Bits Bucket For July 31, 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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Arrested? Oh, no, please, dear Lord, not SNOOK! (sob)
http://www.nypost.com/p/news/local/smashed_snooki_booked_fApeB1o3wRjLREyP9WXMNI
This person is looking really hot there. Who cares about these d-bags and biyatches? It is a sad commentary that people enjoy watching that but I guess everybody needs a guilty pleasure or two.
I hope they give her the chair and Donald Trump is sitting on her lap.
“everybody needs a guilty pleasure or two.”
Wipeout!
Snooki is Not the kind of girl you take home and meet mom….no way ever not even if i got her PG….I would feel so ashamed.
She?! As in “female?!”
well she is a female..not much of one…but hey if you are working at an auto parts store she would be a step up from the usual bar trash.
Capital punishment for public intoxication, NYCityBoy?
You are becoming a caricature of yourself. Lighten up.
It had nothing to do with the public intoxication.
Don’t get to upset Palmy, she’ll be okay. Talent like hers is hard to come by.
We don’t have cable, but if I did I would not watch any “reality” shows. Never heard of ‘Snooki’ but she certainly sounds like a highly talented star. The type that would enthrall millions of really smart people.
First, Snooki took on President Barack Obama over Twitter. Then, Obama said he didn’t even know who she was. And on Thursday night’s second season premiere of MTV’s “Jersey Shore,” Snooki took the ball back and went after Obama again.
In one scene, Snooki — with her impressively orange tan — broke the shocking news that she’s been staying away from her home away from home: Tanning salons.
“I don’t go tanning anymore because Obama put a 10 percent tax on tanning. [Sen. John] McCain would never put a 10 percent tax on tanning. Because he’s pale and would probably want to be tan,” she said.
Snooki was referring to a provision in the Health Care and Education Reconciliation Act that mandates tanning salons impose a 10 percent tax on UV-ray sessions.
Clearly, Obama can’t relate to Snooki’s problems, she added, commenting on Obama’s skin color.
“Obama doesn’t have that problem. Obviously,” she said.
But he’s white on the inside. What? Too soon?
That’s very classy isn’t it - there reference to the president’s skin color. Actually, with all of that tanning, Snooki is probably about the same color as Obama. I’ve never seen the show, but if she lives in a house on the beach, why does she need to go to tanning salons?
Then, Obama said he didn’t even know who she was.
Neither do I. (don’t bother to explain, I can tell already I don’t care)
Thanks be to God that I neither know nor care who Snook is, or why her photo graces that story. Illiteracy with popular culture is sometimes best, and this is apparently one of them.
I don’t have cable or satellite myself, so I’ve never seen an episode of the Jersey Shore. I’ve only seen Snooki and The Situation in clips and also on Leno. But I kind of like those guys, they’re sort of cultural icons in a way. Growing up in the Northeast, my acquaintance spanned the middle class from upper to lower. So I knew a few Snookies and Situations in my day. And lemme tellya, for all their antics, these are folks that would give you the shirt off their back if you were in trouble. Maybe they’re not too bright, maybe they’re coarse, maybe they get in trouble and party a bit too much, but Snooki’s only doing what’s expected of her. Over the top, yes. But kind of a lark. Give me Snooki over Diane Sawyer, Katie Couric, Hoda Kotpe, Ann Curry, the ladies of the View, et al, any day.
I hope Snooki makes a bundle and I hope she has the smarts to keep it or maybe has a family friend who can help her keep it.
And by the way, she’s probably not as big of a slut as she lets on.
“…not as big of a slut…”
‘Snooki’ just coincidentally rhymes with ‘nookie,’ I’m sure.
Odd thing is, I had heard the name Jersey Shore but thought it was a show like 90210, and had no idea it was on MTV. To quote OMC, How bizarre.
Maybe I’ll download the show and check it out sometime so I can hate.
I always rooted for the bad guys to kill Tony Soprano’s kids. They always let me down.
They should have hired the hitmen from Waste Management !!!
The “guidette” was dressed in a tight pink leopard print tank top with the word “Slut” and an even tighter miniskirt that revealed the bottom of her buttocks.
They should have called the State Fish and Wildlife Services or ICE instead of the cops.
These tiny whales a getting more creative every time they wash ashore or beach themselves trying to enter America illegally.
“Just say No!…like Arizona
Regulators close banks in Fla., Ga., Ore., Wash. (AP)
WASHINGTON — Regulators have shut banks in Florida, Georgia, Oregon and Washington, lifting to 108 the number of U.S. banks to fail this year as the industry has struggled to cope with mounting loan defaults and recession.
The Federal Deposit Insurance Corp. took over the banks: Bayside Savings Bank in Port Saint Joe, Fla., with $66.1 million in assets; Coastal Community Bank, based in Panama City, Fla., with $372.9 million in assets; NorthWest Bank and Trust, based in Acworth, Ga., with assets of $167.7 million; Cowlitz Bank in Longview, Wash., assets of $529.3 million; and LibertyBank, based in Eugene, Ore., assets of $768.2 million.
And once again I say…..
There were 500+ banks closed in 1989 and 200+ closed every year between 1986 and 1992. 108 through July 30 is not anything to get excited about.
There are 8000 banks in the country. 108 represents 1.35%.
Say this pace continues and 200 banks fail this year. That’s 2%. Show me an industry with 8000 members where the failure rate is less than 2% a year. I don’t believe it exists.
“There were 500+ banks closed in 1989 and 200+ closed every year between 1986 and 1992. 108 through July 30 is not anything to get excited about.”
The banks that were closed in the late 80’s were a result of the S&L criminals. Think Niel Bush and Silverado. Anyway, these were corner, small town Mom and Pop banks that got hosed during the oil bust in Texas, Louisiana, Oklahoma, etc.
The banks that are closing now are larger and supposedly in better shape than those were. You need to make sensible comparisons from 1989 to today to really get what these closings mean. I think they mean that the closings by the FDIC are in the face of US Gov’t Oligarchy support and in spite of it.
It is worrisome.
Roidy
Roidy
Show me a banking system that allows 30 or 40 to one leverage, and I will show you a banking system that is doomed to fail.
The 200 bank closures represent those that the Big Boyz chose to let fail as of this point in time.
Do you know that with the same kind of accounting rules as were in place 20-25 years ago, all the big banks would already be BK as of today?
Trusting the Mainscream Media and government agencies to report the truth these days is similar to trusting the Boston Strangler to be kind to your wife and daughter in a dark alley.
ROLF!
That’s the thing about sheep like Eddie- they don’t actually scratch the surface to see what’s really going on. Without mark to fantasy, we’d be talking thousands of bank failures already.
Steep decline in GDP growth raises alarms
Corporations flourish in the second quarter but won’t for much longer if consumer spending remains weak, economists say. ~ LA Times
U.S. economic growth slowed sharply in the spring, stoking concerns about a weak job market, a drawn-out struggle for the unemployed and growing financial pressures on millions of American families.
The nation’s gross domestic product grew at an annualized rate of 2.4% in the second quarter, falling from an upwardly revised 3.7% expansion in the first three months of the year, the Commerce Department said Friday.
While many economists had expected growth to moderate, the reported decline was a jolting 35% below the previous quarter. Gross domestic product is the value of all goods and services produced in the economy.
If the borrow to stimulate theme is loosing momentum in Washington, the realities of the real GDP should prove grim. My business is a good measure of national economic expansion, and things have been really quiet this year. As in crickets chirping. There is still capital equipment being sold to China, that’s about the only game. I think that if the US stops borrowing the capital expansion in China will grind to a hault too.
I am thankful that I spent most of the past decade downsizing and simplifying and saving. A sudden introduction to this necessity would be hard to cope with.
Good for you, last decade downsizer hero. I didn’t downsize/simplify because I never lived large - I was always a saver and an investor.
People never could understand why I chose to live my life like this. I always had an inkling that all of this living large on credit was not sustainable - but of course you couldn’t explain it to these people. After all of these years I now stand vindicated.
I always had an inkling that all of this living large on credit was not sustainable - but of course you couldn’t explain it to these people. After all of these years I now stand vindicated.
Commie.
TCM….Possibly you were single, or married to a like minded gal and didn’t raise a herd of ankle biters.
“There is still capital equipment being sold to China…”
It figures. Capital equipment is used to build infrastructure. This infrastructure eventually supports manufacturing facilities for consumption purposes.
China buys capital equipment and raw materials from the rest of the world and then uses this capital equipment and raw material to churn out low-cost consumption products which will eventually drive out from the world’s market any and all consumption goods produced by the U.S.
We’re hosed.
China buys capital equipment and raw materials from the rest of the world and then uses this capital equipment and raw material to churn out low-cost consumption products which will eventually drive out from the world’s market any and all consumption goods produced by the U.S.
Let us not forget that their mercantilist ways are destroying swaths of the American economy. China rode the bubble as much, or more, than any nation. If they kill, or even maim, the golden goose then they could have ugly times indeed.
My understanding is that China is a massive country but not nearly as homogeneous as Japan. There are many different groups in China that are held together by force. If their economy hits the skids it will be hard for their totalitarian overlords to hold it all together.
And what has been the cost of the Chinese experiment with being the fake dog-poop supplier to the world? I would guess that they have a mess on their hands that will appall the world when it comes to light. If American industry was not a good steward to the land in the 20th century I shudder at the thought of what Chinese industry has done to their land, and water, in the 21st century. I am guessing that they will make some of those steel towns of Pennsylvania look good.
Plus China and Russia are natural enemies. They always have been and always will be. Any stories that deal with Russia and China working together to hurt the U.S. are bologna. One of our biggest failures during the Cold War was to ever think the Chinese and Russians could get along. They can’t. Not then and not now. Any agreements between the two are matters of expedience.
I believe the problems facing China dwarf the problems facing the U.S. So what if they are currently the world’s biggest creditor. We all know how quickly things can change. And things always change, for better or for worse.
“Let us not forget that their mercantiliest ways are destroying swaths of the American economy.”
I’m not forgetting this at all: In fact it is central to my point.
In our infinite wisdom we (the U.S.) is sending our dollars and our capital equipment and our raw materials to China, or, in other words, we are sending our wealth and our wealth producing machinery to China. If the trend continues (and I see no reason why it won’t) then China will be the worlds major producer of goods and the rest of the world will have to bend over to China if they are to be on the receiving end of any of these goods.
The only jobs that will remain in the U.S. will be those jobs that lend their services to China, either directly or indirectly, in the form of producing capital goods for China’s infrastructure or raw materials for their production of consumer goods.
In a real sense we Americans will end up being employees of the Chineese.
Combo, I respect you and enjoy your posts, but that is the same stuff I heard about the Japanese in the 1980s. Manufacturing is very mobile. I don’t believe the Chinese can maintain the huge manufacturing advantage forever. They have sold their souls to be the low cost provider to the world. It will come at a huge cost to them, I think.
China is what the USA would look like if FDR had never been elected.
OTOH, the Democrats should have started reigning in the welfare state giveaways and unfunded mandates around 1970-75 or thereabouts.
Why does everyone use reign instead of rein now?
I’ve noticed a correlation to people using reign instead of rein when it’s raining.
NYCityBoy, the Japanese hurt us bad in the 1980s and continued to do so well into the 1990s and despite common misconception and economic problems, still do.
Sony, Hitachi, Panasonic, Mitsubishi, et al, are still very large and powerful companies. And much of the S. Korean and Chinese engineering and IP licenses came from Japan. Just as we sold much of ours to Japan in the late 1970s, fueling their explosive growth in the 1980s.
And without a doubt, the Japanese are the world leaders in everyday, applied, leading edge technology.
Right, people are saying stocks are a good buy because of corporate profits. But those profits wouldn’t be there if the Feds weren’t borrowing 10 percent of GDP to keep consumer spending alive.
The chart that matters is total credit market debt as a share of GDP. Until that at least gets back down to where it was in 2000, we’re dead. And that will take many painful years.
And by the way, it wasn’t the wars that did it. In 2007, with the two wars at their peak, defense spending as a share of GDP was lower than it had been in 1979 under Jimmy Carter.
CUT THE MILITARY! CUT THE MILITARY!
So what if military spending as a percentage of GNP already is down hugely during the past 5 decades. What is it? 17-19% of GNP as compared to 52% during the JFK years?
Hell, just cut it another 5-7%. That way, it’ll be cheaper for Socialists and Marxists to attack Americans.
Thank goodness your military swears to uphold the Constitution and not your president. The way things are going, it may come down to that.
Defend your Constitution. It’s a beautiful thing.
Military spending is at an all time high, inflation adjusted.
Now why would you lie about something so easily verifiable?
http://upload.wikimedia.org/wikipedia/commons/8/86/InflationAdjustedDefenseSpending.PNG
We spend more on our military the entire wold… combined.
Nope, nothing wrong with that picture, Ceaser.
“Right, people are saying stocks are a good buy because of corporate profits. But those profits wouldn’t be there if the Feds weren’t borrowing 10 percent of GDP to keep consumer spending alive.”
That and corporations can make cuts that a small business can’t….big companies can close offices or store locations as needed, they can shutter a plant, suspend R&D, lay off 10% of their work force, float bonds, etc.
So corporate “profits” look great and small business is DOA because they don’t have the wiggle room corporations do.
And I agree 100% with this morning’s comments about downsizing, I’m planning to move to cheaper digs (everything else has been trimmed over the last couple of years). At some point, the gov’t will have to increase revnue….small business, self-employed and “homeowners” are probably first in line to get whacked with fee increases, parcel tax assessments, changes in the tax code, blah, blah. My goal for the next few years is to be neither. From now on, I think I’ll just take W2 income whenever I can and be done with it. Continue to max out on retirement and HSA accounts and save, save, save.
While everyone else was spending and going deep into debt, I was saving. Now that everyone else is starting to save, I have begun spending. While everyone else was climbing over each other to buy houses, I rented. Now that renting is becoming vogue, I am buying a house. I have always been a non-conformist. So far it has worked out pretty well.
LOL! people at work say I should “live it up.” The Donald Trump wanna be chastised me a few years ago for investing like an old man - in treasuries, municipal bond funds, and gold bullion. He is unemployed now.
What, he was let go because of his investment choices?
My point is that he was fiddling like a grasshopper and did not pay attention to his career. He must have figured his two condos and his house in the Caribbean and his Midwest acreage was all he needed to get through life. Well he was fired for some drug issue he was very careless about. Now he’s blacklisted, which is worse than fired. And not due to his investing!
So thay have periodic drig testing where you work, or was he arrested? How did your employer find about the drugs?
Caught with the drugs by a very reliable, much- trusted colleague. I cannot provide further details, but there is zero tolerance to drug usage in my line of work, at least applicable to contract engineers - my supervisor, a direct hire, is an alcoholic and there is no talk about whether he is going into rehab. He publicly said he is an alcoholic, as if it is a joke. Dumb. Particularly dumb because there are witnesses to his drunken episodes. The higher mgmt must also be aware. He should have his security clearance removed. I never saw this supervisor drunk, so it is not up to me to rat him out. Too bad there are different standards toward us contractors versus direct hires. We are expected to be far more professional than directs.
The guy fired over drugs lost his clearance (”blacklisted”).
“LOL! people at work say I should “live it up.”
Bill, Life is meant to be lived and enjoyed. If you are doing that and you are happy, that is cool for you and more power to you.
Between combat, working in medicine and my personal life, I have seen more than a few people check out and head for the Great Void. Mom, apple pie, America, money and material things don’t really count for much when your sucking and gasping for your last breath of air while wishing and praying you’d done things differently.
Whether tramatically or naturally, sooner or later, we are all gonna croak as we are all just vistors in this wonder called Life so enjoy the trip and have fun.
…says mikey sitting on his coffin smoking a cigarette and joking with the Devil while waiting for the Grim Reaper. He better have two bottles of Jack Daniels and some real hotties with him…or I AIN’T GOING ANYWHERE.
.
I doubt that you’re going to change Bill’s mind with a post like that. One thing to consider is that people can get satisfaction from reviewing the value of their investments and watching them grow over the years. The knowledge that unemployment will not lead to immediate poverty can be another source of positive feelings.
Also, are there actually people who have regrets that they saved too much and didn’t “live it up” while they are dying in a hospital bed? I have a feeling that it is probably very rare, especially here in America where there aren’t many people like Bill.
Actually, I am happy-go-lucky in my situation, right now in my Arizona Leather easy chair at my weekend apartment in Phoenix after a long week at the L.A. Office working in the lab to debug new software. The break in the storm, sunshine bringing out the brilliant green of the grass in the park outside my sliding glass door, and a beautiful clean and quiet neighborhood. Will return to L.A. tomorrow morning for another long week in the lab.
There. This chart — effective January 1, 2011 — should add to consumer demand:
Obama Tax Increases
Personal Income Taxes:
10% bracket goes to… 15% Increase: +50%
25% bracket goes to… 28% Increase: +12%
28% bracket goes to… 31% Increase: +11%
33% bracket goes to… 36% Increase: +10%
36% bracket goes to… 39.6 Increase: +10%
Capital Gains Tax:
Now: 15% Dec. 31st: 20% Increase: +33%
The marriage penalty returns… as does the Inheritance Tax… at a wealth-redistributing 55% for estates over $1M
Dividends:
Now taxed at 15% jump to 39.6%… a +164% increase
HAPPY SPENDNG EVERYBODY!
You forgot…
CD savings rate 1%, down from 5%. Decrease: 500%.
That really stimulates spending for retired people.
I believe that is an 80 percent drop.
I think we can tax and spend our way out of this one. That should work really well.
Yeah I was typing faster than I was thinking. Still getting a government-mandated PAY CUT of 80% really stimulates my spending.
De4nnis N - Cut my CD interest from a comfortable $500 per month to $50 or so. Changes your lifestyle!
Those are the Bush tax increases. The Bush administration enacted legislation that explictly had sunset provisions; otherwise they wouldn’t have been voted in. Who are you to besmirch Bush’s legacy and the will of the American voter?
Cheney-Shrub Legacy #86:
“…Coinciding with the Bush tax cuts was the growth of America’s tax codes by 1/3. Bush was all about limiting taxes on capital gains and dividends. Nice, if you understand what that means. He wanted to place nearly all taxation on paychecks, 80% of the average persons yearly income, 50% and lower for the wealthy. Incorporate the estate tax into the equation and you begin to get the picture.
Take your millions, invest it, inherit it, all free of taxation while the average American gets ripped off due to the complications of the tax code/emphasis on paycheck income. This type of thinking stunts economic growth by burdening middle income earners trying to climb their way up the social ladder.”
Wrong again.
These are Bush tax cuts that expire per his own partys legislation. He and his crony corporatists crafted the law.
Do you ever get anything right?
Use it or lose it.
Bush and the reps screwed us by setting the tax cuts to expire. Obama and the dems are screwing us by refusing to extend them.
You people are so funny. You’re really trying to blame Bush for ‘only’ cutting ALL of our taxes for ‘just’ 10 years? Guy CUTS our taxes, gets no credit, and blame from the liberals. Yet, when the cuts are set to expire you blame HIM for not renewing them as if he’s somehow now punishing people and arguing that he should have made them permanent. ?? If you think that the increase in taxes set for 1 January is a bad thing, blame the people who refuse to extend them - OBAMA/Reid/Pelosi. Obama has no chance to sell this to the country (that the reason their taxes are increasing is b/c of Bush). The only reason their taxes are as low as they are today is b/c of Bush. If it was up to Obama, the taxes would never have been cut in the first place - hence his opposition now. I can’t wait for this Nov. I have never seen an administration squander so much potential in so short a time.
I don’t put much store in any of these stories in the press about economic expansion or contraction. This article doesn’t say whether the reported numbers are REAL GDP or Nominal GDP, of which there is a huge difference. Nominal, which is often reported simply shows the effect of inflation of deflation in prices, which can report higher numbers, when, in fact, no increase in business occurred.
Real GDP, which uses a government inflation/deflation multiplier should give a better picture, but since the “inflation” index is so devoid of reality, the numbers cannot be relied upon. CPI has been so modified over the years to give better numbers for the government to report, with substitution and hedonics that you can’t trust the data.
The government changes the index to replace steak with hamburger if the price of steak goes up, by reasoning that the consumer will use the less expensive meat. Therefore, the price of food hasn’t increased. Only government wonks could use the data they use and provide the public with such spurious data.
Federal Reserve’s James Bullard: Long-term deflation is a possibility
Washington Post
A top Federal Reserve official warned Thursday that the nation faces the risk of an extended period of falling prices known as deflation, such as that experienced by Japan over the past two decades.
James Bullard, president of the Federal Reserve Bank of St. Louis, argues in a new paper that large-scale quantitative easing — or purchases of government bonds and other assets by the central bank — would be the best policy tool to prevent that possibility, though he doesn’t endorse making such a move now.
Bubble, bubble, toil and trouble.
Add a little eye of newt and maybe it’ll go away.
I like the idea of deflation, personally.
It is the inevitable result of the loss of will to borrow.
The loss of will to borrow translates into a loss of will to spend. The two go hand-in-hand.
This is a disaster in a consumer-based economy.
A bigger disaster is following along with jackholes like Bullard and doing what Japan has done. They are hugely in debt. They propped up institutions and it got them nothing but big holes with no bottom in sight.
There is no easy solution but the Fed wants us to believe there is. Of course every one of their easy solutions also lines the pockets of an army of financial Mafiosi. Isn’t that convenient?
Consumption is not a good long term strategy.
“I like the idea of deflation, personally.”
Me too!
You must be long dollar obligations and short on assets, as assets lose value and the dollar gains value during a bout of deflation.
I am.
Lots of cash. Less stuff.
Yep. I’ve purchased very few hard assets (i.e., illiquid) during the past 15 years. Credit and dual-income households askewed reality.
Hard assets remain incredibly overpriced.
Nine years ago gold was $270 per ounce. I think it’s lowest spot price those days was $255. In a span of thirty years it was $255. So within the last 15 years $255 is overpriced?
Granted, I have not been buying any precious metals for more than a year. I agree with Kitko’s Jon Nadler on having no more than ten percent of your assets in PMs. Metals may be overpriced now, but certainly I wish I had put 100% of my assets in gold in 2001!
WHAT DEFLATION?! WHAT DAMN DEFLATION?! Are you people living in some alternate universe?
Wages and RE is all I’ve seen deflate.
+1
Barry to douche bag… just go away. Wonder is he’ll say the same about Marxist Waters.
Obama: Time for Rangel to end career “with dignity”
President Barack Obama has kept mum on the fate of Rep. Charles Rangel (D-NY) for days — but he tells CBS News that it’s time for the embattled 80-year-old former Ways and Means Chairman to end his career “with dignity.”
“I think Charlie Rangel served a very long time and served– his constituents very well. But these– allegations are very troubling,” Obama told Harry Smith in an interview to be aired on the “Early Show.” and first broadcast on the CBS Evening News with Katie Couric.
“And he’ll– he’s somebody who’s at the end of his career. Eighty years old. I’m sure that– what he wants is to be able to– end his career with dignity. And my hope is that– it happens. “
“Obama: Time for Rangel to end career “with dignity””
Too late.
Someone give him a bio of Sec. Nav. Forrestal.
Decision near on Maxine Waters ethics case (AP)
Rep. Maxine Waters has been in ongoing discussions with the House ethics committee about whether she improperly intervened with federal officials on behalf of a local bank her husband owned stock in.
A House ethics subcommittee has completed its investigation into allegations of wrongdoing by Rep. Maxine Waters (D-Calif.), and could announce its next steps before lawmakers leave town for the August recess Friday, according to sources familiar with the process.
The committee is in discussions with Waters about the case, in which investigators looked at whether she broke House rules by improperly intervening with federal officials on behalf of a local bank, OneUnited Bank, that her husband owned stock in and once sat on the board of directors. It’s not clear yet what would be contained in a Statement of Alleged Violations if the investigative subcommittee determines she acted improperly.
Ethics are for the “little people”. Marcos & Waters. Sounds like the name of a law firm.
Anyone here have any other names for would-be law firms?
Maxine Waters and the word “ethics” in the same sentence are a laugh. I love all of these Democrat “leaders”. They have proven to us that women can be just as corrupt as men. Black people can be just as corrupt as white people. Hispanics can be just as corrupt as white people. And they can all be racists.
They all preach idealism and practice graft. Maxine, and her wig collection, should have been gone long ago. She is corrupt from head to toe.
There’s nothing like blurting out that socializing everything is Obama’s goal - then realizing you made a mistake because nobody was supposed to know.
Transparency. Maxine and the SEC. They ought to built a transparent glass house and live in it together.
Hell, they could raise all of Washington D.C. and build the entire place out of glass.
Trust no one over 55.
Not so fast Kid!
Yeah…Ditto here Rancher…
The “Over-The-Hill-Gang” rides again!
Yes, and Nancy Pelosi promised that the new Democratic Congress would be the most ethical congress ever assembled in the history of our Nation. It’s a shame we haven’t gotten rid of Pelosi and Reid, yet, along with Rangle, Waters, Schumer, Frank, Feinstein, Boxer, a holy host of others.
We could have gotten rid of Reid this November, but with that loon Angle running in NV, it looks like we’ll be stuck with him for at least 6 more years.
Is Maxine Waters Really As Dumb As She Seems?
By Jill Schlesinger | Feb 24, 2010 | 16 Comments
Federal Reserve Chairman Ben Bernanke delivered his semi-annual testimony before the House Committee on Financial Services today. He pretty much said what was expected: the economy is recovering but still fragile; the job market is improving, but is still horrible; inflation is low now, but the Fed needs to keep an eye on it in the future. As a result, interest rates are likely to remain low for an “extended period”.
All on script. But there was an interchange between one lawmaker and Bernanke that deserves your attention. Please watch this video of Congresswoman Maxine Waters–in it, she demonstrates that there is obviously NO intelligence requirement necessary to be named to the House Financial Services Committee.
Watch CBS News Videos Online
I actually pitied Bernanke as he attempted to remind Ms. Waters the difference between the discount rate and the fed funds rate. Doesn’t she have anyone on her staff who could have prepped on the material? It’s not as if these are difficult concepts.
The more Waters talked, the worse it got. These are the very people who think they are better equipped to want to be entrusted with auditing the Fed. Now that’s a scary concept.
“We will drain the swamp of corruption, and have the most transparent open and honest congress in history”
Moonbat Polosi ~ 2006
You can hate Maxine Waters all you want, but the people in Compton love her.
All politics is local. The local voters are the ones who re-elect Maxine, the same people who love her. For Maxine, who needs to get re-elected every two years, that’s all that matters
Substitute ‘Charles for Maxine,’ ‘ Rangel for Waters,’ ‘ Harlem for Compton’ and ‘him for her’ to get an equivalent statement…
And I was in Harlem last night. Charles has really done miracles for his constituents. He surely is the master of his district.
Yes 125th st looks like a yuppie place now…luzzurie condozes chain stores…yup the old harlem is no mo
And all of that “boom” up there is ending. Look at 125th Street and how many partial projects there are sitting there. The yuppies that were being duped into buying into that mess are not Charlie’s core constituents. Walk to the east side or a little higher up. You will see that the lot in life of Harlem hasn’t improved much.
De-gentrification is on the way. Harlem and many other areas will start sliding back. My co-worker’s brother got mugged in Astoria on Saturday night. Yes it was 2 in the morning but he feels completely secure in the neighborhood. He doesn’t remember much. He recalls being hit by some kind of an iron. He believes there were six guys in bandanas doing the deed.
This was discussed at work and I couldn’t believe how many people said, “well, in this economy”. None of them understand the rise or the crash but apparently everybody is waiting for crime to ramp back up. Nice!
yeah so far ok in Sunnyside…. but all the bars parking subway are on queens blvd so its all lit up….astoria is quite dark at night once you get off broadway 30th ave…. a few bars opened up sort of in a industrial area between vernon and the projects….not an area i would be walking too far in….
“everybody is waiting for crime to ramp back up. Nice!”
NY is a target rich environment for criminals. Bloomberg and most of his predecessors along with state lawmakers and willing sheeple have really done a number on your right to self defense.
To criminals, gun free zones = party time.
“You can hate Maxine Waters all you want, but the people in Compton love her”.
I don’t ‘hate’ her, I despise her in a kind & gental way. Her voter base can love her to death, but D.C. can send her ass packing and Compton can’t stop that.
My computer is on the fritz this AM sorry for the double posts!
but D.C. can send her ass packing and Compton can’t stop that ??
I agree…Tells you the state of affairs in Compton California when someone like Waters can be elected & re-elected…
Two words for you - Marion Barry.
You crack me up! We should nationalise drugs & oil companys
“You can hate Maxine Waters all you want, but the people in Compton love her”.
I don’t ‘hate’ her, I despise her in a kind way. Her voter base can love her to death, but D.C. can send her ass packing and Compton can’t stop that.
But then she’ll run again and Compton will elect her again.
Either her or her clone.
How clever of Maxine; She buys votes, but pays for them with the taxpayer’s money.
That is why the Federal government needs to be neutered. Robert Bird, Maxine Waters, Charlie Rangel and the rest should not be allowed to setup their little political empires, constantly voted back in by their empty-headed constituents, and have the rest of the country pay for their vote buying machines.
How clever of Maxine; She buys votes, but pays for them with the taxpayer’s money.
And Israel doesn’t do this 10 times better?
At least she’s a loyal U.S citizen.
Isn’t it interesting that white people seem to only be able to see their OWN corrupt behaviors when black people attempt to practice them?
Are you sure you are in the right place? The amount of criticism that Bush, Cheney, Fwank, Schumer, Reid, Pelosi and a whole host of other political creatures get on this blog is astronomical.
Racism is giving somebody preferential treatment due solely to their race. If you can find real examples of that on the HBB then bring them forth into the light of day. it seems like the only one practicing racism right now is you because you are defending Maxine solely based on the color of her skin.
it seems like the only one practicing racism right now is you because you are defending Maxine solely based on the color of her skin.
No NYCityBoy, Im not defending her, just pointing out the hypocracy of “blaming the monkey for the crimes of the organ grinder”. Waters and Rangel are playing the game, the only game allowed, everything we know we learned from you; now you attack them for being corrupt?
How can black people kill John Wayne when we want to BE John Wayne?
Black people EARN money.
White peole MAKE money.
So even when black people do something wrong, it’s the white man’s fault? Come on….be better than that.
White peole MAKE money.
The largest group living in poverty in this nation is… white people.
It’s ALL about the PTB and “race” is just another game they play to divide us. Don’t ever forget it.
You can hate Maxine Waters all you want, but the people in Compton love her. ……………….
which is why we need to go back and eliminate all the gerrymandered congressional districts.
How in the world did we ever let the districts of this Country get so perverted? Go look at a map of the country and the districts as drawn. they make no sense, except as rascist political cronyism.
Maxine could never get voted in by a representative pool of people in the area. She gets voted in by blacks because the district is drawn to support that.
It’s the same reason we get the crappy politicians that we do.
I live in a district that extends across Tampa Bay from Tampa to the lower part of St. Petersburg, not even contiguously connected, to draw in more black votes. And, yes, the black guy usually wins.
Amazing. But, no, this isn’t racism of any sort, just “fairness”.
Well it’s not quite that simple. There is no reason why another black democrat couldn’t challenge her in the primaries.
There’s lots of money to be made in Racism 101. Get a masters degree in the subject, and you’ll make a million dollars in three or four years.
The reason the race card is played is because it works.
“Marxist Waters” …Heh…heh, heh! I love that moniker for her!
“extended period of falling prices known as deflation”
Thanks Washington Post. I had no idea an extended period of falling prices was referred to as deflation.
Hey do you know what color the sky is by chance? I have been trying to figure that one out for decades but just can’t seem to get my arms around it. Out here in the hinterland - that is anything 10 miles outside of 495, we need all the information we can gather from the super duper smart people who live inside 495. Keep the knowledge flowing, please.
But what happened to helicopter Ben? He said that he would dump money out of them to stave off deflation. So far a few trillion have been unable to maintain that sweet spot of gentle inflation.
BB is out of bullets, going into mid-terms the third rail is more “stimulus” spending. The freak show in congress is scared shit-less they are between a rock and a hard place. The double dip is unavoidable, except without more “free” money it will not be a dip, it will be a drop.
Hard for me to understand why so many people don’t understand that the “recovery” is a mirage of props.
BB is out of bullets, going into mid-terms the third rail is more “stimulus” spending.
Don’t put anything past our leaders. I thought the Republicans were tone deaf but good lord the Dems are a virtual Helen Keller. They pushed through healthcare “reform” over huge objections. They have no understanding of the mood of Americans on illegal immigration. They didn’t care what Americans had to say about stimulus or bailouts. They have their propaganda assets such as Krugman forever calling for more stimulus. The tide has turned against the public unions and their massive pay and benefits packages but they still won’t listen to that.
The Dems are tied up tighter than ever with their most hallowed special interests. I can’t believe they haven’t revived the “homebuyer” tax credit yet. I’m sure they would if they could.
“Don’t put anything past our leaders”.
You are correct of course, just when one may think that the “leaders” can’t f-it up any worse they’ll pull a rabbit out their azz and keep on stroking.
Yah where is my $3000 off my credit card…I swear it will happen…
It’s the only thing I can think of that will put the money into people hands overnight. Some will spend all of it fast and some will parcel it out over the rest of the year…no middlemen, no gov agency bureaucrats withholding it and buying office furniture.
“BB is out of bullets,”
FIX BAYONETTS!
FIX BAYONETTS!
and YELL! & SCREAM! (for some odd reason, it seems to help…)
Blood makes the grass grow.
“Blood makes the grass grow.”
POV of a true American NATIVE…watching the slaughtered bison litter “The Plains”…
Let’s fast forward:
More White guy’s = less Bison = more grass = real estate for sale = what do you think, are asphalt parking lots profitable?
They have their propaganda assets such as Krugman ??
If you have not seen it, Tune into Fareed Zakaria GPS on the 7/4 & 7/25 program…7/4 has Neil Furguson vs. Krugman and the 7/25 program has Neil Furguson vs. (Keynes Bio Author) Lord Skidelsky….Both were excellent…
“BB is out of bullets,…”
I’m missing that. Seems the Fed is girding for another round of QE.
August 10th appears to be the day that they declare war, yet again, on the armies of deflation.
Here is an interesting blurb from Asian Times, yesterday.
I give you the summary. the entire article is under the world economy section of the AT:
Assuming Fed chairman Ben Bernanke succeeds in reverting the US economy to full employment and rapid growth, then economic historians will be facing a difficult puzzle that could be coined the Volcker-Bernanke puzzle. Paul Volcker, Fed chairman from August 1979 to August 1987, got the US economy out of 11-12% unemployment by pushing money market rates to 19%. Bernanke pushed unemployment from 4% to 10% through aggressive monetary policy with near-zero interest rates, massive monetary injection, and buying all toxic bank loans; however, Bernanke, if he does succeed by his indicated path, will have pulled the US out of 10% unemployment by even more monetary stimulation.
Somehow, either extreme, very tight or very loose monetary, could be followed by policymakers to solve the unemployment problem and propel economy back to prosperity. It makes no difference which extreme is adopted!
The Obama administration and the Fed have become entangled in unsustainable fiscal and monetary policies that have created massive economic distortions, an unprecedented level of uncertainty and a highly speculative financial environment. The unsustainability and instability of their approach have been confirmed by the financial crisis and deep economic recession.
There are more signs of faltering recovery and persistent high unemployment than signs of confidence and sustained economic recovery. At a time that many countries have become highly skeptical about the soundness of gigantic fiscal deficits and loose monetary policy, US policymakers have decided to intensify the same policies that caused financial and economic chaos in the first place.
Hoping that these policies would finally produce a magical turnaround is at best a wishful thinking. It will be left to future administrations to reduce fiscal deficits and restore financial stability.
hint
What falling prices? RE and wages are all I see falling.
“Earlier in his regime, Obama admitted that he did not know what the mission was in Afghanistan,” writes Paul Craig Roberts. “He vowed to find out what the mission was and to tell us, but he never did. After being read the riot act by the military/security complex, which recycles war profits into political campaign contributions, Obama simply declared the war to be ‘necessary.’ No one has ever explained why the war is necessary.”
Afghan Mission
To keep the poppies growing, can’t let the taliban regain power and destroy them…..It’s nice our soldiers are being killed for the heroin addict busting into your car and taking your gps
“…No one has ever explained why the war is necessary.”
Silly rabbit wmbz, “tricks” are for kids!
You mean after x7 years & 1+ Trillion dollars $$$$$$$$$$$$$$ & x51 “foreign deployed” divisions of the US National Guard & 6,710 causalities….you never got “The Message!”
Cheney-Shrub Legacy #4: “Shazam-Isalm-is-now-Democracy!”
Operation Iraqi Freedom:
Year: US UK Others Total
2003 486 53 41 580
2004 849 22 35 906
2005 846 23 28 897
2006 822 29 21 872
2007 904 47 10 961
2008 314 4 4 322
2009 149 1 0 150
2010 43 0 0 43
Total 4413 179 139 4731
Operation Enduring Freedom / Afghanistan
Year US UK Other Total
2001 12 0 0 12
2002 49 3 17 69
2003 48 0 9 57
2004 52 1 7 60
2005 99 1 31 131
2006 98 39 54 191
2007 117 42 73 232
2008 155 51 89 295
2009 317 108 96 521
2010 268 80 63 411
Total 1215 325 439 1979
Oblablah can end the war at any time. He could have ended both wars on Jan 20, 2009.
Why hasn’t he? And why hasn’t he closed Gitmo?
Oh right, it’s because of BOOOOOOOOOSH.
Just like when Oblablah will raise taxes on Jan 1, 2011 it will be because of BOOOOOOOSH.
Democrats have jumped the shark on this one. They are now saying they are raising taxes because Bush made them raise taxes by only having his tax cuts last 10 years.
To his credit, at least Obama does not strut around like a peacock bragging, “I’m a war president,” as though miring the Nation in two concurrent Middle Eastern wars that threaten to bankrupt us is some kind of badge of honor,
He is a war president whether likes it or not. Too bad he doesn’t act like it.
“Too bad he doesn’t act like it.”
I guess he could start a couple of more wars and alienate any remaining U.S. allies just to prove how tough he is.
Obama is alienating PLENTY of leaders all over the world. Just not through war policy.
“TrueHaskell™” will now argue his preference for 2008 “Plan B”:
How The “TrueMaverick™” McSame & The “TrueRogue™” Sarah The Barracuda did this:
Restored home EQUITY valuations
Restored Commercial EQUITY valuations
Lowered the casualties in Iraq
Lowered the casualties in Afghanistan
Kicked North Korea’s A$$
Kicked Iran A$$
Finalized Peace between Israel & the Palestinians
Restored the 8 million lost jobs of Cheney-Shrub
Demonstrate to American youth the endurance & lost woodsman skills & modern weapons needed to track & outwit the Wiley E. Moose
Here’s what happened in 19 months with lil’ Opie (The Non-Hawaiian) Socialst Muslim
Year: US UK Others Total
2009 149 1 0 150
2010 43 0 0 43
Shameful! What a do you expect from a “TrueMongrel™”
sickening….
Indeed, because if he does start another war, no matter how stupid, black people are going to defend him; and call anybody who doesn’t a racist:
“what? a black president can’t have a war! Bush had 2, why can’t Obama have one?…what are you a racist?”
Im old enough to remember when black people wanted to burn down the white house; now we want to live in it
(((shakin my head)))
“…when black people wanted to burn down the white house…”
I suppose if they now are more focused on burning down buildings that belong to U.S. enemies, then we are making progress in race relations?
Racism is “race relations”
spook:
I’m surprised the Big OH isn’t demanding black kids learn to read, write and speak English as his new educational policy.
Taliban. Pakistani nukes. Oil & Minerals. Heroin.
He probably didn’t explain it as it should be obvious.
I know this is old news, but here is a glimpse on how some people live on the corporate dole:
http://tinyurl.com/Corporate-Dole
How do I get an Amex card to charge $10k-$30k a month, and I never see a statement?
Also, if the CEO’s offspring get loans for 32 million dollars (for “RE investments”) that are never paid back, there is never any income tax paid as long as the loans remain on the corporate books.
Now here is what I want to know: How do I get myself on the payroll of an institution/firm for $163,500/year for no apparent work? I know some people have these kinds of jobs, I wish I knew how to get onboard.
If those 32 million dollars are in fact used for RE investments, those investments must have tanked by now, and the IRS probably wants to get paid for back income taxes. Does anybody know how far back the IRS can go if it is shady income? If the IRS can go back as far as they want to, then I would think the offspring are totally screwed (assuming they don’t have any cash-equivalents, just devalued RE), since they would owe all of this tax with interest. The IRS’s HIGHER interest rate.
Here is another thought: How often do CEO improprieties go on? I am thinking of a certain CEO who divorced his wife - stuff surfaced during those court proceedings. I may be wrong, but I get the impression that CEO’s can do this kind of stuff with impunity.
He needs to become part of the Political Class. That’s how it’s done. Through connections and graft, not merit or education.
America has a burgeoning class (caste?) system.
2 answers:
Pick the right parents.
and
Every. Single. Day.
“Next to sex, the strongest human instinct seems to be to form groups and hate other groups”
~Fred Reed.
The only group I ever thought of joining was the NRA.
“Next to sex, the strongest human instinct seems to be to form groups and hate other groups”
I used to ask the born againers that I knew who they were supposed to hate this week. Religion is wonderful for group hate. Just look at the peaceful religion of Islam. Hate seems to be central to everything in that collection of souls.
Secular institutions foster hate as well. Look at communism for a great example.
I will go to my grave contending that systems such as communism are not political systems but secular religions. They have all of the markings of a religion. If it walks like a duck…….
+1
That’s why I avoid joining groups.
I go one further by not voting. Like the late Harry Browne, I have no interest in groups, government, religion, or crusades.
“…I have no interest in groups, government, religion, or crusades.”
Now Bill, if you ever wanna see what all four of those things look like all wrapped up together, I can get ya a FREE ticket to a garden-train convention!
How many “groups” can be formed out of 6+ Billion people?
Which group is doing: “…God’s work!”
Does this group receive adequate “salary compensation”?
To answer your question, suppose each club has at least two members, and each of 6+ bn humans can either belong or not belong to any particular club. There is only one way to form a club with no members, and about 6 bn ways to form clubs with only one member,
and the number of ways that 6 bn humans could each be chosen to belong or not belong to a given club is 2^(6 bn).
So the answer to your question would seem to be at least
2^(6,000,000,000)-6,000,000,000-1 = ?
(Google won’t tell me the answer!)
It’s a mighty big number, as 2^10 = 1,024 > 1,000 = 10^3, so
2^340 =
(2^10)^34 >
(10^3)^34 =
10^102 > 10^100 = 1 google, so
2^(6 bn) =
(2^340)^(6,000,000,000/340) >
(1 google)^(17,647,058) = 10^1,764,705,800.
No wonder Google couldn’t answer that one; that’s a lot of clubs!
“…suppose each club has at least two members”
Cheney-Shrub
Does that qualify as a “club”?
‘Does that qualify as a “club”?’
Club Nukular
Obama blames GOP on small business lending bill- AP
President Barack Obama is going after Senate Republicans who have stymied his proposal to create a $30 billion fund to help unfreeze lending for credit-starved small businesses.
Yep, because all small businesses need is more credit. Their lack of success has nothing to do with crappy trade policies, stifling regulations and non-competitive behavior by large companies. Just get them more credit and they will be fine. That seems to be the answer to everything.
Your Entitlement President knows no other way.
You’re right. Bush didn’t.
Huh? Who said Bush wasn’t entitled? Not I.
Leave your partisan politics at the door.
Honestly I don’t see the point of a program like this… probably bad loans to relatives of govt employees with bad business plans. Probably a lot set aside as minority earmarks.
There are plenty of loans out there if you have a good business plan and bring some money to the table.
Buying votes ain’t cheap.
Of the dozen or so people that I know who run a small business, not one has told me that their ability to borrow has been shut off. Two have had their credit lines reduced, that’s all. Borrowing is not the problem, “they” want to try and re-create the go-go days of bullshit businesses like pirate stores and scrapbook shops.
The shoppers no longer have access to the house ATM so forget that plan.
I agree wmbz…
I am a small business owner (47 employees, SubS Corp, engineering, control, automation service business). I have had no problem with financing from our long standing bank (SunTrust). In fact, they agreed to increase the LOC by 50% this year.
I needed the increase as one of our large corporate regular customers arbitrarily moved from Net 30 on their payables to Net 60. They also changed billing rules etc so that effectively we moved from receiving payment 25-28 days after invoicing to 65-70 days after invoicing. They informed all of us vendors that this was a cost saving move; maybe for them it was but not us. They are a good steady customer but this move hurt cash flow in a big way. Over the last year or two, this industrial customer (and others) has increased our overhead in a big way by increasing reporting, meetings, surveys, background checks, mandatory safety program enhancements, etc to satisfy huge Homeland Security (chemical plants and port facilities) and knee jerk MSHA requirements placed on them due to the coal mining disasters. For example (one of many), we must keep logs with proof of the oil change schedule for any vehicle that goes (or MAY go) on MSHA covered territory. The open-pit surface mining this company does bears no resembance to underground mining but the shoe dropped everywhere. Increased regulation, reporting, and mandated dollars spent will do nothing here to change safety record.
Our big problem is maintaining work load to avoid layoffs of good solid long term employees; it has become very competetive and the profit percentage has been in the gutter. Keeping employees in this environment certainly does a whammy on profits and the ball juggling can only go on so long. I fall in to the group (>250k) that will get hit by the tax rate increase in 2011.
We are thinking that we will modify or terminate the 401K and Pension Profit sharing plan and simply put any added owner voluntary amount on the employee check. I can not in good conscience tell a 25 year old employee that it is in his best interest to put money in a tax deferred plan. In my case, I will certainly be paying a far higher tax rate when I withdraw deferred funds than I escaped when I put the money in. Forced savings is now the only kudo I can give defined contribution plans.
Administration plans for small business help being current considered will do nothing for us. That plan will dangle subsidies out along with a mind bending amount of hoops to jump through with little return other than it will provide some more government jobs to administer it. It will amost certainly have many minority slanted provisions. Larger companies with more degrees of freedom (and a bigger lobby) will figure out a way to game the system, collect money for things they would have done anyway, and the net will be ZERO or Less than ZERO help. My take as a small business owner; keep your subsidies, grants, incentives, etc and GET THE HELL OUT OF MY WAY!
Steady customer or not, sometimes they become a toxic customers and your ROI becomes a diminishing return.
I hope you have a “carrying fee” clause in your contract. I’ve learned the hard way the anything past net 30 really isn’t worth doing business unless it’s for VERY large sums of money.
The Democrats just “fixed” the financial system by passing the 2000 plus page Dodd-Frank bill. Why do we need more taxpayer money to loan to small businesses?? Didn’t we just fix the financial system>?
I also understand that a lot of the Democrat slush fund call the “stimulus bill” is still being handed out to political cronies. Perhaps Barack Hussein can skim off some that $800 billion dollar boon-doggle to give small business a paltry $30 Billion in loans. That’s less than the car companies got and a lot less than the banks got, and after all, they are “paying it back”. What a joke. I would laugh if it wasn’t such a bad joke.
Stupid headline - don’t they mean blame the bill on the GOP?
PALMDALE, Calif. — Firefighters were battling a huge wildfire in the high desert wilderness north of Los Angeles Saturday, after it jumped an aqueduct and rushed toward hundreds of houses.
About 2,300 structures were threatened and there was also concern for power lines that bring electricity to Southern California.
While house evacuation orders were lifted Friday, residents of about 500 homes in Rancho Vista were told to “shelter in place” until further notice so that roads remain clear for the movement of fire equipment, the Los Angeles County Sheriff’s Department said.
Two giant airtankers swooped into the Antelope Valley to drop red flame retardant around the perimeter, while helicopters hovered over the aqueduct to suck up water and release it quickly on top of the smoldering hotspots.
Rockwell Layoffs Come in Tough Economic Times
150 Manufacturing Support Jobs Cut
WISN 12 News ~ MILWAUKEE –
Workers who have punched in together at Milwaukee’s Rockwell Automation for years clocked out together Friday evening.
The 150 workers had known for months that a layoff was coming. Now it has become an frightening reality.
“That’s okay when you’re 30. When you’re 50 and now you have to go on unemployment and go on government benefits now it’s scary,” said Valerie Stevens who has worked for the industrial automation company for the past 38 years.
Steven and others gathered at a nearby pub to talk about the good old days. But they also could not ignore was ahead of them.
Stevens worries that older workers won’t have a chance against young prospects in an unforgiving job market.
“It scares me a lot. I don’t know what’s out there. I don’t have an educational background to fall back on. There’s not a lot of manufacturing out there anymore,” said laid off worker Jeff Phillips.
Phillips has worked at Rockwell for 16 years. His parents also worked and retired from the company. This job was sure thing for Phillips, but after being laid off he says nothing is certain.
“This could happen again at another company,” said Phillips.
The problem is that this layoff, and layoffs for other businesses nationwide, comes at a tough time, economically.
“That’s okay when you’re 30. When you’re 50 and now you have to go on unemployment and go on government benefits now it’s scary,” said Valerie Stevens who has worked for the industrial automation company for the past 38 years.
Have they saved nothing? Why should they have to go on welfare 10 minutes after being let go. I know being laid off has to be horrible but was there nothing squirreled away for the future? Don’t answer. I know enough people like this that I bet they really have one month at most tucked away.
I think you’re missing the point completely. No one said they had no savingsor hadve to go on welfare immediately. Even if they have three years of savings, then what next? This is scary. Even three years of savings doesn’t take someone through the rest of their life. If you can’t find a job, and you’re living off dwindling savings, and are 50 and feel like no one will hire you, can you see how that would be horrible without jumping on the person even more? The only thing I don’t like about this blog is the pat yourself on the back mentality of superiority over everyone else that shows up sometimes.
You got all that from my post? Wow, you are really smart. You should pat yourself on the back.
hey, thanks ; )
compassion is the breath of life . . . .
Have they saved nothing?
Probably not. It’s been a losing proposition to save money in this country for the past 20 to 25 years. Since the time of Paul Volker and the very high interest rate policy of the FED, we got Alan (no money is too cheap) Greenspan.
With all the talk about Democrats and Republicans, nothing has impacted the lives of Americans and their economic well-being than the disastrous policies of the FED and it’s “easy-money” chairman. (although for some it was a great game for a while).
The new “Easy Money” chairman is, of course, Bernanke, who should have been fired for making things worse, but that would not fit Keynesian philosophies of economy of Obama’s gang.
Since 1985 or so, the interest rate policy of the FED was to be acommodative, meaning lower, cheaper interest rates. This discourages savings, and encourages speculation in assets, which are acquired by cheap loan money.
The savings rate actually went Negative, for the first time since the Great Depression, just a few years ago, during the peak of the housing bubble.
We are now seeing the error of our ways and desperately trying to save some money, but the FED is fighting us every step, trying to “reinflate” the spending and debtor economy.
We need to get rid of the FED, but instead, the Congress just increased their reach and power, in the financial “reform” legislation. A terrible mistake. The same people who couldn’t see the housing bubble, that try to stimulate growth with low rates and have created the worst financial whipsaws in financial history need more authority to “Fix” the economy. Please. We can’t save money with the FED fighting us and trying to kill the value of the dollar. We need to kill the FED.
Inthecity, so I am supposed to feel guilty because I knew I could never afford to be a father and chose to save in this rat race while others who became parents could not afford to save for years of no job? well excuuuuuuuuse me! some of us childless singles who have been straight-armed by the preferential treatment to families by businesses such as restaurants, have never been thanked for paying for schools, for driving economy cars, for not bringing more polluters on this planet.
Heck, my oldest sister had this sense of entitlement to my money and of my other siblings’ by merit that she is a mother!
So your line ends with you, but at least you get a high horse to ride around on.
I’ll never understand people who get a sense of superiority over not procreating. Procreation is the reason life exists. If you don’t want to participate, then fine, but it doesn’t make you better than the rest of us.
Procreation in moderation was never the problem.
“never could afford.” - ahem.
Age discrimination is rampant. It’s hard as hell to find a job that pays more than min wage when you’re over 50. And even harder to find one that doesn’t involve back breaking labor.
Because you really are over the hill at 50. Daily labor at that age leads to an early grave. Don’t waste my time with contrary anecdotal evidence.
As for saving, Diogenes has it right. Combined with real income actually falling for J6P over the same period and inflation being far higher than official numbers along with fees for fess to pay for fees, and I’d be amazed if they have any savings at all.
Eco:
maybe I have a biased opinion, but Ive known lots of entertainers, and DJ’s who still in their 50’s 60’s and 70’s love to get out and keep up to date .
Maybe its this business, if you want to work you have to know who Drake is, and not just stick with the oldies.
So maybe guvmint workers at 50 are old worn out and useless, but it seems others on this board are just fine.
I do notice big time the age of HR people have declined to the chicky-poo range vs Adults 10 years ago I think that needs to be seriously addressed maybe some age discrimination lawsuits because the HR person wanted to hire someone her own age.
when i was 21 applying for my first job in tv the chief engineer was 61 years old and i had to convince him i was responsible to sign on the transmitter at 530 am everyday.
On the airline I regularly fly on, most of the flight attendants are in their late 40s or older. I keep wondering who will replace them in ten or twenty years. There will be a big hiring frenzy for flight attendants in the years ahead.
(Reuters) - Federal Reserve Chairman Ben Bernanke’s personal finances recovered in 2009, disclosure forms released by the central bank on Friday showed.
Bernanke listed assets in a range of $1.2 million to $2.5 million. They had slipped to between $822,011 to $1.8 million in the previous year, from $1.7 million and $2.5 million in 2007.
Bernanke’s assets included annuities, mutual funds and money market funds. His two largest holdings were annuities from the TIAA-CREF financial services company worth between $500,001 and $1 million each.
The most affluent Fed board member was Governor Elizabeth Duke, who listed assets worth between $3.5 million and $8.2 million.
Governor Kevin Warsh’s wife, Jane Lauder, granddaughter of the founder of the Estee Lauder cosmetics company, listed assets worth at least $66.3 million. Warsh listed assets worth between $702,000 and $1.5 million.
Didn’t Bernakkkeee’s childhood home recently go into foreclosure in South Carolina???
I wonder if he snapped up a deal on his old house?
Sounds like FOMC members have a heavily vested personal interest in propping up the value of assets.
Paperwork nightmare: A struggle to fix new law
Buried in paperwork: Congress struggles to fix tax requirement that could swamp businesses
WASHINGTON (AP) — Tucked into the new health care law is a requirement that could become a paperwork nightmare for nearly 40 million businesses.
They must file tax forms for every vendor that sells them more than $600 in goods.
The goal is to prevent vendors from underreporting their income to the Internal Revenue Service. The government must think vendors are omitting a lot because the filing requirement is estimated to bring in $19 billion over the next decade.
Business groups say it will swamp their members in paperwork, and Congress is listening. Democrats and Republicans want to repeal it, but getting them to work together on the issue is proving difficult in an election year.
The House rejected a bill Friday that would have repealed the provision. The two parties disagreed on how to make up the lost revenue.
“This foolish policy hammers our business community when we should be supporting their job growth,” Sen. Mike Johanns of Nebraska said in the Republicans’ weekly radio and Internet address Saturday. “It’s only one example of how the administration’s promise to support small businesses really rings hollow.”
Democrats blamed Republicans for Friday’s failure.
“Despite all of their rhetoric about the need to eliminate this reporting requirement, Republicans walked away from small businesses when it mattered most,” said Rep. Sander Levin, D-Mich., chairman of the tax-writing House Ways and Means Committee.
The stupidity of this is just stunning.
Whose idea was it to add this little feature to the law? The Democrats on the Ways and Means Committee? Or the Republicans? (I wouldn’t put it past them to insert this little poison pill when no one was paying attention). Either way, it’s just another sign that our government doesn’t have a clue about how things work out in the real world, or of unintended consequences.
It obviously needs to be changed sooner rather than later. But the Republicans would rather screw all their business constituents and leave it in place, as long as they think they can make political hay out of it.
OTOH, maybe the reason business is screaming so much about it is because they’ve been under-reporting for years, and this new law will expose the extent of it. Besides, with all our high-dollar “information networks”, it can’t be all that expensive to comply with. I thought this is what they paid accountants for.
Actually, the economy is helping with this plan. When most of your vendors and suppliers go out of business, it means there will be fewer 1099s to send out. I’ve recently learned from personal experience that pretty much impossible for the IRS (or any government agency, like the Labor Department, the SEC, etc.) to get information from an entity that has gone out of business. So unless it is some amount that makes it worth their while to send out investigators, they pretty much have to take your word for it.
“So unless it is some amount that makes it worth their while to send out investigators, they pretty much have to take your word for it.”
“The income tax has made more liars out of the American people than golf has.”
Will Rogers, Illiterate Digest (1924), “Helping the Girls with their Income Taxes” US humorist & showman (1879 - 1935)
Roaring 20’s:
“The income tax has made more liars out of the American people than golf has.”
Ripping 90’s:
“The income tax has made more liars out of the American “bidnessman” than the “small bidness” expense deduction has.”
It’s not under reporting. It is the paperwork that will be required.
For my travel expenses alone I estimate I will need to send out 50-75 1099s forms. For 1 person. Every flight. Every car rental. Every meal. Evey taxi ride. Every restaurant meal. Every hotel room. Every cup of coffee at Starbucks. I will have to keep track of it all categorized by vendor. And as soon as a vendor hits $600, I will have to call them up and ask for their federal tax id. Then fill out a 1099 and send it to them.
And what about if I spend $400 at Seattle’s Best and $200 at Starbucks? Both companies are owned by the same parent company. Do I send 1 1099 to the parent? Or do I not? What if I have a $600 ticket on Delta and a $600 ticket on Delta Connection? Do I send Delta a 1099 for $1100? Or do I send each of them one for $600 even though it’s the same company. But do they have separate tax IDs? I don’t know. But I will spend hours and hours trying to figure it all out.
And this is for 1 person. Scale this up for a company with 10 or 20 or 100 employees travelling. You’ll need at least 1 full time person just keeping track of what 1099 to send to who.
And then on the flip side all the companies receiving the 1099K forms. They will have tens of thousands, hundreds of thousands or even millions for the Fortune 100 companies, of new forms to process themselves.
It is going to be a bureaucratic nightmare.
Don’t expect any sympathy from Hwy. That azzhole obviously never ran a business.
+1
“Don’t expect any sympathy from Hwy. That azzhole obviously never ran a business”.
True, but I would change this line just a little… That azzhole “couldn’t” run a business.
P.S. Unless it was gubmint subsidized.
Bwahahaha.
Bush and Cheney Legacy Inc.
“Don’t expect any sympathy from Hwy. That azzhole obviously never ran a business.”
Bugs: “Eh, he don’t know me verrryy well, do he?”
Hwy, why did you sell that x1 “small-bidness” in 2006 for $480,000 to a Taiwan/India chemical company?
Hwy: “They made me a cash offer… I could not refuse.” ;-(
BWAHAHHAHAHAHHAHAHHAHHAHAHAHHHHHHHHHHHHH!!! (fpss™)
&
BWAHAHAHicHAHAHicHAHAHAHAHicHAHAHic* (DennisN™)
Ho ho, hah hah, hehehehehehe, BwaHaHaAhHAHAHAHAHAHA!!! (Cantankerous Intellectual Bomb-thrower™)
It is very easy to keep track if you pay via a credit card. I do this for my business and use quicken. Very easy to download into Quicken from each of my credit card sites (amex, wells, chase).
I calculate my taxes based on these business accounts and it is a piece of cake. One does not really need an accountant for businesses that are under 10 million annual revenue. Quicken helps sort by type of expense and by vendor name.
Eddie you should try it - saves a lot of money. In fact your accountant can do this. I hope the IRS slowly gets all businesses to use something like quicken to summarize their expenses and file returns.
“For my travel expenses alone I estimate I will need to send out 50-75 1099s forms”
Yeah Haskell, your time is really crimped these days dude, no wonder your so angry looking for a parking space at the airport!
BWAHAHAHicHAHAHicHAHAHAHAHicHAHAHic* (DennisN™)
“The stupidity of this is just stunning”.
Our gubmint at work…the stupidity abounds, just look at them. Bunch of mouth breathing, nose picking, bed wetting, short bus riding, ugly morons, and ‘we’ keep electing them.
George Washington’s wise farewell admonition: “cherish public credit … use it as sparingly as possible … avoiding likewise the accumulation of debt … bear in mind, that towards the payment of debts there must be Revenue, that to have Revenue there must be taxes; that no taxes can be devised, which are not … inconvenient and unpleasant … .”
“cherish public credit … use it as sparingly as possible … avoiding likewise the accumulation of debt”
BWAHAHHAHAHAHHAHAHHAHHAHAHAHHHHHHHHHHHHH!!! (fpss™)
Ripped from the “Fiscal Conservative” playbook:
Cheney-Shrub Legacy # 9: Deficits don’t matter”
“…O’Neill said he tried to warn Vice President Dick Cheney that growing budget deficits-expected to top $500 billion this fiscal year alone-posed a threat to the economy.
Cheney cut him off.
“You know, Paul, Reagan proved deficits don’t matter,” he said, Cheney continued: “We won the midterms (congressional elections). This is our due.”
A month later, Cheney told the Treasury secretary he was fired.”
http://costofwar.com/
So I went to get my gift HAMP loan docs notarized. My good friend and notary school teacher, refused to notarize them. Seems Wells had outdated verbage on one page and had the signing date as Aug.31. You can’t post-date a notarized document, duh! She reported Wells to the Calif. Dept. of State(?) or something. Now I have to get Wells to move quick before my drop dead date of Aug. 5th. I think next time I’ll just go to Postal Annex…they wouldn’t have caught this, I’m fairly certain. It’s always something.
“It’s always something.”
Yep, but while you are waiting to get the latest something straightened out don’t let your current house payments slip by.
808 fico, i don’t think so…but thanks.
“808 fico, i don’t think so… but thanks.”
Ah, the banksters have you just where they want you. An 808 fico is a tough score to throw in the trash. This makes you a easy mark for the banksters to jack around a bit.
Offer you a promise of a discount on your mortgage and then delay in the delivery of the promise; In the meantime you are encouraged to keep up with the higher payments.
They delay while you stay.
BanksterTactics 101.
You might want to consider taking your 808 fico to ANOTHER BANK and cutting a refinance deal with them, as in pit the bastards against each other.
I heard on a financial show this morning (a credible host) that there is a hint of a blanket mortgage interest rate decrease floating around on Capital Hill. HAMP isn’t working, so why not just forget about Contract Law altogether. There will be no docs to fill out, from what he has heard.
What about the folks already in the HAMP nightmare, where their credit was hit, and they are in knee deep? How to they “undo” damage to people’s lives?
Isn’t this opening up a can of worms?
“HAMP isn’t working …”
That depends on what one thinks what HAMP is all about.
If HAMP is about ultimately saving the homebuyer then it is not working. But if HAMP is about somehow extending hope to the hopeful FBs so they will keep up with their house payments then HAMP is working just fine.
Or was working just fine. Now that HAMP no longer seems to be the ULTIMATE ANSWER to the FB’s worst nightmare it may be time to roll out the Son of HAMP.
If HAMPsters really wanted to do a HAMP then they would find a way to do it.
If they really didn’t want to do a HAMP in the first place then they would find ways to delay it.
Got an e-mail from a young fellow trying to start up a little business. It reminded me of my predicament in the early 80’s…
E-mail…”You almost have to prove you don’t need it before they will lend it to you”.
My responce: That’s the way it used to be! I remember trying to get a loan to start a small business in the early 80’s….
Me: I’d like to apply for a loan of $10,000.00 dollars here’s my business plan.
Bank: How much money do you have to start? Me: Around a $1000.00. Bank: That’s not enough, you’ll need to come up with more security in order to get a loan for that amount. Me: Well if I had more money I would not need to borrow. Bank: Come back and see us when you are more financially prepared… have a nice day.
I was turned down 3 more times, I finally found a bank that would lend me $7500.00 dollars. Started my business, worked 7 days a week for 2 years. Was able to repay the loan after year 2, one of the proudest moments of my life. First time I had done something entirely on my own. To this day I remember walking into the Citizens&Southern bank in Mt.Pleasant, S.C. on Shem Creek with my final payment. Having my payment book marked paid in full was a very big achievement for me.
Today most young people have no idea, credit is not looked at the same way it was when I was young.
damn man I lived on Pitt st while working for WCIV-tv
Good for you. That was a nice story. Thank you.
Back in the 70’s I needed some new capital
equipment for my business and talked to my
bank about getting a loan. I told them that I needed $20k for about a year. The bank turned
around and gave me a credit line for $50k that
I could use for whatever I wanted. Several months later, I got a call from the bank saying
that the regulators wanted them to collateralize the loan. I refused and the bank for some reason
made the loan go away. Never could figure that
one out.
I knew a gal that was able to boorow 800K from the small biz admin 7 years ago to open a dollar store.
She eventually went out of business.
800k? That’s unbelievable.
Did she sleep with the SBA loan adminstrator to get that loan approved? Or, is she the niece or the daughter of a local politician?
I have been knocking on SBA’s door for a quarter of 800k and it’s not happening. Believe me, my business plan is way way better than opening up a dollar store.
Do you have a shaved hootchie, thong, halter, under 30, nice long honey blond hair, and are willing to work late on important “personal assignments” to be a success?
If so, you too could qualify for a SBA loan. The SBA is currently funding neighborhood lemonade stands to $1000k for the “right” applicant with the “right” Kind O’ Talent!
Of course Ol’ Roidy is 53, grey, slightly paunchy, somewhat irritable, wears bifocals, and is currently voted most likely to tell someone to KMA as not.
No, I don’t get a loan.
Roidy
Beats me how she did it. She was middle aged and not a looker by any stretch of the imagination.
With SBA you must have 10% skin in the game + you have to cross-collateralize the SBA portion with another asset like your personal residence…The gal with the dollar store lost plenty…
The SBA favors women and minorities and openly discriminates against all others.
‘Cause we all know that men, and especially white men, have it easy.
OH NO………NYC Boy Killed by Tow Truck
I love they way they word this run down by a tow truck, then no criminal charges….well i know the exact spot its on a blind curve, and no one should be using it to cross the street… they will put up fences lights, concrete barriers,etc, next week…Death always works to fix a bad street especially if it’s a child.
———————————————————
NEW YORK (AP) — A 7-year-old New York City boy is dead after he and his pregnant mother were run down by a tow truck as they walked to a city pool.
Police say the pair were hit by a Metropolitan Transportation Authority rig responding to a call on the Robert F. Kennedy Bridge.
Grieving mother Erika Lorenz tells The New York Post that she and her son were struck as they stood on a sidewalk in Harlem near the bridge entrance.
Other witnesses said they were hit in the intersection, which doesn’t have a crosswalk, but is often used by parents and kids on their way to and from the pool and an adjacent park.
Police said no criminal charges were expected against the driver.
“NYC Boy Killed”
No way! I have been responding to his posts all day…
Signs of humanity amoungst the barren landscape:
Syracuse, N.Y. — The late John M. Gallinger, who founded one of the area’s biggest real estate companies, has left about $1 million to the fundraising arm of Home Aides of Central New York.
The Eldercare Foundation announced Friday it is receiving about one-fourth of Gallinger’s estate. The final value of his gift to the foundation is expected to be $1 million or more.
The Eldercare Foundation is an arm of Home Aides, a nonprofit which provides aides who go to people’s homes to help them with bathing, dressing and other daily activities. Gallinger, the founder of Gallinger Real Estate, which merged with RealtyUSA in 2005, died in December at age 91.
****************
Proof there are a handful of good guys out there.
“Proof there are a handful of good guys out there.”
“TrueTalkRadio™”: “Words speak LOUDER than actions!”
But, but, but…Glenbeckinstan says the good ol’ US of A is in a “death spiral” of ANARCHY and the only WISE thing to do is buy GOLD from one of his CORPORATE sponsors…hurry up, there’s not much time left to protect yourself & your family!
Glenbeckinstan = Rash Limpbaughs Lite with a twist of… “TrueAnger™”
CarrieAnn, there’s not much bandwidth remaining on MUrDoch’s “TrueProvoker ™” Faux News for stories such as this.
“CarrieAnn, there’s not much bandwidth remaining on MUrDoch’s “TrueProvoker ™” Faux News for stories such as this.”
In a time of “reality” tv, it’s not easy finding any semblance of it.
Well, in their world what ever MSNBC says is truth, well trained group of drones.
Exports account for 77,000 jobs in KC area, new report says
http://www.kansascity.com/2010/07/26/2109413/exports-account-for-77000-jobs.html#ixzz0vHJYuVNQ
U.S. exports support more than 77,000 jobs in the Kansas City area, according to a new report released Monday.
Those trade-related jobs represent about 7.5 percent of the area’s total work force, the Brookings Institution said in its study.
U.S. exports support about 11.8 million jobs nationally.
The greatest potential for export growth will be with Brazil, India and China.
The U.S. has not taken full advantage of these emerging markets, the authors of the study said.
“True economic recovery and job growth in America will depend on substantial growth in the amount of goods and services we sell to other nations,”
Midwestern states who export grains, beef and pork will have a better future than other states.
“Midwestern states who export grains, beef and pork will have a better future than other states.”
These items come under the catagory of raw material as opposed to the catagory of finished goods. Raw material is what China wants to buy from us; Finished goods is what China wants us to buy from them.
A case in point: California produces 85% of the world’s supply of almonds. Much of this supply is sent to China where they are processed (shelled, roasted, etc.) and then sent back to us to be consumed. The round trip to China and back is many thousands of miles, but no matter: Water transportation is cheap, which makes the economics work.
Even Japan buys raw agricultural stuff from us. The largest producer of Kobe beef outside Japan is right here in Idaho, and for many years the entire output was sent back home to Japan. The Japanese didn’t really want to export any of their “trade secret” cows to the US but demand in Japan exceeded supply by so much that they relented.
Snake River Farms now only has to send about half its output back to Japan. We get the rest.
www snakeriverfarms com
Much of China has the wrong climate to grow wine (vinifera) grapes - either desert or too humid. The excess wine production in the US should be sold to Chinese drunks.
Wow, this is how colonial empires operated. Raw materials taken from the colony, value-added products created, then shipped back to the colony.
“It’s Not A Market, It’s An HFT ‘Crop Circle’ Crime Scene” - Further Evidence Of Quote Stuffing Manipulation By HFT
Tyler Durden’s picture
Submitted by Tyler Durden on 07/31/2010 05:40 -0500
* Double Dip
* FOIA
* Freedom of Information Act
* Market Manipulation
* NASDAQ
Recently we posted a required reading analysis by Nanex in which the market trading analytics firm presented irrefutable evidence of quote stuffing by HFT algorithms in tens of stocks, in which thousands of cancelled quotes would reappear each second with a definitive periodicity and regularity, around the time of the May 6 flash crash. Aside from the fact that it is illegal to indicate a quote without a trade intent, this form of quote stuffing is in fact manipulative when conducted by HFT repeaters in specific “shapes” as it actually moves the NBBO actively higher or lower, in cases pushing the bid/offer range up to 10% higher without even one trade ever having occurred, simply by masking a big block order which other algos interpret as bid interest and pull all offers progressively or step function higher (or vice versa, although we have rarely if ever seen the walking down of a stock over the past 18 months). It is as if the HFT lobby has been given the green light by the powers that be that it is safe to activate merely the bid-size quote stuffing algorithms, and not worry: the fact that the market is so one sided in its quote stuffing patterns is sufficient reason to worry of a concerted effort to push stocks higher, initiated from the very top, and effected by not only the Primary Dealer community but by the end-market “liquidity providers.” Today, courtesy of Nanex we demonstrate that this type of illegal stock manipulation continues rampant to this very day, and the SEC still fails acknowledge that it is precisely the HFT market participants that persist in destabilizing stock prices, which have given up responding to fundamentals and merely move up or down based on quote stuffing interventions by those who plead innocence and claim to only be providing liquidity. Well take a look at the millions in fake, and thus illegal, bids demonstrated below and tell us just how any of this manipulation is “providing liquidity” - the second the patterns break, the algos responsible for the churn pattern disappear, thus eliminating numerous levels of so called bid liquidity below the NBBO: break enough patterns and you have another flash crash as the market once again goes bidless.
Linky
Not sure what can be done to stop this if it truly represents ‘a concerted effort to push stocks higher, initiated from the very top, and effected by not only the Primary Dealer community but by the end-market “liquidity providers.”’
How can those who operate above the Rule of Law possibly be regulated?
“…concerted effort to push stocks higher, initiated from the very top,…”
The very top of what? Could anyone capable of reading between the lines of Tyler Durden’s cryptic prose please elucidate?
HFT… and that is the reason I left the stockmarket in Jan 2007 and have not been back.
It appears to be the hope that if the market is kept within about 30% of the Oct 2007 peak, then it will not have as far to go when the “retail investor” decides that it is ok to return and gamble some more.
It might work. It might not.
The “flashcrash” let everyone know that there is a fundamental problem with this type of investment - stocks- and to stay clear. Exception: High frequency traders, day traders, Goldman Sachs. They play.
It I wanted to play poker or shoot craps with my savings, I would. I don’t, wouldn’t, and won’t. I’m not sure WS or US Gov’t Oligarchy really gets that part. So, I let them go and don’t worry too much about what they are up to.
Roidy
Where do you park your savings to keep them safe from the Fed’s War on Savers, then?
The mattress. No I’m not kidding. Because other than that, everything is and always a risk.
Now if you don’t mind a little risk, the are still plenty of low yieled but safe investments out there.
Fire is a risk for cash put in the mattress, as is theft. Better to bury under a plant in a waterproof container.
Better yet, a safety deposit box.
A safe deposit box risks government confiscation.
I dabble in stocks. I also play Texas Holdem. Both are games of incomplete information and luck. But if you play the probabilities and don’t go all-in on a high risk gamble you will do alright over the long term.
In Holdem you sometimes go on a long streak where you don’t pick up any decent cards. When that happens you are at risk of having your chip stack eaten away by blinds and antes even if you never play a hand. In this case you simply have to gamble or your chips will slowly bleed away anyway. It seem we have entered a period in the economy in which a long streak of bad hands is being dealt. With low rates on savings and other safe investments and costs of living eating away you may simply blind out if you don’t take any risks in this environment. Weigh the probabilities and get as much info as you can and don’t go all-in on a big gamble.
“I also play Texas Holdem.”
Hah! Missed my chance at our family reunion earlier this month to learn from Lil Sis how to play that game. She taught one of my sons, though…
The steep hike in dividend taxes will have an effect on me if I don’t sell them all by the end of the year. I need to sell some to pay for my Roth conversions anyway. The remaining, not sure what I will do but will probably keep in cash until I find bargain companies (priced below book value per share) that yield well under 1%. I can wait for years!
That’s good, because you’ll be waiting for years.
Defense is still humming along:
Salina, NY–The union representing 354 workers at Lockheed Martin in Salina Thursday ratified a new four-year contract that includes a 13.8 percent pay raise over the life of the agreement.
Members of IUE-CWA Local 320 approved the new contract by a margin of 89 percent.
http://www.syracuse.com/news/index.ssf/2010/07/lockheed_martin_union_approves.html
Come on Fla. get with the D.C. progrum and just raise taxes! Problem solved.
Brevard County Parks and Recreation faces a $9.5 million budget shortfall next year.
FLORIDA TODAY • July 31, 2010
VIERA — Shrieking summer-camp children scampered across the Viera Regional Community Center gym Wednesday afternoon, bouncing basketballs and kicking soccer balls.
In nearby rooms, quieter activities prevailed. Dozens of kids concentrated during a crayon-coloring contest, bartered handfuls of Silly Bandz and practiced yoga.
Like other Space Coast community centers, the 18,000-square-foot Viera facility hosts a cornucopia of classes: tennis, fencing, hip-hop dance, Shorin-Ryu karate, junior Jazzercise, music, painting, tai chi for seniors and so on.
But this fall, budget cutbacks could chop the operating hours in half. Hamstrung by decreasing revenues, Brevard’s community centers may only open three days a week during the 2010-11 fiscal year, which begins Oct. 1.
“We voted to maintain these facilities — not let them rot in place. How long can you vote to allow the continued degradation of your parks and rec department?” Palm Bay resident Emmee Harmon Hanna asked the Brevard County Commission at 1:19 a.m. during a marathon budget workshop last week.
Our “Parks and Rec” seems to have gotten a bit of a boom over the past year in terms of usage (not sure budget-wise). A little over a hundred bucks buys a family an unlimited pool pass, which is a great way for an out-of-work parent, unable to afford camp and such, to entertain the kiddies all summer long.
Sheeple continuing to wake up, ever so slowly.
3 polls taken this week on Obama’s approval
Rasmussen: 44%
Gallup: 46%
FOX News: 43%
Gallup is adults, the others are registered voters. Polls always skew a little towards Dems when the sample consists of adults vs. registered voters.
When even using adults Obama’s well under water, can we officially pronounce HopeyHopey-ChangeyChangey dead?
No it’s not dead simply because the alternative is as bad if not worse.
I was just contacted by one of these polls. They asked me stuff for a half hour! The one thing that really caught my attention: why did they ask me for my approval rating of Newt Gingrich? Who cares? Isn’t he a has-been?
Newt may become President in 2012, after the Democrats dump Obama for Hillary.
Washington does’t get it. The mob wants new, not recycled.
Or do they really? Now that I think about it the discussion group airing their ideas may bear no resemblance to the sit at homes that don’t engage much until pulling the lever day.
The Barry-Tards will never,never believe that their savior was/is to blame for anything…It’s all Bush’s fault, can’t fix stupid! SOS.
Party on!
I am always amused by the partisan cheering here for tweedle-dee vs. tweedle-dum.
Both sides are in deep, deep denial.
Go team Barry! Rape and pillage that evil money machine…
OMB nominee got $900,000 after Citigroup bailout
~The Washington Times
President Obama’s choice to be the government’s chief budget officer received a bonus of more than $900,000 from Citigroup Inc. last year — after the Wall Street firm for which he worked received a massive taxpayer bailout.
The money was paid to Jacob Lew in January 2009, about two weeks before he joined the State Department as deputy secretary of state, according to a newly filed ethics form. The payout came on top of the already hefty $1.1 million Citigroup compensation package for 2008 that he reported last year.
Administration officials and members of Congress last year expressed outrage that executives at other bailed-out firms, such as American International Group Inc., awarded bonuses to top executives. State Department officials at the time steadfastly refused to say if Mr. Lew received a post-bailout bonus from Citigroup in response to inquiries from The Washington Times.
But Mr. Lew’s latest financial disclosure report, provided by the State Department on Wednesday, makes clear that he did receive a significant windfall
Never in the history of the world a guy talked so much change but delivered status quo.
Ever closed a bar on a Sat night and had to to clean up afterwards?
It takes a while to shovel out all the crap that was left behind. And that includes the customers.
My duty is to save the world: Prince Charles believes he was born for a purpose ~ UK Mail
The Prince of Wales says he believes he has been placed on Earth as future King ‘for a purpose’ - to save the world.
Giving a fascinating insight into his view of his inherited wealth and influence, he said: ‘I can only somehow imagine that I find myself being born into this position for a purpose.
‘I don’t want my grandchildren or yours to come along and say to me, “Why the hell didn’t you come and do something about this? You knew what the problem was”. That is what motivates me.
‘I wanted to express something in the outer world that I feel inside… We seem to have lost that understanding of the whole of nature and the universe as a living entity.’
Prince Charles
Green champion: Prince Charles, a long-term committed supporter of the environment, says the modern world has lost the understanding of nature
His impassioned comments come during a film about his belief that unbridled commerce has led to the destruction of farmland and countryside.
The documentary, called Harmony, is due to be aired on the U.S. network NBC in November to coincide with the launch of a book of the same name by the prince.
Charles is understood to have waived his author’s fee, and all royalties will go to his charity, the Prince’s Trust.
California has 6 out of the top ten worst real estate markets in the U.S. We’re Number 1!
The 10 Worst Real Estate Markets in the U.S.
By DOUGLAS MCINTYRE Posted 6:00 AM 07/31/10 Economy, Real Estate
…
24/7 Wall St. looked at new RealtyTrac foreclosure figures for the first half of 2010 and the unemployment rate by city. (The definition of “city” is based on the Bureau of Labor Statistics top 200 urban areas of population by size.) The 10 worst real estate markets in the country each had unemployment levels above 12% in June. Two cities in California , Merced and Modesto, had jobless rates above 17%, nearly twice the national average of 9.6%.
The foreclosure rates from RealtyTrac are based on the number of housing units out of 100 in a metropolitan area that received a foreclosure notice during the first half of the year. The national average for the six months was 1.28 out of 100. In the ten worst real estate markets, however, each city had a rate of over 3 out of 100. The highest rate was in Las Vegas at 6.6 homes per every 100.
Not so surprisingly, cities in Nevada, Florida and California dominate the list of worst real estate markets. These are states that have been hit particularly hard by layoffs, especially in construction. California has also been firing state workers and has sharply cut what it pays state contractors. The gaming business in Nevada has been hurt by a drop in discretionary income among those likely to spend money in Las Vegas and Reno. Florida has a population made up of a large number of retirees, some of who have to return to work, or attempt to do so, because their savings was upended when the stock market fell in 2008 and early 2009.
Here are the ten worst real estate markets in America:
1. Las Vegas-Paradise, Nevada
Unemployment Rate: 14.5%
Foreclosure Rate: 6.6%
2. Cape Coral-Fort Myers, Florida
Unemployment Rate: 13%
Foreclosure Rate: 4.98%
3. Modesto, California
Unemployment Rate: 17.3%
Foreclosure Rate: 4.59%
4. Merced, California
Unemployment Rate: 18.1%
Foreclosure Rate: 4.47%
5. Riverside-San Bernardino-Ontario, California
Unemployment Rate: 14.4%
Foreclosure Rate: 4.37%
6. Stockton, California
Unemployment Rate: 16.5%
Foreclosure Rate: 4.37%
7. Vallejo-Fairfield, California
Unemployment Rate: 12.2%
Foreclosure Rate: 3.91%
8. Reno-Sparks, Nevada
Unemployment Rate: 13.6%
Foreclosure Rate: 3.76%
9. Bakersfield, California
Unemployment Rate: 15.7%
Foreclosure Rate: 3.67%
10. Port St. Lucie, Florida
Unemployment Rate: 13.4%
Foreclosure Rate: 3.05%
See full article from DailyFinance: http://srph.it/aoHMkZ
So much for that vaunted “8th largest economy in the world.”
Reno and Las Vegas are only a few miles over the border from California, and are essentially “border towns” with all that means: economic and “morals” arbitrage. Add them to the toal and EIGHT out of TEN worst real estate markets are in the “California Zone”.
Sorry if a repost; the news is spilling out so fast these days it is hard to keep up…
UPDATE 1-Foreclosures up in 75 pct of top U.S. metro areas
Thu Jul 29, 2010 2:05pm EDT
* Foreclosure actions up in 3 of 4 large metro areas in H1
* Hardest-hit markets improve but well above U.S. averages
* Job creation needed to stem foreclosures, boost prices (Adds link to graphic)
By Lynn Adler
NEW YORK July 29 (Reuters) - Foreclosures rose in three of every four large U.S. metro areas in this year’s first half, likely ruling out sustained home price gains until 2013, real estate data company RealtyTrac said on Thursday.
Unemployment was the main culprit driving foreclosure actions on more than 1.6 million properties, the company said.
“We’re not going to see meaningful, sustainable home price appreciation while we’re seeing 75 percent of the markets have increases in foreclosures,” RealtyTrac senior vice president Rick Sharga said in an interview.
…
Related News
* WRAPUP 3-U.S. unemployment claims fall, but still elevated
Thu, Jul 29 2010
* UPDATE 1-US mortgage rates set new lows a 6th straight week
Thu, Jul 29 2010
* Mortgage demand dips on rising rates
Wed, Jul 28 2010
* Consumer confidence dims as home prices climb
Tue, Jul 27 2010
* Instant View: Home prices up in May
Tue, Jul 27 2010
“Job creation needed to stem foreclosures, boost prices”
The goal on MSM commentators’ minds seems to still be to ‘boost prices.’
How long will it take the collective consciousness to catch on that holding out hope for a return to mania pricing is an exercise in futility? The housing bubble popped several years ago, and it is not coming back.
It is quite shocking to me how long the post-bubble-collapse denial phase is lasting, though.
It’s all contained stuccobearthrower.
Now, it’s off to the great outdoors. it is a beautiful day here in Fantasyland. I made lunch earlier which was a great pasta dish with clams. I used the good wholesome food of our local farmers market to whip up the concoction. That dish had “love” written all over it. It made my wife feel appreciated. Now it’s time get some exercise and have a little fun.
Have a great afternoon, all.
“Fantasyland”
Visting LA, NYCB?
Found on Trulia:
Yet ANOTHER Buyer Loses A Home To A Botched Appraisal (Buyers No Longer Setting Prices)
http://www.trulia.com/blog/carl_medford/2010/06/another_buyer_loses_a_home_to_a_botched_appraisal_buyers_no_longer_setting_prices
Here is my concern: with the tax credit now gone, systems surrounding appraisals have the potential to force a downturn in the market and undermine the past efforts of the government to stimulate the housing market.
FACTS:
(1) Another buyer just lost a home as a result of a totally inappropriate and faulty appraisal (see details below).
(2) Substandard appraisals (fueled by HVCC) are becoming more frequent.
(3) Poor appraisals are actually eroding market values.
(4) EVERY REALTOR® I know doing a decent level of transactions has been impacted by substandard appraisals. They are SERIOUSLY frustrated and upset at what is currently happening.
(5) REALTORS® and lenders across North America have been lobbying to repeal HVCC.
*******************
Wish I knew what geograhic area this guy is from. Take the time to read the comments. Very interesting.
From the article:
“In reality, foreclosures and short sales should not be used to determine value. Unfortunately, they are, and, in cases I’ve seen, higher priced “normal” sales are ignored.”
Darnedtootin’ straight foreclosures and short sales should be used as comps in appraisals. Any appraisor can correct for condition on their report if the comparable place is/was trashed, but ignoring them doesn’t present a complete picture of the subject property and the market in which it sits.
An excel spreadsheet released from a recent briefing by Mark Zandi and Robert Shiller is making the rounds within the blogosphere. It provides a useful compilation of the underwater equity statistics in the country. In a nutshell here are the observations:
19%, or 14.748 million of the 77.570 million US households, are in negative equity.
30.6% of the 48.243 million of homeowners with first mortgages are in negative equity.
21.8% of the 67.578 million in owner-occupied single family homes are in negative equity.
4.133 million of the 14.748 million of underwater homeowners are underwater by 50%+, meaning the owe more than 50% more than their homes are worth.
Of the 50%+ underwater category, the worst states are California (672K), Florida (423K), and Texas (344K)
Total Negative Equity in the US is currently estimated at $771.1 billion.
California mortgages have $234 billion in negative equity, Florida mortgages have $79 billion in negative equity, Texas mortgages have $48 billion in negative equity.
$2.4 trillion in total mortgage debt is impaired due to negative equity.
How Mark Zandi, who prepared this spreadsheet according to the meta data, could look at this data and come up with his recent paper in collaboration with Blinder, claiming that the recession is over, is simply beyond rationalization.
(From Zero Hedge)
was sent an Excel spreadsheet by Congressman Grayson’s office last evening which, according to his office, can be redistributed. It makes clear EXACTLY how bad this bubble really is, and why even today this is not over.
A full 30% of homes with mortgages today are in negative equity on their first mortgage - that is, excluding any seconds, HELOCs and similar. The highest underwater statistics are found in Nevada where an astounding 78% of homes are underwater, Arizona, Florida and Michigan with nearly 50%. No state has fewer than 10% of their first mortgage loans underwater.
This isn’t an accident, it’s an intentional act. These over-valuations - that is, the unsecured lending outstanding - accounts for nearly two and a half trillion dollars.
That’s “money” that was siphoned off intentionally by the banksters to their personal profit, and your detriment. It is money that was effectively stolen from you, the American People - you were goaded into taking on more and more liability without any actual change in the true economic value of the asset you pledged. The housing industry, which skims 6% or more off every transaction, made hundreds of billions additionally - all siphoned off of you.
The correction of this imbalance cannot be avoided. Negative equity cannot be “waved away” and returning to bubble valuations in an attempt to make it so is not possible - the leverage that allowed it before was fraudulent.
The “Home buyer tax credit” was an intentional act of fraud perpetrated by government in an attempt to avoid acceptance of the truth - and to protect those financial institutions and individuals that profited from screwing you, the American people, over the last decade. All it did was create even more bagholders - it solved nothing because it can’t.
We must accept reality in this country. We must clear this market and allow prices to return to their natural, economic values, even when those values are far below today’s prices. We must hold those who were responsible for making the fraudulent employment of leverage in this fashion to account, and we must prevent it from happening again.
But we cannot avoid the economic pain that this adjustment will cause. I’m well-aware that nobody wants it, and nobody wants to admit to their culpability, but none of what someone wants changes the mathematical facts.
Our economy cannot recover in truth until these adjustments - and acceptance of reality - occurs.
(from K. Denninger)
Don’t hold your breath.
It is very easy to keep track if you pay via a credit card. I do this for my business and use quicken. Very easy to download into Quicken from each of my credit card sites (amex, wells, chase).
I calculate my taxes based on these business accounts and it is a piece of cake. One does not really need an accountant for businesses that are under 10 million annual revenue. Quicken helps sort by type of expense and by vendor name.
Eddie you should try it - saves a lot of money. In fact your accountant can do this. I hope the IRS slowly gets all businesses to use something like quicken to summarize their expenses and file returns.
Men Run Onto Citi Field With Mexican Flags
NEW YORK - Two men carrying Mexican flags in protest of Arizona’s immigration law ran into the outfield during the seventh inning of the New York Mets’ game against the Arizona Diamondbacks on Friday night at Citi Field.
The men were apprehended by security fairly quickly without much incident.
Prior to the game, about 40 people across the street from the ballpark chanted “Oppose racism!” and “Boycott Arizona!”
Others stationed closer to the subway exit handed out leaflets that requested Major League Baseball move next year’s All-Star game out of Phoenix.
“It’s not going to distract me. I’m here to play baseball,” Diamondbacks interim manager Kirk Gibson said after his team’s 9-6 victory over the Mets. “You have an opinion, I have an opinion. They have the right to say what they want, but it’s no distraction.”
La Reconquista continues without interruption. I’m guessing that one of those arrested will be the first “gobernador” of Arizona.
Was it Crazy Horse who who came up with the Ghost Dance?
Maybe he wasn’t crazy after all?
Disgraced mogul Conrad Black slams US justice system
MONTREAL (AFP) – Disgraced former media baron Conrad Black, released from jail this month on a two-million-dollar bond, lashed out at the US justice system Saturday in a column written for Toronto’s National Post.
“In my 28 months as a guest of the US government, I often wondered how my time in that role would end. I never expected that I would have to serve the whole term, though I was, and am, psychologically prepared to do so,” he wrote in the piece that discussed his final hours behind bars.
“Now that I have learned more of the fallibility of American justice, which does convict many people, who, like me, would never dream of committing a crime in a thousand years,” he wrote.
In his last day before heading home to his luxury compound in Palm Beach, Florida, Black said fellow prisoners from all walks of life came to his cell to make their farewells.
“The rehabilitated and unregenerate, the innocent and the guilty, and in almost all cases the grossly over-sentenced, streamed in steadily for hours,” he wrote.
Black also spoke of seeing “the failure of the US War on Drugs, with absurd sentences, (including 20 years for marijuana offences, although 42 percent of Americans have used marijuana and it is the greatest cash crop in California).”
A trillion dollars, he noted, have been spent on the effort by US authorities, but the only result has been illegal substances in question being “more available and of better quality than ever, while producing countries such as Colombia and Mexico are in a state of civil war.”
Black must remain in the United States after his release until he provides more details of his financial assets, a judge said earlier this month.
The former baron wants to return to Canada, where he was born, but must remain in the United States for now and is scheduled on August 16 for a hearing to provide additional financial details.
The 65-year-old had served more than two years of a six-and-a-half-year prison sentence. He is appealing his fraud conviction on the basis of a Supreme Court ruling in his favor last month.
Black once ran the world’s third largest media empire with such titles as Britain’s Daily Telegraph and the Chicago Sun-Times.
But he was forced to quit as head of the Hollinger holding company when he was charged with siphoning off millions of dollars from the firm, notably when it began divesting its Canadian and US publications in 2000.
Black and his associates were convicted of stealing 3.5 million dollars by awarding themselves tax-free bonuses from the newspaper sell-offs, without the approval of Hollinger’s board. They were accused of skimming off some 60 million dollars in all between 1999 and 2001.
Welcome to the real world, Conrad.
Eddie?
In January, an obscure academic article from 2008 made the rounds in the blogosphere that had been written by Obama’s information czar, Prof. Cass Sunstein.
Here’s an excerpt:
…we suggest a distinctive tactic for breaking up the hard core of extremists who supply conspiracy theories: cognitive infiltration of extremist groups, whereby government agents or their allies … will undermine the crippled epistemology of those who subscribe to such theories. They do so by planting doubts about the theories and stylized facts that circulate within such groups, thereby introducing beneficial cognitive diversity.
LOL
source: E-mail: Casey’s Daily Dispatch
“…the crippled epistemology…”
I assume that refers to any explanation of anything that conflicts with the official party line spewed by Uncle Sam or any of his crony capitalist corporate allies?
Freedom of Speech, RIP.
P.S. Czarist regimes and Freedom of Speech don’t mix well.
Techniques as old as Machiavelli.
Nice to know we have fine men like Cass Sunstein looking out for our best interests
American Banker/Pipeline
A roundup of credit market news and views
By Sara Lepro and Kate Berry
A ‘Hot’ Cause
John Maxim, a troubled homeowner in Salt Lake City, decided he was willing to lose his car to save his house.
In need of a little over $15,000 to get caught up on his mortgage and prevent HSBC from foreclosing on his home, Maxim took to his personal blog to plead for small loans from family, friends and strangers.
Oh, and he promised to torch his car, a 1993 Ford Escort, live on the Internet as an added bonus if he reached his goal. (Maxim also promised to pay back all of the money that was raised.)
His plight turned into a viral web campaign, and in four days he raised enough to save his home. The sale had been scheduled for the morning of July 26.
According to the blog, Maxim fell behind on his mortgage payments after going through a divorce and losing his adopted son. HSBC told Maxim it was reviewing his case for a possible modification. But a modification was never approved. HSBC said it does not discuss individual customer matters.
This month the home was put up for a foreclosure sale. Maxim needed to pay $21,638.02 to stop the foreclosure. He had just $6,500. Maxim didn’t try to gloss over the situation.
“If while reading this you’re thinking, ‘I’m not sure if he deserves my $5/$10/$20 to get out of this mess,’ then I say to you, you are right,” he wrote on his blog. “I suggest however, you think of it this way, ‘Even though he doesn’t deserve it, it would be pretty cool to see a video of him light his car on fire and possibly be arrested.’ ”
Some of those who gave money to his cause have suggested Maxim donate the car to charity instead. But Maxim has vowed to keep his word and plans to set his car on fire Monday night for the world to see. He might take things a step further: Maxim has proposed selling advertising spots on his car before setting it ablaze and using the money to pay back the 387 individuals who contributed to his cause “immediately.”
Some people…
I still don’t get the mindset…if he has no equity why fight?