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 Post subject: Re: US. down down down
PostPosted: Wed Nov 19, 2014 9:25 am 
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ditch dweller wrote:
http://thinkprogress.org/economy/2014/11/06/3589715/uber-lending-investigation/
Quote:
As Uber has surged in popularity — expanding operations in the U.S. and abroad, and recently hiring 50,000 military veterans as drivers — backlash against the taxi-alternative service has grown. Now the company is adding a federal investigation for sketchy lending practices on its pile of recent controversies.

First reported by Gawker’s ValleyWag, the U.S. Department of Justice (DOJ) is investigating Uber’s auto-loan program, which sets up drivers to borrow money they might not be able to pay back.
...

Uber Executive Suggests Digging Up Dirt On Journalists
Quote:
A senior executive at Uber suggested that the company should consider hiring a team of opposition researchers to dig up dirt on its critics in the media — and specifically to spread details of the personal life of a female journalist who has criticized the company.
Not surprisingly, a lot of journos are going after Uber in a big way now...


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 Post subject: Re: US. down down down
PostPosted: Sat Jan 10, 2015 12:57 am 
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The labor force participation rate dropped to 62.7%, or the lowest print since December 1977;

http://data.bls.gov/pdq/SurveyOutputServlet

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 Post subject: Re: US. down down down
PostPosted: Fri Jan 16, 2015 11:36 pm 
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Quote:
The True Cost of the Homeownership Obsession

In 2014, the US homeownership rate fell below 65 percent, which means it’s back to where it was during the 1970s and much of the 1990s. Various federal agencies have long made homeownership a priority, and have introduced a bevy of government and quasi-government programs including the GSEs like Fannie Mae, FHA-insured loans, VA-insured loans, the Bush administration’s “American Dream Downpayment Initiative” and, of course central bank meddling to keep interest rates nice and low for the mortgage markets.

And for all their efforts, all the inflation, and all the taxpayer-funded subsidies poured into bailouts, we have a homeownership rate at where it was forty years ago. During the housing boom, though, homeownership rates climbed to unprecedented levels, cracking 70 percent or more in many parts of the country. When the boom in homeownership came to an end, it was not a painless matter of people selling their homes. It was a very costly readjustment process, and it was something that would have been completely unnecessary and would never have happened to the degree it did without the interference of Congress, the central bank, and the easy-money induced boom they engineered.

More...

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 Post subject: Re: US. down down down
PostPosted: Sat Jan 17, 2015 5:08 am 
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ps200306 wrote:
Quote:
The True Cost of the Homeownership Obsession

In 2014, the US homeownership rate fell below 65 percent, which means it’s back to where it was during the 1970s and much of the 1990s. Various federal agencies have long made homeownership a priority, and have introduced a bevy of government and quasi-government programs including the GSEs like Fannie Mae, FHA-insured loans, VA-insured loans, the Bush administration’s “American Dream Downpayment Initiative” and, of course central bank meddling to keep interest rates nice and low for the mortgage markets.

And for all their efforts, all the inflation, and all the taxpayer-funded subsidies poured into bailouts, we have a homeownership rate at where it was forty years ago. During the housing boom, though, homeownership rates climbed to unprecedented levels, cracking 70 percent or more in many parts of the country. When the boom in homeownership came to an end, it was not a painless matter of people selling their homes. It was a very costly readjustment process, and it was something that would have been completely unnecessary and would never have happened to the degree it did without the interference of Congress, the central bank, and the easy-money induced boom they engineered.

More...


I'm kinda agnostic on Libertarianism as a philosophy generally. Although I often don't agree with policies/conclusions I think organizations such as the Reason Foundation do worthwhile work in advancing debate on public policy.

The piece quoted above is from the Libertarian Mises Institute, and I would be extremely cautious with anything and everything, economic or otherwise coming from that particular mouthpiece. They have an extensive record of revisionism, and ex post facto justifications. They've been criticized by other Libertarians as being racist, neo-Confederate, and exploitative for a variety of positions they have taken including opposing child labor laws, and suggesting that slavery was not the dominant issue driving the US Civil War. Historians disagree with that analysis.

Here's a few Wiki extracts:
Quote:
American Civil War and the Confederacy
A 2000 Southern Poverty Law Center "Intelligence Report" categorized the Institute as Neo-Confederate, "devoted to a radical libertarian view of government and economics."[27] In 2003, Lew Rockwell responded to criticism saying: "The Mises Institute recently came under fire from one of these watchdog groups that claims to oppose intolerance and hate. What was our offense? We have published revisionist accounts of the origins of the Civil War that demonstrate that the tariff bred more conflict between the South and the feds than slavery. For that, we were decried as a dangerous institutional proponent of 'neoconfederate' ideology. Why not just plain old Confederate ideology."[28

Climate change

Articles published by the Institute have expressed doubt of the scientific consensus on climate change, and have said that the promise of research grants, as opposed to scientific evidence, compels climatologists to endorse that consensus.[30][31]

Criticisms
In an article written on Institute Chairman's Lew Rockwell's website, Jacob Huebert observes that socially liberal libertarians have often accused the Mises Institute of racism. He calls the charges erroneous and argues that they might stem from the support of some Institute scholars for immigration restrictions, its support of secession, or its uncompromising stand on libertarian issues.[32]

In 2003, Chip Berlet of the Southern Poverty Law Center (SPLC) described the Mises Institute as "a major center promoting libertarian political theory and the Austrian School of free market economics", also noting Rothbard's opposition to child labor laws and the anti-immigrant views of other Institute scholars.[33] Heidi Beirich, also with the SPLC, describes the Institute as "a hard-right libertarian foundation".[34]

The Mises Institute's website describes its "Are You An Austrian?" quiz as testing an individual's economic reasoning.[38] The quiz was criticized by Arnold Kling, who wrote, "the 'Are you an Austrian?' quiz does not distinguish between knowledge of doctrine and belief in doctrine. To me, this is symptomatic of a sect, which focuses on doctrinal purity above all else. For a sect, to know is to believe, and to believe is to know."[39]


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 Post subject: Re: US. down down down
PostPosted: Mon Feb 02, 2015 9:50 pm 
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GDP might be growing but lot's of people are going backwards.

http://gawker.com/todays-news-gut-wrenc ... 1682611722
Quote:
A full 25% of jobs are considered "low wage," an increase of more than 4% in a single year. The American poverty rate stands at almost 15%, and one in eight workers is considered "underemployed."
Forty four percent of U.S. households—including one in four middle class households—do not have enough savings to tide them over for three months if they lose their income. More than half of U.S. consumers have credit scores considered subprime.
Fewer than two thirds of Americans own homes, a 20-year low. Fewer than half of workers have a retirement savings plan. Average annual income in 2013 fell below $50,000, a decline from the year before.
For non-white families, the story is even worse: compared to white households, they have less savings, worse credit scores, and are less likely to own homes, own businesses, or have a college degree.


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 Post subject: Re: US. down down down
PostPosted: Sat Feb 07, 2015 3:10 am 
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When you can't trust the media...

Brian Williams, NBC's headline anchor, is going down in flames for making stuff up. Here's a classic example. From 4.37 he begins a series falsehoods designed to embellish his reporting of Hurricane Katrina, there was no incident where a 'gang overran our hotel' and no dysentery outbreak. In other reports over the years he's claimed to have see a body floating from his hotel, also highly unlikely. Last week he apologized for misremembering that he was not actually aboard a helicopter that was shot out of the sky in Iraq, he was in another helicopter that was not shot at that arrived 30 minutes later. This will get much better as every scribbler in America pores over his every report to find more screamers.



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 Post subject: Re: US. down down down
PostPosted: Sun Apr 10, 2016 7:34 pm 
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America readies for housing bust 2.0

http://nypost.com/2016/04/09/team-obama-is-setting-us-up-for-another-housing-market-collapse/


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 Post subject: Re: US. down down down
PostPosted: Tue Apr 19, 2016 9:13 pm 
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Inis Man wrote:


NY post is a pretty sucky rag.

Housing might well be setting up for another implosion if the China money stops flowing in.


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 Post subject: Re: US. down down down
PostPosted: Tue Apr 19, 2016 9:24 pm 
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title of this thread pretty humorous in hindsight!

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 Post subject: Re: US. down down down
PostPosted: Tue May 03, 2016 6:23 pm 
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evilcart wrote:
Inis Man wrote:


NY post is a pretty sucky rag.

Housing might well be setting up for another implosion if the China money stops flowing in.



Prices in my area (seattle region) have blasted past long term local support. Where we are now requires increasing pay, pop and foreign money, restricted supply and of course rising stock market.

Remove any one or two of those and it may well implode. My town is now about 600-700k for a clean average site... no house of course, just a site...


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 Post subject: Re: US. down down down
PostPosted: Tue May 03, 2016 7:01 pm 
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evilcart wrote:
evilcart wrote:
Inis Man wrote:


NY post is a pretty sucky rag.

Housing might well be setting up for another implosion if the China money stops flowing in.



Prices in my area (seattle region) have blasted past long term local support. Where we are now requires increasing pay, pop and foreign money, restricted supply and of course rising stock market.

Remove any one or two of those and it may well implode. My town is now about 600-700k for a clean average site... no house of course, just a site...


Same story around here though real estate pros are sensing the top if not a crash. The run up has been insane and rents are astronomical currently.


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 Post subject: Re: US. down down down
PostPosted: Mon May 30, 2016 12:01 am 
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http://www.sbs.com.au/news/article/2016 ... e-comments

Quote:
Democrat Hillary Clinton, seeking to dampen Republican presidential candidate Donald Trump's growing appeal with working-class voters, has accused him of having cheered on the 2008 housing market crash.

Clinton's campaign released an ad with audio that the presumptive Republican nominee recorded in 2006 for his now-defunct Trump University venture. Trump, a billionaire real estate developer, in remarks on a "bubble burst," said: "I sort of hope that happens because then people like me would go in and buy" property and "make a lot of money."

Clinton's campaign and her surrogates used the recording to argue that she would take better care of the US economy.

Clinton is seeking to blunt the inroads that Trump has been making with voters in crucial states such as Florida and Ohio.

Trump defended his comments on Tuesday evening at a rally in Albuquerque, New Mexico, saying buying when the housing market was down showed smart deal making skills that he would bring to the White House.

"I'm a businessman, that's what I'm supposed to do," Trump said. "I feel badly for everybody. What am I going to do? I'm in business."



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 Post subject: Re: US. down down down
PostPosted: Tue Jul 05, 2016 9:21 pm 
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SF.. :x

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For future reference, a 'soft landing' theorem:
06/2007: Central Bank predicts soft landing for housing
http://www.independent.ie/business/iris ... 96858.html
It's all grand


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 Post subject: Re: US. down down down
PostPosted: Mon Jan 30, 2017 7:58 am 
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A $90 Billion Debt Wave Shows Cracks in U.S. Property Boom - -> https://www.bloomberg.com/news/articles ... state-boom

Quote:
A $90 billion wave of maturing commercial mortgages, leftover debt from the 2007 lending boom, is laying bare the weak links in the U.S. real estate market.

It’s getting harder for landlords who rely on borrowed cash to find new loans to pay off the old ones, leading to forecasts for higher delinquencies. Lenders have gotten choosier about which buildings they’ll fund, concerned about overheated prices for properties from hotels to shopping malls, and record values for office buildings in cities such as New York. Rising interest rates and regulatory constraints for banks also are increasing the odds that borrowers will come up short when it’s time to refinance.

“There are a lot more problem loans out there than people think,” said Ray Potter, founder of R3 Funding, a New York-based firm that arranges financing for landlords and investors. “We’re not going to see a huge crash, but there will be more losses than people are expecting.”

there is more


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