From HousingWire:
Fannie and Freddie can’t get REO to market fast enough
The market is ravenous for more REO-to-rental properties, but the inventory is struggling to keep pace.
According to the latest report from the Federal Housing Finance Agency, REO inventory increased slightly in the fourth quarter as property acquisitions outpaced dispositions for the second consecutive quarter.
The total number of property acquisitions dropped 13% while dispositions decreased 7% during the quarter.
Along with that, completed third-party sales and foreclosure sales continued a downward trend with a 15% reduction in the fourth quarter and foreclosure starts down 3%.
But this comes with news of the market continuing to heal.
The FHFA also reported that Fannie Mae and Freddie Mac completed more than 3.1 million foreclosure prevention actions since the start of conservatorship in 2008, helping more than 2.5 million borrowers stay in their homes.
Meanwhile, the inventory of REO homes steadily declined year-over-year since 2010.
…
For two months straight, acquisitions outpaced dispositions, with 49,149 acquisitions and 46,673 dispositions in the fourth quarter of 2013 and 56,794 acquisitions and 50,277 dispositions in the third quarter of 2013.The last time acquisitions were greater than dispositions was in 2010 when the numbers, granted, were much larger.
Lynn Effinger, noted in a HousingWire blog, “Many note that with so much government intervention over the past several years with programs such as foreclosure moratoria, HAMP, HAFA, and others purportedly created to help struggling homeowners avoid foreclosure, the for sale REO market began drying up in late 2009.”
From Bloomberg:
Londoners Priced Out of Housing Blame Foreigners: Real Estate
Cheryl Coyne shouted “No more homes for millionaires!” with protesters dressed as pirates outside London City Hall this week. Inside, Mayor Boris Johnson was approving a plan by Hong Kong’s Hutchison Whampoa Ltd. (13) to build as many as 3,500 homes close to where she lives.
“These are the kind of homes that local people will never be able to afford,” said Coyne, a 63-year-old semi-retired schoolteacher who wore a striped shirt and a skull and crossbones neck scarf. “There are thousands of people in the borough who need homes, and instead they’re building flats for multimillionaires.”
The U.K. capital’s status as a magnet for wealthy foreign home buyers is helping to drive prices in many areas beyond the reach of most Londoners. That’s putting pressure on politicians and developers to convince locals that they haven’t been forgotten in the rush to court overseas investors.
Foreign-born buyers made 69 percent of central London new-home purchases in the two years through June, with 28 percent living outside the U.K., broker Knight Frank LLP said in October. London house prices increased 18 percent in the first quarter from a year earlier, the most since 2003, Nationwide Building Society said on April 2.
…
Developers have refocused their sales efforts on local buyers in response to criticism of their efforts to market some homes exclusively abroad. They have stopped short of closing the door on foreign investors.
Battersea Power Station, the derelict brick landmark on the south bank of the River Thames that featured on the cover of Pink Floyd’s “Animals” album, is one of London’s largest and most talked-about housing developments. When the project’s Malaysian owners sold the first 866 homes in just three days in January, more than half went to foreign buyers. The second phase of more than 200 apartments goes on sale in London only on May 1.
Seems that the Average American is capable of the same kind of greed and dirty capitalism that the Wall Street Bankers and Billionaire CEOs are. Joe Sixpack, CEO – a story of strategic default and f*cking the creditors over. Who knew, Joe? Good for you. From the WSJ:
Some Americans Paid Off Credit Cards While Waiting for Foreclosure
The sheer number of foreclosures during the recession may have helped some Americans pay off other debts, such as credit-card bills.
Foreclosures rose sharply during the recession, peaking around 2009, and the timeline for processing them stretched out in some states to as long as three years. That allowed people to remain in their homes longer without making mortgage payments, freeing up money for other expenses, according to research from the Federal Reserve Bank of Philadelphia.
“Our findings indicate that households do not consume all the benefits from temporary relief from housing expenses; instead, they use that temporary relief to cure their bad nonmortgage debts and improve their balance sheets,” wrote Paul Calem, Julapa Jagtiani and William W. Lang, all economists at the Philadelphia Fed, in a recent working paper.
I’m sure they aren’t paying property taxes either, which means they are equally capable of f*cking over their neighbors for their own personal gain.
And you guys said capitalists were dirty scumbags?
Two outstanding questions about Flash Boys main hero, since the entire book sounds more like an IEX advertisement than unbiased journalism.
What does IEX pay Brad Katsuyama in salary and benefits? I suspect his compensation package with IEX is in the multiple millions. His salary at RBS was well over $2 million.
How much money does Brad Katsuyama stand to gain on IEX becoming successful as a platform? Tens of Millions? Hundreds of Millions? Billions? I suspect somewhere between Hundreds of Millions and Billions.
In this story of altruism, seems that one of the most interesting factors has been left out, even the hero walks away with hundreds of millions of other people’s money. The bigger the anti-HFT hype is, the more money that Brad stands to make.
Boy oh boy.
No good deed goes unpunished.
It is the end 0f days.
Smoke more choom.
And my forecast was correct, as of this morning’s CoreLogic foreclosure report, NJ has overtaken Flordia, and is now number 1 – the highest number of foreclosure inventory on a percentage basis.
Congratulations to NJ’s politicians and judicial system, we couldn’t have done it without your help.
Top 5
New Jersey – 6.2%
Florida – 6.0%
New York – 4.7%
Maine – 3.4%
Connecticut – 3.2%
In the last 12 months, the state of Florida has completed 117,564 foreclosures, versus New Jersey, who was only able to complete 5,888 foreclosures in the same time period.
How is Florida able to resolve 20 foreclosures in the same time period as it takes NJ to resolve 1 foreclosure?
Pennsylvania was able to resolve 14,967 over the last year, almost triple NJ’s rate.
Again, the concerted effort to seize the pipeline in NJ continues. We will maintain this top position for more than 3 years at the current rate, get comfortable.
the market value of the short sale I purchased last March has increased somewhere between 50-100%. go figure.
Grim, thanks for answering my question.
““Our findings indicate that households do not consume all the benefits from temporary relief from housing expenses; instead, they use that temporary relief to cure their bad nonmortgage debts and improve their balance sheets,” wrote Paul Calem, Julapa Jagtiani and William W. Lang, all economists at the Philadelphia Fed, in a recent working paper.”
Michael says:
April 2, 2014 at 12:50 pm
With so many people in forclosure, not paying their mortgage or their condo/hoa fees, shouldn’t our economy see some kind of uptick in consumer spending resulting from this? Anyone provide any insight on this.
4- Looks like everybody is out to make a dollar off of some scheme. Whatever happened to profiting the honest way?
Spring Break (JJ Edition):
“I could run around New York City and bang as many girls as I do on spring break, but it’s not the same feeling,” says Justin. “You’re out in the sun, the all-inclusive thing is great. It’s always a great time. I never come back wondering why I did that.
http://nypost.com/2014/04/02/meet-the-older-men-looking-to-score-during-spring-break/
Those who want to profit the honest way get elected to government office or work for the muni-government…..
Michael says:
April 3, 2014 at 9:07 am
4- Looks like everybody is out to make a dollar off of some scheme. Whatever happened to profiting the honest way?
I love it!!!! When I graduated my Part time MBA program as a reward I went Martin Luther King Week. Turns out prices dont get jacked up at all like Spring Break or Presidents day but plenty of action as a lot of folk it is a four day week.
Oddest part of trip some women like 42 who was a CFO of some broker dealer in Chicago, who had a gym rat body. Man of Man. She looked and talked like an executive, but OMG I could bounce quarters off her belly to the moon it ws that tight. and they had to be a boob job.; Anyhow I had serious game I thought. Took me ten minutes to get her back to room. Now crazy time. She goes take a shower whil I get confortmable. Comeout, blinds are closed, candles lit, mood music playing and then her husband walks in. Hands me and his wife a fresh Pina Colda grabs a chair and goes dont mine me and goes into closet sits down and closet door has those lats you can look through. I take a sip of my pina collada and she goes dont worry about him he cant get hard unless he watches me doing it you will be doing him a favor.
At that point I am like showtime what the heck. Lady was squeeling like I was impaling her. Who knows maybe I am that good but most likely it was a show for husband, Of course I joined in it their were cameras I would have gotten one million hits on p0rnhub anyhow soon as I am done this guy pops out of close with a woodie in his bathing suit grabs a cold beer from cooler goes you look thirsty hands it to me and goes gets out and gets on top of wife. Holy sloppy seconds.
12.chicagofinance says:
April 3, 2014 at 9:07 am
Spring Break (JJ Edition):
“I could run around New York City and bang as many girls as I do on spring break, but it’s not the same feeling,” says Justin. “You’re out in the sun, the all-inclusive thing is great. It’s always a great time. I never come back wondering why I did that.
http://nypost.com/2014/04/02/meet-the-older-men-looking-to-score-during-spring-break/
Whats the difference between this company and Corp America Today
-Not on NYSE,
USA products not overly expensive
Ethical job creators that think of their employee’s as assets, not as machines who’s sole purpose is to make them money. They value the human factor.
Company not run by a bunch of entitled ivy league assholes
Would like to see more of this in America, I will buy their products
Made-in-America Company Paying 17-per-Hour Minimum Wage
By Gabrielle Karol /
Published April 02, 2014 /
FOXBusiness
As the minimum wage debate moves forward, one business owner says her family-run company has raised its lowest wage to $15 – and is hiking it to $17 in April.
Earth Friendly Products’ Kelly Vlahakis-Hanks says her father’s company has gradually upped pay for its employees from $12 to $15. Starting on Earth Day, the made-in-America company, which manufactures green cleaning products, will increase its minimum wage by another two dollars to $17. Earlier this year, President Obama signed an executive order raising the minimum wage for federal workers from $7.25 to $10.10. He has also backed a plan that would raise the minimum wage to $10.10 for all workers by 2016.
“There [are] really two things we’re looking at: the humanitarian aspect and the business aspect,” says Vlahakis -Hanks in an interview with FBN’s Cheryl Casone. “On the business side of it, there [are] a lot of transactional costs when you have employee turnover — when you don’t have retention.”
Vlahakis -Hanks says her father started the company after immigrating to the U.S. from Greece.
“He didn’t speak the English language. He lived in homeless shelters and really studied chemistry and started our company,” says Vlahakis -Hanks. “He knows what it takes to really work hard. He’s worked the factory lines; he knows that each and every employee is critical to our success.”
Vlahakis-Hanks says U.S. manufacturing – typically thought of as more expensive — has actually helped the company afford higher salaries.
“We make it here in America. We have fine geographically diverse manufacturing facilities, so we cut down on shipping costs. So by making it ourselves, we cut out the middleman. We’re able to make our product, control our costs and deliver a product at a lower price point, but the highest level of green and pay these wages,” says Vlahakis-Hanks.
2-3
I think it’s quite a stretch comparing unlawful behavior to not paying someone back.
There seems to be two types of Companies in the US:
1. Privately owned small companies that dont have to answer to investors.This were mostly Moms and Pops that were pushed by the Public Companies.This Companies can share their profit and blessings to its workers or greedy enough and act like a public company
2>Public Companies that have to answer and satisfy investors. This are mostly the companies today that do the hiring. They keep salaries down to turn profit up. No more Unions to fight for workers rights. Just be glad you have a job
#2,
Wow,really Grim? Tishman defaults on Stuy town but do you think it impacted the execs for one blinking second? They went back to big homes on Park. It was a bad purchase and then a blip on the balance sheet..then gone. Being underwater on your primary is not even comparable.
This Banks knew how many percent of this mortgages will default before they package and sell to investors. It just happened the market went south the losses are greater than they anticipated.
18
Bystander,
Another on this board way back when said the example, of the Mort Bankers Association defaulting on their commercial property while simultaneously decrying the horror of those individual home-debtors not honoring their obligations, was not relevant or noteworth because… he wasn’t in the market for any commercial property, so whatever.
http://profootballtalk.nbcsports.com/2014/03/23/roddy-white-tries-to-get-out-of-march-madness-season-ticket-bet/related/
Sorry, I cannot resist feeding the trolls with this essay from their personal Beelzebub.
Charles Koch: I’m Fighting to Restore a Free Society
Instead of welcoming free debate, collectivists engage in character assassination.
http://online.wsj.com/news/articles/SB10001424052702303978304579475860515021286?mg=reno64-wsj&url=http%3A%2F%2Fonline.wsj.com%2Farticle%2FSB10001424052702303978304579475860515021286.html
damn rag you beat me to it
funnelcloud says:
Thanks funnel! Now how is it that this company can be successful paying their lowest employees 17 dollars an hour? I thought it was impossible to pay workers a fair wage? What does Koch have to say about this? Can anyone who supports low wages explain to me how this company can be successful? I thought it’s impossible to pay someone above mimimum wage and make a profit? So who is telling the truth here? The people that say when you raise the wage, you lose jobs? Or the companies paying their employees a minimum salary of 15 dollars and still making profit?
April 3, 2014 at 9:41 am
“Whats the difference between this company and Corp America Today
-Not on NYSE,
USA products not overly expensive
Ethical job creators that think of their employee’s as assets, not as machines who’s sole purpose is to make them money. They value the human factor.
Company not run by a bunch of entitled ivy league assholes
Would like to see more of this in America, I will buy their products”
22- Rags, I posted that last night
#14,
BS! That same story was on Skinemax around midnight last night…except the first guy, umm..lets say, did not leave.
[22] Ragnar
I posted this on FB about what Koch wrote:
“This shows an extreme love of country, misguided though it may be (the effort, not the emotion). Most wealthy industrialists don’t fight back in the media. They take the sensible position that if their country doesn’t want them, they can always find one that does. That doesn’t irk folks like [redacted] on the left unless the wealthy take their assets with them. Then they get really indignant and call them traitors. Sorry, but in my dictionary, fleeing persecution isn’t treason.”
cry me a river
[28] theo,
Hey, no crying in baseball. I don’t think he needs to get defensive. When things get bad, vote with your feet. If the left is going to call you a heartless bastard and demand you go away, I say you oblige them.
Maybe you’re right. Maybe it’s by design. It would be a brilliant way to make Christie look like he isn’t doing a good enough job in NJ.
7.grim says:
April 3, 2014 at 8:11 am
And my forecast was correct, as of this morning’s CoreLogic foreclosure report, NJ has overtaken Flordia, and is now number 1 – the highest number of foreclosure inventory on a percentage basis.
Congratulations to NJ’s politicians and judicial system, we couldn’t have done it without your help.
Top 5
New Jersey – 6.2%
Florida – 6.0%
New York – 4.7%
Maine – 3.4%
Connecticut – 3.2%
Action Park is back!
http://www.nj.com/sussex-county/index.ssf/2014/04/a_blast_from_the_past_action_park_is_back_for_the_summer.html
I posted this earlier. If this guy can do it with a small company, how come the big boys can’t? Someone please explain. The explanation I always get in defense of a low minimum wage is that it will cost jobs…..so how is this guy doing it? Please explain
Thanks funnel! Now how is it that this company can be successful paying their lowest employees 17 dollars an hour? I thought it was impossible to pay workers a fair wage? What does Koch have to say about this? Can anyone who supports low wages explain to me how this company can be successful? I thought it’s impossible to pay someone above mimimum wage and make a profit? So who is telling the truth here? The people that say when you raise the wage, you lose jobs? Or the companies paying their employees a minimum salary of 15 dollars and still making profit?
funnelcloud says:
April 3, 2014 at 9:41 am
“Whats the difference between this company and Corp America Today
-Not on NYSE,
USA products not overly expensive
Ethical job creators that think of their employee’s as assets, not as machines who’s sole purpose is to make them money. They value the human factor.
Company not run by a bunch of entitled ivy league assholes
Would like to see more of this in America, I will buy their products”
If he leaves, who wins the lottery and gets to take over his monopoly?
So this is where everyone’s raise went….into their pockets. Btw, this article is from last year, they are up to a 100 billion combined now.
“In one of the worst economic downturns since the Great Depression, the billionaire Koch brothers who habitually rail against government’s unfair burden on the wealthy, have almost doubled their net worth to a combined $68 billion. On March 10, 2010, Forbes listed the net worth of Charles and David Koch at $17.5 billion each. This year, Forbes says the Koch brothers are individually worth $34 billion. ”
http://wallstreetonparade.com/2013/04/koch-brothers-wealth-grew-by-33-billion-in-3-years-as-americas-schools-report-1-million-homeless-kids/
[28] theo,
Hey, no crying in baseball. I don’t think he needs to get defensive. When things get bad, vote with your feet. If the left is going to call you a heartless bastard and demand you go away, I say you oblige them.
Michael,
EFP is successful, but their market is limited. The Organic Whole Paycheck Crowd (most of which drive Subaru Outbacks) are willing to overpay for cleaners that do less damage to the environment. The last time I tried 7th generation toilet paper I nearly wounded my rectum. EFP is able to pay $17/hour wages because their floor cleaner is $5 for a 20 ounce bottle. At the Dollar Store, I can get a 2 gallon tank of Muy Fabulouso for $1, which not only cleans and smells better, but requires less to use each time. A lot more people are buying and using Muy Fabulouso than EFP. Sorry, but we all aren’t suckers for marketing. How’s the Prius?
So glad the FBI has an art crime division, and also glad property can be seized without enough suspicision to charge a crime.
http://www.indystar.com/story/news/crime/2014/04/02/fbi-seizing-artifacts-rural-indiana-home/7210675/
FBI agents Wednesday seized “thousands” of cultural artifacts, including American Indian items, from the private collection of a 91-year-old Rush County man who had acquired them over the past eight decades. The man, Don Miller, has not been arrested or charged.
The FBI had information about Miller’s collection and acted on it by deploying its art crime team.
FBI agents are working with art experts and museum curators, and neither they nor Jones would describe a single artifact involved in the investigation, but it is a massive collection. Jones added that cataloging of all of the items found will take longer than “weeks or months.”
“Frankly, overwhelmed,” is how Larry Zimmerman, professor of anthropology and museum studies at Indiana University-Purdue University Indianapolis described his reaction. “I have never seen a collection like this in my life except in some of the largest museums.”
The monetary value of the items and relics has not been determined, Jones said, but the cultural value is beyond measure. In addition to American Indian objects, the collection includes items from China, Russia, Peru, Haiti, Australia and New Guinea, he said.
The items were found in a main residence, in which Miller lives; a second, unoccupied residence on the property; and in several outbuildings, Jones said. The town originally was Iroquois land.
The objects were not stored to museum standards, Jones said, but it was apparent Miller had made an effort to maintain them well.
The aim of the investigation is to determine what each artifact is, where it came from and how Miller obtained it, Jones said, to determine whether some of the items might be illegal to possess privately.
Jones acknowledged that Miller might have acquired some of the items before the passage of U.S. laws or treaties prohibited their sale or purchase.
In addition, the investigation could result in the “repatriation” of any of the cultural items, Jones said.
Dark Rain Thom, a Shawnee descendant who served on the Indiana Native American Indian Affairs Commission under three governors, said the motives of such collectors vary, and that it’s not uncommon for collections to come to light when an elderly person dies and descendants try to figure out what to do with artifacts.
Often, she said, family members then quietly donate them to museums or arrange to return them to specific tribes — if that provenance can be determined.
Some collectors are motivated by money, as the artifacts’ sale can be lucrative, Thom said. But others with interests in archaeology or anthropology are motivated by a desire to understand the development of a culture through its art items and everyday implements. And others, Thom said, are in it for the thrill of discovery.
The FBI and its partners might have a daunting task determining the origins and provenance of all of the items, Thom predicted.
“It may be 30 years — or never — before they have it all cataloged.”
Libtard in Union says:
April 3, 2014 at 12:42 pm
Michael,
Understandable. This is the danger of cheap products. Everything comes with a catch. You get your product for basically nothing, but it comes as a result of someone making it for almost nothing. Worst part, cheap products are basically useless. They break or don’t do what they are supposed to do. No idea why people waste their money on cheap crap, oh yea, they dont’ make enough to buy anything else…….just continuing the cycle in the race to the bottom.
“EFP is successful, but their market is limited. The Organic Whole Paycheck Crowd (most of which drive Subaru Outbacks) are willing to overpay for cleaners that do less damage to the environment. The last time I tried 7th generation toilet paper I nearly wounded my rectum. EFP is able to pay $17/hour wages because their floor cleaner is $5 for a 20 ounce bottle. At the Dollar Store, I can get a 2 gallon tank of Muy Fabulouso for $1, which not only cleans and smells better, but requires less to use each time. A lot more people are buying and using Muy Fabulouso than EFP. Sorry, but we all aren’t suckers for marketing. How’s the Prius?”
Michael [33];
Suppose you go ahead and steal — uh… tax, yeah, that’s it, tax — tax Koch’s the entire gain, $33 billion (nevermind that that is probably not liquid capital, but increase in the value of assets held — like an entire company that is only worth anything as a going concern — but this is your fantasy world, so I’ll ignore that). assume you can collect $33 billion from the Kochs. Split is up and give it to the families of those 1 million homeless kids. That’s $33,000 each — About 2/3 the median household income in America, and for a household with kids probably uncomfortably close to the poverty line.
Congratulations, you made 1 million homeless kids slightly less poor for a year. What do you hope to accomplish next year? The money is gone, and those homeless kids’ families have to start paying their own rent and utilities.
The Kochs learned their lesson, they’re sitting on a beach somewhere with what they already have. Someone else who earned some money year 2? You think they didn’t see what happened to the Kochs? Yeah, they’re on the sidelines, too. Or do you plan to go to the Koch well another time — this time for accumulated wealth, not just this year’s increase (because you manage to kill the goose of increasing wealth to …tax…)?
Query: why doesn’t anyone complain about the Heinz family fortune, and their involvement in politics?
[33] Michael,
You are presuming they won’t take it with them.
Lib,
Awesome..but your toilet does not smell like eucalyptus and lavendar though. They are smart in marketing to your nose. Still, buy some essential citrus or mint oils, baking soda and vinegar and you get same cleaner for under 50c a botttle.
http://www.freep.com/article/20140403/NEWS01/304030067/Driver-beaten-boy-hit-Detroit-east-side
“We really need some help to figure out what exactly took place, why this man was beaten so horribly badly,” Woody said.
—
Hmmmm . . . I think I might know why that man was beaten so badly, I mean, it’s just a hunch, just a theory, just pure speculation . . .
But let’s just say had the shoe been on the other foot, Al Sharpton would be parachuting in to Detroit as we speak, MSNBC would be broadcasting on-location for the next 6 weeks, and Obama would be telling us how the beaten driver looks like his imaginary son.
“Awesome..but your toilet does not smell like eucalyptus and lavendar though”
Is that before or after the mercy flush? And how does it handle the occasional “painter?”
[34] libtard
Ixnay on the ugalfray. We NEED stupid spending. So much of our economy and the public fisc depends on it. If lefties want to spend all their money on feel good at WholePaycheck, I say LET ‘EM. Somebody has to and I prefer it be them.
Otherwise, you deprive the economy of money velocity and drive up the price of Muy Fabuloso.
Happy [40];
So they know that the driver was beaten by a group of men, but that’s all they care to report about the perpetrators…
Hah, I’m sure those $10 bags of organic kale create some blasters.
[14] JJ – Isn’t that the Michelle Bachmann story? The husband was probably getting hard staring at your back sack.
Nom,
Even worse is the “step” marketing. My girl is vegetarian so W(T)F is my second home. She now shames me into Step 4 or 5 meats where cow is given group hug by teary eyed farmers before being caressed into permanent slumber. Only $10/lb for chuck.
I never thought Kale was for eating. When I used to work at Burger King, we would cover the ice between the bowls of vegetables in the salad bar with that stuff. Yes…BK had a kick ass salad bar. Long gone are those days.
Query: why doesn’t anyone complain about the Heinz family fortune, and their involvement in politics?
F.ucking exactly. Why don’t all you l1beral motherf.uckers put your money where mouth is? My family were small business owners and for YEARS gave anything extra they could to those with nothing. And they were small, sh1t business owners taking whatever measley profit they made and putting it back into the business and giving back to the local community.
You l1beral motherf.uckers are pathet1c. Pathet1c! Donate more of your money and your weekends and your evenings instead of pointing selective fingers. Put up or shut the f.uck up. How much money do you donate after taxes? What business do you plan to start as to hire some unfortunate poor souls?
Do you know the difference between free range chicken and non-free range chicken(well besides price)? There are two doors in their coop not one. Not that they have to have any room to outside of those doors.
Marketing is a mighty powerful thing. Go ask Adolph about it.
There are a lot of billionaires. They can afford to combine to give 20 billion each year to end the homelessness in America.
The Koch brothers have increased their wealth over 50% since 2010. They can afford to throw a billion each to help out their fellow Americans every year. Too bad their patriotism doesn’t come through for their fellow Americans struggling to eat. If they stop donating to all these super pacs, they could use that money instead to help their fellow Americans.
“According to the Department of Housing and Urban Development (HUD), it would cost $20 billion to end homelessness in the United States. The Kochs have enough money to do that with $44 billion left over to funnel to their plethora of right wing front groups who serially bellyache about how unfair things are for the affluent in America. ”
“Suppose you go ahead and steal — uh… tax, yeah, that’s it, tax — tax Koch’s the entire gain, $33 billion (nevermind that that is probably not liquid capital, but increase in the value of assets held — like an entire company that is only worth anything as a going concern — but this is your fantasy world, so I’ll ignore that). assume you can collect $33 billion from the Kochs. Split is up and give it to the families of those 1 million homeless kids. That’s $33,000 each — About 2/3 the median household income in America, and for a household with kids probably uncomfortably close to the poverty line.”
Dude, you do realize the 1% control most of the wealth right? 50% of the citizens don’t have a dollar to their name….hence, why they don’t pay taxes. Where is the donation going to come from if they are worth 0 dollars. They are not the koch brothers, who are worth close to a 100 billion combined. You guys are crazy and are putting words in people’s mouths instead of actually looking at the problem. When we add another 30 billionaires, and 80% of the population doesn’t pay taxes, dont’ complain about it. Give them a job instead so that they can pay their share.
“You l1beral motherf.uckers are pathet1c. Pathet1c! Donate more of your money and your weekends and your evenings instead of pointing selective fingers. Put up or shut the f.uck up. How much money do you donate after taxes? What business do you plan to start as to hire some unfortunate poor souls?”
NOOOOOOOOO…….dont’ take a billion away from someone who is worth 50 billion. It will hurt way too much.
If these billionaires created jobs, like they are supposed to, instead of hoarding the got damn money, we wouldn’t even be talking about the 1%. Were people complaining about the 1% in 1950? I wonder why they didn’t complain back then but complain now. Go back to the guilded age in 1890 and you will have educated people complaining about the 1%. Right now, they are taking too much, and this is why you have so many people complaining about the 1%. It’s not rocket science.
Better yet, go kick the billionaires off our land and let them go create their own country. They can take their money with them too. Let’s see how good they do without workers or consumers. (I’m being extreme to make a point. WE ARE ALL IN THIS TOGETHER. WE NEED EACH OTHER. NO ONE IS SUCCESSFUL BY THEMSELVES)
I wonder who is going to be productive and actually do work in a country with only billionaires.
The Koches already give billions to philanthropic causes, in case you were weren’t aware Michael.
If NJ is #1 in REO right now, I’m tempted to think its a better approach than Florida/Arizona that dumped foreclosed properties into a dead market. Surely NJ approach turned out more sensible. Seems dumb to have sold those Miami/LV/Phoenix houses for next to nothing in 2010.
Animal Farm
Whaa!!! Whaa!!! I want more! Whaa!!! Feed me! Whaa!!! Help me!! Whaa!!! It’s not fair!! Whaa!!! Where’s my free Bomma stuff!! Whaa!
Two days ago I went to lunch outside my office. I was stopped on the sidewalk by a group of Green Peace dudes and chicks wanting to take a survey. This is a Tuesday afternoon. You should have seen this crew. I declined politely and had to bite my tongue. They want to save the world and I was wondering who the f.uck is going to save them.
I cannot agree. I don’t think inflating people’s paper assets nor protecting people from foreclosure when in default is the way to go. FL/AZ, as least to a certain extent, let the debt discharge and started over.
Richard says:
April 3, 2014 at 3:02 pm
If NJ is #1 in REO right now, I’m tempted to think its a better approach than Florida/Arizona that dumped foreclosed properties into a dead market. Surely NJ approach turned out more sensible. Seems dumb to have sold those Miami/LV/Phoenix houses for next to nothing in 2010.
Fast Eddie — that Koch article got your heart pumping? Feeling all good and ready to start cursing liberals and pounding your desk? You really need to calm down, you sound like a complete dork.
Real environmental heroes those Koch brothers: http://www.greenpeace.org/usa/en/campaigns/global-warming-and-energy/polluterwatch/koch-industries/
Yea, totally selfless bros, laid back and all about whatever: http://www.pinterest.com/bostproductions/bad-koch-bros/
Ha Ha, ccb proving Fast Eddie’s point while thinking in his little head that he’s refuting it.
Michael [52];
NOOOOOOOOO…….
Clearly time to adjust your meds.
ccb223,
What have you done to help the plight of the common man? Forget the evil rich people for a minute.
What have you done to help motivate, hire and lift the less fortunate? Tell us?
We spent Thanksgiving opening our business, cooking dinner and feeding a few families in the neighborhood. I was 12 and 13 years old scrubbing pots that were waist high.
My mother and father went into their pockets and had a Christmas party in our business for the poor kids in the neighborhood every year. You know, little toys, a Santa, cupcakes, hotdogs and that sh1t. Oh, and they employed 25 people.
How about you? Tells us?
I’m the dork? What have you done?
My father grew up sleeping on a mattress that the dogs p1ssed on because they found it by the curb. He went stretches of time with no electric because they were so poor. So for sh1ts and giggles he went and fought a war on foreign soil and then came home and almost lost his life fighting fires for 28 years AND operated a business that he and my Mom started.
Let’s here your story?
Re: [50];
Are you daft? What website did you get that from? Clearly you believe it.
$20 Billion is a rounding error. Our government loses more than $20 billion per year on programs to alleviate poverty. Do you really think that we could throw $20B at the problem and it would be gone? If I believed it, I’d be on board. One condition — it’s the LAST dollar spent. Would you agree to that?
I did see the troll Michael basically say “take money from billionaires because they have it and can afford it”, right?
ccb223,
We’re waiting.
Never wait on a collectivist, gary.
My wife was a “young pioneer” in chairman Mao’s youth corp, spent had several years where the family barely survived on rice and pickled cabbage, and was occasionally sent by her government to work on peasant farms. At night, she camped out in the hedges to watch out for capitalist landlords’ return.
I think that American lefties are soft and would benefit from similar exercises. That’s what life is like after the looters run out of wealth to loot.
Rice and pickled cabbage will be a delicacy when the wheels come off here.
[65] clot
“take money from billionaires because they have it and can afford it”
That, in a nutshell, is the philosophical basis for progressive taxation. The goal is to redistribute (Diamond) and the reason you do is because you can. It’s that simple.
[63] Eddie
“What have you done to help the plight of the common man? Forget the evil rich people for a minute.
What have you done to help motivate, hire and lift the less fortunate? Tell us?”
PJ o’Rourke said it best: “when was the last time a poor person gave you a job?”
[43] moose
“So they know that the driver was beaten by a group of men, but that’s all they care to report about the perpetrators”
As we well know, the omission of those facts speaks volumes. In any city in America, we now know, with a high degree of certainty, the race of the perpetrators and their approximate age range. Also, as it is Detroit, such reporting would be superfluous.
My Dad owned a printing business growing up in a 3rd world country.I grew up and seen his 4 workers dedicate their life to the business. My Dad will wake up 5:30am and start working at 6am.The workers will come in at 7am and will work till 6 to 8pm with my Dad.They did this atleast 30 years until my Dad died. My Dad grew his business but I did not see the workers get ahead in life. There is 2 I heard still alive and still dirt poor after dedicating their lives working 7 days a week.
I dont want to see this happen in this country but with the mentality I hear this is where we are going.
[53] Michael
“Better yet, go kick the billionaires off our land and let them go create their own country. They can take their money with them too. Let’s see how good they do without workers or consumers.”
A lot of them did leave. And we seem to be buying their products, as well as the products of billionaires who were never Americans.
Interesting fact: I worked on an estate matter some years ago regarding a very wealthy Chinese businessmen who also had American citizenship. He managed to get citizenship for his kids, who never lived or work in the United States. When he died, there was a huge fight over his estate between state governments and national governments. I remember thinking, and learning later, that his kids were scrambling to get rid of their US citizenship as quickly as possible.
Eddie – I don’t give two or three f*cks what you or your family have done to help the poor. You might as well be the Rockefellers. That’s not the point of my post, I was commenting on 1) your epic rant talking about “mother f*cking liberals” that seemed to come out of nowhere and, 2) the do-gooding Koch brothers.
I work at a hedge fund in NYC you idiot…certainly don’t define myself as some poor collectivist and certainly don’t think rich people are evil…WTF are you talking about man? I like to spend my money and have a good time as much as the next guy. Doesn’t mean I have to agree with your politics.
Never claimed I was all about “helping out the poor” … but please keep posting about all the great things your daddy did, very interesting stuff.
That sound Mozilla is hearing is every red state in the country uninstalling Firefox for Microsoft.
http://recode.net/2014/04/03/mozilla-co-founder-brendan-eich-resigns-as-ceo-and-also-from-foundation-board/
O Rly?
For Stu:
http://www.nydailynews.com/sports/more-sports/sports-gruesome-injuries-gallery-1.53540?pmSlide=1.1744099
For the record……talked to ten kids this year applying to Cornell….. 0-9, plus a wait list…..first time I was shut out….
Something just occurred to me recently about the minimum wage debate. One of the reasons that this is an issue that may actually gained traction is because there are no more jobs left to outsource.
Yes, CBO predicts a half million jobs lost but that will not be due to outsourcing. That will be due to decreased demand caused by higher prices, owner involvement, more efficiencies at all levels, and more automation/technology. Basically, any job that can be outsourced has been outsourced and we are left with a largely service economy that can’t be outsourced so a minimum wage hike won’t cause significant outsourcing (the mfg jobs that are here are here because cheap labor can’t do them so they aren’t affected). That isn’t to say that there could be an automation boom in the future that causes significant job losses, but right now that isn’t in view.
Ironically, the cost Passthroughs that will result will disproportionately impact the very people who were agitating for the higher wages in the first place.
I am more worried about wage deflation because there are so many people applying for jobs available. With govt setting minimum wage higher this will soften the blow of wage deflation. There are 7 million long term unemployed not counting the part timers that want a full time job.
18 million jobs pay $10 or less an hour. That is 18 million jobs that can avoid wage deflation
http://money.cnn.com/interactive/economy/us-jobs-wages/?iid=HP_LN
For the record……talked to ten kids this year applying to Cornell….. 0-9, plus a wait list…..first time I was shut out….
A few of my students made it into Cornell this year. Usually, I get about 3 or 4. Zero into Princeton this year. None into MIT. 1 into Brown. 1 into Dartmouth. A bunch into Carnegie Mellon.
Sad thing is, 5 of my students put 90% of the Princeton students to shame.
They are finally starting to get it. In order to help get this economy going, you have to start helping main st….it’s as simple as that.
“In some ways, the job market is tougher now than in any recession.”
Those are the words of Federal Reserve Chair Janet Yellen, who said Monday that the central bank’s goal “is to help Main Street, not Wall Street.” And she hopes to do that primarily by boosting the job market.”
http://money.cnn.com/2014/03/31/news/economy/janet-yellen-raise/index.html
83- Wow, you think?
1) Wages are rising too slowly: Since the recession, worker compensation has increased an average of 2% per year — very low by historical standards.
“The low rate of wage growth is, to me, another sign that the Fed’s job is not yet done,” Yellen said. (In other words, she wants you to get a raise.)
vg5Io1 http://www.QS3PE5ZGdxC9IoVKTAPT2DBYpPkMKqfz.com