A Tendency For A Herd Effect
A report from Bisnow. “Across the country, developers have been racing to deliver new, highly amenitized urban apartment buildings aimed at the growing population of Millennials looking to rent. But some worry this focus on urban living has forced rents up, and the Millennials being targeted for these buildings are unable to afford them. Seven years ago, average rent was less than $1k. Since it’s now that much more expensive to rent an apartment, it follows that young apartment dwellers need to make more than they did in 2009 to keep up with their bills. While median weekly earnings have seen slight growth in the last two years, young people are still making less in real dollars than they were in 2009, and in 2000.”
“During that same time period, construction for apartment buildings has been soaring. The number of construction permits issued has grown every year, with 2016 more than tripling the number of permits issued in 2009. ‘I personally am a little skittish on buildings with extensive amenity packages and dramatically high operating costs,’ DC-based developer and CEO of EagleBank Ron Paul says. ‘Does that out-price a lot of Millennials because they can’t afford these new buildings?’”
The Post and Courier in South Carolina. “In 2014, real estate tracking service Apartment Guide.com determined that metro Charleston topped the country in planned new apartments, up 8 percent from a year earlier. Now it’s 2016. While comparative numbers aren’t in, ‘the last stat I saw was six months ago, 10,000 units would be coming on board,’ says John Liberatos, owner of development and property management company RentCharleston. ‘Who would have thought we’d have these kinds of numbers in Charleston?’”
“‘It seems to be a lot coming on line,’ says Elaine Worzala, director of the Carter Real Estate Center at the College of Charleston. She feels the boom could be due to the Lowcountry catching the eye of institutional investors. ‘If they overinvest, there’s a tendency for a herd effect.’”
“She acknowledges there’s ‘a little bit (of) overbuilding apartments’ area wide. But Worzala is skeptical about economists purporting that Gen-Ys and Zs prefer the independence of rental properties. She can imagine ‘hipsters’ renting luxury apartments with toddlers and young children in tow. ‘But this thing (in which) 20-somethings stay in apartments until 40, I don’t buy it,’ she says.”
10 News in California. “New apartments are going up in San Diego. So why isn’t the rent going down? Zillow discovered what’s making it more difficult for renters. Since 2014, Zillow found that 64 percent of new apartments were high-end units. Rentals with a median rent of nearly $3,000 a month. Rent of $2,400 is a bit steep for Bush and his family. ‘It’s almost like a mortgage payment,’ said Stephen Bush.”
The Denver Business Journal in Colorado. “So are rents in Denver falling or going up? It depends upon whom you ask. According to apartment rental app Zumper, rents are falling by a lot. According to Zumper, the median price of a one-bedroom rental in Denver fell 3.2 percent in the last month to $1,200. That’s down 4 percent from a year earlier, according to Zumper. At property management software company Yardi Matrix, it’s pointed out that rents are up, but not as much as in the past. ‘Rents in Denver have increased 4.7 percent year-over-year after being in the 8 to 10 percent range for most of the last two years. Demand is still strong in Denver, but supply is growing even faster,’ according to Yardi Matrix’s latest report.”
From Multi-Housing News. “Where are the best and worst markets to be a renter, in terms of price as well as quality of life and other factors? According to a report released this week by WalletHub, an oddly large number of the best places to be a renter are in Arizona: Scottsdale (No. 1), as well as Chandler, Tempe, Gilbert, Peoria, Phoenix and Glendale. The only places in the top 10 not in Arizona are Plano, Texas; Las Vegas; and Tampa.”
The Real Deal. “Equity Residential lowered its revenue projections amid ‘deteriorating’ apartment rental markets in San Francisco and New York, the company said on an earnings call. The firm’s CEO David Neithercut called the amount of new rental supply hitting the market in cities like New York and San Francisco troubling. ‘It’s disrupting us somewhat,’ he said. Despite weakening rents, Neithercut said he has not seen a dip in sales prices for multifamily properties.”
KFYR TV in North Dakota. “Housing vacancies continue to rise and occupancies continue to fall in southwestern North Dakota as the oil slump takes its toll. But agencies say market prices are still not economical for low-wage earners. ND Housing Finance Agency Executive Director, Jolene Kline, says what seems like a cheap-to-moderate price is still expensive for some. ‘So your rents may have went from $2,500, to $1,500, to $1,000. A $1,000 is affordable to a lot more people, but it still isn’t affordable to everyone,’ says Kline.”
The Bisnow article has all these new paradigm explanations for the luxury apartment boom: “Oh, they’ll share, they share everything!” “They don’t mind paying 50% or more of their income in rent!” I read recently this developer in Atlanta saying millennials will pay 70% or more. Right, you go right ahead and build away.
‘Worzala is skeptical about economists purporting that Gen-Ys and Zs prefer the independence of rental properties. She can imagine ‘hipsters’ renting luxury apartments with toddlers and young children in tow. ‘But this thing (in which) 20-somethings stay in apartments until 40, I don’t buy it,’ she says’
‘economists purporting’
It’s just a little story they made up after the fact.
When I mentally substituted “millennial” with “kid fresh out of college” that article made a lot more sense. But then they explicitly said kids fresh out of college can’t afford the rents. Can’t imagine that being a problem…
Still a glut in Houston:
https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=newssearch&cd=8&cad=rja&uact=8&ved=0ahUKEwj0n5rBlaPOAhVFyWMKHVLkBbwQqQIIMSgAMAc&url=http%3A%2F%2Fwww.houstonchronicle.com%2Fbusiness%2Freal-estate%2Flooped-in%2Farticle%2FMultifamily-glut-gives-way-to-good-deals-8423987.php&usg=AFQjCNGMYdm0P9oobhl-mBYlu8jgReM7HA&sig2=a_svem3Oxnz0ME1fLYZVQA&bvm=bv.128617741,d.cGc
Austin, TX Housing Prices Plunge 18% YoY As Housing Demand Craters To 20 Year Low
http://www.movoto.com/austin-tx-williamson-county/market-trends/
Ben,
Beazer homes (geezer homes?) took a hit today. I cannot find the link but it announced $50 million term loan prepayment.
It is down 6.48% from $9.81 to $9.17, and its 52-week high was $18.98
http://finance.yahoo.com/quote/BZH?p=BZH
Book value per share above $20.
But yeah, mucho debt.
Worth a limit at $3.00 per share.
Paying down debt would indicate they don’t see room to expand.
Good point.
Ah! here is the link
http://finance.yahoo.com/news/beazer-homes-announces-50-million-120900259.html
“Beazer Homes USA, Inc. (BZH) (the “Company”) announced today that it has prepaid an additional $50 million of its 2-year Secured Term Loan, leaving an outstanding principal balance of $72.5 million and bringing year to date debt reduction to over $121 million. The prepayment of the Term Loan follows the Company’s fiscal third quarter earnings release, in which it announced its intention to accelerate its deleveraging goals. The Company now intends to reduce debt by $150 million in fiscal 2016 and an aggregate of at least $250 million through fiscal 2018.
“We continue to move forward with our balanced growth approach, which includes improving profitability and reducing leverage as we progress toward our “2B-10” goals,” said Robert Salomon, Beazer Homes Chief Financial Officer. Mr. Salomon continued, “This prepayment of the Term Loan allows us to reduce debt and interest expense, eliminate near-term principal payments and accelerate our progress toward an unsecured capital structure.”
unsecured capital structure
For REITs at least, this is the preferred structure. If your capital structure is all secured, then many assets is encumbered, which limits flexibility and adds complexity.
My understanding is that having unsecured debt, makes it easier for the borrower if they ever needed to seek BK protection.
Over the past several years, many REITs have followed this path…delever…less assets serving as security for debt directly, more assets available in a large pool serving as potential collateral for an unsecured line (or lines).
I don’t see how this is bad news. Did the stock price go down because the “analysts” see lower leverage as a proxy for lower returns on equity instead as a proxy for greater safety?
‘Despite a spurt of incoming supply, multifamily rent growth slowed down slightly in July. Even though rent growth is consistent, the long-awaited signs of moderation are slowly cropping up. The report also predicts a significant increase in supply, with 300,000 new units expected for delivery in 2016.’
‘While San Francisco as a metro is clearly due for some moderation, other typically high-ranking cities are also seeing significant slowdowns. Cities like Denver, Houston and Austin, which are generally economically fueled by the technology and energy sectors, have seen comparatively drastic drops in growth.’
‘Denver, which has been in the 8 to 10 percent range of growth during the last two years, has only increased 4.7 percent year-over-year. According to the report, demand is still strong in Denver, but supply is quickly overtaking it. In Austin, growth has increased 4.6 percent year-over-year, but its trailing three-month figures leave much to be desired at 0.3 percent overall and -0.1 percent for the Lifestyle asset class.’
Despite a spurt of incoming supply, multifamily rent growth slowed down slightly in July.
I don’t understand this line.
Shouldn’t it be “because of” instead of “despite”?
Oakton, VA(DC Metro) Housing Prices Crater 7% YoY As Housing Correction Accelerates
http://www.zillow.com/oakton-va/home-values/
The Don says “Sell!” Race to the exits, folks! lol.
http://www.zerohedge.com/news/2016-08-02/trump-urges-his-fans-sell-stocks
“In an amusing tangent, Bloomberg here notes that “Republican and Democratic administrations alike typically don’t comment on the Fed’s monetary policy, out of respect for the central bank’s independence.” We can only assume that Bloomberg does not refer to the Fed’s “independence” from Goldman Sachs, which numerous civil and criminal cases have shown is not the case, the same Goldman which just happens to be one of Hillary’s biggest fans.
And an amusing paradox emerges when considering that none other than both Jeff Gundlach and, as of Sunday night, Goldman Sachs both urged investors to sell equities. One wonders if just like Trump was accused of being a Putin spy for diverging from the mainstream anti-Russia narrative, accusations will now emerge that he is also a Goldman double agent, seeking to crash the market just so Goldman can load up on the cheap.”
Goldman and Pootie-poot are buds! Yeah! No, wait, what? Oh, right, Trump’s working for Goldman. And Putin. And Hillary. And Sponge-Bob Square Pants.
Somehow, I’ve always had a feeling SpongeBob was behind all this… I think you’re onto something.
Sell, sell, sell! Sellmageddon.
Yeah, there’s a lobster character in that cartoon. That’s the tipoff.
I do remember Trump bragging back in 1987 that he went to cash a couple of weeks before the crash. Wonder if he’s right again?
Probably. More than probably. He’s good friends with Carl Icahn and Icahn has a lot of inside info. Heck, he’s actually produced inside info, so he knows what’s coming down and of course he would pass it along to a friend.
palmetto: Goldman and Pootie-poot are buds! Yeah! No, wait, what? Oh, right, Trump’s working for Goldman. And Putin. And Hillary. And Sponge-Bob Square Pants.
They’re all working for themselves.
‘The Don says “Sell!” Race to the exits, folks! lol.’
If he can talk his disciples into selling all their stocks, then he can blame the subsequent stock market decline on Democrat policies and promise to make stocks go back up after he is elected.
Too bad his most rabid disciples are broke citizens of the Rust Belt.
Gee, I wuz wondering why Obama had a temper tantrum today. I gotta admit, for the most part he’s been pretty chill. But there’s one thing that seems to get under his skin and that’s Mr. T. Who released this little tidbit today:
https://www.donaldjtrump.com/press-releases/trump-statement-in-response-to-president-obamas-failed-leadership
Ouch! That’s gonna leave a mark. Obama’s all about “the legacy” and Mr. T’s been putting it in the shredder.
Meanwhile, the MSM looks like it’s having a collective fit of St Vitus Dance. Swallowing their tongues, gnawing the carpet and rending their garments. Jeebus, some of these folks are actually melting down on-air and yelling at their guests.
A buncha okie-doke, right, Obama?
Trump is very, very good at hiring attorneys to file BK, I’ll give him that.
ohs legacy is the death of political correctness, he is so bad you really cant say much good about him, but with everything finally being on the table we will be a better country.
Oil Markets
Oil Prices Drop Ahead of Weekly Inventory Report
U.S. crude drops below $40 with no signs of glut easing
By Alex Bitter
Updated Aug. 2, 2016 5:52 p.m. ET
Oil prices fell to fresh three-month lows Tuesday as investors waited for weekly inventory data.
Despite a rally early in the day as bulls took advantage of low prices, investors retreated on concerns that Wednesday’s inventory report from the U.S. Energy Information Administration would show stocks at abnormally high levels for the summer driving season.
U.S. oil for September delivery settled down 55 cents, or 1.4%, at $39.51 a barrel on the New York Mercantile Exchange. October contracts for Brent, the global benchmark, settled lower by 34 cents, or 0.8%, at $41.80 a barrel. Both settled at their lowest prices since April.
U.S. oil is in a bear market after falling below $40.98 on Monday, putting it down more than 20% since early June.
“It’s just pre-statistics noise,” Scott Shelton, a broker at ICAP PLC, said of Tuesday’s decline, adding that many traders and brokers are waiting to figure out whether the most recent inventory build will continue with Wednesday’s data release.
…
Three more rats are bilged from the DNC, but no genuine accountability or reform of this corrupt-to-the-core collectivist crime syndicate is possible.
http://hosted.ap.org/dynamic/stories/U/US_CAMPAIGN_2016_DEMOCRATIC_RESIGNATION?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2016-08-02-14-54-33
TPTB are having a harder time concealing the extent of the systemic fraud in the construction and finance sectors.
http://wolfstreet.com/2016/08/02/ohl-construction-giant-shady-accounting-spain-mexico/
Oligarchs for Hillary can count on making back many times their donations in pay-to-play patronage and graft once the one-woman crime spree known as Hillary is installed in the Oval Office.
http://www.philly.com/philly/blogs/big_tent/Phila-donor-gives-1-million-to-help-elect-Hillary.html
Can pick Hillary out in this video?
Weezer - Beverly Hills - YouTube
https://www.youtube.com/watch?v=HL_WvOly7mY - 193k -
An open letter to the general population of the Unted States,
You had the opportunity to turn things around, pay off debt, lessen your dependence on gov’t handouts and generally improve your life by listening to reason and common sense. But you refused and now you will reap a greater reckoning what I handed out in 2008
Sincerely,
Reality.
Doooooooom! DOOOOOOOOOOOOOOOOOM!!!!!!
You could’ve voted for Ron Paul and headed off the the financial reckoning day. Instead, you voted for more of the same. Now the crash, long-deferred with financial chicanery by the Fed and Congress, is going to be cataclysmic.
The Comrades of Proven Worth at the DNC are getting closer to their ideal endstate: a permanent Democrat [dependency] supermajority dependency bloc that enables them to rule by decree. Parasitism is a virtue - forward!
http://www.zerohedge.com/news/2016-08-02/welfare-new-work
And then they unleash the centipede?
It will feed on the rigamortified debt zombies of the USSA.
Nationally, most of the people who receive benefits from the Supplemental Nutrition Assistance Program are white. According to 2013 data from the U.S. Department of Agriculture, which administers the program, 40.2 percent of SNAP recipients are white, 25.7 percent are black, 10.3 percent are Hispanic, 2.1 percent are Asian and 1.2 percent are Native American.
My calculator says these percentages only add up to 79.5
http://www.huffingtonpost.com/2015/02/28/food-stamp-demographics_n_6771938.html
https://en.wikipedia.org/wiki/Demography_of_the_United_States#Race_and_ethnicity
Hmmm.
Blacks make up 12% of the population.
Whites make up 63% of the population.
Your math skills FAIL.
100% of the people in my house are white. get it?
Twenty-three million households and 47 million Americans received benefits on an average month in 2013; enrollment declined slightly to 22 million households and 46 million individuals in 2014. Three-quarters of those households included a child, an elderly person or someone with a disability. The average monthly benefit per household was $274 in 2013 and $256 last year.
How was the DNC?
know your enemy
It’s MUCH MUCH higher when you factor in deductions. If you deduct yer part of the problem. Everyone’s on the lam holmes.
OMD - Pandora’s Box
https://www.youtube.com/watch?v=PMFKib_Byb8
Sunnyvale, CA Housing Prices Dive 5% YoY As Price Declines Accelerate
http://www.zillow.com/sunnyvale-ca-94086/home-values/
Ben Jones Denver is the worst city you’ll ever visit. Nobody here actually wants to live here. With the traffic and pollution, it’s really terrible. About a month or two after you move here, you’re gonna be really, really disappointed. So do yourself a favor, and don’t move here!
2banana’s favorite bubble city!
I’m here in east Denver (Aurora) all week for work! It’s scorching hot, I sat in traffic on I225 today (both directions), going to Costco for lunch and USB memory sticks to back up my work pictures, so the memory cards in my digital cameras are now freshly-empty for another night’s work poking around inside electrical panels (doing as-building and finding issues in preparation for system modernization).
As an aside, I have to laugh at the guys in our group who are relying solely upon their iPhones for taking pictures. First, they have no real flash. Second, they freeze up and stop working. Third, batteries go dead and you can’t change them out with fresh lithiums like I can with my Sony and Canon digital cameras. Fourth, you can’t plug the memory chip into your laptop and save the pictures. But whatever . . .
Oh, and there is an ozone alert here too right now (evening news is on in the background). At least my hotel has free spirits (beverages) and a light dinner every evening!
Denver’s endless sprawl eastward reminds me of LA or the bay area in CA. Nobody ever thought that it would reach the airport, but it’s almost there now. Next thing you’ll know, people will be complaining about the airport noise in their brand-new $199K homes a few miles away from it.
My memory of Denver is how buddugly it was looking east. The city itself was underwhelming, too.
I lived there in the early 90s and couldn’t wait to get out.
I still don’t understand what the draw of Denver is. It’s a total cow town. After 6PM the downtown area is basically dead.
Can you imagine Hillary telling the truth about the Wall Street-Federal Reserve Ponzi markets?
http://www.bloomberg.com/politics/articles/2016-08-02/trump-urges-exit-from-market-boosted-by-artificially-low-rates
Bid Rigging in California public home foreclosure auctions?
——
Judge Rules FBI Violated Fourth Amendment By Recording 200+ Hours of Audio At A Courthouse (thenextweb.com) 7
Posted by BeauHD on Tuesday August 02, 2016 @07:30PM from the secret-conversations dept.
An anonymous reader quotes a report from The Next Web:
A federal judge in the Bay Area ruled that the FBI violated the fourth amendment by recording more than 200 hours of conversation at the entrance to a court house. Agents planted concealed microphones around the San Mateo County Courthouse in 2009 and 2010 as part of an investigation into bid-rigging at public auctions for foreclosed homes. In November, lawyers representing five defendants filed a motion that the recordings were unconstitutional on fourth amendment grounds (illegal search and seizure). U.S. District Judge Charles Breyer wrote in an order yesterday: [T]he government utterly failed to justify a warrantless electronic surveillance that recorded private conversations spoken in hushed tones by judges, attorneys, and court staff entering and exiting a courthouse. Even putting aside the sensitive nature of the location here, Defendants have established that they believed their conversations were private and they took reasonable steps to thwart eavesdroppers.
The report continues: “The FBI originally used a cooperator wearing a wire to eavesdrop at auctions as well as an undercover agent posing as an investor. At some point though, the cooperating source ’soured’ according to FBI testimony and it became ‘typical behavior’ for the accused to ‘walk away from a larger group’ and speak ’separate[ly] from [the] informant and undercover agent.’ The FBI then adopted the new technique, bugging the courthouse and collecting more than 200 hours of audio over a nine month span. The problem, as pointed out by Judge Breyer, was: ‘[The FBI was] capturing the conversations of anyone who entered or exited the employee entrance of the courthouse… The FBI never sought judicial authorization for this program.’”
How is it that Comrades of Proven Worth like Crooked Hillary (D) or Comrade Chu (D) manage to enrich themselves to the tune of millions while “fighting for us”?
http://www.zerohedge.com/news/2016-08-02/something-strange-emerges-when-looking-congresswomans-daytrading-records
According to her public profile, the Democrat representing the 27th Congressional District, taught psychology for 20 years in an East LA Community College system, from 1981 to 2001, and reported a pension worth between $100,001 and $250,000 for those years of work. She also draws a smaller pension from serving on the Monterey Park City Council. She became a member of Congress in 2009.
In other words, a community college psychology teacher who daytrades S&P calls and puts in size up to $15,000? Maybe she is merely “piggybacking” on her husband’s net worth? Then again, maybe not. Her husband, former Assemblyman Mike Eng, is a senior partner at an immigration law firm in Los Angeles valued between $250,001 and $500,000.
* * *
And then we look at her net worth, which is where things get interesting, because this career psych professor, currently has an average net worth of $3.5 million, which according to InsideGov makes her the 103rd richest member of the House. Chu’s net worth was 3.2 times more than the average member of Congress and 4 times more than the average representative. When compared to the California Congressional Delegation, Chu had a net worth that was 3.6 times more than the average.
Good afternoon DEBT SERFS.
You should have bought a house in 2009 and u might have some equity.
Buy low, sell high!
Be like warren buffet!
Venezuelans who voted corrupt collectivist kleptocrats into power are getting a much-deserved dose of socialist reality. Enjoy your forced labor, idiots! It could be that your sole redeeming purpose in life is to serve as a cautionary tale for anyone tempted to mark “D” on their ballot.
http://townhall.com/tipsheet/mattvespa/2016/08/01/venezuelan-government-you-are-to-leave-your-jobs-for-60-days-to-work-in-the-fields-this-is-mandatory-n2200525?utm_source=thdaily&utm_medium=email&utm_campaign=nl&newsletterad=
Paging SH…paging SH….
http://www.zerohedge.com/news/2016-08-02/bitcoin-crashes-after-exchange-admits-security-breach
Household Formation Plummets To Record Low
http://ftalphaville.ft.com/files/2014/12/HHFGS.png
I had a great conversation today with a twenty-something colleague about his future marriage prospects. He indicated that he has a girlfriend who gives him everything he needs without tying the knot, at a fraction of the cost.
Life is good for Millennials who adopt his approach!
our system is set up to penalize marriage in lots of ways. whether its student loans food stamps medical benefits, because its all based on income, and if you are married you have to combine it.
Three words: alimony, child support.
Today in Vienna. The tour guide was gushing over the wonders of government owned rental apartments. They’re all member of the FSA here.
You feel at home there?
Maybe you should get out of your mom’s basement and come see for yourself. Of course, you will need a passport. I’m gonna guess that you’ve never had one.
What happened?
The Clinton Foundation can expect a generous donation from Iran.
http://www.marketwatch.com/story/400-million-sent-to-iran-as-us-prisoners-released-raising-questions-2016-08-02?link=MW_latest_news
Will Australia be the first major housing bubble to burst?
http://www.acting-man.com/?p=46075
The Battle of Athens was 70 years ago yesterday.
I thought it was more recent, and that Riot Dog was in the thick of things.
https://www.youtube.com/watch?v=HHtkN6286Nk
Battle of Athens (1946)
From Wikipedia
The Battle of Athens (sometimes called the McMinn County War) was a rebellion led by citizens in Athens and Etowah, Tennessee, United States, against the local government in August 1946. The citizens, including some World War II veterans, accused the local officials of predatory policing, police brutality, political corruption and voter intimidation. The event is sometimes cited by firearms ownership advocates as an example of the value of the Second Amendment in combating tyranny.[1][2][3][4]
Panic Mode: Khizr Khan Deletes Law Firm Website that Specialized in Muslim Immigration
by Matthew Boyle2 Aug 2016Washington, DC9,050
SIGN UP FOR OUR NEWSLETTER
Khizr Khan, the Muslim Gold Star father that Democrats and their allies media wide have been using to hammer GOP presidential nominee Donald J. Trump, has deleted his law firm’s website from the Internet.
This development is significant, as his website proved—as Breitbart News and others have reported—that he financially benefits from unfettered pay-to-play Muslim migration into America.
A snapshot of his now deleted website, as captured by the Wayback Machine which takes snapshots archiving various websites on the Internet, shows that as a lawyer he engages in procurement of EB5 immigration visas and other “Related Immigration Services.”
The website is completely removed from the Internet, and instead directs visitors to the URL at which it once was to a page parking the URL run by GoDaddy.
The EB5 program, which helps wealthy foreigners usually from the Middle East essentially buy their way into America, is fraught with corruption. U.S. Senate Judiciary Committee chairman Sen. Chuck Grassley (R-IA) has detailed such corruption over the past several months, and in February issued a blistering statement about it.
“Maybe it is only here on Capitol Hill—on this island surrounded by reality—that we can choose to plug our ears and refuse to listen to commonly accepted facts,” Grassley said in a statement earlier this year. “The Government Accountability Office, the media, industry experts, members of congress, and federal agency officials, have concurred that the program is a serious problem with serious vulnerabilities. Allow me to mention a few of the flaws.”
Grassley’s statement even noted that the program Khan celebrated on his website has posed national security risks.
“There are also classified reports that detail the national security, fraud and abuse. Our committee has received numerous briefings and classified documents to show this side of the story,” Grassley said in the early February 2016 statement. “The enforcement arm of the Department of Homeland Security wrote an internal memo that raises significant concerns about the program. One section of the memo outlines concerns that it could be used by Iranian operatives to infiltrate the United States. The memo identifies seven main areas of program vulnerability, including the export of sensitive technology, economic espionage, use by foreign government agents and terrorists, investment fraud, illicit finance and money laundering.”
Khan spoke alongside his wife Ghazala Khan at the Democratic National Convention last week in Philadelphia, and they were honoring their son U.S. Army Captain Humayun Khan—a hero who lost his life to a suicide bomber in Iraq in 2004. On behalf of Hillary Rodham Clinton, the Democratic nominee for president, Khizr Khan ripped into Donald Trump’s policies on immigration—specifically bashing his plan to bar Muslim migration from regions afflicted with rampant terrorism into America temporarily until the United States can figure out what’s going on.
Khan even brought out a pocket Constitution, claiming inaccurately that Trump’s plans were unconstitutional. That’s not true, as Congress has already granted such power to the president under the Immigration and Nationality Act of 1952—allowing the president to bar migration of any alien or class of aliens the president sees as a threat to the United States for any reason at any time. Such a class of aliens could be Muslims, or it could be people from a specific region of the world, or any other class—such as someone’s race, weight, height, age, national origin, religion, or anything else.
The media, along with Hillary Clinton and her supporters throughout the Democratic Party establishment, has pushed the line of attack against Trump for days. Now on Tuesday, President Barack Obama has said that Trump is “unfit” to serve as President over the matter. Even a group of anti-Trump congressional Republicans has gone after Trump on the matter.
But as Breitbart News and other new media have exposed Khan’s various deep political and legal connections to the Clintons—and to Muslim migration—the attack line has crumbled. Now, with Khan deleting his website in an apparent effort to hide his biographical information, the attack is falling apart even more.
What’s perhaps interesting is that also on this website that he has now deleted, Khan revealed that he spent nearly a decade working for the mega-D.C. law firm Hogan & Hartson—now Hogan Lovells LLP—which connects him directly with the government of Saudi Arabia and the Clintons themselves. Saudi Arabia, which has retained the firm that Khan worked at for years, has donated between $10 million and $25 million to the Clinton Foundation. Hillary Clinton, despite the repeated urging of Trump, has refused to return the Clinton Cash money to the Saudis. What’s more, Hogan Lovells also did Hillary Clinton’s taxes—and helped acquire the patents for parts of the technology she used in crafting her illicit home-brew email server that the FBI director called “extremely careless” in handling classified information.
What’s more, the entire mainstream has proven negligence with regard to this matter as none of them even thought to look into this Khan guy’s law practice before bandying him about as some kind of magic elixir that cures the country of Trump.
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There sure have been lots of website disappearances this political season!
Melania Trump’s website disappears after questions raised about university degree claims
Melania Trump speaks at the Republican National Convention
Credit: Chip Somodevilla/Getty
David Lawler, Philadelphia
29 July 2016 • 9:31pm
Melania Trump’s website disappeared from the Internet this week after she was accused of exaggerating her biography.
The prospective first lady was caught up in a high-profile plagiarism row last week, after it emerged that whole paragraphs of her address to the Republican National Convention were taken, with only minor modifications, from a 2008 speech by Michelle Obama.
…
“from a 2008 speech by Michelle Obama.”
Moochelle Obama
$1 billion in tax payer funded vacations
To paraphrase our president, regarding Michelle’s speech: “You didn’t write that.”
U.S. Sent Cash to Iran as Americans Were Freed
By Jay Solomon and
Carol E. Lee
August 3, 2016
WASHINGTON—The Obama administration secretly organized an airlift of $400 million worth of cash to Iran that coincided with the January release of four Americans detained in Tehran, according to U.S. and European officials and congressional staff briefed on the operation afterward.
Wooden pallets stacked with euros, Swiss francs and other currencies were flown into Iran on an unmarked cargo plane, according to these officials. The U.S. procured the money from the central banks of the Netherlands and Switzerland, they said.
The money represented the first installment of a $1.7 billion settlement the Obama administration reached with Iran to resolve a decades-old dispute over a failed arms deal signed just before the 1979 fall of Iran’s last monarch, Shah Mohammad Reza Pahlavi.
ah…. history repeats….
https://www.theguardian.com/world/2007/feb/08/usa.iraq1
How the US sent $12bn in cash to Iraq. And watched it vanish
Special flights brought in tonnes of banknotes which disappeared into the war zone
In the year after the invasion of Iraq in 2003 nearly 281 million notes, weighing 363 tonnes, were sent from New York to Baghdad for disbursement to Iraqi ministries and US contractors. Using C-130 planes, the deliveries took place once or twice a month with the biggest of $2,401,600,000 on June 22 2004, six days before the handover.
Will Trump supporters soon find themselves feeling lonely and out on the nutcase limb?
First on CNN: Ex-top Christie aide backs Clinton over Trump
By Eric Bradner, CNN
Updated 8:39 PM ET, Tue August 2, 2016
Story highlights
- The GOP operative who elevated Chris Christie’s national image is supporting Hillary Clinton
- Maria Comella condemned Donald Trump’s “bigotry, racism and inflammatory rhetoric”
(CNN)Longtime Chris Christie aide Maria Comella says she plans to vote for Hillary Clinton — saying that after Donald Trump’s nomination, Republicans are “at a moment where silence isn’t an option.”
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Christie Breaks Rank To Criticize Trump’s ‘Inappropriate’ Khan Attacks
By Katherine Krueger
Published August 2, 2016, 2:15 PM EDT
New Jersey Gov. Chris Christie on Tuesday broke from the candidate he is campaigning for, telling reporters that Donald Trump’s attacks on Khizr and Ghazala Khan are “inappropriate” and the Khans have the right to say “whatever they want” after losing their son in the line of duty.
“I didn’t see Mr. Khan’s speech at the DNC but I’ll just say this: I’m a father and I just cannot imagine the pain of losing a child under any circumstances,” Christie said during a press conference at the statehouse, as quoted by Politico. “For Mr. and Mrs. Khan, the pain of losing their son while defending our country is unfathomable, and I think it gives them the right to say whatever they want, whether they’re right or wrong.”
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SHOCK PHOTO: Multiple staffers help unstable Hillary up stairs …
https://theamericanmirror.com/shock-photo-grandma-hillary-helped-stairs/ - 59k - Cached - Similar pages
2 hours ago