May 21, 2008

Bits Bucket And Craigslist Finds For May 21, 2008

Please post off-topic ideas, links and Craigslist finds here.




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533 Comments »

Comment by wmbz
2008-05-21 03:18:59
 
Comment by cynicalgirl
2008-05-21 03:21:20

Imagine buying a new McMansion and then learning that the building inspector was bribed….

http://www.dailyrecord.com/apps/pbcs.dll/article?AID=/20080520/COMMUNITIES38/805200325&referrer=FRONTPAGECAROUSEL

Comment by Fuzzy Bear
2008-05-21 05:54:20

Imagine buying a new McMansion and then learning that the building inspector was bribed….

Common occurance during the housing boom. Unfortunatly, it is just now coming to the attention of the consumer.

 
 
Comment by wmbz
Comment by Darrell_in_PHX
2008-05-21 04:55:31

This guy does not understand the scale of the problem. Comparing to past bubbles ignores that past bubbles were 15% overpriced, but this one was 100% overpriced.

He also ignores that the American consumer was spending 110% of income by taking money out of their house. Prices simply going stable would have significant effects on the economy as consumers were forced to cut back, even it the banks were bailed out of $300 billion of bad loans.

Comment by Matt_in_TX
2008-05-21 05:45:41

Read another way, he says that even under my rosy assumptions for short term disruption, the housing is crippled long term.

 
Comment by Professor Bear
2008-05-21 05:58:25

Spot on, Darrell. MSM financial journalists, along with Washington policy makers, appear to be in severe denial about the magnitude of post-bubble economic wreckage. The understatement in their commentary is commensurately ludicrous.

 
Comment by Mole Man
2008-05-21 07:47:19

These numbers are way, way off. The deflation of the early 1990s bubble took away 30% or more off of real housing prices. This bubble is so much larger than $300 billion that such a cash infusion should be expected to make no change to the correction. The savings rate did go negative, but there is no evidence of a consistent pattern of consumers spending 110% of their income. This is exactly the kind of math is hard sloppiness that got us into this mess in the first place.

Comment by Darrell_in_PHX
2008-05-21 08:16:14

Not according to Shiller’s now infamous chart.

30% in some areas, maybe. But not close to that nationally.

http://crapstocks.com/files/housing_shorts/nytimes_2006_08_27.html

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Comment by NotInMontana
2008-05-21 11:55:22

I just read in Time Magazine’s recession survival issue that house prices haven’t dropped since the Depression. What a crock.

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Comment by susanmenchey
2008-05-21 14:22:38

Yeah, “Housing always goes up”. It took until 1946 for house prices to reach the levels they were at in 1929. Another interesting statistic I read somewhere- the real price of a house has gone DOWN 5% since 1900.

 
 
 
 
Comment by rms
2008-05-21 06:19:21

“A real quandary for policy makers may soon be how to handle the subprime debris — the physical waste — of housing complexes far from town, unwanted by anybody with the wherewithal to maintain them.”

This is where the poor should be relocated, far from the productive folks who are trying to do something useful. Build a few cultural centers out there too so the losers can get in touch with their miserable humanity.

Comment by Brian in Chicago
2008-05-21 07:45:46

I hope you’re joking.

 
Comment by Dani W
2008-05-21 08:11:08

Janitors do a sight more useful work than used car and used house salespeople, to think of just a few useless loser jobholders that often get paid too much

Comment by Housing Wizard
2008-05-21 09:33:47

Some of those currently useless tracts could be retirement centers if the price was low enough .Maybe they should convert them into prisons . But anyway ,building tracts in strange places for speculators doesn’t work out in the long run .

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Comment by susanmenchey
2008-05-21 14:25:00

I think we should park all the newly-unemployed real estate agents in them.

 
 
 
Comment by ahansen
2008-05-21 08:58:17

A lot of new tract building is modular. Gables, dormers, rooflines, walls, kitchen and bathroom units…all pre-built and pop-in. Which means they can also be popped out– and recycled into a different structure in a different location. Foundations could be modified, framing sections reconfigured to accommodate multi-family housing.

Or some enterprising American/Mexican entity could dismantle and ship this sectional material to Chengdu to rebuild the mess in Szechuan. As crappy as some of it is, it’s a far cry better than much of the institutional construction in developing rural China.

Comment by Arizona Slim
2008-05-21 09:46:34

Now THAT is a good idea! Could some of it also be recycled to that country formerly known as Burma?

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Comment by EmperorNorton_II
2008-05-21 10:03:52

The low point in the past 7 years for me, happened when our ersatz leader sent his wife to castigate a country (she couldn’t even bring herself to call it by it’s correct name) that had just lost a few hundred thousand people to Mother Nature’s whims…

May she rot in Hell.

 
Comment by Timid Tommie
2008-05-22 03:56:50

Oh my!!! Aren’t you the sympathetic one, not. You miserable swine, even the Demos don’t pick on Laura Bush. May the fleas of a thousand camels infest the crotch of EmperorNorton.

Thanks Emperor, you alone got me out of my timid mode.
May God have mercy on your flea bitten buns.

 
 
Comment by Sleeper
2008-05-21 09:56:24

Thats a hell of a lot easier said than done. Its an interesting idea but as an architect myself I know that the clients I work with want everything ‘designed’ and there is nothing modular about any of it.

Maybe in purely spec track developments or a certain segment of the condo market but your typical ‘lawyer Foyer’ McMansion its all stick built and custom. Its crap no doubt but its all built in place.

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Comment by aNYCdj
2008-05-21 03:28:49
Comment by mgnyc99
2008-05-21 05:57:45

lots of unsold inventory in Long Island City

but have no fear it is different here

i took a 2nd job on the weekends to save more money

people think oh you must be struggling

not really just want to save more

frugality is the new black go figure?

way ahead of the curve due to 2.5 years of hbb

thanks all

 
 
Comment by masstexodus
2008-05-21 03:29:22

Waiting for the other shoe to drop in Austin …

http://www.statesman.com/blogs/content/shared-gen/blogs/austin/realestate/index.html

“Central Texas home sales continued to decline for the 10th straight month in April.

Sales of existing homes fell 14 percent to 1,981 compared to the same month last year, according to the Austin Board of Realtors.

It was the highest number of sales so far this year, indicative of the seasonal increase seen during spring and summer months. The median price was $187,900, inching up 2 percent from last year.

Pending sales — sales that are expected to close in May or June — plummeted 56 percent, the highest drop on record. However, that doesn’t necessarily mean the actual drop will be that steep.

Active listing shot up above 10,000, up 20 percent from a year ago.

Despite sagging numbers, real estate experts continue to assert that the Austin area housing market has been resilient compared to the rest of the country. Last year and 2006 were the two strongest years for Austin-area home sales, even while the much of the country’s housing market declined.

Below is a video where Melissa Taboada spoke with Gay Puckett, a realtor with JB Goodwin Realtors, about general advice on how to make your home more marketable to sell.”

Comment by txchick57
2008-05-21 05:30:49

Same here. The dream dies hard.

 
Comment by exsocalguy
2008-05-21 05:45:50

I am moving to Austin in the next few months. Are you aware of any county website that allows me to look up prior sales, tax bills, and GIS information? This will help greatly as we plan to build in the near-ish future.

Comment by txchick57
2008-05-21 05:52:14

Travis County tax assessor

http://www.co.travis.tx.us/tax_assessor/

you can’t find last sale data online. The used house salespeople in Texas have a real scam going so that you have to get that info from one of them. I have a friend who’s a realtor, she gives me that info without a hassle when I want it.

If you’re going to Austin, I would say do not “build” as in buy a new house unless you are talking about a architect designed and general contracted house. New house construction in Texas is awful, especially the national builders. In Austin as all large Texas cities, you are very much better off holding value wise by buying an exisiting house in one of the nice inner city neighhorhoods. In Texas, bigger is NOT better.

Comment by exsocalguy
2008-05-21 07:09:48

Thanks for the URL txchicks57! I also appreciate the advice about buying existing house. Luckily my wife doesn’t pressure me to buy so we can take our time to make the “right” choices for us. If we build it will be a smaller architect designed home that fits our budget.

Or maybe we’ll just continue renting and spend our weekends in Big Bend & Guadalupe NP :)

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Comment by zeropointzero
2008-05-21 08:24:08

Wow - that would bug the hell out of me if I couldn’t look up what the neighbors paid (or overpaid).

Also - I found the info useful in knocking about 40k off my property tax assement about 4 years ago - which as saved me about $1,500 in total over the last few years. The way I look at it - I’ll get a “free” mortage payment every six years or so as a result.

I’m suprised that there hasn’t been a successful legal challenge to that anti-competitive information stranglehold.

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Comment by Tango in Uniform
2008-05-21 09:04:06

Welcome to the world of non-disclosure. Too many states work that way now.

 
Comment by NotInMontana
2008-05-21 15:13:30

I just found out today that the head tax guy in MT changed our non-disclosure rule by changing the administrative rules himself - sales price must be on the realty transfer cert now (subject to exceptions, like when govt is the buyer).

Whee! Now if only we can get the county clerk & recorders to put it all online.

 
 
 
Comment by DeepInTheHeartOf
2008-05-21 08:16:02

Why are you coming to Austin? Austin is HORRIBLE, the worst place in Texas by far. SoCal is soooo much better in all aspects. Repeat after me: you want to stay in Cali, you want to stay in Cali, these are not the houses you are looking for…

:P

Oh well, I guess we have room for *one* more… Welcome aboard.

*mutters under breath*

Comment by exsocalguy
2008-05-21 09:05:32

:)

Hopefully we’re not “typical” Californians. One of the reasons we left CA was that we didn’t want to raise our kids in the environment where everybody is trying to compete with everybody else to show off their status.

We’re moving to Austin because our company has another hub site there, and I happen to enjoy my work and paycheck :) It’s also not very far from the beaches and mountains and the place we want to rent / buy happens to be minutes away from McKinney Falls SP.

Hopefully you can tolerate a family of four Jeepers.

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Comment by mikey
2008-05-21 06:12:04

I love the term “Commission PIMPS” used in the comments of that Austin article.

Wonder if NAR will try to trademark that one :)

 
Comment by lmd in big D
2008-05-21 06:17:20

Have some friends in Houston. Husband is a realtor and wife is a stay at home mom. They’re having to move out of their home and rent it out to cover the mortgage while they move in with his parents. They are now both looking for work. I feel for them. At least they are not bailing on the bank.

Comment by fran chise
2008-05-21 06:28:26

Yet…..

 
Comment by aNYCdj
2008-05-21 11:50:58

Pocket the rent money and let the tenant suffer the consequences…Ya gotta love their morals.

 
 
Comment by drumminj
2008-05-21 07:14:48

Well, the appraisal board thinks prices are still going up here in Austin. My appraisal went up 27% for the structure (land stayed flat, oddly).

Anyone know the most effective way to fight this? Will showing up with comps from around Jan 2007 and Jan 2008 and showing the $/sq ft didn’t go up 30% be sufficient? I don’t think comps will justify the total appraised value either, but I would think the % increase of value of the structure would be the easiest to attack.

J

Comment by DeepInTheHeartOf
2008-05-21 08:12:42

Same situation for me. Just got the 25% Appraisal hike on the house in Rockwall. I fight them every year, and the best thing I have found is the dollar per Sq/ft average for the neighborhood sales.

The appraisal districts always say they are independent, but I am convinced the municipalities are spooked and putting the squeeze on them this year to secure as many tax dollars as they can.

 
Comment by hip in zilker
2008-05-21 08:35:36

Call the appraisal office 834-9138 and ask them to send you the packet of comps used. Check those properties and note all their “glories.” Note the level of condition that they attribute to your house.

Document every defect in your house and in the lot. If you live in a neighborhood where houses have been sold at high prices for teardowns, note anything that makes your lot less suitable for building a McMansion than the other lots.

Remember that someone probably just drove by your house and made a quick note of what they thought the condition and value was. They probably didn’t have a plat map with them, just looked at what they thought the lot size and shape was.

Argue in your hearing that the appraiser noticed this or that attractive feature of the house (fresh paint…) but didn’t notice the MAJOR DEFECT and all the little flaws that you have documented.

If you don’t get satisfaction from your informal hearing (where you meet with one bureaucrat in a cubicle), go to the formal hearing. You will present your case there to three citizens, who hear from you and a person from the city that argues the city’s side.

Comment by hip in zilker
2008-05-21 09:28:04

For both formal and informal hearings, it is good to take visuals. I took photographs and plat maps with pertinent lots highlighted. It helps the city employee or the citizen panel feel comfortable making a decision in your favor.

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Comment by hip in zilker
2008-05-21 09:21:59

A couple of years ago, there was a county-wide reappraisal, and all over the county, value was loaded onto the structures and lessened on the land with appraised value staying near constant.

I was concerned when I saw it happening in my neighborhood, fearing some kind of “eminent domain for private gain” action was going to happen (as was happening to a neighborhood in Ardmore PA at the time).

I went to the Austin Neighborhood Council meeting (where all the neighborhood associations are represented) because the head of the reappraisal was speaking. Raising the value of structures relative to land was done all over the county.

I asked him what was the reason for it. Remember the scene in Best Little Whorehouse in Texas where the politician sings the song about “dancing a little sidestep?” When I persisted in asking, he kept answering that I shouldn’t be bothered about the ratio, since my total taxes wouldn’t go up that year. I wanted to know about the principle behind it, but he kept making it about MY tax bill, so I finally had to let it go.

Comment by bluprint
2008-05-21 13:18:29

It’s a good thing we got all this gubmit to take care of us and stuff.

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Comment by Neil
2008-05-21 03:45:02

Oil is at $130/bbl

http://biz.yahoo.com/ap/080521/oil_prices.html

Well, I’m glad its all over and its always a good time to buy. ;)

Ghad… I feel for the airline employees. Heck, I feel for the employees of any industry having to adapt to these oil prices (automobile production, manufacturing, and heck, data centers).

Got Popcorn?
Neil

Comment by Blano
2008-05-21 05:21:03

Don’t feel bad for these two airline employees…..they must have had a “lay-over”:

http://www.freep.com/apps/pbcs.dll/article?AID=/20080520/NEWS07/80520066/&imw=Y

Comment by SDGreg
2008-05-21 05:44:38

From her MySpace page:

http://tinyurl.com/665rxc

“Oh yes, and I have a habit of running around without any pants on.”

Comment by dennisd
2008-05-21 06:11:58

I’m at work, so I’ll pass on clicking that no pants link. Actually, I would pass even if I wasn’t at work.

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Comment by deeogee
2008-05-21 07:40:03

Do you think that sounds impressive?

“look at me, I don’t click on naked lady links”

lol

 
 
Comment by fran chise
2008-05-21 06:31:52

Grosse Pointe to Adrian to behind the shed. You’d need to wine and dine me first.

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Comment by Lionel
2008-05-21 06:04:45

“A helicopter with heat-seeking equipment was called in, and Bradford was discovered hiding behind a shed shortly before midnight.

His only attire was a pair of flip-flops and a wristwatch.”

That’s a good use of crime-fighting resources. Who the hell sends a helicopter to stop people from getting it on in the woods?

Comment by edgewaterjohn
2008-05-21 06:32:43

Someone who wants to keep their helicopter budget next fiscal year.

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Comment by auger-inn
2008-05-21 08:37:54

At least they can claim it detects heat-seeking missiles at the next budget meeting!

 
 
Comment by packman
2008-05-21 08:31:28

My thought when reading that was - this is so eerily similar to the book “1984″. Amazing how much of a big deal is made over some hanky-panky in the woods.

Next thing you know there will be cameras on every street corner to prevent petty crimes.

Wait a minute…

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Comment by SDGreg
2008-05-21 09:09:49

Not working out so well in the UK:

http://tinyurl.com/3fj2ds

“Billions of pounds spent on Britain’s 4.2 million closed-circuit television cameras has not had a significant impact on crime, according to the senior police officer piloting a new database.”

“Detective Chief Inspector Mick Neville said it was a “fiasco” that only 3 per cent of street robberies in London were solved using CCTV.”

“Mr Neville, who heads the Visual Images, Identifications and Detections Office (Viido) unit, told the Security Document World Conference that the use of CCTV images as evidence in court has been very poor.”

“Billions of pounds have been spent on kit, but no thought has gone into how the police are going to use the images and how they will be used in court,” he told the conference.

 
Comment by EmperorNorton_II
2008-05-21 09:38:31

The Blair Hitch, Project

 
Comment by Max
2008-05-21 09:55:24

1. Spend billions on cameras.
2. ????????
3. Less crime.

 
Comment by Meerteekah
2008-05-21 13:42:35

It’s like the South Park underpants gnomes gone CCTV!

 
Comment by susanmenchey
2008-05-21 14:33:15

I read the most amazing story from the UK. This 70 year old man who lived on a farm in a rural community with no police station shot and wounded some young thugs who broke into his house for the THIRD time. The old man was sentenced to ten years in jail for assault.

Hard to believe, but there are countries more @#$%&* up than the USA.

 
Comment by Claire
2008-05-21 15:15:11

I believe it was because he wounded one and killed the other - he was on a murder charge and it was reduced to manslaughter.

 
 
 
 
Comment by Fuzzy Bear
2008-05-21 05:59:08

The oils situation is rapidly becoming a nightmare for those who are living paycheck to paycheck.

Comment by Gulfstream-sitter
2008-05-21 08:27:41

And, “peak oil” arguments aside, you know that the price is being driven up by speculation/gambling, as it is by the fundamentals.

We are currently in an “oil bubble” market. I’m guessing that a failure of one of the major airlines will burst it.

Comment by Neil
2008-05-21 09:05:06

Unlikely.

China is building about 100km of highway a day during 2008 (their peak building year). The rest of the world is starting to consume oil at 1/3rd the rate of the US. Its time to bid up oil. Oh… they export (net), so they’re going to win most of the bidding contests.

Will it drop? Yes. I think to about $70/bbl. But it will take more than one major airline failing. (Airlines only use a tiny amount of the world’s oil. Far more is used in US SUV’s alone!)

Got Popcorn?
Neil

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Comment by Arizona Slim
2008-05-21 10:08:15

If the US really got serious about fossil fuel conservation and development of renewable energy, OPEC would be in a world of hurt.

[Sound of alarm clock]R-r-r-ring!

Slim opens eyes and awakens from the dream described above.

 
 
 
 
Comment by David Cee
2008-05-21 07:18:56

“Oil is at $130/bbl”

Sure glad W begged the Saudi’s last week to pump more oil.
Can’t we give him the next 8 months off with pay to hide out at the ranch.

Comment by iftheshoefits
2008-05-21 08:46:57

Did you see the link yesterday? Congress just passed a law and we’re going to sue OPEC. Problem solved. Sure glad they step in when Bush drops the ball.

 
 
 
Comment by taxmeupthebooty
Comment by cactus
2008-05-21 08:56:57

“I get buyers who come in thinking they’re going to get a real bargain these days because prices are down all over the country, and we just laugh,” says Caroline Werboff, an agent with San Francisco real-estate firm Hill & Co.

Used house salespeople laughing in the pockets just like the good ol days.

 
 
Comment by watcher
2008-05-21 03:55:11

May 21 (Bloomberg) — Oil rose above $130 a barrel for the first time after at least five banks raised price forecasts in the past week on expectations supply constraints will persist.

http://www.bloomberg.com/apps/news?pid=20601012&sid=aXcU0N_uK3HU&refer=commodities

Comment by kckid
2008-05-21 05:12:00

Climate Change: Nearly 32,000 scientists sign a petition that says they reject the claim that humanity is causing global warming. The media, who are heavily invested in the Gore Consensus, yawn.

http://www.ibdeditorials.com/IBDArticles.aspx?id=296089724469132&kw=global,warming

Meanwhile, Arthur Robinson of the Oregon Institute of Science and Medicine released Monday at the Press Club in Washington a petition signed by 31,072 Americans with university degrees in science, including 9,021 with doctorates, who reject the notion that greenhouse gas emissions will cause catastrophic heating of the planet.

Didn’t hear about it? Oh, that’s right — the media can’t be bothered to report on something that challenges their narrative. They’re too busy saving the world from imagined risks and ignoring the real threats we all share.

Reminds me so much of the media treatment of the housing bubble.

Comment by aladinsane
2008-05-21 05:33:38

The risks because of climate change are all too real, and debating whether it was caused by us or Mother Nature is strictly whistling past the graveyard.

Comment by Blano
2008-05-21 05:44:15

Risks my a$$. It’s been Mother Nature doing it since time immemorial and there isn’t a thing man can do about it either way. So let’s find something more important to pass the time with.

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Comment by aladinsane
2008-05-21 05:49:36

You talk as if it’s the year 1800, not 2008.

There’s a lot we can do to get used to the new world order of weather, or not.

 
Comment by kirisdad
2008-05-21 06:00:01

If the changes are not man-made, then the time, money and energy should be spent on negating the effects of climate change, not the cause. A clear majority of scientific opinion would be helpful.

 
Comment by NoVa Sideliner
2008-05-21 06:21:41

I think there is a clear majority. It’s just not 100% (or maybe not even close to 100%). But even though a majority might say one thing, in science that’s no reason to stop talking.

The problem I have is that there seems to be a move to stifle any debate: “Debate is over!” Well, debate and disproving previous maxims is part of science, at least modern science, so I say let’s continue to hear out the minority, even as we take steps to strangle our economies in support of the majority opinion.

 
Comment by Al
2008-05-21 06:36:54

We may not be causing climate change, but we’re certainly causing enough environmental damage and depleting resources. Just because we (likely) can’t fix climate change doesn’t mean their aren’t other important environmental issues.

 
Comment by AK-LA
2008-05-21 07:53:08

The “32,000 scientists” mentioned above are simply people who say they have degrees in science. Using the word “scientist” is misleading, and implies active researchers knowledgeable about global climate research.

The American Geophysical Union includes active researchers in a broad variety of scientific disciplines. Here is their statement on global climate change:
http://www.agu.org/sci_soc/policy/position/climate_change2008.shtml

 
Comment by brian in norfolk
2008-05-21 07:56:08

Thanks Blano. People seldom realize that Mother Nature is bigger and stronger than even us humans think we are and has operated independently of us.

For those who believe that humans are to blame for global warming, do you have some solid science that actually *proves* humans are the cause? Not a quote from some scientist with an agenda, but real science. I am a scientist and I have not yet seen any - just correlations and suppositions.

Here is an example of what Blano was talking about: CO2 levels were much higher millions of years ago than they are now:

Atmospheric carbon dioxide linked with Mesozoic and early Cenozoic climate change

Yes, this article states that CO2 levels can dictate climate - I am not going to argue with that. I only argue with the idea that man is directly responsible for climate change via CO2 emissions.

However, we are doing far worse things to the environment IMO…

 
Comment by iftheshoefits
2008-05-21 08:56:23

The GW crowd has been predicting steady upward temps all along this decade. At the same time the climatologists responsible for actually predicting long range weather patterns predicted that temps would start declining due to solar activity patterns.

Guess who was right? So now we hear a couple weeks ago that the GW models have been revised to account for whats actually happening, and that they now predict a few years of cooling, but it’s still warming.

This science stuff is pretty easy when you start with your conclusions and work backwards. Hey guys, how about starting with a hypothesis, and accurately tell us what the temps will be. Oh, you can’t, I see. But, the debate is over.

 
 
Comment by Blue Skye
2008-05-21 05:47:08

That depends on the political agenda wrapped around the “cause”.

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Comment by auger-inn
2008-05-21 08:41:54

I’m open to being convinced one way or the other BUT one thing is for sure. There are going to be BILLIONS and BILLIONS made trading carbon credits and THAT is a motive for someone to pimp this cause.

 
 
Comment by Swordsman
2008-05-21 05:52:50

“The risks because of climate change are all too real, and debating whether it was caused by us or Mother Nature is strictly whistling past the graveyard.”

And since the human population couldn’t have caused the change for the bad it follows that the human population won’t be able to affect a change upon the climate for the good. However, any misguided attempt to fix the unfixable will probably kill us economically long before the sun bake our bones.

The climate crisis will be the next bubble to raise prices.

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Comment by iftheshoefits
2008-05-21 09:09:51

Tieing global warming into the topic of housing, you would think that if everyone knew that we were all about to be f****d by global warming, everyone would be migrating toward the coldest climates, and also oceanfront property would be dropping like a rock. Neither is happening, the trends are still well in the opposite direction.

A lot of people mouth the GW platitudes since they’ve been hit over the head with it for so long, and they feel uneasy about their own energy consumption. But nobody actually believes it enough to bet their livelihoods on it, though. Well OK, there are a couple dozen or so that actually are fleeing the coasts for fear of inundation. The rest of us, doesn’t seem like it. That should tell us something.

 
 
 
Comment by chilidoggg
2008-05-21 06:57:39

I cannot begin to understand why the same people who get so excited about issues like abortion and gay marriage, can get so excited about global warming. I can wrap my head around moral disagreements, or even constitutional slippery slopes (gun control.) But when it comes to global warming, or alleged global warming, any prudent person would at the least want to examine it further, instead of the freakin hysterics we hear.

Comment by Dani W
2008-05-21 08:15:23

It’s because those exact same people think they can create their own reality.

Thank god the adults will be in charge January 21, 2009

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Comment by exeter
2008-05-21 09:21:13

Amen dani. Even the most conservative scientists freely acknowledge global climate change is a reality. The debate lies in its cause. It’s funny to watch uneducated hacks stumble all over themselves and deny that the climate is shifting in order to support the denial ideology. It’s akin to watching the developmentally disable boarding the shortbus.

 
Comment by finnman69
2008-05-21 12:27:10

We have been in a global warming period since the last ice age when NYC and chicago were under 500 feet of glaciers.

As misguided governments attempt to regulate the unregulateable and tax for the sake of taxing, it will only make matters worse, and the global climate and solar output of the sun will continue to be unaffacted by human activity.

 
 
Comment by Darrell_in_PHX
2008-05-21 08:38:24

The environmentalists have blown their credibility.

For decades they harped on rain forest distruction. We’re losing 5% a year!!!!!!! Give us money and we’ll stop it. (Remember the Madonna concerts to save the rain forest?)And 20 years later there was 3% less than when they were screaming 5% a year. 3% loss is bad, but it ain’t 20% a year.

Then they switched to protecting domestic old-growth forests. The delicate ecosystems, the spotted owls, blah, blah. Give us millions of dollars and we’ll protect them. Haven’t heard about spoted owls in over a decade. Turns out the owls do better in recently cleared areas because it is easier for them to hunt.

For global warming, yeah, we may be causing it. But what, short of changing our way of life to make it look more like 1808 instead of 2008, what are we going to do about it?

Ohhhh…. dump trillions of dollars into our organizations so we can research solutions.

Billions for solar subsidies. Billions for wind. Billions for fuel cell. Billions for hydrogen farting algie. Billions for ethanol. Billions for…

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Comment by Spykeeboi
2008-05-21 07:23:22

An opinion about the threats of global warming from IBD? Investor’s Business Daily? Come on. Its editors would support total extermination of panda bears if they thought it could increase US GDP by a fraction of a percent.

The correct analogy is that those in denial about global warming are like those who were in denial about the housing bubble. In both cases, greedy self-interest blinds individuals about the wider economic or climatic conditions.

Comment by kirisdad
2008-05-21 08:11:33

Who’s denying global warming? Its the causes that should be throughly examined. My daughter takes AP Bio and she was told that water vapor depletes the ozone or creates greenhouse gases or something. Cow farts, water vapor, whats next? It’s like oil prices, whats the cause? speculation, peak oil, increased consumption. Drives me nuts. This media driven herd mentality creates mania, bubbles and insane behavior.

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Comment by sartre
2008-05-21 08:19:43

Global warming or not, air pollution, loss of forest cover, depletion of ground water are real issues in vast majority of developing world. These jokers need to travel to new delhi or beijing to understand how bad the situation is. If you have never been to these cities, a couple of tips: Minor nose bleeds and watery eyes in the first couple of days are common, don’t carry any white clothing unless you never want to see it again. These are not “theories”, these are facts.

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Comment by Blano
2008-05-21 08:37:22

“don’t carry any white clothing unless you never want to see it again.”

Curious: because it’ll get stolen, or soiled so bad??

 
Comment by implosion
2008-05-21 09:16:19

Just curious - do you know if China or India are doing anything to deal with these problems? Latest pop numbers show China at 1.32 B and India at 1.13 B. Bangladesh adds another 159 M pop to the area and Pakistan 163 M; together adding more than the US pop at 304 M.

 
Comment by ahansen
2008-05-21 09:24:23

Dingy yellow grey…like the ancient lampshades in your chain-smoking great aunt’s living room–only after just one afternoon outside.

Motor scooters have been banned from most of the tourist cities, so your snatchable accessories are safe in that regard. Also they tend to execute people for such activities.

That having been said, if there is any way you can get to the Olympics, go. You’ll be amazed and delighted. And the extensive wilderness areas are jaw-droppingly awesome.

 
 
 
Comment by Tulpenwoerde
2008-05-21 08:24:38

Nice try. That nonsense “petition” is ten years old, and has been debunked numerous times. It is simply propaganda. See, for example:

http://www.sourcewatch.org/index.php?title=Oregon_Institute_of_Science_and_Medicine

There appears to be very little dispute among climate scientists — in fact, virtually NO dispute — that human-caused global warming is a real phenomenon.

Comment by EmperorNorton_II
2008-05-21 10:06:49

Every dogma has it’s day…

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Comment by brian in norfolk
2008-05-21 10:47:39

“There appears to be very little dispute among climate scientists — in fact, virtually NO dispute — that human-caused global warming is a real phenomenon.”

Are you sure about that? Did you survey the scientists? Personally? What makes you think that there is even a shred of evidence to support that statement?

What you are hearing in the media are the mouthpieces for various groups of scientists who have decided to take the politically expedient point of view concerning global warming.

In fact, there are large numbers of climate scientists who question the entire premise of global warming. Unfortunately, they must stay quiet on the subject or they run the very real risk of losing grant money, and in many cases, their jobs. However, a few have made public appearances to challenge the status quo.

In the mean time, I would suggest that you go out and actually learn some science, rather than depend upon the quote of some shill in the MSM. You can start with the link I posted above showing where CO2 levels were much higher millions of years ago than they are now.

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Comment by exeter
2008-05-21 11:21:37

” CO2 levels were much higher millions of years ago than they are now.”

Which means absolutely Z-ROW when the obvious to anyone climatic shift is happening all around us.

 
Comment by brian in norfolk
2008-05-21 12:34:36

Clearly, you miss the point. It means EVERYTHING with respect to the argument that man is causing global warming with CO2 emissions.

In earlier times, Mother Nature raised the atmospheric CO2 levels much higher than we see now. If Mother Nature did that millions of years ago on her own, how can you be so sure that she is not the one responsible now? You can’t.

I, for one, do not want bad science to dictate the inevitable governmental policies which come come forth regarding global warming.

 
Comment by End of Empire
2008-05-21 13:46:29

“Did you survey the scientists? Personally?” Did you? And if you did, and it was debunked, would that change your mind? Probably not.

 
Comment by Tulpenwoerde
2008-05-21 13:51:06

Brian in Norfolk,

The article you linked above has nothing whatsoever to say about whether anthropogenic climate change is occurring now. It makes the same logical error as Fred Thompson’s reasoning that we know global warming can’t be due to human activity because polar icecaps are receding on Mars also.

You claim to be a scientist (though your citation of the above article makes me skeptical). I will assume you are not a climate scientist, or you would have said so. If you are in fact a climate scientist, and offer your credentials, and you have some insight into this particular issue, I will be happy to listen to what you have to say. But if you’re just arguing that I can’t know what climate scientists think because I haven’t spoken with all of them, then I’d simply point to the IPCC’s 2007 report, of which I am sure you’re aware. It is linked below:

http://ipcc-wg1.ucar.edu/wg1/wg1-report.html

I freely acknowledge I am not a climate scientist (although, contrary to your ad hominem supposition, I am trained in the physical sciences, engineering and statistics). But I know this much: a majority of several thousand of the world’s researchers in a particular field agreeing that there is greater than 90% probability that x is causing y is just about as close to a slam dunk as you’ll ever see in scientific literature. And your suggestion that so many scientists signed on to this report and its conclusions merely because of political pressure is conspiracy theory at its highest level. If there’s some additional information that I’m missing, then please provide it.

Again, if you have specific knowledge on this topic and have an important criticism to offer of the above report, I’m all ears. Otherwise, I’ll assume that the “large numbers of climate scientists who question the entire premise of global warming” to which you refer are akin to the “large numbers of reputable scientists” who question evolution and support so-called “intelligent design.” If I’m wrong, and I’ve been railroaded by what I’ve read in the press, then provide some support. I’ll be happy to admit it. Really.

 
Comment by Tulpenwoerde
2008-05-21 13:54:18

I have a hard time taking seriously a self-proclaimed scientist who refers to the actions of “Mother Nature.” Another reason to be skeptical of Brian in Norfolk.

 
Comment by Tulpenwoerde
2008-05-21 14:22:22

“In earlier times, Mother Nature raised the atmospheric CO2 levels much higher than we see now. If Mother Nature did that millions of years ago on her own, how can you be so sure that she is not the one responsible now? You can’t.”

What a great scientific argument, Brian. You’re some scientist. That’s the same argument that proponents of “Intelligent Design” use with respect to gaps in the fossil record.

I’m going to go out on a limb here: Your alleged training in science is from Liberty University, Jerry Falwell’s school, isn’t it? It’s not too far from where you are.

 
Comment by evildoc
2008-05-21 14:28:36
 
Comment by exeter
2008-05-21 14:53:16

“Another reason to be skeptical of Brian in Norfolk.”

Bingo.

 
Comment by Tulpenwoerde
2008-05-21 14:53:45

Brian in Norfolk also said (regarding scientists who question anthropogenic global warming):

“Unfortunately, they must stay quiet on the subject or they run the very real risk of losing grant money, and in many cases, their jobs.”

Oh really, Brian, how many grants is the Bush administration National Science Foundation withholding from scientists skeptical of global warming? How many NOAA and NASA scientists skeptical of global warming is the Bush administration forcing out? I’m sure they have big targets on their foreheads.

How many tenured university professors at conservative schools in conservative states with corporate-endowed chairs are being silenced because they dare question the data and conclusions regarding global warming? Surely you’re joking, right? I’ll take a stab at the answer: the same number of researchers fired by big tobacco companies for questioning the link between smoking and lung cancer. None. Zero.

Now I know you’re completely full of it.

 
Comment by Tulpenwoerde
2008-05-21 15:35:25

evildoc,

Yeah, that one’s a real gem too. Another tour de force of scientific rigor. I have excerpted three of my favorite passages from the webpage you linked:

1. “I am told that, ‘… meteorologists I know that are skeptical about global warming are weather forecasters (not researchers) and have little expertise in the science of climate change — their jobs do not require it.’ Well if changing weather isn’t climate change what is it?”

2. “The ’science of climate change’ was quite wrong when they were predicting a ‘new Ice age’. Real science requires something that is beyond the combinations of a bunch of estimates plugged into human choice tainted computer models.”

And here’s my personal favorite:

3. “But do you know what I see in that data? (And I’m really good at looking at statistics) - Not much that is significant — mostly some noise - noise that is much higher than any trend. You could pick selected start and end points to show either cooling or warming. There is obviously no hokey stick. Some indirect temperature trends track with solar output with a fairly good correlation. Will the new solar activity change solar output and cause more warming? What are you willing to bet on it? I wouldn’t, as I am rather certain that we don’t know.”

 
Comment by brian in norfolk
2008-05-21 16:31:13

Tulpenwoerde,

You said: “The article you linked above has nothing whatsoever to say about whether anthropogenic climate change is occurring now.”

I never claimed that it did have anything to do with anthropogenic climate change. Perhaps you should stop patting yourself so hard on the back for your great importance, intelligence & education and understand that my point was that the earth, on its own, millions of years ago, had CO2 levels much higher than we do now. And, because of that, we cannot conclusively say that the present increase in CO2 levels can be attribute to mankind just because there is a correlation. Was the increase due to anthropogenic sources at that time? Hardly.

With your lengthy response, I was hoping that you were going to present some science to convince me that anthropogenic climate change is reality. Instead, you present a government report, which is tainted with the very politics that prevent an honest, open discussion in this area. It is not a conspiracy theory, this is how things really are.

While much of that report is indeed factual and worth reading, there is still no CAUSAL relationship established for human activities and global warming. It remains CORRELATION and CONJECTURE.

Like so many reports purporting anthropogenic climate change, this one focuses mostly on the past 150 years or so and does not honestly examine trends that cover many hundreds, thousands or more years. For example, on p. 462 [chapter 6] there is a chart showing warmer temperatures in northern latitudes twice on the past 12,000 years. How do they [you] know that this is not part of a cycle? There is an awful lot of error in those values presented, though they would not want you to know that, and the time frames involved could support that as a possibility.

So what is your problem with my reference? Are articles from the Nature family not good enough? Do you not like the idea of peer-review from those who might have the nerve to question/criticize your work? Or do you just think that you know better than the authors?

Since His Majesty needs to know, I am not a climate scientist, and I freely state it, but I do have a Ph.D. in chemistry and numerous peer-reviewed publications. Some years ago, I made the point to really get into the science that goes into the humans-cause-global-warming hypothesis so that I could judge for myself the validity of the arguments.

What are your qualifications to be “trained in the physical sciences”?

You said: “But I know this much: a majority of several thousand of the world’s researchers in a particular field agreeing that there is greater than 90% probability that x is causing y is just about as close to a slam dunk as you’ll ever see in scientific literature.”

Once upon a time, scientists all thought that the world was flat. How did that work out? Consensus does NOT equal fact.

Also, opponents of the flat earth premise could be imprisoned or killed for their point of view. Am I a conspiracy theorist for citing history in this instance? Who is to say that politics still do not play a role is what science gets funding and/or published? As one who has been involved in both publication and funding, I know that politics do indeed play a role. How do you know otherwise? Hint: you don’t.

You said: “…are akin to the “large numbers of reputable scientists” who question evolution and support so-called “intelligent design.” ”

If you actually had conversations with those who are involved with science and do science, you would find a surprisingly large number of them who happen to have a view opposite that which is politically expedient - on many subjects.

You said: “I have a hard time taking seriously a self-proclaimed scientist who refers to the actions of “Mother Nature.” ”

Really? Lots of scientists refer to the actions of “Mother Nature”. It is an expression of great respect. The respect that comes from understanding how much about this universe that we do not know. Obviously, you criticize because you are just so much better than the rest of us and know it all.
Right?

 
Comment by Tulpenwoerde
2008-05-21 18:38:25

Brian,

I’ll take your response point by point:

“I never claimed that it did have anything to do with anthropogenic climate change.”

You most certainly suggested that it did. You referenced the article above to suggest that the fact that CO2 levels were high earlier in the Earth’s history was evidence in favor of a non-anthropogenic explanation for the current period of apparent climate change. You reasoned that because global warming happened naturally before, it might be natural this time also.

“Perhaps you should stop patting yourself so hard on the back for your great importance, intelligence & education and understand that my point was that the earth, on its own, millions of years ago, had CO2 levels much higher than we do now.”

I haven’t patted myself on the back for anything, nor have I made any assertions in that regard. You were the one who claimed to be the scientist. You are also the one who started with the personal attacks, which were certainly unsolicited and undeserved, and you continue with them now.

“And, because of that, we cannot conclusively say that the present increase in CO2 levels can be attribute to mankind just because there is a correlation. Was the increase due to anthropogenic sources at that time? Hardly.” You later state, relatedly, that “…there is still no CAUSAL relationship established for human activities and global warming. It remains CORRELATION and CONJECTURE.”

Your argument appears to be that because no one can prove conclusively, in an a priori sense, that any current climate change is anthropogenic, that therefore the two possibilities (anthropogenic/non-anthrogenic) are equiprobable, and no one can reliably estimate the likelihood that either possibility is true. Not so. There are reliable ways of assessing various contributing factors in order to determine their effect on the system. Through statistical inference and the careful construction of models, one can estimate with high levels of confidence the probability of one explanation or the other being true. I’m not claiming any particular specialty in doing climate modeling, but I presume that the folks who are expert in it know what they’re doing and have thought these issues through.

If your point is that you can’t observe the climate in a controlled experiment, point taken. But that is true of many complex systems, and that fact doesn’t stop science from drawing conclusions about various phenomena.
I mean, you could make exactly the same argument about smoking causing lung cancer. It’s correlation. Do reasonable medical researchers debate about this any more? No. You could say the same thing about eating and obesity. Correlation. Gravity and acceleration? Correlation. Water and plants growing? Correlation. What about your own field, chemistry? Ever see a covalent bond? How do you know what’s really going on down there? My point is, if you have models that can explain the data consistently over time, and also have sufficient predictive power and don’t defy the laws physica and of probability, that is about as good as it gets. It’s all correlation and conjecture on some level, but that doesn’t stop science from reaching conclusions about all sorts of complex phenomena. Proof of causation in the a priori sense is mainly irrelevant.

“With your lengthy response, I was hoping that you were going to present some science to convince me that anthropogenic climate change is reality.”

I was hoping the same of you. Instead, all you do is reference that same single article again which you admit doesn’t support your position. Then you basically say, trust me, I’ve looked into this stuff. Why should I or anyone else trust you, especially against the vast weight of the scientific community?

“Instead, you present a government report, which is tainted with the very politics that prevent an honest, open discussion in this area. It is not a conspiracy theory, this is how things really are.”

Tainted with politics? What is your evidence for this? How do you know? Cite something. This is the IPCC’s description of its own mandate:

“The IPCC was established to provide the decision-makers and others interested in climate change with an objective source of information about climate change. The IPCC does not conduct any research nor does it monitor climate related data or parameters. Its role is to assess on a comprehensive, objective, open and transparent basis the latest scientific, technical and socio-economic literature produced worldwide relevant to the understanding of the risk of human-induced climate change, its observed and projected impacts and options for adaptation and mitigation. IPCC reports should be neutral with respect to policy, although they need to deal objectively with policy relevant scientific, technical and socio economic factors. They should be of high scientific and technical standards, and aim to reflect a range of views, expertise and wide geographical coverage.”

It’s an intergovernmental panel of renowned scientists, who have in their mission to be objective. Why shouldn’t we all think you’re the one with the political axe to grind? Give me one good reason not to think so.

That’s all I have time for right now. But I’m happy to respond to the rest when I have time.

 
Comment by Tulpenwoerde
2008-05-21 23:01:35

I have a few more minutes now, so I’ll make a few more points:

1. Our whole debate started because I made the comment that anthropogenic global warming is not the subject of much serious debate. So why don’t you just name for me three reputable climate scientists who dispute it? That should be easy enough. I have no doubt you can find three. I’ll be happy to go look up their publications. The point I should have made, and perhaps had in mind, was that over the past 10 years or so more and more scientists have reached the same conclusion, to the point where there is little debate on the issue anymore. If you’d like to prove me wrong, start naming names.

2. You are effectively arguing, “you can’t prove me wrong, therefore my point must be equally valid to yours.” No, I can’t conclusively prove that the moon isn’t made of green cheese, but the fact that most of the world’s scientists think it isn’t does tend to sway my opinion. And I don’t criticize those folks for being motivated by political views if they disagree with me. There’s just no acceptable contary evidence. No, I can’t conclusively prove to you that having sex with a virgin cannot cure AIDS (as was fairly recently believed in parts of Africa), but that doesn’t make the belief that it does reasonable. If you have reason to believe that these several thousand scientists are wrong, then let’s hear it. But it hasn’t been in anything you’ve said yet.

3. Regarding your comment, “Like so many reports purporting anthropogenic climate change, this one focuses mostly on the past 150 years or so and does not honestly examine trends that cover many hundreds, thousands or more years. For example, on p. 462 [chapter 6] there is a chart showing warmer temperatures in northern latitudes twice on the past 12,000 years. How do they [you] know that this is not part of a cycle? There is an awful lot of error in those values presented, though they would not want you to know that, and the time frames involved could support that as a possibility.”

OK, this is the first remotely scientifically-related point you’ve made. How do the scientists know it’s not part of a cycle? Well, they certainly could compare a number of environmental variables to see if there are parallels between then and now, and I think it’s likely that this would occur to anyone looking at this data. They could also look at the rates of atmospheric CO2 accumulation and compare with a corresponding increase in temperature. There is data to be gathered from the fossil record, among other places. My point is, any competent scientist likely already took all of this into account. What makes you think the scientists who signed on to the IPCC study didn’t consider all of these obvious factors? As to the point about the error, have you done an analysis, or are you just guessing? More importantly, how does this lead you to the conclusion that this time, the warming is simply natural again?

4. “So what is your problem with my reference? Are articles from the Nature family not good enough?”

I have no problem with the article that you cited. It’s peer reviewed, so fine. But it doesn’t support your argument. It’s irrelevant.

5. “Some years ago, I made the point to really get into the science that goes into the humans-cause-global-warming hypothesis so that I could judge for myself the validity of the arguments.”

OK, well, enlighten us. Share some of the conclusions that you reached, including your reasoning. You haven’t included any of that in what you’ve said.

6. “Once upon a time, scientists all thought that the world was flat.”

Well, I think this is more what used to be called an “old wives’ tale,” and now might more properly called an “urban legend.” In my understanding, it’s quite clear that many of the major earlier civilizations, from the Greeks to the Aztecs to the Egyptians, did not actually think the world was flat. In any event, I know what you’re driving at. But it’s irrelevant. What matters is the evidence and the arguments for what that evidence means. If you’ve got good arguments for why you think that the case for global warming is overstated, let’s hear it. As I said earlier, I’m all ears. I’m willing to admit that several thousand of the world’s top climate scientists could be wrong, if you’ve done the homework. But so far, you haven’t given me any reason to doubt them. That single article you keep referencing is worthless.

7. “If you actually had conversations with those who are involved with science and do science, you would find a surprisingly large number of them who happen to have a view opposite that which is politically expedient - on many subjects.”

This is a canard. I have conversations every day with folks who do hard science for a living. You are working from the assumption that global warming was a political issue before it was good science, and not vice versa. If you believe that this is true, then explain why. As far as I can tell, global warming started out as a fringe theory a few decades ago, but the evidence in its favor has been steadily building over time, and so has the political initiative to do something about it.

I’m happy to continue this discussion off line if you’d like to post an e-mail address. There’s no point in taking up any more space with this.

 
Comment by Tulpenwoerde
2008-05-22 08:41:54

OK, one more thing, because I want the record to be crystal clear for anyone who happens to go back through this thread.

I accused you several times above of using the same reasoning advanced by proponents of so-called “Intelligent Design” to attack the current global warming consensus.

First, I posted:

“Again, if you have specific knowledge on this topic and have an important criticism to offer of the above report, I’m all ears. Otherwise, I’ll assume that the ‘large numbers of climate scientists who question the entire premise of global warming’ to which you refer are akin to the ‘large numbers of reputable scientists’ who question evolution and support so-called ‘intelligent design.’”

Then, I posted:

“That’s the same argument that proponents of ‘Intelligent Design’ use with respect to gaps in the fossil record. I’m going to go out on a limb here: Your alleged training in science is from Liberty University, Jerry Falwell’s school, isn’t it? It’s not too far from where you are. ”

In response to these posts, you didn’t bristle. You weren’t taken aback. You didn’t contest it. On the contrary, you appear to have embraced the comparison with “Intelligent Design”. You said:

“If you actually had conversations with those who are involved with science and do science, you would find a surprisingly large number of them who happen to have a view opposite that which is politically expedient - on many subjects.”

I think it stands to reason from the above exchange that my conjecture about Liberty University and the Rev. Falwell was not too far off.

You are, in fact, a proponent of “Intelligent Design” and “Creation Science,” aren’t you? Admit it.

I think that will tell the rational, thinking readers of this blog all they need to know about you, Born-Again Brian. Go advance your conservative religious agenda somewhere else, and quit using the name of science to do it. If I’m wrong, then correct me.

 
 
 
Comment by MacAttack
2008-05-21 11:38:49

Dig into that “institute” a bit. I could sign that petition - it’s meaningless garbage.

 
Comment by foo
2008-05-21 19:56:40

There is good reason that the media doesn’t cover the Oregon Institute of Science and Medicine. They are purveyors of bogus science.

Their paper is discussed here:
http://www.realclimate.org/wiki/index.php?title=OISM

And their petition is bogus too. 30000 signatures of people with a science degree and 9000 with PhDs? Un hun? Be interesting to see what the degrees are in.

 
 
 
Comment by watcher
2008-05-21 03:56:02

When the Senate Banking Committee approved on Tuesday legislation to help suffering homeowners refinance costly loans, lawmakers said they had found a way to rescue the housing market without requiring taxpayers to foot the bill.

http://www.nytimes.com/2008/05/21/business/21fannie.html?_r=1&ref=business&oref=slogin

Comment by Professor Bear
2008-05-21 05:00:33

“…rescue the housing market without requiring taxpayers to foot the bill.”

Glad to hear the money tree is bearing fruit again, even without water or fertilizer (besides BS).

 
Comment by Prime_Is_Contained
2008-05-21 09:14:14

Accounting gimmicks. It’s the one thing we can count on a steady supply of from Washington.

 
 
Comment by watcher
2008-05-21 03:58:05

We are working with borrowers to keep them in their homes, but a lot of them really don’t want to stay.”

So spoke the chairwoman of a Southern California home lender to the Los Angeles Times, inadvertently putting her finger on why trying to bail out the mortgages behind today’s uptick in the foreclosure rate may be self-defeating, and why many in Congress rightly have gotten cold feet.

http://online.wsj.com/article/SB121132525879208689.html?mod=todays_us_opinion

Comment by taxmeupthebooty
2008-05-21 05:06:18

and 70% of taxpayers are against the bailout…….
think NOVember

Comment by txchick57
2008-05-21 05:17:19

have you not yet received your marching orders from the Messiah?

Comment by Matt_in_TX
2008-05-21 05:49:42

The idea of The Messiah backing bailouts for “rich” fools is a bit of a stretch. Oh, I forgot. TM can be for bailouts in Oregon and against them in Montana. ;)

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Comment by taxmeupthebooty
2008-05-21 06:50:19

try youtube
limited edition religion obama
EXETER if you’re out there don’t look

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Comment by exeter
2008-05-21 07:09:36

Righties uptighty in their no longer whitey tighties. lmao.

 
Comment by Lost In Utah
2008-05-21 07:11:57

“EXETER if you’re out there don’t look”

ROFL!!

 
Comment by phillygal
2008-05-21 07:14:42

clinging to religion

 
Comment by Blano
2008-05-21 08:38:40

How come nobody whined about Osama Obama’s background cross??

 
Comment by exeter
2008-05-21 09:05:39

Pssst…. there’s a tsunami behind you. lmao.

 
 
 
Comment by edgewaterjohn
2008-05-21 06:39:14

FBs are not a cohesive and effective political force. All this is being done in their name courtesy of the MSM that created a cult around the weakest links. Meanwhile the FBs just stand around wondering why they can’t keep buying new shiny things.

 
 
Comment by Professor Bear
2008-05-21 06:03:45

Fed = bubble factory

“A real quandary for policy makers may soon be how to handle the subprime debris – the physical waste – of housing complexes far from town, unwanted by anybody with the wherewithal to maintain them. Here, a word on bubbles. Dropping a bundle to build a new fiber network as the Internet is taking off is not necessarily a bad idea. The decision by other people to do the same is what makes it a bad idea. That’s what happened in housing too – helped by cheap money from the Fed and a credit-manufacturing process that gave too many homebuyers a one-way bet on home prices.

One sure way to guarantee bubbles without end is to institutionalize that one-way bet. That’s what a bailout would end up doing for those ultimately responsible for directing a large chunk of the nation’s savings into unwanted, uneconomic housing.”

 
Comment by Professor Bear
2008-05-21 06:44:54

So glad the writer saw fit to work in the “all real estate is local” concept…

“Data may show the first national home-price decline since the 1940s, but housing markets are local, and virtually every local market has experienced housing booms and busts at some point. Plenty of homeowners have had the experience of being underwater on their mortgages (show of hands here) without walking away – because they didn’t take out more loan than they could afford to plant themselves in communities that now appear to have little future.”

 
 
Comment by watcher
2008-05-21 04:02:19

Two of the largest United States retailers said on Tuesday that the weak economy and battered housing industry were discouraging consumers from making anything more than basic purchases.

http://www.nytimes.com/2008/05/21/business/21retail.html?ref=business

Comment by aladinsane
2008-05-21 05:27:40

I’d hate to be in a business selling wants, needlessly.

Comment by polly
2008-05-21 06:02:29

I was just saying that last night to a co-worker whose son is a ceramic artist. I have no idea if the kid is any good, but he isn’t selling anything. Evidently cobbling together a few teaching jobs (expensive private schools) is paying the bills and might even lead to health insurance next year.

Comment by phillygal
2008-05-21 07:46:13

Welcome to the world of being an artist.

Last weekend the guys who moved me observed that some of the objects they transported were my work - they asked if I did art full time…ha ha funny.

Not if I want to pay my rent!

I told them the fulltime part had to be deferred til I was 60 or so. Maybe by then I’ll be able to subsidize my own art-making. As for your friend’s son, a teaching gig in a private school is not too shabby.

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Comment by CarrieAnn
2008-05-21 12:28:59

Considering most people take Friday off and leave on Thursday, I just made arrangements for my Memorial Weekend a day before we leave. There was also room at the kennel for my dog. I started my calls after Noon and both the hotel and kennel got right back to me.

People are staying home.

The freezer’s full and our generator’s back from storage in case I return to Armageddon.

 
 
Comment by watcher
2008-05-21 04:03:23

WASHINGTON (AP) — Fannie Mae’s CEO told shareholders Tuesday that the housing market is “about halfway through” its crisis and home prices could fall as much as 25 percent before the worst is over.

http://biz.yahoo.com/ap/080520/fannie_mae_outlook.html?.v=5

Comment by Professor Bear
2008-05-21 05:01:43

They meant to say “25 percent more,” right?

Comment by Ernest
2008-05-21 05:33:36

I think they meant 25 cents.

 
Comment by reorealtor
2008-05-21 10:11:39

Nope
“Mudd told the Fannie shareholders meeting the company expects U.S. home prices to fall as much as 25 percent from their highs of mid-2005, based on the widely tracked Case-Shiller housing index, which focuses on major metropolitan areas.”

If he predicts incorrectly, will he have “Mudd” on his face?

Comment by Professor Bear
2008-05-21 11:13:02

He ain’t talking about San Diego, which is the canary in the coal mine for price declines. Our median peaked at $517.5K in 2005 and was down to $395K as of March 2008 (with a small DCB to $400K this month, not seasonally adjusted or quality adjusted).

So that would mean our prices (measured by the median sale price) fell by

(395/517.5-1)*100 = 23.7 pct already — just 1.3 pct to go off the March nadir to get to Mudd’s predicted 25 pct drop, and with a record number of foreclosures in April, many of which have not yet hit the market, the supply side is putting plenty of downward pressure on prices.

I know it is different here in SD (blah, blah, blahhhh…)

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Comment by Sleeper
2008-05-21 06:04:29

Whoops! There goes 5 trillion bucks. POOF!

 
Comment by ronin
2008-05-21 06:20:52

Only if that CEO correctly predicted the start of the “crisis” will his powers of prognostication have any credibility whatsoever.

 
Comment by Moman
2008-05-21 07:03:15

I agree with his assessment. We should be about halfway through the price decline phase which puts the bottom in fall 2009/spring 2010. If prices fall 25% more, we’re looking at 50-75% declines from peak in many bubble areas which is in line with expectations. I would expect 100% price declines except the inflation component might eat up at least 25% of that.

Comment by ille_vir
2008-05-21 11:55:34

Umhmm… 100% declines. Free houses for all!

Comment by Moman
2008-05-21 19:48:42

Sorry - to clarify I meant to give back all appreciation in the bubble years, putting houses back along their historical pricing in 1995-2000.

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Comment by Lucy
2008-05-21 04:10:53

Another day, another dollar. Oil hits $130.

Comment by Jwhite
Comment by Jwhite
2008-05-21 05:08:21

Why $4.00 a gllon gas is cheap.

http://articles.moneycentral.msn.com/SavingandDebt/SaveonaCar/Why4DollarAGallonGasIsABargain.aspx

Slate has a point. We are spoiled rotten with low energy prices.

Comment by BubbleViewer
2008-05-21 05:23:48

We literally live like Pharaohs, each of us using the equivalent of approximately 700 energy “slaves” working round the clock.
As Jim Kunstler said, we will keep doing it until we can’t anymore. It’s seriously time to rethink our living arrangement. Unfortunately, we have so much invested in the suburban lifestyle, that we will try to hold on to it for as long as possible, even when it is obvious that it no longer makes sense.

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Comment by Sleeper
2008-05-21 05:49:56

And when that happens and the wheels come off the apple cart (literally) we will be in a world of hurt. I read Kunslers book a few years ago and it changed my viewpoint on everything (scared the hell out of me to tell the truth)

I bounce questions off of him all the time via e-mail. He’s a great reality check.

 
Comment by VaBeyatch in Virginia Beach
2008-05-21 06:27:09

There is a documentary called “End of Suburbia” that features him and others. Pretty good stuff.

 
Comment by CincyDad
2008-05-21 06:30:13

I agree with the problems of urban sprawl and the over-reliance on the automobile.

However, around here, companies are moving out to the suburbs. Most of the growth in employment is taking place on the fringes of the cities, not in the centers. So living in the suburbs often provides a shorter comute than living near downtown.

We have no Prop 13 that keeps companies fixed to a certain geographic location. Companies end up moving all the time because a neighboring city/suburb gives them big tax breaks to do so.

(the cities give big tax breaks to companies because cities in Ohio charge an income tax on the workers, so getting workers in your tax district is more important than getting property tax from a company.)

 
Comment by aNYCdj
2008-05-21 07:05:56

It’s ALWAYS about living close to your job…Ive been doing that since the first had a job away from home. I’ve only had a 30 mile commute twice in my life but then i was right along the major highway/interstate and both jobs had only 3-4 traffic lights from my house to the job so i’ve never had to deal with bumper to bumper traffic.
——————
So living in the suburbs often provides a shorter comute than living near downtown.

 
Comment by auger-inn
2008-05-21 08:47:30

I’ve been in the market trying to trade 3 of my 700 energy slaves in for a respective beer, pizza and sex slave. So far, no luck. Damn.

 
Comment by peaceful
2008-05-21 12:59:30

Its not ALWAYS about living close to your job.

You may be forced to work in an area you don’t like, but you shouldn’t have to live there also if you don’t want to! Sorry, I don’t see the moral superiority of those who happen to claim that they always live and work conveniently close because they are better planners than the rest. It’s luck if you can find a job within a few blocks of where you’d want to live. Appreciate, don’t self congratulate.

 
 
Comment by txchick57
2008-05-21 05:57:32

Oh man, when I read stuff like this, I have to get up and walk away or I’ll do something stupid like short the futures.

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Comment by Jwhite
2008-05-21 06:38:38

Aww, don’t do that, wait to it’s $10. 00 a gallon! Americans will be the last to change their habits IRT energy IMHO. Everything else may go, but the car stays.

 
Comment by measton
2008-05-21 07:24:19

Not true
In the last two quarters US oil consumption has fallen and I think that trend is accelerating. The airlines are reducing their fleets, trucking companies are limiting the speed of their trucks to 62mph. People are making fewer trips. It would have been nice if the gov had taxed gas to 5 bucks a gallon 10 years ago and given the money back to us with income tax breaks, then we would have designed our infrastructure around expensive energy, and the money would stay in the US. Instead we have designed an inefficient infrastructure and the money is going to our good friends in Saudi Arabia, Iran, and Venezuela. It has always amazed me that Americans and our politicians have been so short sighted.

 
Comment by In Colorado
2008-05-21 07:26:07

When I walk the dog I always walk past plenty of houses with big SUVs and pickups in the driveway. Many (if not most) of these people commute 50 miles to jobs in Denver. I t scares me to think about how much they must be spending on gas. 100 miles / 15 mpg * $4 * 20 days = $500+ per month! It occurs to me that if they traded down to near 40 mpg econobox that the gas savings would pay for the car.

 
Comment by tresho
2008-05-21 07:45:59

Calculating the benefits of switching from a 15 mpg gas hog to a 35 mpg car on a 100mile/day, 260-workday/year roundtrip commute: At $4/gal, the first year’s gas savings would only be $3961. If fuel were $15/gal, the first year’s gas savings would be $14,857, which might be enough to pay for an late model econobox.
If gas were rationed to 10 gal/week, neither solution would allow this fictional driver to get to work.

 
Comment by In Colorado
2008-05-21 08:41:16

Carpooling will become chic!

 
Comment by Blano
2008-05-21 08:46:34

I dunno JWhite, it may happen before that.

In the last couple weeks I’ve toned it down to 65 from 75-80 on the freeways (speed limit is 70 here). At first everybody blew me off the road, but this week I’ve seen a few fellow slower travelers. Yesterday had some guy look like he was drafting behind me.

 
Comment by tresho
2008-05-21 09:04:21

Last weekend I crossed Ohio diagonally on its interstates while setting my cruise control between 58-60 mph. Over a distance of 200 miles, I did not pass a single moving vehicle. Not one. Only problem was driving straight ahead while being repeatedly shaken from side to side by all the traffic blowing by me. At least, unlike my experiences driving in Michigan, no one gave me the finger. And my gas hog F150 got 20 mpg!

 
Comment by EmperorNorton_II
2008-05-21 09:15:31

A slower, gentler version of Nascar?

 
Comment by Arizona Slim
2008-05-21 10:14:43

I’m seeing more than a few SUVs with hand-lettered “For Sale” signs. Can’t imagine why…

 
Comment by Lost In Utah
2008-05-21 10:36:58

I have an SUV (Toyota FJ) - and I get 20 mpg on the highway, going 75. On the backroads, I can get 40+ mpg, going 25 mph.

A typical day, I drive around 15 miles or less, all on backroads. I fill my tank every couple of weeks, MOL.

But…if I had to commute in it, it would be for sale. Unless, of course, I had to commute through arroyos, over big rocks, and in sand, which it’s designed for in the first place and which is why I bought it. It makes me shake my head to see these darn things in the city, they have poor rear visibility and are therefore hard to maneuver on a busy freeway. Why anyone would want one there is beyond me…

 
Comment by EmperorNorton_II
2008-05-21 10:53:59

I’ve been eyeing one of those FJ’s, possibly buying a 2 or 3 year old one later this year…

How do you like it’s off-road capabilities?

 
Comment by Lost In Utah
2008-05-21 11:17:11

It’s truly awesome. I test-drove one when Team Toyota came through Moab testing them (and for PR) before they were released. My first drive in one was on a gnarly 4×4 road. I went places you literally can’t walk up, so steep.

You can take it places you shouldn’t (w/o a wench, anyway).

But the rear visibility is terrible. Not a problem unless you’re in a lot of traffic, then you just use the big mirrors, kind of like driving a pickup. But the interior is indestructable. I’ve evn slept in it, but not recommended, as the back seat deosn’t fold all the way down.

And very well designed. Love it.

BTW, am thinking of selling mine, you interested??

(Just kidding, it will be buried with me, like the Ute chiefs did with their horses - I always thought this was a terrible custom until a Ute explained that when the horse died, they killed the chief.) :)

 
Comment by bobo
2008-05-21 11:19:41

Ha, sometimes I draft off of big trucks cruising along at like 60MPH. After cycling all these years, and learning how much you can save in energy while following someone, it’s probably a good 15-20% gain in MPG. I won’t follow normal cars, because I don’t want to make people nervous following close behind or not have the ability to stop in an emergency.

Other energy tidbits learned from riding a bike:
1. Going uphill takes a large amount of energy, and a big factor is the weight of you and your vehicle. Taking extra pounds off you and your car will save you quite a bit… so it’s worth cleaning out unneeded junk. This is a linear rise in energy costs, and light cars would do best if you travel hilly roads a lot.

2. The amount of energy needed to go faster rises at a steep curve due to the squared effect of air friction. So going 75 vs 65 is a much much larger energy cost than 65 to 55. The relative airspeed is important here, so if you’re going into a 10mph headwind then you would want to slow down… unfortunately that’s much harder to feel than when you’re on a bike. Aerodynamic cars, drafting and slower speeds are good for flat land travel. High speed trains would be efficient here too, aerodynamic and long.

3. Fast acceleration is also a huge cost of energy, and it is also exponential rise vs a slower acceleration. Since mass is a component here, a smaller/lighter car also makes sense.

 
Comment by EmperorNorton_II
2008-05-21 11:31:26

Lost:

I’m 30 miles from a stop light and tend to never look back when i’m driving, so it might be a perfect fit.

 
Comment by Lost In Utah
2008-05-21 12:01:13

So far I haven’t backed into anything. It has a sonar beep when you get near something in reverse. And if you want to pull a camper/trailer, be aware that it has a short wheel base, limiting you, even though you can get a tow package. And I just realized after living here for 8 months that the nearest stoplight it 60 miles away, never even missed the darn things.

But you know, it’s OK to never look back…

and my transmission doesn’t have a reverse, either. :)

 
 
Comment by CarrieAnn
2008-05-21 12:17:42

Did anyone see this link off that page?

http://www.slate.com/id/2191492/

RV Disaster
The recreational-vehicle industry is the newest casualty of the economic slump.

I know several posters on this site were waiting for some big deals to hit.

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Comment by Lost In Utah
2008-05-21 13:15:56

I’ve seen quite a few rental RVs on the road lately. Mid-sized.

 
Comment by EmperorNorton_II
2008-05-21 13:20:03

We see a lot of mid-size rv rentals here, almost always with a foreigner at the wheel…

 
 
 
 
Comment by watcher
2008-05-21 04:18:42

long dated futures are in contango; higher prices ahead

May 21 (Bloomberg) — Oil prices are heading to almost $140 a barrel in the next eight years, according to futures contracts on the New York Mercantile Exchange, on concern that growth in supply may fail to keep pace with rising demand.

http://www.bloomberg.com/apps/news?pid=20601087&sid=a79UU6p.il.s&refer=home

Comment by BubbleViewer
2008-05-21 05:26:23

In the next eight years?
What a laugh! We’ll be there by mid-summer IMO.
Yesterday on CNBC, Robert Hirsch, author of the government’s own report on Peak Oil, said the same thing I heard him say three years ago when oil was at $60:
Soon, we will look back on these current prices as “the good old days.”

Comment by Ernest
2008-05-21 05:44:03

He must be talking dog years.

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Comment by Professor Bear
2008-05-21 06:11:07

We’ll be there in ten days if the pace of oil price inflation so far this week holds up that long. Oil prices appear to have entered the parabolic blowout phase of bubble price dynamics.

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Comment by stanislaw
2008-05-21 06:38:16

except it isn’t a bubble. its the weak dollar plus demand outstripping supply. Boone Pickens said that we are stuck at 85 million, but demand is rising to something like 87 million. Demand destruction in the US is being picked up by China and India. So I wouldn’t short oil.

 
Comment by Moman
2008-05-21 07:08:32

I don’t believe it. This argument is sounding a lot like the housing demand outstripping supply. Oil and commodities are in a bubble - I hope that many of the same people here who were prescient enough to plan for the housing bubble don’t get duped by this one

 
Comment by tresho
2008-05-21 07:56:05

There’s an important difference between housing demand and oil demand — world oil production has been flat for a couple of years & shows no sign of increasing significantly despite vastly increased prices. Production of housing fluctuates much more.

 
Comment by Gulfstream-sitter
2008-05-21 08:36:27

Prices need to be sky high for a while before the oil patch boys will start spending their money looking for more. Nobody was doing a whole lot of exploring for oil in the 90’s, because they couldn’t make any money on it.

Greed is a great motivator.

 
Comment by Jon
2008-05-21 09:26:46

Problem nowadays is the cheap stuff is gone. When all you can do is punch a skinny whole 9000 ft down in the Gulf of Mexico and try and ship the stuff to shore, you need gas to be $4.00 a gallon to make a nickel.

Takes a lot of cojones to make that investment. Especially knowing that if you do, the Saudi’s could just cut their price in half for kicks to watch you squirm.

It’s a scary place to invest in new production right now, which is why I don’t think prices will be coming down anytime soon.

 
Comment by Max
2008-05-21 10:14:13

world oil production has been flat for a couple of years

Wrong. The 2007 was an absolute record in oil production, up 2.5%. Getting an advice about oil from Matt Simmons is the same as getting an advice about buying a house from a realtor - both are vested in their side of the tale.

 
Comment by Bill in Maryland
2008-05-21 17:39:23

“They” are making more oil. Oil is infinite. I love buying 11 Humvees for peanuts.

Oh, those words are not mine. I forgot. I was only in a dreamstate like the people above who say oil prices rises are all based on speculation, not oil’s scarcity. LOL.

Got PGH? Got gold?

 
 
 
Comment by Lucy
2008-05-21 05:43:01

Next eight years? It’ll be at $140 within the next 8 days at the current rate.

 
Comment by matt
2008-05-21 06:47:42

Ya gotta wonder who is selling those long dated contracts, it isn’t spec shorts.

 
 
Comment by Asparagus
2008-05-21 05:06:39

If you drop a frog in boiling water it will jump out, but if you put it in the cold water then add heat……..

Is the water boiling? I’m starting to feel a little froggish.

Comment by Sleeper
2008-05-21 06:06:36

Boy howdy it sure is getting HOT in here. Feelin a little amphibian myself ;-)

Comment by aladinsane
2008-05-21 06:44:07

Worry not, friends…

The House of Reps (are they in as much hot water as are other houses?) is going to sue OPEC.

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Comment by Jwhite
2008-05-21 04:12:40

It wasn’t us, it was a computer bug! - Moody’s

http://www.bloomberg.com/apps/news?pid=20601087&sid=atxKM4_PXZVM&refer=home

Comment by cynicalgirl
2008-05-21 04:53:47

It won’t hold up in court.

 
Comment by Professor Bear
2008-05-21 05:02:44

Classic financial services industry scapegoat: “The computer did it.”

Comment by palmetto
2008-05-21 05:06:53

Tell me about it. I can recall when local bank branches first started getting computerized and you’d go in to cash a check and the teller would stand there with a dumb look and say “The computers are down”. Used to piss me off royally.

Comment by ET-Chicago
2008-05-21 08:26:44

That was also the classic civil servant line back in the day.

In the early to mid ’90s, I had to deal with various DC city departments for my job. There were often a pack of clerks standing around yapping because “the computers were down.” (And yet many agencies still had all the data in paper form.)

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Comment by aladinsane
2008-05-21 05:07:44

[on Dave's return to the ship, after HAL has killed the rest of the crew]

HAL: Look Dave, I can see you’re really upset about this. I honestly think you ought to sit down calmly, take a stress pill, and think things over.

 
Comment by Arizona Slim
2008-05-21 10:19:19

Computers don’t do anything on their own. They have to be programmed first. Oh, and they also need electrical power.

 
 
Comment by sohonyc
2008-05-21 05:18:10

… because they know that this is much bigger than Enron…and jailtime is what happens when you’re directly responsible for billions of dollars of theft, and the destruction of retirement savings for millions of Americans.

Comment by Sleeper
2008-05-21 06:11:09

Billions? Try bumping that up to the next order of magnitude. The powers that be STILL dont understand (or refuse to admit) just how big this thing really is.

 
 
Comment by Ernest
2008-05-21 05:46:05

Schultz: I see NOTHING! I know NOTHING!

 
 
Comment by Jwhite
Comment by Professor Bear
2008-05-21 05:53:27

$32.4 bn + $9.3 bn = $41.7 bn worth of unwrote-down GSE losses? Why do they get a pass on rules which constrain their Wall Street brethren? Seems patently unfair. The thought that these companies will be asked to do the heavy lifting in a housing market ‘rescue plan’ (sans taxpayer funding) is downright scary.

“That new twist on an old joke goes a long way toward explaining Freddie Mac’s net loss last quarter of $151 million, which was smaller than analysts’ estimates. In reality, Freddie is gushing much more red ink than that. Yet hardly any of it is showing up on the company’s income statement.

That’s mainly because the government-chartered mortgage financier has deemed $32.4 billion of paper losses from mortgage- related securities as “temporary.” Freddie’s big sister, Fannie Mae, is in a similar, though less extreme, position with $9.3 billion of such losses.”

Comment by realestateskeptic
2008-05-21 06:47:15

Watch the Sallie Mae mess unfold and their stock price swing (SLM). Apparently they have threatened to pull out of the government guaranteed student loan business unless congress changes the interest rate and other terms ASAP. Its a big game of chicken, who will blink . . . Bet the taxpayers take a hit on that one too.

 
 
 
 
Comment by cynicalgirl
2008-05-21 04:26:54

Another “planned development” goes bust in New Jersey. I’m amazed at the size of this thing…

* Five mid-rise residences with 371 condominiums
* A 14-story high rise with 240 condo units
* In the west section, an additional 211 condo units
* 16,000 square feet of retail space
* 95,000 square feet of office space
* 242-room hotel and conference center
* Additional 60 luxury condo units atop the hotel building
* On-site police and fire substations

http://www.northjersey.com/business/Fort_Lee_development_project_for_sale.html

Comment by NotInMontana
2008-05-21 05:06:58

I don’t get the whole planned development thing. How do they know how marketable the retail & office space is, much less the residential? Is it just build and they will come? Seems to assume a lot.

 
Comment by edgewaterjohn
2008-05-21 06:43:56

Sounds like someone was playing Sim City with a sugar buzz.

Comment by Steve W
2008-05-21 07:05:35

Shift “F-U-N-D-S”. repeat. ;)

 
 
Comment by ecojpr
2008-05-21 09:32:18

This is in my neck of the woods. Told a realtor a couple of years ago that this project would never get completed. Got a bovine look.

 
 
Comment by bizarroworld
2008-05-21 04:28:31

http://www.ledger-enquirer.com/251/story/326953.html

ATHENS, Ala. –Athens police have released the estimated cost of a wine scam they say a Florida man pulled on unsuspecting Alabama customers.

53-year-old Peter Nobile of Cape Coral is accused of bilking people out of $100,000 in bogus wine sales.

Nobile was arrested this weekend and charged with four counts of second-degree theft, eight counts of third-degree theft and selling alcohol without a license.

He was released on $18,500 bail Saturday.

Nobile’s estranged wife, Starr Nobile, told the Decatur Daily that her husband did most of his business in Tennessee and also allegedly made bogus sales in Atlanta and Mississippi.

Police say Nobile targeted real estate agents, selling them personalized bottles of wine to use as gifts and tokens of customer appreciation.

The agents prepaid for the cases of wine, but they were never delivered to most of them.

Comment by kirisdad
2008-05-21 06:25:46

Sounds like a Cape Coral FB thats getting back at Realtwhores.

 
 
Comment by Darrell_in_PHX
2008-05-21 04:28:38

New housing bill drops jumbo limits for GSEs.

http://www.cnbc.com/id/24729626

“Under the Economic Stimulus Package passed earlier this year, the conforming loan limit (that is the loans that can be bought by Fannie Federal National Mortgage Association Fannie Mae and Freddie Mac was temporarily raised, depending on the market’s median home price, to a cap of $729,000. ”

“Originally the Senate plan was to raise the limit to $625,000, but now it appears that number is down to $550,000. Also, the GSE’s would not be allowed to buy jumbo mortgages and hold them in portfolio.

Senator Charles Schumer (D-NY) quickly got himself on record at the committee markup this morning, expressing concern that it would become impossible for anyone to get a jumbo loan because there is no securitization market out there for jumbos currently. ”

How did people get jumbo loans before securitization? Oh yeah… Banks made the loans and kept them on their books….. IMAGINE! How did they survive when theyhad to wait decades to actually book the revenue and profit instead of booking it when the loan is made.

Comment by exeter
2008-05-21 04:56:37

I got a bulk email from my areas House Representative indicating just the opposite that Fannie raised limites to 729k. Whats up with the conflicts relating to this?

Comment by Darrell_in_PHX
2008-05-21 08:10:19

They raised it a few months ago when approving the stimulus checks. But it was put in as temporary.

It was assumed this housing bill would make it perminant. And it is perminantif it becomes law as is, at a much lower level.

 
 
Comment by Professor Bear
2008-05-21 05:04:32

How would raising GSE limits to, say, $10m, have one iota of an effect so long as the size of loans are limited by borrowers’ ability to repay them? Someone needs to explain budget constraints to the hair-of-the-dog stimulus set.

Comment by oxide
2008-05-21 07:02:08

so long as the size of loans are limited by borrowers’ ability to repay them?

Ability to repay? How quaint.

 
 
Comment by rms
2008-05-21 06:37:48

“Senator Charles Schumer (D-NY) quickly got himself on record at the committee markup this morning, expressing concern that it would become impossible for anyone to get a jumbo loan because there is no securitization market out there for jumbos currently.”

If Frau Schumer would be patient it’ll become obvious that the jumbo mortgage will no longer be required.

Comment by aladinsane
2008-05-21 07:05:40

Jumbo, the White Elephant.

 
Comment by kckid
2008-05-21 07:24:28

“it would become impossible for anyone to get a jumbo loan because there is no securitization market out there for jumbos currently.”

If the politicians would stay completely out of housing there would probably be no need for jumbo mortgages.

 
 
 
Comment by nhz
2008-05-21 04:29:20

Dutch bubble update:

the Dutch Kadaster (most reliable source for homesales data) reports another price increase for Dutch homeprices, april was up 2% from previous month and up 4.5% from same month last year. Sales numbers increased strongly from previous month (which was pretty bad). Despite negative housing stories from all over the world the Dutch housing mania is still very much alive and asking prices in my area keep surging, often FAR above prices from just a year ago. It is clear that record numbers of homes are for sale (in the smaller villages often 20-25% of the housing stock) but thanks to unlimited amounts of easy money this still has no negative influence on prices.

The Kadaster numbers are lagging so not the best for spotting a trend change, but they seem to indicate that the Dutch housingbubble is a cat with too many lives :(

Comment by watcher
2008-05-21 04:32:50

“…the Dutch housingbubble is a cat with too many lives”

Even monkeys fall from trees.

Comment by aladinsane
2008-05-21 05:38:06

Cat of 9 lives or Cat of 9 tails or just a Cat 5 hurricane?

 
 
 
Comment by taxmeupthebooty
2008-05-21 04:34:34

in my soviet (county) they’re going to buy 100 foreclosures and give hot deals to anointed county workers

Comment by watcher
2008-05-21 04:44:56

So they are going to make knife catchers of 100 apparatchiks? You should be dancing in red square, comrade.

Comment by taxmeupthebooty
2008-05-21 05:45:56

10-4
my hood may qualify so spend, baby spend

maybe they’ll be set upon by pitchfork carrying FB’s

 
 
 
Comment by bizarroworld
2008-05-21 04:39:31

Kickback defendants found guilty
http://www.democratandchronicle.com/apps/pbcs.dll/article?AID=/20080521/NEWS01/805210357&GID=nOSV2qECZpl2Wf670yhHjxWCTVCiURqV8ZxgPPm9DH0%3D

The star prosecution witness was former Kodak executive Mark S. Camarata, who was Finnman’s boss and took over Finnman’s duties when Finnman left Kodak.

Camarata, who also pleaded guilty and could go to prison for up to 20 years, said he escalated the scheme begun by Nicolo and Finnman, granting Nicolo exorbitant contracts for appraisal work. Some of the work was never performed and some contracts were back-dated to give Nicolo high fees for helping to lower Kodak’s taxes in reassessments that had already been settled, Camarata said.

Camarata said he received $4.1 million in kickbacks from Nicolo.

Comment by aladinsane
2008-05-21 05:52:29

Kodak had it’s moment, long ago.

Comment by bizarroworld
2008-05-21 12:02:59

And it’s a fading picture.

 
 
 
Comment by cynicalgirl
2008-05-21 04:47:19

Things are so good in Santa Barbara that they have 12 parking lots for homeless people…

http://www.cnn.com/2008/LIVING/wayoflife/05/19/homeless.mom/index.html

Comment by Professor Bear
2008-05-21 05:11:16

Quite a change there from 2005, when everyone living in Santa Barbara was richer than almost everyone else on the planet.

Comment by Jwhite
2008-05-21 05:20:12

My Sister went to UCSB for her Undergrad in the 80’s. It was really a nice place with cheap apartments available even for the students. The College didn’t even have a football team.

Now… SHEESH!

 
 
Comment by sohonyc
2008-05-21 05:32:08

“There are 12 parking lots across Santa Barbara that have been set up to accommodate the growing middle-class homelessness. ”

Growing middle-class homelessness…. Don’t worry, we’re not in a recession.

Comment by Professor Bear
2008-05-21 05:45:56

One should distinguish between recessions, where jobless homeowners can often fall back on savings and other employment to hold on to their homes, and economic slowdowns, where losing one’s home is a likely consequence.

 
Comment by hwy59ina49dodge
2008-05-21 06:00:20

Now I get that line in Joni Mitchell’s song:
“Cut down the trees…to put up a parking lot” ;-)

Comment by yogurt
2008-05-21 08:15:28

“They paved paradise
And put up a parking lot
With a pink hotel, a boutique
And a swinging hot spot
Dont it always seem to go
That you dont know what youve got
Till its gone
They paved paradise
And put up a parking lot

They took all the trees
Put em in a tree museum
And they charged the people
A dollar and a half just to see em
Dont it always seem to go
That you dont know what youve got
Till its gone
They paved paradise
And put up a parking lot”

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Comment by mikey
2008-05-21 06:58:44

It’s sort of funny when you stop and think about it.

Three of America’s Golden Calves, housing, cars and credit cards are now goring and gouging the debtslaves to death. The Corp and Gov’t High Priests and the idolatrizing minon act shocked and surprised.

Oh, Wise and Noble Senators, maybe you should make a few blood sacrifices using a few RE agents, lenders and hedge fund managers to appease these angry Gods.

Okay…a lot MORE than a few :)

 
 
 
 
Comment by Professor Bear
2008-05-21 05:19:52

The NAHB/Wells Fargo Housing Opportunity index is slightly less suspect than the CUHSP (California Used Home Sales People) Affordability Index, as it makes no pretense about describing “starter home” purchases and assumes a 30-yr fixed rather than adjustable rate mortgage.

But it still raises the question of how many folks actually have a 10 pct downpayment saved up to purchase a home (i.e., over $36,800 for San Diegans). And naturally, it entirely avoids any consideration of the risk to catch a falling knife.

Housing affordability in county still low but improved, as prices fall
Index: 25% able to buy; it was 9.4% a year ago
By Roger Showley
STAFF WRITER

San Diego County’s housing affordability remained the 16th lowest in the nation for the third quarter in the row, the National Association of Home Builders said yesterday. The group’s NAHB/Wells Fargo Housing Opportunity Index, which measures the percentage of homes affordable to median-income households, stood at 25.2 percent for the county in the first quarter.

Comment by Professor Bear
2008-05-21 05:42:18

“Sherm Harmer, president of the San Diego County Building Industry Association, said the index does not accurately reflect the ability to buy homes in high-priced San Diego, since many buyers tap investments and equity from existing properties, as well as their savings.”

In what decade is this dude living?

 
 
Comment by Professor Bear
2008-05-21 05:21:37

Is it time for the Fed to play ketchup now?

Inflation slows; high prices loom
By Martin Crutsinger
ASSOCIATED PRESS

WASHINGTON – Wholesale inflation slowed in April after a big jump in March, but the improvement is likely to be temporary as consumers are battered in coming months by price increases for gasoline, food and a host of other items. Most worrisome of all were indications that surging energy and food costs were spreading to other parts of the economy, causing more widespread inflation problems, analysts said.

Comment by watcher
2008-05-21 07:12:47

Cover for keeping rates low, or cutting again.

 
 
Comment by watcher
2008-05-21 05:22:19

Could prof bear do one of his famous extrapolations of annualized loss suffered by Uncle Buck based on this five-day chart?

http://quotes.ino.com/chart/?s=NYBOT_DX&v=w

Comment by Professor Bear
2008-05-21 05:37:08

You are fooled by five days’ worth of white noise in exchange rate movements. A better case can be made by going to the maximum range of data they make available. This yields the following:

April 2006 90
April 2008 72

Annualized rate of index decline = ((72/90)^(1/2)-1)*100 = 10.5 pct

Comment by txchick57
2008-05-21 05:44:24

I wonder if David Cee will see this. I just sent the max $2300 to the Hildebeest. She really is getting screwed over. I can’t stand her but this really sucks.

Comment by hoz
2008-05-21 05:56:41

She is not getting half the beating she deserves.

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Comment by txchick57
2008-05-21 06:04:17

that may be but that other SOB is just unreal.

We can take comfort in the wise words of James Carville . . . “there’s a word for candidates who depend on the young people’s vote - losers.”

 
Comment by aladinsane
2008-05-21 06:19:45

“Here’s the truth: the Soviet Union had thousands of nuclear weapons, and Iran doesn’t have a single one. But when the world was on the brink of nuclear holocaust, Kennedy talked to Khrushchev and he got those missiles out of Cuba. Why shouldn’t we have the same courage and the confidence to talk to our enemies? That’s what strong countries do, that’s what strong presidents do, that’s what I’ll do when I’m president of the United States of America.”

Barack Obama

 
Comment by hoz
2008-05-21 06:31:20

Mr. Carville is correct, but the problems facing the US over the next decade will not be solved (if the problems are to be solved at all) by current Washington incompetents.

As President Nixon was able to open trade with China, Sen Obama may have the ability to open honest trade agreements with the 60% of the world that avoids us.

From Sen. McCain and Clinton, I foresee further infringing of our citizenship and rights as the economy deteriorates. (This may also happen under the guidance of Sen Obama.)

The next president, unfortunately, will have the greatest amount of power ever concentrated in the executive branch. Every Congressperson should be impeached for dereliction of duty.

That is my political rant for the year.

 
Comment by hwy59ina49dodge
2008-05-21 06:44:48

“…Sen Obama may have the ability to open honest trade agreements with the 60% of the world that avoids us.”

Like US Taxpayer funded heroin from Afghanistan? ;-)

 
Comment by hwy59ina49dodge
2008-05-21 06:53:37

“The next president, unfortunately, will have the greatest amount of power ever concentrated in the executive branch”

Well, Cheney -Bush got what they asked for 7 years…now they don’t want the next “team” to play by the same rules… er, executive privileges.

 
Comment by ACH
2008-05-21 06:54:01

“Like US Taxpayer funded heroin from Afghanistan? ”
I’m serious about this: We should find a way to use that opium in a safe and legal manner. That way, we don’t piss the Afgans off by burning the stuff, they aren’t breaking the law, and we don’t have to put up with legions of new addicts spreading aids, HepC, and other diseases.
Roidy

 
Comment by measton
2008-05-21 07:36:45

We should legalize it and tax the crap out of it. Then we should let our farmers grow it after purchasing a license. They can sell it through dealers that also pay a license. Then if one of the customers commits a crime we send them to jail. DUI’s should also go to jail. We should slash the budget for drug enforcement and use the money to secure our boarders.

How much money leaves the US to purchase drugs?
How much do we waste enforcing, and prosecuting drug laws?
How much do we waste jailing people?
How much does the illegal drug trade undermine governments around the world, and threaten democracy law and order?

The drug was is a complete waste of time, tax and regulate it, and prosecute anyone who causes problems while they are on it.

 
Comment by Incredulous
2008-05-21 08:03:39

“Here’s the truth: the Soviet Union had thousands of nuclear weapons, and Iran doesn’t have a single one. But when the world was on the brink of nuclear holocaust, Kennedy talked to Khrushchev and he got those missiles out of Cuba. Why shouldn’t we have the same courage and the confidence to talk to our enemies? That’s what strong countries do, that’s what strong presidents do, that’s what I’ll do when I’m president of the United States of America.”

Barack Obama

I’m really tired of Obama invoking the Kennedys, MLK, and other ’60s political icons–even to point of grotesquely imitating their speeches–to woo the delusional ’60s leftover crowds, still starry-eyed with hallucinations, and historical revisionisms, of “Camelot.” Kennedy did not “talk” to the Soviets, he threated to blow up their Cuban-based and Cuban-bound missiles, which would have started WWIII, and the Societs finally backed down. Thousands of Americans at that time installed fallout shelters, and millions lived in constant terror of nuclear war. Kennedy was nothing like Obama or any of the touchy-feely hands-around-the-world crowd. He was tough as nails. Obama is phantom, onto which people project their ideals, and as president would not have the power to do ninety percent of the things he promises.

Free college, free healthcare, and free mortagage pay-offs are impossible, and hitting the oil companies up with two hundred billion + in windfall profits taxes which just encourage them to raise gas prices higher, to make up the difference.

This man has accomplished absolutely nothing in the Senate (though he takes credit for bills he signed on to at the last moment, once their passage was assured), and got elected to the Illinois state legislature by having all his rivals knocked off the ballot on technicalities (he’s a lawyer, after all). Yet, millions literally worship him as some kind of messiah. Women fainting at his appearances may be plants, but the effect is the same as if they were real: mass hysteria (the Beatles used the same trick early in their career).

If a person can be judged by the company he keeps, and I think most people can be so judged, then the original “Omen,” which had great music, might be worth hauling out for a review. And I say this as someone with NO religion whatsoever.

 
Comment by tresho
2008-05-21 08:04:13

But when the world was on the brink of nuclear holocaust, Kennedy talked to Khrushchev and he got those missiles out of Cuba. Obama conveniently ignored the fact that Kennedy himself brought the world to the brink of nuclear holocaust by threatening to stop Soviet shipping into Cuba. That was one way to get Krushchev’s attention. Then Kennedy traded the existence of nuclear missiles in Turkey for those in Cuba.
The current situation is not remotely comparable to that of 1962.

 
Comment by vthousingbear
2008-05-21 08:09:03

“that may be but that other SOB is just unreal.

We can take comfort in the wise words of James Carville . . . “there’s a word for candidates who depend on the young people’s vote - losers.”

You MUST be joking. We’ve had 20 years of the Bush/Clinton dictatorship and you want another 4-8? Jebus-Crispies. I can’t believe a poster on this board could possibly vote for Bushillary.

 
Comment by Blano
2008-05-21 08:54:09

The Obama lovers seem to be forgetting that little blockade that Kennedy had going while he was “talking” to the Russians.

You really think Osama Obama would do that?? Surely you jest.

 
Comment by implosion
2008-05-21 11:11:18

Sounds like things were a bit beyond the blockade stage.

http://www.modbee.com/local/v-print/story/117986.html


“Komlenich has another distinction, too. He’s the man who nearly started World War III.

“That would have been me,” said Komlenich, who controlled four nuclear bombs in the belly of a B-52 during one Cold War mission.

As the generation of U.S. World War II veterans dwindles by 1,000 to 1,500 a day, according to various news agencies, there’s been a frantic effort to chronicle the memories of those who served and fought. But then there’s a guy like Komlenich, who spent 30 years in the military — in the war and afterward — and whose career had some equally important moments. None was more important than the day when he was perhaps an hour or so away from obliterating the Kremlin and all that surrounded it.

In October 1962, Komlenich served as a radarman/ bombardier on a B-52 with the Strategic Air Command at Castle Air Force Base in Atwater.

The Pentagon had determined that the Soviet Union had been supplying Cuba with nuclear weapons, which the Soviets denied even as their supply ships were headed to the island nation 90 miles south of Florida.

President Kennedy confronted Soviet Premier Nikita Khrushchev, and the Cuban missile crisis went from a simmer to a full boil. Kennedy demanded the Soviets turn their ships around before they reached a designated point on the map. If they didn’t, Kennedy promised, the United States would attack the Soviet Union.

The Soviets ultimately caved, calling back their ships. What they probably didn’t know is just how close they came to being attacked, Komlenich said.

“That was something,” he said. “You never hear about this. Few people ever knew about it.”

A day earlier, Komlenich and the rest of the B-52 crew bade goodbye to their families at Castle, their stomachs knotted from knowing their loved ones were at risk, too. Their mission was top secret. Komlenich could only act as if he were going on a normal training exercise, even though he knew that if the United States attacked, the Soviets would retaliate by hitting key military installations such as Castle.

The B-52 flew east overnight, refueling in midair just beyond the Atlantic coast and again over Greenland. The American plane, one of several involved in the mission, carried four Mark-VI nuclear weapons in its bomb bay, Komlenich said.

Their first of four targets would be the Kremlin, and they had reached the prescribed place where, if the Soviet ships didn’t turn back, they would proceed with the bombing run that would trigger nuclear warfare.

Komlenich had studied maps and photos of the Kremlin, and he would have been the one to release the bombs that would have devastated the Soviet government complex and everything else within miles.

It was Oct. 28, 1962. The plane was in the air, waiting for the order to attack.

Suddenly, the mission was aborted.

” … I heard a shout from upstairs that the Soviet leader had ‘blinked first,’ and Russian ships had turned back and we had received the ‘Green Dot’ message and could head for home,” Komlenich wrote in his memoirs.

 
Comment by SanFranciscoBayAreaGal
2008-05-21 11:15:33

Hoz,

I agree with you about the legislature failing to do their constitutional duties. Every last one of them need to be impeached.

I also wish the voters would wake up and kick every sorry one of them out of office, but then pigs would need to fly or hell to freeze over.

 
Comment by exeter
2008-05-21 11:29:34

Look at the screechies wheeling out the turrrst hobgoblin.

Too bad it won’t work this time.

 
 
Comment by aladinsane
2008-05-21 06:03:37

Great News…

Now she’s only in debt $30,997,700.00.

I say we foreclose on her campaign, the sooner the better.

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Comment by oxide
2008-05-21 07:07:59

Now she’s only in debt $30,997,700.00.

Easy to pay off. Just rent out the Lincoln Bedroom to the Friends of Bill for a few nights, and bye bye debt. It’s the original condo-hotel! :-)

 
 
Comment by hwy59ina49dodge
2008-05-21 06:08:31

“I just sent the max $2300 to the Hildebeest”

The ghost’s of Molly Ivins & Ann Richards just whispered in my ear:
“He!!, you can get a rope and old pickup for less than that in Texas” :-0

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Comment by txchick57
2008-05-21 06:20:12

not any more

 
Comment by hwy59ina49dodge
2008-05-21 06:37:24
 
Comment by spike66
2008-05-21 07:23:30

Warren Buffett has joined Paul Volcker in endorsing Obama.

 
Comment by Blano
2008-05-21 08:55:44

Buffett also backed McGovern at one point too.

 
Comment by hwy59ina49dodge
2008-05-21 09:04:47

“Warren Buffett has joined Paul Volcker in endorsing Obama”

26 year old Scotch & “A Fourth Day” :-)…Someone wake me up in the morning so I can help out the “Economy” by taking my son to see “Indiana Jones” ;-)

 
 
Comment by chilidoggg
2008-05-21 07:15:34

If Obama is really the genius everyone makes him out to be today, he’ll still be a genius 4, 8, 12, 16 years from now. (And if he can raise 200 million today, he can raise 200 million in the future.) But he could also just be an eloquent state assemby member who knows how to get pot holes patched. He takes money from the exact same crooks that Hillary does. Neither of them talks about specific policies.

Where’s Adlai Stevenson when you need him?

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Comment by aladinsane
2008-05-21 07:31:36

“I would rather be guilty of talking over a person’s head than behind his back.”

Adlai E. Stevenson, Jr.

 
Comment by WT Economist
2008-05-21 08:05:36

Where’s IKE when we could use him too?

In fact, I’d prefer the Goldwater or the McGovern solution to what we have now.

But I do have the audacity to hope the maybe, just maybe, Obama may be different than the current crew, because he hasn’t been around long enough to get contaminated.

 
Comment by Blano
2008-05-21 08:57:26

He’s from the Chicago political machine…..he was contaminated long before he showed up in Washington.

 
Comment by ET-Chicago
2008-05-21 10:08:24

He’s from the Chicago political machine…..he was contaminated long before he showed up in Washington.

No, he’s not, not in the old knock-their-teeth-out Daley School sense of Chicago politics. He’s not part of Machine Politics (capital M, capital P) here.

While I do think there’s some merit in the argument that any politician who’s ascended to a certain level is necessarily “tainted” in some fashion, Obama is considerably less tainted than most US congressmen, and vastly less tainted than the two Very Contaminated People still in the race.

 
Comment by txchick57
2008-05-21 11:35:42

In State Legislature Altercation, Obama ‘Had To Be Physically Restrained.’

Finally, a new and intriguing anecdote from David Mendell’s biography of the Illinois senator, Obama: From Promise To Power, on page 125-126:

Obama, to be sure, had allies in the black caucus, but he had his share of critics as well. His chief antagonists were Rickey Hendon, who represented a district on the city’s West Side, and Donne Trotter, ho would run against Obama for Congress.

Hendon and other African-American lawmakers from the West Side often found themselves at odds with their South Side brethren, but the rift between Hendon and Obama was particularly acute. Hendon and Trotter would “just give Barack hell,” said Senator Kimberly Lightford, an Obama ally in the black caucus. Hendon, nicknamed “Hollywood,” because he once aspired to produce films, was a flamboyant personality in Springfield, known for his smart-aleck humor and occasionally inappropriate public manner. In one legislative session, the two nemses nearly came to physical blows when Obama, apparently inadvertently, voted against a bill that included funding for a project that assisted Hendon’s district.

Years later, details of the incident remain in the eye of the beholder. Obama supporters say that Obama had stepped away from his seat and asked someone else to vote for him, not an uncommon practice considering the thousands of votes each session. His proxy, however, accidentally voted against his wishes. When Obama asked that the record reflect that he voted the wrong way, Hendon publicly accused Obama of duplicity. Hendon has never been shy about holding back his feelings, and he had a special way of penetrating Obama’s usually smooth exterior. Soon, the two men were shouting at each other on the senate floor. They took their disagreement into a nearby room, and a witness said that Obama had to be physically restrained. Neither man cares to discuss the incident today, but Hendon remains unconvinced of Obama’s explanation that his vote was accidental. Individuals close to the situation say Hendon still believes Obama voted against his project to pacify North Side fiscal conservatives who were leery of some West Side projects. For his part, the rarely reticent Hendon won’t discuss the altercation, except to confirm that it occurred. “I have been advised to leave Barack alone and that is what I am going to do,” Hendon said. “I am going to let things stay in the past. It happened. That’s all I can say. It happened.”

The Los Angeles Times talks about Hendon and Obama shouting on the Senate floor in 2002, but no word of any near-physical altercation.

This anecdote raises a few questions.

1. This book came out last year. No one else has thought this was worthy of mentioning or discussion? Lots of people get angry, and even the best of us have our tempers flare every now and then. But is this incident ignored because the image of a furious Obama, having to be physically restrained, so contrasts the nice guy/secular messiah image we’re seeing in the media?

2. Boy, that quote from Hendon sure sounds like clichéd dialogue from a mob witness from a cop movie, huh? Who “advised him to leave Barack alone”?

3. Any Democrat want to raise John McCain’s alleged “temper issues” after this?

 
Comment by ET-Chicago
2008-05-21 12:33:28

Here’s an interesting one about John Q. Maverick.

Five lobbyists have been shown the door of McCain’s Virginia campaign headquarters in the past week, including Tom Loeffler, who is largely credited with keeping the senator’s primary campaign financially afloat long enough to capture the Republican presidential nomination.

“If it was OK to have these people working for you in February, why is it not OK today?” asked one Republican lobbyist who counts a friend among the new McCain outcast class.

The timing, motivation and even the details of the policy itself all are the subject of debates and consternation this week at water coolers, in restaurants and on conference calls on K Street.

“McCain’s self-righteous [expletive] has caught up with him. Now he’s got himself in a jam,” said another Republican lobbyist who asked to remain anonymous because he is a campaign volunteer. “He’s got to change the subject back to economic growth and taxation and the war on terror.”

 
 
Comment by David Cee
2008-05-21 07:40:58

“I wonder if David Cee will see this. I just sent the max $2300 to the Hildebeest. She really is getting screwed over. I can’t stand her but this really sucks.”

Hey, txchick, I think I just felt the earth rumble here in Los Angeles. I have reread your post 6 times now, and keep wondering if I’m actually seeing what I am reading.

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Comment by sartre
2008-05-21 08:34:56

Hope you sent it to her 2012 campaign since that is what its all about for her. People were shocked, shocked! that appalachia didn’t vote for a black man.

 
Comment by txchick57
2008-05-21 09:01:24

I didn’t buy Geraldine Ferrarro’s argument a few months ago but do now, not to mention my contempt for that other clown grows daily.

 
Comment by phillygal
2008-05-21 10:34:40

People were shocked, shocked! that appalachia didn’t vote for a black man.

Neither did Pennsylvania, whose Democratic senator stumped for BO all over the state…where HRC received the endorsements of Philly’s black mayor and NAACP leader…where the liberal elite of the Philly burbs were supposed to turn out for BO in droves.

From the NYT:
Rather, in private conversations and in interviews, Mrs. Clinton has begun asserting that she believes sexism, rather than racism, has cast a shadow over the primary fight, a point some of her supporters have made for months. Advisers say that continuing her candidacy is partly a means to show her supporters — especially young women — that she is not a quitter and will not be pushed around.
http://www.msnbc.msn.com/id/24748508

 
Comment by EmperorNorton_II
2008-05-21 11:25:34

Who cares about rusty “Old America”, anyway?

 
Comment by Bill in Maryland
2008-05-21 17:46:20

I donated $1000 over a few months to Ron Paul’s campaign. I wish I had another $1300 to counteract TxChick’s contribution to Hillarious.

 
 
Comment by SanFranciscoBayAreaGal
2008-05-21 11:47:29

txchick,

You may find this article interesting or not.

http://www.washingtonpost.com/wp-dyn/content/article/2008/05/14/AR2008051403090.html

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Comment by aladinsane
2008-05-21 05:24:47

L.A. & S.D. have really only just begun their long day’s journey into night, as far as the real estate market falling apart is concerned, and this year’s Sierra Nevada snowpack is HISTORY, as in no more.

http://cdec.water.ca.gov/cgi-progs/snow/PLOT_SWC

The drought, combined with 30% less deliveries from the California Delta, means Southern California will be bone dry sooner than later.

Expect a repeat of last year’s wildfires, but as you must fight fires with freshwater, where’s that water going to come from?

What’s the value of a home, when you turn on the faucet and nothing comes out?

Comment by Professor Bear
2008-05-21 05:38:55

“The drought, combined with 30% less deliveries from the California Delta, means Southern California will be bone dry sooner than later.”

Don’t underestimate the forces of human ingenuity or desperation, which make this prediction unlikely to pass.

Comment by aladinsane
2008-05-21 05:41:57

Professor:

Where would you go to find enough water to satisfy around 25 million people on a daily basis for a minimum of 6 months?

I’m all ears…

Comment by Professor Bear
2008-05-21 06:06:57

It’s Time To Drink Toilet Water
Recycling sewage is safe and efficient, so why aren’t we doing it?
By Eilene Zimmerman
Posted Friday, Jan. 25, 2008, at 7:33 AM ET

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Comment by aladinsane
2008-05-21 06:26:13

Professor:

Do you really think you could convince Californians to drink potty water?

Urine for quite a shock…

 
Comment by Professor Bear
2008-05-21 06:40:56

Urquite the punster!

 
Comment by In Colorado
2008-05-21 07:35:30

Do you really think you could convince Californians to drink potty water?

People can become pretty desperate when nothing comes out of the tap.

 
Comment by denquiry
2008-05-21 08:02:58

Do you really think you could convince Californians to drink potty water?

that’s what they do in mexico. therefore, the majority of mexifornia’s population will be drinking better than they were in mexico.

 
Comment by speedingpullet
2008-05-21 13:23:45

I like to gross out Angelinos by telling them that every glass of tap water in London has been through someone else at least 7 times….
Funnily enough, the tap water in London not only tastes better, but has less impurities - due in great part to the fact that its been processed more often.

Surely the time has come to create desalination plants off the coast?
Not yet?
Really?

 
 
Comment by hoz
2008-05-21 06:09:15

Alex, I know the answer -pick me! Ooh Ooh! Dig a big huge canal from the Yukon river through Canada to Southern California. Make it a part of the new WPA.

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Comment by 45north
2008-05-21 08:35:54

Dig a big huge canal from the Yukon river through Canada to Southern California. The Yukon River flows from Canada south west through Alaska into the Bering Sea - it cannot be diverted to Los Angeles nor can the Mackenzie River nor can the Great Lakes. When American get thirsty they’ll come north.

 
 
Comment by Sleeper
2008-05-21 06:20:47

Off shore desalination plants powered by solar/thermal plants located in the Mojave desert. It could work, its been analyzed and largely designed already but it would take a HUGE monetary investment and the last time anyone cared to look California was BROKE.

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Comment by aladinsane
2008-05-21 06:37:01

I’m sorry California,

We spent all your money building prisons…

 
Comment by David
2008-05-21 09:16:00

At least prisoners dont use much water with a garden or big lawn.

 
Comment by EmperorNorton_II
2008-05-21 10:11:16

I like their conviction to saving…

 
 
Comment by sf jack
2008-05-21 09:54:27

alad -

We had this same discussion a year ago.

There is plenty of water for everyone in California for the forseeable future.

If we have a couple more winters of below normal snowfall, then there will be problems.

As well, and it was noted here in the recent past by someone in Colorado, is that the Colorado River feeds much of SoCal’s water needs. And that Colorado, like much of the West, had a very cool spring. And Colorado had a great winter for snowfall… so there’s plenty of snow in the Rockies that will be melting all summer long.

I was in north Tahoe this weekend and could not ride my mountain bike much of anywhere above 7000′. And not because of my sea level lungs (that I beat up pretty good backcountry skiing for part of April in Canada), but because there was lots of SNOW on the ground.

Go to the Mammoth website and look at the snowfall numbers over the years. You will have a better perspective of what constitutes a “water crisis” year.

That is all.

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Comment by EmperorNorton_II
2008-05-21 10:18:20

Ski resorts never ever fudge snow numbers.

 
 
Comment by ahansen
2008-05-21 10:54:01

The good citizens of Huntington Beach, (and various LA Harbor-related burgs,) have been drinking recycled sewage, er grey water for years.

Look for an uptick in gym memberships, hotel visits and mobile car washers as the drought progresses and people crave long showers and clean cars.

Curiously, despite insignificant rainfall up here last season, the indigenous ground cover, (wild currents, mustards, lupines, sage etc.) is showing extraordinary growth.) Perhaps it knows something we do not?

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Comment by Mole Man
2008-05-21 11:47:19

Curiously, despite insignificant rainfall up here last season, the indigenous ground cover, (wild currents, mustards, lupines, sage etc.) is showing extraordinary growth.) Perhaps it knows something we do not?

This year’s rainy season dried out early before an average amount of moisture came down. As a result plants are drying out quickly, and energy that might have gone into additional growth leading up to later blooms is going into flowering now. By June many of these blossoms will be spent and the landscape will look more scorched than usual during the summer.

 
 
 
Comment by Matt_in_TX
2008-05-21 05:56:17

Whatareyaworriedabout? Year over year there was a lot more water there ;)

 
 
Comment by bizarroworld
2008-05-21 05:45:47

You might be able to bathe in all that sunshine, but you can’t drink it.

 
Comment by bizarroworld
2008-05-21 05:53:25

And on another weather related topic; it’s that time of year again for those in hurricane country, so be prepared:

http://www.nhc.noaa.gov/HAW2/english/intro.shtml
http://www.nhc.noaa.gov/index.shtml

 
Comment by Little Al
2008-05-21 05:58:17

My cousin, an environmental expert, says the snow pack in the Sierra’s is now 66% of normal even after this incredibly wet Winter. A classic indicator of global warming. We’ve had record temps in Clownyflora recently.

Comment by kirisdad
2008-05-21 07:01:21

I have about as much confidence in ‘environmental experts’, as I have in Wall street analysts. They both have agendas that distort the facts.

Comment by aladinsane
2008-05-21 07:13:58

One doesn’t need much expertise to look up into the Sierra Nevada mountains and see that there is no snow left.

Or am I distorting facts?

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Comment by In Colorado
2008-05-21 07:40:48

My understanding is that the snowpack in the Colorado Rockies is just fine.

http://www.usatoday.com/weather/news/2008-02-06-colo-snow_N.htm

 
 
Comment by iftheshoefits
2008-05-21 09:22:43

We’re all gonna die.

 
Comment by EmperorNorton_II
2008-05-21 09:53:21

All in due course…

 
Comment by peter m
2008-05-21 10:12:07

“One doesn’t need much expertise to look up into the Sierra Nevada mountains and see that there is no snow left.”

I have a simple test. I can go up to hospital rock just inside Sequoia NP and check the water level at a nearby diving pool. In the past during abundant snow seasons the pool will be deep, gushing ,overflowing the rocks, and dangerous to wade in. If it is low as it normally is in the fall season then one can safely dive in without fear of getting sucked down the river . May and june are the peak water levels for sierra snow pack river runoffs, and if the water level at H. R. is at fall levels right now, then indeed the snowpack is low.

Aladinsane,
i bet that al trails at the lower 6000 -8000 ele all over Seq park are relatively snow free now. I could now probaby do a late spring season hike from Wolverton up to heather lake (9700 ft ele) without snow skis or snowshoes, just with hiking boots . Too bad those damn gas prices keep me from doing more than one trip into my beloved Sequoia park this year, which may be in june, as the snow level will lower than normal.

These are just guesses. If U could provide info on the snow levels or the feasibility of doing late spring/ early summer hikes in the sierra high county deep into the back county at over 10,000 ft i would appreaciate your imput. I may do an early summer backpack and would like your estimates on how deep snow is at say mineral king at 8000-10000 ft or along the eastern sierra passes or in the great western divide.

 
Comment by aladinsane
2008-05-21 18:02:24

There was a decent amount of snow in the Sierra, but a few things happened…

Most of the snow came in one fell swoop, not allowing another storm to cover it up and turn it into slow melting ice, as is usually the case.

And we’ve had the hottest spring in close to 100 years.

If you look @ the CDEC link above, the rate of snowmelt looks like it’s going off a cliff, which signals climate change, as the usual pattern is for a slow gradual melt, usually about done by July.

The water is raging right now, but it’s like a run on a bank, the bank being The 1st National Water Bank of The Sierra Nevada.

You could walk @ around 9,000 to 10,000 feet right now with very little snow. (shaded areas will always have a bit of snow)

 
 
 
Comment by Anthony
2008-05-21 07:14:24

Little Al,

Depends which part of California you’re in. The NW portion has had well below normal temperatures every month since August. Now, please don’t bore a professional atmospheric scientist with illusions of “global warming.” Thanks.

Comment by bizarroworld
2008-05-21 08:34:20

Sorry you are bored with climate change talk from non-professionals, anthony, but not everyone in this blog is a professional housing expert, but they still have valuable opinions, which you must consider boring as well.

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Comment by Lost In Utah
2008-05-21 07:23:39

It’s 170% in W. Colorado. And Utah has been having both record highs and record lows.

One solution to climate change is to just quit keeping records and measuring everything. :)

Comment by edgewaterjohn
2008-05-21 07:37:54

Hey, it worked with inflation!

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Comment by iftheshoefits
2008-05-21 09:24:43

And we’re getting some real rain with our wind today! Awesome, first time in a while. Any precip reaching over your way this time?

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Comment by Lost In Utah
2008-05-21 09:59:04

Totally cloudy, wet looking, breezy, I suspect any minute we’ll get some rain, but it very often blows on over. Nice and cool, though.

 
Comment by Lost In Utah
2008-05-21 10:18:35

This will prob be a double post…cloudy, breezy, nice and cool…

 
Comment by Lost In Utah
2008-05-21 11:18:20

Thunder and lightning now - first of the year! Wowza - close!!!

 
Comment by SanFranciscoBayAreaGal
2008-05-21 13:40:01

That sounds amazing Lost.

How does it smell. Love the sounds and smells of storms passing through. Wish we would get more here where I live.

 
 
 
 
Comment by Anthony
2008-05-21 07:10:33

Aladinsane, you really seem to be caught up in meteorology/climate change? Do you have any formal credentials in meteorology or atmospheric science? Just wondering.

Comment by aladinsane
2008-05-21 07:22:36

My credentials are my powers of observation, combined with walking around 5,000 miles in the past 25 years, in the Sierra Nevada…

Comment by Joelawyer
2008-05-21 11:54:50

Yes, that is called anecdotal evidence.

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Comment by peter m
2008-05-21 12:19:10

“My credentials are my powers of observation, combined with walking around 5,000 miles in the past 25 years, in the Sierra Nevada…”

i don’t have nearly your expereince in the sierras and am a complete neophyte when it comes to CA water drought meterological predictions but it dosen’t take an expert to see the lowered water levels at Kaweah Lakes. Just look at ther former water lines about a hundred ft above the present low lake water levels, and the former lake shore campsites now left high and dry about a 1/2 mile away from the present water line.

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Comment by Lost In Utah
2008-05-21 07:25:21

Much of his research is in the field, I suspect, as is mine. It’s hard to refute that change is happening, but why is another matter.

 
Comment by AK-LA
2008-05-21 08:15:37

People on this board have spent a lot of time and energy thinking and learning about homebuying. I think a reason for this is that homebuying is the largest purchase most of us will make (or choose not to make), and the consequences of the homebuying decision will be with us for the rest of our lives. Multiply this by the number of homebuyers/sellers in the past decade, and you get social and economic consequences on a massive scale.

Climate change could be just as important. If the Sierra snowpack, Lake Mead, and Lake Powell diminish severely as they are on track to do, this will affect Southwestern agriculture, industry, and whether or not you can brush your teeth in your McMansion in Buckeye, AZ.

If you don’t think climate change exists, you’d better be certain before you write it off. Personally, I’m looking at GCMs (global climate models) before I decide where and when I will buy retirement property, just like I look at local infrastructure, earthquake hazards, etc. I also realize GCMs can be wrong, just as city budgets can break, and earthquakes may not happen in my lifetime in my area. But I won’t ignore the data!

Comment by Sleeper
2008-05-21 10:23:16

Last year flying back from a ski trip in mammoth lakes I had a connection through Vegas and from the plane window I was able to see just how far down Lake Mead (or is that Powell) really is. I grew up in LA and have always appreciated how close to the edge the southwest actually is. It doesnt take much to tip the balance there. I know at least a few people here are familiar with the example of the Anasazi so I wont belabor the point.

Flying over the desert really drove home the inescapable fact that without a major re-thinking of lifestyles in the southwest the region is doomed. Hell, one weekend in Vagas proves that point.

Here is a scarry thought for ya’all. Where will all of the millions of climate refugees from SoCal, Arizona, Utah, Nevada, New Mexico, Colorado and West Texas end up?

This country is HOSED unless we start thinking on MUCH larger scales and time frames.

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Comment by ahansen
2008-05-21 11:10:25

Pyramid Lake (along I-5 in Gorman and fed by the CA aquifer,) is showing sandbars throughout. Haven’t seen that (in May, yet,) ever. Coupled with gas prices, it looks like a bad year for gasoline-powered water “sporting.” (Blessedly.)

 
 
 
 
Comment by peter m
2008-05-21 09:03:49

“L.A. & S.D. have really only just begun their long day’s journey into night, as far as the real estate market falling apart is concerned, and this year’s Sierra Nevada snowpack is HISTORY, as in no more.”

There will be water rationing imposed in LA city/county/LB by this summer. Long beach already has restrictions on water use:
U can only water lawn 3 days of the week(Monday, thursday, sat). No watering permitted from 9 to 4 . No driveway or sidewalk pressure spraying with water permitted.

Just another in a host of problems faced in LA metro area which will get worse next several years. Cities/ State will reduce services, crime will spike, LA RE continues to fall, economy collapses, unemployment increases, good chance of an inner city race riot . LA is raising fees on everything to make up for budget shortfall, and cops will be aggressively ticketing drivers, more Red light cameras to steal $’s from citizens.

La will be a bad place to reside in next several years unless U are a ghetto punk, illegal, gangbanger, run a business operating in the black market such as salvage yard, a still employed municipal employee able to escape the budget axe, run a mom and pop donut shop or liquor store employing only relatives.

Also flourishing in bad times will be llegal- alien imported crime syndicate operations such as smuggling, drugs, pot growing, meth, money laundering, car theft rings, insurance fraud rings,all run out of an increasing supply of abandoned gutted REO properties in some inner LA nightmarish dump such as bell, cudahy, maywood ,sgate, vernon,hawthorne, lynwood, bellflower, norwalk, wilmington, inglwwood, Compton, la puente, pacoima, san fernabdo, sun valley, ect.

U will also escape the bad times id U are part of the 2% LA uberweathy in some exclusine cocooned westside enclave

Comment by foo
2008-05-21 20:04:04

I think the domestic crime syndicates will do OK to.

 
 
 
Comment by WT Economist
2008-05-21 05:33:16

Foreclosure tours in a generic Long Island suburb, closer to the city than most.

http://www.reuters.com/article/newsOne/idUSN2030551520080520

What makes it interesting is the size of the price cuts.

“Among houses on the tree-lined tour was a $372,500 four-bedroom property in New Hyde Park which the previous buyer paid $475,000 for a few years ago, according to Farrell. Another with three bedrooms in the same neighborhood which went for $550,000 in 2006 is now on the market for $324,900.”

Well, with 10% down the latter requires an income of $97,470 for the mortgage. Not sure how much work the house would need. Remember, half the people in the NY Metro are renters, so while the income required is still high, it’s not THAT high. Get down to $250K or $280K and we might be back to affordability, at least for repossessions.

But you don’t see these kinds of drops in the newspaper.

Comment by WT Economist
2008-05-21 06:07:36

I meant to say you don’t see those kinds of drops in the reported data, not the newspaper where they actually are.

 
Comment by mgnyc99
2008-05-21 06:11:03

WT -

the taxes on those new hyde park places is probably at least 6k a year probably more like 8-10k

oh and the 4.20 a gallon gas makes long island oh so appealing

Comment by aNYCdj
2008-05-21 07:22:49

Don’t forget the $200+ mo, LIRR monthly train ticket..oops where to park the station car…

WT: $400K was a house for RICH people in Greenwich Scarsdale and Dix Hills before the boom
———————–
oh and the 4.20 a gallon gas makes long island oh so appealing

 
 
 
Comment by taxmeupthebooty
2008-05-21 05:33:53

now you will poney up for folks ditching their cell phones
att and VZ my two favorite stocks will take hits

Comment by hoz
2008-05-21 06:02:23

A lot of gold in recycling old cellphones and computers.

Comment by watcher
2008-05-21 06:30:09

And silver, etc. but it is toxic work best done by the ton.

Comment by hoz
2008-05-21 06:41:47

The used electronics are getting shipped to Pakistan and China and Vietnam for recycling. A ’screw the environment attitude’ that will come back to haunt us all.

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Comment by realestateskeptic
2008-05-21 06:53:08

No, they NEED their cell phones to talk on to order their take out dinner while driving their kids to soccer, ballet and baseball in their SUV. Well, at least in the old days they did….

Comment by edgewaterjohn
2008-05-21 07:05:43

Don’t forget emergency calls to the therapist - to talk them off the ledge when they get a glimpse of how pointless it all is.

 
Comment by Lost In Utah
2008-05-21 07:27:12

For those of us mobile types, our cell phone will be one of the last things to go, as it’s our only form of communication, no land line.

 
 
Comment by Brian in Chicago
2008-05-21 08:16:05

I agree that the cell phone companies are going to take hits, but I don’t know that it will be because people are turning them in.

I have been land-line free for close to 10 years now and see no reason to go back. The problem for my cell carrier is that I haven’t signed a new contract in 4 years. Nothing they offer now gives me any reason to consider it. Perhaps the contracts have changed in the last few years, but mine says that as long as I pay the bill every month the contract is in force.

When enough people realize this it will become impossible to raise prices. Cell phone networks require a LOT of electricity to operate - somehow I doubt that electricity is the only energy resource that won’t be increasing in price…

 
 
Comment by WT Economist
2008-05-21 05:41:42

Greenspan doing a better job for PIMCO than he did for the Fed.

http://www.bloomberg.com/apps/news?pid=20601087&sid=a1c7Ck736daM&refer=home

Good news — his forecasting improved the second time around. Bad news — we lost, PIMCO won.

Comment by Matt_in_TX
2008-05-21 05:58:37

From Why Bailout Won’t Help (above near top)
” including legendary (and shrill) bond investor Bill Gross” (PIMCO)

 
Comment by hoz
2008-05-21 06:06:33

“You want to invest where the growth is,” Gross said yesterday. “The growth is in Asia and the growth is outside the United States.” To be invested in U.S. fixed income is to be “at a disadvantage twice,” he said.

Words to invest with for the next few years. The disadvantage is probably 3X. The current governments policies call for another 15% decline in the dollar.

 
 
Comment by NotInMontana
2008-05-21 05:42:29

Our state dept of revenue will be doing re-appraisals this year. We haven’t had big declines here yet…well, so I hear, because MT is non-disclosure so I don’t know how they do appraisals without true comps.

How should a state be doing their appraisals if there’s no disclosure, or do they usually get an exception from the rule? What do they look at, does anyone know?

 
Comment by Lip
2008-05-21 05:50:42

Democrats and Our Enemies

http://online.wsj.com/article/SB121132806884008847.html?mod=opinion_main_commentaries

“Rather than seeing the Cold War as an ideological contest between the free nations of the West and the repressive regimes of the communist world, this rival political philosophy saw America as the aggressor – a morally bankrupt, imperialist power whose militarism and “inordinate fear of communism” represented the real threat to world peace.”

Comment by sf jack
2008-05-21 10:01:56

Let’s hear it for Joe!

In any case, your quote above reminds of the time, as a youngster… that Jeanne Kirkpatrick (sp?), while she was ambassasor to the UN (under Reagan), excoriated Democrats and others for being part of the “blame America first crowd.”

To be sure, many Alt-A Bay Area Democrats remain longstanding members of the same crowd…

 
 
Comment by Matt_in_TX
2008-05-21 06:05:06

I’m looking for online info about rentals. Just getting started so I just thought to try RealtyTrack. Checked one zip code I was interested in renting. 400 some Bank Owned, pre-foreclosure and auction properties in about a square mile. Yeesh.

OK, just for grins, lets look at the zip we are selling from. I haven’t see any for sale signs nearby, but let’s look anyway.
Result: “Too many properties on map… (Click to) See how to reduce results”

This Can’t Be Good.

Comment by Matt_in_TX
2008-05-21 06:09:20

Hmmm, got the map to show up. Oddly, there appears to be a very noticibly quiet “eye of the hurricane” centered right over my house.

 
Comment by taxmeupthebooty
2008-05-21 06:54:56

you just need a generator- rent no longer required

Comment by Lost In Utah
2008-05-21 07:29:00

Ad you don’t even need a generator, just put the utilities in your name.

 
 
 
Comment by dennisd
2008-05-21 06:08:02

I wish I could read news articles written about the credit and housing situation without someone screaming “Housing Crisis”. The cyclone in Myanmar is a crisis. The earthquake in China is a crisis. Home prices returning to affordable levels is not a crisis.

Comment by aladinsane
2008-05-21 06:16:42

To put things into perspective…

If we had an earthquake and suffered the same as China, there’d be about 20,000 dead Americans~

Comment by edgewaterjohn
2008-05-21 06:54:39

And the airwaves would be choked with pols begging us to buy more crap.

“git ’bout the bizness of ‘merica”

- the decider’s greatest hits

 
Comment by chilidoggg
2008-05-21 07:20:10

How about compared to Liechtenstein (sp)?

Comment by chilidoggg
2008-05-21 07:21:31

One death is a tragedy. A million deaths is a statistic.

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Comment by End of Empire
2008-05-21 13:52:39

Unless it’s your parent/spouse/child/friend that was one of the million dead.

 
 
 
 
 
Comment by hoz
2008-05-21 06:16:45

The Democrats’ Dangerous Trade Games
By C. FRED BERGSTEN
“…Meanwhile, our venerable House of Representatives, in the context of the Colombia agreement, has recklessly changed the rules for congressional action on trade legislation. By rejecting long-settled procedures that prevented congressional sidetracking of trade deals negotiated by presidents, the House has hamstrung U.S. trade policy and created the gravest threat to the global trading system in decades.

By effectively killing “fast track” procedures that guarantee a yes-or-no vote on trade agreements within 90 days, lawmakers in Washington, led by House Speaker Nancy Pelosi, have destroyed the credibility of the U.S. as a reliable negotiating partner….”
http://online.wsj.com/article/SB121124379355805567.html
Mr. Bergsten is the director of the Peterson Institute for International Economics. (also former member of the Treasury during President Carters years).

Destroyed the credibility of the US as a reliable negotiating partner… from where I am reclining sounds right.

Comment by NoVa Sideliner
2008-05-21 06:27:58

destroyed the credibility of the U.S. as a reliable negotiating partner

It’s always been a hit or miss proposition to embark on any plan of action with the United States as a partner, be it trade or war. In both arenas, the USA is quite prone to fairly rapid changes in direction based on public opinion and lobbying pressure.

In the last decades, with the exception of perhaps Israel, most countries should have approached wartime alliances with the USA with a great deal of caution. As the Viets and now Iraqis find out, the American public has a limited attention span of only a couple of year, so your enemies better be done in that time; otherwise, it’s better to fight it alone and for a decade or two with some covert US help instead.

In trade, countries should be careful what they give up beforehand because the US is quite amenable to taking one favorable trade deal and then not following through with the rest. Or as in the case of Bush’s steel and lumber fiascos, outright violating in-place trade agreements for domestic political/economic reasons.

I hate to say it, but US credibility? It’s definitely no sure thing when viewed from the other side of the water.

 
Comment by ACH
2008-05-21 06:44:15

hoz,
Congress should be skeptical about having trade agreements voted on without understanding the consequences of them. I refer our bloggers to three items:

1) NAFTA. This is not responsible for all of our ills, but it really requires tweaking and adjustments which do not appear to be getting done. So, while I will not comment on a Congress that appears to be as dissolute and impotent as the last one was, the effect of NAFTA was a one shot vote ten years ago with no reviews on effectiveness, fairness, or even if it benefits our citizens.

2) The prescription medicine benefit of Medicare. It seems that Congress was lied to by a staffer about the total costs of this program. I have read that the staffer had pressure applied by his superiors at the behest of the administration, and there are no negotiation of drug costs with the pharmaceutical companies. Is this true? I have never seen any items that refute those accusations. So, I assume they are true.

3) Iraq and WMD. I need not elaborate on this one.

So, I agree with you. Fast track? Not with Washington’s track record.

Roidy

 
Comment by hwy59ina49dodge
2008-05-21 06:49:25

“Destroyed the credibility of the US as a reliable negotiating partner”

Think history of US Gov’t relationship with Native Americans circa 1880’s…there seems to be a historical pattern in this kind of behavior.

Comment by hoz
2008-05-21 08:09:39

In the 1880s the average US resident had limited access to news. Everything looked fine to the majority of US residents.

Reliable news sources are currently available in minutes on most things. The hardest part is filtering white noise. One of my sons believes the US Government was involved in 9/11. There is no substantial proof that I can present that changes his opinion. Unfortunately a victim of “they lied about Iraq, they must have lied about 9/11″ syndrome. The sad part, 30% of Americans in a recent survey believe the government was involved in a cover-up of 9/11.

Comment by hwy59ina49dodge
2008-05-21 08:52:45

Well,Cheney-Shrub tag team named: “None-Of-Your-Bidness”…didn’t help things much by escorting Saudi Bin Laden family name members out of the US without going through airport secutiy :-)

http://en.wikipedia.org/wiki/Bin_Laden_family

“At least 13 relatives of Osama bin Laden, accompanied by bodyguards and associates, were allowed to leave the United States on a chartered flight eight days after the Sept. 11, 2001, terrorist attacks, according to a passenger manifest released on July 21, 2004.[16] The passenger list was made public by Sen. Frank Lautenberg (D-NJ), who obtained the manifest from officials at Boston’s Logan International Airport.

Among the passengers with the bin Laden surname were Omar Awad bin Laden, who had lived with OBL nephew Abdallah Osama bin Laden who was involved in forming the U.S. branch of the World Assembly of Muslim Youth in Alexandria, and Shafig bin Laden, a half brother of OBL who was reportedly attending the annual investor conference of the Carlyle Group

Also on board were Akberali Moawalla, an official with the investment company run by Yeslam bin Laden, another of Osama bin Laden’s half brothers. Records show that a passenger, Kholoud Kurdi, lived in Northern Virginia with a bin Laden relative.

The bin Laden flight has received fresh publicity because it was a topic in Michael Moore’s anti-Bush documentary, “Fahrenheit 9/11.”

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Comment by hondje
2008-05-21 12:24:28

“The sad part, 30% of Americans in a recent survey believe the government was involved in a cover-up of 9/11.”

Hoz, I think the fact that the Bush Administration and the neo-CONs misled the country in to going to war with Iraq is probably just THE Reason why 30% of Americans believe that our government was involved in a cover-up of 9/11.

No matter whether you believe the “cover-up” idea is credible, crazy or treasonous or anti-American, the fact is, these “cover-up” conspiracies found an audience b/c the Bush Administration has shown time and again that they can’t be trusted to tell the truth on anything….and as you pointed out, the internet has made it easier for us to get access to more information/viewpoints than ever before….ever watch Al-Jazeera…? Very different take on what’s happening in the M.E.

Also, I’ve read that in many parts of Western Europe (France, Holland, U.K.) that probably greater than 30% of citizens in those countries believe that there was a cover up….maybe nhz could tell me if I’m wrong about Holland, but that’s what I’ve read before, and I don’t think it’s rooted in anit-Americanism, but just people have completely lost all trust in the Bush-Cheney-Rumsfeld-Larry Craig-Paulson-Alberto Gozales-Michael Brown-Scalia crowd.

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Comment by Professor Bear
2008-05-21 06:17:11

Dow Drops 199.48 Points As Fears Rise Over Inflation

Consumers have been complaining about inflation for a while; now the stock market seems to be worrying about it, too.

The fear would rationally flow from a consumption-driven economy with little or no wage inflation facing rapid consumer goods price inflation.

Comment by ACH
2008-05-21 06:29:56

This is what is really bugging me. How is Washington going to “save peoples homes” by keeping the house prices at current levels, while inflating the hell out of everything, while keeping wages constant? If house prices are at 5 times income and not falling, income is stagnant, jobs are lost, prices of everything are rising, gasoline (yes, it’s still cheap when compared to the rest of the world) is rising along with one and two hour commutes, etc.

I just don’t get it. How does all of this work again?

Roidy

Comment by Professor Bear
2008-05-21 06:39:53

It’s a crazy, desperate plan which appears doomed to fail.

 
Comment by ronin
2008-05-21 07:25:15

1) Congress is trying to prop up high house prices, making housing more unaffordable.

2) Congress generates agencies & quasi-agencies whose task it is to make housing more affordable.

Although seemingly a paradox, the money trail reveals the unifying: linkage

1) Prop up high house prices so that the mortgage-holding banks don’t lose too much.

2) Make- not houses- but mortgages- affordable, so that the banks can make more money.

 
Comment by mikey
2008-05-21 07:44:27

I just don’t get it. How does all of this work again?

It’s the Bad King John of England’s Plan of Economics …

We rob from the poor and give to the rich. It’s simple,works and hasn’t changed in hundreds of years :)

Comment by denquiry
2008-05-21 08:12:47

it’s called ‘the one percenters of the population maintain their lifestyle at the expense of the other 99%.” The one percenter will not care or understand the problems they are causing until they see an old pickup truck accessorized with 30 feet of hemp rope coming to their gated community/mansion/compound.

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Comment by Matt_in_TX
2008-05-21 18:23:15

King John had it figured out when he was still a prince ;)

“… and it’s no good trying to be nice to your peasants - they’ll just ROB YOU! Ha ha ha ha ha!”

“I will not have my throne threatened,
I will not have Saxon mock Norman,
and I will have MY MONEY!”

- Prince John (Edward Fox), “Robin Hood”, 1991.

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Comment by tresho
2008-05-21 07:52:15

Perhaps the “save our constituent’s homes” movement is the current equivalent of the Smoot-Hawley Tariff, a completely counterproductive “solution” by the government that only makes things much worse.

 
 
 
Comment by Professor Bear
2008-05-21 06:18:52

Is Inflation Next Fight for the Fed?

Some investors lately have wagered that as the Fed sizes up its enemies, it will choose inflation for its next fight.

Comment by nhz
2008-05-21 07:08:38

can’t understand why anyone would even ask the question. Inflation is the FEDs best friend, always was - it’s just that HeliBen does not want to admit it.

Comment by watcher
2008-05-21 07:18:17

The Fed IS inflation. It has been nothing else since the beginning, and could not exist without inflation. These articles are to calm the masses; inflation uber alles.

 
 
Comment by denquiry
2008-05-21 08:20:54

Saddam Hussein, at one time, was pondering the American’s imminent invasion of his homeland and was thinking this about the Americans. The Korean War, the Vietnam war, the war on drugs, the war on energy independence, the war on savers, the war on the middle class. Huh, that’s 0-6. sh*t, the americans ain’t too good at fighting wars. bring it on georgie boy.

 
 
Comment by txchick57
2008-05-21 06:23:34

Here’s one for Matt and the peak oil crowd. Chart of crude vs. homebuilders vs. nasdaq vs. china market

http://image.minyanville.com/assets/FCK_Aug2007/File/Pics16/BUBBLES%20CHART.gif

Comment by watcher
2008-05-21 08:18:35

Matt went broke shorting oil on paper; he can’t come out to play. Oil over $132 now.

Comment by matt
2008-05-21 08:45:01

No, no, at worst i’ll break even, i have other irons in the fire.

Comment by watcher
2008-05-21 08:57:55

Break even when you are short from 115 and doubled down at 120? Paper trader.

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Comment by matt
2008-05-21 09:15:33

long dcr and uso puts, not playing the futures.

 
 
 
 
 
Comment by hoz
2008-05-21 06:36:23

Never buy a stock that announces earnings at 1:am

Impac

Impac Mortgage Holdings, Inc. (NYSE: IMH - News; “IMH” or the “Company”), a real estate investment trust (”REIT”), reports a net loss of $(2.0) billion, or $(27.10) per diluted common share for 2007, as compared to a net loss of $(75.3) million, or $(1.18) per diluted common share for 2006. The net loss was primarily the result of a $1.4 billion provision for loan losses as a result of deteriorating market conditions, higher delinquencies and higher severities.
http://biz.yahoo.com/prnews/080520/latu553.html?.v=3

$27/share loss infinite PE all contained

Comment by Professor Bear
2008-05-21 12:09:43

Did they believe a 1a announcement would somehow limit the Impac?

 
 
Comment by Professor Bear
2008-05-21 06:37:01

Stock market jugglers managed to kick the balls up into the air at the opening bell, but strangely enough, gravity appears to still be in force…

Comment by Professor Bear
2008-05-21 12:14:24

Seems as though the bulls are worried now that the Fed does not have their best interests in mind, after all. With oil going up $1 a day, the Fed is suddenly all about containing inflation.

MARKET SNAPSHOT
Stocks slump more after Fed minutes
Fed inflation fear drives stockes even lower after crude tops $133 a barrel after data show that inventories are less than expected.

http://www.marketwatch.com

 
 
Comment by Professor Bear
2008-05-21 06:46:56

The stock market indexes are falling up today against the usual backdrop of terrible financial news.

Comment by Professor Bear
2008-05-21 06:48:15

Link, schmink…

http://www.marketwatch.com/

 
Comment by realestateskeptic
2008-05-21 06:58:17

Ugly, Ugly chart this morning, I guess the airlines are in serious trouble with these high fuel costs. Who would of figured that?????

Comment by edgewaterjohn
2008-05-21 07:10:18

August 1990 - worked at a flight school - overnight business dried up. Never saw such a dramatic change in business in my life up to that point. What is oil now in 1990 dollars? This is bad, very bad, for the entire industry.

 
Comment by Professor Bear
2008-05-21 07:47:43

What I want to know is, how does $4+/gal gasoline square with plans to restart the housing market? I know that I personally will not be buying a home at a point when it is increasingly expensive to just drive myself to work…

Comment by matt
2008-05-21 08:41:36

BB didn’t think about that!

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Comment by Professor Bear
2008-05-21 11:15:20

It might be crossing his mind at the moment…

May 21, 2008 2:14 P.M.ET
BULLETIN
FED FORECAST OF INFLATION IN 2008 SOARS
Fed in no hurry to cut again
Federal Reserve minutes indicate a strong fear of inflation and little desire to cut rates in June.

 
 
Comment by Max
2008-05-21 11:05:02

It’s simple:

$4+/gal gas -> ????????? -> housing recovery

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Comment by cactus
2008-05-21 12:38:51

Same way the housing bubble was to rescue the dot com crash. lets hope this commodities bubble doesn’t last as long or go as high as the last two.

when its all over we will have deflation and a dollar that looks like a peso.

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Comment by Jwhite
2008-05-21 06:53:21

American is cutting its domestic flight capacity by as much as 12% - Those oil prices are really starting to bite the legacy carriers.

http://www.marketwatch.com/quotes/amr

Comment by Neil
2008-05-21 09:07:53

This is a… contentious topic on the airline blogs. Let’s just say that J6P just realized their job is on the line.

Low revenue (RASM).

High costs (oil or CASM).

I think we’ll see 15% to 20% of capacity removed from the system. Its not going to be the profitable airlines…

Got Popcorn?
Neil

ps
I’m an aviation nut.

Comment by hwy59ina49dodge
2008-05-21 09:28:56

Soon there will be more TSA workers then passengers…that ought to speed things up in security. What’s the average pay scale (without overtime) for our “Federal” security subsidy to the airline mode of transportation?

Comment by End of Empire
2008-05-21 13:57:41

Really? Every time I travel the planes are chock full, people are getting bumped from flights, the airports are packed, the restaurants are packed in the places I go to.

What was your point?

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Comment by Marcus
2008-05-21 18:27:12

Nobody flies anymore… the planes are too crowded

 
 
 
 
 
Comment by watcher
2008-05-21 07:05:06

660000 illinois jobs lose health benefits:

Year after year, more and more workers are getting the news from their bosses: “Sorry, but we just can’t afford to provide health insurance any longer.”

It’s not just a few people here and there who are finding the rug pulled out from under their feet. It’s hundreds of thousands.

http://newsblogs.chicagotribune.com/triage/2008/04/660000-illinois.html

Comment by In Colorado
2008-05-21 08:13:28

Employer provided health insurance will be gone within 5 years. Its just too big of a cost for Corp America to ignore. They will be replaced wit medical savings accounts at some places, and with zilch at others. Gov’t jobs will become even more sought after as this transition occurs. Being uninsured will become the norm.

Comment by watcher
2008-05-21 08:24:42

Who will pay for all those hospitals and expensive doctors?

Comment by In Colorado
2008-05-21 08:47:27

Won’t we Americans be contradictions sign! We drive around in fancy cars and live in McMansions. We just can’t afford to see the doctor, and if we end up in the hospital we lose everything. Sweet deal.

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Comment by awaiting wipeout
2008-05-21 08:33:06

McCain wants to see the end of employer based healthcare, and transfer it on the employee’s back 100%. McCain isn’t interested in universal healthcare.

As the PBS Frontline “Sick Around The World” points out, universal healthcare has its issues, but it can work, providing the govt. control costs.

We are 37th in the world in healthcare. Medical Saving Accounts are a joke.

In Japan for instance, an MRI is $98.00 and the equipment mfg. found a way to sell cheaper MRI equipment.

http://www.pbs.org/wgbh/pages/frontline/sickaroundtheworld/

Comment by In Colorado
2008-05-21 08:51:20

I’m sure that he isn’t interested in reigning in costs costs either.

At this rate most Americans will have to go to Mexico for healthcare. Many are already buying their meds there.

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Comment by bluprint
2008-05-21 09:47:56

providing the govt. control costs

Even assuming your statement is correct that it’s possible given the above condition, in what world do you live that the above condition is even remotely feasible?

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Comment by sartre
2008-05-21 08:42:08

Atleast we won’t be like those French and Canadians with their “awful” health care system.

Comment by denquiry
2008-05-21 09:10:46

all’s i want is the same health care deal that our elected public servants in the congress and senate have. If it’s good enough for our “public servants” then by damn it’s good enough for me. That’s not asking for too much is it?

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Comment by In Colorado
2008-05-21 08:43:21

It appears t hat “economic conscription” is alive and well. Apparently people are re-enlisting to have healthcare for their families:

http://money.cnn.com/2008/05/19/news/economy/military/index.htm?section=money_mostpopular

Comment by denquiry
2008-05-21 10:33:03

Yea. when I was in the suck you would not believe all the propaganda BS about not being able to make it in the real world after one’s enlistment was up. the guvmint wants you to stay in and not draw your govt bennies. I wonder how many our armed forces members are drawing welfare/food stamps in addition to their govt paychecks? You are in the military young man/woman and BTW, no thinkin allowed, we will do that for you. Perpetual war on terror (PWOT) needs perpetual cannon fodder. and from what I gather the military healthcare is not the same (as in worse) as it used to be. We the unwilling, led by the unqualified, doing the unnecessary, for the unappreciative. semper fi!

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Comment by ET-Chicago
2008-05-21 08:58:39

That’s certainly one possibility.

Another is that we do the right thing, rein in Big Pharma and the HMO industry, and provide adequate healthcare for all of our citizens like the rest of the developed world (and some of the developing world) does.

It’s increasingly amusing to watch healthcare industry lapdogs argue in the face of common sense — High prices good! Affordable care bad! Medical Socialism Booga Booga Booga!

My bet is that Americans have wised up.

Comment by greginaz
2008-05-21 10:37:52

How about allowing me to choose where I get my health care provided? My plan can reimburse who provided the care under the same rules used for US MDs. Boy, would costs decline. Mexico, Thailand, India, for example, have quality licensed MDs and hospitals. Pharmaceuticals are also much less expensive.

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Comment by Jon
2008-05-21 10:00:59

American corporations can’t compete in world markets against companies that don’t have to provide health care. It should go. And the guvmint is going to pay for health care.

Of course we’ll get screwed. Outside of Africa, no other country’s government is more corrupt than ours. We’ll have a direct cash injection from taxpayer -> doctor -> congressman.

Comment by In Colorado
2008-05-21 12:43:34

American corporations can’t compete in world markets against companies that don’t have to provide health care

My employer keeps saying things like that, yet our net profit is still growing in the double digit range. I can already see the memo that will be emailed (after another quarter with record profits): In order to remain competitive….

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Comment by matt
2008-05-21 09:37:13

We did get our contract renegotiated (10% bump for the last 2 years of the contract). Company did threaten to walk away if any demands were made for an increase in healthcare benefits.

Comment by In Colorado
2008-05-21 09:57:24

I can already envision all the uninsured kool-aid drinkers trying to justify their lack of coverage as “being good for the economy” while bashing the unionized who still have benefits.

Comment by denquiry
2008-05-21 10:18:43

Yea…it’s the union’s fault. damn them for having life so good and making it evil for the rest of it. BTW, the pols should sic Dr. Evil on the unions for having it so damn good.

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Comment by Ouro Verde
2008-05-21 07:27:53

This just in: Oil down 23 cents!

Comment by Lost In Utah
2008-05-21 07:31:57

Wahoooo!! I’m gonna go for a drive!

Comment by aladinsane
2008-05-21 07:34:39

Miles Per Gallon (MPG) was the old way, it’s Dollars Per Mile (DPM) now.

Comment by tresho
2008-05-21 08:13:26

Yup, my gas vehicle gets $0.19/mile and my diesel gets $0.17/mile.

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Comment by Lost In Utah
2008-05-21 08:26:36

My bike gets $0/mile (when I ride it, that is). But wait!!! If forgot to figure the caloric costs - for about 10 pounds, it would be free. :)

 
Comment by tresho
2008-05-21 09:08:16

My bicycle’s mileage is also free for its first 20 miles. After that I cannot propel it any farther until it rests for a week.

 
Comment by Sleeper
2008-05-21 10:33:47

At lunch today I saw a bike couriers ‘whip’ with a sticker on it that said $0.0-9/10

I laughed out loud. It was priceless.

I reminded me that I need to get off my lazy ass and rice my bike more.

 
 
 
 
 
Comment by Ouro Verde
2008-05-21 07:31:43

Scratch that: oil up $1.06

Comment by Lost In Utah
2008-05-21 07:36:07

shoots, now I gotta unload the car…

Comment by matt
2008-05-21 08:40:26

Time to go out back with a shotgun and see if i get lucky.

“Then one day he was shooting for some food,
And up through the ground come a bubbling crude
(Oil that is, black gold, Texas tea)”

Comment by Lost In Utah
2008-05-21 08:46:32

One of the classics of American highbrow entertainment. :)

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Comment by Blano
2008-05-21 09:03:57

I’ve never gotten tired of that show.

 
 
 
 
 
Comment by tresho
Comment by Lost In Utah
2008-05-21 08:21:43

“At Thee Parkside, a dive bar known for its chili-cheese fries, his driver found someone had already helped himself to their barrel of yellow oil.”

Man, if people who eat at these places would go check out the grease container, they’d mend their ways. I was at my vet’s the day after Thanksgiving and he had a dog in there for pancreatitis, which is the result of feeding them all that fatty stuff people eat for such occasions and which can be fatal for a dog. He showed me a blood draw, you could actually see the fat floating in the blood.

But, as people eat out less due to the economy tanking, there will be less grease. The biofuel folks may have to start pedaling. BTW, you can buy biofuel converters for less than 10k (Realgoods.com).

Comment by tresho
2008-05-21 09:19:44

He showed me a blood draw, you could actually see the fat floating in the blood. Actually, most people’s blood draws can show the same thing, depending on what & when they last ate.
biofuel converters I talked to a HVAC contractor this week from WV who has made multiple biofuel converters from scavenged parts for his friends for a very low cost. He did have the tech knowledge & a great aptitude for scavenging. The problem with the conversion process is that it won’t scale — the amount of used cooking fat available is just a drop in the bucket compared to the total amount of diesel burned in the USA every day. Once a comparative few scavenge the rather small existing stocks of used cooking oil, that will be the end of that breakthrough.

 
Comment by iftheshoefits
2008-05-21 09:40:26

Yeah, the veggie diesel stuff is great, but it only scales so much because of the relatively small and finite amount of feedstock.

And cellulosic biofuel from switchgrass, same problem. Those of us that compost know that it takes quite a large amount of crop and food waste to make a teeny little pile of compost. Even moreso when you’re trying to reduce further to high energy-density liquid fuel. It ends up costing more to haul the feedstock from field to refinery than the energy content is worth.

Get back on that bike and start pedalin’.

 
 
 
Comment by zeropointzero
2008-05-21 07:59:11

A follow-up to the weekend discussion about what signs of economic distress/desparation folks are seeing - this may be a small thing, but I’ve noticed a lot more of the “generic cover” music being used in retail environments. I guess it’s cheaper than licensing original music to play at Trader Joes or the Hallmark store (had to buy a birthday card yesterday). But, I was really suprised to hear it this morning in Starbucks - which has touted a more ambitious music program for a few years - including music from a Starbucks XM channel.

I find the practice annoying. But, it’s also interesting as to the lengths companies are going to save a few sheckels.

 
Comment by DeepInTheHeartOf
2008-05-21 08:02:22

I just wanted to say thank you to everyone for the outpouring of sympathy yesterday in the bits bucket for the loss of my dog.

It actually makes a difference to know that someone understands how it feels to lose a loyal companion like that.

I’ll try and give weekly updates on the experience of selling my house.

Comment by Lost In Utah
2008-05-21 08:14:31

Keep us posted. As I look at my five wonderful mutts (all rescued), I feel especially fortunate today. Losing them is heartbreaking. As TXchik said yesterday, when the time is right, give another unfortunate pup a good loving home in your heart.

Comment by eastcoaster
2008-05-21 08:39:04

This is another reason why I want a place of my own. Too many rentals do not allow certain pets (I can have cats where I’m at, but not dogs - don’t want a cat, do want a dog).

Comment by DeepInTheHeartOf
2008-05-21 09:04:27

I am really fortunate to be in Austin - it is an amazingly pet friendly town.

The Apartment complex I am renting at blows me away at how pet friendly it is. Large Breed Dog? no problem (Deposit a little higher though) Two fenced-in dog parks, and about 5-6 Pet Exercise areas - all of which have doggie cleanup-bag dispensers and trash cans, which get refilled / emptied almost daily. I have met a huge number of other residents and their dogs while there.

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Comment by Incredulous
2008-05-21 08:27:50

In my experience, nothing is worse than the loss of a pet, which for me is the same as the loss of a child. I’ve gone through it many times, and never gotten over any of them.

I think dogs and cats are move evolved in general than humans in general. They’re certainly cuter, nicer, more loyal, more selfless, more interesting, and infinitely more fun. And they couldn’t care less what other beings think of their homes.

I hope you bounce back to semi-normal as fast as possible; it can take many months or even years. I’m sending happy thoughts to your dog (I trust in a far more pleasant dimension).

Comment by Lost In Utah
2008-05-21 08:31:17

I agree. My dogs are WAY more intelligent than your average RE person. :)

And you left out the honest part. Animals are totally honest. If they don’t like you, they tell you where you stand right off - I wish people would be more like that, except maybe not the pee on your leg part…

Comment by Incredulous
2008-05-21 08:53:18

I’ve never had a pet pee on my leg, but I have a cat who runs to me and hugs my leg(s). Animals are absolutely honest, and the center of my world. I can’t begin to count the number of functions, dinners, what-have-yous I’ve wormed my way out of, or avoided altogether, to return, or remain, with my animals. I haven’t gone on a vacation since I was twelve, or a weekender in thirteen or fourteen years, because I refuse to leave them if I don’t have to. If any of my distant relatives kick the bucket, the other relatives will have to content themselves with a cardboard cutout of me they can stand up at the service.

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Comment by Arizona Slim
2008-05-21 10:32:27

True story: My aunt, when she was a young ‘un, had the privilege of meeting Herbert Hoover when he was visiting her neighbor’s house. The neighbor’s dog walked right up to Hoover and lifted his leg on him.

 
Comment by serling
2008-05-21 12:58:28

My first post after reading for about 1 1/2 years -

So far a renter I would like to someday get a house because one big dream of mine it to adopt a dog. Been reading this blog for about 1.5 years—

DeepInTheHeartOf, I am really sorry about the loss of your dog. No matter how much time you have with an animal, it is never enough. An animal is going to give you the closest thing you’ll ever have to unconditional love on this earth.

Just this month, within the space of 9 days, I lost 2 adopted animals of the type most people would consider just “pocket pets”, disposed by their former owners when they had no further use for them. Their individual personalities brought such joy. Hard to imagine such little creatures would leave such voids when they left.

 
Comment by Lost In Utah
2008-05-21 13:24:25

serling, I have friends who have pet ferretts. Really cute little rotten things. I raised a baby finch last spring that fell out of a nest and couldn’t be returned. It only took 2 weeks to get it out on its own, but you would’ve thought I’d just turned my own child to the wolves, I felt so bad when we parted ways (the parents were there and took over). I missed that little bugger for months - called him/her Eddie - was so cute, big mouth with feathers. Size doesn’t matter.

 
 
Comment by Lost In Utah
2008-05-21 08:54:45

Hey, new business idea (DON’T steal it):

“Unhappy? Stressed? Get Adopted By Coyotes! We have thousands of pupless Coyote clans desperately needing to adopt a mature dysfuctional human. Must be willing to give up all material possessions and addictive habits and willing to run all night and howl. Sleep all day in caves - explore unknown arroyos by moonlight! Send $10 for a free brochure!”

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Comment by bluprint
2008-05-21 10:08:56

Must also be willing to eat raw, unidentifiable meat.

 
Comment by denquiry
2008-05-21 10:35:48

Must also be willing to eat raw, unidentifiable meat.

I have never ate chinese meat before.

 
 
Comment by Lost In Utah
2008-05-21 13:19:00

OK, I’ve never had a dog pee on my leg either, just using a bit of hyperbole or whatever it’s called…

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Comment by denquiry
2008-05-21 10:15:12

the more people I meet the more I like my dog.

a dog may pee on your leg but he will never stab you in the back.<:)

 
Comment by desertdweller
2008-05-21 19:40:38

Have had dogs, cats, other pets, most that didn’t live long in the countryside. Got divorced, found an itty bitty kitty who lived with me 19 yrs+ and it left me heartbroken. Lived and loved me longer than any relationship.
Everyone loved that cat and vice versa, which isn’t the case usually for cats.

Bless you and your loss.

 
 
Comment by spike66
2008-05-21 12:40:04

Deep,
I know you’re still grieving, and I wish you all the best while you sell your house.
Once you’re settled, there is certain to be another dog who’s looking for you…all my best wishes.

 
 
Comment by bluprint
2008-05-21 08:47:43

An odd thing happened yesterday, my wife went to buy a few groceries on her way home from work at the local wally world. She used a credit card (which we pay off every month) to pay for it. Normally we buy our groceries with cash and do that shopping on the weekend, but a confluence of events this weekend led to her not having cash in her pocket and doing the shopping last night.

Anyway, she called and asked if something had changed with the cc, since it had been declined. I then called the cc company and was immediately transfered to their fraud dept. The guy asked me to confirm the last 4 or 5 transactions, all of which I was aware of except for one at a gas station which I’m sure must be my wife buying gas. So after that, he just says “Ok, you can use it now”. I’m like WTF? Why was it turned off? He just says b/c they were concerned it was being used illegitimately. I intend to call them back again today, I didn’t ask why they didn’t just call before shutting it off as I was in a hurry, I had to do a network change in 10 minutes.

I didn’t have any charges terribly unusual. I used it to pay the dish Network bill for the first time. We moved in March and are new subscribers to dish. I also paid my tuition for the summer recently which is about 1500. I’ve been paying my tuition (and books etc) on that card for that past year and a half and it’s never been an issue. Also, I put a $2200 bike on it last year and this didn’t happpen.

Like I said, I pay the card off every month, we use it for convenience and because we can get plane tickets from it (a small bonus). Is this an indication of the CC companies monitoring cash flow more closely?

Comment by Lost In Utah
2008-05-21 08:57:28

“I put a $2200 bike on it last year…”

Dang, of course you’d have to be married…

Comment by bluprint
2008-05-21 10:01:59

Don’t get too excited hon…

I bought a bike in hopes that it would encourage me to ride my fat ass around on it some. So far that plan has been marginal at best (I’m pretty busy studying a lot of times, so that’s my main excuse). My wife rode in a 100 mile ride last year. In contrast, 2 weeks ago we rode together all of 15 miles. That was a big day for me. I nearly fell over dead at the end and couldn’t think straight until I got a beer in me.

If you are looking for a big time biker, you aren’t missing out here. :)

Comment by Lost In Utah
2008-05-21 10:22:10

No, no, NO - it’s the BIKE I’m interested in!!! :)

(Well, and a guy who would spend that much on a bike wouldn’t be all bad, either…)

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Comment by calex
2008-05-21 12:03:58

$1,900 on the bike but I got it on sale and I am having a bad week if it does not see dirt at least 3 times a week during the non-snow months. Like right now since i have the Flu.

 
Comment by Blano
2008-05-21 12:12:10

“(Well, and a guy who would spend that much on a bike wouldn’t be all bad, either…)”

Holy cow Lost, make up your mind!!!! :)

 
Comment by Lost In Utah
2008-05-21 12:21:04

Ok, I’ll take one of each - the bike and the guy. No, wait,,,two bikes, no guy…hmmm…two guys, no bike???

Nah, that won’t work, oh shoots, I think I’ll just get another dog…or, hey, I know - I’ll just mess around with the stock market instead. :)

And hope you get better, calex, a day w/o a good bike ride or hike is a day just mostly not worth living..

 
Comment by calex
2008-05-21 13:26:17

Almost well enough to take a slow ride. I like your accounts of the area because you seem doing what I want to do. Some day…
Whats funny is I also have an FJ.

 
Comment by Lost In Utah
2008-05-21 14:29:26

OK, this could get really weird…do you have 5 dogs?

Hmmm, I seem to be feeling OK, guess I’m not going schizoid yet…maybe.

 
 
 
 
Comment by takingbets
2008-05-21 09:03:25

i think it was because you paid utilities with it. the same thing happened to me when the power bill got lost in the mail and i used my card to pay the bill. i know its a hassle, but think about what you would have gone thru if someone had gotten your card # and were charging on it. its a mess to clean-up.

Comment by realestateskeptic
2008-05-21 10:35:46

Thing is, THEY eat the fraudulent charge, not you, so they are really (over) protecting themselves, not you. Its nice they are watching over it for you, but in the end they are really just protecting themselves at your inconvenience.

 
 
Comment by iftheshoefits
2008-05-21 09:47:49

This happens a lot to us when we travel, since we’ll go long stretches without buying much, then suddently a flurry of purchases. It sets off their fraud algorithms, and (I don’t think) it has anything to do with your creditworthiness. Certain types of purchases also trigger the red flags. They’re not worried about you, they’re worried for you, thinking that someone else may have your card.

I’ve never had it turned off, but we often have to call and verify. I appreciate them covering our back, it’s a small inconvenience. If the big brother aspect bothered me, I’d just stop using the cards, but it doesn’t in this case.

Comment by Lost In Utah
2008-05-21 12:22:42

shoe, rain!!!

Comment by iftheshoefits
2008-05-21 13:16:07

And new snow up on Thousand Lakes and the Boulder…

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Comment by Lost In Utah
2008-05-21 13:25:55

Beautiful, I bet. Rained for only about 5 minutes here.

 
 
 
Comment by desertdweller
2008-05-21 19:47:18

As much as I travel, I have never gotten called about charges on my cc. Sometimes I wish..check statements regularly though, but the cc companies never have called me with charges from S.Am, Japan,Europe, UK, Chicago, Texas. CA.

 
 
Comment by Arizona Slim
2008-05-21 10:34:22

I just got one of these calls from my CC company. Mind you, the card was well below its limit, and all of the charges were done by Yours Truly, who pays the card down to zero each month. So, I don’t get this fraud thing at all.

 
 
Comment by Ria Rhodes
2008-05-21 08:54:39

If animals could talk back, cuss and sulk-off to their rooms, I don’t think we Americans would be spending more on their feeding and care than the total amount we spent in aid to some third world countries. Pigs and cows are cute and loyal to some people, but most call them supper. Yeah, domesticated pets are cute and loyal, but come on people - get real.

Comment by Lost In Utah
2008-05-21 08:58:58

And you know, animals don’t get pissy if they’re not the center of the universe…

Comment by Michael Viking
2008-05-21 09:48:25

If you want to know whether you wife or your dog loves you more, lock them in the trunk of your car for a few hours and then see which one is happy to see you when you open it.

Comment by Lost In Utah
2008-05-21 10:23:42

LMAO!!!

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Comment by sam
2008-05-21 10:47:41

for the safty of the dog please dont lock them in the same car.

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Comment by Lost In Utah
2008-05-21 12:13:27

Michael, your blog’s pretty funny!

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Comment by Blano
2008-05-21 10:28:25

You obviously haven’t met my dog.

Comment by Lost In Utah
2008-05-21 10:44:58

Book Title:

“My Dog and You—Why You Will Lose Every Time”

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Comment by Blano
2008-05-21 12:09:27

LOL

 
 
 
 
Comment by Ouro Verde
2008-05-21 09:03:59

Ria,
sorry but animals are a fantastic comfort to single women w/o kids. Coming home to an empty rental is a slow death.

Comment by Ria Rhodes
2008-05-21 11:01:52

I understand lonely peoples need for companionship. Really do, but I’ve another perspective to consider - the person arriving home after a long day of work to the not so delightful cacophony of the neighbor’s dogs yapping away around at every hint of noise, from a wind gust, to a squirrel fart, to a distant ambulance siren. Did I mention children’s tendencies to tease and torment their pets? In pet owners minds, those bundle of love noise machines who live for the next meal/snack are sacrosanct, to me they are just (most of the time) a pain in the a*s.

Comment by Arizona Slim
2008-05-21 11:10:33

Have I got some websites for you:

1. BarkingDogs.net
2. DogAssault.com

Both deal with the negative effects of excessive and unnecessary barking.

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Comment by exeter
2008-05-21 16:18:21

hi cap round>incessantly yapping canine

 
 
Comment by txchick57
2008-05-21 11:30:29

You sound like a delightful person to be around. Not

Not everyone who loves animals is lonely. Get a grip.

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Comment by cfoofmofo
2008-05-21 13:48:44

I hate barking dogs. I have a right to peaceful enjoyment of my home.

I love my cats.

I really, really hate barking dogs.

 
Comment by think_first
2008-05-21 14:30:09

Yep, almost as delightful as you are. What a pain!!! Get over yourself!

 
Comment by spike66
2008-05-21 16:24:33

I hate screaming kids. I have a right to peaceful enjoyment of my home.

I love my dogs.

I really, really hate screaming kids.

 
Comment by deeogee
2008-05-21 20:06:16

In 2004 I had my house on the market. Realtor showed up-unannounced– with a family [small kids]. I had two dogs. The Mom says to me,” can you put your dogs in the garage?”; my reply, “no, but feel free to put your kids in there if you’d like.”

 
 
Comment by GrittyToasterWaffleGuy
2008-05-21 14:10:19

I once had a girlfriend who talked like that about the thought of getting a dog very early on in the relationship (only lonely people get pets, they’re messy, they’re needy, they’re noisy, too much of a bother, etc.). In retrospect, it was a giant, waving red flag that I should have paid more attention to.

Subsequently, I adopted a “pet haters need not apply” criterion for future relationships which has ended up working out extremely well. My girlfriend and I currently cohabitate with her two rescued cats, her Pomeranian, and the Catahoula Leopard Dog rescue we adopted last fall. Couldn’t be happier.

For the record, other than the Pom’s insistence on greeting people at the front door with multiple yaps and various gravity defying 540 degree spins, none of them make a peep that’s audible outside the condo.

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Comment by cactus
2008-05-21 08:58:50

One in four middle-aged (45+) and older workers say they postponed plans to retire due to economic conditions. Almost 25% of people aged 45-to-64 surveyed said they are prematurely taking money out of their 401(k) and other investments. And young boomers are reportedly postponing paying bills and even cutting back on medications.

 
Comment by CarrieAnn
2008-05-21 09:34:11

SYRACUSE, N.Y. (AP) - The federal government will place 13,004 acres of upstate New York land into a trust for the Oneida Indian Nation.

The U.S. Department of Interior says it has given final approval to the tribe’s two-year-old application. The acreage announced today is slightly less than the 13,086 acres recommended earlier this year by the Bureau of Indian Affairs.

The Oneidas filed their trust application in 2005 after the U.S. Supreme Court decided against the tribe in a long-running dispute with the city of Sherrill over unpaid taxes on Indian-owned property.

The Oneidas had asked for 17,370 acres in trust, which exempts the property from state and local taxes and laws. Government leaders from Madison and Oneida counties wanted no more than about 1,000 acres in trust.

Wow—upstate just lost 13k taxable acres. That’s not gonna help the tax situation. I also wonder what that means to home owners presently on that land. I signed a contract I wouldn’t go after the previous owners if there was a pro-tribe decision made on the property when I purchased in Madison County.

Comment by takingbets
2008-05-21 09:57:22

“I signed a contract I wouldn’t go after the previous owners if there was a pro-tribe decision made on the property when I purchased in Madison County”

well its a good thing the gooberment is changing the way contracts are honored these days! just tell them you dident know what you were signing and you were tricked into signing it.

 
Comment by bluprint
2008-05-21 10:38:58

I signed a contract I wouldn’t go after the previous owners if there was a pro-tribe decision

What was the concern with a pro-tribe decsion? How did that effect your property?

 
Comment by Chip
2008-05-21 11:38:54

Presumably the state and local government are relieved of responsibility for further providing the services that had been provided prior to “reversion.” So those governmental units need to reduce staff, equipment, building space and other overhead promptly; if they do, the tax “shock” that politicians are so anxious as an excuse to raise taxes should almost evaporate.

Also presumably, the tribe already has a contract with the casino types and they will be able - miraculously, some will think - to get a resort up and running in no time at all. Why, I wouldn’t be surprised if some Fleetwood double-wides with gaming tables weren’t sitting right now in the closest bonded warehouse.

 
 
Comment by EmperorNorton_II
2008-05-21 10:28:23

Hey,

Where’d all the gold bashers go?

Comment by watcher
2008-05-21 11:09:44

Prof bear won’t post the comex quote any more, or do his famous gold extrapolations based on a weekly price movement. :)

 
Comment by Lost In Utah
2008-05-21 11:21:59

They’re out seeking the treasure…

 
Comment by Max
2008-05-21 11:24:45

LOL

 
 
Comment by takingbets
2008-05-21 11:15:58

The major indices fall to their worst levels of the session, and then extends their losses on the just released April 30 FOMC meeting minutes.

At its April 30 meeting the FOMC decided cut the fed funds rate by 25 basis points to 2.00%, in what it called a “close call”. The Fed expects unemployment will “increase significantly”, raising its 2008 forecast to 5.6% from 5.25%. In addition, many officials forecast negative GDP growth in the first half, and the Fed cut its 2008 GDP growth forecast to between 0.3% and 1.2% from between 1.3% and 2.0%. However, inflation risks have increased, with the Fed raising its core-inflation forecast to between 2.2% and 2.4% from between 2.0% and 2.2%. Dallas Fed President Fisher and Philadelphia Fed President Plosser dissented against the rate cut on inflation concerns.

http://finance.yahoo.com/marketupdate/overview?u

Comment by vozworth
2008-05-21 11:24:53

here comes the “inflation rabble rouseres”

credit crunch is delfationary//still crunching, still delfating.

higher prices of critical must have inputs ie:food and oil, is a function of the debasement of currency, NOT INFLATION!

the clowns runnin the outfit are enciting pricing presures on the criticals, and it appears to be working just right.

 
Comment by txchick57
2008-05-21 11:29:08

Wow, I fell asleep at my desk and woke to the sound of my puts going up ;)

Comment by vozworth
2008-05-21 11:31:40

it was the cowbell on my oilwell that really spooked me out of my slumber.

Comment by Lost In Utah
2008-05-21 12:05:21

LOL!!!

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Comment by GrittyToasterWaffleGuy
2008-05-21 11:41:22

I’m annoyed that I took SKF profits at 106 yesterday. At least I left half in play.

Comment by txchick57
2008-05-21 11:54:31

Yeah, it’s broken out. I generally only daytrade it unless it’s a nobrainer to hold over like Monday afternoon.

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Comment by GrittyToasterWaffleGuy
2008-05-21 13:43:54

Being on the west coast presents some daytrading hazards for me. For instance, this morning I intended to reopen my SPY short at 1141.75. Set up the limit order and headed out at 6:25am to a breakfast meeting without having my morning coffee (not a good idea). I got to the office at 9:00 to discover that I had actually bought SPY. Lucky for me, I was able to cover at 141.62 for a very small loss. My morning got substantially better with a purchase of $54 SDS July calls that jumped in value by 35% about the time your inflating puts were waking you up.

 
 
 
Comment by Blano
2008-05-21 12:07:08

No, that was me getting bucked off a stock too volatile for my own good.

Comment by Lost In Utah
2008-05-21 12:26:42

See, you shudda been out bike riding instead! Lots safer than those pesky stocks. :)

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Comment by watcher
2008-05-21 11:37:56

I am buying puts on oil, to hedge.

Comment by txchick57
2008-05-21 11:40:38

chart got to you, huh?

Comment by watcher
2008-05-21 11:56:10

Hogs get slaughtered. Would love to see a blowoff top at 150, and I will be out.

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Comment by matt
2008-05-21 11:52:40

You’d think price would impact demand, i’ve been wrong since 115.

Comment by watcher
2008-05-21 11:54:12

Your position is down 28% today? 20% yesterday? ouch.

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Comment by txchick57
2008-05-21 12:49:17

Once again, they yank away weeks of gains in a couple of days. It will be the same with oil. The trick is to still be in the game when it happens.

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Comment by matt
2008-05-21 16:40:33

I’ve got about a month for that to happen, need about a $20 drop to break even. Dcr is pretty much an option at this point, no intrisnic value only time premium.

 
 
Comment by packman
2008-05-21 12:52:46

Econ 101, first lecture:

Price = demand/supply

Price is a result of demand, not the other way around.

Especially true when it comes to oil.

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Comment by bluprint
2008-05-21 14:58:06

You should have stayed for the second lecture. While price does not shift the demand curve, price does effect quantity demanded.

One thing to look out for, when people say things like the above statement You’d think price would impact demand, what he really means (whether he knows it or not) is that price should impact quantity demanded (not the entire demand curve). It’s one of those confusions/short cuts in economic languange that has developed. It’s not insignificant but it should be considered and is something to look for in most casual conversation.

 
Comment by matt
2008-05-21 16:35:59

I think that is why we saw a drop in oil inventories this week, the refiners don’t want to get stuck paying top dollar if demand drops at these prices. 4.50 diesel is a company killer.

 
Comment by Professor Bear
2008-05-21 19:05:31

Should have stuck around for grad school. Not only the price, but the first and second time derivatives of price, affect demand…

 
 
 
 
 
Comment by takingbets
2008-05-21 11:28:50

Countrywide CEO Mozilo criticizes customer e-mail

Wednesday May 21, 1:25 pm ET

Countrywide CEO inadvertently answers customer e-mail for help, calling it ‘disgusting’

http://biz.yahoo.com/ap/080521/countrywide_financial_ceo.html

 
Comment by CarrieAnn
2008-05-21 11:35:53

http://www.syracuse.com/articles/business/index.ssf?/base/business-12/121136047827921.xml&coll=1

Two relocation companies say Syracuse is the second-best mid-size metropolitan area for families looking for a place to move.

Well, a lot of the factors that led to Syracuse being chosen #2 are true: short commute times, good green living, good schools accessible for lower housing prices. But its funny how we keep hitting the top of these lists all of a sudden. I can’t help but think that some PR (NAR perhaps) type is working ovetime.

 
Comment by arroyogrande
2008-05-21 13:36:32

DataQuick has the new April 2008 sales/median numbers out for SoCal and select CA cities:

LA Times SoCal:
http://www.dqnews.com/Charts/Monthly-Charts/LA-Times-Charts/ZIPLAT.aspx

CAR California, Select Cities:
http://www.dqnews.com/Charts/Monthly-Charts/CA-City-Charts/ZIPCAR.aspx

LA County YOY median : -21.1%
Orange County YOY median : -22.9.1%
Riverside County YOY median : -30.9%
San Bernardino County YOY median : -33.0%
San Diego County YOY median : -23.9%
Santa Barbara County YOY median : -48.2%
Ventura County YOY median : -21.8%

For what it’s worth, I *believe* that the highest median price per square foot for LA county was $411 in may 2007. April 2008 it’s down to $307…a drop of 25%!

Comment by Professor Bear
2008-05-21 13:43:46

Glad to know that Mudd has offered assurances that 25 pct will be the extent of price declines. I guess SoCal is already there for practical intents and purposes.

 
Comment by Professor Bear
2008-05-21 13:45:52

Santa Barbara residents might want to consider burying a statue of San Giuseppe before putting their homes on the market…

Comment by arroyogrande
2008-05-21 14:29:01

I’ve got to believe that prices in north SB county, especially Santa Maria, are getting nailed…

 
 
Comment by Professor Bear
2008-05-21 19:02:13

Bay Area Counties

Alameda County-March Data 514 $486,000 $598,500 -18.80%
Contra Costa County 1,159 $395,000 $600,000 -34.17%
Marin County 184 $800,000 $925,000 -13.51%
Napa County 82 $495,000 $559,000 -11.45%
San Francisco County 450 $767,000 $790,000 -2.91%
San Mateo County 445 $670,000 $804,000 -16.67%
Santa Clara County 1,041 $629,500 $715,000 -11.96%
Solano County 400 $320,000 $428,000 -25.23%
Sonoma County 389 $413,500 $515,000 -19.71%

At least it is still different in San Francisco!

 
 
Comment by BubbleViewer
2008-05-21 14:20:49

The world’s premier energy monitor is preparing a sharp downward revision of its oil-supply forecast, a shift that reflects deepening pessimism over whether oil companies can keep abreast of booming demand.
The Paris-based International Energy Agency is in the middle of a large study of the condition of world’s top oil fields. Its findings won’t be released until November, but the bottom line is already clear: Future crude-oil supplies could be far tighter than previously thought.
The IEA has predicted for several years that crude-oil supplies will arc gently upward to keep pace with rising demand, topping 116 million barrels a day by 2030, up from around 87 million barrels a day now. But the agency is now worried that aging oil fields and diminished investment mean that companies could struggle to break beyond 100 million barrels a day over the next two decades.

 
Comment by takingbets
2008-05-21 15:45:17

CNNMoney.com
Consumers can’t save the economy

Wednesday May 21, 5:47 pm ET
By Tami Luhby, CNNMoney.com senior writer

Before the 1980s, consumer spending made up about 63% of the nation’s gross domestic product, a key measure of the economy. Since then, it has grown to about 70% as Americans took on more debt to fuel their buying habits.

Going forward, consumer spending will likely drift back to about 67% of GDP, Hoyt said. Americans simply can’t sustain a near-zero savings rate and an ever-growing debt load.

“That’s over and done with,” he said.

http://biz.yahoo.com/cnnm/080521/052108_consumer.html

 
Comment by takingbets
2008-05-21 16:08:10

Big Oil defends profits before irate senators

You have “just a litany of complaints that you’re all just hapless victims of a system,” Sen. Dianne Feinstein, D-Calif., told the executives. “Yet you rack up record profits … quarter after quarter after quarter.”

One senator after another cited the pain that high energy prices are causing farmers, small businesses and people trying to find a way to afford a vacation trip this summer.

“Is there anybody here that has any concerns about what you’re doing to this country with the prices that you’re charging and the profits that you’re taking?” Durbin asked.

http://biz.yahoo.com/ap/080521/oil_congress.html

Oil prices pass $134 after report of supply drop

Investors seized on the inventory report to boost prices Wednesday, but traders interested in pushing prices higher are increasingly picking and choosing which news they wish to pay attention to, analysts say.

“Even if this report was bearish, with the momentum the way it is right now, it wouldn’t matter,” said Phil Flynn, an analyst at Alaron Trading Corp. in Chicago.

A move by the government to shore up the dollar, or an announcement that the Federal Reserve won’t cut interest rates further, could also reverse the upward momentum, Flynn said; rate cuts tend to weaken the dollar. On Wednesday, the Fed released minutes of its most recent meeting that left the impression it’s not inclined to cut interest rates further.

http://biz.yahoo.com/ap/080521/oil_prices.html

does anyone think that maybe our beloved congress is barking up the wrong tree for a reason?

Comment by Matt_in_TX
2008-05-21 18:51:21

“Is there anybody here that has any concerns about what you’re doing to this country with the prices that you’re charging and the profits that you’re taking?” Durbin asked.

Hold that thought for the next time the Fed, Treasury, and banking lobby are in town. (Well, don’t use the part about profits.)

Comment by vozworth
2008-05-21 20:38:50

great comment:
dont deflect the root cause of oil price inflation.

currency debasement, I have family working oil in Africa…

 
 
 
Comment by Professor Bear
2008-05-21 20:59:28

Bumpier ride ahead for house prices

We criticised the OECD and the IMF for arguing that UK house prices were overvalued by 30 per cent or more in 2004-05. As the market turns down, how does that assessment stand up, ask John Muellbauer and Anthony Murphy

 
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