Sellers Who Had To Put Their Tails Between Their Legs
The Houma Today reports from Louisiana. “Home prices in the Houma-Thibodaux area dipped slightly compared to just a year ago, according to CoreLogic. Lucille Duprey, general manager at Larussa Real Estate in Houma, said the oil slump has affected the real estate market, but it ‘hasn’t been catastrophic.’ Duprey said while there have been a number of local layoffs, the area has a diversified market that keeps the real estate market going. ‘They always say to expect the worst, but I don’t think it’s as bad as the 80s. I don’t see the amount of foreclosures that we’ve seen in past years. I’m remaining optimistic and I certainly wouldn’t mind paying more at the pump,’ she said.”
The Casper Star Tribune. “Wyoming lost nearly 8,700 jobs from the first quarter of 2015 to the first quarter of 2016, according to a new report from the state’s Economic Analysis Division. Wenlin Liu, the chief economist for the state Economic Analysis Division, said the last time the state unemployment rate was higher than the country’s was during the Great Recession. ‘The largest factor is the mineral extraction industry,’ he said. ‘Due to the reduction in energy activities caused by the dramatic downturn of both oil and natural gas prices, sales of equipment, supplies and services, the mining sector experienced a year-over-year contraction of 55.1 percent for the first quarter of 2016,’ the report said.”
“The report went on to say the decline is ‘the steepest drop ever in Wyoming’s history.’ Permits for single-family home construction were down 17 percent in the first quarter of 2016 compared to the same period in 2015, but permits for multi-family housing doubled. ‘The worst is either behind us or approaching,’ Liu said.”
The Albuquerque Journal in New Mexico. “You can measure the slow-rolling oil bust in the thousands of frack tanks, water-hauling trucks and port-a-potties parked in dirt lots, out of service. Or take stock of it at a popular steak restaurant, where a year ago the bar was packed three deep after 5 p.m. and 25-year-old Irma Zamudio was pulling $900 a week in tips. Today, she says she is lucky to take home $500. See it in the ‘free rent’ signs hanging on housing complexes, at the ‘unbelievably busy’ Palmer Drug Abuse Program, and on the now-quiet highways to the oil and gas fields around Loco Hills and Eunice.”
“The thousands of working people who came to work the boom begin to leave and homes for rent stand empty. Gretchen Koether is president of the Hobbs realtors’ association. A major property manager tells Koether that two-thirds of her business is ‘outgoing,’ Koether said, and ‘50 percent of those are giving notice because they found jobs elsewhere, and 50 percent are coming in and throwing their keys on the desk and saying they can’t make it here anymore.’”
“Irma Zamudio, the 25-year-old bartender who works at the popular steak restaurant, said her husband had been working in the oilfield since he was 18. Their whole adult lives were boom times – until the bust. ‘It really caught us by surprise,’ she said. ‘We didn’t save. In the back of our heads, we always knew it wasn’t guaranteed. It can go back up and fall right back down again. Next time, we’ll prepare for the worst.’”
The Midland Reporter Telegram in Texas. “Double-digit declines continue to prevail in the Midland-Odessa economy as the area’s dominant oil and gas industry continues to struggle with low commodity prices and activity levels. Leading the decline is unemployment, which is up 29.3 percent from last May and up 42.2 percent the first five months of this year compared to the same time frame of 2015. Employment is also down sharply compared to last year. May employment was down almost 5,000 jobs from last May and is down almost 9,000 jobs so far this year compared to last year.”
“May building permit valuations were down 40.2 percent in May from last May’s levels, and are down 34 percent so far this year when compared to last year. In the 17 months from January 2015 to May 2016, real building permit activity has declined (year-over-year) in 15 of those months, said Karr Ingham, the Amarillo economist who prepares the Midland-Odessa Regional Economic Index.”
“New single-family housing construction has also generally been in a state of decline over that period as well and that remains the case with Midland-Odessa issuing 70 new housing permits in May, down 30.7 percent from 101 last May. Housing prices have also yet to show significant declines, Ingham said. The May average sales price of $237,468 was down 6.9 percent from $255,111 last May, which was over 9 percent above the average sales price in May 2014.”
The Orange County Register in California. “Is there a summertime chill for Orange County’s upper crust? ReportsOnHousing says the local resale housing market is going through a pretty typical post-spring cooling, but its most dramatic slowing is for the pricier homes listed. As of June 30, the supply of homes priced above $1 million had grown by 8 percent in a month. Meanwhile, demand for those homes — measured as new escrows opened — fell by 19 percent.”
“ReportsOnHousing measures ‘market time,’ how fast inventory would sell at current rate of demand. For all Orange County homes, market time was 74 days on June 30 vs. 65 days a month earlier. Homes priced between $1 million to $1.5 million: market time was 143 vs. 102 days a month ago. Between $1.5 million to $2 million, 159 days from 137. Above $2 million, 322 days vs. 231 days. Overall inventory of existing homes listed for sale rose by 8 percent in two weeks to 7,104, the highest since August 2015 and 7 percent above the year-ago level.”
The Belmontonian in Massachusetts. “Remember the memorable final line in the outstanding film ‘The Usual Suspects’? ‘And like that, poof. He’s gone.’ You could change a few words, and you have a metaphor for the Belmont real estate market. ‘And like that, poof. The house for sale was gone.’ In the past week, six of the seven homes and condos that sold were bought just weeks after being listed on the market. And in half the sales, the final price was greater than the original list price.”
“But there is one caveat to that supply/demand function for real estate in Belmont: don’t be greedy. There have been numerous examples – many involving high-end homes reported in the Belmontonian – of sellers who had to put their tails between their legs and recalculate (i.e., cut) the listing price. Buyers are willing to pay a premium but not a ransom for a house. Winchester is just one town over, and it has better roads, a new high school, and the same housing stock.”
‘But there is one caveat to that supply/demand function for real estate in Belmont: don’t be greedy. There have been numerous examples – many involving high-end homes reported in the Belmontonian – of sellers who had to put their tails between their legs and recalculate (i.e., cut) the listing price’
Another supply/demand expert. As far as high end, this very paper kinda laughed at the houses which were selling for a million bucks not that long ago.
Mark Hanson’s latest post……
http://mhanson.com/7-5-hanson-house-prices-ready/
I posted there regarding Las Vegas, which he used to write about often. My rental’s zestimate went down steadily in the winter until April. Now it’s shot up from $265K to almost $300K. It’s making me sick.
The charts in M. Hanson’s current blog piece are very telling -
Bubble bubble toil and trouble……
It’s true - there’s a limit and it looks like we’ve reached it.
“…then what do you call “now” with house prices at or above 2006 levels; worse affordability; tighter credit; higher unemployment; a weakening total workforce; and shrinking wages?”
There’s never been a better time to buy a house. —NAR
‘http://www.realtor.com/realestateandhomes-search/Midland_TX
Midland, TX Real Estate and Homes for Sale
1,177 Homes
http://www.realtor.com/realestateandhomes-search/Midland_TX/show-price-reduced
Midland, TX Price Reduced Homes for Sale
456 Homes
Teardowns and Shadow-Flipping: Living Inside the Insane Vancouver Housing Bubble
by Angela Johnson • July 5, 2016
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Here’s what’s happening in my neighborhood.
By Angela Johnson, Vancouver, Canada:
June was another banner month – in a long series of banners months – for housing in Vancouver, with the most sales for any June on record. The MLS Home Price Index benchmark price for all residential properties in the Metro Vancouver market soared 32.1% year-over-year to C$917,800, the Real Estate Board of Greater Vancouver reported today. The benchmark price for apartments jumped 25.3% to C$501,100. The benchmark price for detached houses skyrocketed 38.7% to C$1.56 million…(more)…
http://wolfstreet.com/2016/07/05/teardowns-shadow-flipping-living-inside-vancouver-housing-bubble/
I have done a fair amount of traveling so far this year. We visited family in Bethesda, MD this spring, where we saw and heard about numerous teardowns on the street where they lived. And this week I visited an old friend at his St. Louis County home where I heard about teardowns and resales in his neighborhood.
It seems teardowns are all the rage wherever you look!
Seattle is not far behind - look at this unsafe-to-enter teardown that just sold for twice the asking price in a huge bidding war:
http://www.seattletimes.com/business/this-mold-house-decaying-home-too-dangerous-to-enter-sparks-insane-bidding/?utm_source=email&utm_medium=email&utm_campaign=article_left_1.1
No fraud in that transaction.
The Big Unravel: US Commercial Bankruptcies Skyrocket
by Wolf Richter • July 6, 2016
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Instead of that promised “escape velocity.”
This year through June, there have been 91 corporate defaults globally, the highest first-half total since 2009, according to Standard and Poor’s. Of them, 60 occurred in the US. Some of them are going to end up in bankruptcy. Others are restructuring their debts outside of bankruptcy court by holding the bankruptcy gun to creditors’ heads. In the process, stockholders will often get wiped out.
These are credit fiascos at larger corporations – those that pay Standard and Poor’s to rate their credit so that they can sell bonds in the credit markets…(more)…
http://wolfstreet.com/2016/07/06/big-unravel-u-s-commercial-bankruptcies-skyrocket/
“Defaults and bankruptcies are indicators of the ‘credit cycle.’”
The part of the credit cycle when somebody’s money goes poof.
“Easy credit with record low interest rates – the handiwork of the Fed with QE and ZIRP – has allowed businesses to borrow beyond their ability to carry this debt as everyone had been drinking the ‘escape velocity’ Kool-Aid, the notion that growth in the economy would finally and very soon kick in and reach escape velocity. Year after year, for six years straight, it failed to kick in.”
Oooops.
Hey look it’s another narrative:
“In recent days, jihadists killed 41 people at Istanbul’s bustling, shiny airport; 22 at a cafe in Bangladesh; and at least 250 celebrating the final days of Ramadan in Baghdad. Then the Islamic State attacked, again, with bombings in three cities in Saudi Arabia.
By Tuesday, Michel Kilo, a Syrian dissident, was leaning wearily over his coffee at a Left Bank cafe, wondering: Where was the global outrage? Where was the outpouring that came after the same terrorist groups unleashed horror in Brussels and here in Paris? In a supposedly globalized world, do nonwhites, non-Christians and non-Westerners count as fully human?
This is not the first time that the West seems to have shrugged off massacres in predominantly Muslim countries. But the relative indifference after so many deaths caused by the very groups that have plagued the West is more than a matter of hurt feelings.
“Why isn’t #PrayForIraq trending?” Razan Hasan of Baghdad posted on Twitter. “Oh yeah no one cares about us.”
http://www.nytimes.com/2016/07/06/world/europe/muslims-baghdad-dhaka-istanbul-terror.html
“Oh yeah no one cares about us.”
+1 Only jooz suffer.
You can’t post that here. Want to end up like Rachel Corrie did? LOLZ
White people dont care about brown people dying, and I suspect brown people don’t care if white people are dying.
“Where is the global outrage?”
Hmm… here’s another quote from the article:
“All this crazy violence has a goal,” Mr. Kilo, who is Christian, said: to create a backlash against Muslims, divide societies and “make Sunnis feel that no matter what happens, they don’t have any other option.”
Kilo said Sunnis. Not Muslims. Not Iraqis. Sunnis. Maybe that answers his question?
Tomorrow and tomorrow and tomorrow
Creeps in this pretty pace from day to day…
Dow futures slide almost 100 points as Brexit fears keep nagging
By Sara Sjolin
Published: July 6, 2016 5:29 a.m. ET
The risk-off modes continues: Yields drop, stocks stumble, gold rallies
…
Wealth Management
Where to Put Your Money If Interest Rates Turn Negative
If it were to come to a period of negative interest rates–a scenario most U.S. investors have never faced–there are alternatives to consider for money in savings, says Wealth Expert Ted Jenkin.
Photo: Getty Images/iStockphoto
By Ted Jenkin
Jul 4, 2016 10:02 pm ET
With Japan shaking global markets earlier this year announcing they’ll go to negative interest rates and countries including Switzerland, Denmark and Finland already in this interest-rate environment, is the U.S.going to follow suit down this shaky path?
…
I’m still waiting for my NIRP refi. Heck, I’d accept even 0%.
DebtDonkeys will remain submerged even with a negative 70% rate.
Where are the central banks when you need them to prop up share prices?
Business
Shares slide as Brexit fears take hold
13 minutes ago
From the section Business
Global stock markets have fallen and the pound has hit a fresh 31-year low as worries over the UK’s vote to leave the EU continue to rattle markets.
The UK’s FTSE 100 share index was down 1.6% in afternoon trade, while US stocks opened lower on Wall Street.
Earlier, the pound fell to $1.2798, its lowest since 1985, before rebounding.
Analysts blamed warnings from the Bank of England that Brexit risks were “crystallising” and fears about the UK commercial property market.
In afternoon trade, the pound was trading at $1.2952. Sterling has dropped by about 14% against the dollar since hitting $1.50 ahead of the referendum result.
Against the euro, the pound was down 0.5% at €1.17, having earlier hit its lowest level since 2013.
“Pessimistic predictions for sterling are coming true,” said Andrew Edwards, chief executive of ETX Capital. “The pound is the chief proxy for the post-Brexit mood in the markets.”
In the UK. shares in supermarkets, housebuilders and banks have fallen sharply since the referendum.
On Wednesday, Tesco and Morrisons were two of the biggest losers, with their shares dropping 9% and 7% respectively after analysts warned of a potential price war among supermarkets.
Laith Khalaf, an analyst at Hargreaves Lansdown, said further discounting would squeeze supermarkets’ margins at a time when the falling pound is set to make food imports more expensive.
Property-related stocks have been especially hard hit this week after three fund managers decided to stop investors withdrawing money from their UK property funds. Shares in Barratt Developments and Taylor Wimpey fell by more than 4%,
“The suspension of commercial property fund redemptions by a number of big players has precipitated a broader sell-off in the UK property sector including housebuilders and other asset managers,” said Michael Hewson of CMC Markets.
…
The U.S. Oil Patch seems to be experiencing a major economic dislocation, at the same moment in financial history as a lingering debt binge hangover dampens China’s economic growth and Brexit fallout threatens to unravel the Eurozone.
Is it safe to assume that all of these economic maladies are contained, so that contagion is unlikely?
I just read on CNN (horrible source I know), that a recent survey found the US to be sitting on the largest oil reserves globally now, leaping ahead of Saudi. Of course its shale and difficult to get to w/o fracking, but still.
With a globe awash in oil and cratering demand, what did you expect?
What happened to “peak oil”? Heheh
We’re now stuck in a stock-market selloff
Published: July 6, 2016 9:30 a.m. ET
Critical information before the U.S. market’s open
New Line Cinema/Courtesy Everett Collection
Was all that buying “desperate” actually?
By Victor Reklaitis
Markets writer
The skepticism around last week’s rally is growing, piling up at about the same rate as the latest crop of Brexit heebie-jeebies.
That’s leading to talk about whether traders ought to get ready to buy the dip yet again — or look to escape before this week’s selloff gets worse.
“It’s hard to tell at this point whether this is a final capitulation washout or the start of another downleg,” writes Colin Cieszynski at CMC Markets.
…
Come for the weed, stay for the rapes:
http://www.denverpost.com/2016/07/05/homicides-rapes-increase-in-colorado/
Say it out loud: “it’s current year.”
Current year.
“Other highlights from the Crime in Colorado report:”
What, no racial rankings?
drink your legal limit for booze, take 5 hits and try to drive-
it’s impossible
Jollier by the glass.
Photographer Captures Subjects After a Glass (or Two, or Three) of Wine
Lightweight
FoxNewsHate rallies the base, leads with the following:
http://www.foxnews.com/world/2016/07/06/isis-tightens-grip-on-yazidi-captives-held-as-sex-slaves.html
No “smaller government” or “less regulation” or “lower taxes” happening here.
“Virgin. Beautiful. 12 years old…. Her price has reached $12,500 and she will be sold soon.”
The state department should buy all of them… cheaper than a rescue operation.
“Virgin. Beautiful. 12 years old…. ”
Collateral.
Article for Downlow Joe:
http://m.sfgate.com/local/article/Co-op-forming-to-save-SoMa-s-Stud-bar-increase-8341843.php
The rent is too damn high.
“After negotiations with the new owner, rent was set at $9,500/month, three times higher than McElhaney previously paid.”
Talk about getting pegged. Hehe.
Jokes about anal sex and gay people aren’t funny in Current Year.
What are you? 12 years old?
That Liberace is a fine specimen.
He’s been AWOL from the HBB for quite a while now.
Too busy frolicking in the dunes on Fire Island I suppose…
This article describes every American millennial that I’ve ever met:
“On South Korean social media, such folks are called “smartphone zombies.” Recently, the Seoul city government started to putting up warning signs for smartphone users, seeking to communicate that, if they don’t look up, they could collide with another pedestrian, or wander into the street and get run over.”
http://www.latimes.com/world/asia/la-fg-korea-smartphone-zombies-snap-story.html
A texting-while-walking video …
https://www.youtube.com/watch?v=fTOZjXjaCaE
Er, make that a walking-while-talking video.
And they wander right onto your lawn!
Bloomberg piece from a week ago (it’s still linked from their front page) pimps amnesty, includes tearjerker narrative about hard workers just trying to put food on their families:
http://www.bloomberg.com/news/articles/2016-06-30/the-long-road-to-immigration-reform
Today on Bloomberg radio, the globalist newscaster praised the gig economy (he used the term), extolling the virtues of a “flexible workforce.”
Pensions used to be considered a luxury. Now a full time job with bennies (holidays, vacations, insurance) is becoming the new luxury.
Or a wage earning job period. Next thing you know we’ll be working for ATT or JP Morgan in a small hut with daily portions of rice wondering what the old days were like.
This is what happens when prices are grossly inflated my friends…… demand craters resulting in record joblessness.
Or a wage earning job period.
That’s next, automation will make P/T menial jobs obsolete. I can envision a McDonalds that is unstaffed and fully automated. Or a WalMart with only a handful of employees (a shift manager and maybe a tech).
But really, tell most people that you have a F/T job with benefits and many will get wide eyed, especially if the job pays well.
No joke. Well Walmart is already partially staffed. When was the last time you went to a Walmart that had more than 6 registers staffed among the 25+ lanes? I enjoy going to the movie theater, museum, theme park, grocery store with self-help kiosks. Tap tap tap, swipe card, walk away.
The USPS by my old residence had an automated kiosk wayyyyy in the corner which was often ignored. It was hilarious to see people waiting in a 15-20 min line when the kiosk was open and could handle all postage requirements.
The Wal-Mart neighborhood markets are like that. I walked into one in Texas and it took me several minutes to figure out what was bothering me about it. Finally it hit me: It was nearly bereft of employees. There were no departments that required people: bakery, deli, specialty meat counter, cheese counter, salad bar, etc. Everything was pre-packaged in some central warehouse and shelved as and grab-and-go. I don’t remember the produce section, but that was likely pre-wrapped too.
Fresh pizza and routisserie chicken from 100 miles away, mmmm
I started working in 1985. Not one of my employers had pensions. But the first 11 years I was a feral employee of DOD. Got in after the cutoff for CSRA.
‘The worst is either behind us or approaching,’ Liu said.”
This genius probably has a PhD and this is all he can come up with as a summation.
Crater. No PhD necessary.
That’s some Yogi Berra level wisdom there.
‘The worst is either behind us or approaching,’ Liu said.
… a la Reservoir Dogs.
“CMBS Has “Greatest Ever Monthly Delinquency Increase”
http://www.zerohedge.com/news/2016-07-05/time-take-feds-warning-seriously-cmbs-has-greatest-ever-monthly-delinquency-increase
Worst performing investment ever is debt. Better get rid of it.
“Housing Bubble 2.0 is here. Protect Yourself from the Next Crash”
http://20somethingfinance.com/housing-bubble-and-crash/
“US Treasury Yields Crash To New Record Lows”
http://www.zerohedge.com/news/2016-07-05/us-treasury-yields-crash-new-record-lows
Seems Mr. Market has again assumed the crash position.
Oh the inventory is piling up in Chandler, AZ and Norther Georgia and even the Bay Area. I think all the Chinese investors that paid cash for houses in the last 5 years are bailing out at the same time. Hang on folks, school starts in 4 weeks and if this inventory isn’t cleared!! The worst is ahead of us and it’s going to be ugly: Housing, Stocks, Tech and the Dollar. Precious metals will skyrocket.
The summer housing season is already over. IMO the school year dictates the selling season: Parents want to close by August to enroll their kids in the next school year and most have already done so. This is why Spring numbers are high (Offer March 1, close mid May, move right when the kids get out) and it’ll be lower in August. If you have a house for sale now you may as well delist it and wait for February to relist
“IMO the school year dictates the selling season: Parents want to close by August to enroll their kids in the next school year and most have already done so.”
+1 The sprogs take control of your life.
Infamous words, “I should have bought when…”, I knew I should have stacked a few more Ozs of PMs back in Jan, or even last month. PM’s have gone beserk since Brexit.
I think I’m going to buy some gold for the first time. I refused @ $600 because I thought it was too high! I won’t buy much, will get both gold and silver. Where do you store it?
My friend’s house has what I figure to be the best storage location for PMs in his basement - a dummy 4″ ABS sewer cleanout that was installed when the house was built.
Nobody is going to open that up looking for valuables, that’s for sure!
I just leave them in the linen closet and worry every time I leave the house with no one home (which is rare.) Our stash must be small in comparison to others, but it’s quite heavy for a small box, four to one Ag to Au. I heard on the radio the other day that only 1% of the US population has PMs.
Of course, I’m am taking the box along with me for a boat ride on Lake Mead. I’m not worried because there’s so little water left if we sink we’ll probably have no problem finding it. It’s also likely with what’s going on around here, we’ll be robbed.
We’ve moved so many times that we just end up of throwing stuff everywhere. Lately I’m looking at everything with an eye for getting rid of it, like we did 10 years ago leaving NYC. I also think we’ll end up moving next year (not that we want to.)
We were very, very light when we got here in Las Vegas. That was surprisingly liberating. Over time, we’ve accumulated crap again.
Oh the inventory is piling up in Chandler, AZ and Norther Georgia and even the Bay Area. I think all the Chinese investors that paid cash for houses in the last 5 years are bailing out at the same time. Hang on folks, school starts in 4 weeks and if this inventory isn’t cleared!! The worst is ahead of us and it’s going to be ugly: Housing, Stocks, Tech and the Dollar. Precious metals will skyrocket.
“I think all the Chinese investors that paid cash for houses in the last 5 years are bailing out at the same time.”
Why bail if you’re debt free, and where would you (grasshopper) go?
Exactly, if you paid with cash why exactly are you dumping at a loss?
To pay off other losses or use for living….or to buy precious metals?
Anyone believe them?
Their whole adult lives were boom times – until the bust. ‘It really caught us by surprise,’ she said. ‘We didn’t save. In the back of our heads, we always knew it wasn’t guaranteed. It can go back up and fall right back down again. Next time, we’ll prepare for the worst.’”
After yesterday’s “no criminal intent” get out of jail card for Hillary.
We are not a nation of laws anymore.
And the foolish left never thinks this will ever be used against them.
——–
Can Obama Pardon Millions of Immigrants?
New York Times | JULY 6, 2016 | PETER L. MARKOWITZ
WHEN the history of President Obama’s legacy on immigration is written, he will not go down as the president who boldly acted to protect millions of families from the brutality of our nation’s unforgiving immigration laws. The Supreme Court made sure of that last month, when it deadlocked on the legality of his program to defer the deportation of parents of American citizens and residents. Instead, he will be judged on what he actually did: deport more immigrants than any other president in American history, earning him the moniker “deporter in chief.”
However, President Obama can still act to bring humanity and justice to an immigration system notoriously lacking in both. He can do so by using the power the Constitution grants him — and only him — to pardon individuals for “offenses against the United States.”
The debate over the deportation deferral program has been framed as a question of the division of powers. Both sides agree that Congress is the only entity that gets to define offenses against the United States. Reasonable commentators also agree that the president enjoys prosecutorial discretion to determine which deportation cases to pursue and which to forgo. The difficult question is whether a categorical decision to decline to prosecute millions begins to intrude on Congress’ power. While the program is consistent with the way previous presidents have used prosecutorial discretion, without guidance from the Supreme Court, debate will surely continue.
…
Finally, some would surely argue that a pardon protecting a large category of immigrants from deportation would, just like the deportation deferral program, effectively amount to a repeal of laws enacted by Congress. However, pardons do nothing to alter the law. They protect certain past offenders from punishment and prosecution, but leave the law unchanged…
It’s the New York Times.
And it’s Current Year.
All hail The Lizard Queen!
Inside the insane Vancouver housing bubble.
http://wolfstreet.com/2016/07/05/teardowns-shadow-flipping-living-inside-vancouver-housing-bubble/
Canada is too busy shagging corrupt Asians.
Conned by the neocons.
http://www.businessinsider.com/chilcot-inquiry-iraq-inquiry-chilcot-report-live-blog-results-statement-key-points-summary-tony-blair-2016-7
http://www.businessinsider.com/iraq-war-chilcot-report-did-tony-blair-lie-about-wmd-2016-7
Tony Blair… poor guy needs a three day weekend on Epstein Island.
But…but…escape velocity!
http://wolfstreet.com/2016/07/06/big-unravel-u-s-commercial-bankruptcies-skyrocket/
Speaking of velocity …
IMO the update of this velocity chart is way over due:
https://fred.stlouisfed.org/series/M2V
M2V keeps lowering and lowering and lowering…ever since hitting a peak the third quarter of 1997!
I have a feeling that the eventual reversal in this trend will prove a significant turning point from the present tendancy towards ever-lower interest rates and bond yields.
Adding more money to circulation probably does serve to dilute the purchasing power of the masses while benefiting a relatively few.
Add to that large amounts of debt from decades of pro-debt policies and low interest rates encouraging yet more debt, and you get the M2 velocity chart above.
People vote with their guts, their brainstems. The rise of protest candidates on both the right and left suggests there is systemic disaffection with the current social situation. Carville said, “It’s the economy, stupid!”
And yet the Fed’s indicators are so rosy. It’s almost like it’s… propaganda. Or incompetence. The LTCM guys were the smartest guys in the room. Until their business imploded and got a bailout (which could be an indicator of criminal intelligence).
Venezuelans voted themselves benefits someone else would have to pay for, aka socialism. Now they are reaping what they voted. Coming soon to a Democrat-run collectivist kleptocracy near you.
http://www.miamiherald.com/news/nation-world/world/americas/venezuela/article87832857.html
I’m reading “The Ukrainian and Russian Notebooks” by the Italian illustrator Igor Tuveri which has just been translated into English.
It’s a comic book format depicting oral narratives given to the author by people who lived under Stalin’s rule. The part about dekulakization in Ukraine includes page after page of starving and dead children. Stalin “reduced” the Kulak population from 5.6 million to less than 200,000.
Every collectivist regime in history results in genocide and/or mass starvation.
Every. Single. One.
“And how we burned in the camps later, thinking: What would things have been like if every Security operative, when he went out at night to make an arrest, had been uncertain whether he would return alive and had to say good-bye to his family? Or if, during periods of mass arrests, as for example in Leningrad, when they arrested a quarter of the entire city, people had not simply sat there in their lairs, paling with terror at every bang of the downstairs door and at every step on the staircase, but had understood they had nothing left to lose and had boldly set up in the downstairs hall an ambush of half a dozen people with axes, hammers, pokers, or whatever else was at hand?… The Organs would very quickly have suffered a shortage of officers and transport and, notwithstanding all of Stalin’s thirst, the cursed machine would have ground to a halt! If…if…We didn’t love freedom enough. And even more – we had no awareness of the real situation…. We purely and simply deserved everything that happened afterward.”
― Aleksandr Solzhenitsyn
Wow, awesome quote, thank you.
Every collectivist regime in history results in genocide and/or mass starvation.
Okay, but no real crimes were committed. They were just careless.
This book is rather gnarly.
Apparently during winter 1932-1933 alot of Ukrainian children were eaten, many by their own families.
All regimes by definition are collectivist.
Every collectivist regime in history results in genocide and/or mass starvation.
Producers who resist “fairness” and “redistribution of the wealth” must be smashed. It’s for the children. But first, they need to be disarmed in one fell swoop.
http://www.washingtontimes.com/news/2016/jul/5/matt-damon-jason-bourne-star-calls-for-us-to-ban-g/
You know we’re close to the bottom when we have to get our advice from celebrities. Betters!
Washington Times? That Moonie rag? Check out this narrative:
“But conservative lawmakers, including several who belong to the far-right House Freedom Caucus, argued that the legislation could violate an individual’s Second Amendment rights, based on what the government anticipates that person might do in the future.
“If the bill becomes law, it will mark a massive expansion of the government’s ability to restrict gun rights on the basis of precrime—a crime not yet committed,” Freedom Caucus member Justin Amash (R-Mich.) posted in a lengthy diatribe on his Facebook page. This bill “is the actualization of dystopian fiction.”
http://www.thehill.com/homenews/house/286605-ryan-faces-gop-defections-on-gun-proposal
Keep your eyes on Amash, he is one of the last beacons of liberty in Congress, hope he doesn’t go down in flames (literally) like Paul Wellstone did…
Any capitalist exceptions to that rule?
Didn’t think so.
Chinese Yuan further devalued against the dollar. Chinese embezzlers are going to be paying more to park their stolen money in real estate.
http://www.marketwatch.com/investing/currency/usdcny?mod=MW_story_quote
“All animals are equal, but some animals are more equal than others.”
– George Orwell, ANIMAL HOUSE
http://nypost.com/2016/07/05/fbi-boss-outrageous-double-standard-in-letting-hillary-skate/
Did John Belushi play Napolean?
Cops find illegal immigrant packed in suitcase trying to … - YouTube
https://www.youtube.com/watch?v=xy70bxpMaf8 - 149k - Cached - Similar pages
13 hours ago …
Published on Jul 5, 2016
The man from Eritrea had managed to stuff himself inside the small suitcase despite being almost six foot tall.
An accomplice carried him onto a train from Milan that had stopped in Chiasso just over the border in Switzerland.
Travellers raised the alarm with the train guard after hearing noises coming from the suitcase and no-one came forward to claim it.
But Swiss cops had already been alerted by Italian colleagues that two Eritreans were trying to head north into Switzerland and the train was stopped when it crossed the border.
Guards boarded the train which had left Milan 45 minutes earlier and passengers pointed out the suitcase which was dragged off the train and onto a platform at Chiasso station.
And they were left gobsmacked as the man’s head first poked out and then a hand as he struggled to unzip the case, eventually needed a hand from a guard to emerge into the open.
His accomplice was found hidden in a toilet.
A Swiss police source said:’’We received a call from Italian colleagues that two Eritreans were attempting to get into the country and travel northwards across Europe to Britain.
‘’The information was that one man was hidden in a suitcase and another man was travelling with him. The suitcase was pointed out to us and the man found inside. He was in his 20s and we found his friend hiding in a toilet on the train.’’
Officials said neither men had any documents on them and they were both sent back to Italy.
The Houdini style attempt is not the first time migrants have tried to sneak across borders - with some squeezing themselves into tiny spaces in car engines.
The DNC should lay on direct charters to airlift millions of Democrat-on-Arrival migrants directly from their countries of origin to the Red states.
2008 redux, despite the Fed and central banks throwing $16 trillion in printing-press “stimulus” into the black holes.
http://www.zerohedge.com/news/2016-07-06/eu-banks-crash-crisis-lows-funding-crisis-accelerates
Peak FBI Corruption? Meet Bryan Nishimura, Found Guilty For “Removal And Retention Of Classified Materials”
According to Comey, “we cannot find a case that would support bringing criminal charges on these facts.”
“Well, we did. Here is the FBI itself, less than a year ago”
Zero Hedge - July 6, 2016
In a scandalous announcement, FBI director James Comey moments ago said that “although there is evidence of potential violations of the statutes regarding the handling of classified information” and he gave extensive evidence of just that, “our judgment is that no reasonable prosecutor would bring such a case.”
He added that “prosecutors necessarily weigh a number of factors before bringing charges. There are obvious considerations, like the strength of the evidence, especially regarding intent. Responsible decisions also consider the context of a person’s actions, and how similar situations have been handled in the past.”
What is even more shocking is that according to Comey, “we cannot find a case that would support bringing criminal charges on these facts.”
Well, we did. Here is the FBI itself, less than a year ago, charging one Bryan H. Nishimura, 50, of Folsom, who pleaded guilty to “unauthorized removal and retention of classified materials” without malicious intent, in other words precisely what the FBI alleges Hillary did (h/t @DavidSirota):
U.S. Magistrate Judge Kendall J. Newman immediately sentenced Nishimura to two years of probation, a $7,500 fine, and forfeiture of personal media containing classified materials. Nishimura was further ordered to surrender any currently held security clearance and to never again seek such a clearance.
According to court documents, Nishimura was a Naval reservist deployed in Afghanistan in 2007 and 2008. In his role as a Regional Engineer for the U.S. military in Afghanistan, Nishimura had access to classified briefings and digital records that could only be retained and viewed on authorized government computers. Nishimura, however, caused the materials to be downloaded and stored on his personal, unclassified electronic devices and storage media. He carried such classified materials on his unauthorized media when he traveled off-base in Afghanistan and, ultimately, carried those materials back to the United States at the end of his deployment. In the United States, Nishimura continued to maintain the information on unclassified systems in unauthorized locations, and copied the materials onto at least one additional unauthorized and unclassified system.
Nishimura’s actions came to light in early 2012, when he admitted to Naval personnel that he had handled classified materials inappropriately. Nishimura later admitted that, following his statement to Naval personnel, he destroyed a large quantity of classified materials he had maintained in his home. Despite that, when the Federal Bureau of Investigation searched Nishimura’s home in May 2012, agents recovered numerous classified materials in digital and hard copy forms. The investigation did not reveal evidence that Nishimura intended to distribute classified information to unauthorized personnel.
This case was the product of an investigation by the Naval Criminal Investigative Service (NCIS) and the Federal Bureau of Investigation. Assistant United States Attorney Jean M. Hobler prosecuted the case
According to Comey, “we cannot find a case that would support bringing criminal charges on these facts.”
FBI — Folsom Naval Reservist is Sentenced After Pleading Guilty to …
https://www.fbi.gov/sacramento/press-releases/2015/folsom-naval-reservist-is-sentenced-after-pleading-guilty-to-unauthorized-removal-and-retention-of-classified-materials - 33k - Cached - Similar pages
Jul 29, 2015 … SACRAMENTO, CA—Bryan H. Nishimura, 50, of Folsom, pleaded guilty today to unauthorized removal and retention of classified materials, …
It really was Bryan Nishimura’s fault.
He should have just gone to the airport, walked on Attorney General Loretta Lynch’s jet and ironed out some other arrangements like former President Bill Clinton did for Hillary.
Watch and learn, Democrats. Watch and learn.
https://www.theguardian.com/world/2016/jul/05/venezuelans-storm-colombia-border-food
Interesting the first few featured areas are all coming down off oil booms. I suppose that’s one of the only things our country is still producing, so it would have a large economic impact.
As for Belmont, MA. That doesn’t surprise me. It borders Cambridge, which features a lot of tech, biotech, and obviously colleges. It’s also close to the “tech beltway”/ Waltham, where a lot of corporations are HQ’d : Raytheon, SamsungPay, Oracle has a large office, some other large DoD contractors.
I stated before a little anecdote, a nice SFH I drive by was for sale here in the North Shore of Boston/Ma, and thought “hmm that’s a nice little house, I wonder how much.” Before I remembered to research, it was under contract. A grand total of 4 days on the market, full asking price, for a 2000 sq ft SFH that was built in 1950. A couple other homes by it were also under contract within a couple of weeks tops, and also got full asking. It’s worse in the western ‘burbs of Mass like Newton, Arlington, Waltham, Wesselly, from what I hear from coworkers and online, its outright bidding wars.
Waltham used to be a dump
My brother went to Bentley and I went to Babson Newton was nice
I believe it. A lot of Mass. is a dump. People buy fixer upper sin Southie for $600,000. You can probably find overpriced houses as much as heroin needles in some of the old mill towns like Lawrence and Lowell
Neocons gotta neocon.
https://www.theguardian.com/uk-news/2016/jul/06/tony-blair-deliberately-exaggerated-threat-from-iraq-chilcot-report-war-inquiry
And even worse than that, Tony Blair was a fan of Oasis.
Something wicked this way comes.
http://www.zerohedge.com/news/2016-07-06/it-feels-2008-government-bond-yields-signal-something-very-nasty-coming
It does seem like yields haven’t been quite this plungy since 2008. To my recollection, there was a significant lag back then between when bond yields plunged to ever-lower levels and when Lehman Brothers and other major too-big-to-fail financial entities collapsed, nearly taking down the entire global financial system before the Committee to Save the World stepped in to bail out almost everyone with a stake in the financial sector.
‘For all Orange County homes, market time was 74 days on June 30 vs. 65 days a month earlier. Homes priced between $1 million to $1.5 million: market time was 143 vs. 102 days a month ago. Between $1.5 million to $2 million, 159 days from 137. Above $2 million, 322 days vs. 231 days.’
Up almost 100 days in one month?
You have to wonder if news like this might trigger a panicked rush to sell by the all-cash Chinese investors and other fly-by-night buyers who have driven up the price of coastal California housing in recent years?
The Chinese are buying up Bitcoin. They already bought up OC.
‘Leading the decline is unemployment, which is up 29.3 percent from last May and up 42.2 percent the first five months of this year compared to the same time frame of 2015. Employment is also down sharply compared to last year. May employment was down almost 5,000 jobs from last May and is down almost 9,000 jobs so far this year compared to last year’
Population: 123,933 (2013)
And they’re still building houses. The NM article says they are too.
Craigslist lumps Midland, Odessa and parts of NM in together:
https://odessa.craigslist.org/search/apa
1 to 100 of 2500
https://odessa.craigslist.org/search/apa?query=free+rent
1 to 100 of 1869
Down goes DB.
http://finance.yahoo.com/q?uhb=uhb2&fr=uh3_finance_vert_gs&type=2button&s=db
Seems like plunging bond yields might offer a decent opportunity to bottom-fish for stocks of internationally prominent banks which will survive whatever bad news is coming our way.
Thoughts?
Whoopsie-daisey….
http://www.zerohedge.com/news/2016-07-06/european-market-breaks-stoxx-50-stoxx-600-have-not-calculated-prices-nearly-hour
A MegaCrater forming.
Sounds ominous!
Seems more like a simple technology boondoggle.
LOLZ - so now the corporate media mouthpieces are telling us that in the wake of BREXIT, the vanishing middle class should “force” government to address their plight. That’s rich. 95% of the middle class continues to bend over election after election for the Oligopoly that is stealing them blind by voting for its Republicrat water carriers. So they are getting exactly what they’re voting for: screwed. Stupid SHOULD hurt….
http://www.marketwatch.com/story/brexit-should-force-governments-everywhere-to-address-plight-of-the-fading-middle-class-2016-07-06
‘while there have been a number of local layoffs, the area has a diversified market that keeps the real estate market going. ‘They always say to expect the worst, but I don’t think it’s as bad as the 80s. I don’t see the amount of foreclosures that we’ve seen in past years. I’m remaining optimistic and I certainly wouldn’t mind paying more at the pump’
You go girl. Of course, I doubt your over payment sentiment is going to change things much.
‘A major property manager tells Koether that two-thirds of her business is ‘outgoing,’ Koether said, and ‘50 percent of those are giving notice because they found jobs elsewhere, and 50 percent are coming in and throwing their keys on the desk and saying they can’t make it here anymore’
A lot of these little towns are going to dry up and blow away. Long ago I posted an article saying motel/hotel rates in Carlsbad NM were as high as Manhattan. I said at the time, this isn’t good. It amazes me that the media or economists can’t see that hyper-active booms are dangerous.
“I should have sold when the getting was good. Now I’m going to lose my ass.”
This is preventable. Don’t overpay for depreciating assets like houses.
Pfttt. No American city has a true “diversified” economy. That’s a unicorn. Either they have a heavily Govt subsidized industry in town, office paper shufflers for a corporation/insurance/finance, or “tech”.
‘The latest figures show that Alberta’s insolvency rate has climbed dramatically since a year ago compared to the national rate. The total number of insolvencies — bankruptcies and consumer proposals — filed by individuals increased 52.8 per cent from April 2015 to April 2016 in Alberta, according to the Office of the Superintendent of Bankruptcy Canada.’
‘Across the country, the number of insolvencies was up 4.9 per cent over the same period.’
‘The number of proposals — the term given to a formal agreement with creditors under the Bankruptcy and Insolvency Act to settle debts under conditions other than the existing terms — registered by individuals in Alberta rose by 68.4 per cent in the past year. That compares with an 8.7 per cent increase nationally.’
‘The dramatic drop in energy prices since late 2014 and the subsequent layoffs left Alberta with an unemployment rate of 7.2 per cent. Saskatchewan and Manitoba also saw a sharp increase in personal insolvency in the past year, rising 38.4 per cent and 46.3 per cent respectively.’
http://www.cbc.ca/news/canada/calgary/insolvency-rates-bankruptcies-proposals-spike-alberta-1.3658211
Pfttt. No American city has a true “diversified” economy. That’s a unicorn. Either they have a heavily Govt subsidized industry in town, office paper shufflers for a corporation/insurance/finance, or “tech”.
True, but some places are more “one trick pony” than others.
‘U.S. orders for heavy duty trucks in June were down 34 percent from the same month last year to a four-year low as trucking firms were holding off on buying new 18-wheelers amid a weak freight environment, according to preliminary data released by a freight transportation forecaster.’
“The Class 8 market is stuck in a holding pattern, at the bottom end of this cycle,” Don Ake, vice president for commercial vehicles at FTR said in a statement. “Fleets are cautious as freight demand has cooled off this year,” he said.’
‘Preliminary data showed 13,000 units ordered in June, the lowest monthly total since July 2012 and the worst June since 2009. FTR said that all truck manufacturers were equally affected by the month’s weak order numbers.’
http://finance.yahoo.com/news/u-june-truck-orders-seen-164249155.html
I read an article that ship-port traffic on the East Coast was significantly down also. Woohoo 7 magical yrs of recovery and stagnant wages!
And 7 magical years of collapsing demand.
Pfttt. No American city has a true “diversified” economy. That’s a unicorn. Either they have a heavily Govt subsidized industry in town, office paper shufflers for a corporation/insurance/finance, or “tech”.
I’m sure that you can find a few cities that are pretty diversified if you looked into it. America is a big country. On the other hand, regarding “heavily Govt subsidized industry in town, office paper shufflers for a corporation/insurance/finance, or “tech”, keep in mind the fact that what is called “tech” was built on corporate welfare and the FIRE sector relies on bailouts roughly once every decade.
Oh most definitely. The irony is they’re generally all in the southern states, where a vast majority of city snobs would thumb their nose at. All the US manufacturing that does exist is moving, or currently at, South Carolina, Mississippi, Alabama, etc.
Southern California has a population above 10 million in the six most populated counties. Even with the increased spending on MIC lots of military bases have been closed and converted to peaceful uses. The El Toro military base near me is called Great Park and being converted to residential housing to sell to future cancer victims who drink or bathe in the water. That will help the medical industry and law firms in the future as well.
So our industry is diversified and getting more so.
Silver Spring, MD Affordability Improves As Housing Prices Tank 4% YoY
http://www.movoto.com/silver-spring-md/market-trends/
Meanwhile in Chicago……
By Charles Thomas
Tuesday, July 05, 2016 06:25PM
CHICAGO (WLS) — Cook County taxpayers are outraged after property tax bills showed up in the mail. The bills are skyrocketing this year.
The city of Chicago and its public school district’s fiscal problems literally hit home over the weekend, when property owners saw their second installment tax bills.
Outside the assessor’s office, city homeowners told one property tax horror story after another.
“Our taxes increased fivefold,” said William Phillips of Rogers Park. “I was expecting it to go up maybe twice as much but not four to five times as much.”
“My tax bill increased almost $1,200 dollars,” said Cornes King of Chatham.
“More than tripled. The city’s piece more than tripled,” said Logan Square resident Janelle Squire.
The bills that arrived over the weekend reflect rising Cook County real estate values and, in Chicago, the city’s $588 million levy increase. Most of it is to restore police and firefighter pensions that Mayor Rahm Emanuel says his predecessors underfunded.
“A number of people across the spectrum, politically, denied, deferred and delayed the day of judgement,” said Mayor Emanuel.
“I don’t think that I’m getting the services for what I’m paying for,” said King.
Sensing taxpayer unrest, Cook County Board President Toni Preckwinkle promised not to consider a property tax increase to resolve her government’s deficit.
“As an executive in the county, I know I don’t have the votes for a property tax increase to meet our obligations,” said Preckwinkle.
But the Chicago Public Schools Board is expected to approve a $250 million property tax hike to pay for teacher pensions. The new levy was enabled last week by the Illinois General Assembly and Governor Bruce Rauner. The additional charges, hundreds of dollars more for an average city house, will appear on tax bills a year from now.
“We might have to consider selling. I don’t know if we’ll be able to afford it,” said Phillips of his Rogers Park home.
Homeowners could also have less money to pay their property taxes if the Illinois income tax is raised eventually to address the fiscal problems in Springfield.
See, you never, ever own your house outright. There’s ALWAYS a lease payment. And those payments are NOT FIXED.
That’s got to be brutal for people living in states like Illinois or NY/NJ. Paying their mortgage down for 20-30- yrs, then all of the sudden their plan for retirement is thrown upside down when property taxes get larger and larger, and they are on fixed monthly stipends.
As the DNC gains its permanent Democrat supermajority and installs corrupt, incompetent Democrat (redundant, I realize) administrations in every municipality, taxpayers will be caught between the DNC’s desire to enrich their billionaire donors, and the ever-more strident demands of the entitlement legions that sustain them in power. So I predict large, illiquid assets like housing will be low-hanging fruit for the collectivist kleptocrats of the Democrat Party to target for easy “wealth extraction.” Homeowners in these Red Zones will have a simple choice: put up with ever-more extortionate taxes and “fees” or move to a free state.
I eagerly await the first Free State that bars entry to Democrats on the grounds that they should be left to stew in the dystopian messes that they voted for.
Interesting stuff! would not be surprised if this lead to a California Prop. 13 type revolt, that happened waay back in 1978 in response to similar events, retirees losing houses due to taxes, etc….though since then it has lead to huge distortions, similar houses next door to each other might have tax bills that differ by 10 X, greatly decreased mobility, etc…
https://en.wikipedia.org/wiki/California_Proposition_13_(1978)
Takoma Park, MD Affordability Surges As Housing Prices Crater 10% YoY
http://www.movoto.com/takoma-park-md/market-trends/
I came across this interesting/informative comment from the Wolfstreet.com blog …
“I am a small businessman and most of my friends are too. All of our businesses happen to catered to medium to high discretionary incomes….mostly art and fine art, original and handmade decorator items, most one-of-a kind and of American origin.
As a year round high demand vacation spot, We have a high pass thru of wealthy individuals from the world and the USA.
Since early April the activity has vanished, as if a switch was flipped. Not slowed, but vanished. It is not that they are going somewhere else, they are simply not going anywhere and the wallet is tight to the hip. These are the people the FED and Obama depended on to spend their merry way and create a trickle down prosperous America.
I see ‘big sale’ in the windows of expensive ‘name brand’ retailers, not the kind of items that you buy on line . You can sense the ‘available’ sign will soon be taped to the window by some real estate agent expecting to still get 10k a month for 600sf. The delivery services are coming so early now that they have little to deliver or pickup. The mail lady comes about 10AM instead of 2PM.
I sell a bit of personal audio collectables from time to time on eBAT, but you can give something away there now and it sits. I hear that from friends all over the country that nothing is selling on ebat and hasn’t for months
This feels like 2008 and my gut tells me to keep the cash close. 43 years and this time it feels like the clock is striking 12 not 9 for businesses.
There is a damn good reason why business are holding back on spending and why others are going broke….the damn FED, QE, etc.
Now their monkey business has come to my hometown so it has to be in NYC, SF, LA, etc., too.”
Interesting. I’m heading out to Europe in a few weeks and except for the airfare everything is a bargain. Am also receiving a barrage of emails from the river and ocean cruise companies, who are all having fire sales on cruises, with discounts up to the 60-70% range.
I do wonder why airfare has been sticky so far. It’s actually costing a little more than last year.
Taxes seem to constitute a huge majority of overseas/Euro flights. I flew to the UK last yr direct for $880 round trip on Virgin Atlantic, I thought that was reasonable.
I’d like to take advantage of the crashing Pound and Euro.
I just took a looksie in Expedia for Denver/London RT. The “mystery carrier” airfare for a mid August trip was $1455. The only nonstop is on British Air for $1498. I was able to get the same flight last Summer for $1300.
It looks like air fares have a long way to fall too.
Shaun Port, CIO of investment group Nutmeg, predicts that Britain’s property fund will soon all be gated, and remain locked until the end of 2016.
He says:
This is a stark reminder that low volatility does not mean low risk.
“Investors tend to invest on the understanding that they can sell their investment at any time, but the underlying assets - large buildings - are themselves very hard to sell at short notice. They require weeks or months to sell. Worse, some properties under development cannot be sold until development work is completed.”
https://www.theguardian.com/business/live/2016/jul/06/brexit-fears-pound-slides-stock-markets-business-live?page=with:block-577d2fede4b04e08d34e2f1e#block-577d2fede4b04e08d34e2f1e
About 500 Venezuelan women in search of food have broken through border controls separating the western state of Tachira from neighbouring Colombia.
The women said their families were going hungry because of severe food shortages in Venezuela.
Hours later, they crossed back into Venezuela carrying basic goods and singing the Venezuelan anthem.
Venezuela is going through an economic crisis and many Venezuelans say they struggle to feed their families.
Concerted action
The women said they had organised to meet at the border via the instant messaging service WhatsApp.
http://www.bbc.co.uk/news/world-latin-america-36722422
No food, but don’t worry they still have their Galaxy S6 with WhatsApp/4G LTE
More likely some cheapo Chinese brand Android phone, but the contradiction is still there.
I wonder how they paid for their groceries. I’m sure the Colombian supermarkets weren’t accepting Venezuelan Bolivars for payment.
Too bad free-market venders can’t check and see which of these women voted for socialism, then turn them away to starve like they deserve.
Rahzel — All I Know:
“Damn it feels good to see people up on it”
https://www.youtube.com/watch?v=JPy48X97X4E
San Gabriel, CA Affordadability Advances As Housing Prices Sink 4% YoY
http://www.zillow.com/san-gabriel-ca/home-values/
‘Apartment Rents Slow in Luxury Glut’
‘Reis Chief Economist Ryan Severino discusses the glut in the luxury apartment rental market. He speaks on “Bloomberg Markets.”
http://www.bloomberg.com/news/videos/2016-07-06/apartment-rents-slow-in-luxury-glut
Greystar buys Rancho Palos Verdes apartments for nearly $500K per unit
‘Built in 1970, the complex at 6600 Beachview Drive contains one-, two- and three-bedroom apartments and a total of 239,519 square feet. Amenities include a fitness center, gated pool, spa and tennis court.’
http://therealdeal.com/la/2016/07/06/greystar-buys-rancho-palos-verdes-apartments-for-nearly-500k-per-unit/
When I first moved to Texas and was looking at apartments, many people said to avoid apartments owned by Greystar. Lots of stories of them buying complexes and things changing for the worse.
Someone even created a website to document problems https://greystarnightmare.com
Miami Beach, FL Affordability Improves As Housing Prices Crater 5% YoY
http://www.zillow.com/san-gabriel-ca/home-values/
“Florida Realtor Charged With Rape Of Girl He Met On Omegle”
http://trenchreynolds.com/2016/06/23/florida-realtor-charged-with-rape-of-girl-he-met-on-omegle/
#horriblehumanbeings
The fact that a criminal sociopath, Hillary Clinton, is almost certain to become our next president, thanks to stupid, amoral people, is a testament to how bankrupt intellectually and morally the ‘Murican populace has become.
Used to post during bubble 1.0 days. I have been struggling with understanding this latest bubble because of the lack of wildly fraudulent lending compared to the last one. I just received a little bit of anecdotal evidence that helps me explain how this madness is being fueled again.
I just received a text from one of my family members. They just got pre-qualified for a $1 million mortgage with 0% down. They make about $140k combined. That’s over 7x their income. We are right back to crazy town. Granted they would actually have to pay the full PITI including some mortgage insurance, unlike last time. Holy crap, though. We are right back where we used to be.
That’s called a subprime mortgage.
If todays bands didn’t suck so bad, maybe they’d sell more records.
http://www.billboard.com/articles/business/7430863/2016-soundscan-nielsen-music-mid-year-album-sales-sink-streaming-growth
Hillary is not the only Comrade of Proven Worth who is literally above the law and flouts her appartchik impunity from legal consequences in our collectivist kleptocracy.
http://napavalleyregister.com/star/news/opinion/mailbag/say-it-ain-t-so-nancy/article_7a2c043c-bc0a-556b-8d2c-224a931d4e17.html
But…but…stress tests said the Eurozone banks were fine!
https://www.rt.com/business/349690-italy-banks-crisis-eu/
Crooked Hillary has been granted a free hand to take her lawlessness to the next level, sans consequences.
http://www.shtfplan.com/headline-news/off-the-hook-and-unstoppable-hillary-cleared-by-fbi-for-lawless-presidency-in-failed-state_07062016
She gave California firearms owners another great reason to ignore Moonbeam’s new anti gun laws.
http://wolfstreet.com/2016/07/06/deutsche-bank-crisis-coco-bonds-shares-new-low-bond-buybacks/
Deutsche Bank – “the most important net contributor to systemic risks,” as the IMF put it last week after a lag of several years – is having a rough time. Shares dropped 4.2% today to close at a new three-decade low of €11.63, down 48% since July 31 last year, lower even than the low during the doom-and-gloom days of the euro debt crisis and the Global Financial Crisis.
It’s not the only European bank in trouble. Credit Suisse dropped 1.7% today to CHF 9.92, another multi-decade low, down 63% since July 31. Other European banks are getting mauled too. The European Stoxx 600 banking index dropped 3% today to 117.69, approaching the Financial Crisis low of March 2009.
If July 31, 2015, keeps showing up, it’s because this was the propitious day when Draghi’s harebrained experiment with negative interest rates and massive QE came unglued, when European stocks, and particularly European bank stocks began to crash.
Deutsche Bank is so shaky that German Finance Minister Wolfgang Schäuble found it necessary to stick his neck out and explain to Bloomberg in February that he has “no concerns about Deutsche Bank.” Finance ministers don’t say this sort of thing about healthy banks.
All animals are equal, but some animals are more equal than others.
http://time.com/4393859/fbi-hillary-clinton-email-fbi/
San Francisco’s housing bust will be one for the books.
http://www.businessinsider.com/san-fransiscos-housing-bust-is-becoming-legendary-2016-7
Crater