Knocking The Nikkei: Japan Down 500 From Yesteday’s Highs

With the ongoing strength in JPY, Japanese stocks (the highest beta to the previous collapse in the Yen) are crumbling. The Nikkei 225 is now down over 500 points from yesterday’s highs and at its “cheapest” to the Dow this week… Still think it’s all about China?

 

 

Fun-durr-mentals…


    



via Zero Hedge http://ift.tt/1c7u2ck Tyler Durden

Knocking The Nikkei: Japan Down 500 From Yesteday's Highs

With the ongoing strength in JPY, Japanese stocks (the highest beta to the previous collapse in the Yen) are crumbling. The Nikkei 225 is now down over 500 points from yesterday’s highs and at its “cheapest” to the Dow this week… Still think it’s all about China?

 

 

Fun-durr-mentals…


    



via Zero Hedge http://ift.tt/1c7u2ck Tyler Durden

Is The China Bank Run Beginning? Farmers Co-Op Unable To Pay Depositors

While most of the attention in the Chinese shadow banking system is focused on the Credit Equals Gold #1 Trust's default, as we first brought to investors' attention here, and the PBOC has thrown nearly CNY 400 billion at the market in the last few days, there appears to be a bigger problem brewing. As China's CNR reports, depositors in some of Yancheng City's largest farmers' co-operative mutual fund societies ("banks") have been unable to withdraw "hundreds of millions" in deposits in the last few weeks. "Everyone wants to borrow and no one wants to save," warned one 'salesperson', "and loan repayments are difficult to recover." There is "no money" and the doors are locked.

The locked doors of one farmers' co-op…

 

Via China CNR,

Shadow Banking has grown remarkably…

…in recent years, opened dozens of Yancheng local "farmers mutual funds Society", these cooperatives approved the establishment by the competent local agriculture, and received by the local Civil Affairs Bureau issued a "certificate of registration of private non-enterprise units."

As savers are promised big returns…

Deposit-taking and lending by cooperatives operated operation, and to promise savers, depositors after maturity deposits not only can get the interest, you can also get bonuses.

But recently things have turned around…

However, beginning in early 2013, Yancheng City Pavilion Lakes region continue to have a number of co-op money people to empty, many savers deposits can not be cashed, thus many people's lives into a corner.

 

Dong-farmers in Salt Lake Pavilion mutual funds club, a duty officer's office, told reporters, because many people take money, put out loans difficult to recover, leading to funding strand breaks.

Rough Google Translation:

Salesperson: …the money has been slowly falling and in the end is difficult to ask for money, right? And now there is no money coming in, now people don't want to save money, and take all the money.

 

Reporter: But it's their money, they should be able to…

 

Salesperson: I know I should [given them money]; however, when the turn started, their is no money, we get cut off and lenders and borrowers took off…

One depositor blames the government (for false promises):

The bank has a deposit-taking his staff, he would say that he is a government action that has the government's official seal, to give you some interest, as well as the appropriate dividends, because we believe that the government, so we fully believe him , we put the money lost inside, who thought in November, Xi Chu who told us that something was wrong.

But don't worry – this should all be settled by 2016…

Yu Long Zhang: we put all of his certificates of deposit are received out. You are only responsible for the loan out of the money back to the people against. The people's money has been invested in other projects go, we have to be tracked to ensure no loss of capital assets, can dispose of his assets disposed of, can recover quickly come back.

 

Reporter: There is a specific timetable yet?

 

Yu Long Zhuang: 2014 cashing out the entire program.

 

Reporter: When did all of these things can be properly resolved?

 

Yu Long Zhuang: the latest is 2015, 2015, all settled.

So, for the Chinese, their bank deposits have suddenly become highly risky 2 year bonds…


    



via Zero Hedge http://ift.tt/KLU2Pq Tyler Durden

A Stunning 63% Of Florida December Home Purchases Were “All Cash”

Back in August, when we wrote that “A Stunning 60% Of All Home Purchases Are “Cash Only” – A 200% Jump In Five Years” based on Goldman data, many laughed, unable to fathom that the majority of the US housing market has become a flippers’ game played by institutions and the uber wealthy, who don’t need a stinking mortgage to buy that South Beach mansion. The implication of course being that housing is not effectively shut for that part of the population – the vast majority – that relies on credit to be able to purchase a home (a finding confirmed by the ongoing collapse in mortgage applications).

As it turns out we were just a little ahead of the curve as usual, and as real estate company RealtyTrac reported overnight, with data that naturally is delayed due to the delayed impact of houses coming out of the much delayed foreclosure pipeline, “All-cash purchases accounted for 42.1 percent of all U.S. residential sales in December, up from a revised 38.1 percent in November, and up from 18.0 percent in December 2012.” That’s a 10% increase in one month for a 6-9 month delayed series, which means that in reality, roughly about 60% of all homes are now purchased with cold, hard cash.

The chart below shows how in June and July the data finally started reflecting the Fed’s September 2012 QEternity reality. As we said: 6-9 month lag.

Incidentally, broken down by states, this is already confirmed in places like Florida, Wisonsin and Alabama. From RealtyTrac:

States where all-cash sales accounted for more than 50 percent of all residential sales in December included:

  • Florida (62.5 percent),
  • Wisconsin (59.8 percent),
  • Alabama (55.7 percent),
  • South Carolina (51.3 percent),
  • Georgia (51.3 percent).

And rising fast.

At this pace the entire US housing market will be at the mercy of flippers who have access to unlimited funding and are only buying a home, with zero regard for cost,  in hopes of selling it to an even greater fool. Obviously, that has endless cheap credit happy ending written all over it.

As for everyone else: please pay your landlord, Blackstone, at the end of the month.


    



via Zero Hedge http://ift.tt/1f9we3z Tyler Durden

A Stunning 63% Of Florida December Home Purchases Were "All Cash"

Back in August, when we wrote that “A Stunning 60% Of All Home Purchases Are “Cash Only” – A 200% Jump In Five Years” based on Goldman data, many laughed, unable to fathom that the majority of the US housing market has become a flippers’ game played by institutions and the uber wealthy, who don’t need a stinking mortgage to buy that South Beach mansion. The implication of course being that housing is not effectively shut for that part of the population – the vast majority – that relies on credit to be able to purchase a home (a finding confirmed by the ongoing collapse in mortgage applications).

As it turns out we were just a little ahead of the curve as usual, and as real estate company RealtyTrac reported overnight, with data that naturally is delayed due to the delayed impact of houses coming out of the much delayed foreclosure pipeline, “All-cash purchases accounted for 42.1 percent of all U.S. residential sales in December, up from a revised 38.1 percent in November, and up from 18.0 percent in December 2012.” That’s a 10% increase in one month for a 6-9 month delayed series, which means that in reality, roughly about 60% of all homes are now purchased with cold, hard cash.

The chart below shows how in June and July the data finally started reflecting the Fed’s September 2012 QEternity reality. As we said: 6-9 month lag.

Incidentally, broken down by states, this is already confirmed in places like Florida, Wisonsin and Alabama. From RealtyTrac:

States where all-cash sales accounted for more than 50 percent of all residential sales in December included:

  • Florida (62.5 percent),
  • Wisconsin (59.8 percent),
  • Alabama (55.7 percent),
  • South Carolina (51.3 percent),
  • Georgia (51.3 percent).

And rising fast.

At this pace the entire US housing market will be at the mercy of flippers who have access to unlimited funding and are only buying a home, with zero regard for cost,  in hopes of selling it to an even greater fool. Obviously, that has endless cheap credit happy ending written all over it.

As for everyone else: please pay your landlord, Blackstone, at the end of the month.


    



via Zero Hedge http://ift.tt/1f9we3z Tyler Durden

Student Bypasses Yale’s Website Ban; Government Censorship May Be Next

Banned BluebookCourtesy of Balaji Srinivasan,
who made a big splash in Silicon Valley and beyond with
calls for tech entrepreneurs to develop means of working around and
otherwise escaping government control
, comes news of a
small-scale demonstration
of his ideas at work in a
confrontation between Yale students and university officials.

Yale has an online course catalog, Yale Blue Book, purchased from student
originators. Two current students, Peter Xu and Harry Yu, developed
an improved Website, YBB+, that proved very popular because of its
lighter interface and the ability to sort classes according to
standards important to undergrads. So, of course, the school shut
the competitor down. And then technology came to the rescue,
rendering the shutdown effort impotent.

Writes Ariel Kaminer at the
New York Times
:

The idea did not seem controversial at first: Peter Xu and Harry
Yu, twin brothers who are seniors at Yale University, set out to
build a better, more user-friendly version of the university’s
online course catalog. But as Mark Zuckerberg found when he decided
to build a better version of Harvard’s undergraduate student
directory, these things can take on a life of their own.

Yale shut down the brothers’ website last week, helping to turn
a local campus issue into something of a civil rights cause. Now,
after a few days of controversy, a similar tool is up and running,
and it appears to be Yale that has gotten a schooling.

The brothers said they were tired of the university’s “clunky”
online catalog, which made it hard to see how students from
previous semesters had evaluated courses. So in December 2012, Mr.
Xu and Mr. Yu, both computer science majors, came up with their own
version.

They called it Yale Blue Book +, or YBB+, a reference to the
Yale Blue Book, a course selection website that other students had
developed and sold to the school a couple of years ago.

“We wanted it to be faster to use,” Mr. Xu said. On his site, he
continued, “You can click on a course, you can see its description,
you can see what other students have said about it — all in a few
clicks.” In particular, students could sort courses by numerical
ratings given by students in previous semesters, and see what
courses their Facebook friends were looking at.

Yale officials got bent out of shape and objected on a grab-bag
of grounds that essentially boiled down to: “you didn’t ask and we
don’t like it.”

But…Students liked YBB+ (which was renamed CourseTable in an attempt to escape a
trademark battle). They complained. And, more importantly, one of
them did something that made the ban unenforceable.

Writes Yale student
Sean Haufler
:

What if someone made a piece of software that displays Yale’s
course evaluation data in a way that Yale disapproves of, while
also (1) not infringing on Yale’s copyrights or trademarks, (2) not
storing any sensitive data, (3) not scraping or collecting Yale’s
data, and (4) not causing damages to Yale’s network or servers? If
Yale censors this piece of software or punishes the software
developer, it would clearly characterize Yale as an institution
where having authority over students trumps freedom of speech.

Guess what? I made it last night.

I built a Chrome Extension called
Banned Bluebook
. It modifies the Chrome browser to add
CourseTable’s functionality to Yale’s official course selection
website, showing the course’s average rating and workload next to
each search result. It also allows students to sort these courses
by rating and workload. This is the original
site
, and this is the site with Banned
Bluebook enabled
(this demo uses randomly generated rating
values).

Haufler’s intention, he wrote, was to demonstrate that
“Censorship through IP blocking and Deep Packet Inspection is not
only unethical, it’s also futile.”

Now Mary Miller, the Dean of Yale College,
concedes
that “In retrospect, I agree that we could have been
more patient in asking the developers to take down information they
had appropriated without permission, before taking the actions that
we did.” She also allowed that Banned Bluebook “leapfrogs over the
hardest questions before us.”

Which is to say, it leapfrogs over the school’s ability to even
pretend to control of the situation.

Expect more such solutions to attempted exercises of power, on a
larger scale, in the future.

from Hit & Run http://ift.tt/1jqobCT
via IFTTT

Student Bypasses Yale's Website Ban; Government Censorship May Be Next

Banned BluebookCourtesy of Balaji Srinivasan,
who made a big splash in Silicon Valley and beyond with
calls for tech entrepreneurs to develop means of working around and
otherwise escaping government control
, comes news of a
small-scale demonstration
of his ideas at work in a
confrontation between Yale students and university officials.

Yale has an online course catalog, Yale Blue Book, purchased from student
originators. Two current students, Peter Xu and Harry Yu, developed
an improved Website, YBB+, that proved very popular because of its
lighter interface and the ability to sort classes according to
standards important to undergrads. So, of course, the school shut
the competitor down. And then technology came to the rescue,
rendering the shutdown effort impotent.

Writes Ariel Kaminer at the
New York Times
:

The idea did not seem controversial at first: Peter Xu and Harry
Yu, twin brothers who are seniors at Yale University, set out to
build a better, more user-friendly version of the university’s
online course catalog. But as Mark Zuckerberg found when he decided
to build a better version of Harvard’s undergraduate student
directory, these things can take on a life of their own.

Yale shut down the brothers’ website last week, helping to turn
a local campus issue into something of a civil rights cause. Now,
after a few days of controversy, a similar tool is up and running,
and it appears to be Yale that has gotten a schooling.

The brothers said they were tired of the university’s “clunky”
online catalog, which made it hard to see how students from
previous semesters had evaluated courses. So in December 2012, Mr.
Xu and Mr. Yu, both computer science majors, came up with their own
version.

They called it Yale Blue Book +, or YBB+, a reference to the
Yale Blue Book, a course selection website that other students had
developed and sold to the school a couple of years ago.

“We wanted it to be faster to use,” Mr. Xu said. On his site, he
continued, “You can click on a course, you can see its description,
you can see what other students have said about it — all in a few
clicks.” In particular, students could sort courses by numerical
ratings given by students in previous semesters, and see what
courses their Facebook friends were looking at.

Yale officials got bent out of shape and objected on a grab-bag
of grounds that essentially boiled down to: “you didn’t ask and we
don’t like it.”

But…Students liked YBB+ (which was renamed CourseTable in an attempt to escape a
trademark battle). They complained. And, more importantly, one of
them did something that made the ban unenforceable.

Writes Yale student
Sean Haufler
:

What if someone made a piece of software that displays Yale’s
course evaluation data in a way that Yale disapproves of, while
also (1) not infringing on Yale’s copyrights or trademarks, (2) not
storing any sensitive data, (3) not scraping or collecting Yale’s
data, and (4) not causing damages to Yale’s network or servers? If
Yale censors this piece of software or punishes the software
developer, it would clearly characterize Yale as an institution
where having authority over students trumps freedom of speech.

Guess what? I made it last night.

I built a Chrome Extension called
Banned Bluebook
. It modifies the Chrome browser to add
CourseTable’s functionality to Yale’s official course selection
website, showing the course’s average rating and workload next to
each search result. It also allows students to sort these courses
by rating and workload. This is the original
site
, and this is the site with Banned
Bluebook enabled
(this demo uses randomly generated rating
values).

Haufler’s intention, he wrote, was to demonstrate that
“Censorship through IP blocking and Deep Packet Inspection is not
only unethical, it’s also futile.”

Now Mary Miller, the Dean of Yale College,
concedes
that “In retrospect, I agree that we could have been
more patient in asking the developers to take down information they
had appropriated without permission, before taking the actions that
we did.” She also allowed that Banned Bluebook “leapfrogs over the
hardest questions before us.”

Which is to say, it leapfrogs over the school’s ability to even
pretend to control of the situation.

Expect more such solutions to attempted exercises of power, on a
larger scale, in the future.

from Hit & Run http://ift.tt/1jqobCT
via IFTTT

A Few Questions About Obamacare and the Uninsured Rate

The good news for Obamacare supporters is that a
monthly tracking poll from Gallup
finds that the percentage of
uninsured Americans dropped this month, the first in which
Obamacare’s major coverage provisions kicked in. The uninsured rate
dropped from 17.3 percent down to 16.1 percent between December of
2013 and January of this year, according to the Gallup-Healthways
Well-Being Index.  

The less-good news for the health law’s backers is that the
uninsurance rate is still essentially the same as it was in the
early months of 2010, when the law passed. And it’s still several
points higher than it was late in 2008, just as the recession hit,
and when President Obama finishing his first campaign.

Here’s the graph:

The survey results leave a few unanswered questions:

How much of this month’s result is just normal
variation?
There have been numerous large month-over-month
spikes and drops in the numbers over the years, and this month’s
dip isn’t far out of the normal range. While it’s unlikely that
normal variation explains the entirety of this month’s drop, it may
explain some or even most of it. 

What happened during the summer of 2013? The uninsured
rate jumps all the way up to 18.6 percent, almost a point higher
than its previous high, before it starts falling again in the
second half of the year. 

How much of the expansion of insurance comes from Medicaid,
and how much is in private insurance?
The report doesn’t
attempt to break out the number of people who are insured through
Medicaid, the federal-state program for the poor that was expanded
under Obamacare. And federal data on Medicaid enrollments since
October of last year isn’t very helpful either, since it doesn’t
differentiate between people who renewed prior Medicaid coverage
and people who are newly covered under the health law. But it would
be interesting to know. In theory, it’s still possible that the
number of people with insurance of any kind (including Medicaid)
has increased, but the number of people with private insurance has
not. 

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F’ville man charged with rape, aggravated sodomy

A Fayetteville man has been charged with rape and aggravated sodomy in a Jan. 20 incident involving a 19-year-old Riverdale woman.

Herminio Gutierrez, 21, of Booker Avenue, was charged with rape, aggravated sodomy, making terroristic threats and acts and misdemeanor battery, according to Fayetteville Det. Mike Whitlow.

Whitlow said the incident occurred in the early morning hours of Jan. 20 after Gutierrez and the woman returned from a date in Atlanta and went to his residence.

“He became sexually aggressive and she rebuffed him,” Whitlow said.

read more

via The Citizen http://ift.tt/1aP2BjC

F'ville man charged with rape, aggravated sodomy

A Fayetteville man has been charged with rape and aggravated sodomy in a Jan. 20 incident involving a 19-year-old Riverdale woman.

Herminio Gutierrez, 21, of Booker Avenue, was charged with rape, aggravated sodomy, making terroristic threats and acts and misdemeanor battery, according to Fayetteville Det. Mike Whitlow.

Whitlow said the incident occurred in the early morning hours of Jan. 20 after Gutierrez and the woman returned from a date in Atlanta and went to his residence.

“He became sexually aggressive and she rebuffed him,” Whitlow said.

read more

via The Citizen http://ift.tt/1aP2BjC