Bits Bucket For June 30, 2010
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The Housing Bubble
Examining the home price boom and its effect on owners, lenders, regulators, realtors and the economy as a whole.
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Looks like the House passed the June 30 deadline. It makes me sick to see all these measures to keep it propped up. I guess I’ll have to now wait more to see some sanity in the prices till I can think of buying.
ADP employment is up. Looks like smart people in power can keep this machine going on at least till the Nov. elections. I’ll think of buying this winter.
“Looks like the House passed the June 30 deadline”.
There was no question that would pass it, it will fly through the senate, tagged on to something else like unemployment. After the next 90 days, if they need more time they will extend it again, or perhaps come up with more “incentives”. The D.C. cast of clowns are as always, putting getting themselves re-elected before what’s right or good for the country.
I have a feeling a good number of turds will be flushed this Nov.
Wouldn’t it be nice if there was a simple up/down confidence vote for the entire congress every two years as well? If 60% of the voters vote “no confidence” everybody in office is automatically term-limited.
Or we could tie term limits to the deficit. If we’re in deficit during your election cycle, you’re automatically out. Bam. Gone. Then the government would only run deficits if it REALLY, REALLY had to.
I would vote on the condition that there be a “None of the Above” choice for any office. Those offices that receive more “None of the Above” votes than votes for humans would properly remain vacant for the term until the next election for the same position. IMO, NOTA would win the majority of the House of Representatives this Fall if on every congressional district ballot. That would be good for America. No new spending for two years. That would provide certainty to Wall Street and Main Street.
Who needs Congress?
I would vote on the condition that there be a “None of the Above” choice for any office. Those offices that receive more “None of the Above” votes than votes for humans would properly remain vacant for the term until the next election for the same position.
I would vote on the condition that there be a “None of the Above” choice for any office. Those offices that receive more “None of the Above” votes than votes for humans would properly remain vacant for the term until the next election for the same position.
That works for me!
Smart people in power? You must be talking about Germany.
Those ADP numbers were terrible.
“Those ADP numbers were terrible”.
Yes and it’ll be fun to watch the spin weasels try and spin it.
They were too busy hiring to hire more.
How’s that?
“ADP employment is up.”
Looks like another SOL day on Wall Street today…
It’s half-time on 2010, and at this point in the year, the economic situation may be summed up in three words: “Worse than expected.”
Wednesday, June 30, 2010
Uptick
Futures Rise Ahead of ADP Report, Euro Gains
By Ken Sweet
FOXBusiness
There’s No Business Like FOX Business
Wall Street was poised to recover a small portion of yesterday’s losses as a banking report out of Europe showed signs of recovery while U.S. investors waited for a private-sector jobs report.
…
In the U.S, the group Macroeconomic Advisers will release its June private-sector employment report at 8:15 a.m. ET. Economists interviewed by Thomson Reuters expect the ADP report to show businesses hired 61,000 jobs in June, up from the 55,000 hired in May.
——————————————————————————-
THIS JUST IN!
market pulse
June 30, 2010, 8:22 a.m. EDT
U.S. stock futures fall as ADP report disappoints
By Kate Gibson
NEW YORK (MarketWatch) — U.S. stock futures pared their gains to turn lower Wednesday after a report had private-sector payrolls expanding 13,000 in June, with the tally proving less than forecast. Up 40 points ahead of the report, futures for the Dow Jones Industrial Average were more recently off 2 points at 9,795.00. Those for the S&P 500 were down 1.10 points at 1,034.20. Nasdaq 100 futures slid 2 points to 1,761.50.
Wow - dismal indeed.
The local fishwrap did a story on all the sales that might not go through in the area. Interviewed buyers were saying they’d be homeless if this extension wasn’t passed.
So these people have nothing in back up for emergencies?
Future FBs fer sher! People are tricked by lipstick on a pig.
Why don’t they just buy the house WITHOUT the 8k bonus. What? They can’t afford it or qualify for the loan without it? Then maybe they SHOULDN’T BE BUYING A HOUSE IN THE FIRST PLACE!
Bunch of idiots.
Seriously. You’re right. 8k on anything that costs over 100k is barely paying for the closing costs.
And, don’t sweat that extension at all. We know now that prices resumed their fall in May as the jazzed-up buyers disappeared. Anyone who still closes knowing this is a schmuck and gets what they deserve. They should give them $8,000 and a snorkel.
“They should give them $8,000 and a snorkel.”
Lol, a Do-It-Yourself waterboarding kit.
What if instead of a stupid $8k tax credit you got this:
Jobz-4-Homes
Buy a home and get a government job.
New job would ensure morgage gets paid.
Job could be fixing up the house/ digging then filling in holes in the dirt/ watching tv/ secret shoppers/etc.
Talk about stimulus!
Hope Barney does not see this post.
Don’t give them any ideas, dammit!
Looks like the House passed the June 30 deadline. It makes me sick to see all these measures to keep it propped up.
Yes, but those measures aren’t working the way they used to. Something about people not wanting to commit to major purchases (like houses and vehicles) when there’s so much job uncertainty. Not to mention high unemployment.
Furthermore, look at this from another perspective. We’re talking about five months to close on a house purchase. Five months. Even during the height of the bubble, closings didn’t take that long.
Methinks that this extension won’t benefit a lot of people. We keep hearing about 180,000 home sales being affected. My prediction is that, due to credit issues, a much smaller amount will actually close.
But it WILL give convicts and fraudsters a longer window to claim the credit.
Buying More Time
Senate Democrats are trying to save unemployment benefits for hundreds of thousands of laid-off workers. If the measure doesn’t pass, unemployment payments would continue to be phased out for more than 200,000 people a week. If extended, the cost of extending benefits through November would add nearly $34 billion to the budget deficit.
Republicans are saying we can’t afford to take on more debt. Democrats are saying we must go deeper into debt to avoid letting the economy sink further into recession. Look for action on this bill today or tomorrow.
At some point they’re falling off, one way or another, so this makes it all the more obvious that some wish it should happen after November 2nd.
The winter of 2010-2011 already looks bleak - the tsunami of layoffs having peaked about 99 weeks earlier.
Agree edgewater. Christmas 2010 is going to be baaad. At least it will teach the kiddies to be frugal.
We say that every year but so far what I see is everyone’s in the mode they were in before 2007. Savers save. Spenders spend. Perhaps there is some coupon clipping behind the scenes. OTOH, look at I-phone sales. Maybe if the defaulters are forced out of their free rent situation something will change. I’m not sure that’s who’s out there shopping though.
IMHO, I believe if your job is intact after last year, people are feeling a sigh of relief. They think they’re muscle and others were fat. Perhaps they were never part of the labor force when a downsize cut into muscle too. Many are probably V shaped true believers. (ht highway)
Like someone once said on another blog, many won’t realize there’s a problem until there’s no food in the cupboard or fuel for their vehicle.
I’d be more comfortable with them doing this if the money came out of bailouts instead of being ‘in addition to’. Cut Freddie and Fannie’s lifelines and you’ll have the cash to do this. Of course, that’d be the end of mortgage lending in the country for a couple of months while the banks sorted out their nonsense.
As it is, they want to keep spending more and more into debt.
There is the typical government madness that is going on with Unemployment benefit payments. The amounts could be lowered if they would end the extension benefits to those on the accounts for 99 weeks or even more than 72 or even 52 weeks.
It doesn’t work that way. Every time they have made extensions, they have added levels of benefits to the already unemployed, as more workers have been laid off, leading to some people getting up to 99 weeks of benefits.
I was laid off in October of 09, but waited until late November to file a claim, since i was not pressed for income. BIG Mistake.
The State of Florida Claim for 26 weeks of benefits ended for me at the end of May 2010.
The FEDERAL extensions ended May 23 for payment up to June 5th. Mine ended May 22.
I got nothing. The program of extending benefits is over. I was told I could apply for the extension and get 1 week…….$275.
However, if they do make another extension, I would probably get onto a TIER 1 extension for a Maximum of 20 weeks. The “cut-off” date, if that is in November would end any benefits.
Nonetheless, if someone is on Tier 3 or 4 and has been receiving payments for 1 year or more, they, too will get payment to the end of the year.
Rather than cutting people off who have been on for extended periods of time, they cut EVERYBODY off the extensions, rather than phasing them out. When the end date comes, if you didn’t get on the system, you loose, whether you had a single extension, or not.
It’s the way the system works. I think it’s insane, but that’s the FEDS.
In 6 months, i got 3 return letters from over 150 resumes sent out for job inquiries. I got one interest in an interview, but that was cancelled when correspondence suggested i was not a good candidate for the job.
I am now 55 and expect to be a long-term unemployed person with no income except what i can find part-time. I am thankful i have saved a good portion of my income the past 9 years.
Dio, that’s what happened to me at age 59. It was the end of the tech bubble and our company went from offering bonuses for bringing on qualified new employees to multiple rounds of layoffs in a pretty short period of time. At my age I knew I wouldn’t work professionally again, so we moved from the D.C. area to Florida, where I took a succession of grunt office jobs (with benefits) until we were within 18 months of Medicare.
Good luck to you.
I made a similar mistake in 2002. I was 50 and my youngest was in 9th grade. I could have gotten into a retraining program. I didn’t expect to be out of work for more than a few weeks. A few weeks turned into months.
I looked into the abyss, wondering what I would do if I never worked in my field again. When UE ran out, I took office work for a startup, just to keep a roof over our heads.
Eventually, when the economy upticked in 2004, I was able to find temp work in my field. What saved me was taking on intermittent freelance work while I was unemployed (above board and reported to the UE office).
If it happens again, I won’t hesitate to claim benefits immediately or to take any retraining offered.
I am in an easier situation today. My youngest will soon graduate from college and I have informed him that he should expect to be self supporting when he does. I rent and it will be much easier to downsize without worrying about the effect of any transition on him.
Good luck, Diogenes! Without UE benefits, any work is better than no work. And you may find that you learn something in a low level job that you can take with you into a better one. From my office job, I learned to be less shy on the phone. Not really something you can put on a resume, but useful, nonetheless.
NOW do you get it???
This is why the Back To Work programs for welfare and unemployed people Fail miserably for anyone that had a real job or education.
I would have loved to be “employed” by the city or state to work for my Unemployment check if it had something to do with my resume…I think most people would jump at the chance to keep the resume fresh.
So what good is a radio or video tech working in the parks dept picking up trash going to do at my next job interview?
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Eventually, when the economy upticked in 2004, I was able to find temp work in my field. What saved me was taking on intermittent freelance work while I was unemployed
Absolutely, I get it. I have always gotten it. I think you must be mistaking me for someone else or perhaps I have not clearly stated my points previously.
Unemployment sucks! At one point I realized that every day I was not working in my field was a day that someone else was getting more experience and more recent experience than I was. I was becoming less competitive every day.
I do recommend temp work or internship in one’s field. They are better alternatives than a basic retail or fast food job.
US home refis up but buying demand near 13-yr low. Jun 30, 2010
NEW YORK June 30 (Reuters) - Refinancing drove total U.S. mortgage applications to an eight-month peak, as loan rates fell to or near record lows, but demand to buy homes sank toward 13-year lows last week, the Mortgage Bankers Association said on Wednesday.
The U.S. housing market continued to deflate after a spring sales spree, fueled by now-expired federal tax credits of up to $8,000, robbed from summer home buying.
The upside is now limited by unemployment stuck near 10 percent, heavy foreclosure supply and pent-up selling from owners just waiting for the right time to put their homes back on the market.
“The upside is now limited by unemployment stuck near 10 percent, heavy foreclosure supply and pent-up selling from owners just waiting for the right time to put their homes back on the market.”
With so many folks waiting for the right time to put their homes back on the market (including banks sitting on a pile of REO inventory), coupled with a “slower than expected” labor market recovery, good luck at propping up home prices going forward.
BTW, haven’t foreclosures been running at something like 300,000 per month for 15 months or so? Easy math: 15*300,000 = 4.5 million; where are those 4.5 million foreclosure homes as I type, in addition to all the non-foreclosure homes that people may have been holding off on selling until “the market improves”?
“… pent-up selling from owners just waiting for the right time to put their homes back on the market.”
Bravo for these pent-up sellers. I hope they remain pent-up and keep on making their house payments, the banks sure can use the money.
And bravo for the NAR for encouraging the idea that houses are the best investment one could ever make. Love the NAR whose mottos should be “Keep hope alive” and “Never let a single FB dollar escape”.
In this area, that would be the boomers waiting to downsize. Some of them have put their houses up for sale in the last week after graduation and what they think their box of deferred maintenance is worth is rather eye opening. I’ll wait for the return of fear, thank you.
Meanwhile we’re seeing a sprinkling of the motivated in the mid size 4 bedroom home. Their well kept home will be priced $75k -$100k lower than the comps and move w/in days. Maybe they’re the ones that just received their 90 day warning of default from their mortgage holder. Or maybe they have their ear to the ground and also fear the potential of a mess the 2nd half of the year. Either way, this will be a very interesting fall to sit back and watch.
this area, that would be the boomers waiting to downsize. Some of them have put their houses up for sale in the last week after graduation and what they think their box of deferred maintenance is worth is rather eye opening. I’ll wait for the return of fear, thank you.
——————————
it’s funny you said this, because we went to an open house a few weeks ago to see “Grandmas estate”. Priced at $449K, I was a cape cod house with a small addition added around the Ford Administration. Other than that, the house had ZERO updates. I’m not the kind of buyer who needs granite tips or I’ll walk away, but this house needed everything redone from top to bottom. Paint, doors, lawn, trim, carpet, tiles, plumbing, electrical work - Freaking Everything!!!! I’m getting sick of these people who just sit in their crap shack and do nothing to improve the house, then when it’s time to sell they put it on the market and price it with others because some dumb agent said “Thats what the comps are!”
On a side note, we showed up at the end of the open house. When I signed the sign in sheet with my fake name and number the agent said “I didn’t think anyone was gonna show up. Your our first one.” He seemed like he’d rather be doing anything else besides sit in that house. The thought of a realtor wasting his Saturday made my day.
“Never let a single FB dollar escape”
Surely that’s been their M.O for a decade +! MEW-based/NAR-based/REIC-based Consumption/Fed-fed ( is the ‘only’ way to go! )
Anyone still long TBT betting on rising bond yields / higher interest rate? I know some did last year and I posted about it, but actually never taken a position in it. But of course being an inflationista has proven to be a costly proposition so far this year and long TBT would have been very a bad trade.
From RBS Research on the incoming onslaught of Quantitative Monster Easing, where 10 year bond yield will be in effect “guaranteed” by the Fed to be lower than 2% in order to discourage purchase of safe assets and encourage purchase of risk assets):
“Monster QME coming. With fiscal policy off the agenda, we have always expected more QME (quantitative monetary easing). And this time will be different. We have always argued that buying of bonds is less efficient than guaranteeing yield levels, and that yields are the key, not raising money supply, given demand for credit is dead (so all QME did was raise bank reserves and show money velocity collapse). There has been a subtle shift from central banks toward our view, most evident from the UK MPC, whose £200bn programme started by focusing almost purely on underlying M4, but ended differently with MPC speeches about how successful it was in keeping Gilt yields low.
The next shock and awe will be in the form of large scale QME, but with one massive difference – it will be focused on lowering yields, not expanding money supply (I think). So do not be surprised if the next QME is about guaranteeing yields at, say, 2% 10-yr US, or lower. Even if it is a vanilla buying programme as before, expect it to focus along the curve and bring all yields down in a monster bull flattener (you cannot bring down 5s and not 30s because that just changes savings’ maturity preference, it does not deter saving). Note today’s Telegraph article alleging that the Fed are already mulling more QME of another US$2.6trn (to take their balance sheet to US$5trn), which is totally unsurprising (we think CBs are far more dovish worldwide than investors/investment banks are). Others will follow. We are getting more bond bullish, not less.”
IMO its still a little early for the TBT (maybe at $30 - $32). But it will make for a nice trade again on the long side sometime soon.
I have some, and have taken it in the shorts - fortunately it’s just a small amount.
I hedged though actually recently and bought a 10-year treasury at 3.625% - so far that’s looking good.
Also hedged with GLD. Sometime back I stated that I thought TBT and GLD were a good combo. GLD’s done well, though to be honest I’m shocked at home much treasuries have skyrocketed, driving TBT down. I’m not sure where all the money’s coming from to buy these. Apparently it’s an inflow from people dumping Euro treasuries - something I hadn’t foreseen. Also China seems to be picking up it’s buying, despite the constant badmouthing last year.
I still think Treasury Bills, which yield around 0.32%, balanced with GLD are a good combination and a good way to thumb your nose at the government, who is trying to get you to buy stocks and real estate. Buying gold is a vote against the dollar. Buying Tbills is an assumption rates will be higher later. So gold has been going up double digit percentages a year. Well if you rebalance with T-bills, your average gain will be half that, which still is a huge annual gain!
May as well just keep cash as to buying Tbills at this point. They both pay about the same - 0%.
So gold has been going up double digit percentages a year. Well if you rebalance with T-bills, your average gain will be half that, which still is a huge annual gain!
If you keep rebalancing like that, you could end up like Air Transat Flight 236:
“Unknown to the pilots, the aircraft had developed a fuel leak in a fuel line to its right engine. During the course of the flight, the pilots had noticed a fuel imbalance between the fuel tanks in the left and right wings of the aircraft and had attempted to remedy this by opening a cross-feed valve between the tanks. This caused fuel from the operational tank to be wasted through the leak in the engine on the other side.”
(See wikipedia for more details, under “Air_Transat_Flight_236″).
Early in the year I bought some at 43.20, rode it up to 50.77 and back down to $45.63 and bailed. I think the bond market is in a huge bubble but who can stand the pain to buy it now as it plunges 1-2 percent a day.
Volcker Said to Be Disappointed With Final Version of His Rule.
(Bloomberg)Paul Volcker is disappointed with the final version of the rule that bears his name.
As first envisioned, the Volcker rule would have banned banks from running private-equity and hedge funds, an attempt to curb risk-taking that fueled the financial crisis. Last-minute congressional negotiations aimed at winning Republican support led to a compromise that allows banks to invest up to 3 percent of their capital in such funds.
Volcker, the 82-year-old former Federal Reserve chairman, didn’t expect the proposal to be diluted so much, said a person with knowledge of his views. He’s content with language that bans banks from trading with their own capital, the person said.
“The Volcker rule started out as a hard-and-fast rule on risky trades and investments,” said Anthony Sanders, a finance professor at George Mason University School of Management in Fairfax, Virginia. “But through negotiations, it was weakened and ended up with many loopholes.”
“…didn’t expect the proposal to be diluted so much,…”
Glad to hear Volcker a die-hard optimist.
I’ll admit to being at least as disappointed as Tall Paul.
However, I’m looking at this current bill as Financial Reform 1.0. There will be many more reforms to come.
Hear hear, AZ. I suspect we’re going to see a LOT of this over the years. Financial Reform 1.1, Health Care reform 1.1, Tax Hikes on the Rich 1.1, and others. Dems are already looking at ways to get that public option. They were only a few votes away last time.
Obama himself — I’m sure — predicted this very thing. In one of his pre-inaugural speeches he mentioned something about “not getting everything done during his first year, or even during his first term.” It was a pretty telling — and vain — statement. I guess, after going through the campaign, that he knows the Republicans got nuthin’ as far as viable candidates,* that he’ll be re-elected, and that he will have time to modify all this legislation.
———-
* I’m not expecting any rising stars in the GOP at the moment, not anyone who could challenge Obama. BO was probably the quickest political rocket, and even he was known as a potential since his speech at the 2004 Dem Convention.
Sen. Al Franken Naps, Draws Cartoons During Kagan Hearings
By Joseph Abrams
Published June 29, 2010
| FOXNews.com AP
June 29: Sen. Al Franken sketches Sen. Jeff Sessions, R-Ala., during the Judiciary Committee’s confirmation hearings for Supreme Court nominee Elena Kagan.
He’s good enough, he’s smart enough, but doggone it — he just can’t keep his eyes open for Senate confirmation hearings.
Al Franken, the onetime comedian and current Democratic senator from Minnesota, used his position on the vaunted Judiciary Committee on Tuesday to doodle a lifelike bust of Sen. Jeff Sessions, the committee’s ranking Republican, as Sessions raked Supreme Court nominee Elena Kagan over the coals.
But it wasn’t all fun and games for the former “Saturday Night Live” star — Franken also found time to get in a good nap during the first day of hearings Monday.
Live video from Senate chambers shows a woozy Franken getting some much-needed shuteye as Kagan explains her intellectual approach to life and teachings in her opening statement to the Senate.
But Franken, the most junior member of the Judiciary Committee, had already been forced to sit through an endless round of statements from his senior colleagues on the 19-member panel as they droned on and on and on in the crowded Washington chamber.
When it finally came time for Kagan herself to speak, Franken had apparently had enough.
“I’ve learned that we make progress by listening to each other,” said Kagan hopefully, as Franken slowly closed his eyes and appeared to doze off.
“I’ve learned that we come closest to getting things right when we approach every person and every issue with an open mind,” she said, Franken now apparently lost to the living.
Kagan herself has expressed a profound scorn for Senate confirmation hearings, which she described as empty “lessons of cynicism” — a “vapid and hollow charade” that replace important legal discussions with repetitive platitudes.
It is unclear whether Franken shares that sentiment about the hearings or was simply bored by the proceedings. Sen. Franken’s office did not return calls or e-mails seeking comment.
Sen. Franken’s office did not return calls or e-mails seeking comment.
They probably didn’t want to wake him.
Seriously, though, sleeping through a confirmation hearing is probably the best use of time. It seems like they are used for the opposition to posture and pontificate and show just how much they dislike “x” and love “y”.
“Congressional hearings” = US version of Kabuki Dance
From The New Yorker: ~ Money Ignorance
“The depth of our financial ignorance is startling. In recent years, Annamaria Lusardi, an economist at Dartmouth and the head of the Financial Literacy Center, has conducted extensive studies of what Americans know about finance. It’s depressing work. Almost half of those surveyed couldn’t answer two questions about inflation and interest rates correctly, and slightly more sophisticated topics baffle a majority of people. Many people don’t know the terms of their mortgage or the interest rate they’re paying. And, at a time when we’re borrowing more than ever, most Americans can’t explain what compound interest is.”
Money flows from the wallets of the ignorant to the wallets of the informed.
Especially when the “informed” are creating the information to their own specifications.
The noise is deafening. My friend who runs an REIC was laughing about what I know that he doesn’t follow.
Thank you generous HBBers for pointing my attention in the correct direction.
Mark Twain used to write favorable articles about mines when he was a newspaper reporter in Nevada. Often he could never find anything good to say about the quality of the ore taken out of the mine so he would instead concentrate on the quality of the lumber used for shoring, and how straight and true the shafts were dug, etc.
These articles were circulated about in the Eastern part of the U.S. where promoters would use them to tout mining shares to a gullible public. It’s probably true that more money has been made from selling shares for mining operations than has been made by actually mining the ore.
It’s probably true that more money has been made from selling shares for mining operations than has been made by actually mining the ore.
Amen! I speak from personal experience on this one.
The personal experience has been derived from many conversations with a longtime client. He deals in old stock certificates. (The hobby of collecting them is called scripophily, BTW.)
Any-hoo, he has quite an impressive array of old mining company certificates. Some of those shares sold for quite a bit in their day.
Especially when the “informed” are creating the information to their own specifications.
And also as the information gets so exceeding (and purposefully IMO) complex.
One practically needs a PhD to make any money investing these days.
One practically needs a PhD to make any money investing these days.
I guess I must practically have a PhD then.
Them that understands interest, gets it.
Them that don’t understands it, pays it.
HowMuchaMonth?
“When a man with money meets a man with experience, the man with the experience ends up with the money and the man with the money ends up with experience.”
– old adage
Very nice!
‘There are only two truly infinite things: the
universe and stupidity. And I am unsure
about the universe.’ - Albert Einstein
Here’s the list of what they teach in high school about general personal finances from paychecks to interest rates to loans:
1.
As you can see, it’s an onerous study load. I wonder why that is?
What percentage of Americans reasonably expect to pay much of the interest banks think they are entitled to?
Who is the ignorant one here? The dude who pulls out of the driveway towing his boat leaving his keys in the mail, or the economist tsk tsk tsking that they don’t understand how much interest they aren’t going to pay?
The depth of our financial ignorance is startling. In recent years, Annamaria Lusardi, an economist at Dartmouth and the head of the Financial Literacy Center, has conducted extensive studies of what Americans know about finance. It’s depressing work.
Yes, it’s amazing how ignorant people are; some of them actually don’t know that gold is money!
How much is Nouriel Roubini worth? Apparently only $1,850. That is, to a woman who bid for Dr. Doom at a NYC Bachelor’s Auction to raise money for charity. On the other hand a Chippendale male dancer garnered $3,500. And who said women don’t care about looks?
Bachelor Auctions Spur Giving
By: Natalie Erlich
Sex and the city has brought a new meaning to fundraising.
New York City’s most eligible bachelors, from famed economist Nouriel Roubini to bankers and CEOs, are being auctioned off in the name of charity, and possible love.
“People always want to give and at the same time they always want to find love,” said Willa Bernstein, founder of Manthropy, an organization that hosts bachelor date auctions.
Just last March, one New York woman bid $1,850 for Roubini, also known as Dr. Doom, a name he earned for being first to predict the housing bubble and his somewhat dour predictions since. At another event at the Hudson Terrace lounge, one entrepreneur generated the highest bid ever of $10,100. All proceeds went to the Redlight Children Campaign, an organization dedicated to promoting awareness of child sexploitation.
While the auction typically draws 1,200 people and raises some $100,000, the last event pulled just $80,000. The highest bid went to Chippendale’s dancer Billy Jeffrey for $3,500.
“The median bidder of this event is actually the S&P 500 if you look closely,” said Anupam Dalal, chair of the bachelor auction, a 38-year-old health care venture capitalist. “In June 2008, it was our best bidding year ever, but largely because we quantum-leaped ourselves in terms of package value. It should have been much better.”
On the other hand a Chippendale male dancer garnered $3,500. And who said women don’t care about looks?
Ummm, I’ve heard rumors that a lot of the Chippy-guys aren’t all that interested in women. Seems that they’re more interested in each other.
As for bachelor auctions, I’d have to be more than a bit sympathetic to anyone who I ended up winning. Poor guy would have to put up with Slim-a-tude. Not an easy thing to do, as I have an infinite supply of that substance.
“Slim-a-tude”?…….Surely you’re not saying that the typical American male might have some difficulty coping…….
Shocked am I.
Besides, I keep hearing about how much women like to have gay guys as friends, so the Chippie dancer should be ideal.
You need to do it now. They aren’t making any more male exotic dancers….
I have the same level of Slim-a-tude when I’m dealing with the gay fellas.
Face it, I’m feisty. Just call me ‘Tude.
With ya slim. For $3500 one would expect even Dr Doom to “put out”.
I’ve heard the same about “exotic” female dancers. I’ve wondered what goes on backstage…
it was our best bidding year ever, but largely because we quantum-leaped ourselves in terms of package value.
Is she implying what I think she’s implying? Did she inspect said packages to confirm their value?
I think I just hurt myself laughing!
“How much is Nouriel Roubini worth?”
How much are a pair of D-cups worth?
I woman at an office I visit occasionally bought the “updated girls”, and now she’s constantly invited to lunch, goes on several luxury vacations a year, knows the well connected businessmen, etc., so maybe they are worth the expense.
FWIW, they do look awesome.
Called my LL yesterday to tell him I had recieved 2 foreclosure documents, the second had a page listing the LL, his wife, the HOA, tennant 1 and 2 ( on page 1 me and my wife ) all owing $55 each in costs. I also informed him that it said he had not made a payment since Dec. 09 we signed our lease in Feb. 10 and he had recieved $8750.00 from me. He went into some spiel about trying to get a loan modification and “that`s the way you do it” and my wife has all the papers and that I shouldn`t have recieved anything and don`t worry it has nothing to do with you, I will have my wife call the bank and straighten it out. I then informed him I had an appointment with my lawyer on Thursday ( my brother in-law no cost ) to have him look at it and he had asked me to call him and ask what the story was. The guy about sh#t. If nothing else I`m gonna Fuque with this guy but looking on line I found this. Think I`ll bring it with me Thursday. Going back to work now so I can pay my bills.
TENANT’S RIGHTS AGAINST FORMER LANDLORD
Be sure to tell the former Landlord/owner that you expect the refund of your security deposit, less any rent you may still owe them. If you were forced out during a lease, you may have a valuable claim for the landlord’s breach of that lease along with fraud if they intended to lose the property but concealed that from you when you signed the lease. You may be allowed to remain under that lease but you may still have claims against that former landlord.
I know this is hard on you, jeff, but I, for one, really appreciate your posts about the situation. It’s real, anecdotal evidence of the fallout from the housing bubble and it is great to have it here on this blog.
Re: having to go to work to pay your bills: most folks who have to work don’t really have the time to mess with this stuff and it is a real drag. I don’t know how people do it. I have been trying for a couple of weeks to straighten out a situation between my bank and Verizon that was created by the debacle known as Check 21. Google it. I have been tossed back and forth between the bank and Verizon, each claiming they don’t have a copy of the check involved in the transaction. I’ve had to get my senator’s case worker division involved. I figure I’ve spent about 10 hours so far on the matter and right about now, I feel like the Michael Douglas character in the movie Falling Down.
“evidence of the fallout from the housing bubble”
Sadly, yes. Didn’t Michael have some sort of rocket launcher or something? See, this is where we spend much of lives:
IN DISPUTE!
Not sure how much more of it any of us are ’supposed’ to take? No offense but this is why I get such a chuckle out of the “free as a bird” posts that give every appearance that all that’s required is to a) Rent b) Short the mkt. c) own gold/lead and ‘all’ will be well?
He had a nifty bag o guns with a LAWs rocket anti tank weapon.
That’s right DinOR. It’s one of the REAL costs of goods and services that keeps prices high.
It’s also why the naive who complain about regulation don’t seem to understand that they exist for a reason. Because far too many businesses will take advantage of you as it is.
Palmetto, get on the phone and tell them to fix it now or your lawyer will and give them a deadline of, oh, 5 minutes. Seriously.
LOL, palm! I routinely refer to days like that as having “a Falling Down day.” Although, that movie started out great and then got seriously deranged.
I love how they got your names on the foreclosure documents as well.
It’s only because he has an interest in the property. It is proper to inform someone with a leasehold interest on the status of pending litigation.
MD
Wow, Jeff, sorry to hear this. Your turd of a LL deserves what he has coming. I hope you are able to get in a few months of free housing before you have to move on.
Keep us posted on what the lawyer says.
Why do YOU (as a tenant) owe $55?
Just remember Jeff, you can’t get blood from a turnip. Make sure the guy has attachable assets beyond the house he’s about to lose before you go to the expense of taking him to court.
At this point, all the landlord owes is security deposit. Jeff, you might be well served seeing about making sure he doesn’t owe you any money by using the SD in lieu of rent for a month or two while he gets this settled.
I’ve never personally met Jeff’s landlord, but I can assure you that he is definitely not a turnip.
jeff has no contract relationship with the lender. I don’t see how he and his wife can owe anything to them.
Yeah, I feel your pain. I’m in the fight (as we speak) to get a 2K security deposit back from my former LL (who’s now in foreclosure). Fortunately, FL has a nifty little law; if the deposit isn’t returned in 30 days, and there’s no “bill for repairs” furnished by the landlord (a reason for not returning the deposit) it (on the 31st day) becomes a non-issue; you could have burned the house down and the LL would have no claim to your deposit. Basically, a judgment is totally automatic at that point. I’m going to go through the process (tomorrow) and let the LL know that there’s no argument about it anymore, he just owes me the money. Then I’ll probably file suit and get a claim. And then…. I’ll be in line behind everyone else this guy owes money to..
Wonderful.
Localy (Maryland) ISTR that Damage deposits are supposed to be put in an interest bearing account.
Same with Illinois. While I suspect that solves a lot of problems, it probably doesn’t take care of all the skunks.
Thankfully, my new place in AZ, if I follow through (depends on how it looks in person,) has 0 security deposit and application fees. Same with my last rental.
Wow Jeff! At this point, I wouldn’t worry about what you might be able to get out of him expect the security deposit.
In the meantime CYA with tank armor! (I know you are)
Jeff:
A lease works both ways whoever breaks it owes the other party all out of pocket costs.
So the LL would owe you at least the security plus moving expenses, and maybe something for the aggravation.
You might consider stopping all rent payments to recoup your security deposit and compensate you for the trouble he’s putting you through.
If he has the kahonies to file an eviction against you, you can regroup later. I suspect it will be a non issue until the house is sold on the courthouse steps.
At that point, you could discuss continuing to rent, but the bank or a flipper is just going to want you gone so hit the road.
MD
Before coffee…
Monsanto quarterly profit falls 45 percent:
Missouri (Reuters) - Global seed leader Monsanto Co (MON.N) reported a 45 percent drop in quarterly net income as pricing of its Roundup herbicide products slid.
Yay! That company is evil.
You all must have seen “The Future Of Food”. (HULU has the 1.5 hr Documentary currently.)
IIUC Roundup went “off patent” this year. Lots of 3rd parties now selling herbicide with the same active ingredient.
I’m not sure that’s a good thing or not. Monsanto may not have exclusive Roundup anymore, but they still control all the seed companies that are resistant to Roundup.
And plants will become resistant to roundup just as bacteria became resistant to penicillan. Cue the next round of bio-engineering.
At least a few are starting to note, that the really stinky sh!t has yet to hit the fan.
Fiscal 2011 could be hardest yet for states.
WASHINGTON (Reuters) - U.S. states in fiscal 2011 could be facing the worst budget situation since the recession began in 2007, according to a think-tank report released on Tuesday.
States’ cumulative budget shortfall “will likely reach $140 billion in the coming year, the largest shortfall yet in a string of huge annual gaps that date back to the beginning of the recession,” said the Center on Budget and Policy Priorities.
Fiscal 2011 begins on Thursday for most states, which have turned to another round of cuts and tax increases to try to wipe out the gap. All states with the exception of Vermont must balance their budgets.
An estimated 10,000 families in Arizona will lose eligibility for temporary cash assistance and 284 workers who help low-income families enroll in assistance programs such as food stamps will be let go in Georgia, according to the report. The report also found many states are cutting public school funding and money for higher education.
Meanwhile, Kansas, New Mexico, Arizona, and Colorado are raising their sales taxes.
I am fairly certain that fiscal 2012 will be the hardest year, with no real recovery for some years after.
Meanwhile, Kansas, New Mexico, Arizona, and Colorado are raising their sales taxes.
Last time I checked there was no “state” sales tax in Colorado. We do have county and municipal sales tax. Because of this most locales chose to “De-Bruce” the local sales tax collections and exempt them from TABOR limits. This only applies to the aggregate amounts collected, not the actual rate. To raise the sales tax rate the voters would have to approve it, and fat chance of that happening.
Kansas had a 3.5% sales tax rate for years, state-wide.
Local rate is currently almost 8%, with all the county/city taxes added. And don’t get me started about property tax on motor vehicles.
Visitors comment about all the old cars still running around here; there’s a reason for that, and it has nothing to do with liking old cars.
Some cities in the KC area will go up to almost 10% on July 1.
Good thing I’m still hiding in the bunker and trying to hoard cash; that kind of rate might affect my spending habits.
“Meanwhile, Kansas, New Mexico, Arizona, and Colorado are raising their sales taxes.”
“Some cities in the KC area will go up to almost 10% on July 1.”
The passage of Proposition 100 in Arizona (”Won’t someone please think of the children!) recently added 1% to the general state sales tax, which is added to the county and city taxes. The current sales tax in El Mirage, AZ is now a whopping 10.3% In other Phoenix suburbs, basically between 9% and 10%. Fun stuff.
Of course, houses are 70% cheaper than 5 years ago. So that is a plus. Of course, no one saw that coming.
The passage of Proposition 100 in Arizona (”Won’t someone please think of the children!) recently added 1% to the general state sales tax, which is added to the county and city taxes. The current sales tax in El Mirage, AZ is now a whopping 10.3% In other Phoenix suburbs, basically between 9% and 10%. Fun stuff.
In Tucson, it’s up to 9.1%, and the city’s looking at putting its own sales tax hike on the November ballot.
BTW, Yours Truly voted against 100. Not because of having anything against kids and schools, but because I think sales taxes are regressive. They hit the middle class and the poor especially hard, and those are the groups that have borne the brunt of this Great Recession.
Every time I contemplate buying a new car, I think of the mainteance I could do to my existing car for just the amount of the sales tax and other gubmint fees on a new one.
I can’t be the only one refusing to stimulate the new car industry for these reasons.
MD
AnonyRuss,
Hope you caught that little dig on The Onion?
“For the Love of GOD! ( Can we please stop using our damned children’s children as an excuse to implement new Taxes! )”
What I lovez about the Housing Boom:
Ran into the neighbor last night and he told me he learned at a local golf tourn. that our former neighbor’s co. ( Hollywood Video ) had gone belly-up and that they’ll be leaving our ‘lovely’ area for the friendly confines of Omaha, NE!
He’ll be working for WalMart. Can’t think of a more fitting end. It’ll be interesting to watch their soon to be empty trophy/upscale home ‘continue’ to languish on the market as the realtwhore gangs the Price Reduced signs one beneath the other.
“our former neighbor’s company”
You mean the guy actually owned the company, or was senior VP?
He didn’t just work at the counter checking out old copies of Barney the Dinosaur?
That said, I wonder if they really did what I’ve been advocating for years: put away a couple hundred thou. If all else fails, sell everything, move to flyover country, buy house with cash, work $15/hr low-level life. Pretty noble if you ask me.
‘His’ description was that he was “in the ‘creative content’ department” ( whatever ‘that’ means? ) Certainly fancied himself a bigwig though.
The wife is a physical therapist so no doubt she could find work in Antarctica. Mark Wattles owned the company and it really ‘was’ a great success story starting w/ (1) M & P video store. But Mark turned into a total flake and didn’t prepare the co. for the transition Netflix and others made so well.
What concerns me is.., the wake of destruction they’ll have left behind. How much of a stigma could it be when you’ve left yet another walk-away in a distant town behind you? If anything, they’ll do nothing but garner sympathy.
‘His’ description was that he was “in the ‘creative content’ department” ( whatever ‘that’ means? ) Certainly fancied himself a bigwig though.
He probably wrote promotional copy for the videos. Or something like that.
And, I hate to keep on thumping this tub, but the creative jobs are becoming freelance. Which means that if you fancy yourself as a creative type, you’d better develop a good set of business skills to go along with your creativity. Especially sales skills. You’ll be doing a lot of selling, trust me on that.
My brother refuses to do that. He’s a newspaper photographer, damnit, and he’s going to work for a newspaper. Too bad the only job he could find is in a town of 9,000 in the middle of nowhere, so you can imagine their circulation (and hence his salary). That’s OK, he blew his inheritence from dad on a brand new Harley Davidson Fatboy.
“He probably wrote promotional copy for the videos”
BINGO! ( That ‘must’ have been it ) When he, and he was nobody’s fool let me tell ya’, did the “write up” for his self-marketed dream home it was like “You’d be a FOOL not to buy this house!” LOL.
Superlatives at every turn. Clever phrases and such to spur the reader into believing they were buying in to Bali? ( Where Heaven meets the Earth? ) Dude, it’s just’a fricken -house- otay?
My brother refuses to do that. He’s a newspaper photographer, damnit, and he’s going to work for a newspaper.
Oh, for pete’s sake! I’m also a photographer.
Wish I could make a fulltime living at it, but have you ever seen a field where there’s a substantial capital investment, but the expected earnings are modest at best? That’s photography.
Sure, I’d love to indulge my fantasy of shooting concerts, festivals, and other events, but ya know what? So would a lot of other people. And quite a few of them do it for free. Which pretty well kills the incomes of the rest of us.
I’ve had the most success in integrating photography into my design projects, and that’s okay with me. I’ve made pretty good money on those hybrid projects.
Oh, one more thing — here’s a little joke for y’all:
Q: What’s the difference between a photographer and a large pizza?
A. A large pizza can feed a family of four.
Slim, I believe you’re a graphic designer such as I am, and it’s worthy pointing out here that our industry these days is dominated by stock photography, layouts, templates, etc., that are produced in Eastern Europe, India, etc., for literally pennies. And often, what’s not stock (i.e., catalog shots) is done by the owner’s nephew for school credit with his Digital Rebel.
Thank God they still need people to customize the stuff, but unless someone’s a really high-end photographer or illustrator (probably about 5-10% of the biz, I would guess), the digital age has slammed them hard.
Debt:
I think the only reason now to go to graphic/ web design school is to work on your own website …and your own e-commerce site. And use that maybe to get freelance jobs
I applied for a grant to do just that …should know in a few weeks
Hollywood Video is closing up here in Boise too. About 4 of 5 stores just closed, and the remainder are selling off their rental inventory. I got a Criterion copy of Kurosawa’s Hidden Fortress for $3, but nothing else interested me. It’s a real shock to discover how much dreck has been released to DVD over the last decade.
Hollywood Video and Blockbuster are toast. PayPerView finally became competitive and Netflix and Rebox were the final nails in the coffin.
The Internet being the coffin.
Mom and pop rental shop will survive. They simply don’t have the overhead that HV and BB have.
But in a lot of neighborhoods, my present one included, there’s no “mom and pop” anything — restaurants, video stores; nada!
BP oil spill a gusher for lawyers. Gee, no one could have seen that coming.
http://www.reuters.com/article/idUSTRE65T2MZ20100630?type=domesticNews
they are not the only ones.
http://theinternationalforecaster.com/International_Forecaster_Weekly/The_Secrets_of_Liquidity
“Goldman Sachs wasn’t alone either in its astute “foreknowledge” of the collapse of BP’s stock value due to the Gulf disaster as BP’s own chief executive, Tony Hayward, sold about one-third of his shares weeks before this catastrophe began unfolding too.
But according to this FSB report the largest seller of BP stock in the weeks before this disaster occurred was the American investment company known as Vanguard who through two of their financial arms (Vanguard Windsor II Investor and Vanguard Windsor Investor) unloaded over 1.5 million shares of BP stock saving their investors hundreds of millions of dollars, chief among them President Obama.
For though little known by the American people, their President Obama holds all of his wealth in just two Vanguard funds, Vanguard 500 Index Fund where he has 3 accounts and the Vanguard FTSE Social Index Fund where he holds another 3 accounts, all six of which the FSB estimates will earn Obama nearly $8.5 million a year and which over 10 years will equal the staggering sum of $85 million.
The FSB further estimates in this report that through Obama’s 3 accounts in the Vanguard 500 Index Fund he stands to make another $100 million over the next 10 years as their largest stock holding is in the energy giant Exxon Mobil they believe will eventually acquire BP and all of their assets for what will be essentially a “rock bottom” price and which very predictably BP has hired Goldman Sachs to advise them on.
Important to note is that none of this wealth Obama, Goldman Sachs, and other American elites is acquiring would be possible without this disaster, all of whom, as the evidence shows, “somehow” knew what was going to happen before it actually did, including the US energy giant Halliburton who 2 weeks prior to this disaster just happened to purchase the World’s largest oil disaster service company Boots & Coots”.
So, looks like Barack and I have something in common. I’m a big fan of Vanguard too.
I like Vangaurd too! And seeing Barack in index funds in there at least means he’s not likely to be favoring one industry over common sense.
or it could be that index is the only thing he can buy which isn’t a conflict of interest.
I wonder if presidents have to do that kind of thing. I know a few have had serious ties to the oil industry.
Me too! Vanguard index funds rock!
Vanguard index funds rock!
Sure, if “rock” means a median annual return of about 3% for the past decade. I prefer gold.
Perhaps, but isn’t capital preservation the name of the game right now? Vanguard is one of the few fund families with very low expense ratios. It shows BO is actually a bit more sophisticated than some give him credit.
By the way, where is Professor Bear, I miss his commentary? One of his last comments was to advise us all to sell on any rallies.
MD
By the way, where is Professor Bear, I miss his commentary?
He’s still here, under the names of “Cantankerous Intellectual Bomb-Thrower” and “Green Shoots”.
Have you seen the following? Cities with the largest % of underwater mortgages. Obviously, some home are paid for and not incuded in these numbers - but these %’s are scary. It would be good to know if what % are less than 20% underwater (my guess as to where people consider walking away).
http://www.cnbc.com/id/33962953/?slide=16
It just advances to the next or previous slide show. User interface fail.
Las Vegas is #1, that’s all I was able to determine.
Confused me for a while, too. Advance to the multiple slide show page, then advance again- that gets you onto the first page of the right slide show, for some reason.
Great, we’re #1 if you consider the # of homes that are negative equity.
5. Phoenix-Mesa-Scottsdale, Ariz.
% of Homes with negative equity: 63.5%
Homes with negative equity: 470,923
Zillow Home Value Index: $148,501
Year-over-year change: -22.2%
Last time market was at current levels: Jul 2003
Change from market peak: -47.2%
Is it true you can buy citizenship in Canada? Who has the money & desire to wanna do that?
India Loses to China in Africa-to-Kazakhstan-to-Venezuela Oil:
(Bloomberg) June 30
By Rakteem Katakey and John Duce
‘Political Game’
“India’s search for energy has to become a more intense political game, rather than one based entirely on economics,” said Abheek Barua, an economist at the Mumbai-based HDFC Bank Ltd. “China has virtually already taken over Africa.”
China has promised billions of dollars in aid, investment and loans to Africa, producer of one-eighth of the world’s crude oil, in exchange for energy supplies.
“The financial firepower that the Chinese companies have is a factor,” Tom Deegan, Hong Kong-based head of energy and infrastructure at lawyers Simmons & Simmons, said. “They have access to capital and finance through Chinese banks which have the liquidity
“There’s a market consensus that perhaps Sinopec overpaid for its stake in oil sands project in Canada, but this is made on the assumption that oil prices” were around $80 a barrel at the time, DBS Vickers’s Lo said. “The company may be assuming that oil prices will rise to over $100 a barrel and this purchase may turn out to be a bargain.”
Oil has tripled in the past 10 years.
“Is it true you can buy citizenship in Canada?”
Why yes! You can! It’s called … marriage!
What’s the going rate in yuan’s?
Money, and lot’s of it, is usually the key to becoming a citizen in other countries… unlike here.
Canada has more economic freedom than the United States, according to the Heritage Foundation.
Canada has more economic freedom than the United States, according to the Heritage Foundation.
Probably so, and the US is definitely heading in the wrong direction.
I’m in Calgary, Ablerta right now at a conference. This is a lovely place with friendly people and I could see where someone would be willing to pay for citizenship here.
An article in the paper here today states that the only market activity they’re getting in homes over 2.5 million or so in Vancouver is from Chinese citizens.
Alberta* This local brew is causing me to butcher the Queen’s English.
Enjoy our Canada Day celebrations Mark. If you’re still here in another 9 days you can partake in the famous (or infamous!) Calgary Stampede!
I’m in Calgary, Ablerta right now at a conference. This is a lovely place with friendly people and I could see where someone would be willing to pay for citizenship here.
Sure, but first try visiting in the winter. Brrr!
“I’m in Calgary, Ablerta right now at a conference. This is a lovely place with friendly people and I could see where someone would be willing to pay for citizenship here.
Sure, but first try visiting in the winter. Brrr!”
And so is the reason for the birth of the Canadian Snowbird :;
real estate agents, they never change do they?
I saw an add on CL for ‘foreclosure listings’ in the area I am interested in. I provided my email but gave a fake phone number, and put in some parameters I was looking for.
Lo and behold I received an email with MLS houses in my price range. Good start. Of course there were 300 requests for me to CALL them so they could setup my client profile yada yada.
Then I started looking more closely at the houses in the list. They were either for sale or short sale, not a true foreclosure in the bunch. Yet his website and email plainly stated they were foreclosure experts and had all the inside information on foreclosures.
This happened to me back in 2007 (shame on me), when I signed up for foreclosure information and was only pelted with ‘value houses’ for sale. Nary a real foreclosure/auction in the bunch. Shiesters the lot of ‘em.
“not a true foreclosure in the bunch”
You might be looking for a REO, a bank-owned house. I would imagine that most short sale listings are in pre-foreclosure (lis pendens filed), waiting for a court date, or headed in the foreclosure direction. Any of those may be considered “foreclosures”.
Garbage in/garbage out as far as those CR lists are concerned. Better to either do your own research, or ask an agent to run a MLS search using words such as “as is”, “foreclosure”, “lis pendens”, “no disclosure/survey”, “short sale”, “bank owned”, and “REO” along with whatever other parameters you’re seeking.
rusty,
We’re targeting foreclosures too. Realty Trac is an option for you. The only cavaet is getting the monthly charge terminated, when you’re done w/ them. Their 7-day trial requires your cc #. The Trulia message board on RT was an eye opener.
I tried letters to the REO Depts, with no responses (and we’re a 1 check deal). I periodically see Foreclosures on Realtor dot com (which is the MLS), and they are pricecy. I haven’t found a way in yet. I am going to hang my license so I can meet people in the reic.
pricecy=pricey
I’ve been eyeballing RT as well. Seems their prices have gone up since 2007 (if memory serves it was 40 a month, now 60 a month).
I’d like to use it to track where my current rental we are in is in the process.
What i was hoping for were true foreclosures that we could pay cash for in a heartbeat, and not have to fight through the short-sale months long wait nightmare.
I’ll try to find that trulia link about RT, nothing gets me more upset than getting charged fees that I have tried to cancel, that just feels like being robbed at that point.
I tried RT back in 06-07ish. The local county deeds office has online public access. That’s where I got all my info for free. Not sure about your area\county. FYI, what is often referred to as NOD I had to dig to find. It was referred to as “Order of Notice”.
Good luck.
WantsOut & rusty
I noticed the County Recorder’s offices are starting to charge for online access, and it wasn’t inexpensive, either. The other option is to use the services of a Title Rep with the reciprocation of using them in your purchase (and follow through, so the next guy gets the service). IIRC, the CRO online access for my area (So Ca) was $400/yr, which is pricey to me.
$400 Ouch. Guess I should be thankful. FYI, when I spoke with a rep from RT about renewing I mentioned that I was disappointed that a lot of the data was outdated. I was told that it varied by region. It’s been 3 years so I’m not sure if that’s still the case.
Well, the house in which we squatted finally sold at auction to an investor, and the young couple that took over our squat got a 3 day notice to quit posted on the door.
That makes it 20 months from last payment to sale at auction.
Whoa, dude, do tell. I guess I haven’t been following your story, but what happened? Were you squatting as a former renter, or were you a buyer who decided to do a strategic default and quit paying? I have a buddy who has stopped paying his mortgage.
dude, we are going to follow in your footsteps!
Good luck Rusty, it worked out really well for us, and we even were able to help out that other young family.
My LL stopped paying in Nov. of ‘08. We had lived there 18 months at the time. She told us that since they weren’t paying the bank it was fair that we shouldn’t pay them either.
We lived there rent free until Dec. ‘09, when we moved into our newly purchased house. We still have stuff in storage at the rental, and some friends moved out of the parents’ house to live in country club comfort whilst awaiting foreclosure.
The bank was Wachovia, and the default was most definitely strategic. I actually think the LL might end up with a deficiency judgement because they have assets and there was a refi.
The investment company that bought the property is playing hardball right off the bat. This inclines me to screw with them as much as I can legally. I’ve seen websites offering to delay evictions up to 2 years. Should I teach them a lesson?
Thanks for clarifying. You had me seriously worried about you for a moment there…
No problema, thanks for caring. My current mortgage is less than 2 years salary and I could pay it off out of savings. I won’t though because my crystal ball tells me we have stagflation in our future.
Why, just negotiate a deal with them to leave. They’ll pay your moving expenses if you want to really show your butt.
Life is too short, they bought the house and are entitled to possession.
Mark
We’re hoping to squeeze 3 free months or more out of our house starting Aug 1. if we do that, the move $$ will be covered and I won’t have to lift much of a finger. (I have moved so much I know pretty much when I pick a box up I know what came out of it.)
We are not 100% certain when the clock started ticking at the bank, the LL isn’t telling us when they officially stopped paying them. If we squeeze 18 months out, we’d be set for a pretty long time, and have a leg up on fully paying cash for something at that point.
Dude, what was your signal to get out? You just found a house you wanted, or was there something that set you off?
We found the right deal. The NOD was issued coincidently shortly after the new squatters took over, and they stayed based on my experience that it was taking properties up to 8 months to go to the trustees sale after NOD. Based on that I’d say you have no worries AT ALL until the NOD is published, that’s when I’d start looking unless you find the perfect prop before then.
Where do we watch for the NOD? Would it be worth ponying up for realtytrac, or is this something we can find at the tax office, or does it appear on the front door, mailbox?
It varied by locale, but the NOD normally gets posted on your door, as well as copies in the mail to “resident” and the name on title. foreclosure dot com lists them by zipcode as well. I wouldn’t say it is necessary to subscribe, you should get plenty of notice.
Ok thanks for the reply. I was just now scouring realtytrac to see if our house is on there. Ours is not, but a very interesting one is that we’ll go scout this weekend
It is probably too massive to pay to cool in Florida, but may be fun to daydream of lowballing the bank on it.
Wait — I thought you bought a while back. Your post suggests you decided 20 months back to stop making payments — not that there is anything wrong with that…
Your post suggests you decided 20 months back to stop making payments
I think that dude’s LL stopped paying 20 months back. So he/she/it got free rent from Nov ‘08 to Dev ‘09, when he/she/it bought.
I’m in awe and pisssssed my landlord owns his house free and clear so I have to pay him on the 3rd every month……why am i so unlucky?
I’m shocked by your awe.
Correct drumminj.
Re: this question from yesterday:
What’s the difference between a large corporation and government?
The main answer is - the government can force you to do things (or not do things), enforced by law under pain of jail or fine, whereas a corporation cannot.
Directly at least. Corporations of course can exert their power on the government to enact legislation to get things from you (e.g. subsidies as paid for by your tax money), but they have to use the government to do this; they can’t do it directly. Verizon, Exxon, Apple, etc. can’t send me to jail if I don’t pay them money. Governments however don’t need corporations to do the same, they can do it directly. They can send me to jail if I don’t pay them money.
That’s why government power is so much more dangerous than corporate power. Corporations are dependent on government for their power, but not vice versa.
P.S. The same is true of non-corporate entities as well - they can exert their power over government to get what they want too. E.g. not all big political donors are corporate.
P.P.S. The line is blurred somewhat by public utilities. In some case the utilities may technically be corporations but with the power to (in essence) force you to pay them money if they have say a monopoly position on your water supply, power supply, etc. In many cases the utility is actually run by the government (e.g. in my case the city is our water company, and our trash company). Though at least in this case the option exists to move to a different city.
Technically I suppose even at a state and federal level you do have a choice of whether or not to pay taxes - you can simply not work and therefore not pay taxes. Or you could move out of the country. Not really much of a choice though.
So basically the answer is “cops”.
What’s the difference between a large corporation and government?
The main answer is - the government can force you to do things (or not do things), enforced by law under pain of jail or fine, whereas a corporation cannot.
That is correct. You would think that everyone would know that, but apparently they don’t. Possibly the government-run schools have something to do with that.
I have been looking for a cabin or a cabin lot near Hendesonville, NC. The prices are dropping but the “cabins” that folks have built in the last 10 years are monstrous with 3 bedrooms and 2 baths. Yuk. They evidently did not build any small ones.
And the folks who built a smaller cabin probably are not going into foreclosure.
Yeah we’re all so grandiose now doncha know. “We need our space!”
Went to visit my girlfriends parents new “cabin” not far from Hendersonville in the SC mountains two weeks ago. We both laughed because we were made to take off our shoes and our dog was not allowed inside because of the hardwood floors. The “cabin” is a two-story, 3bd/2ba complete with faux granite countertops. What a joke! The people in hendersonville are among the nicest of anywhere I have been.
“Grandiose” is the key. It is difficult to understand. That is why I read the blog so much. We read about people who appear to be a different species. Borrow and borrow to get something bigger and more expensive than the next person.
And now when it crashes, they want a bailout. And our Government gives it to them. At least our local Member of the House of Representatives, Ingliss, was defeated in the primary. He voted for the bailout and then ran as a conservative. No shame on his part.
One in 8 Hawaii home sales in foreclosure.
Pacific Business News (Honolulu)
More than 12 percent of all home sales in Hawaii during the first quarter of 2010 were foreclosure sales, according to a new report.
There were 424 sales of homes that were actively in some stage of foreclosure or bank-owned during the first three months of the year, according to the report by Irvine, Calif.-based RealtyTrac.
It was a 94 percent increase over the first quarter of 2009, but relatively flat when compared with the last quarter of 2009.
The average sale price of those foreclosure homes in Hawaii was $426,911, a 15 percent discount off market-priced homes, according to RealtyTrac.
Only took 70 days, now that’s really being “on it” since day one!
US accepts international assistance in dealing with massive oil spill in Gulf of Mexico
WASHINGTON (AP) — The United States is accepting help from 12 countries and international organizations in dealing with the massive oil spill in the Gulf of Mexico.
The State Department said in a statement Tuesday that the U.S. is working out the particulars of the help that’s been accepted.
The identities of all 12 countries and international organizations were not immediately announced. One country was cited in the State Department statement — Japan, which is providing two high-speed skimmers and fire containment boom.
More than 30 countries and international organizations have offered to help with the spill. The State Department hasn’t indicated why some offers have been accepted and others have not.
Too bad those ships aren’t crewed by illegal Mexican immigrants.
If they were, they would have permission to start working 4 hours after the explosion.
Pffftt! ( How true )
I know a research vessel & equipment from where I volunteer has been there collecting data - it’s a nonprofit & Ca. based.
Why isn’t the “A-Whale” in the Gulf yet? by Hot Aire
The “A-Whale” bills itself as the largest open-water oil skimmer in the world, and it’s at least very impressive. Originally an oil and ore tanker, the ship’s owners recently refitted the ship to do exactly the kind of work that the US so desperately needs in the Gulf of Mexico, and to do it on a vastly larger scale than current operations can handle.
According to the ship’s project manager, the entire American effort in 66 days has skimmed off 600,000 barrels of oil. The ship’s owners claim that A-Whale can skim 500,000 barrels a day.
Why isn’t it in the Gulf yet ??? I think I know but do you?
Clue us in please, Sherlock!
test
OK.
1. What’s pi taken out to 15 decimal places?
2. Give a brief summary of the relationship of Keynesian and Austrian economic theories.
3. If Joe leaves Detroit at 60mph going south, and Bill leaves Chicago at 30mph going north, how much will Sandra be able to buy Joe’s walkaway house for?
Extra Credit:
What will be the value BP stock (if still listed) on Sep 1, 2010?
(if you get this right, and I make money on it - dinner’s on me)
Extra Credit:
What will be the value BP stock (if still listed) on Sep 1, 2010?
(if you get this right, and I make money on it - dinner’s on me)
Pi (in Zimbawbwean dollars) expressed to 15 decimal places?
1. 3.141592653589793…
What is Joe-The-Plumber’s current occupation & where?
Obama Mocked Commissions, Then Established Four.
CBS News
President Obama’s National Commission on Fiscal Responsibility and Reform is meeting today as part of its efforts to craft recommendations by December on how best to address America’s red-ink problem.
Mr. Obama established the commission in February, saying debt and deficits can “hobble our economy” and “saddle every child in America with an intolerable burden.”
Yet the president’s decision to establish a commission to address a problem he described as potentially catastrophic seems odd in light of his earlier criticism of commissions in general. As Ari Shapiro noted on National Public Radio today, the president mocked the notion of commissions to address problems back when he was a candidate.
Here’s Mr. Obama on September 18, 2008, not long after the economic collapse:
“Senator McCain’s first answer to this economic crisis was - get ready for it - a commission. That’s Washington-speak for ‘we’ll get back to you later.’”
BMW May Invest $1 Billion in Mexican Auto Parts, Minister Says.
Bayerische Motoren Werke AG, the world’s largest maker of luxury cars, may invest more than $1 billion in Mexico to prepare local auto-parts companies to boost supplies to its U.S. plants, Mexican Economy Minister Gerardo Ruiz Mateos said.
“They want to increase the production of auto parts here in Mexico,” Ruiz Mateos said in an interview in Bloomberg’s Mexico City office yesterday. He said he’s going to Germany in the coming weeks to discuss the project with BMW.
BMW is purchasing more supplies outside Germany as part of a goal to lower costs by more than 4 billion euros ($4.9 billion) by 2012 and to reduce the impact of foreign currency swings on earnings. By buying parts in Asia and North America, the company will cut currency risk by 1 billion euros by 2012, Herbert Diess, BMW’s purchasing and logistics chief, said in a May 4 interview.
For Mexico, the BMW initiative would help President Felipe Calderon’s plan to increase foreign investment at a time when the country’s share of North American auto production may rise at a quicker pace as U.S. automakers seek lower labor costs.
Get ready for BMW’s quality to get even worse than it already is.
When VW did this the results were disastrous.
Yes - I can personally vouch for this, owning a VW made in Mexico. It’s a total POS.
(Purchased before I knew about such things, stupidly)
+2. Former VW owner… bought it brand new($20000) and it was the biggest piece of $hit I’ve ever spent money on. I can’t imagine how horrible Eurotrash like Vulvas, BMW’s, audi’s are. And at 3x the price of a corolla, civic, etc.
People Are Stupid.
Well that’s why you should lease a BMW. Even though you may have downtime for repairs, the cost of the repairs are on them. They pay for all maintenance the first few years.
This year I will be done with my $500 per month time share payments and entertained the idea of leasing a luxury car at $500 per month. But I’m going to be a tightwad a few more years and keep my only car. Besides, I don’t think the car I want will be anywhere near $500. Probably at least $800, then at that point it’s certainly not worth it.
This year I will be done with my $500 per month time share payments and entertained the idea of leasing a luxury car at $500 per month. But I’m going to be a tightwad a few more years and keep my only car. Besides, I don’t think the car I want will be anywhere near $500. Probably at least $800, then at that point it’s certainly not worth it.
You could probably lease an Acura TL for about that much. They are REALLY good cars: fast, luxurious, and reliable.
BILA, just a suggestion that will not cause you any regret:
By the cleanest ‘06 GTO you can find. No better car for the money on this planet.
Sorry, But House Prices Are Still Too High And They’re Going To Fall.
Jun 30, 2010 Henry Blodget in Investing, Housing.
We’re on our way to a second leg down in housing prices, says Barry Ritholtz, writer of The Big Picture a founder of investment research firm Fusion IQ. Why?
In short, because house prices are still too high.
Even after a plunge of more than 30% from the 2007 peak to the 2009 trough, house prices still did not fall to their long-term “fair value” level relative to incomes and rents of the past century. Over the next year or so, Ritholtz expects prices will resume their fall and drop at least another 10% before bottoming.
What are the factors that will continue to drive prices down? Mainly, an ongoing imbalance of supply and demand.
Basically, we still have way too many houses for the current level of demand. It’s true that houses are more “affordable” than they have been for decades, but many of the folks who might be interested in buying houses have lost their jobs or are working off huge debt loads accumulated in the past. And that means that they’re not queuing up to buy still-over-priced houses again.
Normally, after a bubble, prices not only return to the mean but crash right through it, and Ritholtz thinks that that may be possible again this time.
Basically, we still have way too many houses for the current level of demand. It’s true that houses are more “affordable” than they have been for decades, but many of the folks who might be interested in buying houses have lost their jobs or are working off huge debt loads accumulated in the past. And that means that they’re not queuing up to buy still-over-priced houses again.
Uh-oh! The O-word’s starting to leak into the MSM.
(O-word = overpriced)
In my Phoenix neighborhood I still have yet to see house prices fall below the 2002 level. The MSM has been saying Phoenix prices are rock bottom for months. That’s a big lie! Another 25% drop is what I expect the next few years in Phoenix for the typical house price.
“Normally, after a bubble, prices not only return to the mean but crash right through it, and Ritholtz thinks that that may be possible again this time.”
After watching the stock market, which by its centralized clearing mechanism should be far easier to prop up, crash hard today on the last day of the first half, I see no reason the decentralized housing market cannot follow suit going forward with a lag. The stock market adjusts much more quickly to emergent economic news than does the housing market, and the news at the moment is not pretty.
Futures down 50 for tomorrow too.
Doh.
If for no other reason they should overshoot because of these two words:
Property Taxes
Don’t think so? Give it some time.
This is just how retarded the folks running the show are. This ship should be put to work right away!
Super skimmer stops in Virginia while waiting for clearance to work in Gulf.
With no assurances it will be allowed to join the Gulf of Mexico oil spill cleanup, a Taiwanese-owned ship billed as the world’s largest skimming vessel was preparing to sail Friday evening to the scene of the Deepwater Horizon disaster.
The ship—the length of 3 1/2 football fields and 10 stories high—is designed to collect up to 500,000 barrels of oily water a day through 12 vents on either side of its bow. It docked in Norfolk en route to the Gulf from Portugal, where it was retrofitted to skim the seas. The ship and its crew of 32 were to leave Virginia waters Friday evening.
The owners of the “A Whale” said the ship features a new skimming approach that has never been attempted on such a large scale. They are anxious to put it to its first test in the Gulf.
“We really have to start showing people what we can do,“ said Bob Grantham, project coordinator for TMT Group, a Taiwan-based shipping company.
The company is still negotiating with the Coast Guard to join the cleanup and does not have a contract with BP to perform cleanup work. The company also needs environmental approval and waiver of a nearly century-old law aimed at protecting U.S. shipping interests.
*Environmental Protection Agency approval is required because some of the seawater returned to the Gulf would have traces of oil.
Good luck dealing with the EPA, whose motto should be:
“Better Than it Was, is the Mortal Enemy of Perfect”
“Good luck dealing with the EPA”
What does EPA stand for?
Environmental Protection Agency or Elitist Pile of A$$holes?
The company also needs environmental approval and waiver of a nearly century-old law aimed at protecting U.S. shipping interests.
So when are all those clamoring for more government regulation going to take responsibility for this kind of nonsense?
This is a GOP talking point about the Jones Act which state foreign vessels can’t operate within 3 miles of the coast without a waiver. The coast guard has said no waivers have been requested from anyone and because these vessels work beyond the 3 mile zone that it’s a non-issue.
Typical and so predictable of the goBP….. manufacture a frankenstein and stand back and act indignant when it blows up in their fat ugly faces.
Random observations for the blog….
The wife wanted to go to a hotel this weekend. Made reservations for this weekend. Was looking at places in Anaheim. Less than a week before July 4th and you could easily get a room in one of the resort hotels. Major holiday weekend and easy availability.
My brother, of working as a contractor for next 3-6 months fame and just got money for a used car from mom fame, is going on a cross country trip from Sacramento to Detroit. I believe his wife intends not to return from Michigan. He has no savings. Was in deep trouble after being on unemployment for 3+ months. Anyhow, he got mad at me when I told him to call off the trip. Nuts eh?
Spent the weekend with some cousins. I get along with one of them who is a nurse. Talking about health-care. She mentioned that prisoners in the California system get Cadillac coverage. Basically they get what ever treatment they need along with name brand only drugs for what ever problem they have. So, you get people with AIDS, meth addiction, opiate addiction getting painkillers and what ever other drugs you can think of.
A nurse working at the prison doesn’t have access the cancer drugs she needs but the prisoners could never be so denied. Plenty of abuse of the system with prescription drugs. Try to do ANYTHING about this and the stupid ass monkeys from the ACLU are all over you. The people from the ACLU need to be taken out and beaten.
She also noted that her insured cost for giving birth, natural with no complications was higher cost than similar care for people with no coverage that end up on mediCAL.
At this point she supports a single payer system. I disagree with the system but it’s clearly FUBAR. Unfixable.
Last I talked with him, a nearby neighbor was working as a nurse at the Pima County Hilton. Biggest bunch of whiners he ever had the misfortune of treating. Even worse than the ER patients he dealt with in his previous job.
However, this guy has a military background, and if you’ve ever encountered one of them in a military setting, you know that they do not put up with any guff. They’re officers, and you do what they say.
Dang James. I’ll have a beer in your honor.
How Far Underwater Do Borrowers Sink Before Walking Away?
A: Much deeper than I would have guessed.
(no www) blogs wsj com/developments/2010/06/28/how-far-underwater-do-borrowers-sink-before-walking-away/
Uncle Sugar, the gift that keeps on giving…
House Democrats Announce Plan to Aid States in War-Funding Bill
(Bloomberg) Jun 30, 2010
House Democrats today proposed adding $10 billion to a pending war-funding bill to help state governments prevent layoffs of school teachers.
The Democrats estimated the aid would avert the dismissals of 140,000 teachers by cash-strapped states.
Lawmakers, under pressure to ensure the plan doesn’t add to the federal budget deficit, would partially finance the proposal by clamping down on so-called pay-to-delay payments that brand-name drug companies make to generics manufacturers to postpone bringing products to market, according to a summary of the legislation. The plan would save the government $2.4 billion by lowering Medicare and Medicaid costs, according to the Congressional Budget Office.
The lawmakers also want to provide $5 billion in additional funding for Pell college tuition grants and $700 million for border security. The plan would provide another $142 million in spending to aid fishermen and others affected by the oil spill in the Gulf of Mexico, on top of the $162 million already contained in a Senate-passed plan.
Not trying to sound callous, but isn’t BP supposed to be paying the fisherman. This sounds like double dipping for the fisherman. Barry even said “BP is going to pay”. And he appointed his pay czar, Feinberg, to oversee the payment of claims. Why are taxpayers subsidizing BP’s liability?
“The Democrats estimated the aid would avert the dismissals of 140,000 teachers by cash-strapped states.”
Oh, no - I knew this was coming.
Yuck.
I have in-laws who are teachers, and they are the most self-righteously entitled and arrogant people I’ve ever seen. They’re also generally clueless - even when it comes to the subjects they’re supposed to be teaching - and aren’t afraid to show off their lack of knowledge to everyone else.
Once, my mother-in-law (a junior high science “teacher”) told me carbon-carbon triple bonds were impossible. Being a pre-med chemistry major, I begged to differ.
This started a long-term “disagreement” that still gets held against me to this day.
There’s nothing I’d like to see more then for many of America’s “teachers” to get cut down to size.
You know Julius, I hate to admit it, but you’re right.
While teachers have a tough job and many are true jems, (god bless ‘em) many are also some of the dumbest and most arrogant SOBs I’ve ever met.
Having gotten a couple of kids through public education, my take is 10% of teachers are jewels, 10% are totally worthless and the other 80% are evenly distributed between those extremes. I don’t think most are great humanitarians, I think most are teachers because it is one of the easier employable degrees to receive.
Nearly 1 in 3 first-quarter home sales a foreclosure.
June 30, 2010
NEW YORK (Reuters) - Nearly one out of every three U.S. home sales in the first quarter was a foreclosure property as steep price discounts boosted demand for distressed real estate, RealtyTrac said in a new report on Wednesday.
Foreclosure homes accounted for 31 percent of all residential sales in the first quarter of 2010, with the average sales price of properties that sold while in some stage of foreclosure nearly 27 percent below homes that were not in the process, Irvine, California-based RealtyTrac said.
“In a normal market, only 1 to 2 percent of home sales are foreclosures, so this is certainly a significant level,” Rick Sharga, senior vice president at RealtyTrac, said in an interview.
Total U.S. foreclosure sales in 2009 were up more than 1,100 percent from 2006 and more than 2,500 percent from 2005. Foreclosure sales accounted for 29 percent of all sales in 2009, up from 23 percent in 2008 and a mere 6 percent in 2007, the real estate data company said.
‘Foreclosure homes accounted for 31 percent of all residential sales in the first quarter of 2010, with the average sales price of properties that sold while in some stage of foreclosure nearly 27 percent below homes that were not in the process, Irvine, California-based RealtyTrac said.
“In a normal market, only 1 to 2 percent of home sales are foreclosures, so this is certainly a significant level,” Rick Sharga, senior vice president at RealtyTrac, said in an interview.’
How do the comps take foreclosure sales into consideration?
**Elgin Groseclose
“A general misconception is that debt, or debt instruments, can be or serve as money. To accept this view is to cast aside the traditional definition of money as a medium of exchange, a standard of deferred payments, and a store of wealth”.
“Since a particular debt must be repaid (at least such is commonly believed), the extinguishing of a debt instrument that has been monetized — that is, has been made the basis of legal tender currency–could cause a contraction of the “money supply” and, supposedly, economic catastrophe. Therefore new debt must be incurred and monetized to maintain the former equilibrium”.
“To encourage such debt attractive terms must be given; that is, the monetary authority must advance legal tender currency in exchange for the debt at lower terms that the prevailing market. This is known as the discount rate. That the federal Reserve is continually in the market buying debt instruments - either private or public (Treasury) - is a persistent stimulus to the creation of debt. The amount of this debt today defies calculation”.
**Elgin Groseclose was appointed Treasurer-General of Persia by the order of the parliament of Iran in 1943. He untangled the mess there and spent most of his years in academia in the US, passing away in 1983 at the age 82. His book, America’s Money Machine—The Story of the Federal Reserve is still one of the best on the subject. It was first published in 1966.
You mean investing in investments that invest in other investing investments while using borrowed money to do so may not be a good idea?
Whocoulddaknowed?
Just like Muhammad Ali, we’re 3rd in their POV:
The Most Productive Nations in the World:
by 24/7 Wall St. Tuesday, June 29, 2010
1. Norway
*Population: 4,676,305
*GDP: $382 billion
*GDP Per Capita: $52,561
The northern European nation is a nearly perfect mixture of government economic planning based on welfare capitalism, and a lightly regulated business environment. Norway has huge oil reserves, which account for 30 percent of the nation’s income. It is also the third-largest gas exporter in the world. These energy industries, plus forest products and hydropower, mean high income and low unemployment for a nation that has a population of less than half that of New York City.
So a nation with huge oil reserves and a small population has the best GDP/pop. on the planet? Wow, that one there is a stunner. Really, I’m stunned.
Arrow Air grounded after 57 years
South Florida Business Journal
Arrow Air, the largest single cargo shipper at Miami International Airport, is ceasing operations after 57 years in South Florida, effective immediately.
“Like many companies in our industry, Arrow Air has experienced significant operating losses as a result of increasing operating costs and declining revenues. The decision to wind down the company’s schedule service operations was a difficult one,” the company said in a news release. “This decision was not made lightly, and was a last resort after the company exhaustively searched for other options, including financing or a sale of the business.”
Siemens closing Hamilton plant three months early
Union charges it’s retaliation for protest ~ June 30, 2010
Siemens just informed its Hamilton gas turbine plant workers that it is closing the plant in April, 2011, instead of July, 2011.
Members of the Canadian Auto Workers Local 504 say staff were informed of the early closure by e-mail Wednesday.
They charge that the company is retaliating for yesterday’s rally at the Siemens head office protesting the loss of 550 jobs.
A Siemens spokesman could not be reached for comment early Wednesday afternoon.
I doubt that they retaliate. More likely they finally told the actual truth.
I’ve been there when the company says “Oops, we’re shutting down a few months earlier than we announced.” It ain’t no fun.
Britain’s Budget Cuts Will Result To Loss Of 1.3 Million Jobs Over Next 5 Years. AHN News
London, England, United Kingdom (AHN) - A private Treasury assessment of Britain’s budget cuts predicts up to 1.3 million job losses over the next five years. The job cuts are expected to be spread to 500,000 to 600,000 jobs in the public sector and 600,000 to 700,000 jobs in the private sector until 2015.
The job cuts, resulting from the 25 percent spending reduction in the emergency budget announced by Chancellor George Osborne last week, will average 100,000 to 120,00 public sector and 120,000 to 140,000 private sector jobs yearly.
Yet the new government is telling people to move to were the jobs are and they need to get off the dole.
Talk about FUBAR. I’ve had bi-polar girlfriends more stable than that!
If those cuts in government spending also cuts the private sector jobs, that means they are not really true private sector jobs - jobs that the market would push for.
Like U.S. defense jobs in the “private” sector. It’s not really private, as it’s taxpayer money. The question is whether the defense jobs would really be there if taxation was truly voluntary. I’m not sure. Costa Rica has no standing army, but would probably be protected by the U.S. if commies from south america decide to try to take it over.
My job is another good example of this, we sell devices that help make organ transplants avoid rejection. We sell mainly to large medical centers that receive significant funding from the gov. If those funds disappear so do our private sector jobs.
S&P Warns Rival Moody’s: We Might Downgrade You ~ CNBC
Standard & Poor’s has placed rival ratings agency Moody’s on its watch list for a credit downgrade, citing dangers from financial reform legislation that could imperil S&P itself.
Irony abounds in a research note from S&P-a ratings agency warning about a fellow ratings agency’s exposure to a proposed law targeted in part at ratings agencies. The note is only a warning that the A-1 status of Moody’s (NYSE:MCO - News) is in danger, and S&P says the worst-case scenario appears to be a downgrade to A-2.
The primary danger cited is the threat the bill poses by making it easier for investors to sue ratings agencies for providing bad information.
LOL
That’s GOLD Jerry - just GOLD!!!!
MAD = Mutually Assured Destruction scenario:
S&P Threatens Rival Moody’s w/ Downgrade, AND VICE VERSA.
IRCC, Moody’s was publicly cited as the main player in the bad CDO ratings.
http://albany.bizjournals.com/albany/stories/2010/06/28/daily24.html
Buyers of foreclosed houses in the Albany, N.Y., region saved a lot of money on the sale price during the first quarter of this year.
On average, foreclosed houses sold for 37 percent less than houses not in the foreclosure process, according to a report released today by RealtyTrac, an online seller of distressed properties.
Distressed sales accounted for a surprisingly large number of the total home sales during the first quarter, 8.7 percent, considering the region has a relatively small number of homes in foreclosure.
Previous reports from RealtyTrac have consistently shown less than one-half of 1 percent of the housing stock in the region was in some phase of the foreclosure process. The area has one of the lowest per-capita foreclosure rates in the United States.
Read more: Sales of foreclosed homes drop 7.1% in Albany area - The Business Review (Albany)
***********
Wish biz journals covered Syracuse. Guess we’re not considered a major metropolitan area.
I’m lowering both their ratings to F-U.
Moodys rating lowered from “zero-credibility” to “pants on fire”.
:roflmao: I’ve definitely hurt myself laughing!
LOL - possibly the funniest headline ever - on ZeroHedge:
“PPT Stuck In Line To Purchase iTimberrrrr App For iPhone 4″
(referencing of course the past few days’ action, including today’s late-session swoon)
+1
Is it really possible that the MarketWatch writers don’t know the difference between 1/3 and 1/4?
One in four sales is foreclosure
RealtyTrac’s Rick Sharga says foreclosed homes accounted for one-third of first-quarter sales.
What is it — one in four sales or one in three sales in the first quarter which were foreclosed. It can’t be both!
For MarketWatch writers:
“1 in 4″ = 0.25 = 25%
“1 in 3″ = 0.33 = 33% (eight percentage points more than 25%)
Rounding will only get you to one of these numbers, not both.
Here is a really good reason for the over-45 set to avoid buying a home: THROWING AWAY MONEY ON AN UNDERWATER MORTGAGE COULD DESTROY YOUR RETIREMENT PLANS.
SPENDING AND SAVING
Day older, deeper debt
For the first time in generations, getting older means mortgage debt — and a lot of it.
If saving enough to cope with health issues wasn’t enough, you mean to tell me there are people that think that retiring with a mortgage is a good/feasible idea?
Trust me on this, as I have painfully intimate knowledge of the costs of health care for seniors firsthand. Anyone who intentionally retires with mortgage debt is a bleeping moron - end of story. Anyone who doubts that should try it and let me know how it turns out for them as I am a schadenfreude junkie.
Here is a really good reason for the over-45 set to avoid buying a home: THROWING AWAY MONEY ON AN UNDERWATER MORTGAGE COULD DESTROY YOUR RETIREMENT PLANS.
No one could have known that!
Well, almost no one…
Nobody who was over-45 and bought could have seen the destruction of their retirement plans coming.
Yep. For us older folks, if we want to buy, we should buy with cash, and only those homes we think we’d like to spend the rest of our lives in. I refuse to buy any move up home. Only my dream home.