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By Tyler Durden

As we've chronicled the pure insanity that has been taking place in the real estate market, most recently with the revelation that for just $499,000 one could be the proud owner of a 20-by-97 foot lot with a “house” on it in Brooklyn, we continue to be amazed at what we find.

Now we learn that an unidentified buyer has spent a mind-boggling $5.3 million for a triple-wide mobile home in Malibu, California. The four bedroom, four bathroom mobile overlooks the coastline, and comes with hardwood floors, skylights and a pair of gas fireplaces.

The sale is the most ever paid for a mobile home in Malibu according to Elizabeth Seaman, the Pinnacle Estate Properties agent who represented the buyer.

You don't say…

The most stunning part of the deal is that the same property sold for $4 million only a year ago. What could possibly go wrong flipping mobile homes for millions in a softening economy? In light of of all of this, we expect to see a pilot for “Flip This Malibu Mobile” coming to a network very soon.

…read more

Source: What Bubble? Triple-Wide Mobile Home Sells For $5.3 Million In Malibu

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By Tyler Durden

Submitted by Jim Quinn via The Burning Platform blog,

Two charts revealing how stupid the average American remains.

Despite what should have been a once in lifetime lesson from 2005 through 2010 on the dangers of excessive leverage, dumbass Americans have been led like sheep to slaughter again by the Wall Street cabal, Madison Avenue maggots, and the mega-corporate purveyors of materialism. Wall Street is issuing more credit cards today than they did at the 2008 peak, and 90% more than they did in 2009.

The automakers, their finance divisions, and Wall Street have “sold” a new $40,000 vehicle to every Tom, Dick, and Lakesha in Amurica with subprime loans, 7 year 0% interest “deals”, and low payment leases. Now, tens of millions of these dumbasses are underwater on their auto loans. But wait. These people are so fucking stupid they NEED a new vehicle and are trading in their underwater 3 year old vehicles for another $40,000 ride. Gotta keep up with the Joneses. Just roll the old loan into the new loan and drive off the lot underwater from the get go. Simply brilliant. Meanwhile, auto loan delinquencies are soaring.

The idiocy of people taking on this level of debt once again, so they can pretend to live the good life, is mind boggling to behold by rational thinking individuals. The decay and rot of this unsustainable system is clear and the stench from our fetid putrefying carcass of a faux democracy is overwhelming.

Two quotes come to mind when you see mindless Americans in action in this great democracy of ours.

“Democracy is the theory that the common people know what they want and deserve to get it good and hard.” – Mencken

“Think of how stupid the average person is, and realize half of them are stupider than that.” – Carlin

…read more

Source: America’s "Advanced Stupid" In 2 Stunning Charts

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Hillary Clinton is on board with the bi-partisan plan to rescue Puerto Rico, but Bernie Sanders is strongly opposed to it. The clash comes weeks before Puerto Ricans vote in a June 5 primary.

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…read more

Source: Clinton, Sanders clash over Puerto Rico rescue bill

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By Tyler Durden

After taking a three month leave of absence, Citi’s Matt King has stormed right back to the front lines of financial reporting where his original perspective is very critically needed, and following up on his latest must read presentation which we posted two weeks ago and dubbed “the tipping point“, overnight Citi’s chief credit strategist is out with a new note titled “The race to the bottom”, which focuses on the negative feedback loop world in which “liquidity breeds liquidity and illiquidity breeds illiquidity” (we are now in the latter phase), and how this impacts both global markets and the global economy, and how central banks are desperately struggling to prevent it all from crashing down.

In this note we will layout King’s thoughts on the market; his observations on the economy will be presented at a later time.

From Citi’s Matt King

The race to the bottom

No, we’re not talking about currency wars, though they do illustrate the phenomenon. Nor are we thinking about € credit spreads and yields rapidly converging on (and in some cases surpassing) the zero bound.

Rather, a significant theme of our research in recent years has been the tendency of investors to assume they live in a zero-sum world, only to face a rude awakening when they discover that markets think otherwise.

Think of the reaction to falling (and now rising) oil prices, for example. What ought just to be a redistribution of wealth between oil producers and oil consumers has turned out not to be. Both markets and the global economy have proved an awful lot happier when prices have been rising than when they have been falling.

The same applies in multiple other spheres. We talk about money flowing from one market to another as though there is a fixed amount of it. Yet we have argued elsewhere that it is constantly being created through credit expansion in the private sector and on central bank balance sheets, or destroyed through deleveraging and defaults, and that changes in the multipliers – as opposed to the flows themselves – are at least as important as a driver of market movements and economic growth.

On multiple fronts we fear that what was a positive-sum game previously is now turning negative, and that the potential for some recent trends to run and run is still underappreciated, with potentially far-reaching repercussions.

Liquidity breeds liquidity; illiquidity breeds illiquidity

Take market liquidity, for example. Despite near-record notional volumes on TRACE, and policymakers’ protestations that nothing has really changed, market participants continue to lament that bid-offer is misleading, and depth is not what it used to be. Worse, many managers have struggled to make money on the basis of traditional single-name fundamentals, and poor performance is contributing to a steady leakage of flows away from traditional benchmarked funds towards totalreturn funds, indices and ETFs. The shift is not unique to credit: in European equities, futures-to-cash ratios – one convenient measure of index trading versus single-name trading – have reached all-time …read more

Source: Citi: "We Are Becoming Convinced That The System Won’t Stabilize" – How Central Banks Broke The Market

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By Tyler Durden

Authored by Richard Benedetto, a retired USA Today White House correspondent and columnist, who teaches politics and journalism at American University and in the Fund for American Studies program at George Mason University. Originally posted in the WSJ.

How Obama Gets Away With It

At a time when large numbers of Americans say they are fed up with politics and politicians, why is it that the nation’s chief politician, President Obama, seems to skate above it unscathed?

Usually when an incumbent president is leaving office and a slew of candidates are battling for his job, that departing chief executive’s record is a major campaign issue.

But not this year, even though two of three Americans say the country is on the wrong track, job creation is sluggish, income inequality continues to rise and Mr. Obama’s job approval barely tops 50%. Moreover, approval of his handling of the war on terror and Islamic State is underwater, and a majority of Americans—white and black—say race relations are getting worse, not better.

When Mr. Obama ran for office in 2008, a central part of his campaign strategy was to heap blame on George W. Bush. How has Mr. Obama dodged similar treatment? One reason: Donald Trump’s bombastic candidacy is a huge distraction and often blocks out or obliterates more-substantive issues. That was the case even when his now-vanquished rivals tried to address serious topics. When Mr. Trump does criticize the president, it gets far less news play than his attacks on his opponents and critics, Republican or Democrat. As for Bernie Sanders and Hillary Clinton, they both are angling for a third consecutive Democratic administration, so are not eager to criticize Mr. Obama.

But another reason—a big one—why Mr. Obama is able to avoid being a target is that he is a deft manipulator of the media, probably more skillful at it than any president ever. He heads a savvy public-relations machine that markets him like a Hollywood celebrity, a role he obligingly and successfully plays. One of the machine’s key tactics is to place Mr. Obama in as many positive news and photo situations as possible. Ronald Reagan’s advisers were considered masters of putting their man in the best possible light, but they look like amateurs compared with the Obama operation—which has the added advantage of a particularly obliging news media.

A sampling over the past few weeks: A Washington Post photo captures President Obama blowing giant bubbles “At the final White House Science Fair of his presidency.” A New York Times photo shows the president mobbed by women admirers at a ceremony designating the Sewall-Belmont House on Capitol Hill as a national museum for women’s equality.

An ABC News video gives us Mr. Obama’s helicopter landing on the rainy grounds of Britain’s Windsor Castle, and then we visit the president and first lady lunching with Queen Elizabeth II on her 90th birthday.

In other news clips, we see a doctoral-robed Obama speaking to graduates of Howard University, a tuxedoed Obama yukking it up at the White House …read more

Source: A Retired White House Correspondent Explains "How Obama Gets Away With It"

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By Tyler Durden

Submitted by Michael Shedlock via MishTalk.com,

407,000 private sector workers are about to lose most of their pensions.

I first wrote about this on April 21, in One of Nation’s Largest Pension Funds (Truckers) Will Reduce Benefits or Go Broke by 2025.

The Central States Pension Fund, which handles the retirement benefits for current and former Teamster union truck drivers across various states applied for reductions under that law.

Currently the plan pays out $3.46 in pension benefits for every $1 it receives from employers. That’s a drain of $2 billion annually.

The plan filed for 60% cuts in pensions. The Treasury Department has the final say. The verdict came in today: “cuts not deep enough”.

Please consider Pensions May be Cut to ‘Virtually Nothing’ for 407,000 People.

The Central States Pension Fund has no new plan to avoid insolvency, fund director Thomas Nyhan said this week. Without government funding, the fund will run out of money in 10 years, he said.

At that time, pension benefits for about 407,000 people could be reduced to “virtually nothing,” he told workers and retirees in a letter sent Friday.

In a last-ditch effort, the Central States Pension Plan sought government approval to partially reduce the pensions of 115,000 retirees and the future benefits for 155,000 current workers. The proposed cuts were steep, as much as 60% for some, but it wasn’t enough. Earlier this month, the Treasury Department rejected the plan because it found that it would not actually head off insolvency.

The fund could submit a new plan, but decided this week that there’s no other way to successfully save the fund and comply with the law. The cuts needed would be too severe.

Normally, when a multi-employer fund like Central States runs out of money, a government insurance fund called the Pension Benefit Guaranty Corporation (PBGC) kicks in so that retirees still receive some kind of benefit.

But that’s not a great solution in this case. For one thing, the amount is smaller than what pensioners would have received under the Central States reduction plan, and is based on the number of years a retiree worked. A retiree would receive a maximum $35.75 a month for each year worked, according to the fund’s website. (That amounts to $1,072.50 a month for retiree who worked 30 years.)

But there’s yet another problem. The PBGC itself is underfunded and isn’t expected to be able to cover all the retirees in the Central States Pension Fund.

Dear Beneficiary

Click here for the entire “Dear Beneficiary” letter.

This is a sad saga for which there is no happy ending.

Public Union Whiners

An Illinois state worker was whining earlier today about my post Chicago Pension Liabilities Jump 168%, Understated by $11.5 Billion.

When private pension plans go broke, they go broke. Public pension expect a bailout.

I replied to the person whining … “Corrupt politicians got in bed with corrupt union leaders making promises both knew could not be met.”

Public workers have no idea how well off they …read more

Source: 407,000 Workers Stunned As Pension Fund Proposes 60% Cuts, Treasury Says "Not Enough"

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