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2005 Apr 11, 5:00pm 171,315 views 117,730 comments
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No. They get a deal from the new employer who doesn't have to service the old debt, and they get a better deal from the liquidation sales themselves.
lol-yes, that's certainly what we're seeing right now. The unemployed are getting great deals, aren't they?
Seriously--why in the hell would you think that employees would get BETTER deals when the supply of unemployed labor is higher.
What we are seeing now is the result of half a decade of FED QE. In case you don't remember, and it certainly doesn't feel like it, the crash took place more than half a decade ago. We are allegedly in recovery for half a decade now. LOL. How is that FED pumped recovery that you advocated so much half a decade ago feeling to you now?
marcus
2014 Apr 30, 3:40am
I was thinking the same thing last Sunday when this was a big deal on the Sunday morning news/talk shows. Nobody even dared to make that comment (which is what I was thinking), that is...
It was a private conversation. So the guy is provably a douchebag. But you're using a conversation his girlfriend taped to prove it ? Wtf ?
I had the same feeling when there was all the talk about Clinton getting a sexual favors from an intern. So ? It's his private business. I'm not supposed to know that!
Same thing here. All I can think is that it's because of the irony that he owns an NBA team and made those remarks.
Is it a slow news time? Or is it that there's other news are they trying to move out of the headlines.
Is this meant to distract us from what's happening in the Ukraine ? Which happens to also be somewhat less our business than we want to make it.
Are you so ignorant as not to realize that the stock market dropped more than 50% during the crash? SPX was in the 1500's near its peak in 2007, dropping to 666 at the bottom in early 2009.
Are you so ignorant to try to compare the percentage drop of value (and an index of value at that, not absolute value. Does the weight of AAPL in the S&P 500 equal the weight of value of AAPL in the overall corporate marketplace?) with the percentage drop of wages?
Supply of unemployed labor is higher. But, you're correct that I should have stated it as you say.
I only say it my way because employers are not limited to hiring only unemployed workers.
Seriously--why in the hell would you think that employees would get BETTER deals when the supply of unemployed labor is higher.
It wasn't just I thought they would. They actually did! Because market prices for everything else dropped even faster than wage decline: gasoline went from $4/gallon in 2007 and early 2008 to nearly $2/gallon at bottom in 2009. Median house prices went from near $300k to below $200k.
New employers with reduced debt load would be able to bid up wages more, not necessarily in nominal terms but certainly in purchasing power parity terms.
Are you so ignorant as not to realize that the stock market dropped more than 50% during the crash? SPX was in the 1500's near its peak in 2007, dropping to 666 at the bottom in early 2009.
Are you so ignorant to try to compare the percentage drop of value (and an index of value at that, not absolute value. Does the weight of AAPL in the S&P 500 equal the weight of value of AAPL in the overall corporate marketplace?) with the percentage drop of wages?
What do you mean by "weight of value of AAPL in the overall corporate market place"? Do you just invent stuff on the fly? Market capitalization is what it is.
I don't believe it was taped illegally. According to:
http://thecolbertreport.cc.com/videos/jfz395/donald-sterling-s-racist-comments
(6 minutes, worth the watch) ... Sterling not only knew he was being recorded, but told her to record him because he couldn't always remember what he said. I assume that this is the source for that:
http://www.tmz.com/2014/04/27/donald-sterling-racist-audio-v-stiviano-recorded-clippers/
A fuller version of the audio is here, fwiw:
http://deadspin.com/exclusive-the-extended-donald-sterling-tape-1568291249
FortWayne
2014 Apr 30, 3:52am
That's not even remotely true
You don't understand tips then.
I understand tips just fine. I think it's you who is missing the point.
tatupu70
2014 Apr 30, 4:01am
It wasn't just I thought they would. They actually did! Because market prices for everything else dropped even faster than wage decline: gasoline went from $4/gallon in 2007 and early 2008 to nearly $2/gallon at bottom in 2009. Median house prices went from near $300k to below $200k.
New employers with reduced debt load would be able to bid up wages more, not necessarily in nominal terms but certainly in purchasing power parity terms.
No, they didn't! When you are umemployed, it really doesn't matter if gas prices went down by $0.50/gallon now, does it?
New employers pay the market rate for labor. That rate is set by supply and demand. And when demand is down, as control point rightly stated, price will go down as well.
John Bailo
2014 Apr 30, 4:01am
Why does pro-sports have "owners"?
Why isn't it run like a corporation where everyone is an employee of the NFL, NBA, NHL, MLB or a subcontractor or vendor?
The law may guarantee FREEDOM from punishment based on beliefs, but society does not. Frankly, I'm willing to look the other way and let the mob have it's way. Let Karma Justice prevail.
By the way, would you vote for a President if something like this came out?
Most people on the left claim Lincoln as the "greatest President," yet he believed that blacks were intellectually inferior, the two races should not mix, and blacks should be shipped back to Africa. Compared to him, Sterling, born 80+ years ago, or half way back to the Civil War era, is practically a saint! Sterling not only was dating a black girl, but was recorded on tape saying he wouldn't mind even sharing his girl with black athletes!. He just preferred not to have that fact come out as a public spectacle via her Instagram pictures.
What do you mean by "weight of value of AAPL in the overall corporate market place"? Do you just invent stuff on the fly? Market capitalization is what it is.
Is the weight of AAPL in the S&P 500 equal to the weight of AAPL's market cap in the overall market cap of the country? Even just talking about the stock market - the S&P 500 is not the entire stock market, after all.
The current market cap of the S&P 500 is about 16.8 trillion. Current outstanding US treasuries held by the public is 12.4 Trillion. The S&P fell 50%+. The market value of treasuries didn't fall anywhere near 50%. Someone owns those debt instruments, and they add to that entities net worth.
All of this is to say that comparing the percentage drop in value of a partial segment of the country to income is useless. Especially in the middle of an enormous deleveraging event. Incomes are not leveraged, market caps are.
Strategist
2014 Apr 30, 4:08am
The law may guarantee FREEDOM from punishment based on beliefs, but society does not. Frankly, I'm willing to look the other way and let the mob have it's way. Let Karma Justice prevail.
By the way, would you vote for a President if something like this came out?
Most people on the left claim Lincoln as the "greatest President," yet he believed that blacks were intellectually inferior, the two races should not be mixed, and blacks should be shipped back to Africa. Compared to him, Sterling, born 80 years ago, or dating half way back to the Civil War, is practically a saint! Sterling not only was dating a black girl, but was recorded on tape saying he wouldn't mind even sharing his girl with black athlete!. He just preferred not to have that fact come out as a public spectacle.
If Lincoln, with those views was to run for President today, he would lose in a landslide.
Ironically, Sterling, if he was to run for President 200 years ago could win as it was OK to sleep with black women as long as you did not like Blacks.
If Lincoln, with those views was to run for President today, he would lose in a landslide.
Ironically, Sterling, if he was to run for President 200 years ago could win as it was OK to sleep with black women as long as you did not like Blacks.
He likes blacks, and said so clearly in her recording. He was dating a black women, not just using her like a slave. He was accommodating her free will to such a wide extent that he was recorded on tape by her as saying she could sleep around all she wanted (just don't cause a public spectacle and embarrass him). That's not how slave masters treated slaves, black or white. Heck, most husbands today would not even allow their wives to do that.
New Renter
2014 Apr 30, 4:12am
When you are umemployed, it really doesn't matter if gas prices went down by $0.50/gallon now, does it?
Gas prices went down a lot more than $0.50 gallon and yes it does make a difference.
make a difference. tatupu70 says
That rate is set by supply and demand. And when demand is down, as control point rightly stated, price will go down as well.
And collusion, lets not forget that:
John Bailo
2014 Apr 30, 4:13am
Isn't what you are describing more natural than "eternal wealth" (without effort).
In nature, everything you take possession of must be fought for, on a daily basis.
A Homesteader, living life on the Plains had to defend his acreage.
A tribe must defend its grazing and planting rights.
Just as earning requires labor -- by brain or muscle -- so too, the holding of wealth requires additional labor.
Does it make sense that someone who developed a 1980s technology is still rewarded even though he has not participated in any innovation since then and may have tried to suppress new technologies?
Sterling was a Democrat but otherwise the point is well taken.
I don't know the NBA franchise rules, but since we have property rights, I wonder if they can take his property and fine him.
The odd thing was I can't find the tape where he said something racist.
A list of possible racist comments would be: "blacks are lazy" "blacks are dirty and smelly" "blacks have low credit scores" "blacks can't swim" "blacks are bad drivers" "blacks are ugly" "blacks are inferior" "blacks are dumb" etc.
Sterling bought the team for $12 million or so, if he sells it he'll make almost $1 billion.
The other absurd thing I heard was he cannot attend any games as a fan? What the hell is this? If he pays the admission they have to let him in.
I think one of the oddest was Lew Alcindor (Kareem Jabbar) commenting about Sterling's racism. Really, a black muslim convert wants to make a statement about hate?
Or that lying sack of shit Sharpton getting into the act?
I suspect that the bimbo/girlfriend/hooker chick had some other motive, maybe it was all deliberate so that Magic could get a team.
If I were a billionaire I TOO would object to my "girlfriend" posing with Magic Johnson, he's admitted to fucking about 10,000 girls and catching AIDS from it. I think it's reasonable to ask your "girlfriend" to not pose with sex addicts.
tatupu70
2014 Apr 30, 4:17am
2) What happened to the 1st amendment and Freedom of Speech?? When someone gets "hammered" for voicing his personal beliefs, this country has gone WAYYYYYY too far...
Nothing--Sterling is not being arrested. He is being punished by his employer for making comments that hurt the business. Companies fire people all the time for similar actions by their officers.
We can quibble about whether the NBA is really his employer, but that's basically what this boils down to. The NBA is losing sponsorship and that can't happen.
I was strolling west cliff drive yesterday afternoon, saw some whales, checked out this little house for sale. My friend grabbed the flyer.
950 West Cliff Drive, Santa Cruz CA $3.2 million
3 bd, 3.5 baths, etc.
It was sold in 2002 for $1.6 million.
Some Netflix or similar employee with stock options will probably buy it, but it was interesting to see.
1 bd condos just a few hundred feet away were $500K but who knows what the monthy fees are?
Lotta whales out.
2) What happened to the 1st amendment and Freedom of Speech?? When someone gets "hammered" for voicing his personal beliefs, this country has gone WAYYYYYY too far...
Nothing--Sterling is not being arrested. He is being punished by his employer for making comments that hurt the business. Companies fire people all the time for similar actions by their officers.
We can quibble about whether the NBA is really his employer, but that's basically what this boils down to. The NBA is losing sponsorship and that can't happen.
NBA is not his employer. He has a franchise. NBA has no right to force him into selling or taking away his team.
The guy was upset at his girlfriend making a spectacle of his accommodating policies regarding who she could fuck with behind his back. More importantly, he was probably set up by Milken and Johnson, who want to buy LA sports teams and raise cable TV rate on sports events (like they did after buying LA Dodgers). What kind of girlfriend would have 100+ hours of illegal taping of their boyfriends conversation while calling him honey-this honey-that?
NBA is not his employer. He has a franchise. NBA has no right to force him
into selling or taking away his team.
Sure they do. No owner is bigger than the league. The NBA decided that he was a detriment to the league and they have every right to protect it from the damage that would be caused not just by bad PR, but by likely loss of fans who attend and watch games as well as sponsor loss.
No they do not. Read the NBA constitution. Unilateral expulsion is not in the contract. It's basic contract law.
Sterling was probably set up by Milken and Johnson, who want to buy LA sports teams and raise cable TV rate on sports events (like they did after buying LA Dodgers). What kind of girlfriend would have 100+ hours of illegal taping of their boyfriends conversation while calling him honey-this honey-that? She obviously taped and steered the conversation.
If you want your cable TV rates go up, go cheer the race-baiting mob.
Strategist
2014 Apr 30, 4:31am
NBA is not his employer. He has a franchise. NBA has no right to force him
into selling or taking away his team.
Sure they do. No owner is bigger than the league. The NBA decided that he was a detriment to the league and they have every right to protect it from the damage that would be caused not just by bad PR, but by likely loss of fans who attend and watch games as well as sponsor loss.
No they do not. Read the NBA constitution. Unilateral expulsion is not in the contract. It's basic contract law.
If 75% of the owners want home to sell, he has to sell.
Those are the rules.
Sterling was probably set up
Even if he was set up which is not out of the realm of possibilities what he said was still repugnant and damaging to the league and he must take responsibility and accept consequences for it.
tatupu70
2014 Apr 30, 4:34am
Bull run stock markets produce the inequality that you guys decry so much.
Yep.
Nope.
tatupu70
2014 Apr 30, 4:35am
Gas prices went down a lot more than $0.50 gallon and yes it does make a difference.
make a difference.
If you've got nothing, somethign that costs $1.00 looks the same as something that costs $100.00
Sterling was probably set up
Even if he was set up which is not out of the realm of possibilities what he said was still repugnant and damaging to the league and he must take responsibility and accept consequences for it.
He did not use the N-word anywhere in the recording. He hardly even made any sweeping statements about blacks besides implying that the black athletes hanging out with his girlfriend had reputation for bedding women (Magic Johnson claimed to have fucked 10,000+ women himself). All Sterling said was acknowledging social prejudices exist, and it is beyond his ability to change that prejudice. He even said he loves blacks (that was about the only general statement regarding blacks; is that ground for racist charge? Do you love/like blacks?). He did not use any racial slur. If anyone ever said anything like that or worse have to be escorted out of the stadium, do you think an NBA game would have many people left in the audience or on the court?
RWSGFY
2014 Apr 30, 4:39am
It was a private conversation. So the guy is provably a douchebag. But you're using a conversation his girlfriend taped to prove it ? Wtf ?
I had the same feeling when there was all the talk about Clinton getting a sexual favors from an intern. So ? It's his private business.
Getting one's dick sucked (literally) in Oval Office (literally) is not 'private business'. Should've done that in some motel room or in the back seat of his/hers private car. As a job creator I don't approve such activities of my employees in the office space I provide for them to perform their work duties.
New Renter
2014 Apr 30, 4:40am
Bull run stock markets produce the inequality that you guys decry so much.
Yep.
Nope.
Yep
Only people with excess money (e.g. rich) own stocks. People living paycheck to paycheck (e.g. poor) do not own stocks.
As I showed earlier the labor force participation rate is still dropping despite the bull market exacerbating the inequality further.
New Renter
2014 Apr 30, 4:42am
Gas prices went down a lot more than $0.50 gallon and yes it does make a difference.
make a difference.
If you've got nothing, somethign that costs $1.00 looks the same as something that costs $100.00
But if you have a dollar you can buy that something but if its $100 you can't.
Sterling was probably set up
Even if he was set up which is not out of the realm of possibilities what he said was still repugnant and damaging to the league and he must take responsibility and accept consequences for it.
He did not use the N-word anywhere in the recording. He hardly even make sweeping statements on blacks. All he said was acknowledging social prejudice against blacks, and it is beyond his ability to change that prejudice. He even said he loves blacks. He did not use any racial slur. If anyone ever said anything like that or worse have to be escorted out of the stadium, do you think an NBA game would have many people left in the audience or on the court?
He mentioned how he didn't want his chick to bring them to the games and pose with them on instagram and mentioned several times why she "really had to do that?" He also basically conveyed that in the "culture" that he is part of associating with black people brings negative attention and stated how in israel black jews are treated like dogs vs white jews "150%" and again referenced that "we live in the culture." Sports is supposed to be bringing people together (well uness one is a fan of st petersbugh zenith soccer team lol) and what he said is extremely divisive when heard by general public and does not go along with a society that's supposed to strive for absence of racism or post-racial society.
He mentioned how he didn't want his chick to bring them to the games and pose with them on instagram and mentioned several times why she "really had to do that?" He also basically conveyed that in the "culture" that he is part of associating with black people brings negative attention and stated how in israel black jews are treated like dogs vs white jews "150%" and again referenced that "we live in the culture." Sports is supposed to be bringing people together (well uness one is a fan of st petersbugh zenith soccer team lol) and what he said is extremely divisive when heard by general public and does not go along with a society that's supposed to strive for absence of racism or post-racial society.
Did you miss the part that his girlfriend IS black? Can you bring people of two different races closer together than genital contact and/or oral-genital contact / over-lapping?
He was also recorded on her tape as saying she could sleep with the black athletes all she wanted; i.e. he was willing to share his girl with black athletes. How about that for inclusiveness? and open-mindedness?
He just did not wish that fact to be known in public and be embarrassed among his other friends and business associates. How is a man not wishing to be known as cuckled and made a public spectacle of suddenly a racist?
You liberals don't know too many foreigners or minorities do you?
Want to find out how they think? It may take some effort to move among them depending on your location and other factors.
I know some of American minority people, and they generally attribute the "social injustice" of "income inequality" to white males. They are racist but it's not that terrible. They actually believe that there are fat white guys in suits smoking cigars planning to ruin them somehow.
Foreigners are different, they see things not through the lens of American guilt over slavery. They have some racist tendencies but we call it a cultural trait if it's a Japanese or Chinese or Korean or Mexican, he gets a pass.
What mystifies me is when someone who is American and financially secure actually has such a muddled brain as to attribute racism to everyone who doesn't share their political beliefs.
bubblesitter
2014 Apr 30, 5:05am
I was strolling west cliff drive yesterday afternoon, saw some whales, checked out this little house for sale. My friend grabbed the flyer.
950 West Cliff Drive, Santa Cruz CA $3.2 million
3 bd, 3.5 baths, etc.
It was sold in 2002 for $1.6 million.
Some Netflix or similar employee with stock options will probably buy it, but it was interesting to see.
1 bd condos just a few hundred feet away were $500K but who knows what the monthy fees are?
Lotta whales out.
Tried to sell since 2010. It'd probably sell as long as investors don't see any hope of return anywhere else.
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