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2005 Apr 11, 5:00pm 168,923 views 117,730 comments
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tatupu70
2014 Mar 24, 9:40am
So, apparently, many houses AREN'T bought for CASH.....
For those posters who aren't clear what a strawman argument is--the above is a textbook example.
Bellingham Bill
2014 Mar 24, 11:56am
what used to be whackaloon "Texas Oil Millionaires" are "Texas Oil Billionaires" now, and they're not so few in number, either.
Should any political party attempt to abolish social security, unemployment insurance, and eliminate labor laws and farm programs, you would not hear of that party again in our political history. There is a tiny splinter group, of course, that believes you can do these things. Among them are H. L. Hunt (you possibly know his background), a few other Texas oil millionaires, and an occasional politician or business man from other areas.Their number is negligible and they are stupid.
Strategist
2014 Mar 24, 12:00pm
#14 One survey found that 51 percent of all Americans agree with this statement: "it is necessary to give up some civil liberties in order to make the country safe from terrorism."
I would have thought this one would be a lot higher than 51%.
Safety First.
darlag
2014 Mar 24, 2:00pm
Even if there weren't such a thing as Austrian Economic theory, the argument against Keynesian economic theory would be more than valid. Let's see... "Borrow and spend" or "Save and produce"? I just posted an argument against 'borrow and spend'. I acknowledge that bubbles are a phenomenon of both theories. But which theory produces the least damaging affect on socio-economic extremes?
Tenpoundbass
2014 Mar 24, 2:54pm
#15 Close to one-third of all Americans would be willing to submit to a "TSA body cavity search" in order to fly.
#16 65 percent of Americans are dissatisfied "with the U.S. system of government and its effectiveness". That is the highest level of dissatisfaction that Gallup has ever recorded.
Wait a minute, we're fed up with them but we don't mind it when they shove a cold finger up our Ass?
Tenpoundbass
2014 Mar 24, 3:05pm
#19 According to a survey conducted by the National Geographic Society, only 37 percent of all Americans in the 18 to 24-year-old age range can find the nation of Iraq on a map.
What does that even mean, or demonstrate.
I've never got the statistic that people put forth, that being able to find anyplace on the map is supposed to be some moniker of intelligence. First of all, I have to question how the conclusion was drawn. I mean there are so many variables. Was this a big Wall map, was it labeled with proper captions and borders, or was it just a ink spot silhouette of the world map and people were asked to find countries. I mean I've looked at a map of the middle east a million times, and the best I can do, is point to the geographic location that I suspect I remember the country being.
Many people get used to associating the countries on a map by scanning until their eye hits the caption they are looking for.
I would be hard press to point out correctly the exact location of every state in the US and land my finger with in the imaginary border of every state I pointed to. If that's the test. I have always found that sort of information fruitless and pointless so I don't commit it memory. It's not like I'm a navigator, or will be flying over the earth at such a distance, I have to choose where I think the correct state would be.
Vicente
2014 Mar 24, 3:24pm
Sociopaths in business believe in only the carrot and not the stick when it comes to themselves. So there is never a penalty assigned for non compliance.
Sticks are reserved for the lowest-paid workers, who should be beaten with them and threatened with firing at every turn.
The point is, it doesn't matter that the dollar was 95% weaker, because people got ~6500% more of them while prices "only" rose ~2000%. That's a big fat gain - and most of those gains happened between 1938-1978, the high point of evil Big Gubermint New Deal Socialism.
300% real growth over 100 years is about 1% real growth annually, a much lower rate than the 2% annual real growth under gold standard. How much cumulative real growth would there have been if the 2% annual real growth had kept in place? 720%. The annual median household income would be about $120k in today's dollars instead of the $50k that we have.
The weakening dollar is a red herring, and even with PM-based currency, there is not enough gold in the world to back it up, so you'll have paper anyway.
The only difference is that the Gold and Silver will accrue to the top .5% and everybody else will have wholly or almost wholly, paper.
Complete nonsense. the people who were forced to line up to hand in their gold were not the top 0.5%. In a gold standard system, storing large quantities of gold would actually incurr storage cost that is not offset by fiat monetary inflation, so there would be less incentive to store large quantities of gold in a central location as investment. The average households would have near-zero storage cost for small quantities of gold.
Sounds like they're anticipating a real hot spring real estate market ... why else would you fire 22,000 mortgage workers in one pop ?
smaulgld
2014 Mar 25, 12:56am
Because there's a Housing Recovery going on..... Didn't you get the memo???
everyday twenty times a day
New home sales are down too- part of the recovery
Strategist
2014 Mar 25, 1:03am
#15 Close to one-third of all Americans would be willing to submit to a "TSA body cavity search" in order to fly.
#16 65 percent of Americans are dissatisfied "with the U.S. system of government and its effectiveness". That is the highest level of dissatisfaction that Gallup has ever recorded.
Wait a minute, we're fed up with them but we don't mind it when they shove a cold finger up our Ass?
If the alternative is crashing into a skyscraper, I wouldn't mind a whole hand getting shoved up my ass.
FortWayne
2014 Mar 25, 1:04am
Sociopaths in business believe in only the carrot and not the stick when it comes to themselves. So there is never a penalty assigned for non compliance.
Sticks are reserved for the lowest-paid workers, who should be beaten with them and threatened with firing at every turn.
Years go by and beating working class into poverty has never lost steam. That train is never late.
Strategist
2014 Mar 25, 1:05am
#19 According to a survey conducted by the National Geographic Society, only 37 percent of all Americans in the 18 to 24-year-old age range can find the nation of Iraq on a map.
What does that even mean, or demonstrate.
My guess would be that Iraq has a little bit more history related to it versus other countries in that area.... Half the population is still bitching that we went there, so you would think the Millennials would be able to find it on a map....
Apparently not....
37% of the population is just plain stupid. Without a GPS they couldn't find their way home.
Strategist
2014 Mar 25, 1:57am
If housing does not pick up this spring, we will see another round of QE to boost housing. Either way, housing will boom.
Strategist
2014 Mar 25, 1:58am
If the alternative is crashing into a skyscraper, I wouldn't mind a whole hand getting shoved up my ass.
Ahhh... since you drive a Prius, we now know your "preferences"... I hope your wife doesn't find out....
She might say I deserve it.
tatupu70
2014 Mar 25, 1:59am
I don't mean to crash your doom and gloom party, but all this means is that the refinance boom is over.
Strategist
2014 Mar 25, 2:16am
If housing does not pick up this spring, we will see another round of QE to boost housing. Either way, housing will boom.
Nope. The QE train is over. That's what the China Russia threat of direct trade agreement was about. They are threatening to end the petrodollar, worthless paper trade with the US unless we work to normalize our economy.
Also, fed knows QE is losing its power and if another recession hits they have no ammo.
Read about the Suez Crisis and how it accelerated the end of British Imperialism. History is your guide.
It's the other way round. The purpose of QE is to prevent depressions/recessions and bring things back to normal. The Feds still have the power to reduce rates to record lows again, and along with easier loan access it should work.
Strategist
2014 Mar 25, 2:37am
If the alternative is crashing into a skyscraper, I wouldn't mind a whole hand getting shoved up my ass.
Ahhh... since you drive a Prius, we now know your "preferences"... I hope your wife doesn't find out....
She might say I deserve it.
You might deserve it if you REALLY think having a whole hand shoved up your ass by the TSA is making you "safer"....
It's a sacrifice I make to save the lives of others and this is the thanks I get.
I should be allowed 2 votes during elections.
Strategist
2014 Mar 25, 2:43am
It's the other way round. The purpose of QE is to prevent depressions/recessions and bring things back to normal. The Feds still have the power to reduce rates to record lows again, and along with easier loan access it should work.
The gravy train slowing down. Its been running for 6 years and the results are disappointing at best. The low rates are distorting global markets and creating instability around the world via carry trade. QE is slowing down and will eventually go away and the FED has already publicly stated as much. The alternative is an eventual currency crisis and snowballing political crises (just look at Crimea). Choices are rarely between good and bad, more frequently it's choosing between bad and worse.
I like your last sentence.
Wouldn't a depression be worse, and more QE bad?
Just imagine the distortions that would take place if the worlds largest economy went into a depression. Everyone would start blaming Obama and the Feds for not proceeding with further QE's.
A depression is the worst case scenario, and we must not let it happen regardless of cost.
tatupu70
2014 Mar 25, 2:48am
I don't mean to crash your doom and gloom party, but all this means is that the refinance boom is over.
Oh Boy.... More drive by, useless - hit and run comments by you...
*
lol. CIC typically clueless.
http://www.mortgagenewsdaily.com/data/mortgageapplications.aspx
Take a look at the above link. Purchase apps are down 18% YOY, while refinance apps are down 66% YOY. Which one do you think is causing the majority of the layoffs?
It's not that housing can't crash, it's that they won't let it. Big difference.
Strategist
2014 Mar 25, 2:52am
I like your last sentence.
Wouldn't a depression be worse, and more QE bad?
Just imagine the distortions that would take place if the worlds largest economy went into a depression. Everyone would start blaming Obama and the Feds for not proceeding with further QE's.
A depression is the worst case scenario, and we must not let it happen regardless of cost.
Currency crisis will destroy the petrodollar, destroy United States influence in the world, and unleash global instability with military conflict in various parts of the world. Removing QE is a much better choice.
We won't have a currency crisis because other countries will be even worse off. If anything the dollar will appreciate.
It's not that housing can't crash, it's that they won't let it. Big difference.
I agree. It will be a managed drop. That's why Yellen is talking out of four sides of her mouth.
It won't even drop at all.
Americans are very proud of their equity. Take that away, and they have nothing to feel good about.
There are only two ways to kick-start another American revolution: Close Wal-Mart, and let housing prices drop to where they should be.
The Government isn't stupid.
Strategist
2014 Mar 25, 3:00am
We won't have a currency crisis because other countries will be even worse off. If anything the dollar will appreciate.
That is predicated on the illusion of US dollar stability (petrodollar supremacy). Even the thought of people questioning this arrangement scares the crap out of central bankers... which is why they are moving doing things now. They can't even let this idea enter people's minds...
The dollar and America are a safe haven, and that is not changing any time soon.
tatupu70
2014 Mar 25, 3:02am
Refinancing is the only reason people submit applications...
And that would be another fine example of a strawman argument.
Not only am I not arguing that refinancing is the ONLY reason people submit applications, I posted a link to a source that details EXACTLY how may purchase applications and refinance applications were started.
My only conclusion is that you know you are wrong and your only recourse is to use a logical fallacy to distract from your cluelessness.
#15 Close to one-third of all Americans would be willing to submit to a "TSA
body cavity search" in order to fly.
#16 65 percent of Americans are dissatisfied "with the U.S. system of
government and its effectiveness". That is the highest level of dissatisfaction
that Gallup has ever recorded.
Wait a minute, we're fed up with them but we don't mind it when they shove a
cold finger up our Ass?
Wait, wait, take a look. One question has 1/3 or 33% answering (that it was okay). The other question had 65% answering (that they were dissatisfied). Obviously two different groups, and in many respects polar opposites of each other. The big question is what about the remaining 2% who are unaccounted for (when you total up these results)?
Strategist
2014 Mar 25, 3:27am
I don't mean to crash your doom and gloom party, but all this means is that the refinance boom is over.
Oh Boy.... More drive by, useless - hit and run comments by you...
*
lol. CIC typically clueless.
http://www.mortgagenewsdaily.com/data/mortgageapplications.aspx
Take a look at the above link. Purchase apps are down 18% YOY, while refinance apps are down 66% YOY. Which one do you think is causing the majority of the layoffs?
Don't forget the tens of thousands who were hired to deal with the foreclosure crisis, a crisis that has been resolved, and those workers are no longer needed.
Half the population is still bitching that we went there, so you would think
the Millennials would be able to find it on a map....
You callous man - you KNOW moveon.org didn't include it in any of the lies they spread, nor did the Huffington. So naturally, these folks don't know.
tatupu70
2014 Mar 25, 3:53am
Show me where I'm "wrong"....
You're wrong when you posted the purchase applications chart and that my "drive by" comment was useless.
People don't refinance to spend money on home improvements???
I'd imagine they do--what's your point?
The rest of the article talks about the number of people fired in the mortgage industry. Do you want to argue the numbers in the article??
Nope--that obviously wasn't my intention. The point is that the layoffs are due mainly to a drop in refinance activity.
Or, you just looking to continue your usual arguing with nothing based in facts....Typical asshole tactics by YOU....
Nope--I linked to and posted the facts already. Did you forget so soon?
tatupu70
2014 Mar 25, 5:06am
Your drive-by comment is useless, because if you did some research, you would see that purchase applications currently make up 43% of applications...
Nope-- I'm still correct. The fact that purchase applications now STILL only make up 43% of the total after refinance apps fell by a whopping 66% only strengthens my point.
If you read the OP, it didn't differenciate, it was pointing it out as a whole that a lot of mortgage workers were fired.... You wanted to go off tangent, for what ever reason you usually do....
Yep--the OP didn't differentiate. And you and marco went on to imply that these layoffs indicate the recovery was a sham. That's why I needed to point out that the layoffs are a reflection of the lack of refinancing, not the lack of purchasing.
The premise of the article is that the total housing market is off and not as healthy as some want to make it, resulting in tens of thousands of firings...
And that's not supported by a proper analysis of the data.
Bellingham Bill
2014 Mar 25, 5:10am
Keynesian is bullshit too since the business cycle is outdated in the age of computerization.
economic failures these a days are not "cyclical" but evidence of the unsustainable coming to a halt.
But the Austrian vs. Keynesian thing is a false dichotomy.
Both are bullshit. What we need is less wealth concentration and a reduction of the asymmetric flows from labor to capital (what Austrians cutely call 'savers'), but Austrians defend to their dying breath wealth concentration, that's what they were founded upon and that's where they get their money now.
The primary driver of inequality is the rents in land and health care. Each of these are $2T flows right out of the paycheck economy, although at least the latter does employ millions of people.
indigenous
2014 Mar 25, 5:15am
Austrians defend to their dying breath wealth concentration, that's what they were founded upon and that's where they get their money now.
Complete bullshit
The primary driver of inequality is the rents in land and health care. Each of these are $2T flows right out of the paycheck economy, although at least the latter does employ millions of people.
The cause has been stated many times on Pat.net, if you don't get it by now you never will.
smaulgld
2014 Mar 25, 5:24am
The dollar and America are a safe haven, and that is not changing any time soon.
China Busy Signing Currency Deals
http://www.forbes.com/sites/jackperkowski/2012/06/26/china-busy-signing-currency-deals/
The Petro Dollar -its origins:
rooemoore
2014 Mar 25, 5:29am
The cause has been stated many times on Pat.net, if you don't get it by now you never will.
Great. Now could you move on to stating a cure for cancer?
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