Bits Bucket for March 10, 2011
Post off-topic ideas, links, and Craigslist finds here.
The Housing Bubble
Examining the home price boom and its effect on owners, lenders, regulators, realtors and the economy as a whole.
About Me
Name:Ben Jones
Location:Northern Arizona, United States
To donate by mail, or to otherwise contact this blogger, please send emails to: thehousingbubble@gmail.com
PayPal is a secure online payment method which accepts ALL major credit cards.
Links
-
May 2024 M T W T F S S « Sep 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31
Photo Submission: hbbphotos@gmail.com
View the HBB Photo Gallery *updated 4/13/2008
More people are buying their homes with cash ~ CNNMONEY
March 10, 2011
Laura Dominguez-Vasquez and her husband, Luis, recently sold their Coral Gables, Fla., home to all-cash buyers for just under $1 million. They’re now shopping for a new home and intend to pay cash as well.
The busy professionals have three kids, aged 14 to 20, and they don’t have the time or inclination to mess around with homebuying. “The process has to be painless,” she said.
The Vasquezs are not unique; cash buys are becoming common. The number of homes bought with cash jumped to 32% in January compared to 26% a year earlier, according to the National Association of Realtors.
In Southern California, about 30% of the sales in January were cash, according to DataQuick Information Systems. Same thing in Denver. In Phoenix and Las Vegas, cash sales topped 50% of all deals.
“I’m personally closing about 30 deals a month and at least 30% of them are all cash,” said Ruth Pugh, a San Diego-area agent.
One big factor forcing people to pay cash is weak appraisals. Before a sale, banks evaluate nearby homes to see how much a property should be valued at. But in one-time bubble markets, such as Miami, prices are still weak and appraisers are using foreclosures — which sell at big discounts — as the basis for their valuations.
As a result, appraisals are low and banks are refusing to finance the full amount needed to complete sales. So if you want the house, you have to bring cash.
So if you want to overpay…
People are smart.
Exactly… their idea of an “investment” is to pay cash for something that banks don’t want to take as collateral for a loan? Something is wrong with that reasoning.
Of course, as always, REAs are happy to oblige…and provide whatever “advice” greases the wheels.
One big factor forcing people to pay cash is weak appraisals.
I just love that line. That is funny on so many levels.
That struck me too. “Weak?” Try normal.
The big question now is: what is there more of: shadow inventory or shadow cash, at foreclosure prices? If there is more shadow cash, then I’m in trouble.
Given the reality of QE1, QE2, QE3, …, I wish you luck.
Even with QE2, Dow is down today as of now 181 points.
I guess, as the day progresses, some money will be moved to buy stocks from the Bernanke funds and it will go up again.
“…it will go up again.”
DJIA = 12K or bust!
Word on the street is that Gadhaffi is liquidating huge stock postitions to pay his men to blow up stuff. The PPT are currently stuck in traffic and will soon be in to take care of the inconveience. Thank you for your patience.
Word on the street is that Gadhaffi is liquidating huge stock postitions to
pay his men to blow up stuffget “his” assets out of places that might sooner or later freeze his accounts.Fixed it for you!
The DOW is down 230 points at 10:40 am PST. Waiting on the appearance of the PPT.
“Word on the street is that Gadhaffi is liquidating huge stock postitions to pay his men to blow up stuff.”
Nice chance to buy Spock’s stocks at fire sale prices…
My question is, how much of that “cash” is equity overstripped from other property?
I think its mostly from liquidated gold bracelets and stuff.
My question is, how much of that “cash” is equity overstripped from other property?
True story from right behind the Arizona Slim Ranch:
House to the rear of mine own went on the market during the summer of 2005. And it didn’t sell. It was staged in the fall of ‘05. And it continued to sit there. There were several price cuts until…
…March of 2006.
During that month, a University of Arizona student bought the place in an all-cash deal. Where this particular UA student got the cash to buy a house is beyond me, but I couldn’t help thinking that it was a HELOC that mommy and daddy took out.
He put it on the market shortly before he graduated in 2007. And it didn’t sell. He did cut the price a time or two, but to no avail.
He started renting the place out in September ‘07, and it’s been a rental ever since. For the most part, the tenants have been well behaved.
When they haven’t, they’ve had the pleasure of dealing with Slim’s Hammer of Zeus. (Word to the wise: I may be short of stature and slight of build. But don’t annoy me or try to push me around. I fight back with a fury that is far beyond my height and build.)
Any-hoo, the guy’s latest attempts to sell the place happened last summer and fall. He first listed with a real estate agency. That lasted for about a month. Then he tried to go the rent-to-own route. Epic fail on that front too.
So, he bogged down and started renting the place again.
In short, paying all-cash for an investment property isn’t a sure thing by any means. For proof, all I have to do is look out my kitchen window.
“March of 2006… During that month, a University of Arizona student bought the place in an all-cash deal… He put it on the market shortly before he graduated in 2007″
I’ve heard of buying houses to live in in lieu of dormitories, but man, buying one year before graduation is just plain stupid. He should give back his degree.
I’ve heard of buying houses to live in in lieu of dormitories, but man, buying one year before graduation is just plain stupid. He should give back his degree.
ISTR that his degree was from the University of Arizona’s business school.
Sorry to say, but his level of intelligence is typical of what I see coming out of that particular part of the UA. I’m a volunteer over at the B-school, so I have more than a passing acquaintance with the place.
Slim’s Hammer of Zeus — Ouch!
Slim’s Hammer of Zeus — Ouch!
Ouch is right.
And, what’s worse, I can be very quiet and stealthy when employing this hammer. It’s quite often done via the making of phone calls, sending of e-mails, and usage of online reporting forms.
“Word to the wise:…”
“Now they say
You don’t tug on superman’s cape
You don’t spit into the wind
You don’t pull the mask of the ol’ lone ranger
And you don’t mess around with Slim”
- Jim Croce
Don’t pull your firearm out of the holster by the trigger…
What do people think the word “appraisal” means? Why do they think the bank bothers to get one?
‘What do people think the word “appraisal” means?’
Overvalued.
‘Why do they think the bank bothers to get one?’
Does it have something to do with mortgage insurance claims, not to mention the amount of interest the FB will pay over the future life of the loan up until the day of foreclosure?
“I’m personally closing about 30 deals a month …”
realtors lie.
Yep. A rough comparison of the ratio of houses being sold around here this year to the number of agents in the area, 30 deals a month would be impossible.
Until you factor in that the majority of sales go to a select group of insiders who have a corner on the market. It’s entirely possible that one realtwhore is closing 30 while dozens of others are doing nothing. I happen to know a nice, older woman who has been in the business 10 or 15 years. She was complaining to me that a woman in her office gets each and every foreclosure listing from a certain large bank. The lady is cleaning up to the tune of more than a million a year on these listings alone.
Sales in my town:
Febuary = 25
January = 36
December = 28
November = 20
Wow. With those numbers, I’d be surprised if the local agents weren’t hitting up the food banks. My town isn’t all that small either.
“I’m personally closing about 30 deals a month…”
Wow, that’s coffee every day!
I don’t buy this. They cherry picked a pretty affluent couple in this artcle.
A large percentage of cash deals in my area of So Ca are Realturds partnerships (pooling cash), buying to do minimal upgrades and flip. Meanwhile the MLS at our price point is constipated. A home we looked at Monday for instance, was an over priced fixer which we were told have 5 offers. 3 FHA 3.5%ers, 1 20% down, and 1 cash. (Fwy noise, no thanks.)
Our competition has been a lot of FHA’ers. I think they are f o s. Pumping and scare tactics gets fence-sitters moving. Just my experience and opinion.
“I don’t buy this.”
Exactly. Not for a second. They’re lying and reporting as if everyone is flush with cash as we muddle through a deflationary spiral.
Liars.
Way for local newspapers to make advertisers happy:
Three examples is a trend.
Two examples is an emerging trend.
One example is the next big thing.
Good one!
…”reporting as if everyone is flush with cash …”
Well, hype pretty much drove the last bubble.
FOS?
FOS = full of the stuff that will soon hit the fan
A large percentage of cash deals in my area of So Ca are Realturds partnerships (pooling cash), buying to do minimal upgrades and flip.”
Yuck
cactus (my area)
That pooling of cash by Realturds, and upgrading with the cheapest, ugliest cr*p on earth, to try and flip (and hopefully lose $) is what we’ve seen more of in Simi and
T O than private homeowner offerings. “Yuck” is right!
We’re suffering the same fate, Awaiting.
Yes, there is a lot of cash out there, but it has nothing to do with low appraisals.
With savings accounts paying sub-1% for such a long period of time, we are back to the speculation that we saw during the first part of the bubble. Everyone with cash is buying RE (and some are buying commodity futures, etc.).
IMHO, it’s also because some people are afraid of a currency devaluation, and also because foreigners are buying up our RE with the money we send to them in exchange for cheap, plastic crap.
Is the number of cash deals really increasing, or is the proportion of cash deals going up because the number of loan-funded deals is still dropping?
We have a cash buyer for my mom’s pasadena condo. She underbid by 75k but my brother is sticking to his guns. I better call him to see how it’s going.
People with cash are paying cash because other safe investments pay nothing and are risky. They may be paying cash because they understand the gov will eventually do away with the interest rate deduction.
Everything is a bubble now. You can live in a house. If you buy conservatively you can upgrade when the housing market falls further.
But how many are investors buying in bulk?
Quite a few, from what I hear.
Most of the South Bay homes for sale under $750,000 were constructed in the 1950s. And then the closer to the Pacific, the more likely you can eat from your neighbor’s cereal dish if you just open your windo and point a spoon outside.
I tend to like only single floor houses in PV. But they are over $1,000,000. At least they have actual yards!
Debit cards: $50 spending limit coming?
NEW YORK (CNNMoney) — Declined! Your debit card may soon be denied for purchases greater than $100 — or even as little as $50.
JPMorgan Chase, one of the nation’s largest banks, is considering capping debit card transactions at either $50 or $100, according to a source with knowledge of the proposal.
Why? Because of a tricky thing called interchange fees.
Right now, every time you swipe your debit card, your bank charges the retailer an average fee of 44 cents, which it shares with its partners. Those little fees, however, add up to about $16 billion per year, according to 2009 data from the Federal Reserve.
But as part of the Wall Street reform legislation that was passed last year, these fees are being slashed. The Fed is currently proposing rules that would go into effect in July and would cap interchange fees at 12 cents.
That’s a big enough cut to cost Chase (JPM, Fortune 500) more than $1 billion a year. And Chase may not be alone. Other major issuers are also projecting huge losses from the interchange fee cap.
Your debit card may soon be denied for purchases greater than $100 — or even as little as $50.
I don’t see where this is a big deal. Around here the average debit card transaction appears to be about $2.27. There is nothing better (and I really mean worse) than seeing the Sex and the City wannabes fumble for their debit card to buy a bottle of water.
That’s surprising. I was under the impression that people in NYC carried cash. The last few times that I visited Manhattan there appeared to be a need for people to constantly have singles on hand to tip doormen, taxi drivers, etc. Of course, I was a visitor and life is probably different for residents.
Debit cards are much more prevalent, even for minor transactions.
JPM is shooting itself in the foot. What if you had $5000 in your JPM checking account, but Target would only let you swipe $50 of that? Wouldn’t that convince you to “move your money” to another bank, and fast?
I think they want you to swipe it as “credit” so they get more money out of the merchants.
Yup, you’re right! I predict that lobbyists will fight tooth and nail to hide this from the general public. Instead of saying that you are denied because it’s over $50, they will deny with no reason. Customers will automatically think something is wrong with debit system* and switch over the credit. Few customers even knew about the transaction fees.
I am weaning myself back off the debit card again, and this looks like a great incentive.
———-
*The debit system went down on me a couple times already, so it’s easy to assume that it will happen again.
Screw them.
Every time I take out cash with my ATM card, they try to get me to change it to a debt card that can be used outside of banks.
My daughter has a debit card in high school checking account. Somebody scammed it and made a bunch of charges, draining her checking account. They gave us the money back, but they don’t have the same obligations in that regard as credit card issuers.
Needless to say, there is a lot more money in my checking account that in my daughters. I fear debit cards.
With the exception of getting cash, debit cards are totally worthless for the “good credit” consumer. Credit cards have more protections, more loyalty programs, and are simply a better product. Knock yourself out JPM, anyone using their debit card regularly at retail transaction is; by definition, a consumer that you’re probably going to be able to take advantage of.
Get a “high tier” credit card and run everything through it. Amex Centurion (if you’re in that league), World Elite (or the Visa competitor) if your not. They just have so many bonuses and extras that are given to you, effectively for free, on the backs of the morons who pay 18-29% interest.
I’d pay my mortgage on a credit card if I could. The more you charge, the more you get back in rewards. And yes, it’s expensive to the vendors. Give me a cash discount and I’ll always take that. But, for the majority of transaction (that are parity priced credit/cash) there’s simply no reason to EVER use anything but your card.
No thanks. I will not sell myself into “loyalty” slavery for a few sheckels. It may be worth it for some households, but I simply don’t spend enough, don’t travel enough, and don’t care enough for rewards programs. And I DON’T like my every purchase being tracked by ChoicePoint and their ilk. (just my online purchases.
)
Agree about the tracking issues, don’t see any reason to give out anymore info than the absolute minimum.
Anyway I think using actual cash keeps you more “honest” and on budget.
No thanks. I will not sell myself into “loyalty” slavery for a few sheckels. It may be worth it for some households, but I simply don’t spend enough, don’t travel enough, and don’t care enough for rewards programs. And I DON’T like my every purchase being tracked by ChoicePoint and their ilk.
Thank you for posting this, oxide. I’m with you on the not spending, traveling, and caring enough for rewards programs.
My niece’s out-of-state college tuition goes on my Aadvantage Mastercard. That really helps me toward my goal of free business class frequent flyer airline tickets on my next exotic third world scuba trip.
Schools out here slap a surcharge onto the bill if you pay your tuition with plastic.
It is important to watch out for surcharges. If that was the case, I’d write a check.
I have a grandfathered-in chase card that automatically credits my account 1% of my charges for the month. I pay the bill off each month, and get my 30 day short term loan, so it’s a no-brainer for me at present.
but if stores start giving cash discounts…
My Chase card gives 1 point on everything and 5 points on some things. I don’t think it’s a “grandfathered-in” thing. I then take my points in cash a few times a year. I use my credit card for everything and pay it off at the end of the month.
I fear debit cards.
I’m with you on that notion, WT Economist. Matter of fact, my debit card rarely sees the light of day.
Hell, $50 won’t even buy a tank of gas.
I have to think that the backlash would be tremendous. So I have a debit card and go to the grocery store and want to pay for $120 worth of food. I would have to go to the ATM and take out money? I could no longer pay at the pump? Seems ridiculous.
See whyoung’s comment. They won’t deny you. They’ll just imply that something is wrong with the debit system, and tell you to swipe again, only please hit the “credit” button instead of “debit” button. It makes little difference to the consumer, but when those electrons zoom a little extra distance in the payment process, the bank gets the fees.
With some clever phrasing, the customer will never know.
“the customer will never know.”
And most will probably not care about the bank taking money from the merchant since the retail price to them is the same, esp. since most card purchases are probably made at corporately owned stores that it’s hard to have sympathy for.
It’s the mom and pops that are probably most hard hit.
Will for MY car. Of course the Van, not so much.
Bank Chief Rejects Idea of Reducing Home Loans
By NELSON D. SCHWARTZ
Published: March 8, 2011
Showing resistance for the first time against government pressure to write off tens of billions worth of mortgage debt, Bank of America executives said on Tuesday that the idea was unworkable and warned that it would be unfair to borrowers who had managed to stay current on their loans.
“There’s a core problem that if you start to help certain people and don’t help other people, it’s going to be very hard to explain the difference,” said Brian T. Moynihan, the chief executive of Bank of America. “Our duty is to have a fair modification process.”
http://www.nytimes.com/2011/03/09/business/09bank.html - -
FB - there is no “something for nothing” for you…
Strategic default would become shock and awe in states like CA.
Absolutely.
Only suckers would be paying their mortgages if the banks decided to give principal reductions to the idiots who weren’t able to manage their finances.
“Indeed, industry experts estimate that nearly a trillion dollars worth of mortgage debt is “underwater,” a result of house prices having fallen since the original loans were made. Federal officials hope a settlement with the servicers will help individual borrowers and provide a cushion for the weak housing market.”
It’s true that if the Banks start giving cram downs to some they
would get more foreclosures from pissed people that have been paying
their mortgage . It’s one thing for a Judge in a BK to cram down a mortgage and it’s another to do it on a massive scale for borrowers who are foreclosure bound .Paying borrowers are pissed about loan modifications to begin with because they don’t qualify for them . I
mean who really qualifies for loan modifications but people who can’t make their current payment or don’t want to ,which means they were either gamblers or loan perjury borrowers .
This mess has been a moral hazard situation from day one . Add to this that banks , Investment banks ,hedge funds, and Insurance Co, gamblers got bailed out in the trillions and people will say ,”Give me my cheese .” The entire damage of the RE loan Ponzi-scheme has undermined everything including even the concept of
paying for what you borrowed ,and qualifying for it to begin with .
IMHO the Lenders can’t really explain why they did this ,and they did it by a breach of duty to rate risk and underwrite loans . What good are Lenders if they are just going to be parties that pass on fraud to unsuspecting investors . Now the whole idea is pass fraud
on to Government entities and make the taxpayer pay . It was never right from day one and it didn’t save anything but corrupted institutions and systems that would of been busted had standing law at the time prevailed .
Amen, Wiz.
I don’t know how this would be more unfair than anything that’s going on. If I buy a house at 12% interest, is it fair when younger people can buy at 4% interest? Is it fair that businesses can borrow from the discount window at 2% while individuals can’t? Is it fair that a mortgage servicer can book a minimum neg-am payment as deferred interest “profit,” while I can’t spend my paycheck until it’s deposited in my checking account? Not to mention the unfairness to RENTERS and SAVERS in too many ways to count? And on an on.
oxide …It has been very unfair in a million ways to the regular
working joe/jane who is the Majority in this Country . The systems are rigged in favor of 1% of the population .
But I’m just addressing that the paying borrower will not stand for
the non-paying borrower getting thousands and thousands in
write offs while they slave away with the obligation and not get a break also . It’s just human nature .
The Financial Times
Obama under pressure over veteran benefits
By Matt Kennard in Washington
Published: March 3 2011 20:37 | Last updated: March 3 2011 20:37
Pressure is building on the Obama administration to ensure that veteran benefits are delivered amid mounting criticism from support groups this week.
…
In February, JP Morgan Chase announced a raft of new programs for military personnel after three veterans filed a lawsuit against the bank for overcharging interest payments on mortgages. Under the Servicemembers’ Civil Relief Act, which dates back to 1940 but was updated in 2003, interest payments for soldiers cannot rise about 6 per cent. Lenders are also barred from foreclosing on mortgages of service members while they are on active-duty.
“The mistakes we made on military foreclosures are a painful aberration,” said Jamie Dimon, chief executive of JP Morgan, in the aftermath of a Congressional hearing. “We deeply apologise to our military customers and their families for these mistakes.” JP Morgan have now set their interest rate cap for service members at 4 per cent.
But lawmakers disagreed, contending that exploitation of the veteran community is no aberration. “I just think [JP Morgan] ignored it, they didn’t care about it, they didn’t want to know about it,” Bob Filner, a Congressman from California and ranking member on the House Veterans’ Affairs Committee, told the FT. “And I think the other banks are doing the same thing.”
He said banks were taking advantage of the vulnerability of service members. “Most vets get too intimidated, they get too discouraged, they feel powerless, they can’t fight back.” Mr Filner added he has been approached by mid-level staff at JP Morgan, Bank of America and Wells Fargo who told him the lawsuit was the “tip of the iceberg”.
Testimony from leading veterans groups support these claims. “There’s been a constant stream of veterans complaining of overcharging and problems with banks,” said Selena Coppa, who deals with veterans’ financial difficulties for Iraq Veterans Against the War. “This is an industry-wide issue, it’s not solely limited to JP Morgan. Too many financial institutions see service members as numbers in ledger that they can exploit because of their unique vulnerability.”
…
Americans in Poll Lack Confidence as Plurality See Decline ~ Bloomberg
Only 1 American in 7 has faith a lasting economic recovery has taken hold and a plurality say they are personally worse off than they were two years ago.
Hope and change baby!
It will take a long time to repair the wrecked economy W left behind.
+1 I haven’t seen Dubya in the news since he left office. Not popular?
He did the whole book tour a couple of months ago and had a one hour prime time special where he said the Iraq war wasn’t his fault and that he carried his brother’s fetus back from the doctors.
Here’s the memo:
George W. Bush: I’m Done With Politics
1 month ago /Aol News
Republican candidates hoping for some high-profile help on the campaign trail next year shouldn’t look to George W. Shrub.
The former president told C-SPAN he’s done with politics and all its trappings.
“I don’t want to go out and campaign for candidates,” he told Brian Lamb in an interview airing this weekend. “I don’t want to be viewed as a perpetual money-raiser.”
Shrub said “being out of the press, at least in this stage of the post-presidency, is something that makes me very comfortable. It’s somewhat liberating, frankly.”
What a stud! Billy boy could learn from him!!!
Oblama is a joke buy his followers are the real fools!
Move over Jimmy we have a new worst!
Your posts get sillier every day. You have become such an ultra partisan it is just embarrassing. The blame is so massive for the state of our economy. You can go back to FDR or better yet 1913. But in your warped mind one-liners about George Bush and whatever variation of Retard you kick out is all you see. I can’t believe you are allowed to teach.
Bush, Reagan, LBJ, Carter, Bush Jr. Kennedy, Clinton, Obama and all of their administrations have contributed to this mess one way or another. The blame is endless. Every president has had their hand in this mess. Both parties are filthy. But keep pointing fingers in one direction. It seems to be what you are best at.
Now Exeter or another drone can call me an arch conservative, hater of the working man.
Your ad hominem attacks get more obnoxious every day. But that’s OK — we’ve come to expect it of you.
I am just pointing out facts. Your posts are getting sillier and it is embarrassing.
You have yet to address one criticism aimed at your stances. Posting articles biased towards your biases and then throwing out the terms Republitard or Retardican do little to further your positions. I have pointed out your hypocrisy of loving government in an area that advances your self interest but hating it in all areas that don’t advance your self interest. You have yet to address that.
I don’t care what you’ve come to expect of me. I have spoken out against what appears to be the majority on this blog. I am outnumbered at least 20 - 1. And I have had more ridiculous names and statements thrown my way. I’m not crying about it.
NYCityBoy, thank for this comment.
I can deal with partisanship, as long as it is backed up by some reasonable argument. And you yourself back up your argument by listing all Presidents at fault, which is true.
However, in this case, I do not think that PB’s comment was a partisan one-liner. GWB’s role in wrecking the economy has been argued, evidenced, and discussed on HBB so many times that there is no need to reiterate it. PB was simply reminding us of those prior discussions, and so one line is all that’s needed.
Now, if we could only convince the partisans on the other side to back up their arguments with something other than Rushbot bumper stickers… even ONCE, mind you … then they too could use one-liners.
(For example, a one-line reminder of Clinton signing NAFTA is sufficient.)
W may have been a coincident factor. But nobody carries even close to as much blame as Alan G. If you want to be mad at someone, be mad at him; he’s one of the only people in the entire world who could have stopped all the madness with a simple public “utterance”.
“I have pointed out your hypocrisy of loving government in an area that advances your self interest but hating it in all areas that don’t advance your self interest.”
Did the thought ever occur to you that those things that don’t advance your/my/Stucco’s self-interest DO advance the interests of the corporate elite?
Probably not.
And by the way…… your notion that you’re somehow a lone voice here on the blog is laughable. Scores of posts that champion the slave masters are made here everyday. Not just yours.
“Scores of posts that champion the slave masters are made here everyday…”
I hate to break into this partisan game. I liked it when political posts were ignored. But to name call someone who has different political views is deplorable.
exeter, that sounds like a “you’re for me or against me” stance. There are plenty of us out there that would like an adult discourse on issues of the day and are saddened by each reversion to poop throwing by the monkeys.
Objecting to calling me a retard does not make me a drone of the slave masters. BTW Greenspan was a tool, not the Master of the Universe.
Perhaps it has just been so long in this room together, without actually seeing the events we so anticipated, we lose our common thread and have nothing better to do than display our Borderline Personalities, answering questions with insults and intimidation. In the meantime, the greatest global economic event of our lifetimes is unfolding.
And I have had more ridiculous names and statements thrown my way. I’m not crying about it. NYCityBoy
He’s right people.
Whining is not crying. Not even in NYC.
In the meantime, the greatest global economic event of our lifetimes is unfolding.
And what is this greatest global economic event in your opinion?
“exeter, that sounds like a “you’re for me or against me” stance.”
DING DING DING….. we have a winner!
Yes Blue…. that’s exactly what it is. The wealthy elite against YOU and ME and GS and NYC. And guess what….. with every smackdown of a wage earner, they win even more. So you can keep shooting holes in and sacrificing your wage earning brothers and sisters but eventually, you’re going to be the one sacrificed.
This is dangerous thinking. It is a noble sentiment with no basis in reality. You have equated all government employment with the average wage earner. By this reasoning everything would be fine if only we could all work for the government. That is definitely an -ism that has been tried and failed. This type of belief in an all encompassing government scares the wits out of me.
“You have become such an ultra partisan”
You may have a point there, but read the post PB was responding to– basically begging to be countered as such.
So all wage earners are “government employees”? LMAO.
This type of belief in an all encompassing government scares the wits out of me.
We should take it easier on NYCityBoy. He’s a bit fragile lately.
It is obvious from his reasonable and virtuous posts he feels scared and attacked by mean zealots who he doesn’t even read.
For me its just a matter of breaking down what forces and policies have created the fact that the private sector didn’t keep up with inflation on benefits and wages and number of jobs . Why so much job loss in the private sector and did tax policy ,trade balances ,tariffs ,
out-sourcing and out-manufacturing and Monopoly power ,and low taxes for the rich ,become destructive policies for America as a whole ,that is if you value the middle and upper middle class worker ,who is the Majority .
I just refuse to attack the public worker gains unless the grand heist of the 1% sectors and the gambling casinos of the Global trotting Wall Street and Fortune 500 Companies and betrayal
of the American workers and unfair bail outs and tax favoritism is addressed . I’m watching the
charade of transferring the pain to the worker sector. The entire systems have been corrupted by stacked decks and
rigged decks ,monopoly power and a transfer of wealth and
a heist for years by systems you can’t say are free market capitalism or even systems that are loyal to the American worker or tax base .
There has to be a true defining and correction of what has taken place here for true long term stability to return to America along with the potential for growth and a correct tax base ,otherwise
American just continues to be something that becomes a
host to parasites that are draining the blood right out of it .
Going after workers ,welfare needy ,children lunch programs ,old people ,and long held public benefits of parks and things like that aren’t my idea of the proper correction of this
disaster . I’m a long term conservative that has no party that
represents me currently . I would like to see something like
THE REFORM PARTY emerge because corrupted systems
just produce more corruption and lack of balance .
“So all wage earners are “government employees”? LMAO.”
Where did I write that? It is good that you can make yourself laugh so easily. You really are lost on anything political.
“Government” is your hobgoblin.. You own it.
Going after workers ,welfare needy ,children lunch programs ,old people ,and long held public benefits of parks and things like that aren’t my idea of the proper correction of this disaster
+1
Yes, anyone who wishes to make social security solvent and cut down on fraud in the free lunch/food stamps/welfare/unemployment hates old people, poor people, and children.
“Government” is your hobgoblin.. You own it.
Okay. I don’t have a problem with that.
Government is your solution. You own it.
Bad Andy …I am a big one for cutting down on fraud in Government programs ,but that would mean you would have to hire more government workers to bust that fraud that you guys complain about .
Didn’t Professor Black say that one of the reasons they weren’t
busting the mortgage crimes was because of a lack of
Government Security workers during that time ,you know ,cut down on big government where it suits the elite .
Government has gotten bigger because the population has gotten bigger . Don’t confuse size of government with the
power of Government . Sure there are a bunch of Government programs that could be cut . Why don’t we start with the Government program of giving 1/2 trillion in subsidies to the Oil Companies per decade ?
Yeah, sure the government sucks.
Especially since this “free market” thing we have going now is working so well.
The Republican argument is something like “because the existing regs didn’t work, the answer is less regulation”.
Can’t wait for that attitude to gain traction in my business. You would see the market flooded with bogus parts in a nanosecond. At which time, the airlines will either assume the risk of installing bogus parts, or they will have to bring all that work “in-house” again, because they will be unable to take someone else’s assurances of “airworthiness”.
They seem to prefer the “Golden Rule”. And I don’t mean the “Do unto others…..” one.
“You would see the market flooded with bogus parts in a nanosecond. ”
In Biz school we had a group of students that insisted that airlines didn’t need regulation. That the “bad” (as in unsafe) airlines would go out of business as flyers would shun them. Too bad for those who climbed aboard a bad jet in the meantime.
I get your point but it’s probably a bad example. No airline stands to gain from planes falling out of the sky. Completely deregulated they would likely work harder to make sure it didn’t happen. Just my opinion.
“No airline stands to gain from planes falling out of the sky”
And yet they cut corners on maintenance, as X-GSfixr has told us, hoping to not get caught.
Bad Andy, you would be AMAZED. I work in another industry where, if one company screwed up, every company would suffer, greatly.
But, ya know, those QUATERLY EARNINGS are coming up…can’t we stretch this out a LITTLE BIT longer… Complacency is a HUGE problem.
Everyone wants to be safe but no one wants to pay for it. Hence the need for regulation. Constant regulation.
“Completely deregulated they would likely work harder to make sure it didn’t happen.”
To me, that sentence perfectly encapsulates the naivete of the libertarians/deregulationists.
Since bad press occurs under the current regulatory environment, why would there be corners cut now? And yet corners are cut,as we see almost every day. Why would this lessen with no regulation?
Regulation is not worth very much without enforcement.
“Hope and change baby!”
I generally try to avoid the partisan dialogues, and stick to the economics.
But as I’ve said before, I think blaming a 30-to-40-year debt binge and series of manias on any one president, be he D or R, is nonsensical.
I also don’t like the partisan dialogue…unfortunately I’m often pulled in.
I think Obama’s biggest issues are that he had such “hope and change” rhetoric that he had no chance of following through and that he lost focus in his own partisan agenda instead of working to fix what he promised to.
“Partisan Agenda”.
You are kidding, right?
Other than “Don’t ask, Don’t tell”, there’s not a nickel’s worth of difference between what he’s been doing, and what any Republican would do.
No Republican other than McCrazy would have pushed Obamacare in it’s current form. No Republican other than McCrazy would have pushed cap and trade.
So in the Obama vs. McCrazy fight you’re probably right. Compared to any real conservative, not to be confused with Republican, you’re dead wrong.
Even “Obamacare” was a dud.
You know it’s just clear that the 1% sector just wants to keep the corrupted systems and policies and tax breaks ongoing ,the
systems that they profited from so much for about 2 decades now ,and take it out of the hide of everyone else after they leave all other sectors in ruins .
The elite use to be able to mask the inequities of the systems
by easy credit and fake Ponzi schemes ,while all the while using monopoly power to price fix and other gaming of the systems .
The Government is there to aid the rich enterprises ,and pick up their expenses whenever possible . It’s a raiding of the
Nations tax base . But the problem is now the coffers are bare .So what do the 1% want ,don’t touch them ,take it from the other sectors . The Monopoly powers stick together
also ,just like mod Good Fellows stick together .
So,my premise is that unless you break the very systems that created this ruinous mess to begin with ,just hacking away at other sectors isn’t the solution.
I called for a entire purging of the corruption that created the mess to begin with . Take your eyes off the grand Heist
and corruption of functional systems that served this Country so well for decades and focus on anything but the stacked deck .
Think about it ,we have workers fighting for the right to
have collective bargaining in the future ,but it’s really a bigger fight .
I gotta tell you that the minute I saw them giving bail outs I knew that all other sectors would be compromised as a
result .
I’m not the one percenters whipping boy ,and I’m not going to take it anymore . Take back the heist and put them in their place ,the one percenters that is .
“You know it’s just clear that the 1% sector just wants to keep the corrupted systems and policies and tax breaks ongoing…”
A simple tax structure without deductions or tax breaks to any company or individual…especially not specific companies or individuals…would serve to fix a lot of problems.
“No Republican other than McCrazy would have pushed Obamacare in it’s current form.”
Isn’t Obamacare a near facsimile of Mitt Romney’s plan for Mass? And the same that was once championed by the Heritage Foundation?
Yes, I believe it is.
“A simple tax structure without deductions or tax breaks to any company or individual…especially not specific companies or individuals…would serve to fix a lot of problems.”
Yes. Yes it would.
Sure it’s not “hope and chains.”
“(Sorry Muggy, but that’s EXACTLY what it is: a huge, bloated, top-heavy system that is interested only in its own growth — the kids are just there to make ADA.)”
Why apologize to me? I don’t disagree with this. I’ve actually taught in a no-contract, perfomance-based district. It wasn’t really a big deal.
I am willing to have a meaningful discussion about this, but I won’t respond to absurdities (like saying that the dept. of ed and K12 are the same problem) or ad hominem attacks.
The Department of Education is as big of a joke as the big unions that will do whatever they can to maintain the status quo even at the expense of education. My wife is a teacher and I support teachers who actually do their jobs and go above and work outside of contract hours. I also support the ability of teachers to teach independent of standardized tests.
So what are we left with? Liberals who want to continue the status quo of paying $80K+ for part time work while supporting a top-heavy administration and overhead model or so-called Conservatives who want to pay minimum wage to teachers to teach to a stupid test.
That’s called “bi-partisanship” in DC.
Never could understand why the serfs keep voting me in just so I can steal all of their wealth. No complaints here. Keep voting for me and I will keep ripping you off. Your squabbles as to which master rules you are entertaining!
iamgovenrnment
“Liberals who want to continue the status quo of paying $80K+ for part time work”
Oh please. The average teacher in the country makes less than 50K. Yeah, I know they make 80K in corrupt Joisey, that says more about Joisey than anything else.
As for “part time work”, my teacher sister works longer hours than I do, while I make more than twice what she does. And her pension will be rather modest from what I’ve seen.
Teachers in the most liberal parts of the country make a lot more than teachers in more conservative parts of the country. My wife makes nowhere near $80K. And it is part time work if you work to contract. Don’t confuse a good teacher with a broken system.
Oh please. The average teacher in the country makes less than 50K.
Oh, please, prove this.
Your poor sister must be the most over worked, under paid person on the planet. Please give her my sympathies.
My BIL has a neighbor that was teaching in the Midwest before he got fired 2 years ago for hitting a student. He was making $72,000 per year. Jersey is not located in the Midwest. I would guess that Wisconsin pay scale is very similar.
I have a close relative living on a teacher’s pension. He took retirement at age 56 and makes more than $50,000 per year in retirement. He is now in his 19th year of retirement.
Please stop with the $50,000 average salary bologna unless you can show all of us their computation for figuring that “average” salary. Statistics lie. Tax bills don’t.
So salaries are high because you say so? Ooookaaay!
And just because your tax bills are high, doesn’t mean that its going onto teacher’s pockets. (And just because you’re paying property tax through the nose doesn’t mean everyone else does). I’m not saying there aren’t places in the country where taxpayers get screwed. But it isn’t everywhere. Don’t use your homestate as a yardstick for
teh rest of the nation.
“He took retirement at age 56 and makes more than $50,000 per year in retirement”
And my sister has been a teacher for 15 years and makes 40K. She’s working on a master’s so that she might be able to get a few thousand more. And no, she’s not the worst paid teacher in the world. Her pay is within the norm for where she lives. it would be within the norm out here too as she’s looked into it. Its also what she was getting paid in Texas when she lived there.
Like I said, not everyplace pays like Joisey or Chicago.
But this BS that teachers make big bucks is baloney. Outside of a few key metro areas pay sucks.
Oh, god. Your redundancy is just wonderful.
Please tell me about your sister one more time.
In California the public sector went up in wages in part due to
police and teachers not being able to afford real estate /other costs
where their work was . If all the prices went back to 1990 levels
than maybe public sector workers pay and benefits would seem
to high ,but not in light of what the cost of living is in the various areas currently .
The arguments can’t be made based on comparing
the private sector with the public sector because the private sector has just been screwed royal in keeping up with costs by benefits and wage increase .
Unions were the last sector to maintain the correct wage based on the Monopolies fixing the prices and the fake inflation designed to fleece someone .
No talk about the health care Monopoly that is fleecing and
stressing every sector of the economy ,including the governments coffers . While I agree that some correction is
needed with some of the Public Union contract clauses ,throwing out the whole baby with the bathwater is what
the other side is attempting .
You should all be familiar with the Hank Paulson school of
thought of screaming “FIre ” and claim the end of the World
if money isn’t directed to the sectors the elite choose rather
than what the Majority wants .
The one percenters would love everybody to compartmentalize and conduct a analysis without seeing the
entire picture of their prior GRAND HEIST and their ongoing heist .
I would rather see the public sector get decent benefits that
about 30 to 40% go back into the tax coffers by their spending than money going to the 1 percenters that horde it ,and worse take the money outside our borders to exploit low wage foreign workers while destroying our tax base
here.
Wouldn’t one expect the liberal states to pay more? Isn’t the cost of living higher in those states anyway?
Here in the bay area, housing was subsidized for teachers because of lack of affordability. Not sure whether it still is.
Oh please. The average teacher in the country makes less than 50K.
Oh, please, prove this.
OK NYCityBoy what do you have on it? Nuthin’ much I think. Here’s what I got.
Let’s look at the median salary as the median salary is more important than the average because of the outliers just as median net worth is more telling than average net worth.
http://www.payscale.com/research/US/All_K-12_Teachers/Salary/by_Years_Experience
All K-12 Teacher’s median salary by experience:
Less than 1 year $34,666
1-4 years $37,077
5-9 years $42,687
10-19 years $49,511
20 years or more $57,769
Now I didn’t find figures from all states but Florida’s average teacher’s experience is 12 years. SOURCE: fldoe dot org
And Texas’s average teacher’s experience is 11.5 years. SOURCE: dallasindicators dot org
These numbers are very consistent and sampled from 2 very large states.
Therefore: By looking at the three sources and numbers given, it is logical to assume that the median teacher’s salary is somewhere between 45K and 48K per year.
There is your proof that although far from perfect is way better than your friend of a friend in NJ examples.
Math is hard. Especially for angry New Yorkers.
Turns out $50k is a little high:
from payscaledotcom
National Salary Data
All compensation data shown are the gross, national median (50th percentile). Pay can vary greatly by location. To view local data, take the PayScale survey.
High School Teacher $43,437
Elementary School Teacher $40,426
Middle School Teacher $42,290
Special Education Teacher, Preschool, Kindergarten, or Elementary School $41,025
Special Education Teacher, Secondary School $43,860
Secondary School Teacher $42,163
Special Education Teacher, Middle School $42,023
Dang pesky facts.
The Department of Ed is peopled entirely with well-connected hacks who illustrate the preeminence of the Peter Principle and cronyism in any bureaucratic structure.
So are most K-12 school districts.
The only real difference I see is in orders of magnitude. In my opinion, the two institutions can safely be conflated.
P.S. I don’t remember attacking you; based on your comments regarding your work, I’d likely respect you if we worked together. That ad hominem complaint was directed at NYCityBoy, no?
http://market-ticker.org/akcs-www?post=181970
Prosecutors have launched an investigation into a complaint that more than 1,000 deeds for homes foreclosed upon in Maryland were improperly executed — the latest development suggesting widespread problems in the way foreclosures have been handled in the state.
The complaint, filed last week by a paralegal formerly employed by the Shapiro & Burson law firm, lays out allegations that attorneys who were supposed to be signing deeds and key foreclosure paperwork for Maryland properties instead instructed others to falsify their signatures on the documents.
Domo arigato, Mr Roboto
Sign this paperwork for me…
Two quick observations:
Small businesses are starting to give incentives to use cash-money. It’s at the local Free State gas station, and I believe I saw it at an Asian grocery.
Yesterday I perused the real estate booklets (DC area). The listings seem to run the entire gamut:
1. Most listings are of the buy-me-new McCookie-cutter variety, and they are listing wishing prices right out of 2006. (Two-bed condo near a metro for $695K?!? Buildable boonie land lots for $200K an acre?).
2. A couple listings still hawk low monthly payments, but the fine print is different. I don’t remember the exact numbers, but itwas something like ~$1979 for a ~$250K mortgage with 8.6% down payment and PMI. Down payment and PMI? Seconds must be DEAD. This alone severely dries up the buyer pool.
3. Several 60’s/70’s style tract homes like split levels and ranches were listed in the $250K range, in some of the outer towns like Laurel and Gaithersburg. This is unheard of. But there were very few, and they sound like failed flips. Those are likely to be snapped up and re-flipped.
Shadow inventory slowly being bled out?
I know ARCO an winco foods only take debit due to outrageous credit card fees.
Seems like the price difference at chevron and arco is about 20 cents a gallon.Sams club usually has good price too.
I will not buy gas at Arco, since I like to pay at the pump for time and convenience and they charge a 45 cent fee for using a debit card. I understand they are being charged this, but I would rather just pay more for gas than being nickeled and dimed…
“Small businesses are starting to give incentives to use cash-money.”
Bring it on! This is good news for three reasons:
1. The cash-customers stop subsidizing card users.
2. The business owners stop having to pass on 3% (or whatever the percentage is) of sales to the banks - IOW they are no longer in effect acting as unpaid bank employees.
3. The bank gets screwed.
This screwing of the banks will force the banks to screw their lemming customers all the more, which will tend to make the lemmings disgruntled and maybe - hopefully - they will decide to come to their senses and stop playing the bank’s game.
(But then again maybe they won’t: If God did not want His lemmings to go over a cliff then He would not have made them lemmings.)
I thought the contracts with the credit card companies forbade this practice - as in if you give people a discount to not take our card, you get kicked out of our network entirely.
Have some places have passed consumer laws to allow it again?
AFAIK it’s still part of the normal credit agreement. I’ve never heard of a state law against the practice. Many small restaurants in Hawaii don’t accept credit at all due to the fees.
As soon as someone reports the “cash discount” practice to the credit card companies you’ll notice that the signs disappear.
Comment by combotechie
2011-03-10 06:37:22
“Small businesses are starting to give incentives to use cash-money.”
Bring it on! This is good news for three reasons:
1. The cash-customers stop subsidizing card users.
2. The business owners stop having to pass on 3% (or whatever the percentage is) of sales to the banks - IOW they are no longer in effect acting as unpaid bank employees.
3. The bank gets screwed.
——————
IMHO, the cash customers will never see any price reductions as a result of the lower costs to merchants. The merchants will simply improve their margins.
As for the bank getting screwed…I sure hope so.
I have a bank card that can be used as Debit or Visa. Either way, it’s not a loan, draws on my checking account. I never buy with it as a Debit, because I don’t want the merchant to have my account info and the PIN. I use the Visa option and sign.
Bank has started Visa Rewards, which is a cash back program to encourage me to Visa rather than debit. They are obviously overcharging. I don’t see any discounts for cash yet.
There were discounts for cash when I was younger. BJ’s and Sam’s Club even had separate lines. But if I recall correctly, discounting for cash was outlawed in one of the late 1990’s (or early 2000’s?) banking bills. “Has to be the same price for everybody, or else it’s discrimination
” whined the lobbyists. At the time, retailers didn’t fight it because there weren’t enough cash buyers to make the fight worthwhile. And maybe they lost 5% on cash buyers, but they could overcharge 10% on everybody else, especially when customers don’t have to count pennies at the register. I believe that the cash-discount was made just legal again, either in the new CC law or the bank reform law. And it’s catching on fast. (I tried to find a concise source for this, but couldn’t.)
As for “reward” programs for CCs, I will have none of it. I once wanted a vacuum from a CC rewards catalog. Soon, I found myself casting about for excuses to use my credit card, just to buy something just to rack up the points for the vacuum. What can I buy? I need points! It was almost like being addicted. After six months of buying junk, I finally got the vacuum. I said to myself: “This is ludicrous. Next time, *I’ll* decide which vacuum I want, and buy it myself. It may cost a little more, but not much as buying reward points. And *bonus* I won’t be in thrall to some dirty middleman bank.” I went on to live cash-only for quite a while.
A friend told me: Oxide, if everybody lived as you did, the economy would come to a screeching halt tomorrow. And he was right. When people stopped borrowing or doing cash-out refi’s, the economy came to a screeching halt.
“Soon, I found myself casting about for excuses to use my credit card, just to buy something to rack up the points for the vacuum. What can I buy? I need points!”
There it is! This is a psychological ploy that seems to work very well.
Vegas and their slots pale in comparison.
I was under the impression that the barring of different prices for cash wasn’t a legal matter, but rather a contractural one. The CC companies make that a condition, just like swipe fees. “We’re going to charge you fees and force you to raise the prices for everybody, even those who pay cash.”
In Texas it is illegal to charge a higher price for CC transactions. You can however, give a discount for cash transactions.
Was actually just in Austin and went to one of those massive liquor stores that seem plentiful there. They offered a 5% discount for paying cash. I’d pay cash everywhere if I could get a 5% discount. As it stands today, I use my credit card everywhere to get my paltry 1% (2% at Costco) cash back. I realize the bank is making at least that much on interchange, but since I get no discount for paying cash in most cases, the credit card is still a better deal for me.
On the flip side of the coin, I have merchant clients that banks are charging them for the deposit of cash and change.
MASSACHUSETTS POSSESSES A “NO SURCHARGE RULE” FOR CONSUMER PURCHASES
“No seller…may impose a surcharge on a cardholder who elects to use a credit card in lieu of payment by cash, check or similar means.”
Statute: Mass. Gen. Laws Ann. ch. 140D, § 28A(a)(2) (West)
Discounts for Cash Payments are allowed in Massachusetts
Discount offered to induce payment by cash, check or other means not involving a credit card not considered a finance charge if offered to all prospective buyers and disclosed clearly and conspicuously.
Statute: Mass. Gen. Laws Ann. ch. 140D, § 28A(b) (West)
Statutes cover: Credit cards only
Statute: (Mass. Gen. Laws Ann. ch. 140D, § 1 (West))
Thanks for looking that up. So you can’t charge a higher price for a credit card, but you can charge a lower price for cash as long as you put up a sign. That’s pretty funny. If the merchant decides the price, the law is effectively moot.
Jim A, maybe the law allowed for that contract? Visa is allowed to discriminate, as in, “If you discount for cash, then we won’t let you accept Visa.” ?
My high schol had a rule saying the gym teachers couldn’t “punish” the team that lost a game during gym class. So the teacher would say (as the bell rang announcing the end of class), “everyone take a lap, winners can go in.” We were not amused, but none of the parents were willing to call him on it and we didn’t dare. Any class that actually complained probably would have ended up doing nothing but run laps for the rest of the year no matter what the weather. And we had gym twice a week.
I think it’s the credit card companies that don’t allow stores to give a discount for cash if you accept their card. I’m sure there are some state laws that don’t allow them to do that, but in AZ, there is never a discount for cash.
quibble: I don’t think I’d put Laurel in quite same “outer town” category as Gaithersburg. Distance wise, a closer comparison would be Rockville. But of course the difference between Montgomery County schools and Prince Georges County schools is worth 20k or more.
FWIW I see 2006 wishing prices here, too. The sellers think 250k is *low* because it hasn’t gone up 50% since then.
“Down payment and PMI? Seconds must be DEAD.”
Seconds _SHOULD_ be dead. I remember the first time I heard of an 80/20 that a friend was buying a house with; my reaction was WTF?
The lender taking on the second was taking the first risk position, and apparently asking for hardly any risk-price-spread on the note!
They were always insanity, unless they were priced correctly for that first-loss position.
If they had been, they would have been priced as high as PMI to begin with.
The gas stations hate credit cards. There prices are set by the distributor about 6 cents above cost. Once the purchase is paid for by a credit card it costs more than the 6 cent profit per gallon. So gas stations have an incentive to take cash. The only problem now is that it takes about $100 to fill up car.
The gas stations hate selling gas. They make all their money from idiots paying $1.50 for a soda and $1.00 for a candy bar.
Many years ago, my better half owned a gas station. Back then called Service Stations. Always said he never made money on the gas, made it on tires, batteries, oil and service. The only food was in the vending machines.
And yet that’s one of the few places I use a credit card, saves me a trip to the cashier.
+1 to both of you, stewie and Jim A. The gas station is one of the few place I like to use the debit. Not only does it save a trip to the cashier, it frees up the pump for the next person. Plus, being of a younger generation which never paid cash for gas, I have no practice at dispensing exactly $20.00.
And stewie, you’re onto something. If I have to go into the store anyway to pay for the gas, I also might want to pick up a $1 candy bar. Sounds like that cash discount is going to MAKE money for the gas station owners.
“Not only does it save a trip to the cashier,”
Gas stations also hate pay-at-the-pump, but I think it’s forced on them by their franchise agreements. It cuts way down on their candy bar/cola/etc sales. They make very little off gas itself, it’s almost a loss-leader.
March 10th, 2011 by maxkeiser
* Why Is Bill Gross Betting On A Vicious Move Higher In The Dollar?
MK: As has been documented several times before, Bill Gross trades on inside info. provided to him by the Fed and Treasury. He is an agent of the paper, neo-liberal asswipes that want you broke, unemployed and dependent on government handouts. His franchise must be destroyed. He is using his inside info and market rigging, market manipulation to sway support to the dollar. Pull all cash out of PIM(P)CO
He sure doesn’t keep his “insider info” very secret…
Talking his book (or giving the markets a high profile head fake…)
Talking his book (or giving the markets a high profile head fake…)
yea I starting to wonder about this ……
The world is filled with political extremists. The people that have to suffer the most from this situation are those of us that are caught in the middle.
On one side is the Far Right. Their religion is their politics.
On the other side is the Far Left. Their politics is their religion.
This has become so true on this board trying to have any sensible discussion about the size of our government, public unions and the taxes it takes to fund those unions. All of which tie into so many other areas of our life, including the loss of freedoms we have experienced with ever ballooning government and even the implications of bloated government bureaucracies on housing.
There is no way to discuss anything with the zealots of either persuasion. If you criticize the beliefs of the Far Left they scream and shout that you are a member of the Far Right. If you criticize the Far Right they wail and moan that you must be a member of the Far Left. Extremists cannot imagine anybody being less extreme than they are.
The only thing you can do is plow forth making sensible points, always offending one side or another, and keep trying to find the truth, all the while battling the zealots. Sometimes it is best to ignore them if they prove that there is just no room in their world view for anything other than their unshakable beliefs. I think there is a minority of us in the middle that disagree with both extremes. It is our job to keep fighting and keep being called names. Good luck to all.
Thanks I place myself in the same camp. As the years go by Eisenhower is looking better and better as a President. Strong middle of the road policies.
Yes, and Eisenhower jacked up taxes on high earners when chicanery started, just to keep the “elites” in line. He also stopped and reversed illegal immigration with a very strong enforcement program that included transporting unwanted guests in ships en masse to Vera Cruz, the southernmost part of Mexico, so they wouldn’t just walk across the border again. He also warned about the military-industrial complex. The guy knew evil when he saw it and wasn’t afraid to b*tch-slap it. Our politicians these days mostly lick its posterior.
Eisenhower
I highly recommend the Eisenhower Presidential Library in Abilene, Kansas. It’s a Presidential Library and a WWII museum all in one.
Still making news too:
Ike’s Speech
http://www.newyorker.com/talk/2010/12/20/101220ta_talk_newton#ixzz1GEZGL49v
A few months ago, Grant Moos was closing his boathouse, near Hackensack, Minnesota, as he does every summer, tying up loose ends, sweeping up debris. This year, though, his sister Kathy insisted that it was finally time to do something about six cardboard boxes that for decades had been stacked in a corner next to a 7.5-horsepower Evinrude engine.
The boxes belonged to their father, Malcolm Moos, a journalist and academic who was a speechwriter for President Dwight Eisenhower. When Moos left the White House, in 1961, he donated some of his papers to the Eisenhower Presidential Library, in Abilene, Kansas, but he kept some, too.
The boxes were full of pine needles, acorns, and mouse droppings, and smelled of campfires. As Moos looked through the contents, he came across a batch of folders marked “Farewell Address.” He looked up the Eisenhower Library, and sent the boxes off to Abilene.
At first, the library did not know what it had. As archivists began to go through the papers, however, they discovered a trove of drafts, memos, and research materials that had long been missing from the record of one of the twentieth century’s most important speeches. For fifty years, Americans have regarded Eisenhower’s Farewell Address with a mixture of awe and bewilderment. Speaking three nights before the end of his Presidency, in 1961, Eisenhower warned of a “scientific-technological élite” that would dominate public policy, and of a “military-industrial complex” that would claim “our toil, resources, and livelihood.”……
Right ,and Eisenhower was the President that warned the Majority to
keep on the lookout for the possible Industrial Complex /Military takeover of the USA . The Industrial Complex is the Fortune 500 Companies and the Multi-National Companies and all that is
Monopoly powers in commerce and business .
I agree with all the comments made about Eisenhower that is why I think he was a great President. Also, went after real race discrimination and enforced civil rights where necessary but did not create government agencies to find discrimination to justify their paychecks.
After a deeper reading of Eisenhower speech ,he might of been just talking about a Military complex takeover-, but this concept of takeover by big monopolies ,fortune 500 and multi-national
companies ,lenders .Wall Street .and the elite rich power brokers ,is also valid
to watch for takeovers (which has already occurred as far as I’m concerned )
Our Military is no doubt to big, right ,but we think we have the job to be watch dogs for the World (especially when it threatens one of our interest ,like oil .) That’s find ,but how much money is other Countries giving us for that role and how despised are we
for our interference . We seem to support dictators as long as
they go along with our self-interest when in fact those Political systems just contribute to producing radicals that might come and blow us up .
“The only thing you can do is plow forth making sensible points”
Gov. Charlie Crist (FL) was headed in this direction and it cost him his politicl career.
Muggy,
Charlie nearly destroyed the state’s already delicate property insurance market. He also tapped our rainy day fund so badly that the next governor would have no choice but to increase revenue or make big nasty cuts. Charlie was not middle of the road but rather as the wind blows, conservative when it suited him politically and socialist (not even liberal) when it suited him politically.
Thanks for the info… I only know Charlie from the tail-end (no pun) of his career. He seemed like a reasonable guy there at the end.
The world is filled with political extremists. The people that have to suffer the most from this situation are those of us that are caught in the middle.
NYCityBoy,
I bow my head in shame and awe…..I had you pegged differently but as I now read your pious words I realize you posses Solomonesque wisdom and virtues that humble me. The cross someone so moderate as yourself need bear must be a heavy burden and we give you thanks for your valiant and epic struggle.
I had at first thought you wimpish and cowardly NYCityBoy for “ignoring” all those mean zealots who bested you in debate but now I understand that one who walks on a higher plane need not painfully lower himself to address those with different opinions or even those with facts. Because it must hurt too much.
Good luck to you. Good luck to all.
“It is our job to keep fighting and keep being called names.”
There is a simpler option: skip the partisan/political threads that do not appear to be related to housing in any way.
It’s a _HOUSING_ blog, folks…
And politics is dead center at the middle of all housing issues.
Sure, there is plenty of politics around housing: Freddie/Fannie, mortgage interest deduction, TARP, bank bailouts, etc etc.
But remind me: what do unions have to do with housing again?
Prime, because money is fungible. The husband can go spend money (and lose) at the racetrack, but then go home and beat his wife because she spends money on food for the kids. It’s the wife’s fault, because she uses the same currency too.
Or to be blunter, the governor of Wisconsin paid rich best-friends-forever by cutting their taxes. But he’s beating on the unions, because they are paid in the same currency as the rich BFF’s.
the governor of Wisconsin paid rich best-friends-forever by cutting their taxes.
Maybe if you didn’t use the euphemism “cutting their taxes” you wouldn’t make the mistake of saying that he’s “paying” them. He’s actually taking less of their money. It’s not the same. If I take $1000 of your bank account and then return $500 to you, I am *not* paying you $500.
A few more euphemisms:
“home equity line of credit” = second mortgage.
“inflation” = depreciation of the dollar.
A few more euphemisms:
“home equity line of credit” = second mortgage.
“inflation” = depreciation of the dollar.
“The Tea Party” = Corporate Tools?
But remind me: what do unions have to do with housing again?
WTF? This just gets dumber.
The Nader factor in the 2000 election killed any hope of a third party.
Don’t worry, NYCityBoy. As partisan as it seems here sometimes, there are still plenty of independant thinkers on the blog.
I’ve been reading this blog for close to 4 years now (and posting intermittently), and I can’t say I’ve ever seen the tone so politicized.
They are awful quiet. The Exeters, Muggys, Prof Bears, Colorados and the rest are much more vocal. It is really becoming pointless to discuss things here.
…the rest are much more vocal. It is really becoming pointless to discuss things here.
Especially with all the mean and “more vocal” zealots persecuting the rational moderates such as yourself.
It must be a tough cross to bear even for a tough-talking New Yorker.
I think most on this blog are somewhere in the middle. Or like me and dislike both parties equally. It seems those that continue to discuss unions (for example) are more extreme than most here. Personally, it makes no sense to me that public unions negotiate their contracts with lawmakers that they elect. Seems there’s a conflict of interest. On the other hand, I’m not necessarily ready to say that unions should be outlawed in the public sector completely. In other words, I don’t like the current arrangement, but I don’t have a suggestion on how to change it. Hence, I stay silent on the topic.
I am on the fence with public unions negotiating pay and benefits. I am solidly in favor of them being able to negotiate working conditions, especially safety issues.
The Wisconsin bill contained 3 things that made it a bad bill IMHO: restriction on negotiation of working conditions, exclusion of firefighters and police unions (who had supported the governor’s election), and no-bid sale of public assets.
I have not seen those on this blog who support the Wisconsin governor address these issues. They always talk about pay and benefits - which the unions had already said they were willing to take cuts.
I have not seen those on this blog who support the Wisconsin governor address these issues. (the restriction on negotiation of working conditions, exclusion of firefighters and police unions (who had supported the governor’s election), and no-bid sale of public assets.)
Yea. Why is that? Really, tell us. You rightwing “tough” guys don’t address these issues. You run and hide, mumble corporate backed inanities, bash teachers who’s median salaries are way under 50K per year as we just proved, you go after the mostly female teachers, poor children and their healthcare while running like cowardly wimps from the more male and militant cops and firemen. The far-right are weakling bullies and it’s a piss-poor showing.
You guys like going after women and the children don’t you? And the poor. Where’s the guts and the intellectual honesty for you “tough patriots” to address the issues you’re too scared and/or hypocritical to address but that Happy2bHeard just did?
You don’t address these issues mentioned because you can’t.
You’ve got nothing worth a teacher’s spit.
for anything other than their unshakable beliefs.
$700 Billion… per year for Military Corpooration Inc.?
90+% of America’s concentrated assets in the foreign-like mansion vaults of “Don’t-tax-me-or-my-Multi-Corporations-I-don’t-care-about-you-peon-or-your-wage-pain” top-of-the-charts-and-getting-higher-day-by-day 4% Individuals who sacrifice mightily to improve thefew-theweak-theweary-make-a-baby-we-can-someday-use-to-keep-America-Free-because-us-4%-really-love…this place we call home. (when we’re not having a vacation walk-about in some “richly” exotic foreign locale)
Go ahead NYCityBoy, I’m all ears…(just skip the Food Stamps / all “union” teachers-peon workers are over paid and therefore the “root-cause” that is destroying America!)
Sometimes it is best to ignore them if they
prove that there is just no room…consistently kick your a$$ in debate.I like hearing the perspectives from the left and I learn things all the time from you guys, but I think you’re a bit optimistic about the level of ass-kicking going on.
I think you’re a bit optimistic about the level of ass-kicking going on.
Of course I am optimistic. Why would I not be? The ass-kickers provide a much higher level of reason and logic to the debate. They provide more facts, more studies, more history, scientific method, anthropology, more articles, more math, more examples and more evidence. Not always, but most of the time.
They are better able to read through the lies fed by the PTB and they have a better handle on what is exactly going on instead of mindlessly regurgitating AM radio, corporate sponsored propaganda. They are so good at it that those who can’t cut it need to cowardly “ignore” those who best them.
This is the optimistic level of ass-kicking involved.
The ass-kickers provide a much higher level of reason and logic to the debate.
Referring to yourself? It was only days ago the drumminj made you guys look like kids poking sticks at a tiger in a cage. If that’s what makes you feel like an ass-kicker…
With you around Rio at Hwy50’s family Thanksgiving feast, I could wear my Cap’t America suit…and simply smile for x3 days!
Hey, everyone this here’s Rio, an American cousin just in from Brazil…
hey rio…when’s the next carnival?
hey rio…when’s the next carnival?
I wish next month but alas…
Rio Carnival 2012 dates: February 17th until February 21st
Rio Carnival 2013 dates: February 8th until February 12th
Rio Carnival 2014 dates: February 28th until March 4th
It was only days ago the drumminj made you guys look like kids poking sticks at a tiger in a cage.
Right.
I’m getting to you too huh?
Yeah, that must be it.
Yeah, that must be it.
Well if someone is too much for you, you can always put them on “ignore” as might an angry intellectual lightweight or a coward but I don’t imagine you’re either one of those.
I tried the ignore feature a while back (not for you…averaged over time I generally like what you’ve presented to the group). Problem is the way it works by blocking whole threads means that if a really obnoxious poster replies in almost every thread it means almost every thread gets hidden, making it pointless to read here. So I gave up on that and just focus on trying to harvest the good and not get bogged down in pointless arguments.
I am just pointing out facts…. blah,blah,blah…, but, but, but…
Did Eddie finally find a parking space & catch a plane out of Atlanta?
Me thinks he landed in NYC and changed his avatar i.d.!
“TrueHaskell™” = “But, but, but…”
“I think there is a minority of us in the middle that disagree with both extremes. It is our job to keep fighting and keep being called names. Good luck to all.”
God bless you, my hero. The sun shines out of your behind.
Republitard budget mischief is gonna bite them in the back of the neck come 2012 election season. I look forward to it. Got popcorn?
The Associated Press March 9, 2011, 7:01PM ET
Wis. Democrats fear Republicans plan to pass bill
By SCOTT BAUER
More from BusinessWeek
* House Republicans Fight Compromise After Budget Plan Defeated
* Dispatch from a Divided Wisconsin
* Wisconsin Senate Passes Curbs on Public Union Bargaining
* Senate Rejects Competing Budget Plans Amid Spending Impasse
* Government Shutdown Opposed by Americans in Poll Faulting Cuts
MADISON, Wis.
Republicans in charge of the Wisconsin state Senate hastily called a conference committee Wednesday to take up Gov. Scott Walker’s proposal stripping nearly all collective bargaining rights from public workers, a move Democrats feared was part of a plan to pass some of the most-contested parts of the bill without them.
All 14 Senate Democrats fled to Illinois nearly three weeks ago to prevent the Senate from having the 20 members present to take up the bill, which was introduced to plug a $137 million budget shortfall. But not all parts of Walker’s proposal are technically budget-related, and the Senate only requires a quorum to take up budget-related measures.
A key part of the proposal calls for state workers contributing more toward their pensions and health care, equivalent to an 8 percent pay cut. But it also eliminates all collective bargaining rights for most public workers except over salary increases that are no greater than inflation.
The latter piece is what spurred Democrats to flee and led to three weeks of protests by tens of thousands of people.
…
If the Republicans overplayed their hand then they may well be voted out in 2012. That is how the system works. The Democrats have been in bed with the unions for nearly 50 years. Some people voted against that. Perhaps those voters will reconsider their positions. And perhaps they won’t. It is up to the voters of Wisconsin.
Judging by the Rasmussen polls both sides overplayed their hands. Democrats by running and Republicans by being more concerned about weaking the union movement/democrats than fixing the budget problems.
That said, on the state and national level the debt problem must be fixed. I was not a fan of W but based on the objective measure I am using Obama is worse. That measure is looking at the total debt of the U.S. private and public and then looking at the total GDP. It is going to take tough measures to make that ratio better, they seem to be moving in the right direction in Britain but not here.
Good comment, Dan. We are in agreement. We need to look at all of these problems. We need to find solutions for budget problems. This is not an all or nothing situation.
“This is not an all or nothing situation.”
Oh indeed it is NYCBoy….. it hasn’t dawned on you yet. It’s ALL for them….. all of it.
And guess what? You’re not one of them.
You are both right that this mess we are in goes way beyond Obama or Bush. During the Bush years most of the growth in GDP was created through debt. Mainly consumer debt, but government debt as well. Now with a lot of the private consumer debt spigots turned off, all of the new debt to keep the status quo is being placed on the governments balance sheet. This debt is being created to artificially support the economy.
Is O to blame? Not in my opinion, is he the solution? Not in my opinion as well, but there are no easy us vs. them answers. The cold hard facts are that we, as a nation, have been living beyond our means for decades and the credit card debt(government debt and unfunded obligations) are beginning to grow exponentially in order to keep the music playing in a game of musical chairs. Nobody wants to stop the music during their presidency, especially when they realize that there aren’t any chairs left for 90% of the population.
It won’t be pretty, and they know it. Keep the peoples attention on anything but the fact that there are nowhere near enough chairs for everyone, because unlike alot of the other countries going thru revolution right now, most US homes have guns and ammo and know how to use it to go get a chair for their families.
The cold hard facts are that we, as a nation, have been living beyond our means for decades……It won’t be pretty, and they know it. Keep the peoples attention on anything but the fact that there are nowhere near enough chairs for everyone,
But we just found some more chairs- ones that were stolen from us.
“400 obscenely rich people, most of whom benefited in some way from the multi-trillion dollar taxpayer “bailout” of 2008, now have as much loot, stock and property as the assets of 155 million Americans combined.” Michael Moore
he cold hard facts are that we, as a nation, have been living beyond our means for decades and the credit card debt(government debt and unfunded obligations) are beginning to grow exponentially in order to keep the music playing
Bingo. We have to take a hard, long look at every aspect of our economy. To think the millions and millions of government employees are not part of that just boggles my mind.
I think the government employees, state universities that are like posh resorts, loopholes for government employees to pad their retirements by working tons of overtime in the last few years of employment leading to inflated pensions over the course of their retirement after 20 years. In-effective schools, teachers and entitlement programs also need to be closely evaluated as well as tax loopholes for the wealthy and corporations.
The healthcare system needs overhauled, but I don’t think we have the answers with our new healthcare bill. I think if we could just get more hospitals to properly clean and disinfect operating rooms, hospital rooms etc, could save billions per year and lead to much better outcomes.
We have to take a hard, long look at every aspect of our economy. To think the millions and millions of government employees are not part of that just boggles my mind.
Not millions & millions, just START here FIRST!:
Fire the 286 Gov’t workers authorized to use ALL citizen-taxpayer money that purchases 50% of this Gov’t agencies $700 Billion dollar YEARLY budget:
Department of Defense
(and then don’t replace…there jobs until you actually see brigades of terrorist-murdering-gang-we call-ourselves-trueIslamic-ak47-rocket-grenade-toting-Nike-camouflaged-military-boot bearded dudes causing violence & chaos anywhere between Honolulu & Boston…that goes for the North Korea evil-axis-#-11 gang-member cousins too!)
most US homes have guns and ammo and know how to use it to go get a chair for their families
Except these arms-bearing citizens would have a MUCH better haul if they left the middle-class neighbors alone and attacked the mansions on the other side of the tracks.
But then, maybe they count on being servants in the mansions.
“But we just found some more chairs- ones that were stolen from us.
“400 obscenely rich people, most of whom benefited in some way from the multi-trillion dollar taxpayer “bailout” of 2008, now have as much loot, stock and property as the assets of 155 million Americans combined.” Michael Moore”
What? All that money has gone *poof*. That’s their story and they’re sticking to it.
I know it’s true because I keep hearing people say it’s true.
‘All that money has gone *poof*. That’s their story and they’re sticking to it.’
I find it interesting that suddenly this idea that the US has plenty of money has sprung up in the wake of this union thing. Now I see it posted on this blog repeatly, by the same people, who all happen to be on the same side of the union issue.
I can see what you are up to. Denying that the US govt obligations are too large to be repaid somehow bolsters your case about union compensation. But I’m thinking you are wrong to take this course, mainly because it’s intellectually dishonest. Another reason is you are trying to distort a very important issue for political gain.
I’ve studied this matter for decades. You can post all the NY Time editorials to the contrary you want, but those guys are just wrong. The liabilities of this govt are north of $55 trillion, and growing by the billions everyday. As I’ve said before, anyone who can’t see the reality of this situation either can’t use a calculator, or chooses not to.
It is of no interest to me what happens with these side issues, because entitlements and pentagon obligations have already baked the end of this story in the cake. And years after your 15 minutes of outrage are over, this shortfall will be dogging us all. I for one won’t sit silently while you dismiss it.
BTW: ‘multi-trillion dollar taxpayer “bailout” of 2008′
All I can say is WTF are you talking about?
That said, on the state and national level the debt problem must be fixed.
Sorry I missed so much everybody. Carnival was good. My legs are tired, my back is red and my liver might have aged a month in a week.
But anyway I have good news! It’s about the debt and tax problems. We found the money! And America is not really broke! Crazy I know but you’re not going to believe this. I know this story is by nutball comie Michael Moore but math is math right?? I mean if a commie says 1 + 1 = 2 it’s still correct, right? We found our money! This is a happy day.
VIDEO: America Is NOT Broke
http://www.michaelmoore.com/words/mike-friends-blog/america-is-not-broke
Contrary to what those in power would like you to believe so that you’ll give up your pension, cut your wages, and settle for the life your great-grandparents had, America is not broke. Not by a long shot. The country is awash in wealth and cash. It’s just that it’s not in your hands. It has been transferred, in the greatest heist in history, from the workers and consumers to the banks and the portfolios of the uber-rich.
Today just 400 Americans have the same wealth as half of all Americans combined.
Let me say that again. 400 obscenely rich people, most of whom benefited in some way from the multi-trillion dollar taxpayer “bailout” of 2008, now have as much loot, stock and property as the assets of 155 million Americans combined. If you can’t bring yourself to call that a financial coup d’état, then you are simply not being honest about what you know in your heart to be true.
…..The nation is not broke, my friends. Wisconsin is not broke. Saying that the country is broke is repeating a Big Lie. It’s one of the three biggest lies of the decade: 1) America is broke, 2) Iraq has WMD, and 3) The Packers can’t win the Super Bowl without Brett Favre.
The truth is, there’s lots of money to go around. LOTS. It’s just that those in charge have diverted that wealth into a deep well that sits on their well-guarded estates. They know they have committed crimes to make this happen and they know that someday you may want to see some of that money that used to be yours. So they have bought and paid for hundreds of politicians across the country to do their bidding for them.
‘The truth is, there’s lots of money to go around. LOTS.’
“Financial markets belie claims that the U.S. is ‘broke’”
By Zachary Roth
‘The U.S. government is not broke,” Marc Chandler, global head of currency strategy for Brown Brothers Harriman & Co. in New York, told Bloomberg. “There’s no evidence that the market is treating the U.S. government like it’s broke.”
“Edward Altman, a finance professor at New York University’s Stern School of Business, echoed that view. “You are never broke as long as there are those who will buy your debt and lend money to you,” he said.”
“Indeed, George Magnus of UBS Investment Bank told Bloomberg that the United States really isn’t capable of going completely broke, because the dollar is the global economy’s unit of account. “You have the reserve currency,” Magnus said. “You can print as much as you need. So there’s no question all debts will be repaid.”
“You can print as much as you need. So there’s no question all debts will be repaid.”
I agree with him. The US has no need to repudiate debts when it can instead take the easier path of paying them back with the printing press.
The step to watch for, and the first step on the road to default/repudiation, is if we ever are forced by the market to borrow in any other currency. That is the beginning of the end.
Rio ,I see that you took me up on my post the other day to see the speech of Michael Moore . The speech made a lot of sense
to me . I saw him just as a American talking about inequities in
the entire system and the “Heist ” from up above .
In fact ,this has been my long term theme song is we can’t correct America until we look at the long term entire heist
that has been occurring for years now . The systems that made it so possible for the workers to gain for decades in the United States was hijacked by the upper elite .
The final last blow was when the elite resorted to the illusion of debt by fraud . That sector gets to keep their bubble gains and the rest of America gets to pay the bill .
I have long been a proponent of taking the “Heist” back to be truly fair ,maybe in the form of a high tax penalty for years ,and of course a meaningful correction of all corrupted systems that had a way of DESTROYING AMERICA .
No the culprits idea is to throw millions into poverty ,while they increasing hold the power to inflate and price fixed .
After all these culprit entities have emerging markets to
conquer World wide while they have already impoverished
the USA majority by their stacked decks . How dare they
talk about what is fair until we get the heist back .
.
How dare they
talk about what is fair until we get the heist back .
I agree.
After all these culprit entities have emerging markets to
conquer World wide while they have already impoverished
the USA majority by their stacked decks .”
yep
Albequerquedan, the Democrats “ran” because they have no other way to filibuster. Cowardly? Probably, but they are in good company with the group of folks who DO have the power to filibuster. I won’t name names.
NYcityboy, did Walker ever stand up last summer and say “If you elect me, I’ll break your union?” I haven’t seen it. The Republicans didn’t vote to break the public union. They voted to bring jobs and break health care — neither of which has happened, by the way.
My point is the public is very divided and I don’t think very happy with either side right now. The Rassmussen polls are showing that the public even wants to vote on the union’s pensions. The question is when should an issue shutdown a government. I support second amendment rights but I don’t think I would want legislative members to ignore all other issues to keep a law that might restrict them from passing. You want to generally support the NRA but not seem to be “owned” by them to win independent votes (like me) and keep your base, if your a Republican. Similarly, you want to support public unions but not seem to be “owned” by them if you are a Democrat. IMHO, this is why the democrats may not win this fight come election time.
“Some people voted against that. Perhaps those voters will reconsider their positions. And perhaps they won’t. It is up to the voters of Wisconsin.”
NYCityBoy, are you factoring in Koch brothers ability to “buy” some votes with their $$$, or you really trust our Democracy?
I’m all-for anyone trying to “buy” an election.
What sucks is that they can hide behind some name like “Taxpayers for Prosperity”, and pretend like they are something they are not.
Some “Truth in Campaigning” law would be nice.
For example, naming Koch’s lobbyist/special interest group “Billionaires for screwing the unions, screwing the government out of royalties, and Polluting the Environment at Will for OUR Prosperity” would be a good start.
Are you factoring in the counter-weights to the Koch brothers? Cough, cough, public unions, cough, recipients of government programs, cough, cough.
Yes, I am sure the Koch boys were the only ones buying votes.
Both parties buy votes. Neither should be allowed. But to make it seem that one side is buying votes and the other isn’t is really dishonest or naive.
If public unions are the counterweight to the Kochs, why do you want to abolish them?
King Walker and his not-gonna-b-so-merry-soon band of “we-don’t need-no-stinkin-unions-except-police-fireman-cult-unions” are gonna have to start boiling the tar to dump on these folks head from up top their Capital Kingdom roof-top.
http://www.examiner.com/political-buzz-in-national/amazing-pictures-from-the-protests-madison-wisconsin-picture-1
yout retard calling is making you seem like childish and mean.
i hate being called names by you.
Death threats against Republicans…
Capitol Chaos: Lawmakers Get Death Threats
you are going to end up with blood on your hands, i too can’t believe they allow you to teach.
Yeah…. cuz dem dar librulls are all armed to the teeth.
And you question why everyone refers to “conservatives” as Retardicans?
More political brilliance from Exeter. Bravo!
Threats are okay if it is organized labor making the threats. They are just looking out for the working man.
This is exactly what happened to me…. My rent went up 24% back in february!
================
Downtown Rents Soaring
We’re hearing reports of soaring rents in high-end downtown Austin rental buildings like the Monarch, Ashton, and AMLI. In one case, a tenant’s recent renewal resulted in a 30% increase in the market rate and the elimination of concessions. In total, this meant a rent increase of more than 50%.
While downtown rental properties struggled to find tenants a few years ago, all of the major buildings are now full. Vacated units are re-leased with amazing speed — turnovers now average just a few days between tenants. With many new residents and few new units, supply and demand is pushing rents higher very quickly.
With no new projects in site, rents are likely to continue to in crease as new people migrate to Austin and financing for condo buyers remains difficult to obtain.
It’s not far off from what happened to me either. The shadow inventory is killing renters. Soon we’ll all be shacking up because the rent is too damn high.
“It’s not far off from what happened to me either. The shadow inventory is killing renters. Soon we’ll all be shacking up because the rent is too damn high.”
Yup. I am surrounded by vacant and/or abandoned homes, but I bet my LLs try to jack me for at least 10% at renewal.
“Water water everywhere, nor any drop to drink.” — Samual Taylor Coleridge, The Rime of the Ancyent Marinere
I’m in the market for a new rental and people in this immediate area want what I feel is a pretty penny for what they’ve got. Of course, I’m a cheapskate, but the attitude is really annoying. Some of these folks sit stubbornly on an asking price for rent, whereas if they lowered, they could rent immediately. There comes a point where they lose money after a while. Figure if they’re asking 1000/month, but have to wait two or three months or more to get it, but could rent immediately at $900.00, doesn’t it make more sense to drop and rent fast, provided the tenant is stable and checks out?
A bird in the hand and all that.
Anyone have any thoughts pro or con on holding out for higher rent?
I guess we are lucky. Our LL hasn’t raised our rent in the almost three years we have been in this place (knocking on wood). At this point, we might even be able to rent a similar place for a smidge less, but we are hoping to buy something soon, so our moving costs would eat up any savings.
Scum of the earth renters deserve what they get….(sarcasm off)
Oh come now. I’m sure there will be a Unaffordable Rent Relief Program passing through congress any day now.
Unfortunately this is probably true. Democrats, sorry to say, are lousy at root cause analysis; instead favoring band-aid programs aimed at instant gratification and instant votes.
If they did a root cause and addressed the actual problem (no securitizing of mortgages! Let the banks fail!) The problem would be actually fixed, but it would take too long and too many people would drown in the meantime.
I am positive that Obama is well aware of this, and is constantly threading the needle.* He is hated on both sides for it.
———
*That is, he’s doing this in his free time while the rest of his day is being taken up by minor quibbles such as THE ENTIRE MIDDLE EAST BEING IN UPHEAVEL.
The truth is the Majority ,the working class ,would of been very well off by now living in the land of the free had it not been for
the hijacking of a more balanced system by the 1% ers . Never let the middle
class get anything that could go into our pockets is the motto of the 1%ers .
Increasingly every year any gains the middle class made the
1% thought of ways of getting it back . Now they got health care up over the price of rent .
Who are the rich to attack the middle classes long held standard of living and say it’s time for the majority to sink into poverty because we want more . Give up Give up ,and give us more power while your at it so we can turn this once great Nation into a third world Nation where you only have 2 classes, the rich and the exploited poor.
Trickle up economics with the banking system and Wall Street in on the game ,along with the Monopolies ,to crush
the balance that created a strong middle class for years .
Take your eyes off the fleecing and the corruption from above and the entire takeover of the Political systems ,and just keep your eyes on Charlie Sheen ,because they own the airwaves . Listen to Authority figures ,in spite of the fact that self interest buys them . Crush government check and
balance ,after all the government coffers are only there for
the rich to use for their benefit ,while they avoid taxes as much as they can .
No ,this isn’t about being a commie or being a religious right winger ,its about taking back America before its to late .
No ,this isn’t about being a commie or being a religious right winger ,its about taking back America before its to late .
That’s right. And when TSHTF that entails supporting the fight of groups that you really didn’t care too much for before.
Why? Because then, the enemy of our much greater enemy is our friend.
Not realizing this is where the Tea Party people are fools.
“The enemy of our much greater enemy is our friend .”
Exactly Rio .
X2, Rio.
GH said he is leaving San Diego, and I wish him luck! I bet you won’t miss the perpetually underwater state of the city government.
Fiscal report critical of city leaders
Task force suggests reforms and fixes for San Diego’s deficit
By Craig Gustafson, UNION-TRIBUNE
Originally published March 9, 2011 at 10:34 a.m., updated March 9, 2011 at 8:38 p.m.
Questioning the courage and political will of city leaders, a fiscal task force issued an often-scathing report on San Diego’s finances and called for definitive action to end a festering budget crisis.
The 10-member task force of business and community leaders, which Mayor Jerry Sanders asked to vet potential budget fixes, dissected a fiscal recovery plan pushed by City Councilman Carl DeMaio and offered dozens of other options to solve a budget deficit the group pegged at $130 million — a number far higher than the $56.7 million figure used by city officials.
…
Retardicans are proving themselves to be very capable obstructionists.
The Associated Press
March 9, 2011, 10:57AM ET
GOP won’t budge as CA gov faces tax-vote deadline
By JUDY LIN
More from BusinessWeek
* Brown Seeks Delay of California Budget Vote as Talks Advance
* Brown Faces ‘Sack Full of Nasty’ as Business Group Backs Plan
* Benin Leader Pledges March 13 Vote, Opposition May Boycott
* Brown Says Republican Votes Still Absent for California Budget
SACRAMENTO, Calif.
Republican lawmakers in the California Assembly refused to budge Tuesday on Gov. Jerry Brown’s call for a special election to maintain recent tax hikes, prolonging uncertainty over how California will close its $26.6 billion deficit.
Brown has imposed a Thursday deadline for the Legislature to reach a budget deal, saying acting any later will jeopardize the ability to call a special election in June, before the start of the next fiscal year.
GOP Assemblyman Jim Nielsen, vice chairman of the Assembly Budget Committee, said talks have barely begun in the Assembly, even as five Republican senators announced they were resuming negotiations with the governor.
Republicans are the minority party, but two GOP votes are needed in each house to reach the two-thirds threshold for the Legislature to place a measure on the ballot.
“The likelihood of any bipartisan agreement is very remote,” Nielsen said.
…
Blah, blah, blah.
The only thing you can do is plow forth making sensible points
NYCityBoy 25 minutes ago.
“Blah, blah, blah.”
“There you go again,… NYCityBoy…” Ronnie Raygun
“Ignore the troll.”
– Ben Jones
“Retardicans are proving themselves to be very capable obstructionists.”
Well, they haven’t yet fled the state.
May be they should. Fleeing is a courageous move I support 100%.
Fleeing is a courageous move I support 100%.
It was in the larger picture. We will see what that courageous delay accomplished going forward. I think more than you imagine.
But it is not even a new tactic. It was last used on a national level in the US Senate by your very own Republicans because the Republicans did not want campaign finance reform. Surprised? But I know for many, history and math are hard.
In the United States Senate, the procedure was used in the early morning hours of February 25, 1988. Senator Robert C. Byrd of West Virginia, then the Senate Majority Leader, moved a call of the house after the minority Republicans walked out in an attempt to deny the Senate a quorum after Senate aides began bring cots into the Senate cloakrooms in preparation for an all-night session over campaign finance reform for congressional elections. Bryd’s motion was approved 45-3 and arrest warrants were signed for all 46 Republicans. Senate Sergeant-at-Arms Henry K. Giugni and his staff searched the Capitol’s corridor and Senate office buildings for absent Senators, and after checking several empty offices, spotted Senator Steve Symms of Idaho, who fled down a hallway and escaped arrest. After a cleaning woman gave a tip that Senator Robert Packwood of Oregon was in his office, Giugni opened the door with a skeleton key. Packwood attempted to shove the door closed, but Giugni and two assistants pushed it open. Packwood was “carried feet-first into the Senate chamber by three plainclothes officers” and sustained bruised knuckles.[9] wiki
Why flee when you can filibuster?
I think their objections are that they don’t see anything to fix the problems, only a means to more revenue, or as Arnie said ” kick the can down the road” one more time.
Sounds like he needs to learn to play hardball. Perhaps he could set a date to release all non-violent offenders from prison, consolidate the others and close down the uneeded buildings. How much would that save?
And “legalize” too. Watch the Republican wives clutch their pearls and faint.
Aren’t republican wives all democrats? Ahnold’s wife, Ariana Huffington, etc.
Not the “Christian” ones.
“Aren’t republican wives all democrats? ”
It’s kinkier that way. Or maybe symbolic…
Or both?
Drug company raises price of preemie birth drug 100x:
http://news.yahoo.com/s/ap/20110310/ap_on_he_me/us_med_premature_birth_drug;_ylt=A0LEarNG1XhN7kcAUwGs0NUE;_ylu=X3oDMTJvMm5vam9rBGFzc2V0A2FwLzIwMTEwMzEwL3VzX21lZF9wcmVtYXR1cmVfYmlydGhfZHJ1ZwRwb3MDNwRzZWMDeW5fbW9zdF9wb3B1bGFyBHNsawNwcmVlbWllYmlydGg-
Note that the article states most of the research cost to develop the drug was shouldered by others in the past, not the company that owns the drug currently. How’s that good ol’ for profit health cares system workin’ out for ya’all?
Capitalism is great!
/sarcasm
Posted on Wed, Mar. 09, 2011 10:40 PM
Outlook on oil turns dimmer
By STEVE EVERLY
The Kansas City Star
Spare oil production capacity to replace any supply disruptions such as those occurring in the Middle East is not as large as once thought, according to a federal energy agency.
The Energy Information Administration, which last month said the world had 4.7 million barrels per day of production capacity that wasn’t being used, has revised that down by 650,000 barrels.
A big chunk of that drop came because the agency determined that Saudi Arabia had been producing more oil than it acknowledged, so it had less spare capacity available.
The revised estimate, at more than 4 million barrels a day of spare production, means oil producers still could ramp up and cover any additional oil shortfall from Libya, which at one time was producing 1.6 million barrels of oil per day.
But it could make oil markets more nervous, knowing that there is less cushion if other oil countries’ production is reduced by political turmoil or other disruptions, analysts say.
“Things are tighter than we thought,” said James Williams, an analyst for WTRG Economics in Kansas City.
…
Anyone know anything about crude oil futures?
Settlement is the act of consummating the contract, and can be done in one of two ways, as specified per type of futures contract:
* Physical delivery - the amount specified of the underlying asset of the contract is delivered by the seller of the contract to the exchange, and by the exchange to the buyers of the contract. Physical delivery is common with commodities and bonds. In practice, it occurs only on a minority of contracts. Most are cancelled out by purchasing a covering position - that is, buying a contract to cancel out an earlier sale (covering a short), or selling a contract to liquidate an earlier purchase (covering a long). The Nymex crude futures contract uses this method of settlement upon expiration
So with all the speculative long positions in crude and no one wanting to take delivery I see potential for huge losses if oil prices drop due to lets say less demand.If all the people who have long contracts need to sell contracts and cover long positions couldnt that result in huge losses if you cant sell the contract and everyone else is heading for the exits? Anyone in this business care to elaborate. thx
See August 2008 for what happened to oil prices when demand went down, and the speculators had to take delivery, or get rid of the contract.
Be careful about fighting the last war. In the early 70s demand went down and prices never came down.
2008 was a financial crisis. If the next one is a monetary crisis it will look very different. The entire Middle East hadn’t been destabilized in 2008.
Hmmm - another data point.
Lobbyists in NJ:
#1 - Good and Noble Teachers Public Union - at $7 MILLION
#2 - Evil Corporation Verizon - at $935,000
But public unions are all for the working man and middle class. And for the children too. They take it quite seriously. And spend 7:1 more than their closest competitor. And give nearly 100% of that money to democrats.
————————
Report: Teachers union was top-spending NJ lobby
Report: Lobbyists spent record $65.6M in NJ last year with teachers union leading the way
Thursday March 10, 2011, 8:40 am
TRENTON, N.J. (AP) — New Jersey’s largest teachers union was the biggest spender among lobbying groups last year, a new report shows.
The New Jersey Education Association spent $6.6 million on television and radio ads and print mailers last year and nearly $6.9 million altogether, according to the annual Election Law Enforcement Commission lobbying report released Wednesday. The union, which represents 204,000 active and retired public school teachers, has been in Gov. Chris Christie’s crosshairs almost since he began campaigning for governor in 2009.
The next-biggest spender, Verizon NJ, laid out more than $935,000 for lobbying activities.
Quit being such a hater. Why won’t you think of the children?
That’s not very helpful. Can you find the numbers for the total amount spent by unions and the total amount spent by bug business?
Big business spending is more or less equal among 2 parties. Union spending is all one party.
Can you find the numbers for the total amount spent by unions and the total amount spent by bug business?
why is that relevant? There is only one teachers union. There are many corporations.
Can you find the numbers for the total amount spent by unions and the total amount spent by big business?
why is that relevant?
I think because of math.
Comment by drumminj
2011-03-10 08:43:08
Can you find the numbers for the total amount spent by unions and the total amount spent by bug business?
why is that relevant? There is only one teachers union. There are many corporations.
———————-
Because corporations might work together to get laws passed that benefit corporations and/or hurt workers.
Witness the attacks on unions.
There is one teachers union. There are how many corporations in NJ?
BINGO
Let’s also factor in the other ways corporations influence elections.
Also let’s take a look at the money
The top 400 have increased their wealth over the last few years. The top 1% control 35% of the wealth and an even larger share of corporate wealth and stock market wealth.
Unions and the middle class are on the decline and have been for 30 years.
At some point a lot of upper middle class and GOP’rs are going to realize that their bread get’s buttered by a strong middle class with disposable income and not by a small # of elites that control everything.
I’m about balance of power. In the 80’s I was not pro union but the union that’s changed because when their gone the only voice our politicians will listen to is the corporate voice.
There is one teachers union. There are how many schools in NJ?
Smith and Wesson just came out with a new pistol.
The S&W Union Worker
It costs more than comparable pistols, it doesn`t work and you can`t fire it.
Have you seen the new Free Market Model?
You clean and maintain it for your entire life. When you finally need it, it shoots you.
Please define the “free market”. Wall Street and corporations are not the free market. I don’t think anybody here would argue that they are.
“Hey, Toto, look at the straw man over there.”
I got a good laugh out of both of them.
They already sell another pistol that works exactly the same.
It’s called the pollitical kickback.
They sell it to the military for 10,000,000 a piece. They send 1 million to their pollitical henchmen in gov and another 1 million to lobbyists and they pay the workers 6 bucks an hour. Said worker is required to buy food from the company store for 24 bucks a day and rent a house for 48 bucks a day. Thus the profit is about 8 million per gun.
Taxpayers don’t get to see how much the individual guns cost because it is billed via a shell company that is top secret.
This info needs to be shouted from every rooftop.
These public unions are insane. They care NOTHING about the public or children. They only care ABOUT HOW MUCH they can take from the taxpayer.
——————————
Scott Walker: Why I’m Fighting in Wisconsin
The Wall Street Journal | March 10, 2011 | Governor Scott Walker
In 2010, Megan Sampson was named an Outstanding First Year Teacher in Wisconsin. A week later, she got a layoff notice from the Milwaukee Public Schools. Why would one of the best new teachers in the state be one of the first let go? Because her collective-bargaining contract requires staffing decisions to be made based on seniority.
Ms. Sampson got a layoff notice because the union leadership would not accept reasonable changes to their contract. Instead, they hid behind a collective-bargaining agreement that costs the taxpayers $101,091 per year for each teacher, protects a 0% contribution for health-insurance premiums, and forces schools to hire and fire based on seniority and union rules.
My state’s budget-repair bill, which passed the Assembly on Feb. 25 and awaits a vote in the Senate, reforms this union-controlled hiring and firing process by allowing school districts to assign staff based on merit and performance. That keeps great teachers like Ms. Sampson in the classroom.
Most states in the country are facing a major budget deficit. Many are cutting billions of dollars of aid to schools and local governments. These cuts lead to massive layoffs or increases in property taxes—or both.
The point here is that teachers deserve fair treatment. I agree with that. I still have fond memories of many of the teachers I had. Others would have been overpaid at minimum wage.
The only disagreement is the meaning of “fair”. Many people on this board think it is unfair to question any of this. Others think it should be discussed and that compensation packages do not reflect the work that is being performed. Of course they are being shouted down.
I can’t think of one person on this blog that has been anti-teacher or has expressed the desire to pay teachers like they are fast food clerks.
Ah, but does “lobbying activities” include direct campaign contributions?
Yesterday I was discussing housing with a co-worker. I told him it was ridiculous that the middle-class should be expected to pony up $500,000 in this area to buy a decent house. He replied that the price another co-worker paid is about right for what the middle-class should be expected to pay. The other co-worker bought an old, fixxer-upper and paid $350,000.
We are a long way from the bottom here in Fantasy World. And don’t even try to mention the monetary crisis that is being created by The Fed. Those events in the Middle East will take care of themselves. They don’t mean anything.
The market is set to open much lower today. Volatility is back.
“The market is set to open much lower today.”
What a surprise!
Suck them in one day, shake them out the next.
Price equals Value, don’t you know?
I was seriously considering putting a toe back in the stock markets. That’s why they are going down. Just imagine if I’d actually bought something.
Tell us when you do. Within the week I’ll be at the counter at my investment house, checkbook in hand.
Comment by NYCityBoy
2011-03-09 14:12:11
Can you tell me the last time a union sold toxic CDOs? Put poison in your food?
Aren’t Fannie and Freddie government agencies?
What about the many stories of police corruption?
How about the endless tales of public employees being bought off by developers, corporations, etc.?
I just never realized that every public employee was an angel. Silly me. The stupidity on here is just out of hand. And then you have Muggy trying to state that teachers, included in The Department of Education, are not part of big government. And this guy wants to teach kids.
The leftist echo chamber in here just keeps getting worse.
—————————–
1. Fannie and Freddie did NOT cause the financial crisis. They were brought in to off-load risk from the private sector. They were told to buy risky loans AFTER everyone knew about the default risks.
It was your beloved **PRIVATE** mortgage market that caused the financial crisis.
http://motherjones.com/mojo/2010/05/dear-gop-fannie-mae-freddie-mac-cause-financial-crisis-subprime-mortgage-gse#
2. Police corruption exists, and needs to be eliminated as soon as it’s found out. OTOH, find me a private sector employee who is scrutinized as much as police officers. Do you think underpaying cops will eliminate corruption, or make it worse?
3. The public employees who are bought off by developers are NOT the rank-and-file union members you like to rail against. They are the elected politicians (whom you elect), not the hired workers. The “public employees” who are bought off are being bought off by crooks in the PRIVATE sector, in almost all cases.
“Do you think underpaying cops will eliminate corruption, or make it worse?”
Probably would have no impact; cops are typically corrupt.
You might want to take a look at some third world countries like say Mexico.
Precisely my point, measton. Thank you.
Can anyone recall the heady days when the Anderson School forecasters seemed like permabulls?
California’s forecast: Double-digit unemployment rate likely until 2013
State figures to top national figures
Mediha Fejzagic DiMartino, Staff Writer
Posted: 03/09/2011 08:16:43 PM PST
Updated: 03/09/2011 09:06:18 PM PST
California isn’t expected to shake off its double-digit unemployment rate until 2013, economists say.
The UCLA Anderson Forecast’s first quarterly report of 2011 suggests the state’s unemployment numbers, although improving, will continue to exceed national figures for the next couple of years.
“We don’t expect it to reach 9.7 percent until the first quarter of 2013 and we expect (it) to remain elevated at 8.9 percent,” said Jerry Nickelsburg, UCLA’s senior economist.
…
listening to their forecasts is like p@ssing into the wind.
They were wrong back in 1989 when I bought a Townhome in CA
they said prices would remain high forever.
I learned somthing from that. Sold it in 2006 when UCLA Anderson Forecasts no housing bubble ahead for CA home prices
They can’t see the curve in the road ahead. Any fool can forecast the future as a continuation of the recent past.
Thornberg ? didn’t he break with UCLA back a few years ago?
Turns out he was right ?
Thornberg is now a partner in Beacon Economics, and peddles his speaking engagements for a hefty fee. I was invited to a breakfast where he was the speaker. The insane price to eat unhealthy food, in an average Hotel, and have him parrot his FIRE audience was $120 a plate. For a while, he was objective, after he left UCLA Anderson School.
(This is just my opinion.)
Will today be the day the DOW closes below 12000?
a little late in the bull market since we are probaby in a secular bear market.
except for the very cheap money for big Business I see little ahead for a sustained rally
JMO
AOL fires 900 employees.
Stupid CEO massively overpays for a company run by his friends. He is trying to make it whole by firing the peons. I love it.
http://money.cnn.com/2011/03/10/technology/aol_layoffs_armstrong/index.htm
The problem with AOL is they didn’t evolve fast enough past the ISP model. I’m surprised they still have 900 employees to fire.
teddy lost his shorts on that deal.
I don’t think he’ll be going hungry anytime soon.
A friend’s daughter worked in AOL’s Tucson call center. Friend said that daughter and her fellow employees referred to the place as AO-Hell.
make it whole by firing the peons.
Sounds like a certain STATE that I know of…
Feb. unemployment numbers rise across S. Fla.; 1.1 million in state out of work in Jan.
By Jeff Ostrowski
Palm Beach Post Staff Writer
Posted: 6:52 a.m. Thursday, March 10, 2011
Unemployment rates rose in Palm Beach, Martin and St. Lucie counties in January, offering more evidence of a rocky recovery for the region’s hard-hit labor market.
Palm Beach County’s jobless rate rose to 12 percent in January from 11.6 percent in December, even as fewer people sought jobs, the Florida Agency for Workforce Innovation said this morning. The county’s labor force dwindled to 615,650 in January from 623,489 in December.
Martin County unemployment jumped to 12.1 percent from 11.6 percent, while St. Lucie County unemployment rose to 14.1 percent from 14 percent.
The county numbers aren’t seasonally adjusted for factors such as the holiday hiring spree. The statewide seasonally adjusted unemployment rate was 11.9 percent, down from 12 percent in December.
That was well above the national unemployment rate of 9 percent in January.
Some 1.1 million Floridians were out of work in January. State labor officials tried to put a happy spin on the stubbornly stagnant job market.
“While Florida’s unemployment rate is still unacceptably high, we are seeing positive signs that employers are starting to hire,” said Cynthia Lorenzo, director of the Agency for Workforce Innovation.
Florida’s total nonagricultural employment was 7.16 million, down by 12,900 jobs from December but up by 8,400 from January 2010.
There are some reasonable employers that are breaking into the county right now. The same blog that you’ve included today gave a partial list a couple of weeks ago. A lot of the laid off people in the building, mortgage, and real estate business should consider using their skills in another profession.
New Rules for First-Time Home Buyers, by AnnaMaria Andriotis SmartMoney.com
‘Insurance fees on the government-insured mortgages that require just 3.5% down have doubled in seven months, to up to 1.15% (as of April). On a 30-year, $300,000 mortgage, a buyer would pay $30,000 more in fees than if he had signed up for the mortgage in September.’
‘…It’s unlikely that a first-time home buyer can save so much money for a down payment, especially in high-priced markets like New York and San Francisco, says Cameron Findlay, chief economist at LendingTree.com’
‘Not only are the days of flip-and-move long gone, but buying a house has become truly a long-term investment. In many cases, 10 years long, says Paul Bishop, vice president of research at the National Association of Realtors — if buyers are hoping to make a profit or just break even. As mortgage fees rise, buyers have to recoup larger costs, which takes a longer time. Also, experts predict very slow growth in home prices over the next 10 years, which means it will take a long time before sellers can make a profit, says Findlay.’
If they’re charging 1.15% in mortgage insurance the risk is clearly high. If you can’t put 20% down you probably shouldn’t be buying. Even if you can, you’d better be sure you can afford that payment long-term.
“…experts predict very slow growth in home prices over the next 10 years…”
Has word of this gotten out to all those “cash buyers” they keep trying to tell us about?
Sure, my cash might be making 1%, but tomorrow my cash could be a meal, clothes, a hot shower, a share of a dividend paying stock, a vacation, a new bike… Something tells me today’s supposed “cash buyers” don’t realize how long ten years can be.
Cash buyers on the ultra-low end of the spectrum right now are well positioned. The $20,000 condo can be rented when the time comes to upgrade even if it’s a $15,000 condo at that time.
Until that $150K house down the street turns into a $50K house.
As screwed up as things are in the jobs and housing markets, I’m not sure I’d buy anything now, even if I had the cash.
A $20,000 condo with $250 condo association fees is more fiscally responsible than paying $900 in rent for the same unit. Rent hasn’t fallen with the rest of the market, at least not here.
I’ll throw in the caveat that if you only have $20,000 in the bank you should NOT be purchasing ANY type of housing.
“SmartMoney” huh? Well there ya go. The word “smart” in the name of any publication, product or biz is a reliable code word for stupid… “’cause people are smart!”
I always thought of “Sm*rt M*ney” magazine as the “National Enquisitor” of the financial press.
(That’s just an opinion.)
The NYT “What can you buy for $900K” item has turned up a doozy in Orland, CA.
http://www.nytimes.com/2011/03/10/greathomesanddestinations/10gh-wyg.html
I had to look up where exactly Orland is located. It’s right off I-5 due west of wonderful Chico, home of Cal State Chico, the Harvard of the West.
This house was built by the owners of scrap materials during the period of 1989 through 2003. It looks like a Victorian but it isn’t. Real CA Victorians are valuable since they were framed in old-growth clear-heart redwood - the perfect building material. It’s strong, proof against termites, and almost fireproof. Such lumber of course is now unobtainium.
Land also has a double-wide trailer on it, and a “season creek” [sic]. I think they meant seasonal creek, i.e. there’s only water in it in early spring. I.E. there’s no water for this property most of the year.
I’ve driven I-5 past that area. IIRC Hell is someplace between Willows and Redding.
All yours for only $900K, marked down recently $300K. Don’t delay, this property won’t last.
I’m trying to figure out how one gets to $900K from that place.
Generously figure $10K per acre for the land. That’s $210K for the 21 acres. Add another $40K for the double-wide trailer. That’s still asking $650K for that faux-Victorian house.
Spose it has granite countertops, stainless steel appliances, and pergo floors? That should add 200K right there.
/sarc off/
From the PCG (Pacific gas & elecrtic) message board yahoo finance
“Below is a copy of an e-mail that has been circulating within the company from several different sources. This message was written by one of the employees who attended a PG&E Developer meeting on New Business Transformation. I don’t know how SrVP Jeff Butler has managed to stay around for all these years, he is terrible! Then the guy promotes his trusted right hand idiot SrDirector Marie Jordan. I hope the new VP from FLP comes in and cleans house.
I would love to think that it does not fall of deaf ears, or that perhaps, someone will be willing to actually listen and do something about the mess we are all in.
I had much of my hope disolved yesterday, when Marie Jordan and Jeff Butler took some time, after their developer’s meeting, to sit down with a few of us, for a “open discussion”. What was revealed in this discussion, wasn’t very positive.
Here are a few topics that were touched on:
Jeff Butler made the statement, more than once, that he felt New Business was on the decline, and the chances of it picking back up, were very slim. He is basing much of his opinion on the housing market in the Bay Area, and is using this opinion as a basis for the entire PG&E system. His statement was “his son-in-law, who works for Wells Fargo Lending, was telling him that more time is spent processing foreclosures now, rather than loan documents. That loan requirements were tightening, and therefore, less loans were being granted.”
As he stated, that the recent decline in New Business was just the beginning, and that we’ll see more and more of a decline.
As he stated, that the recent decline in New Business was just the beginning, and that we’ll see more and more of a decline.
Well, speaking of which, one of my neighbors works for Pima County Wastewater Management. That’s a very nice way of saying that she works for the outfit that manages our sewer system.
A few years ago, she noticed quite a sharp dropoff in new service requests. As in, people setting up accounts for which they can be billed for monthly service.
AFAIK, the sewer service requests are still way down vs. what they were in the bubble years.
Why start a new business when there are no customers.
This is the problem that is not being addressed.
Instead the middle class is being crushed, with lower wages, higher fees, toll roads, higher energy costs, higher food costs. In Wi higher taxes for low end middle class while cutting taxes for the rich.
Walker cuts earned income tax credit and offers new capital gain and dividend tax cuts.
There will be no middle class, the service industry will collapse, manufacturing will collapse.
Yes, capitalism is cannibalizing its customer base.
China attempts to deflate its unstable property bubble
http://www.guardian.co.uk/business/2011/mar/09/china-deflate-property-bubble
China is to spend $200bn on low-cost homes as part of a series of measures to slow the rapidly rising prices of urban houses
Chinese officials are blaming speculators for soaring property prices and are vowing to build 36m affordable homes over the next five years. There are already widespread concerns about China’s booming property market and the threat it poses to the country’s expanding economy.
China would spend nearly $200bn (£123bn) on an affordable homes and social housing scheme, said deputy housing minister Qi Ji in Beijing .
The pledge came a few days after premier Wen Jiabao promised to “resolutely” curb speculation to tackle excessively rapid price increases.
The authorities have taken various steps since spring last year to dampen the property market. These include raising interest rates, increasing the minimum downpayment required on second homes and restricting the rights of foreigners to buy property. Two Chinese cities are now imposing sales tax on property deals.
Why spend $200B to build 36M housing units? Gee whiz, these central planning types don’t get it - their bubble already created all the supply they’ll need. Their pilots are no better than ours in the “soft landing” department.
a) They have the money
b) They need to keep the jobs going and building houses in China is easier to control than whether people in the US and Europe buy their factory goods.
c) They have the money
Not a perfect solution, but choosing to build houses is not irrational given their circumstances.
I suppose, but what do they do with everyone who paid too much for housing? And what do they do with their housing if they walk? Maybe it’s not an irrational solution but it sure seems to be fraught with pitfalls.
It’s different in OZ
No housing bubble here - RBA
http://www.adelaidenow.com.au/no-housing-bubble-here-rba/story-e6frea6u-1226019006777
RESERVE Bank of Australia (RBA) chief Glenn Stevens says he is not “terribly troubled” about the level of house prices in Australia.
Mr Stevens said the ratio of income to house prices in Australia was “not exceptional by global standards” at a short question and answer session at a business lunch in London on Wednesday.
“I don’t think we have huge rises going on … we have quite modest growth in house prices for the past year or so,” he said at the Australian Business in Europe lunch.
“That would seem to me to be consistent with a household sector that is being more careful and has properly observed what has happened in other parts of the world.
“There is quite often quoted very high ratios of price to income for Australia, but I think if you get the broadest measures country-wide prices and country-wide measure of income, the ratio is about four and half and it has not moved much either way for ten years.
Oy Vey…
Israeli PM Declares War on Real Estate Bubble
http://english.cri.cn/6966/2011/03/09/45s624935.htm
Israeli Prime Minister Benjamin Netanyahu has pledged to battle a real estate bubble this week amid reports that a growing number of Israelis can no longer afford to purchase a house, local media reported on Tuesday.
Netanyahu also announced an emergency plan to build 50,000 apartments over the next 18 months, “the plan will obviously benefit the entire Israeli public, but especially first-time home buyers,” an official from the Prime Minister’s Office told Xinhua on Tuesday.
The premier said in a statement that he will seek his cabinet’s approval for the plan in its weekly meeting on Sunday. It will then require the Knesset parliament’s approval.
Real estate prices in Israel have skyrocketed over the past two years. The average price of an apartment in Tel Aviv, for instance, has risen 16.3 percent in the fourth quarter of 2010, according to recent data.
Unfortunately the U.S. provides the loan guarantees for the construction of homes in the occupied territories.
But it IS different here…. And BTW, I was told that a 3 BR “house” in one of Rio’s better, ocean view mountain slums is about 70K US Dollars.
Brazil’s Housing Bubble Debate Continues
http://www.brazilmax.com/columnist.cfm/idcolumn/126
Over the last few years, the relative strength of Brazil’s housing market has created an international buzz of buying real estate and land in South America’s largest country. The supporting factors are now well recognised and include an ever-growing enthusiasm for mortgage finance (which increased from R$ 4 billion to R$ 57 billion between 2005 and 2010); a rising middle class with higher incomes (forming almost half of the whole population) and lower interest rates which, whilst still high by international standards, are expected to fall in the medium term.
Yet as more people have been finding themselves out priced by the market, the debate about whether property prices are peaking fails to be quashed. Indeed, ask any person on the street in Brazil and the answer to the bubble question is more likely to be an unequivocal ‘yes’.
People are smart.
More Americans Are Optimistic About A Housing Market Recovery
http://www.totalmortgage.com/blog/purchase/more-americans-are-optimistic-about-a-housing-market-recovery/10856
More Americans are confident that home values will recover in the next year or two, indicates a survey by Prudential Real Estate and Relocation Services Inc.
The survey reports that 68 percent of potential home buyers think home prices will recover in a year or two. Last year, 47 percent predicted home values would increase. Also, 86 percent believe real estate is a good investment despite recent housing market troubles. Potential home buyers, the survey points out, realize that this a good time to buy a home, but if they are current homeowner they are worried about selling their existing home for a decent price…
….A recent Fannie Mae survey fewer people believe a home is a safe investment, 64 percent compared to 70 percent last year. The difference could be due to potential home buyers feeling more optimistic and sellers feeling disillusioned.
Does anybody know if the no-bid selling of public assets part made it in the “modified” bill passed by the Republican Senate in Wisconsin?
Or was that somehow deemed “non-fiscal” too?
Question:
If the median home price in Santa Cruz California was 260K in 1995 and it is 425K today and a CPI inflation calculator says we’ve had 47% inflation since 1995 meaning that house should be worth 382K today, would that 425K median price today not be reasonable if the CPI were in fact understated?
http://www.inflationdata.com/inflation/Inflation_Calculators/Inflation_Calculator.asp#calcresults
cpi worthless
Along with many wonderful and talent people, large scale immigration from Russia to NYC gave us the Russian mob. Turnabout is fair play.
http://noir.bloomberg.com/apps/news?pid=20601087&sid=adxTfegoxk3U&pos=6
“Wall Street bankers including JPMorgan Chase & Co.’s Jamie Dimon, Citigroup Inc.’s Vikram Pandit and Goldman Sachs Group Inc.’s Lloyd Blankfein are advising the Kremlin on how to turn Moscow into a global financial center.”
Those boys play rough in Russia, the had better be careful!
You got that right.
Whats that Russian saying?
“beat your children and others will fear you?”
I can remember a trip to Philadelphia with my parents in which we were walking behind a couple of very sinister looking guys talking tough talk to each other. Mom, who speaks several languages, noted that the guys were speaking Russian.
My first thought was “Mafiya.” But I didn’t dare utter in the presence of these men.
“Wall Street bankers including JPMorgan Chase & Co.’s Jamie Dimon, Citigroup Inc.’s Vikram Pandit and Goldman Sachs Group Inc.’s Lloyd Blanfein”
Just the scumbags to teach the Russkie crowd how to be:
Too big to fail and too rich to jail.
Banksterism: The highest stage of crime
“Wall Street bankers including JPMorgan Chase & Co.’s Jamie Dimon, Citigroup Inc.’s Vikram Pandit and Goldman Sachs Group Inc.’s Lloyd Blankfein are advising the Kremlin on how to turn Moscow into a global financial center.”
Ho ho, hah hah, hehehehehehe, BwaHaHaAhHAHAHAHAHAHA!!! (Cantankerous Intellectual Bomb-thrower™)
Between…these “These f@!king Guys!,” Jon Stewart. and the rapidly diminishing Chinese population on their Southern border, Russia’s Future is all vodka & exports babeeeeeeeeeeee
San Diego’s serial bottom callers are at it again.
When Will Local Real Estate Market Rebound?
An audio recording of this interview will be posted here within a few hours of the live broadcast. A transcript will also be added within 24 hours. Thank you for your patience.
By Maureen Cavanaugh, Hank Crook
March 10, 2011
San Diego has logged 11 consecutive months of increasing home prices, while much of the nation’s housing market continues to decline, a national tracking firm reported May 25, 2010.
What are the latest trends in the local commercial and residential real estate markets? Why are some areas of the market improving, while others are still struggling? Local real estate experts discuss what changes we’ve seen in 2011, and offer their predictions for what could happen in the spring and summer months.
…
“San Diego has logged 11 consecutive months of increasing home prices, while much of the nation’s housing market continues to decline, a national tracking firm reported May 25, 2010.”
Don’t look now, KPBS, but prices have generally gone down since June 2010. Maybe if you don’t mention that on the radio, nobody but us real estate bears will notice.
And it is worth noting that the NAR is a major contributor to National Public Radio — not that this would have any bearing on the content of their stories, or anything.
Index: San Diego home prices up 1.7% year-over-year
S&P/Case-Shiller says San Diego was one of two U.S. areas to post gains
By Lily Leung, UNION-TRIBUNE
Tuesday, February 22, 2011 at 7:19 a.m.
…
San Diego was down 0.7 percent from November to December, wiping clean a minor 0.1 percent increase from October to November. Before that, home prices in San Diego fell three consecutive months.
…
And didn’t the “Homeowner” tax credit program end in June 2010?
I believe it ended in the spring (April 30, 2010), but one would guess it would have taken a few months for the terminally euphoric to notice the music stopped playing.
“And it is worth noting that the NAR is a major contributor to National Public Radio — not that this would have any bearing on the content of their stories, or anything.”
While I often don’t agree with how NPR reports stories, I can see the value if having at least one MSM news outlet that isn’t beholden to Corporate America.
I wonder if the REIC-sponsored commentators on this show saw this recent Bloomberg article. It sure doesn’t sound like the folks at Fannie Mae think prices have bottomed out just yet. But then maybe it’s different here in San Diego, where I still see new homes along my daily commute route advertised “From the 700’s,” just like back in 2005.
U.S. Home Sales Accelerate as Prices Decline Amid Rebound
By Kathleen M. Howley - Mar 7, 2011 9:01 PM PT
The third decline in U.S. home prices in three years is driving a pickup in sales as bargain hunters rush to buy before mortgage rates rise, even as values may slump further.
Mounting foreclosures pushed the median price for a U.S. existing home to $158,800 in January, the lowest level since 2002, according to the National Association of Realtors. At the same time, sales climbed 22 percent from October, the biggest three-month gain since the end of a homebuyer tax credit. The rally began as mortgage rates started to rise from record lows in November and the economic expansion picked up speed.
“The job market is beginning to gain traction, consumer confidence is improving, and even though mortgage rates have increased, they’re near historic lows,” said Mark Zandi, chief economist of Moody’s Analytics Inc. in West Chester, Pennsylvania. “Prices may go down a bit more, but we’re still seeing a pop in sales.”
Fannie Mae, the largest mortgage-finance company, forecasts home prices will fall further this year and sales will jump. Discounts on foreclosed properties are eroding the values of other homes, making houses more affordable and opening the market to more people. A sustained increase in sales may signal a bottom in values as prices fall to levels buyers can’t resist.
…
How many bottom calls away from the bottom are we at this point?
# Is Local Real Estate Starting to Turn Around? | September 3, 2009
# Have Residential And Commercial Markets Hit Bottom? | May 11, 2010
You have to listen to the REIC shill’s response to Steve on I-5 to fully enjoy this post!
Prices are going down here as well. Like your area, declines were just beginning to roll into our area when the PTB put on the brakes and began their massive inflationary intervention.
The low end has been performing better than the high-mid to high-end these past two years (as you know).
The Press Democrat, here in Sonoma County, ran a front page story entitled “Surge in Vacant Homes.” I wish I could provide a link, but I’ve only linked a story once before and I had my teenage son’s help and he’s in class right now. Apparently, the 2010 census has released vacancy numbers for Sonoma County and out of 204,572 units 18,747 were vacant in 2010. This is an increase of 74% over the 2000 census.
Towards the end of the article, Sean O’Toole, CEO of Foreclosure Radar in Discovery Bay says that the surplus housing is due to overbuilding and not to foreclosures. He adds, “If you’re behind in your payments, the last thing you should do is leave your home. You’ll get to live there for free and the bank will pay you to move.”
I know some people personally who can’t afford their mortgages who have been living in their homes for long periods of time and some who are barely making their mortgage payments so I’m sure there are many housing units that are close to the breaking point but I also know there are plenty of vacant older homes here, too. It certainly isn’t just new construction.
I don’t have access to the MLS, but it would be very interesting to find out how many housing units were for sale when the census was done. We might be able to get a better picture of what this Shadow inventory really looks like.
Don’t mention it.
1 in 11 homes in Sonoma County vacant
KENT PORTER/Press Democrat
A home framed between lattice remains vacant on Bennett Valley Road east of Santa Rosa.
By ROBERT DIGITALE
THE PRESS DEMOCRAT
Published: Wednesday, March 9, 2011 at 6:29 p.m.
Last Modified: Wednesday, March 9, 2011 at 6:29 p.m.
Source: U.S. Census
Nearly 19,000 county homes sat vacant last spring, according to new U.S. Census data.
The rate of vacant units amounted to 9 percent, or one in every 11 county homes. In 2000, the rate was 6 percent, or about one in 17.
In their counts, census takers included as vacant all types of housing, including second homes and vacation rentals. Both those types of housing are found in abundance in western Sonoma County and in such towns as Sonoma, Healdsburg and Cloverdale.
Nonetheless, the number of vacant homes rose throughout California, climbing 55 percent statewide. Experts said the growth appears tied to a big jump in new homes constructed during the first half of the decade and to the unprecedented number of people in the last four years who no longer could afford to keep their houses and condominiums.
“There certainly have been tons of foreclosures in California,” said Leslie Appleton-Young, chief economist with the California Association of Realtors. The increase in vacant homes was one more sign that “the financial crisis has wreaked havoc on our whole economy.”
…
The number of vacant homes in Sonoma County jumped 74 percent in the past decade, an increase that experts attribute to the nation’s housing crisis.
Vacant Housing Units 2000-2010
City…total units…vacant units…growth in vacant units
Cotati…3,143…165…211%
Cloverdale…3,427…245…98%
Healdsburg…4,794…416…145%
Petaluma…22,736…999…169%
Rohnert Park…16,551…743…144%
Santa Rosa…67,396…3,806…147%
Sebastopol…3,465…189…166%
Sonoma…5,544…589…98%
Windsor…9,549…579…317%
Sonoma County…204,572…18,747…74%
Thanks, Professor! Perhaps not all the posters here fully appreciate your ability to post links to articles, but I sure do!
Oil Pares Losses on Report of Shots Fired in Saudi Arabia
By: CNBC.com with Wires
Oil prices pared some losses Thursday after a report from the Associated Press that shots were fired in the eastern region of Saudi Arabia.
Saudi police have opened fire at a rally in the kingdom’s east in an apparent escalation of efforts to stop planned protests.
Government officials have warned they will take strong action if activists take to the streets after increasing calls for large protests around the oil-rich kingdom to press for democratic reforms.
A witness in the eastern city of Qatif says gunfire and stun grenades were fired at several hundred protesters marching in the city streets Thursday. The witness, speaking on condition of anonymity because he feared government reprisal, said police in the area opened fire. The witness saw at least one protester injured.
As a kid we had this great set of dominoes. I got hundreds, maybe thousands hours, of fun playing with those. One of the lessons I learned is that once those dominoes started falling it was hard to stop them.
Have you ever heard of “Tipovers?”; they were a type of dominoe specifically designed for the purpose. On really long set ups, we learned to remove one every 3 feet or so in order to prevent an accidental systemic collapse.
Democracy is fine and dandy, but once those plebs start protesting against our own puppets the fun really ends. Go show’em who is boss. Oh yead, and free Tibet.
For some reason I recalled an old Gilda Radner skit (Elimy Latelle) where she rants and rails about Puerto Rico wanting a steak.
January trade deficit jumps to $46.3 billion
Trade deficit widens to $46.3 billion in Jan.; foreign cars, oil prices cause imports to surge.
WASHINGTON (AP) — A surge in oil prices and rising demand for foreign cars and machinery helped push imports up at the fastest pace in 18 years in January, giving the country the largest trade deficit in six months.
The January deficit increased 15.1 percent to $46.3 billion, the Commerce Department said Thursday.
Exports rose 2.7 percent to an all-time high of $167.7 billion. But imports rose at nearly twice the pace of exports, to $214.1 billion. A big jump in demand for a variety of foreign goods from industrial machinery and telecommunications equipment to autos drove the increase. America’s foreign oil bill rose 9.5 percent, underscoring concerns that higher oil prices could slow the economic growth.
A widening trade deficit hurts the U.S. economy. When imports outpace exports, more jobs go to foreign workers than to U.S. workers.
A widening trade deficit hurts the U.S. economy. When imports outpace exports, more jobs go to foreign workers than to U.S. workers.
—————-
Same ol’, same ol’.
UPDATE 1-Clinton warns against unilateral US move on Libya
WASHINGTON, March 10 (Reuters) - Secretary of State Hillary Clinton underscored on Thursday the need for international consensus on the next steps on Libya, saying any unilateral U.S. move could have unforeseeable consequences.
Clinton also expressed deep doubts about proposals to set up a “no-fly” zone over Libya, saying previous no-fly zones set up over Iraq and Serbia had had little effect.
Clinton told the House of Representatives appropriations committee that the Obama administration believed it was imperative that other countries agree on the way forward.
“We are working to create an international consensus because we think that is absolutely critical to anything that anybody, especially us, does,” Clinton said, saying there was considerable ambivalence over what should be done.
“Absent international authorization, the United States acting alone would be stepping into a situation whose consequences are unforeseeable,” Clinton said.
“Please put your things in order because you will be killed and your familes will also be killed due to your actions in the last 8 weeks.”
Sent to Wisconsin Republican Senators by the those who apparently didn’t get the “elections have conseqences, now shut up and sit in the back of the bus” memo.
Now, if this had been sent to Democrats, would the MSM be howling for arrests, instead of smirking?
“…would the MSM be howling…”
Can’t recall any outcry over the gun sites targeted by Palinites at Gifford’s congressional district until after the shooting, but would love to see contrary evidence if you can find it.
Gifford’s herself… at about 3 min in.
http://www.youtube.com/watch?v=RyEUeaS0wD8
Yes and I think quite a few dems got death threats during the health care debates.
I do agree at some point things are going to snap.
People are getting poorer and want to blame someone.
The Tea Party blames gov/dems/liberals
Liberals blame corporations GOP and Tea Party
And some of us blame both groups. We are a small minority and very misunderstood.
Actually plenty of people blame both, which is why voter turnout is so low.
We are a small minority and very misunderstood.
When did you start feeling so persecuted NYCityBoy? Is it like “Poor, Poor Me Day” in NYC?
It’s like you’re singing this song.
http://www.youtube.com/watch?v=FQ5ob9B9yD4
Now, if this had been sent to Democrats, would the MSM be howling for arrests,
All things are not like clowns in a vacuum tilting at windmills.
Since Mr Obama took office, the rate of threats against the president has increased 400 per cent from the 3,000 a year or so under President George W. Bush, according to Ronald Kessler, author of In the President’s Secret Service.
I don’t know if I believe that. Obama was and still is more popular than Bush, so you would think Bush got more threats, no?
I guess I was right.
U.S. Secret Service Director Mark Sullivan dismissed published reports that the level of death threats against President Obama are four times greater than typical threat levels against recent presidents — claiming the current volume of threats is comparable to that under George W. Bush and Bill Clinton.
“It’s not [a] 400 percent [increase],” Sullivan said during a heated exchange with Delegate Eleanor Holmes Norton (D-D.C.), who suggested the service needed additional agents to protect the first African-American president.
“I’m not sure where that number comes from,” he said, adding that the number of threats against Obama “are the same level as it has been [against] the last two presidents.”
I guess I was right.
I’m glad.
I don’t know if I believe that. Obama was and still is more popular than Bush, so you would think Bush got more threats, no?
Not if one party had more violent nut jobs in it than the other.
Bush oversaw fake prosperity by debt . When people have a
wealth effect ,no matter how false it was ,they are happy .
Since the lobbyist control Congress these days ,and that determines policy for most parts ,a President isn’t going to get the votes they need for anything that might resemble sane change . Look at the Health Care reform that ended up raising prices and keeping the corrupt Health Care Companies in the catbird seat . Look at how the Politicians voted for tax breaks for outsourcing while they say they
are committed to increasing jobs in America as a example .
It was interesting ,the minute that Obama even talked about going after the Fat Cats immediately they came down on him in the form of using the airwaves to show him what he
gets if he dares to stand up to the corrupted systems .
Don’t let the poll takers know what your doing or thinking is my motto .If they know the population is going to get rid
of bribed Politicians of the lobbyist they will just foil it .
They can just keep putting up Politicians that will vote accordingly to the upper crust wishes and cream any potential new Politician that might have what is good for America at heart ,or fake out the population that the new Politician is going to vote for what helps the Majority .
The lobbying system was never ideal in Politics and it’s slanted toward the people with the Gold these days more than ever .
Lies, damn lies and statistics.
U.S. Secret Service Director Mark Sullivan dismissed published reports that the level of death threats against President Obama are four times greater than typical threat levels against recent presidents — claiming the current volume of threats is comparable to that under George W. Bush and Bill Clinton.
“It’s not [a] 400 percent [increase],” Sullivan said during a heated exchange with Delegate Eleanor Holmes Norton (D-D.C.), who suggested the service needed additional agents to protect the first African-American president.
The thing is they tried very hard to build a narrative for the tea partiers and unwittingly they walked right into it.
Loving the irony.
The thing is they tried very hard to build a narrative for the tea partiers and unwittingly they walked right into it.
It’s all over the map on the internet but I hope you’re right.
Looks like the Wisconsin Democratic base is a little more fired up than the Tea Party Koch tools.
Wisconsin Struggle is a Teachable Moment: America Ain’t Broke
http://inthesetimes.com/working/entry/7032/promising_signs_emerge_but_wisconsin_must_hang_tough/
For example, in the district just north of where I live, hundreds of people lined up around the corner this past Saturday to get into a meeting to chart out the recall of State Sen. Alberta Darling, who has cynically played the role of Republican “moderate” while voting with her party whenever the chips were down.
In a single weekend, the recall campaign gathered 25% of the signatures that will be needed by May 1 to force a recall election for Darling. Even at an upper-middle class suburban shopping strip, the recall petitioners were greeted enthusiastically. In contrast, right-wing efforts to recall Democrats have drawn gatherings of 20 to 40 people scattered across otherwise vacant auditoriums as shown on local TV news programs that refrained from providing estimates of the pathetic numbers.
Meanwhile, as if their troubles weren’t deep enough, Walker and the Right have been mass-producing more enemies.
Great Balls of Fire! News from: ‘The O.C.!”
Published: March 10, 2011
Updated: 10:05 a.m.
Three cities looking at merging fire departments
RIGOBERTO HERNANDEZ and ERIC CARPENTER
THE ORANGE COUNTY REGISTER
The three Orange County cities are joining a growing number in the state considering merging fire departments. A half-dozen San Diego County communities are exploring consolidating their fire services.
The fire chiefs have already talked about possibly having just one fire chief.
In an effort to increase efficiency and cut costs, Anaheim, Fullerton and Orange are examining the possibility of merging their fire departments that collectively serve more than 600,000 residents.
It is getting increasingly more difficult to operate as an independent fire department, said Wolfgang Knabe, Fullerton’s fire chief.
Actually, such a body has existed for quite some time:
http://www.ocfa.org/index2.htm
The Ultimate CULT!
They’ve over-funded their pension pool by $34 MILLION dollars, because they can’t stuff the excess cash anywhere else…
They’re sitting on 100 million+ $$$$$$$$$$$$$$$$$$, (while trying to get most of the “rural” volunteer firemen terminated) because….because….because, they MIGHT need it for something really important SOMEDAY, meanwhile the East County Canyons/homes burn because they don’t have a response Helicopter, why? because that would cost to much money…Check out the address of their ‘Head-Quarters”, notice how it’s just happens to be in the most expensive land in ALL of “The O.C.” Oh, they do have a “Kennedy like” memorial torch burning there at HQ 24/7, shouldn’t ALL fire Dep’t in America have such a memorial, after all…Irvine is the “Golden Temple of Athens” for all the world to copy…
Geez, how did a blue-collar job turn into such an Institution of “Fire Religion” Gov’t worker disciples?
Geez, how did a blue-collar job turn into such an Institution of “Fire Religion” Gov’t worker disciples?
”
I don’t know crazy huh ? In AZ I didn’t notice it. Maybe because they don’t give out the ” don’t give my wife a ticket” firemen hat stickers like in CA were 80K landrovers and 7 series BMW’s have them on the back windows.
Firemen do tend to have lung problems in later life
firemen hat stickers like in CA were 80K landrovers and 7 series BMW’s have them on the back windows.
Oh stickers?, nix,nix,nix….they have their “own” fire-religon license plates! You think that sends a “message”?
I’m guessing the $80k/yr. kindergarten teacher makes more than NyCityBoy. I’m also guessing, since he endlessly yaps about Jersey, that he lives in there and not NYC.
BridgeandTunnelBoy. Lol…
That’s dangerous thinking!!! We can’t have nun of dat dangerous thinking!
US SOLDIER SPEAKS THE TRUTH - WAR CRIMES EXPOSED
http://tinyurl.com/4m34vpj
Americans pay for this and need to watch it!
Bullying and Obama’s Politics of Appeasement
Mar 10 2011, 4:05 PM ET
By Wendy Kaminer
Today, the White House opened a conference on bullying, just in time for Peter King’s assault on American Muslims, the Wisconsin Republican steamrolling of the democratic process, and Barack Obama’s official capitulation to the dangerously autocratic, indefinite detention policies he once decried. Bullying is “not something we have to accept,” the president declared at the anti-bullying conference, but, not surprisingly, his rhetoric is no reflection of his policies or negotiating style, from his endorsement of the Bush/Cheney war on civil liberty to his concessions on tax cuts for the super-rich. I don’t doubt Obama’s sincerity in urging us not to “accept” bullying. But in practice, he apparently regards it as “something we have to enable.”
…
“…the Wisconsin Republican steamrolling of the democratic process”
As a Wisconsin independent who normally votes Democratic, but who voted for Walker in November, I need someone to explain the above statement to me.
Isn’t our Democracy based on a representative form of goverenment? I sure thought it was. That means we don’t ALL get to vote on the laws in our state. It also means that the laws don’t get passed based on which side has the loudest or angriest mob that shows up at the state capitol.
Someone correct me if I’m wrong, but democracy in Wisconsin (and I think in almost all 50 states) works on the principle of periodic elections of representatives. If one side OR THE OTHER obtains a majority during that electoral process, then they get to decide which bills get passed into law.
Last November, I voted for Scott Walker for governor. This was my first Republican vote for a gubernatorial candidate in at least twelve years. The reason I voted for Walker (and not his opponent) was because I thought he had a much higher likelihood of actually dealing with Wisconsin’s budgetary problems. Quite frankly, I’m pleased with the speed with which he has approached the state’s budgetary problems.
I don’t understand those who feel that somehow our representative form of government was well served by the Democratic senators who left the state to avoid a vote. From where I’m sitting, they were trying to AVOID the democratic processes of the state by taking advantage of a technicality (quorum rule). THEN, they compounded that mistake by turning their side of the arguments over to the mobs that descended upon the capitol (most of whom are not even state residents).
Again, someone please explain to me how the Republicans in the state of Wisconsin conspired to violate the democratic processes by which this state has operated for a century and a half. I would love to hear a measured, rational argument that doesn’t involve name-calling (Retardigans, Repugnicans, etc). So far I haven’t heard it.
Thanks,
Maybe you should look at the real reasons behind the goings-on in Wisconsin, which were very clearly on display by your governor’s phone call with the fake Koch brother.
Its official:
http://hosted.ap.org/dynamic/stories/U/US_WISCONSIN_BUDGET_UNIONS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-03-10-16-48-06
However, while I believe that public union wages cannot be above market rates, I think that the real problem is that market wages have been driven down by a policy of importing cheap labor illegally. The unions use to be the primary opponents to open borders precisely to prevent business owners from undercutting wages so they should look into the mirror on this one.
Here is an interesting link: http://en.wikipedia.org/wiki/Immigration_reduction
It talks about the AFL-CIO not reversing its policy of being against large scale immigration until 1999. BTW, it has a brief entry about the Roman Empire having an illegal immigration problem. I remember taking flak for stating that earlier.
From the wiki link:
“Organized labor and parts of the political left have also had an ongoing debate over immigration levels into the U.S. going back to the 19th century. The National Labor Union (1866–1874) campaigned for immigration restrictions as well as the eight-hour workday, as did the American Federation of Labor under the leadership of Samuel Gompers. The AFL-CIO did not reverse its position on immigration restrictions until 1999.”
———————–
But the anti-labor crowd here will say that unions never benefitted them.
The only ones who support outsourcing of jobs and insourcing cheap labor are the corporations whose profits are fattened by the spread between low cost labor and prices charged to what used to be the middle class in the U.S.
Household net worth jumps $2.2 trillion ~ CNNMONEY
Thursday March 10, 2011
Don’t look now, but you and your fellow Americans are now worth trillions more, the Federal Reserve said Thursday.
The net worth of U.S. households rose to $56.8 trillion in the fourth quarter of 2010, up about $2.1 trillion from the previous quarter, according to the Fed’s latest flow of funds report. That’s up nearly 6% from the fourth quarter of 2009, when households were worth about $53.6 trillion.
The central bank defines household net worth as the difference between the value of assets and liabilities. In the fourth quarter, households had assets worth $70.7 trillion and liabilities totaling $13.9 trillion.
It was a good quarter for stocks, with the value of corporate equities held by American households rising $1 trillion to $8.5 trillion. The broad S&P 500 stock index gained over 10% in the last three months of 2010.
Overall, financial assets including stocks, bonds and real estate owned by households totaled $47.6 trillion in the quarter, up $2.3 trillion from the third quarter.
Household debt, meanwhile, continued to contract. In the fourth quarter, household debt declined 0.5%, marking over two years of falling debt levels.
Household net worth jumps $2.2 trillion
400 of the richest Americans have the net worth equal to 155 million Americans.
That means 400 people get to divide up 1.1 trillion dollars and 155 million American’s get to divide up 1.1 trillion dollars.
Trickle down at work.
Probably is worse than that if your numbers are correct. 400 richest, would have a greater percentage of their wealth in stocks and bonds while the 155 million would have more in their houses and bank accounts which did not rise as much. The great irony is the policies followed the last few years particularly QE have concentrated money more in the hands of the rich than any of the tax cut policies of Bush. Middle class and poor get the higher food and gas prices, the rich get their stock accounts restored. BTW, I have done quite well with my investments under Obama since I doubled down on oil, gold, silver and the platinum complex stocks due to anticipating his policies. However, I cannot give him credit since the policies were not designed to help me. I may have a professional degree but I come from blue collar stock and have refused to shaft them to get ahead.
anticipating his policies
The great irony is the policies followed the last few years particularly QE have concentrated money more in the hands of the rich than any of the tax cut policies of
BushShrub.Ha, you’re full of sheeeeeeeeeyat!
QE I
QE II
QE III>
ALL the direct 8 year Echo-Reverberation results of Shadow Cheney-Shrub non-domestic economic massages…
What lil Opie told Bennythebutton what to do?
But even though that is true, you’re also as brilliant as GlenBeckinstan!:
“…BTW, I have done quite well with my “investments” under
Obamathe Shadow Effect of Cheney-Shrub since I doubled down on oil, gold, silver and the platinum complex ”By the way you’re moves sound more like “gambling/speculating” than “Investing”…IMO,…Nothing wrong with that, except how you label it…
Your entitled to your own opinion but not your own facts:
http://www.cnbc.com/id/41605145/Is_the_Wealth_Gap_Widening_Under_Obama_Bernanke
The rich got back their money and then some when the S&P doubled but not the rest of America which has paid the price.
BTW, all investment involves speculation it is a distinction without a difference.
“The rich got back their money and then some when the S&P doubled but not the rest of America which has paid the price.”
Not only that, but banks and banksters were bailed out to the tune of hundreds of billions of dollars. Too bad all that money was wasted on these Wall Street thieves, as now there is not enough left to pay public servants to perform the day-to-day tasks needed to keep America’s Main Street functioning.
Trillions, PB. Trillions.
No Rio
Your statitstics are old
I suspect that the top 1% now own much more than those 155 million.
“Zombie” Ants - Mind Controlled by Fungi- Found in Brazil:
http://news.nationalgeographic.com/news/2011/03/pictures/110303-zombie-ants-fungus-new-species-fungi-bugs-science-brazil/
Originally thought to be a single species, called Ophiocordyceps unilateralis, the fungus is actually four distinct species—all of which can “mind control” ants—scientists announced Wednesday.
The fungus species can infect an ant, take over its brain, and then kill the insect once it moves to a location ideal for the fungi to grow and spread their spores.
All four known fungi species live in Brazil’s Atlantic rain forest, which is rapidly changing due to climate change and deforestation, said study leader David Hughes, an entomologist at Penn State University.
Hughes and colleagues made the discovery after noticing a wide diversity of fungal growths emerging from ant victims, according to the March 2 study in the journal PLoS ONE.
“It is tempting to speculate that each species of fungus has its own ant species that it is best adapted to attack,” Hughes said.
“This potentially means thousands of zombie fungi in tropical forests across the globe await discovery,” he said. “We need to ramp up sampling—especially given the perilous state of the environment.”
***
This type of fungal mind control is usually associated with Democratic voters in the U.S., experts say.
Politically clever way to neuter public employee unions: Smash their power base when the labor market is weak but already in recovery, then claim credit for creating private sector jobs which would have been created anyway.
It doesn’t smell quite right that union-busting was sold as a budget issue, but it only passed through a procedural gambit which separated budget items from the union busting measure.
Did Wisconsin Republicans need to attack collective bargaining?
Wisconsin Gov. Scott Walker said he needed to rein in collective bargaining in order to secure key long-term budget savings. Is he right? Here are the arguments pro and con.
By Mark Trumbull, Staff writer / March 10, 2011
Partisan conflict on the issue has only escalated this week. Republicans in the state Senate on Wednesday used a procedural gambit to pass a measure to strip key bargaining powers from state workers, without a quorum. The state’s House approved the measure Thursday afternoon, as protesters thronged the Capitol and union members weighed the option of a general strike.
So, what is this debate over collective bargaining all about?
Beneath the ruckus is an issue that goes to the core of labor union power in today’s America. To backers of organized labor, it’s about defending cherished means of advocating on behalf of workers, at a time when a majority of unionized workers are in the public sector. To union critics, it’s about rolling back powers they say are inappropriate in the government sector and harm state economies.
Governor Walker framed it this way in a statement after the Senate vote: “I applaud the Legislature’s action today to stand up to the status quo and take a step in the right direction to balance the budget and reform government. The action today will help ensure Wisconsin has a business climate that allows the private sector to create 250,000 new jobs.”
…
March 10, 2011
Dear Friend:
Last week the Senate passed my bill that says, in case of a shutdown of the federal government, Members of Congress and the President will not be paid.
I immediately joined Senator Bob Casey, the bill’s co-author, in calling on Speaker John Boehner to pass this legislation in the House of Representatives. To read about our letter to Speaker Boehner, click here.
To watch video of my speech introducing the bill, click here. To read more about this legislation, click here.
I am hopeful that this bill will help convince our colleagues to work together to prevent a government shutdown, and I urge the House of Representatives to quickly pass it and send it to the President.
Sincerely,
Barbara Boxer
United States Senator
I haven’t heard anything from Elizabeth Warren lately. Maybe Charlie Sheen could take her out for dinner, and loosen her up some with a bottle of wine. I bet she’s as frustrated as Helen Thomas, deep down.
I visited an office today that I last visited months ago. While chewing the fat our doomed economy became a topic; twenty somethings buying $45k pickup trucks, etc. I offered that young people don’t know anything but good times. One of the guys mentioned his son, married, no kids, who lost his job early last year, so he decided to try a vocational school. “Okay, good idea son, here’s a credit card.” Last October a charge for $300 appears from a novelty store. “What was that son?” “I don’t know dad, let me find out.” A week passed without a telephone call. “Hi son, did you ask your wife about that $300 charge?” “Uh, yeah…she bought a gorilla costume for a party.” Mom and Dad were both raised on poor struggling farms. I laughed about it all the way back to the office.
Bernanke’s stock market stimulus is working wonders for the high end of the housing market; not so much for the rest of us.
Wealthy Play the Real Estate Market While Others Wait
March 07, 2011 07:40 AM
(CNN Money) — The rich are different from you and me: They’re buying real estate. After four straight years of declines, sales of million-dollar homes and condos rose last year in all 20 major metro areas, according to DataQuick Information Systems. On average, these cities saw an 18.6% jump in high-end home sales.
San Jose, Calif., had the biggest market for million-dollar homes, with a 27.4% spike in sales last year; Phoenix saw the smallest increase at just 0.4%. Meanwhile, sales outside of this price point actually fell 2.8%. ”It hasn’t been a good six months for all people, but it was a good six months for rich people,” said Glenn Kelman, CEO of Seattle-based real estate brokerage Redfin. “When Wall Street goes up, rich people buy homes.”
…
““When Wall Street goes up, rich people buy homes.”
And since stock market performance is now a fed mandate can one conclude that more homes for the rich is the new normal?
Thursday, March 10, 2011
Big investor dumps its U.S. Treasury bonds
U.S. bonds
PIMCO, which runs the biggest bond fund, has sold most of its Treasury holdings, underscoring the growing belief that interest rates will soon rise.
…
We’ve been waiting for this elusive rise in interest rates for years…
What is it that Gross sees which could possibly cause interest rates to rise?
Thursday, March 10, 2011
PIMCO sells off all its U.S. debt
PIMCO Managing Director Bill Gross
The world’s largest bond fund has sold off all its U.S. treasury bonds. Analysts say that despite the sale, PIMCO founder Bill Gross is still optimistic.
…
Sounds like Gross is optimistic about higher rates. Something tells me Bernanke is going to send a black swan of a protracted period of low interest rates his direction.
If the world gives you lemons, make lemonade.
Thursday, March 10, 2011
A family struggling, traveling and surviving in the Great Recession
On the road
Caitlin Shetterly, author of “Made for You and Me,” and her husband Dan Davis discuss their troubles during the Great Recession, and how it brought them on a journey across the country.
…
2012 seems to be coming early: http://www.csmonitor.com/World/Latest-News-Wires/2011/0310/China-earthquake-kills-24-and-destroys-over-1-000-buildings
Think I posted this on wrong day. 2012 seems to be coming early:
http://www.csmonitor.com/World/Latest-News-Wires/2011/0310/China-earthquake-kills-24-and-destroys-over-1-000-buildings
I saw a stat the other day that home prices nationally are at a 35-year low as measured compared to incomes.
In other words, independent of interest rates, home prices are at a 35-year low.
Am I the only one that feels 2011 is the bottom?