Bits Bucket For July 2, 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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I think I’m starting to understand why unemployment is 10%. The client I am working with needs to hire two people. These are OK paying jobs, the salary range is $80-90K plus benefits. I’ve sat in on a couple of interviews and was bewildered by what I saw. Absolute incompetence out of both candidates. I wouldn’t have hired these people to mow my lawn.
The only reason these two ever had jobs was because in the boom days anyone with a pulse could get a $700K mortgage AND get a $100K a year job. Now just like a mortgage can only be had to those who qualify, a job can only be had for those who qualify. And it appears 10% of the population cannot qualify.
We’re interviewing yet another one next week. Based on his resume I don’t expect the results to be much better.
I totally agree. My company is trying to fill multiple positions including a senior analog design engineer. The candidates that have applied are mostly underqualified. The truly smart, qualified engineers are a HOT item.
What we have in this country is a subclass of underqualified, underperforming people who do not wish to do physical labor. Why would they if it pays minimum wage and involves physical labor? Physical labor is performed by illegal immigrants.
What we have in this country is a subclass of underqualified, underperforming people who do not wish to do physical labor. Why would they if it pays minimum wage and involves physical labor? Physical labor is performed by illegal immigrants.
Yet another problem with widespread illegal immigration. It suppresses the work ethic, especially when it comes to physical labor.
And, BTW, physical labor isn’t a life sentence. Here’s the story of a guy who worked his way up from the bottom.
How does illegal immigration generate lazy, mediocre Americans ?
Simple. They see manual labor being done by illegal immigrants, and, in this part of the country, they say things like, “Oh, that’s for Mexicans. Why should I bother with it?”
Will a lawn mower or weed-eater even start for an American? Isn’t there a smart-chip in the ignition that senses illegal documentation?
Same in my part of the country. Just try to find a teenager who wants to make some money mowing lawns or shoveling snow. That work is beneath them.
Yeah, there are two of living in my house, (for now).
There are two of THEM living in my house.
“Just try to find a teenager who wants to make some money moving lawns or shoveling snow”
Yeah, its tough to find one who wants to mow two acres, when the grass is 18 inches high, and you want to pay them ten bucks for four hours of work……….
My daughter and her friends have been bucking bales the past week in 90 degree plus weather, starting at 6 and working until it’s too dark to see. And these aren’t farm kids.
Like most people, they don’t mind working when someone pay them enough to make it worth their time.
Run the math from their perspective. Most kids have to have a car to get to work in typical suburban USA. Which means that after deducting the cost of gas and insurance (or worse, the car itself), they are actually taking home about three bucks/hour.
For the last several years, I have picked strawberries, raspberries, and blueberries at the u-pick. Based on published per pound rates and the rate at which I pick, I could make $3/hour picking strawberries. There are many jobs that are easier at which I could make better money, even if I could improve my rate by 3 times.
He did this in 2006, when the economy was booming.
Physical labor is not an option for everyone. To my dismay, I discovered several years ago that I can no longer safely lift 65 pounds.
Oh for Analog design… not that much work for us analog guys. I’m doing quite well but we aren’t attracting a lot of people into the field. Most of the work is in the digital stuff that you are doing. Custom ASICs, digital filtering…
It’s a niche field and attracts a particularly odd set of people.
“My company is trying to fill multiple positions including a senior analog design engineer.”
Brett, where abouts are you located? I are one. If you’d rather reply off-list, I can provide an email address.
Would you do it? Pick crops in the heat of a scorching sun?
I would if it was the only means of providing food for my family.
I’ve done it. Worked fields both as a picker and later as a manager.
Lol…case and point. And to answer your question…yes…my parents did it.
These are OK paying jobs, the salary range is $80-90K plus benefits. I’ve sat in on a couple of interviews and was bewildered by what I saw. Absolute incompetence out of both candidates. I wouldn’t have hired these people to mow my lawn.
I’m seeing the same thing. A few days ago, I got a resume in my e-mail.
Never heard of the guy, and it was blatantly obvious that he had done zero research to figure out what my business needs might be. His resume met a quick death at the hands of my delete key.
Had a similar applicant. One of the qualifications for the job was to be familiar with Lotus Notes. In his resume he stated that he had created 160 products using Lotus Notes. First of all, you don’t create products using Lotus Notes, you use it to send email. Second, he had only been at the job for 2 months so that meant he created a couple of products a day—a real wiz!
But how difficult would it be to learn Notus Notes? If you’ve used Outlook and know how to send email, I’m sure it wouldn’t take but a moment to pick it up, no?
But how difficult would it be to learn Notus Notes?
Notes is a complicated beast, if you’re administering it. It does far more than email (and is the worst piece of software I’ve ever used, btw). It also does/handles/incorporates/whatever the term is databases and such….
(and is the worst piece of software I’ve ever used, btw)
I cringe when I think about using Notes.
Ditto. My former company used it. I still say that whoever sold them on it is laying on a beach somewhere laughing his @$$ off.
Notes is a complicated beast, if you’re administering it. It does far more than email (and is the worst piece of software I’ve ever used, btw).
Apparently you don’t use Windows, then?
(Having seen some of the source code for Windows, it’s quite scary to think of how many people depend on it for their businesses.)
I can only assume he meant Lotus Domino which he may have considered part of a Lotus Notes suite. I’m probably being too generous.
So, what are they doing wrong? Can you give examples?
A woman I was dating a while back worked in personnel for a large national law firm. Said one guy applying for a researcher position put how much he could bench-press on his resume.
When I was hiring at a large tech company, even though we had hundreds of resumes, it took seven months to fill a low-tech, mid-level position. Here is the story of one of my favorite interviewees:
(1) He was going to park at the mall across the street and walk to the interview. He got lost and was an hour late.
(2) I told him if he was going to be late, that I would probably be waiting for him in the lobby and to page me, not leave a message on my voicemail. He left a message for me on my voicemail.
(3) He showed up in an old faded jeans jacket and corduroy pants. When I mentioned it, he said, yes, well I could have brought an interview suit with me, but that would’ve been a lot of hassle.
I thought to myself, now here is the kind of guy I really want to hire: (1) someone who gets lost walking across the street, (2) can’t follow instructions, and (3) doesn’t want to make much of an effort.
Where do you guys live? I’ve never seen job candidates as clueless as the ones you describe. The one’s I’ve interviewed have always worn a suit, arrived on time and were very qualified. Of course we do a good job of phone screening the losers out, but there are plenty of good candidates who make it past that barrier.
In Colorado–Ironically, I live in Cambridge, MA. The person I described was referred by a colleague.
And that, people is why referrals of any sort should be taken with a grain of salt.
True story from the Slim file: I recently got a referral from a client. He’s a longtime colleague of my father’s and he and Dad have done some business over the years.
Referral was to the client’s parent company, and, gawd, did they need their website redesigned. So does the client, but that’s another rant.
Any-hoo, I connected with the company president’s e-mail and with the marketing gal by phone and e-mail. Marketing gal was quite friendly during my first phone call. But when I called back to follow up, the company’s fire-breathing receptionist took the call and told me in no uncertain terms that I would be called ONLY if the marketing gal was interested in using my services.
I don’t know what caused the outbreak of nastiness between my two calls, but I crossed that company off my list in a hurry!
So much for getting a referral. I think I’ll stick to cold calling.
I’ve run into quite a few receptionists and office assistants, I mean secretaries, who think they own the place.
I’ve run into quite a few receptionists and office assistants, I mean secretaries, who think they own the place.
I think I just did that. And the sad thing is, my client is an absolutely delightful person. So are his business partners. Too bad the receptionist at the parent company isn’t.
There is the other side. I have a real CS degree, a real MBA, and I don’t give a crap. When I work it’s with morons and idiots. I just gave up and stay home. This way I never talk to the chickiepoo bimbo from HR.
I did the math. (that’s the thingy with numbers) My dismissal cost a min of $700,000 dollars (No I checked, really big number) and no one cared. F’ it
Going to have to pay me a bunch to go back to work.
Eddie: What does this startling new revelation do to your opinion of “the recovery”?
Not startling. The recovery is fine and dandy for the competent. No recession ever happened for them (us). The rest, well this is the new reality. Eventually this mismatch will work itself out, ie these people will lower their expectations and realize flipping burgers is the new career.
And employers will compete that much more for the competent.
Bottom line if you’re good you have nothing to worry about and the future is needs shades bright.
During the last recession when I was looking for work, every company wanted 4-5 years experience in very specific skill sets. Good for you if you had every one of them. Bad if you were missing one. They could find someone that did.
There are lots of competent, industrious people looking for work now. Some of them have the wrong skill set.
Whenever we have an opening for an engineer we get tons of qualified applicants, we can literally cherry pick the best and get them at rock bottom prices. I guess it depends on the region, Loox at x-gs-fixer. He’s a very very qualified aircraft mechanic and he was unemployed for a while.
This thread is interesting. Not because I’m looking for an engineering job, but because I’m fascinated with what seems to be a lack of work ethic among engineers. I’ve worked with engineers for 15 years.
I’ll add computer programmers and systems analysts to the mix as well. They play an awful lot of online games while at work.
Am I wrong, or is there some modicum of truth about this? It sure seems to be the case on the HBB as well. This board is hugely overweighted with engineers and computer people.
I’ve never seen software engineers play “games” while at work. At most places that would cause for termination.
Another thought has crossed my mind regarding the $90K jobs that can’t be filled. This is a first hand anecdote I saw at HP.
We had reqs open for some senior level positions. System architects and what not. We found qualified people to interview for the positions and extended offers to them. These were rejected as the pay was A LOT LESS than they were getting at their current jobs. Like 20-30K LESS.
Engineers are way overpaid. Of the 50 or so engineers I’vde worked with, I’d say maybe five have earned their keep. The rest should’ve been paid 40-70 percent less than what they were paid.
A few here complain about engineering jobs going overseas. I say is it any wonder? Engineers aren’t worth 3-4x times what others make. Engineering jobs aren’t THAT difficult and demanding.
Oh, your at the computer a lot and typically have breaks while the computer complies code, runs a simulation or are in the good ole stage of thinking about the problems.
I’m going to be a a mid size company in a couple weeks. No more surfing or posting. Course I will get lots of new toys to play with.
Eudemon, I could add a lot of examples to yours. In one place I worked, the sys admin guys were on the other side of my cube. One guy spent the entire day on personal calls, mostly to his wife. They would plan their day, the evening’s meal, etc. He made a six-figure salary. Another guy spent the day playing Solitaire.
Sorry for the double post that will be showing up momentarily.
Idle hands and the devil…
The problem isn’t the system administrator, it’s the corporate culture, a lack of accountability from management, a lack of proper planning (boom/bust work loads) on the part of management, etc.
The team I work on uses “Agile” for business and technology development. Both Management and Technology have seperate daily “scrums”, a 15 minute meeting where we each talk about what we accomplished since last scrum and what we’re going to work on next. No room for “slacking” when you have daily updates. We use tools like JIRA to track our Story and Tasks and monitor “burn-down”.
If there is a lull in the development work, we have longer-term, lower priority projects to work on to make sure we’re never “idle”. We’re lean and productive… not bloated and wasteful or understaffed and overworked. This is embraced throughout our team’s culture, from the Senior VP on down to the developer interns.
Oh, and before we all bemoan the “laziness” of the US worker, don’t forget that we work more days and longer hours than just about every other developed nation in the world…
A lot of computer programming work goes in deluge/drought cycles. Depending on the company and product type, the cycles can be days long to months long. On slow periods, a certain amount of goofing off is okay as long as the ramp up work is done, and crunch time is long and hard hours pushing for release dates.
Eudemon, I could add many to your examples. In one place I worked the sys admin guys were on the other side of my cube. One guy spent the entire day on personal phone calls, mostly talking to his wife, planning the day, the evening meal, talking about recipes. He made six figures. Another guy spent the day playing online Solitaire. Instead of making the guys work, they would just hire more people. (NOT saying all sys admin guys are like this BTW).
yeah right. but when everybody’s at home having a good weekend, we are working, because we are not allowed to mess around lest we disrupt work of a group of users.
It sure seems to be the case on the HBB as well. This board is hugely overweighted with engineers and computer people.
I find programming to be a task where I need to clear my mind sometimes. So I go for a walk around the floor, or sometimes surf the HBB. It doesn’t make me a slacker - it’s a necessity for doing my job well.
And then there are times I’m 100% focused and don’t want to be interrupted at all.
This board is hugely overweighted with engineers and computer people.
Huh?
I know of four:
Bill in La
drumminj
AZ Slim
Moi
As far as “what seems to be a lack of work ethic among engineers”, drumminj - you find a job yet? BiLA I can’t say, AZ Slim runs her own company, so she can post all day if she likes. And, if you’ve noticed, my posting has gone WAY down now that I have got tons of work to do.
I don’t post here much, but I am a “computer people”. Also, I do not own a suit and have never worn one to a job interview. I have also never failed to get hired once I made it to the in-person interview. A couple place I have worked at that you may have heard of are AT&T and Google.
In my experience computer programmers do goof off a lot, in a large part to keep from burning out. I sleep harder after a day of hard concentration than I do after a day of hard physical exertion. You need to blow off steam (in the lulls as someone said). And it just happens that the same tools we use to do our work are toys that we can play with. How convenient!
Hey Weed Wacker, here’s a shout out from a fellow Tucsonan!
I work at flexible hours between 8:00 and 7pm. Sometimes I start at 9am and I get out at 7pm, but charge 8 hours because sometimes like today the lunch lasts an hour and 45 minutes. I had 15 minutes extra to get back to HBB and post while my software was being prepared to download to a prototype board, so took a break.
Now there was some busybody on here about three months ago - Jane I think - who DOES NOT EVEN KNOW me who ASSUMED that I goof off.
To anyone who is a subjectivist, they would not be bothered, but I am too strong a logician to let her go at that. Maybe her imaginary friend told her the tales.
I’m a software developer.
software/IT guy f off a lot. Funny thing is what they crave is respect, not money. Screw with them and you are in deep doo-doo.
Dude are you serious? What type of engineering?
In electronics it’s still going pretty well.
Mechanical engineers seem to be having a lot of problems. mechanical has been in dire straights for a while i think. Basically the tools are better and I think over all employment is down. Soft hiring for a while.
If you look at aerospace, there are a lot of gray haired people working. Hiring is pretty light recently but expect plenty of life there.
As Brett mentioned above; God help you if you need analog electronics.
Again, a lot is due to being in niche markets. Automotive has had a blood bath and Obama is only interested in buying the votes of line monkeys that pay union dues.
XGs isn’t an engineer, he is a mechanic. Service field. They got punished in this depression. I expect a rebound and he has a good skill set and will do just fine.
Ran into a buddy of mine from A&P school, who went on to a “Real Job” as a corporate pilot.
49 years old, has 14,000 hours plus in G-IVs, G-V/G550s. Was the “Safety Officer” for the department.
Last year, the Fortune 100 company he worked for got rid of all the 10,000 hour plus, 40 something white guys, and kept all the 1000-2000 hour “experiments in diversity”.
(This story is not uncommon……it ain’t discrimination, as long as you are hosing old white guys).
Time will tell whether this was a good personnel decision or not.
He was lucky, in that he finally found a full time position after nine months.
don’t diss the guy with the wrench. He leaves a loose bolt in turbine, you are f’d
An interesting theory on incompetence is: “Unskilled and Unaware of It: How Difficulties in Recognizing One’s Own Incompetence Lead to Inflated Self-Assessment” by Kruger & Dunning. My favorite example:
In 1995, McArthur Wheeler walked into two Pittsburgh banks and robbed them in broad daylight, with no visible attempt at disguise. He was arrested later that night, less than an hour after videotapes of him taken from surveillance cameras were broadcast on the 11 o’clock news. When police later showed him the surveillance tapes, Mr. Wheeler stared in incredulity. “But I wore the juice,” he mumbled. Apparently, Mr. Wheeler was under the impression that rubbing one’s face with lemon juice rendered it invisible to videotape cameras.
lol, that’s funny. I’m going to start telling people if they urinate all over their cars, it will make them invisible to police radar and see who buys it.
Yes, that is a hilarious article, which should be required reading in high school. Not that it would do any good, of course.
-1000
Ummmm… If the candidate isn’t qualified for the job, then why is your “client” interviewing this person?
And what makes you think that a person who isn’t qualified for this particular job also isn’t qualified for any other job either?
I think you might be a bit daft, Eddie.
Eddie:
I don’t buy any of this crap…or why don’t I have multiple job offers.
No what the employer wants is a perfect fit…and someone who will not complain and never ask for a raise or any kind of advancement. Do this job for the next 3 years then go, and we will get another to fill it.
Disposable employees…and I am not one.
I know we’re in trouble when $80-90K is “OK paying.” You’re probably in NYC. Anywhere else in the country it’s a princely sum. Depending on how much you want to commute.
Right? And that’s also part of our current problems. The disparity of living perceptions among those in high cost-of-living areas compared to every where else, is huge. But most especially on Wall St. and gov.
Nope, in Atlanta. Hardly a princely sum. 80k is mid level white collar pay. I never understand this idea of atl people have. It is not Macon or Birmingham where 80 is a lot. It is the biggest city in the SE with several Fortune 500 HQs. But if you must, ok fine. Everyone here makes 11.50 an hour, 12.50 for tjose who graduated from 8th grade and know how to read n write n stuff.
Why are they interviewing? This is all they are getting from recruiters and monster/hotjobs.
In 2006-2007 there was a lot of crying and moaning in the aviation trade pubs about the “shortage” of skilled mechanics and avionics techs. You would see companies running continuous ads wanting guys that had 5 years experience in type, with the pay starting at $18-20 hour.
The same guys are still running ads today, even with 40% of the General Aviation workforce out of work, or working part time on contract. Still offering the same pay. Still getting no takers.
Of course, some think the solution to this is to discontinue unemployment benefits. Go ahead, knock yourself out. My “contract rate” is 2-4 times the starting rate at these shops, and I’m getting things lined up to where I can survive on 10 hours/week, if I have to.
Business thinks they will save money by throwing all the old experienced guys under the bus, and contracting them when they need them. This might even work for a while.
IMO, they are going to end up “reaping the whirlwind” eventually. It’s going to get real expensive doing business when your critical business functions are contracted out, and your contractors are a bunch of cheap-ass, low overhead old guys, who are in a financial position where they can wait you out.
XGs… my guess is after a couple of lawsuits and inability to deliver on a few projects the experienced guys are shown back in. Possibly in a Limo.
James, in some companies this is what happens. In other companies they are either too proud or too far gone to salvage the business and so they go out of business.
There’s an old say: “It’s good to save money in business, but you can save yourself right out of business.”
I have never costed one out, but I’m going guess a plane crash can be real expensive.
I’ve had the same experience. My little 3-person consulting company has a hell of a time finding even remotely qualified candidates.
Just how those unqualified people get past the preliminary screening?
I’m tired of hearing companies complain about not being able to find qualified people. Either raise the pay or, god forbid, TRAIN them.
Personally, I’ve seen far too many unqualified people in jobs they had no business being in.
We’ll actually agree for once, eco - to a point.
For those of you on this board looking to hire people - are you qualifying candidates based on credentials, or on competence? I’m convinced that basing hires on credentials often is a huge mistake. Instead, give candidates competency tests, I.Q. tests, etc.
Good candidates these days are competent and nimble, not credentialed and rigid.
Good luck finding competent people who also are credentialed for the specific needs of your company. The constant churn in the business world since 1990 makes that line of thinking ineffective for recruiting purposes.
Look for inherent competence, for go-getters and for people who have a knack/desire for fixing problems as they appear, preferably with as little input from you as necessary.
In short, watch for mindsets rather than skill sets, per se.
Those people are out there, in all lines of work. You need to be willing to look outside of traditional credentials-driven boundaries. Look for RESOURCEFULNESS, ABILITY TO THINK, TO SOLVE, TO INITIATE. There are plenty of sharp minds out there, you just haven’t found them yet.
Where the heck is Polly?! She’d have plenty to say on this as well.
Look for inherent competence, for go-getters and for people who have a knack/desire for fixing problems as they appear, preferably with as little input from you as necessary.
In short, watch for mindsets rather than skill sets, per se.
Bingo. That’s exactly what I’m looking for when I’m hiring a web development subcontractor or a tradesman/woman. And, of the above traits, competence and go-getter-ism really stand out for me.
I think you said it very well eudemon. And you’ve also pointed out yet another problem of the rigidity of many in charge of hiring.
But one thing, the constant churn has been ongoing since the 1980s.
3 decades of job INsecurity for millions.
Yup.
Too many companies depending on state-funded universities to train their future employees, while Corporate America quietly undermines the tax base that makes public education possible.
No bucks, no boom for the Fourth
No green means no red-white-and-blue spectacular for some towns, cities this July Fourth
WASHINGTON (AP) — Expect fewer booms this July Fourth because of financial busts in some cities and towns.
As many folks pack up picnics and head to see the fireworks this holiday weekend, the skies over a couple-dozen cash-strapped communities will be missing the spectacular crackle of color that Americans associate with the nation’s birthday.
Blame the economy.
Cities and towns including Antioch, Calif.; Louisville, Colo.; Akron, Ohio; Stamford, Conn.; and Jersey City, N.J., were forced to pull the plug on their local fireworks shows because of tight budgets.
In Antioch, Mayor James Davis said it was a tough call to cancel the city’s nearly $80,000 fireworks show and festivities. It’s a celebration he and his wife brought back to the area 15 years ago. But even more difficult, he says, is laying off 18 people this year.
“You get to know a lot of these employees on a one-to-one basis,” said Davis. “How can we spend money on the fireworks when we’re making these cutbacks?”
I’ll have to give good old Loveland credit. The city didn’t go crazy during the fat cow years and it has been weathering the crisis quite well.
Interesting that Louisville is struggling. Its a very yuppie sort of town that boomed and grew during the bubble. It’s made money.cnn.com’s 10 best places to live list more than once. Neighboring Ft. Collins, also a top 10 list city is also going through dire straights as well these days.
Good. I F-ing hate fireworks. What a waste of money. It’s like G.D. parades. I mean, really? In this day and age? There are so many more prudent ways to spend that kind of money, even when the money is there! Why in God’s name would a municipality waste it on parades and fireworks, I would like to know. If it takes a town to become bankrupt to cut out luxuries like fireworks and parades, bring on the depression!
Cutting parades and fireworks makes the sheeple think their governments are doing something to reduce spending…meanwhile…pensions sore.
Kind of like when a politician supports huge tax increase with “well…we gotta have roads and policemen”.
Fireworks are an expression of joy, free to all.
I fully agree that they are a luxury item, but as humans we need some forms of celebration from time to time. A psychological need, if you will, and not a physical one.
In other words, they do have value, even in their transience. We need things to go “ooh” and “ahhhh” at.
All Democrat cities. No surprise that they are a. Broke and b. Dont give a rats a$$ about independence day. Wonder if they will cancel gay pride day parades.
How many cities are Republican?
Of that list…none.
Americas #1 moonbat sez…
Pelosi: Unemployment Checks Fastest Way to Create Jobs.
You just can’t make this stuff up, they come right out and say it on camera to their buds in the MSM, and no one asks her to explain just how unemployment creates jobs.
“When large numbers of men are unable to find work, unemployment results.” - Calvin Coolidge
“Silent Cal”
One our best presidents, IMO.
My favorite Silent Cal quote:
Nothing in this world can take the place of persistence. Talent will not; nothing is more common than unsuccessful people with talent. Genius will not; unrewarded genius is almost a proverb. Education will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent. The slogan “press on” has solved and always will solve the problems of the human race.
That’s actually a very good quote, I like it, thanks for sharing.
Still, one always needs to remember that the thinnest and blurriest of lines separates persistence from futility. So, it is judicious persistence that is really of paramount value, and that’s asking a lot!
Excellent quote. Can think of a bunch of people in my life that it pertains to. Even myself.
My favorite Silent Cal quote: ??
That quote, written in Calligraphy and framed, has sat on my wall in my office since somewhere around 1980….
I believe “persistence” comes under the heading “fortitude,” a virtue I lacked as well.
At this point a whole lot of people really don’t want to ask questions at all, they just want this to end. So they latch onto whatever ideas come down from on high. The pols know this.
At most points a whole lot of people really don’t want to ask questions at all about anything if import that concerns them - that’s why we are where we are.
Howmuchamonth?
Here’s a snippet from Fox News
“Unemployment benefits are creating jobs faster than practically any other program, House Speaker Nancy Pelosi said Thursday.
Talking to reporters, the House speaker was defending a jobless benefits extension against those who say it gives recipients little incentive to work. By her reasoning, those checks are helping give somebody a job.
“It injects demand into the economy,” Pelosi said, arguing that when families have money to spend it keeps the economy churning. “It creates jobs faster than almost any other initiative you can name.”
Pelosi said the aid has the “double benefit” of helping those who lost their jobs and acting as a “job creator” on the side.
“It’s impossible to think of a situation where we would have a country that would say we’re not going to have unemployment benefits,” Pelosi said.”
——-
At least she gave a reason. While Pelosi may or may not be right, it does underline what’s really wrong with our economy: we depend 70% on consumer spending, much of it impulse. We exported all our unskilled and semi-skilled work, and we are fast exporting our skilled work. We employ too many undocumented workers to do in-house menial work. Tax breaks are the fastest way to create jobs — overseas.
The government responded* with programs to help, but it’s turned into a rube Goldberg machine which is nearly impossible to dismantle. unforutnately knocking it down is going to spill literal blood in the streets.
———
*yeah, responded. I don’t believe Rush’s idea for a second that the Dems sitting in some smoke-filled room deliberating on how to create hordes of destitute proles who suck at the government teat and therefore vote for Dems. I DO believe, however, that Republicans are have succeeded in creating a small but filthy rich horde of moneyed corporate aristocracy who suck at the government teat and contribute — heavily — to Republican politicians.
“Unemployment benefits are creating jobs faster than practically any other program”
The other programs must be real duds.
What’s the fastest way to get rid of Nancy Pelosi?
Unfortunately she can’t be voted out, the district she’s from is one of the most highly concentrated areas in the country of the completely disconnected and delusional. A moonbat sanctuary, so she’ll be there until she kicks the bucket.
Pot, meet kettle.
Maybe they can give her job to some deserving illegal?
Send her off on a fact-finding trip to a Muslim country with a sign reading “Mohammed sucks!” on her back.
I am working and contributing to the economy. Why is the government not giving me $$$$$$$$$$$$$$$$$$$$ so I can buy a 4k mattress? I want one!!!!!
I hate my state’s congress critters.
Sadly, I hate the alternatives that make it on the ballots just as much.
I have said here previously that I would vote for Satan if he ran against Pelosi, Boxer, Feinstein…………
“I hate my state’s congress critters.
Sadly, I hate the alternatives that make it on the ballots just as much.”
They’re cut from the same cloth! All of this talk of “voting them out” will do NOTHING. It’s the system that’s the problem.
You have problem with Corporate Communist Capitalism©®™, comrade?
Space… the Final Frontier. These are the continuing voyages of the HBB. Her ongoing mission: to explore strange new worlds, to seek out new life forms and new civilizations, to boldly go where no man has gone before.
FIRST?????
BwaaaaaaHaaaaaaHaaaaaHaaaaa
Damnnnnn! You snooze, you looooze!
I swear…..it was empty when I got here!
So much for trying to start the blog out on a light hearted note before the long weekend.
Why can’t I get that scene out of my head from Monty Python’s “Life of Brian”?
Alway look on the bright side of life….have a nice weekend, enjoy your families and/or friends!
WHAT A SHOCK “Realtors are lobbying Congress to approve another bill extending the program for five years.”
Congress gives home buyers more time to close for tax credit Related
Home tax credit extension relieves tardy buyers
By Laura Green and Kimberly Miller
Palm Beach Post Staff Writer
Posted: 5:33 p.m. Thursday, July 1, 2010
An estimated 14,830 Florida home buyers missed Wednesday’s deadline to receive an up to $8,000 tax credit on their purchase.
Good thing for them Congress extended the cut off date late Wednesday to Sept. 30. The bill now goes to President Obama.
Home buyers still had to sign contracts for their purchase by April 30, but now have an additional three months to close the deal.
Nationally, the extension is expected to give about 180,000 home buyers who signed by April 30 a chance to earn the federal stimulus.
Short sale purchases, which can take several months to close, were hampering many closings.
Buyers “didn’t know when they signed the contract it was going to take the bank four months to close the deal,” said John Sebree, vice president of public policy for the Florida Realtors.
Another problem was the failure of Congress to reauthorize the National Flood Insurance Program, which put the brakes on lender approvals for some loans. That program was also temporarily extended late Wednesday until Sept. 30.
Realtors are lobbying Congress to approve another bill extending the program for five years.
They actually asked for five years? Salespeople are supposed to hide how desperate they are for business, not give away the store. Which is what the NAR just did.
Also notice that this is NOT an extension of the tax credit program, as the Re-al-TORs would have you believe. It’s for people who already bought homes and are having trouble closing. So, sorry NAR, you can’t hang those $8K!!!!!! signs anymore.
NAR is lobbying to extend the flood insurance program for five years, not the tax credit.
Although, of course, they’d happily extend the tax credit for five years if they thought they could get away with it.
The reports just keep rolling out, wonder what happened, team Barry has been on it since day one.
Weak economic data suggest recovery is fizzling.
WASHINGTON (AP) - Fears that the economic recovery is fizzling grew Thursday after the government and private sector issued weak reports on a number of fronts.
Unemployment claims are up, home sales are plunging without government incentives and manufacturing growth is slowing.
Meanwhile, 1.3 million people are without federal jobless benefits now that Congress adjourned for a weeklong Independence Day recess without passing an extension. That number could grow to 3.3 million by the end of the month if lawmakers can’t resolve the issue when they return.
All of this worries economists. As jobless claims grow and benefits shrink, Americans have less money to spend and the economy can’t grow fast enough to create new jobs. Some are revising their forecasts for growth in the third quarter. Others are afraid the country is on the verge of falling back into a recession.
… and now for the next question:
Who is John Galt?
Is the private sector shrugging?
John Galt is Alan Greenspan.
John Galt is Alan Greenspan.
No, Alan Greenspan is Francisco D’Anconia. Please try to keep your characters straight!
“falling back into a recession”
My narrow measure of industrial activity says that for the last 18 months we have been at a tiny fraction of the activity there was 20 years ago. Everybody I know is burning up their reserves.
“falling back into a recession”
right.
“Everybody I know is burning up their reserves.”
This is an indicator if the future, and it sucks.
If the economy is being powered by people burning reserves then what will power the economy when reserves are exhausted?
Are we at peak reserves?
IMO the definition of the term “reserves” could be expanded to include a FBs mortgage payment. If the FB could save a thou or two a month by skipping his mortgage payment then in a sense he is dipping into reserves.
The point will eventually come when he will be booted out of the house and will be forced to move in with relatives, or sleep in his car - or whatever - and his being booted will leave to the world one more empty house to te added to the vast inventory of empty houses.
In addition, booting the FB out of the house is the result of acknowledgement by the lender that the mortgage is in default and thus a hit will need to be taken against the lender’s reserves which means more money will have been acknowledged to have vanished from the economy.
So in effect the reserves the FB is dipping into is not his own reserves, it is the bank’s reserves. And while he may dip into these reserves a month at a time - meaning several thousand dollars at a time - the bank takes a hit all at once - a hit that may cost the bank SEVERAL HUNDRED thousand dollars.
not his own reserves, it is the bank’s reserves.
You’re assuming the bank owns the note. Turns out it may well be the taxpayer’s reserves, or some pension fund, or someone’s 401k…
Exactly.
If the economy is being powered by people burning reserves then what will power the economy when reserves are exhausted?
Expect a surging wave of personal bankruptcy filings.
“Expect a surging wave of personal bankruptcy filings”.
Count on it.
The bankruptcy filings for Eastern Washington are listed in the local paper along with other legal notices. For the past several months the list of BK’s, Wage Earner Petitions and Reorganization Petitions runs 15 to 20 per day. I’ve looked at the legal notices for years, and I don’t believe that historically there were more than a couple of listings a couple of times a week.
BKs have been beyond historic levels for 2 years now. Even after the onerous BK “reform.”
Right now, BK legal services are where the money is at.
Some mathmaticians get it. They solve a difficult math problem and refuse the million dollar prize. Perhaps the money would influence them and make them indolent or stupid and not operate at their peak
You’ve summed up the problem with some of the people who’ve won the Nobel Prize. It’s awarded for their best work, which, quite often, is years behind them. Case in point: Einstein.
Dude, I would totally not refuse a million dollars.
The point of the Nobel Prize is rewarding someone for what they’ve done. It’s almost always awarded to someone who’s best work is behind them.
(That includes Obama. I think he’s pretty much proven that his best work was the snow job that got him into the WH.)
(That includes Obama. I think he’s pretty much proven that his best work was the snow job that got him into the WH.)
A local columnist of the liberal bent would probably agree with you. Also, take a look at the new book, A Presidency in Peril by Robert Kuttner.
You mean Obama’s Nobel Peace prize, awarded to him 11 days - yes 11 days - after taking office was not deserving? What are you some kind of loony right winger tea bagging racist or something?
of course he deserves it. He is the super duper mostetst awesomeest president we’ve ever had. Wait did I say president? I meant to say human being. Wait that’s not right either since he isn’t human, since he is the second coming of Jesus and Mohammed all rolled into one. Or so Chrissie Matthews told me.
Still eaten at you I see Edee…I LOVE IT
You confederates can’t stomach the fact that we have a black President…Good…I hope you need cases of Pepto…
Scdave,
thanks for proving my point. Can I refill your kool aid cup?
Ps i hate the white half of obama as much as the black half. Does that make me a black panther?
Everybody I know is burning up their reserves.
That’s the mechanism behind the “stimulus” of inflation: convincing people to burn their reserves by fooling them into thinking they are richer than they actually are.
Of course, once you run out of reserves, then you are REALLY in trouble, but the politicians figure they will be out of office by the time that happens.
One day that won’t work.
Weak economic data suggest recovery is unexpectedly fizzling.
Of course around here, the lesson is that even the massive intervention was only enough to pause the decline in the economy. But I’m affeared that the lesson drawn by the great and powerful will be the one that Paul Krugman is propounding, that the stimulus too small and too short. I keep saying that I’m not against the government intervention to try and keep the economy running. The economy can operate at multiple equilibria, and we don’t particularly want it “running” at the clusterf@ck third world country level, despite the fact that it is a VERY stable level. But there’s little point in laying sandbags at the low tide line where they’ll be quickly swamped. In most of the country, house prices and debt levels are still too high.
I don’t understand why you keep pretending that Presiden Obama ever said that he had any way of stopping this recession, or that he ever did have any way of doing it, or that any other candidate has ever had any way.
Well, at least the economists are worried now. That is an improvement over the last time this happened.
+1
No One’s Capital Is Safe in Obama’s America
Obama’s poorly coded message to investors is to take your money out of America and keep it out. Whether through excessive taxation, suffocating over-regulation, or thuggish confiscation, the lesson to be drawn by anyone with excess capital is to look for friendlier places to put it to work.
The list of friendlier places excludes North Korea, Venezuela, and Iran for the time being, but almost everywhere else qualifies. Russia’s president spent several days in Silicon Valley recently looking for adventurous investors and came away with a $1B commitment from Cisco Systems. For Cisco, sitting on a cash hoard of $30B, with years of experience partnering with the burgeoning Russian venture capital industry, the decision was probably not a very tortured one. And what a perfect opportunity for Cisco’s CEO John Chambers to keep his cash as far from Obama’s collection agencies as possible.
President Medvedev promises Cisco a capital gains tax rate of zero; President Obama promises to retire the evil George Bush capital gains rate of 15% and increase it to 20% in 2011. Cisco is merely telecasting to anyone who wants to tune in that Russia is taking advantage of Obama’s lurch towards socialism (or worse). While Russia is portraying itself as a stable bastion for capitalists, America is increasingly seen as the land that mauled Chrysler and GM bondholders. While erstwhile command economies are liberalizing, America under Obama is nationalizing. The lesson is clear: Don’t leave cash within the American financial system, earning minimal returns, with the fear that at any moment your assets can be confiscated or redistributed by a lawless and capricious federal government.
http://www.americanthinker.com/2010/07/no_ones_capital_is_safe_in_oba.html
wmbz, who is paying you?
Poor oxide, still drinking The One’s kool aid.
However, the rule of law is weaker in Putin’s Russia than it is in The One’s USA (remember what happened to GM bondholders?), so Cisco is still taking a significant risk.
Not all of The One’s kool-aid, but some of it.
I’m curious to see how well these business ventures in other countries actually work out. Are American companies really getting good rule of law for their tax money, or can you really operate a business in country with less oversight.
America is increasingly seen as the land that mauled Chrysler and GM bondholders. I seem to recall that it was rampant capitalism that mauled Chrysler and GM with their focus on profit and no long-term view whatsoever. However, GM is kind of a special case because it’s the poster child for unions run rampant. (but you could argue that the UAW was being just as capitalist as any company.)
A good question.
I do think you have to look at your tax and business structures from an international standpoint.
On Obama and the bondholders… I don’t think they got the mauling they deserved but Obama decided to make up some new rules. He said “the bondholders would only get scraps left at the bankruptcy table and union pensions would come first”. This is hearsay but reportedly from his chief of staff.
Little things like that upset how the system works. As usual, bondholders, business people and capitalists have long LONG memories. That was dealing in bad faith from the US govt of all places.
Thinking about businesses and places like Michigan… oh they might promise some incentives but look at the govt, union and what they have done in the past. Can’t see a lot of new capital investment showing up there. Hence the long term deflation.
Business are afraid of Obama and it will stifle things. A lot.
Yet another symptom of the globalist agenda. Anyone in their right mind knows that Communism and its attendant gross corruption can never outwit a capitalist system. Not saying that Obama, et al (that includes the Repubs) aren’t acting a bit like Socialists, but Russia is worse.
Just because the Russian chieftan is able to bribe a US company (on the back of his people), doesn’t mean that the American way is worse than the Russian way.
Yeah, our capitalist corruption can kick that commie corruption’s azz!!
Damn straight, skippy!
Your money isn’t safe anywhere. Never really was. The relatively recent (last 50 years) safety of having your money in this country was just a short term aberration, quickly rectified by Wall St.
Home Sales and Building Slowed in May ~ The New York Times
The number of buyers who signed contracts to purchase homes dropped in May to the lowest level on record.
The economic indicators were the latest features that economists and analysts used to gauge the pace of the economic recovery. But all eyes are on the monthly employment figures scheduled for release Friday, which are expected to show a net loss of 125,000 nonfarm payroll jobs in June, and an unemployment rate of 9.8 percent, compared with 9.7 percent in May.
GM says first-half China sales rise 50 percent, overtaking US sales for first time.
SHANGHAI (AP) — General Motors Co. says its first-half sales of vehicles in China overtook the U.S. for the first time amid a fitful recovery in American demand.
The 1.21 million GM-brand vehicles sold in China in January to June — a near 50 percent gain over a year earlier — compared with 1.07 million sold in the U.S. market, according to figures released separately by GM’s U.S. and international headquarters.
The shift reflects GM’s growing reliance on stronger growth in emerging markets, especially China, to offset sluggish sales back home.
So, are these GM cars sold in China manufactured in China?
Did American taxpayers bail out GM so GM could keep Chineese workers employed?
No, we bailed out the union members, their healthcare system and we shafted the stockholders and the bondholders. Nothing more, nothing less.
Once again its the Chicago way.
+1 Lip….Spot on…
Financially, GM was running full steam off a cliff, not even bothering to slow down. Without that evil “Chicago way,” there would BE no GM. At all.
And where would the stockholders and bondholders be THEN?
An inconvenient truth they like to ignore.
Getting paid off by the sale of whatever assets GM had left, which is better than what they got.
GM being dead and gone is the CORRECT solution to the problems they were having.
You may choose to believe it or not, but selling GM’s intellectual property to the Chinese at 5 cents on the dollar is not a way to keep the US globally competitive.
Nor is keeping zombie like corps around for the unions to feast on.
The correct solution is to wind down the company, sell off the assets to American start ups at 5 cents on the dollar, and let GM die.
All the money ‘rescuing’ the behemoth could have started up a dozen smaller car companies without the massive liabilities. One or two would have likely made it.
We’ve been selling off our IP to other countries since the 1970s. And I’m talking about some seriously technology. Why do think Japan is kicking our butts in robotics?
As for the Chinese, it may be they are buying the Chevy Cruze, a car slated to replace the Cobalt here. It has been built since 2008 and sells primarily in the Asian market with Daewoo as the licensed mfg.
So, yes, we bailed out Asian jobs.
When GM learns how build cars as good and affordable as the Asians, then we can complain about the unions. But unions don’t design and price the car. The executives do.
Oh, and union labor costs are only $2000 of each car. Where’s the other $20,000 going?
If union members were bailed out, then how do you explain all the offshored GM plants?
Oh dear, there’s those pesky facts again!
The other day I posted how Caterpillar is opening plants in China and Brazil. So, those that think the emerging markets will lift the rusty ship of American manufacturing might be sadly mistaken.
There’s an 800 lb. gorilla here - the American worker and his/her government come with too much baggage.
Oh yeah, and people can slam Chinese quality all they want. But since when has throwing stones ever been the way to rebuild one’s own house? Keep clinging to a dying era you worshippers of American “nameplates”.
Keep clinging to a dying era you worshippers of American ??
Not what I really want to hear entering the 4th of July weekend so I will become a little defensive…
Withdraw from the UN…Bring back ALL of our military from throughout the world…Tax the crap out of any import and prohibit any export of food stuff’s, military equipment and high tech….Austerity yes but we will make it…That is, of course, if everyone will help to carry some water…Then lets see who’s has;
“a dying era”……
The opportunity is there to do all that. Why isn’t it being taken?
The banks own the pols, and the banks want further globalization. Until that relationship is deconstructed the current course will not change. We are doing ourselves a disservice to believe otherwise. Sad, but true.
It’s not being taken because we are not electing the right people. IMO, globalization is THE big issue for our country at this time. I hate the housing bubble with every fiber of my being because it has distracted the proletariat from what’s going on behind that big black (iron?) curtain over there.
The defeatist attitude that “we” can’t do anything about it is as wrong as it is dangerous. That’s what “they” want you to believe. Russia wants to offer you no taxes to do business over there? Fine. You will have to pay dearly to import your product to this country, where EVERYONE pays a fair share. Cause that’s what’s right.
Obama has taken some steps in the right direction (tariffs on tires, anyone?), but we need to force increasing change with the way we vote.
scdave,
I’d be all over that like a stray dog on a bone.
“Withdraw from the UN…Bring back ALL of our military from throughout the world…Tax the crap out of any import and prohibit any export of food stuff’s, military equipment and high tech….Austerity yes but we will make it…That is, of course, if everyone will help to carry some water…Then lets see who’s has”
“Oh yeah, and people can slam Chinese quality all they want”
So, you’re saying imports of Chinese drywall are increasing?
If you consider for a moment that the present era is to China what the pre WW I era was to the United States, then the widespread criticism of Chinese goods seems even more silly.
For pete’s sake, we were canning maggot filled meat a hundred years ago. And there are more than a few instances of American owned companies exporting tainted goods overseas.
Hoping China will fail is not a constructive approach. Although yes, they are making some bad moves and won’t escape this downturn unscathed.
NO. It’s American EXECUTIVE that comes with too much baggage.
Company paid personal taxes.
“Entertaiment” write offs.
Insane bonuses.
Income taxed as capital gains instead of personal income.
Paid meals.
5 star expense accounts.
5 star benefits.
Shall I continue?
And to the American executive, the employee is just someone who is taking bread out of their mouth. Or in reality, top choice steak and champange off their personal buffet.
Sales are great, but are they making money on any of these sales? The only thing I can find on profit per vehicle is in 2006.
“All in all, the report paints a bleak picture. While Nissan was making $1800 per vehicle during the first half of 2006, and Toyota and Honda racked up $1,400 apiece, nine-month results for Ford saw them losing $1,400 per vehicle - a number that will go up when the fourth quarter’s loss is tallied - while DaimlerChrysler dropped $1100 and GM $333.”
If you are losing money on every sale, seems like more sales are bad. I guess they are planning on making it up in volume.
Sounds like the “Change Bank” SNL parody.
“We make change. As us how we make money? Volume.”
An Escalade in every driveway: The Chinese Dream.
Cars made in China for the Chinese. Priced at $8,800. Kind of reminds me of the 1970s.
Stimulis money is flowing like water over there, just as we are running out. Hey China, your business model is making some funny noises.
Now if we can get the Chinese to smoke billions more of those American name brand cigarette’s I’d personally be ecstatic, not to mention the job creation & export revenue.
Makes sense. China is a capitalist economy. The US is a quasi-Marxist economy. Expect a lot of these types of stories in the next 2-3 years.
While the rest of the world figured out socialism/communism doesnt work, America decided wtf lets try it with Barrack and see what happens.
What is fun for me is seeing the biggest Obama fans suffer the most.
Hold it a second, I thought the minimum wage increase to $7.25 that was so highly touted by the cesspool was a good thing.
Schwarzenegger orders min wage for state workers
Citing lack of state budget, Schwarzenegger orders Calif state workers to be paid minimum wage.
SACRAMENTO, Calif. (AP) — Gov. Arnold Schwarzenegger on Thursday ordered about 200,000 state workers to be paid the federal minimum wage this month because the state Legislature has not passed a budget, but the state controller is refusing to comply.
Department of Personnel Administration Director Debbie Endsley sent the order in a letter to the state controller, who refused a similar order two years ago. The matter is tied up in the appellate courts, leading the controller to say he will abide by whatever final ruling emerges, which could be years down the road. He said he can’t follow the order now due to technical and legal issues.
Most state employees will be paid the federal minimum of $7.25 per hour for the July pay period.
It’s not the state workers that aren’t doing their jobs, it’s the legislature and Issa’s governor. That’s who shouldn’t get paid. Either shut the government down until budget is passed, or pay the workers what they are owed while they are working.
Well, the state workers that negotiated a contract will get paid. It’s only the union members who haven’t been willing to accept anything other than 8% pay raises during a downturn that will get paid minimum wage.
Personally, I think making all legislative positions pay min-wage would be a great idea.
“So long as the people do not care to exercise their freedom, those who wish to tyrannize will do so; for tyrants are active and ardent, and will devote themselves in the name of any number of gods, religious and otherwise, to put shackles upon sleeping men.”
-Voltaire
Yeah, but that written back when people clinged to their sovereign.
and they don’t now? or their god?
Tyranny is alive and well in your backyard.
Richard Suttmeier: Home Prices Could Fall Another 50%
Jul 02, 2010
The housing market continues to deteriorate. Thursday’s report on May pending home sales was down 30% from the prior month and nearly 16% vs. a year ago. The market weakness spans the country. Sales in the Northeast, Midwest and South fell more than 30%, the bright spot, the West, only fell 21%.
The news comes after last week’s record low new home sales in May, which plummeted nearly 33%. Experts say the expiration of the new homebuyer tax credit is to blame for the sudden market softness.
Unfortunately, the market could get worse and prices could fall further, says Richard Suttmeier of ValuEngine.com. High unemployment and struggling community banks are two main causes. Saddled with bad housing and construction loans, local banks will continue to restrict lending.
Plus, the failure of the Obama administration’s mortgage modification program means a steady flow of short sales. “People are going to be surprised when they see there have been short sales,” which negatively impact appraisals in the local community, says Suttmeier.
How low can prices go?
Using the S&P/Case-Shiller index as his guide, Suttmeier suggests homes across the country could lose half their value. “If it gets back, like stocks, back to the 1999-2000 levels, that’s another 50% down in home prices,” he says.
If you ask me, Obama’s programs have been a smashing success. The program is methodically weeding out the true victims from the fake ones. Only the ones who really deserve the help are getting it. It’s contrary to what Elizabeth Warren wants, but look, you gotta draw the line somewhere.
Also don’t forget Fannie and Freddie hiring forensic accountants to trace all the MSB they bought from banks, looking for fraud on the mortgage apps. Given enough time, I believe the F&F will root out almost all the liar loans and extract those monies from the bank, and there were a LOT of liar loans. It will take a few years, but maybe by then the banks will be in better shape to pay up.
The other day, a Rush-luvin’ conservative taunted me about the people who sang “Obama’s gonna buy me a house” on election night. Seems to me that Obama is buying no-one a house.
You would think that the Republicans would be praising the President for quietly advocating personal responsbility, but naw, they’re on a debt kick at the moment.
Interesting take. I hope you are right - that the only ones being helped are the ones who truly deserve to be helped - not the specuvestors, not the nutcases who may have paid off their houses but then took on a HELOC they cannot pay off, and certainly not the dimwits who blindly signed a purchase agreement for a home loan more than three times their incomes.
50% more drop! That would be about 75% in Phoenix - just what I want. I hope Richard Suttmeier is right!
“I hope Richard Suttmeier is right!”
Me too. Around here it will take that magnitude of a drop to line up median housing prices with 3x median income.
Me too. I am so sick of seeing homes that fit my criteria list at $500K, in somewhat marginal neighborhoods. (So Ca) It’s getting old.
hi Bill hows it going ? Phoenix at 112 today too hot for me I’m back living in Moorpark CA but I do miss the open spaces of AZ and the cheaper cost of living
Went to open houses in Moorpark starting at just under a million dollars how funny this is Moorpark CA not Santa Barabra
still renting 4 years and 2 cities later thanks to the housing bubble no plans to buy any time soon either
112 is too hot for a cactus?
Hi Cactus,
I’m working mostly in the South Bay of LA but go home to Phoenix for a few days every few weeks. I remember our discussion at S-BUX on Chandler Blvd - great discussion, and that you were headed back to “the valley” Moorpark area at some point. I’m glad you are where you want to be.
Will be even cheaper cost of living when prices fall another 20% in RE. But when illegals go out of AZ I think food prices in the fast food restaurants will gradually go up to cover higher salaries needed to attract workers. I mean it! But it’s not unwelcome by me.
IfTheShoeFits: 112 is great for cactus if you are the type of cactus in my containers on my balconey! LOL. One of the reasons I go back to Phoenix every few weeks is to take care of my plants.
I remember our discussion at S-BUX on Chandler Blvd - great discussion,”
yea I think I was buying Bond funds worked out well
Moorpark is OK by me. I went back for the work, my previous job acually. The job in Phoenix didn’t suit me as well. The San Diego job will drop from my resume and hopfully memory soon enough……. flying to Folsom all the time for no good reason, working with bunk test equipment, foolish circuit design, heroic assembly, etc.
BTW I moved many cactus ( ~300 ) from Phoenix to Moorpark and grow them in wood benches under plastic tarps so they get over 100F every day they like it me not so much
As an obvious aficionado, certainly you know the plural is cacti!
“The program is methodically weeding out the true victims from the fake ones. Only the ones who really deserve the help are getting it.”
Given that very few have been helped and very few should have been helped, then if those two groups overlap then its doing what should be done.
SDGreg,
I hope so. From inception I’ve said the first hurdle would be whether or not that’s their primary ( and preferably ONLY ) address? In those cases, I have absolutely no issues w/ that.
Particularly for those that neither benefitted nor contributed to the bubble. But often we see great rousing “advice” on “how to get a mod” on realtwhore’s cites where they openly admit they’ve done so themselves! So I’m reluctant to dub anything a “smashing success”. In our current environment, I’m not sure such a thing exists?
Stagflation watch: with mass unemployment, factory owners cannot find qualified workers.
http://www.nytimes.com/2010/07/02/business/economy/02manufacturing.html?_r=1&ref=business
That’s how it happens. You have lots of unemployed who have obsolete skills. Wages are falling.
Meanwhile, competition from other countries pushes up the cost of tradable goods, particularly natural resources. And it industries where we need to start making what we formerly imported, no workers have been trained for decades, and pay needs to be low enough to compete so none can be induced to train.
Plenty of excess SUVs and McMansions, along with those who made and sold them. Shortages and rising prices elsewhere, without wage growth.
I was watching an HBO documentary on the great depression, and people seem hungry to get a job, any job. They were willing to learn new skills and work the butts off to support their family. Nowadays, we have a bunch of people who feel entitled to a good paying job with very little effort. We have a group of people who feel entitled to received all sorts of government aid to stay up float.
There are no jobs out there? I cannot imagine sitting on my ass for 99 weeks without a job. I would be desperate; I would take any job. I would learn a skill or go back to school. I feel very little sympathy for these people unless they are truly sick/disabled.
The documentary talked about the construction of Hoover Dam; thousands move to the middle of nowhere to work on this project. Even if we had these projects nowadays, I doubt US citizens would be willing to put the hard work to earn money.
“The documentary talked about the construction of Hoover Dam; thousands move to the middle of nowhere to work on this project. Even if we had these projects nowadays, I doubt US citizens would be willing to put the hard work to earn money.”
During the consturction of the Hoover Dam, the workers lived in tents or hastily constructed barricks for the entire duration of the build. Not many of today’s Americans would put up with those living conditions.
“During the consturction of the Hoover Dam, the workers lived in tents or hastily constructed barricks for the entire duration of the build. Not many of today’s Americans would put up with those living conditions”.
Yes but we have thousands of left over FEMA trailers, if they don’t mind the formaldehyde.
Of course NOT? Why would they? How can an American Citizen live without granite countertops, 42″ cabinets, double sinks in the master bathroom?
That is because their government really doesn’t need them to build dams this time, they need them to take on and service debt.
J6P can’t be expected to live in a barracks if he’s supposed to be living in a $700k house.
Perfect! Thanks, edge.
Speaking of living in tents or barracks, I once worked for a lady who told me that her parents lived in a chicken coop right after they were married. That’s right. A chicken coop.
“Not many of today’s Americans would put up with those living conditions.”
Not while we’re giving them money to cling to their former status quo.
What? They didn’t have Mexican illegals back then?
“The documentary talked about the construction of Hoover Dam; thousands move to the middle of nowhere to work on this project. Even if we had these projects nowadays, I doubt US citizens would be willing to put the hard work to earn money.”
Unfortunately we aren’t doing those type of projects now. Infrastructure is falling down around us, but we are doing nothing. If we did a WPA-type projects instead of unemployment, those on the right would criticize increasing the number of “government” jobs.
I do think people are willing to move, but why move when there are no jobs?
Or why move when the jobs were temporary?
Didn’t a lot of the time, just the man went out west for the job. There were families who moved a la The Grapes of Wrath, but these folks really had nothing to move FROM, especially if they were devastates by the Dust Bowl. Going from the foreclosed shack to the jalopy wasn’t much of a stretch, the historical equivalent of jingle mail.
But really, how many of them moved? We hear about “thousands” but that means that millions more thought it more efficient to stand in the bread line.
Other than “health care” (which is the next bubble to pop, IMO), I challenge anyone to tell us about any jobs out there that someone can retrain for, that pays more than 10-15 bucks an hour, and doesn’t cost $40,000 for the training..
Yep, health care. Where your health is secondary to the dollar and care seldom enters the equation.
And, I don’t think that I’m the only HBB-er who has found better and cheaper care (and yes, it truly is care) outside of the “Going to the Doctor” realm. If this trend catches on, it’s all over for health care as we know it.
If one’s obligations can barely be met by collecting unemployment and cannot be met by taking “any job”, the option is obvious.
Retraining costs money and time. Moving costs money and time, even if you are downsizing locally. Most jobs state “Local candidates only”, so you have to move first and take your chances on finding something when you get there.
All is more difficult when school children are in the mix.
I think it is not a sense of entitlement, but a feeling of being trapped. If you have made a commitment to a mortgage and a car payment, you may have to bring money to the table to get out and then have no place to live and no car. I think people keep hoping that something will turn up before they have no choice but to take any job.
I’m not sure where all these jobs are that people are talking about, but the “official” unemployment in my area is almost 15%, and there are 6 people for every job that comes available. There are NOT enough jobs to go around.
PS- When I pass through OR, I sometimes fuel up in rural areas with mass unemployment. I see cute young gals pumping gas and working fast food. Nothing is beneath them. Lots of generalizations on this blog about what people are not willing to do, but most of it is pure horsesh!t.
Grizzy:
Here you have to speak Spanish to just about get any job…even at a self storage place 3 blocks away i was turned down for,
Maybe they knew you wouldn’t stick around?
well they fired the last 2 for not being dependable…so living 3 blocks away should mean something.
gotta eat
Another malinvestment… we talked about people going into construction or real estate or even finance. Forgoing other educational opportunities.
Again, it will take a long time.
Plus you had people in all sorts of marginal jobs…
The weaker parts of the herd are getting picked off.
Not a sign of stagflation either. Sign of the printing press running well into the night but the money getting handed to rich banksta types.
But hey it’s stimulus right?
Its all BULL WT……
Employers want disposable employees and most of us are not…
Learn new skills…hey I’m there…send me to school…hey I’m there….looking to advance Hey I’m there
That is OLD school thinking
Just be happy with this pitiful job for 2 years leave and we will find another
Heh. Member when offshoring was glorified? All the factory workers were supposed to retrain, so they could get jobs as software engineers. Now it appears that the software engineers need to be retrained, so they can get jobs as factory workers.
We need a tariff.
Member when offshoring was glorified?
Perot warned us of this….He was spot on…
The thing that really stuck in my craw were the companies that were making severance packages contingent on the laid-off employee training his/her Mexican/Chinese/Indian replacement.
For the record, I can’t help but admire the way that foreign governments have played this. The old saying “A capitalist will sell you the rope you use to hang him” has been playing out right before our eyes.
We need a tariff.
Yes, tariffs are so good for the economy.
Ever heard of the Smoot-Hawley Act? You should read about it sometime.
Employers that aren’t willing to train are nothing but cheap a$$ whiners.
That’s the only REAL shortage.
Employers that aren’t willing to train are nothing but cheap a$$ whiners.
That’s the only REAL shortage.
There’s a shortage of cheap a$$ whiners now? That really is the end of the world as we know it!
+1+1
Look at that national debt pile up!
Congress has raised the debt ceiling some 72 times since 1940.* On December 24th it raised the ceiling slightly to $12.4 trillion to get through the holidays, then on January 28th it bumped the ceiling nearly $2 trillion to $14.3 trillion.
The idea was to insure they wouldn’t have to raise that number before the elections of November, 2010. Very likely they won’t. But look at the debt figure only two days ago! $13.2 trillion! That’s almost a trillion dollars borrowed in the last six months!
Who’s on the hook for this massive debt? Go look in a mirror. Have your kids and grandkids look, too.
*Strange coincidence. 1940 is also the year Congress began the habit of turning to monetary inflation as a way to offset deficits. Using the Consumer Price Index as a guide, please note we have had price inflation every year for the past 70 years, except for those dips in 1949 and 1955. 2008 was a very close call when the CPI rose only 0.1 percent.
“The men the American public admire most extravagantly are the most daring liars; the men they detest most violently are those who try to tell them the truth.” ~H.L. Mencken
+1 wmbz……..
Preach it! Or rather, don’t. Because those that are preaching are the daring liars.
That’s why we should elect a cat as the next President.
The sad, sad truth.
We should send a few unemployed to Asia…
=====================
Job Ad In China: White Man. No Experience Needed
There’s opportunity in China even if you’re a Westerner with no skills. If you’re a white male and have a nice suit, you can get a job that pays well — and requires no work.
“Basically, a friend of a friend knew of a company that needed a bunch of white guys to go down and represent the company,” Moxley told NPR’s Robert Siegel. “I didn’t know too much other than it was going to be $1,000 for a week and then we would be put in a hotel. And we’d have to attend a couple of banquets and tour a factory.”
Moxley says his guess is that companies hire white people in suits to gain “a bit of credibility.” He says that connections in China are important, especially in business.
The final bubble is the “race bubble”.
White people only go up, don’tcha know!
If you think about it, the population of white people is going down in Europe and the US. Minorities are taking over the world. White people will become ‘exotic’ and cost $$$$$$$.
no problem, white people can simply expand the definition of “white”.
Nah, I think we’re experiencing peak whitey.
(Irish gal, myself)
CarrieAnn, Are you a female? I don’t think you’d qualify
That comment was a world wide power view vs the Chinese let me hire you so I look good story. The other day I noticed our American exec boards are looking deciding less white and often speak w/an offshore accent lately and there does appear to be more women.
It’s just an observation. I have no real feelings about it as long as the people involved are intellient and actually work.
I am multi-racial (although my skin color is classified “white”) and so are my girlfriends, some of whom have had skin colors of “yellow’ or “black” or even “white.” Welcome to the 21st century. Technology defeated geography with the first sailing ship and was significantly more victorious with the invention of flight. This technology introduced multiracialism.
What matters under the skin and below the accent is the brainpower. Technology is individualistic and objectivistic. Geography is collectivistic - us versus them. We have to get rid of “us versus them” to achieve world peace, but “we” means everyone in every nation, including of course N. Korea, Iran, Sudan, Lebanon, Venezuela, the U.S., etc.
Cool Bill…….i think most of us here are open minded to various kinds of people to date and get hooked up with.
As long as she doesn’t wear any of those ann taylor dress with the doilies around the neck… oh i hate those.
Do they supply a nice looking young Chinese woman for the white man? I may apply.
I am sure you could negotiate the terms of the contract!
Hmmm, it might be helpful to speak some German and have blue eyes after all. Germanic engineering and efficiency (not my preference at all, mind you) still has currency in Asia and I can bullsh*t with the best of them!
Well, it’s hard to imagine one person “supplying” a woman for another person. Oh wait, that’s just sex slavery. Normal talk for this blog. Carry on.
V,
She would be a sub-contractor.
U.S. Spent $550,496 on Study That Did ‘Focus Groups and In-Depth Interviews’ To Learn About the Sex Lives of Truck Drivers
(CNSNews.com) The federal government has spent $550,496 on a project that involved conducting “focus groups and in-depth interviews” with American long-haul truck drivers to learn about their sex lives in order to assess their risk of contracting HIV or other sexually transmitted infections.
The project has failed to find any instances of HIV among the truck drivers studied.
How many jobs did it create?
If truckers are smart, they always can get their peter rebuilt “PETERBULT”
Who keeps building these days?
There is plenty of commercial real estate for sale/lease all over the country, and these people are planning on adding a sixteen-story office tower?
——————-
Sixteen-story office tower planned in downtown Austin
A 16-story, 88,000-square-foot office tower is being planned for the 900 block of Congress Avenue, a site currently occupied by three vacant buildings, according to city documents.
The project is slated to break ground next spring and wrap up by summer 2012.
Plans call for eight floors of office space, atop six floors of parking and one basement parking level, plus street retail. According to architecture drawings by Dallas-based HKS, the building will have a glass facade and a terraced set back at the 11th floor
Building more office space is the height of stupidity. There are so many jobs that are done in offices that could and should be done via telecommuting.
In the interest of reducing the amount of energy that is used for commuting, there’s a case to be made for the government attaching a cost to all all jobs that could be done via telecommuting but aren’t.
There are so many jobs that are done in offices that could and should be done via telecommuting.
And I’m doing one right now!
I agree!
Here in our local area (Greenwood ,SC ) The 2nd Thrift store has closed in the past 3 weeks.
“People are bringing in pennies , nickles and dimes to pay for their purchases , and that does not even pay the rent ”. according to the Director of Meg’s House , a local Charity .
Well, at least today is ;Check day” , and the money will flow in the next week or so , money from Uncle Sam . Without that , people would be hungry .
I watched a dude buy five lottery tickets with five dollars in change yesterday. I’d like to nominate high for chairman of the Federal Reserve.
$30 Billion More For Afghanistan: War Funding Bill Passes House
WASHINGTON — Despite pessimism that the war in Afghanistan is turning out to be a quagmire, Democrats controlling the House muscled through a plan Thursday to finance President Barack Obama’s troop surge, but only after sweetening the measure with last-ditch moves to salvage their faltering jobs agenda.
Long delayed, the approximately $80 billion bill was passed amid building pressure on Democrats to act before their weeklong Fourth of July break begins. But the Senate approved a significantly slimmer measure in May and it’ll take additional weeks to reconcile the differences between the two battling chambers.
The crucial vote to advance the measure under unusually convoluted floor rules came on a 215-210 tally to bring up the nearly $60 billion Senate-passed measure for debate. Democrats added more than $20 billion for domestic programs late Thursday, including $10 billion in grants to school districts to avoid teacher layoffs, $5 billion for Pell Grants to low-income college students and $700 million to improve security along the U.S.-Mexico border.
Despite pessimism that the war in Afghanistan is turning out to be a quagmire
What a bunch of negative Nellies. As for me, I’m extremely optimistic that the war in Afghanistan is turning out to be a quagmire!
I am optimistic we can keep the poppy fields away from the Taliban and supply our own drug addicts …Here is the good ole USA…
Last weekend in Bakersfield and this week in Monterey, Pacific Grove and Carmel I talked candidly to some small businessmen I know and all told me that they are just barely hanging on. More and more commercial space available in Monterey and Carmel.
The Olive Garden and its ilk are hanging on and doing well but I suspect it is due to people not paying their mortgages and wanting to live their pre-bubble life styles.
The Olive Garden and its ilk are hanging on and doing well but I suspect it is due to people not paying their mortgages and wanting to live their pre-bubble life styles.
A few weeks ago, Business Week reported the same thing. I seem to recall Meredith Whitney’s recent interview noting it as well.
Not paying your mortgage: It’s the new black, baby!
Then when the money runs out, they’ll be whining for more crying we can’t let them starve when they’ve done absolutely nothing to better their situation.
See, this way, all the FB get to recoup the TARP money that was taken out of their future pay. How can the rest of it recoup it? I like Obie’s idea of making the banksters pay it back.
More and more commercial space available in Monterey and Carmel
You can be certain that the lease/rental costs are not a factor whatsoever in that area…
Not paying your mortgage ??
“strategic default” = a 30-40% increase in take home pay…
The recovery seems to be losing its pop.~ MSNBC
Jobless claims rise, housing and auto demand sinks.
WASHINGTON — The economic rebound is stalling.
A raft of weak new reports Thursday provided the strongest evidence yet that the recovery is slowing and added to concerns that the nation could be on its way back into recession.
Most notable was a rise in the number of people filing for unemployment benefits for the first time. The four-week average for jobless claims now stands at its highest point since March.
The bleak indicators come just after Congress adjourned for the holiday weekend without extending jobless benefits, and a day ahead of a report expected to show only modest improvement in the national job market.
* WARNING * PULL UP * WARNING * PULL UP *
WASHINGTON (AP)
The Commerce Department says orders for manufactured goods decreased by 1.4 percent in May. It was the biggest drop since March 2009.
Excluding the volatile transportation sector, orders fell by 0.6 percent. In April, orders grew by 1.0 percent.
The numbers cast a cloud over the manufacturing sector. Factories have been a rare bright spot, helping lead the country out of recession with increased hiring and productivity.
It’s a good thing the Euro is rebounding, eh?
I’m sure the austerity plans in Europe will translate into a resurgence of US exports resulting in increased job creation here…..
…..oh wait!
Stock market does not look too good this am
green shoots all gone
and the Toll Brothers salesman told me things were getting better just last weekend …
A home my realtor declared would be sold by the end of the weekend it’s first few days on because everyone wanted this hot neighborhood just got reduced $20k. This after a $5k drop.
Good news, CarrieAnn.
I went to an open house a few weeks ago, an REO flip that started at $500K, and it’s down to $430K this morning. I can’t tell you how elated I am. I hope their cheap “makeover” is a negative ROI. The neighbor told me he overheard the UHS say they could each make a nice piece of change, if the bought it together and flipped it.
Se went from sub 10K to almost 11k and now back to sub 10K.
Hey Wall St., CAN YOU HERE ME NOW!
Oh fudge
“hear”
Volker Rule - Did it get watered down in the new “financial reform” bill? It looked like a reinstatement of the Glass-Steagall Act to me.
cactus- Welcome back to east Ventura County.
I have to admit I didn’t read the financial reform bill, nor will I. Well, I liked the Glass-Steagal act, I think. What else did it say? Do they sell Cliff Notes for this stuff?
Volker says it was watered down.
I agree.
But, on the bright side, it’s just Financial Reform 1.0. More to come in versions 1.1, 1.12, etc.
Meanwhile, here’s what’s happening just south of Tucson:
21 Killed In Massive Mexican Gang Shootout Near US Border
From the story:
Gang violence near the Arizona border has led to calls from officials in the U.S. state for greater control of the border and is one reason given for a controversial law passed in April requiring Arizona police to ask people about their immigration status in certain situations.
AZ Slim,
How do you create your title using the hyperlink to the article about the mexican gang shootout?
I used to know how to do it. Just can’t remember it.
I’m using the HBB Joshua Tree Extension. Makes adding links (and other fun things) easy.
I heard about the 21, just so of the AZ border. Isn’t it ironic that “O”’s speech says crime is down on the border, on the day all hell breaks loose within 14 miles of it.
Personally, I love the Gov of AZ. I don’t know about her job performance (in other areas), but she is right on about illegal immigration.
This is why Az is nervous and passed that bill. Az has every right to be concerned. There is a really nice little narco war going on the southern border right now.
… and people are worried about Iran, Afghanistan, etc.
It will spill into Texas, Az, N. Mex., Cal, and Nev in a bigger way than it already has. Juarez is a dangerous mess. I used to feel safe in Juarez. I can’t go back now.
Roidy
Apologies in advance. I’m testing on creating a title out of a link. I just can’t remember how to do it.
Dang,
Looks like my first attempt didn’t work.
<a href=”website”> Title </a>
Hopefully that translated well.
Ugh, it didn’t. Anyways, it shows you down below the comment box. Stupid wordpress.
Thank you anyway bink. Bink do you post on Daily Kos?
Here I go again
arrrrrrrrrrrrgh.
“Comment by SanFranciscoBayAreaGal
2010-07-01 09:32:41
You aint seen nothing yet.
Right now Obama’s fiscal commission is pushing to invest a significant portion of the Social Security trust fund in private companies through the stock market.”
Hi packman and ecofeco,
Here’s a couple of links about what the fiscal commission is up to and our ever faithful congress:
Andy Stern Proposes Partial Investment of Social Security Trust Fund in Stock Market
http://news.firedoglake.com/2010/07/01/andy-stern-proposes-partial-investment-of-social-security-trust-fund-in-stock-market/
Andy Stern: Invest Social Security Funds In Wall Street
<a href=http://www.huffingtonpost.com/2010/06/30/andy-stern-invest-social_n_631228.html
Thank you, Nancy Pelosi, For Saving Me Money
http://seminal.firedoglake.com/diary/57946
Sorry for the length of the link. I forgot how to shorten the link.
” thanks to your pushing for a vote to put me on cat food when — or if — I retire. ”
Cat food? Personally I would go with dog food. The Pedigree canned I give Dozzer every night doesn`t look bad at all, and he really looks forward to it.
I can’t believe this idea is still alive. Now we know who’s sock puppet Andy Stern is.
It was a bad idea when Dubya proposed it and it’s still a bad idea.
If this ever comes to pass, we’re doomed.
Happy 4th of July to all, and best of luck to the seals.
Boaters told to be alert for sharks off Northeast
By BOB SALSBERG, AP
4 hours ago
BOSTON — As the summer tourist season ramps up, the Coast Guard told recreational boaters and paddlers Friday to keep an eye out for predatory sharks in the ocean waters off the Northeast, warning that the creatures could easily capsize a small boat or kayak.
The shark advisory, issued by the U.S. Coast Guard district that covers waters from Maine to New Jersey, came several days after the crew of a tuna boat caught and later released a 7-foot juvenile great white shark in the Stellwagen Bank fishing area, about 20 miles off Massachusetts.
Several great white sharks were spotted off Cape Cod last summer, and experts believe more will return this summer, attracted by the exploding local population of seals, a favorite shark food.
Several great white sharks were spotted off Cape Cod last summer, and experts believe more will return this summer, attracted by the exploding local population of seals, a favorite shark food.
It’s called the balance of nature. Happens all the time.
We have something like it in this nabe between the coyotes and the feral cats. When the kitty population is way up there like it is right now, it’s only a matter of time before the coyotes come in for a banquet.
Best of luck to the feral cats too.
dun dun dun dun dun dun dun dun dun dun dun dun
I have a question for our Chicago residents.
I have a friend who is on a vacation there now with his wife. I recommended the Field Museum of Natural History to him. My experience at the museum was fantastic. I went on a whim during a trip there roughly 20 years ago. I was blown away by the place. I could have spent a week or more there and still not have seen everything. A world class place imo.
My friend just sent me a report of his visit there today. He said the exhibits are “changed to reflect the ever changing need for us to see what is important in the world”. The museum’s words not his. He described it at being in an Al Gore infomercial at times.????
Has the place changed that much?
Maybe I’m getting alzheimers?
Just saw this in the local e-classifieds.
A Land Limerick
IN OAKHURST THERE’S OPEN LAND FOR YOU a south hillside, trees, and nice views too NEAR TOWN AND YET PRIVATE with our beautiful climate AND A GOOD ROAD NO NEIGHBORS WILL DRIVE THROUGH! — TWO PARCELS, EACH $199K you could build nice homes there and not stray WITH MUCH ROOM TO SPARE and a great well to share JUST CALL US AND WE’LL DO IT TODAY!