December 22, 2016

The Issue Is This Price Ramp-Up

A report from CBS DFW in Texas. “Prices are rising seemingly as fast as the demand for newly built homes in Frisco. Ted Wilson’s company Residential Strategies, Inc. tracks the housing market in North Texas. Wilson said the median price of a new home in Frisco has now topped $500,000 for the first time. In 2010, it was $285,000, he said. ‘Frisco is one of the most sought-after suburbs in the Dallas-Fort Worth area,’ said Wilson. ‘We’re running out of land in this part of the world. So land prices have climbed dramatically and construction prices and labor have also increased dramatically.’”

The Denver Post in Colorado. “Home affordability in Colorado’s largest metro counties, with the exception of Mesa County, has dropped to its lowest levels in nine years, according to an analysis from ATTOM Data Solutions. ‘We are entering some thin ice for housing in markets like Colorado that have reached affordability ceilings,’ said Daren Blomquist, a senior vice president with ATTOM, parent of RealtyTrac.”

“If affordability reflects the thickness of the ice, then rising interest rates are akin to warming temperatures and people in places such as the Front Range need to listen for the sounds of cracking ice, Blomquist warns. ‘Higher rates could quickly put downward pressure on home prices by limiting demand,’ Blomquist predicts.”

“In metro Denver, home prices passed their housing bubble peak in early 2013 and haven’t looked back. Several years of double-digit home price gains combined with low single-digit income gains have eroded affordability to levels not seen since right before the housing downturn.”

From Worcester Magazine in Massachusetts. “The holidays are supposed to be relaxing and filled with joy from the company of family and friends. For far too many, however, the holidays are just another day spent worrying, if, and when, they will lose their home. The collapse of the housing market in 2008 left many lives in ruins and many families without their most personal and prized possession: their home.”

“Worcester is no stranger to the harsh aftermath of the collapse, and the city might not be seeing any significant changes anytime soon. According to The Warren Group CEO Tim Warren Jr., ‘Worcester hasn’t gotten past it’s heaviest load.’ He also thinks other parts of the state are still facing a similar distress.”

“Worcester, according to Doug Rawan, chief financial officer for Drew Mortgage, is ‘a tough market.’ ‘You ever see them put down a tar road? They put down the tar and these big rollers come by and it suppresses the tar,’ he said. ‘That’s what the big banks are doing to human beings, meaning people that own houses.’”

“‘Sixty-five percent of modifications,’ he continued, ‘are defaulting in the country for the second time … the big picture is it’s going to get worse … Once you become a payment late or two payments late, unless you can re-instate the mortgage, they’re not going to accept it. So, now what happens it get worse.’”

“If you look at the collapse of the housing market in 2008, a lot of people will point to sub-prime mortgages and say that caused the collapse. Worcester Anti-Foreclosure Team (WAFT) member Grace Ross confirms sub-prime mortgages’ role in the collapse, but also contends that what determines whether you will be foreclosed or not, is when you got the mortgage that the bank is foreclosing on.”

“‘It’s all related to the housing bubble,’ she said. ‘In Massachusetts, outside of Greater Boston, the home prices were ramped up to double their real value, so once the bubble burst anybody, regardless of what kind of mortgage you had, could be in trouble.’ ‘The issue,’ she continued, ‘is this price ramp-up.’”

“Ross contends the situation now is worse than during the Great Depression. ‘Somehow, in our society, when we’re running now with foreclosures at over three times the rate during the Great Depression people go, ‘Oh, the Great Depression was really bad,’ Ross said. ‘The Great Depression was a walk in the park compared to what we’re going through right now.’”

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Comment by Ben Jones
2016-12-22 11:58:29

‘when we’re running now with foreclosures at over three times the rate during the Great Depression’

Been saying this for years. These people who tell us 3 or 5% foreclosure rates are normal are a lion, and we got a few around here.

‘what determines whether you will be foreclosed or not, is when you got the mortgage that the bank is foreclosing on’

Incontestably true, but again we’ll have a few posters blow a gasket again and again. The bubble is in the price. Foreclosures biggest common feature was when the loan was made, which just so happened to be - ta da! -when prices were at their peak. Didn’t have anything to do with subprime. There are bubbles all over the world where there aren’t subprime loans.

Comment by Rental Watch
2016-12-22 13:45:32

There were also high prices all over the world without GSE’s backing 30-year loans.

And 3-5% foreclosure rates are not normal. IIRC, “normal” is something like 5% non-current, which is made up of something like 1% that are in foreclosure, 1% that are 90+ days delinquent, and 3% that missed one payment (most of whom catch-up).

Comment by The Enrager
2016-12-22 14:54:41

Incorrect. Typical foreclosure rates are under 1%.

Comment by Professor Bear
2016-12-23 07:36:14

“‘Somehow, in our society, when we’re running now with foreclosures at over three times the rate during the Great Depression people go, ‘Oh, the Great Depression was really bad,’ Ross said. ‘The Great Depression was a walk in the park compared to what we’re going through right now.’”

Just imagine when the many greater fools who recently bought rental properties at Echo Bubble prices start getting steamrolled by rising interest rates. It’s gonna get uglier before it ends.

Comment by Prime_Is_Contained
2016-12-23 12:54:26

They’ll be steamrolled first by declining rents; then the steamroll will roll back over them again in the other direction when they try to unload the property, as the increase in cap-rates will be holding them underwater.

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Comment by Professor Bear
2016-12-23 23:17:00

Yep. Lotsa entertainment to come.

Got popcorn?

Comment by oxide
2016-12-23 05:55:20

No blown gaskets here, Ben. The bubble is in the price, but the foreclosure is in the price compared to income, regardless of what your FICO is. That’s why so many of those foreclosures were “prime” mortgages. A $100K income can run up a high FICO making payments on groceries and cars, but $100K can’t afford a $600K house no matter how you slice it.

Comment by The Enrager
2016-12-23 10:22:29

Donk…. Let’s start with the national median household income of $50k and then work from there.

Comment by Prime_Is_Contained
2016-12-23 13:00:11

but the foreclosure is in the price compared to income,

Nope. Sure, that’s one reason for foreclosure: an actual inability to afford the payments. But many of the foreclosures the last time around were actually due to the knowledge that they would be underwater for a long long time, possibly forever; speculators walk when it’s clear they’re not going to make the money that they thought that they would.

Comment by Professor Bear
2016-12-23 07:22:53

It took subprime loans to get today’s Minsky moment foreclosure victims into homes they couldn’t afford at the point when bubble prices were peaking.

Comment by Ben Jones
2016-12-22 12:12:42

‘The seller’s market in counties surrounding Puget Sound continues to flourish like a gift from God.’

‘According to information from the Northwest Multiple Listing Service, pending sales of homes in November in Washington state reached what Seattle Bubble is calling an “all-time high.” That includes King, Kitsap, Pierce, and Snohomish counties, which had the most pending sales for the month of November since 2005, a real estate agent told Seattle Bubble.’

‘That’s huge, because the number of new listings jumped by 10 percent last month, the Puget Sound Business Journal reports.’

‘“Overall, Seattle prices are rising twice as fast as the rest of the country, as they have for most of this year,” the Associated Press reported.’

‘The median price in King County was about $550,000 in November. That $550,000 median price is an approximate 10 percent increase year-over-year.’

‘Maybe home sellers are snatching up the “Sell Your House Kit” from Archie McPhee, which claims to help those who use it sell their homes “faster and better,” thanks to a Saint Joseph figure, prayer card, and booklet of house-selling tips.’

‘Thankfully, the “Sell Your House Kit” comes with a “for sale” sign as well.’

Comment by Ben Jones
2016-12-22 12:15:55

‘Real estate research firm says ZIP code 94027, in the Silicon Valley suburb of Atherton, is the most expensive in the Bay Area, based on 2016 sales prices, and No. 2 in the entire country with a median property price of $5.425 million.’

‘The report also finds that 70 of the top 100 ZIP codes nationwide are in California and 20 are in New York state. The remaining 10 include two each in Connecticut, Massachusetts and New Jersey and one each in Florida, Maryland, Nevada and Washington state.’

Comment by Rental Watch
2016-12-22 13:51:21

Yeah, Atherton is completely bonkers…minimum lot sizes of 1 acre doesn’t help matters. Guys like Paul Allen (who don’t even live in the area full time) buy $20MM+ houses in Atherton. The story I heard when he bought that house is that he didn’t even tour all of it before buying.

Comment by The Enrager
2016-12-22 14:29:02

It’s no wonder housing demand is at 30-year lows in those areas.

Comment by 2banana
2016-12-22 12:19:02

Here are ten of the most serious ways Obama broke the government and the country.

A great summary of eight years of hope and change.

And the mess DJT will inherent and have to clean up.

1. The stimulus. On the campaign trail, Obama promised a $50 billion stimulus and criticized George W. Bush for building up the national debt. In office, Obama passed a nearly $1 trillion stimulus, over Republican objections, that failed to keep unemployment from below 8% (as promised), and went largely to pet projects and state and local governments. The profligate spending shocked voters who feared that the country was now on an irreversible path to fiscal ruin. The Tea Party was born.

2. Fast and Furious. The Obama administration smuggled guns across the Mexican border, ostensibly to trace them to drug cartels. Unlike the Bush administration’s Wide Receiver, Obama’s Operation Fast and Furious happened without the Mexican government’s knowledge. The likely goal was to create a pretext for reducing gun ownership in the U.S. It led to the murders of Border Patrol Agent Brian Terry and hundreds of Mexicans. Afterwards, Obama used “executive privilege” to cover it up.

3. Betraying allies. Obama picked public fights with Israel in a deliberate effort to establish “distance” between the allies. He also broke agreements with the Czechs and the Poles on missile defense, infamously informing the Polish prime minister on the 70th anniversary of the Katyn Massacre. He snubbed the British in ways small (returning a Churchill bust) and big (using the Argentinian term “Malvinas” for the Falklands). And he spied on foreign allies, including Germany’s Angela Merkel.

4. Obamacare. The sweeping plan for “universal” health insurance sought, fundamentally, to make individuals dependent on the state, the better to open the door to even more sweeping changes. But it was the process of passing the bill that caused the real damage. To pass Obamacare, Obama bent and broke procedural rules; lied, repeatedly, about the policy; disguised a tax as a fee; and bullied the Supreme Court into compliance. It was the first major entitlement passed without bipartisan support.

5. Debt ceiling. Few of the Republicans who rode the Tea Party wave in 2010 made an issue out of the debt ceiling. But the Obama administration believed that a confrontation would help it regain full control of Congress. So it picked a fight over the debt, and forced a confrontation in the summer of 2011 that brought the country to the brink of default. Obama scuttled a “grand bargain” with Republicans by demanding higher taxes. The result: a hated budget “sequester” and a credit downgrade.

6. Benghazi. Presidents had lied to the country before about national security incidents: the Iran-Contra scandal, for example, left a stain on Ronald Reagan’s legacy. But no previous American president had abandoned Americans to die abroad without putting up a fight or making a serious effort to punish the perpetrators. In fact, in the heat of battle, Obama went to sleep and flew to a political fundraiser in Las Vegas the next day. It was an unprecedented abdication of his commander-in-chief role.

7. IRS scandal. Encouraged by Obama’s attacks on “dark money” and conservative political donors, the Internal Revenue Service began singling out conservative non-profit organizations for excessive scrutiny, denying them the ability to operate during the crucial 2012 elections, and trying to pry loose private information on their donors, their meetings, and even the content of their prayers. To this day, no Obama administration official has been punished for that horrific abuse of power.

8. AP scandal. Despite the media’s ongoing love affair with Obama, the administration targeted journalists for harassment, surveillance and prosecution. In one case, the Department of Justice seized phone records from the Associated Press; in another, the DOJ searched the emails of Fox News reporter James Rosen and his family. Congress later found Attorney General Eric Holder misled it when he told them in May 2013 he had not been involved in potential prosecution of the media.

9. Iran deal. After resisting sanctions on Iran, and holding off on any real action against the Iranian regime when it faced mass protests in 2009, Obama made a deal with Iran in 2015 that removed most sanctions in exchange for a mere temporary slowdown in the Iranian nuclear program. Worse, he refused to submit it to the Senate for ratification in accordance with the Constitution’s Treaty Clause, and Democrats blocked a weaker effort to submit the deal to an overall congressional vote.

10. Executive action on immigration. Obama abused prosecutorial discretion in 2012 in announcing “Deferred Action for Children of Americans” (DACA) in 2012, even after Congress declined to pass legislation on “Dreamers.” But the real offense came after the 2014 elections, when Obama defied the electorate and announced an “executive amnesty” — “Deferred Action for Parents of Americans” (DAPA) — that he himself said dozens of times was unconstitutional (he lost in the courts).

Comment by taxpayers
2016-12-22 15:22:02

Let’s hope Moore and others talk t :(e Donald out if his military and infrastructure spendorama plan

Comment by Blue Skye
2016-12-22 15:27:30

“the mess DJT will inherent…”

Do not start with that. It is the whine of failure premature.

We would like some things to improve. That is our hope. Let’s celebrate every stride towards Truth, Liberty and Prosperity.

Comment by Ben Jones
2016-12-22 12:21:06

‘California is trapped—caught in the dangerous space between two menacingly authoritarian regimes that want to fight each other. One regime is headquartered in Beijing, and the other is about to take power in Washington D.C.’

‘A sustained conflict between China and the U.S. could produce all kinds of new restrictions on the flow of money and people, with devastating results for California. Our public universities rely both on federal funds from D.C. and top-dollar, out-of-state tuition fees from Chinese students to subsidize the education of Californians. So any Trump restrictions on foreign visitors—or retaliatory Chinese limits on overseas study and travel—could blow up the University of California’s business model. It also would damage the University of Southern California, the city of L.A.’s largest private sector employer, which heavily recruits Chinese students.’

‘Our state’s signature industries—Silicon Valley and Hollywood—depend on consumers who live under both regimes. And our most promising ventures—from virtual reality and artificial intelligence technologies to major developments (like the San Francisco Shipyards in Hunter’s Point, to just name one)—rely on our ability to bring together manufacturers, investors and technologists from China and the U.S. In a trade war, both regimes could decimate innovation and development with restrictions on foreign investments.’

‘Our housing market relies on Chinese buyers, who spend an estimated $9 billion a year on homes here. A backlash against Chinese investors buying homes (and using them only part of the year) could produce discrimination and hurt our housing market, which in turn would damage the already underfunded public schools our taxes support.’

Oh dear…

‘who spend an estimated $9 billion a year on homes here’

Comment by 2banana
2016-12-22 12:26:25


Trade War with China…

Hurts rich far lefties in a very lefty state who support crazy lefty candidates…


Comment by palmetto
2016-12-22 12:59:00

Sounds like California doesn’t know where it is. And with all this talk of CA secession, I did have the thought that if that occurred, it would immediately be claimed by China and Mexico. And I don’t think people who live in CA would like that much. Although I dunno, maybe a stint under the Chicoms would be just the thing.

Comment by new attitude
2016-12-22 13:07:30

As a libertarian, I only care about my family. No talk of succession from anyone with a brain. Bring on the crash!

Comment by palmetto
2016-12-22 13:37:48

“As a libertarian”

Who voted for Hillary.

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Comment by new attitude
2016-12-22 13:58:21

Invest wisely! HRC is a warmonger.

Comment by Blue Skye
2016-12-22 22:55:56

The Village Idiot is insincere.

Comment by Raymond K Hessel
2016-12-22 13:59:01

As a libertarian, I only care about my family.

What a douche. And your boy Gary Johnson is a retard.

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Comment by new attitude
2016-12-22 14:40:05

I follow no one–the key to being independent. Something the Trump sheeple don’t get. GJ is a moron.

Comment by Raymond K Hessel
2016-12-22 17:33:08

Caring about your country and your fellow Americans, even those outside your immediate family, is a healthy and necessary attribute for a healthy society and people.

I am only RESPONSIBLE for my family. But I care a great deal about my country and those of my countrymen who are good, decent human beings and who feel the same kind of quiet patriotism I do for America.

Comment by The Enrager
2016-12-22 17:54:10

You hang on my every word. At it enrages you.

Comment by new attitude
2016-12-22 18:33:11

Raymond K Hessel

Such a lie.

Comment by junior_kai
2016-12-22 14:01:51

Yep, the whole Ponzi scheme that is California might just come crashing down if theres no hot money from China pouring in to keep it afloat. Elites and anyone in the rentier class must be livid that they might actually have to work for the money they get. Inconceivable!

Comment by cactus
2016-12-22 14:13:37

could blow up the University of California’s business model.”

which is making vast amounts of money ?

Comment by Professor Bear
2016-12-23 07:26:19

I hadn’t realized the California state government had sold out its top universities to China as a matter of official policy.

Comment by oxide
2016-12-23 09:12:09

If the schools continue to allow foreign students to buy their way to a degree (sending the homework to companies in China and then cheating on exams), isn’t that almost the same thing?

Comment by 2banana
2016-12-22 12:23:59

Wow. So much winning…still not sick of it.


Trump Persuades Boeing to Cut Cost of New Air Force One
The New American | 22 December 2016 | Bob Adelmann

Following a one-on-one meeting with Boeing’s CEO, Dennis Mullenburg, on Wednesday over Trump’s concerns that the new Air Force One aircraft were costing too much, Mullenburg said: “We’re going to get it done for less than [the $4 billion price tag], and we’re committed to working together to make sure that happens.”

The deal, hammered out at Donald Trump’s Mar-a-Lago resort in Palm Beach, Florida, revealed much about the paradigm shift taking place even before Trump is inaugurated. First, Trump means business. Not inhibited by ties to the military-industrial complex, Trump is recognizing who his employer really is: the American people. It’s taxpayer monies that fund the government, and he’s taking the taxpayers’ side in challenging Boeing. He has already fearlessly and successfully “persuaded” Ford and Carrier to change their plans to relocate to other countries, and he’s working on Lockheed Martin to reduce its costs on the infamously late and over-budget F-35 Joint Strike Fighter that it is building.

Second, Trump has no problem dealing eyeball-to-eyeball with the companies’ senior executives. He’s been making deals with people like Mullenburg for decades.

Third, Mullenburg is fully aware that, when it comes time to offer his company’s services to the U.S. government in the future, Trump will most certainly have some input. Mullenburg’s company, generating nearly $100 billion a year in revenues, is greatly dependent upon government for a large part of those revenues.

The paradigm shift is already taking place, and the man isn’t even president yet.

Comment by new attitude
2016-12-22 12:51:53

Gotta love it lower prices paid for everything, less for lame shareholders and wall st. or will it be less for workers and main st?

end the mooching!

Boeing — $13.18 Billion
The top welfare recipient of them all is aerospace giant Boeing, which has operations spread all across the country building aircraft and working on numerous Department of Defense projects. The amount of work Boeing does for the federal government no doubt plays a part in the amount of subsidies the company has been able to secure, but Boeing has also played hardball with local jurisdictions to get enormous tax breaks. With more than $13 billion coming in from 148 handouts, Boeing has thoroughly entrenched itself in the interest of the government and taxpayers.

Comment by Blue Skye
2016-12-22 22:59:34

You can pay anything you want for an airplane. It is only a matter of self importance, like a pyramid. ‘Cept is is other people’s money.

Comment by Professor Bear
2016-12-23 23:19:54

“Wow. So much winning…still not sick of it.”

You misspelled ‘whining.’

Comment by snake charmer
2016-12-22 13:17:58

“‘Frisco is one of the most sought-after suburbs in the Dallas-Fort Worth area,’ said Wilson. ‘We’re running out of land in this part of the world. So land prices have climbed dramatically and construction prices and labor have also increased dramatically.’”

Running out of land? In a north Texas exurb? How can anyone accept that explanation with a straight face? I looked on Google Earth and there is plenty of raw land within 2-3 miles.

There would be more if not for those wide suburban wasteland avenues.

Comment by snake charmer
2016-12-22 13:23:18

Here’s a listing from Frisco. Almost ten thousand square feet. This is so spectacularly over-the-top, I don’t know what to say. Maybe Mark Cuban lived there.

Comment by aNYCdj
2016-12-22 17:20:21

how much to cool that in summer $5000 a month?

Comment by txchick57
2016-12-23 04:21:07

Frisco is a shithole that you couldn’t pay me to live in. There are ludicrous McMansions like that all over DFW in every neighborhood.

In 2010 I got a place in Austin on 10 acres in a very desirable area for 500K. Today, put a 1 in front of that 5 and that’s a lowball. Absolutely ludicrous.

Comment by The Enrager
2016-12-23 10:20:50

That’s a hefty price to pay for a shack and some worthless dirt.

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Comment by Raymond K Hessel
2016-12-23 07:12:56

Garage Mahol.

Comment by oxide
2016-12-23 07:19:09

The design and furnishing of the house itself seems rather OK to me. Could be much much worse. … there’s just so much of it.

The worst part of this monstrosity is that it’s hemmed in by blocks and blocks of similar monstrosities. The googlemap satellite is a maze of rooflines.

Comment by 2banana
2016-12-22 13:30:11

They ran out of land a LONG TIME AGO in Detroit, Newark, Camden, Cleveland, Buffalo, Etc.

And you can still buy it pretty cheaply…

Comment by palmetto
2016-12-22 13:47:29

B-b-but, Tampa Bay is set to become the San Diego of the East Coast! Buy now or be priced out 4-evah!

Comment by In Colorado
2016-12-22 14:24:39

Except for the hurricanes, super hot and super humid weather, the gators, the bugs, the daily thunderstorms and the lack of mountains nearby, Tampa is just like San Diego!

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Comment by new attitude
2016-12-22 14:31:54

Tampa has more Waffle Houses and toothless addicts.

Comment by scdave
2016-12-22 14:47:12


Comment by palmetto
2016-12-22 14:55:09

Sigh. It’s the Florida wanna be SoCal inferiority complex. We wanna be San Diego! We wanna be LA!

Realtors have no shortage of economic refugees from the Northeast and Mid-Atlantic to sell to, believe me. We barely squeaked by for Trump this election. These people are the absolute pits. So many of them seem to have speshul needs children, too.

Comment by Karen
2016-12-22 22:19:19

I live in Frisco and there is plenty of land. North Texas is in the southern part of the midwest. Nothing but land in every direction. People here have become so obnoxious and full of themselves because they all think they are real estate geniuses and that the price of houses will only keep going up. The gas station attendant at Costco and my UPS guy both said so, so it must be true. Of course when I mentioned the high property taxes here and how every increase in sales prices increases their yearly tax bill, they did look a little chagrined.

Comment by txchick57
2016-12-23 04:22:20

you have my sympathy

Comment by Jon
2016-12-24 07:18:56

I live in Frisco too. Within the city limits (that is what we are talking about) there is not “plenty of land”. There is empty land owned by Brinkmann and outside of that there is little to purchase.

With all the corporate HQ of companies moving here (Toyota, Liberty Mutual, etc) there is high demand for a short commute. If you want to buy for 300k it will be a crappy house in Frisco and a short commute or you can take the long commute and live 1.5 hours away.

Comment by Senior Housing Analyst
2016-12-22 13:39:23

Kalaheo, HI Housing Prices Crater 12% YoY

Comment by palmetto
2016-12-22 16:19:13

Newt apologizes for mis-speaking about draining the swamp.

Comment by 2banana
2016-12-22 16:45:27

Winning. Winning. Winning.


Trump says because of high cost of F-35 has asked Boeing to price out ‘comparable F-18′
Reuters | December 22, 2016

U.S. President-elect Donald Trump said on Thursday that because of the high cost of Lockheed Martin Corp’s F-35 fighter, he had asked Boeing Co to offer a price for a “comparable F-18 Super Hornet.”

“Based on the tremendous cost and cost overruns of the Lockheed Martin F-35, I have asked Boeing to price-out a comparable F-18 Super Hornet!,” Trump wrote on Twitter….

Comment by aNYCdj
2016-12-22 17:27:40

amazing ask a few question that obahma could have been doing the last 8 years..

next up make sure everybody who applies for any gov assistance will have to sit in class 20 hours a week and learn to read, write and speak English or no EBT card.

We are going to need a whole lot of fully literate people to work on rebuilding this country.

Comment by new attitude
2016-12-22 18:46:12

Kick those Boeing moochers in the balls.

Comment by snake charmer
2016-12-22 22:32:34

Now that’s really going to upset some people. And unfortunately, I have a feeling that Congressional Democrats, among others, are going to go all-out to defend that white elephant of a plane. Because Putin, of course.

Comment by Blue Skye
2016-12-22 23:02:39

I don’t think the guys who fly them and maintain them will be upset.

Comment by rms
2016-12-23 04:14:17

The U.S. has two oceans on either side and a huge navy presence in both, and non-hostile neighbors on our northern and southern borders. In short, we are footing the design and operational cost of this F35 program for “our friends.”

Your children’s children can replace our aging infrastructure.

Comment by Raymond K Hessel
2016-12-22 17:27:44

‘That’s what the big banks are doing to human beings, meaning people that own houses.’”

Wrong, Dougie. Human beings don’t own squat unless and until its paid for. FBs holding underwater mortgages are debt donkeys trying to hold on to a sinking asset they manifestly couldn’t afford.

Comment by new attitude
2016-12-22 18:19:04

NOW 10%!! let’s kick China in the balls!!

Comment by palmetto
2016-12-22 18:48:40

No, no!

Monty Python. I like Chinese:

Comment by Raymond K Hessel
2016-12-22 18:20:38

Thank God we narrowly dodged being stuck with our own Frau Merkel, Crooked Hillary, and all the globalist blessings she would’ve bestowed on us.

Comment by Ben Jones
2016-12-22 18:48:44

‘Election Night Devastation - The Next Family’

4:20 “They’re so happy and it makes me mad!”

Comment by Ben Jones
2016-12-22 18:59:22

A day with Clinton fans: From jubilation to devastation

Comment by palmetto
2016-12-22 19:18:12

How Pepe won the election. At 2:55 to the end at 3:13. Cracked me up.

Comment by palmetto
2016-12-22 19:52:00

“it makes me mad!”

This makes me mad:

This, too:

Way over the top. Who the heck would collect these artists after this? Or patronize the dealer or curator?
If I were her, I’d tell them to reimburse me and they can have their crap back.

Comment by 2banana
2016-12-22 20:07:38

Ha. I would offer them to buy the paintings back at 10x the original cost.


Comment by Ben Jones
2016-12-22 21:21:56

‘Chuck Todd: If Clinton is winning by 10 points, this could be an early night’

What time will Trump concede predictions!

The BS Republican at 3:00.

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Comment by Ben Jones
2016-12-22 21:34:40

Going Up The Country by BARBECUE BOB, Blues Legend

I’ve never heard this before.

Comment by Ben Jones
2016-12-22 21:59:44

On The Road Again - THE MEMPHIS JUG BAND (1928) Memphis Blues Legend

Comment by snake charmer
2016-12-22 22:46:34

None of them had any clue at all. At least Chuck Todd said he’d be looking at a “northern tier” of Michigan, Wisconsin, and central Pennsylvania to see if any surprises were in store, but other than that one comment, the entire segment was a massive fail.

Comment by oxide
2016-12-23 09:37:03

Matt Lauer: Nicole, you are very connected to Republican circles. Is there a talk in those circles, Nicole, about, what might have been?

Nicole: I think you’ll see a flurry of Republicans step in tomorrow to try to rush in an fill the leadership void.

They were clearly working off of the pollster predictions of a Clinton landslide. Whoops.

Comment by Senior Housing Analyst
2016-12-22 18:57:57

Mission District San Francisco Housing Prices Crater 8% YoY

Comment by palmetto
2016-12-22 19:38:45

Two “Save the Snowflakes” videos are up at Zero Hedge. I think these are the same folks who did “Thanks, Famous Actors!”

Comment by Blue Skye
2016-12-22 23:11:24

safety pins… They sure do matter.

Comment by Raymond K Hessel
2016-12-23 07:15:34

Diaper pins, you mean.

Comment by Raymond K Hessel
2016-12-22 20:25:44

I wonder if our Republicrat influence peddlers brawl like this over the most lucrative street corners to ply their trade.

Comment by Ben Jones
2016-12-22 20:56:51

‘An administrator at a police drug lab in Maryland has been accused of stealing opioid painkillers from a box where people can drop off their unwanted prescription medications. Anne Arundel County police said in a statement that 48-year-old Annette Box was arrested Wednesday and faces numerous charges. Police say investigators traced drugs found in her car to the drop box.’

Comment by The Enrager
2016-12-22 20:43:29


Comment by azdude
2016-12-23 05:21:18


Comment by Raymond K Hessel
2016-12-22 21:53:21

Bitcoin is soaring as Chinese desperately try to get their capital out of the country and into something tangible before the China’s financial house of cards implodes. Somewhere, Sweet William will pause in his stamping of tiny feet long enough dance a joy-jig, before resuming his Trump tantrum.

Comment by rms
2016-12-23 04:59:37

“The Denver Post in Colorado.”

You have to read the comments section from that Denver Post piece to realize just how dull folks on the front range are. Losers.

Comment by In Colorado
2016-12-23 10:21:23

Curiously, most of those people, especially the young ones, are from somewhere else. Hopefully once they realize that the streets in Denver are not paved with gold, they will move onto somewhere else.

Comment by SW
2016-12-23 10:23:57

From the Post Comments:

Gringo Star

Friends, you know you can always count on me to cut through all the bullspit here with plain, common sense talk. I own an expensive townhouse and 3 apartment buildings worth millions in central Denver. I have been buying and selling since the late ’90s. I know how this works. Follow me into the real world.

Some advice:

There are many silly arguments here about which way the market is headed, bond markets, unemployment rates, interest rate trends, if we’re in a bubble, whatever… Nonsense. When you buy residential real estate to live in, if the numbers work and you really want to live there for a decent length of time, just buy the damn thing and forget about the market. It’s not an investment in the true sense.

What the market does only affects buyers and sellers, with two big exceptions: Taxes and refinancing. If the value of your house increases, but you’re not selling or refinancing, the only results are higher taxes and and maybe higher insurance. That’s it. If the value plummets and you’re are not refinancing, so what? Your house is still the exact same house, and your property tax rate could drop.

All housing is affordable. Just because YOU might not be able to afford something doesn’t mean anything. Labeling it “unaffordable” without adding “to me” is silly.

If an owner wants to sell something, but it’s not moving because they prices is too high, they will have to lower the price if they want to sell it. If something is too expensive, no one will buy it.

Putting down less than 20% on a property is dumb.

Comment by The Enrager
2016-12-23 10:26:47

Paying 250% premiums for any depreciating asset is the dumbest.

Comment by azdude
2016-12-23 05:25:56


Comment by aNYCdj
2016-12-23 06:40:22

Yogasmoga Bankruptcy Filing Signals Trouble in Athleisure Land
Is the fitness apparel bubble finally starting to burst?

Prime top dollar location of course, not on a side street at half the rent…

68 Greenwich Ave, Greenwich, CT 06830

Comment by Raymond K Hessel
2016-12-23 09:52:04

No one could’ve seen this coming.

Comment by Raymond K Hessel
2016-12-23 07:26:25

Despite its housing bubble, Canada has “unexpectedly” tumbled back into contraction, soon to be full-blown depression.

Comment by rms
2016-12-23 14:48:46


Comment by Professor Bear
2016-12-23 07:32:11

“‘You ever see them put down a tar road? They put down the tar and these big rollers come by and it suppresses the tar,’ he said. ‘That’s what the big banks are doing to human beings, meaning people that own houses.’”

People who try to get rich quick by picking up nickels in front of steamrollers unfortunately are prone to eventually getting steamrolled.

Comment by 2banana
2016-12-23 09:04:43

Buy a house you can afford to include taxes, insurance and maintenance.

Live beneath your means.

Stay out of debt.


Pay your mortgage on time. Pay extra if you can.

Never worry about a steamroller….

Comment by Raymond K Hessel
2016-12-23 09:50:51

You, sir, are Deplorable. Our Keynesian central planners assure us that debt-fueled “growth” is the path to eternal prosperity. You must embrace your serfdom on the incorporated neoliberal plantation your globalist betters have prepared for you.

Comment by The Enrager
2016-12-23 10:19:41

The problem with that is the median price is 300% higher than long term trend.

Comment by Professor Bear
2016-12-23 11:04:21

How will banksters make a living if they cannot entice people to buy homes they can’t afford, then pick up the collateral for free when the greater fools default on their loans? No bankster left behind, bro…

Comment by Raymond K Hessel
2016-12-23 09:05:31

Libtards prepping? This just seems irregular and wrong, like cats and dogs living together.

Comment by In Colorado
2016-12-23 10:17:43

Reminds me of the Big Bang Theory episode when mangina Leonard takes penny to a shooting range and accidentally shoots himself in the foot.

Liberals stockpiling guns? Riiiiiigght! 99.99% of them have never held a firearm in their hands.

Comment by Raymond K Hessel
2016-12-23 09:10:37

Oh, SNAP. Putin nails it as to why the Democrats lost the election: their candidate and her globalist, neocon, corporate statist agenda were repellant to every decent American. But of course instead of engaging in constructive self-criticism, the DNC is blaming everybody and everything but its own failed candidates and policies.

Comment by Raymond K Hessel
2016-12-23 09:29:04

No bankster need ever fear going to prison under the Obama DoJ, regardlesss of how illegal their conduct was or how many people it hurt. Hope n’ change, bitchez….

Comment by Raymond K Hessel
2016-12-23 09:40:03

White House: We must embrace the replacement of our working class by robots. Forward!

Comment by Raymond K Hessel
2016-12-23 10:00:18

Oh dear. The AUDJPY has been tracking (foreshadowing) the DOW with an uncannily close correlation. And now the AUDJPY is tanking after China announced that even per its faked economic data, exports are crashing. Does this mean that DOW 20,000 just became a chimera? We shall see.

Comment by Professor Bear
2016-12-23 11:06:49

‘Worcester hasn’t gotten past it’s heaviest load.’

“Take a Load Off…”
The Band, The Weight

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