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Crewleader

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Gender: Female
Current location: Florida
Member since: 2001
Number of posts: 15,442

Journal Archives

The Increasing Irrelevance of Corporate Nationality by Robert Reich

The Increasing Irrelevance of Corporate Nationality

Monday, July 28, 2014

by Robert Reich


“You shouldn’t get to call yourself an American company only when you want a handout from the American taxpayers,” President Obama said Thursday.

He was referring to American corporations now busily acquiring foreign companies in order to become non-American, thereby reducing their U.S. tax bill.

But the President might as well have been talking about all large American multinationals.

Only about a fifth of IBM’s worldwide employees are American, for example, and only 40 percent of GE’s. Most of Caterpillar’s recent hires and investments have been made outside the US.

In fact, since 2000, almost every big American multinational corporation has created more jobs outside the United States than inside. If you add in their foreign sub-contractors, the foreign total is even higher.

http://robertreich.org/post/93122315065

You Can’t Taper a Ponzi Scheme by Ellen Brown

Weekend Edition July 25-27, 2014

Time to Reboot

You Can’t Taper a Ponzi Scheme

by Ellen Brown


One thing to be said for the women now heading the Federal Reserve and the IMF: compared to some of their predecessors, they are refreshingly honest. The Wall Street Journal reported on July 2nd:

Two of the world’s most powerful women of finance sat down for a lengthy discussion Wednesday on the future of monetary policy in a post-crisis world: U.S. Federal Reserve Chairwoman Janet Yellen and International Monetary Fund Managing Director Christine Lagarde. Before a veritable who’s-who in international economics packing the IMF’s largest conference hall, the two covered all the hottest topics in debate among the world’s central bankers, financiers and economists.

Among those hot topics was the runaway shadow banking system, defined by Investopedia as “The financial intermediaries involved in facilitating the creation of credit across the global financial system, but whose members are not subject to regulatory oversight. The shadow banking system also refers to unregulated activities by regulated institutions.” Examples given include hedge funds, derivatives and credit default swaps.

Conventional banks also engage in “shadow banking.” One way is by using their cash cushion as collateral in the repo market, where they can borrow to invest in the stock market and other speculative ventures. As explained by Bill Frezza in a January 2013 Huffington Post article titled “Too-Big-To-Fail Banks Gamble With Bernanke Bucks”:

http://www.counterpunch.org/2014/07/25/you-cant-taper-a-ponzi-scheme/

You're in My Thoughts and Prayers Peggy!




New home sales tumble in June at fastest rate in nearly a year

New home sales tumble in June at fastest rate in nearly a year

July 24, 2014





Sales of new U.S. single-family homes fell sharply in June and the prior month's data was revised to show less robust growth, suggesting the housing market would struggle to regain momentum.

The Commerce Department said on Thursday that sales dropped 8.1 percent, the largest decline since July 2013, to a seasonally adjusted annual rate of 406,000 units.

http://www.cnbc.com/id/101863962

1 in 6 homes still seriously underwater as home price growth slows

July 24, 2014


Trey Garrison

1 in 6 homes still seriously underwater as home price growth slows


Down 26% from 2013, but decline slowed with slowing price gains




Markets with the most negative equity

States with the highest percentage of residential properties seriously underwater in the second quarter were Nevada (32%), Florida (30%), Illinois (30%), Rhode Island (29%) and Michigan (27%).

Major metropolitan statistical areas (population 500,000 or more) with the highest percentage of residential properties seriously underwater were Lakeland, Fla (37%), Las Vegas (35%), Cleveland (35%), Palm Bay-Melbourne-Titusville, Fla (32%), Chicago (30%), Cape Coral-Fort Meyers, Fla (30%), and New Haven-Milford, CT (30%).

Markets with the most resurfacing equity

http://www.housingwire.com/articles/30765-in-6-homes-still-seriously-underwater-as-home-price-growth-slows?page=2

Photo of the Day



July 24, 2014
Family Time at Gombe


Photograph by Anup Shah and Fiona Rogers, National Geographic

The oldest chimp in Gombe and undisputed matriarch of the S family, Sparrow, a 56-year-old female (second from the right, looking up) and two generations of offspring enjoy a tight-knit grooming session. “Sparrow is a tough old bird,” observes Carson Murray, who followed her for several seasons. “She raises strong, competent daughters,” Murray says, “but her sons are mama’s boys.”



http://photography.nationalgeographic.com/photography/photo-of-the-day/

Dr. Housing Bubble 07/24/14

The drought of young California home buyers: Unaffordable housing reigns supreme as first time home buyers squeezed out of market. Of 7,000,000 completed foreclosures since 2005, 1 million occurred in California.

It is safe to say that the momentum of 2013 has fizzled out in the housing market. Sales are down and prices are reaching a plateau. Part of this has come from the slowdown of investors purchasing homes in the state. An interesting end of the year study by the California Association of Realtors (CAR) found that 82 percent of investors that bought in 2013 had the intention of turning the home into a rental. The other 18 percent were giving the old flipper lottery a try. This helps to explain why inventory continues to remain lowbecause in more typical markets, a person selling the home would usually also buy another home in the ragtime favorite trend of property laddering your way into a bigger home. In other words, two transactions with one move. Today, you have many investors buying foreclosures from banks with a one and done deal (buy the home from bank and then put it on the market for rent). Yet from contacts in the housing industry, the lack of first time home buyers is dramatic. In 2013 the argument was that pent up demand for young buyers was going to give housing another dramatic run higher. In reality, 2013 gave us a massive run from investors and with them slowly pulling back, the market is already entering into a tipping point. Flippers buy for appreciation so what happens when prices stagnant or turn lower which is typical in these boom and bust cycles? In reality, first time buyers are absent because they can’t afford to buy in California.

First time buyers pushed out

http://www.doctorhousingbubble.com/young-california-home-buyers-drought-total-california-foreclosure-count/

The Hedge Funds And Cash Buyers Have Gone

The Hedge Funds And Cash Buyers Have Gone

The Housing Bubble

July 23, 2014


The Miami News Times reports from Florida. “It’s not exactly a secret that Miami’s latest unhinged condo boom is being fueled by foreign money, but the exact number of new residential units being bought in downtown by those from abroad is eye-popping. According to a not-yet-released report from consulting firm Integra Realty Resources for the Miami Downtown Development Authority that was obtained early by the Wall Street Journal, ‘90 percent of the buyers of new residential units are from abroad.’”

The Miami Herald. “Sales of existing condos have slumped for three months in a row in Miami-Dade, and prices have moderated in 2014 after years of torrid gains, according to the Miami Association of Realtors. Cash purchases — which often signal investor deals — have been on the decline. ‘We’ve seen a real slowdown in buyer activity in the past few months,’ said Mark Zilbert,CEO of Zilbert International Realty in Miami Beach, whose firm focuses on higher-end coastal properties.”

“The median period of time to sell a condo has increased to 61 days from 44 a year ago, and listings are fetching 94.5 percent of original asking price on average, down from 96.9 percent a year ago, the Miami Realtors said. ‘I don’t think there is anything to worry about at the moment,” said Francisco Angulo, who is residential president of Miami Realtors. ‘Wall Street goes up and down. We shouldn’t be panicky.” A bit of stabilization after the protracted run-up in prices is ‘healthy,’ said Angulo.”

“The spurt in condo construction is providing stiff competition for the existing inventory, Realtors say. And a lot more unit owners have put their condos on the market to take advantage of the price increases. The supply of existing condos swelled 34.4 percent to 10,967 units — a 7.8-month supply. Zilbert said among higher-end coastal condos, there is 12 to 14 months’ supply of inventory.”

http://thehousingbubbleblog.com/?p=8508

TRUCKER'S BREAKFAST

A trucker came into a Truck Stop Cafe' and placed his order.



He said I want three flat tires, a pair of headlights and a
pair of running boards.'



The brand new blonde waitress, not wanting to appear stupid,
went to the kitchen and said to the cook, 'This guy out there just ordered
three flat tires, a pair of headlights and a pair of running boards.
What does he think this place is, an auto parts store?'



'No,' the cook said. 'Three flat tires... mean three
pancakes; a pair of headlights... is two eggs sunny side up; and a pair of
running boards... are 2 slices of crisp bacon!



'Oh... OK!' said the blonde. She thought about it for a
moment and then spooned up a bowl of beans and gave it to the customer.



The trucker asked, 'What are the beans for, Blondie?'



I love this one...!)



She replied, 'I thought while you were waiting for the flat
tires, headlights and running boards, you might as well gas up!



FOR ONCE THE BLONDE GETS EVEN!!!!!

Toles on The Housing Recovery




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