Cross posted from The Stars Hollow Gazette

Disregard all cheery news you hear from the MSM that the housing crisis is over and housing prices are stable and on the rise. It’s not over. We are still bailing out the banks over the troubled homeowner.

“The evidence is overwhelming: home prices are anything but stable.”

Michael Olenick: Still Looking for a Housing Bottom

Two trends are apparent. One is that banks are delaying foreclosures, or not foreclosing at all despite long-term delinquencies. The other is that private equity firms – flush with cash thanks to Tim Geithner’s religious devotion to trickle-down economics and the resulting cascade of corporate welfare – have been bidding up and holding foreclosed houses off the market. These two factors have artificially limited supply and, combined with cheap mortgages rates, driven up prices. While we can debate whether these strategies represent the best public policy, these policies are obviously not long-term sustainable. [..]

Holding back inventory means that the houses that are put on offer sell faster and at higher prices. That creates an incentive to delay foreclosures or not foreclose at all even when a home is delinquent. Though this seems obvious, the mainstream housing finance community – aided by a freelance “housing analyst,” – uses the faster figures to somehow prove banks are not holding houses. [..]

Besides lower foreclosure activity, the government is going all out to give away houses to private equity firms. Recently Fannie Mae sold 275 properties across metro Phoenix in one sale to a mystery buyer, according to a report by Catherine Reagor of the Arizon Republic. [..]

Anybody who has been a landlord seems to quickly tire of it so, assuming there isn’t a pending planned mass immigration to Phoenix, these investors will eventually want to cash out by selling these houses. Further, they will want to minimize maintenance expenses while they are renting out these houses, so the eventual sale of these houses will increase supply and prolong the housing crisis. Geithner’s policy of shaking down Main Street to help Wall Street continues to hurt your street. [..]

Taking account of the delayed foreclosures and the beginning of mass purchases of houses would mean there should be a surge in home prices, but we’re still seeing little movement in many areas. This is especially puzzling given how inexpensive mortgage are. [..]

Of course, this assumes that people can get mortgages for these houses, though many can’t. Young people especially are hopelessly in debt thanks to out-of-control tuition hikes predictably caused by equally out-of-control student loan policies. [..]

Thanks to low lower foreclosures, real-estate speculators buying in bulk, and low interest rates there is enough direct and anecdotal evidence to suggest that we may be seeing a real-estate recovery on paper. Further, these policies are clearly calibrated to bring about a bubble, despite that bubbles are difficult to control and are not, by definition, sustainable: they always eventually pop. Let’s at least hope that when this bubble bursts the new Wall Street bulk buyers are treated with the same ruthless “free market” vigor that the prior owners of these houses were treated with after the last bubble burst. However, I doubt the mystery Asian money buyer, that Fannie sold Phoenix to, will ever be subject to something like the rocket docket.

Washington’s Blog goes down the list of evidence that “the government’s “Homeowner Relief” Programs are disguised bank bailouts … not even AIMED at helping homeowners. It’s a fascinating piece with all the links to this sham.

Former special inspector general overseeing TARP Neil Barofsky (@neilbarofsky) joined Up w/ Chris Hayes to talk about his book “Bailout: An Inside Account of How Washington Abandoned Main Street While Rescuing Wall Street.” Along with panel guests Heather McGhee (@hmcghee), vice president of policy and research at the progressive think tank Demos; Josh Barro (@jbarro), who writes “The Ticker” for Bloomberg View; Michelle Goldberg (@michelleinbklyn), senior contributing writer for Newsweek/Daily Beast; and Up host Chris Hayes (@chrislhayes), Barofsky shares his thoughts on the failure of TARP and the housing crisis.

Cross posted from The Stars Hollow Gazette

Oh what a tangled web we weave,

When first we practise to deceive!

   Sir Walter Scott, Marmion, Canto vi. Stanza 17.

   Scottish author & novelist (1771 – 1832)

BuzzFeed correspondent and Rolling Stone contributing editor Michael Hastings (@mmhastings) joins the Up w/ Chris Hayes discussion on Julian Assange, the leader behind WikiLeaks, who caused a diplomatic standoff this week in part for challenging extradition to Sweden for alleged sexual misconduct. Along with comedian, actor, talk show host and author, Richard Belzer (@MRBelzer); Josh Barro (@jbarro) who writes “The Ticker” for Bloomberg View; Michelle Goldberg (@michelleinbklyn), senior contributing writer for Newsweek/Daily Beast; and Up host Chris Hayes ([@chris hayes]) attempt to unravel the tangles web of international intrigues that surrounds Julian Assange, Wikileaks and the latest diplomatic imbroglio that has our attention.

There was a lot left out but it would most likely take more than the two hours of the show to even come close to trying to wend through the maze of information and sort out the the innuendo from the facts. But here is some of what we do know about the actors in this multi-act play so far:

Theses are some of the details about charges and how the case was handled by the Swedish police and prosecutors:

1)  Julian Assange is not charged with anything in Sweden or any other country. (Source: @wikileaks)

2)  Julian Assange did not flee Sweden to avoid questioning. He was given permission to leave the country on the 15th September 2010, after remaining 5 weeks in Sweden for the purpose of answering the allegations made against him. {Source: Undue delay for Julian Assange’s interrogation)

3)  The case against Julian Assange was initially dropped, and deemed so weak it could not warrant investigation. After the intervention of a Swedish politician close to American diplomats, it was revived by a different prosecutor. (Source: Why is Julian Assange in jail?)

4)  In all instances, the 2 plaintiffs consented to sexual intercourse, which they did not take the initiative to stop: they never expressed non-consent and afterwards declared to not have felt threatened by Julian Assange. (Sources: Swedish Police Report and The offences described in the EAW are not extradition offences)

5)  A condom submitted as evidence by complainant AA, who claimed it had been deliberately torn by Julian Assange during sexual intercourse, contains no chromosomal DNA from either the complainant or Julian. (Source: Overlooked evidence in the Assange trial)

(6)  Text messages exchanged between complainants and their friends contradict the factual allegations in the European Arrest Warrant (EAW) issued for Julian Assange and cast doubt on the allegations. (Source: Brief to Canberra Meeting of MPs)

7)  After the date of the alleged sexual misconduct: a) Complainant AA created then deleted evidence (tweets) indicating she was enjoying Julian Assange’s company; b) AA went as far as suggesting one of her friends (Witness C) should be intimate with Julian as well. (Sources: AA: The Twitter Trail, Göran Rudling Witness Statement and Police Statement of Witness C (pdf))

8)  The law firm hired in the Assange investigation is ran by Claes Borgström (politician and legal representative for both plaintiffs) and by former minister Thomas Bodström. Both are members of the Social Democrat Party in Sweden. Bodström is a friend of police interrogator Irmeli Krans, who interrogated complainant SW.  (Source: Irmeli Krans: The Facebook Trail)

9) Police interrogator Irmeli Krans is, in turn, friends with the other plaintiff, complainant AA, with whom she has political ties (Social Democrat Party). Krans also breached protocol by commenting negatively about Julian Assange on social media. (Source: Irmeli Krans: The Facebook Trail)

10)  Swedish prosecutor, Marianne Ny, refused to provide Julian Assange or his lawyers with information on the allegations against him in writing. This violates the Swedish Code of Procedure (RB 23:18) and the European Convention of Human Rights (article 5), and the EU Fundamental Charter on Human Rights.

Prosecution also refused all voluntary offers for cooperation that fit under Mutual Legal Assistance protocol, such as making use of alternative methods to interview Julian Assange. (Sources: Fair Trial for Julian Assange? and Abuse of Process: Disproportionate use of EAW and INTERPOL Red Notice)

11)  Both the EAW and the Interpol red notice were issued for Julian by Sweden just before WikiLeaks began to publish Cablegate. (Source: Brief to Canberra Meeting of MPs)

12)  The allegations against Julian Assange do not constitute an offense in Australia or in the UK. (Source: The offences described in the EAW are not extradition offences)

h/t Notes on Wikileaks

We also know that one of Mr. Assange’s accusers has close ties to the CIA.

We know that former Stockholm chief district prosecutor Sven-Erik Alhem said that the Swedish government had no legitimate reason to seek Assange’s extradition when he testified that the decision of the Swedish government to extradite Assange is “unreasonable and unprofessional, as well as unfair and disproportionate“, because he could be easily questioned in the UK.

We know that there is strong evidence that the United States is seeking to indict Mr. Assange and prosecute him under the Espionage Act.

We also know that Ecuador’s president Rafael Correa may have been motivated by geopolitical factors in Latin America:

Any policy of isolating Assange may have failed now, as the conflict becomes one in which Ecuador-and a newly independent Latin America-stand off against the US and UK. Ecuador’s president Rafael Correa represents the wave of new nationalist leaders on the continent who have challenged the traditional US dominance over trade, security and regional decision-making. Correa joined the Venezuelan-founded Bolivarian Alternative for the Americas in June 2009, and closed the US military base in Ecuador in September 2009. His government fined Chevron for $8.6 billion for damages to the Amazon rainforest, in a case which Correa called “the most important in the history of the country.” He survived a coup attempt in 2010.

It is very unlikely that Correa would make his asylum decision without consulting other governments in Latin America. An aggressive reaction by the British, carrying echoes of the colonial past, is likely to solidify Latin American ranks behind Quito, making Assange another irritant in relations with the United States.

Earlier this year, many Central and Latin American leaders rebuked the Obama administration for its drug war policies and vowed not to participate in another Organization of American States meeting that excluded Cuba. Shortly after, President Obama acted to remove his Latin American policy chief, Dan Restrepo, according to a source with close ties to the Obama administration. Now the Assange affair threatens more turmoil between the United States and the region.

Oh, what a tangled web.

Cross posted from The Stars Hollow Gazette

Speaking on Sunday from a balcony off a room in the embassy, Assange thanked Ecuadorean President Rafael Correa for the “courage he has shown” in granting him asylum.

Assange has said his extradition to Sweden is the first step in a process that will see him sent to the United States, where he believes he will be prosecuted for espionage in connection with the volumes of US government documents which WikiLeaks has released.

The United States would paint itself as a promoter of human rights, but any right to make that claim is long gone

..] Ecuador’s [decision to grant political asylum to Assange was both predictable and reasonable. But it is also a ground-breaking case that has considerable historic significance.

First, the merits of the case: Assange clearly has a well-founded fear of persecution if he were to be extradited to Sweden. It is pretty much acknowledged that he would be immediately thrown in jail. Since he is not charged with any crime, and the Swedish government has no legitimate reason to bring him to Sweden, this by itself is a form of persecution.

We can infer that the Swedes have no legitimate reason for the extradition, since they were repeatedly offered the opportunity to question him in the UK, but rejected it, and have also refused to even put forth a reason for this refusal. A few weeks ago the Ecuadorian government offered to allow Assange to be questioned in its London embassy, where Assange has been residing since 19 June, but the Swedish government refused – again without offering a reason. This was an act of bad faith in the negotiating process that has taken place between governments to resolve the situation.

Former Stockholm chief district prosecutor Sven-Erik Alhem also made it clear that the Swedish government had no legitimate reason to seek Assange’s extradition when he testified that the decision of the Swedish government to extradite Assange is “unreasonable and unprofessional, as well as unfair and disproportionate“, because he could be easily questioned in the UK.

But, most importantly, the government of Ecuador agreed with Assange that he had a reasonable fear of a second extradition to the United States, and persecution here for his activities as a journalist. The evidence for this was strong. Some examples: an ongoing investigation of Assange and WikiLeaks in the US; evidence that an indictment had already been prepared; statements by important public officials such as Democratic senator Diane Feinstein that he should be prosecuted for espionage, which carries a potential death penalty or life imprisonment.

There is much more to this affair than the embarrassing release of documents revealing breaches of diplomatic protocol and targeted assassinations. It involves the questionable charges of sexual assault by two two women in Sweden involves consensual sex, who are good friends, deleted tweets, face books pages and changed their stories; the mishandled investigation by Sweden as well as, the CIA and a private security agency STRATFOR. Even more missed by the MSM is the underlying reason why Ecuador granted Assange asylum. It’s not as altruistic as it seems. Stayed tuned as we try to unravel this web of lies and international deception that was woven to hide the truth that Wikileaks would like you to know.  

Cross posted from The Stars Hollow Gazette

This is your morning Open Thread. Pour your favorite beverage and review the past and comment on the future.

Find the past “On This Day in History” here.

August 21 is the 233rd day of the year (234th in leap years) in the Gregorian calendar. There are 132 days remaining until the end of the year.

On this day in 1959, Hawaii became our 50th state. Hawaii is the only U.S. state made up entirely of islands. It occupies most of an archipelago in the central Pacific Ocean, southwest of the continental United States, southeast of Japan, and northeast of Australia. Hawaii’s natural beauty, warm tropical climate, inviting waters and waves, and active volcanoes  make it a popular destination for tourists, surfers, biologists, and volcanologists alike. Due to its mid-Pacific location, Hawaii has many North American and Asian influences along with its own vibrant native culture. Hawaii has over a million permanent residents along with many visitors and U.S. military personnel. Its capital is Honolulu on the island of Oahu.

The state encompasses nearly the entire volcanic Hawaiian Island chain, which comprises hundreds of islands spread over 1,500 miles (2,400 km). At the southeastern end of the archipelago, the eight “main islands” are (from the northwest to southeast) Niihau, Kauai, Oahu, Molokai, Lanai, Kahoolawe, Maui, and Hawaii. The last is by far the largest and is often called “The Big Island” to avoid confusion with the state as a whole. The archipelago is physiographically and ethnologically part of the Polynesian subregion of Oceania.

The first known settlers of the Hawaiian Islands were Polynesian voyagers who arrived sometime in the eighth century. In the early 18th century, American traders came to Hawaii to exploit the islands’ sandalwood, which was much valued in China at the time. In the 1830s, the sugar industry was introduced to Hawaii and by the mid 19th century had become well established. American missionaries and planters brought about great changes in Hawaiian political, cultural, economic, and religious life. In 1840, a constitutional monarchy was established, stripping the Hawaiian monarch of much of his authority.

In 1893, a group of American expatriates and sugar planters supported by a division of U.S. Marines deposed Queen Liliuokalani, the last reigning monarch of Hawaii. One year later, the Republic of Hawaii was established as a U.S. protectorate with Hawaiian-born Sanford B. Dole as president. Many in Congress opposed the formal annexation of Hawaii, and it was not until 1898, following the use of the naval base at Pearl Harbor during the Spanish-American War, that Hawaii’s strategic importance became evident and formal annexation was approved. Two years later, Hawaii was organized into a formal U.S. territory. During World War II, Hawaii became firmly ensconced in the American national identity following the surprise Japanese attack on Pearl Harbor in December 1941.

Admission, or Statehood, Day is an official state holiday. It is the home state of President Barack Obama, the only President from that state and one of the most beautiful places I have ever visited. The pictures were the very hard to select. The second picture (above) is an aerial view of Diamond Head.

Diamond Head is a dormant volcanic cone on the island of Oahu. It is called Le’ahi by Hawaiians, most likely from lae ‘browridge, promontory’ plus ‘ahi ‘tuna’ because the shape of the ridgeline resembles the shape of a tuna’s dorsal fin. Its English name was given by British sailors in the 19th century, who mistook calcite crystals embedded in the rock for diamonds.

Then of course there are volcanoes at Hawaii Volcanoes National Park. The first picture on the left is the more famous of the volcanoes, Mauna Loa which is the largest volcano on Earth by volume and area and one of the five volcanoes in that form the islands.

Adapted from The Stars Hollow Gazette‘s Rant of the Week

Mars sucks.

Scientists must explain how it’s possible that the tiny island country of Jamaica can at the same time possess all the most stoned people in the world and all the fastest people in the world.

Voter ID laws solve a problem that doesn’t exist.

Cross posted from The Stars Hollow Gazette

This is your morning Open Thread. Pour your favorite beverage and review the past and comment on the future.

Find the past “On This Day in History” here.

August 20 is the 232nd day of the year (233rd in leap years) in the Gregorian calendar. There are 133 days remaining until the end of the year.

On this day in 1911, the first around-the-world telegram sent, 66 years before Voyager II launch

On this day in 1911, a dispatcher in the New York Times office sends the first telegram around the world via commercial service. Exactly 66 years later, the National Aeronautics and Space Administration (NASA) sends a different kind of message–a phonograph record containing information about Earth for extraterrestrial beings–shooting into space aboard the unmanned spacecraft Voyager II.

The Times decided to send its 1911 telegram in order to determine how fast a commercial message could be sent around the world by telegraph cable. The message, reading simply “This message sent around the world,” left the dispatch room on the 17th floor of the Times building in New York at 7 p.m. on August 20. After it traveled more than 28,000 miles, being relayed by 16 different operators, through San Francisco, the Philippines, Hong Kong, Saigon, Singapore, Bombay, Malta, Lisbon and the Azores–among other locations–the reply was received by the same operator 16.5 minutes later. It was the fastest time achieved by a commercial cablegram since the opening of the Pacific cable in 1900 by the Commercial Cable Company.

The Voyager 2 spacecraft is an unmanned interplanetary space probe launched on August 20, 1977. Both the Voyager 2 and the Voyager 1 space probes were designed, developed, and built at the Jet Propulsion Laboratory near Pasadena, California. Identical in form and instruments with its sister Voyager program craft Voyager 1, Voyager 2 was launched on a slower, more curved trajectory that allowed it to be kept in the plane of the Ecliptic (the plane of the Solar System) so that it could be sent on to Uranus and Neptune by means of utilizing gravity assists during its fly-by of Saturn in 1981 and of Uranus in 1986. Because of this chosen trajectory, Voyager 2 could not take a close-up look at the large Saturnian moon Titan as its sister space probe had. However, Voyager 2 did become the first and only spacecraft to make the spaceflight by Uranus and Neptune, and hence completing the Planetary Grand Tour. This is one that is made practical by a seldom-occurring geometric alignment of the outer planets (happening once every 175 years).

The Voyager 2 space probe has made the most productive unmanned space voyage so far, visiting all four of the Outer Planets and their systems of moons and rings, including the first two visits to previously unexplored Uranus and Neptune. Voyager 2 had two sensitive vidicon cameras and an assortment of other scientific instruments to make measurements in the ultraviolet, infrared, and radio wavelengths, as well as ones to measure subatomic particles in outer space, including cosmic rays. All of this was accomplished at a fraction of the amount of money that was later spent on more advanced and specialized space probes Galileo and Cassini-Huygens. Along with the earlier NASA Pioneer 10 and Pioneer 11, sister probe Voyager 1, and the more recent New Horizons, Voyager 2 is an interstellar probe in that all five of these are on one-way trajectories leaving the Solar System.

Cross posted from The Stars Hollow Gazette

This is your morning Open Thread. Pour your favorite beverage and review the past and comment on the future.

Find the past “On This Day in History” here.

August 19 is the 231st day of the year (232nd in leap years) in the Gregorian calendar. There are 134 days remaining until the end of the year.

On this day in 1909, the first race is held at the Indianapolis Motor Speedway, now the home of the world’s most famous motor racing competition, the Indianapolis 500.

The rectangular two-and-a-half-mile track linked four turns, each exactly 440 yards from start to finish, by two long and two short straight sections. In that first five-mile race on August 19, 1909, 12,000 spectators watched Austrian engineer Louis Schwitzer win with an average speed of 57.4 miles per hour. The track’s surface of crushed rock and tar proved a disaster, breaking up in a number of places and causing the deaths of two drivers, two mechanics and two spectators.

The surface was soon replaced with 3.2 million paving bricks, laid in a bed of sand and fixed with mortar. Dubbed “The Brickyard,” the speedway reopened in December 1909. In 1911, low attendance led the track’s owners to make a crucial decision: Instead of shorter races, they resolved to focus on a single, longer event each year, for a much larger prize. That May 30 marked the debut of the Indy 500–a grueling 500-mile race that was an immediate hit with audiences and drew press attention from all over the country. Driver Ray Haroun won the purse of $14,250, with an average speed of 74.59 mph and a total time of 6 hours and 42 minutes.

Chris Hayes, the host of  MSNBC’s Up with Chris Hayes, share week’s news with guests: Richard Belzer (@MRBelzer), comedian, actor, talk show host and author; Michael Hastings (@mmhastings), BuzzFeed correspondent, Rolling Stone contributing editor, and author of “The Operators: The Wild and Terrifying Inside Story of America’s War in Afghanistan“; Heather McGhee (@hmcghee), vice president of policy and research at the progressive think tank Demos; Josh Barro (@jbarro), writes “The Ticker” for Bloomberg View; and Michelle Goldberg (@michelleinbklyn), senior contributing writer for Newsweek/Daily Beast, author of “Kingdom Coming: The rise of Christian Nationalism.”

34 South African miners killed in clash with police

Some miners vowed to fight to the death yesterday  as police announced a shocking casualty toll from the previous day’s shooting by officers of striking miners with 34 dead and 78 wounded.

Wives of miners at the Lonmin Platinum Mine, northwest of Johannesburg took the place of dead and wounded husbands yesterday  in staging a protest. But this time, instead of asking for higher wages as the miners had done, the women demanded to know why police had opened fire Thursday with automatic rifles, pistols and shotguns on the strikers, many of whom had been armed with spears, machetes and clubs, as they rushed toward the officers.

Russia Sentences Pussy Riot Members to Two Years in Jail

A Russian court jailed three female punk performers for two years for inciting religious hatred and hooliganism, prompting international condemnation of the case that’s become a symbol of President Vladimir Putin’s intolerance for dissent.

Prosecutors had sought three-year prison terms for the Pussy Riot band members, who performed a “punk prayer” in the country’s main Christian Orthodox place of worship in February urging Putin’s removal.

Rage Against the Machine Isn’t Returning Ryan’s Love

Representative Paul D. Ryan may love Rage Against the Machine, but the feeling isn’t mutual.

“Paul Ryan’s love of Rage Against the Machine is amusing, because he is the embodiment of the machine that our music has been raging against for two decades,” Mr. Morello said.

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