January 22, 2017

A Sense That The Sky Is Not The Limit

A report from the Boston Herald in Massachusetts. “Real estate agents working the Hub’s toniest neighborhoods and suburbs know that buyers from China are increasingly buying up pricey homes around Boston — a trend that some analysts say will decline dramatically this summer. And despite a recent surge in real estate purchases by Chinese buyers — many of whom pay cash for pricey Hub properties — industry experts expect the slowdown will be equally abrupt. ‘We are going to see more Chinese buyers in the market over the next few months, but the trend is going to slow down very fast,’ predicted Xiaowen Yang, CEO of GeoHome, a Boston-area real estate-data startup, citing stricter rules announced last month by the Chinese government that will police cash exiting the country, further tightening a $50,000 per-person, per-year cap. By June, when the rules go into effect, Yang said she is anticipating ‘a dramatic drop- off.’”

“‘No one knows exactly how it’s going to play out … but the expectation is that there will be a significant falling off of purchases for the next 16 to 18 months,’ said Arthur Margon of Rosen Consulting Group in New York. Areas in California are expected to get hit the hardest, he said.”

From The New York Times. “In the last quarter of 2016, the median resale price of homes in Manhattan saw its most precipitous drop in four years. The 6.3 percent decline, to $900,000, was recorded by Douglas Elliman in its most recent sales report. ‘High-end inventory is dropping and overpriced high-end properties are being pulled,’ said Jonathan Miller of the appraisal firm Miller Samuel. ‘People have a sense that the sky is not the limit.’”

The Naples Daily News in Florida. “According to the Bonita Springs-Estero Association of Realtors (BEAR) Media Committee, the month of December saw a continuation of closed home sales in all price points. The days on market have increased considerably year-over-year as well, further solidifying that it is still a buyer’s market and directly attributes to the overall 9 percent decrease in closed sales.

“‘Chasing down the market with price decreases is not a good sales strategy,’ states 2017 BEAR President Roger Brunswick, John R. Wood Properties. ‘A six- to eight-week price reposition can burn up two months’ time during the critical winter selling season. Cash buyers want to spend late season in their new property, so pricing accurately now is critical to meeting this need.’”

“Based on the current numbers, it will take a seller 38 percent longer to sell a property that is currently overpriced. The competition between resale and new construction homes is also heating up with builders providing many incentives, inventory and future site plans for prospective buyers. ‘It is more important now than ever to price a resale home accurately,’ stated D. Michael Burke, Team Michael Burke, Keller Williams Elite Realty. ‘Losing two months at the beginning of the selling season for price improvements will irrevocably affect showings and offers, especially when buyers can also consider new construction, forgetting the overpriced resale home they were initially interested in.’”

The Denver Post in Colorado. “Metro Denver’s housing market has run so hot for so long, it is hard to imagine another part of the state having more momentum. But demand along the southern Front Range accelerated in a big way last year, and Denver and Boulder homeowners, flush with equity, sought vacation homes in the neighboring mountain counties, supporting those markets.”

“The median price of a single-family home sold in Pitkin County dropped 37.1 percent last year, while it increased 17.6 percent in Eagle, 15.4 percent in Routt and 10.3 percent in Summit. Some of that discrepancy reflects the ultra high-priced homes that sold in Aspen back in 2015. But the number of home sales was down 18.3 percent in Pitkin County last year while it was flat or up slightly in Routt, Summit and Eagle counties. ‘A little bit of this was a pullback from buyers saying it might be overheated,’ Telluride real estate agent George Harvey said of the slump Aspen suffered.”

From My Valley News in California. “It’s been nearly a decade since local housing sales bottomed. Today our average price stands at $339,827 for the region, a 40 percent advance over 2009 but still some 24 percent below our peak. Temecula’s recovery has been the strongest bringing their current average price of $473,341 to within 13 percent of their peak with most other cities lagging by 20 percent plus or minus. Some cities in California, notably San Francisco, Santa Barbara and areas of Orange County, have already blown through their previous peak and have experience some price declines this year as affordability suffers.”

“One final word of caution – do not, DO NOT, listen to that ad currently running on the radio that advises you to treat your house like a bank! Last time that happened things didn’t turn out so good, did they? I see no reason to think they would turn out any better this time around. Your house is your home, it may even be your castle, but one thing it is not is a bank.”

From Builder Online. “The Wall Street Journal reported Thursday that Ginnie Mae, the agency that backs FHA mortgages, is worried. Turns out that there still are subprime mortgages, often originated by companies that are not banks and are not as well capitalized. Bonds backed by some of these mortgages topped $1 trillion in November, for the first time. In the event of a downturn in the housing market, this could have consequences that, as the Journal noted, could look much like the S&L crises of the late 1980s.”

“‘In the first three quarters of 2016, banks accounted for 9% of mortgage dollars originated by the FHA’s top 50 lenders, versus 62% for all of 2010, according to Inside Mortgage Finance. Nonbank lenders accounted for 80% of mortgage bonds backed by single-family FHA loans in July 2016, versus 9% the same month in 2010.’”

“‘That is worrying the Government National Mortgage Association, or Ginnie Mae, the government-owned corporation that guarantees the bonds backed by FHA loans. Ginnie Mae head Ted Tozer, who is leaving his position Friday, has said nonbank lenders may lack the financial wherewithal to withstand future stress in housing. In the worst-case scenario, problems could saddle taxpayers with losses.’”




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252 Comments »

Comment by Ben Jones
2017-01-22 17:46:20

‘The median price of a single-family home sold in Pitkin County dropped 37.1 percent last year’

Gross housing sales in Aspen for 2016 were down one billion bucks from 2015.

Comment by Jingle Male
2017-01-23 03:29:35

Is that ten $100 million dollar houses? That market is goofy!

Comment by Jingle Male
2017-01-23 04:09:42

“Real estate agents working the Hub’s toniest neighborhoods and suburbs know that buyers from China are increasingly buying up pricey homes around Boston — a trend that some analysts say will decline dramatically this summer.”

“Areas in California are expected to get hit the hardest, he said.”

Buying a condo in San Diego in 2020 may just work out nicely! I’m looking forward to my new home.

Comment by azdude
2017-01-23 06:05:55

i hear el cajon is booming.

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Comment by Jingle Male
2017-01-23 08:36:36

Looks like a lovely place.

 
Comment by Professor Bear
2017-01-23 20:24:37

Better than Sac…

 
Comment by Jingle Male
2017-01-24 03:33:07

That’s why I’m moving there!

 
 
Comment by snake charmer
2017-01-23 12:17:07

“[C]iting stricter rules announced last month by the Chinese government that will police cash exiting the country, further tightening a $50,000 per-person, per-year cap.”
_______________________/

Chinese authorities, reminiscent of the movie “Groundhog Day,” announce stricter rules on expatriating cash at least annually. All this announcement means is that an even bigger bribe will need to be paid before doing it.

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Comment by oxide
2017-01-23 15:05:37

Or,instead of buying some $1M airbox in Miami, millions of families of 4 will accumulate $200K and buy a little safehouse homestead in Trump-land.

 
Comment by Jingle Male
2017-01-24 04:22:00

Families of 20 can share a $1,000,000 Miami air box…..Oh wait, since 1972, they’ve only allowed one child, so it will be families of 3 buying a place for $150,000!!!

 
 
 
 
 
Comment by Ben Jones
2017-01-22 17:49:16

‘One final word of caution – do not, DO NOT, listen to that ad currently running on the radio that advises you to treat your house like a bank! Last time that happened things didn’t turn out so good, did they?’

And last time they took the money and ran. I don’t know if they are running ads like this where you live, but Quicken is pushing cash out refi’s like crazy in Arizona.

Comment by Raymond K Hessel
2017-01-22 17:52:20

Quicken is probably assuming that if things go horribly wrong, middle class taxpayers and the Fed have their backs, just like in 2008 when there was a Goldman Sachs water carrier in the White House. I don’t think they grasp the implications of President Trump and 61 million fed-up Deplorables.

Comment by Ben Jones
2017-01-22 18:14:47

‘Quicken is probably assuming that if things go horribly wrong, middle class taxpayers and the Fed have their backs’

There isn’t one stitch of responsibility of these non-bank lenders for the loans they make. Maybe they could be sued, but that would take years and there’s no money anyway.

‘In the first three quarters of 2016, banks accounted for 9% of mortgage dollars originated by the FHA’s top 50 lenders, versus 62% for all of 2010, according to Inside Mortgage Finance. Nonbank lenders accounted for 80% of mortgage bonds backed by single-family FHA loans in July 2016, versus 9% the same month in 2010.’

‘Turns out that there still are subprime mortgages, often originated by companies that are not banks and are not as well capitalized. Bonds backed by some of these mortgages topped $1 trillion in November, for the first time’

I smell crow cooking. It seems to be coming from north and west, maybe Sacramento?

Comment by The Enrager
2017-01-22 19:41:46

There’s a whole lotta fraud going on and has been for many years.

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Comment by Jingle Male
2017-01-23 03:35:30

I am right here watching and reading the posts. It does seem these originators with no assets to repurchase bad loans sounds suspiciously like the “Ocwens” of 2006!

It will be interesting to look at some of the sample loan details.

That being said, I am not seeing the NINJA subprime fog a mirror, get a loan deal of 2006.

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Comment by oxide
2017-01-23 08:04:03

From what I can tell, the non-banks are extending 0% down loans to people with low FICO. We can argue whether this is “subprime” or not, but all the loans appear to require full PITI from the first month, no resets.

I don’t know how people are making the mortgage on these things.

 
Comment by The Enrager
2017-01-23 08:09:52

You’re not looking. Check mirror.

 
Comment by Fang nu
2017-01-23 10:16:56

Tell me of a loan ocwen originated.
Go ahead.
Your lack of response can be considered as your whole hearted failure.

 
Comment by MWR
2017-01-23 17:18:02

Correct Ocwen is a servicer and a sub-servicer. It does NOT originate loans.

 
Comment by Jingle Male
2017-01-24 03:45:42

Yes, correct. Let’s say Long Beach Mortgage instead.

 
Comment by Jingle Male
2017-01-24 04:17:23

I was thinking of Ownit Mortgage when I posted.

http://articles.latimes.com/2007/jan/03/business/fi-mortgage3

 
Comment by Jingle Male
2017-01-24 04:24:01

Ownit Mortgage.

 
 
 
 
Comment by David Lereah
2017-01-22 18:03:21

If you paid your mortgage off, it probably means you did not manage your funds efficiently over the years. It’s as if you had 500,000 dollar bills stuffed in your mattress.

Comment by palmetto
2017-01-22 18:12:27

Classic! Thanks for the memories.

 
Comment by Fang nu
2017-01-23 10:20:08

Or, you have enough cash assets that gambling away your home for a mythical return on the stock market or greyhound races wasn’t part of your plan.

By alluding that you personally haven’t the ability to pay off a mortgage does not exactly scream about your financial strength of mind or cash asset.

Comment by Jingle Male
2017-01-24 03:51:25

What are you writing about? No one “alluded” to anything. It was a David Lareah walk down memory lane. He was the NAR chief economist/marketing loudspeaker in 2007.

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Comment by Jingle Male
2017-01-24 03:54:58

And “…..your lack of response is considered your whole hearted failure.” Fang Nu Tu.

 
 
 
 
Comment by sleepless_near_seattle
2017-01-22 19:07:37

A colleague was just telling us this week how he couldn’t believe how much more Seattle area house prices were compared to the Midwest, from where his family moved a year ago. Instead, they went all in at $600k. He also “couldn’t believe” that after a year his house is now “worth” $800k (Eureka!) so he took out a HELOC a few weeks ago…I didn’t get a chance to ask the FB what he planned to spend it on.

Comment by TheCentralScrutinizer
2017-01-22 19:11:08

He wont believe what happens next!

Comment by sleepless_near_seattle
2017-01-22 20:25:19

I wonder how long it will take him to realize he was underwater at $600k.

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Comment by absolutebeginner
2017-01-22 21:10:00

‘He wont believe what happens next!’

lol

reminds of the clickbait ads that have photos of buxom women and lists of real incredible people

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Comment by new attitude
2017-01-23 10:25:47

Snowplay, above ground pool, trampoline and a new F150 to pull the boat. Ahhh, Indiana living.

Comment by oxide
2017-01-23 11:38:57

Where’s your head today? You forgot the ATVs and assault rifle collection!

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Comment by toast on the coast
2017-01-23 15:41:36

Boob Jobs and lips.

 
Comment by tango_uniform
2017-01-23 16:22:50

Which set of lips? Might be a worthwhile investment when the regular jobs dry up…

 
 
 
Comment by PitchforkPurveyor
2017-01-23 15:34:40

And yet 50 miles away you can buy 10 acres of land for $35k, and build a house for $50 per square foot. He’s screwed, glued and tattooed.

Comment by Jingle Male
2017-01-24 04:31:44

Blued, not glued.

Navy term: In the Pacific Fleet, screwed, blued, and tattooed means that you’ ve hit a foreign port and have done everything……

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Comment by absolutebeginner
2017-01-22 21:06:21

‘And last time they took the money and ran. I don’t know if they are running ads like this where you live, but Quicken is pushing cash out refi’s like crazy in Arizona.’

They are running the ads out here in the northeast. The announcer ( I think the company founder) makes it out like the home owners are doing a smooth move. Well, it is the scorpion on the frog’s back syndrome after all. These companies will do this stuff until something smacks them down from doing it.

Comment by Ben Jones
2017-01-23 06:49:57

Smacks them down? The government is backing the loans.

Comment by AbsoluteBeginner
2017-01-23 09:45:45

‘Smacks them down? The government is backing the loans.’

oops

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Comment by Neuromance
2017-01-23 17:33:50

It is one of the greatest marketing victories of all time, managing to rebrand taking out a loan and putting your house up as collateral, to calling it ‘taking cash out of your home.’

I remember talking to a guy who said ‘as soon as it (equity) builds up, I’m going to take it right back out again’. He thought he was being clever, like the TV said.

This is on a par with making civet-sh•t coffee a thing.

Comment by Big Fat Ugly Bubble
2017-01-23 17:54:05

People like that guy you mention taking out their equity — they’re the ones paying for the rebuilding of downtown Detroit. Well, if they used Quicken, that is.

 
 
Comment by Neuromance
2017-01-23 17:44:33

Well, the Fed likes them:

“Whatever the timing,” Dudley says, “a return to a reasonable pattern of home equity extraction would be a positive development for retailers, and would provide a boost to aggregate growth.” In the meantime, consumption growth will largely be determined by income growth, the trajectory of wages and the strength of the labor market.”

http://www.mortgagenewsdaily.com/01172017_household_equity_wealth.asp

 
 
Comment by Ben Jones
2017-01-22 17:52:25

‘Chasing down the market with price decreases is not a good sales strategy’…The competition between resale and new construction homes is also heating up with builders providing many incentives, inventory and future site plans for prospective buyers…‘It is more important now than ever to price a resale home accurately…especially when buyers can also consider new construction, forgetting the overpriced resale home they were initially interested in’

It’s been this way for maybe a year in this area. When the builders start undercutting the resale market, sellers are toast. Remember the guy in Orlando who wished he waited because 3 months later he could have got a free pool? That was last fall IIRC.

Comment by palmetto
2017-01-22 17:57:30

Just talked to a lady one county north of me who had her house up for sale, pulled it and is now going to make another run at it. It’s a nice enough house, but she acknowledged she is competing with new construction in the area and there’s a lot of it.

 
Comment by Hargert
2017-01-23 16:41:09

Las Vegas is seeing incentives decrease and builders are unwilling to even negotiate. It is either take it as prices or leave it for the next sucker.

 
 
Comment by azdude
2017-01-22 17:52:53

The stock market lives and dies by the central banks cheap money policies!

 
Comment by palmetto
2017-01-22 17:54:03

“Comment by Carl Morris
2017-01-22 17:35:45
I haven’t seen any problems in San Jose. But it seems like every day for a long time now we get at most an hour or two of sunshine in the late morning and I think maybe it’s going to clear up, and then by mid afternoon it’s raining again. I wasn’t here for the drought but I’m assuming we’ve put a big dent in it by now.”

Thanks, Carl. The AP article makes it sound positively apocalyptic. I take shots at Cali, but it really is a great place, despite its faults. Always seemed kind of shame to me that that, when the rains come, the water isn’t channeled and stored more effectively. But then again, I’m not there, so I don’t know what really is or isn’t done.

Comment by Settled Science
2017-01-22 18:37:51

An article from, oh, just this past November …

“La Nina has arrived with little rain in store for Southern California.”

http://www.latimes.com/local/lanow/la-me-ln-la-nina-20161020-snap-story.html

Comment by palmetto
2017-01-22 18:45:07

Great find!

“After five years of withering drought, government forecasters say California is once again headed for a warm and dry winter, especially in Southern California.”

Government forecasters say…

 
Comment by Settled Science
2017-01-22 18:49:29

From last May …

“Thanks El Nino, but California’s drought is probably forever”

https://www.wired.com/2016/05/thanks-el-nino-californias-drought-probably-forever/

Comment by Settled Science
2017-01-22 18:57:34

None of this matter a whit anyway because …

“Climate change specialist predicts human extinction in 10 years.”

http://www.stuff.co.nz/environment/86778981/Climate-change-specialist-predicts-human-extinction-in-10-years

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Comment by palmetto
2017-01-22 19:09:37

I’d love to do a caption contest for the picture of that cuck:

“It was longer a few years ago, but today this is all that’s left.”

 
Comment by palmetto
2017-01-22 19:24:35

Moar caption contest:

Because over 2000 feet my lips explode.

Oh well, at least I beat Paul Krugman.

Grab ‘em by the..never mind.

 
Comment by cactus
2017-01-22 19:47:19

4″ of rain today and dry creek bed are rivers now.

Moorpark CA

 
Comment by Blue Skye
2017-01-22 19:49:32

I’ll play;

“See this finger? Well, if I’m wrong….”

or

“Lighten up, I get a salary for doing this shtick. “

 
Comment by Rental Watch
2017-01-23 03:34:41

I posted this yesterday, but it’s so good with respect to failed doomsday forecasts that it’s worth posting again:

https://youtu.be/j5M1qtN62yk

 
Comment by tj
2017-01-23 07:41:25

good video and mostly correct, but he’s wrong about using solar energy. there are lots of articles out there now on the new parameters that justify solar panel production, and here’s one of them.

http://www.mnn.com/earth-matters/energy/stories/do-solar-panels-use-more-energy-than-they-generate

since 2010, the direct use of energy in the factory involved in the production of solar panels, along with energy involved in their transportation, as well as their components and the energy involved in acquiring raw materials and converting them into the parts used to make them, is less than the electricity that they are now able to produce.

 
Comment by Blue Skye
2017-01-23 10:33:12

“They found that depending on the technolgoy used, it takes one to four years for solar panels to earn out on their energy debt.”

It is quite dubious that the technology has changed that much in the last couple of years. Quite dubious. I haven’t done much work in solar manufacturing for the past few years because my principle partners went bankrupt, but I haven’t seen any articles indicating revolutionary advances.

The proof of this sort of thing is easy; when it pays $$ to install solar without government subsidy. Until then, it’s not to be believed.

 
Comment by tj
2017-01-23 11:18:32

they claim it’s from incremental advances in technology, not from a breakthrough and that from ‘at least’ 2010, solar panels produce more energy that is used to make them. it would seem to follow that with continuing advancement, that the gap has widened since then. of course one can choose not to believe it, but my guess is that they’re correct. if i see proof to the contrary by a reliable source, i’ll change my mind.

i also wonder to what degree they’re recyclable.

an energy payback in as little as a year does sound astounding considering their lifespan (silicon) is said to be about 20-25 years. i have to admit i don’t keep up with the advances much anymore since i first found out they were producing more than they consumed in energy.

 
Comment by Blue Skye
2017-01-23 12:43:26

The glue they use to assemble the layers of the solar cell has never been tested for “20 years”.

I worked at the technical level with the smart guys making this stuff long enough to be sure the return on energy invested is seriously negative. But you have read an article, so you make up your own mind.

Consider that nowhere in the world do they use solar power to make solar cells. The obvious sometimes is difficult to see.

 
Comment by tj
2017-01-23 13:14:48

The glue they use to assemble the layers of the solar cell has never been tested for “20 years”.

obviously, or they could never get started, but it doesn’t mean it won’t last for 20 years either.

Consider that nowhere in the world do they use solar power to make solar cells.”

first, just because they may return more energy than they consume, it doesn’t mean that they’re practical everywhere yet. the northern latitudes don’t have enough sunlight to make them practical until their price is even lower and storage becomes more efficient and cheaper.

second, solar is still very much in its infancy especially considering it has become energy positive only recently, and that the panels themselves have only fairly recently broken below a dollar per watt.

third, the telsa gigafactories ARE going to use solar power to make their batteries. so it is coming. maybe musk is more up to date than you are.

 
Comment by Rental Watch
2017-01-23 14:28:24

Consider that nowhere in the world do they use solar power to make solar cells.

This is a silly statement.

The talk is on the return on energy investment over the life of the solar cell, not over the time it takes to produce one.

Let’s say that a factory produces 10,000 panels per day (SolarCity’s gigafactory output), and the payback for the energy cost is 1 year, which we all agree would be spectacular.

That means for each panel produced per day, you need 365 panels grabbing sunlight, or 365*10,000, or 3.65MM panels.

The typical size for a residential panel is 65 inches by 39 inches (2,535 square inches, or 17.6 square feet).

The factory is 1.2 million square feet.

The area needed for the solar panels to power it would be a minimum of 64 million square feet (17.6 square feet times 3.65MM panels).

If the energy payback is 2 years, double the number of panels.

And if you need to factor in different energy output for different times of the year, increase the area for panels even more.

 
Comment by Blue Skye
2017-01-23 15:20:43

I’m not thinking about the energy balance the way RW is. Much of the energy input occurs outside the panel fab plant. Mining, refining, smelting, melting, milling, machinery, moving, going out for a burger and all. Look at the price of a thing to get a feeling for the energy that goes into producing it (less government subsidy).

Anyway, if there was a short payback for the solar cell, space would be found to put it up by any company buying conventional energy.

 
Comment by new attitude
2017-01-23 15:30:14

People here just lease the solar panels, no up front cost, no installation, no maintenance, you just save $$ over local utils. only 30% in some cases, but that can be $100 a mo. Gotta like money to be interested.

 
Comment by Rental Watch
2017-01-23 16:48:59

Anyway, if there was a short payback for the solar cell, space would be found to put it up by any company buying conventional energy.

Without the need for any government subsidy anywhere around the globe.

 
Comment by PandaTriste
2017-01-23 21:27:48

There’s a delta in the number of burgers consumed in manufacturing solar panels, versus manufacturing other widgets? Who knew?

 
Comment by redmondjp
2017-01-23 21:44:03

The other issue is the significant environmental destruction that occurs in the third-world countries where the solar panels are made. I’ve worked in an IC fab and there is a lot of nasty toxic waste to be dealt with. We processed it, but I imagine over there it goes into the nearest gulley.

How you put a cost on that environmental damage?

 
Comment by Blue Skye
2017-01-23 22:02:49

I worked in IR optics fabs 20+ years ago and there was a lot of environmental damage done here. Does 20 years separate us much from the “third world”?

On the burgers, if you don’t account for labor input, you’re missing a significant part of the energy input. Sorry if I was being too subtle Panda.

 
 
 
 
Comment by Tired of Manipulation
2017-01-22 19:22:39

About 1/2 the runoff in CA makes its way to the ocean naturally. There rest end up being stored/used. Not sure, but expect that has to be by far the highest ratio in any state. Every single stream by me of any consequence has multiple dams on it. Much of the major cities are reclaimed wetlands, and the once largest freshwater lake west of the Mississippi is now farmland. The state is one giant water project to deal with the feast / famine nature of rain.

Comment by palmetto
2017-01-22 19:27:33

That’s actually good to know. The way the media shows dramatic photos of runoff, a non-resident would have no idea.

I think I just saw a shot of natty surfing a culvert.

Comment by Settled Science
2017-01-22 19:36:36

“An Introduction To The Central And West Coast Groundwater Basins”

http://www.wrd.org/engineering/introduction-groundwater-basins-los-angeles.php

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Comment by Settled Science
2017-01-22 19:44:15

From the link …

“Based on recent modeling of the CWCB by the U.S. Geological Survey (2003), an average groundwater budget was developed for the 30-year base period between water years 1970/71 and 1999/00 (Table 1). This budget shows the average annual inflows (recharge) and outflows (discharge) to the basins in acre-feet per year. Natural inflows come from the conservation of rainfall or snow melt. Artificial inflows come from imported and recycled water purchased by WRD. The major areas for inflow include the Rio Hondo and San Gabriel River spreading grounds in the Montebello Forebay, the seawater barrier injection wells along the coast, areal recharge from precipitation falling on the basin floor and hillside runoff, groundwater underflow from adjacent basins, and continued seawater intrusion in certain areas. The major outflow is from groundwater extracted from the nearly 550 production wells located throughout both basins.”

 
Comment by palmetto
2017-01-22 19:49:59

Thanks for the info. About the only exposure a non-resident has to California’s water situation is the movie Chinatown.

We need to be doing something about water here in Florida. I know it sounds strange, but we’ve been having weird shifts in the usual weather patterns, which I date to the BP oil spill. I think there’s gonna be a bit of a shock when we have our first dry summer.

 
Comment by Settled Science
2017-01-22 20:01:21

Wikipedia: “The Los Angeles flood of 1938″

“The Los Angeles flood of 1938 was responsible for inundating much of Los Angeles, Orange, and Riverside counties, California during February and March 1938. The flood was caused by a pair of Pacific storms that swept inland across the Los Angeles Basin, causing abnormally high rainfall across much of coastal Southern California. Between 113[1] to 115 people were killed in what ultimately became one of the most catastrophic natural disasters in Southern California history.[2] The flood caused the Santa Ana, Los Angeles, and San Gabriel Rivers to burst their banks, washing away roads, bridges, and buildings, and stranding hundreds of people. Damage in some parts of Los Angeles County was mitigated by dams in the San Gabriel Mountains, while Orange and Riverside Counties experienced more damage because of the lack of flood-control works in the Santa Ana River system.[2]

The flooding event of 1938 is considered a 50-year flood.[citation needed] It resulted in $40 million of damages, and the Red Cross deemed it the “fifth largest flood in history”.[1] In response to the floods, the U.S. Army Corps of Engineers began channelizing local streams and building more flood control dams. Dams built in the aftermath of the flood include Sepulveda Dam, Hansen Dam, Prado Dam, and Whittier Narrows Dam, which hydrologically connects the San Gabriel River to the Rio Hondo. These works have been instrumental in protecting coastal Southern California from subsequent flooding events, although the storms of 1969 and 2005, which had larger volume than the 1938 flood, still caused major damage and forced the evacuation of low-lying areas.[1]“

 
Comment by palmetto
2017-01-22 20:38:06

Isn’t there supposed to be some ungodly amount of water beneath Death Valley?

 
Comment by Settled Science
2017-01-22 20:58:09

Wiki-up “Lake Manly” and you will get this:

“As Lake Manly evaporated to the surface of Death Valley, it left a remarkable legacy. Under the surface of Death Valley is one of the world’s largest aquifers. Being fed by the Amargosa River and Salt Creek, this aquifer is barely visible above ground at Badwater Basin, at −279 ft (−85 m).[1]“

 
Comment by rms
2017-01-22 23:42:49

“Under the surface of Death Valley is one of the world’s largest aquifers.”

I’m surprised that T Boone Pickens hasn’t sucked it dry yet.

 
Comment by Professor Bear
2017-01-23 00:13:12

Recommended reading, slightly on topic:

The Control of Nature
September 26, 1988 Issue
Los Angeles Against the Mountains—I
By John McPhee

In “Los Angeles Against the Mountains,” a 1988 installment in the New Yorker series “The Control of Nature,” which was later published as a book, John McPhee described how Southern California’s dry chaparral produces devastating fires.

 
Comment by rms
2017-01-23 18:10:02

“…Southern California’s dry chaparral produces devastating fires.”

We used to visit great grandma in Santa Ana every summer while school was out. I still remember those hot summer nights with a glow of fire and smoke in the mountains to the north, every year it seemed.

 
Comment by new attitude
2017-01-24 11:49:21

oil is free of labor!

 
 
 
Comment by cactus
2017-01-22 19:55:27

Water can’t be pumped to resovoirs because the pumps will kill endangered fish, delta smelt, so it flows to the ocean.

Governers making a multi million dollar pumping diversion scheme to solve this . F35 style no doudt

Comment by new attitude
2017-01-23 16:35:50
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Comment by Ben Jones
2017-01-22 17:56:03

‘The Wall Street Journal reported Thursday that Ginnie Mae, the agency that backs FHA mortgages, is worried. Turns out that there still are subprime mortgages, often originated by companies that are not banks and are not as well capitalized. Bonds backed by some of these mortgages topped $1 trillion in November, for the first time. In the event of a downturn in the housing market, this could have consequences that, as the Journal noted, could look much like the S&L crises of the late 1980s’

How curious WSJ that this wasn’t mentioned prior to the election when everything was awesome. No matter, the guy in charge is outta here and someone else will have to clean up this subprime mess.

‘Ginnie Mae head Ted Tozer, who is leaving his position Friday, has said nonbank lenders may lack the financial wherewithal to withstand future stress in housing’

No way Ted, are you saying Quicken doesn’t have strong capital to back up their loans? I’ll do you one better: I’d bet they don’t have 3 months in office supplies saved up.

Comment by palmetto
2017-01-22 18:00:19

“Now way Ted, are you saying Quicken doesn’t have strong capital to back up their loans? I’ll do you one better: I’d bet they don’t have 3 months in office supplies saved up.”

Ty Pennington is all over the tube pushing those loans here. How long before they pull those ads?

 
Comment by palmetto
2017-01-22 18:11:06

“How curious WSJ that this wasn’t mentioned prior to the election when everything was awesome.”

WSJ is on to a new meme now: Divided America! Civil War! For two cents I’d snap Peggy Noonan’s bra until she cries uncle.

I’m glad Kellyanne Conway Melvin’ed Chuck Todd today. I don’t have the words to express the contempt I feel for the MSM. They lie, exaggerate and obfuscate.

Prime example, the exchange I just had with Carl Morris. Not all of California is washing away, but AP would have you think it so.

Lying liars.

Comment by Ben Jones
2017-01-22 18:35:29

Elisabeth Warren. How could you let this happen to these poor loanowners? I had so much faith in you. Like when the Treasury guy told you he was foaming the runway for the banks - and you called a press conference immediately and told the world what they were up to.

Oh, right. You didn’t say boo.

Comment by Raymond K Hessel
2017-01-22 18:40:54

Easy there, Ben. Fauxahontus donned the war paint to fight for consumers when a Goldman Sachs-owned candidate and serial influence-peddler became the standard-bearer for the corporate-owned Democrat Party. Warren launched a principled and courageous attack on the vote-rigging DNC and on Crooked Hillary’s 30-year record of scandal and sleaze, coming to the defense of the beleaguered middle class Fauxahontus professes to champion.

Oh, wait….

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Comment by palmetto
2017-01-22 18:42:39

“Elisabeth Warren. How could you let this happen to these poor loanowners? I had so much faith in you.”

Yeh, who’s afraid of Warren? All bark and no bite. Real tough gal.

I remember we used to have a poster who worked for the Justice Dept, and before that, Goldman Sachs. She thought Warren hung the moon. I remember her saying “We need her, we really need her”. For what? A coat rack?

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Comment by sleepless_near_seattle
2017-01-22 23:31:55

“All bark and no bite.”

You know how you laugh when you see a nerdy get worked up over something and they’re serious but it really just looks funny? That’s how it is every time I see her bark.

 
 
Comment by taxpayers
2017-01-22 22:51:40

Has poca outlawed pawn shops yet?

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Comment by oxide
2017-01-23 08:29:00

the Treasury guy

Ben, you’ll love this. Here’s an edited excerpt from the PBS Frontline program: Divided States of America which aired last week. They are referring to the bailout of Wall Street in early 2009.

——————–
NARRATOR:
The public outcry only grew as news broke that the bailed-out bankers had paid themselves massive bonuses. Now Obama faced a crucial decision.

NEWSCASTER:
Do the banks need to be held accountable for their part─

NARRATOR:
For Obama, the news of the bonuses was infuriating.

JARED BERNSTEIN, Obama Economic Adviser:
The bonus and the compensation stuff made him [Obama] more angry than I’d ever seen him. I remember him, like, really standing up out of his chair in the Oval Office and just being really pretty livid. I mean, the one thing he would─ one thing he would not stand for was, you know, the American people being played for─ as chumps by these banks, and that was something he just really didn’t like.

NARRATOR:
Some in the White House wanted the president to side with the growing outrage and aggressively take on the banks.

PETE ROUSE:
A lot of the communications, political people worried about the president’s popularity and his political capital, saying, “The banking industry and banking executives ought to pay a price.”

NOAM SCHEIBER, Author, The Escape Artists:
David Axelrod, Obama’s top political adviser, very much wanted some scalps. Robert Gibbs, who was the press secretary but also a very senior political aide, wanted scalps.

NARRATOR:
But Treasury Secretary Timothy Geithner urged caution, warning that giving in to populist fury could further destabilize the financial system.

JOSHUA GREEN, Bloomberg Businessweek:
Geithner didn’t want to do it because it would kind of create this risk. It would create this conception that the government was going to come in and mess with these banks and that that would frighten off private investors.

NARRATOR:
In the end, it was up to the president to decide whether to support the banks or take them on and heed the public’s anger.

NARRATOR:
The president had made his choice. He would not give into the outrage and risk upsetting the markets.
—————

That’s an edited version. To read the full thing, go to http://www.pbs.org/wgbh/frontline/film/divided-states-of-america/transcript/

Search for “scalp” to get to this part.

Good thing people didn’t know about this at the time, or it would have been Geithner’s scalp hanging from a pitchfork.

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Comment by MightyMike
2017-01-22 20:03:09

I’m glad Kellyanne Conway Melvin’ed Chuck Todd today. I don’t have the words to express the contempt I feel for the MSM. They lie, exaggerate and obfuscate.

People laughing at Kellyanne today. She coined a new phrase, “alternative facts”. At least she finally got honest about Trump’s tax returns. The audit excuse was always a load of BS.

Comment by palmetto
2017-01-22 20:34:15

“She coined a new phrase, “alternative facts”.

That was a brilliant turn of phrase. I thought Chuck Todd was gonna pop his hair plugs.

That is ED ZACHARY what the media produces, “alternative facts”.

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Comment by MightyMike
2017-01-22 21:18:48

“The party told you to reject the evidence of your eyes and ears. It was their final, most essential command.” –George Orwell, 1984

 
Comment by palmetto
2017-01-22 21:36:24

Pithy!

 
Comment by sleepless_near_seattle
2017-01-22 23:44:06

Eh, brilliant?

 
Comment by Professor Bear
2017-01-23 00:16:49

“alternative facts”

Those used to be called “lies”.

 
Comment by palmetto
2017-01-23 06:20:29

They’ll be discussing, dissecting, and working over alternative facts from now until doomsday, and alternative facts will replace fake news as a “thing” going forward. Until it wears out and there’s something else. Which will be decided by Trump.

People don’t “get” this guy. Wall Street is just now beginning to:

“While the “tone” of media reports following the new White House’s first weekend weren’t great (the “alternative facts” comment was a popular point of focus), investors at this point should be inured to Trump and it remains a mystery why so many people continue to anticipate a change in behavior.” - JPM

 
Comment by tj
2017-01-23 06:50:07

Those used to be called “lies”.

true, just like ‘crony capitalism’ used to be accurately called ‘corruption’.

 
Comment by oxide
2017-01-23 08:14:15

Why do Trump and Conway feel the need to defend the Inauguration numbers vs. 2009.

DC is very blue, and surrounded by blue regions in MD, VA, DE, and PA. There were probably 4-5 million Obama fans within a three-hour drive of the Capitol building, not to mention NYC within 6 hours. Trump’s supporters are the “real America” in flyover who couldn’t afford to travel. Of course Obama was going to get more people.

It would have been much easier and less incendiary to point this out, than to start the games with fake news and alternative facts etc.

 
Comment by palmetto
2017-01-23 08:41:42

Here’s a comment from a Zero Hedge poster who was on the ground at the time:

“White House Press Secretary Sean Spicer didn’t lie about the crowd size. My friend and I waited in line over 2 hours to get in the inauguration and missed the swearing in because TSA was rediculousy slow. Perhaps on purpose to make Trump’s crowds look smaller ? A last FU from Obama maybe? Our line had about 10,000 Trump supporters like us who didnt get in to.see the swearing in ceremony because of TSA. TSA only had 3 metal detectors!! There were several other general admission lines with TENS OF THOUSANDS of Trump supporters who didnt get in. It’s a disgrace and the news isn’t even talking about it !! Here is a video I made showing the long lines to get in. Pass it along. People need to know the truth!! https://youtu.be/49_WxvufqZg

 
Comment by oxide
2017-01-23 08:58:55

Thank you palmetto. But you know what this reminds me of? Scarce polling stations in poor areas, making the poor wait 2 hours to vote.

 
Comment by sleepless_near_seattle
2017-01-23 09:23:32

“It would have been much easier and less incendiary to point this out, than to start the games with fake news and alternative facts etc.”

Bingo, or just say you don’t know. Much ado about nothing.

 
Comment by Professor Bear
2017-01-23 20:28:41

“It would have been much easier and less incendiary to point this out, than to start the games with fake news and alternative facts etc.”

Which explains why they didn’t do it your way…

 
 
Comment by palmetto
2017-01-22 20:40:29

Wikileaks is going to be publishing his tax returns. What better place to do it?

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Comment by MightyMike
2017-01-22 20:55:47

When’s that gonna happen?

 
Comment by palmetto
2017-01-22 21:16:12

I dunno, pretty soon, I would imagine. They’ve put out the call for hackers to submit it to them. It’s gonna be YUUUGE!

Check it out.

 
Comment by NYchk
2017-01-24 09:18:56

Even if Wikileaks decide to bury Trump and publish his dirty laundry, it will not be done for the sake of American democracy.

Nothing they post can be trusted anymore. They serve Russian interests, not American. Wikileaks is a Putin sponsored dump of carefully targeted anti-American disinformation campaigns.

 
 
 
Comment by Jingle Male
2017-01-23 03:55:36

“….Kellyanne Conway Melvin’ed Chuck Todd …”

Interesting perspective. I thought it was just the opposite!

Alternative Facts = Lies. The point was made.

Comment by palmetto
2017-01-23 06:49:41

Here’s a lesson in alternative facts:

Trump so vulgar:

http://imgur.com/fZLiuKA

And that, my friend, is alternative facts. Along with crushing housing losses.

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Comment by Jingle Male
2017-01-24 05:06:20

HA!

 
 
 
 
Comment by Big Fat Ugly Bubble
2017-01-22 19:14:29

Quicken Loans is an interesting company. It is based in Detroit, and is owned by a guy who also owns large chunks of Detroit, and has been trying to redevelop it. At the same time, Quicken Loans is also battling the DOJ over complaints about a small number of bad loans, which will probably get dropped with the new administration. Also, a former Quicken Loans lobbyist was appointed by Trump to the H.U.D. transition team.

It’s from the failing nytimes, but here’s a good article from yesterday about Quicken Loans and the guy who runs it.

https://www.nytimes.com/2017/01/21/business/dealbook/quicken-loans-dan-gilbert-mortgage-lender.html

“In the years since the financial crisis, Quicken has emerged as a leader in the nation’s shadow-banking system, a network of nonbank financial institutions that has gained significant ground against its more heavily regulated bank counterparts in providing home loans to Americans. Increased regulation and decreased profits sent the nation’s banks packing.”

“Since 2011, Mr. Gilbert has spent more than $2.2 billion on downtown Detroit, buying up 95 decrepit properties and rehabilitating them in an effort to lure new tenants. Nike opened a store there last year. The New York burger chain Shake Shack is coming in 2017, as is the sports retailer Under Armour. Mr. Gilbert also notes that he has leased space downtown to several local minority-owned start-up businesses.”

“”Late last year, Donald J. Trump named a former Quicken Loans lobbyist, Shawn Krause, to his H.U.D. transition team. A Trump spokeswoman did not respond to an email asking about potential conflicts of interest. In an emailed statement, Quicken Loans said the fact that Ms. Krause had come from the largest F.H.A. lender in the country “bodes well for the positive impact she has, and will, make on H.U.D.””

Comment by Big Fat Ugly Bubble
2017-01-22 19:37:38

I have no idea if the owner Mr. Gilbert is a good guy or not, the nytimes article has a lot of criticism of him, as you might expect from them. I think it’s great that he’s trying to revitalize downtown Detroit. But this part describing the actual business of Quicken Loans, doesn’t sound all that great:

“Former executives describe Quicken Loans as a technology company that sells mortgages. But the heart that keeps Quicken’s blood moving is the 3,500 mortgage bankers who work its phones. Many new employees come in with little to no background in financial services. One employee joined after delivering pizzas to the Quicken Loans office and becoming interested in working there.”

“Entry-level employees typically make hundreds of calls a day, trying to get potential customers on the phone. Not unlike the assembly lines that put together cars in Detroit, the call is immediately handed off to a licensed mortgage banker, who completes the loan application, then quickly passes it to processing so that he or she can focus on the next loan application.”

So, it basically sounds like it’s a ‘mortgage sweatshop’, cold-calling people trying to sell loans… probably a lot of those cash-out refi’s like Ben was saying is all over the radio.

Comment by cactus
2017-01-22 20:07:26

Pennymac moved into our building and now half the toilets are non functioning at any time of the day. what are they feeding them anyway ??

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Comment by MWR
2017-01-23 17:29:51

Kind of makes you wonder why Obama cut the insurance premium with all these potential issues. I guess it was so when trump increased it Schumer could say Trump hates poor people as he just cost them $500.

The increase was VERY prudent. The cut was sickly political.

 
2017-01-24 05:44:53

“No matter, the guy in charge is outta here and someone else will have to clean up this subprime mess.”

Seems to be a pattern here…

 
 
Comment by Apartment 401
2017-01-22 18:18:41

“Literally lounging Black
sitting back
counting double digit
thousand stacks”

https://www.youtube.com/watch?v=rogvlB2SP4k

Comment by Ben Jones
2017-01-22 18:32:39

‘demand along the southern Front Range accelerated in a big way last year, and Denver and Boulder homeowners, flush with equity, sought vacation homes in the neighboring mountain counties’

Flush with equity, but not money, buying second shacks. What could go wrong?

Comment by Apartment 401
2017-01-22 18:41:57

Working on this now (come up and say HI) or wave from 25 or the train:

https://www.camdenliving.com/lone-tree-co-apartments/camden-lincoln-station

Comment by Ben Jones
2017-01-22 18:52:47

‘If you love entertaining, you will love our two large courtyards, which boast fire pits’

Example

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Comment by Raymond K Hessel
2017-01-22 19:00:55

Soon enough Azdude will be commiserating with his new BFFs around a trash can fire as they pass the bag that holds the Thunderbird and dine on rat kabob marinaded in bitter tears.

 
Comment by palmetto
2017-01-22 19:06:22

So there I was, scrolling down and then oh, jeebus, I just about killed myself laughing on that one. Unexpected.

Funny you should post that, though. I was thinking about that very word “boast” which shows up a lot in home descriptions on Zillow and such. The house “boasts” (fill in the blanks: his and hers vanities, granite counter tops, California closets, Saltillo tile entry, plant shelves, tray ceilings, blah, blah)

The house boasts. sheesh.

We could do an entire thread on realtor speak alone.

“Imagine yourself relaxing on your screened in patio overlooking the pond (sewer ditch), having morning coffee in the breakfast nook while screaming at the kids to get up for school.”

 
Comment by palmetto
2017-01-22 20:56:49

Dangit Ben, I can’t look at the pic without busting a gut. It gets me. every. time.

 
Comment by oxide
2017-01-23 08:33:06

I’m just happy that somebody found a mate for the Garden Chair of Solitude.

 
 
 
 
 
Comment by Big Fat Ugly Bubble
2017-01-22 18:35:10

Here is one showing loan rejection levels, due to appraisals coming in too low, by state.

http://www.mortgagenewsdaily.com/01182017_corelogic_hmda.asp

Comment by palmetto
2017-01-22 18:54:54

Florida! We’re Number One! We’re Number One!

Comment by TheCentralScrutinizer
2017-01-22 19:14:32

They aren’t failures, they are aspirationals.

Comment by palmetto
2017-01-22 19:32:53

Thank you, thank you, we worked hard for this.

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Comment by Big Fat Ugly Bubble
2017-01-22 19:47:41

That’s good, right? That means you got the most amount of honest appraisers — not getting paid-off to hit the desired number.

Comment by palmetto
2017-01-22 19:58:55

Good point.

During bubble 1.0, it was a bloodbath. The appraisers were doing just that, hitting the desired numbers. We used to have a Florida appraiser here on the blog in the early days who talked about how he couldn’t get arrested because he refused to hit the numbers. After the bubble imploded, I think he got work doing forensic appraisals. I remember him posting about some development in the Orlando area where all the owners were either from England or South America, actually got homestead exemptions despite not being Florida residents, and many of who just disappeared.

After that, the appraisers got pucker-butt and were a lot more careful.

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Comment by AbsoluteBeginner
2017-01-23 10:39:15

‘ We used to have a Florida appraiser here on the blog in the early days who talked about how he couldn’t get arrested because he refused to hit the numbers. ‘

Palladin?

 
Comment by oxide
2017-01-23 11:45:58

No, Palladin is still here as Jingle Male now. Wasn’t the guy “honest real estate appraiser?” or something similar?

 
Comment by The Enrager
2017-01-23 12:06:46

Hey Donk

 
 
 
 
 
Comment by Senior Housing Analyst
2017-01-22 19:21:31

East Boston, MA Rental Rates Plummet 9% YoY

http://www.zillow.com/east-boston-boston-ma/home-values/

 
Comment by palmetto
2017-01-22 19:39:40

Off topic, but this kinda sucks. Some lady sells her house in Cuba for eight grand to hike through part of South America, Central America and then Mexico. Gets to the border too late.

https://www.nytimes.com/2017/01/22/world/americas/cubans-us-border-policy-wet-foot-dry-foot-obama-trump.html

 
Comment by MightyMike
2017-01-22 20:43:29

Trump awkwardly pats FBI Director Comey on back, thanks law enforcement at White House ceremony

President Trump gave a big “thank you” to law enforcement officials at a ceremony Sunday, but none bigger than to FBI Director James Comey — the man many credit with giving Trump the White House.

It was Comey who waited until the last minute to reopen an investigation into Hillary Clinton’s emails, an 11th-hour probe Democrats say help cost Clinton the election.

Days later, Comey once again cleared Hillary Clinton for her use of a private email server, but by then, critics said, the damage was already done.

Trump, at a White House ceremony honoring the service of law enforcement officials, called Comey over and give the director a handshake and a big back pat before whispering something in his ear.

http://www.nydailynews.com/news/politics/trump-thanks-fbi-director-comey-law-enforcement-white-house-article-1.2953048

Comment by Big Fat Ugly Bubble
2017-01-22 21:09:55

Wow, I never knew he was so tall. 6′8″. He was looking down at Trump.

 
 
Comment by taxpayers
2017-01-22 22:45:36

GSE,s. Treasure island for sure
Better trump that sht

 
Comment by Panda Triste
2017-01-23 05:40:06

Pacific Standard Time is 04:40

Comment by Professor Bear
2017-01-23 05:46:18

And it’s raining buckets.

Comment by palmetto
2017-01-23 07:00:38

When’s it supposed to end?

 
Comment by Professor Bear
2017-01-23 08:05:18

It’s a little strange to wake up in San Diego to the sound of ice hitting your bedroom window. Reminiscent of The Day After Tomorrow.

 
 
 
Comment by azdude
2017-01-23 06:04:23

Those who believe in the US economy get paid !

Even if house prices were to fall 50% none of you would buy just like last time.

Comment by palmetto
2017-01-23 06:59:25

I was waiting for it to get worse and got faked out.

 
Comment by NYchk
2017-01-24 09:36:30

That’s a common mistake, waiting for the market to fall some more, and missing the bottom. Same greed, just on the downside.

Comment by The Enrager
2017-01-24 12:04:49

Rental rates and housing prices have a long way to fall.

 
 
 
Comment by phony scandals
2017-01-23 07:11:07

1:09

Um, uh, oh never mind.

Worth watching 9:07 - 9:46

Pussy Hat Thought Police Triggered By Infowars Reporter

https://www.youtube.com/watch?v=3SQ8IR6TS1o

 
Comment by Ben Jones
2017-01-23 07:22:10

Borrowing Shifts From Re-Fi to HELOC

‘Wescom’s field of membership spreads out over southern California, which had one of the nation’s most dramatic falls in home prices in the wake of the 2008 recession. Now prices have recovered and grown past the pre-recession highs.’

“In almost all the markets that we serve, real estate prices have been very strong over the past five or six years,” Pipes said. “Particularly in Orange County and Los Angeles County, the appreciation has been above the national average.”

‘Wescom has roughly $100 million in HELOCs on its books during the past two years, but that number is expected to rise in 2017. “That’s great considering it was almost nothing in 2011, and $12 million in 2012,” Pipes said. “We’ve ramped it up quite a bit thanks in a large extent to the increase in equity in our marketplace, but also reaching out to our members and encouraging them to consider us for their home equity line of credit.”

http://www.cutimes.com/2017/01/20/borrowing-shifts-from-re-fi-to-heloc

Check out the graphic of a house made out of ATM cards.

Comment by Blue Skye
2017-01-23 08:32:30

members only…

 
 
Comment by Ben Jones
2017-01-23 07:47:41

‘Hot and getting hotter: A blazing year in home sales’

“We have a lack of inventory and it’s a wonderful world,” said Cass Chies, president of the Greater Lehigh Valley Realtors.’

‘The sentiment runs rampant across the region. More multiple offers, sales higher than list price, investors and buyers indicate the housing recovery continues to move forward. “One interesting thing I’ve seen over 2016 is an influx of cash buyers, specifically international cash buyers,” Kruk said. “There’s money mostly coming from Asia. They think American land and real estate is a nice safe asset as opposed to banking institutions where their home government can take it. They are pouring money into our real estate.”

“I think [average sales price is higher] because there are not that many homes on the market at this point in time,” said Paulette Smith, president of the Pocono Mountains Association of Realtors. “We’re in a pretty good wave now where people are keeping their homes and more people are starting to look at secondary homes up here.”

Comment by palmetto
2017-01-23 07:54:16

Alternative facts!

 
 
Comment by palmetto
2017-01-23 07:49:17

Alternative Facts, brought to you by palmetto:

“We Are Going To Be Imposing A Very Major Border Tax”

Comment by Professor Bear
2017-01-23 08:14:23

The Smoot-Hawley Tariff Act – Hoover’s Folly
By Michael Lebowitz on January 11, 2017 9:40 am in Politics

In 1930, Herbert Hoover signed the Smoot-Hawley Tariff Act into law. As the world entered the early phases of the Great Depression, the measure was intended to protect American jobs and farmers. Ignoring warnings from global trade partners, the new law placed tariffs on goods imported into the U.S. which resulted in retaliatory tariffs on U.S. goods exported to other countries. By 1934, U.S. imports and exports were reduced by more than 50% and many Great Depression scholars have blamed the tariffs for playing a substantial role in amplifying the scope and duration of the Great Depression. The United States paid a steep price for trying to protect its workforce through short-sighted political expedience.

Comment by palmetto
2017-01-23 08:28:53

“which resulted in retaliatory tariffs on U.S. goods exported to other countries”

Unfortunately, we already have retaliatory tariffs on US goods. Just because they can. And we never gave them a reason. Now we are.

This is current year. Not 1930.

Comment by palmetto
2017-01-23 08:54:44

So let me add to the above, PB, instead of being rude and flippant, as is my usual operating basis.

To me this looks like an opening gambit. One of the things Trump spoke about on the campaign trail was how US companies could not get their products into other countries, due to the considerable “border taxes”, tariffs or whatever you want to call them, that were imposed. Globalization was a one way flow, and not to the benefit of the US.

What I believe Trump is doing is attempting to remove the prop that has held the posterior of the US open with respect to this issue. As I recall his campaign rhetoric, he has said he supports free trade, but it has to be fair.

At this point, he is merely doing what the rest of the players are doing and I suspect the goal is to get them lift their own border taxes, tariffs, etc. At which point we will, too.

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Comment by Blue Skye
2017-01-23 10:18:18

We’ll get a real picture after he makes a deal with the British.

 
Comment by Professor Bear
2017-01-23 20:30:38

OK. I’ll take a wait-and-see approach.

 
 
 
Comment by palmetto
2017-01-23 08:33:15

Ben Bernanke learned so much from the Great Depression, didn’t he?

 
Comment by oxide
2017-01-23 08:47:39

This is a favorite meme of the globalists. Let’s look at the charts, shall we?

In 1930, The US trade balance was about equal:

http://www.econdataus.com/tradeall.html

But as of 2014, the US imported $70B more from Mexico than the US exported to Mexico:

http://www.nbcnews.com/politics/white-house/trump-sign-executive-order-plan-renegotiate-nafta-mexico-canada-n710641

Let the US and Mexico impose tariffs on each other. The US would win that deal.

Starting off at equal and imposing tariffs on ALL countries is very different from starting off in the hole and imposing a tariff on ONE country (maybe two). The globalists need a new meme to flog.

 
Comment by Hi-Z
2017-01-23 08:50:12

In Great Depression era US was a net exporter.
Today the US is a big net importer and already faces big tariifs on exports.

Excerpt from USTR website:
“The United States has one of the most open economies in the world, with an average applied tariff of 1.4%. In fact, nearly 70% of the products we import do not face any tariffs at all. However, when our exporters work to sell Made-in-America goods to other countries, they’re burdened with tariffs over twice as high on average. American manufactured goods face tariffs of up to 100% on certain goods in TPP markets, and American agriculture exports face tariffs over 700% on some products.”

Comment by In Colorado
2017-01-23 09:06:47

Just saw this:

http://edition.cnn.com/2017/01/23/politics/trans-pacific-partnership-trade-deal-withdrawal-trumps-first-executive-action-monday-sources-say/index.html

President Donald Trump on Monday will start to unravel the behemoth trade deal he inherited from his predecessor, as two sources familiar with the matter told CNN he plans to sign an executive order to withdraw from the negotiating process of the Trans-Pacific Partnership.

That executive order will send signals to Democrats and leaders in foreign capitals around the world that Trump’s rhetoric on trade during the campaign is turning into action. Trump vowed during the campaign to withdraw the US from the Pacific trade deal, commonly known as TPP, which he argued was harmful to American workers and manufacturing.

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Comment by NYchk
2017-01-24 09:34:02

TPP was already dead in Congress. This executive action is just PR from Trump.

PR is much easier than actual doing stuff. Lets see how successful he’ll be at actual renegotiations.

 
 
 
 
 
Comment by palmetto
2017-01-23 08:04:02

You can publish this or not, as you see fit, Ben, but after reading the piece below, I think you should submit your resume to the Trump administration:

http://www.zerohedge.com/news/2017-01-22/10-things-i-learned-3-days-washington-dc

I’m serious as a heart attack. They need qualified, sensible, realistic people, especially at HUD. What have you got to lose? And I’d bet money you’d be hired.

Comment by Ben Jones
2017-01-23 09:00:59

Thanks, I’m seriously considering it. HUD put me on their email list years ago. I’ve laid out policy positions in the press. I’ve worked on hundreds of foreclosures many of them HUD houses. What do I have to lose? Will anyone write me a reference?

Comment by Interested Observer
2017-01-23 09:05:52

In a heart beat.

Comment by palmetto
2017-01-23 09:19:47

So I’m putting out the call here. If anyone reading or posting on this blog can be of assistance in helping Mr. Jones go to Washington, shoot him an email.

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Comment by palmetto
2017-01-23 09:49:49

If good people who can get things done don’t apply, the administration will be full of crappy do-nothing hacks.

Why not Ben Jones? Who better than Ben Jones?

For starters, maybe someone with HR skills can guide him through the submission process, help him navigate the websites and such, if he needs it.

Step up and MAGA!

 
Comment by Lurker
2017-01-23 12:02:18

God speed Ben!

Official Trump transition team application: https://apply.ptt.gov

Background info: https://greatagain.gov/serve-america-e3c623c4e102#.nuuqprcm4

It’s also worth contacting the Heritage Foundation. Because of the huge amount of appointments, the Trump team is relying heavily on their recommendations for people. Heritage’s open application period is closed but there’s no harm in shooting an e-mail to their housing analyst, briefly explaining your extensive experience and asking for guidance - maybe he can refer you to the person handling Carson’s staff hiring.

Expert on housing John Ligon: http://www.heritage.org/about/staff/l/john-ligon

Their work: http://www.heritage.org/issues/housing

Transition recruiting: http://www.heritage.org/research/reports/2016/11/restore-america-staffing-project

 
Comment by Lurker
2017-01-23 12:14:21

According to the Washington Post, there are 83 Schedule C positions at HUD that Trump needs to fill:

https://www.washingtonpost.com/graphics/politics/trump-transition-appointments-scale/

 
Comment by palmetto
2017-01-23 13:20:52

Once again, palmetto bends the knee to Lurker. I am not worthy.

 
Comment by palmetto
2017-01-23 13:33:53

And while palmetto is spinning dreams of Mr. Jones Goes to Washington, there’s Lurker, actually coming up with some useful information.

 
Comment by Raymond K Hessel
2017-01-23 16:54:43

The Heritage Foundation is a neocon outfit. Boo, hiss.

 
 
 
Comment by palmetto
2017-01-23 09:17:00

“Will anyone write me a reference?”

I sure would, but I don’t have any pull. You, however, have made considerable contacts over the years, some of which could probably be of some assistance to you in this goal. Jack McCabe comes to mind, for example. Just ask them. If you don’t ask, sometimes you don’t get.

You might also go back and do a compilation of comments by the posters here who have posted that you prevented them from making a major mistake. Those are great references and should be submitted along with the resume. Examples of regular folks that you have helped. Populist.

The thing is, after reading that piece I linked, I realized that you are exactly the profile they are seeking. You probably have more contacts than you realize that could help you, so give that some thought.

Comment by palmetto
2017-01-23 09:57:32

And don’t forget to list every skill you have. I think I posted this on the blog years ago, but back in the day I knew a guy who served in the Army during Vietnam. Except he wasn’t sent to Vietnam. What saved him was that they put him and a bunch of other guys in a room prior to getting their assignments and the sergeant told them to write down all their skills and experience, everything they knew how to do, even if they felt it was insignificant.

One of his skills was playing the piano, and he had played part time in bars and at parties and such while going through college. So he wrote it down.

At the last minute, as everyone was getting their assignments, some guy came in and said “Where’s the guy who plays the piano?”

He ended up being assigned to a general who was posted elsewhere than Vietnam, playing piano at receptions and such, in addition to other duties.

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Comment by palmetto
2017-01-23 11:15:23

And this is probably stating the obvious, but don’t forget you’re applying to that part of the administration in charge of HUD, not HUD itself. In other words, Ben Carson’s team, I think. He’ll want to look over the “fruit salad of your life” (lol, a line from the debates.)

 
Comment by Blue Skye
2017-01-23 12:34:56

Ben Carson’s team, I think…

This would give me serious pause. A genius most likely according to his accomplishments. Some signs of occasional delusion. Uncontrollable rage and violence as a youth we’re told.

Hey, I’m just a guy who survived marriage to a gal with a heavy duty mood swing disorder. I don’t take any chances anymore. Just sayin.

 
 
Comment by oxide
2017-01-23 12:46:29

It may also help to detail your involvement in the Ron Paul primaries.

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Comment by The Enrager
2017-01-23 13:48:50

Does Trump campaign work count?

 
Comment by oxide
2017-01-24 07:19:10

I didn’t know Ben did Trump campaign work. If he did, then that’s better than Ron Paul work.

 
 
 
Comment by Professor Bear
2017-01-23 20:31:47

I would. Send an email my way if you are interested.

Comment by The Enrager
2017-01-23 20:43:31

If it means the end of the only truth telling blog on the internet, I won’t.

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Comment by NYchk
2017-01-24 14:58:09

Godspeed, Ben. I’ll be routing for you.

I have tremendous respect for you, and while my trust in Trump approaches zero, IMO our saving grace would be to get people such as you into his administration.

 
 
 
Comment by Senior Housing Analyst
2017-01-23 10:37:13

Miami, FL Rental Rates Crater 8% YoY

http://www.zillow.com/miami-fl/home-values/

 
Comment by azdude
2017-01-23 11:24:23

djt is bullish for the american economy!

Comment by new attitude
2017-01-23 12:30:16

The bubble popped ( see 2008 for how this plays out, only worse)

Buy American TV’s!

 
 
Comment by azdude
2017-01-23 11:47:46

CAT 94.155 / share Price/Earnings 54.3x

no bubble here? BS

 
Comment by new attitude
2017-01-23 12:29:04

Rain has ended in CA.

alternative fact checker

 
Comment by new attitude
2017-01-23 13:18:04

Neo-cons love to waste $$

According to state data gathered by ThinkProgress, the seven states with existing programs — Arizona, Kansas, Mississippi, Missouri, Oklahoma, Tennessee, and Utah — are spending hundreds of thousands of dollars to ferret out very few drug users. The statistics show that applicants actually test positive at a lower rate than the drug use of the general population. The national drug use rate is 9.4 percent. In these states, however, the rate of positive drug tests to total welfare applicants ranges from 0.002 percent to 8.3 percent, but all except one have a rate below 1 percent. Meanwhile, they’ve collectively spent nearly $1 million on the effort, and millions more may have to be spent in coming years.

Comment by TheCentralScrutinizer
2017-01-23 13:54:12

Well yes, but the testing companies are making great money off the taxpayers…

Comment by palmetto
2017-01-23 14:03:10

You haven’t lived until you’ve worked for a company where the boss is cocked out of his head every day, but drug tests all the employees.

Comment by sleepless_near_seattle
2017-01-23 14:55:51

Did you see Patriots owner Robert Kraft’s speech last night while accepting the AFC championship trophy? It was short, but it was a beaut.

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Comment by palmetto
2017-01-23 15:30:05

I did not, I was mourning the Green Bay loss to the Falcons. I’ll have to check it out. Not particularly a Pats fan, though.

 
Comment by palmetto
2017-01-23 15:37:24

Eh, is that alcohol? Could be a stroke, too. Whatever, he certainly was happy.

I’ll say this for the Pats, they show up to win.

 
Comment by sleepless_near_seattle
2017-01-23 15:51:09

“Not particularly a Pats fan, though.”

Then it will be even better!

 
Comment by phony scandals
2017-01-23 16:34:19

Priceless

https://www.youtube.com/watch?v=4MVEum8gjT8

Belichick’s WTF look at the end and Tedy Bruschi trying not to crack up are the icing on the cake.

 
 
 
 
Comment by Hi-Z
2017-01-23 16:29:55

“Neo-cons love to waste $$”

Is is probable that no one submits to the test (in order to get welfare) if they know they will fail. If that is the case, then the program is a success, is it not?

Comment by new attitude
2017-01-23 16:37:21

Just like on the job - eh? ? ?

 
Comment by TheCentralScrutinizer
2017-01-23 17:32:09

Is the program spending less money than before it started paying for drug tests?

Comment by new attitude
Comment by TheCentralScrutinizer
2017-01-23 22:35:02

So I guess it isn’t working.

 
 
 
 
Comment by NYchk
2017-01-24 09:43:56

“The national drug use rate is 9.4 percent.”

For real? THAT explains a LOT.

 
 
Comment by Senior Housing Analyst
2017-01-23 14:56:56

Lake Forest Park, WA Housing Prices Crater 5% YoY

http://www.zillow.com/lake-forest-park-wa/home-values/

 
Comment by palmetto
2017-01-23 15:35:19

And just like that, the unions are ready to work with Trump. And so is Bernie Sanders!!??

Alternate universe, Alternative facts. Boo-YAH!

 
Comment by palmetto
2017-01-23 16:34:40

T-Rex! T-Rex!

 
Comment by Raymond K Hessel
2017-01-23 16:57:25

Meanwhile, soaring leasing returns spell further trouble for the auto industry.

http://www.zerohedge.com/news/2017-01-23/soaring-lease-returns-set-wreak-havoc-auto-industry

Comment by azdude
2017-01-23 17:47:21

how are you doing today buddy?

 
 
Comment by Raymond K Hessel
2017-01-23 17:16:15

The Clintons are plotting their political comeback…the delusion runs deep in that hellish duo, as does their unseemly desperation to claw their way back into positions from which they can resume their lucrative influence-peddling and pay-to-play rackets, since Chelsea is likely to disappoint.

http://www.marketwatch.com/story/bill-and-hillary-clinton-are-reportedly-mapping-a-political-comeback-2017-01-23

Comment by TheCentralScrutinizer
2017-01-23 17:28:43

Megalomaniacs everywhere you look…

 
Comment by NYchk
2017-01-24 10:09:43

“The Clintons are plotting their political comeback…”

Shameless. They destroyed the democratic party and possibly condemned the country to destruction, by forcing the ignored base to seek salvation in a populist. What would it take to get rid of them once and for all?

The democrats are doomed as long as Clintons cling to political power.

 
 
Comment by Raymond K Hessel
2017-01-23 17:31:47

Some tech titans in Silicon Valley are preparing for the day the pitchforks and torches come for them.

http://www.recode.net/2017/1/23/14354840/silicon-valley-billionaires-prepping-survive-underground-bunkers-new-yorker

Comment by NYchk
2017-01-24 16:33:39

They are smart, but not as smart as they think. Who’d want to live in a world like that?

 
 
Comment by Raymond K Hessel
2017-01-23 17:40:39

Oh dear. Fauxahontus Warren masquerading as a champion of the middle class while slavishly defending the Fed and campaigning for Hillary Clinton, exemplar of the crony capitalist status quo, seems to have alienated even Warren’s historically libtard constituency.

http://www.zerohedge.com/news/2017-01-23/elizabeth-warren-risk-losing-her-senate-seat-2018-new-poll-shows

Comment by MightyMike
2017-01-23 20:20:29

historically libtard constituency

It’s probably the most highly educated state.

 
 
Comment by palmetto
2017-01-23 17:43:52

A bill to withdraw the US from the UN? Pinch me, I must be dreaming.

http://www.zerohedge.com/news/2017-01-23/congressman-introduces-bill-withdraw-us-united-nations

My dad used to grumble about the old controversy back in the day about admitting Red China to the UN. He used to say “Let’s admit the UN to Red China”. Dad, wherever you are, it looks like you may get your wish.

Comment by Raymond K Hessel
2017-01-23 17:50:50

This will force the globalists in Congress and the Senate to show their true colors before the next election cycle.

Comment by Raymond K Hessel
2017-01-23 17:58:03

Flexes fingertips together, says “Excellent!” in best Smithers’ voice.

Comment by palmetto
2017-01-23 18:12:39

Great mental image.

This has been one of the best days and at the same time one of the mindfarkiest days I’ve had in a while. All of a sudden it dawned on me what globalism really is and what it has done, what a complete scam has been perpetrated, the lives it has ruined and the hardships that have been imposed and most of all, the propaganda that has been employed to accomplish it.

Today someone wrote that all this has nothing to do with right and left, Democrat or Republican or any of that. It’s populism vs globalism.

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Comment by NYchk
2017-01-24 16:42:58

“It’s populism vs globalism.”

It’s not. It’s sheeple once again getting ready to be fleeced by those who pray on their gullibility.

It doesn’t matter which way the tide is turning. The liars lie, the sheeple believe what they want to hear.

 
 
 
 
 
Comment by Raymond K Hessel
2017-01-23 17:48:45

Notice how the globalists’ Establishment Quisling political elites are suddenly trying to sound like so-faux populists? Nice try, losers, but voters want the genuine article.

https://www.theguardian.com/world/2017/jan/23/netherlands-pm-mark-rutte-dutch-citizens-open-letter-pvv

 
Comment by Raymond K Hessel
2017-01-23 17:56:33

Why did you lose, Crooked Hillary? Because you were a horrible candidate who ran a horrible campaign. And your hubris renders you utterly incapable of any honest introspection or admission of blame. But good luck with that political comeback….

http://www.dailymail.co.uk/news/article-4149112/Hillary-Bill-Clinton-make-political-comeback.html

Comment by MightyMike
2017-01-23 20:24:18

Trump said that she lost because she campaigned in the wrong states.

Comment by Raymond K Hessel
2017-01-23 20:50:04

Google “election 2016 county level results” then look at the images. A solid sea of red, i.e. rejection of the corrupt, crony capitalist status quo by the huge majority of counties inhabited by taxpayers and producers.

Comment by MightyMike
2017-01-24 06:11:51

That map is meaningless. More people voted for Hillary than Trump. The American people preferred her and got Trump.

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Comment by Ben Jones
2017-01-24 07:20:00

‘That map is meaningless’

Except that it determined the winner. A minor detail, I know. Like the poster the other day:

What makes you think rents will fall?

They are falling.

But they won’t!

 
Comment by The Enrager
2017-01-24 07:26:43

And a very long way to fall.

Remember my good friends….. Nothing accelerates the economy, creates jobs and raises the standard of living like falling prices to dramatically lower and more affordable levels. Nothing.

 
Comment by The Enrager
2017-01-24 09:30:22

It’s a sign of empty pocketed enragement.

 
Comment by MightyMike
2017-01-24 10:07:52

The state map determined the winner, not the county map.

 
Comment by The Enrager
2017-01-24 12:03:40

Irrelevant.

 
 
 
Comment by TheCentralScrutinizer
2017-01-23 22:37:06

She’s allergic to corn and industrial decay.

Comment by Carl Morris
2017-01-24 10:52:27

The American people California preferred her and got Trump.

Yeah yeah, I know…Californians are Americans too. I think.

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Comment by Senior Housing Analyst
2017-01-23 18:13:11

Bend, OR Housing Prices Crater 27% YoY

http://www.movoto.com/bend-or/market-trends/

 
Comment by Blue Skye
2017-01-23 18:52:07

http://wolfstreet.com/2017/01/22/these-are-the-countries-with-the-biggest-debt-slaves-and-americans-are-only-in-10th-place/

from the comments:

” nhz
Jan 22, 2017 at 12:26 pm

“– endless subsidies for homebuyers that often amount to free money, e.g. in Netherlands on top of the standard 103% mortgage (= no money down needed) one can often get a starter subsidy (buyers under forty who didn’t own a house in the last 5 years) of 25-50K euro, while these people are already loading up to the max on debt. The starter subsidy is usually interest free for a few years and after than one only has to pay interest on the loan if the home appreciates. If the home doesn’t appreciate at all even the whole loan amount doesn’t have to be paid back (= the local taxpayers get stuck with the bill).”

Comment by Blue Skye
2017-01-23 22:04:05

If you wondered, our old friend nhz is apparently alive and well.

 
Comment by Anonymous
 
 
Comment by phony scandals
2017-01-23 20:28:06

I Tawt I Taw a Puddy Hat

https://www.youtube.com/watch?v=e-B5vCLAoqw

I Did I Did Taw a Puddy Hat

 
Comment by MightyMike
2017-01-23 20:34:09

Donald Trump’s Presidency Is the Twilight Zone Episode About a Terrifying 6-Year-Old

By Jonathan Chait

If there was some lingering hope among Republican professionals that Donald Trump would somehow, as the old cliché has it, “grow” into the office, his first 48 hours as president dispelled it immediately. The White House is already jittery with fright at the unpredictability of a childlike figure who has been handed terrifying powers, like the famous Twilight Zone episode about a 6-year-old-boy with magical abilities.

The evidence for Trump’s unfitness for office comes from Republicans themselves, who discuss the president in the most patronizing terms. The managerial catastrophe begins with the fact that Trump knows extremely little about public policy. Because he knows so little about government, Trump gives incoherent or contradictory statements that leave even his allies confused about his beliefs. “Senior Congressional Republicans have privately told several people that Trump seems to have no clarity on where he stands on many issues,” reported Maggie Haberman recently. Many of them simply dismiss his statements as empty puffery. After Trump said he would cut regulation by 75 percent, one Republican member of Congress told John Harwood, “[T]hat’s Trump just making a large number.” There is little prospect this will change, because Trump lacks the attention span to read anything of substance. Something as long as a book is out of the question. Even memos strain his mental capacity. Trump is committed to reading as little as possible. This is not an insult. “As little as possible” is Trump’s own account of his reading habits. “I like bullets or I like as little as possible. I don’t need, you know, 200-page reports on something that can be handled on a page,” he tells Axios.

Trump’s inability to read anything of length has unfortunately freed him up for hours of channel surfing. But his addiction to television reinforces other character weaknesses: his wild mood swings and irritability. “One person who frequently talks to Trump said aides have to push back privately against his worst impulses in the White House, like the news conference idea, and have to control information that may infuriate him,” reports Josh Dawsey. “He gets bored and likes to watch TV, this person said, so it is important to minimize that.”

http://nymag.com/daily/intelligencer/2017/01/trump-is-twilight-zone-episode-about-terrifying-6-year-old.html

Comment by Raymond K Hessel
2017-01-24 05:59:17

Good post, Mikey. There is no surer path to or indication of imbecility than parking yourself in front of the teevee for hours on end or an inability/refusal to read quality books.

 
Comment by phony scandals
 
Comment by NYchk
2017-01-24 11:12:32

I think the hope of those who worked to get Trump elected was that he’ll be quietly ruled by adults behind the scenes.

He’s easily manipulated, so that’s still a possibility.

Comment by Carl Morris
2017-01-24 12:47:37

There’s a pretty important difference between manipulated and ruled. Not as long as the results are the same…but when the manipulated figure out that they are manipulated interesting things can happen.

Comment by NYchk
2017-01-24 12:56:30

Not if they lack capacity.

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Comment by Senior Housing Analyst
2017-01-23 20:39:45

Wheat Ridge, CO Housing Prices Crater 28% YoY

http://www.movoto.com/wheat-ridge-co/market-trends/

 
Comment by Jingle Male
2017-01-24 04:48:29

Economically it worked for me. $12,000 for 5kW system (that is before the tax credit). It generates $1,500/ year in electricity.

 
Comment by Settled Science
2017-01-24 05:03:45

Here’s an interview with Sara Jane Moore (run time = 4 minutes) who talks of her trying to kill President Ford. Pay close attention to what she has to say and her motive that was spawned from living in a bubble in the Bay Area then consider that this bubble still exists.

http://edition.cnn.com/videos/us/2015/09/22/gerald-ford-assasination-attempt-40-years-newday.cnn

 
Comment by Raymond K Hessel
2017-01-24 06:01:00

In the race to debase, the Fed has fallen behind its central bank peers, but Yellen the Felon will surely remedy that. Got gold?

http://www.cnbc.com/2017/01/24/theres-a-perfect-storm-coming-for-the-dollar-says-chief-currency-strategist.html

 
Comment by Raymond K Hessel
2017-01-24 06:03:25

The elites will always try to thwart and subvert the popular will while maintaining the illusion of “democracy.”

http://www.dailymail.co.uk/news/article-4150822/Judges-ruling-PM-executive-powers-trigger-Brexit.html

 
Comment by Raymond K Hessel
2017-01-24 06:05:59

Aldous Huxley foretold the willful loss of our freedoms back in 1959. Our chance to vanquish the oligarchs has arrived.

“Under the relentless thrust of accelerating over-population and increasing over-organization, and by means of ever more effective methods of mind-manipulation, the democracies will change their nature; the quaint old forms—elections, parliaments, Supreme Courts and all the rest—will remain. The underlying substance will be a new kind of non-violent totalitarianism. All the traditional names, all the hallowed slogans will remain exactly what they were in the good old days. Democracy and freedom will be the theme of every broadcast and editorial—but Democracy and freedom in a strictly Pickwickian sense. Meanwhile the ruling oligarchy and its highly trained elite of soldiers, policemen, thought-manufacturers and mind-manipulators will quietly run the show as they see fit.”

– Aldous Huxley, Brave New World Revisited

Comment by NYchk
2017-01-24 12:59:04

“Our chance to vanquish the oligarchs has arrived.”

Then why does it feel like our last chance has been lost? IMO, this looks more and more like a successful coup.

 
 
Comment by phony scandals
2017-01-24 07:58:47

Climb it Change

Glow Bull Warming

 
Comment by Senior Housing Analyst
2017-01-24 13:11:01

Cupertino, CA Rental Rates Crater 8% YoY

http://www.zillow.com/cupertino-ca/home-values/

 
Comment by phony scandals
2017-01-24 13:30:56

Obama sent Palestinians $221M hours before leaving office

By Associated Press January 24, 2017 | 4:14am | Updated

WASHINGTON — Officials say the Obama administration in its waning hours defied Republican opposition and quietly released $221 million to the Palestinian Authority that GOP members of Congress had been blocking.

In addition to the $221 million for the Palestinians, the Obama administration told Congress on Friday it was going ahead with the release of another $6 million in foreign affairs spending, including $4 million for climate change programs and $1.25 million for UN organizations, the congressional aides said. The aides and the State Department official weren’t authorized to speak publicly on the matter and demanded anonymity.

http://nypost.com/2017/01/24/obama-sent-palestine-221m-hours-before-leaving-office/

 
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