CHINA JUST SHIT THE BED

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Posted on 27th July 2015 by Administrator in Economy |Politics |Social Issues

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China shit the bed overnight. The shit is now hitting the fan. Shit is fucked up and bullshit. I’m not shitting you.

Stock markets don’t fall by 8.5% in one day unless there is some major shit happening beneath the surface. A comparable drop in the US stock market would be 1,500 points. Do you think a few Wall Street assholes would shit their pants if that happened? Do you think there would be a few margin calls as that shitty scenario played out?

Here’s the deal. The Chinese authorities have attempted everything they could possibly do to stop their over-leveraged, over-bought, over-hyped, corrupt, fraudulent markets from falling. They have threatened imprisonment for selling, disallowed short selling, stopped allowing trading on thousands of company stocks, and propped up their markets with trillions of yuan poured into the gaping hole.

Between the end of June and early July, the Chinese government announced at least 40 measures to prop up the market, including an interest-rate cut by the central bank and establishing a stabilization fund to outright buy stocks. All together, Chinese authorities are estimated to have mobilized as much as 5 trillion yuan, almost 10% of the gross domestic product, to halt panic sales.

It’s all been for naught. Fear is now trumping greed. The infallibility of central bank manipulators is being revealed to be false. They are nothing but money printing academic fools doing the bidding of greedy bankers and corrupt politicians. This is only the beginning of the end. There are thousands of points to go, billions to vaporize, and millions of lives to be ruined.

Welcome to the Fourth Turning. No shit.

Chinese Stocks Suffer Second Biggest Crash In History, 1,500 Companies Halted Limit Down

Tyler Durden's picture

This was not supposed to happen.

After pledging, investing and otherwise guaranteeing the Chinese stock market to the tune of 10% of GDP, and intervening on at least 40 different occasions in the past month ever since China’s stock bubble burst in late June, with the subsequent crash nearly taking the Shanghai Composite red for the year, overnight China officially lost control for the second time, when after a weak start to the Monday trading session, things turned very ugly in the last hour, when the Shanghai Composite plunged by 8.48%, closing nearly at the lows, and tumbling some 345 points for its biggest one-day drop since February 2007 and its second biggest crash in history!

The selling was steady throughout the day, but spiked in the last hour on concerns China would rein in its market-supporting programs following IMF demands to normalize its relentless market intervention. According to Bloomberg’s Richard Breslow: “fear that the extraordinary support measures employed to hold up the market may be scaled back caused heavy afternoon selling resulting in a down 8.5% day.” Of course, one can come up with any number of theories to explain the plunge: for example the PBOC did not buy enough to offset the relentless selling.

 

The last thing the communist party and the PBOC wanted was another massive sell off after having not only fired the “bazooka” but come up with a different bazooka to halt “malicious sellers” virtually every day, including threats of arrest.

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No, Your Facebook Photos Are Not ‘Private’

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Posted on 25th July 2015 by Administrator in Economy |Politics |Social Issues

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I love it when lowlifes are brought down by their own hubris and stupidity. Hundreds of New Yawkers have been prosecuted for surprise surprise – Social Security Disability fraud. According to the libs, the astronomical rise in SSDI applicants is normal and due to the tremendous stress put upon these people by our unfair system.

They were all government union drones like firefighters and policemen. Not only are they sucking off the teat of the taxpayer with their gold plated pensions and health benefits, but they got caught sucking on the SSDI teat too.

These fuckers were so arrogant and self absorbed, they posted pictures of themselves running marathons and riding jet skis when they were supposedly too disable to work. This fucking country is starting to disgust me.

Guest Post by Karl Denninger

 

This is, IMHO, the correct decision (surprise!)

Facebook Inc cannot challenge search warrants New York prosecutors used to get information from its site on hundreds of users suspected of Social Security fraud, a state appeals court said on Tuesday, in a decision likely making it harder for New Yorkers to keep their digital lives private.

The warrants, which applied to 381 users’ photos, private messages and other account information, could only be challenged by individual defendants after prosecutors gathered evidence, the Manhattan-based court unanimously ruled.

The issue arose from an investigation into people claiming disability but posting pictures of themselves doing things like running marathons and similar.

Facebook tried to argue that the warrants violated the 4th Amendment (riiiight.)  Such a claim was farcical on its face; the reason the warrants were issued in the first place was to authenticate the postings, not know they existed.

This was not a “blanket” warrant or anything of the sort (which would be troublesome); instead what we have here are warrants aimed at a small group of people who have already put forward enough information where it can be seen by the public — on their Facebook walls!

“In many cases, evidence on their Facebook accounts directly contradicted the lies the defendants told to the Social Security Administration,” she said.

Prosecutors said Facebook pages showed public employees who claimed to be disabled riding jet skis, playing golf and participating in martial arts events.

Mariko Hirose, a lawyer with the New York Civil Liberties Union, which also submitted a brief in support of Facebook, said the court “side-stepped” an important question by ruling on Facebook’s right to challenge the warrants and not on their legality.

Horsecrap.  The reason the search warrants were issued in the first place was that specific articulated suspicion was generated by those persons that the data from their account would validate what led to that suspicion.

This is exactly what a warrant is for and meets — precisely — the definition of individual, articulated suspicion required under the 4th Amendment — never mind that it was issued by a Judge, which is also part of due process protections.

The State Court of Appeals got it right.

There Goes The Housing “Recovery” Again: New Home Sales Plunge Most Since 2014

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Posted on 24th July 2015 by Administrator in Economy |Politics |Social Issues

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Tyler Durden's picture

Despite exuberant existing home sales, new home sales crosses back below the 500k Maginot Line to 482k SAAR – the lowest since Nov 2014.

 

Once again, NARis back to its old tricks. Previous data was revised dramatically lower as June data missed expectations by the most in a year.

The West region saw new home sales collapse 17%.

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We are in 21st Year of Declining Temperatures

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Posted on 18th July 2015 by Administrator in Economy |Politics |Social Issues

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Gore-Al-1

The most amazing thing is how government is trying to claim there is global warming simply to introduce a carbon-tax. We are entering the 21st year of declining temperatures – not rising temperatures. This is like the tax on cigarettes when people have begun to smoke less, governments cry they are losing revenue so many places are now taxing electronic cigarettes. Governments are also losing tax revenue as cars have become more efficient. Sales of gasoline have declined for cars have pollution controls and get much better gas mileage with more people buying from the internet and driving to the local mall less. The solution to the collapse in tax revenues – states now are preparing to tax people based upon the miles they drive requiring odometer readings to register cars. It is never about what they pretend to care about – its is just about new schemes to raise taxes. Regardless of the truth about global warming, governments need this bogus research to raise taxes.

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Zippity Poobah

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Posted on 16th July 2015 by Administrator in Economy |Politics |Social Issues

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Section 8 coming to your neighborhood, whether you like it or not. My section 8 neighbor in Wildwood just did some time in the county jail for selling heroine in a school zone. They also appear to be housing their own tenants who are paying them to live there. Do you think they are reporting their drug revenues or rental income? Section 8 is a scam. It will ruin your neighborhood. Obama doesn’t care. You are white, therefore you are the enemy.

Via Hope n’ Change

obama, obama jokes, political, humor, cartoon, conservative, hope n' change, hope and change, stilton jarlsberg, zip code, housing, fair housing, hud

In his weekly address to the nation, Barack Obama explained his radical new citizen relocation program (euphemistically called “Affirmatively Furthering Fair Housing”) by declaring “in this country, of all countries (presumably including Kenya and Indonesia), a person’s zip code shouldn’t decide their destiny.”

Actually, we had no idea that a person’s zip code had that kind of power – or why such an important tool of success and empowerment would be entrusted to an organization as poorly run as the post office.

But Barry may have a point. After all, his own political destiny was going nowhere until, with a little wink-wink nudge-nudge financial help from convicted felon Tony Rezko, he moved into the same prestigious zip code as political activist and occasional terrorist Bill Ayres.

According to the president, “we’re using data on housing and neighborhood conditions to help cities identify the areas that need the most help.” And because he uses “help” twice in the same sentence, it sure sounds helpful. What he doesn’t mention is that once his administration has identified neighborhoods that “need help,” a punishing range of federal funds will be withheld from state coffers until racial and economic quotas – oops, goals – have been met.

Of course, all of this has been tried repeatedly since the passage of the Fair Housing Act half a century ago, and it has always failed. Adults transplanted from poorer communities don’t end up getting better jobs, and their kids don’t end up performing better in their new schools. Because in this country, of all countries, destinies are decided not only by where you are, but by how you managed to get there.

A lesson the World’s Smartest Man might do well to think about when he’s finally forced into a non-Washington zip code.


Maunder Minimum – Petri Dish of Political Change

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Posted on 12th July 2015 by Administrator in Economy |Politics |Social Issues

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Maunder Minimum Petri Dish

Well the Global Warming pretend scientists are desperately trying to keep their funding. Now these con-artists are trying to claim that that it is just the surface water of the oceans that is cooling and the below the water is warming. When they stop driving cars and walk to work or ride a bicycle, then perhaps they are speaking at least what they believe rather than crying the planet is warming and we need to hand them billions of dollars to figure out some new technology to reverse the trend.

SunMeanwhile, real scientist who study the cyclical movement within nature are observing what we have been warning about – a coming Ice Age not global warming. We should see the collapse in temperatures faster than we suspect for it will mimic a Waterfall Event in our market terminology. This is the true nature of how things simply move. Real scientists are starting to warn that we will see temperatures plummet by 2030. We are entering the Maunder Minimum Petri Dish of Political Change that nobody seems to comprehend the political ramifications ahead.

During my European tour, I packed only summer closes. I had to go but sweaters for it rarely went over 60 degrees Fahrenheit (15 Celsius). It did not get warm until Italy and Spain.

Our model tracks everything including climate for that too is a major influence within the development if the global economy. It just seems that whatever could go wrong is going to go wrong in the coming 26 years from 2007 in many areas so the other side of 2032.95 is going to be a different world. BTW, Global Warming peaked in 2007. So for all the supporter of Global Warming, try doing as you preach. Give up your cars and start walking. Do as you preach.

Sunspot_Numbers

The real problem is not Global Warming but Global Cooling. In fact, we are in crash mode. Our model confirms that as we move into the end of this current wave 2032.95, the other side of that appears to be a very serious famine that changes the political landscape as took place in the period known as the Maunder Minimum. This is a serious forecast for during the last such period, the further north you are the higher the probability of starvation. Indeed Prussia lost 40% of its population to famine at that time and Scotland lost about 15%.

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Bad Karma

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Posted on 6th July 2015 by Administrator in Economy |Politics |Social Issues

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What if you build it – and they don’t come?fisker lead

Send the bill to the taxpayers!

Twice.

This is how you make money in the New America. Well, the green America.

Don’t earn it.

Steal it.

The “business model” is simple enough: Glom on to a politically high-fashion issue – electric cars, for instance. Then obtain government (meaning, taxpayer) “help” to fund their design and manufacture. When no one – or not enough – people buy your electric wunderwagen, simple declare bankruptcy and walk away.

With your pockets full of other people’s money.

Then, when the smoke clears, do it again.

This is exactly what electric car company Fisker – which produces (well, produced) the $110,000 Fisker Karma – did.

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PAYROLL REPORT IS A DISASTER

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Posted on 2nd July 2015 by Administrator in Economy |Politics |Social Issues

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Some Marketwatch Moron faux journalist – Rex Nutjob – is attempting to convince the ignorant masses that their pay is actually going up, when they know it is not. Today’s jobs report is an unequivocal disaster and again confirms recession. The BLS has some major cojones reporting that the unemployment rate plunged to a new 7 year low of 5.3%. Absolutely hysterical. Those guys really have a sense of humor. The blaring headline says we added 223,000 jobs. Of course, the reported numbers for the prior two months were drastically cut by 60,000 jobs. The talking heads never mention that. This number will be slashed in future months and not mentioned. And of course, the good old birth death adjustment added 109,000 more phantom jobs that weren’t really created. This 223,000 number is a farce.

Reality bites, as the other report showed that employed Americans DROPPED by 56,000 in June. That is more like it. A critical thinking person might ask, how could the unemployment rate DROP from 5.5% to 5.3% if there are 56,000 less employed Americans and the number of working age Americans went up by 208,000.

EASY PEASY – Your fine government drones at the BLS actually want the ignorant unemployed masses to believe that 640,000 Americans decided to voluntarily leave the work force in one fucking month because life is so good. They don’t need no stinking jobs. Who needs money to buy food, gas, and pay the rent? Orwell’s 1984 does not hold a candle to the misinformation, lies, and propaganda issued by the rulers today.

The labor force participation rate hit a 38 year low of 62.6%. Jimmy Carter was President. Do you remember how good those times were? Well the BLS, MSM and Wall Street think today’s jobs data is wonderful. It is as clear as a bright sunny day that this economy went into the dumper the second QE3 ended in October 2014. Since October, 1.4 million Americans got jobs, while 1.2 million left the workforce. The number of working age Americans went up by 2.0 million over this same time frame, but the government and their MSM mouthpieces of propaganda want you to believe the unemployment rate fell from 5.8% to 5.3%. It’s laughable, but it’s not a joke. The depth of their deception knows no bounds. The worse things get, the more they will lie and attempt to obscure the truth.

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SSDI PAYS OUT $17 BILLION OF FRAUDULENT PAYMENTS

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Posted on 11th June 2015 by Administrator in Economy |Politics |Social Issues

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The SSDI program is nothing but another transfer from producers to parasites on the ass of America. Yeah, there are disabled people who rightfully receive payments, but more than half of the recipients are faking, are obese due to their own lifestyle, or are just too fucking lazy to work. The slimy lawyers who advertise on daytime TV during the Jerry Springer Show to convince deadbeats they are disabled are even more putrid than the millions of lazy asses collecting SSDI. Everything the government touches turns to shit. Every program is overbudget, mismanaged, and run by mindless bureaucratic drones. So it goes. 

Guest Post by Karl Denninger

Grrr…..

In all, Social Security overpaid beneficiaries by nearly $17 billion, according to a 10-year study by the agency’s inspector general.

Many payments went to people who earned too much money to qualify for benefits, or to those no longer disabled. Payments also went to people who had died or were in prison.

Social Security was able to recoup about $8.1 billion, but it often took years to get the money back, the study said.

Let me stipulate — every dollar “overpaid” was in fact stolen and that roughly half of it was recovered eventually doesn’t change any of that.

But let me put a bit of perspective on this, from the September 2014 Monthly Treasury Statement.

Last year $144.6 billion was spent on benefit payments and administrative expenses.  This study shows that $17 billion over 10 years, or about $1.7 billion per year.

That’s 1.17% of the total that was overpaid and half of it was eventually recovered.

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Taxpayers To Lose Billions On Student Loan Refinancing

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Posted on 10th June 2015 by Administrator in Economy |Politics |Social Issues

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Tyler Durden's picture

Monday marked the beginning of what could end up being one of the largest taxpayer-funded bailouts in history. On the heels of Corinthian Colleges’ move to shutter its remaining campuses after government investigations tied to deceptive practices forced the school to wind down operations last year, thousands of students have appealed to the Department of Education to have their federal student debt forgiven.

The initial joint petition sent to Secretary of Education Arne Duncan came from dozens of consumer and labor organizations claiming to represent some 80,000 aggrieved students seeking to have their loans discharged on the basis that the government’s move to close the school was the result of Corinthian’s fraudulent practices.

Initially, the Education Department wasn’t sure how to proceed, but after two weeks of apparent deliberation, the decision was made that students who attended schools run by Corinthian would be eligible to have their federal student debt forgiven, a move that could cost taxpayers some $3.6 billion.

Should the government crackdown on for-profit institutions continue, the taxpayer bill could run into the tens, if not hundreds of billions. For the Education Department, it’s a choice between eradicating fraud and saddling taxpayers with the bill once the schools are closed.

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IRS Admits Refunding Billions On Fake Tax Returns

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Posted on 29th May 2015 by Administrator in Economy |Politics |Social Issues

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Your beloved government drone agency – the IRS – has given $11 billion of your tax dollars to criminals over three years. They make the Obamaphone program look like a well run venture. Everything the government touches turns to shit. The government is incompetent, bureaucratic, ignorant, stupid, evil, and a detriment to our lives. Despite the facts which prove how incompetent they are (Iraq War, Afghan War, Amtrak safety, Obamacare, Medicare, Medicaid, SSDI, $200 trillion of unfunded liabilities) more than half the sheep in this country think the government should be given more power over our lives. What a pathetic country of spineless wimps we have become.

Tyler Durden's picture

Just hours after being force to admit that they were hacked (by Russians apparently), an inspector general’s report shows that The IRS has rather remarkably continued to pay refunds on hundreds of thousands of fraudulent tax returns in recent years, and sent dozens of checks to the same addresses, including in Eastern Europe and elsewhere. While some progress has been made, $2.3 billion of real US taxpayer’s money was wrongfully refunded to fake US taxpayers… but with this new cyber-attack, we suspect that number will soar.

 

The report by the Treasury Inspector General for Tax Administration shows the Internal Revenue Service continued to pay refunds on hundreds of thousands of fraudulent tax returns in recent years, and sent dozens of checks to the same addresses, including in Eastern Europe and elsewhere. As The Wall Street Journal reports,

The new IG report says the IRS took steps for the 2013 filing season that resulted in “increased detection and prevention of identity theft tax returns.” But it said the agency continued to be hampered by several factors, including its inability to look at employer income data during the early weeks of the annual filing season.

 

The IG found that the IRS missed almost 800,000 potentially fraudulent tax returns.

 

In response, the IRS said it disputed some of the IG’s methodology. It thinks more than half of the nearly 800,000 returns identified by the IG should not be considered potentially fraudulent.

 

“Much more work remains, but it’s important to note that our actions have led to an increasing number of fraudulent returns being detected and stopped — despite challenging budgets in recent years,” the IRS said in a statement.

 

The IG also found “multiple tax returns with the same addresses and/or bank accounts” that the IRS computer filters didn’t catch. An analysis shows that of the top 10 addresses where the IRS sent multiple fraudulent refunds, three were in Bulgaria, one in Ireland and one in Lithuania. Three others were in Florida. Hundreds of refunds went to some of the addresses, and hundreds also went to the same bank accounts.

 

The IRS said in response that it recently has put a limit of three on the number of direct deposit refunds to a single financial account or pre-paid debit card. It also has been working to limit the number of refunds going to the same physical address.

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HOW ABOUT SOME OBAMAINTERNET TO GO ALONG WITH YOUR OBAMAPHONE

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Posted on 29th May 2015 by Administrator in Economy |Politics |Social Issues

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This article sells this idea as if it is no big deal. They try to convince you that the Obamaphone meme is false. They declare it was a program started during the Reagan years. It’s the usual progressive liberal bullshit about the poor not having access to cell phones.

Here are the facts:

  • This program cost $800 million per year before Obama entered office.
  • This program now costs over $2.2 BILLION per year after Obama and his minions advertised the availability of these Obamaphones and begged their voters to get one.
  • You, the working taxpayer, pays $2.50 per month on your cell phone bill so the free shit army can call in their drug deals for free.
  • Obama and his minions also thought it was a good idea to give out these subsidies without making anyone prove they were eligible. Easy peasy. The corrupt phone sellers were thrilled. And the free shit army’s eyes lit up.
  • After the blogosphere began revealing the massive fraud and cost to the American taxpayer, the FCC was forced to make people prove they met the eligibility requirements.
  • In a shocking development 41% of the Obamaphone recipients could not or would not prove their eligibility. That puts the annual fraud amount at around $900 million.

As you can see, this is another highly successful government program. So what do you do with a program racked with 41% fraud? If you are Obama, you expand it to cover internet service for the free shit army. You have to hand it to the liberals, they know how to solidify their core voting base. Just keep doling out more free shit.

 

FCC proposal would extend Lifeline voice subsidy to broadband

The U.S. Federal Communications Commission will consider including broadband within a controversial program that subsidizes telephone or mobile service for poor people.Recipients of the FCC’s Lifeline program, which provides a US$9.25 monthly subsidy for voice service, could use that money to purchase broadband service instead under a proposal from FCC Chairman Tom Wheeler. Eligible households would continue to receive one $9.25 monthly subsidy, and they could choose whether to apply the money to traditional telephone service, mobile service or broadband, FCC officials said Thursday.Conservative critics of Lifeline call the program Obamaphone, and they portray it as an attempt to give poor people free mobile phones in exchange for votes for President Barack Obama in past presidential elections. A single YouTube video from the 2012 election season drove part of the misconception about the program.

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