Back In Great Recession Territory
A report from the Wall Street Journal. “With rent growth flattening out and home prices continuing to shoot up, renting is starting to look like a better choice than buying for the first time in years. Home-price appreciation is outpacing rent growth in all 23 of the metropolitan areas tracked by a national index produced by Florida Atlantic University and Florida International University faculty. When home-price growth outpaces rent growth, that can be a sign of a bubble because it indicates people are paying more than necessary merely to find a place to live. In a few key markets the index is moving into alarming territory. In Dallas, Denver and Houston, renting is the most favorable it has been in the history of the index, suggesting significantly overheated housing markets there.”
From Slate Magazine. “In October, the share of New York City rentals that took a price cut, according to the listing tracker Streeteasy, topped 42 percent—the highest level since December 2010. The real estate firm Citi Habitats, which draws data from its own listings, reports that the vacancy rate in Manhattan has climbed to 2.1 percent, its highest level since 2009. Both of those indicators, in other words, are back in Great Recession territory. ‘It’s a renter’s market right now,’ says Chris Lee, the director of sales at Triplemint, a real estate startup.”
“And because the problem of high rents is so general to American cities right now, if New York’s rental bubble is about to pop, it may offer a lesson to places like Los Angeles. Urban wonk Stephen Smith has been collecting some of these listings. A Williamsburg one bedroom down to $2,500 from $3,500 in 2014—with a free month’s rent. An East Village one bedroom at $2,695—same as its rent in August 2009—and still unrented. A Hell’s Kitchen one bedroom, rented in 2014 for $3,750, down to $3,250, and still unrented.”
“A two bedroom in Downtown Brooklyn down 30 percent since July—with two free months. A two bedroom in Williamsburg down $600 from last year, with two months free. A brand-new apartment overlooking Prospect Park, down more than $600 to $2,940 since it was first listed in July—and still available. A studio in the West 30s listed for less than it rented in 2013. A three bedroom on the Upper East Side that, after eight price chops, is back to its 2010 rent—and down more than $1,000 since 2013. Oh, and the apartment comes with two free months—on a 16-month lease.”
The Washington Post. “With one month to go, the D.C. region’s housing market is about to close out one of its strongest years since the housing boom. Housing prices have moderated since hitting a record high earlier this year. Arlington County and Alexandria saw their median prices decrease dramatically. Arlington’s median price sank to $525,000 from $569,000. Alexandria’s median price slid to $499,000 from $545,000.”
The Daily Camera in Colorado. “This weekend, the Lilly family will be moving into their brand-new Longmont home for the second time this year. John and Edie Lilly, their two daughters and two dogs have spent the past three months in a two-bedroom apartment after leaks in their newly built house caused a health-threatening mold contamination and forced half the family to sleep in a tent on the back porch for the summer.”
“Despite the home being under a 12-month warranty, the Lillys allege builder Meritage Homes Corp., based in Scottsdale, Ariz., failed to properly mitigate the damage when it first became apparent in June and refused to take further action when confronted with the family’s ongoing issues. So far, the Lillys say the problem has cost them nearly $50,000 in doctor bills, mold inspections and removal, lawyer fees, and rent and mortgage payments as the 6,000-square-foot home sat empty on its lot in the Renaissance subdivision in southwest Longmont.”
“‘We bought a new house because we wanted it to be hassle free,’ said John Lilly. ‘Instead, we got a lemon.’”
From MarketWatch. “The Dallas Police and Fire Pension Plan has received a lot of press attention recently. My view is that the situation is extraordinary and says little about what is going on with state and local pensions generally. It is a story of wild investments that produced large losses and a very large Deferred Retirement Option Plan (DROP).”
“As a result of poor investment policy and consistent underfunding, the Dallas Police and Fire fund went from having enough assets to cover 72 percent of its liabilities in January 2011 to having only 45 percent in January 2016. Subsequently, in 2016, when the DROP participants caught wind of talks to reduce their benefits, they took notice of the steep decline in asset values and started withdrawing their money, exacerbating the problem. The funded ratio at this point probably stands at around 35 percent.”
“The investment problems stem from 2006 when the Board decided to diversify its investment strategy to reduce the risks associated with equities. These diversified investments included luxury homes in Hawaii, student housing in Texas, and raw land in Idaho and Colorado. A Dallas Morning News expose in 2013 describes one of the Hawaiian homes as consisting of six buildings, a championship golf course, two infinity pools, a sculpture garden and a large entertainment pavilion. In 2013, it had been on the market for five years with no one willing to pay the asking price of $22 million, so the fund – which managed these investments internally – started renting it out for as much as $15,000 per night to recoup some of its operating costs.”
“Returns initially looked good, in large part because the properties had not been regularly appraised and, in some cases, improvements and operating costs had been added to their original value. Once the assets were revalued, the losses were evident.”
‘We bought a new house because we wanted it to be hassle free,’ said John Lilly. ‘Instead, we got a lemon.’
What an excellent case study! Tell us John, since you were renting and in loanownership at the same time, which was cheaper?
There is something good about buying an older house.
Lots of problems would be readily apparent.
To include foundation problems.
The media story’s figure of 6000 sq ft is wrong. The house is 3500 sq ft and they paid $539K for it. The linked article has a short video. They didn’t get much for their $539K, that’s for sure. Bland floor plan, comparatively tiny kitchen, and carpeting in the upstairs.
Yes, but they weren’t throwing away money on rent. So there’s that….
‘The iconic mixed-use 58-story Trump Tower, on 721 Fifth Avenue, in Midtown Manhattan, with top-dollar retailers such as Tiffany’s nearby, was the ultimate in condo living when it was built in 1983. But not all is well at this piece of glamorous real estate.’
‘Of its 238 apartments – located on the top 38 floors, including nine duplex and triplex penthouses on the top nine floors – 11 are actively listed for sale, according to CityRealty, and another 12 are listed for rent. Asking prices and asking rents have been slashed to get the units to move, and it’s not working very well.’
‘The table below shows the 11 apartment listed for sale. Three of them consist of two units that have been combined: 42BC, 58CD and 37D/38D. Five sellers have cut their asking prices, with reductions ranging from -7.8% to -26.8%. And note for how long they’ve been on the market (right column), in a market that isn’t exactly ideal.’
‘For some units, asking prices have been cut more than once. For example, 37D/38D, with 2,184 sq ft, was originally listed over a year ago, in August 2015, for $6.9 million, according to StreetEasy. In February 2016, the asking price was cut to $6.5 million, in June 2016 to $6.2 million, and in October 2016 to $5.995 million for a total reduction of 13.1%. And still no takers.’
‘Unit 32H was first listed for sale in January 2016 for $2.999 million. In March, the asking price was slashed to $2.5 million, and in May it was slashed to $2.195 million, in total 26.8% in reductions, and still no takers.’
‘And there is a lot of competition. Zillow lists 6,330 apartments for sale in Manhattan alone. And the trend has not been the friend recently. Trulia figured that the median selling price of New York City apartments dropped 4.1% from a year ago, as sales volume has withered.’
‘There are another 12 apartments for rent at Trump Tower, including one with two original units combined (34EF). In the table below by CityRealty, note the reductions in asking rents, ranging from -1.7% to -11.8%. These are just asking rents and do not include any concessions.’
‘These units have a lot of company. Apartments.com lists 11,014 apartments for rent just in Manhattan. As I reported earlier this month, according to Zumper, the median asking rent for a one-bedroom in New York City dropped 7.4% from a year ago, and for a two-bedroom 7.9%.’
‘But that’s just the asking rent. They’re kept as high as possible for appearances’ sake. To motivate potential tenants, rent concessions are piled on separately. These rent concessions just set a new record in Manhattan, according to the Elliman Report, with concessions now offered on 25.1% of all new rentals, up from 13.5% a year ago.’
‘Is all this just a dip in New York City’s real-estate boom? Maybe not – as ominous clouds are forming. The New York Post, citing data from Attom Data Solutions, reported the foreclosures are once again surging: “We’re definitely seeing a spike,” Westchester-based attorney Linda Tirelli told the New York Post.’
AirBnB to the rescue!
unit 36DD !?
You can’t afford it.
“reports that the vacancy rate in Manhattan has climbed to 2.1 percent, its highest level since 2009. Both of those indicators, in other words, are back in Great Recession territory.”
2.1% vacancy rate = recession?
Buncha softies.
That rate doesn’t include concessions, like the 4 months free in Brooklyn. Jeebus, they are still announcing new towers in NYC.
zerohedge @zerohedge 14m14 minutes ago
Mortgage Applications Drop To ‘Lehman’ Lows As Rates Top 4%
‘Arlington County and Alexandria saw their median prices decrease dramatically. Arlington’s median price sank to $525,000 from $569,000. Alexandria’s median price slid to $499,000 from $545,000.’
Panda cam must be out. Can they hang on until leaf viewing season kicks in?
Multiple by 35:1 leverage and you get…
Rising interest rates over the foreseeable future are quite likely to pressure mania valuations.
Gundlach Says 10-Year Treasuries Topping 3% Would Punish Markets
John Gittelsohn
Dec 14, 2016 12:15 pm ET
(Bloomberg) — Jeffrey Gundlach, chief investment officer of DoubleLine Capital, said interest rates may climb to 3 percent on 10-year Treasuries by next year as deficits and inflation rise under a Donald Trump presidency, a move that would hurt markets.
Gundlach, who has called the president-elect’s policies bond unfriendly, said the effects would be felt across the U.S. economy. The benchmark Treasuries are currently trading at close to 2.5 percent.
“We’re getting to the point where further rises in Treasuries, certainly above 3 percent, would start to have a real impact on market liquidity in corporate bonds and junk bonds,” Gundlach said Tuesday during a webcast presentation on his DoubleLine Total Return Bond Fund. “Also, a 10-year Treasury above 3 percent in my view starts to bring into question some of the aspects of the stock market and of the housing market in particular.”
The Federal Reserve is expected to raise its Fed Funds rate by 0.25 percent on Wednesday for the first time this year and only the second time since the 2008 financial crisis. Gundlach said on the webcast that he will be looking after the meeting for signs that Fed members are growing inclined to raise rates more aggressively in the next couple of years as the economy heats up.
…
It’s simple really. People shop on monthly payment. When that monthly payment gets too high they have to lower their purchase price requirements. When everyone lowers their purchase price requirements it leaves higher end homes with too much supply and not enough demand thus driving those prices down along with the prices of the rest of the market.
Putting yourself on the edge of bankruptcy by buying a rapidly depreciating asset at a grossly inflated price is the reason housing demand is at 20 year lows.
“higher end homes”
Only “higher end” homes?
It’s a word play. Higher end simply means higher priced. It’s price that has driven housing demand to 20 year lows and created this massive housing inventory.
Comment by RioAmericanInBrasil
2016-01-09 09:30:59
> “Obama saying “that’s not who we are””
And Repubs losing 5 out of the last 6 Presidential election popular votes proves that’s not who we are.
And I wonder just how freaked-out the Repubs are going to feel after the 2016 November bloodbath. Oh, it’s coming imo.
Is is going to be another denial? Who will the angry Repubs point fingers at this time? Will there be any self-reflecting on their obvious death-rattle as a national party? Or just grrrrrrrrr?
What’s really funny is that, if he isn’t wearing a straight-jacket in a rubber room, he’s probably reading this right now. Brazil’s economy in tatters, his shanty almost worthless, his female Presidente facing prison. How could he have been so wrong? Come out rio, take the public flogging your ass-hattery deserves!
“if he isn’t wearing a straight-jacket in a rubber room”
https://www.youtube.com/watch?v=O_1ruZWJigo
lol, forgot about this one:
https://www.youtube.com/watch?v=B_3TlrZLpQ0
I was hoping that the meltdown of Bernie Sanders and Hillary Clinton supporters would be over by now. But the screeds of the fascist liberal elite have only gotten more hysterical and irrational as they realize they can’t pull some lever to crush their opponents. They are horrified that they are now frozen out of the mechanisms of retribution and coercion. And now the Russians aren’t just being blamed for Clinton’s failures, they are now being blamed for the Brexit of all things! Watching the NY Chick on this forum having a public breakdown about Russia just made me speechless.
Indeed Mr “RioAmericanInBrasil” aka “New Attitude” who will your global elites “point fingers at this time? Will there be any self-reflecting on their obvious death-rattle as a national party?”
“Watching the NY Chick on this forum having a public breakdown about Russia just made me speechless.”
From some of her comments in the past, I gather she is a Russian emigre who works on Wall Street and lives in NYC. She is not a Putin fan, and I can understand that. I’m well aware Putin is no angel and I have no doubt that he doesn’t have the best intentions toward the US. However, as often happens when trying to make sense of another culture or language in which one has not been raised, it is easy to misinterpret what people are expressing, to miss the nuances and the humor or sarcasm.
I don’t think anyone wants to be all palsy-walsy with Putin. Having a less hostile diplomatic and pragmatic relationship, however, is not a bad thing. Further, some of us are so sick of the crap that’s been perpetrated on us by Washington and Wall Street, sometimes we might take a bit of vicarious delight in watching someone get a thorough pantsing. For example, no one thinks the Chinese are our friends, either. But I couldn’t help but get a bit of a chuckle over that airport tarmac incident with Obama and his merry crew.
‘I don’t think anyone wants to be all palsy-walsy with Putin’
I remember how he joined the US anti-terrorism efforts after September 11th. NY Chick is missing the main points: she spoke of dominance. Is dominance sending your jobs to Mexico and China? For all our supposed sophistication we were reduced to driving up house and stock prices to reflate the economy, pretty much what caused the great recession in the first place. How stupid is that? How dominant are you if hundreds of thousands of illegals can walk across the border and the government tells the border patrol to stand down?
Globalism is at it’s root the destruction of borders. All borders. Let’s recall: the US was going to be the worlds economic engine where we borrowed and consumed and the middle classes would rise across the globe. We did that for 30 plus years and it didn’t work! She mentioned being scared of Trump. Well, he’s the one who got off his ass and unseated the establishment.
All of this underscores what Trump is up against. Manhattan’s bubble popped maybe a year ago. Trump knows that. He’s got to start unraveling globalism and get the country through these bubbles at the same time. There isn’t any time or money to waste beating our chest at Russia.
And I’ll add this: Putin stepped in and kept Obama from making a disastrous mistake in Syria. If it weren’t for him there would be men and women flying in every day to the US with limbs missing or in a box. Not to mention even more dead innocent Syrians.
‘I don’t think anyone wants to be all palsy-walsy with Putin’
[FLASHBACK] Hot mic catches Obama telling Medvedev he’ll have ‘more flexibility’ after election
https://www.youtube.com/watch?v=4ULl1AWaWdo
Didn’t the Russians give the US govt intel on the boston bombers before they attacked the marathon? Intel which was promptly ignored by our elite puppet masters, leaving many to be wounded and/or die?
Those same elites want perpetual war as theyre well insulated; only the sheeple suffer. Surprised the elites haven’t tried to blame Alan Thicke’s death on those evil Russians yet.
That doesn’t make much sense. Elite puppet masters wouldn’t be involved in reading documents on every possible teenaged troublemaker.
Ben, a couple of comments:
First. The reason I’m afraid of Trump is because he’s a walking black swan.
We know very few things for sure - he’ll certainly cut taxes for the rich (which will be great for Manhattan RE), and he’ll antagonize China while befriending Russia (which is in Russia’s interests, not ours).
Everything else is less clear. There is a risk that he will hurt the economy (think Nixon and inflation getting out of control), and our foreign relations (betray friends, cozy up to enemies).
Second. Romney was right about Russia. It is the main geopolitical threat at the moment.
Americans are both very arrogant and very ignorant when it comes to Russia. It is arrogant to think that Russia is a “purely regional power” with no bite. Not so.
It’s a terrorist state, run by organized crime, who have the entire vast resources of the country at their disposal. And they hate you.
They want their “fair share” of the world, and America, (democracy, the rule of law, etc.,) is standing in the way.
These are the same KGB goons who for decades were scheming to export “the revolution” and sponsored covert wars with “the West” across the world. The only difference is, now they have absolute power (there’s no more “Communist Party” or “Politbureau” to control them), and much more extensive resources.
To play nice with them is to make them richer and more powerful. That’s stupid.
Pull yourself out of the gutter and cheer up Meltdown. It’s a new dawn in America.
Your own ((tribe)) reported on it but as we all know your kind ignores the inconvenient truths when it clashes with the narrative
http://www.reuters.com/article/us-usa-explosions-boston-congress-idUSBREA2P02Q20140326
Bet you’re lusting after some “pizza” right about now - 1/20/17 its gonna be game over.
I wouldn’t be too excited over NYC’s “falling rents”. Falling from which level? Some of those asking rents in shitty neighborhoods are purely aspirational, LOL.
What I notice in NYC is the lack of inventory to buy, at the low end. Rents are high enough to make buying more attractive. With Trump inflation gearing up, I don’t see prices falling any time soon.
Surprised the elites haven’t tried to blame Alan Thicke’s death on those evil Russians yet.
Blurred Lines wasn’t enough by itself?
Reuters is part of a tribe that I’m a member of? OK, whatever
What is referring to is that whichever FBI agents didn’t pay enough attention to the information that came from Russia wouldn’t typically be called elite puppet masters or whatever.
We know very few things for sure - he’ll certainly cut taxes for the rich (which will be great for Manhattan RE), and he’ll antagonize China while befriending Russia (which is in Russia’s interests, not ours).
What’s your source for knowing these things “for sure”?
These things will help the rich quit a bit.
The 3.8 percent Obamacare tax on investment income will be repealed, as will the alternative minimum tax.
Death Tax
The Trump Plan will repeal the death tax, but capital gains held until death and valued over $10 million will be subject to tax to exempt small businesses and family farms. To prevent abuse, contributions of appreciated assets into a private charity established by the decedent or the decedent’s relatives will be disallowed.
https://www.donaldjtrump.com/policies/tax-plan/
“Your own ((tribe)) reported on it but as we all know your kind ignores the inconvenient truths when it clashes with the narrative”
The elder Tsarnaev spent six months in Russia, in Chechnya, right before the bombing.
What do you think he did there? Learned how to knit?
He would have been on an FSB no-fly list, and yet, he was able to come, to roam and train freely, for six months, and then to leave. Perhaps they’ve trained him, eh?
The Russians are no friends of ours. They are ruthless in pursuit of their objectives and have a cruelty and collectivism in their national character exceeded by few peoples. That said, there is substantial common ground with them in some areas, and it doesn’t make sense to needlessly antagonize them in others. Putin correctly called Ben Bernake a “holigan” and on the whole has often played a reasonable, restrained role in international affairs, though if you scratch any “ex” KGB type you’ll probably find a tyrant underneath, and Russia’s Deep State and oligarchs are some pretty unsavory people.
You’re correct, except this: “he on the whole has often played a reasonable, restrained role in international affairs”.
No, he didn’t. On the whole, he played a highly destabilizing, chaos-sowing, order-undermining, murderous role in the international affairs.
But he SAID all the right things. “We want WORLD PEACE.” “We want to be FRIENDS.” “We’re the most peaceful people on Earth”. LOL
“How better to serve men”, was the title of “we-come-in-peace”- aliens’ main book. Too bad it was a cookbook.
Relax. You’re going to give yourself an aneurysm.
Thank you. You’re such a good influence on me.
Living in your skull has never been so easy.
“Indeed Mr “RioAmericanInBrasil” aka “New Attitude””
Rio wouldn’t hide behind a new name would he?
Not the same. Very different styles. Rio actually added a lot to the HBB, IMHO, even if I rarely agreed with him. “New Attitude” seems to be a superficial troll who adds no value to this board.
And now the Russians aren’t just being blamed for Clinton’s failures, they are now being blamed for the Brexit of all things!
Maybe the Russians are behind Cleveland losing the World Series too.
Both teams scored 27 runs, so there really wasn’t a winner, which is proof of Russian meddling,
Comment by RioAmericanInBrasil
2015-10-02 08:29:52
> “And people wonder why Trump is doing so well…”
Trump is “doing so well” only in the Repub base’s angry and limited world of their Primary Election echo chamber.
Democrats and Independents are mostly either appalled or or laughing at you and Trump.
‘only in the Repub base’s angry and limited world of their Primary Election echo chamber’
The hits keep coming rio! Oh how he must have cried when the working class Democrats voted for Trump by the millions. Hey, call up Screech and ask her about that primary echo chamber.
Funny how far left Rio never imagined if the Republicans lost they would:
Riot
Blame fake news to overturn the election
Demand recounts to overturn the election
Demand electors change from the state popular vote to overturn the election
Disrupt the inauguration
Have states pass laws to purposefully oppose federal laws
Demand Hillary sell her hotels…
Yes, but the great joy of having clueless, delusional lefties on the HBB was the sheer schadenfruede of seeing how bereaved and bereft they were after Trump wiped the floor with Crooked Hillary.
Exactly right 2banana and Ben! And right next door to Brazil we see Venezuela collapsing as you pointed out in your article posted below.
Venezuela is the poster child of “let’s try socialism on more time!” Having left 135 countries in ruin with their experiment in socialism the Democrats want to double down one more time and bring socialism to you the voter! Because this time is different!
I find it hilarious that “RioAmericanInBrasil” aka “New Attitude” had to flee his Brazilian socialist paradise once his benefactor Dilma Rousseff and her entire government were exposed as criminals and the whole economy imploded. Now he’s cowering back in Coastal California safely protected by Trump.
Kids don’t be bamboozled - socialism is not “for the poor.” It is a meal-ticket for money and power for social parasites! Doubt me? Follow the money: Hugo Chavez $4.2 billion, Kim Jong-un $5 billion, Fidel Castro $900 million, Mao Zedong $1 billion. And that doesn’t include all the hookers, blow and lavish lifestyle. If you want to help the poor capitalism, strong property rights, the rule of law and freedom are the only proven way. And yes free markets do create winners but they also lift the standard of living for the entire population.
The peasants in Venezuela now survive starvation due to the last vestiges of a free market i.e. the “black market” because all stores have closed and all production as ceased. Everything from dish soap to diapers are now sold on barter sites on the Internet between desperate moms. If those ever get showdown god help these moms and their children.
And Repubs losing 5 out of the last 6 Presidential election popular votes proves that’s not who we are.</i<
These Establishment “Republicans” were in fact Republicrats, creatures of the neocons, corporate statists, and Wall Street, promising more of the same: crony capitalism, globalism, neoliberal economic policies that enriched the 1% at the expense of everyone else, and of course endless neocon wars and nation-building. Unsurprisingly, most genuine Republicans declined to support such sell-outs and empty suits.
“With one month to go, the D.C. region’s housing market is about to close out one of its strongest years since the housing boom. Housing prices have moderated since hitting a record high earlier this year. Arlington County and Alexandria saw their median prices decrease dramatically. Arlington’s median price sank to $525,000 from $569,000. Alexandria’s median price slid to $499,000 from $545,000.”
Do strong years normally finish with dramatic price slides?
Yeah, that was a brow-furrowing moment for me too.
There is a reason all progressives want to disarm their population.
—-
Venezuelans fight to protect their savings as government pulls bills from circulation
fusion.net | 12/13/2016
Venezuelans are rushing to the banks this week in a desperate attempt to protect their savings from the government’s latest spasm of reckless financial policymaking.
On Tuesday morning thousands of people across Venezuela played hooky from work to line-up outside banks and deposit bundles of cash into their savings accounts after the government gave everyone a 72-hour countdown to turn in all their 100 bolivar notes before they’re removed from circulation.
“I’ve been saving for so long, withdrawing money every week and for what? Nothing!” complained José Orozco, who was holding a backpack full of money as he stood in line.
The 100 bolivar note, the highest denomination of Venezuelan currency, is currently worth about 3 cents on the U.S. dollar. But Venezuela’s government announced on Sunday that it is removing the bills from circulating because they’re being purchased in bulk by “international mafia groups” that are allegedly trying to “overthrow” the struggling socialist government by hoarding money abroad and starving Venezuela of cash.
President Nicolas Maduro said that by making his country’s 100 bill illegal, he is “hitting back” against the mafia groups, who he claims have ties to the U.S. State Department, although he’s never offered any solid proof to back his claims.
Nagel, who teaches at the University of Los Andes in Chile, said a more likely reason that the 100 bolivar bills have come in short supply is because of Venezuela’s hyperinflation. For example, a simple lunch in Caracas right now currently costs around 5,000 bolivares, which means that if someone wants to pay for the meal in cash, they have to fork over a thick wad of 50 bills.
“…although he’s never offered any solid proof to back his claims.”
This sounds oddly familiar.
Don’t want to fly Malaysian Airlines for this very reason - maybe should change the name to False Flag Airlines.
Yeah, as someone who flies in and out of Malaysia fairly regularly I try to make sure to not be on any low budget Malaysian airline ever. Crossing my fingers that my odds are improved.
And on that topic, occasionally I forget a hotel water bottle in my backpack when I’m flying out of a country. The security people at the x-ray machine always let me know, and I throw it away. My last time out of Malaysia I successfully went through security with the full water bottle…first time ever anywhere. You would think they would be more worried about that than other countries rather than less worried.
Interesting that people are depositing their cash in the bank. If banknotes are going to be worthless, shouldn’t people be buying STUFF with it, like they did in Mexico in the 70s? Maybe there isn’t any stuff to buy…
Venezuelans are getting exactly what they voted for. Keep in mind, a slim majority of indescribably stupid ‘Murican voters voted for another collectivist kleptocrat, Hillary Clinton, who would’ve pushed us down the same road.
“Hillary Clinton, who would’ve pushed us down the same road”
Actually, it’s much more likely that Trump will push us down the same road as poor Venezuelans. You know, “he of one trillion dollar fiscal stimulus combined with tax cuts”.
You do know what a “fiscal stimulus” means, right?… and what it will do to our debt burden and inflation?
Inflation? Do you really believe wages will double of triple (inflation) to meet grossly inflated prices?
Of course not.
Prices will continue to fall to dramatically lower and more affordable levels meeting wages and accelerating the economy like only falling prices can.
What a cute little thug.
Kids As Young As 8 Suspected In Violent, Early Morning Robbery In Fort Greene
December 13, 2016 5:44 PM
NEW YORK (CBSNewYork) — Police say the suspects in a violent crime that took place in Brooklyn, are children.
Surveillance footage shows the four young suspects — accused of robbing and attacking a man — and police say one of them is as young as 8.
As CBS2’s Hazel Sanchez reported, a 30-year-old man was jumped outside of a co-op building on Willoughby Street off of Ashland Place in Fort Greene on the Friday after Thanksgiving around 12:30 a.m.
Police said four kids, two boys between the ages of 12 and 14, a girl between 12 and 14 and an 8 or 9-year-old boy, approached the man and demanded his phone.
http://newyork.cbslocal.com/2016/12/13/fort-greene-robbery-kids/
Had the guy defended himself from these feral spawn, he, not they, would’ve faced criminal charges and “a jury of his peers” (the selfsame FSA members and Hillary supporters who are cranking out such little thugs and future DNC lifeftime dependency voters).
These are superpredators. They are accomplished predators at a young age. Just recently a 13 and a 15 year old were arrested for an assault and carjacking against a Baltimore City councilwoman. The 13 year old has a long rap sheet including assaults, carjackings, robbery, and other crimes: http://jewishtimes.com/55298/spector-talks-carjacking-assault/news/
10-12 is the age when a superpredator shows his true nature to the society. Instead of retributive justice and trying to isolate the offender in order to protect society, the talk from local politicians is about “how we’ve failed these kids.” Seriously. Raising these kids is not the politicians’ responsibility and platitudes will do nothing to improve the community.
And in another story about that incident, my comments above are underscored:
“The suspects are ages 15 and 13. When the authorities arrested the first of these kids, a visibly upset [Baltimore] police commissioner Kevin Davis said, “He’ll be home before I am, and that’s something you all need to pay attention to.”
That’s Davis’s comment on the leniency of criminal procedure for juveniles. We try to give wayward youngsters every break. We try to believe in human redemption. We want to teach children before we’re forced to punish them.”
http://www.jmoreliving.com/2016/12/05/spector-attack-speaks-volumes-citys-safety/
Platitudes. Reality has this stubborn tendency to ignore them.
and yet not a single on has ever been charged and convicted of a racial hate crime even when they use a racial epitaph
its coming to an end now all people will be judged on the content of their character, not just some people
8 years old kids out at 12:30 in the morning…
And they steal a library book.
Maybe it is a cry for help.
I thought midnight basketball was going to be the solution to this…
——
They began punching him and threw him to the ground before taking off with the man’s laptop, headphones and a library book, police said.
azdude, incoming!
Fed hikes rates, sees 3 more rate hikes in 2017
http://money.cnn.com/2015/12/15/news/economy/fed-rate-hike-2-minutes/
So, I expect interest rates to rise, and have been wrong for years in that expectation. And so with that comment I provide the link above from the December 2015 rate hike, where the Fed’s stance was:
“The Fed also said it expects to continue to raise rates at a slow, gradual pace next year.”
“next year” in that statement was 2016…we got one rate hike, I guess that could be a slow, gradual pace, but certainly less than I thought they meant.
Cheer up my friend because this is just a start. 10%+ lending rates are on the horizon.
she is gonna burst all the bubbles. Maybe its on purpose like last time?
They’ll crater with or without the fed. You give them far too muchcredit Poet.
Did RE prices crater in the 70s and 80s?
Rates were going up, but RE rose even faster.
What makes you think we’re not in for the repeat?
They sure did.
What makes you think housing demand will magically stop falling. It’s already at 20 year lows.
Didn’t housing like double in 10 years, from early 70s to early 80s?
And cratered.
from early 70s to early 80s
Yes, that was a period of high inflation.
If Yellen Fed bursts the bubble, will the incoming Trump administration take the blame?
Presidents usually get the blame for big increases in unemployment, even if it’s not really their fault.
Blame Trump for falling prices to dramatically lower and more affordable levels accelerating the economy like nothing else can?
I’m sure he’ll find that acceptable.
Bloomibergi had some article where they said that Yellen’s interest rate hikes will put a damper on all of Trump’s attempts to make America great again.
I guess that means that the only way our economy can grow is by manipulating interest rates. Not by honest jobs, healthy population, good infrastructure, and goods and services. Sucks.
Hey Donk.
Yellon the fellon only made “America suck again.”
“I guess that means that the only way our economy can grow is by manipulating interest rates. Not by honest jobs, healthy population, good infrastructure, and goods and services.”
The carry-trade peeps are hauling in the profits.
The Fed’s policies have had, at best, a lukewarm effect, and at worst, a paradoxical effect on the economy.
Their policies are simple redistributive policies, either through money printing or bond buying. Manipulations of the currency are merely redistributive, it doesn’t create wealth, it just gives the target audience more spending power. Lower interest rates redirect wealth from savers to debtors.
Bloomberg has been ferociously pro-Hillary for quite some time. Their reporting has really gone downhill, to please the big boss (Bloomberg).
I don’t doubt that the Fed officials believe their ministrations to be beneficial to the economy. In their social circles, their activities are likely wildly profitable. Their perspective has the same limitations of any social scientist - a great deal of anecdotal personal observation goes into it. It would be truly amusing if they do try to impede Trump by reducing their ministrations, and ironically improve the economy.
Awesome.
Yellen the Felon and her flying monkeys kept jawboning incessantly about “three rate hikes” in 2016, which of course never materialized. But now the bond market is forcing Yellen’s hand, while the inflation she purports not to see is manifesting itself much more palpably than what our faked, Soviet-style CPI data indicates. So the financial reckoning day just slouched a big step closer.
Where is my friend dan?
You’re gyrating Poet.
Word has it he’s advising Trump. Anything he predicts they figure the exact opposite will happen.
‘Pizzagate’ gunman could have been driven by too much empathy, says Yale psychologist
https://www.washingtonpost.com/news/inspired-life/wp/2016/12/14/pizzagate-gunman-could-have-been-driven-by-too-much-empathy-says-yale-psychologist/?tid=sm_tw&utm_term=.4551c75292a0
Yeah. Like some brainwashed idiots in Russia, who crossed the border to kill. They were driven by so much empathy, due to bogus stories about “fascists in Ukraine”.
Like every drone we drop?
I have read that it says “with love from USA xoxo”
“We”, LOL? Who are you, comrade?
You’re saying the US drops the drones on civilians with the purpose of annexing foreign lands?
Upper East Side Manhattan Housing Prices Crater 5% YoY
http://www.zillow.com/upper-east-side-new-york-ny/home-values/
I wish it was so. But your link says the opposite. “Upper East Side home values have gone up 17.1% over the past year and Zillow predicts they will rise 7.7% within the next year.”
Or do you mean the price per sq.f.? But it’s not apples to apples.
If more low end properties are sold (which makes sense because there was a slowdown in luxury sales prior to election), then this metric will “fall”, even if the average prices rose.
My good friend Karen made this especially for you.
https://snag.gy/m5EzRB.jpg
That Zillow info sheet is very interesting. I’d always wondered where you were getting the falling values from.
On all of my Zillow data it won’t let me select the median sales price. Hmmm….
Enraging isn’t it?
Yeah, I’d like to know those sales prices, too.
Funny how the median sales prices have just disappeared from their site, isn’t it?
Thanks. Lets take a look.
Upper West Side is up 7% YoY. Upper East Side is down. Huh.
crushing_housing_losses
Funny
https://www.youtube.com/watch?v=4HzT3Dy0Z4Q
California professor in hiding after anti-Trump rant
AFP AFPDecember 13, 2016
Los Angeles (AFP) - A California college professor who told her students that Donald Trump’s election was an “act of terrorism” has gone into hiding after her comments prompted a firestorm and death threats.
Olga Perez Stable Cox, who teaches human sexuality at Orange Coast College in Costa Mesa, fled the state after a video of her rant — secretly recorded by one of her students — was posted on Facebook, prompting outrage and threats on her life, the Orange County Register reported on Monday.
The union that represents Cox said the teacher and college had been bombarded with more than 1,000 emails and Cox had also received threatening phone calls.
“You want communism, go to Cuba… try to bring it to America and we’ll put a (expletive) bullet in your face,” one email read, according to union president Rob Schneiderman.
https://www.yahoo.com/news/california-professor-hiding-anti-trump-rant-041204207.html
Woman Made Up Tale of Anti-Muslim Attack by Men Shouting ‘Trump’: Sources
By Murray Weiss | December 14, 2016 4:17pm
@weiss_murray
Muslim college student who claimed three men screaming “Donald Trump!” attacked her on a Manhattan subway platform is being charged with filing a false report after admitting she made up the incident, sources told DNAinfo New York.
Yasmin Seweid, a Baruch College student, told police that she boarded a uptown No. 6 train at East 23rd St. on Dec. 1 and was called a “terrorist” by three drunken young white men.
She also claimed that when she moved to the other end of the train, one of the men followed her and tried to pull off her hajib before she fled.
But investigators who spent significant NYPD resources trying to verify her story were unable to find any witnesses to the incident or video that could corroborate her story, sources said.
Seweid finally recanted Tuesday, saying she misguidedly made up the tale to get attention because she was having issues with her family at home.
She was expected to be charged with filing a false report — which could range from a misdemeanor to a felony charges — late Wednesday afternoon, sources said.
A source explained that, given the amount of time detectives spent chasing the phony story, and how politically charged the allegation was, the police and prosecutors felt compelled to charge her, particularly since they said they had given her numerous opportunities to come clean earlier in the process. She repeatedly refused to tell the truth for weeks, they added.
https://www.dnainfo.com/…/yasmin-seweid-trump-hijab-nypd-nyc-hate-crime-anti-musli...
DEATH threats, over somebody else’s OPINION?
What is wrong with these people?
Like this you mean? No opinion was expressed. You get death threats for just being…..
“Republican members of the Electoral College are facing pressure, harassment and even death threats as disgruntled opponents of President-elect Donald Trump mount a last-ditch push to keep him out of the White House. … There are some electors who have been threatened with harm or with death.”
That’s exactly what I mean.
Anybody making a death threat should be arrested.
If it wasn’t fake as many turn out to be.
Woman Made Up Tale of Anti-Muslim Attack by Men Shouting ‘Trump’: Sources
By Murray Weiss | December 14, 2016 4:17pm
Are You “Living In A Death Spiral”? These 6 States Will Collapse During The Next Recession
http://www.zerohedge.com/news/2016-12-14/are-you-living-death-spiral-these-6-states-will-collapse-during-next-recession
Russian propaganda! If this was something to worry about, surely the intrepid hardboiled investigative journalists of the MSM would’ve performed their Fourth Estate duty by alerting us to this danger.
Seeing New Mexico at the top of the list doesn’t surprise me. Seems like everybody who didn’t go to school is on welfare.
no explanation about why they didn’t collapse in the last recession
Makes sense. The two top welfare states in the US make the list.
It’s disingenuous to include the government employees in the “takers”.
why?
Another fabricator claiming harrassment by Trump supporters is unmasked as a fraud. “Thou shalt not bear false witness” is a pretty universal value, isn’t it? Except, of course, to special snowflakes and pathological victim classes.
http://www.businessinsider.com/yasmin-seweid-trump-supporters-harassment-2016-12
If federal law enforcement is to restore faith in the concept of America as a nation of laws, the impunity the .1% have enjoyed under Obama and his “Jus’ Us” Department has to come to a screeching halt and lawbreakers must be investigated regardless of how rich and politically connected they are, or how much the captured media trumpets their “persecution.”
http://dailycaller.com/2016/12/14/exclusive-fbi-new-york-field-office-told-to-continue-clinton-foundation-probe/
The Narrative-Purveyors sometimes get carried away with their vileness towards Trump and all non-servants of the oligarchy.
http://dailycaller.com/2016/12/14/politico-writer-heading-to-the-atlantic-suggests-trump-is-having-sex-with-ivanka/
AIPAC stooge and McCain lapdog Lindsey Graham is accusing the Russians of hacking his e-mails.
http://www.businessinsider.com/lindsey-graham-russia-hacking-trump-election-democratic-2016-12
Do u remember when the FED raised rates and killed the last housing bubble and sh@t hit the fan? Then all the vultures came in and bought up all the cheap assets and ran then up again.
Its time for them to hand the sh@t off to you. They will keep this market up until retail capitulates and dives all in again.
LATHER , RINSE, REPEAT.
BEEN A LONG TIME OF LATHERING HASNT IT?
You’re underwater and sinking Poet.
I enrage the enrager!
Falling prices my friend. Falling housing prices.
Newport, WA Housing Prices Crater 18% YoY
http://www.zillow.com/newport-wa/home-values/
Can Bernie blame Russia, too for his loses?
http://www.siliconinvestor.com/readmsg.aspx?msgid=30887692