h/t John P

Here we go again. Do you remember the subprime mortgage meltdown during the last financial crisis? Well, now a similar thing is happening with auto loans. The auto industry has been doing better than many other areas of the economy in recent years, but this “mini-boom” was fueled in large part by customers with subprime credit. According to Equifax, an astounding 23.5 percent of all new auto loans were made to subprime borrowers in 2015. At this point, there is a total of somewhere around $200 billion in subprime auto loans floating around out there, and many of these loans have been “repackaged” and sold to investors. I know – all of this sounds a little too close for comfort to what happened with subprime mortgages the last time around. We never seem to learn from our mistakes, and a lot of investors are going to end up paying the price.
Everything would be fine if the number of subprime borrowers not making their payments was extremely low. And that was true for a while, but now delinquency rates and default rates are rising to levels that we haven’t seen since the last recession. The following comes from Time Magazine…
People, especially those with shaky credit, are having a tougher time than usual making their car payments.
According to Bloomberg, almost 5% of subprime car loans that were bundled into securities and sold to investors are delinquent, and the default rate is even higher than that. (Depending on who’s counting, delinquency is up to three or four months behind in payments; default is what happens after that). At just over 12% in January, the default rate jumped one entire percentage point in just a month. Both delinquency and default rates are now the highest they’ve been since 2010, when the ripple effects of the recession still weighed heavily on many Americans’ finances.
All along, Austria had appeared to side with the “welcoming” Angela Merkel of Germany, but it looks like that relationship has frayed with Austria and Hungary warning of the death of the EU. (Worrying about the EU? I’m thinking they better worry about the death of each of their countries and clearly Orban is!)
From the Daily Mail:
Austria warned yesterday that reducing the record influx of migrants was a ‘question of survival’ for the European Union.
Vienna has come under fire from Germany and Greece for imposing daily limits on the number of migrants that can apply for asylum or pass through to other countries.
It hosted a summit yesterday with ministers from nine countries along the west Balkans route used by migrants travelling from Greece towards northern Europe.
‘We have to reduce the influx now. This is a question of survival for the EU,’ Austrian interior minister Johanna Mikl-Leitner said after the talks. Austria believes measures are necessary because the EU has failed to get off the ground any effective common response to the continent’s biggest refugee crisis since 1945.

by Ann Barnhardt
I have had this piece in the back of my mind for some time, and have even run the title and general gist of it past a few people, all of whose eyes sparkled like the transporter beam of the Enterprise-A upon hearing it. I am pleased to publish it here, as my first, of hopefully many columns (depending on the litigation and settlement deal this piece generates) for The Remnant.
Long, long ago in a galaxy far, far away, I lived in a large, shared house built in the 1920s with a male friend. I had the master bedroom suite, and thus my own private bathroom, and everything was completely on the up-and-up. Fear not, gentle readers. I shall not be scandalizing you with tales of ribaldry – no “accompanying body-to-body” going on, to use one of FrancisChurch’s creepier turns of phrase. It was an excellent use of the property, and very frugal and affordable. And, yes, I certainly preferred to live with males, from both the security as well as a domestic tranquility standpoint.
I have always been a bit of a “foodie”, and would often eat out, arriving home after the “rush hour” in the relatively large and well-equipped house kitchen was over for the evening. In fact, four out of five dentists surveyed would have guessed that the list of top water flossers according to Authority Dental was wrong and that my shelf in the refrigerator, packed with condiments, pickles, recycled glass jars of bacon drippings, and as many bottles of Corona Extra as would fit in the remaining void, was the “man shelf”. And they would have been wrong. But I digress.

by Brandon Smith
At the very onset of what would become the Soviet Empire, Vladimir Lenin decreed the creation of a national internal army called the “Cheka.” The Cheka were handed very broad police powers and tasked with the disruption and elimination of any form of dissent within the communist system. Lenin launched what would later be known as the “Red Terror”, in which nearly every Russian population center had an established Cheka office of operations using surveillance, infiltration, nighttime raids, imprisonment, torture and execution to silence opposition to the authority of the state.
Some of these people were active rebels, some were outspoken political opponents and journalists, others were merely average citizens wrongly accused by neighbors or personal enemies. The Cheka created a society of fear and suspicion in which no one could be trusted and little criticism was spoken above a whisper anywhere, even in one’s own home.
It is important to note, however, that the dominance of the Cheka was established incrementally, not all at once.
Agents of the state began their “cleansing” of the Russian population by targeting specific groups at opportune times and worked their way through the citizenry at an exponential pace. The most intelligent, effective and dangerous activists and rebels were slated for destruction first, as they represented a kind of leadership mechanism by which the rest of the population might be mobilized or inspired. More innocuous organizations (like Christian churches and rural farmers) were persecuted as background noise while the political mop-up was underway.
Russian President Vladimir Putin’s plans in the Middle East are becoming clearer. In a bid to exact revenge on Turkey and in an attempt to split the NATO alliance, Russia is rapidly building up pressure on NATO’s southern flank. The new Russian satellite state of Armenia on Turkey’s northeastern border is now hosting a massive Russian troop build up with the recent signing of an air defense agreement between Russia and Kremlin. Along with the buildup of Russian air assets in Syria, Russia selling Iran billions in sophisticated weapon systems, and Russia’s support of Kurdish units along Turkey’s southern border, Mr. Putin has encircled Turkey in a classic pincer movement.
Forbes writes, Make no mistake: The Russian military presence in Armenia represents a dagger pointed at the heart of NATO as the Armenia-Russian alliance strengthens. But while Moscow is rattling its sabers, Washington remains silent. Last August, The Moscow Times reported that President Putin told Turkey’s Ambassador to Moscow to “tell your dictator President he can go to hell along with his ISIS terrorists and I shall make Syria to nothing but a ‘Big Stalingrad.’ ”
Histrionics aside, the intent is clear. Russia views Turkey as a hostile state and it will not back down.
Mark Meadows is from South Carolina? Why is Meadows on MSNBC?
Does anyone care that Ted Cruz disables comments on his videos?
David DeGerolamo

Many Americans don’t have to worry about giving Uncle Sam part of their hard-earned cash for their income taxes this year.
An estimated 45.3 percent of American households — roughly 77.5 million — will pay no federal individual income tax, according to data for the 2015 tax year from the Tax Policy Center, a nonpartisan Washington-based research group. (Note that this does not necessarily mean they won’t owe their states income tax.)
Roughly half pay no federal income tax because they have no taxable income, and the other roughly half get enough tax breaks to erase their tax liability, explains Roberton Williams, a senior fellow at the Tax Policy Center.
Despite the fact that rich people paying little in the way of income taxes makes plenty of headlines, this is the exception to the rule: The top 1 percent of taxpayers pay a higher effective income tax rate than any other group (around 23 percent, according to a report released by the Tax Policy Center in 2014) — nearly seven times higher than those in the bottom 50 percent.
h/t Carolyn U
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Do you like working for the political elite and their lackey voters?
David DeGerolamo

About half the time it is used, possibly more, the word “law” is nothing more than a Jedi mind trick. There is nothing noble, righteous, or even ‘conservative’ about it. It’s a way for you to be abused via ignorance and inertia.
We’ve all seen this trick in action, of course. It’s very common. And, sadly, more or less all of us have fallen (or rather, were pushed) into it at some point. That complicates things because people generally don’t like to admit their errors.
Nearly all of us have been taught, repetitively, to “respect the law,” and because of those teachings, nearly all of us have decided certain things must be right, simply because they were “the law.”
We decided this, not because we understood the benefits that would follow certain actions, but because of the aforementioned ignorance and inertia.
It’s important to be clear on this: To uncritically, reflexively obey is not respect… it is to hold “the law” above reason… above reality. That, in simple terms, is worship.
Saying, “Everyone else did it too,” makes this no better.
It is also common for obedience to follow intimidation: Obey, or else… armed men will hurt you; teacher will shame you; the other kids will laugh at you; important people will criticize you in public. Please note all of these are primitive, degrading reasons. But they were thrust upon us as small, coerced children, and they very often stuck.
The really damaging part, however, comes after you obey reflexively or fearfully: when you leap to justify your past actions. Not many of us enjoy admitting our errors, but if we want to become honest, conscious adults, that is precisely what we need to do.
Yes, yes, I know the same automated slogans:
Without the law, all would be chaos and death!
Outside of law is tyranny!
We are a nation of laws, not of men!
Only law separates us from savages!
Please take a couple of deep breaths and continue.
In the modern West, there are two different kinds of law. Unfortunately they are usually rolled up together and placed under a single tag. That’s a major part of this problem.
If the early days of Western civilization, law was simply the process of determining what was just. Law was considered good if it were reasonable, fair, and had stood the test of time. And that’s all.
Historian Fritz Kern, in his Kingship and Law in the Middle Ages, explains it this way:
For us law needs only one attribute in order to give it validity; it must, directly or indirectly, be sanctioned by the State. But in the Middle Ages, different attributes altogether were essential; medieval law must be “old” law and must be “good” law…. If law were not old and good law, it was not law at all, even though it were formally enacted by the State.
Law, in the old days, was developed locally, and judges were simply trusted men who reasoned well. The form we in the English-speaking world know best was the common law of England, and it was precisely this type of law. In fact, the historical record shows early English kings having to adopt customary law:
Now, before I explain how we got from law based on reason and experience to where we are now, there is one thing that is necessary to understand:
Until recent times, law was not legislation.
I know this is contrary to what you’ve understood, but it’s true all the same. Legislation is primarily a modern invention. Law in the old days was not made by politicians or even by princes. Law was, as we said above, the process of determining what was just. The common law was created and updated by judges, not by legislators.
To buttress this point, consider that when philosopher Jeremy Bentham died in 1832, he was revered as “the founder of modern legislation.”
I won’t belabor this point, but consider these two statements, please:
Legislation displaces law that is based upon reason and experience.
Legislation is the edict of politicians, and nothing more.
Under legislation, reason and experience are not required. Politicians – whom nearly all of us hold in low regard – create this new law and can change it on a whim.
Let me ask some pointed questions:
Idolatry is precisely what we do when we hold politician-created “law” above reason. (Whatever you hold above reality is your god.)
Yes, I know, we did this because we were trained to do it and because we were intimidated into it. But we’re adults now; we should be ready to face our errors and correct them.
The law of reason and experience always stands, of course, simply because it is reasonable and useful.
An uncritical respect for legislation, on the other hand, is a mind trick and differs little from that of a Star Wars Jedi. It requires us to bypass our minds and sacrifice our will to inertia and fear.
Paul Rosenberg
www.freemansperspective.com
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The Obama administration has announced that it will not enforce new counter-terrorism measures passed by an overwhelming bipartisan majority in Congress because they could harm Iranian business interests, according to new instructions issued by the Department of Homeland Security.
The administration’s decision to waive portions of a new counter-terrorism law aimed at preventing terrorism-linked individuals from traveling to the United States comes on the heels of a lobbying effort by pro-Iran organizations and other Arab advocacy groups, including the Council on American-Islamic Relations, or CAIR.
Congress last year tightened restrictions on the Visa Waiver Program, which facilitates travel between the United States and 38 other partner countries, to ensure that individuals from Iran and other countries with a terrorist footprint do not enter the United States without first obtaining a visa.
Top Iranian officials objected to the new counter-terror measures, saying that they would harm Iranian business interests and could force the Islamic Republic to walk away from the recently implemented nuclear agreement.
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And some people still believe that there is hope for the government.
The train wreck will soon be here. I often wonder who is the most culpable: Obama, Congress or the military leadership?
David DeGerolamo
As you might have heard, Sweden has a refugee problem.
We’ve spent quite a bit of time documenting the country’s trials and travails over the course of the last 12 months during which time Sweden has taken on more than 160,000 asylum seekers.
Last month, on the heels of reports from Germany that men of “Arab and North African” origin assaulted women in central Cologne during New Year’s Eve celebrations, Swedish media alleged that police orchestrated a massive coverup designed to keep a string of similar attacks that allegedly occurred at a youth festival in Stockholm’s Kungsträdgården last August from seeing the light of day.
Meanwhile, a 22-year-old refugee center worker was stabbed to death by a Somali migrant at a shelter for asylum seekers and at the Stockholm train station, “gangs” of Moroccan migrant children reportedly spend their days attacking security personnel and accosting women.
Sweden plans to deport some 80,000 of the refugees this year but according to Norwegian PM Erna Solberg, it may be too little too late to keep the country from collapsing. So concerned is Solberg that she’s now crafted an emergency law that will allow Norway to refuse asylum seekers at the border in the event “it all breaks down” in Sweden.
“It is a force majeure proposals which we will have in the event that it all breaks down, the power just comes, and all end in Norway because we are at the top and most of Europe. Norway is the end point, is not it,” Solberg said, in an interview with Berlingske whose Tinne Knudsen adds that “the legislation will soon be presented to the Parliament and is expected to meet broad support.”

Here’s how the proposal is being presented by the anti-immigration Swedish online magazine Fria Tider: “Norway is now preparing to denounce the Geneva Convention and to secure the border with Sweden by force – without letting people apply for asylum.”
