the state’s water crisis.
In the study, published Tuesday in a journal of the American Geophysical Union, scientists from UCLA concluded that there is a more than 70 percent chance that the Sierra snowpack will take three years to make it back to average levels, after reaching a historic low in March 2015.
“People say you’re always one good year away from solving the problem,” said Steve Margulis, a principal investigator of the study and professor of civil and environmental engineering at UCLA. “This study shows that because of the cumulative effect of this deficit, that might not be the complete picture.”
http://www.sfgate.com/bayarea/article/Study-shows-Sierra-snowpack-3-years-away-from-8319629.php
Be on the last train out of Californica before it dries up and falls off.
“… before it dries up and falls off.”
Before the acidic waters of the Pacific Ocean rise up and desoves it.
Boiling, I left out the word boiling.
Before the boiling acidic waters of the Pacific Ocean rises up and desoves it.
Do you mean radioactive? Are the Fukushima isotopes still rising on the coast?
Radioactive! What a great word! If forgot about Fukushima!
Here, I’ll add it to my statement:
“Before the boiling radioactive and acidic waters of the Pacific Ocean rises up and desoves it.”
There. More better.
I think you’re overstating it. pH isn’t an issue. Radioactivity is.
In some circles carbon dioxide is the issue. The entire issue.
The migration doesn’t mean the jobs are leaving.
Several corporate pilots I lnow commute to SFO and LA for jobs. One “commutes” from St Louis .
Expensive, but when you can make $200k/year in SFO vs. $70k year in Flyover,……. Or in another case, commute three hous for a $70k/year job in Flyover, vs. $40/yr in BFE, assuming there is even a job in BFE.
And still the most impoverished state in the US.
“Before the boiling radioactive and acidic waters of the Pacific Ocean rises up and desoves it.”
MALIBU, Calif. (KABC) –
An unprecedented sand replenishment plan is about to get underway at Malibu’s Broad Beach — a longtime home and playground for Hollywood A-listers like Pierce Brosnan, Dustin Hoffman and Ray Romano.
The 10-year plan, approved by the California Coastal Commission earlier this month, will allow residents to import 300,000 cubic yards of sand every five years to rebuild sand dunes lost over the years due to pounding storms and high tides.
The plan’s cost is $31 million, which is being funded by 121 homeowners on Broad Beach.
Average Denver homebuyer must save double the down payment:
“Thirty-year mortgage rates hit their lowest point in three years last week, but it likely isn’t much consolation for many prospective buyers in Denver’s red-hot housing market.
“It looks like we’re living in one of the most affordable time periods. That’s true if you’re in the best-off financial scenario — which means you can afford the large downpayment and you have good credit — then you can take advantage of the low interest rates,” said Jonathan Smoke, chief economist for realtor.com. “But it’s got to be incredibly difficult for people who are still renting and looking at the hurdles.”
http://www.denverpost.com/2016/06/23/average-denver-homebuyer-must-save-double-the-down-payment/
Median house price $398,000, median household income under $60,000.
Denver = Debtver.
free health care coming to CO
hickenlooper !
I believe that recent polls here show that the single payer initiative is going down in flames.
“It looks like we’re living in one of the most affordable time periods. That’s true if you’re in the best-off financial scenario — which means you can afford the large downpayment and you have good credit — then you can take advantage of the low interest rates,” said Jonathan Smoke, chief economist for realtor.com. “But it’s got to be incredibly difficult for people who are still renting and looking at the hurdles.”
…a la Reservoir Dogs.
They aren’t in it for ‘free stuff’: What critics get wrong about millennial Bernie Sanders supporters:
“Commentators have drawn different conclusions from Sanders’ remarkable popularity among millennials, but the two most common takeaways are either that the democratic socialist’s politics are the future of the Democratic party (and thus American politics), or that the entire movement is youthful idealism that will fizzle out once the election comes to an end (and thus Clinton neoliberalism will remain the dominant ideology).
It has been hard to miss the condescending attitude towards millennial Sanders supporters, who, according to many pundits, are either lazy slackers who want “free stuff,” or are hopelessly naive and don’t understand how the real world works — e.g. that money makes the world go round and that taking a “purist” stand against special interests and corruption (in both parties) will only help the GOP fascist Donald Trump. In other words, young people haven’t come to terms with the reality of “lesser-evilism.”
http://www.salon.com/2016/06/24/they_arent_in_it_for_free_stuff_what_critics_get_wrong_about_millennial_bernie_sanders_supporters/
“Donald Trump will win in a landslide. The mind behind ‘Dilbert’ explains why.”
https://www.washingtonpost.com/news/comic-riffs/wp/2016/03/21/donald-trump-will-win-in-a-landslide-the-mind-behind-dilbert-explains-why/
If you do not like the message then shoot the messenger …
http://www.salon.com/2016/06/08/no_joke_dilbert_creator_scott_adams_just_loves_donald_trump_so_why_cant_he_just_admit_it/
Amanda Marcotte so angry
“….that the entire movement is youthful idealism that will fizzle out once the election comes”
Gotta fix this fer ya….
“….that the entire movement is youthful idealism that will fizzle out once they start paying taxes”
Poor blacks, poor browns, and poor white trash, haven’t you always wanted to have your legs blown off by an IED to secure the Realm? This is your chance:
“A prominent neoconservative figure and foreign policy commentator plans on headlining a fundraiser for Hillary Clinton’s presidential bid, according to a new report.
Robert Kagan, a former policy adviser for John McCain’s White House run, will speak at the fundraising event in Washington, D.C., next month, Foreign Policy reported Thursday.
Kagan is a senior fellow at the Brookings Institute and a co-founder of the Project for the New American Century.”
http://www.thehill.com/blogs/ballot-box/284727-prominent-neoconservative-to-fundraise-for-clinton-report
Look at the jowls on that pork-belly joo. Hehe.
You can’t post that here. And never mind that clicking sound on your phone, it’s just the ADL monitors listening in.
Regarding religion, these neocons only worship death. Their idea of Tikkun Olam is “we had to destroy the village to save it.”
NeoCons = Progressives.
Registration, confiscation, extermination. Remember that every collectivist movement in history started with disarming the public and has ended in genocide. History does not lie.
Hawaii becomes first state to put gun owners in federal database:
“Hawaii signed a bill Thursday to become the first state to enter gun owners into an FBI database that will automatically notify police if an island resident is arrested anywhere else in the country.
Gov. David Ige said in a statement that the legislation is about community safety and responsible gun ownership. He said it will help law enforcement agencies protect Hawaii residents and visitors.
State Sen. Will Espero, who introduced the bill, and the Honolulu Police Department said the measure could serve as a model for other states. However, critics believe gun owners shouldn’t have to be entered in a database to practice a constitutional right.
“I don’t like the idea of us being entered into a database. It basically tells us that they know where the guns are, they can go grab them” Jerry Ilo, a firearm and hunting instructor for the state, told the Associated Press last month. “We get the feeling that Big Brother is watching us.”
“This is an extremely dangerous bill. Exercising a constitutional right is not inherently suspicious,” Amy Hunter for the National Rifle Association, said in May. “Hawaii will now be treating firearms as suspect and subject to constant monitoring.”
http://www.foxnews.com/politics/2016/06/24/hawaii-becomes-first-state-to-put-gun-owners-in-federal-database.html?intcmp=hpbt2
Why don’t you put a stop to this nonsense with your sig sauer?
The American thing to do would be to use a 1911
WOLVERINES!
Cool story brony. In less than 2 hours I’ll be climbing the top of this:
http://www.picpaste.com/20160624_093017.jpg
And BTW, when Hillary makes guns illegal, my guns won’t become illegal, they’ll become undocumented.
You’ve made the mistake of publishing your apartment number. Now she’ll know to send the ATF directly to your apartment on January 20 to collect those guns.
“And BTW, when Hillary makes guns illegal, my guns won’t become illegal, they’ll become undocumented.”
LMAO! Classic!
” I’ll be climbing the top of this:”
…plugging your ears, singing ‘la la la’ and doing nothing to defend your sacred 2nd amendment rights. If your gun is for defending against tyranny, and tyranny is more gun laws, your course of action is obvious.
Gunstrokers: all talk, no action. Why? Because you know that gun will do nothing but get you shot down by the police.
Nice. Right up there with my hike last week.
+1
NAHB: Builders Planning For Best Housing Market In 11 Years….
http://themortgagereports.com/21045/nahb-builder-confidence-rises-to-60-june-2016
Now that the brexit is over we can get focused on yellen again. We can talk about a 1/4 point hike for another two years.
When the economy still sucks after basically throwing cash at people u know there is a serious problem.
Alameda, CA Housing Prices Crater 5% YoY On Billowing Housing Inventory
http://www.zillow.com/alameda-ca/home-values/
if you deduct the recent run up in prices it looks like he END OF THE World has the FTSE off 15%
BFD
Germany gets to keep all the migrants !
only 70% will be on welfare 10 years from now
THANK YOU, UK!
I am so appreciative of your willingness to put ethics and morals first.
Despite those who relentlessly cast fear and doubt, you had the temerity (aha!) to vote for freedom.
Excellent.
Key West, FL Housing Prices Crater 11% YoY As Sellers Slash Prices Statewide
http://www.zillow.com/key-west-fl/home-values/
‘a significant shift in Bay Area employment numbers.’ He said that employment in San Francisco, San Mateo, Alameda and Contra Costa counties fell between December and May by a total of 5,000 jobs. This is the first time since 2009 that employment in these counties declined in the first five months of the year’
Oh dear, and just as tens of thousands of condos and apartments are being built. I’ve wondered here before; what if there’s a tech bubble and a housing bubble? And what if they pop at the same time? Coincidence?
Come to think of it, the commodity thing is very similar. Oil, houses, pop!
‘This is as developers are adding 25,000 more units over the next two years. ‘Job growth was, I guess in 2014 it was around 100,000 jobs and all of a sudden in 2015 it fell off the table…We got caught in a development stage and the job growth kind of ran out on us. So there’s more supply than demand right now, which would be a definition of overbuild.’
‘The inventory of single-family homes for rent has increased over the past year, and especially in the past 30 to 60 days. The market is forcing property owners to absorb increased property taxes and insurance costs.’
Whao Nellie, do you mean the landlord can’t just raise rents because he got a bill?
“Whao Nellie, do you mean the landlord can’t just raise rents because he got a bill?”
You haven’t been in business very long if you haven’t lost your ass at least once.
Expect to see a whole lot of colostomy bags in the near future.
‘Most recently, we have witnessed the collapse of Scotland’s very own property boom town: Aberdeen. After seven years of relentless growth, the average price of property in Aberdeen has fallen to £186,200. This represents quite a decline, especially for a location that up until recently was renowned as the energy capital of Europe.’
‘At the peak of its growth, Aberdeen boasted more millionaires per 100,000 residents than London, which underlines just how far the town has fallen in the last two years’
At least you had oil. In the US we build bubbles around puddle-watching dudes with skinny jeans that couldn’t make a profit if you gave them 20 years.
Here’s one we covered a while back. A hip hugger wearing rocket surgeon.
http://www.dailymail.co.uk/femail/article-3346348/Woman-breaks-tears-husband-one-week-buys-dive-smells-damp-fags-home-together.html
” the Splott area of Cardiff”
Splott? That doesn’t bode well…
‘Bonita Springs and Estero areas…reported that sales have dropped by 13 percent over the past year, and an 18 percent drop in pending sales. ‘Sellers have not yet come to understand the shift in the market,’ stated D. Michael Burke, 2016 B.E.A.R. President. ‘This shift requires lowering prices to real market value to generate sales activity, but many sellers have not realized this yet.’”
‘A year ago, the area had just nine weeks’ worth of inventory on hand. Today, that’s nearly doubled.’
D Mike, just tell everybody there’s a shortage and lot prices and sewer hook ups.
‘the area had just nine weeks’ worth of inventory on hand. Today, that’s nearly doubled’
OK, so 18 weeks. Aren’t we constantly told that less than 6 months is a sellers market? Why are you berating sellers for not reducing prices?
“‘This shift requires lowering prices to real market value to generate sales activity, but many sellers have not realized this yet.’”
But … but … but if you lower prices (aka values) then you will remove the psychology that drives the “buy now or be priced out forever” sense of urgency and will replace it with a “why buy now when prices are coming down?” sense of fence-sitting.
Not a good thing to happen in a price-rise driven market.
Poof goes the demand. Poof.
A couple weeks ago a co-worker put in an offer for a house at $30K over an already pricey list. Today I asked him how it went. He didn’t get the house. The house is pending for the same amount $30K over list, but the ultimate “winner” either paid cash or waived inspection or both. I’m glad he lost the house. It was a cute house but I didn’t think it was worth the money.
Post a link of the shack.
Come on HA, you know I don’t do that.
‘Poland’s zloty and Mexico’s peso, both emerging-market bellwethers because of their high liquidity, tumbled. In Warsaw, 19 of the 20 companies in the stock exchange’s main index didn’t start changing hands for about five minutes after the official start of trading at 8.00 a.m. because there wasn’t sufficient liquidity to absorb all the orders that had been placed. “It’s impossible to describe this bloodbath,” said Andrzej Knigawka, head of equity research in ING Securities in Warsaw.’
‘Less than two weeks ago, five polls in 24 hours put the “Leave” campaign ahead, but later surveys indicated momentum for Brexit was waning. A YouGov poll taken on Thursday and published as voting ended showed 52 percent of Britons choosing to stay in the EU.’
‘And the markets were led astray by betting odds that put the chance of remaining in the 28-member bloc at 90 percent as counting of votes started. After opinion polls called the May 2015 general election wrong, more people were looking to the bookmakers for guidance.’
“It’s impossible to describe this bloodbath,”
It’s easily described: No one could have seen it coming!
Update: Dow Craters 400+ On Open
http://www.marketwatch.com/investing/index/djia
Would now be a good time for dips to buy?
Gold doing the opposite:
http://www.kitco.com/charts/popup/au24hr3day.html
‘desperate sellers, whose properties were languishing on the market, were forced to cut prices by an average of 11% from the original asking price amid a glut of luxury homes for sale. The average property was on the market for a lengthy 311 days….‘The luxury market is bloated and choking with a lot of over-priced inventory’
Safe deposit boxes in the sky.
Trump Issues Statement On Brexit: “They Took Their Country Back, We Will Take America Back”
http://www.zerohedge.com/news/2016-06-24/trump-issues-statement-brexit-they-took-their-country-back-we-will-take-america-back
…except he was in Scotland, which is going to vote to take itself out of the UK and back into the EU.
Unsure what the metaphor was supposed to be.
Political sound bite?
or a microstroke
‘he was unable come up with the finance for the house that cost Rs 5,600 per sq ft. After sorting out his funding issues, he recently went to the same location, anticipating that he would need to shell out more money. He was surprised to find that an apartment in the same society, was now available at Rs 4,800 per sq ft.’
‘Initially, I thought that it was a distress sale. On further examination, I realised that this was the prevalent rate in the locality. However, none of the developers in the region had reduced their prices. The first owner revealed that he had bought the house, when it was launched six years ago, at Rs 3,000 per sq ft,’ Sharma explained. The price of the property that Sharma had seen, had appreciated by 60% over six years, indicating that property was not the best investment instrument, in this case.’
‘Moreover, the decrease in prices in the secondary market, by 10% to 20%, suggests that developers will have to keep waiting for buyers. Requesting anonymity, a Ghaziabad-based developer admits that transactions in the secondary market, indicate a sharp correction. In spite of this, he maintains that developers cannot reduce prices, due to high input and overhead costs and blames retail investors, for ruining the market. ‘Today, we are paying the price for selling our inventory to investors. They don’t have the patience to wait. Reports of price corrections are making them nervous and they are resorting to what can be described as distress sales,’ the developer explains.’
‘The first owner revealed that he had bought the house, when it was launched six years ago, at Rs 3,000 per sq ft’
Yeah, and 7 years ago it was a lot less.
‘he maintains that developers cannot reduce prices, due to high input and overhead costs and blames retail investors, for ruining the market’
Just tell em’. Show them the sewer hook-ups, the lot fees. Funny how you could sell the same thing 6 years ago for almost half.
$90k building permit!
$50k sewer connection fee!
$60k sprinkler system!
$50k plan review ‘fee’!
It’s all bogus and easily verifiable.
“Chinese Bankruptcies Surge More Than 50% In Q1; Worse To Come”
http://www.zerohedge.com/news/2016-06-23/chinese-bankruptcies-surge-more-50-q1-worse-come
Bitcoin and other crypto currencies have emerged alongside physical precious metals as safe haven places.
Hoo rah!
http://www.livebitcoinnews.com/brexit-vote-slings-the-bitcoin-catapult/
along with the yen
Brexit’s Effects Hit Hard in Japan
Some of the sharpest initial financial turmoil after Britain’s voting to leave the European Union was felt in Japan, as investors simultaneously bought the yen and dumped Japanese stocks.
The yen, a currency that is often seen as a haven in times of crisis, jumped 13 percent against the British pound and 5 percent against the United States dollar. That pushed it across the psychological threshold of 100 yen to the dollar for the first time since 2013.
The Nikkei 225 stock average plunged 8 percent. A stronger yen is generally considered to be bad for the export-oriented Japanese economy, and especially for large multinationals like Hitachi or Toyota, whose overseas revenue are squeezed when foreign currencies lose their value against the yen.
http://www.nytimes.com/live/eu-referendum/japanese-markets-brexit
‘In some suburbs across Australia almost all the homes are investment properties, including some of Sydney and Melbourne’s inner-most property hotspots, new research shows’
Some of these hoods show 99% investors. It’s a good thing you guys like Kangaroo meat. When the foreclosures start haircut isn’t going to describe it.
‘They are not moving as fast as they were at the price point we would expect. It’s a very first-time home-buyer market, a very tech-driven market. With a shift in VC funding, we are seeing less activity there’
‘Uber is coming under increased scrutiny after leaked documents indicated their drivers really don’t make all that much money. “I’ve been saying this for a while, it’s an Uber disappointment,” explained Lfyt driver Kelsey Tilander.’
‘A recent BuzzFeed article based on leaked Uber documents found that once operating costs were factored in, drivers in cities like Denver, Detroit and Houston weren’t making much more than minimum wage. “The Uber driver is at the mercy of the rate the company is setting for that ride,” said SJSU Economics Professor Annette Nellen. “And then there’s the expenses associated with driving your car — the maintenance, the gasoline, the depreciation on your car.”
‘While a spokesperson for Uber didn’t dispute the numbers, they said the company offers drivers unparalleled flexibility to work as little or as much as they want. Tilander say he’s not sure how much longer he can hold on and fears he’s being driven from an industry that hasn’t shared its profits equally.’
You are onto something Kelsey. The guys who set up this sweat shop are making loads of money and you’re broke. You could have become a cab driver before Uber; it’s not like they invented anything. Now all you got are empty pockets and a wore out car.
I wonder how many Airbnb “owners” in San Francisco are cleaning toilets this morning and thinking of getting out?
Anyone who can do basic math can figure out that Uber is a losing proposition.
“Yeah, you are losing your azz…….but you have unparalleled flexability as you do so”
Pretty much the story of every part time, minimum wage job in the US, if you have to drive to get there.
That would include most ordinary taxi drivers, who probably earn poverty wages so that that cab company owners can make big profits.
I am going to have to come up with a short list of familiar company names that sell public stock and are down 40% or more from their highs. Maybe about five companies out of various sectors. If I have time Saturday I will come up with much more.
My first large batch of money from my matured T bills came in yesterday and I just will start shifting into my brokerage.
If Hillary wins,,status quo wins and big companies want that. If Trump wins it will be a market correction as people and companies make the mistake thinking he is not status quo. But he really will be status quo. And the buying opportunities like in 2009 will be the week following the election in November.
If you but individual stocks, I suggest in November expecting a lot of stocks at 40% of their 30 month highs. Build up cash in your brokerage and set buy limits at 40% of 30 month highs, GTC or 60 days and keep renewing on 60 days. You will thank me later.
Cantor CEO Howard Lutnick expects a rally all around on Friday
17 Hours Ago
‘The U.K. looks like it will probably vote to remain in the European Union, and that means there will be a rally around the globe on Friday, said Howard Lutnick, CEO of Cantor Fitzgerald and BGC Partners.’
“It’s just good for business. It’s a rally for the pound, a rally for the U.K. stock market, a rally for Europe. It’s a rally all around. Maybe for us, the Treasurys should probably come off a bit, because there was sort of a flight to quality,” he said in an interview with CNBC’s “Closing Bell” on Thursday.’
Heh heh!
I am enjoying today too much!
https://youtu.be/2H5uWRjFsGc
Chumbawamba - Never Mind the Ballots… Here’s the Rest of Your Life (Full Album) ….very political band hidden from view…
https://www.youtube.com/watch?v=k2ilMH3Ie08
‘Britain has voted to leave the European Union. It’s the biggest political upheaval in modern British history and it wouldn’t have happened without Nigel Farage. For years, the Establishment mocked and ignored the Ukip leader, but he is the man who put Britain’s withdrawal from the EU on the agenda. His party, once dismissed by Michael Howard as a collection of “cranks and political gadflies”, forced the Prime Minister to call the referendum.’
‘And when the referendum came, David Cameron told us we had a choice between his Britain and Nigel Farage’s. Britain chose Mr Farage’s vision. The result has ensured David Cameron will go down in the history books as the Prime Minister who failed to take voters with him on the future of their country, with over 17.4 million people rejecting him by choosing Leave. He was once feted for winning last year’s general election, but that victory - with 11.3 million voting for him - has been dwarfed by this defeat.’
‘By contrast, Nigel Farage will be remembered as the man the British people chose to follow. His entire political career has led up to what he calls “our independence day”.
‘The Brexit vote is even more remarkable for Mr Farage as his enemies gambled on his image being toxic enough to ensure voters recoiled from the prospect of leaving the EU. They sought to place him front and center in voters’ minds, asking them to reject the offer of “Farage’s Britain” and making sure they were aware of every controversial utterance or poster he had made.’
‘A variety of polls suggested this could work, as they found he tended to put off more voters than he attracted. This led me to describe him as a “bomb” that could “blow up in the Leave campaign’s face”, but Mr Farage refused to give the Remain campaign that pleasure. The Ukip leader stuck doggedly to spreading the Brexit message around the country.’
“If he gets us out of the European Union, they should put the man in Westminster Abbey, he’d deserve a ‘Farage Corner’!” - David Coburn MEP, 2014′
‘While this may not be on the cards just yet, he referendum result will guarantee Nigel Farage a place in history as the man who led Britain out of the European Union.’
“Airplane lands on highway in South Carolina”
Another story of a so-called “heroic pilot”. The airplane had “engine trouble”. But magically, the engine trouble is fixed right beside the road, and he is taking off again in a couple of hours.
The incident is under investigation.
Investigate no farther than the five gallon cans of gas that the video shows being poured into the wing tanks.
Aviation stories in the media are generally moronic. I can only assume that their coverage of other subjects is the same.
The newest “go to” guy for aviation opinions is a twenty something student pilot in Italy with a website.
Boris has previously floated this
Mr Johnson announced last week that “EU history shows that they only really listen to a population when it says ‘no’ “.
But in a dramatic U-turn, Mr Johnson said that he did not support using a popular rejection of EU membership as a means of further reforms.
He told the Times: “Out is out. What I want is to get out and then negotiate a series of trade agreements around the world”.
When asked if he was ruling out a second vote, he said: “I don’t think it would be necessary”.
http://www.express.co.uk/news/uk/647954/Boris-Johnson-second-EU-Referendum-Brexit
I think Boris thinks a second referendum is an option, after all it’s all about the Boris and he has said there is no rush to exit.
BREXIT vote seems similar to Trump support, they want to get rid of the latest immigrants. Fear.
Lot’s of frightened bed-wetting out there from the globalists. I’m gonna celebrate. Hey, why don’t you invite these Syrians over to your house? You can cook them something and watch TV (men and women separate of course, no gay shows though). Then they can sleep on your couch and when you get up on Saturday, you can do it all over again!
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ THIS!
I am all for deporting all the Muslims, but take the dog eating Chinese too.
Disneyland is too crowded.
(today) Joe Biden, in a speech in Ireland, warns against blaming immigrants for unrest.
it is picking up steam….
My congressman is demanding 100,000 Syrians,but none for his hood
damn daniel….who kicked this beehive in the ME in the firt place.
Syrians should stay and fight…. we will sell them the weapons
they want to get rid of the latest immigrants. Fear.
Let’s review, shall we?
———————–
Comment by oxide
2016-06-24 06:16:40 <— FYI, this is TODAY
“perceived problems of globalisation’”
Perceived. Yup, spoken like a true millionaire who doesn’t really have to worry about keeping a job, or getting another one if he gets laid off.
All those problems of globalization are just in your pretty little head, because you’re just “afraid” of immigrants, oh, and don’t forget that you’re a racist too.
Those IT workers at Disneyworld didn’t actually lose their jobs, it was just fear.
——————–
Britons are Googling “What is the EU?” after voting to leave it
The question has been the second-most Googled in the U.K. since the country voted in favor of Brexit.
Maybe that’s all the couch potatoes who usually don’t pay any attention to current events, and now need to play catch-up, lol
‘This is the worst,’ Alan Greenspan says of British break from EU
“Former Fed Chairman Alan Greenspan told CNBC on Friday the U.K. vote to leave the European Union ushers in a period that’s even worse than the darkest days of October 1987.
Britons voted by 51.9 percent to quit the 28-country union, shocking markets that had priced in a win for the remain camp.
“This is the worst period, I recall since I’ve been in public service,” Greenspan said on “Squawk on the Street.”
“There’s nothing like it, including the crisis — remember October 19th, 1987, when the Dow went down by a record amount 23 percent? That I thought was the bottom of all potential problems. This has a corrosive effect that will not go away.” ”
LMAO!! If Greenspan is saying this, then you know Brexit is good for the rest of us.
Be sure to click on the link so you can see the pic of poor sad Alan…
http://www.cnbc.com/2016/06/24/alan-greenspan-says-british-break-from-eu-is-just-the-tip-of-the-iceberg.html
Alan Greenspan another frightened bed-wetter.
This comment perfectly explains why Brexit has left the UK’s young feeling so devastated
More sky-is-falling stuff from CNBC…
http://www.cnbc.com/2016/06/24/this-comment-perfectly-explains-why-brexit-has-left-the-uks-young-feeling-so-devastated.html
‘When Michael Gove said, ‘The British people are sick of experts,’ he was right. But can anybody tell me the last time a prevailing culture of anti-intellectualism has led to anything other than bigotry?’
When the experts are full of crap, is it anti-intellectualism to reject them? And note the bigot card. I always wonder why people who are against illegal immigration in the US are called bigots when Mexico has much tougher immigration polices?
Boy the whining is loud today. It’s never a straight up thing with the powers that be. These people were given the choice of two systems. They chose one, and it can’t be taken at face value. It has to be because people have something wrong with them. They’re racists or something. Never just people making a choice. If it had gone the other way we’d be told, “the people have spoken! Long live the Queen.” They lose and it’s like a toddler throwing a tantrum at the mall.
“There’s a fundamental issue that all developed economies have to confront, which is that globalization and technological changes have meant millions of people have seen their jobs marginalized and wages decline,” said David Axelrod, a former strategist for President Obama and an adviser to Britain’s Labour Party in last year’s general election.
“And so lots of folks want to turn the clock back and make America, or their country, great again.”
It’s interesting how globalization is made out to be this unstoppable force of nature. But when, for example, areas gentrify and rents go up it’s nonstop articles in these same newspapers about schoolteachers priced out of their homes and editorials about how we need to turn the clock back and make these cities affordable again. Politicians get in on it too and try to pass laws. You can debate whether or not these laws are a good idea, but nevertheless it’s treated as a problem that can be solved instead of as an unstoppable force of nature.
I fortunately don’t have any direct experience with losing a job as a result of globalization, but I can imagine that if I did and kept hearing “there’s nothing we can do to get your job back” from the supposed “experts”, I might decide to listen to/vote for the people who say it’s a problem they can solve. If that’s the thought process, it’s hard to find fault with it. After all, that’s what everyone else does.
“…David Axelrod…”
Another joo White House handler keeping stooge Obama “on-message.”
I’m reminded of this pic of the Icelanders holding actual torches…
http://img.photobucket.com/albums/v408/csskalet/2016%20Uploads/IcelandTorchesJan2010_zpskhnki754.jpg
Maybe negative interest rates are on their way. Wont this make everyone buy the safest div stocks? People have to eat, use electricity….
Yellen the Felon will use BREXIT-related market turmoil as an excuse to announce NIRP and QE4.
Cmon Texas, your turn! Go for the TEXIT!
MarketWatch
Dimon says J.P. Morgan currency trading volume hit a record amid Brexit
By Mark DeCambre
Published: June 24, 2016 2:09 p.m. ET
Bank saw its average daily trading volume tripled, Dimon said
Getty Images
Jamie Dimon pointed to record volumes Friday in wake of Brexit.
J.P. Morgan Chase CEO Jamie Dimon said his financial behemoth saw record volumes in currency trading in the wake of the U.K’s unprecedented vote to exit the European Union.
The British pound GBPUSD, -8.0409% on Friday tumbled to its lowest level against the dollar since 1985. Other currencies considered havens in times of uncertainty, like the Japanese yen USDJPY, -3.70% the Swiss franc USDCHF, +1.5649% and the dollar, were also hotly traded.
Read: Pound sees largest-ever daily drop as U.K. votes for Brexit
Ad by The University of Texas MD Anderson Cancer Center
Philip Lived a Normal Life Until He Found Out He Had a 3.5-Pound Cancerous Tumor. See How MD Anderson Changed That.
The vote to exit the EU, dubbed Brexit, kept bankers and traders at major firms frenetically working into Friday’s wee hours on the expectation that investors would scramble to reposition their holdings in the aftermath of the referendum. Banks that maintained operations in London also had to sort out the implications for their firms.
Indeed, the vote stunned market participants, many who had been betting that the Brexit would be a nonevent.
Dimon’s Friday afternoon memo to J.P. Morgan JPM, -6.17% staff, obtained by MarketWatch, is equal parts pep talk and humble brag about the sprawling bank’s focus on clients. Here’s the full memo:
Global stocks also plunged on Friday, with the Dow Jones Industrial Average DJIA, -2.89% sinking more than 500 points at one point. The blue-chip gauge most recently was nearing its lowest levels of the session Friday afternoon, and its counterpart in Europe, the Stoxx Europe 600 SXXP, -7.03% logged its worst daily loss since 2008.
…
‘Real estate execs cheer Brexit as New York properties will become safe haven for foreign money’
‘Britain’s decision to leave the European Union is a good thing for the local market, but weak pound could mean trouble for the sale of multimillion-dollar condos’
Given Brexit today - I think a reading of the lyrics of Genesis’ “Dance of the Moonlit Knight” is appropriate……..
Lyrics
“Can you tell me where my country lies?”
Said the unifaun to his true love’s eyes
“It lies with me”, cried the Queen of Maybe
For her merchandise, he traded in his prize
“Paper late”, cried a voice in the crowd
“Old man dies” the note he left was signed ‘Old Father Thames’
It seems he’s drowned
Selling England by the pound
Citizens of Hope and Glory
Time goes by it’s “the time of your life”
Easy now, sit you down
Chewing through your Wimpy dreams
They eat without a sound
Digesting England by the pound
Young man says, “You are what you eat”, eat well
Old man says, “You are what you wear”, wear well
You know what you are, you don’t give a damn
Bursting your belt that is your homemade sham
The Captain leads his dance right on through the night
Join the dance
Follow on! Till the Grail sun sets in the mold.
Follow on! Till the gold is cold
Dancing out with the moonlit knight
Knights of the Green Shield stamp and shout
There’s a fat old lady outside the saloon
Laying out the credit cards she plays Fortune
The deck is uneven right from the start
And all of their hands are playing apart
The Captain leads his dance right on through the night
Join the dance
Follow on! Till the Grail sun sets in the mold
You’re the show
Off we go with, you play the hobbyhorse
I’ll play the fool, we’ll tease the bull
Ringing round and loud, loud and round
Follow on! Till the Grail sun sets in the mold
Follow on! Till the gold is cold
Dancing out with the moonlit knight
Knights of the Green Shield stamp and shout
Old Genesis
I like “get them out by Friday” a song about swindling folks out of their homes
Just like voting for Trump….close your eyes and have faith.
http://dfw.cbslocal.com/2016/06/24/dozens-burned-after-fire-walking-event-at-tony-robbins-seminar/
When the alternative is a criminal sociopath, voting for Trump isn’t difficult.
“If we are victorious in one more battle … we shall be utterly ruined.”
Like the good intellectual that he’s vigorously pretended not to be of late, Boris Johnson will probably know that line. It’s from the Greek historian Plutarch’s account of the battle that gave us the phrase “pyrrhic victory”, the kind of victory won at such cost that you almost wish you’d lost.
In theory, Johnson woke up on Friday morning having won the war. After David Cameron’s announcement that he would step down come October, Johnson is now the heir presumptive – albeit at this stage very presumptive – to the Tory leadership, perhaps only four months away from running the country.
He has everything he ever wanted. It’s just that somehow, as he fought his way through booing crowds on his Islington doorstep before holding an uncharacteristically subdued press conference on Friday morning, it didn’t really look that way.
One group of Tory remainers watching the speech on TV jeered out loud when a rather pale Johnson said leaving Europe needn’t mean pulling up the drawbridge; that this epic victory for Nigel Farage could somehow “take the wind out of the sails” of anyone playing politics with immigration. Too late for all that now, one said.
The scariest possibility, however, is that he actually meant it. That like most of Westminster, Johnson always imagined we’d grudgingly vote to stay in the end. That he too missed the anger bubbling beneath the surface, and is now as shocked as anyone else by what has happened.
“People talk about reluctant remainers, but I think there have been a lot of reluctant Brexiters around, people who voted leave thinking it wouldn’t happen but they’d be able to vent and to tell all their friends at dinner parties they’d done it,” said one Tory minister.
“He thought what all those reluctant Brexiters thought: it would be a vote for remain, he would be seen as having stood up for a principle.” After which leave’s newest martyr could simply have bided his time for a year or so before being triumphantly installed in Downing Street.
It’s perfectly possible, of course, that the Tories on both sides who suspect Johnson was never an outer in his bones are plain wrong, that the anonymous Labour MP who hotly accused him on Friday of jeopardising thousands of ordinary people’s jobs just to secure one for himself was doing him a terrible injustice.
http://www.theguardian.com/politics/2016/jun/24/a-pyrrhic-victory-boris-johnson-wakes-up-to-the-costs-of-brexit
‘accused him on Friday of jeopardising thousands of ordinary people’s jobs just to secure one for himself’
When I watched the returns last night, there were all these little towns and areas voting out. Did Johnson do all this? Everybody was a robot at the polls? It was millions of people who voted Leave.
The Guardian has panties and are they in a knot today! Here’s another one:
‘Harry Potter author JK Rowling unleashes fury at Brexit voters on Twitter’
See, there something seriously wrong with people who voted Leave, and the Remain voters are morally superior. Oh, and this:
‘It is an uncertain and scary moment for the global economy. Rowling, among many other British celebrities, such as Virgin CEO Richard Branson and soccer legend David Beckham, is distressed.’
What is it that these three have in common? Hmm, there’s got to be something, what is it? OH, right, they are filthy rich! They’ll never have to worry about money nor their kids or grand-kids. As a matter of fact, they are so rich, they could spend like mad and still never run out. I doubt there’s much uncertainty or scary moments on their private jets and islands. It’s all caviar dreams and champagne sunsets for these three.
Boris tapped into the growing unrest of the disposed, those left behind, those with little if anything to lose. The elite ignored them at best or sneered at them at worse. They assumed they would just grumble and keep sucking it up, but they didn’t. All it took was a chance to lash out and lash out they did. So now the elite are shocked and a bit frightened. We still get the sneering tone from the liberal elite, but savvy politicians like Boris through out the Western World now can see away to power by championing the little man.
The question that keeps coming to my mind is does Boris believe what he has championed? Much as I disagree with Guardian on many things on this I think they may be right I think Boris wanted to lead the campaign to a heroic failure nearly there but not quite, perfectly setting himself up to be the next Tory Prime Minister when Dodgy Dave stepped down.
You know that the vote is non-binding, right?
And that Boris Johnson went to the same schools that Cameron did?
It’s just a game.
The stampede into the safe haven of physical gold, and out of the Fed’s rigged and broken Ponzi markets, is going to be epic.
http://www.telegraph.co.uk/business/2016/06/24/buy-gold-searches-soar-500pc-after-britain-votes-to-leave-eu-her/
Wall Street ‘fear gauge’ sees sharpest jump since Aug. 24 on Brexit
By Sue Chang
Published: June 24, 2016 2:14 p.m. ET
VIX surged above 20 but is well below levels seen during the financial crisis
Brexit is spooking investors but financial markets are expected to stabilize once the initial panic subsides.
Investors in the U.S. woke up Friday to a global bloodbath as stocks plummeted and currencies plunged in the wake of the stunning decision by the U.K. to leave the European Union.
The CBOE Market Volatility Index (VIX, +49.33%) which gauges the level of fear in the financial markets, soared 37% to 23.62, notching its biggest one-day percentage gain since Aug. 24 when it jumped 45% to 40.74 in the wake of the Chinese stock market’s selloff.
…
Top FT losers (getting back to housing)
TW. Taylor Wimpey plc 136.10 -56.30 -29.26%
PSN Persimmon plc 1,520.00 -578.00 -27.55%
BDEV Barratt Developments plc 439.80 -137.70 -23.84%
Top three are house builders
In 2007 George Wimpey and Taylor Woodrow merged to form Taylor Wimpey. We are proud of the home building and construction heritage of both companies, which dates back more than 100 years.
Persimmon
Building around 14,500 beautifully-designed new homes a year in more than 400 prime locations nationwide, Persimmon is proud to be the one of the UK’s most successful house builders, committed to the highest standards of design, construction and service.
Founded in 1972 by Life President Duncan Davidson, and with our headquarters in historic York, the Group is made up of a network of 28 regional operating businesses, giving us nationwide coverage. We’re building places to call home right the way from Scotland through to the South West of England.
Barratt Developments is the nation’s largest housebuilder, creating great new places to live throughout Britain.
Our business is acquiring land, obtaining planning consents and building the highest quality homes in places people aspire to live. This is supported by our expertise in land, design, construction and sales and marketing.
Our vision is to lead the future of housebuilding by putting customers at the heart of everything we do.
Interesting fact about Persimmon
Housebuilding giant Persimmon has defended its executive pay plan that could see its senior managers share a £600 million bonus pot.
The UK’s biggest housebuilder by volume said the scheme is “designed to drive outperformance” by returning cash to shareholders, growing the firm and boosting its share price.
The York-based firm hit back after one of its investors, Royal London Asset Management (RLAM), said the payment was “too high” for an industry where growth is being supported by Government measures such as the Help to Buy scheme…….
This growth would see around 150 managers share about £600 million in bonuses, with chief executive Jeff Fairburn set to earn about £100 million.
The Charles Church builder said since the plans were put in place the group has boosted new home building by 56%, invested more than £2 billion in new land and returned over £1 billion to shareholders.
During that period its share price has jumped from around £6.20 to just under £20.
http://www.newsandstar.co.uk/Persimmon-defends-600million-bonus-pot-for-top-team-1b08dc4e-43a0-493c-9c61-e1cbf28e3e66-ds
Bonus pot might be a little smaller now
I wonder how much of the 20 ? Billion a yr t by e EU cost Cameron was able to negotiate away ?
Not much,I guess
Banks may have a subprime auto loan problem. Imagine that. Will ‘Muricans bend over for the banksters as readily as they did in 2008 by voting for pro-bailout Wall Street-owned candidates?
http://www.cnbc.com/2016/06/22/banks-may-have-a-subprime-auto-loan-problem.html
MarketWatch dot com
The Fed
Fed’s plans to raise rates again go awry
By Greg Robb
Published: June 24, 2016 4:02 p.m. ET
Former Fed official says rate cut may be needed post-Brexit
Warner Bros.
WASHINGTON (MarketWatch) — The Federal Reserve must feel that its mascot is Wile E. Coyote, whose persistent and ingenious efforts to catch the Roadrunner were routinely spoiled by bad luck and bad timing.
Like the famous cartoon character, the Fed’s efforts to gradually increase interest rates have been derailed by forces beyond the control of the central bank, this time by the decision by U.K. voters to leave the European Union.
The Brexit vote crushed global financial markets on Friday.
Stuart Hoffman, chief economist for The PNC Financial Services Group, said the important risks to the U.S. economy are likely to be indirect.
Businesses and consumers might pull back given the uncertainty about growth and market volatility.
The dollar could rise due to safe-haven trades, crimping exports and dampening growth. The impact will be muted as consumer spending and housing, drive economic growth, Hoffman said.
There is no agreement among economists on how long the Fed will sit on the sidelines.
…
Like the famous cartoon character, the Fed’s efforts to gradually increase interest rates have been derailed by forces beyond the control of the central bank, this time by the decision by U.K. voters to leave the European Union.
The incessant jawboning of Yellen and her flying monkeys notwithstanding, the Fed had no intention of raising rates, since to do so would implode its asset bubbles and Ponzi markets. BREXIT will just be the latest in a long litany of excuses for Yellen’s Lucy-and-the-football routine of talking up a rate rise, then punting yet again.
well said buddy
Why would they want to raise rates and lower the value of their bond portfolio?
Also why would they want to cut off the cheap money for washington?
Like bernake said , 90% of monetary policy is talk.
The only way possible for rates to rise is a currency crises.
The MSM keeps assuring us that BREXIT “is not a Lehman moment.” I’m so relieved to know that everything is A-OK and I should just remain calm and keep investing in stawks.
http://www.marketwatch.com/story/brexit-is-big-but-its-probably-not-a-lehman-moment-2016-06-24
From a ZH poster: “Hillary has responded to Brexit advising the American people to shelter in place and their betters will take care of them. She added that the easy accessibility to guns in an environment lacking common sense gun safety regulations contributed to the unfortunate decision by the British electorate.”
Brilliant….
With apologies to one of the favorite bands of my yout (everybody sing along now):
When deflation comes along
You must NIRP it
Before the market’s down too long
You must NIRP it
When something’s goin’ wrong
You must NIRP it
Now NIRP it
Into shape
Shape it up
Get straight
Go forward
Move ahead
Try to detect it
It’s not too late
To NIRP it
NIRP it good
While Hillary Clinton is the dictionary definition of a corrupt crony-capitalist influence-peddler, since 95% of the electorate are imbeciles she will almost certainly be our next president.
http://www.businessinsider.com/hillary-clinton-brexit-warning-trump-2016-6
I bet 90% of americans probably have never heard of the EU and dont have a clue what it is.
Seems like all the big money people were out trying to panic people today after they went short.
Lindsay Lohan speaketh forth her deep-seated Brexit wisdom …
http://www.vox.com/2016/6/23/12021156/lindsay-lohan-brexit-twitter
The smart money is exiting the housing bubble at the peak.
http://wolfstreet.com/2016/06/24/the-smart-money-is-selling-the-top-10-most-expensive-homes-now-listed-for-sale-by-state/
Didn’t it seem there was a lot of people trying to panic mom and pop investors today?
Lather, rinse, repeat!
This isn’t even a serious alpine climb, it’s just scrambling over some rocks at 11,000 feet:
http://www.picpaste.com/20160624_111024.jpg
Region VIII
Looks nice, hopefully I will be out in CO after the 4th of July weekend and stay there thru September.
You’ll be spending some time in the slow lane behind RVs with Texas plates.
Rangel: No Guns For Law-Abiding Constituents But I ‘Deserve–Need’ Police Protection [AUDIO]
Kerry Picket
Reporter
6/22/2016
“Law-abiding citizens just shouldn’t have to carry a gun. You’re not gonna push me in that direction,” he said, standing just five feet from a Capitol Police officer, who stood at his post by the House Speaker’s Lobby.
TheDC noted to Rangel he and other members of Congress are protected by armed members of the U.S. Capitol Police.
“Well that’s a little different. I think we deserve–I think we need to be protected down here.” Rangel laughingly insisted.
Read more: http://dailycaller.com/2016/06/22/rangel-no-guns-for-americans-but-i-need-police-protection-audio/#ixzz4CY2PDEWG
7 years of Obama, and this is what you get.
Hey sorry folks but we need you to get on this train to the East like tonight and you can all go back later and get your stuff, but for now it’s all cool, right?
One Day After Calling Gun Owners “Heartless Motherf&ckers,” Jim Carrey Admits He Has An Armed Bodyguard
John Hawkins
26 Mar, 2013 by John Hawkins
So wait, does that mean that Jim Carrey’s bodyguard is a “heartless motherf&cker?” If he is, what does it say about Jim Carrey that he employs someone like that?
Oh yeah, it says that he’s just another liberal hypocrite who wants special privileges for himself that he believes should be denied to everyone else.
Bloomberg on Disarming His Security Team: “We’ll Get Right Back to You”
Ashley Brooks
Posted: Jan 28, 2013 3:53 PM
Outside the U.S. Conference of Mayors in Washington, DC, senior Talk Radio Network investigative reporter Jason Mattera asked New York City’s Mayor Bloomberg a simple question:
“In the spirit of gun control, will you disarm your entire security team?”
Mayor Bloomberg, a strong advocate for gun control, replied: “Uh, you, we’ll get right back to you.”
“Why can you defend yourself but not the majority of Americans?” the reporter responded as five of Bloomberg’s armed guards blocked him from getting any closer to the Mayor.
Germans voted for globalists. Now they’re experiencing the joys of fundamental transformation.
http://www.express.co.uk/news/world/683260/munich-rape-woman-flower-bed-botanical-garden
Latest listing in the neighborhood. Some booble will pay. Very Vegas.
Not going to link, don’t want it turning up in a search.
http://www.estately.com/ listings/ info/ 4239 -pinecrest -west- circle
To the moon, Alice. If this keeps up much longer, our $1450 won’t keep us here much longer.
It’s tough being a Wal-Mart greeter in ‘Murica.
http://www.theburningplatform.com/2016/06/24/wal-mart-greeter/
LOL… thanks!
MarketWatch dot com
A storm is brewing in the real-estate market, Pimco warns
By Shawn Langlois
Published: June 20, 2016 3:46 p.m. ET
Pacific Investment Management Co. is pointing to gathering clouds in the roughly $3 trillion commercial real-estate market.
“…[A] confluence of factors—volatility in public markets, tightened regulations, maturing loans and uncertain foreign capital flows—is creating a blast of volatility for U.S. commercial real estate,” said Pimco’s John Murray, in a report jointly written with Anthony Clarke.
That volatility could lead to prices falling by as much as 5% in the coming year for so-called commercial mortgage-backed securities associated with the financing of properties, including shopping malls, apartment complexes and office buildings, according to Pimco’s “U.S. Real Estate: A Storm Is Brewing.
…
With the Fed poised to escalate its financial warfare against the 99% by announcing NIRP, ‘Muricans would be well-advised to raise their awareness of what a scam and rip-off NIRP will be.
http://wolfstreet.com/2016/06/25/i-think-this-willful-ignorance-will-bring-on-a-banking-crisis/