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K Smith

K Smith
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  • PricewaterhouseCoopers Report: REITs a 'Best Bet' for 2011 [View article]
    Mr. Case,
    Informing people is a noble effort. If the information is reliable.

    The information you provided is not reliable. Your information comes from biased sources.

    Which calls into question your stated goal of informing investors. You are failing at your own goal.

    You are not informing investors. You are misleading them.
    Dec 2, 2010. 11:51 PM | Likes Like |Link to Comment
  • Home Prices Are Plunging: Let's Discuss the Deficit Instead [View article]
    You don't need to see his identification.

    These aren't the droids you're looking for.

    He can go about his business.

    Move along.
    Dec 2, 2010. 09:44 PM | Likes Like |Link to Comment
  • Bernanke: QE2 to 'Create' 700,000 Jobs Over Two Years [View article]
    Perhaps the Fed will hire people and give them money to buy the seats vacated by all the airline passengers who are refusing to fly since the implementation of the new TSA pornocanner/sexual assault security procedures at America's airports......

    Nah. They'll just do an airline industry bailout.
    Nov 19, 2010. 05:38 AM | 2 Likes Like |Link to Comment
  • Charts of the Day: Is Inflation Decelerating or Not? [View article]
    In 3 card monte the player always loses.

    With the rigged game we are involved in there is no way to choose not to play.
    Nov 18, 2010. 09:19 PM | Likes Like |Link to Comment
  • Smallest Year-Over-Year Change in Core Inflation Since 1957 [View article]
    War is peace.

    Freedom is slavery

    Ignorance is strength.

    There's no sign of an inflation problem.

    And the latest from an economic theory being promoted in the halls of academia and public policy by the Rockefeller Foundation - We don't really owe China money, all we owe them is a bank statement.

    There's a signpost up stop...

    The Twilight Zone!
    Nov 18, 2010. 09:09 PM | 1 Like Like |Link to Comment
  • October Retail Sales Data: The Highlights [View article]
    These numbers mean nothing unless they are adjusted for inflation - real inflation, not that government manipulated fake CPI metric.
    Nov 15, 2010. 11:47 PM | Likes Like |Link to Comment
  • Retail Sales Surprise to the Upside [View article]
    These numbers are meaningless unless they are adjusted for inflation.

    And they need to be adjusted for real inflation, not that phony baloney CPI.

    I suspect that after adjusting for inflation, real retail sales are flat or declining.
    Nov 15, 2010. 11:40 PM | Likes Like |Link to Comment
  • U.S. Retail Sales: Up an Impressive 1.2% [View article]
    This is a very deceptive analysis.

    Reality demands that these numbers be adjusted for inflation.

    I suspect that after adjusting for inflation - real inflation, not that government whacked out smoke and mirrors CPI - real retail sales are actually flat or falling.
    Nov 15, 2010. 11:35 PM | 1 Like Like |Link to Comment
  • How Government Austerity Crushed Cisco's Earnings [View article]
    The school district in my community attempted to establish one of these parasitic relationships with an IT firm a few years ago. The first proposed installment was a $4 million program that promised "laptops for all students."

    The parents knew what a financial fiasco it would be. Many of them worked for firms that provided laptops to their employees, and they saw how many of them were lost, stolen, or damaged. The hardware was not even consistent with the hardware that had been purchased for all the teachers the year before.

    The outcry against the proposed expenditure was deafening. The plan went down in flames, the school superintendent was booted, and the school board members who voted in favor of it were voted out in the next election.
    Nov 11, 2010. 10:18 PM | 3 Likes Like |Link to Comment
  • Ben Bernanke: The Chauncey Gardiner of Central Banking [View article]
    It's worse than we think.

    Mr. Bernnake's former QE injected money into the banking system and propped up the mortgage market. His new QE2 will inject money directly into the economy.

    When the money supply is expanded by putting money on the books of banks, the money supply is bigger, but the new money is not yet in circulation. It sits there until the economy heats up and then is lent out. The money then goes into circulation into the economy and inflation begins.

    When new money is injected directly into the economy it goes immediately into circulation. This means QE2 will have an immediate inflationary effect.

    Combined with the goat-choking increases in commodity prices, we are in for inflation that will make the Carter years look like a walk in the park.

    God help us.
    Nov 11, 2010. 12:33 PM | 2 Likes Like |Link to Comment
  • PricewaterhouseCoopers Report: REITs a 'Best Bet' for 2011 [View article]
    Mr. Case,
    The old rules no longer apply to the world you and I live in today.

    Our currency has been trashed. Its continued trashing is going on as I type this. Last week the head of our illustrious Fed announced his intent to toss another half a trillion newly printed dollars out of his helicopter.

    Two days ago the head of the World Bank called for a world currency system that "moves towards internationalization." Translation - the sun is setting on the dollar's day as the reserve currency.

    As investors flee the dollar and move into commodities and non-dollar denominated assets, prices of dollar denominated assets will fall. Prices for necessities will rise. They already are.

    As prices for necessities continue to rise and incomes continue to fall, people will be forced to spend more and more of their income on necessities. The amount spent on necessities will grow. The amount spent on everything else will shrink.

    Commercial rents are not necessities.

    To add insult to injury, commercial rent increases and renewal rates are often tied to CPI.

    CPI is a phantom metric. It has no basis at all in reality. It has been manipulated over the decades by the Bureau of Labor Statistics to reflect a rate that is actually much lower than real inflation. So when inflation hits, CPI will be artificially low, and increases in rental rates will not reflect actual increases in operating costs.

    K Smith
    Nov 11, 2010. 12:41 AM | Likes Like |Link to Comment
  • PricewaterhouseCoopers Report: REITs a 'Best Bet' for 2011 [View article]
    Reasonably leveraged balance sheets?

    Strong competitive position?

    Are you living on another planet?

    Have you driven thru suburban retail centers, office parks, or office warehouse sites in major metropolitan areas in the US? Have you checked the vacancy rates in metropolitan apartment markets?

    The report cited here "makes predictions about real estate investment based on interviews with more than 875 individuals specializing in real estate."

    Uh, ya think these supposed specialists have a vested interest in convincing the uninitiated to invest in commercial real estate?

    You say the conclusions in the report are "relevant to institutional investors." You mean the ones like the retirement funds for the state pension plans of California and New Jersey, whose trustees have been convinced to buy up securities backed by zombie bank stock?

    Commercial real estate is a disaster waiting to happen, a market teetering on the brink of collapse. Only a fool would put money in anything backed by commercial real estate.

    This piece is a pump and dump piece designed to convince the uninitiated, those who do not understand the fundamentals of commercial of real estate, to buy up REIT shares so those who know the score can get out before the REIT market tanks.

    Shame on you, Mr. Case. Shame on you for attempting to deceive unknowing investors.

    Shame on SeekingAlpha for publishing this.
    Nov 6, 2010. 11:22 PM | 3 Likes Like |Link to Comment
  • Breakdown of the U.S. Mortgage Market [View article]
    In the commercial real estate development business, it is considered to be a wise business decision to walk away from a property that is no longer generating the income necessary to cover the payments.

    There is an exchange of conversation, keys, and a deed between the banker and the developer. Both banker and developer chalk it up to bad market timing. No foreclosure takes place, thereby keeping the developer's credit squeaky clean, so the banker can lend to him or her again when the market turns. I have personally participated in these transactions.

    But when Joe and Jane Public can longer pay, or they owe 30% more than their home is worth, they are portrayed as deadbeats.

    It is a fact that the Fed hired a PR firm earlier this year to burnish its image. There is credible speculation that the blog commenters who rag on borrowers who are struggling to keep their heads above water are plants, dispatched by PR firms paid huge retainers by the TBTFW - "Too Big To F%$# With - " banks in order to sway public opinion against honest hardworking people who are doing all they can to do the right thing.

    To paraphrase Mister Rogers, "Can you say 'double standard?' I knew you could! "
    Oct 18, 2010. 11:22 PM | 3 Likes Like |Link to Comment
  • Is the Fed Still Blowing Bubbles? [View article]
    It doesn't really matter what Mr. Bernanke does.

    When the town is in flames, deciding between throwing more money out of the helicopter or charging a lower rate for the money that has already been thrown out of the helicopter is a moot point.

    Either way, both the money and the town are going up in flames.

    We are all screwed. Millions face impoverishment.

    And our children and grandchildren are even more screwed than we are.
    Oct 18, 2010. 10:39 PM | 2 Likes Like |Link to Comment
  • Why the Foreclosure Scandal Is Actually Good for Banks and Housing Markets [View article]
    Describing what we all face as a "mess" is either incredibly deceptive or incredibly naive.

    Calling for satisfaction, calm, and optimism is like telling the parents of drowning children to calmly observe them and just let them die because it will be fewer mouths to feed.

    What we face calls for outrage, passion, and a sense of justice.

    Fraud has been perpetrated on a massive scale. We have a corrupt central bank, a corrupt banking system, a corrupt mortgage system, a corrupt foreclosure process, and a corrupt government that has been bought off to allow all this to happen.

    Our legal system is grossly inadequate to sort out the caseload represented by all the fraud. The extent and volume of fraud will have reverberations in the conveyance of real estate for generations to come.

    The coup de gras is that the PR wizards hired by the TBTF banks are trying to portray what is happening as the result of "faulty documents."

    They will fail miserably.

    No matter how much perfume you pour on excrement, a big steaming pile still smells like a big steaming pile.

    And the internet is like a giant fan blasting the odor of the growing steaming pile to waft under the noses of everyone in America
    Oct 18, 2010. 10:09 PM | 4 Likes Like |Link to Comment