patrick.net

Bellingham Bill says

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.

I don't think they do, as many closer to the Austrian camp were against the bailouts which would have reduced wealth disparity dramatically without any intervention and given all those who budgeted and invested prudently a fair chance at vertical mobility. I am sure some of the uber-wealthy welcomed the bailouts and now claim to be in the Austrian camp, but those are not the ones we are talking about.

Some of you doomsdayers are about five years late to the party. Look outside your window,,,,get with the program.

There is no avenue for another downturn,,,,no matter how much babbling you want to do about it. Every,friggin,day,,,,all.the.time

mell says

I am sure some of the uber-wealthy welcomed the bailouts and now claim to be in the Austrian camp

Huh, when Buffet or Immelt call themselves Austrians monkeys are going to ...

You ought to read what Stockman says about these guys, they are the antithesis of Austrian.

mell says

as many closer to the Austrian camp were against the bailouts which would have reduced wealth disparity dramatically without any intervention

more austrian dogma. Letting our $50T debt-based economy crater in 2008-2009 would have given us the 1930s, specifically the 1930-33 period of free fall cross-default that put half the economy out of work.

http://research.stlouisfed.org/fred2/series/TCMDO

and given all those who budgeted and invested prudently a fair chance at vertical mobility.

aka nobody

true austrians don't really care about labor, being 'savers', they have their assets to make money for them. Half the country out of work just means paying lower labor costs and being able to buy up more of the monopoly board from weaker hands

indigenous says

mell says

I am sure some of the uber-wealthy welcomed the bailouts and now claim to be in the Austrian camp

Huh, when Buffet or Immelt call themselves Austrians monkeys are going to ...

You ought to read what Stockman says about these guys, they are the antithesis of Austrian.

Agreed, unfortunately this distinction often gets lost in the noise.

jazz music says

It's all just a big misunderstanding you see .... blah blah blah .... we had no way of knowing ..... all the usual shite.

CEO when company makes record profits:
"We aggressively inspected our supply chain to identify potential effiencies and created more shareholder value. That's why I'm asking the board to double my options."

CEO when company faces video of slave labor that very same year:
"We had no idea that the suppliers of the basic commodity involved in our product creation was employing children and/or slaves."

mell says

unfortunately this distinction often gets lost in the noise.

I fail to see that, what am I missing?

Vicente says

Sticks are reserved for the lowest-paid workers, who should be beaten with them and threatened with firing at every turn.

Nobody ever checks to see if the C-Suite is walking away with company-paid pencils and steno pads. But god forbid the $9/hr customer service gal is found with a Acme Company pen in her purse...

indigenous says

mell says

unfortunately this distinction often gets lost in the noise.

I fail to see that, what am I missing?

People like to equate everybody who is rich with being Austrian, and the media often does not do their due diligence when people like Buffet or Immelt try to invoke the Austrian spirits when it suits them. Could be deliberately or just stupidity, or both. In any case there is no point in quoting De Tocqueville at modern day American Keynesians.. ;)

mell says

People like to equate everybody who is rich with being Austrian

I know of no one who equates being rich with being Austrian.

mell says

don't think they do, as many closer to the Austrian camp were against the bailouts which would have reduced wealth disparity dramatically without any intervention

That's completely incorrect. There would have been a very short term reduction followed by a much larger increase as the wealthy purchased assets at rock bottom prices.

Call it Crazy says

No your "drive by" is to quickly post your one-liners that aren't based in fact, reality or any other facet of life. It's normally just a cheap shot which makes you look small and insignificant... And doesn't add ANYTHING to the tread or discussion....

I think you need to take a step back and reassess your life. You're beginning to get a little creepy following me around and posting personal attacks. If you want to engage in a discussion about the topics at hand, please do. You seem to prefer to make all your posts about other posters and not the topic. Why is that?

Call it Crazy says

Ahhh, more "drive bys" without any data.... nice...

OK--is this better? Of the 10K people I've met, I've found zero correlation between wealth and economic theory.

tatupu70 says

mell says

don't think they do, as many closer to the Austrian camp were against the bailouts which would have reduced wealth disparity dramatically without any intervention

That's completely incorrect. There would have been a very short term reduction followed by a much larger increase as the wealthy purchased assets at rock bottom prices.

LOL - the data in 2008 clearly showed the trend - now you're making a completely blind assertion that it would have suddenly have reverted. Sure thing. Right, that is also the reason why the uber-wealthy almost unisono promoted and engineered the bailouts whereas the common working people rejected them.

mell says

LOL - the data in 2008 clearly showed the trend - now you're making a completely blind assertion that it would have suddenly have reverted

Sort of--I agree that we will never know what would have happened without government intervention, but I think it's hard to argue that wealthy folks wouldn't have scooped up assets at fire sale prices. Especially given what did happen w.r.t single family houses after the bubble popped.

mell says

whereas the common working people rejected them

bullshit. Just a lot of tea party demagoguing rousing the Birchers and anti-gummint loons among us.

nobody even knows what happened 2008-2009 -- Why, what, how. Who, maybe.

sbh says

Bellingham Bill says

Half the country out of work just means paying lower labor costs and being able to buy up more of the monopoly board from weaker hands

This is a fallacy because there is nothing to sell eventually. You don't want to own and maintain all of the monopoly board because depending on times and trends some enterprises will be profitable and some won't. Buying up "the world" is impossible, as 2008 clearly has shown (those who had bought up the most were screwed pre-bailouts).

Bellingham Bill says

bullshit. Just a lot of tea party demagoguing rousing the Birchers and anti-gummint loons among us.

You pick and choose as you see fit. Even the beloved mainstream media reported this, which doesn't mean they were right, but it certainly was not a fringe position.

Bellingham Bill says

nobody even knows what happened 2008-2009 -- Why, what, how. Who, maybe.

Another strong reason not to inject trillions of fiat credit on a whim and a bail out wealthy fuckers while letting the middle-class and future generations pay for it! Hey, we don't know what will happen, but let's print the shit out of that printing press anyways and fuck over our kids!

https://www.youtube.com/watch?v=wz-PtEJEaqY

sbh says

They will never, ever get over this wet dream having been stolen away. They remain infuriated to the point of tears. Think of all the wealth concentration that was thwarted. Goddammit! FDR redux! It could have been beautiful, just fucking beautiful: all the middle class, working class, laid low and destitute by that shining moment of collapse. YOU COULD HAVE BOUGHT IBM FOR $400,000.00! FUCK FUCK FUCK THEY RUINED AMERICA!!!!!

I belatedly realized this was the core of Karl Denninger & much Tea Party rage. They identify with this guy:

Their moment of coming out as Kings of the American Apocalyptic Wasteland were ruined, and the leather and assless chaps had to go back in the closet.

They believe that America NEEDS a cleansing fire, and that naturally they will triumph during this event. They clothe it in "good for everyone" words, but it's really all about their survivalist fantasies and personal wealth. I have a close relative with the same personality flaw. He rages about how SOFT everyone is now and how they couldn't survive any real crisis and he's prepared for Doomsday with guns & gold & survivalist skills. Of course his work and personal life is absolute shit, he apparently can't cope even in this "soft" world we live in, and it's pure fantasy.

Call it Crazy says

You pop into threads with your "drive bys", but offer NOTHING to the discussion or topics at hand

So, pointing out that the layoffs likely have little to do with the recovery, or lack thereof, but are instead related to the reduction in refinance activity added nothing? Showing that refinance activity is down 66% while purchase activity is down 18% is not providing data and adding to the discussion?

Call it Crazy says

Now, there's a strawman for sure, and TOTAL Bullshit... I'm always referencing graphs, charts, articles, links and other data in MY responses to threads... Plus, I start many threads for discussion purposes..

I still don't think you understand what a strawman argument is. Regardless, the vast majority of your replies to me are worthless personal attacks. You need to look in a mirror. Seriously

Call it Crazy says

That was all you posted... It wasn't until I called you out on your drive-by did you go "looking" for data to support your post...

See, there's the difference between you and me. If I'm going to "challenge" a claim, I bring the data, charts or whatever with me to the post.

I didn't think I was challenging any claims. I was simply pointing out an obvious flaw in your reasoning. I thought it was well understood that refinance activity had significantly dropped. From now on I won't underestimate your lack of knowledge.

Call it Crazy says

What do you bring to the table (besides "drive-bys")??? 18 threads in like 4-1/2 years, Really??? Try not to wear out your mouse with all the information you provide here!!!!

The ignore feature is one of Patnet's best innovations

smaulgld says

The ignore feature is one of Patnet's best innovations

Yep, has worked for me very well for few years.

sbh says

I disagree, and you're smart enough to realize that even if everything is "owned" by the few who were solvent enough to buy it all up at the bottom, the plan is always to sell it back to the great unwashed a little at a time. The assets that aren't profitable are nothing in relation to the everything else that is owned. During normal times, VC routinely handles high failure rates due to the success of its winners. There's no reason to think it would be any different had we let the "Austrian apocalyptic cleansing" run its course. There would have been death, I'll grant you that. And some people would be satisfied with nothing less. I still think I would have made out like a bandit (literally), but I wonder how many people I would have had to slaughter.

We have to disagree here ;) Interestingly in 2008 nobody touched anything not even with a 10 ft pole, when prices were so "fire-sale" that some maintain that even today's prices are still a "bargain". No rich vultures scooping up anything until the Fed created 500 point up days for the Dow and injected trillions of fiat credit with the promise to support housing at whatever costs necessary. That was like a giant start signal for people with cash and connection as well as huge investment firms that can use and abuse all the "support" programs much better than any individual to go on a buying frenzy (I admit I did the same relatively undifferentiated with stocks back then).

Vicente says

I belatedly realized this was the core of Karl Denninger & much Tea Party rage. They identify with this guy:

It's easy to make fun of "prepped" people, but there is absolutely no doubt that it is immensely useful to be able to do as many things yourself as possible.

It's something spoiled Americans can't deal with. Not buy our junky little desires? Why because some slave in China made it? But the slaves would be molested and beaten anyway, at least the corporation gives them a job, blah, blah, blah. Validation at all costs! We need our junk, we need it! It's our American right to fill our homes with useless throwaway crap.

I wonder what kind of validation the Southerners used in the civil war? Oh wait, there are articles and journals from that time period, and guess what validation thry used? Yes, they used almost the identical validation. There will always be elitists who validate evil. Let them eat cake! Whatever helps them sleep at night.

hrhjuliet says

BTW Mr. Wong, it doesn't make Nestlé justified because the country itself participates in unthinkable horrors.

na! its just easier to beat up on the white guy and call him
racists slaver and imperialist.

thunderlips11 says

CEO when company faces video of slave labor that very same year:

"We had no idea that the suppliers of the basic commodity involved in our product creation was employing children and/or slaves."

you can add these nations into the global economic trade or watch
them on TV as their people are starving and die.... simple ban all trade with
these nations and disallow products and services... see what happens !

Your Choice !

It's because he knows that if he starts enforcing it, the law will get instantly repealed with public outcry. So he just keeps kicking the can until enough people are in it, so that the rest of us suckers will have very little say left.

bgamall4 says

The TBTF banks have a bigger market share of deposits than ever.

The TBTFs were bankrupt. Whomever you suspect to be behind it, their means were the bailouts with massive injected fiat which goes against everything Libertarian or Austrian.

I was listening to a podcast that Smaulgld posted last night. The speaker on real estate 360 made the reasonable point that rates to spike up a little when the fed talks about a taper, but lately, they drift back down again over a few weeks. Maybe not back to where they started?

How many Mulligans is this now?

jojo says

Yes, the increased variability (volatility) of weather systems is a strong indication of Climate Change. Global weather patterns are a chaotic system in a steady state.

Woah! Liberals don't get to own the changing of the seasons or the extremes that they go. The inconvenient truth was, we were headed for a Global warming catastrophe. The Winters were getting warmer.

What happens when we get back to mild season patterns?

Liberals will hijack reality to make another nonsensical manufactured point.
Netflix will be full of Liberal climate themed Mild weather disaster flicks. With out fear, Liberals are worthless.

thomaswong.1986 says

you can add these nations into the global economic trade or watch

them on TV as their people are starving and die.... simple ban all trade with

these nations and disallow products and services... see what happens !

Your Choice !

That's a false choice, there are more options that are being simply ignored because they cost more, but are better for the working class.

jojo says

There is lots of information provided in this thread.

I have provide information as well.

...Enjoy!

Why not? What do they do really? I can look up homes online, and I can pay a small fee to have a lawyer or paralegal write my contract. What good are they? The only reason real estate agents survive is an extremely strong union; The National Association of Realtors.

I have to tell you, no one is doing it right. There is redfin which makes it a bit easier, but there isn't a real big player out there who makes this an easy simple process for a seller and a buyer to do FSBO.

If Patrick, or someone else, could come into this industry and change that they'll retire in riches, he'll I'd even invest money into that idea.

I agree we can buy and sell pretty much everything else ourselves without an agent. I used to laugh when people in the bay area would pay the realtor comission when you could put a sign out front and still get the same 10 offers on your own.

Call it Crazy says

It's just like why a third party hasn't been able to take hold in this
country... The "sheep" are too pre-programmed to think there is ONLY two
teams... The Red team and Blue team (which are really the same in the
end)....

Jesse Ventura says some crazy things, but also some things that are spot on. The Red Team and the Blue Team fight to not allow a 3rd party to join the race, such as the nationally televised debates.

6% comission on a $750,000 sale = $45,000, are you kidding me for what?