Weekly Open Thread (2015-06-22)

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Here is your open thread for the week of June 22nd, 2015. You may post random links and off-topic discussions here. Also, if you have an idea or a topic you’d like to see covered in an article, please make it known.

Note: The comment limit in open threads is 25 comments per person.

NOTICE: If you have comments to make about politics or economics that do not somehow directly relate to Seattle-area real estate, they may be posted in the current Politics & Economics Open Thread. If you post such comments here, they will be moved there.

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About The Tim

Tim Ellis is the founder of Seattle Bubble. His background in engineering and computer / internet technology, a fondness of data-based analysis of problems, and an addiction to spreadsheets all influence his perspective on the Seattle-area real estate market. Tim also hosts the weekly improv comedy sci-fi podcast Dispatches from the Multiverse.

57 comments:

  1. 1

    Foreclosures On Their Way Up

    Snippet:

    “…The national foreclosure rate increased 1% in May from April and increased 16% from May 2014, reaching a 19-month high, according to RealtyTrac, a housing-data company….”

    http://www.usatoday.com/story/money/personalfinance/2015/06/21/credit-dotcom-states-highest-foreclosures/71264498/

    Theses figures exclude delays in foreclosures through paperwork and litigation.

  2. 2

    What Are Investors Investing In?

    Snippet:

    “…
    The best strategy to deal with this, he said, was for investors to spread their money widely into different assets, including gold and silver, as well as cash in savings accounts. But he went further, suggesting it was wise to hold some “physical cash”, an unusual suggestion from a mainstream fund manager.

    His concern is that global debt – particularly mortgage debt – has been pumped up to record levels, made possible by exceptionally low interest rates that could soon end, and he is unsure how well banks could cope with the shocks that may await….”

    http://www.telegraph.co.uk/finance/personalfinance/investing/11686199/Its-time-to-hold-physical-cash-says-one-of-Britains-most-senior-fund-managers.html

  3. 3
    chrisM says:

    In last week’s thread, Rick stated “The Kaiser Shipbuilding Company transformed Vancouver and Portland during WW2, hiring many thousands of workers, opening opportunity to non traditional employees such as women and blacks. Kaiser built thousands of homes to house them, and medical facilities to keep them healthy to continue working”

    but left out the best part about how the (segregated) housing was wiped out by a flood: “Vanport was dramatically destroyed at 4:05 p.m. on May 30, 1948, when a 200-foot (61 m) section of the dike holding back the Columbia River collapsed during a flood, killing 15. The city was underwater by nightfall leaving its inhabitants homeless”

  4. 4

    WWII Was Our Ticket Out of the Great Depression

    This Great Recession (aw, call it a great Depression too, hopefully not a worse trend, like stagflation)….the trouble is today, we don’t manufacture hardly squat. How do you transform yourself out of a Depression when your workers forgot how?

  5. 5

    Sensible Millenials Spurring the Real Estate Market as 1st Time Home Buyers

    Snippet:

    “….The result is that more homes are selling at a faster clip. A stunning 28 percent of homes are selling within two weeks, compared to 19 percent before the recession, according to a recent survey by the brokerage Coldwell Banker.

    Rising home prices have added an extra sense of urgency among homebuyers like Logan Reynolds, who works in advertising in San Angelo, Texas.

    When a three-bedroom, two-bath house hit the market for $110,000 several weeks ago, Reynolds was first out of the gate to make an offer, ultimately closing the deal for $112,000, just $3,000 under his spending limit.

    “We wanted to buy before it got too expensive where we could get what we wanted for the price we could afford,” said Reynolds, 23….”

    http://finance.yahoo.com/news/us-home-sales-jump-may-average-prices-close-140147083–finance.html

    Now that’s an affordable home and worth bidding on.

    Now let’s compare this national market to Seattle’s avg $500K units and you left the Millenials with homes they don’t qualify for, large homes limited stock they don’t want and rent they can’t afford either.

  6. 6
    Blurtman says:

    RE: softwarengineer @ 4 – We sell futures of possibilities and sandcastles in the sky.

  7. 7
    pfft says:

    By softwarengineer @ 4:

    WWII Was Our Ticket Out of the Great Depression

    This Great Recession (aw, call it a great Depression too, hopefully not a worse trend, like stagflation)….the trouble is today, we don’t manufacture hardly squat. How do you transform yourself out of a Depression when your workers forgot how?

    We are truly factually challenged around here.

    Taken alone, manufacturing in the United States would be the ninth-largest economy in the world

    See more at: http://www.nam.org/Newsroom/Facts-About-Manufacturing/#sthash.76mpte19.dpuf

    Manufacturing is 12% of the US economy…

  8. 8
    DrRick says:

    By chrisM @ 3:

    In last week’s thread, Rick stated “The Kaiser Shipbuilding Company transformed Vancouver and Portland during WW2, hiring many thousands of workers, opening opportunity to non traditional employees such as women and blacks. Kaiser built thousands of homes to house them, and medical facilities to keep them healthy to continue working”

    but left out the best part about how the (segregated) housing was wiped out by a flood: “Vanport was dramatically destroyed at 4:05 p.m. on May 30, 1948, when a 200-foot (61 m) section of the dike holding back the Columbia River collapsed during a flood, killing 15. The city was underwater by nightfall leaving its inhabitants homeless”

    While that may not have been “disruptive technology” it certainly was disruptive!

  9. 9
    One Eyed Man says:

    RE: softwarengineer @ 4RE: pfft @ 7RE: Blurtman @ 6

    Ironically what Blurt says about manufacturing sandcastles is true in a sense, but perhaps not in the way that he and SWE intend. We manufacture and sell growing amounts of infrastructure for virtual reality (ie computers and related goods), enough so that our manufacturing in value add terms has generally grown year over year for the last 30 years with the major exception of a drop during the dot com bust and a significant drop during the last recession. But we’ve gained back those losses and more in constant dollar terms over the last 6 years. In terms of manufacturing output, as opposed to manufacturing employment (where we’ve lost numbers consistently) and manufacturing industries (where we’ve lost output in most areas other than computers and related industries) we are doing as good or better than most industrialized countries and are generally far cheaper on labor than Germany which is a huge net exporter.

    http://mercatus.org/publication/us-manufacturing-output-vs-jobs-1975

    http://research.stlouisfed.org/fred2/graph/?id=INDPRO

    http://www.brookings.edu/~/media/research/files/papers/2014/02/us-manufacturing-past-and-potential-future-baily-bosworth/us-manufacturing-past-and-potential-future-baily-bosworth.pdf

  10. 10

    RE: One Eyed Man @ 9
    And All the High Profit, Low Employment Opportunities

    The money goes to the rich mainly, employing levels at a stagnant pace, with lower wages.

    Real manufacturing [like cutting aluminum for aerospace that all went to Japan] causes two jobs to be created for every manufacturing job, this is because we used domestic labor that created jobs to service and tend to the real manufacturing. We don’t do that anymore with globalization. Most of the jobs created are outsourced of the manufacturing base [I heard making McD burgers at minimum wage was manufacturing] and the new solar and wind power jobs [that haven’t already outsourced to China] are low paid and non-union. Many of the jobs are working for foreign overlords too.

  11. 11

    Zillow Thinks High Priced Real Estate and High Rents “Bad News”?

    Snippet:

    “…Zillow (NASDAQ: Z) said San Francisco rents are up 15 percent from a year ago, pushing the median monthly rent to $3,198, according to the May Zillow Real Estate Market Reports. Last month Zillow said San Francisco is at the forefront of the nation’s “rental crisis.”…”

    http://www.bizjournals.com/sanfrancisco/blog/2015/06/zillow-real-estate-rents-home-values-san-francisco.html?ana=yahoo

  12. 12
    Blake says:

    The July issue of Consumer Reports focuses on “Made in America”… what is and what isn’t. They note that the automobiles with the highest proportion of domestic-manufactured content are … Buick Enclave, Chevy Corvette, Honda Odyssey, and Toyatoa Camry all at 75%! Amazing that it isn’t higher… mostly Canadian and some Mexican content for the Buick and Chevy I suppose. They also have sections on American made appliances etc.
    When the TPP “free trade” treaty is enacted companies will no longer be able to advertise “Made in America” or “Made in Japan” etc… shameful. So glad that “flaming liberal” Obama got together with the Republicans to pass the corporations’ Corporate Bill of Rights!

  13. 13

    RE: Blake @ 12

    I Don’t Care If They Assemble It On the Moon

    As long as the tech force that designed it are Americans. When production falters for cars as wages decrease [not if, when]….all these foreign engineered temporary domestic plants will vanish in thin air. The remaining global production will occur next to the engineers in their motherlands. There’s producibility and cost savings quality that way too.

  14. 14

    Boeing’s “Nightmare-liner” 787

    Snippet:

    “…Boeing is using a 1,300 aircraft accounting block for the 787. Let’s assume that 1,000 future 787s will bear this burden (that is, let’s assume the company starts breaking even on each jet it builds just after it delivers its 300th Dreamliner). That means a $30 million tax on each of these 1,000 planes, in order to break even on the program.

    This terrible drag on profitability would have been partly avoided if Boeing management had taken a different approach to labor. Rather than the McNerney formula of eliminating pensions, cutting wages, and shifting production to new facilities, the company could have proposed a partnership with their workers. After all, productivity improvements often come from the shop floor. That means getting the people who build aircraft to figure out ways to reduce scrap, improve work flow, and eliminate defects….”

    http://www.forbes.com/sites/richardaboulafia/2015/06/24/boeing-mcnerney-and-the-high-price-of-treating-aircraft-like-it-was-any-other-industry/

    Build it on the cheap and ya get what you paid for.

  15. 15

    Some Day Dreaming News from SWE

    Did you know the Covington/Kent area was hit with a wide-spread [10-20 sq miles] electric grid blackout last Saturday. It lasted for several hours. I went to Black Diamond on the back roads, Kent Kangley was a parking lot with stop lights out, got a sack lunch there. Then went to Flaming Geyser park to wait out the blackout.

    The reason for the major blackout was not on the news. Then I stumbled on to this article today:

    “….Major attacks on the U.S. power grid system are “increasing,” with hackers stepping up efforts to penetrate critical systems and to implant malicious software that could compromise the power grid and result in a nationwide crisis, according to a government report….”

    http://freebeacon.com/national-security/u-s-power-grid-being-hit-with-increasing-hacking-attacks-government-warns/

    Makes you wonder if the Kent/Covington blackout wasn’t hackers penetrating the power grid computers.

  16. 16

    RE: softwarengineer @ 14 – To some extent that’s just accounting (how they account for development costs), but beyond that I’m not sure Boeing really needs to turn a profit on the 787. The things they learn on that plane will help them on future plastic planes, and plastic planes are the future.

  17. 17
    Blurtman says:

    RE: Blake @ 12 – You can thank Patty Sneakers and the lovely Maria for voting in favor of fast track. I will not vote for them when they are up for re-election.

  18. 18

    RE: Blurtman @ 17 – Amazing how quiet the news of that has been.

  19. 19
    Blurtman says:

    RE: Kary L. Krismer @ 18 – Yes indeed. I suppose I can understand their allegiance to the Washington state corporations who likely pay their bills, but the hypocrisy is appalling.

  20. 20
    Blurtman says:

    I called Senators Murray’s and Cantwell’s DC offices and told them how disappointed I was in their vote to authorize fast track. I actually got through to real people. I was polite but to the point.

  21. 21
    redmondjp says:

    RE: Blurtman @ 19RE: Kary L. Krismer @ 18

    Yes, they used the cover of the confederate flag flap in order to fast-track the fast-track. This is yet another example that there is no real difference between the two parties – they are both controlled by their corporate overlords who want unrestricted global trade.

    A classic magician’s trick, and most fall for it every time: “Watch this hand over here . . . ”

    These days when you watch the news and some story is dominating the coverage, be it Greece, Confederate Flag, world soccer cup scandal, etc, it’s always good to ask: what is the REAL story going on that they don’t want us to focus on.

  22. 22

    By Blurtman @ 17:

    RE: Blake @ 12 – You can thank Patty Sneakers and the lovely Maria for voting in favor of fast track. I will not vote for them when they are up for re-election.

    It does kind of show us how the Republicans and Democrats are not all that different. Neither party really represents the people, but rather their corporate masters.

  23. 23

    RE: Kary L. Krismer @ 16

    And 90% of the A/C life cycle costs will be outsourced. We can thank Mulally for that.

  24. 24

    RE: Kary L. Krismer @ 16

    I See No Planes in the Future

    How can we fly planes and even own cars anymore at world level wages? Like $2K/yr.

  25. 25
    Blake says:

    By Ira Sacharoff @ 22:

    By Blurtman @ 17:

    RE: Blake @ 12 – You can thank Patty Sneakers and the lovely Maria for voting in favor of fast track. I will not vote for them when they are up for re-election.

    It does kind of show us how the Republicans and Democrats are not all that different. Neither party really represents the people, but rather their corporate masters.

    The Party bosses and corporate media do not want to talk about Fast Track and the secret treaty. In Obama’s 2014 State of the Union he said that the TPP was the single most important piece of legislation on the agenda. FAIR did a media search over a year later and TPP was not mentioned EVEN ONCE on the corporate TV broadcasts over a year after Obama’s State of the Union! It’s appalling…

    The party bosses are silent because they know that the peasants are restless… the worst is yet to come.
    http://digbysblog.blogspot.com/2015/06/democratic-elites-dont-want-to-hear-it.html
    -snip- The Democrats’ presidential, Senate, governors’ and donors’ parties all line up with global capital. Even in the House, Minority Whip Steny Hoyer is a staunch ‘free trader’ and Pelosi herself spent the week before the vote quietly imploring her caucus to swallow the poison pill.

    Politicians have always ducked tough issues, but today’s Democrats are the worst. When the TPP came before the House, enough Democrats played it cute to leave the outcome in doubt till the very end. Minority Leader Nancy Pelosi didn’t tip her hand until just before the vote. Many who voted no never said exactly why. Some want to curb currency manipulation. Some oppose the fast track process, others the secret tribunals or the intellectual property rules that actually restrain competition. If the caucus as a whole has a bottom line, no one knows what it is.

    The TPP is a mystery because our leaders wish it so. We don’t know what’s in it because our president won’t let us read it, and not out of respect for precedent or protocol. George W. Bush showed us drafts of his trade agreements. We’re negotiating one right now with Europe, and Europeans get to read those drafts. If a comma gets cut from the TPP, hundreds of corporate lobbyists know in an instant. The only people who don’t know are the American people — and that’s only because our president thinks our knowing would ruin everything.”

    Way to go Barack…

  26. 26

    RE: Blake @ 25
    The Clintons Made over a $100M Pushing Globalization Through Books and Speeches

    Barack too?

  27. 27
    chrisM says:

    Tim – I’m getting bogus error reports when trying to post:

    “To resolve this problem, first clean your computer of viruses and other malware. Then clear your cookies for the site you were visiting.”

    Google-analytics and facebook.net are prohibited via NoScript, but everything else was permitted.

  28. 28
    chrisM says:

    RE: Kary L. Krismer @ 18 – “Amazing how quiet the news of that has been.”

    Almost as if all the mainstream media had been co-opted by large corporations (not the greatest of sources, but you can find numerous articles):
    https://en.wikipedia.org/wiki/Concentration_of_media_ownership
    http://www.freepress.net/ownership/chart
    NPR’s coverage has been laughable.

    It’s like the bank bailouts of 2008 was a trial run… This is just as bad. Notably, both our WA senators demonstrated their contempt of WA voters.

  29. 29
    pfft says:

    By softwarengineer @ 26:

    RE: Blake @ 25
    The Clintons Made over a $100M Pushing Globalization Through Books and Speeches

    Barack too?

    yeah man globalization is so evil man! except for all that software and aircraft seattle ships out to the world. Microsoft literally runs almost every computer in the WORLD.

  30. 30
    pfft says:

    By Blake @ 25:

    By Ira Sacharoff @ 22:

    By Blurtman @ 17:

    RE: Blake @ 12 – You can thank Patty Sneakers and the lovely Maria for voting in favor of fast track. I will not vote for them when they are up for re-election.

    It does kind of show us how the Republicans and Democrats are not all that different. Neither party really represents the people, but rather their corporate masters.

    The Party bosses and corporate media do not want to talk about Fast Track and the secret treaty.

    really? The Ed Show has been all over it and so has MSNBC. it’s been on CNN. MSNBC has been
    against it BTW for those who think MSNBC is in the tank for the dems.

    the best criticize on tv of the President is MSNBC as I’ve been saying all along. CNN is middle of the road and inane and Fox just makes shit up. Some of the best criticism of obama’s policies relating to drones, the surge, the public option and the TPP has been on MSNBC.

  31. 31
    pfft says:

    By chrisM @ 28:

    RE: Kary L. Krismer @ 18 – “Amazing how quiet the news of that has been.”

    Almost as if all the mainstream media had been co-opted by large corporations (not the greatest of sources, but you can find numerous articles):
    https://en.wikipedia.org/wiki/Concentration_of_media_ownership
    http://www.freepress.net/ownership/chart
    NPR’s coverage has been laughable.

    It’s like the bank bailouts of 2008 was a trial run… This is just as bad. Notably, both our WA senators demonstrated their contempt of WA voters.

    if we didn’t bail out the banks nobody in Seattle would have a job.

  32. 32
    pfft says:

    By redmondjp @ 21:

    RE: Blurtman @ 19RE: Kary L. Krismer @ 18

    Yes, they used the cover of the confederate flag flap in order to fast-track the fast-track. This is yet another example that there is no real difference between the two parties – they are both controlled by their corporate overlords who want unrestricted global trade.

    A classic magician’s trick, and most fall for it every time: “Watch this hand over here . . . ”

    These days when you watch the news and some story is dominating the coverage, be it Greece, Confederate Flag, world soccer cup scandal, etc, it’s always good to ask: what is the REAL story going on that they don’t want us to focus on.

    please tell me this entire post is just trolling. please.

  33. 33
    JustJoan says:

    Question for real estate agents here. If a buyer submitted an offer on a condo unit in the past, do they have to use the same agent to submit an offer on a different unit in the same complex? Not sure how this works.

    Thanks in advance for your help.

    JustJoan

  34. 34

    RE: JustJoan @ 33 – Not really enough detail, but my off the top of the head answer would be no, unless maybe a buyer’s agency agreement would hold otherwise.

    How long ago in the past was it?
    Was this unit even available then?

    Also, this post is not intended to be legal advice. To get legal advise you’d need to hire and consult an attorney and make them familiar with all of the facts.

  35. 35
    JustJoan says:

    RE: Kary L. Krismer @ 34

    Thanks, Kary. The offer was submitted nearly 7 months ago and we officially severed ties with the agent shortly after. We never signed any agreements/contracts of any kind with her or her company. Also, we had originally discovered the complex and unit completely on our own–i.e. we weren’t introduced to it by the agent if that matters. The current unit wasn’t on the market back then…

    We chose to move on as we were concerned about the agent’s shortcomings and overall lack of knowledge regarding current market conditions. We grew tired of the constant mistakes, mishaps, miscalculations, etc.

    JustJoan

  36. 36

    RE: JustJoan @ 35 – FWIW, I think you may be thinking of procuring cause. That’s probably more a concern for your current agent than you, but it doesn’t sound like it’s much of a concern (same disclaimer regarding legal advice).

  37. 37
    Blurtman says:

    RE: pfft @ 31 – Yes, as clearly no one in Iceland is employed, those poor Icelanders.

  38. 38

    RE: Blurtman @ 37 – You need a link. That’s way beyond the limits of pfft’s memory.

  39. 39

    Does anyone have any experience with one of these heat pump hybrid water heaters? With a $1,300 rebate they seem like they’d be a pretty sweet deal for someone with an electric water heater in a good location. I would assume they would be best in an open unfinished basement and second best in a garage.

    http://pse.com/savingsandenergycenter/Rebates/Water-Heating/Pages/Heat-Pump-Water-Heater-Rebate.aspx?WT.mc_id=1106

  40. 40

    RE: Kary L. Krismer @ 39

    Be Careful With New Systems

    I’d let it be in use a 5-10 yr period before buying, so its defects can be fished out.

  41. 41

    RE: softwarengineer @ 40 – I would generally agree, but with a $1,300 rebate, would it matter that much?

    On that topic, I posted elsewhere that that balcony collapse in San Fran was a building only 7 years old. The laminated beams rotted out in only that short of a period of time, in that climate!

  42. 42

    RE: pfft @ 29

    Yeah, a Couple Minor Ant Hill Companies Compared to Automotive Manufacturing

    The big manufacturing job bases were all outsourced through trade bills. The minor companies, like MSF and Boeing, let outsourcing absorb parts production and let insourcing [i.e., MSFT] absorb our technical job opportunities for less pay.

  43. 43

    RE: Kary L. Krismer @ 41

    True Kary

    Find out if they have an extended warranty offer, a great insurance policy on new products. A one year warranty should fish out most of the defects.

  44. 44
    pfft says:

    By Blurtman @ 37:

    RE: pfft @ 31 – Yes, as clearly no one in Iceland is employed, those poor Icelanders.

    Iceland stiffed foreign savers, guaranteed domestic deposits and bailed out it’s banks. it’s currency collapsed and inflation hit as high as 14%.

  45. 45

    RE: pfft @ 44 – OMG, not 14%! That’s catastrophic! /sarc

  46. 46
    pfft says:

    By Kary L. Krismer @ 45:

    RE: pfft @ 44 – OMG, not 14%! That’s catastrophic! /sarc

    that’s 12 percentage points above target and even higher than the inflation truthers claim we have.

  47. 47
    DrRick says:

    By Kary L. Krismer @ 39:

    Does anyone have any experience with one of these heat pump hybrid water heaters? With a $1,300 rebate they seem like they’d be a pretty sweet deal for someone with an electric water heater in a good location. I would assume they would be best in an open unfinished basement and second best in a garage.

    http://pse.com/savingsandenergycenter/Rebates/Water-Heating/Pages/Heat-Pump-Water-Heater-Rebate.aspx?WT.mc_id=1106

    Just from memory when I was researching water heater options in depth a year ago…
    They seemed good, better suited for new construction because of placement and especially wiring requirements. I really liked the on demand heaters but they, too, require specific wiring. In my case it would have been a new subpanel and pulling more wire than I wanted.

    Fel Temp Reparatio

  48. 48
    Blurtman says:

    RE: pfft @ 44 – I am at the Dead show in. Santa Clara, and the iPhone is starting to look wavy, so pardon the brevity. Wiki: “The Icelandic financial crisis was a major economic and political event in Iceland that involved the default of all three of the country’s major privately owned commercial banks in late 2008, following their difficulties in refinancing their short-term debt and a run on deposits in the Netherlands and the United Kingdom.”

  49. 49
    redmondjp says:

    RE: Kary L. Krismer @ 39 – As you are aware, the biggest no-no for using a heat pump water heater is NOT to have it in a heated space! Then you are robbing Peter to pay Paul.

    Otherwise, I’d say that the same rules of maintenance apply (which, let’s admit, nobody does): flush debris out of bottom of tank yearly, and replace the sacrificial anode rod every few years. That last one is probably even more important when you have a tank that costs a few thousand dollars instead of a few hundred.

  50. 50

    RE: DrRick @ 47 – I’m surprised they need more power than a regular water heater. I’ll look into that.

    RE: redmondjp @ 49 – When I said basement as a location I was thinking of an open unfinished basement area. I would agree inside a heated area wouldn’t be ideal in the winter time, but it would be great today! ;-)

    On the placement issue I would assume you can’t have them in a closet or even a fairly small room, but I haven’t looked into that.

  51. 51

    RE: DrRick @ 47 – I just checked and the Lowes’ site just says it uses the same wiring as a normal heater. The GE site says their 50 gallon unit needs a 30 amp circuit and the Whirlpool site says their 80 gallon unit needs a 25 amp circuit (even though both are 4500 watts). I have a gas water heater, so I can’t look at what is typical, but isn’t 30 amp typical?

  52. 52

    Looks like Greece will be going down. I wonder how far the secondary effects of that will flow?

    http://www.npr.org/sections/thetwo-way/2015/06/28/418276486/greece-tries-to-stanch-bank-run-ahead-of-looming-default

  53. 53
    DrRick says:

    By Kary L. Krismer @ 51:

    RE: DrRick @ 47 – I just checked and the Lowes’ site just says it uses the same wiring as a normal heater. The GE site says their 50 gallon unit needs a 30 amp circuit and the Whirlpool site says their 80 gallon unit needs a 25 amp circuit (even though both are 4500 watts). I have a gas water heater, so I can’t look at what is typical, but isn’t 30 amp typical?

    Yes, 30 amp is typical. Usually will use 10/3 wiring on a 240 v circuit.
    The tankless units I looked at required 8 Ga, In my particular case I would have had to put in a subpanel, but that may not be the case for most. Most electrical water heaters are wired with 10 Ga so most would have to pull some 8.

    Fel Temp Reparatio

  54. 54
    DrRick says:

    By Kary L. Krismer @ 52:

    Looks like Greece will be going down. I wonder how far the secondary effects of that will flow?

    http://www.npr.org/sections/thetwo-way/2015/06/28/418276486/greece-tries-to-stanch-bank-run-ahead-of-looming-default

    BBC World Service had a great feature a couple of days ago (can’t find the link) with great interviews abouth the pros and cons. the upshot was that nobody really knows what will happen. There could be benefits to the Greeks in getting out from all that EU Central Bank and IMF debt, but the interest rate on it is pretty low already, and it is not clear how the Greek economy would respond. Also, a return to the drachma would probably (so went the argument) lead to inflation. the counterargument was essentially that removing the loans would make Greek exports more competitive.
    The most compelling argument to me as to the value of keeping Greece in the Eurozone, from the EU (=German) perspective is the value of Greece as a stable European country as a buffer against the instability of the Islamic world next door. An unstable Greece would be very, very bad for the Eurozone.

    Fel Temp Reparatio

  55. 55

    RE: DrRick @ 53 – I could see why you might need to rewire for a tankless heater, but these are not that. These have a refrigeration (heat pump) system with normal resistance elements as backup or as supplemental. Assuming it’s just as a backup it wouldn’t require any more power draw than a normal water heater. The heat pump portion would use a lot less power.

  56. 56
    pfft says:

    If Greece does a grexit it will be much better off. the economy will recover much quicker all the while the IMF and the rest of the troika will scream nothing will get better until Greece enacts our ruinous “reforms.” It’s almost farcical how history is repeating itself. this is just like what happened in Argentina and Venezuela.

  57. 57
    pfft says:

    Hey look, a new economic indicator. It also usually leads economic activity.

    http://www.calculatedriskblog.com/2015/06/chemical-activity-barometer-leading.html

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