A Previously Profitable Venture That Becomes Loss-Making
A report from Better Dwelling in Canada. “The Vancouver real estate party for speculators might be officially be over. The latest report from the Real Estate Board of Greater Vancouver (REBGV) showed prices dropping from peak, as well as declining sales and absorption from last year. West Vancouver saw the greatest decline in the Greater Vancouver Region (GVR), with the average sale down 6%. That means the average $3,016,600 home sold in the area is $193,500 lower than the month prior. The number of sales are plummeting, even when seasonally adjusted. Only 638 single family homes sold in November – that’s a 46.2% drop from the same time last year. The days of speculators triple flipping a home in a single year are probably long gone.”
From The Guardian in the UK. “The amount of tax owed by many buy-to-let landlords will double or even triple as a result of changes being phased in from April, it was claimed this week. Some landlords enjoying four-figure net annual profits could end up nursing losses – and if interest rates rise this will make the situation even tighter. The table below has been put together by Anna Sofat, who runs financial services boutique Addidi Wealth. If we assume the mortgage interest rate gradually rises from 3.5% to 4.5%, that would also result in a thumping loss, as shown in the table.”
“‘This example provides insight into a previously profitable venture that becomes loss-making, that will need to be bailed out down the line, either by higher rental yields or large property price rises, neither of which are certain,’ says Sofat of her table.”
The Hurriyet Daily News in Turkey. “Property prices have dropped up to 20 percent in several parts of Istanbul due to a glut in the housing sector after large-scale urban transformation projects created an oversupply in the market. The decreasing trend in housing prices is especially prominent in terms of high-end units and in neighborhoods undergoing intense urban transformation activities. Ömer Faruk Çelik, the head of Turkey’s Housing Developers and Investors Organization (KONUTDER), said the supply and demand equilibrium had been destabilized. He said the same trend would follow in Ankara and the Aegean province of İzmir.”
“‘We have seen an overproduction in some hot spots on the Asian side, such as Bağdat Avenue, which hosts high-end properties, and Fikirtepe, which underwent intense urban transformation projects, without taking the supply-demand curve into account. Urban transformation projects intensified in higher-income neighborhoods. This has now led to an oversupply in these areas. Housing developers who cannot sell them have now started to slash prices… The main problem is with the nature of the model here,’ he said.”
The Times of India. “Goa’s chief town planner S T Puttaraju said on that there is no stock of houses in the state to meet the requirement of low and middle income groups, instead the units available for sale are mostly unaffordable to the average man. At an assessment of the housing scenario in Goa held by the town and country planning department recently, it had emerged that in Goa housing was being constructed at the rate of 25%, much higher than the population growth rate of 8%.”
“Speaking to TOI on the problem of vacant homes in Goa which have swollen by 62% from the 2001 to 2011 Census, Puttaraju admitted that there are around 1.25 lakh unoccupied houses in Goa. Goa has become a popular destination for investments in second homes in the country. ‘For a small state like Goa with a small population, this is a high figure. Goa doesnt require more housing statistically speaking. The question here is that we have stock which is not affordable,’ Puttaraju said.”
From Channel News Asia on China. “The industrial part of Dongguan, which lies just outside the city centre, is ground zero of China’s painful economic transformation. Under the weight of a slowing global economy, coupled with an ageing labour pool and surging wages, China’s export-oriented manufacturing industry is losing its competitiveness, hitting Dongguan hard. Advertisements to rent or lease space can be seen everywhere, while the remaining businesses are just hanging on.”
“The owner of a textile firm who declined to be named said: ‘The biggest problem now is that our orders are very unstable, we don’t have any big orders now, and also, the workers are unstable so it’s tricky. They’re very mobile because we can’t guarantee them an ideal wage if our orders are not big or good enough.’”
“Elsewhere, businesses are lamenting Dongguan’s dwindling fortunes. Zhai Jinhuan, the owner of a grocery shop, said: ‘There aren’t many people in the factories now. In the past, each factory had thousands of workers; now you can’t find any. At most, they have a few hundred.’”
“According to local media reports, the manufacturing hub has suffered a spike in factory shutdowns since 2014 due to the economic downturn. The Beijing News, for instance, said that in 2015 alone, more than 4,000 companies, mostly in the electronics industry, shut down in Dongguan. Professor Lin Jiang from Guangzhou’s Sun Yat-sen University said: ‘In 2015, the labour costs went up by 5 to 6 times as compared to 2005. Of course this is not restricted to Dongguan alone, but across the country. Another reason is the changing market environment, especially the fact that many export orders have shifted to Southeast Asia.’”
Hey Dan, take a look at the photos at the last link:
‘While the government tries to reinvent the city, factories continue to close, stirring discontent. Last year, thousands of workers protested on the streets of Dongguan when Microsoft decided to close its old Nokia Factory.’
‘And this year, there were at least seven strikes and protests by factory workers in Dongguan in just eight days in late May and early June. This is a far cry from a time when all the action in Dongguan took place inside the factories.’
LOL. Dan is long gone, he’s never coming back.
^lol
‘In 2015, the labour costs went up by 5 to 6 times as compared to 2005. Of course this is not restricted to Dongguan alone, but across the country. Another reason is the changing market environment, especially the fact that many export orders have shifted to Southeast Asia.’
Well globalists, let’s race to the bottom shall we? Have we found a place that pays 1 cent a day? Here’s an idea: let’s get off this crazy rocket before it kills us.
BTW, I don’t know how these guys got this report out of China. It’s been a year and a half since the government announced its “everything is awesome” media clamp down.
Now they wish they had their sex-tourism industry back.
Now they wish they had their sex-tourism industry back.
Mention Dongguan to any Chinese person and that’s still the first thing they think of. I’ve been there for a few weeks and didn’t notice anything unusual on the streets but I was in the techie area and not downtown.
“Well globalists, let’s race to the bottom shall we? Have we found a place that pays 1 cent a day? Here’s an idea: let’s get off this crazy rocket before it kills us.”
I’m tellin’ ya. There’s the globalist ideal: impoverish everyone! Bezos will be wondering why no one is left to buy his cheap crap. Wha’ hoppen?
Wait’ll they start going for each other, though. All of a sudden one or two of ‘em realize they’re getting dealt out of the game. It’s happening right now in tech, although Dorsey’s too stupid and arrogant to realize he’s on the menu.
Yeah, he’s going to regret not cooperating on that important emoji issue.
Irrelevant.
Well globalists, let’s race to the bottom shall we? Have we found a place that pays 1 cent a day? Here’s an idea: let’s get off this crazy rocket before it kills us.
All of us, businesses and consumers, want lower prices. But as has been mentioned on this blog repeatedly, to the chagrin of some posters, you can’t actually fix prices or control other people.
Of course wages in China have grown. Lots of companies using the services of Chinese factories have bid up the prices.
As a side note, something people who’ve never manufactured overseas don’t realize is that the wage rate of the country you are producing your products in is actually a minimal factor in terms of your total cost to produce and import these products. If low wage rates for labor was the major issue, we’d all be producing stuff in the Congo in Central Africa.
“Irrelevant.”
Exactly. Has nothing to do with Trump or emojis. Has to do with his brethren in the tech world and the way they sandbagged Twitter by pulling out all at once on the bidding for the company. I knew right then that Twitter was being singled out for culling.
After that, Dorsey went full retard and started banning and shadowbanning right and left and sticking it to Trump, thinking they’d let him back in the club, but no. Nope. Gab’s picking up steam and Voat is nipping at Reddit’s heels (Reddit is on the list,too)
Twitter. Isn’t that the dot com with no revenue?
I think that you’re right. Their big challenge has got to be finding a way to sell more advertising. They don’t have to worry about competition from Deplorable Twitter.
“They don’t have to worry about competition from Deplorable Twitter.”
Especially since Twitter turns down advertising dollars.
Lol, shot their own little stamping feet clear off. What sane company would consider an ad buy on Twitter now?
Twitter. The new My Space!
Well globalists, let’s race to the bottom shall we?
Globalism summarized in one sentence. A corrupt and venal .1% enriching themselves at everyone else’s expense and with a craven indifference as to the adverse impact on individuals, sovereign peoples, or nation-states. Profit uber alles.
And until very recently, 95% of the sheeple meekly bent over for them by casting votes for their water carriers.
craven indifference as to the adverse impact on individuals, sovereign peoples, or nation-states.
Don’t forget the most important one that all our SJW snowflakes never seem to care about as they use their cheap products: the environment!
Bbbb - b - b -but, the snowflakes actually believe the propaganda like Apple’s environmental responsibility report:
https://www.apple.com/environment/pdf/Apple_Environmental_Responsibility_Report_2016.pdf
I LOL’d several times when I read this report - you’d think that all of their server farms run on rainbow unicorn farts after reading that.
I’m all in favor of alternative energy sources, but the cognitive dissonance one must posses to actually believe this tripe is strong.
You can purchase all of the carbon or clean-energy credits you want to make yourself feel better, but if there is a coal-fired power plant down the road from your server farm, that’s where the electrons are coming from, no matter what it says on your monthly utility bill.
“Bezos will be wondering why no one is left to buy his cheap crap. Wha’ hoppen?”
People are already bailing en masse. Prime is no bargain. Amazon prices do nothing but creep, creep, creep. Most things can be purchased locally cheaper, or purchased from other online retailers cheaper.
“LOL. Dan is long gone, he’s never coming back.”
Never say never.
Trump “Will NEVER Be President” Compilation
https://www.youtube.com/watch?v=_V_w-kDLbl8
“Hey Dan, take a look…”
“…..many export orders have shifted to Southeast Asia.’”
I think Dan has been “Shanghai’d”……right along with Chinese manufacturing. Maybe it’s time for a new term…..”getting Hanoi’d!”
Merry Christmas!!!!!!
And God bless us. Everyone. Especially DJT.
Awesome flash mob in a mall - https://youtu.be/SXh7JR9oKVE
Amen brother.
This one is better:
https://www.youtube.com/watch?v=GBaHPND2QJg
Awesome
That’s great. I love occasions where the human spirit and love of the sublime still shines through.
And God bless DJT’s VP (Vladimir Putin)…
You said Trump is Hitler. So confusing.
I never said Trump is Hitler. If you think I said that, then you are truly confused.
Is posting something in quotes a thousand times not saying it?
“If we assume the mortgage interest rate gradually rises from 3.5% to 4.5%, that would also result in a thumping loss…that will need to be bailed out down the line, either by higher rental yields or large property price rises”
Sorry Mr. Genius. Higher financing costs will not give you a large property rise. It will just be a thumping.
When an economy is expanding, rising rates rarely result in lower housing prices. There is a similar fallacy about gold prices rising if there is inflation…..very little correlation.
Will the Trump Era Bring Higher Interest Rates? Don’t Count On It
Neil Irwin @Neil_Irwin DEC. 14, 2016
Higher interest rates are on the way. That, anyway, is the prediction increasingly baked into financial markets. Donald J. Trump’s policy agenda — big tax cuts and new infrastructure spending — seems to point in that direction. And the Fed raised its benchmark interest rate by a quarter of a percentage point on Wednesday, with plans for more increases next year.
But what if that’s wrong?
There’s no doubt that the stated goals of President-elect Trump imply that rates will be higher in a couple of years than they are today. As my colleague Binyamin Appelbaum writes, any stimulative fiscal policy from the Trump administration could well face an equal and opposite tightening of monetary policy by a Fed that raises interest rates.
The central bank will seek to prevent too much inflation from breaking out in an economy it believes is getting close to operating at its full potential, which means Mr. Trump’s stimulus might run up against the Fed chair Janet Yellen’s (and perhaps her successor’s) counter-stimulus.
But it’s worth looking at the two big ways that these forecasts could be wrong, and worth considering that the era of low rates might stick around a bit longer than some of the postelection discussion might have suggested.
First, the Trump agenda might pack less of a growth punch than some have imagined. If so, you would expect the same cautious approach to rate increases from the Fed.
Second, even if the economy does start growing faster, future Trump administration appointees could change their tune on the desirability of higher interest rates. That has been the pattern with other populist politicians of the Trump mold around the world. Politicians, once in office, tend to learn that they like low interest rates. It’s easy to envision a Trump administration pushing for cheaper money and the Fed attempting to hold the line to prevent inflation.
http://www.nytimes.com/2016/12/14/upshot/will-the-trump-era-bring-higher-interest-rates-dont-count-on-it.html
newflash: NYT and WaPo have less credibility than the National Enquirer these days.
Washington Post is the worst major newspaper in the country.
Outlet for CIA propaganda.
And just to add, did ya see the photo of Bezos at the Trump conference table? What a glum face. You could almost read the thought bubble “CIA? WTF was I thinking?”
Or the dinner with Romney:
“Eat your peas Mitt.”
Yes, that one was a classic.
Schlonged!
If the Beez wasn’t such a butt-wipe, I could almost feel sorry for him wandering into the WaPo-CIA clusterfark. He thought he got that paper for a bargain and didn’t realize the strings that came with it. Nor with the CIA contracts.
Now that’s one sad panda right there!
http://imgur.com/qsZepzw
They never did have much credibility (google Walter Duranty and the USSR) but thanks to ‘bloggers living in their moms’ basements’, the average person now has access to much more information than they once did. The NYSlimes and such no longer control the narrative. They can’t act as gatekeepers, hiding facts and twisting the truth. All we have to do is go online and search and talk to each other.
Yep. The Oligopoly has lost its stranglehold on sources of news and information, and ability to craft The Narrative for dissemination by its MSM propaganda outlets. And more and more former sheeple are experiencing cognitive dissonance, then awakening as they see the disconnect between The Narrative and the reality all around them, just as former Soviet citizens slowly saw through the lies promulgated by Pravda and TASS. Then they start seeking out real news and real truth and become even more awake and aware. So there’s nothing left for them to do but to try to ban “fake news” i.e. truth-tellers.
Karen: I don’t know who you are but I always enjoy your posts! There’s way too much testosterone in here most afternoons.
Happy to be of service
“The central bank will seek to prevent too much inflation from breaking out…”
If the whole analysis is based on this assumption, it isn’t worth the read.
“in an economy it believes is getting close to operating at its full potential”
Right, with 100 million out of work.
The Fed has brought on the biggest monetary credit expansion in the history of the universe.
USGov debt went up $1.2Tr in 2016.
“If the whole analysis is based on this assumption, it isn’t worth the read.”
Thanks for proving my point. Isn’t Krugman with the NYT? Or is it WaPo? I’m so confoosed.
So much useless commentary from these rags.
Doesn’t really matter where rates are. Prices will continue falling until demand picks up.
It’s the way the world works.
The would-be price fixers are twisting in agony. The credit tsunami led them all to believe they were so smart and in control. Now they’re starting to say,”What do you mean I can’t force people to pay $50,000 for my 20 year old Chevy and $4 for an avocado?” They continue to believe they can somehow fix all of this.
Some day stawks and homes might fall but its been an bull market for like 7 years. Dont fight the FED!
All this seems so crazy its hard not to be cynical isnt it?
Don’t be cynical Poet. Pull yourself up out of that gutter and cheer up and remember….. Nothing accelerates the economy like falling prices to dramatically lower and more affordable levels.
Get back on your meds, Housing Analyst - and stop making up new names and having online conversations with yourself. It adds no value.
You give yourself away with the $50K for the old Chevy line.
My name is Karen, and while I do enjoy talking to myself, the only handle I use on this blog is this one.
You spend so much time on this blog I would’ve thought you could differentiate between us.
You can tell the difference between us when talk turns to inflation. He subscribes to some strange theory that inflation is rising wages. I tried once to get him to explain the basis for this theory, but that discussion went nowhere. He somehow believes that the price of labor (wages) is fundamentally different than the price of other goods on the market. I do not.
I like to quote and link to the mises.org website, Lew Rockwell, Michael Rozeff, Murray Rothbard, etc. I’ve never seen him link to or reference any of these sources. Austrian economists (and I) have a very different view of certain aspects of the economy than he does.
I coopted his $50K Chevy line because I like it. If I quote George Washington, does that make me him?
Also, he’s a builder and talks about that stuff. I’ve never built anything in my life. I’ve asked a couple of times about assertions he’s made regarding costs for hooking up to sewer lines and such, but he gets kind of angry when I do. Seems to think I’m doubting that he’s right, so I just leave it alone.
He has a lot of opinions about land prices. Seems to disagree with Ben that high land costs are what has led to high housing prices (at least as the proximate cause of high market prices.)
Karen…, Meet my good friend Redmond. One of our most enraged DebtDonkeys.
What a wacko
Was at a supermarket in Queens 3 weeks ago and they were charging $29.99 for a package of Scott’s toilet paper. I pay $11 for the same package in Augusta, GA. I wonder why 200% price inflation is baked into the retail price? That supermarket has been there for many years so I doubt that it’s because their rent is too high. Weren’t delivery costs supposed to go down because of lower fuel costs? Aren’t prices going down because of lower input costs?
NYC…. The socialist capital of the US. I thought socailsm is a good thing?
Foolish socialists.
Hmm, a bit of good news from ZH:
On the electors, staying the course:
http://www.zerohedge.com/news/2016-12-15/they-are-standing-strong-will-our-voters-gop-crushes-democrats-hopes-confirms-electo
Even better, on the Clinton Foundation investigation, all systems go!
http://www.zerohedge.com/news/2016-12-15/clinton-investigation-back-fbi-agents-ny-ordered-continue-clinton-foundation-probe
Not sick of winning.
Not one little bit.
The FBI needs to redeem itself after Comey’s craven admission that Crooked Hillary had broken the law with her mishandling of classified information, but there would be no consequences. While people are sitting in jail and losing their security clearances and jobs for much less. Restoring the rule of law and ending the .1%’s impunity will be the first, crucial step toward draining the swamp and arresting our decline into banana republic.
This one goes out to all those Trump electors out there:
Stand by Your Man!
https://www.youtube.com/watch?v=U48VjCJkowE
(Cringeworthy, but I just couldn’t help it.)
The Blues Brothers - Stand by your man
https://www.youtube.com/watch?v=HFduMlfeu9U
Heh, forgot about that one, that’s even better! Thanks.
Most excellent! While Les Deplorables throw their beer bottles in pure deplorable joy.
Inflation? Do you really believe wages will double or 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.
“We have a goldilocks economy”. Cocaine kudlow
I know more about economics than that guy. If it wasn’t for the Laffer curve he’d have nothing to talk about. Hey Larry, 1984 is calling and they want you back. For good.
The Fateful Vote That Made New York City Rents So High
A 1994 City Council vote enabling landlords to dodge limits on rent increases has had a profound impact on the lives of New Yorkers.
by Marcelo Rochabrun and Cezary Podkul
ProPublica, Dec. 15, 2016, 8 a.m.
At the end of a pedestrian tunnel, down a flight of stairs from street level, a plush bar with a Prohibition motif caters to wealthy newcomers who have gentrified Manhattan’s Lower East Side, displacing immigrants and blue-collar workers. Amid chandeliers, velvet couches and Rubenesque oil paintings, bartenders serve beer bottles in paper bags and pour $14 cocktails into teacups.
The beige pre-World War I tenement above the bar also profits from the neighborhood’s transformation. In 1994, a typical apartment in the 25-unit Norfolk Street building cost $552 a month. Today, it rents for $4,800.
This almost nine-fold increase reflects the gradual dismantling of New York’s system of rent stabilization. That system is supposed to protect renters, who occupy almost two-thirds of New York’s housing stock, by limiting annual rent increases to modest amounts set by the city. Instead, it’s become so easy and lucrative for landlords to circumvent these protections that, when the Norfolk Street tenement went on sale three years ago, a broker’s advertisement boasted that 85 percent of its units were stabilized, providing “tremendous upside” to prospective buyers who could exploit the loopholes to jack up the rent. Similar language has been used to pitch hundreds of other rent-stabilized buildings in the past few years.
How landlords gained the ability to remove apartments from regulation has a surprising backstory. Over the years, the Republican-dominated State Senate has often flexed its muscle to weaken rent stabilization at the behest of real-estate interests. Yet it was an overwhelmingly Democratic body that made the most important and far-reaching move. Shortly before Easter in 1994, by a 28-18 margin, the New York City Council implemented what is known as “vacancy decontrol,” which allowed a landlord to escape regulation and charge market rates once tenants moved out of apartments that cost at least $2,000 a month. Then-Mayor Rudolph Giuliani signed the measure into law.
More than two decades later, it has become clear that the 1994 vote was more consequential for the lives of New Yorkers than anyone could have predicted at the time. Through dozens of interviews and research in state and city archives, ProPublica has unearthed the hidden history behind the vote, including arm-twisting of decontrol opponents, a remarkable number of last-minute flip-flops, and Giuliani’s weighing of a veto.
https://www.propublica.org/article/the-vote-that-made-new-york-city-rents-so-high
yep, just what we need.. regulated rents.
Regulated wages,meds
Gun control is required first
Tac churches etc.
Funny I have lived in lots of big cities without rent controlled.
Affordable apartments all over the place.
What is rent control?
Buying the votes of the FSA.
Decreasing the supply of apartments
Driving all new apartments on the market to the luxury end.
In NYC anyway, it started in the Command Economy of WWII.
U.S. tax reform proposal on border trade faces growing opposition
Reuters
By David Morgan
Dec 15, 2016, 12:37 PM
WASHINGTON (Reuters) - A sweeping tax reform proposal meant to boost U.S. manufacturing faces mounting pressure from industries that rely heavily on imported goods as President-elect Donald Trump and congressional Republicans work to finalize new tax legislation.
As Republican members of the House of Representatives tax committee prepared to discuss tax reform this week, the panel received a letter from 81 industry groups rejecting the proposal known as “border adjustability.”
A lynchpin of the House Republican “Better Way” agenda and viewed favorably by Trump’s team, the policy would help manufacturers by exempting export revenues from corporate taxes. But it would tax imports, hitting import-dependent industries.
House Republicans hope to persuade Trump to back the policy as a means to fulfill his campaign pledge to create blue-collar jobs. This week, incoming Trump White House Chief of Staff Reince Priebus expressed support for the approach as a possible alternative to tariffs.
Trump and House Republicans have not reached agreement on border adjustability but could iron out most of their remaining differences on tax reform in two to three weeks, ahead of the Jan. 20 inauguration, former Trump adviser Stephen Moore told reporters in Michigan.
In a Dec. 13 letter to House Ways and Means Chairman Kevin Brady and incoming top Democrat Richard Neal, groups representing the auto and retailing industries, among others, said: “Companies that rely on global supply chains would face huge business challenges caused by increased taxes and increased cost of goods.”
They warned of “reductions in employment, reduced capital investments and higher prices for consumers” as potential consequences. “The Better Way tax reform proposal, without the border adjustment provision, can provide the basis for the strong economic growth we all seek,” it said.
http://sports.yahoo.com/news/u-tax-reform-proposal-border-trade-faces-growing-180555569–business.html
former Trump adviser Stephen Moore told reporters in Michigan.
dang, i didn’t know he was already gone. trump should have kept him. he’s good in economics.
On the other hand, I was delighted to see that Stephen Miller is still with Trump and now has a position with the administration. After being prominent on the campaign trail, he went quiet in August around the time he was assigned to handle some incoming advisers.
yep, miller is still good, but not as good as moore.
there’s another guy that’s good too and i think he’s still with trump. i don’t remember his name though.
i saw miller on hannity. most was good, but he said a few scary things. he’s somewhat of a protectionist, but cutting taxes and regs are the most important and he seems on board with that.
“i don’t remember his name though.”
Peter Navarro? Of “Death By China” fame.
no, wasn’t him. i may do a search later tonight and see if i can find him.
it’s scarier than i thought. i don’t like navarro and i really can’t stand john TARP paulson.
i think it was mnuchin that i couldn’t remember. but now i can’t find much on him. i always come across these articles by accident and never save them.
moore was the best of everyone.
Pete TeKampe, a a commercial real-estate agent with the firm Marcus & Millichap in Phoenix, talks about the good signs and also some not-so-terrific signs in the Valley rental-housing market.
http://kjzz.org/content/409038/phoenix-area-sees-many-apartment-building-construction-projects
“Are you sitting down?”
95% under construction are luxury.
“95% under construction are luxury.”
Too funny. That oughta work out well.
And just to add to (not reply to) the above, I can’t help thinking along the lines of “luxury is the new slum”. Think of all those swimming pools filled with slimy water, breeding mosquitoes. Or empty and cracked with tatooed skateboarders doing their thing. Even better, abandoned luxury apartment complexes home to armies of squatters, or becoming rave venues.
Please forgive me for posting repeatedly under my other posts, but
I just had an idea that is too good to pass up. They can turn those luxury apartments into Air BnBs! Brilliant! Now you’ve got a motel! As long a you don’t mind the fact that they’re having a rave in one section of the place.
under my other posts
I don’t think you are anywhere near breaking records.
GOT CROW?
Dafuq? Why would I need to eat crow? I don’t live in AZ.
“95% under construction are luxury.”
That’s because 95% of the population are in the top 1% income bracket.
Oh, wait….
Your math is almost as good as Larry Kudlow’s…
“Are you sitting down?”
“95% under construction are luxury.”
These are the kinds of absolutely mind-blowing market distortions the Fed has created with their irresponsible, dangerous monetary policy.
Meet the Ad Companies Ditching Breitbart and Fake News
AT THE END of 2016, the anger trade is a good business to be in. Audiences are reading and sharing fake “news” that stirs partisan ire while hardline outlets like Breitbart can count the president-elect as a fan. Advertising dollars are following those eyeballs, and thanks to the automated nature of online ads, the cash can flow into these sites often without the knowledge of companies doing the actual advertising. As a result, brands run the risk of appearing to endorse political stances or rhetoric that potential customers may find objectionable. Now some are starting to worry.
A growing number of brands, from Kellogg’s to Allstate to Warby Parker, have pulled their ads from Breitbart. Meanwhile, at least one brand, Fiat Chrysler, said it adds fake news websites one by one to a blacklist it maintains. Others are scrambling to rejigger their ad policies to account for such fraudulent sites. But the influence of those individual brands may pale next to the power of a handful of companies whose names you probably haven’t heard: the ad tech companies that funnel ads to those sites in the first place.
These are the companies that run the digital marketplaces where advertisers bid for ad space on sites. They also provide the tech tools advertisers use for ad placement. Last month, one of the biggest, AppNexus, said it would block Breitbart News from using its ad-serving tools because the site had violated its hate speech policy. One week later, two more ad-tech companies, TubeMogul and RocketFuel, followed AppNexus’ lead.
Breitbart’s editor-in-chief calls these decisions an attempt at censorship. But what’s really at stake isn’t a site’s right to say whatever it wants to say—it’s whether a site can make money saying it. Fake news creators and hardline sites can’t get by if advertisers won’t sponsor their sites—a hard fact of the online publishing business that could make a few obscure tech companies the unlikely arbiters of the future of public discourse.
Sleeping Giants
Last month, a week and a day after the election, the anonymous activists behind Sleeping Giants posted their first tweet: “@sofi Are you aware that you’re advertising on Breitbart, the alt-right’s biggest champion, today? Are you supporting them publicly?”
The tweet was directed at San Francisco-based Social Finance (SoFi for short), an online personal finance company that helps offers student loan refinancing, personal loans, and mortgages. The company didn’t respond publicly. But Sleeping Giants added SoFi to the list of brands it says it’s confirmed have blocked their ads from appearing on Breitbart. The list currently runs more than 300 companies deep. The longer that list gets, the more incentive ad tech companies have to proactively seek to keep their clients’ ads off sites that might expose them to controversy.
https://www.wired.com/2016/12/fake-news-will-go-away-tech-behind-ads-wont-pay/
“Last month, a week and a day after the election, the anonymous activists behind Sleeping Giants posted their first tweet: “@sofi Are you aware that you’re advertising on Breitbart, the alt-right’s biggest champion, today? Are you supporting them publicly?”
Not so anonymous. That’s pure Heidi Beirich, of the SPLC.
NOAA, known to boaters as Comedy Central. They don’t have advertisers, just agenda funding.
Their budget isn’t funny
I saw a crow flying around today and thought of some of the posters lurking here.
They are all living in your empty skull so it’s no wonder.
top DJT media meltdowns:
https://www.youtube.com/watch?v=o8IvxDBVNMk
CLOWNS?
iF YOUR CHEAP @SS EVER WANTS A QUALITY BEER LOOK NO FURTHER:
https://www.beeradvocate.com/beer/profile/220/150933/
I ain’t drinkin’ that Sellout Swill. That’s the free market talking so good for them selling out to Heineken, but there are so many better creative craft brewers coming online seemingly every day for me to choose from (which is also the free market talking).
We’re capering, not lurking.
http://imgur.com/gallery/BBxAu
CONVOOOYYY! CONVOOOYYY! There it is, Ben, the convoy out of California. You’d need a box that big just for Mike and Rosie.
http://www.mirror.co.uk/news/world-news/mystery-police-escort-massive-object-9463256
Poor house scalpers will have to give back a bit of their incredibly easy gains… Here 40 min east of Vancouver houses are still selling, everything sells, not sure about price though….
tHEY SLAPPED UP SOME STUCCO SHANTIES HERE AND WANT 400K. bs
Who is going to stop and help stranded women change their tires, or keep truck stops financially afloat, once truckers are replaced by robots? When are the sheeple going to wake up and realize that replacing people with robots is going to ultimately make us all pay a heavy price?
http://www.businessinsider.com/amazon-building-uber-for-trucking-app-2016-12
how to prepare crow 101:
https://www.youtube.com/watch?v=JtaD22rhDFo
even potus eats crow:
https://www.youtube.com/watch?v=Ssb_zHq8Tn4
There is nothing that can be done to save your jobs.
Now if you will excuse me, Michelle and I have to take his and hers 747s to Los Angeles at a cost to the tax payers of $228,000 an hour per plane so I can appear on Jimmy Kimmel Live and Michelle can tape an Ellen Degeneres‘ show.
http://www.washingtontimes.com/news/2015/mar/13/obama-first-lady-flew-separate-planes-la-same-day/
Trump’s Newest National Security Staffer Once Suggested Obama Lied About Being Black
Meet Monica Crowley.
AJ VICENSDEC. 15, 2016 4:37 PM
President-elect Donald Trump will tap Fox News’ Monica Crowley to be the senior director of strategic communications for the National Security Council, the transition team announced Thursday. In Crowley, Trump appears to have found a kindred spirit on issues ranging from from terrorism to Barack Obama’s eligibility to be president.
Crowley, who is also an author and a radio show host, will serve under retired US Army Lt. Gen. Michael Flynn, Trump’s pick for National Security Adviser. (Flynn, who has an intense distrust of Muslims and a record of peddling debunked conspiracy theories, has been accused of “inappropriately” sharing classified information with foreign military officials.)
As the Daily Beast notes, the current US Deputy National Security Adviser for Strategic Communications Ben Rhodes is one of Obama’s key staff members and is in position to shape the US policy in profound ways. Crowley will join fellow Fox News alum K.T. McFarland, who was named as a deputy national security advisor in late November.
Crowley has worked at Fox News since 1998 as a “political and international affairs analyst,” according to her bio that previously appeared on the news outlet’s website. She also worked as a foreign policy staffer in the Nixon administration and later worked with NPR and MSNBC.
Based on her public statements, Crowley will fit right in with Flynn and Trump. In June 2008, while guest-hosting Laura Ingraham’s radio show, Crowley cited a bizarre online “genealogy” (which she acknowledged she couldn’t “verify”) purporting to demonstrate that Obama is “not black African, he is Arab African.” She added: “And yet, this guy is campaigning as black and painting anybody who dares to criticize him as a racist. I mean that is—it is the biggest con I think I’ve ever seen.”
http://www.motherjones.com/politics/2016/12/donald-trump-monica-crowley-barack-obama
No one cares about this. He’s an American, right? And he is done. See ya.
You miss the point. It’s about the sort of people that will be running the country five weeks from now.
Thanks for posting, Mikey. Everyone, regardless of where they are on the political spectrum, should be taking an active interest in the sort of people who will be running the country for the next four years. And not being blind to potentially problematic choices.
capitalists!
China’s financial house of cards looks set to implode before ours. But it will take ours with it.
https://www.bloomberg.com/news/articles/2016-12-15/china-s-markets-come-under-strain-as-bond-yield-jumps-by-record
This is great. A guy just got a job offer from US Steel in Michigan, after being underemployed for a while.
https://www.reddit.com/r/The_Donald/comments/5ijp5y/just_got_a_job_offer_from_us_steel_in_michigan/
God Save the Don!
“The amount of tax owed by many buy-to-let landlords will double or even triple as a result of changes being phased in from April, it was claimed this week. Some landlords enjoying four-figure net annual profits could end up nursing losses – and if interest rates rise this will make the situation even tighter.
But…but…investment!
Chinese buyers are getting ripped off on Vancouver real estate.
http://www.businessinsider.com/chinese-hot-money-is-fond-of-vancouvers-real-estate-2016-12
Adios to the housing market.
http://investmentresearchdynamics.com/adios-to-the-housing-market/
“I guess if an economic system in which 38% of the working age population is not working can be defined as “full employment” then monkeys are about to crawl of out Janet Yellen’s ass. I guess we’ve witnessed more stunning events this year…”
I thought lot of people were out of work.
It’s only about 22% of Americans in their prime working years who are not employed.
https://fred.stlouisfed.org/series/LNS12300060
If you look at the graph, it’s not easy to determine what level would be full employment.
100 million working age not in the work force.
An oldie but a goodie from 2008: Hitler discovers he’s an FB.
https://www.youtube.com/watch?v=bNmcf4Y3lGM&feature=player_embedded
How much of its foreign reserves is China burning through in a failed attempt to prop up the Yuan?
http://www.zerohedge.com/news/2016-12-15/china-belgium-dump-treasuries-foreign-central-banks-liquidate-record-403-billion-us-
The war on cash spreads to India. WIth predictable results.
http://www.321gold.com/editorials/browne/browne121516.html
We must resettle the “refugees” from the neocons’ “regime change” fiascos in the US Red States. It’s for the children.
https://www.youtube.com/watch?v=bD1zU1JoLHU
the Byrds — Eight Miles High (1965):
https://www.youtube.com/watch?v=J74ttSR8lEg
Ben Jones these are some English musicians from England (Traffic Full LP):
https://www.youtube.com/watch?v=y8-EFlkVTok
Hillary Supporter Freaks Out When Told Recounting Votes Won’t Help
https://www.youtube.com/watch?v=vvncNjVa_nU
More looney political rambling from Rachel Maddow (100 days out)
https://www.youtube.com/watch?v=bCDOErBb5Jo
The unraveling is visible. And highly entertaining.
CNN Startled After Princeton Scholar Slams Clinton Camp for Falsely Linking Trump to Putin
Published on Jul 31, 2016
https://www.youtube.com/watch?v=B9Z1H3B8r4E
How’s that socialism working out for you, Venezuelans?
https://ca.news.yahoo.com/poor-venezuelan-parents-away-children-amid-deep-crisis-141708650.html
Oh dear. Oh dear. The Yuan is tanking against the dollar. How much dollar reserves will the PBOC burn through trying to defend it?
http://www.marketwatch.com/investing/currency/usdcny?mod=MW_story_quote
This looks a lot like currency manipulation.
http://www.zerohedge.com/news/2016-12-15/china-devalues-yuan-weakest-fix-may-2008
They are manipulating it by propping the price up? That’s the opposite of what we are told are their manipulation efforts.
I’m being facicious. It looks to me like the PBOC is trying desperately to prop up the Yuan, but is fighting a losing battle. They will be accused of currency manipulation as the Yuan continues to tank. Silly Keynesians.
Walp, Sheriff Joe had his final press conference today on the subject of the document presented as Obama’s official birth certificate. Nine points of forgery, as verified by two different forensic investigators specializing in document fraud, independent of each other, one in Hawaii and one in Italy. For those interested in the demonstration video, give it a google or a bing and pick your favorite.
Please note that none of this signifies that Obama wasn’t born in the US. He likely was, I’m going with the Frank Marshall Davis theory as presented by Joel Gilbert. It just means the “official” document is a forgery.
In other news, ABC is reporting that Obama has called a press conference for 2:15pm tomorrow.
Did he happen to mention any laws that were broken in his county?
No, but this is fascinating. I’m about halfway through.
http://www.snagfilms.com/films/title/dreams_from_my_real_father
Sheriff Joe is a fame whore and a jackass. Hey Sheriff, protect and serve the public in your county. That’s your job, not political grandstanding.
“Hey Sheriff, protect and serve the public in your county.”
Hey, Ray, the public in his own county thought he did a pretty good job protecting and serving them, that’s why they kept re-electing him, from 1993 through 2016.
Yup. We need a whole lot more Sheriff Joes. But him and his ilk get in the way of the globalist agenda, so they must be marginalized.
Paul Krugman would consider this level of destruction bullish for the economy. Moar stimulus!
https://www.youtube.com/watch?v=dWxtsb5FULw
B.C. government offers first-time home buyers five-year, interest-free down-payment loans
The Canadian Press | December 15, 2016 4:13 PM ET
SURREY, B.C. — British Columbia’s government wants to help first-time homebuyers get into the market by offering interest-free and payment-free loans for the first five years.
Premier Christy Clark says the government will provide first-time homebuyers with a 25-year loan for a down payment on a home to a maximum of $37,500, as long as the funds have been matched by buyers.
The program applies to homes with a maximum value of $750,000 and the interest-free portion of the loan will last for the first five years, with the repayment schedule at current interest rates over the remaining 20 years.
Clark said most people can remember how difficult it was to put together the money for a down payment on their first home.
“People need a partner in scraping together that first down payment,” she said Thursday.
http://business.financialpost.com/personal-finance/mortgages-real-estate/b-c-government-offers-first-time-home-buyers-five-year-interest-free-down-payment-loans?__lsa=c188-933a
Hey future British Columbia FBs, if you think housing prices are too high, then REFUSE TO PAY THOSE PRICES!
http://www.marketwatch.com/story/home-buyers-get-help-in-pricey-british-columbia-2016-12-15?link=MW_latest_news
Trump Falsely Says U.S. Claim of Russian Hacking Came After Election
By JULIE HIRSCHFELD DAVIS and DAVID E. SANGER
DEC. 15, 2016
WASHINGTON — Faced with a surge of Republican calls for investigations into Russia’s efforts to influence the election, President-elect Donald J. Trump on Thursday again refused to accept Moscow’s culpability, asking why the administration had waited “so long to act” if Russia “or some other entity” had carried out cyberattacks.
Mr. Trump’s argument — made on Twitter, his usual forum — came as pressure grew in Congress for him to acknowledge intelligence agencies’ conclusions that Russia was behind the hacking. But aides said that was all but impossible before the Electoral College convenes on Monday to formalize his victory.
A group of Democratic electors, as well as one Republican, called this week for an intelligence briefing on the Russian hacking, raising the specter that votes could be changed.
In his posting on Thursday, Mr. Trump suggested that the government’s conclusions on Russian hacking were a case of sour grapes by President Obama. The president-elect falsely stated that Mr. Obama had waited until after the election to raise the issue.
Why did they only complain after Hillary lost?” Mr. Trump asked, although the director of national intelligence, James R. Clapper Jr., formally blamed Russia on Oct. 7 for cyberattacks on the Democratic National Committee and other organizations.
In September, meeting privately in China with President Vladimir V. Putin of Russia, Mr. Obama not only complained, the White House says, but also warned him of consequences if the Russian activity did not stop.
http://www.nytimes.com/2016/12/15/us/politics/russia-hack-election-trump-obama.html?hp&action=click&pgtype=Homepage&clickSource=story-heading&module=first-column-region®ion=top-news&WT.nav=top-news
Yet Obama told the American people there was no way the election could be hacked.
Uh-oh. More bluster from our lame-duck president.
http://www.businessinsider.com/obama-on-russia-hacking-the-us-election-2016-12
Not housing related, but it’s not just Flint where you can’t drink the water. Corpus Christi TX has been having a lot of problems with their water infrastructure. This is the latest one from today.
http://hosted2.ap.org/APDEFAULT/386c25518f464186bf7a2ac026580ce7/Article_2016-12-15-US–Tap%20Water-Corpus%20Christi/id-2af87d8f15aa44508ca1af042fea9a4a
“The city is warning its 320,000 residents not to use tap water because it might be contaminated with petroleum-based chemicals, prompting a rush on bottled water and the closure of local schools.”
“He said the problem was first reported by a local company that said the water coming from its faucets had a sheen.”
“In May, Corpus Christi officials issued their third boil-water advisory in a year.”
“But an overarching concern is an old water system where more than half of 225 miles of cast-iron pipe needs to be upgraded.”
–
Always a good idea to keep a stockpile of bottled water for emergencies.
Gov fails no matter how much money they steal
In fact, the more they steal, the more they fail!
It’s a feature not a bug. They spin the failure as being the result of not being big enough, not being powerful enough, and not having enough money. If we just allow the government to get bigger and more powerful and give it more money they will make everything right.
Democratic donors call for Clinton campaign post-mortem
The wealthy Democrats who helped pump over $1 billion into Hillary Clinton’s losing effort want answers.
By GABRIEL DEBENEDETTI 12/15/16 06:15 PM EST
“A lot of the bundlers and donors still are in shock and disbelief by what happened. They’re looking for some introspection and analysis about what really happened, what worked and what didn’t,” said Ken Martin, chairman of the Minnesota Democratic-Farmer-Labor Party and a top campaign bundler himself. “It may take some time to do that, but people are still just scratching their heads.”
Or, in the words of a Midwestern fundraiser who’s kept in touch with fellow donors, “A lot of people are saying, ‘I’m not putting another fucking dime in until someone tells me what just happened.’”
http://www.politico.com/story/2016/12/hillary-clinton-campaign-donors-post-mortem-232715
Team Hillary at the beginning of 2016 v. Team Hillary at the end: Clinton arrives looking glum for her fundraiser holiday party… while once-beaming million-dollar donors like Anna Wintour dodge the cameras
By Emily Crane and Geoff Earle, Deputy Political Editor For Dailymail.
PUBLISHED: 20:57 EST, 15 December 2016 |
Read more: http://www.dailymail.co.uk/news/article-4039350/Hillary-Clinton-arrives-holiday-party-New-York-s-famed-Plaza-Hotel.html#ixzz4T0rmtkBj
Follow us: @MailOnline on Twitter | DailyMail on Facebook
We had better come up with a smidgen of proof somewhere.
Kremlin slams ‘extremely scurrilous’ US hacking accusations
AFP December 16, 2016
Tokyo (AFP) - The Kremlin on Friday slammed Washington for pointing the finger at President Vladimir Putin over cyber attacks targeting the US election, after Barack Obama pledged to retaliate against Russian hacking.
“At this point they need to either stop talking about this or finally present some sort of proof. Otherwise this looks extremely scurrilous,” Putin’s spokesman Dmitry Peskov told journalists during a visit to Japan.
Obama on Thursday warned that the United States would take action against Moscow after the White House accused Putin of direct involvement in cyber attacks designed to influence the US election.
“I think there is no doubt that when any foreign government tries to impact the integrity of our elections that we need to take action,” Obama told NPR radio.
“And we will, at a time and place of our own choosing.”
Don’t believe the CIA?