December 17, 2016

There Are Always Some Who Are Willing To Overpay

A report from the Des Moines Register. “Iowa’s average farmland value declined for the third year in a row, down 5.9 percent to $7,183 an acre over the past year. It’s the first time since the 1980s farm crisis that land values have fallen three straight years, according to an Iowa State University report. Average Iowa farmland values are now 17.5 percent lower than the historic high set in 2013 at $8,716 an acre. Values dropped $449 per acre over the past year. U.S. farm income is projected to be $66.9 billion this year, 46 percent below record profits in 2013, the year following a devastating drought that drove commodity prices to new highs.”

“Since then, corn prices have tumbled close to 60 percent and soybeans, about 40 percent. At the same time, seed, herbicide, farmland rents and operating costs have been slow to decline, squeezing producers. Iowa livestock producers have struggled as well, said Wendong Zhang, an ISU assistant economics professor who leads the university’s annual farmland survey. ‘While corn and soybean prices continue to fall short of production costs, livestock producers faced a tougher environment in 2016 with hog, cattle and dairy prices all down by at least 30 percent compared to two years ago,’ he said.”

“Iowa’s average farmland value is still 173 percent higher than 2004, when prices began to climb, thanks to the ethanol boom, historically low interest rates, drought and other factors. ‘Looking ahead, land values might continue to adjust downward in the next year or two,’ Zhang said. ‘This is consistent with the stagnant corn and soybean futures prices and potential rise in interest rates.’”

From Country Guide. “This past fall, harvest stumbled to a finish. In parts of Ontario, combines chewed through spindly, drought-stricken corn on the same days that Prairie farmers drove their machines into swathes that had been buried in snow. It was enough to make those sporadic reports of feedlots shutting down, U.S. crop farms going bankrupt, and Midwest farmland prices dropping seem all the more foreboding.”

“Compared to 2013, Chapter 12 bankruptcy filings across the top grain-producing states in the U.S. climbed 50 per cent in the 12-month period ending on June 30. In Iowa, the biggest corn producer of all, they jumped a massive 125 per cent. (These Chapter 12 bankruptcies involve farms with less than $4.03 million in debt.)”

“Then in August, the 2016 Purdue Farmland Value Survey revealed that Indiana farmland values had plunged another 8.2 to 8.7 per cent after having fallen five per cent in 2015. Declines this big have not been seen since the mid-’80s, the university said. And now, farm surveys were also reporting similar drops across the Midwest in cash rents.”

“Michael Langemier, Timothy Baker and Michael Boehje, agricultural economics professors at Purdue University, Indiana, further examined the worrying trends in farmland prices and cash rents, using data from surveys by Iowa State University (Ag Decision Maker), the Illinois Society of Professional Farm Managers and Rural Appraisers, and Purdue (Dobbins and Cook).”

“They compared declines in cash rents and farmland prices to what happened in the grain price bear market of the 1980s, which lasted six years after the initial crash. Over the first year of the six-year decline back then, average cash rents in the three states increased two per cent, and average farmland prices declined 5.3 per cent. This time, however, from 2014 to 2015, average cash rents and farmland prices for the three states both declined, falling 2.1 per cent and 2.2 per cent, respectively.”

“One major difference between the two periods is interest rates, so there’s much more cash flow now. Also, they note that inflation is much lower, and they say the percentage declines in cash rents and farmland prices in Iowa, Illinois, and Indiana are not expected to be as large as those experienced in the 1980s, unless earnings per acre collapse even more, or inflation and interest rates increase dramatically.”

“When they analyzed farmland price per acre divided by cash rent per acre and then cyclically adjusted this P/rent ratio for interest and inflation, they found it continued to be substantially higher than historical values in the 1980s. This means that to maintain current high farmland values, cash rents would have to remain very high, or even move higher, while inflation and interest rates would have to remain very low.”

From Illinois Farmer Today. “Some farmers and farm managers negotiated with their landlords to lower cash rents last year. Even if changes weren’t made, farmers continue to look carefully at land costs. ‘For the majority of my farms, we made the adjustment a year ago,’ said David Klein, vice president and managing real estate broker for Soy Capital Ag Services based in Bloomington, Ill. ‘It depends where you started. If it was extremely high, you may get a reduction (this year).’”

“When commodity prices were higher, from 2006 to 2013-14, it made a lot of sense for landowners to get price increases, said Gary Schnitkey, University of Illinois agricultural economist. It doesn’t make sense now, and farmers need to negotiate these downward. ‘Some of the rents need to come down quite a little bit,’ he said.”

“Ruth Hambleton, Southern Illinois University farm management instructor, uses such a system with land she manages for the Fleck Trust in Lee and Bureau counties. It saves time, eliminating the need to negotiate every year. She says a bonus system may work well if a landowner can’t understand why farmers want rent lowered. The landowner can experience first-hand why the income is higher some years than others.”

“There are always some operators who are willing to overpay in rent or when buying land. If they pay over break-even too many years, they are likely be in the 6 percent of farmers leaving the business, she said.”

From Successful Farming. “While it’s less common to see farms for sale in the Midwest as farmers hold on to their property and hope for the record-high prices to return, the land that is put on the block often gets snapped up by other growers who want to work the acres rather than by investors or large-scale family producers, according to real estate agents and analysts.”

“While declining land prices are keeping a lot of producers from selling, those who have decided to part with their farms aren’t having a hard time finding buyers. Local growers have recently made up the bulk of those purchasing farmland, often outbidding fund managers or large-scale owners who want to rent to single or multiple tenants, says Tomm Pfitzenmaier, president of Summit Commodity Brokerage in Des Moines.”

“‘Just before harvest, there were about a half dozen for sale up in the north-central part of Iowa, and they all sold pretty well – from $7,800 to $8,500 an acre,’ he says. ‘Every single one of those sold to a local farmer or a neighbor. Not one sold to an outside investor.’”

“The collapse in grain prices and the impact of tighter gross margins are working their way through the agricultural economy, Purdue ag economists Craig Dobbins and Kim Cook, write in the report. ‘While the underlying reasons for multiple years of tight gross margins now are not the same as in the 1980s, a series of years with downward adjustments in farmland values and cash rents like the 1980s may still be the result,’ the economists write.”

“Jim Hughes, the owner of Jim Hughes Real Estate in Glenwood, Iowa, says there aren’t a lot of farms for sale in his area, but the ones that have sold did so at ’solid’ prices, even if they are down from the lofty levels of 2012 and 2013. Farmers in his part of the state also are the main buyers, partly due to laws that forbid corporate farming and partly because farmers like to own land. Interest rates are favorable as the Federal Reserve keeps down its federal funds rate, which affects long-term debt such as land and equipment purchases, he says.”




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119 Comments »

Comment by Ben Jones
2016-12-17 17:53:00

‘When they analyzed farmland price per acre divided by cash rent per acre and then cyclically adjusted this P/rent ratio for interest and inflation, they found it continued to be substantially higher than historical values in the 1980s. This means that to maintain current high farmland values, cash rents would have to remain very high, or even move higher, while inflation and interest rates would have to remain very low.’

‘When commodity prices were higher, from 2006 to 2013-14, it made a lot of sense for landowners to get price increases, said Gary Schnitkey, University of Illinois agricultural economist. It doesn’t make sense now, and farmers need to negotiate these downward. ‘Some of the rents need to come down quite a little bit,’ he said.’

Sounds like someone is going to have to give.

Comment by PitchforkPurveyor
2016-12-17 19:22:02

I just cannot understand the dunderheads who are overpaying for the land, and trying to justify it. It’s one thing for some clueless couple to overpay for a stucco shack, but quite another when a company’s entire business model is based upon fantasy profits. Of course, this whole economy is a big fantasy so maybe it’s my thinking which is off kilter.

Comment by Jingle Male
2016-12-18 03:54:10

When my grandmother died in a small (and shrinking) mid-west town, we sold her 1,200 SF house for $1,900!

A young married farmer with 2 kids bought it to move his young family into town. He paid $100 down and $100/month for 18 months…..And we were happy to get a good price. There were houses in the area that had just been abandoned for decades, with collapsing roofs, weeds, busted windows, etc.

It was my most important lesson in supply and demand economics!

Comment by In Colorado
2016-12-18 13:55:35

Nice, he got a house in reasonable condition (I presume) for the price of a beater car. It would probably cost more to replace the roof (material alone).

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Comment by Jingle Male
2016-12-19 11:14:45

Yes, CO, I am quite certain the annual maintenance exceeded the $1200/year he paid over 1.5 years. Those harsh South Dakota winters are hard on housing.

 
 
 
 
 
Comment by The Enrager
2016-12-17 18:00:45

Knife catchers. dumb.borrowed.money.

Comment by azdude
2016-12-17 18:22:03

how is youR CROW ?

Comment by PitchforkPurveyor
2016-12-17 19:23:44

Are you still paying interest on the food you eat? You know, credit cards, HELOCs, etc…

 
Comment by butters
2016-12-17 20:37:17

Tastes like chikin’.

Comment by azdude
2016-12-18 05:40:47

crow, crow, crow your boat gently down the…..

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Comment by 2banana
2016-12-17 18:01:47

Bubbles everywhere

Interest rates rising

And DJT not playing the bailout cheap money game of obama…

This should end nicely

Comment by The Enrager
2016-12-17 18:07:10

May God bless President Donald J Trump. May God bless America.

Comment by butters
2016-12-17 20:39:54

“The government gives them the drugs, builds bigger prisons, passes a three strike law and then wants us to sing God Bless America. Naw, naw, naw. Not God Bless America. God Damn America! That’s in the Bible. For killing innocent people. God Damn America for treating us citizens as less than human. God Damn America as long as she tries to act like she is God and she is Supreme.”

Comment by The Enrager
2016-12-17 20:44:47

That angle is likely to enrage a few. Either way, it’s enragement. :mrgreen:

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Comment by 2banana
2016-12-17 20:46:56

Interesting how obama sat in those pews for 20 years and doesn’t remember ANY of Reverend Wright’s black liberation theology…

Amazing.

Blacks are “the chosen people” who will only accept a god who assists their aim of destroying the “white enemy.”

Funny how that didn’t trigger safe spaces and a micro-aggression alert…

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Comment by 2banana
2016-12-17 18:12:32

obama is never going away…

He loves himself too much.

Until the corruption trials start and his inner circle turns on him.

Starting with Hillary.

—–

Obama raising war chest to ‘fight’ Trump
The Washington Examiner | December 16, 2016 | Paul Bedard

Despite public images of getting along and pledges of support, President Obama is raising money for a war chest to fight President-elect Donald Trump after he leaves office.

“Help Democrats fight back,” said the president in an fundraising email sent a week before Christmas. “Stand with me, work with me, let’s finish what we started,” he adds.

Comment by new attitude
2016-12-17 18:39:34

Gotta love the DOW in the last 8 yrs! was it a POTUS record??

Comment by Ben Jones
2016-12-17 18:42:32

The Russians did it.

Comment by azdude
2016-12-17 19:05:42

seems like everytime the market once to go down a mystery buyer shows up and pounds the shorts into submission.

it has seemed so rigged that a lot of people refuse to get back in after losing their life savings last time.

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Comment by 2banana
2016-12-17 18:47:32

Liberals love looking at the stock market as a measure of succeed of obama.

SO WHY DIDN’T HILLARY WIN?

Comment by Jingle Male
2016-12-18 04:00:28

She did win….by almost 3,000,000 votes!

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Comment by The Enrager
2016-12-18 08:47:16

lol@jinglefraud

 
Comment by Ben Jones
2016-12-18 08:59:15

‘Clinton won some 2.6 million more votes than Trump in the nationwide tally. But Trump is line to get 306 of the 538 electoral votes under the state-by-state distribution of electors used to choose presidents since 1789.’

‘Trump won rural areas, small towns and many small cities, including in states Clinton carried. Clinton won in the largest urban areas, including in Trump states.’

‘Former Alaska Gov. Sean Parnell, a GOP elector, said Democrats’ strength on the coasts is enough to justify the Electoral College. “A presidential election decided each time by either California or New York,” he said, would leave voters in Alaska and many other places “with no voice” in presidential politics.’

‘It’s worth noting that Trump didn’t just win small states and Clinton didn’t just take large ones. Trump and Clinton split the six most populous states, each winning three, but Trump won seven of the top 10. Of the 10 smallest states plus the District of Columbia, Trump edged Clinton 6-5. Trump actually ran up his national advantage in midsize states.’

‘But the dynamics highlight the delicate balance in a political structure that defines itself simultaneously as a democracy and a republic.’

‘When the U.S. was founded, some wanted direct election of the president. Others wanted state legislatures or Congress to choose the executive. The Electoral College was the end result: Each state got a slate of electors numbering the same as its delegation in Congress. Electors vote, with rare exception, for whichever candidate won the most votes in their state — effectively meaning the presidential election is 51 separate popular votes.’

“It’s such an interesting compromise that gave us the Electoral College, unique to our American system,” said elections law expert Will Sellers from Alabama, who will serve as a Republican elector for the fourth time.’

‘The system gives smaller states an advantage: The number of electors is based on each state’s number of U.S. representatives plus two, for each member of the U.S. Senate — itself a compromise favoring small states.’

‘So California’s 55 electoral votes reflect 53 House members and two senators. For seven states, including Wyoming, Delaware and the Dakotas, those extra two electoral votes bring their total to the minimum of three.’

‘Put another way, Alaska’s three electors will cast 0.56 percent of the 538 electoral votes despite casting just 0.23 percent of the national popular vote. But the advantage doesn’t just favor Republicans. Democratic Nevada makes up 1.12 percent of the Electoral College but cast less than 1 of a 100 national ballots.’

‘The Associated Press tried to reach all 538 electors and was able to interview more than 330 of them. Many reported getting tens of thousands of emails, calls and letters asking them to vote against Trump. But the canvass found overwhelming support for the system, and the nominee, among Republican electors. The AP found only one pledged to Trump who will refuse to vote for him.’

“I feel like the Electoral College gives a very fair perspective, so that those who are in the rural areas are able to have an equal voice with those who are in the urban areas,” said Oklahoma elector Lauree Elizabeth Marshall.’

http://bigstory.ap.org/article/6e5abe6acf0249b1a63a4e541b7c8f81/gop-electors-cite-rural-voice-electoral-college

As I learned in elementary school. This compromise worked exactly as intended. Otherwise we would just let New York and California pick the president every 4 years. How long would it be before there was a revolution?

 
Comment by MightyMike
2016-12-18 09:34:07

The votes of some individual Americans are more important than those of others.

 
Comment by 2banana
2016-12-18 09:47:40

You talking democrat super delegates?

I still remember Bernie WINNING the vote in a state in the primary and Hillary increasing her delegate lead.

Why do democrats hate their voters?

—-

“The votes of some individual Americans are more important than those of others”

 
Comment by scdave
2016-12-18 10:01:06

so that those who are in the rural areas are able to have an equal voice with those who are in the urban areas,” ??

Enforce the 10th amendment and the electoral college works just fine…

 
Comment by MightyMike
2016-12-18 10:34:18

Why do democrats hate their voters?

Why would you care so much about the way that the Democrats choose their candidate? Perhaps it would have been more fun to have Bernie as the nominee. Then the dopey right wing media could have spent months ranting and raving about socialism and communism, instead of pizza and the hole in Hillary’s tongue.

 
Comment by In Colorado
2016-12-18 11:10:30

I seem to recall that there sufficient Dem favoring “irregularities” in Michigan alone to nullify the recount there. The ones in California must have been staggering.

 
Comment by Carl Morris
2016-12-18 16:30:02

The votes of some individual Americans are more important than those of others.

Yes…some animals are more equal than others.

 
 
Comment by new attitude
2016-12-18 13:02:00

Those of us with fat IRA’s love great returns, we dont care what party gives us the POTUS, we just want RESULTS!! and we keep score.

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Comment by The Enrager
2016-12-18 17:54:12

Lola…. IRA’s are for the poor.

 
 
 
Comment by Professor Bear
2016-12-17 19:42:21

The collapsing farmland bubble popping must also be the POTUS’s doing. Small wonder that Flyover landed squarely behind Trump.

Comment by butters
2016-12-17 19:52:46

It’s all Russia’s doing Get on with the narratives.

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Comment by In Colorado
2016-12-18 11:11:56

Yup, it’s also why Cleveland lost the World Series and why the Browns are still winless this season.

 
 
 
 
Comment by palmetto
2016-12-17 18:51:29

Leaving power and then engaging in this sort of thing is one of the surest paths to disaster for an individual. Therefore I wholeheartedly encourage Obama to go for it.

Even shrub knew enough to get out of Dodge, set up an easel and paint portraits.

Comment by PitchforkPurveyor
2016-12-17 22:44:50

It’s easier to paint hammered than it is to speak in public. Pass the shine, I mean thinner **hickup**

Comment by In Colorado
2016-12-18 11:13:39

That Obama is promising to try to obstruct Trump may very well backfire on the Dems in 2018.

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Comment by palmetto
2016-12-17 19:02:46

I’d also wager there are a number of people from his own camp who roll their eyes and whisper among themselves something to the effect of “I’m so dang sick of that prick’s constant moralizing, why doesn’t he just stfu already? He’s actually making me start to like Trump!”

Comment by MightyMike
2016-12-18 09:36:26

Those people will find some other person whose moralizing they can get upset about soon enough.

 
 
Comment by MightyMike
2016-12-18 09:32:00

“Help Democrats fight back,” said the president in an fundraising email sent a week before Christmas. “Stand with me, work with me, let’s finish what we started,” he adds

This isn’t interesting. It’s done all of the time by both parties.

 
 
Comment by Ben Jones
2016-12-17 18:22:15

‘One major difference between the two periods is interest rates, so there’s much more cash flow now. Also, they note that inflation is much lower, and they say the percentage declines in cash rents and farmland prices in Iowa, Illinois, and Indiana are not expected to be as large as those experienced in the 1980s, unless earnings per acre collapse even more, or inflation and interest rates increase dramatically.’

I’d say another major difference is the central banks conjured up around $30 trillion Yellen bucks since 2008. That might fit in the picture somewhere.

Comment by 2banana
2016-12-17 18:45:27

It’s all gone.

obama’s 1 trillion stimulus
Trillions of the Fed’s cheap money
$10 Trillion of obama deficits

ALL GONE.

The infrastructure has not been fixed.
Corporations used the money to invest in stock buy backs instead of plant and equipment and IRAD.
Cities on the brink of bankruptcy due to insane public unions even with the stock market at record highs.

ALL GONE.

Comment by taxpayer
2016-12-18 07:12:04

lets not do it again

 
Comment by MightyMike
2016-12-18 09:37:37

It’s not all gone. Some of us gad the good sense to save it or make good use of it.

 
 
Comment by palmetto
2016-12-17 19:08:55

“I’d say another major difference is the central banks conjured up around $30 trillion Yellen bucks since 2008.”

Easy come, easy go. That’s the thing about all this conjuring money out of thin air. Now you see it, now you don’t…don’t…don’t…Wha’ hoppen?

 
Comment by Blue Skye
2016-12-18 07:00:17

It will be painful liquidating $30 Tr of debt.

 
 
Comment by azdude
2016-12-17 18:24:59

i THINK THEY SOLD A LOT OF HOUSES AT THE OPEN HOUSE TODAY. BULL MARKET STILL CRUISN ALONG.

 
 
Comment by new attitude
2016-12-17 18:58:15

What is not to be happy about?

We’ve now had 78 straight months of economic expansion.

That’s right: For seventy-eight consecutive months, the US economy has gotten progressively better. That includes a new record for consecutive months of private sector job growth. Forbes magazine (which is no fan of President Obama) crunched the numbers and demonstrated how the economic recovery under President Obama has been better in just about every measurable way than the recovery under President Reagan.

Comment by 2banana
2016-12-17 20:01:55

You know it’s a lie.

We know it’s a lie.

The voters knee it was a lie.

Why didn’t Hillary win?

It’s a fake economy papered over with massive debt and massive borrowing.

All you have to look at is the labor market participation rate. At a 50 YEAR LOW.

A growing economy creates jobs.

 
Comment by butters
2016-12-17 20:30:28

We’ve now had 78 straight months of economic expansion.

Just memorize, 9 trillions with T.

And read and weep:

http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/2016/09/15/20160915%20-%20Harvard%2013_TJB.jpg

 
Comment by butters
Comment by MightyMike
2016-12-18 09:41:46

Do you know what those graphs mean? Health care costs were at 112 when Obama took office. Then they went down below 105 and then up to 127.7. What do those numbers indicate?

 
 
Comment by Raymond K Hessel
2016-12-17 20:41:21

That’s right: For seventy-eight consecutive months, the US economy has gotten progressively better.

You are confusing the Fed’s Ponzi markets, levitated by trillions in created-out-of-thin-air “stimulus,” with the real, productive economy, which has been languishing.

Comment by butters
2016-12-17 20:54:37

He’s not confused. He’s that stupid.

 
Comment by MightyMike
2016-12-18 09:43:14

You are confusing the Fed’s Ponzi markets, levitated by trillions in created-out-of-thin-air “stimulus,” with the real, productive economy, which has been languishing.

That makes no sense.

 
 
 
Comment by new attitude
2016-12-17 19:03:14

If you (banana) are still sad that Obama was your PTUS for the last 8 yrs, read this:

https://soapboxie.com/us-politics/14-Facts-About-The-Obama-Presidency-That-Most-People-Dont-Know

Since most Americans have 401K retirement investments in the stock market!! yipeeee!

We are currently enjoying the longest period of private sector job creation in American history.

This statistic also comes from the Forbes magazine article listed above. In fact, we’ve enjoyed 68 straight months of private sector job creation. That is the longest period of job creation since the Department of Labor has been keeping statistics.

Comment by butters
2016-12-17 20:18:50

Fake news

 
Comment by phony scandals
2016-12-17 22:36:04
Comment by phony scandals
2016-12-18 08:37:19

comments

MW2craise2 years ago

I love this song and i understand the very basic story of the depressed clown but can someone explain more wat he is saying or help me visualize the scene?

Reply 3

dinahdavyd2 years ago

Act! While in delirium,
I no longer know what I say,
and what I do!
And yet it’s necessary… make an effort!
Bah! Are you a man?
You are a clown!

Put on your costume and powder your face.
People pay, and they want to laugh.
And if Harlequin shall steal your Columbina,
laugh, clown, and everyone will cheer!
Turn your distress and tears into jest,
your pain and sobbing into a funny face – Ah!

Laugh, clown,
at your broken love!
Laugh at the grief that poisons your heart!

Reply 17

MW2craise
MW2craise2 years ago
Thank you +dinahdavyd

 
 
 
Comment by new attitude
2016-12-17 19:12:02

I found Housing Authority’s truck - http://sfbay.craigslist.org/nby/cto/5923171691.html

Comment by rms
2016-12-17 19:55:48

Pickup trucks are stupid expensive. And 218,000-miles would be high for a Toyota, but for the BIG3 it’s likely ready for the wrecking yard.

 
 
Comment by palmetto
2016-12-17 19:29:21

Sum ting rong:

https://www.yahoo.com/news/under-pollution-alert-beijing-orders-1-200-factories-024222636–finance.html

Sometimes I buy grab-bags of junk and broken jewelry at one of the local thrift stores, looking for gold and silver mixed in, I almost always find at least a couple of things of some worth. Sorting through it is a real pita though, lots of cheap chinese costume stuff that stinks like the dickens. Seriously, the odor of deteriorating cheap metal is enough to gag a maggot.

How long before these azz-clowns actually do something about the problem?

 
Comment by Raymond K Hessel
2016-12-17 19:45:50

If you are a white male who enjoys reading the classics, you are an Alt-Right rayciss. The Commisars of Political Correctness and purveyors of The Narrative have rendered their verdict.

https://eidolon.pub/how-to-be-a-good-classicist-under-a-bad-emperor-6b848df6e54a#.1f2tvrtrj

 
Comment by rms
2016-12-17 19:47:19

Recently I flew to San Jose, CA (sjc) from Wenatchee, WA (eat) on a last minute round trip bargain special for $290. I hate carrying my bag, so I paid $25 each way for it. I parked my car in the Wenatchee long term parking lot for $72. Think about the actual expenses:

— $290 for two flights in expensive aircraft operated by trained professionals, and nice terminal buildings with security services.

— $50 total for point to point baggage handling between connecting flights and a security inspection and scan.

— $72 for my car to sit for six days in a parking spot.

You can easily see where the low-risk profits are… RE.

Comment by rms
2016-12-17 19:58:22

That’s a bare asphalt lot, not fenced, not a building.

 
 
Comment by Senior Housing Analyst
2016-12-17 19:49:05

South Beach San Francisco Housing Prices Crater 6% YoY As Rental Rates Dive

http://www.zillow.com/south-beach-san-francisco-ca/home-values/

 
Comment by 2banana
2016-12-17 20:08:01

2banana’s 2nd Rule:

Long term democrat rule + insane public unions + huge free sh*t army = misery, ruin and bankruptcy.

And this is from the Chicago Tribune!!!
—–

Is Chicago really that corrupt? Yes
The Chicago Tribune | 12/14/2016 | John Kass

Most aldermen, most politicians are hos,” corrupt Chicago Ald. Arenda Troutman said, rather famously, on federal tape.

She wasn’t speaking about gardening tools, was she?

Troutman was talking about the politics of Chicago, which is, if you’ve forgotten, the political corruption capital of the United States.

Troutman represented the South Side’s 20th Ward. At her 2009 sentencing, she squirted a few tears, sobbed, prayed, begged and then got four years in federal prison anyway.

And on Wednesday her replacement, Ald. Willie Cochran, a former Chicago police officer who campaigned as something of a corruption buster, was himself indicted on federal corruption charges.

His alleged crimes? That he looted a charity fund for seniors and shook down a developer for bribes and squeezed a liquor store owner while spending the money on gambling and a little on college tuition for his child.

Comment by redmondjp
2016-12-17 20:21:41

Wow! That’s pretty amazing to see in the hometown newspaper.

Comment by The Enrager
2016-12-17 20:25:07

crater

 
Comment by 2banana
2016-12-17 20:27:00

The Cubs win, Army beats Navy, Trump crushes the Hillary machine and this.

I may play the lotto or ask a supermodel for tea…

 
 
Comment by butters
2016-12-17 20:27:16

political corruption capital of the United States.

Nah. City of Pentagon has it beat. What was it Rumsfeld said a day before 911?

Comment by 2banana
2016-12-17 20:41:47

The pentagon?

Let’s check 2banana’s 2nd Rule

Long term democrat rule (Nope) + insane public unions (Nope) + huge free sh*t army (Yes) = misery, ruin and bankruptcy.

So it doesn’t add up.

It was a nice progressive try to deflect the massive corruption in obama’s home town outside of Kenya.

Thanks for playing. You can pick up your door prize on the way out.

 
 
 
Comment by butters
2016-12-17 20:21:28

Money be green!

 
Comment by Prime_Is_Contained
2016-12-17 20:30:51

‘Every single one of those sold to a local farmer or a neighbor. Not one sold to an outside investor.’”

Local farmers are the last to get the memo, apparently…

 
Comment by The Enrager
2016-12-17 20:34:25

The sweet aroma of CraterRage.

 
Comment by The Enrager
2016-12-17 20:40:15

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.

Comment by 2banana
2016-12-17 21:01:51

Riddle me this Batman.

What happens to people and an economy when prices go up but wages do not?

And do not peddle the fiction.

—–

No Demand, No Problem: Inflation Pressures Surge
by Wolf Richter • Dec 16, 2016

Businesses expect their input prices to jump by 4.6% in 2017.

Respondents in the service sector reported that their prices paid in 2016 already rose 4.1%, and those in the manufacturing sector reported that their prices paid rose by 4.0%. In December a year ago, they’d reported that prices paid in 2015 had increased 3.5%.

And for 2017, they expect prices paid to increase by about 4.6%.

Among the major categories, employee benefits were the biggest culprit in 2016 in actual prices paid. In 2017, they’re expected to soar 7.7% for the service sector and 6.5% for the manufacturing sector. Liability insurance, fire insurance, and other types of insurance are next, with an expected increase of 4.2% and 3.4% respectively. But expectations of wage increases “remained fairly subdued,” at 3.5% and 3.8% respectively, followed by outside services, energy, and other commodities. All of these percentage increases are higher than the increases in 2016. That’s the acceleration of inflation for businesses.

What these business leaders are indicating is that inflation as measured by their input costs has accelerated in 2016 from a year earlier, and is expected to accelerate further in 2017. These input prices for service and manufacturing firms are expected to rise on average by 4.6% in 2017.

That’s a lot faster than the official measures for consumer price inflation – CPI and the Fed’s preferred PCE. They’re currently below 2%. These are the types of inflation pressures that are now building up deep in the pipeline, despite lackluster demand.

Even Japanese consumers, supposedly suffering from two decades of deflation, are getting whacked. No one escapes

Comment by The Enrager
2016-12-17 21:06:31

And demand collapses.

It’s the way the world works.

 
Comment by MightyMike
2016-12-18 09:46:05

These have has these stories for years and inflation has been low the whole time.

 
 
 
Comment by 2banana
2016-12-17 20:52:36

$900K part time job at the Clinton Foundation and a $10M apartment in NYC.

This girl knows what she is talking about.

—–

GOOD Advice From Good People: Chelsea Clinton Shares Her Advice On Asking For More (must see video)
Good Is | 12/12/2016 | Andre Grant and Gabriel Reilich

As vice chair of the Clinton Foundation, Chelsea Clinton advocates for a world where people fight on behalf of those who can’t do it alone. But to achieve the purpose, vision, and drive it takes to be a crusader against such causes as her push against the illegal ivory trade, you must first learn how to get others to support your passion. Here, Clinton explains the art of the ask:

https://www.good.is/articles/good-advice-chelsea-clinton

Comment by redmondjp
2016-12-18 11:57:23

But remember, she can’t make herself care about money.

 
 
Comment by 2banana
2016-12-17 21:19:24

The obama legacy in 9 easy to understand charts… (look REAL DATA)

No recovery.

and absolute mess that Trump has to clean up.

http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2016/05/31/20160301_obama_1.jpg

And here ar 9 other charts to show how really bad it is…(look MORE REAL DATA)

http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/2016/09/15/20160915%20-%20Harvard%2013_TJB.jpg

Comment by rms
2016-12-18 05:19:13

“No recovery.”

+1 Sums up main street.

Comment by Raymond K Hessel
2016-12-18 09:08:36

Sums up flyover country writ large.

 
 
 
Comment by azdude
2016-12-18 05:44:32

We are in the biggest housing and stock boom in history and some people missed out on both rallies again. LMFAO

a LOT OF FOLKS LEFT A LOT OF MONEY ON THE TABLE!

 
Comment by aNYCdj
2016-12-18 07:17:44

and then you have people turning away CASH in your face because they dont want to sell to you

New York Times Wrong: Detroit Charter Schools Didn’t ‘Desert’ Kids, the City Did
Mayor and city council banned selling shuttered schools to charters serving neediest children

http://www.michigancapitolconfidential.com/new-york-times-wrong-detroit-charter-schools-didnt-desert-kids-the-city-did

 
Comment by Raymond K Hessel
2016-12-18 07:52:24

Paul Krugman, Keynesian fraudster extraordinaire and exemplar of the crony capitalist status quo, is stamping his little feet and calling all Trump supporters useful idiots for the Kremlin.

https://www.theburningplatform.com/2016/12/18/krugman-youre-all-idiots-and-russian-dupes/

Comment by Ben Jones
2016-12-18 08:02:48

These people have a complete loss of reality on this thing. It gets more intense every day, and it was a joke from the very beginning. Are we supposed to believe this nonsense because they keep repeating it?

Comment by MacBeth
2016-12-18 09:53:36

They have nothing left, Ben.

It’s why community-organizer Obama plans to derail Trump at every turn.

I don’t know of any former president who set out to deliberately derail a successor once that successor assumed office.

 
Comment by MacBeth
2016-12-18 10:40:36

I saw this yesterday - unsettling.

Is it true that some women really are this unhinged?

I haven’t run into women this deranged, but then again, I live in flyover. How representative is this among women living in blue, coastal states?

An honest question. Anyone?

(If short on time, check what happens at 6:25. Watch how she talks to the cop - it’s unreal. Amazing what women get away with these days as they whine about “oppression”.)

https://www.youtube.com/watch?v=Ur-6q_tIj9Qhttps://www.youtube.com/watch?v=Ur-6q_tIj9Q

Comment by MightyMike
2016-12-18 11:05:53

It’s sounds you want an all powerful, oppressive state where people have to bow down before the police.

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Comment by The Enrager
2016-12-18 11:36:10

Socialist Barack already created that Meltdown.

 
Comment by MightyMike
2016-12-18 11:54:00

The video appear to indicate otherwise. Maybe what you’re talking about is the situation in “floyover”. Maybe there this fascinating situation would have involved the cop pulling the woman out of the car and giving her a good beating on the side of the highway.

 
Comment by MacBeth
2016-12-18 16:33:14

“Maybe there this fascinating situation would have involved the cop pulling the woman out of the car and giving her a good beating on the side of the highway.”

If any male said those things to a police officer, that’s exactly what would have happened. Or, he would have been tazered.

I guess women are allowed to do and say whatever the hell they please, eh?

 
Comment by MightyMike
2016-12-18 18:19:51

No, in coastal America the cops have all been feminized. They rarely beat up anybody anymore. Things were so much better in the good old days.

 
Comment by The Enrager
2016-12-18 19:38:09

Sounds like a dream date for you Meltdown.

 
 
 
Comment by In Colorado
2016-12-18 11:07:25

Tomorrow is their last chance to steal the election, assuming that they can somehow convince 38 Trump electors to vote for Hillary instead.

But yeah, the left has definitely come unhinged. It would be a knee slapper if not for the fact that they garner as many votes as they do, and could theoretically regain control in a future election.

Comment by redmondjp
2016-12-18 12:07:29

There was a hilarious skit on SNL last night where Hillary stood outside of an elector’s door (while elector’s husband sat inside thinking it was Christmas carollers) with cue cards begging her to vote for anybody else but Trump.

The opening skit where Trump is there with his campaign manager and shirtless Santa Putin comes down the chimney was pretty funny too.

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Comment by In Colorado
2016-12-18 13:59:14

I think it’s funny how the media portrays Trump kissing Putin’s azz, when it’s really the other way around. Putin is really hoping that Trump will be nice to Russia, maybe get those economic sanctions lifted, and if Putin really puckers up, maybe even remove those nuke tipped missiles from Poland and Romania.

 
 
 
 
 
Comment by Raymond K Hessel
2016-12-18 07:56:50

Trump blasts Keynesian lunatic Paul Krugman for suggesting he might have incentive to pull a 9/11-type false flag attack.

http://www.businessinsider.com/trump-paul-krugman-2016-12

 
Comment by phony scandals
2016-12-18 08:47:18

https://www.youtube.com/watch?v=WzdxeBTm6gk

In the Chappaqua woods, a search for Hillary Clinton

By Stephanie McCrummen December 17 at 6:03 PM

CHAPPAQUA, N.Y. — The other day, Carol Meyer and her friend Ellen went walking in the woods of Chappaqua. For all they knew, they might see a coyote or some rare mushrooms or Hillary Clinton.

“I just have a sense — ” said Ellen, putting on her gloves.

“You think so?” said Carol, adjusting her scarf.

https://www.washingtonpost.com/national/in-the-chappaqua-woods-a-search-for-hillary-clinton/2016/12/17/60daea40-c3c0-11e6-8422-eac61c0ef74d_story.html

Comment by Ben Jones
2016-12-18 08:53:38

‘putting on her gloves…adjusting her scarf’

Filling a word quota.

Comment by Raymond K Hessel
2016-12-18 09:02:52

Thank you, WaPo, for upholding your tradition of insipid, vacuuous “reporting” on subjects of relevance or interest to only the most useless and empty-headed of the chattering class.

 
Comment by Raymond K Hessel
2016-12-18 09:24:24

Meanwhile, in real news that matters to real people, the Italian banking system is still unfixed, and could still be the catalyst for another 2008-style financial crash. Only this time the central bankers, having blown $30 trillion in printing-press “stimulus,” are out of ammunition unless they want to hyperinflate.

http://www.zerohedge.com/news/2016-12-18/monte-paschi-launches-share-sale-avoid-state-rescue-germany-warns-against-taxpayer-b

Comment by MightyMike
2016-12-18 09:51:24

real people, yes, but foreign people, thousands of miles away

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Comment by Raymond K Hessel
2016-12-18 11:09:29

Mikey, don’t make me school you again. In case you hadn’t noticed, thanks to the joys of globalism a financial crisis in the Eurozone could rapidly snowball into a global financial crisis, as was the case in 2008. Only this time around the Fed and central banks have already blown their wad, so to speak.

 
Comment by MightyMike
2016-12-18 11:47:03

You’ve never schooled me in the past. You can’t school anything because you fill your little head up with nonsense. On the other hand, you appear to joke about these things. You’re not concerned about the worldwide catastrophe that you think is approaching.

 
Comment by The Enrager
2016-12-18 13:31:25

Relax Meltdown and remember….. Nothing accelerates the economy like falling prices to dramatically lower and more affordable levels. Nothing.

 
 
 
 
Comment by Raymond K Hessel
2016-12-18 08:55:10

They’d have better luck looking for Bigfoot.

 
 
Comment by Raymond K Hessel
2016-12-18 09:00:41

But…but…Trump is a misogynist! The MSM says so!

http://nypost.com/2016/12/17/ivanka-is-the-wild-card-of-the-trump-presidency/

Comment by MightyMike
2016-12-18 10:36:02

He said it himself.

 
 
Comment by taxpayer
2016-12-18 09:05:35

I guess I’ll own TNH for a long time

 
Comment by palmetto
2016-12-18 09:14:07

Does the US ever make use of exile? I’ve never heard of it, used to be popular in European countries back in the day, I think even ancient Rome exiled some folks.

Anyone know?

Comment by Raymond K Hessel
 
 
Comment by Raymond K Hessel
2016-12-18 09:17:00

When corruption and influence peddling is the business model for one of our major political parties, it is unsurprising that within the vast “Homeland security” apparatus the fish rots from the head first. I see Putin’s evil hand at work here….

http://www.borderlandbeat.com/2016/12/san-diego-homeland-security-agent.html

Comment by 2banana
2016-12-18 09:51:59

He was just getting a stash ready to give to the Clinton Foundation.

It is for the children.

 
 
Comment by The Enrager
2016-12-18 09:27:58

crushing.housing.losses.

Comment by Raymond K Hessel
2016-12-18 09:43:22

Stamping our litttle feet in unison will put things right.

 
 
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