Dow Futures Dump 300 Points From New Year's Eve Highs As China Crashes
With China closing the morning session limit down, US equity futures are extending their losses (even though crude futures are holding some of their gains). The initial knee-jerk jump as crude rose on Saudi tensions has been entirely erased and Dow Futures are now down 300 points from New Year's Eve highs... Happy New Year.
China closed the morning session "not off the lows" with a bloodbath in ChiNext and Shenzhen...

With Offshore Yuan crashing over 440 pips - the most since the August deval...
And US futures are tumbling...
But bonds and bullion are bid...
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Thanks for calling the bottom again.
Thanks for calling it up 400 again?
Come on, one knows one is dying to do so.
Anyone else watching gold? Making some impressive moves higher....
Look away, "the markets" are GREAT,
Now pay attention,
white guys with guns
white guys with guns
white guys with guns
WHITE GUYS WITH GUNS!
WHITE GUYS WITH GUNS!!
Well, that didn't take long to escalate...
And here the numpties were talking about the January Effect... Not this time... Bwahahahaha...
Welcome to the recovery....
It's gun confiscation time!
El Presidente is finally getting around to the economy.....do you know how many people we're gonna have to hire to confiscate all the guns?
I don't know either...but it's gotta be a buttload.
I believe the proper term for that many people is "hearseload".
The only gold I watch is the stack of it that I have. The "price" observed in the "markets" is simply the marginal trade of GLD. The world still hasn't recognized the decoupling of GLD and actual, physical gold. Which is why the latter remains an enormous bargain in my mind.
I believe the "price" will continue to go down until there is broad realization that the manipulators are abandoning GLD to enable cheap acquisition of physical. At some point, the decoupling occurs, and the price of the underlying is revealed for what it by rights should be. Which is many more than 1,000 FRNs per oz.
I understand this sentiment. I subscribe to this sentiment (as my - teacher's salary - modest shiny yellow hoarde would attest).
But it will probably be years... eight to ten I feel, before markets rediscover anything like price discovery mechanistics and gold reflates to its 'actual' value in world script. The misallocations will have to burn themselves out, and the herd will have to break free from the CB's forward guidence... that is going to be a slow process and will be fought by the entrenched banks every step of the way
/$0.02
When a starfish attacks a clam, it uses suction to open the clam's shell. The clam counters by trying to keep it's shell squeezed shut. But the clam's muscles tire, and the starfish wins out, because it takes no energy for the starfish to exact the effect of the suction.
Time is on the side of the stackers. We are the starfish. Let the clam wriggle and fight.
I don't worry about whether it's going to take 1, 5, 10 or 20 years.
Nice analogy. Totally stealing it.
This is the attitude that all stackers need to take. I've seen a lot of people b*tching and moaning about how "last year blah blah blah, whine whine whine". Gold is a generational play. Stack for your kids or even your grandkids, not to make money this year. Our society no longer thinks about generations but today and tomorrow and that is why this place is such a crap box.
we almost had it a month ago when the comex had 4 tonnes of deliverable left only. The coffin was open, we had the wooden stake in our hands. All we needed was a measley $130m at one stage to finish the vamp, but we let it slip. Back over 10 tonnes now.
Still, in April Shanghai plans to commence its alternative Price Fix
Gold in AUD$ up $30 odd last I looked. Funny business in OZ, .gov threw out some bizzare 6 sigma event job reports that even the MSM over here are calling foul. At the same time gold has been trashed in the last month or so.
$1900 -> $1060 -> $1072, yeah very impressive moves higher
When your 5 million dollar paper account becomes worthless....it will probably seem more attractive.
The last time oil was < $40/bbl (Dec 2004), gold was $440. So gold has 2 1/2 times its purchasing power from just a decade ago.
The Plunge Protection Team has to put away their rolled up hundred dollar bills and forget about their now snorted lines of white powder. The game is on with Janet Yellin at quarterback.
Yellen is ready to unleash the Fed's favorite weapon.
https://youtu.be/KBCpyHHKkeI?t=23
CHINA IS REPORTING TO HAVE HALTED THEIR MARKET FOR THE DAY
I SAY FOR THE DAY!!!! THAT'S TWO HOURS EARLY!
LOL, Happy New Year.
Halting equities in China boss!
I love the smell of panic before the gates even open on the first betting day of the new year.
(SCMP) Trading on the Shanghai and Shenzhen stock markets was suspended for the rest of the day at 1.33pm after the CSI 300 Index fell 7 per cent to 3,470.41.
The markets in the two cities were earlier suspended for 15 minutes from 1.12pm after the CSI 300 Index dropped 5 per cent, triggering a newly launched circuit breaker in the mainland Chinese markets.
Trading on the Shanghai-Hong Kong Stock Connect scheme’s northbound route was also suspended for the rest of the day from 1.33pm following an earlier 15-minute trading halt.
Under the circuit breaker, launched on Monday, the trading of stocks, index futures and options will be suspended for 15 minutes when the CSI 300 Index, which tracks some of the large-cap stocks in Shanghai and Shenzhen, fluctuates by 5 per cent, with trading halted for the rest of the day when the index moves by 7 per cent.
Last year, the CSI 300 closed up or down by 5 per cent or more 14 times, not counting intraday volatility.
Closing the market isn't that like letting the late horses to get to the starting gate. And they're off...........
<-- SHTF 2016
<-- SDHTF 2016
What's the second option there, side dick?
S Doesn't HTF was my read
Side Dick?
Sneaky side dick, Yellen's favorite.
Bernanke's too.
Does that mean you have a dick growing from your hip?
C'mon, boner, pay attention....
I was looking at our next 2 vessels to PRC this morning - empty. Not one rock or tree. Granted Lunar is coming up Feb 8th - but I never seen this before. I don't think they can access USD unless it's critical infrastructure.
Couldn't happen to a nicer index...
As goes the pre-open goes the open.
As goes the open goes the day.
As goes the first day of the year goes the year.
Have a good one!
Ban on china selling expires this week. Wonder what day this week they'll extend it.
Charts -R-Us?
Mr. Stay Awake?
Equities will come roaring back in 2016, leaving Zero Hedge to implore its dumb money readership to "Buy Silver and Gold!" and effectively double down on their already disastrous losses.
Morons, think of your destitute families before you commit yourself to this insanity. Is it really fair for your 80 IQ self to impoverish them like this?
What the fuck were we thinking...promises from liars are REALLY valuable!
RIPS
You people only show up when the market is down. If you were long and lost money, it's not ZH's fault.
China in contraction, india just printed contraction as well, commodities tanked and fed raising rates. Good luck with that roaring back thesis.
OK Mr. 2 weeks in...troll much?
Fuck off
.
G
It would take a long time for underfunded pension plans (e.g., 60% funded) to run out of cash, given the long duration of plan liabilities. But as investors learned in Puerto Rico and Greece, bond markets can drift along unconcerned with mounting fundamental problems, only to experience a rapid repricing at times that cannot be predicted. As a reminder, this analysis applies to states and not to city, county and other in-state issuers.
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Comment viewing options Select your preferred way to display the comments and click "Save settings" to activate your changes. Sun, 01/03/2016 - 19:32 | 6992610 MFL8240Vote up!
23Vote down!
-1Thought we were in a recovery?
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Sun, 01/03/2016 - 19:41 | 6992653 Money Boo BooVote up!
23Vote down!
0we need to print moar cowbells
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Sun, 01/03/2016 - 19:52 | 6992716 Scooby Dooby DooVote up!
2Vote down!
-5Ah well, I hope the people of PR are safe. If not I hope that we all open our homes to them here in the Homeland and allow them to live freely and safely.
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Sun, 01/03/2016 - 19:54 | 6992725 CheapBastardVote up!
18Vote down!
0New York's homeless population at all-time high of 60,000
http://www.bbc.com/news/world-us-canada-31791019
I think it's the Robustest Recovery on record also.
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Sun, 01/03/2016 - 20:10 | 6992798 Tasty SandwichVote up!
2Vote down!
-2960,000 / 8.4 million seems pretty insignificant really.
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Sun, 01/03/2016 - 20:35 | 6992906 I Will Explain AllVote up!
14Vote down!
0watch that number fly when the welfare state goes bankrupt.
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Sun, 01/03/2016 - 20:54 | 6992987 Tasty SandwichVote up!
1Vote down!
-7The number reporters will be more concerned with survival at that point.
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Sun, 01/03/2016 - 20:55 | 6992995 AeneidVote up!
16Vote down!
060,000 / 8.4 million seems pretty insignificant really.
UNLESS you're one of the 60,000!
NO SOUP FOR YOU!!!
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Sun, 01/03/2016 - 21:04 | 6993041 Tasty SandwichVote up!
3Vote down!
-5There are plenty of bridges to jump off of.
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Sun, 01/03/2016 - 21:17 | 6993108 MANvsMACHINEVote up!
6Vote down!
-2Can we count on you to take in a family or two?
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Sun, 01/03/2016 - 21:18 | 6993118 Tasty SandwichVote up!
4Vote down!
-6Absolutely not. Let Darwin do his work.
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Sun, 01/03/2016 - 22:04 | 6993327 Automatic ChokeVote up!
4Vote down!
0I thought the bridges were all crumbling infrastructure....
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Sun, 01/03/2016 - 21:04 | 6993043 remain calmVote up!
2Vote down!
0Or being mugged by one of them.
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Sun, 01/03/2016 - 21:04 | 6993044 remain calmVote up!
1Vote down!
-1Or being mugged by one of them.
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Sun, 01/03/2016 - 21:37 | 6993195 Chuck WallaVote up!
2Vote down!
0Or watching them crap in your alley.
FORWARD SOVIET COPROPHILIACS!
- reply
Sun, 01/03/2016 - 20:14 | 6992817 BiPolarFrenchmanVote up!
0Vote down!
0Link from last winter...
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Sun, 01/03/2016 - 20:50 | 6992973 Rabbi Chaim CohenVote up!
9Vote down!
-2Pensions are a soft-core pyramid scheme. The fact that they found their way into the public sphere is not surprising but still infuriating.
THERE IS NO GUARANTEED RETURN ON INVESTMENTS, therefore everyone needs to be responsible for their own retirement plans!
We SHOULD support all disabled vets, but how many proud, retired vet double-dipping, federal teat owners do you know? I've known a few and a few just planning to head off to work for the post office after they finished their 20 in uniform, looking forward drawing two pensions before age 60! 20+ years of cash +medical for 40 years work! THIS SHOULD NEVER BEEN AN OPTION for anyone.
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Sun, 01/03/2016 - 22:42 | 6993500 earlefloridaVote up!
0Vote down!
0freedom isn't free [?]...
but, you can live in the tunnels underground and smell the freedom...
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Sun, 01/03/2016 - 20:13 | 6992813 rbg81Vote up!
2Vote down!
0All this unsustainable debt and yet interest rates are near zero--possibly going negative. Nothing to see here--move on.
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Sun, 01/03/2016 - 19:43 | 6992665 ArnoldVote up!
2Vote down!
-2ats wot youse gets fer thinkin.
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Sun, 01/03/2016 - 20:21 | 6992850 upWisingVote up!
47Vote down!
0Before it was The PIIGS (Portugal, Ireland, Italy, Greece, Spain).
NOW WE have The PRICKs (Puerto Rico, Illinois, Connecticut, Kentucky)
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Sun, 01/03/2016 - 21:21 | 6993125 HungryPorkChopVote up!
2Vote down!
0@upWising: Good one!!
Maybe it's the PRICKeD HIMAN. Don't forget Delaware, Hawaii and MAss and New Jersey. Sounds like something performed on a chocking person during a porn? Yeah, disgusting, broken and outright immoral but not sure if we're talking about Illinois or the low budget porn movie?
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Sun, 01/03/2016 - 23:21 | 6993649 Zero-HegemonVote up!
0Vote down!
0Let the bleeding begin
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Sun, 01/03/2016 - 22:54 | 6993548 warpigsVote up!
2Vote down!
0As an IL kid, originally, that PRICKs comment is rich! That state is the single greatest pile of shit in the entire union. Cheers!
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Sun, 01/03/2016 - 19:44 | 6992672 Bossman1967Vote up!
6Vote down!
0What its only 5 states we need to bail in. No problem we have atleast 30 not fairly indebted so we will take from them and share the greatness. See no problem all fixed it. Now btfd and have a Happy New Year lmao
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Sun, 01/03/2016 - 21:10 | 6993079 Hal n backVote up!
1Vote down!
0500 billion is not much--just a littel printing can handle that problem
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Sun, 01/03/2016 - 19:40 | 6992648 NoWayJoseVote up!
5Vote down!
0The inevitable result will be higher taxes in those states (it's easier to vote for taxes than cuts), which will stretch the default time out -- but the effect of higher taxes will actually make default inevitable (see Detroit).
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Sun, 01/03/2016 - 19:52 | 6992711 imapopulistnowVote up!
4Vote down!
0So, retire to North Carolina, Arizona, Nevada or Florida...
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Sun, 01/03/2016 - 20:02 | 6992761 Scooby Dooby DooVote up!
8Vote down!
-1Scooby may retire to Florida one day. Play some doggy golf, collect some shells on the beach.
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Sun, 01/03/2016 - 20:03 | 6992766 RafterManFMJVote up!
9Vote down!
0...or Mexico, Panama, Costa Rica, the Philippines, Thailand...
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Sun, 01/03/2016 - 20:12 | 6992804 Kirk2NCC1701Vote up!
6Vote down!
-4But not to Euro-stan. You can scratch those places off your list.
Unless you're in favor or having multiple wives, and they can't drive, vote, sleep around, or drop a fortune on shoes, clothes and make-up. Hey, when I put it that way, it doesn't sound so bad. Shame about lack of bacon, ribs and booze though, and all the constant and obsessive-compulsive prasing of some mythical Guy in the Sky.
;-)
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Sun, 01/03/2016 - 19:42 | 6992661 CHowardVote up!
9Vote down!
0This isn't right - Chris Christy, Governor of NJ says HIS state is in awesome shape!! He'll expect a full retraction in the morning.
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Sun, 01/03/2016 - 19:49 | 6992697 ArnoldVote up!
0Vote down!
-2https://www.theskinnymirrors.com/
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Sun, 01/03/2016 - 19:51 | 6992707 Theta_BurnVote up!
4Vote down!
0Christy just like Obama turned out to be major disappointments..
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Sun, 01/03/2016 - 22:48 | 6993529 TBT or not TBTVote up!
0Vote down!
0Among rubes who had high expectations of zero, yes disappointment has hit a great many. For anyone grounded in reality zero was a zero and remains so, as expected.
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Sun, 01/03/2016 - 19:59 | 6992750 GhostOfDiogenesVote up!
7Vote down!
0I bet christy eats small children for breakfast.
Doesn't he remind you of a short version of fat bastard?
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Sun, 01/03/2016 - 19:48 | 6992689 OMGVote up!
8Vote down!
-1Not speaking on the behalf of the state of Floriduh, I would like to thank Black Rock for manipulating the numbers, making Floriduh look so much better on paper than ever before.
FLORIDUH
THANKS
BLACK ROCK
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Sun, 01/03/2016 - 20:12 | 6992808 Theta_BurnVote up!
5Vote down!
0But you do have Florida Man..
https://twitter.com/_FloridaMan
I love this guy
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Sun, 01/03/2016 - 20:31 | 6992881 skinwalkerVote up!
3Vote down!
0I live in florida. Originally from upstate NY. Half of florida is old farts, half are insane, and the remaining half are yankees. Still, there's some nice places to live if you look around.
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Sun, 01/03/2016 - 20:38 | 6992914 OMGVote up!
3Vote down!
0@ Theta_burn Thanks for the laugh, first town in first link, is known around these parts as Crestucky! Just to the East is Mossy Head Florida known for fucking goats!
https://www.youtube.com/watch?v=yaYiCE6zaUc
FLORIDA
THANKS
BLACKROCK
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Sun, 01/03/2016 - 19:48 | 6992691 flyonmywallVote up!
2Vote down!
0If there are 5 officially that are obvious ones, then there are 5 more that are just a turn of the market away from being bankrupt. I'm long pitchforks and rope.
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Sun, 01/03/2016 - 19:50 | 6992693 Theta_BurnVote up!
8Vote down!
0Fucking NJ..
Paying almost 9K a yr. in property tx on a home worth 380K
Few states have higher property taxes than Jersey and still we are broke..
Another property in SC worth a 3rd of the primary, I pay 900 for the yr. and they are relatively solvent.
Well at least in Jersey they do plow the roads in winter..
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Sun, 01/03/2016 - 20:03 | 6992767 just the tipVote up!
10Vote down!
0@9K/yr it sounds like the roads aren't the only thing being plowed.
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Sun, 01/03/2016 - 20:05 | 6992768 CheapBastardVote up!
5Vote down!
0That's nothing. My friend in west Houston (I think he said Katy) pays 3.5% or about $13k on his $380k house. New schools, free lunches, moar teachers, and even moar admninistrators, etc are expensive.
That's one reason Landlords are getting crushed in areas. Add that to the soaring vacancies (8% for aprtment complexes) and they have a Big Problem in energy city.
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Sun, 01/03/2016 - 20:07 | 6992780 surf@jmVote up!
3Vote down!
-1Like the man said.......
The poor, you will have with you always......
And they have a ravenous appetite for other peoples money distributed by vote buying politicians.....
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Sun, 01/03/2016 - 20:45 | 6992944 GeezerGeekVote up!
1Vote down!
-2Congrats on taking a quote totally out of context and using it to support an entirely different point. Or did you simply not know the original intent?
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Sun, 01/03/2016 - 20:50 | 6992971 GeezerGeekVote up!
0Vote down!
0"Well at least in Jersey they do plow the roads in winter."
I spent the first 18 years of my life in NJ and remember well all the snow. I moved to Florida in 1973 and recall a garbage truck - Waste Management, I think - that promised free snow removal at no additional cost. I haven't lifted a snow shovel since.
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Sun, 01/03/2016 - 22:13 | 6993358 silvererVote up!
1Vote down!
0How'd you get such a low tax bill in NJ? I know somebody who was living in Oakland. A run down ranch. (Really run down, railings for front porch laying on the ground, pick your way down the loose steps carefully, wet basement, etc.) $17K a year. My only advice to you is to get out. Get out as fast as you can. Because soon there will be oceans of homes for sale there when people realize they can't retire because they don't have enough money saved. Who wants to take out a mortgage to pay taxes rather than buy a house? Buyers won't be willing to do both.
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Sun, 01/03/2016 - 23:01 | 6993570 DipshitMiddleCl...Vote up!
0Vote down!
0all the foreigners will be buying those homes.
tons of native , white NJ residents are fleeing the state because their corporate jobs are getting outsourced to india and or going to cheaper cost of living states
or they're just being ethnically displaced by shitskins
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Sun, 01/03/2016 - 19:48 | 6992694 buzzsaw99Vote up!
7Vote down!
0on behalf of all fifty states may i just say go fuck yourself jpm!
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Sun, 01/03/2016 - 19:52 | 6992698 larryjVote up!
6Vote down!
0Blah, Blah, Blah, Blah. The Greece debacle has been kicked down the road for years and years. Any bankruptcies in the U.S/Puerto Rico will be treated with even more vigor than Greece ever was. This is just the beginning. The end will come when the powerful and the elite want it to--and not a moment sooner.
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Sun, 01/03/2016 - 19:53 | 6992722 FedFunnyMoneyVote up!
0Vote down!
0Moar QE!!!!!
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Sun, 01/03/2016 - 19:55 | 6992730 StormtrooperVote up!
5Vote down!
0Puerto Rico was in trouble 2-3 years ago. "Investors" agreed to buy $2-3 billion more in bonds to kick the can down the road. Now they have reached the cliff and they expect the American taxpayer to pay for their sins.
Time for the Great Reset and a whole lot of hangings.
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Sun, 01/03/2016 - 20:03 | 6992757 surf@jmVote up!
4Vote down!
0It will be just like Detroit, Chicago, Baltimore, and the rest of the marxacrat welfare utopias.....
FED prints money.....Gives money to big bank....big bank fined a billion by the DOJ for some misdeed.....DOJ distributes money to marxacrat welfare utopia.......
And life goes on......
Thats why Trumps wrench in the works must be stopped at all costs.....
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Sun, 01/03/2016 - 22:25 | 6993426 Global DoucheVote up!
0Vote down!
-1But, the bank$ter didn't go to jail? That's right.. Because the bank$ter cooperated, he was allowed to commit other significant misdeeds, as laundering drug $$, Manipulating gold and silver, Selling more and more trillions of derivative garbage (which most may never be settled!), et al, pay a fine, then all is O.K, because they are a CORPORATION, just as the very government who incorporated themselves so that contracts between them can be settled differently and keep things more in the shadows. Right?
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Sun, 01/03/2016 - 20:07 | 6992785 WillyGroperVote up!
0Vote down!
0ol Wilbur dressed in drag at a nyc kappa beta phi soiree making fun of the havoc they caused in 07.
Their gales of laughter at the MERS homeless were sickening.
Most vids have been scrubbed.
Hope he didn't get his Galiano gown soiled.
https://www.youtube.com/watch?v=wJk7GW1RSTI
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Sun, 01/03/2016 - 20:27 | 6992786 DaveAVote up!
1Vote down!
-1November 9, 1989: As thousands walk through the Berlin Wall in one direction only, the legitimacy of every communist prison state in the world is shattered forever.
At some not-too-distant date: As Greece, Spain, Portugal, and Italy declare bankruptcy, the credit of every democratic social welfare state is shattered forever. Within days, all their bonds go bidless, and when central banks try to plug the hole, their currencies go bidless too.
All bailouts can do is buy some time for the elites to make their getaway plans. My plan is to be one of those rednecks with a long gun and a sign saying "you loot, we shoot".
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Sun, 01/03/2016 - 21:30 | 6993155 KagemushoVote up!
0Vote down!
0Thomas Malthus is probably laughing his ass off, somewhere. He did warn us.
When The Music Stops; How America's Cities May Explode In Violence
Written pre-Ferguson and pre-Baltimore, mind you. Very sobering.
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Sun, 01/03/2016 - 20:13 | 6992816 Kirk2NCC1701Vote up!
3Vote down!
0Funny that nobody noticed that TX is in worse shape than NY or CA.
Go figure.
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Sun, 01/03/2016 - 21:05 | 6993050 JethroVote up!
0Vote down!
0All of the oil patch states are in the same boat. They got used to budgeting with oil revenues in mind. Now that is gone, they have budget shortfalls.
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Sun, 01/03/2016 - 20:34 | 6992896 LibertarianMenaceVote up!
5Vote down!
-26% per annum payroll increase (PSERS assumption)*. Seems to be the generally accepted number when actuaries discuss public employee payroll and pensions. Compounding 6% for 30 years yields a multiple of 574% on the year 0 basis. Means your average $50K public employee earns $287K at the end of their employment. Now budgeting is conducted on the basis of these assumptions, so if the plebe isn't getting it, aside from whether or not they deserve it, where IS the money going? That's rhetorical. Walter Burien still around?
* http://www.commonwealthfoundation.org/docLib/20091123_PSERSSERSIncrease....
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Sun, 01/03/2016 - 20:39 | 6992916 HongchaVote up!
2Vote down!
0I've always liked listening to Wilbur Ross. Like Jim Rogers, he's too old and too rich to bother to mince words. His "the problem is not the debt" remark is an interesting perspective.
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Sun, 01/03/2016 - 22:40 | 6993489 LibertarianMenaceVote up!
0Vote down!
0"the problem is not the debt" remark
It doesn't help.
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Sun, 01/03/2016 - 20:49 | 6992958 R.R.RaskolnikovVote up!
0Vote down!
0China PMI 48.2 & USA PMI 42.9. The economy is b00ming, to the bottom. Sacrafice some people to make oil go up. Prerable around the us market opening. Long oil. Bulli$h bitchezz!
P.S. The numbers are just a formality. It goes down anyway.
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Sun, 01/03/2016 - 20:48 | 6992960 Spiritof42Vote up!
2Vote down!
-1It's hard to believe that back in the early 60s, New Jersey had a AAA bond rating. That was before the income tax and the sales tax. NJ has always had high property taxes. The two governors who pushed the income tax and sales tax promised it would reduce property taxes. Of coures it was a lie; but it worked.
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Sun, 01/03/2016 - 20:50 | 6992979 R.R.RaskolnikovVote up!
1Vote down!
0Who takes does ratings serious. Howda hell is it possible to describe risk over a broad spectrum in one thingy? The girl next door has a AA-rating. I am go long on her.
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Sun, 01/03/2016 - 21:00 | 6993015 GeezerGeekVote up!
3Vote down!
0I assume that "but it worked" refers to the attempt by politicians to a) avoid being hanged and b) getting reelected. What else in NJ "worked"?
I don't know how it is now, but my father was a retired NJ fireman. When he died his yearly pension payment significantly exceeded his highest yearly earnings while active in the FD.
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Sun, 01/03/2016 - 22:06 | 6993334 silvererVote up!
3Vote down!
0New Jersey. A good place to be from.
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Sun, 01/03/2016 - 23:03 | 6993577 lester1Vote up!
1Vote down!
0That was before we shipped all our good paying jobs overseas.
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Sun, 01/03/2016 - 23:45 | 6993733 new uhland62Vote up!
0Vote down!
0We? It was the corporations from whom you buy every day, not the poeple, not even the politicians, the corporates.
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Sun, 01/03/2016 - 21:06 | 6993027 brooklinite8Vote up!
6Vote down!
0I am in one of the gentryfying neighborhood of brooklyn. It costs 1.3 million bucks to get a two storied brownstone. To break even you have to make these houses into prison sized apartments and rent it to college kids. These houses have been unwanted for most years for 60k not too long ago. Now the city is getting the help from all the real estate tax growth. NYC likes this and their books like it. I can't wait for this bubble to burst and see how the city can survive. Housing is out of control. I really don't want another crash but it seems like there could be few scenarios playing out
There will be enough single population looking for pussies online to rent these places, ordering in.
Once these young guns are not available any more when they turn these 4 beds into single beds, that will be way too expensive heck even for a couple to support 4 peoples rent. Then the market would have to crash.
It looks like the stock market is doing great. I don't see a real estate crash any where near. I don't like this not that I want one. Things have become way out of reach. I don't know how these kids are able to pay 6/7 bucks a beer with these low paying jobs. Every one is ordering in. I don't get it. We don't know how to cook, save, respect others and be a good citizen. How is this economy doing so well. I don't know...Fuck me.
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Sun, 01/03/2016 - 22:13 | 6993363 Things that go bumpVote up!
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0Smoke and mirrors.
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Sun, 01/03/2016 - 23:08 | 6993595 DipshitMiddleCl...Vote up!
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0they are broke millenials and useless eaters, just like their parents (baby boomers)
the price of property and real estate in this country is being propped up by foreign investors (china, russia, etc) looking to hide their $$ in tangile assets
doesnt matter if no one can afford the rents..its still cheaper for china man to own said building than it is to pay taxes to the mainland or whatever
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Sun, 01/03/2016 - 23:43 | 6993723 new uhland62Vote up!
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0I saw an ad in a Melbourne (Australia) newspaper where they said they had successfully gentrified in the States and now wanted investors for doing the same in Australia. In a book called 'the laundrymen' I once read that half the world's economy is 'black' and if that were completely plugged it would all go pop. Maybe that's how they afford those 6/7 for the beer.
The whole system has grown piecemeal and is not well designed. Some of the retirment incomes are truly shocking and I have seen that in Germany also.
There is a big problem that work can never pay so well that you can afford your own sufficient health insurance and accumulate enough capital for your old age plus buy a car and an apartment or house. Even when you decide not to have children there won'te be enough for all that. Roll that over to the employing authorities and you get unfunded liabilities. Where exactly do people think it's all supposed to come from? Either wages must be high enough to fund it all, or the governments must have enough income sources .
Ukraine has already defaulted and it will be contagious like Wall Street Disease of 2008.
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Sun, 01/03/2016 - 21:38 | 6993204 V for ...Vote up!
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0Sovereign defaults will be the big story of 2016, imo.
End the Fed.
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Sun, 01/03/2016 - 22:05 | 6993331 silvererVote up!
4Vote down!
0Illinois made the top? Imagine that. Such a well run state. I'll bet that anyone who ever served a leadership public position in the past in Illinois is doing just fine. You know the typical group: Governors, mayors, school administrators, etc..
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Sun, 01/03/2016 - 22:19 | 6993390 highwaytoserfdomVote up!
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-3Wilber you are a total Peice of Shit.... Take your MERS and stick a fraud up you ass. How's that 85 B in sub slim and Greek debt going.. You crony FHFA piece of dog crap STFU... Oh thanks for Invesco keep it up beautiful short....
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Sun, 01/03/2016 - 22:25 | 6993424 RSDallasVote up!
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-1Meredith Whitney was right, but, none of us could have imagined that the Fed could have kept the heroine high for as long as it did. Well the heroine is wearing off quickly.
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Sun, 01/03/2016 - 22:49 | 6993534 SeasmokeVote up!
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0PAY AS YOU GO !!!!!!!
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Sun, 01/03/2016 - 22:59 | 6993561 Secret WeaponVote up!
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0Fuck Illinois.
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Sun, 01/03/2016 - 23:09 | 6993603 Yen CrossVote up!
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0The RATS are bailing off the lower stern...
Rare pigmie banksters, have been sighted.
Excuse me while I take out the trash... Bitchez
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Sun, 01/03/2016 - 23:13 | 6993619 yogibearVote up!
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0NJ.,Paying almost 9K a yr. in property tx on a home worth 380K
In Illinois it's just as bad and they want to raise taxes again.
Would have to say that Illinois is the worst state regarding taxes and public union power.
https://turbotax.intuit.com/tax-tools/tax-tips/General-Tax-Tips/Cities-W...
Chicago, Illinois: 10.25 percent (starting Jan 1, 2016)
Birmingham and Montgomery, Alabama: 10 percent
Seattle, Washington: 9.6 percent
Glendale, Arizona:, 9.5 percent
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Sun, 01/03/2016 - 23:16 | 6993630 danl62Vote up!
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0Illinois is really screwed up. You can thank the Democrats for giving the state public unions the sweetheart deal that will never be able to be repaid. Here are some stats from Illinois. A techer who retired in fiscal year 2014 after 30 or more years on the job could expect an initialaverage annual pension of 72,693. Remember that is initial. They also get COL. Try getting mthat in the private sector.
http://www.taxpayersunitedofamerica.org/wp-content/uploads/Top200Grids-2...
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Sun, 01/03/2016 - 23:17 | 6993638 brown_hornetVote up!
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0I pay $6,000 on a house worth about $220,000 18 mi west of the Loop. And mine are reasonable for the area. Many teachers making more on pension than they did while working. That what cannot be sustained won't be.
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Sun, 01/03/2016 - 23:27 | 6993666 InnVestuhrrVote up!
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0Before the crash of 2008 I managed a large portfolio of muni bonds, including all uses, GOs and revenue.
Now I hold only a much smaller number of only revenue muni bonds, in small amounts per issue, for only very carefully meticulously researched uses that have very low probability of default, eg essential utilities like water, sewer, electricity, etc.
The extreme shortage of quality muni bonds and the crushing amount of expensive due-diligence research required on each issue prior to buying makes buying munis prohibitively risky and expensive.
Many of the GOs (especially IL,CT,NJ,HI, KY) and risky-usage revenue bonds (eg low-income housing,"development", etc) do not have 30 years of solvency and will have to be restructured with big losses to owners.
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Sun, 01/03/2016 - 23:27 | 6993669 JackagainVote up!
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0Record Federal Reserve auction suggests more problems for credit, mutual funds in 2016
http://finance.yahoo.com/news/-475-billion-year-end-fed-auction-suggests...
otta nork much?
Ok. What the FUCK was that?
Glitch in the Matrix?
It was like millions of voices screamed out in sheer terror......and then.....silence.
He's got some really good bud.
Thank God. I thought it was me.
Insomnia is a bitch, but don't take it out on us!
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