From Bloomberg:
Pending Sales of U.S. Existing Homes Rise Most Since 2011
Contracts to purchase previously owned U.S. homes climbed in March by the most in almost three years, showing residential real estate was starting to stabilize entering the spring selling season.
The pending home sales index rose 3.4 percent, the most since May 2011 and the first gain in nine months, after a 0.5 percent drop in February that was smaller than initially reported, the National Association of Realtors said today in Washington. The median projection in a Bloomberg survey of economists called for a 1 percent increase. The gauge is 7.4 percent below a year earlier.
Housing demand has weakened since the middle of last year as rising prices and borrowing costs put ownership out of reach for some prospective buyers. An improving employment outlook and easier access to credit would help entice more house hunters to sign purchase contracts.
“The backdrop in general for housing remains reasonably positive,” said Jim O’Sullivan, chief U.S. economist at High Frequency Economics Ltd. in Valhalla, New York, who projected a 2.5 percent gain. “The labor market is improving, confidence generally has been edging up and mortgage rates are still pretty low.”
Estimates in the Bloomberg survey of 35 economists ranged from a 2 percent decline to a 7 percent increase after a previously reported 0.8 percent drop in February.
First?…and don’t these headlines contradict each other every other day….
@businessinsider: SEC Is Probing Up To $1.8 Billion Of Chris Christie’s Transport Funding http://t.co/524PkBfqY9
The cadaver cannot be revived, and it’s beginning to stink.
The stench of death is everywhere.
@BreakingNews: 6 injured in suspected workplace shooting at FedEx in Kennesaw, Ga.; authorities responding to scene – @FOX5Atlanta http://t.co/I6LFaNjagC
A friend of mine from my DC days was commenting on Rick Perry’s latest coup, luring Toyota’s US HQ from California to Texas and it was too funny not to share:
” if a liberal Democrat destroys a state’s economy, but no media cover it, is it really destroyed?”
Extra truthiness:
http://www.pentoport.com/pentonomics.php
“The bottom line is as the central bank stops buying assets from private banks, these institutions won’t have the need or the incentive to replace them, and the direct result will be a contraction in the money supply.
But nearly every market strategist believes the Fed’s taper will have an innocuous effect on markets. They believe this because of their conviction that new bank lending will supplant the money creation currently being done for the purpose of buying new assets. But what would cause banks to suddenly start lending to the public?
The government has overwhelmed banks with new regulations and announced on April 8th that it will force banks to add $68 billion to their capital, which will negatively affecting balance sheet growth. The public sector is still greatly in need of deleveraging because Household Debt to GDP ratio is still over 80%, opposed to the 40% it was in 1971. Real disposable income is not increasing, which has left the consumer with little ability to take on more debt. There just isn’t any reason to believe that consumers will suddenly ramp-up their borrowing.
It wasn’t any coincidence that the size of the Fed’s balance sheet and the S&P 500 were both up 30% last year. But very soon the amount of QE will be close to, if not exactly at zero. And without banks supporting asset prices by consistently creating new money at the behest of the Fed, stocks and home prices have nowhere to go but down.
I anticipate the reduction of the wealth effect to intensify as the taper progresses. Since the economic “recovery” was predicated on the rebuilding of asset bubbles, a long delayed and brutal recession will start to unfold later this year.
The real question investors need to answer is to determine how long Janet Yellen will wait before admitting the economy is completely addicted to QE, and that there is no escape from the Fed’s constant manipulation of money supply growth and asset prices.”
Nom let me handle Michael and Anon responses so we can move on for the day
corporations bad for citizens
GREEEEEDDDD!!!!!!!!
the fed gov should tax them until they don’t exist so GM is more competitive
how dare they act in their own self interests and the interests of their consumers
Regarding pharma from yesterday I certainly believe there is going to be a rush to the exits it is happening already I’m living proof with my current employer. how does your in house legal counsel feel about the latest news? she ready to go consultant or just do the king of Prussia merry go round?
Ahh, the glorious People’s Republic of Montclair…
Montclair State University says student fabricated Islamic terrorist story
For Anon and Michael, the “fabricated Islamic terrorist story” was a muslim student who fabricated a story of being assaulted and called and “Islamic terrorist” by three white men. It. Naver. Happened.
How many companies offered to move to a certain state with tax breaks for certain number of years and stay after the offer? Another state just made an offer for more lucrative ta x breaks. Bye bye. Did the states that made this offer really gained from giving the tax breaks after they leave?
Pending home sales up in March. And in other news, average temperature up in March as well.
yome they aren’t tax breaks they are the in force corporate rates in those places. Unless your a complete fool or hiding in a bunker eating canned stew. The Northeast and California are some of the worst places to headquarter a business as they are a huge multiplier on the effective federal tax rates.
“The backdrop in general for housing remains reasonably positive,” said Jim O’Sullivan, chief U.S. economist at High Frequency Economics Ltd. in Valhalla, New York, who projected a 2.5 percent gain. “The labor market is improving, confidence generally has been edging up and mortgage rates are still pretty low.”
How does one not laugh out loud when reading this statement? What a sh1t, empty, nothing statement. Housing and jobs are on a liquidity respirator. Who the f.uck are these d0lts?
Pain I dont know anything about taxes. You are telling me states enforces their own federal tax rates? If not, it is a state tax break they,offer. No?
Just like NY adverise a no state tax for 10 years for companies that move to NY. Any different?
Sales of existing homes fell in March for a third consecutive month, dropping 0.2 percent to a 4.59 million annual rate, the lowest level since July 2012, the Realtors association said last week. Purchases were down 8.5 percent compared with the same month last year.
It’s all a sham. A total ruse. If you aren’t an investor or a really savvy shyster with deep pockets then you’re the sucka on the backend of a con game. Sign for that purchase today and you are the proud owner of a dead asset.
Where will you move your business California vs Texas
http://latino.foxnews.com/latino/money/2013/05/01/texas-vs-california-where-should-open-your-business/
Those are Depeche Mode lyrics…….
Ascent of the Robots says:
April 29, 2014 at 7:08 am
The stench of death is everywhere.
Where are the fcuking italics? I can’t read this font…….
[14] yome
Depends on the tax breaks. They are definitely offered and usually have strings attached. But its still a case of the tax tail and the dog. In Toyota’s case, it had an HQ in Cali but most of its mfg in Texas and the south. A move would have been practical but costly, and Texas did what most states do; they helped Toyota get the last mile in the decision-making process.
The left decries tax competition, saying it doesn’t work. However, they also want to outlaw it (to which I have to ask, if it isn’t working, why outlaw it?). The benefit to a state comes about when the benefit period expires but the employer stays. At least until another state puts together a compelling lure.
As for NY, I think that their primary target ought to be Vermont. If I understand the workings of Obamacare and the proposed single payer system in VT, an employer in Western VT would do well to consider moving across the line to NY for the tax break but keeping its VT resident employees. The employees qualify for the single payer state insurance but the anticipated payroll tax on employers is avoided, and there is the 10 year tax break. So it is a triple win for the employer (avoided costs are the 8.5% corporate on income, 10% on payrolls (proposed), and health insurance premiums for VT resident employees).
Of course home sales have stalled. Mortgages bottomed in December 2012 and home prices rose all of 2013. Right now we have higher home prices as well as higher mortgage rates. That would equal a stall in pending home sales.
Also I notice near me we have higher property taxes too to boot and a lot of junk houses that are now being listed that owners refused to sell as they were either underwater or holding out for more money.
Finally, until June 1, 2014 all homes that buy flood insurnace must be written at full risk. That is when the new Flood affordability act kicks in. That also hurt sales. Any home bought between November 2012 and May 2014 had to be written at full risk rate which was very expensive.
Also the stock is ok but not on a tear like it was in 2013.
I keep getting listing of houses with no closets, no basements, no garages, sideways houses with no backyards, houses on busy streets, houes that are falling apart, houses under 2k square foot houses with under 70×100 lots, houses with skyhigh taxes houses in zone AE o V flood zones etc. Basically listings prior owners wan to run from.
Never see any good large 80×100 four bedroom, three bath, two car garage houses with basements in non flood zones on good streets with good schools close to the train to NYC. Those folks aint selling and sometimes even in death a relative or a kid buys it.
Pain (7):
How did your company rush to the exit? Do you mean being aquired by another company?
When the economy finally implodes and there is no one left to extort/tax/guilt money from, Anon will still post stupid tweets about the evil of corporations, income inequality and disparate impact.
Crock of Sh*t
Pending Home Sales Jump in March & unemployment is lower in NJ, Not exactly a lie It’s the truth with a twist. With all the twisting of truths by our legislature, This rag should be bone dry by now.
Our Gov’t at work, Did anybody see the article this morning about the PA woman who’s home was sold for $6.30 in over due taxes.
The key bit is YOY where sales are down 8%. The rest is spin. Believe Grim won’t even challenge this one.
Hype we were Ireland based acquired by a former generic company with a new name, used us for the Ireland address cut bait with 90% of the staff except for us R&D folks switched to PLC. We were one of the companies implicated in that article I think Nom posted a few weeks ago. I hate working for large pharma again by the way!
“Contracts to purchase previously owned U.S. homes climbed in March by the most in almost three years, showing residential real estate was starting to stabilize entering the spring selling season….”
Then this in the same article –
“Sales of existing homes fell in March for a third consecutive month, dropping 0.2 percent to a 4.59 million annual rate, the lowest level since July 2012…”
So contracts failed to become sales, lots of buyers fall through and why? Why was this reported as a positive? Sounds pretty awful to me.
beaver,
contracts failed to become sales…
Exactly. It’s such a con game that it’s laughable to read any of it. It’s getting ugly as one side tries to spin the lipstick on a pig scenario and the other is trying to tell the truth. There are so many f.ucked bagholders, especially in these haughty Jersey towns, that it’s both comedy and tragedy. Everything the so-called pessimists have been touting on this site for years is absolutely true. Anything spun as positive referring to the economy or a housing rebound is absolute bullsh1t.
The Container Store blaming qtr on weather. But with new data showing ownership at New low, perhaps its formation.
Ok, you have been saying this for years, and the houses prices didn’t seem to go down. Why should they start flying down now? If house prices do come crashing down, I will be on cloud 9 picking up the fire sale, problem is, it’s not going to happen. If it does, then everything is screwed, and I just don’t see that happening.
Fast Eddie says:
April 29, 2014 at 10:30 am
beaver,
contracts failed to become sales…
Exactly. It’s such a con game that it’s laughable to read any of it. It’s getting ugly as one side tries to spin the lipstick on a pig scenario and the other is trying to tell the truth. There are so many f.ucked bagholders, especially in these haughty Jersey towns, that it’s both comedy and tragedy. Everything the so-called pessimists have been touting on this site for years is absolutely true. Anything spun as positive referring to the economy or a housing rebound is absolute bullsh1t.
pain (11)-
What’s wrong with bunkering up and eating canned stew? Loves me a big tin of Dinty Moore.
“…Unless your a complete fool or hiding in a bunker eating canned stew.”
gary (12)-
These are our country’s best and brightest. Bow down to them, lackey!
“Who the f.uck are these d0lts?”
I posted this yesterday, and I stand by it. The govt does not want deflation. It’s wishful thinking, but prices will not be going down. Wage inflation will be rearing it’s head soon, because deflation is not an option for the fed.
Believe me, I would love for my money to be able to buy more, but that’s just not in the interest of a govt heavily in debt.
“Yes, it has been building and wage inflation will follow. You can’t keep raising costs, and at the same time, leave out the wages. You can only do that for so long until wages rise or you hit deflation. Our govt would never allow for deflation, so it is inevitable that wages will soon start their climb.”
Ascent of the Robots says:
April 29, 2014 at 8:33 am
Extra truthiness:
http://www.pentoport.com/pentonomics.php
“The bottom line is as the central bank stops buying assets from private banks, these institutions won’t have the need or the incentive to replace them, and the direct result will be a contraction in the money supply.
But nearly every market strategist believes the Fed’s taper will have an innocuous effect on markets. They believe this because of their conviction that new bank lending will supplant the money creation currently being done for the purpose of buying new assets. But what would cause banks to suddenly start lending to the public?
The government has overwhelmed banks with new regulations and announced on April 8th that it will force banks to add $68 billion to their capital, which will negatively affecting balance sheet growth. The public sector is still greatly in need of deleveraging because Household Debt to GDP ratio is still over 80%, opposed to the 40% it was in 1971. Real disposable income is not increasing, which has left the consumer with little ability to take on more debt. There just isn’t any reason to believe that consumers will suddenly ramp-up their borrowing.
It wasn’t any coincidence that the size of the Fed’s balance sheet and the S&P 500 were both up 30% last year. But very soon the amount of QE will be close to, if not exactly at zero. And without banks supporting asset prices by consistently creating new money at the behest of the Fed, stocks and home prices have nowhere to go but down.
I anticipate the reduction of the wealth effect to intensify as the taper progresses. Since the economic “recovery” was predicated on the rebuilding of asset bubbles, a long delayed and brutal recession will start to unfold later this year.
The real question investors need to answer is to determine how long Janet Yellen will wait before admitting the economy is completely addicted to QE, and that there is no escape from the Fed’s constant manipulation of money supply growth and asset prices.”
JJ, nailed it. Imagine if the good houses started getting put on the market…..imagine how high the % of price gains will be. The current avg selling price reflects the crappy houses and forclosures.
Right now, anyone that takes care of their house is most likely not selling. JJ, is right, it’s mainly properties that nobody wants and the owners are trying to run from. That’s what happens in the down cycle of real estate, crappy properties can’t be sold, they can only be sold in bubble markets, where any property can be sold.
“I keep getting listing of houses with no closets, no basements, no garages, sideways houses with no backyards, houses on busy streets, houes that are falling apart, houses under 2k square foot houses with under 70×100 lots, houses with skyhigh taxes houses in zone AE o V flood zones etc. Basically listings prior owners wan to run from.
Never see any good large 80×100 four bedroom, three bath, two car garage houses with basements in non flood zones on good streets with good schools close to the train to NYC. Those folks aint selling and sometimes even in death a relative or a kid buys it.”
Why Not? The Fed is cleaning up the toxic debt this companies are holding and the tax payers are the ones holding the risk. This companies are cleanse why stop?
“The bottom line is as the central bank stops buying assets from private banks, these institutions won’t have the need or the incentive to replace them, and the direct result will be a contraction in the money supply.
michaeltard (32)-
If you fly west from CA, you will eventually pass over an island nation called Japan. Perhaps you read about it in grade school; we flash-fried most of their urban population about 70 years ago.
Japan is entering the third decade of a staggering, unrelenting deflation that was brought on by many of the same issues that triggered our own Great Recession. In their initial phases of the response to that deflation, they tried many of the same “money bombing”, QE-type tactics that FedCo has recently used in our own fight against deflation. The really funny thing is, acknowledged FedCo idiots such as Bernank and Greenspan are on the record back then as having told the Japanese to bite the bullet and let their economy go through a cleansing purge rather than using QE tactics that they knew wouldn’t work. Of course, the Japanese ignored us, and they are now faced with imminent societal collapse as payback for their “lipstick the pig” mentality.
Our gubmint and FedCo have pulled out all the stops to combat the inexorable creep of a deflation that will send us back to the Stone Age. It has not worked. It will not work. Any hint of removing our necronomy from life support triggers market disruptions that make the core problem even worse.
Of course the gubmint doesn’t want deflation. It is an economic death sentence that has historically ended in world war. However, unless you can offer some sort of proof that their anti-deflationary tactics are working- or will somehow magically result in wage inflation (as if), please keep your hallucinations to yourself.
I will give you credit on one thing, though. FedCo has managed to stimulate inflation in all the wrong areas, like consumer goods, tuitions, food and necessities.
“I posted this yesterday, and I stand by it. The govt does not want deflation. It’s wishful thinking, but prices will not be going down. Wage inflation will be rearing it’s head soon, because deflation is not an option for the fed.”
Bottomline, the good house that took an equity loan to beautify their home during the bubble and can not afford the home anymore ,the house is either in a strategic default or it is in a Private sale.All you looking for that $200k upgrade that can be had for nothing,you can not have it.Unless you have connection.
clot I have an aversion to canned stew especially if there are perfectly good liberals to cook. Seriously though, I would prefer spam over dinty more
Michael – JJ nailed a lot of thing and perhaps cross swords a few times in his day but he is only repeating what has been told here time and time again. The bag holder in the POS homes will be carried out on their shield or as they say or feet first. Neighbor of mine is “selling”, ask if $500K for a house that has not been fixed up. Owner has a medical condition. I predict owner dies or is forever in a nursing home sipping from straws before the house sells at that ask price. His heirs will fight with Medicare and then sell it for a bargain basement price to a remodeler.
An FYI on JJ’s neck of the woods, lots of older smaller housing stock in Long Island. There are allot of bag holders there that aren’t even paying their bills.
NY state boosts aid for homeowners in distress
Posted: Apr 25, 2014 5:53 AM EDT
Updated: Apr 25, 2014 5:53 AM EDT
ALBANY, N.Y. (AP) – The New York attorney general says 9 percent of New York’s residential mortgages, representing nearly 225,000 families, are in distress, meaning at least 90 days delinquent.
More than 42,000 are a year behind.
Attorney General Eric Schneiderman says funding for a network of counselors and legal help for troubled homeowners will increase $10 million to $30 million for the year.
In 2011 when 345,000 New York families were facing foreclosure, he says half had never talked to a lawyer.
New York’s foreclosure rate remains 5.8 percent, nearly three times the national average, following the 2008 burst in the U.S. housing bubble.
One reason is New York’s foreclosure process – averaging 820 days – is nearly three times longer than the national average, partly due to homeowner rights to court-supervised mediation.
Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
http://www.wcax.com/story/25338266/ny-state-boosts-aid-for-homeowners-in-distress
yome I owe you an apology Perry and the Texas legislature did provide some incentives for companys to move. Thought it was based on the overall tax rate in Texas, apologies.
Pain, No need for apology
“Japanese ignored us, and they are now faced with imminent societal collapse.”
They might not be rich, but at least they still have henta1 and tentacle pron.
I would like an apology from Anon, the annoying one, for making me read his annoying tweets everyday. I really want all of that time back.
I just ignore it Lib you can’t fix stupid. At least Michael is willing to interact so some synapses are firing
Michael [29];
Ok, you have been saying this for years, and the houses prices didn’t seem to go down.
Exactly which drugs were you taking between 2006 and 2012?
http://www.ritholtz.com/blog/2010/07/case-shiller-four-years-from-the-peak/
re: # 42 – Tard – You would have an easier time of getting an apology from Al Sharpton. Anon spent time in the hood just like many of us, only issue is he is still a “victim” in his own mind and it is your fault he did not make it.
[42] stu
“I would like an apology from Anon, the annoying one, for making me read his annoying tweets everyday. I really want all of that time back.” Stu Libturd
” Let him rave on, that men will know him mad.”
Yul Bryner as Ramses.
I know how to get an apology from him. I’ll create a Twitter account with some ultra liberal name and will apologize to myself. I wonder if Climatechangealertantifrackingwholefoodspriusschnitzelgoodwallstreetbad is taken?
Always thought it was spelled Brenner.
I saw an explanation on TV of tentacle pron. It was created by government regulation in Japan. In an interview with the original comic book artist, he wanted to draw pron with d1cks p3n3trating g1rls, but the laws wouldn’t allow it. So he came up with the brilliant idea of tentacles as the stand in. Well the laws didn’t say that tentacles couldn’t p3n3trate, so there’s the birth of a new industry.
Another example of how wholesome government regulation just ends up distorting things even worse than they started.
You may not like my homeboy, but he tells it like it is.
http://www.cnbc.com/id/101623113
50.Comrade Nom Deplume, Guardian of the Realm says:
April 29, 2014 at 1:11 pm
You may not like my homeboy, but he tells it like it is.
http://www.cnbc.com/id/101623113
He screws around with younger women, is filthy rich and always fired the 10% worst workers every years and his stock priced soared while he was CEO. He could be hitler and I like him.
The only thing I hate Welch for is making me have to attend so many six sigma courses. I was laughing pretty hard when GE financial almost went belly up.
Nom,
“The Jack Welch Institute at Strayer University”?
Pretty slimeball to profit from hocking useless degrees to poor, uneducated folk while smacking down the US worker quality and decrying taxes. His “institute” robs taxpayers blind and about to get much worse. Guy is like Trump’s grandpappy.
35
Great post, I’d like to clarify one thing. Low levels of price deflation is inherent in a productive economy. But as you said, due unbelievable level of increases in the money supply… deflating that now would kill the financial system and cause upheaval. That said, I say bring it on…
A lot of questions surrounding the owner of the L.A. Clippers, no? He was going to get an award from the NAACP? Does a little (ahem…) donation heal all wounds? Didn’t it sound like his sugar baby was baiting him with questions? It sounded like bad acting to me. Why isn’t there outrage from the mainstream media when it’s the other way around? I’m just asking!! Wasn’t there a comment made about Duke players a few years ago? What above Hymie town comments and white interlopers, etc.? If a network TV station was formed and called the WET to compete with the BET, would anyone notice?
The Hunt for False Equivalence
By PAUL KRUGMAN
April 29, 2014
America, it goes without saying, has a powerful, crazy right wing. There’s nothing equivalent on the left — yes, there are individual crazy leftists, but nothing like the organized, lavishly financed madness on the right.
But centrists have a very hard time acknowledging this asymmetry; they love to assert that both sides are equally wrong — and often seem to feel the need to invent extreme positions when they don’t actually exist.
anon the idiot how can you have a crazy left wing when they are already in control of the dem party. Want to talk false equivalence how about walking into a polling place and be given two choices where the only discernible differences are their views on certain fringe issues. Sure you could vote for a third party but then you wouldn’t be a team player.
I don’t get how Krugman can make such a statement and not provide one iota of proof. How is the right wing crazy and the left wing isn’t? It sure sounds good when you are speaking to a left wing audience who can’t think for themselves. Perhaps that is what he is really saying. The right wing is crazy because they think. The left wing is made up wholly of sane Pavlonian lap dogs.
[51] JJ
You are Da Man.
One of these days, we gotta break bread and toss back scotch.
Speaking of stock prices, looks like the indices continue the great melt up. How many quarters in a row is this that most of the market pundits have called for a correction just ahead of the earnings peak, only to look like fools once the reports start coming in to justify the valuations. Want to end income disparity, put some of your savings in the market the next time the sh1t hits the fan. Or you can be like Michael and obtain glacier like returns in real estate.
[58] libturd
Having “Nobel Prize winning . . . ” after you name means never having to support anything.
What did Obama win for again? Something about hope? So all you need is a slogan? Probably explains the 2012 winner.
@BBCBreaking: “Effective immediately, I am banning Mr. Sterling for life.” – NBA commissioner Adam Silver on #LAClippers owner Donald Sterling
Fast Eddie says:
April 29, 2014 at 1:57 pm
A lot of questions surrounding the owner of the L.A. Clippers, no? He was going to get an award from the NAACP? Does a little (ahem…) donation heal all wounds? Didn’t it sound like his sugar baby was baiting him with questions? It sounded like bad acting to me. Why isn’t there outrage from the mainstream media when it’s the other way around? I’m just asking!! Wasn’t there a comment made about Duke players a few years ago? What above Hymie town comments and white interlopers, etc.? If a network TV station was formed and called the WET to compete with the BET, would anyone notice?
I don’t think Japan’s problem is the same as ours. I agree that part of the reason we went into a recession has to do with the same reason Japan has been in trouble. That problem is demographics.
Demographics hurt our economy for the following reasons:
You had the largest group of spenders in the American economy, Baby boomers, go into retirement mode. Mid 40’s through your 50’s is peak earnings for most people. So you just had the largest group (baby boomers) in our population, drive up real estate prices along with our economy, because they were in their 40’s and 50’s, aka peak earnings. This caused prices to rise, because you had the largest group of the population in peak earnings, combined with easy lending, going into bidding wars on properties. They were also in the upgrade stage of the house buying cycle that many people do in their late 40’s and 50’s, which explain all the mc-mansions.
These baby boomers then started to go into retirement mode, which means less spending, and more saving, which slowed down our economy. This wasn’t the sole reason the economy crashed and went into a recession, but it is the major contributing factor. This is also why I claim that the economy will take off in the 2020’s along with housing…..demographics. The next large group of consumers in our population will start to their place in our economy.
Japan, is not us. They are in big trouble because they became of nation of old people. They lost a generation of spenders, so how could their economy grow, when you had a small population of workers left with the task to support an enormous group of retired old people. Retired people don’t spend and make money like a worker does. This is why Japan went through awesome growth after WWII, it was all workers with a very small elderly population to take care of. When that balance switched from more workers to more retirees, their economy came to a crawl, unable to make up for the loss of spending by the now retired worker.
Ascent of the Robots says:
April 29, 2014 at 11:11 am
michaeltard (32)-
If you fly west from CA, you will eventually pass over an island nation called Japan. Perhaps you read about it in grade school; we flash-fried most of their urban population about 70 years ago.
Japan is entering the third decade of a staggering, unrelenting deflation that was brought on by many of the same issues that triggered our own Great Recession. In their initial phases of the response to that deflation, they tried many of the same “money bombing”, QE-type tactics that FedCo has recently used in our own fight against deflation. The really funny thing is, acknowledged FedCo idiots such as Bernank and Greenspan are on the record back then as having told the Japanese to bite the bullet and let their economy go through a cleansing purge rather than using QE tactics that they knew wouldn’t work. Of course, the Japanese ignored us, and they are now faced with imminent societal collapse as payback for their “lipstick the pig” mentality.
Our gubmint and FedCo have pulled out all the stops to combat the inexorable creep of a deflation that will send us back to the Stone Age. It has not worked. It will not work. Any hint of removing our necronomy from life support triggers market disruptions that make the core problem even worse.
Of course the gubmint doesn’t want deflation. It is an economic death sentence that has historically ended in world war. However, unless you can offer some sort of proof that their anti-deflationary tactics are working- or will somehow magically result in wage inflation (as if), please keep your hallucinations to yourself.
I will give you credit on one thing, though. FedCo has managed to stimulate inflation in all the wrong areas, like consumer goods, tuitions, food and necessities.
“I posted this yesterday, and I stand by it. The govt does not want deflation. It’s wishful thinking, but prices will not be going down. Wage inflation will be rearing it’s head soon, because deflation is not an option for the fed.”
anon [62],
And just like that, it’s ovah!
Gary (64):
Just doing some brief reading on the Sterling and it appears he has been acting this this way for his whole life and is a well-known slumlord in LA. Dumb a$$ just walked right into the wood chipper. Magic Johnson can now buy the Clippers.
Come on, you know what I mean. I said last couple of years, I didn’t say 10 years ago.
Anon E. Moose says:
April 29, 2014 at 11:41 am
Michael [29];
Ok, you have been saying this for years, and the houses prices didn’t seem to go down.
Exactly which drugs were you taking between 2006 and 2012?
http://www.ritholtz.com/blog/2010/07/case-shiller-four-years-from-the-peak/
Gary: One more thing: The old Commish, David Stern has known about Sterling for years. Good thing he “just retired” as this “problem” was brought to light.
Boy there are an awful lot of Jews running basketball teams.
@MagicJohnson: Former and current NBA players are very happy and satisfied with Commissioner Silver’s ruling.
All Hype [65],
I read the whole detail on this guy’s history. It does sound like Magic Johnson and his business partners were itching to get this team, though.
So what the heck, why don’t we just eliminate corporate taxes, based on what this guy is saying. Does he realize that we need to pay for roads, infrastructure, and education of the workers? So lower all these corporate taxes so that the corporations don’t go offshore, just please explain to me who is going to get stuck with the bill for the damage to our infrastructure by these corporations?
It’s easy for a small country or small island nation to attract these corporations with the lure of almost no taxes. But that’s the problem. Those small nations don’t need that much in taxes. That corporation is only using the address, it is not actually performing business in that country. They are still going to be conducting their business on u.s. soil, using our infrastructure. So I have to pay for the enlargement of the newark bay, to allow for giant cargo ships, who aren’t going to even pay taxes here. Sounds about right. Let the tax payer pay for it. Cool.
Comrade Nom Deplume, Guardian of the Realm says:
April 29, 2014 at 1:11 pm
You may not like my homeboy, but he tells it like it is.
http://www.cnbc.com/id/101623113
Does Krugman now consider himself a centrist, and not a left wing crazy? Perhaps he’s grading himself on the NY Times lefty curve.
Speaking of living in dreamworlds like Michael does, here’s some amusing mythbusting of popular lefty facebook memes that glorify countries that are the “opposite of America”.
https://rare.us/story/opposite-of-america-is-full-of-lies/
Michael,
The best performing roads, railroads, shipping ports, and schools in the world are private.
How about making users pay for things, and even better, the providers of goods and services be organized in a way that gives them an incentive to provide value in return for value? (i.e. privately).
Had you a mind, it would be blown now.
You warming up your sphincter for your late afternoon dump today?
Clot, get the sh1t bucket ready.
Ragnar,
I enjoy reading your posts!
Sterlings deposition where he responds with a s*x story to the question is this your handwriting is awesome was going to post a link but would not work
either way this will get dragged out in court till the guy croaks, would not put it past magic if he set this guy up knowing he is an absolute cretin. Magic is not exactly the poster boy for good behavior. Also Mark Cuban’s take is absolutely on point
https://www.ijreview.com/2014/04/133803-4-extremely-rational-quotes-mark-cuban-made-clippers-owner-donald-sterlings-racist-comments/
and Kareem I think you’re the greatest, but my dad says you don’t work hard enough on defense
http://dailycaller.com/2014/04/28/kareem-abdul-jabbar-blasts-sleazy-media-glee-over-sterlings-private-racism/?advD=1248,22690
The hell I don’t! LISTEN, KID! I’ve been hearing that crap ever since I was at UCLA. I’m out there busting my buns every night. Tell your old man to drag Walton and Lanier up and down the court for 48 minutes.
@NAACP: #NAACP applauds @NBA Commissioner Adam Silver’s decision to ban Donald Sterling from NBA for life http://t.co/1q6Sn45g86
That’s the same NAACP that was about to honor him.
Way to go NAACP.
was that before or after they took his years worth of donations which they promptly returned on principle
“The best performing roads, railroads, shipping ports, and schools in the world are private.” – I’m sure dumdum has proof. of course when we’re talking public vs private we must include all of the knife cuts that the private sector has inflicted on public institutions in the never ending attempt to gain market share on the backs of the taxpayer.
Like the post office which was crippled by the 2006 requirement that they fund their pension in full for 75 years. So bring on the right wing talking points that the post office is a failure and let’s replace it with fedex and UPS. And let’s not forget that charter schools can and do pick and choose the kids they admit–once they’ve hit their full enrollment, they can legally turn kids away. Public schools have no such option. They have to take your moron seed no matter how inbred.
The right has a vested interest in promoting the perception that government doesn’t work. What better way to claim that social programs are a failure than by contuously locking up poor people in jail and destroying their families so they can never get out of poverty? Reagan knew this.
Of course, since Ragner is so pro business, he certainly must consider it a best practice when top companies spill oil in the ocean and use 40 year old technology attempting to clean it up. Still waiting for this big thinker to spend a month drinking West Virginia tap water.
Remember everyone, you can trust Goldman Sachs. Ragner says so.
Ottoman is Michael’s hostile true self? I sense a similar underlying mindset using two different rhetorical approaches.
For clarification, I prefer to use reverse osmosis filters when drinking government water, don’t trust Goldman (often successfully betting against them), suspect this obsession you have with the post office funding its pension is a clue into your persona, and find it odd how lefty statists are willing to dump their disdain and blame upon the poor little scholars who score so badly on test scores – it’s not public school’s fault – it’s that these public servants have to deal with inbred morons.
I do happen to have familiarity with global transportation infrastructure such as railroads, port operations, roads, and airports. The difference in terms of service quality and resource efficiency is night and day between the typical public and private sector operator. Incentives matter.
[81] ottoman,
If I have to choose between rich people and government, I will side with the rich. They give me money. Government doesn’t.
And seeing that reposting tweets has supplanted, well, any semblance of thought here, I thought I would get in on the act and repost Fred Thompson’s gem:
“Already-broke IL to spend $100M to build Obama’s presidential library. I honestly can’t think of anything more symbolically perfect.”
Ottoman,
I wish we could elect another Ronald Reagan. When I hear a replay of some of Reagan’s speeches and then listen to this puttering neophyte a.k.a the current President, I shake my head in disbelief that this guy get elected not once but twice. It’s amazing how quickly the decline of a once-great nation can occur.
get = got
I guess it’s time to take a dump.
Do you understand that privatizing everything is just as bad as socializing everything? Some things work better privately, and some things work better by being socialized. Absolutes are never good, and you my friend are talking in absolutes.
You do realize that everything was privatized at one point, and it changed, because there was a need for some things to be socialized. The other way didn’t work.
When private business gets control of monopolies, it usually doesn’t end well for everyone else. Privatize everything, soon you will have to pay a toll on every block. That might work well. Make pretend you privatize the gwb, and years down the line, a greedy bastard ends up getting control of it. What is going to stop him from charging whatever he wants? Competition? What competition?
Put it this way, if there was no govt to watch over unfair business practices, would you feel safe conducting business. Govt is not all bad.
As James Madison said, “If men were angels, no government would be necessary. If angels were to govern men, neither external nor internal controuls on government would be necessary. In framing a government which is to be administered by men over men, the great difficulty lies in this: You must first enable the government to controll the governed; and in the next place, oblige it to controul itself.”
Ragnar says:
April 29, 2014 at 2:55 pm
Michael,
The best performing roads, railroads, shipping ports, and schools in the world are private.
How about making users pay for things, and even better, the providers of goods and services be organized in a way that gives them an incentive to provide value in return for value? (i.e. privately).
Had you a mind, it would be blown now.
You warming up your sphincter for your late afternoon dump today?
Clot, get the sh1t bucket ready.
Ragnar says:
April 29, 2014 at 2:55 pm
Michael,
The best performing roads, railroads, shipping ports, and schools in the world are private.
How about making users pay for things, and even better, the providers of goods and services be organized in a way that gives them an incentive to provide value in return for value? (i.e. privately).
Had you a mind, it would be blown now.
You warming up your sphincter for your late afternoon dump today?
Clot, get the sh1t bucket ready.
Ragnar says:
April 29, 2014 at 2:55 pm
Michael,
The best performing roads, railroads, shipping ports, and schools in the world are private.
How about making users pay for things, and even better, the providers of goods and services be organized in a way that gives them an incentive to provide value in return for value? (i.e. privately).
Had you a mind, it would be blown now.
You warming up your sphincter for your late afternoon dump today?
Clot, get the sh1t bucket ready.
I’m confused. How is this guy a racist if he was dating a black/Mexican girl? This dude got played, plain and simple. The media can portray it any way they want, but the facts don’t add up.
He is 80 years old, and this is the first time he has been accused of being a racist? Weird that it has never come up before.
I think what this 80 year old guy meant was this:
While I’m buying all sorts of stuff for you, I only want you to eat my white meat, so stop shaking your b00ty in front of that dark meat. It makes me feel like an old 80 year old guy getting played for his money while his girlfriend is getting serviced by some young stud.
So what happened to the company that caused the spill? Oh that’s right, they declared bankruptcy and pushed the cost onto the taxpayer. Private business is the best thing ever and govts suck, says the owner who hid his profits so that he can declare bankruptcy and pass on the cost of the cleanup to the govt/tax payer. Now the dumb tax payer is left with dirty water and a new tax bill to pay for the cleanup of the water.
“Of course, since Ragner is so pro business, he certainly must consider it a best practice when top companies spill oil in the ocean and use 40 year old technology attempting to clean it up. Still waiting for this big thinker to spend a month drinking West Virginia tap water.”
Comrade,
That is one of the most truly idiotic comments you’ve ever made.
83.Comrade Nom Deplume, Guardian of the Realm says:
April 29, 2014 at 3:56 pm
[81] ottoman,
If I have to choose between rich people and government, I will side with the rich. They give me money. Government doesn’t.
Fast Eddie are you sure, you are not related to A.G. and that guy in Kansas that shot up the community center that turned up to have been arrested for hiring a black male hustler?
A.G has a thing against Puerto Ricans, and your bias is very obvious.
Maybe, you are related.
The reason the government should not be trusted to run many things which should be socialized is because the government no longer is interested in helping the people. Point in case, the Port Authority.
Based upon the lawsuit his wife filed for the return of community property ie: Bentleys and a million dollar condo I would say her feminine wiles were top notch. I’d bet she could suck a golf ball through an 80 year old hose.
Michael (63)-
Go open a history book. Demographics are not a cause of economic malaise; they are a symptom and an end result. We’re not into the girly-man endgame portion of this whole mess yet, but we have a rapidly-aging population bulge married to fewer and fewer younger people who can either economically or logistically support them.
Game over.
“I don’t think Japan’s problem is the same as ours. I agree that part of the reason we went into a recession has to do with the same reason Japan has been in trouble. That problem is demographics.”
Donald Sterling talk mixed with Michael’s inane daily bleatings have given me an intolerable headache. Goodnight.
Time for my Magpies to let Pardew go. They are just a clueless bunch.
I wish Larry Flynt owned a NBA team.
[92] Joyce
It took over an hour to get a rise out of anyone? I’m disappointed.
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