September 28, 2016

No Bubble Has A Happy Ending

A report from Mingtiandi on China. “It may have seemed like an attack by the undead, but a crazed mob that tore the doors off a Hangzhou real estate office last weekend came in search of apartments, not human flesh. When homes went on sale at the unnamed property firm in the capital of Zhejiang province on Saturday, the crowd that had gathered outside could not wait for company employees to finish letting them in and instead tore the company’s doors from their hinges, and knocked each other down, in a rush to get in on the perceived bonanza.”

“The incident, which was filmed on company security cameras, quickly found its way onto Chinese social media, where the country’s always active netizens voiced a range of interpretations of the buying frenzy. The crowd of what one online commentator described as ‘zombies’ appeared to be undeterred by the home purchase restrictions put in place by the local government less than one week before. The housing rush – as well as the intended cooling measure – came after prices in Hangzhou have jumped 22 percent in the last year, with values in August rising some 7.9 percent compared to July, according to China’s National Bureau of Statistics. The city, which has now seen home values rise for 16 straight months, is one of many Chinese second-tier communities to see a rapid upswing in housing prices in 2016.”

“While the reaction of the city’s home buyers seems extreme in this case, the condition of Hangzhou’s housing market appears to be typical or even relatively stable for a Chinese second-tier city. In Nanjing, the cost of home is now up by more than 36 percent compared to 12 months ago, while in Xiamen the one year differential is over 44 percent.”

Business in Vancouver. “Authorities in Shenzhen, a city in China’s Guangdong Province, have invalidated the sale of a series of tiny 6 square-metre flats (approximately 65 square feet) costing 880,000 yuan (around $175,000 Canadian) each, saying the properties violated existing laws and regulations. The move came after an online outcry after local media reported that 11 mini studio apartments located in the 15-storey Qiaocheng Shangyu building in the city’s Nanshan district, sold out in half a day on Saturday.”

“A statement released on the commission’s official microblog said the reports that 11 of the apartments were sold was false news spread by four local property agencies. Only four apartments had been sold before the official investigation began, the statement said. The building is located on Shenzhen’s Xinzhong Road next to Baishizhou community. On the streets of Baishizhou pedestrians dodge passing cars and bikes amid rows of ‘handshake’ buildings where neighbours can reach out of their windows to greet one another.”

“‘The living and hygiene conditions are not good here, but property prices nearby have been soaring to over 70,000 yuan [per square metre],’ said a local resident. Shenzhen citizens now spend an average of 4.2 million yuan (around $835,000 Canadian) on buying their first apartment, an increase of 75% from the average 2.4 million yuan paid in 2013, according to Centaline Property.”

From “It appears love doesn’t conquer all in China, well not the property market anyway. Pictures have emerged of Chinese residents queuing up to file for divorce in Nanjing province following rumours of a tightening of property buying regulations. With residents worried about married couples having to pay a larger deposit and a limit on how many properties they can own, some have chosen to divorce so they can buy property as two singles instead.”

“The latest Global Property Guide said demand in Shanghai was rising strongly. ‘In June 2016, the value of Shanghai homes sold rose 22 per cent from a year earlier, after a year on year rise of 32.9 per cent the previous month,’ it said. The report said despite a surge in demand in some cities, there was quite a bit of oversupply in other areas. ‘Currently, unsold homes are estimated at around 13 million,’ it said.”

From Bloomberg. “Here’s the latest uncertainty facing China’s currency: sky high house prices. A runaway boom in the largest cities will push investors to look for cheaper alternatives overseas, draining money out of China and putting downward pressure on the yuan in the process, according to analysis by Harrison Hu, Chief Greater China Economist at Royal Bank of Scotland Group Plc. in Singapore.”

“‘It’s commonly believed that China’s policymakers will sacrifice the yuan exchange rate to avoid a sharp correction in domestic property prices, as the latter will more significantly derail China’s economy and the financial system,’ Hu wrote.”

“That’s because the importance of the property market in the world’s second largest economy far outweighs many sectors, including the stock market. A real estate crash in China could have far reaching consequences and it would be a long time before investors regained their confidence, according to Hu.”

“That will put policy makers in a very difficult position. While the government has some cards in its hand, such as an ability to control land supply and enforce curbs on new home-buying, history shows that some tightening measures risk backfiring and only stoking speculative behavior such as ‘panic buying’ like that seen in Shanghai earlier this year.”

“Besides, the regulator’s handling of last year’s stock market turmoil did little to inspire confidence in the government’s ability to oversee the bubbly housing market. ‘No bubble has a happy ending,’ Hu wrote.”

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Comment by Ben Jones
2016-09-28 08:40:58

‘Desperate Chinese homebuyers break down doors and pin woman to the ground as they madly scramble to buy an apartment’

‘This shocking video shows the moment hundreds of desperate Chinese home buyers stormed an apartment building, knocking its door off its hinges. A sudden tide of people are seen swarming into the building in Hangzhou, eastern China, as men and women trample over one another to get in.’

‘At one point the door flies off the wall and lands on top of a woman, but the frenzied buyers continue to stream past her, with some clambering on top of it as it pins her down. The astonishing footage has emerged amid a housing crisis in the city, with prices skyrocketing by around $1,500 ($1,950 AUD) per square metre in the past year.’

‘The footage, obtained by CCTV News, starts with porters at the complex pushing against the door as they try in vain to stop people entering the building.

As they hold one of the doors shut, the other flies off the wall and clatters to the ground as scores of people charge in. The door lands on top of a woman whose legs become trapped underneath, but still the stampede keeps coming.’

‘Eventually two people help the woman to her feet as hundreds of people continue to steam into the building. The CCTV ends after a minute, but the crowd are still seen entering the complex.’

‘There was a rush to buy homes last weekend after the local government issued a decree saying that people from outside the city who already owned an apartment would not be able to buy a new one. The sudden announcement led to 5,105 homes being sold last Sunday, ahead of the restriction coming into play. People who live in Hangzhou are still allowed to snap up new properties.’

Comment by Bill, Just South of Irvine
2016-09-28 08:49:07

But…But the ghost cities with empty skyscrapers…

Comment by Ben Jones
2016-09-28 09:07:25

‘Remember this last year? Ghost towns - the global shorthand for the economic slowdown in China - filled with millions of empty apartment blocks, towering eerily in cities all over the mainland. But only 12 months later, property prices in some parts of China are up by between 30 and 40%.’

‘In one incident, footage from a surveillance camera appears to show at least 100 prospective home-owners storming a building in Hangzhou to snap up apartments, according to the South China Morning Post.’

‘They meant business. If you remain even slightly unconvinced about the enthusiasm of these buyers, they broke the door down. It is thought they were trying to get in on the action before officials clamped down on excessive speculation in the property market in the city.’

‘All of this is prompting at least one analyst to compare the run-up in China’s property prices to the Dutch “tulip fever” crisis in 1637.’

‘So why have China’s property prices jumped so much, in such a short space of time - especially since the economy is slowing down? Part of the answer lies in one tiny word: debt. Chinese banks have been encouraged to lend more to companies and consumers so as to pump life back into the economy.’

‘This is not a new formula. Remember, China did this from 2008 to 2009 in order to get growth going again after the global financial crisis. This model, in part, is what’s driving the price rises in some parts of China’s property sector. Banks have been handing out loans like there’s no tomorrow and that means it’s much easier to get a mortgage now than before.’

‘In theory, that should do exactly what it’s intended to. Banks lend, people buy homes, those homes increase in value, people feel wealthier, they spend money, the economy grows and everyone is happy.’

‘Except that trend of debt-fuelled growth can become dangerous, especially if homeowners default on their loans, leading to rising bad debts for the banking sector.’

‘Even the chief economist at China’s all-powerful central bank, the People’s Bank of China, has highlighted the risks to the economy from credit risks. In an interview with China Business News, Ma Jun said that “measures should be taken to put a brake on the excessive bubble expansion in the property sector and we should curb excessive financing into the real estate sector”.

‘It’s not hard to see why the central bank is so worried about a property bubble. Home ownership is culturally one of the most important aspects of Chinese life and while the stock market bubble bursting may have only hurt a small percentage of the Chinese population who invested in shares, the bursting of the property bubble would affect many more.’

It was only a couple of years ago that buyers were smashing real estate offices because they had sold them air boxes. It’s a good thing we don’t have our economic wagon hitched to these idiots. Oh, right, we do.

2016-09-28 09:55:03

‘Banks have been handing out loans like there’s no tomorrow and that means it’s much easier to get a mortgage now than before.’’

Everyone wants to live in China. And Australia. And San Francisco. And Seattle. And Boston. And New York City. And Asheville. And Boulder. And Denver. And Austin. Count our blessings we are not knocking down doors here yet to buy a place in Hoboken, NJ.

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Comment by bill, just south of Irvine
2016-09-28 10:54:47

China banks is the U.S. banks on steroids.

That one article Cactus posted from Forbes the other day of a Chinese-descent young woman who with her husband built up $1 million net worth at 30. - She acknowledged that yes home ownership is a chinese cultural thing. They don’t like electronic assets. they like stuff you can touch. Like gold…

It takes courage to break out of a culture. She explains a lot of the points I bring up:

It would be a hoot to boost my dividends to afford a 2 bedroom apartment with garage. I aim toward Avalon Bay apartments, but with priority on apartment ratings. I use the ratings very meticulously.

My current apartment complex is a gem. It’s not as pricey as others in the area (it’s not Avalon Bay either). It will do for now until I build up more dividend and interest income to move up.

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Comment by Professor Bear
2016-09-29 05:39:48

Agreed. China has adopted the Fed model of centrally planned, financially engineered, debt-fueled housing market wealth gains as the path to consumer happiness. But it seems like whenever China tries to mimic the U.S. central planners, the results run amok.

Comment by Jingle Male
2016-09-29 03:38:01

“…..It’s a good thing we don’t have our economic wagon hitched to these idiots. Oh, right, we do….”

I wonder if that is how the whole world talked about the United States in 2007?

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Comment by Professor Bear
2016-09-29 05:46:41

“That’s because the importance of the property market in the world’s second largest economy far outweighs many sectors, including the stock market. A real estate crash in China could have far reaching consequences and it would be a long time before investors regained their confidence, according to Hu.”

It took no time whatever for their stock market collapse to morph into a raging real estate buying frenzy. Can’t wait to see how the next wave of bubble collapse plays out.

Comment by GuillotineRenovator
2016-09-29 18:11:29

A world filled with nothing but debt junkies and filthy avarice have me almost looking forward to meeting my maker. It is more repulsive than I have words for…

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Comment by oxide
2016-09-28 10:00:14

frenzied buyers continue to stream past her, with some clambering on top of it as it pins her down. The astonishing footage

Why astonishing? We get that every year just after Thanksgiving.

Comment by Blue Skye
2016-09-28 13:37:03

For tiny condos that are +100x yearly income?

Comment by oxide
2016-09-28 14:43:04

Just for flat-screen TV’s. I’m not sure which is worse.

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Comment by snake charmer
2016-09-28 10:09:21

That video reminded me of a doorbuster Black Friday shopping event in this country. In both instances, the item causing the mania is of questionable value.

What a grossly deformed and mismanaged economy. We’re bad, but this is worse.

Comment by Ben Jones
2016-09-28 10:13:50

This has been building for a while. IMO, what it means is this; they don’t have a plan for getting the economy going. Remember the government totally cooked up a stock bubble to help their debt burdened companies buy some time. Then they had a commodity bubble, and bonds. Now back to housing. For all their talk of reform and shedding excess capacity, they again fall back on phony manias for a shot in the arm.

Comment by Blue Skye
2016-09-28 10:17:31

It keeps up the GDP!

Remember that at this time we are only reading in the news exactly what the Chinese government wants us to read.

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Comment by Carl Morris
2016-09-28 14:22:47

It doesn’t seem like the behavior of economically secure people.

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Comment by oxide
2016-09-28 14:45:51

Asset bubbles seems like a bad way to grow. if the Chinese government is going to throw money into a hole, why don’t just create a bunch of make-work jobs in the far boondocks, where those ghost cities are? Daddy can bike to the office and pretend to work, Mom can raise the one precious angel in a 2-bed apartment, everyone is happy. Like Leave it to Beaver and Mad Men.

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Comment by MacBeth
2016-09-29 04:21:39

Creating government jobs wherein no economic profit is generated is a not a good idea.

Look what doing so has done to the United States: it has robbed productive citizens of wealth and has passed that wealth to the leaches.

Washington DC is the wealthiest metropolitan area in the entire country. It didn’t attain that status through production. It attained it through robbery.

Comment by oxide
2016-09-29 06:55:43

Someone who has a job, make work or not, is not on food stamps, is healthier, is not committing crimes, is less likely to have too many children, etc. The person might not be producing profit, but they are not leaching either. That alone could be seen as a sort of production. At least to me, that seems cleaner than giving money to banks who themselves will leach part of that money and keep it on a server somewhere in the Cayman Islands, where they money does nothing at all.

DC is wealthy because the government produces fairness, protections, prevention, innovation, and other intangibles which can’t be quantified in widgets or profit.

Comment by Professor Bear
2016-09-29 05:33:38

It seems odd that the journalist who wrote the article failed to point out how utterly insane this behavior was.

Comment by Raymond K Hessel
2016-09-29 07:45:04

It’s kind of self-evident. You know, like Hillary’s dishonesty and corruption.

Comment by Professor Bear
2016-09-29 08:21:57

Or like Trump’s racism…

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Comment by Ben Jones
2016-09-28 08:43:40

‘Dongbei Special Steel Group Co Ltd said on Monday it had defaulted on a one-year bond, the latest in a string of missed payments this year by the unlisted Chinese steelmaker. It marks Dongbei’s ninth default of 2016.’

‘Owned by the Liaoning provincial government in China’s northeast rust belt, Dongbei announced on the website of China’s interbank bond market operator that it had failed to pay 744 million yuan of principle and interest on a one-year bond.’

‘Its original default in March helped ignite a selloff in Chinese corporate debt. In recent months, bond prices have rallied, prompting central bank intervention seen by dealers as a sign it is concerned about bond market leverage.’

‘Many of China’s corporate debt problems can be found in the northeast, the home of the country’s steel industry and a region heavily dependent on the big industry that fuelled China’s economic expansion. Now Beijing is pushing to shut surplus capacity and reform inefficient state enterprises.’

‘In May, a Reuters analysis of central bank data showed that Chinese rust-belt provinces, including Liaoning, had sharply raised their dependence on high-cost “shadow finance” in early 2016, as traditional lenders pulled back.’

Comment by Blue Skye
2016-09-29 08:43:33

Cheap credit leads to grand defaults.

Comment by Ben Jones
2016-09-28 10:09:54

‘As citizens of a small, densely populated city with the world’s least affordable real estate, we think our expectations for apartments are already pretty low. But even in a world where paying HKD12,000 for a 250-square-foot studio apartment is considered “reasonable”, this is too effin’ much.’

‘Henderson Land’s Seven Victory Avenue housing development in Ho Man Tin has been ridiculed online after Apple Daily reporters visited a 190-square-foot model unit and found that an adult man of average height can’t even close the toilet door while sitting on the loo.’

‘Unsurprisingly, the bedroom and living room have been bundled into one tiny space (which we will call the bedroom-cum-living room, in true Hong Kong fashion)… although there isn’t actually a bed as such.’

Comment by Jingle Male
2016-09-29 04:03:14

190 SF. 10′ x 19′! That is just a bit smaller than the garage space where you park one car.

I don’t get the pricing though: HKD 12,000 is U$ 1,600. Sum Ting Wong….studio for $6/SF?

Comment by oxide
2016-09-29 06:58:43

Those might be rental prices.

Comment by Zhang Fei
2016-09-30 00:27:57

“I don’t get the pricing though: HKD 12,000 is U$ 1,600. Sum Ting Wong….studio for $6/SF?”

HKD 12K per sq ft. HK$12K/sq ft x 250 sq ft = HK$3m or US$385K for the whole apt. Manhattan prices, basically.

Comment by frankie
2016-09-28 10:52:04

Anger has been boiling over in China over the controversial practice known as peer-to-peer lending.

Ordinary investors have lost millions dabbling in the industry, which allows borrowers and lenders to connect directly online.

It cuts down the costs that come with traditional financial institutions. However, many of these companies have failed in China.

Comment by frankie
2016-09-28 10:56:45

The BlackBerry phone, whose tactile keyboard caused repetitive thumb strains as it became the ultimate business gadget no self-respecting chief executive could be without, has been consigned to history by its maker.

BlackBerry has finally hung up on its hardware division, the handset business that carried its name to all corners of the earth, after failing to rekindle the wild success of its early years.

Although phones with a BlackBerry badge will continue to be sold in markets such as Indonesia, and possibly China and India, they will not be made or designed by the company that bears its name.

In effect, the BlackBerry era is over. The days when legions of “Crackberry” addicts wandered through offices with their phone jutting out of a holster on their hip while complaining about “BlackBerry Thumb” from the frenetic typing of emails, are long gone.

The phone, which at the turn of the century was as much of a corporate status symbol as a shiny new Rolex or a Mont Blanc pen, lost its grip on the office as more iPhones and iPads started appearing on desks five years ago and only the diehards have persevered.

It has been death by a thousand cuts for the phone business under chief executive John Chen, who has slowly unwound the company’s attempts to stay relevant in the handset market.

Wasn’t the first Tech phone company to die won’t be the last.

Comment by Ethan in Northern VA
2016-09-29 07:12:03

I still have a cell phone with a physical keyboard. I wish Motorola or someone would make a new modern one with high specs that is T-Mobile compatible :-/

Comment by BearCat
2016-09-29 08:54:41

I guess it’s not surprising that the only recent Android phone with a keyboard is the Blackberry Priv - it’s fairly high spec and certain models are a good match for T-Mo. Used in good condition should be <$300

BB claims they will still sell phones (based on Android, I’m sure), including some with keyboards, but won’t do any of the engineering. They’re more of a software company now.

Comment by Apartment 401
2016-09-28 11:45:09

“Despite recent data pointing to slower sales, home prices continue to rise faster than incomes in many areas,” Quicken Loans vice president Bill Banfield said in a statement. “Low inventory will continue to be a challenge for buyers looking for the right home and can cause those bidding to be more aggressive on the house they finally want to purchase.”

Comment by Obama Goons
2016-09-28 14:00:01

Hillaryous is unelectable.

Comment by Don!
2016-09-28 17:32:11

axe wound

Comment by Miss Piggy
2016-09-28 17:42:06

Oink oink.

Comment by Don!
2016-09-28 18:15:28

Exactly. Hillary wants Americans to give her the keys to the economy and she has great ideas like having fat Mexican women who look like Ernest Borgnine in our beauty pageants and burlesque shows. Yeah, people will pay to see that… NOT.

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Comment by Miss Piggy
2016-09-28 18:31:48

’she has great ideas like having fat Mexican women who look like Ernest Borgnine in our beauty pageants and burlesque shows’

Comment by palmetto
2016-09-28 19:00:12

Dang. That is from my absolute FAVE movie. I think I’ve seen it over 20 times.

You’re a pistol, you’re really funny. You’re really funny.
Tommy DeVito: What do you mean I’m funny?
Henry Hill: It’s funny, you know. It’s a good story, it’s funny, you’re a funny guy.
Tommy DeVito: What do you mean, you mean the way I talk? What?
Henry Hill: It’s just, you know. You’re just funny, it’s… funny, you know the way you tell the story and everything.
Tommy DeVito: [it becomes quiet] Funny how? What’s funny about it?
Anthony Stabile: Tommy no, you got it all wrong.
Tommy DeVito: Oh, oh, Anthony. He’s a big boy, he knows what he said. What did ya say? Funny how?
Henry Hill: Jus…
Tommy DeVito: What?
Henry Hill: Just… ya know… you’re funny.
Tommy DeVito: You mean, let me understand this cause, ya know maybe it’s me, I’m a little f*cked up maybe, but I’m funny how, I mean funny like I’m a clown, I amuse you? I make you laugh, I’m here to f*ckin’ amuse you? What do you mean funny, funny how? How am I funny?
Henry Hill: Just… you know, how you tell the story, what?
Tommy DeVito: No, no, I don’t know, you said it. How do I know? You said I’m funny. How the f*ck am I funny, what the f*ck is so funny about me? Tell me, tell me what’s funny!
Henry Hill: [long pause] Get the f*ck out of here, Tommy!
Tommy DeVito: [everyone laughs] Ya motherf*cker! I almost had him, I almost had him. Ya stuttering prick ya. Frankie, was he shaking? I wonder about you sometimes, Henry. You may fold under questioning.

Comment by palmetto
2016-09-28 18:21:38

LOL! What a day, one for the history books. Congress was actually doing some work, for a change. Janet Yellen gets pantsed at the Financial Services Committee hearing, Comey whines “I am not a weasel!” at the House Judiciary Committee hearing and both houses of Congress override a presidential veto. Obama BTFO!

Then there’s the twitter storm between Chelsea Clinton and Juanita Broaddrick.

It’s the Trump Effect. Best. election season. ever.

Are you not entertained?

Comment by Ben Jones
2016-09-28 18:58:15

Mike was having a conniption over the prospect of Yellen getting fired. His reality is in disarray. The endless checkbook, ends. Why we might even have to have a budget! The horror!! The all powerful Oz resign or be fired? Wall street will be furious. And Mike never notices he’s on the same side as wall street.

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Comment by palmetto
2016-09-28 19:12:48

You mean Mighty Mike? Seriously? I’m sorry I missed all the fun.

But there seems to be a lot of that going around. Like with the veto override. Sue the Saudis? Oh, NOZE! The world would end. We’d lose the petrodollar! Citizens of other countries could sue Washington! Diplomats would be at risk!

People want the blue pill, I guess.

Comment by palmetto
2016-09-28 19:34:45

So I want back to the other thread and took a look. Good lord. How does someone even get through life taking things so literally? That’s why Seinfeld and Chris Rock no longer do the college circuit. I read an essay written by a comedian once, where he said the dumbing down of society meant the death of his business. No sense of nuance, humor, sarcasm, etc.

A buddy of mine just started reading Zero Hedge on my recommendation. He got all indignant about one of the posters over there, Million Dollar Bonus. The guy (or gal) is a scream, always posts the most over the top politically correct stuff you’ve ever read. I had to explain to him it was total parody.

Comment by MightyMike
2016-09-28 20:34:13

I wasn’t taking what you wrote literally. There was no possible meaning that could be ascribed to your statement that makes sense.

Comment by Raymond K Hessel
2016-09-29 07:47:08

It’s more surreal than entertaining. Then there’s the whole “Pepe the frog” meme. How bizarre is that?

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Comment by Professor Bear
2016-09-29 05:56:49

Although he did himself few favors in the first debate, you have to give Trump credit for keeping things interesting.

Is Trump right about ‘big, fat, ugly bubble’?
Adam Shell | USA TODAY
1 hour ago

Bubble talk is bubbling up on the presidential campaign trail.

Nobody on Wall Street disputes that the stock market is pricey by historic standards. But are stocks — juiced by the Federal Reserve’s low interest rate policy — in a “big, fat, ugly bubble” that will end badly as Donald Trump warned at the first presidential debate?

Comment by Raymond K Hessel
2016-09-29 07:50:16

Watch “The Big Short” on Netflix. Then watch it again. What an optic into the racket between Wall Street and the captured media. In one scene the protagonists take incontrovertible evidence of a housing bubble to a college buddy who was a Real Journalist working for the Wall Street Journal - flagship of the banksters and neocons. The friend refused to publish the story, whining that he had a wife and child to support and the WSJ would lose its “access” if it published anything that reflected unfavorably on its corporate pimps.

Comment by oxide
2016-09-29 10:37:12


Don’t blame the little guy for just trying to keep his job. Most of the workers bees have no choice.

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Comment by Obama Goons
2016-09-28 16:03:12

Moochelles shaming and snobbery will bury Hillaryous.

Comment by butters
2016-09-28 16:40:09

Bbbbbbut…they all wanna live in those bubble cities.

Comment by palmetto
2016-09-28 18:33:04

What I wants ta know is, with all those ghost cities and ghost buildings, why are they lining up to actually buy anything? Don’t the Chinese know about squatting? Seems to me like there ought to be some pretty good squats available, at least, as long as the walls don’t crumble into sand.

Comment by Carl Morris
2016-09-28 22:18:27

Interesting question. I think the answer is that basically all housing that anybody actually wants is inside walled compounds with guards at the gates. It’s not serious security…they’re not armed and you can frequently just walk right past them, but they’re there. I suspect they become more serious when something like squatting is involved. Not easy to do in a gated community. And as far as I can tell they are the first thing installed as the place goes up and the last thing to go before it’s bulldozed. The Chinese middle class…such as it is…does NOT want to live anywhere without it.

Comment by oxide
2016-09-29 07:03:57

Thank you for the insight! I didn’t know that the Chinese didn’t have basic security or decency, like what America has in normal suburbs, so the speak. Also sounds like a good make-work job.

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Comment by Carl Morris
2016-09-29 09:24:25

As far as I can tell they DO have basic security. Decency is…kind of culturally relative. The poor there do tend to throw up shantys pretty quickly anywhere that they’re not locked out of. And maybe that’s the root of it.

But yeah, all that “security” seems to be great for making lots of low skilled jobs that are a step above the street cleaners.

Comment by Apartment 401
2016-09-28 18:35:31

Drudge Report wants war with Iran, badly.

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

Poor blacks, poor browns, and poor white trash, are you ready to die for this?

That’s all you are, and that’s all you’ll ever be.

Tell your mom to put a yellow ribbon magnet on her car bumper, because you are a looser. You’re life meant nothing. It’s as if you never even existed…

Comment by palmetto
2016-09-28 19:19:26

“Drudge Report wants war with Iran, badly.”

Where do you see this? I admit, I only started following Drudge about a month or so ago, I got tired of the Google news aggravator. But I haven’t seen anything trying gin up a war with Iran, maybe I just missed it, or something. I did see the one thing about nukes possibly aimed at Israel.

There are links to some weird and lurid stories, though.

Comment by azdude
2016-09-28 18:39:45

I’m sorry to all u closet libertarians but this gary johnson dude is not qualified to be president.

Comment by Apartment 401
2016-09-28 19:11:23

Yeah, and neither is Jill Stein.

I can vote for her and go to bed on election night knowing no blood is on my hands. Anybody who votes for Hillary is morally indistinguishable from the people who pulled the switch dropping the Zyklon B poison gas from the ceiling into the gas chambers or who shoveled the bodies of dead Jewish people into ovens like manure.

Remember that kewl meme of the dead 3 year old Syrian child washed up on the shores of the Mediterranean?

Vote for Hillary if you want more of that.

Comment by palmetto
2016-09-28 19:40:27

“I can vote for her and go to bed on election night knowing no blood is on my hands.”

Yeah. My vote for GWB on the first go-round came back and bit me in the arse. So for the next three elections it was Nader, Johnson and Paul, I think. And as I recall, two were write-ins.

But I want Syria to be over with, so I’ll take the man with the funny hair this time.

Comment by Don!
2016-09-28 21:04:18

That part of the world will NEVER be “over with.” But instead of bombing and droning them we should have a blockade and a no-fly zone so those people stay out of the rest of the world.

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Comment by Professor Bear
2016-09-29 06:11:42

“…the man with the funny hair…”

Technically isn’t it the bald guy with the funny wig? I personally reconsider voting for Trump if he lost his wig and showed the world his honest, bald skull.

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Comment by scdave
2016-09-29 07:56:23

for the next three elections it was Nader, Johnson and Paul

so I’ll take the man with the funny hair this time ??

May as well keep the streak going…

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Comment by Bill, Just South of Irvine
2016-09-28 20:59:46

Hats okay. I got two stones. I don’t want a president.

Comment by Don!
2016-09-29 05:47:45

I don’t get it - “hat’s okay. I got two stones,” is that some Jack Kerouac line?

Comment by MacBeth
2016-09-29 04:35:01

Gary Johnson is horrendous. Glaringly bad.

It’s a shame that the libertarians weren’t able to offer a viable candidate. They could have made serious gains this year.

Johnson is making them look disorganized, unintelligent and leftist.

Comment by Raymond K Hessel
2016-09-29 07:27:20

Just what we need, more globalism and open borders. And a retard who doesn’t know what Aleppo is, and a VP that’s a creepy corporate statist masquerading as a libertarian.

Comment by taxpayers
2016-09-29 05:42:32

should move weld into the top slot

Comment by phony scandals
2016-09-29 06:03:14

Gary Johnson and Jill Stein voters should wire their signs too.

Man electrocuted attempting to steal booby trapped Trump sign … - 216k - Cached - Similar pages
17 hours ago

Comment by palmetto
2016-09-29 06:47:26

Heh, Trump supporters are going to have to wire themselves in some way to prevent free speech beatdowns.

That is one scary mob right there. San Diego. El Cajon to be exact.

Comment by phony scandals
2016-09-29 09:40:35

“Trump supporters are going to have to wire themselves in some way to prevent free speech beatdowns.”

Simple Definition of bigot

: a person who strongly and unfairly dislikes other people, ideas, etc. : a bigoted person; especially : a person who hates or refuses to accept the members of a particular group (such as a racial or religious group)

Source: Merriam-Webster’s Learner’s Dictionary - 226k -

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Comment by phony scandals
2016-09-29 15:59:08

That scary mob was quite bigoted.

Definition of bigot for Students

: a person who hates or refuses to accept the members of a particular group

bigoted \-gə-təd\ adj

Comment by scdave
2016-09-29 07:52:49

this gary johnson dude is not qualified to be president ??

Ya Think….

Comment by Max Power
2016-09-29 14:39:09

It’s all relative. He’s relatively better. Wish he was more knowledgeable and a better speaker, but I’d much rather have a guy that I at least believe in most of what he says than either of the major 2 party options.

Also, what exactly makes someone qualified to be president?

Comment by Professor Bear
2016-09-28 23:25:37

China’s richest man warns of ‘the biggest bubble in history’
Published: Sept 28, 2016 2:53 p.m. ET
By MarketWatch

Chinese billionaire Wang Jianlin, whose vast property and entertainment empire reportedly brought in $44 billion in revenue last year, appeared on CNN Wednesday to warn about what lies ahead for the country’s overheated real-estate market.

Jianlin pointed to the troubling fact that real estate prices just keep rising in the major cities, like Shanghai and Beijing, while falling across the rest of the country, where smaller cities are littered by properties that lie vacant.

“The problem is the economy hasn’t bottomed out,” he told CNN. “If we remove leverage too fast, the economy may suffer further. So we’ll have to wait until the economy is back on the track of rebounding — that’s when we gradually reduce leverage and debts.”

Comment by Palm Beach County
2016-09-29 04:33:01

China’s richest man warns of ‘the biggest bubble in history’

By MarketWatch
Published: Sept 28, 2016 2:53 p.m. ET

Comment by Don!
2016-09-29 06:09:48

I never saw Apprentass I, III, and III either.

Comment by Professor Bear
2016-09-29 06:18:29

No bubble here, folks. Home prices that absolutely nobody can afford are the New Normal.

The most unaffordable place to live in America is…
By Catey Hill
Published: Sept 29, 2016 12:02 a.m. ET
Chris Hondros/Getty Images
The Promenade walkway in Brooklyn Heights following a snowstorm.

The most unaffordable place to live in the U.S. is not San Francisco or Manhattan. It’s Brooklyn.

A person earning the average salary in Brooklyn cannot afford the average home there — even if he or she could spend his entire salary (and then some) on housing, according to a survey released on Thursday by real estate data company ATTOM Data Solutions, which looked at home sales price data in 414 of the most populous counties in the U.S. as well as average wage data from the Bureau of Labor Statistics. The second and third most unaffordable places in America are Santa Cruz, Calif. and Marin County, Calif. — both of which would also require the average wage earner to spend his or her entire salary and more to buy the median home in the area.

Comment by Carl Morris
2016-09-29 09:28:48

In Santa Cruz the rents and mortgages are being paid by lots of people who don’t work there making local wages, but work over the hill making a lot more. Scenic commute, but not fun in bumper to bumper traffic. Me and drumminj just made the drive over there to get some dinner Sunday night.

Comment by ibbots
2016-09-29 06:42:42

PSA to all the Deplorables, it is Krispy Kreme free coffee and donut day, no coupon needed!

Comment by Don!
2016-09-29 09:16:51

Senorita Housekeeper’s gonna hit ever Krispy Kreme within an hour’s drive. And then again after lunch.

Comment by Miss Piggy
2016-09-29 09:30:05

Oink oink

Comment by phony scandals
2016-09-29 06:55:34

Train crashes into New Jersey Transit Hoboken station; multiple injuries reported

BY Jason Silverstein
Updated: Thursday, September 29, 2016, 9:45 AM

A train crashed into the terminal of the New Jersey Transit Hoboken station Thursday morning.

Several passengers posted pictures showing severe damage at the station around 8:45 a.m., with hordes of commuters held up at the station.

“My train just ran full force into Hoboken Station,” Twitter user @jaydanahy wrote.

Another user, @big_Poppa_Chop, wrote, “NJ transit train just crashed in Hoboken terminal.”

Reporters on the scene said there were multiple injuries, but officials have not confirmed a number.

Comment by Raymond K Hessel
2016-09-29 08:54:55

Texting driver?

Comment by Raymond K Hessel
2016-09-29 07:13:03

Pending home sales fall “more than expected” (by the corporate media permabulls).

Comment by Raymond K Hessel
2016-09-29 07:25:01

What’s going to happen to the Fed’s Ponzi markets and asset bubbles when the Saudis dump $750 billion in US Treasures to punish us for allowing victims of the 9/11 attacks to sue Saudi officials who allegedly aided the hijackers?

Comment by In Colorado
2016-09-29 10:31:12

The Fed will conjure money and remove those bonds from circulation.

And I’m not so sure that the Saudis are selling bonds to punish the US. The House of Saud is running some pretty big deficits, and is probably selling Treasuries because that’s the only thing of value they have.

Comment by Raymond K Hessel
2016-09-29 07:42:45

Has the housing bubble entered the stall phase before the downward trajectory picks up steam?

Comment by Joshua Tree
Comment by Raymond K Hessel
2016-09-29 08:38:15

Meanwhile, ‘Muricans keep electing the creepiest clowns of all.

Comment by Don!
2016-09-29 09:18:37

Shakes doesn’t mess with rodeo clowns.

Comment by Raymond K Hessel
Comment by Raymond K Hessel
2016-09-29 08:58:07

A pal of Obama’s favorite oligarch assures us there are no bubbles. Ben, close the HBB down and send everybody home.

Comment by Raymond K Hessel
2016-09-29 09:00:11

Look out below when the Saudis start dumping their US treasuries and equities.

Comment by phony scandals
2016-09-29 17:04:10

Psych Eval Ordered for High School Senior Over Pro-Gun Project
Administrators stumble over year-old project that was teacher-approved

Adan Salazar - September 29, 2016

Officials at a New Jersey high school ordered a senior student to undergo a psychiatric evaluation over a project concerning gun rights which had been approved one year prior.

Administrators reprimanded Manville High School student Frank Harvey after they found the project on a USB flash drive he left behind in one of the school computers.

“I’ve never been a violent person,” Harvey told News 12 New Jersey. “I’ve never had detention in my life.”

Harvey says the video project – which featured pro-gun statistics, instances in which guns had successfully been used in self defense and political cartoons depicting gun free zones in a negative light – was approved by a teacher, who even awarded him an “A.”

“It was assigned by the teacher, and I got the topic, which was anti-gun control, approved by the teacher,” Harvey stated.

After police questioning, Harvey was cleared.

The teacher, however, told Harvey’s family she couldn’t recall assigning the project, and school officials ordered the student to undergo a five-hour psychological exam before being allowed back to school.

Harvey’s parents told News 12 New Jersey they have no intention of taking him to a shrink.

“I’m not taking him for a psychological evaluation because this teacher is lying and won’t own up to what she did,” Harvey’s mother Mary Vervan asserted.

The student won’t be completing his high school year, won’t be attending graduation and will instead work to obtain his GED.

Harvey’s punishment is similar to another lobbed at a 13-year-old in nearby Vernon Township. In 2014, seventh grader Ethan Chaplin was ordered by school officials to undergo a five-hour psychiatric evaluation for holding his pencil like a gun.

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