The Boom Left Before We Finished Building
The San Francisco Chronicle reports from California. “We’ve heard it over and over as people lament the high price of housing in the city: that the theory of supply and demand doesn’t apply when it comes to the San Francisco real estate market. Tell them that in South of Market. SoMa, and particularly Mission Bay, have experienced dramatic development, adding thousands of units of new rental housing. And the result? ‘It’s basically a tenants’ market right now,’ says Climb Real Estate agent Elizabeth Kim, who says she has an unprecedented 20 vacant units she’s trying to rent. ‘Usually at this time of year we’re really busy. But now people are not snapping things up. We’re not getting the multiple offers.’”
“As my colleague, Kathleen Pender, wrote in June, there is an unmistakable softening of the rental market in SoMa, South Beach, Potrero Hill and Mission Bay, and large rental developers are bending over backward to attract renters. They have to, says Mark Choey, one of the founders of Climb Real Estate. ‘Demand is probably the same, but supply has shot up dramatically,’ he said. ‘There are hundreds, if not thousands, of empty units.’”
“A potential renter at One Henry Adams said she and her husband decided to move to Mission Bay and gave their Richmond District landlord one-month’s notice. ‘And when our landlady couldn’t get anyone to rent at our rate, she dropped our rent significantly,’ she said.”
“Another trend to watch is that of independent landlords getting out of the business of using their properties as rental income. Choey tells of such a property owner who had been getting $6,000 a month for a luxury two-bedroom SoMa unit — until his tenant moved out. ‘He tried to rent it at $4,000 a month, but couldn’t get it,’ Choey said. ‘So he’s decided to sell while prices are high. It could be that if they can’t get the rent they want, more landlords are going to sell.’”
The Elko Daily Free Press in Nevada. “After weathering apartment crunches in boom times over the years, Elko now has enough apartments to more than meet demand. New construction in the past five years has added hundreds of apartments, and the Ruby Vista Apartments development still has more to be finished in the near future. The abundance of rentals has spurred competition that is stabilizing or bringing down rents, as well as spurring incentives to fill vacancies, but apartment complex managers and real estate experts have differing opinions on whether apartment developers have overbuilt in Elko.”
“‘It’s a renters’ market right now. You see for-rent signs all over town,’ said Sandy Wakefield of Sandy’s Castles, which manages 265 rental properties in Elko, Spring Creek and Carlin. ‘We have more rentals than needed right now.’”
“Cathy Rich, manager of the Parkway Apartments said Elko is ‘overloaded on apartments right now,’ with not that many construction workers coming to town. ‘I can adjust rates to stay full,’ Rich said, explaining that newer apartment complexes can’t lower rent because there are more costs and mortgages to pay. Parkway has 100 units.”
“Kelly Zornes, manager of the newer Copperwood Apartments on North Fifth Street, agreed that Copperwood ‘can’t really lower rents because we have all our bills and mortgage to pay. We’re not even two years old.’ Copperwood’s occupancy stays pretty steady, but the complex has never been fully occupied because ‘the boom left before we finished the building. I feel we are overbuilt, to be honest,’ Zornes said.”
KHOU in Texas. “What’s bad for landlords may be a boon for Houston renters. We have new numbers on how an apartment glut is impacting availability. ‘There’s a greater availability than there is a demand,’ said Realtor Andrew Weiland with ULR Properties. Weiland is in the business of locating living spaces. ‘They had to project it would take a couple of years to complete these projects,’ said Weiland. ‘And within that time frame, things just kind of went downhill,’ he added.”
“A map made using data from apartment search website RentCafe shows the more than 16,000 new units that were expected to open in the city of Houston alone in 2016. But as apartments rose, the Greater Houston Partnership and others report job growth slowed. That was due, in large part, to the oil industry slump. So, it left with a lot of new apartments sitting empty.”
“‘So, a lot of apartment communities are offering specials,’ said Weiland. ‘8 weeks free, I’ve seen up to 12 months free,’ he added.”
‘Kelly Zornes, manager of the newer Copperwood Apartments on North Fifth Street, agreed that Copperwood ‘can’t really lower rents because we have all our bills and mortgage to pay.’
Thanks but no thanks. The complex down the road has much nicer condos for far less money. C-ya!
‘Another trend to watch is that of independent landlords getting out of the business of using their properties as rental income. Choey tells of such a property owner who had been getting $6,000 a month for a luxury two-bedroom SoMa unit — until his tenant moved out. ‘He tried to rent it at $4,000 a month, but couldn’t get it,’ Choey said. ‘So he’s decided to sell while prices are high. It could be that if they can’t get the rent they want, more landlords are going to sell.’
Ho ho ho, the “build your way out of a bubble” strikes again. 6k down to 4k and he couldn’t get it. Thousands of empty units and thousands more to come. These little condo owners are screwed.
B-b-but, that’s silly. What about the sharing economy? AIRBNB to the rescue!
Yeah, wait till these speculators pour into the toilet cleaning market and flood that. The bubble always smacks them upside the head when they least expect it.
In the form of a vengeful toilet lid!
Adding supply to the market is working nicely. It’s good to see some moderation in SF.
You call going from rented at $6k a month to vacant at $4k a month moderation? A year free rent is moderation? It’s defaults, foreclosure, recession, credit event, all rolled into one. This is what happens when money is too easy and exuberance is irrational. We will now see the folly of relying on supply and demand to deal with a bubble.
‘newer apartment complexes can’t lower rent because there are more costs and mortgages to pay’
But rents are being slashed left and right and there are more rooms than people.
I don’t consider $4,000/month moderation!
This landlord isn’t getting $4,000 a month. He’s getting zero. How long would you run if you had to cut rents a third? How long if you cut rents a third and it was still vacant? See the problem here?
‘Demand is probably the same, but supply has shot up dramatically,’ he said. ‘There are hundreds, if not thousands, of empty units.’
And tens of thousands of units on the way, just in San Francisco.
The other interesting thing is that the individuals that create policies that drive up the cost of shelter, and generate volatility in that sector, also personally benefit from those policies.
My guess nowadays is central bank decision-making is 90% seat of the pants (”Hey, me and everyone I talk to are making out like bandits”) versus 10% data dependent.
Granted, when the models are extremely simplistic, describing one facet of one part of the economy under certain circumstances, the importance of seat-of-the-pants decision making becomes more important.
“6k down to 4k and he couldn’t get it.”
Sounds like more than a 33% haircut.
“It’s good to see some moderation in SF.”
If a 33%+ haircut is moderation in your world, what would you consider to be a significant haircut?
Empty units will certainly make those morgage payments
And EmptySkulls result in MTPockets.
We will now see the folly of relying on supply and demand to deal with a bubble.
Ben, your comment suggests that you think there is a better way of dealing with a bubble. How would you have recommended dealing with it?
Supply and demand is the way that markets typically sort out real demand from speculative demand; and eventually, pricing should factor in the supply addition—and some lucky folks will be getting Class A luxury apartments for not much more in rent than the Class B that probably should have been built.
Serious question: has there ever been a bubble that was popped by anything other than exhaustion?
There’s more than one approach here. One is Bernanke’s efforts to reflate a bubble. In his eyes this is all great stuff. I don’t know how you fix that. It’s like a firefighter who starts fires.
I saw an interview with Bethany McLean where they discussed the 30 year loan and how the market would “crash” without it. I’m more convinced every day this is a 30+ year problem, as the GSE’s expanded market share and interest rates went on a 30 year dive. If so, reducing the governments role gradually but steadily would be the only way out. This isn’t real supply and demand because there is too much interference. It’s not much more than central planning.
Let’s say you have a central bank and government that really wants to stop a bubble. There are examples:
‘How Singapore tamed house prices and deflated their housing bubble’
‘There’s nothing unique about the pressures on Auckland’s housing market, says economist David Skilling, the former chief executive of the New Zealand Institute who now advises governments globally from his base in Singapore.’
‘The island nation – a far more land-constrained city than Auckland – was hit hard in the financial crisis, but between 2010 and 2013, house prices overheated. Skilling says the Government responded by introducing policies targeting both supply and demand.’
‘On the supply side, the Housing and Development Board – the state agency responsible for the bulk of residential development – significantly ramped up the construction and sale of units. The board has been responsible for the development of affordable housing since Singapore’s independence in 1959, and Skilling says it has mass construction of standardised high-rise apartments “down to a T”.
‘The Government, which owns all the land, released additional blocks onto the market, with construction done by a handful of big private property developers. “It happens quickly and at scale, and there are a lot of foreign construction workers … immigrant labour from China, Bangladesh and the like. So capacity constraints are removed by that type of construction and the fact they are very open to bringing people in.”
‘Some are now worried about an overhang of housing supply, with the latest data from the Urban Redevelopment Authority showing almost 9% of private units were vacant in the June quarter.’
‘The Government also rolled out an increasingly tight suite of policies to restrict mortgage borrowing. In 2012, it limited mortgages to 35 years, and in 2013, it tightened loan-to-value ratios to 50% for people with one housing loan and 40% for those with two or more loans. Debt-to-income limits were also imposed.’
‘Stamp duty was ramped up, with a 16% duty imposed on those who sold a property within a year of purchase. Those buying second and subsequent properties pay duties of 7% and 10% respectively, and foreign buyers pay a 15% stamp duty.’
‘The Government’s goal was to “skew the incentives” in a way that reduced the demand for property.’
‘After peaking in 2013, residential property prices have fallen for 11 consecutive quarters and are now 9.4% lower than in the third quarter of 2013. “The Singapore way is not to crash the market,” says Skilling. “It’s to do it in a very calibrated way.”
‘He describes the combination of demand and supply-side measures as a “scissor” action. “You can’t just operate one blade without the other.”
‘He’s concerned that the heavy focus on housing supply in the Auckland market will overshadow the need to work the demand-side “blade” through further Reserve Bank-imposed macro-prudential tools. Although loan-to-value ratios have been repeatedly tightened since they were first introduced in 2013, Skilling is astonished that New Zealand’s central bank has only recently signalled that it is investigating the possibility of debt-to-income ratios.’
“I think the Reserve Bank has been slow off the mark,” says Skilling, who bemoans New Zealand’s reluctance to learn from the policies of other countries in dealing with the housing crisis. “We’ve been sleepwalking towards this for a long time.”
‘After peaking in 2013, residential property prices have fallen for 11 consecutive quarters and are now 9.4% lower than in the third quarter of 2013. “The Singapore way is not to crash the market,” says Skilling. “It’s to do it in a very calibrated way.”
‘He describes the combination of demand and supply-side measures as a “scissor” action. “You can’t just operate one blade without the other.”
Obviously, their approach won’t work everywhere. But it starts by acknowledging there is a bubble in the first place. Better yet, don’t start bubbles or prop them up. And I don’t want to hear this free market stuff, because as my post yesterday pinpointed, there is no free market in US housing. Like I was telling Rental Watch, when prices go up and demand goes up too, something is broken. I’d say it’s the credit, which is a government planned disaster with the Fed throwing gasoline on the fire.
And there it is…. A vibrant growing economy as a result of falling prices to dramatically lower and more affordable levels.
In all things, we know intuitively that nothing accelerates the economy, creates jobs and raises the standard of living like falling prices do.
They’ve got their problems. But when the UHS start crying, the government releases even more land. What we are doing is juicing demand only. Prices go up, more demand juice! Think about the “build your way out of a bubble”. You build until prices fall. OK, so where does that leave the 3% down crowd? Underwater. Then they throw in the keys and it rolls downhill.
Sure you could have a central banker watch prices for signs of trouble. It’s clear they don’t have a clue what the price of anything should be and are not so secretly counting on high house prices to save the economy. 99.9% of these central bankers are never going to fix this problem because they are part of it.
“Sure you could have a central banker watch prices for signs of trouble.”
Is it a central banker’s job to keep a floor under residential real estate prices?
If yes, I would love to see that in writing.
“It’s like a firefighter who starts fires.”
They are out there.
A story I heard through the grapevine years ago is that a fellow a friend knew wanted to become a volunteer fireman. A series of arsons was eventually pinned on him. His defense was that he needed the practice putting out fires.
So far as I know, there is no law against central bankers starting the financial equivalent of fires…
Rents dropping by 1/3rd yoy sounds like deflation. They should do something immediately, before people have affordable places to live.
Maybe they can call Tokyo from the story yesterday to figure out what financial machinations allow landlords to swallow a 30% vacancy rate while homeless youths sleep on park benches. There must be some kind of subsidy or negative mortgage that will allow the SoMa owner to keep his apartment vacant and listed at $6k per month indefinitely.
“…allow landlords to swallow a 30% vacancy rate while homeless youths sleep on park benches.”
It seems like the central bank plan to put a floor under housing prices pretty much ignores the homeless problem created when prices can’t adjust downwards.
Rogue River, OR Housing Prices Crater 6% yoy
http://www.zillow.com/rogue-river-or/home-values/
‘Cathy Rich, manager of the Parkway Apartments said Elko is ‘overloaded on apartments right now,’ with not that many construction workers coming to town.’
Cathy with a C, they are done building so they left. Probably overbuilding some other market.
‘a lot of apartment communities are offering specials,’ said Weiland. ‘8 weeks free, I’ve seen up to 12 months free’
Somewhere a little old man or woman are looking at brochures of RV parks in Arizona or where ever, dreaming of retirement. And little do they know they will soon be wearing a blue vest saying, “Welcome to WalMart!” Heck of a job Janet, Mel.
Ben, you fiction-peddling so and so, deviating from The Narrative like that is really quite deplorable.
Into the basket with him!
I just realized that if I retire now and follow the deflating rental bubble I could live on the cheap all over the US as long as I’m willing to pack up and go every year or two.
Cool idea, and one to consider pursuing for the time of life between retirement from full-time employment and the onset of immobility.
Deflationary nomads!
You forgot to switch it up.
2007 called…it wants its mortgage back.
http://www.telegraph.co.uk/business/2016/09/10/resilient-housing-market-prompts-banks-to-keep-95pc-mortgages-fo/
My mortgage company called and offered to refi my existing 3.75 mortgage rate to a 2.875 at no cost. Didn’t ask if I wanted to take money out or add a HELOC.
Even zero interest wont help everyone that are underwater.
Paying massively inflated prices for depreciating assets is a financial death sentence.
counter w the exact same time period then you’ll find out there’s a “cost” to the refi
Labor Force Participation Rate Plummets To 38 Year Low; Joblessness At Record High
http://data.bls.gov/timeseries/LNS11300000
Fiction-peddler. Off to the Basket with you!
Rise, Les Deplorables!
https://twitter.com/hashtag/BasketOfDeplorables?src=hash&ref_src=twsrc%5Etfw
“…large rental developers are bending over…”
No shocker here. We are talking about San Francisco, after all.
Repost from a few days ago.
How’s that magnetic yellow ribbon and flag lapel pin working out for ya?
http://www.counterpunch.org/2016/09/08/the-tyranny-of-911-the-building-blocks-of-the-american-police-state-from-a-z/
Hate to say it but I think the terrorists won.
The terrorists, some of whom were elected,) rule over us. ((They)) control the economy, the media, and the schools as well.
Fed Dove Frets about Asset Bubbles, Wall Street Freaks out
by Wolf Richter • September 10, 2016
“The Fed hawks don’t matter. The doves do!
Doubtlessly, the Fed will flip-flop in its elegant manner about rate increases as it has been for over two years, but this time a reliable dove flipped. That itself is scary to the markets. And the reason he mentioned for flipping sent cold chills down their spine.
He named one of the biggest and riskiest asset bubbles, commercial real estate….
http://wolfstreet.com/2016/09/10/fed-dove-rosengren-frets-about-asset-bubbles-commercial-property-wall-street-freaks-out/
If the Fed leadership starts to acknowledge the role of easy money in creating asset bubbles and taking steps to end it, things could get ugly again for the naked swimmers who leveraged themselves like crazy to profit from bubble price gains.
“takes steps” ( too early for good grammar)
“Bonds got hit too, and yields rose, with the 10-year Treasury yield jumping 6 basis points to 1.67%, the highest since the Brexit vote. The 30-year Treasury yield jumped 7 basis points to 2.39%.”
I haven’t followed bond yields lately, but aren’t these levels historically low, even after Friday’s mini-selloff? When I entered full-time employment three decades ago, the thirty-year Treasury yield exceeded 8%, and pension plans were using an assumed discount rate of 7% or so to determine their liability for future pension payments.
Today a 7% discount rate assumption is still prevalent in the pension valuation arena, even though the risk-free rate has dropped off to near 2%. There’s something seriously wrong with that picture.
Good article. Yellen the Felon will have to make cooing noises about how “the data” doesn’t yet support a rate hike to undo the panic over Rosenberg’s supposedly hawkish comments. I bet the Fed’s insider pals are making bank on currency manipulation every time one of Yellen’s flying monkeys sounds off.
Any chance the Fed will jolt markets with a surprise September move?
Financial Times
September 11, 2016 6:34 pm
Federal Reserve risks markets shock with September move
Eric Platt, US capital markets correspondent
Janet Yellen will deliver the biggest shock to markets since taking over as chair of the Federal Reserve should the central bank raise interest rates this month, according to a survey of Wall Street economists…
Speculation the Fed will make a last-ditch effort to lift the market’s expectations of a move in 10 days have been stirred after it emerged late on Thursday that Lael Brainard, a Fed policymaker seen by investors as in no hurry to raise rates, is giving a speech in Chicago on Monday, the final day before a blackout on officials’ public comments before the meeting comes into force.
“We also see some risk that she could deliver a speech with a hawkish tilt,” according to economists at Barclays, who predict the Fed will move. “If Federal Reserve chair Yellen wants to increase the market-implied probability of a rate hike, this speech is one of her last opportunities.”
…
“…economists at Barclays, who predict the Fed will move.”
Would this create a great chance to buy the dip?
Record numbers of renters are opting to keep being renters.
http://www.businessinsider.com/rental-renewals-are-at-a-record-high-realpage-says-2016-9
China praises arrests of ‘rumour-mongering’ estate agents
Financial Times-3 hours ago
China’s housing ministry has praised the arrest of real estate agents accused of … new purchase restrictions to curb what is widely seen as a property bubble.
If ‘rumour-mongering’ were punishable by prison time in the U.S., our prisons would quickly fill to capacity with used home sales people.
Wait until your beloved Comrade Hillary and the DNC build their internment camps for the quarter of the population deemed “irredeemable deplorables.” It’s for the children….
Wait until your beloved Dear Leader Trump builds concentration camps for Mooslims and Mexicans and anyone else of a race or religion which does not please the keepers of Republican alt-right purity standards. Given his steadily improving poll numbers among the brain-dead American electorate you love to revile, it is only a matter of a few months before this scenario begins to unfold.
I took an oath, when I was in the military, to uphold the Constitution. The Constitution applies to all American citizens, regardless of their ethnic background or the religion they practice (or choose not to). People like me are not going to stand by if any would-be dictator starts abusing and violating the Constitutional rights of our fellow citizens.
Yet you sat on your hands through the Obamacaust…
Our two party system is good at turning us against each other.
‘Truth About 9/11′
‘Fifteen Years After 9/11, Neverending War’
What we do know is something isn’t right.
‘A group of tenants in Portland are facing a 45% rent hike that they have until October to pay, or vacate their apartments. Aleina Langford’s rent is about to go from $825 to $1,200 a month — a $375 increase. “I don’t know where that money would come from,” Langford said.’
‘She and her neighbors received notices from their property management company, A&G Rental Management LCC, on September 8. It explained the reason for the rise in rent was due to increases in the market value.’
When Trump fires all the current generals in military leadership positions and replaces them with his hand-picked stooges, nothing people who care about Constitutional principles say or do will matter one iota.
It’s Orange Hitler vs Gramma Nixon in a fight to the finish!
‘Fifteen Years After 9/11, Neverending War’
Luckily once Trump’s thirty-day plan to defeat ISIS is successfully implemented by his new crop of hand-picked generals, the U.S. will be able to disengage from the Middle East.
It’s unbelievable!
Ben Jones: Our two party system is good at turning us against each other.
“If they can get you asking the wrong questions, they don’t have to worry about the answers.” –Thomas Pynchon
‘PHOENIX (KPHO/KTVK) - Fewer people are making their car payments on time, and it has some worried that what we saw in the housing crisis - people buying more than they can afford - is happening in the auto loan industry.’
“The amount of vehicles we’ve recovered is substantial considering what it’s been six months ago,” said Gina Aguirre with Reliable Recovery Services. She said they’re repossessing 325 to 450 cars a month.’
“It is out of their price range,” Aguirre said. “What they’re not understanding is they’re not paying down the principal, it’s basically all interest.”
“It doesn’t matter if the salesperson says, ‘Oh, we’ll just stretch that payment out and make it affordable for 84 months.’” said Michael Sullivan with Take Charge America. “No.” He said people are wearing out their cars before they can pay them off.’
“What they’re not understanding is they’re not paying down the principal, it’s basically all interest.”
If car dealers have customers who are willing to pay interest-only for the privilege of driving cars they cannot afford to buy, and the dealers are happy with the arrangement, then where is the problem? Owning depreciating assets like cars and homes seems more foolish than leasing them, anyway.
If car dealers have customers who are willing to pay interest-only for the privilege of driving cars they cannot afford to buy, and the dealers are happy with the arrangement, then where is the problem?
Maybe GMAC is too big to fail?
Gray skies are gonna clear up,
Put on a happy face;
Brush off the clouds and cheer up,
Put on a happy face.
You cannot expect graduates of our NEA indoctrination mills to have actual math skills. Our public education system is doing exactly what the Comrades of Proven Worth intend for it to do: turn out half-educated dolts incapable of critical or logical thought who will be good little sheep, believe whatever they see on TeeVee, and be mindless Democrat entitlement voters. Forward!
I guess I’ll do a TOP on my next car. Never had a car oan but the ass end of an “84″ might be a good thing
” He said people are wearing out their cars before they can pay them off.’
Just like housing. By the time you start paying the principal on a 30-year mortgage, tens of thousands of dollars of depreciation have already accrued.
It’s absolutely the same principle. And yet dupes regularly and willingly sign on the dotted line as if they believe owning a home will somehow make them richer than Croesus.
Lease it, race it, return it. Repeat.
Lend it, default it, repossess it. Lather, rinse, repeat.
“It doesn’t matter if the salesperson says, ‘Oh, we’ll just stretch that payment out and make it affordable for 84 months.’” said Michael Sullivan with Take Charge America. “No.” He said people are wearing out their cars before they can pay them off.’
If they’re buying Eurotrash (which are designed to not last 100K miles) that is true. But Japanese and American cars last longer than that. I’ve had more than a few cars that were still trouble free at 100K miles. The one big exception was a MINI that was starting to fall apart around 40K. Amazingly, we were able to sell that turkey for 70% of what we paid for it, even though it was 5 years old.
I suspect that many of those taking out the 7+ year loans are buying Eurotrash, because “status”. Nothing says that you’ve “made it” like driving a $50K car you can’t afford. And when the warranty runs out on the Eurotrash, be prepared to crack your wallet wide open for the endless repair bills, with the horrifically expensive parts you won’t be able to buy at a generic auto parts store.
After my experience with VW, never again will I buy a European car. What a joke.
Now I proudly drive a Honda Beater.
And VW makes the most reliable European cars, yet you rarely see a beater VW Golf or Jetta, and for good reason: by 100K miles they are ready for the scrap heap. My BIL in the UK only buys Japanese cars and earns the scorn of his friends and neighbors for driving a “dull car”. That said, a lot of Brits are waking up and are buying Japanese or Korean cars.
I also think there is a stigma in Europe against driving a beater, regardless of how reliable it is. I guess it identifies you as “poor” or something.
If you oppose open borders and unrestricted immigration of unassimalble migrants hostile to western civilization who will drain your social services and cause your security costs to skyrocket, you belong in the basket of deplorables.
https://www.yahoo.com/news/germany-warns-threat-more-500-potential-attackers-142053075.html
Our Obama-Fed-Goldman Sachs “recovery” seems to have bypassed retail.
http://www.businessinsider.com/why-people-dont-shop-at-sears-and-kmart-2016-9
Any election likely to produce a populist opponent of globalism and the banksters must be delayed…for the children.
http://www.zerohedge.com/news/2016-09-11/unbelievable-disgrace-country-austria-stunned-after-symbolic-election-delayed
Je Suis Deplorable
Moi, aussi.
Correctez vous le record.
Yo Soy Deplorable.
I agree with you on this one. Just imagine if the shoe were on the other foot and Trump declared anyone who didn’t worship him a loser.
Oh wait!
The NYT, flagship propaganda outlet for the Establishment, can’t bring itself to address the issue of why crime is spiraling out of control in urban cesspools run into the groupnd by corrupt, incompetent Democrat administrations. Who is going to take out a 30-year mortgage in a city descending into dystopian chaos?
http://www.nytimes.com/interactive/2016/09/08/us/us-murder-rates.html?_r=0
http://www.theburningplatform.com/2016/09/10/yeah-gun-control-works/
Soros-sponsored groups like BLM deserve a bigger cut of your tax dollars…to advance the cause of social justice, and for the children. Forward!
http://www.dailymail.co.uk/news/article-3783834/Black-Lives-Matter-leader-received-50-000-taxpayers-cash-fund-feminist-courses-missed-week-s-anti-air-travel-demo-flight-Brazil.html
Challenges to The Narrative put out by Establishment political elites and the lapdog media, i.e. truth-telling, cannot be abided! Forward!
http://www.breitbart.com/london/2016/09/09/interpreter-suspended-arab-migrants-lie/
On the 15th anniversary of 9/11, remembering the event is approved, but highlighting the Saudi role will land you in the Basket of Deplorables since they contributed huge sums to the Clinton Foundation. Here the left-leaning UK Indepndent peddles The Narrative, in a 1993 article, that UBL was an “anti-Soviet warrior” now committed to leading his army on peaceful development.
http://www.independent.co.uk/news/world/anti-soviet-warrior-puts-his-army-on-the-road-to-peace-the-saudi-businessman-who-recruited-mujahedin-1465715.html
http://www.theburningplatform.com/2016/09/10/hillary-clinton-thinks-half-the-country-is-deplorable/
Make no mistake about it. Hillary Clinton’s evil hateful vengeful sociopathic personality reared its ugly head last night as she siphoned up millions from her Hollywood elite friends like Streisand, Clooney, and Timberlake. Her revelation of how she feels about half the American population is more damning than Romney’s comments four years ago about the free shit army.
She thinks anyone who supports Trump is deplorable. The term “basket of deplorables” is about as offensive as you can get when describing fellow citizens of this country. It’s a term you could picture Hitler using to describe the Jews before he came to power. She really believes that anyone who does not support her is shameful, dishonorable, wretched, and awful. Those are synonyms for the word deplorable.
The Keynesian lunatics running our central banks for the exclusive enrichment of their oligarch pals are running out of room for can-kicking, as Europeans are increasingly fed-up with the crony-capitalist status quo and the co-opted Establishment political elites.
http://www.businessinsider.com/the-ecb-keeps-digging-itself-a-deeper-hole-2016-9
Boy that Chuck Todd and the rest of that NBC “news?” mess have totally given up on pretending they are not a mouthpiece for the Left.
NBC Poll: Hillary Clinton Narrowly Leads Donald Trump in Four Person Race
by Charlie Spiering9 Aug 2016
The latest NBC News/SurveyMonkey Weekly Election Tracking poll shows Hillary Clinton now leading Donald Trump by 10 points: 51 percent to 41 percent.
But when Libertarian candidate Gary Johnson and Green Party candidate Jill Stein are included, Clinton only has a six point advantage. Ten percent of voters chose Johnson, four percent chose Stein.
http://www.breitbart.com/2016-presidential-race/2016/08/09/nbc-poll-hillary-leads-trump-10-points/ - 151k -
Gary Johnson Asks: ‘What Is Aleppo?’ | Morning Joe | MSNBC …
https://www.youtube.com/watch?v=fOT_BoGpCn4 - 225k - Cached - Similar pages
3 days ago .
Hillary Clinton Was Politically Incorrect, but She Wasn’t Wrong About Trump’s Supporters
Clinton said half of Donald Trump’s supporters were prejudiced. If anything, her numbers are too low.
http://www.theatlantic.com/politics/archive/2016/09/basket-of-deplorables/499493/
key excerpt:
Much like Trump’s alleged opposition to the Iraq War, this not an impossible claim to investigate. We know, for instance, some nearly 60 percent of Trump’s supporters hold “unfavorable views” of Islam, and 76 percent support a ban on Muslims entering the United States. We know that some 40 percent of Trump’s supporters believe blacks are more violent, more criminal, lazier, and ruder than whites. Two-thirds of Trump’s supporters believe the first black president in this country’s history is not American. These claim are not ancillary to Donald Trump’s candidacy, they are a driving force behind it.
When Hillary Clinton claims that half of Trump’s supporters qualify as “racist, sexist, homophobic, xenophobic, Islamophobic,” data is on her side. One could certainly argue that determining the truth of a candidate’s claims is not a political reporter’s role. But this is not a standard that political reporters actually adhere to.
I think God just got Hillary for saying that.
Too early to sing “ding-dong the witch is” yet, though.
It was the Trump campaign that held up the mirror to Hillary’s face and asked for a humiliating apology. God had no role.
Ding-dong! Dingetty-dingetty-dong!
MightyMichel and The Atlantic believe Hillary wasn’t wrong.
I haven’t been this shocked since the sun came up this morning.
And your attitude is, as always, The Facts Don’t Matter.
Irrelevant.
Breaking: Hillary Clinton had an allergic reaction to Trump at the 9/11 Memorial event and had to be rushed away due to “medical emergency”. Waiting for the video.
http://www.zerohedge.com/news/2016-09-11/hillary-clinton-reportedly-suffers-medial-episode-rushed-away-ground-zero-fox-news
I think she tried to throw her shoe at Trump, but didn’t make it.
I can predict what happens next:
https://www.youtube.com/watch?v=Ka9mfZbTFbk
Awesome! Thanks for that.
Preview of Hillary’s next fundraiser.
https://www.youtube.com/watch?v=WvITkVaOpUs - 286k -
It never gets old.
And here’s the video of Hillary’s actual episode as the van pulls up and they fold her into it. Wow, phony, this is actually like Weekend at Bernie’s, it looks like she went unconscious. There’s Huma by her side, the van pulls up and whoops!
http://www.zerohedge.com/news/2016-09-11/hillary-clinton-reportedly-suffers-medial-episode-rushed-away-ground-zero-fox-news
LOL, Hillary just flip-flopped!
“The following clip shows the moment of Hillary’s “medical episode” resulting from the “blistering” 79 degree heat in Manhattan.”
“blistering” 79 degree heat”?
Exactly what is the safe temperature range to take Hillary out for a spin?
What I wants ta know is, was it worth it, Hillary? All that blood and treasure, all those dead bodies at home and abroad, a clapped out husband with a thousand yard stare and his mouth hanging open, a Muslim lady handler goosing you along to protect the Saudi investment, all the fraud, the lies, the hearings, the interrogations, was it worth it to make it just short of the finish line and not be able to enjoy a moment of it without another injection of drugs, hacking up a lung or wondering when’s the next collapse?
Was it worth it?
Palmy, I dont think Hillary had a choice. IMO, I think the deep state knew all her evil deeds going way back and rode her hard to do their bidding - there is no way she didnt do all that nonsense at the state department without so much as a peep while it was happening unless there was approval. I think most politicians, many corporate boards and even key entertainers are controlled puppets who are like that little creature chained to Jabba the Hut.
At this point both Hiliary and her one time boyfriend Bill are nearly dead, just look at them. Its not money, they are just tools of a shadow group that is calling the shots. If you want to know who they are, just look at all the so called right wingers who formed the never trump group and endorsed all these nobodies as alternatives and even hiliary. The veil is being shed.
You think she’s being forced to run? That’s a new one on me. I thought she was promised this after stepping aside for Obama. Well, whatever the case, she’s finished. In fact if the DNC doesn’t figure out how to replace her, and fast, it’s not gonna be good. By rights the replacement should be Bernie, since he had the second largest number of delegates, at least according to party rules. But they don’t play by the rules, now, do they?
I bet a lot of people are good and pissed at her right now, and I don’t mean the deplorables. Bill, Huma, Soros, the donors, the foreign interests. I bet her caregivers, Todd and Huma, are over the “sympathy” routine and pinching her covertly every time she doesn’t hop to and has an “episode”.
Sucks to be ill and vulnerable, don’t it, Hillary? Well, now you’ve got something in common with the vets you despise. Shiddy health care.
What I wants ta know is, was it worth it, Hillary?
She wants to go down in history as the first woman elected president. Even if it takes her to an early grave, just weeks or a few months after taking the oath, it will have been worth it.
By rights the replacement should be Bernie, since he had the second largest number of delegates, at least according to party rules. But they don’t play by the rules, now, do they?
I doubt that that is in the party rules. You must have just made that up.
Sucks to be ill and vulnerable, don’t it, Hillary? Well, now you’ve got something in common with the vets you despise. Shiddy health care.
I’m sure she gets the best healthcare money can buy. Unfortunately for her, modern medicine can only do so much.
I didn’t make the rules, Mikey. But again, the DNC don’t need no stinkin’ rules.
There’s also no evidence that she despises vets.
a Muslim lady handler goosing you along to protect the Saudi investment
.. an example of deplorable Islamophobia
Irrelevant
Irrelevant..
Tell it to Uncle Georgie.
That video of her being loaded into the van like a sack of potatoes is the death blow - her candidacy is all over but the crying. You will see that on a loop about a thousand times before the election.
Say hello to your next president, DJ Trump.
Heh, there’s even another close-up video showing some metal thingy dropping out of her pants leg as they drag her into the van.
https://www.youtube.com/watch?v=YzZl9j580tM
‘all over but the crying’
Ring ring
Hello, Red’s Bar, Red speaking.
Red, it’s Mike, is Rosie O’Donnal there?
She’s asleep on the pool table, but her snoring is bothering everyone so let me get her.
uuuh-Hell-o.
Rosie, it’s Mike. Well it’s over. We’re gonna have to move to Canada.
But Mike, the only place I can afford up there is Yellowknife.
Where’s that?
The Yukon. Canadian red-necks.
Nooo! Why Rosie why?! It wasn’t supposed to end like this!
MightyMichel
Do not kneel or sit when you hear this song, they will not like it.
https://www.youtube.com/watch?v=zwDvF0NtgdU - 170k -
And take Cher, BarBRA, Bruce, BonJovi, George Clooney and all the other washed up actors and musicians. Move Hollywood up to Vancouver, the Chinese will love it, they can flip their POS houses to “the stars”.
I still want to know what that metal thing was that dropped out of her pants leg, though. Good lord, from catheters to braces to fanny packs, she’s hiding a ton of crap under those clothes. No wonder she has to wear coats and jackets. Probably a microphone.
Isn’t kneeling a sign of reverence? People kneel at Mass. Subjects kneel before their Monarch. Guys drop onto a knee when they propose marriage.
I get it that the National Anthem kneelers are trying to diss the the flag and the anthem, but their method strikes me as odd. I think that turning away from the flag would be far more symbolic.
‘The long days of summer encourage everyone to spend plenty of time out-of-doors. There are festivals featuring music, art and food. Play golf under the midnight sun. Take to the waters of Great Slave Lake on a fishing or sightseeing tour, complete with picnics on the sun warmed rocks surrounding Yellowknife Bay. Closer to town, climb the stairs to the Pilot’s Monument, wander the byways of Old Town, the trails of new town or choose the Prospector’s Trail at Fred Henne Park.’
‘When winter hits, oh baby! Its cold outside! Don a down parka, some warm boots, a toque and mitts, and you’ll hardly notice the temperature! The snow is clean and dry and crunchy under foot. Get out and enjoy it!’
http://www.visityellowknife.com/things-to-do
The only winner here is me.
Your name is a killing word.
https://www.youtube.com/watch?v=j9a4K3481B0
And it rhymes with rump…
…. and I’m living in your head rent-free.
And repeating yourself alot.
I’ll be your President and you’ll like it.
You’ll get nothing and like it!
I find I’m compelled to watch Caddyshack at least once every one to two years. Never gets old.
So what? So let’s dance!
Linked from the top of the right column on Drudge:
http://thehill.com/policy/defense/295256-us-military-iranian-behavior-getting-worse-in-persian-gulf
What I haven’t seen on Drudge is any link questioning why the U.S. needs to be in the Persian Gulf. Neocons gonna neocon.
Persian watching?
I liked ‘em better when they were Persians. Persians are cool. Great art, Zoroaster
18th largest country in the world by landmass and population.
How much is the boots on the ground invasion, overthrow, and occupation gonna cost?
Not gonna happen. The Sauds are bleeding out.
We’ll make them pay for it, believe me!
Regardless of Obama’s shady deal with and cash payments to Iran, Drudge wants war.
If you presented the average American with an unlabeled map of the outlines of countries of the Middle East, how many countries would they be able to correctly identify?
Drudge is a neocon. He shapes and structures narratives, and then rallies the base to support something it didn’t know it supported.
This isn’t about the election, but as I’ve said before, Salon and Breitbart are essentially interchangeable if you swap the names and parties.
Scripted outrage clickbait.
Drudge cracks me up sometimes. I never went there until this election season, had to see what all the fuss was about. It’s just a bunch of links with a tabloid-type headline. I gotta hand it to him, he does post some “News of the Weird” type stuff and it’s obvious he’s got a crush on Tom Ford.
Somebody forgot to check Hillary’s radiator. “overheated”
Could have been a bad thermostat.
The Latest: Clinton leaves daughter’s home ‘feeling great’
New in last 15 minutes
Clinton says, ‘I’m feeling great’; had left 9/11 event early
Hillary Clinton unexpectedly left Sunday’s 9/11 anniversary ceremony in New York after feeling “overheated” and retreated to her daughter’s nearby apartment…(U.S. News - News)
Clinton leaves 9/11 ceremony early, blames overheating
Somebody needs to check her coolant levels. A poorly maintained android is not suitable for the presidency.
I think it’s thyroid, not Android. And she sends her classified information on a non-secure BlackBerry, but it’s not a crime when a Comrade of Proven Worth does it.
‘retreated to her daughter’s nearby apartment’
Somebody that age collapses and they don’t see a doctor? Right.
Hillaryous is unelectable.
Sooo many good comments on zerohedge and twitter (#BasketOfDeplorables) is meme gold right now, e.g.,
“She is shovel ready”
LMAO!
All that ducking and zig-zagging under sniper fire in Bosnia must’ve belatedly caught up with her. As she applied for PTSD disability payments yet?
She is gonna blame it on a video, lolz!
9/11, the day the twin cankles fell!
The whole thing is weird beyond belief. The media cover-up is incredible, it’s right in your face. “You didn’t see that!”
Well, the video is out there now. Can’t escape this one, can’t rationalize it. Every time the media tries to spin it, they look like propagandist freaks, unrivaled by even Pravda and Tass. This is all over the world now. Something tells me there are people in Libya and other places who are cheering.
Hillary Clinton left the 9/11 memorial ceremony in downtown Manhattan early on Sunday because she “felt overheated”, a campaign spokesperson said.
“Secretary Clinton attended the September 11th Commemoration Ceremony for just an hour and 30 minutes this morning to pay her respects and greet some of the families of the fallen,” spokesman Nick Merrill said in a statement, later versions of which omitted the word “just”.
“During the ceremony, she felt overheated so departed to go to her daughter’s apartment, and is feeling much better.”
The temperature in New York City on Sunday morning was in the low 80s fahrenheit, around 28C, with humidity of around 46%. Clinton, like most official attendees at the memorial ceremonies, including the Republican presidential nominee, Donald Trump, wore a formal suit.
https://www.theguardian.com/us-news/2016/sep/11/hillary-clinton-leaves-911-ceremony-after-feeling-overheated
Ah, she wore a formal suit that explains it, I’m impressed she lasted an hour and thirty minutes, I’d struggle to get past thirty minutes; but I am a scruff.
Ah, she wore a formal suit that explains it
How else can see hide her diaper?
You get overheated, you take off your suit jacket. She didn’t do that and neither did her handlers. I call bull.
Latest Audio from Hillary Clinton
https://www.youtube.com/watch?v=QXCGnTy-v2M - 379k -
Clinton: ‘I’m feeling great’; was ‘overheated’ at 9/11 event
September 11, 2016 12:34 PM
Clinton spokesman Nick Merrill said in a statement that the Democratic presidential nominee attended the morning ceremony for 90 minutes before departing. Merrill said Clinton was “feeling much better,” but offered no additional details, including whether the 68-year-old Clinton required medical attention.
A senior law enforcement official who was briefed on the matter said that after leaving the memorial plaza, Clinton was observed “fainting” in a departure area. That official spoke on condition of anonymity, because he wasn’t authorized to disclose information publicly.
Video taken at the scene and posted on social media shows Clinton being held up by three people. She staggers and appears to trip on a curb as they help her into a vehicle.
Read more here: http://www.kansas.com/news/politics-government/national-politics/article101215392.html#storylink=cpy
She was overheated? Isn’t that something a bottle of Gatorade should take care of?
She appears to be in a death spiral. And as the election approaches is when she needs to get out there campaigning … but she can’t. She’s been avoiding the press conferences but now she can’t even handle the low stress, heavily scripted, “no questions, please” appearances.
If she pulls a vanishing act now it won’t be good for her campaign. And if she faints on stage, well, she can kiss the election good bye.
Give us Elizabeth W!
No thanks.
Big banks say no too. They like their too big to fail neo-con bros.
Friends, she’s a skinny windbag. Won’t vote to audit the FED, she won’t do squat to the banks. She talks a good game, though. Her priority is keeping her bony posterior in the Senate seat.
I used to think she was sincere, too.
As I ideally perused wolfstreet.com I cam across a poster
nhz
August 19, 2016 at 12:36 pm
Assuming that Wolf is right in the comment above, with mortgage debt added the debt load in the Netherlands is still higher than in Canada – so mortgage debt in Canada must be pretty small relatively.
I don’t know the exact numbers, but in Netherlands over 90% of total debt is mortgage debt. Creditcard debt and personal loans are relatively small, student debt and car loans have started to take off in the last few years and although they might become a major problem, the amount of debt is still tiny compared to the Dutch mortgage debt.
It’s interesting to note that housing bubbles clearly occur almost irrespective of absolute interest rates (although steadily declining rates and NIRP/ZIRP are a pretty sure recipe for creating a housing bubble), foreign investors (none of that in e.g. Netherlands and Denmark) or population density (Netherlands and Oz are almost opposite compared to all other developed countries).
In most of the major housing bubble countries political decisions were a major factor, like strong fiscal incentives to take on maximum mortgage debt in Netherlands and Denmark, homeowner subsidies and shifting downside risk from buyers to taxpayers (US, Netherlands), laws that encourage buy-to-let (UK) or house flipping, or lack of oversight that makes RE attractive for black money streams from criminals or foreign investors.
Could we please have our poster back Mr Wolf.
There is little doubt that nhz left this blog of his own volition.
Can we talk about building 7 now? Or too soon? How about Marvin Bush?
http://www.whatreallyhappened.com/WRHARTICLES/911security.html
Game time bishes
If a candidate does or becomes so ill they could not fulfill the role they are standing for can a poltical party substitute a new candidate for them. I ask because in the UK if a candidate does the election has to be rerun.
Should have read dies not does, dammed autocorrect.
I’m guessing Trump wins by default if HRC can’t cross the finish line of the race, by combination of rules of the game and the course of events.
Doesn’t the VP candidate step in?
Biden / Warren team!
Will Biden call his good friend Jon Corzine?
I think this is up to DNC discretion (or RNC if anything happened to their candidate before the election).
I’m curious in case anyone knows the real answer…
If it weren’t for blogs the world would be blind.
It’s true. I suspect the PTB would rather to rule a blind world, which explains their dislike for blogs.
Question
What happens to a U.S. presidential candidate if he/she dies after their respective political party grants them the nomination, and before they are elected? Are there bylaws set up by each individual party that provide procedures for this? Also, is there a historical precedent in U.S. history where this may have happened in the past?
Answer
No presidential candidate of a major party has ever died or withdrawn before a presidential election and no President-elect has ever died or withdrawn after winning the general election, but before taking office.
However, one vice-presidential candidate died after he was nominated, but before the general election, and another dropped off his party’s ticket.
The procedures for finding replacements for candidate vacancies are guided by federal and state laws and party regulations. They are not exactly a patchwork, but they have evolved in response to practical problems that have arisen during the presidential elections, and in response to the growth of political parties as integral players in the election process.
In this respect, the procedures for filling vacancies in the parties’ nominated tickets are like those that have evolved for the succession of the presidency when the person holding that office vacates it for one reason or another: When William Henry Harrison contracted pneumonia after giving a three-hour-long speech in the snow at his 1841 inauguration and died barely a month later, he was succeeded in office by John Tyler. It was not until confronting the issues raised in the transition of power from Harrison to Tyler that Congress thought through the rules for the succession of the President when the office is vacated during mid-term.
http://teachinghistory.org/history-content/ask-a-historian/20431
Vice-presidential candidates Sarah Palin and Joe Biden will face off in their first and only debate this Thursday in St. Louis, Mo. Quite a few Explainer readers have asked what would happen if one of the presidential candidates were to die or become otherwise incapacitated before Election Day: Would Palin or Biden assume the nomination?
Not necessarily. Each party has its own protocol for this scenario, but in neither case does the running mate automatically take over the ticket. If John McCain were to die before the election, the rules of the Republican Party authorize the Republican National Committee to fill the vacancy, either by reconvening a national convention or by having RNC state representatives vote. The new nominee must receive a majority vote to officially become the party candidate. If Barack Obama were to die before the election, the Democratic Party’s charter and bylaws state that responsibility for filling that vacancy would fall to the Democratic National Committee, but the rules do not specify how exactly the DNC would go about doing that. (Congress could also pass a special statute and push back Election Day, giving the dead candidate’s party time to regroup.)
http://www.slate.com/articles/news_and_politics/explainer/2008/09/dead_by_election_day.html
Bloody complicated.
It’s funny how the real economy works, especially when government gets out the way.