August 6, 2010

Bits Bucket For August 6, 2010

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Comment by TCM_guy
2010-08-06 05:04:30

I do not have a problem with any administration spending all of that TARP money on the nations crippled infrastructure. The sooner we do this the lower the cost. But what do I know? I am just one of the little people. Better for ‘Bama to listen to those two deans from Columbia Business School. And besides, ‘deserves got nuthin’ to do with it’: None of those crippled bridges is lining the pockets of the CONgress.

Comment by TCM_guy
2010-08-06 05:08:28

First post!

(While sticking two fingers in ears, as Olympiagal might have suggested) La-la-la-la-la-la-la-la-la-la-la-la-la-la-la-la-la-la-la

 
Comment by aNYCdj
2010-08-06 07:37:47

Oh sure china has built 4000 miles of high speed rail, a Tibet RR with parts of it over 15,000 feet above sea level…and what did we get for our bailout? I guess we shoulda spent the money employing people then shoring up da bankies.

nations crippled infrastructure

Comment by polly
2010-08-06 08:52:45

What we need is a big ole fix to the power grid. And none of this “smart” grid stuff either. All that means is that one fairly big problem takes the whole thing down. I want a massively redundant grid.

I believe the engineers call it robust.

Then we can let private industry decide where to invest the money for alternative energies. Once they know they will have a means to deliver it, they can pay for it themselves. The lobbying for specific technologies is too complex for DC to handle at all. Subsidizing the particular technologies will end up looking like the farm bill.

Comment by DinOR
2010-08-06 09:20:46

polly,

Agreed. It’s not difficult to picture in the very near future there will be various grades/levels of utility service.

Want our “Premium Power Package”!? For only an “additional” _____ Per Mo. we can guarantee… you UNinterrupted power 24/7!

Our “Basic Package” ( which only cheapskates and those without senior citizens in their home “opt” for ) assures you of power 70-80% of the time and we assume no responsibility if everything in your freezer goes bad.

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Comment by TCM_guy
2010-08-06 10:18:47

In the past 24 hours, I have lost power twice, and brownouts are very common where I live. I keep my CPU and monitor and small radio and cell phone recharger hooked up to an uninterruptible power supply - uses two motorcycle-sized batteries. My understanding is that any businesses that operate in China without a UPS are crazy. (Lots of brownouts over there.)

 
Comment by DinOR
2010-08-06 11:11:06

TCM_guy,

Right, I was watching a NatGeo special and they showed a VERY affluent area of N. IL ( Deerfield ISTR ) where… the only real ‘guarantee’ you had ( was that you’d be resetting the timer on your VCR when you got home from work!

About 2,000 outtages over a two yr. period. And THIS in an “affluent” area. Sorry to hear you’re having to go to those lengths but we’re already seeing cut-off’s/quotas etc. in our Salem, OR area water dept.

I don’t see it getting any better?

 
Comment by Chris M
2010-08-06 11:28:49

That affluent area on the North Shore is also an “established” neighborhood. I think it was built maybe in the 30s? That part of the grid is antique. About 20 miles west of there, my McMansion was built in 2004. All our power is underground, which sure looks nicer. And it’s incredibly reliable. We get a blackout maybe once a year, at most.

 
Comment by DinOR
2010-08-06 12:00:25

Chris M,

Right, you’re out in the Aurora/Elburn area? To be ‘fair’ the special mentioned that the older trees in the area encroached on the power lines w/ regularity and that was a big part of the problem.

Other than a strategic Air Strike, there really isn’t a way to keep them trimmed back? Aging infrastructure is also a major issue there. Even the poles themselves are ancient and beyond what anyone ever thought they should have lasted!

 
Comment by Chris M
2010-08-06 12:49:28

I’m way north of Aurora. Cary to be exact. Yeah, I think the above ground power lines are the problem. They are common in “established” neighborhoods, and so are the large trees that people love. It’s funny how ComEd sometimes trims the old trees to clear the power lines. Some of them end up sort of “Y” shaped. I see a lot of this driving through Mount Prospect. But I just wanted to make a point that not everything new is necessarily bad.

 
 
Comment by TCM_guy
2010-08-06 10:12:19

Polly,

Last semester in one of my EE classes our professor told us that our power grid was built up by many different utilities, and very little of it is compatible with each other. There is no one ‘national code” for power grid construction in the USA.

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Comment by polly
2010-08-06 10:29:28

I don’t doubt it. It needs to be fixed, and sooner is better than later. Roads are fairly standardized. We should be able to transport power from place to place just as we can transport fuel that creates power from place to place.

Oh, and it should be continent wide. We only have 3 countries in North America. That is an advantage we have over Europe and we should use it. Also a heck of way to induce Mexico to clean up its end of the drug problems if they want in on the project, selling sunshine into the grid when we are dealing with winter weather.

I have a friend whose father designs very large scale power distribution systems. He told her about a vulnerability in the North American system so scarey that I will not mention it here because it could be a terrorist target. We need this. It would be a long term infrastructure investment. And it is important.

 
Comment by DinOR
2010-08-06 11:14:05

polly,

Pretty interesting concept! And a little leverage over our “neighbors to the south” couldn’t hurt either?

People don’t realize just how easy it would be for us to descend into chaos when our cream pies melt and beer gets room temp. ( Not to mention uh… traffic lights and medical fac? )

 
Comment by Arizona Slim
2010-08-06 11:15:35

Also a heck of way to induce Mexico to clean up its end of the drug problems if they want in on the project, selling sunshine into the grid when we are dealing with winter weather.

Not to mention that this project would employ a lot of the Mexican labor that came into this country to find work. Porque en Mexico, no hay bastante trabajo.

 
Comment by DinOR
2010-08-06 12:02:36

Arizona Slim,

From your mouth to God’s ears! A good many of those ppl would perfectly happy to find honest, decent, steady employment -right- at home if it was offered to them and it’s as good a place to start as any?

 
Comment by polly
2010-08-06 12:45:28

Yeah, Slim, that is another of the advantages. Everybody would get a lot of jobs “in place.”

Oh, and if you wanted to make sure that we do convert to cleaner energies over time, you could create a carbon tax, starting very low and gradually increasing that would start maybe 5 to 10 years after the grid was 80% finished. That would create an incentive to get away from burning stuff that pollutes the air, gives kids asthma and gives the middle east way too much control over our energy needs, but it would do it nice and slowly.

I am sure there are some technologies that will still do better on liquid fuel. But lets reduce our need for liquid fule to just those techs that really need it. That way we can supply ourselves for the next 1000 years or more with no particular reason to invade countries with a lot more of the liquid than we have ourselves. Other than preventing nuclear war, I would like the luxury of caring a heck of a lot less about what happens in the middle east, thanks very much.

 
Comment by Chris M
2010-08-06 12:55:55

gives the middle east way too much control over our energy needs

I don’t think much of our electrical generation comes from imported fuel. We have tons of coal and natural gas, which are the big ones. But yeah, I’d still much prefer nuke and renewable power. And for the imported oil, crank up that federal gas tax!

 
Comment by polly
2010-08-06 13:32:28

Once someone figures out the range problem (40 miles without a recharge is not OK in a lot of the US) we would be able to make a lot of cars electric. But I don’t want to burn coal for most of that. Nasty stuff. Digging it out of the ground isn’t the easiest thing either.

 
 
 
 
 
Comment by jeff saturday
2010-08-06 05:09:20

“Ever since the Obama administration gave the automaker a $50 billion dollar survival loan last year, many drivers have scorned the company and bought cars from rivals.” Hand raised.

GM CEO expects to sell all stock in 1 batch

By TOM KRISHER The Associated Press
Updated: 7:54 a.m. Friday, Aug. 6, 2010
Posted: 12:56 p.m. Thursday, Aug. 5, 2010

TRAVERSE CITY, Mich. — Eager to get out from under government control, GM expects to sell its stock in one swoop when it offers shares to the public sometime later this year, its CEO said Thursday.

Some experts had expected General Motors Co. to sell only a partial stake at first, followed by several smaller sales, but Ed Whitacre told reporters at an auto conference Thursday, “Our anticipation is we’d roll it out there all at once.”

Ever since the Obama administration gave the automaker a $50 billion dollar survival loan last year, many drivers have scorned the company and bought cars from rivals. Even though GM has cut costs, changed leadership, and reported its first quarterly profit since 2007, the resentment will linger as long as taxpayers have a 61 percent stake in the company.

“We want the government out. Period,” Whitacre said. “We don’t want to be known as Government Motors.”

Comment by oxide
2010-08-06 07:54:56

Way to bite the hand that feeds you, Ed! Stay classy. I hope Obama fires you too.

Comment by sleepless_near_seattle
2010-08-06 10:03:21

Yeah, he sure coulda used better wording on that one. I’m guessing he’s going for maximum Tea Party/Toby-Keith-lover support, considering that’s probably their customer base more than the others. He either doesn’t get the irony that they ARE the government, or he’s smart enough to recognize that they don’t realize they are. I’da just gone with, “thanks for the help, it is our goal to pay you back as quickly as possible.”

 
 
Comment by jetson_boy
2010-08-06 08:12:06

Personally I don’t understand the reason to scorn GM and Chrysler over their bailouts. Had there not been a bailout and the two companies had failed the fallout from lost jobs would’ve been worse and so too would the criticism of the government for not doing anything.

Secondly, GM, Chrysler, and Ford all contributed a huge amount of their resources to WW2 wartime production, shutting down auto manufacturing and sellings goods to the government at sometimes break-even prices. Production is one of the key factors that won the war. If they sacrificed for us then we can sacrifice for them.

Lastly, I’m a lifelong Toyota owner. But GM , Ford and eve Chrysler are all now making pretty decent products that I would consider over Toyota at this point.

Comment by scdave
2010-08-06 08:20:59

We should not be picking winners and loser’s if we really are a free market all working under the same rules…

Comment by NYCityBoy
2010-08-06 08:24:59

One can never be a little pregnant.

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Comment by jetson_boy
2010-08-06 08:35:44

… which we’re not. We’ve never been a purely free market economy. Its a nice dream but hardly accurate. I guess another way to look at this is from a purely economic perspective. Let’s say that GM and Chrysler had been allowed to fail. All however millions of workers tied to them were instantly laid-off. Suddenly the taxpayer would have been on the hook for millions of unemployment paychecks. The cost of doing this would probably be a lot worse than the bailout.

Sure- it wasn’t my favorite thing either. GM, Chrysler, and Ford all made absolute garbage for decades and decades. Ford only escaped a bailout because they nearly bankrupted themselves a few years before and managed to get things back on track (sort of) before the recession. Had they been in the same shape they were in 2005 they too would’ve required a bailout under the conditions of the recession.

It was an unpopular decision based on principle alone. But it was probably the best option at the time. Did I support the bailout? Not necessarily. But it was a necessary action in my opinion.

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Comment by Arizona Slim
2010-08-06 08:56:49

Furthermore, think of all of those people who would have been unemployed. Talk about a recipe for massive social unrest. Of the sort that this country hasn’t seen since the 1960s. Or the Great Depression.

 
Comment by drumminj
2010-08-06 09:21:56

Let’s say that GM and Chrysler had been allowed to fail. All however millions of workers tied to them were instantly laid-off.

Yes, but that would make room for a better, more efficient company to come in and take up market share. And employ more people.

You’re thinking way too short term, and that’s what’s killing this country. It’s not possible to eliminate pain and people losing their jobs. You have to look at the big picture.

Same is true with banks. Yeah, things might have gotten messy should some big banks have failed. But the smaller, more responsibly run ones would have thrived, grown, and picked up the slack eventually.

Now, what we’ve done, is select the irresponsible and un-stable behemoths to remain in place, while selecting against those that were responsible (think - the TBTF banks got below-market rate loans. Did the smaller banks get them? No…so they are at a competitive disadvantage).

 
Comment by scdave
2010-08-06 09:24:41

You could make that argument on one degree to another about “any” business failure…Doesn’t hunt IMO…

 
Comment by scdave
2010-08-06 09:25:44

My response was to Jetson…

 
Comment by jetson_boy
2010-08-06 09:36:54

But part of the bailout package to these auto companies was that they HAD to downscale their operations, which they did with the termination of several brands and the shuttering of numerous plants. So the effects of this has in fact resulted in more efficient, streamlined companies. Perhaps more so than Toyota at this point.

 
Comment by drumminj
2010-08-06 10:11:10

My response was to Jetson…

Thanks..I was trying to figure that out :)

 
 
 
Comment by In Colorado
2010-08-06 08:27:29

Correct. From what I’ve been reading a lot of GM’s new product is world class. The problem is that its going to take a few more years to replace the remaining clunkers in their stable (which is probably why they killed Saturn and Pontiac).

Ford was in the same boat and they are getting to the point where most of their old antiquated designs have been retired.

Chrysler on the other hand, has next to nothing in the pipeline. They’re probably going to become a manufacturer of trucks and minivans. Even their muscle cars fare poorly in reviews when compared to the new Camaro and Mustang. Their car product line is so weak that Chrysler/Dodge dealers are chomping at the bit to sell the Fiat 500 when it’s introduced in the USA.

Comment by NYCityBoy
2010-08-06 08:35:03

Has anybody come in contact with the new Ford Fiesta? That car intrigues me. I haven’t driven a car in years so I don’t really have a frame of reference. Is that new Fiesta any good? It seems to me that Ford has a winner there.

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Comment by jetson_boy
2010-08-06 08:38:07

The Fiesta is apparently a really good car. Its been sold in Europe for decades and was almost entirely designed and engineered there. Its the best selling car in Europe as we speak. What’s cool about it is that in Europe, many countries place a huge tax on cars. Thus its typical for people to buy smaller economy cars. But in order to compensate the interiors and fit and finish are generally pretty high. Thus with the Fiesta you get a small car with a great interior.

 
Comment by NYCityBoy
2010-08-06 08:39:45

I know this is the first time that Ford is bringing a car into this market from Europe without making any changes. That is pretty interesting.

 
Comment by jetson_boy
2010-08-06 08:42:04

The other crazy thing about the Fiesta is that Ford seems to really be connecting with younger buyers. They launched a couple of social networking sites for the car and also brought over a few for younger people in various cities to drive and write about. They sold several thousand of them before the car even made it here. If I’m not mistaken the Fiesta will be made in Mexico and Ohio.

 
Comment by Arizona Slim
2010-08-06 08:59:44

If I’m not mistaken the Fiesta will be made in Mexico and Ohio.

Made in Ohio. I like the sound of that.

Reason: A family member co-founded a manufacturing company in Ohio, and this company’s quality control is to die for. Their customers love them for that.

And they proudly display both the U.S. and Ohio flags in the plant. (Yes, they’re on a mission.)

 
Comment by Diogenes (Tampa, Florida)
2010-08-06 09:21:50

Ford makes lots of economical cars in Europe. I know this because one of my uncles drives a Ford station wagon, 4 cylinder diesel, which i tooled around in a couple of years ago.
I could not understand why similar fuel-efficient (40mpg, because fuel is costly there) was not made available here.
I am assuming it is EPA standards and all the crap the government requires, like airbags that make the transition impossible or not worth doing.
Government standards (most ridiculous by method of measurements) have kept many fuel-efficient cars out of the US.
Incidentally, I drive a Mustang 6 cyl, 5 speed. Avg. economy 23 mpg. I wanted a 4 cyl to replace my worn-out 1987 mustang convertible. Ford no longer offers a 4 cyl. What happened?
NO demand? That’s what they say.
US manufacturers tend to larger, less efficient cars because they say that’s what we want……….and they should know.

 
Comment by ed hubbard
2010-08-06 09:54:44

Ford’s new Mustang has a V-6 rated at 305 horsepower AND 31 MPG. If that is not an efficency increase over the 4 cyl old days, you need to do more research.

 
Comment by The_Overdog
2010-08-06 10:00:44

The Mustang is a sports car. There should never be a 4 banger muscle car, at least not for another 10 or more years of future engineering. Ford makes plenty of other 4s, buy one of those instead.

And the ’80s Mustangs and lack of understanding about branding and marketing nearly destroyed the brand. If it hadn’t been for the Explorer and SUVs carrying Ford through the ’90s into ‘2000, Ford would have been history.

 
Comment by Diogenes (Tampa, Florida)
2010-08-06 10:03:43

I’m sure it is. would a 4 cyl. be more efficient, i don’t know.
maybe not. But, the problem is I can’t AFFORD a new 2010 car.
Also, i think this rating is a lie, unless they are just the newest ones. i have a friend who bought a 2008 or 09 model and she complains that she gets less than 20 with the 6 cyl and automatic trans. I can get 27 hwy in mine, with stick shift.
Old car got 25 with auto.
31 mpg, with stick shift, downhill, with a tailwind. maybe.

 
Comment by sleepless_near_seattle
2010-08-06 10:09:08

I am also interested in the Fiesta. I’ve said it many times here, but my time in Europe really changed my view on transportation ownership. And the Fiesta seems prime to capture people like me. Small car that doesn’t exist solely to be the cheap offering in the overall lineup. I’ll probably wait to see what the new Focus looks like for next year as I think the body style is a little nicer. Saw both at the car show and think Ford has two winners on its hands.

 
Comment by TCM_guy
2010-08-06 10:44:20

Ford’s new Mustang has a V-6 rated at 305 horsepower AND 31 MPG.

For better accuracy with the smaller platforms, multiply the EPA mileage estimates by 0.9. For larger platforms (trucks) multiply by 0.8.

 
 
Comment by TCM_guy
2010-08-06 10:37:42

Chrysler will manufacture nothing, period. Their former German masters dismantled Chrysler’s stateside engineering. Now what is remaining of Chrysler’s engineering is not even a skeleton. It takes a team of about 500-600 people to engineer a new car platform, but Chrysler does not have this. Chrysler is a dead man walking.

Chrysler will continue to sell older products until their niche marketing for “new antiquates” has run its course. After that they will be a marketer of imported Fiat products.

Thank the Germans!

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Comment by TCM_guy
2010-08-06 10:46:20

“new antiques”

 
 
 
Comment by Joe Lawyer
2010-08-06 09:11:50

As a lifelong Toyota owner, you scorned them a long time. Why the epiphany now? I would think you would be un-happy to see your tax dollars supporting a company that voted against with your pocketbook.

Comment by jetson_boy
2010-08-06 09:34:44

Because they made garbage, that’s why. There’s a big difference between scorning over ideology and quality.

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Comment by Cassandra
2010-08-06 10:25:22

When I was a kid, our family had a 1972 Chevy Wagon. One of my chores was to clean it out every weekend. Every weekend when I vacuumed the carpet under dash I would find a screw. That car was a true POS.

 
Comment by goirishgohoosiers
2010-08-06 11:51:55

My folks owned a ‘71 Chevy Councours station wagon. I was only a kid, but these are some of the things I remember going wrong with it:

— Power window in the back failed after ~6 mos. Multiple fixes were attempted, none of which could get it to work right for more than a couple of months.

— Full electrical system failure resulting in acrid burning rubber smell when the engine wire coatings burnt off

— engine continued dieseling for minutes after ignition was turned off

I’m sure that there were several other defects that I can’t remember because mercifully I wasn’t paying to repair them.

Another fun fact: GM keys often fit into other cars. My mom found a green wagon in a parking lot that was the same model and color as ours, and which she thought was ours so she put the key in the lock and got right in. The only thing that made her realize that she was in the wrong car was the radio which had FM (ours was AM only).

 
 
 
Comment by mikey
2010-08-06 10:13:44

Jetson_boy, You raise some good points.

Large corporations that were once the potential military-industrial backbone of the US and any war effert where very important to us.

These antiquated brick and mortor Behemoths can’t just sit in the basement on their past laurels sucking up huge profits while producting expensive 2nd rate products. Many of these corporations used to operate on a 5-6% margin during a recession and produced an acceptable product and were happy about it. Then somebody got real greedy.

Today, you ask for an acceptable product and offer a 5-6% profit and they’ll laugh in your face, point you to Wal-Mart for your disposable Chinese junk.

I believe that their existance is still important but they have to update, be efficient and be competitive to carry their weight and worth in times of peace to survive. I believe that they are finally realizing that and are trying. The question is if it is too late.

GM, Ford, Chysler, US Steel Corp and so on, where also very important to the USSR during the Cold War as they were important primary and secondary Soft Soviet ICBM targets.

Everyone realized the huge and rapid production switch along with the wrath that these aging industrial giants could bring against an enemy in the old conventional sense. Like our massive agriculture surpluses, they were a once a great club we could wield on friend or foe alike if they threatened to get out of hand. We relied on them too long, we dozed feeling secure…while Wall Street and other PTB changed the world.

There will be a heavy National Price to be paid for bottom lining the US worker, his job, his company and his Country for cheap labor, immediate profits and killing and gutting the American Industrial Base.

See, we didn’t need a Soviet ICBM to take out Detroit, we did it ourselves…it just took a little time.

More to Detroits to come and they won’t just be in the Rust Belt this time…

:(

Comment by oxide
2010-08-06 12:19:19

Many of these corporations used to operate on a 5-6% margin during a recession and produced an acceptable product and were happy about it. Then somebody got real greedy.

Today, you ask for an acceptable product and offer a 5-6% profit and they’ll laugh in your face, point you to Wal-Mart for your disposable Chinese junk.

+1. I heard that it’s not enough to make a profit. You have to make more profit this year than you did last year. And even that’s not enough. You need to have a higher percentage profit this year than last year. So 6% goes to 8%, then it has to be 12%, as if there were no upper limit.. It’s a way to spiral yourself out of business real fast, taking your employees and the economy down with it.

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Comment by mikey
2010-08-06 13:07:08

“Many of these corporations used to operate on a 5-6% margin during a recession and produced an acceptable product and were happy about it”

That is true. I knew David Roserick, Chairman of US Steel in the 80’s when US Steel was the 6th largest corporation in the US. After a meeting he had to talk to me about something. I then asked about the production output of this divisions, the others and US Steels outlook with 80’s recession and possible economic slowdow looming.

He said my division was good with a fairly steady 5.7–6% profit. A couple of others were making a profit and some were hurting. He also said that we weren’t going to get out of steel but we were going to diversify.

Diversify Hell.

He and US Steel/USX went though sales, closures, layoff’s, heavy duty buy-out threats, management change

 
Comment by mikey
2010-08-06 13:42:12

cont:

Today, you wouldn’t recognized the old US Steel operations and it’s a shell of itself but still there and working. By the time Rodrick left, they cut a lot of dead wood and it was brutal on the rank and file workers.

My old division went from 5,000 men to a complete shut down. It then reopened under new management with 800 wokers then up to 1,200.

It has still has to be churning out at least a 5-6% profit against foreign steel or it wouldn’t be there.

A year later I was a Adminstrative Manager at another division that was a profitable but real management nightmare when he asked me were I could see myself 5 years from now.

I guess that I shocked the hell out of him and everybody else in the meeting when I answered…

“In a small bar in Wisconsin” said Goodbye, got up and walked out and never l.

 
 
Comment by jetson_boy
2010-08-06 14:00:46

The interesting thing is that if you look at what GM and Ford are doing these days they’re actually making some fairly progressive products. The Chevy Volt took 3 solid years of hardcore research and development for GM to get out the door. Ford and GM are both making new plants to manufacture batteries for upcoming electric cars. The new Explorer is a unibody frame with a ton of modern attributes. The old Ford Rouge plant has solar panels and grass planted on the roof. Their online social media is pretty impressive too.

I guess t me its good to see a US industry which was such a dinosaur for so long finally get in the game. On the other hand GM sells more cars in China. So I imagine we’re going to start getting more and more Chinese GM products. Latest example: The Buick Lacrosse, which has an interior that was designed at their Shanghai studios. The new Buick Regal is actually a Chinese market Buick designed in China where it sells very well. It’ll be here in the fall…

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Comment by measton
2010-08-06 15:34:07

We should not be picking winners and loosers.

IF we open our boarders and trade with countries that prop up their industries then we are picking winners and loosers. They will be the winners and we will be the loosers.

 
 
Comment by SFC
2010-08-06 08:28:19

I’m sure the only thing holding back all those unemployed folks from buying $50,000 Suburbans is the fact they don’t want to buy while GM is government-controlled.

Comment by Diogenes (Tampa, Florida)
2010-08-06 09:24:49

I am sure you are right, because even if you haven’t got money for gas, you can sleep a family of 4 in a suburban, and still have room for a gas-powered stove. It’s almost a house on wheels and costs a lot less than a regular house.
Go Chevy!!

 
Comment by rms
2010-08-06 11:33:20

The $50k price tag [is] the problem. Without government backed lending the average consumer wouldn’t qualify. The automobile industry is stuck in the same rut as housing, i.e., they have priced away their customers.

Comment by Arizona Slim
2010-08-06 12:46:12

The automobile industry is stuck in the same rut as housing, i.e., they have priced away their customers.

More than a few of us have noticed the same thing happening in medicine and dentistry. And didn’t someone just post a WSJ story which said that Americans have cut back on doctor visits?

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Comment by mikey
2010-08-06 15:22:00

“More than a few of us have noticed the same thing happening in medicine and dentistry. And didn’t someone just post a WSJ story which said that Americans have cut back on doctor visits?”

Yes, it does appears Americans are really trying to live longer.

;)

 
 
 
 
Comment by Jimmy Jazz
2010-08-06 09:14:51

Scorn?

“GM says sales from its four brands — Chevrolet, Buick, GMC and Cadillac — jumped 25 percent over July of 2009. Buick and Cadillac sales more than doubled.”

Lazy writing. People weren’t buying GM because they thought it was going under and warranty service wouldn’t be there. The bailout HELPED the perception.

Comment by Diogenes (Tampa, Florida)
2010-08-06 09:29:45

i just love statistics. Fun with numbers. I recall visiting a friend in Maryville, Tennessee quite a few years back. The local paper had a front page news story that the Murder rate in the small town had DOUBLED over the previous year.
I turns out that the town had 2 murders that year, as opposed to the one murder the previous year. And, they weren’t really sure about the 2nd one, they were still investigating. It may have been accidental. But it made a sensational headline. I thought Maryville must have been trying to out-do Chicago for gansta work. My bad.

Comment by Jimmy Jazz
2010-08-06 16:18:12

My point remains. The public at large may have been upset with the bailout, and some of those points are valid. From the perspective of someone thinking about buying a GM car, the bailout evidently had a net positive effect and made them feel more secure in their purchase.

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Comment by wmbz
2010-08-06 05:09:42

Fannie Mae Seeks $1.5 Billion From U.S. Treasury After 12th Straight Loss.

Fannie Mae, the mortgage-finance company operating under federal conservatorship, is seeking $1.5 billion in aid from the U.S. Treasury Department after a 12th straight quarterly loss.

A decline in costs from bad loans helped narrow the second- quarter loss to $1.2 billion from $14.8 billion in the same period a year earlier, the Washington-based company said today in a filing to the Securities and Exchange Commission. Fannie Mae has accrued more than $148 billion in consecutive losses since 2007, according to data compiled by Bloomberg.

The Treasury seized Fannie Mae and McLean, Virginia-based Freddie Mac, the biggest sources of U.S. mortgage funding, in 2008 as souring subprime loans pushed the companies to brink of collapse. Including today’s request, Fannie Mae has drawn $86.1 billion in aid. The growing tally has helped spur the Obama administration to solicit proposals to fix the companies, and prompted some lawmakers to demand their closure.

“Congress must act to end this taxpayer-funded bailout,” said Representative Jeb Hensarling, in a statement after today’s earnings were announced. The Texas Republican is the lead sponsor of legislation to abolish the companies.

 
Comment by wmbz
2010-08-06 05:11:21

Tepid retail sales bode ill for autumn

NEW YORK (Reuters) – Retailers posted July sales below analysts’ expectations after cutting prices to attract shoppers worried about high unemployment, a strategy that bodes ill for the back-to-school season.

The increased discounting that began in June and continued last month is reminiscent of the troubles that plagued retailers during the worst of the recession.

“We’re back to a game of chicken between consumers and retailers over discounts,” said David Bassuk, who leads consulting firm AlixPartners’ global retail practice. “We’re going to have a slow, painful back-to-school season.”

At the trough of the recession in 2008, same-store sales declined sharply, leading to the weakest holiday season in decades. Any renewed weakness in consumer spending, which accounts for two-thirds of the U.S. economy, could cast a shadow on the recovery.

Comment by Arizona Slim
2010-08-06 07:51:28

Any renewed weakness in consumer spending, which accounts for two-thirds of the U.S. economy, could cast a shadow on the recovery.

And, once again, this statement is made as if things were ever thus. Not true.

Time wasn’t too long ago when consumer spending only accounted for 50-60% of U.S. economic activity. But that was when we still made things here.

 
 
Comment by wmbz
2010-08-06 05:13:20

Wary U.S. employers keep hiring plans on hold.

Kentucky (Reuters) - Anyone puzzled by the reluctance of U.S. companies to hire workers in the midst of what looks like a business-led recovery needs to talk to Robert Harvell.

With more than 30 years in the excavator-making business and six recessions under his belt, Harvell, the chief executive of LBX Company, thought he knew what to expect when he saw signs in late 2006 that another downturn was coming.

He was wrong. So now, like a lot of manufacturing executives surprised by the downturn’s speed and severity, he is being extra cautious, especially when it comes to expanding his pared-down payroll.

Signs of how wary U.S. employers are to hire again are expected with Friday’s release of payroll figures for July.

Like Harvell, many executives worry the current recovery will prove as unpredictable as the recession that preceded it.

“I am embarrassed to say that we anticipated a softer landing and a speedier recovery than what we’ve seen,” he told Reuters this week. “But then everything began to implode.”

Comment by Rental Watch
2010-08-06 08:58:21

I was talking to my partner last night and we were thinking of effective ways to get companies comfortable hiring again. Here were our thoughts:

1. If a new employee leaves their job, FOR ANOTHER JOB, within 6 months, the government pays for 2 months of their pay (to encourage employers to hire regardless of someone being “overqualified”);
2. If an employer hires someone who then needs to let them go within 3-6 months, their rating for unemployment insurance is not impacted; and
3. Extend unemployment benefits, but ONLY for people who are undergoing job training for a prescribed list of jobs that are in demand in the area where the people live (nurses, various trades, etc.), but ONLY while they attend and are doing the work.

I’m not a big fan of spending, but for ideas like the above, I’d pay more in taxes. I especially like #2. I like #3 the worst, because it is the most expensive, but we’ve got to figure out a way to get people working again.

Comment by Diogenes (Tampa, Florida)
2010-08-06 09:41:55

3. Extend unemployment benefits, but ONLY for people who are undergoing job training for a prescribed list of jobs that are in demand in the area where the people live (nurses, various trades, etc.), but ONLY while they attend and are doing the work.

Sounds rather simplistic and unmanageable. Who is paying for the “training”. Nurses take 2 to 4 years of “training”. Are you suggesting we should pay for their schooling or just give them an unemployment check for going to school. Most trade schools take a couple or years, too. Same plan?

The problem is NOT lack of education and training. The problem is there is no demand for additional workers. And the other problem is the rate of change for careers. If you were an IT professional and your job got outsourced to a Pakistani, what do you think should be done? Change you career to a car mechanic?

Most people who come up with these sorts of solutions are ones that don’t have extensive higher education. My profession took 5 years of College and 5 years of internship to be able to sit the State Board exam and qualify to work as a “professional engineer”.
I understand there are opportunities in the medical field. I think brain surgery is in demand. I would gladly go for “training” if the State will pick up the tab, and pay me for 5 more years of schooling.
I guess since there isn’t much work out there, i should take a class in dog -grooming to get another job.
That’s what most of the discussions like this seem to suggest. Just take a class or 2, perhaps in bartending. Bingo. new career track.

Comment by Rental Watch
2010-08-06 10:01:51

If you were an IT professional, and your job is now gone, you need to find something else to do. Car mechanic is just as good as anything else. So yes, the out of work IT professional who no longer has a job, or prospect for a job, should find something different. What else should they do?

I largely learned on the job–there is no university program for what I do. I learned some skills in college that are very useful for what I do, but I didn’t go through a training program for my job.

There is effective training in between becoming a bartender and a brain surgeon (HVAC repair, basic training to become plumbing apprentice, basic medical functions, etc.). Not everyone needs a PhD, and not everyone can find a job by simply being able to put together a Big Mac. And the inbetween jobs aren’t needed everywhere.

I’m not suggesting we pay for people to become doctors, or bartenders, and I’m not suggesting that we pay for people to become buggy-whip makers either.

And this will not be a solution to all unemployed, but on the margin, it would improve the skills of some people willing to do the work.

Buying food stamps for unemployed, or paying them to either a) unsuccessfully look for work with their existing skillset or b) pass up jobs “beneath them” or c) sitting on mom’s couch while drinking cheap beer is not a good use of the $. We need to try something different. If we are going to be paying them anything I’d sure like them to be working at doing something.

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Comment by polly
2010-08-06 10:20:53

Actually, the different thing is the old thing. My dad was out of work for a while when I was little kid. Looking for work was harder back then as the internet didn’t exist and phone calls cost money and all that. But, he also had to go to the unemployment office to get his check. And he didn’t get it unless he sat down with a person who looked over the list of activities he had done over the week (research, calls, resumes typed up, interviews, etc.). He had to prove that what he had done would have taken a pretty efficient person 40 hours or more to accomplish.

However, this requires governement employees be hired who are sufficiently skilled and honest to be allowed to decide whether or not to give a person a check at the end of a half hour long appointment. Oops. Never happen.

 
 
Comment by mikey
2010-08-06 14:25:45

It seems like there periodic cycles on the need, demand then saturation for certain entry level professions. It’s either feast or famine.

Specialty MD’s

Nurses

Engineers

We had great Mining Engineering School at one of my universites .

The Army sent

Sheesh…I LOVE big, big blast patterns, all Class A,B and C explosivies, det cord, pararell series, connectors, mili-second delays, evil little blasting caps, TNT and tons and tons of slurry explosives…

Auhhh..err Ooops, sorry I got excited.

Sorry

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Comment by mikey
2010-08-06 14:28:20

:)

 
 
 
Comment by rms
2010-08-06 11:46:20

Who said lazy government workers?

Here’s a tough-guy government job opening.
http://tinyurl.com/2cn3nlm

Comment by Arizona Slim
2010-08-06 12:47:48

And, believe it or not, there’s quite a bit of competition for these jobs. In any economy.

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Comment by aNYCdj
2010-08-06 13:04:00

I would do anything for this………but the rules right now are you have to be IN school taking classes before you get unemployed and still collect..

we can do this for welfare people too…The way most back to work programs are run is a waste of taxpayers money simply for this reason . what good will it do at my next Job interview if I was picking up garbage instead of working as an Intern at a internet radio station, the last 6 months?????/

Oh and don’t forget the racial discrimination in these programs, they seem to have money for training you to be a Baggage Handler, a Security Guard, a Home Health aide, a Truck driver for Fresh Direct……but what about advanced photoshop ot Final Cut pro video editing….its there listed as a job in need….but i think i am the wrong color.

————
Extend unemployment benefits, but ONLY for people who are undergoing job training for a prescribed list of jobs that are in demand in the area where the people live (nurses, various trades, etc.), but ONLY while they attend and are doing the work.

 
 
 
Comment by palmetto
2010-08-06 05:14:20

Congratulations to Nathan Lane on his confirmation to the Supreme Court of the US.

Comment by wmbz
2010-08-06 05:24:56

LOL! Man, that’s a low blow to Nathan Lane!

 
Comment by oxide
2010-08-06 05:45:48

Not a bad thing. Comedians have to be very intelligent or they don’t last long. Would you have preferred a supermodel like Sister Sarah?

Comment by wmbz
2010-08-06 05:57:38

“Would you have preferred a supermodel like Sister Sarah”?

That poor dumb women occupies so many peoples brains rent free I find funny and pathetic.

P.S. Why is it that the commie libs can’t find one, just one that is easier on the eyes? Do they inner breed? The latest sow is just plain butt ugly, the good news is, she is fat and in poor shape so perhaps she’ll blow a valve in a few years.

Comment by palmetto
2010-08-06 08:58:44

I’m tellin’ ya, it seems like so many of the ladies on the left are incredibly unattractive. Most look like they should be barking or snorting or grunting.

Oh, man, I am soooo going to get flamed for that.

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Comment by NYCityBoy
2010-08-06 09:01:05

Check out the campus of Macalaster College in St. Paul, Minnesota. It is one of the most liberal colleges you can imagine. It was amazing how ugly the females were on that campus. Good night!

 
Comment by DennisN
2010-08-06 09:13:20

Bad boy palmy. Ann Coulter will spank you for that.

 
Comment by mikey
2010-08-06 14:57:21

Big Bad Mother Bush is about as far right as they go and that mean old GOP Battle Axe as a kisser that will stop clocks and crack mirrors.

Yikes, here comes Dubya the Decider with another invasion force for insulting his drop-dead Ugly Mamma.

:)

 
 
Comment by hip in zilker
2010-08-06 10:57:53

The Republican beauty I am most impressed with is Barbara Bush. When George I was president, she looked decades older than him.

Now he looks elderly and somewhat fragile, but she hasn’t changed a bit!

I wonder how she does it.

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Comment by palmetto
2010-08-06 06:27:42

Aw, lighten up.

 
 
Comment by SV guy
2010-08-06 05:52:28

“Last time I saw a pair of lips like that they had a hook in them”

 
Comment by edgewaterjohn
2010-08-06 07:44:51

Yeah, but if we had a big softball game - I’d pick her first.

Comment by rusty
2010-08-06 08:24:50

They are 9, they can field a team.

Comment by DennisN
2010-08-06 09:15:41

Let me guess. Ginsburg plays left field and Scalia is the catcher.

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Comment by wmbz
2010-08-06 05:17:30

Will Middle Class America Ever See A Real Raise Again?
For Decades, Annual Incomes Have Remained Virtually The Same
ABC News ~ August 6, 2010

For Teresa Law, the struggles started long before the economic downturn. Her sense of despair predated the bursting of the housing bubble that nearly brought the economy to its knees in 2008.
A review says the president’s plan to save struggling homeowners is failing.

“I hadn’t seen a raise in 13 years,” said Law, 49, a home care attendant in the rolling hills of south central Ohio. “There was nothing new in your budget except for bills. There were very few dinners out. Things that normal American families are shown on television were not done in my home for a very long time.”

For millions of working Americans, the phenomenon economists call “median wage stagnation” has become a way of life. For decades, their annual incomes have remained virtually the same, leaving many just a paycheck or two from the street.

Comment by combotechie
2010-08-06 05:26:10

“Things that normal American families are shown on television …”

Such as Married With Children? Or Roseanne?

Normal American families: What’s a normal American family?

Comment by edgewaterjohn
2010-08-06 07:49:22

Hint: They have a lot of debt.

 
Comment by Red Beach Red Beard
2010-08-06 07:59:12

“What’s a normal American family?”

Those families on Law and Order.

 
Comment by oxide
2010-08-06 07:59:41

I’m Stanley Johnson. Look at my house. It has a pool. Like my car? It’s new. I even have a memberhip at the local golf club. How do I do it? I’m in debt up to my eyeballs…

Comment by arizonadude
2010-08-06 08:05:04

avg american=slave to the crooked banks in america

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Comment by exeter
2010-08-06 08:15:20

I remember that great commercial. How come it gets no airplay now? ;)

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Comment by mikey
2010-08-06 15:09:02

I loved Stanley Johnson and the even the old Joe Izuzu Commercials:

You have my word on it.”

“If I’m lying, may lightning hit my mother.” (“Good luck, Mom!” appears on screen.)

“It has more seats than the Astrodome!”

“Hi, I’m Joe Isuzu and I used my new Isuzu pickup truck to carry a 2,000 pound cheeseburger.”

“The Isuzu Impulse: faster than a speeding—[catches a bullet in his teeth]—well, you know.

Of course I’m mikey and I’m really very easy to use, abuse and amuse.

:)

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Comment by SV guy
2010-08-06 05:55:06

I’d ask “Will middle class America survive, period?”

Short term demise seems rather obvious.

Comment by In Colorado
2010-08-06 06:38:11

The thing is, a lot of people in the USA consider themselves to be “middle class” when they are in reality “lower class”.

USed to be that a semi skilled blue collar job could provide a middle class lifestyle. Then it either a high skilled blue collar job. Then a college degree was required.

Now it takes a degree from a school with a pedigree. I remember when graduated 25 years ago. While we were coming out of a recession jobs were relatively scarce and yet there were plenty of recruiters on campus.

Fast forward to today. When I speak to graduates from State U’s they tell me that there almost no on campus interviews these days, which is not surprising as the Fortune 500 are hiring in Chindia and not here.

Comment by nickpapageorgio
2010-08-06 20:20:42

“Now it takes a degree from a school with a pedigree.”

Not in Information Technology. Most of the fine men and women at my company in similar positions make upper 5 figures to over 100k with only a very small fraction having any degree at all. You can’t teach what we do at a university, it’s constantly changing. The best a university could offer is a high level overview.

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Comment by oxide
2010-08-06 06:05:30

There was a huge discussion on this topic on another blog.

The survival of the American middle class relies on being hired for a job. The survival of American business relies on NOT hiring people for a job. The most successful business will replace all their pesky and expensive employees with automation, computers, and out/in-sourcing to a cheaper country like China. But Americans can’t afford to buy things, how do businesses stay in business? They ride the rising tide of consumers in emerging markets like China or Brazil. The goal is to arrange that labor is always one tier cheaper than the customers. When the Chinese and Brazilians become to expensive to employ and therefore can no longer buy goods and services, the corporation packs up and moves one level down.

And thus the corporate culture races to the bottom, leaving the middle classes of every single country in their wake (not to mention the quality of the goods themselves). Only bubbles, debt, and government dole keep the middle class clothed and housed. Eventually the poor in Uganda will be buying from the even poorer Sudanese, while everybody else lives like the poor on the hillsides of Caracas.

There are no solutions to this downward spiral short of a war — a real one like WWII which destroys physical infrastructure — or a biblical-scale Grand Jubilee. Neither is likely.

Comment by scdave
2010-08-06 08:39:44

Neither is likely ??

I think a major war is highly likely…Potentially with Nukes…Makes our current state of affairs almost trivial…

Comment by mikey
2010-08-06 15:39:44

“I think a major war is highly likely…Potentially with Nukes…Makes our current state of affairs almost trivial”

Yeah for sure, 8 or 9 great big bright flashes out on the west coast would definitly solve California’s housing problems and probably change my weekend plans.

;)

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Comment by mikey
2010-08-06 18:45:41

August 11 1984:

“During a check prior to a radio broadcast, Reagan jokes into mike that he’s ordered U.S.S.R. bombed. “My fellow Americans, I am pleased to tell you today that I’ve signed legislation that will outlaw Russia forever. We begin bombing in five minutes.”

:)

 
 
 
 
Comment by edgewaterjohn
2010-08-06 07:33:21

The answer lies in studying the origins of the middle class. And caution, it ain’t pretty - and probably can’t be replicated from the comfort of contemporary lifestyles.

Comment by DennisN
2010-08-06 08:22:04

You mean the free land we got from the Indians? Or the cheap labor we got from that peculiar institution?

 
 
Comment by jetson_boy
2010-08-06 08:16:50

The idea of what “Middle class” is supposed to be in the eyed of Americans is constantly changing. Its interesting to see that the period in which most Americans seem to point to as the greatest time of plenty in our history was in the 50’s. That was right after WW2 when the avg. home was 700 square feet, there was a single car in the driveway, and one TV set and one telephone. People were probably just happy to not be starving or fighting a war.

Shift to now where most Americans feel they simply must have a 3,500 square foot Mcmansion, 2 large SUVs, a couple of flatscreen TVs, a Nintendo Wii, a couple of iPhones, a driveway full of toys like campers, boats, and jet skis, and so on and so on. yet people are unhappy. Amazing.

Comment by edgewaterjohn
2010-08-06 08:21:08

“People were probably just happy to not be starving or fighting a war.”

Very well put. That’s probably why the 1950s are looked to as an “ideal” by so many - even today.

Comment by scdave
2010-08-06 08:48:52

Ozzie & Harriet “Then”

Desperate Housewives “Now”…

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Comment by In Colorado
2010-08-06 08:56:49

Shift to now where most Americans feel they simply must have a 3,500 square foot Mcmansion, 2 large SUVs, a couple of flatscreen TVs, a Nintendo Wii, a couple of iPhones, a driveway full of toys like campers, boats, and jet skis, and so on and so on. yet people are unhappy. Amazing.

FWIW, I know very few people who live that lifestyle. Most of them haves titles like “Doctor”, “Director”, are successful business owners, etc. Maybe it’s a flyover country thing?

Comment by Mike @Petco Park
2010-08-06 21:40:49

Don’t know anyone here in Southern California do ya?

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Comment by awaiting wipeout
2010-08-07 06:14:12

Mike @Petco )Park-
We’re looking for a one-story 1960’s rancher to add a picket fence and a brick walkway to, here in So Ca. We’ve lived in that 2-story over-sized McMansion jungle, HOA cr@p. Both the people and homes stink.

 
 
 
 
Comment by Prime_Is_Contained
2010-08-06 14:42:42

“For decades, their annual incomes have remained virtually the same, leaving many just a paycheck or two from the street.”

What a total non-sequiter! It’s not the wage stagnation that leaves them a paycheck or two from the street.

The real reason they are in this position is the fact that they are unable to live beneath their means and save a bit of cash for emergencies.

Instead, they are _choosing_ a lifestyle that is over-indebted and over-committed—and those factors they can blame on no one but themselves.

Comment by nickpapageorgio
2010-08-06 20:26:10

+1

 
 
Comment by neuromance
2010-08-06 22:01:20

For millions of working Americans, the phenomenon economists call “median wage stagnation” has become a way of life. For decades, their annual incomes have remained virtually the same, leaving many just a paycheck or two from the street.

I recall one of the selling points of the recent real estate boom was that your income will only go up, and in a few years, you’ll be able to afford eat something more than Ramen noodles.

Always struck me as a silly point, but the herd bought it.

 
 
Comment by palmetto
Comment by Arizona Slim
2010-08-06 07:54:45

And I hope that Summers and Geithner are right behind her. (And guys, don’t let the exit door hit ya where the Good Lord split ya.)

Comment by palmetto
2010-08-06 08:40:49

From your lips to the good Lord’s ears.

 
Comment by butters
2010-08-06 08:48:57

Honestly is there anyone with the right idea on mainstream left and right? I say mainstream left and right, because those are the people Obama or Republicans would listen to. Would Mark Zandi be any different than Romer?

Either we need Austrians or we need full fledge socialsim. The middle of the road keynsiansim is dead.

Comment by mikey
2010-08-06 17:02:48

Find the Socialist Game

I must like socialists. I have traveled the world and I’m sure that I have met more than a few. There was this one really cute Ruskie girl that I rubbed more than elbows with but I’m sure she must have been at least an underage hardcore Commie ex-KGB major so I know she doesn’t count as a libril socialist. Hey, it’s okay, put the Glock 39 down…lower, lower, good. The password is “Wal-Mart” The Commies are our good Friends Now Bubba!

Anyhoo, I know, some Americans have damned them all and and love to hold them, their health care and goverments to up to ridicule and scorn. Nasty people, bearly one degree above the terrible old Joe Stalin or evil little old Red Book carrying Chairman Moa himself.

But if you think about it, whenever some lunatic American Capitalist war -mongering President decides to invade and hurt a lot of foreign people big time, sooner or later he expects or even demands some troops or help from our nasty little Socialist Cousins and their buddies. Our good little Commie friends aren’t so helpful or willing to help.

I bet that I could line up a fine red blood American with some Brit, Canadian, and French hardcore socialists and you couldn’t even tell who our fine All American capitalist was.

Heck, I could even through in a Fresno born South Korean Socialist with a bible and a North Korean Commie with a hidden torpedo into the lineup to liven things up and make the Find the Socialist Game more interesting.

Well, I might have to make our fair haired American capitalist pull up his droopy pants, remove his Caribou Barbie for President t-shirt, and drop his badly spelled Tea Party “Bama’s Deeth Panels Kill Kittens” protest sign 1st, just to make it fair.

:)

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Comment by mikey
2010-08-06 17:26:40

Stop!…Stop the Game.

Okay….Out of the lineup Bubba…you DROPPED your Medicare Card….I SAW you !

:(

 
 
 
 
Comment by Diogenes (Tampa, Florida)
2010-08-06 09:51:07

Romer has finally realized that her stupid Keynesian philosophies don’t work. There’s getting to be some public backlash. She’s going back to where she can continue to “profess” that these policies work, and get a big fat government paycheck and retirement fund, for being an imbecile.
good riddance!!

Comment by NYCityBoy
2010-08-06 09:54:44

She will go back to being an academic at Berkeley University. How is it possible that she could hold such a position and not understand the real world?

Comment by DennisN
2010-08-06 10:05:44

Uh, I guess you’ve never been to Berkeley, have you?

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Comment by Arizona Slim
2010-08-06 10:16:50

I’ve never been to Berkeley, but I have been to Ann Arbor.

Had more than a few economics profs who ping-ponged back and forth between academia and government. Very few of them had any real-world work experience.

OTOH, I can remember my intro course prof introducing himself on the first day of class, and he didn’t get very far before noting that he’d worked as an engineer before getting his econ Ph.D. Since the state of Michigan was (and still is) a place where engineering is highly respected, we students found that to be quite impressive.

But he was the exception.

 
Comment by NYCityBoy
2010-08-06 10:36:47

Do they offer Sarcasm 101 at Berkeley?

 
Comment by DennisN
2010-08-06 11:24:47

Berkeley makes Ann Arbor look like Salt Lake City.

The irony is that UCB pretty much ran the Manhattan Project.

 
 
 
 
Comment by Diogenes (Tampa, Florida)
2010-08-06 09:55:54

But, speaking of people dropping out of the Obama Love-fest, I caught this little article on the Asian Times.
Muslims are falling out of love, too. Remember the first thing Obama did, after hiding all his personal records, was to fly over to Cairo and give a big speech about our new relations with the Muslim world:

Iran gains as Arabs’ Obama hopes sink
By Jim Lobe

WASHINGTON - United States President Barack Obama has suffered a sharp drop in popularity in the Arab world over the past year, and Iran may be reaping the benefits, according to a major new survey of public opinion in five Arab countries.

Only 20% of respondents in Egypt, Jordan, Lebanon, Saudi Arabia and the United Arab Emirates (UAE) now view the US president positively, compared to 45% who did so in the spring of 2009, according to the 2010 Arab Public Opinion Poll conducted

by Shibley Telhami of the Brookings Institution and the Zogby International polling firm.

Moreover, negative views of Obama have skyrocketed - from 23% to 62% - since the last poll was conducted in April-May 2009. The new findings were based on interviews with nearly 4,000 adults in the six countries between June 29 and July 20 this year.

When respondents were asked to name the world leader they admired most, Obama’s standing was less than 1%. Turkish President Recep Tayyip Erdogan was cited most often (20%), followed by last year’s top pick, Venezuelan President Hugo Chavez (13%), and Iranian President Mahmud Ahmadinejad (12%).

I guess he needs to fly over with his teleprompter and tell them we really love them, after all. Let’s just be friends.

Comment by oxide
2010-08-06 10:21:08

Did anyone bother to ask WHY they didn’t like Obama?

Comment by butters
2010-08-06 10:54:42

No the better question would have been to ask them why they liked him so much to begin with?

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Comment by butters
2010-08-06 10:57:08

Afghanistan. Drone attacks in Pakistan and Afghanistan killing and maiming numerous innocents.

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Comment by wmbz
2010-08-06 05:23:55

“Fed will print and print and print until the final crisis,” says Marc Faber

INTERNATIONAL. Marc Faber the Swiss fund manager and Gloom Boom & Doom editor said the US Federal Reserve will create a “final crisis” by continuing to print money because it is underestimating the strength of the economy which shows no signs of stenghtening but signs of weakening everywhere in the world.

Speaking to CNBC Worldwide Exchange Tuesday in a live interview from Zurich, Faber said: ” They will print and print and print until the final crisis wipes out the entire system.”

Investors should have listened to me already six months ago when I wrote that the Fed will continue to monetize. They will never let up”, Faber said.

Asked if the Fed policy is driven by concerns about deflation above all, Faber said: ” They are very bad forecasters of economic events”.

That was the case with Mr Greenspan but “Mr Bernanke is in the same boat. He has no clues what the economy is doing,” Faber added.

Explaining his argument, Faber went on:” They misread in 2007 the severity of the forthcoming economic crisis and then they misread in the last few months the strength of the economy, which shows no signs of strenghtening but signs of weakening everywhere in the world.”

I would therefore argue that with the Fed and its policy, significantly more quantitative easing will be coming , he added.

Asked if recent moves in China could be interpreted as diversification away from US dollar assets, Faber said US Treasurys are likely to suffer because of the Fed’s policy.

“Everyone in the world has somes concerns about the ultimate value of the Dollar and of the value of US bonds.” If the fiscal deficits stay at these levels and in my opinion they are likely to increase, over time obviously you will have a credit problem in the US, he added.

While this will not happen in the next three years, the implications are that diversification out of Us Dollar Treasurys is a good thing, he noted. This is why he is “not all that negative” on stocks.

And investors who share his bearish view would be better off holding stocks instead of bonds in their portfolios, Faber said.

Equities, rather than bonds, “should be part of your porfolio if you are bearish about the long term,” he said.

Comment by Cantankerous Intellectual Bomb-thrower
2010-08-06 08:12:08

‘Equities, rather than bonds, “should be part of your porfolio if you are bearish about the long term,” he said.’

I am heartened to discover that I am not the only bear that thinks this way…

 
Comment by measton
2010-08-06 08:14:05

This is where Faber get’s it wrong.

Inflation when unemployment is low and labor is making money and has savings may increase the value of stocks, but inflation at a time when there is high unemployment and people have no cash, and no ability to earn more, and no ability to borrow will cause a massive shift in spending away from manufactured goods and towards food and fuel.

Comment by Cantankerous Intellectual Bomb-thrower
2010-08-06 08:46:20

He said long term and he said the Fed would resort to more QE going forward. That approach would seem to favor stocks over bonds, over the long term.

 
Comment by scdave
2010-08-06 08:57:20

and towards food and fuel ??

Food then a Roof over their head…

 
 
 
Comment by wmbz
2010-08-06 05:26:19

Stock futures trade in a tight range as investors cautious before key monthly jobs report.

NEW YORK (AP) — Stock futures traded in a tight range as investors avoid any big bets before the Labor Department’s monthly employment report.

High unemployment is often cited as the single most important component slowing an economic recovery. A lack of hiring has kept people concerned about their jobs, which in turn leads them to cut down their spending. A drop in consumer spending has helped lead to a slowdown in growth over the past few months.

The Labor Department is expected to say 65,000 jobs were cut in July and the unemployment rate rose to 9.6 percent from 9.5 percent in June, according to economists polled by Thomson Reuters. However, the loss of jobs is primarily from the government laying off temporary census workers.

So investors will more be focused on hiring by private employers, which accounts for the bulk of jobs in the country. Economists expect private employers added 90,000 jobs last month after adding 83,000 a month earlier. Expanding hiring by private employers would likely ease recent concerns that the economy could fall back into recession.

Comment by wmbz
2010-08-06 05:48:46

Payrolls Shrink by 131,000, More Than Expected, Unemployment Stays at 9.5%- AP

Private employers added new workers at a weak pace for the third straight month, making it more likely economic growth will slow in the coming months.

Comment by arizonadude
2010-08-06 05:56:58

congress is going to vote next week on a 26 billion stimulous package to states so they can pay their public employees.I guess we will go further into debt to save california and their pensions.

Comment by In Colorado
2010-08-06 06:45:49

I’m not sure anything is going to be saved in California. Aren’t they something like $20B in the hole, and it’s going to be even worse next year? Their share of the stimulous will be a band aid at best that will save some teacher’s jobs.

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Comment by arizonadude
2010-08-06 08:07:21

The only thing that will save them is to get a grip on unions and public employee payrolls.

 
Comment by In Colorado
2010-08-06 08:48:50

Not defending the publics unions, but I recall reading somewhere that even if California fired every single state employee that it wouldn’t be enough to close the deficit.

California’s problems go beyond their public unions. Someone told me that Orange County stopped accepting applications for section 8 housing as the waiting list is years long.

Too many poor people consuming services and not enough middle class people paying taxes. This of course is a glimpse of the future that awaits the other 49 states.

I will be interesting when the money finally runs out, unless they keep the printing presses running year after year bailing all the states out.

 
Comment by NYCityBoy
2010-08-06 08:59:05

Not defending the publics unions, but I recall reading somewhere that even if California fired every single state employee that it wouldn’t be enough to close the deficit.

That’s because the pensions and benefits of retirees would not be impacted under that scenario. Bring that into the mix and I bet you have a whole different look to the situation.

 
Comment by Rental Watch
2010-08-06 09:17:52

California’s GDP was about $1.85 TRILLION in 2008 (13% of the US GDP). I wish the US government only had a deficit to deal with of $150 Billion (same proportion of GDP).

Serious problems here. Mainly with pensions and ever expanding government programs. Prop 13 in its current form ain’t helping either.

However, I just spoke with a friend yesterday, and we were talking about leaving CA. We were trying to figure out where else to go. He joked about how the names of places that popped into his head were all still in CA. The climate (weather) is very tough to beat. Conclusion–he isn’t going anywhere, despite having the financial means to do so.

The generally progressive nature of the state drives the smart folks who may be more discriminated elsewhere to CA and other coastal states. Smart, young, hungry people will move to CA to give it a shot. There are reasons why people move and live here. Sacramento is doing all they can to keep businesses out, and to tax the productive away, but ultimately, it’s hard to take away all that is attractive about the state through poor leadership.

 
Comment by DinOR
2010-08-06 09:31:50

NYCityBoy,

Right, when painted into a corner over the excess they’ve already secured for themselves.., the only “concessions” we get are for -future- public employees that haven’t even been BORN yet!

Yeah, like that’s gonna’ help.

 
Comment by goedeck
2010-08-06 09:46:58

Remember that Stanford report that put CA liabilities at 500 Billion or half a Trillion !

 
Comment by drumminj
2010-08-06 10:24:28

The generally progressive nature of the state drives the smart folks who may be more discriminated elsewhere to CA and other coastal states. Smart, young, hungry people will move to CA to give it a shot.

I thought about moving to CA, but the budget problems and political climate actually chased me away. Ended up in Washington state instead - which yes, is a baby California in many ways, but currently no state income tax, and relatively low prop taxes (compared to where I came from - Texas)

I’ve been contacted by many recruiters in CA, and actually interviewed for what I’d consider my “Dream Job” there (well, two - working for DigiDesign on the UI of their software, and the iTunes team @ apple), but came to the conclusion that I wouldn’t be willing to move there for either.

 
Comment by Arizona Slim
2010-08-06 11:20:58

I’ve been contacted by many recruiters in CA, and actually interviewed for what I’d consider my “Dream Job” there (well, two - working for DigiDesign on the UI of their software, and the iTunes team @ apple), but came to the conclusion that I wouldn’t be willing to move there for either.

A very good friend has started two software companies in Michigan. Yes, Michigan. The home of the carheads.

My friend has made many a trip to Silicon Valley, and he’ll you have you in stitches over the antics of the locals. Especially the SV self importance. He has a field day with that.

What keeps this serial entrepreneur in the Wolverine State isn’t just that it has his beloved city of Ann Arbor. (He’s from Livonia, went to the University of Michigan, and has lived and/or done business in Ann Arbor ever since.) It’s the state’s courteous, unpretentious people. (Self importance doesn’t go over well in Michigan.) And their work ethic.

 
Comment by NYCityBoy
2010-08-06 11:37:06

Was Jeff Daniels one of her investors?

 
 
 
 
Comment by scdave
2010-08-06 06:41:19

And Romer quits just before release of the employment data comes out…

Comment by arizonadude
2010-08-06 06:49:44

That is hilarious.I wonder where they found here in the first place?She should be on desperate housewives.

 
Comment by scdave
2010-08-06 07:09:38

How about those revised numbers for June…

Comment by edgewaterjohn
2010-08-06 07:36:01

Yes, how about them? Report I saw said 100k worse for May and June combined.

Oh yeah, and Romer? Remember me harping on the folly of Romer’s and TTT’s spring 2010 job predictions? How foolish it was to pin themselves down like that - well this is the result.

Now just to savor the resignation of TTT.

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Comment by SFC
2010-08-06 07:43:55

I guess Romer leaving means Obama is going to go with Larry Summers “all Keynes, borrow ourselves to prosperity” plan until we crash at 600 miles an hour into a brick wall. I’m not impressed with her, but I’d feel much better if Summers resigned instead.

Comment by scdave
2010-08-06 07:54:03

if Summers resigned instead ?

I agree but its not going to happen at least not just yet..Romer was the sacrificial lamb for now…We are heading into unchartered territory right now, at least in my lifetime…

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Comment by arizonadude
2010-08-06 08:09:44

Romer had no credibility,she was not very bright.Back to a meanial job in a cubicle somewhere.

 
Comment by polly
2010-08-06 10:01:49

She has an endowed chair in the economics department of U Cal, Berkeley, for Pete’s sake. Not a cubicle position.

 
Comment by NYCityBoy
2010-08-06 10:38:50

It better be a large chair because she’s been endowed with a lot.

 
Comment by scdave
2010-08-06 11:10:55

LOL…Almost fell off my chair…

 
 
 
 
 
Comment by wmbz
2010-08-06 05:51:29

The hoi polloi about to explode.

“Do our political leaders have any sense of what people are feeling deep down?,” asks Peggy Noonan. “They don’t act as if they do. I think their detachment from how normal people think is more dangerous and disturbing than it has been in the past. I started noticing in the 1980s, the growing gulf between the country’s thought leaders, as they’re called—the political and media class, the universities—and those living what for lack of a better word we’ll call normal lives on the ground in America. The two groups were agitated by different things, concerned about different things, had different focuses, different world views.

“But I’ve never seen the gap wider than it is now. I think it is a chasm”

~ She thinks that the detachment of the politicos in Washington from the long-term worries of the average American has made citizens feel powerless. “Inner pessimism and powerlessness,” says Noonan, “is a dangerous combination.” ~ America At Risk of Boiling Over

Comment by SV guy
2010-08-06 06:06:05

“She thinks that the detachment of the politicos in Washington from the long-term worries of the average American has made citizens feel powerless. “Inner pessimism and powerlessness,” says Noonan, “is a dangerous combination.” ~ America At Risk of Boiling Over

I know that i’m pissed and have been for some time now. Even though I presently have personal prosperity it pains me greatly to see what is being done to this country. Many people are being led like lambs to slaughter. This debacle knows no political boundaries imo.

Staying on our current path will lead to disaster for the masses.

Put on your best thinking cap come this November.

 
Comment by oxide
2010-08-06 06:22:55

This from PEGGY NOONAN?? :roll:

She says that in the 1980’s, she “began noticing” the detachment between the “thought leaders” and the on-the-ground Americans, and that the thought leaders were so detached that they didn’t even notice that they were detached.

Also in the 1980’s, she was writing speehes for Reagan, who was probably THE most detached thought leader in a half century.

So, when did she begin noticing that she was so detached that she didn’t even notice her own detachment?

I call BS.

Comment by butters
2010-08-06 06:29:29

Exactly my thoughts. She herself is so detached from reality…..

 
Comment by combotechie
2010-08-06 06:30:07

“Also in the 1980’s she was writing speeches for Reagan, who was probably THE most detached thought leader in a half century.”

Reagan told we, the unwashed masses, that government was the problem not the solution. He was right on target with the thinking of most Americans.

Comment by combotechie
2010-08-06 06:34:50

“we” = “us”

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Comment by combotechie
2010-08-06 06:40:11

Everything extends from the elitists thinking that they know better what is good for the masses than the masses themselves. Their only concern is how to package their ideas in such a way they can be marketed to the masses without too much disruption.

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Comment by Jim A.
2010-08-06 07:09:43

I would argue that many of the elites have little concern with what is “good for the masses,” merely what is in their own, personal interest. When we structure the game so that everybody is looking out solely for thier own interests, those with better starting positions tend to have much better outcomes.

 
Comment by oxide
2010-08-06 07:17:01

Well here’s topic for discussion.

The wealthy elitest Bushes thought that free-market supply-side was good for the masses.

The wealthy elitest Roosevelts (FDR and some of TR) thought that government was good for the masses.

Both were successful in selling their ideas to the masses.
Both had about 20 years to put their ideas into practice.
So which philosophy won out? That’s a tough question because there were so many outside factors…

 
Comment by edgewaterjohn
2010-08-06 07:42:40

Common criminals at least have the decency not to burden their victims with ideology.

 
Comment by measton
2010-08-06 08:08:10

Both were successful in selling their ideas to the masses.
Both had about 20 years to put their ideas into practice.
So which philosophy won out

What do you mean by won out?

If the answer is which improved the lives of the middle class more I think that’s a fairly easy answer.

 
Comment by In Montana
2010-08-06 08:18:41

Pat Caddell seems to be on the same “detached” talking point. Must be the R version of Journolist going around.

 
Comment by DennisN
2010-08-06 08:28:46

But Oxide, the wealthy elitest JFK though that free-market supply-side was good for the masses too.

 
Comment by oxide
2010-08-06 12:39:51

JFK, much like Clinton could afford free market. The economy was swinging high from Eisenhower’s high tax rates on the wealthy, the work ethic of the Greatest Generation, and the total destruction of Europe. But if there’s a recession, that’s when you have to make real decisions.

 
 
 
Comment by Jim A.
2010-08-06 06:37:47

My thinking too….It’s kind of like the oil spill. When BP tries to tell us the best way of plugging the leak, in the back of your mind you’re always thinking “Aren’t these the idiots who got us INTO this problem?” IMHO even though the decrease in taxes on the wealthy probably ISN’T responsible for the stagnation of middle class wages, it MASKED the effects and MUTED popular anger about it. The cracks that the middle class are falling through are getting too big to spackle over and NOW she’s saying that maybe we should look at the foundation? We should have been investigating the causes of the stagnation of working and middle class wages thirty years ago.

 
Comment by In Colorado
2010-08-06 06:42:45

It is possible for people to change their minds. But I do agree that she’s “too little, too late”

 
 
Comment by lavi d
2010-08-06 07:33:59

She thinks that the detachment of the politicos in Washington from the long-term worries of the average American has made citizens feel powerless.

I heard a recent poll found that 80% of Americans think the country is heading in the wrong direction. Same poll had 60% of congress thinking things were going alright.

 
Comment by mikey
2010-08-06 19:25:20

Peggy Noonan is an old 4 rate GOP party hack.

At least I’m proud to say that we have some semi-talented 3rd rate GOP hacks here who can actually type ALL BY themselves and have mastered the basic click n’ paste skills of internet propaganda and disinformation.

Take a quick bow guys, just DON’T bump heads and try to sue.

:)

 
 
Comment by wmbz
2010-08-06 06:12:30

I’ll tell ya, Barry is surrounded by pure genius. These guys are just plain embarrassing…

David Axelrod’s latest comments on the economy. He told MSNBC that the lack of private sector hiring here in the U.S. was attributed to the “problems in Europe and Greece.”

Comment by oxide
2010-08-06 06:27:47

I have to agree. I have no problems with Obama himself, but he has GOT to get some common sense into the White House. These guys sound thick as containment.

Comment by Sarah
2010-08-06 06:50:01

You have no problems with someone that demands that banks make high risk loans to those with poor credit, creates an economic environment that encourages high paying jobs to go over seas, wants to dramatically increase healthcare costs, wants to create increased taxes and charges for businesses to increase the unemployment rate, doesn’t focus on substance, can’t grasp the issues, encourages people to steal as much as they can from “The Man,” exploits minorities, wants our tax dollars spent on pet projects that generate little or no benefit to the economy or our standard of living, gets votes by promising to reward those who engaged in bad behavior by breaking the backs of those that didn’t, believes in out of control spending, wants to dramatically increase high paying government jobs with great benefits that serve no true benefit to anyone other than lining gov. employees’ pockets, and denies his own true religous and political beliefs on TV?

Comment by exeter
2010-08-06 07:18:44

“You have no problems with someone that demands that banks make high risk loans to those with poor credit, creates an economic environment that encourages high paying jobs to go over seas, wants to dramatically increase healthcare costs,”

Nah nah nah nah…. You’re not going to fly your stupid flag here Sister Sarah.

Laying that tripe on the door step of the current administration is a fools game fool.

George Bush enacted;

The Low Downpayment Act
The No Down Payment Act

And did you have another brainfart? Spiraling medical insurance costs (450% from 1980-2006) is precisely the reason The President was elected. Nice try though.

And “high paying jobs go over seas”? Wake up Sarah (Van Winkle)… it already happened. They’re gone.

Say Sister Sarah…… I never heard your whining when medical insurance costs were going up at a double digit pace, when middle class jobs were replaced with cheap counterfeits and high risk loans were made to poor credit risks…..

Now put the stupid flag away.

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Comment by SFC
2010-08-06 08:01:54

So you are saying that any policy of the current
administration is “off limits” for discussion if it was started under the Bush administration? That something that was insane under Bush is ok under Obama? That if both Bush AND Obama agree on something we’re stuck with it? Can you tell us when it will be OK to question Obama’s policies on their own? Two years? Three?

 
Comment by exeter
2010-08-06 08:12:46

It is your *assertion* that Obama is maintaining previous policies.

 
Comment by NYCityBoy
2010-08-06 08:33:36

WTF Exeter? We know you’re a Dem zealot but that is way over the top. Acting like a 4 year old with the, “hey, look at Bush and what he did” nonsense is getting old. Bush was a corrupt ignoramus. That does nothing to excuse Obama whose treachery was to put the U.S. economy into the hands of Geithner, Summers and Bernanke directly and Rubin, Dimon and Blankfein indirectly.

Your thoughts on real estate are great. Your political thoughts are akin to something that has to be wiped off your shoe after a day at the dog park. Quit acting like either of these parties has any integrity or merit.

 
Comment by exeter
2010-08-06 09:12:20

You can take a pill too. Go back and READ what Sarah wrote.

 
Comment by butters
2010-08-06 09:19:09

Acting like a 4 year old with the, “hey, look at Bush and what he did” nonsense is getting old.

+1

I think that has been the Dem MO from the day one. Bush ****ed it up for 8 years, now it’s our turn to…….

 
Comment by In Colorado
2010-08-06 10:08:44

I recall an editorial cartoon from after the election, where Obama wakes up and Michelle tells him that he really did win. His reaction was basically “Oh cr@p!”

 
Comment by oxide
2010-08-06 10:28:36

It takes longer to clean up a mess than to cause it. Ask any parent. The Dems are still trying to clean up and the little 4-year-olds are still screaming to hurry up and clean it because they want to mess it up again.

 
Comment by NYCityBoy
2010-08-06 10:40:35

What color is the sky in your world?

 
Comment by Arizona Slim
2010-08-06 11:25:28

I recall an editorial cartoon from after the election, where Obama wakes up and Michelle tells him that he really did win. His reaction was basically “Oh cr@p!”

Here in Tucson, musician Al Perry wrote a song (and dang if I can’t remember the name) with the refrain, “Congratulations, you may already be a loser.”

Al’s rendition is pretty good, but The Determined Luddites have Al beat by a mile. I’ve heard this song just about every week at the Meet Me at Maynards walk around Downtown, and I can’t help singing along.

 
 
Comment by measton
2010-08-06 08:03:13

Take a pill Sarah. There is plenty of real stuff to bash no need to go Glen Beck on us.

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Comment by NYCityBoy
2010-08-06 10:52:37

Sarah’s post was pretty poorly written. That is certain. The fact it is one long sentence makes it pretty awful to read. I just hate when people use bad posts like that to play the, “two wrongs make a right” game.

 
Comment by Sarah
2010-08-06 11:38:28

EXETER - please try to read and understand what is posted before you begin responding. I was responding to someone that said they had no problems with Obama, not defending any questionable behavior that others may have taken. The only thing that was clear from you post is that you cannot examine the issues raised rationally. Obama has to be judged on his actions alone, and such actions evidence a complete lack of character. I’m sick of the people that challenge him being called racist or saying at least he is not as bad as X. He is a disgusting SOB standing and judged alone, plain and simple.

 
Comment by exeter
2010-08-06 13:43:48

YOU try to grasp the simple concept that the Jerry Fallwell/SarahPalin/Richard Nixon style pandering, whining and distorting doesn’t work here.Of course the tripe you accuse the president isn’t factual.

Now lets here you $hit all over yourself some more in a lame attempt to run from your words.

 
Comment by Sarah
2010-08-06 14:15:12

More non-rational prejudiced blah blah blah blah. If you dislike Obama you must be a KKK member who supports Palin and Fallwell. . . . If that is how your mind works, there is no reasoning with you. Of course you haven’t identified anything I said that was not true. As for promoting bad loans - he worked for ACORN. As for sending jobs overseas - that is what tax increases and charges do - did you not know he is taxing and charging the hell out of US businesses? As for health care reform reducing costs - who told you that, all evidence is that it increases costs, our company may have to lay off a few employees as a result and all the doctors I know told me that it is their view it hurts rather than helps most patients. He did not push for it to limit costs, but to try to cover illegals, etc. As for GB’s faults - who said I think he sets the bar for anything? I think understanding the issues should a prerequisite for comment. And no I don’t think watching the Daily Show or MTV news is sufficient education, although I find the Daily Show amusing for its comedic comment.

 
Comment by exeter
2010-08-06 15:02:28

You said:

“creates an economic environment that encourages high paying jobs to go over seas”

But you don’t provide any evidence of “jobs going over seas”…. other than the 11 million manufacturing jobs lost 2000-2008. Another stellar performance by the GOP corporatists.

“wants to dramatically increase healthcare costs”

Ok Drama Queen…. You mean the banking and insurance cartel? Who else wants this? You mean to tell me the 200% increase handed to the insurance cartel by their GOP friends isn’t enough?

“demands that banks make high risk loans to those with poor credit”

You’re really not paying attention today Sister Sarah but I’ll repeat it for the vision impaired.

George Bush enacted the Low Down Payment Act, GOP congress passed without objection

George Bush enacted the Zero Down Payment Act, GOP congress passed without objection

“doesn’t focus on substance”

Too funny. We can only presume you mean Mr. Obama doesn’t focus on *public policy*…. tee hee…. funny girl you are.

“encourages people to steal as much as they can from “The Man,””

REally? how does he “encourage” this?

“denies his own true religous and political beliefs on TV?”

Ooooh…. a conspiracy!!! He’s a Muslim! Or did you really mean the sanctimonious phoney Christiandom of the conservative republicans. Yeah becuse Jesus really said, “executed them! All of them!” as he and his disciples laughed and threw rocks at the leper lying in the street. Honestly!!! lmao.

You’ve got some answering to do for your lies Sister Sarah. Now wave that stupid flag!

 
Comment by Sarah
2010-08-06 16:12:28

“creates an economic environment that encourages high paying jobs to go over seas”

Many financial firms including MS are increasing their overseas offices and considering shrinking US offices as a result of the financial reform legislation. Also he wants to increase taxes and fees for corporations. Increasing the costs of business in the US makes other areas more attractive and requires termination of employees to keep keep current salaries levels, why do you think this needs to be proven when it is common sense?

“wants to dramatically increase healthcare costs”

The healthcare reform bill does not really address premium caps, premiums are going up not down except for the free riders.

“demands that banks make high risk loans to those with poor credit”

I told you before, he dedicated several years of his life to ACORN, a group everyone on here should hate for the horrible and misdirected work they have done to get people into homes they cannot afford. We are not talking about GWB. He is irrelavant, although I dislike him as well.

“doesn’t focus on substance”

Can you point out to me where he intelligently talked about the housing bubble and excessive debt leverage before taking office? Isn’t it telling that we are smarter than he is, or at least more honest. When an issue comes up he says he is pissed or is going to kick some ass, like a 12 yr old child, but never can talk intelligently unless reading from a script.

“encourages people to steal as much as they can from “The Man,””

He signs legislation giving aid to people that deserve to be foreclosed on and go into bankruptcy on a regular basis. Who do you think foots the bill? I do.

“denies his own true religous and political beliefs on TV?”

He has denied believing what was preached at the churches and political functions he voluntarily attended prior to office. Would you listen to a preacher or go to organizational meetings if you didn’t believe what they had to say.

You still have not pointed out one fact that supports your position. You just spout unwarranted prejudiced and uninformed gibberish.

 
Comment by Sarah
2010-08-06 16:35:20

Google ACORN. The first thing that comes up should be the Wikipedia description that details some of the unethical and illegal actions the group has been associated with, not to mention condoning civil disobediance in the face of foreclosure. As I stated before, Obama is trash.

 
Comment by exeter
2010-08-06 16:50:50

“Many financial firms including MS are increasing their overseas offices and considering shrinking US offices as a result of the financial reform legislation. Also he wants to increase taxes and fees for corporations. Increasing the costs of business in the US makes other areas more attractive and requires termination of employees to keep keep current salaries levels, why do you think this needs to be proven when it is common sense?”

Oh the poor banks and “financial firms”. So these are the “high paying jobs” you speak of, not good middle class jobs. The average wager earner, which is the majority of the country say “good riddance”. Strike 1.

“The healthcare reform bill does not really address premium caps, premiums are going up not down except for the free riders.”

You’re backpedaling again. Answer for this jibberish->“wants to dramatically increase healthcare costs”<- Strike 2

“I told you before, he dedicated several years of his life to ACORN, a group everyone on here should hate for the horrible and misdirected work they have done to get people into homes they cannot afford. We are not talking about GWB. He is irrelavant, although I dislike him as well.”

ACORN doesn’t make policy and law, did not run Fannie and Freddie, did not pass the Low Down Payment Act and the Zero Downpayment Act. The GOP and Bush did. Strike 3

“Can you point out to me where he intelligently talked about the housing bubble and excessive debt leverage before taking office?”

He campaigned on it Sister Sarah. You were too busy having a melt-down during the election to pay attention. I told you then you’re in for a surprise. And guess what……shhhh…. You’re in for an even bigger surprise coming very soon.

“He signs legislation giving aid to people that deserve to be foreclosed on and go into bankruptcy on a regular basis. Who do you think foots the bill? I do.

And you rather the wealthy elite keep their budget busting tax cuts that are set to go away.
“But the deficit!” bemoans the GOP. Such a conundrum you’ve got yourself into again.

“He has denied believing what was preached at the churches and political functions he voluntarily attended prior to office. Would you listen to a preacher or go to organizational meetings if you didn’t believe what they had to say.”

What are you babbling about? Now the president is a pastor? You’re deluded.

You still have not provided a single shred of evidence to support your rhetoric. You just spout unwarranted prejudiced and uninformed gibberish.

 
Comment by Red Beach
2010-08-06 17:23:29

You two need to get a room.

 
Comment by Cantankerous Intellectual Bomb-thrower
2010-08-06 19:53:20

Sarah

Did Eddie perchance get a gender change operation?

Just in case, I added that name to my JoshuaTree ‘ignore’ list.

 
Comment by jane
2010-08-07 23:52:44

Oh for Pete’s sake, Ex and Prof. Sarah’s positions are nothing that have not been stated previously. Why get so emotional? The fact is, the man has seeded the Executive branch with policy makers who have been bought and paid for. We are obliged to live with their policies, many of which are - to put it kindly - misguided.

Or do you both LIKE the fact that our country has been hijacked in service to the Washington - Wall Street revolving door on the one hand, and to the millions of freeloaders - err, illegal aliens - on the other? These policies, which are the O platforms, have economic consequences for us. The REST of us. And for our children and grandchildren.

Please consider the possibility that this corruption has been going on for thirty years at least, regardless of party. We spend our energies foolishly when we lash out at one another in defense of the money machine shills - of which O is a bought and paid for member. Slavishly praising the Democrats in the hope that the public titty will continue to spurt in the direction of massive subsidies to public universities or public works projects is, IMHO, magical thinking.

I’m reading Joe Bageant, and he is eloquent about the systematic dumbing down of public education. The result is a herd - that would be us - that is incapable of critical thinking, thus defenseless against raw emotional manipulation. Reducing your thinking to false dichotomies - duh, Dems good Repubs bad - is, IMHO, a demonstration of how well this has worked.

They are all corrupt, and their objectives are to sell us down the river lest they get thrown out of office without a revolving door to something even more lucrative than campaign contribution coffers, aka “The Other Congressional Pension Plan”.

 
 
Comment by mikey
2010-08-06 19:51:10

If it means a chance to vote against likes you or anyone in the GOP Sarah, you can be absolutely certain and rest assured tonight that I’ll be one of the 1st in line to exercise my right to do so.

No problemo here Sarah!

:)

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Comment by NYCityBoy
2010-08-06 08:23:59

I have to agree. I have no problems with Obama himself,

I am shocked, I tell you.

Phrase commonly heard during the 1930s in the Soviet Union:
“If only we could tell Comrade Stalin about this he would put an end to it.”

The perpetually naive live on.

Comment by Bill in Los Angeles
2010-08-06 08:28:41

NYCityBoy,

Why should you be shocked? It’s Oxide! Because of the socialism.

I like Obama but not for his economic policies of course. And not for his foreign policies, which is GWB part 2.

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Comment by NYCityBoy
2010-08-06 08:36:56

I like Obama but not for his economic policies of course. And not for his foreign policies, which is GWB part 2.

Then what is there to like? His smile?

Bill, clear out your cookies. They have definitely screwed up the sarcasm filter on your computer.

 
Comment by SFC
2010-08-06 08:46:44

Yeah, except for his economic and foreign policies, and who cares about that? There are more important responsbilites of a president, such as, well, umm, let me think, ok I got nothing. Maybe to be a good golfer? That dog is cute, isn’t it? And his wife has a garden!

 
Comment by Bill in Los Angeles
2010-08-06 09:08:41

Ok sorry. I guess I like him for not pushing social conservatism on us. Yeah, it’s a negative. Here’s a positive: Obama is more honest than GWB. Obama said before he was elected he will spread the wealth around and he did. GWB spoke the free market rhetoric and gave us socialism (prescription medicine ‘benefit”). In fact, Obama is about as honest as Ronald Reagan. Obama and Reagan were more honest than both Bushes and Clowntoon.

I’m against socialism but I like politicians to be honest even if they enact policies I dislike and think are destructive to the U.S.

And I wrote in Ron Paul for POTUS and would never ever vote for a Democrat for any office.

 
Comment by butters
2010-08-06 09:31:58

I pondered for few moments if I like Obama. I can’t think any thing I like about his administration. I honestly don’t care about his personal life. Does it make me racist? I am not even white. LOL.

I voted for Barr and thought that Obama would be slightly better in regards to wars and civil liberties. Utter disappoint.

 
Comment by SFC
2010-08-06 09:46:49

So all we ask from the President of the United States is that he lie a little less than the last guy? That’s it? I have a goldfish that is going to the best president ever.

 
Comment by Bill in Los Angeles
2010-08-06 09:59:44

Sad to say, but “lie a little less” is all we can get these days.

 
Comment by Hwy50ina49Dodge
2010-08-06 10:48:03

I voted for Barr and thought that Obama would be slightly better in regards to wars and civil liberties. Utter disappoint.

You Lie! ;-)

“…The president gave assurances that U.S. forces in Iraq will drop to 50,000 by the end of the month (August 2010) – a reduction of 94,000 troops since he took office 18 months ago. The remaining troops will form a transitional force until a final U.S. withdrawal from the country at the end of 2011, he said.”

By Kathleen Hennessey and Liz Sly, Tribune Washington Bureau/Los Angeles Times

 
Comment by Jim A.
2010-08-06 11:32:36

I can haz dramaticly reduced expectations?

 
 
Comment by DennisN
2010-08-06 08:41:56

I just read “American Dreamer”, a really good bio of Henry Wallace. He believed the same thing about kindly Uncle Joe - but Wallace was VP to a sickening FDR! We all owe a debt of graditude to FDR for dumping Wallace from the ticket in 1944 and putting in Truman instead.

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Comment by Bill in Carolina
2010-08-06 06:31:48

He’s wrong of course. Everyone knows business is hesitant to hire because of what the Mayan calendar is predicting for 2012.

Or maybe it’s a combination of both. :-)

Comment by In Colorado
2010-08-06 06:39:29

It has nothing to do with plentiful cheap labor, both skilled and unskilled, in Chindia, right?

 
Comment by arizonadude
2010-08-06 06:51:08

It’s the fires in russia causing global warming thus business are reluctant to hire.

 
 
Comment by butters
2010-08-06 06:36:20

No these guys are not thick. I disagree with them all the time but they are not dumb. Evil perhaps, but not dumb. This is the case of what happens when you run out of all the excuses. I have a suggestion, racism! Race is the reason all these white business owners or managers don’t hire minorities who happen to be the mostly unemployed.

Comment by palmetto
2010-08-06 08:51:49

It’s Obama’s lack of managerial experience and also, lack of credible connections. I don’t think the guy is capable of making an independent decision, really, without asking others. He had to ask Joe Biden if he should run for Pres in the first place. It’s all “What do you think? What do you think?” And he wasn’t around in politics long enough to know who was capable of doing what. Even if he was, I doubt if he would know the difference anyway. His Kagan nomination is a joke. No judicial experience there, and yet she gets nominated and confirmed, to the highest court in the land, no less. Congress is just as culpable.

Now of course I’m gonna get all the “Well, Bush…” business. So to forestall that, shaddup. So what? He’s not the pres right now. And he actually did have a few folks who knew what to do, he just fired them when they disagreed with him. And he did have managerial experience, but he sucked at it, even before he was pres.

Anyway it’s one incompetent after another.

Comment by oxide
2010-08-06 10:35:40

No actually, you can’t blame Obama’s lack of connections on Bush. This is Obama’s fault. To be honest, I think Obama did well in selecting his cabinet. Hilary seems to be doing well, and keeping Gates was a very good idea. Even if you don’t agree with Geithner and Salazar, they at least seem to be doing their jobs competently.

It’s the inner circle that’s acting like complete duddleheads — Larry and David and Valerie especially. What are their qualifications? I don’t know of any. At the very least, get them OFF the TV.

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Comment by butters
2010-08-06 11:11:28

What’s Obama’s qualification? As bad as they are Larry and David are somewhat “accomplished” in their respective fields.

 
Comment by mikey
2010-08-06 20:25:22

“What’s Obama’s qualification?”

As long as AWOL, Dry Drunk, GOP, Psychopatic Sociolpath, Warmonger and Texas Govenor AREN’T ON his qualifications, Obama works for me.

:)

 
 
 
Comment by wmbz
2010-08-06 09:36:51

“I have a suggestion, racism! Race is the reason all these white business owners or managers don’t hire minorities who happen to be the mostly unemployed”.

Yea that’s it, that is exactly what most morons believe, they have been well trained.

 
 
Comment by measton
2010-08-06 07:21:29

No one wants to hire because

1. The middle class is toast, there will be no customers with cash.
2. Credit which was life support for the dieing middle class has been pulled. Actually credit was more make up than life support. Designed to hide the ugliness of death, over the last 10+ years, from those still in the process.

Comment by edgewaterjohn
2010-08-06 07:40:44

It does indeed feel like something akin to dread is creeping into the hearts of the business community.

That record low small business sentiment reading the other week should have set off way more alarm bells than it did. Instead all eyes were on the July rally - again on the back of a depressed Uncle Buck.

Comment by drumminj
2010-08-06 09:18:00

The company I work for still has a very positive outlook, is hiring quite a bit, and growing considerably…

It’s not all doom and gloom. And we’re not located in Washington DC, nor are we gov’t contractors!

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Comment by NYCityBoy
2010-08-06 08:38:41

Many in the middle class committed suicide. The lenders just provided the rope.

Comment by DinOR
2010-08-06 09:47:53

NYCityBoy,

Thank you. +1

AFAIK, the only real difference between the posters here ( and I don’t think there’s any argument the middle class is in full retreat ) is that ’some’ of us take accountability.

Being a member of the middle class was never a birthright, the problem is that we ‘treated’ it as such! So while our employers ( former… ) employers that is, we busy gutting our comp. packages, we couldn’t be bothered. Too busy working on our man-caves.

There has -always- been a “race to the bottom” where the relationship between employer/employee has been concerned. Always. The only thing we can hope to do is control the rate of descent. When the scales tipped to the point of no return is when those of us in the pvt. sector began to realize there was no WAY we could compete w/ the futures of pub. employees. So.., we’ll work on our man-caves.

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Comment by NYCityBoy
2010-08-06 09:53:22

And let us not forget that many of our middle class brethren were laughing at us, calling us names and acting like complete jerks when we chose not to down the Sharkleberry Blue Kool-Aid with them. Their attitudes were arrogant and haughty. They made it very difficult for anybody that was not buying into the stupidity to even contemplate doing the right thing.

Fast forward to today and they are all a bunch of victims that want nothing more than the government to make their house “worth” more. There has been little penance for their sins.

Never before has a group that knew so little thought so much of themselves. It is time for many that faced ruin to look directly in the mirror and ask, “who really caused this?” Few will like the answer. But instead of facing reality they once again are trying to take us down with them.

 
Comment by DinOR
2010-08-06 11:22:02

“Never before has a group that knew so little thought so much of themselves”

So true my friend. And yes, they -are- pulling us down w/ them! It’s not just the house either, make my busted pension “worth” more, make my job “worth” more!

But we won’t lift a finger to help ourselves.

 
 
Comment by measton
2010-08-06 15:09:43

The middle class is toast for so many more reasons than the housing bubble

1. Taxes - The elite pay an effective tax rate of 16% Slobs in the middle and upper middle class pay well over 20%
2. CEO pay - They make 400-1000x what average worker makes. And pay is not tied to performance.
3. Trade policy - Trading with countries that allow slave labor will lower middle class pay well to slave pay.
4. Trade with countries that allow for unlimited pollution will eventually allow for the same in this country.
5. Immigration

The credit bubble didn’t destroy the middle class, it hid the fact that the middle class was being bled dry until it was too late.

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Comment by mikey
2010-08-06 17:16:29

We have a ‘middle class” ?

I’m just seeing a lot of people that were born nekked, bankrupt and it’s only taken them 50 plus years to realize it.

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Comment by Rental Watch
2010-08-06 12:46:03

My own 2 cents:

1. The reason we are not going to see sub 5% employment any time soon is for all the reasons we discuss frequently (massive debt, higher taxes coming soon, less credit available for a long time to come, etc.). We lost 8 million jobs. We aren’t getting them all back anytime soon; however

2. Businesses did cut back more than they should have to run their business in the “new normal”. Several million of the 8 million jobs should come back in the coming years as businesses prepare for slower growth than before, not no growth.

The delay in getting some of those several million jobs back was in large part due to an additional jolt of fear due to the Greek debt crisis. In April the private sector added more than 200,000 jobs. The Greek debt crisis hit it’s apex at the last week in April, first week in May. Job creation as been very weak in May, June and July.

Right around the time of the Greek debt crisis, I spoke with a guy who manages ~$1B. Before the Greek debt crisis, his personal probability of a double dip was 5%. Right when it was all hitting the fan, his personal probability went to 50/50. I’m certain that he was not alone in this view among those in the US who make hiring decisions. I’ll see him again on Tuesday. I’ll take his pulse, but I’d bet he’s now below 50% again on the double-dip. Fear is subsiding.

If you are planning for the future (hiring workers, running a business), and you go from thinking a double dip is a low probability to a high probability, you pause (for all sorts of things, hiring, signing new leases, buying new equipment, etc.). Sorry, but I think Axelrod is correct (in this case).

 
 
Comment by WT Economist
2010-08-06 06:26:56

The headline is the establishment survey, company payroll employment, but the household survey — which includes the growing number of freelancers and contract employees and does not suffer the difficulties of the new establishment model — is a horror show.

http://www.bls.gov/news.release/empsit.a.htm

Seasonally adjusted, the number of employed residents of the U.S. fell from May to June an June to July. The employment population ratio also fell.

Moreover, seasonally the number of jobs generally falls in July. So if it falls less than expected, the seasonal adjustment calls it a gain. So this is even worse than the data shows, which is down 159,000 over one month and 460,000 over two months.

Meanwhile, “not in labor force” is soaring.

They need to convert extended unemployment to a WPA-type jobs program to get people doing something useful. They’re giving up.

Comment by Arizona Slim
2010-08-06 08:00:07

The headline is the establishment survey, company payroll employment, but the household survey — which includes the growing number of freelancers and contract employees and does not suffer the difficulties of the new establishment model — is a horror show.

And one of the joys of being a freelancer, if you can call it that, is doing the work to the client’s satisfaction, then having the whole project cancelled at a higher level.

Client’s willing to pay me in full and has signed off on the invoices for doing so. But getting the organization to actually send money my way is, shall we say, Slim’s Big Challenge of the Week.

I doubt that this org would do the same thing to its employees. They get paid every two weeks, whether they work to their bosses’ satisfaction or not. How do I know this? I used to work there.

 
 
Comment by Cantankerous Intellectual Bomb-thrower
2010-08-06 08:15:58

Many thanks to drumminj for gently encouraging me to install the HBB Joshua Tree Extension. This is a sweet little program which is easy to install and which greatly enhances the HBB experience.

Thanks for your generosity to share it, too.

Comment by Carl Morris
2010-08-06 08:39:13

I had no idea you weren’t already using it. I feel sorry for anybody who checks more than once during the day without it. It’s the only way to see what you already read and what’s new.

Comment by drumminj
2010-08-06 10:10:06

Yes, it makes life much easier :)

Sorry it’s not as easy to install as just clicking a link. Now that Frontier has taken over from Verizon in this area, I called their tech support to see if I can get someone to configure their web servers correctly. The tech support guy tried to pass me off to their billing department, of all things.

Ugh. Might have to go back to using a small ISP who actually knows what the heck they’re doing.

 
 
Comment by Hwy50ina49Dodge
2010-08-06 10:34:59

Thanks for your generosity to share it, too.

Many Tankxs drumminj!

+1

Comment by hip in zilker
2010-08-06 10:44:04

ditto

Comment by Arizona Slim
2010-08-06 11:26:51

Seconded.

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Comment by DennisN
2010-08-06 11:35:40

Ditto? You listen to Rush too? :lol:

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Comment by hip in zilker
2010-08-06 12:35:33

listen to Rush?

lol :-)

I’ve never listened to Rush. I used to regularly listen to Alex on the car radio. I timed any driving errands for his time slot (11-2), which happily was at the less-heavy traffic time of day.

But after I got an i-pod, my listening habits changed. I haven’t heard Alex lately.

 
 
 
Comment by scdave
2010-08-06 15:09:19

What the hell are you guys talking about ??

Comment by drumminj
2010-08-06 15:47:48

What the hell are you guys talking about ??

click on the link in my name….that’s what they’re talking about..

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Comment by TCM_guy
2010-08-06 15:13:35

I started using it last week. I don’t know how I managed without it.

 
 
Comment by Cantankerous Intellectual Bomb-thrower
2010-08-06 08:21:49

I think I just saw a vision of Mephistopheles at the top of today’s HBB thread…

Comment by Hwy50ina49Dodge
2010-08-06 09:13:06

“…Plus, if you order right now, I will send you my world-famous red BOOYAH! BULL as seen on TV. What a great reminder of the fact that there’s always a bull market somewhere!”

One of Mr. Cole’s 3rd grade summer economic flash card as a Taoist counter-balance: :-)

http://b.saaraa.com/wp-content/uploads/2010/03/rd-sign-e1267828047806.jpg

(Free! Print it and feel free to hang it on your favorite realtors real estate “price reduced” sign)

 
 
Comment by DennisN
2010-08-06 08:36:49

Happy Hiroshima Day. I plan to spend it driving around in my Miata. You have to give the Japanese credit for being a tough people. We nuked them and most still didn’t want to surrender. And in the ruins of Hiroshima they built the best “British sportscar” ever made.

[Explanatory note...all Miatas are built in a factory in Hiroshima.]

Comment by DinOR
2010-08-06 09:51:44

DennisN,

Recent acquistion? ( That doesn’t sound like the frugal Dennis “I” know! ) LOL, have fun and don’t forget to throw some cigar butts out as you cruise!

Hey, I can’t find any Internet ref. to “Map Rock” and was curious if there are some flickr images etc? No one ‘here’ believes it even exists!

Comment by DennisN
2010-08-06 10:20:28

I restored several old Brit sportscars in the 1980s. Sold my last one and bought a used 1992 Miata in 1994 and never looked back.

In 2004 I was making big bucks as a lawyer, and thought “this is the time in my life to indulge in a fanasy sportscar”. You know, Porsche Boxster, Mercedes SLK, BMW Z4, Honda S2000, (maybe used) Ferrari. I really wanted to like the S2000, but the seating position and rediculous dashboard turned me off. I got a bunch of salesmen excited, but in the end most weren’t that much better on a real road than the Miata, and they all were prone to mechanical troubles that required you to throw money at them. To the disgust of my legal bretheren, I went down and paid CASH for a new Miata. I expect this will be the last sportscar I own as it should last me 25 years or more. I even bought a white one to forestall any long term paint fade problems.

See? I’m still frugal if not downright cheap.

Comment by DinOR
2010-08-06 11:26:53

DennisN,

Oh.., well, I have any number of friends that have one “for ‘when’ the weather gets nice” and they really rave about them! I don’t think ( obviously ) it’s much about prestige?

Usually they tell me about “what a time they had” and having the top down etc. over “awesome horsepower” etc. Thanks for the Map Rock link too!

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Comment by DennisN
2010-08-06 11:49:49

Is “nice weather in Oregon” an oxymoron?

 
 
Comment by Chris M
2010-08-06 11:57:42

rediculous dashboard turned me off.

What is it with Honda anyway? I turned down a new Civic due to the weird dashboard. I think the Civic is nearly perfect for me in every way, except I couldn’t get over the speedometer position.

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Comment by DennisN
 
 
Comment by In Colorado
2010-08-06 10:04:20

I keep telling myself that one day I’ll buy a used Miata. They tend to be low mileage out here as they don’t get driven around a lot in the winter.

Comment by DennisN
2010-08-06 11:19:28

I suggest you check out the used buying information here.

http://www.miata.net/garage/garagebuying.html

There are lots of used Miatas with low mileage. The story behind most is either divorce or pregnancy forces sale. :lol:

 
Comment by DennisN
2010-08-06 11:32:08

1990 and early 1991 models had problems with the “short-nose crank” keyway, and 1999 and 2000 “California emissions” cars have a troublesome second cat con. Most other NA (1990-1997) and NB (1999-2005) Miatas are bulletproof.

Comment by In Colorado
2010-08-06 11:38:14

I’ve seen ads for ~2000 model year Miatas with 50K miles for just under 8 grand.

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Comment by Cowtown
2010-08-06 12:36:41

I can certify that the 2006 Miata is crashworthy.

 
 
Comment by wmbz
2010-08-06 08:42:19

Quad to close 5 printing plants, cut 2,200 jobs
Journal Sentinel

Quad/Graphics Inc., moving quickly to cut costs after its merger last month with a rival Canadian-based printing company, announced plans Thursday to close five printing plants in the U.S. by the end of 2010.

None of Quad’s printing plants in Wisconsin are affected. Four of the five plants were included with the acquisition of World Color Press Inc., which was completed July 2. They are Clarksville, Tenn.; Corinth, Miss.; Lebanon, Ohio; and Dyersburg, Tenn.

Quad also will shutter a printing facility in Reno, Nev., which it gained in 2006 as part of another acquisition. World Color had planned to close the Dyersburg by the first quarter of 2011, but the newly expanded company will accelerate its closure to this fall.

The five plants employ a total o f 2,200 employees.

Comment by aNYCdj
2010-08-06 15:10:38

Yes lots of jobs lost in those HUGE cities…..lebanon ..pop 20,000 dyersburg 17,000 corinth 14,000

 
 
Comment by wmbz
2010-08-06 08:44:43

Camden Closing Library System

CAMDEN, N.J. - New Jersey’s most impoverished city will close all three branches of its public library at year’s end unless a rescue can be pulled off,

Camden’s library board says the libraries won’t be able to afford to stay open past Dec. 31 because of budget cuts from the city government. The city had its subsidy from the state cut.

The library board president says the library system, which opened in 1904, is preparing to donate, sell or destroy its collections, including 187,000 books.

Board president Martin McKernan says keeping the books around would pose a fire hazard.

Camden’s library system is not the only one having financial problems. Fourteen libraries in Queens cut weekend services earlier this year.

Comment by NYCityBoy
2010-08-06 09:04:21

The librarians need a more powerful union.

Comment by edgewaterjohn
2010-08-06 09:48:45

You mean like this one?

Milwaukee teachers fight for Viagra drug coverage
August 6, 2010 11:06 AM (Chicago Tribune)

With the district in a financial crisis and hundreds of its members facing layoffs, the Milwaukee teachers union is taking a peculiar stand: fighting to get its taxpayer-funded Viagra back.

The union has asked a judge to order the school board to again include Pfizer Inc.’s erectile dysfunction drug and similar pills in its health insurance plans.
The filing is the latest in a two-year legal campaign in which the union has argued, so far unsuccessfully, that the board’s policy of excluding erectile dysfunction drugs discriminates against male employees. The union says Viagra, Cialis, Levitra and others are necessary treatment for “an exclusively gender-related condition.”

But lawyers for the school board say the drugs were excluded in 2005 to save money, and there is no discrimination because they are used primarily for recreational sex and not out of medical necessity.

Comment by wmbz
2010-08-06 10:10:44

Yea, I saw that, what a load of crap. Everyone should get everything they want, who cares, “I” deserve it.

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Comment by hip in zilker
2010-08-06 10:30:54

They may get more than they expected. A friend of mine has just become blind after a stroke of the optic nerve - he had had the same 10 years ago in the other eye.

During the course of the last few weeks, he has been examined by a number of specialists. When they find out his condition, they always ask “Do you take ED meds?”

He didn’t take ED meds. But he considered participating in a study Cialis is doing of his condition (chose not to).

 
Comment by oxide
2010-08-06 10:39:37

whoh, so there’s actually something to the old threat?

 
Comment by hip in zilker
2010-08-06 10:39:59

BTW, my friend is just finishing up his first week at a VA blindness adaptation training center in Waco; there are ten centers in the country.

It sounds like a very good program. They did plumbing and lawnmower repairs blindfolded (to rely entirely on touch rather than remaining low vision). Yesterday they went bowling. They’ll be cooking, barbecuing, learning to walk with the cane, etc.

 
Comment by hip in zilker
2010-08-06 10:48:19

the old threat

It took me a while to get that one!
:-D

 
Comment by drumminj
2010-08-06 10:58:07

whoh, so there’s actually something to the old threat?

hahahah… “you’ll go blind!”

(not laughing at your friend’s condition, hip. Just the joke.)

 
Comment by DinOR
2010-08-06 11:30:50

hip in zilker,

Sorry to hear about your friend. Can I suggest.., guitar? Even though I have decent sight, I haven’t had to ‘look’ where my hands/fingers/frets are for years.

In fact a lot of the better guitar players ‘are’ sight impaired. That aside, it really gives you a sense of empowerment. When I worked downtown, on Fridays I would blast for an hour or two before everyone else got home and felt much better.

IMHO

 
Comment by Arizona Slim
2010-08-06 12:52:11

Sorry to hear about your friend. Can I suggest.., guitar? Even though I have decent sight, I haven’t had to ‘look’ where my hands/fingers/frets are for years.

What about keyboard? Ray Charles and Stevie Wonder being notable examples.

Or vocals? The Blind Boys of Alabama and Diane Schuur come to mind.

 
Comment by hip in zilker
2010-08-06 18:17:28

DinOR and AZ,

Thanks for the ideas. While my friend hasn’t played an instrument in the 20+ years I’ve known him, he is a rock fan and might have played when he was younger.

In his situation, it surely would be nice to enjoy letting one’s ‘muscle memory’ take over for a while. It occurs to me that the choice of bowling for a day 3 activity might have something to do with that. I’m trying to think of other muscle-memory things - having 7 sisters, did he perhaps knit or crochet in his youth? :-)

 
 
 
Comment by In Colorado
2010-08-06 10:02:01

Our library is doing OK. They just kicked off an expansion project that was funded with donations and money set aside over the past few years.

Of course the library employees aren’t unionized. Other than the cops and firefighters none of our municipal employees are unionized.

 
 
Comment by aNYCdj
2010-08-06 15:20:05

Camden makes Detroit look like an upscale place to live.

With most of the kids speaking hip hop ghetto, why do they need 3 libraries?

 
 
Comment by wmbz
2010-08-06 08:46:49

Exotic Deals Put Denver Schools Deeper in Debt

In the spring of 2008, the Denver public school system needed to plug a $400 million hole in its pension fund. Bankers at JPMorgan Chase offered what seemed to be a perfect solution.

The bankers said that the school system could raise $750 million in an exotic transaction that would eliminate the pension gap and save tens of millions of dollars annually in debt costs — money that could be plowed back into Denver’s classrooms, starved in recent years for funds.

To members of the Denver Board of Education, it sounded ideal. It was complex, involving several different financial institutions and transactions. But Michael F. Bennet, now a United States senator from Colorado who was superintendent of the school system at the time, and Thomas Boasberg, then the system’s chief operating officer, persuaded the seven-person board of the deal’s advantages, according to interviews with its members.

Rather than issue a plain-vanilla bond with a fixed interest rate, Denver followed its bankers’ suggestions and issued so-called pension certificates with a derivative attached; the debt carried a lower rate but it could also fluctuate if economic conditions changed.

Comment by measton
2010-08-06 15:18:06

Sounds like Greece and well just about every other state and country.

The pigs on wall street bought off the gate keepers and issued complex instruments they knew would crash then they sold them and bet against them.

 
 
Comment by Cantankerous Intellectual Bomb-thrower
2010-08-06 08:52:43

By contrast, this Wikipedia article mentions that there were only 500,000 discouraged workers identified in 1967, when the concept was first introduced into official U.S. Department of Labor unemployment accounting methodology.

MarketWatch First Take
Aug. 6, 2010, 9:59 a.m. EDT

Discouraging news from payrolls report
Commentary: Millions have simply given up on a job

WASHINGTON (MarketWatch) — The July nonfarm payrolls report wasn’t nearly as bad as it looks on first glance, but it’s still pretty discouraging.

U.S. payrolls fell by 131,000 in July after dropping by 221,000 in June, with layoffs of temporary Census workers accounting for all the net losses. See our full story on the payrolls report.

Encouragingly, private-sector payrolls have managed to grow for seven straight months, rising by 71,000 in July. That’s much better than the 297,000 private-sector jobs that were lost a year ago, but it’s not enough to bring down the unemployment rate, which is stuck at 9.5%.

The jobless rate would be much higher if millions of Americans hadn’t simply given up looking for work.

In July, the participation rate — the percentage of the working-age population who are working or looking for work — fell to 64.6%, the lowest rate since 1985.

If the participation rate had remained above 66% as it did for most of the past decade, the jobless rate would be 12.2% today and there’d be 19.2 million people classified as unemployed, instead of 14.6 million.

Those 4.6 million discouraged workers are the hidden unemployed, a terrible waste for society and for those individuals and their families. Teenagers account for about half of the hidden employed.

Comment by Carl Morris
2010-08-06 09:39:41

Those 4.6 million discouraged workers are the hidden unemployed

Shadow inventory.

Comment by arizonadude
2010-08-06 11:21:41

Is that better than expected?

 
 
 
Comment by wmbz
2010-08-06 08:54:07

Dollar near bear market territory
How the once-mighty dollar has fallen — again.

The dollar tumbled against the yen and euro Friday morning after July’s U.S. job report brought more bad news. Private sector employers added just 71,000 jobs last month, and total nonfarm payrolls contracted more than expected.

The euro’s not dead after all

“Overall, unquestionably a disappointing report,” economists at Capital Economics in Toronto wrote.

The latest sign that job growth isn’t keeping up sent the trade-weighted dollar index down to 80.3. That’s 9% below its peak just two months ago.

Stock market watchers call a 10% decline a bear market, and the term doesn’t seem too bold given the speed of the sentiment shift we have seen this summer.

In June, when the dollar topped out at $1.18 against the euro and 92 yen, the recovery in the United States looked more robust and Europe seemed on the verge of being sent to its death bed. Some euroskeptics were calling for the dollar to trade at parity with the euro.

Comment by edgewaterjohn
2010-08-06 09:40:45

This sure would be a heckuva of time for surprise from left field, wouldn’t it? Like that wacky rumor about a Greek default in August for instance. Man, what carnage that would cause.

 
Comment by drumminj
2010-08-06 10:41:28

The euro’s not dead after all

“I’m not dead yet”

“I don’t want to go on the cart!”

 
 
Comment by wmbz
2010-08-06 08:58:45

Jobs - today’s big topic.

WASHINGTON (AP) — Faster job growth is needed to accelerate the recovery. Without more jobs, Americans are likely to remain cautious with their spending, restraining the economic rebound. But without more spending, companies will likely be slow to hire..

“To break out of this, we need both employment and consumption to come up together,” says Nigel Gault, an economist at IHS Global Insight.

~ Mr. Gault sounds like the average Keynesian economist, of which we have far too many. He overlooks the fact that “to break out of this” the economy must be cleansed of the of distortions that piled up over the years. Bad debt must be written off. Prices allowed to fall to wherever the market will support them again, and - once consumers get their budgets under better control - the spending spree can resume. But all this takes time.

 
Comment by wmbz
2010-08-06 09:38:44

20 states defend suit challenging Obama health care law
Business leader says government cannot force people to buy insurance
8/6/2010

PENSACOLA, Fla. — Twenty states and the nation’s most influential small business lobby plan to file their response Friday to the government’s attempt to dismiss their lawsuit challenging President Barack Obama’s health care overhaul.

The Justice Department in June asked a federal judge to dismiss the lawsuit, saying the U.S. District Court in Pensacola lacks subject-matter jurisdiction over some of the lawsuit’s claims. They also said other parts of the lawsuit failed to state claims upon which relief can be granted.

The states, the National Federation of Independent Business and several individual taxpayers will file their response in Pensacola federal court.

Mandatory insurance at issue
A key issue raised by their lawsuit is whether the federal government can require individuals to purchase health care insurance and fine those who don’t.

The court must hear the case to preserve individual liberties granted through the Constitution, said Karen Harned, executive director of the Small Business Legal Center of the National Federation of Independent Business.

Comment by Arizona Slim
2010-08-06 10:21:40

What really torques my jaw is the requirement to buy health insurance from nothing but private companies. Which have already shown quite the ability to screw us out of needed health care so they can boost profits.

I seem to recall Obama saying that we needed a public option to keep the insurance companies honest. And then the public option was thrown under the bus.

Comment by NYCityBoy
2010-08-06 11:26:21

Slim, you got the public option. I believe all of the companies from which we will be allowed to buy insurance are publicly traded.

Comment by oxide
2010-08-06 13:07:10

Publicly traded means deamnd for profit and returns, which is the worst possible thing for the actual health of people. I’m still not sure why they can’t regulate this like a utility…

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Comment by wmbz
2010-08-06 09:41:50

Bio-Bug: Car run on human waste is launched.

A car that runs on methane gas produced by human waste has been launched and its makers claim drivers cannot tell the difference.

Sewage powered VW Beetle hits the road in Bristol
The converted Beetle car that runs on methane gas Photo: SWNS

The Bio-Bug has been converted by a team of British engineers to be powered by biogas, which is produced from human waste at sewage works across the country.

They believe the car is a viable alternative to electric vehicles.

Excrement flushed down the lavatories of just 70 homes is enough to power the car for 10,000 miles - the equivalent of one average motoring year.

This conversion technology has been used in the past but the Bio-Bug is Britain’s first car to run on methane gas without its performance being reduced.

It can power a conventional two litre VW Beetle convertible to 114mph.

Mohammed Saddiq, of sustainable energy firm GENeco, which developed the prototype, claimed that drivers “won’t know the difference”.

He said: “Previously the gas hasn’t been clean enough to fuel motor vehicles without it affecting performance.

Comment by SV guy
2010-08-06 12:39:41

“Excrement flushed down the lavatories….”

You don’t drop a deuce in a lavatory, they’re for washing your hands.

Comment by Chris M
2010-08-06 13:00:54

LOL!

:)

 
 
 
Comment by Hwy50ina49Dodge
2010-08-06 10:21:01

Bio-Bull:

“Excrement flushed down the lavatories of Kudlow & Crama$$ is enough to power the DOW to 15,000 - the equivalent of one average Wall St. BOOYAH! Bull year.” ;-)

 
Comment by wmbz
2010-08-06 10:21:19

Congress delays action on SBA loans
Charlotte Business Journal

Congress failed to take action before leaving for August recess on legislation to boost small-business lending. This means lenders in U.S. Small Business Administration programs will wait at least another month without a 90 percent government guarantee on the agency’s flagship 7(a) loans. That enhancement, an increase from the usual 75 percent guarantee, was part of the economic stimulus bill but expired June 1. The higher guarantee made SBA loans less risky for lenders.

Comment by Arizona Slim
2010-08-06 10:25:28

I recently attended a small business loan seminar hosted by one of our local Congress Critters. The factoid that bopped me over the head was this one:

Only one out of seven applicants actually gets an SBA loan. And, if you’re hoping to get a loan for a restaurant or veterinary practice, forget it. No SBA loans for you, Chef Charlie or Dr. Bill.

 
 
Comment by DennisN
2010-08-06 13:23:41

Hewlett-Packard CEO given the boot!

[HP CEO] Hurd’s decision was made following an investigation by outside legal counsel and the General Counsel’s Office, overseen by the Board, of the facts and circumstances surrounding a claim of sexual harassment against Hurd and HP by a former contractor to HP. The investigation determined there was no violation of HP’s sexual harassment policy, but did find violations of HP’s Standards of Business Conduct.

 
Comment by Hwy50ina49Dodge
2010-08-06 14:20:23

“…The probe concludes that the company’s sexual-harassment policy was not violated, but that its standards of business conduct were.”

CORPORATION

+

“These fu@king guys!…” Jon Stewart :-)

 
Comment by DennisN
2010-08-06 14:47:30

Mark Hurd is also on the board of directors of Rupert Murdock’s News Corporation. I wonder if he will stay on there now.

 
Comment by In Colorado
2010-08-06 18:03:30

The guy makes as much as 50 million a year and uses company funds to pay for his mistress? He probably just flushed 200-300 million down the toilet, salary and bonuses he’s never going to earn. Now he can join Carly on the reject shelf, an untouchable.

 
Comment by TCM_guy
2010-08-06 19:40:50

Exotic Deals Put Denver Schools Deeper in Debt

How much $$$$ is this person’s severance package?

 
Comment by Cantankerous Intellectual Bomb-thrower
2010-08-06 23:57:40

Spitzer face strikes yet another hapless victim!

 
 
Comment by measton
2010-08-06 15:29:45

Younger Americans, between the ages of 36 to 50, are more likely to be loyal to religion than Baby Boomers, according to new research.

In a study published in the Journal for the Scientific Study of Religion, Philip Schwadel, of the University of Nebraska-Lincoln, said this was true even though they were less likely than previous generations to have been brought up with a religion.

He said the trend “is good news for those who worry about declining religious adherence.”

and bad news for those who worry about science, facts, reason, logic, war, and theocracy.

Comment by combotechie
2010-08-06 16:49:03

Carl Jung describes this in terms of “modernism” whereby people are in the transition zone between spiritual belief that prevailed in the old days and the modern day spiritual void.

As I understand it (and I don’t understand it all that well) there needs to be a way for the conscious mind to communicate with the subconscious mind; There needs to be a spiritual belief of some sort to fill in the gap.

If this gap cannot be bridged then the subconscious mind will “act out” in some way and end doing harm to the person - or rather it will lead the person to do strange things that will end up causing harm to himself.

Comment by combotechie
2010-08-06 16:54:11

If you look at strange human behavior in terms of a disconnect between a person’s ego and his inner-self then what you see happening begins to make some sort of sense.

A person’s denied inner-self will be acknowledged, one way or another.

Comment by Red Beach
2010-08-06 18:32:45

Too heady… just yell, “Cash is king!” and run out of the room.

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Comment by sleepless_near_seattle
2010-08-06 18:51:04

“A person’s denied inner-self will be acknowledged, one way or another.”

My former manager was a Jung fan. My manager’s philosophy seemed to agree with the above quote, suggesting that you naturally gravitate to your natural interests…eventually. At some point, the noise becomes just that, and you do what you are “supposed” to do. Being the defiant guy I was, I hated him and rejected this idea. 12 years later, I acknowledge that he (and Jung) were right, at least for me….

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Comment by combotechie
2010-08-06 20:13:41

If this gap between the ego-self and the inner-self is not filled - meaning if there is no way for the questions of “Who am I?” and “What do I want?” to be answered in the psyche - then answers to these questions will be supplied (at least temporairly) by the multitudes of marketers that make a good living selling expensive junk to those searching for these answers.

Once a person finds a way to connect the two parts of his psyche - his conscious ego mind and his subconscious inner-self mind - then he can supply his own answers to these questions. This makes him immune to the psychological tricks of marketers since he doesn’t need to depend on them to tell him who he is and what he wants.

And, possibly for the first time in his life, he will become truly free.

FWIW.

 
Comment by sleepless_near_seattle
2010-08-06 22:40:53

To clarify, the reason I hated my boss was because at the time I thought he was being negatively critical. I now realize that he saw a lot of himself (his younger self) in me because he had me pegged. He was right about most of it.

Good stuff. Thanks for sharing. Don’t know if I’m “truly” free, but definitely on the path.

 
 
 
 
 
Comment by Cantankerous Intellectual Bomb-thrower
2010-08-07 00:04:42

Why Is Obama’s Top Economic Adviser Leaving?

Christina Romer speaks about the Economic Report at the White House in Washington Reuters – Christina Romer, the Chair of U.S. President Barack Obama’s Council of Economic Advisers, speaks …
John Hudson John Hudson – Fri Aug 6, 7:36 am ET

WASHINGTON, DC – Christina Romer, one of President Obama’s top economic advisers, is leaving her position as chairwoman of the White House’s Council of Economic Advisers, calling her service “the honor of a lifetime.” She is expected to return to her position as a professor of economics at the University of California, Berkeley. In a statement, President Obama applauded Romer and said “family commitments” caused her to step down. However, National Journal reports that tensions within Obama’s economic team precipitated her departure. Here’s why:

* She Was Frustrated With Summers, reports Kirk Victor at National Journal’s Hotline. He quotes a White House source, who says: “She has been frustrated… She doesn’t feel that she has a direct line to the president. She would be giving different advice than Larry Summers [director of the National Economic Council], who does have a direct line to the president… She is ostensibly the chief economic adviser, but she doesn’t seem to be playing that role.”

 
Comment by Cantankerous Intellectual Bomb-thrower
2010-08-07 00:10:42

Back to the ’90s: Barron’s projects that the share of U.S. households owning their homes will fall to 64% by 2015 —the level in 1993-94.

Renter Nation
by Gene Epstein
Tuesday, July 27, 2010

The recession and shifting demographics will swell the ranks of people who will rent, not buy, housing over the next five years.

The American dream of owning a home is still very much alive, but it will be no more than a dream for a growing number of people over the next five years. That’s bad news for home builders, who already have big troubles, as June’s reports on housing starts, existing-home sales, building permits and unsold-home inventories showed. But it is good news for anyone renting out a home, apartment or condo, or any real-estate investment trust specializing in residential rental properties.

Most U.S. households own the dwelling they live in, and that isn’t likely to change. But demographic and economic forces, together with some perversities of government policy, are combining to push the share of ownership back to where it was in the early 1990s. Already, in the wake of the housing bust that brought on the Great Recession, the share of U.S. households owning homes has slid steadily—from 69% at its peak in 2004 to 67.2% in this year’s first quarter. And the rate is likely to fall to its 1993-94 level of 64% by 2015.

The flip side of this trend is a rising rental rate, which probably will hit 36% by 2015, versus 32.8% in 2004. Every percentage-point increase represents nearly 1.3 million households, and the average household includes more than two people—so roughly 10 million extra folks could be moving into rentals over the next five years.

Why? From now through 2015, the long slog that will unfortunately characterize the economic expansion will bring slow growth in jobs and wages. That pace of improvement should be just strong enough to permit new households to form, but not robust enough for the members of those households to afford to own homes. In addition, lax lending standards, fraud and predatory lending practices— key factors in the unrealistic bubble in home ownership in the mid-2000s and the subsequent debacle—appear to have become rarer, at least temporarily.

 
Comment by aNYCdj
2010-08-07 01:30:50

No this isn’t from the Onion….and yes I made a few $$$ djing a party tonight…time for bed…

Afghan Men Struggle With Sexual Identity, Study Finds

Published January 28, 2010

| FOXNews.com

As if U.S. troops and diplomats didn’t have enough to worry about in trying to understand Afghan culture, a new report suggests an entire region in the country is coping with a sexual identity crisis.

An unclassified study from a military research unit in southern Afghanistan details how homosexual behavior is unusually common among men in the large ethnic group known as Pashtuns — though they seem to be in complete denial about it.

The study, obtained by Fox News, found that Pashtun men commonly have sex with other men, admire other men physically, have sexual relationships with boys and shun women both socially and sexually — yet they completely reject the label of “homosexual.” The research was conducted as part of a longstanding effort to better understand Afghan culture and improve Western interaction with the local people.

The research unit, which was attached to a Marine battalion in southern Afghanistan, acknowledged that the behavior of some Afghan men has left Western forces “frequently confused.”

The report details the bizarre interactions a U.S. Army medic and her colleagues had with Afghan men in the southern province of Kandahar.

In one instance, a group of local male interpreters had contracted gonorrhea anally but refused to believe they could have contracted it sexually — “because they were not homosexuals.”

Apparently, according to the report, Pashtun men interpret the Islamic prohibition on homosexuality to mean they cannot “love” another man — but that doesn’t mean they can’t use men for “sexual gratification.”

The group of interpreters who had contracted gonorrhea joked in the camp that they actually got the disease by “mixing green and black tea.” But since they refused to heed the medics’ warnings, many of them re-contracted the disease after receiving treatment.

The U.S. army medic also told members of the research unit that she and her colleagues had to explain to a local man how to get his wife pregnant.

The report said: “When it was explained to him what was necessary, he reacted with disgust and asked, ‘How could one feel desire to be with a woman, who God has made unclean, when one could be with a man, who is clean? Surely this must be wrong.’”

The Pashtun populations are concentrated in the southern and eastern parts of the country. The Human Terrain Team that conducted the research is part of a military effort to learn more about local populations.

The report also detailed a disturbing practice in which older “men of status” keep young boys on hand for sexual relationships. One of the country’s favorite sayings, the report said, is “women are for children, boys are for pleasure.”

The report concluded that the widespread homosexual behavior stems from several factors, including the “severe segregation” of women in the society and the “prohibitive” cost of marriage.

Though U.S. troops are commonly taught in training for Afghanistan that the “effeminate characteristics” of Pashtun men are “normal” and not an indicator of homosexuality, the report said U.S. forces should not “dismiss” the unique version of homosexuality that is actually practiced in the region “out of desire to avoid western discomfort.”

Otherwise, the report said, Westerners could “risk failing to comprehend an essential social force underlying Pashtun culture.”

Comment by Timmy Boy
2010-08-07 06:06:30

Geezzz… Louise…. if only muslims could eliminate having sex w/ women entirely…. the whole muslim problem would be solved after the last one dies out.

 
 
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