Bits Bucket for March 11, 2011
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The Housing Bubble
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Riddle me this, Batman…..
Suppose that someone (Oh, I don’t know; let’s just call this person “ex-wife”….) decided to change the terms of a settlement retroactively, and not pay/reimburse another party (….let’s just pull a name out of a hat, and just call this doofus “X-Dumbazz”…..).
Doofus’s attorney says: “Yeah, you can take her back to court, and you will win, but it will cost you more than she owes you, and then you still have to get blood from the turnip….”
Can Doofus send her a 1099?
It could always be worse.
1) She could still be living with you.
2) She could have run off with the kid(s).
3) You’d be paying her support.
4) You could be serving a life sentence.
1) Better her new hubby than me.
2) The kids ran off from her (and her new perv husband). When I gave the oldest of the two her first car, they started spending most evenings at my place. She finally got tired of all the dope-smoking, grab-assing and inappropriate commentary from new hubby, and started packing to move in with me. When the youngest saw this, she said “Screw this, you aren’t leaving me alone with this a-hole”, packed her stuff, and moved at the same time.
3) She’s an RN, making about double what I am. She should be paying me.
4) At least I’d have affordable health care.
It could always be worse.
1) She could still be living with you.
2) She could have run off with the kid(s).
3) You’d be paying her support.
4) You could be serving a life sentence.
5) you could be looking for the real killer.
LOL!
Didn’t you see how tight that glove was? The man is innocent.
This is probably a stupid question, but is there any way you can sit down for coffee and talk with her about this in a kind, gentle, and compassionate way? Is it because she has no money (or whatever she owes you)? Or is it because she is trying to be a PITA?
Wishing you lots of luck with this, GS!
“… is there any way you can sit down for coffee and talk with her about this in a kind, gentle and compassionate way?”
Lol. I can tell you don’t get out much.
Child of divorce married to a child of divorce, of a mother who was a child of divorce…
Unfortunately, I’ve seen too much. It would be great if people could resolve their differences in a calm, friendly, caring way. Yes, I’m an idealist.
“Child of divorce married to a child of divorce, of a mother who was a child of divorce …”
The you must know that the issue is not about money, it’s about pain and hurt, lost love and misplaced passions, rage and revenge, confusion, etc …
It’s about insanity. This issue over money is just one way to express this insanity.
Combo is right, it’s not the money, but issues that happened years in the past.
A 55 year old man buys a brand new Corvette and takes it out on the turnpike to see what it will do. He punches it and hits 105 mph in a heartbeat. He looks in his rear view mirror and sees blue lights so he floors it and hits 165 mph and watches the blue lights fade out of sight.
He thinks to himself, what am I doing and pulls over and waits for the State Trooper. The State Trooper pulls up behind the man and cautiously approaches the Corvette.
Seeing the how the man doesn`t look like a dangerous criminal and he pulled over the State Trooper says.. Look buddy, my shift ends in 15 minutes and I really don`t want to go through all the paper work this is going to take, so if you can give me one good reason why you did what you did I will let you go.
The 55 year old man looks at him and says… Officer, 16 years ago my wife ran off with a State Trooper and I thought you were trying to bring her back.
:thumbs up: lmao.
Ha!
Why is divorce so expensive?
A: Because it is worth it.
“Can Doofus send her a 1099?”
AFAIK, if the amount is over $600, then yes.
1099-int (interest) is for any amount over $10, I believe. And that is when you have to do it, not the amount you need in order to do it. I can’t see any reason for there to be a minimum except for it to round up to at least a dollar.
Fixer, let me look into this for you. I used to research stuff like this for my last private employer.
First guess is that you would want to have her sign something acknowledging the debt and you releasing her from it. That will cost you something, but not as much as taking her to court.
I read a joke about this:
Jack owed $100 to Bob, but anytime Bob tried to trick Jack into acknowledging the debt, Jack denied it. So Bob wrote a note to Jack: “So Jack, when are you going to pay back that $500 you owe me? Regards, Bob.” Incensed, Jack wrote back: “How dare you, Bob! I don’t owe you $500! I owe you $100! Regards, Jack.”
Thus Bob obtained his acknowledgement, and summarily sued.
OK, so the form is called 1099-C. People who have to file it have to do it for cancelled debts of $600 or more, but the debtor has to include a forgiven amount in income when it is less than that even if they don’t get the 1099.
http://www.irs.gov/pub/irs-pdf/f1099c.pdf
There are some instructions to the debtor on page 4. Example, you don’t have to include the debt in income if you would have been able to deduct the amount if you had actually paid it, but didn’t deduct because you didn’t pay it.
There are specific instructions on 1099-C here:
http://www.irs.gov/pub/irs-pdf/i1099ac.pdf
There is something in there about the people who have to file it being financial institutions or people in a business that generally involves debts and I bet you don’t qualify. That doesn’t mean you can’t file it, but it looks like you don’t have to. Page 4 has a section on “When Is a Debt Canceled.” Look at number 6 about an agreement between the debtor and creditor to discharge the debt for less than the amount owed. Lets say she ows you $10,000. You offer to settle for $2000 and accept her counter offer to pay you only $1000, or $100 or $5 or whatever. Then you have proof that you discharged the debt for less than owed. Like oxide’s example.
The general instructions are here:
http://www.irs.gov/pub/irs-pdf/i1099gi.pdf
Looks complicated to me. The rules seem to be set up for people who file 1000’s of them. Not impossible, but it looks like you have to get some forms directly from the IRS instead of printing them off the web site.
Anyway, this looks a bit complicated, but not impossible. Most important is to get the debt and your forgiveness of it established. Then you can decide what to do about it. She is required to include it in income whether you 1099 her or not once that happens.
1099ing her doesn’t really do much for X-GS, he can’t deduct the amount. He’s better off pursuing collection.
But the lawyer said the legal fees would eat up all the proceeds. Now, if you are willing to do enough of the ground work yourself, you might be able to get the legal fees down to the point that it would yield enough to make it worth it. But if you aren’t going to offer to forgive the debt, you have a job proving it. The fact that his daughters are old enough to testify and the date they moved out sounds fairly certain helps, but it doesn’t get rid of all the expense.
You can also ask another lawyer if the case can be pursued with a few bucks left over, but my guess is that people who know how to do this also know how long it takes.
What her lawyer said can be disregarded. Of course he’s gonna tell the other party there’s no point in pursuing I
Like I said, fees and costs can be awarded to the prevailing party.
You are assuming all he has to do it enforce it. What if he doesn’t have a judgment yet?
And where does it say that HER attorney is the one discouraging him? It says Doofus’s attorney.
My attorney basically said “You are right,the law is on your side. But it will cost you more to do it thru the system than you will collect.”
Which is absolutely true, and that’s why IMO he’s a pretty decent lawyer.
His basic advice was to make sure anything we were fighting over was worth the expense. And he was right; it was better to move on, and get “new stuff”, rather than fight over “old stuff”. (”Stuff” includes things other than personal possesions).
Since the instructions I posted seem to indicate that you have no requirement to file the 1099, you could just turn her in using one of Slim’s handy dandy links to how to turn in tax cheats. However, there is no cheating until the debt is no longer collectible. That means you have to give it up or the statute of limitations on collecting it has to run. And I bet there are some states that say that child support payments (and that is what we are talking about, right?) can’t be given up by the parent because they actually “belong” to the child or make the statute of limitations on collecting them longer than ususal. Just a guess on that last sentence, but you would need an attorney that knows about such things in your location to check it out. Or there might be a website in your local state government with info on delinquent child support. You might want to start there.
Wish I could say that this is easy, but I’m afraid it isn’t.
Since the instructions I posted seem to indicate that you have no requirement to file the 1099, you could just turn her in using one of Slim’s handy dandy links to how to turn in tax cheats.
And here is said handy-dandy link.
Not child support. Has to do with a sale of stock I owned.
Divorce Settlement stated that upon sale of stock, the value was to be split, minus expenses (taxes, in this case).
My idea was to put some money in escrow to settle the tax bill/expenses after the sale, not knowing what the actual tax bill would be. Lawyer said no, I’d get into a pi$$ing contest over the who/what/where/how much of the escrow account. He recommended just sending her 50% of the gross, and settle the expense issue later. Sent check to her attorney, with note stating that this was 50% of the gross, and that there would be a tax liability that would need to be paid later.
Accountant figured out the tax bill, lawyer sent her lawyer letter reminding her of the settlement agreement. Was subsequently told to go pound sand.
(Snark on)
After all, she has that 55 year old, dope-smoking, unemployed, video game playing, grab-assing new husband to support.
“Hell hath no fury, as a woman who’s gravy train takes a hike…….”
(Snark off)
Oh, that’s a little easier then. Is this a small amount? Can you do it yourself in small claims court or is the time too much. The facts seem very clear and it sounds like you have a lot of documentation. And maybe her lawyer’s letter doesn’t provide any legal argument as to why she doesn’t want to pay and maybe (just maybe) admits something? It would have to be a fairly terrible lawyer, but there are plenty of those out there.
I know that you don’t have a lot of free time during court hours, but it might be worth a little time. And perhaps her lawyer will tell HER that it is cheaper to send you the money than to try to defend it even in small claims court. Plus, if your lawyer is right, her lawyer might be telling her that she will be very likely to lose. I think it might be worth one more round.
And once the claim can’t be collected anymore, you could report it as income to her in the year she is no longer responsible for it. I don’t know how long that is in general. There might be some special rules dealing with divorce issues that set the limit.
And since it is a tax debt (which you have already paid on behalf of someone else) it might just be worth a call to the taxpayer advocate’s office. I don’t know that they could do anything, but there is always a chance. The rules about “innocent spouses” just might apply here. You have a written agreement that shows she got half of the amount of the stock sale as was her right and a letter from her lawyer showing she refused to pay her share of the taxes. You might be able to get part of the taxes back and have it added to her tax burden. If nothing else, she would get a letter from the irs and that is part of what you wanted, anyway, right? Worth a call anyway. Go to irs.gov and put taxpayer advocate in the search box. Actually, try this before the small claims court thing. If nothing else, they might help you figure out if there is anything else you need to prove your claim.
Thanks.
Generally, if you have to sue to enforce a judgment, you get attny fees and costs. Getting money from her isn’t that hard if you have a judgment and know where she banks and works.
You should consult an attny.
Just wanted to post before going to bed tonight. I have been reading HBB for about 3 months now. I have never posted, but I often read the entire day’s thread in the evening before going to bed. I’ve learned so much from you folks and I like that you mostly have civil discussions. I don’t really have the time to post throughout the day and thus will never be an active participant on the blog, but I wanted to let you guys know that people out here read your discussions and learn from them.
In particular, I’ve learned a lot about economic realities that I was not taught in college (I’m a late-20s lawyer, who actually studied Econ as an undergrad at Princeton under people like Bernanke, Krugman, Alan Blinder, etc although I did have Burt Malkiel of “Random Walk Down Wall St” fame as well). I learned a lot in college, don’t get me wrong, but most of our education was centered on higher-level math, econometrics, and conceptual issues involved with development and economic growth. There just was not a focus on the struggles of labor, on economic history, or free trade. Almost none of my peers among friends at H, Y, or P wanted to go into public service to be a regulator–that was seen as something perfectly acceptable for State U guys–there was a ton of brain drain towards the deal-making sector, either investment banks or law firms. Such a waste. As long as banks can dump bad deals on the public and pay out bonuses on good deals, there is going to be so much more money on going to work for JPM or GS or in BigLaw than keeping the system honest. The system will be overmatched.
When I learned economics, there was much more emphasis on the type of thinking that led to CDOs, MBS, the reduction of transaction costs, behavioral economics, game theory. In retrospect, it seems like almost everything I learned came crashing down from 2008 to the present. Reading HBB is like a re-education in many ways. You guys are really smart and I appreciate your posts.
-An appreciative reader
Dcop, what I have learned here, is that it’s all “made up,” or as you noted, all came crashing down. The only thing that is science, is science. Economics could be more sciency, but the fact that there is a dude sitting at the blips-making machine, with his fat finger on the start/stop toggle, makes cash money a little less sciency. These blips actually turn into real assets, like the abandoned homes that surround me. Somebody owns those.
Oh, and the rent… is too damn high.
You’ll turn the corner in the next year or so… right now you’re still in awe. In one year you’ll be pissed, and in two you’ll be indifferent. At 3+ you’ll start bickering the way all of us old-timers are now. I wonder at what point does the civil unrest start? It seems like now. Do you have a pitchfork? Or maybe we can go in together and get Vabeeyotch to go Durden of BofA. I dunno.
You know what though? At least everyone gets to experience what it’s like to live in NYC, where historcally everyone has to leverage/gamble themselves into serfdom or Trumpitude.
Yay!
“right now you’re still in awe. In one year you’ll be pissed, and in two you’ll be indifferent. At 3+ you’ll start bickering the way all of us old-timers are now.”
Great description, Muggy!
Stages of grief, baby… stages of grief.
“(I’m a late-20s lawyer, who actually studied Econ as an undergrad at Princeton under people like Bernanke, Krugman, Alan Blinder, etc although I did have Burt Malkiel of “Random Walk Down Wall St” fame as well).”
Now that is cool. I wish I could have been a fly on the wall in your classroom. Or better yet, a student. I would have been the rabble-rouser in the back, questioning the professors about why they were so fond of Keynes and so ignorant of (or at least willing to ignore) Hayek.
P.S. I try my best to be civil, but when a-holes start challenging me for my choice of newsworthy content I post here, I feel justified in fighting back.
“…but when a-holes start challenging me…”
A perfect example of what Muggy said. You either agree with old-timer PB or you’re an a-hole.
I don’t care if people disagree with me, but kindly spare me the ad hominem attacks (or don’t, if you are an a-hole).
You have called people Republitards and Tardicans. You have taken a very strong stance on issues with almost no backing to your side other than, “na nanny boo-boo, Wall Street is bad”. After being questioned you are calling people a-holes and using the word for the week “ad hominem”. I can proudly believe that is directed at me.
On this blog you are more aggressive than almost anybody at expressing opinions and even attacking people. And now here you are whining as if you have been victimized. I just don’t see it.
On this blog you are more aggressive than almost anybody at expressing opinions and even attacking people
I’m going to have to back up NYCityBoy here. There are certainly people here who are much more prone to personal attacks, but you are quite aggressive and insulting on a frequent basis. I do not see how you could feel you’re the victim here.
If you do feel the victim, perhaps you should reflect upon how you engage others on this blog, and your choice of words.
The past month has really brought out the nasty side in a lot of posters here.
“I can proudly believe that is directed at me.”
You said it, I didn’t. But your honesty is definitely appreciated.
“…perhaps you should reflect upon how you engage others on this blog, and your choice of words.”
If others seem to be acting like jerks, I reserve the right to call them on it.
I hope you will feel free to extend the same courtesy to me (and I see you already have).
And sorry if any thin-skinned readers her take it personally if I try to humor the HBB readership by referring to Republicans as Republitards. Humor is the spice of life, in my opinion.
Wow, you managed to be condescending, phony and insulting all in one post. Good job.
The past month has really brought out the nasty side in a lot of posters here.
It’s not just here. It’s everywhere. And your boy, Scott Walker is the reason. I’m serious. Your guys own this one. You’re shocked? This guy’s caused some needless damage to America. This guy is nasty, a tyrant, an ideologue and a fool. There were many other ways to accomplish budget reform. This was not about the budget but a raw display of unbridled, uncompromising, brute and corrupted power.
But the thing is, he’s won the battle but started a war. There are articles about families split apart, facebook wars, tears, fights. This is governing? Really? But public opinion has changed towards the worker’s favor. Even on this blog I’ve heard of 3 past conservatives siding with American workers now and no liberals changing sides. Why? Because what Scott Walker did was nasty- a terrible way to govern and he laid bare the nutball wing of the Republican party’s agenda.
What you guys did was needlessly stuck your broom handle in a hornets nest and now you feebly feign shock and indignation that you’re being stung.
Scott Walker’s War
http://www.thedailypage.com/isthmus/article.php?article=32445
What began as a trumped-up crisis has caused a real one, as the governor pits Wisconsin residents against each other
as a lifelong resident of Wisconsin, I’m saddened — truly and deeply saddened — by what Walker has set in motion. It will change the state forever, causing profound and lasting damage, no matter how the budget stalemate plays out.
Scott Walker’s declaration of war … could be for Wisconsin what the attacks of 9/11 were for the nation. It will create a deep before-and-after divide, between a time of relative innocence and a time of perpetual conflict and insecurity.
What has been fomented in Wisconsin is a rupture among ourselves, one that will ensure acrimony and contention for many years, perhaps decades. The dispute will be not just between Walker and his tens of thousands of newly impassioned enemies, but between the state’s citizens — worker against worker, neighbor against neighbor, family member against family member. (Personally, I think a colonoscopy without anesthesia might be less painful than the next get-together of my extended family.)
….”Our state is ripped apart right now,”
On this blog you are more aggressive than almost anybody at expressing opinions and even attacking people. And now here you are whining as if you have been victimized.
LOL, I can’t believe this post is actually coming from you NYCityBoy. Sweet, polite, non-attacking NYCityBoy? We’ve gone down the rabbit hole.
Your whole screed yesterday was that you were like a martyr or something. I know, you’re misunderstood.
“Wow, you managed to be condescending, phony and insulting all in one post.”
I would think anyone who lives in NYC would have a much thicker skin.
Did I whine and toss out “ad-hominem” or anything? Nope. I was just stating facts. It was impressive that you could fit that all into one comment.
If others seem to be acting like jerks, I reserve the right to call them on it.
And people here are calling you out for acting like a jerk. So perhaps you should take that to heart.
drumminj, I agree, we are becoming more polarized. But this has been going on all over the country for the past 8-9 years (20 years if you follow politics closely). As long as we have a winner-take-all two-party system, it’s not looking likely to change. As long as people follow the letter of the law but ignore the spirit of the law, it’s going to stay nasty. As long as politicians can be bought, it’s going to stay nasty.
“It’s not just here. It’s everywhere. And your boy, Scott Walker is the reason. I’m serious.”
Now that’s comedy!
“This guy is nasty, a tyrant, an ideologue and a fool.”
“he’s won the battle but started a war.”
Sounds like the incendiary rhetoric attributed to the tea party. I guess we can’t blame all future Laughner style episodes on Sarah Palin. If the communist rent-a-mob in Madison does not like the results of the vote, they should make plans to take up residency in Wisconsin and vote out politicians with whom they disagree. That is how it works.
Now that’s comedy!
But you’re not really laughing nickpapageorgio unless it’s a nervous laugh.
I guess we can’t blame all future Laughner style episodes on Sarah Palin.
No, I will bet there will be some blamed on Scott Walker.
If the communist rent-a-mob in Madison does
You sound like the only thoughts ever in your head are from the fascist corporate mouthpiece FOX. You use the same words. When Glen Beck switched from using “Socialism” to “Communism” that’s when you did too. So scary…
Nick, they don’t need an out-of-state rent-a-mob to establish residence. The exisiting residents have already initiated recall challenges to the Wisconsin government, to where they will have to opportunity to vote them out a year from now. That is how it works in Wisconsin.
Now, if there is a recall vote, the question will be what all those who originally voted for Walker will do. Will they vote to keep Walker? Will they vote him out? Or will they stay at home? They aren’t all tea-partiers, and I don’t think a majority would actively vote to bust the teachers’ union. (I’m remembering last week’s comments here about the gun-totin’ truck-drivin’ contractors who gets his benefits from his loyal wife who’s the clerk for the county.)
As for incendiary rhetoric, the AM airwaves have been full of union-thug talk for months. Don’t like the taste of your own medicine?
We have become more polarized over the last decade or so….probably closer to two decades, as oxide says. I think a large part of the reason is 24 hour cable news. When you run a station that needs to get high rating all the time and the only thing you have to offer is news, you better make that news as compelling as possible. The best way to do that is to make it seem as urgent as possible. Newsmen are rabble rousers.
if the communist rent-a-mob in Madison does not like the results of the vote, they should make plans to… ….get really busy?
Your doughfaced boy fired up the base. Just not his base. …..That is how it works.
Wisconsin’s Walker: Union Man of the Year
CNNMoney) — Labor unions around the nation can thank Wisconsin Gov. Scott Walker for re-energizing the workers movement.
….unions were also celebrating the outpouring of strength and support for their cause. Tens of thousands of union workers have descended upon state capitols around the nation to protest looming threats to their members, ….
...”We should have invited him here today to receive the Mobilizer of the Year award!,” AFL-CIO President Richard Trumka said in a speech Thursday.
…the hard-charging governor also has managed to make collective bargaining synonymous with fairness and worker rights in the public’s mind…
….“He has sparked the most energized labor movement in decades,” Shaiken said. “He’s recruited many people who are angry at what they view as a power grab.”…..
If only we could get back to the good old days when over 600,000 Americans died fighting each other.
I think this concept of recent polarization is overdone. I would love to know a time when people weren’t polarized. There is always something to disagree about whether it be religion, politics or economics.
We have become more polarized … I think a large part of the reason is 24 hour cable news.
Yes and none of the cable networks redline the BS meter half as much as FOX propaganda does.
Their numbers are a joke. From: Sourcewatch dot org
Fox News Channel promotes itself under the slogan “fair and balanced”, but examinations of the channel’s guest selection have found notable imbalances towards Republicans and conservatives. In 2001, media watch group Fairness & Accuracy In Reporting studied the guestlist of FNC’s flagship news program, Special Report, it found that Republicans made up 89 percent of Fox News’ partisan guests, outnumbering Democrats 50 to 6. Avowed conservatives made up 71 percent of guests.[2]
When liberal guests do appear they are usually outnumbered by 2 to 3 to even 4 to one.[citation needed] The host usually frames the topic or introduction to the topic in an extreme conservative partisan manner.[citation needed] {examples needed)
The very topics selected by Fox News show a desire to promote a conservative agenda: Fox has also a history of promoting the “Tea Party” rallies and correspondents have been filmed to lead crowds at these rallies in chants.[citation needed]
Of course, calling your network “fair and balanced” does not make you fair and balanced, as Media Matters and Newshounds have demonstrated through their analysis of bias at Fox.[citation needed]
It seems to you like Fox is worse because they bend things in a direction you don’t like. When things are bent in the same direction you’re already leaning in, it tends to look more centrist. Or to put it another way, when you are in left field, a line drive to left looks like it’s coming right at you.
It seems to you like Fox is worse because they bend things in a direction you don’t like.
No. I attempt objective thinking a lot more than the average FOX lover. (Not PC to say but it’s true and a knowledge of my background would convince many of this) The reason I dislike FOX is because of the extent of FOX’s B.S. which is reflected in the numbers below. Their B.S. line of thinking is leading USA into a 3rd world banana republic. This is not small casino.
Also because their core audience is too ignorant to realize the existence of and the implications in the numbers below.
I mean, come on people..
Republicans made up 89 percent of Fox News’ partisan guests, outnumbering Democrats 50 to 6. Avowed conservatives made up 71 percent of guests.[2]
When liberal guests do appear they are usually outnumbered by 2 to 3 to even 4 to one. sourcewatch.org
I attempt objective thinking a lot more than the average FOX lover.
I’ve heard many people say this. They may be right, but I’m not convinced they are thinking as objectively as they think they are. It’s easy to see the flaws in the thinking of someone you disagree with. Not so easy otherwise.
“And sorry if any thin-skinned readers her take it personally if I try to humor the HBB readership by referring to Republicans as Republitards.
I assume you post ideas and articles here with the intent to sway some minds. Consider that your choice of words detracts from any valid point you might be trying to make. Same goes for the ever-popular “libtards, which I must admit, I don’t see here too often. More unfunny than it is offensive, imo.
My anti-communism predates Fox News by several decades.
I was anti-communist before it was cool.
“And sorry if any thin-skinned readers her take it personally if I try to humor the HBB readership by referring to Republicans as Republitards. Humor is the spice of life, in my opinion.”
PB, since you find humor so enticing, why don’t you find an equally offensive nickname for the Democratic Party?
Dumbocrats? Doltacrats? Anyone?
A more balanced hand at the name-calling might go a long way to soothe the offense some have obviously taken.
> Also because their core audience is too ignorant to realize the existence of and the implications in the numbers below.
Nah, perhaps the core audience is tuning in to what it wants to hear?
Compared to the other networks, think of it as something like being a conservative in a University English or Woman Studies department.
I attempt objective thinking a lot more than the average FOX lover.
I’ve heard many people say this.
Give me a big fat break. Woa.
If you doubt that, you don’t know what the heck Fox news is about, comparatively or standing alone.
I was anti-communist before it was cool.
Then why still ain’t you?
PB, since you find humor so enticing, why don’t you find an equally offensive nickname for the Democratic Party?
Come on. They use many. The call Democrats “socialists” and when that got boring, “communists”. It was all over the place and still is. There is no propaganda mouthpiece equal to FOX. It is dangerous and dirty and is tearing USA apart. Think.
If most networks spoke as Fox does, Republitards ain’t nuthin’. The most radical of them would be referred to as fascists.
Fascists. Look it up.
Compared to the other networks, think of it as something like being a conservative in a University English or Woman Studies department.
No. This is the falsehood and the the danger. It is not like your example at all anymore. We’ve gone beyond that. FOX is not a normal network today. Did you see the stats I posted?
There is NO American network as biased and as dangerous to the American middle-class way of life as FOX. None. Not CBS nor MSNBC. They are a corporate propaganda tool.
There are studies online that fact check. I listed a good one twice.
Comment by nickpapageorgio
2011-03-11 16:51:52
My anti-communism predates Fox News by several decades.
I was anti-communist before it was cool.
———————–
I would think most of us are anti-communist.
Perhaps you’re confusing socialism with communism? I’ve seen a number of posts from people who seem to be unable to distinguish one from the other.
Awesome post, dcopland.
The HBB is undoubtedly one of the best sources for learning different perspectives and information about a wide variety of things.
Though many of us might disagree about certain issues, the debating that goes on here is one of the best ways to hone one’s perceptions and understanding of the world around us. For that I will always be grateful to Ben Jones.
that was a very nice post.
conceptual issues involved with development and economic growth.
Well, the diversity & experience in this “all-things-Ben’sHousingRelatedDebacle + “other bits” is rather like being in a candle lit house with a bunch of strangers whilst a whopper of a storm is handing out destruction in every direction…someone goes to the window,… comes back with a description…when we get bored the “usual subjects” emerge and they get a chance at being whacked about…”Nerf eCONomics”, yeah, that’s the ticket! Whack! Whack! Whack!,…no real damage really.
I learned that we cannot have a economy based on selling our houses to eachother for profit each time. I had no idea this scheme would not work.
I thought it would work until we ran out of Californians.
DC
I think this blog is excellent as well due to the quality of posters, diverse educations and experiences - and of course the civility practised.
But I think this blog is a little too slanted toward only seeing the bad side of things. Practising risk aversion saves money and I have found this blog excellent for helping with this.
I would rather be concentrating my time on practising strategies like Value Chain, Blue Ocean, Balanced Score Card, etc and this blog could really assist in some “identifiers” and decision making along these lines.
I for one, think that an individual can make great changes in society if they have the capacity for honest, intelligent analysis, and decision making.
And of course the drive to carry it out.
Good luck in your law practise.
All of this earthquake/tsunami video coming out of Japan is INSANE….
Note to self: Don’t screw around with Tsunamis.
From what I’ve seen online, people had about a half hour to GTFOO Dodge…..saw one guy whipping around and doing a 180 on the road, because he could see what looked to be a 6-9 wall of water and debris crossing a field to his right, and heading straight for him.
Until you see real-time vid like this, it’s hard to really appreciate what these things can do.
Just saw some of that, X-GS, truly scary. I get a bit complacent about living in Florida, as long as I’m inland enough in a strong building, I tend to feel safe from hurricanes and forget about other possible natural disasters. I have to remind myself that it can happen here. And there’s no high ground to run to.
Palmy, did you ever have a chance to check out the Greenville or Asheville areas? Elevation 700′ ASL or higher. Over 100 miles from the coast.
Don’t forget the New Madrid Fault:
THE HIGHEST EARTHQUAKE RISK in the UNITED STATES outside the West Coast is along the New Madrid Fault. Damaging tremors are not as frequent as in California, but when they occur, the destruction covers over more than 20 times the area because of underlying geology.
A DAMAGING EARTHQUAKE in this AREA, 6.0 or greater, occur about every 80 years (the last one in 1895). The results would cause serious damage to schools and masonry buildings from Memphis to St Louis.
A MAJOR EARTHQUAKE in this AREA, 7.5 or greater, happens every 200- 300 years (the last one in 1812). There is a 25% chance by 2040. A New Madrid Fault rupture this size would be felt throughout half the United States and damage 20 states or more. Missouri alone could anticipate losses of at least $6 billion from such an event.
THE GREAT NEW MADRID EARTHQUAKE OF 1811-1812 was actually a series of over 2000 shocks in five months, five of which were 8.0 or more in magnitude. Eighteen of these rang church bells on the Eastern seaboard. The very land itself was destroyed in the Missouri Bootheel, making it unfit even for farmers for many years. It was the largest burst of seismic energy east of the Rocky Mountains in the history of the United States and was several times larger than the San Francisco quake of 1906.
scchealth(dot)org/docs/ems/docs/prepare/newmadrid.html
The very land itself was destroyed in the Missouri Bootheel, making it unfit even for farmers for many years.
how does that happen?
“Uplift of over 3 meters was reported at one locality several hundred kilometers to the southwest of the epicentral zone where a lake formed by the St. Francis River had its water replaced by sand. Numerous dead fish were found in the former lake bottom. Large fissures, so wide that they could not be crossed on horseback, were formed in the soft alluvial ground. The earthquake made previously rich prairie land unfit for farming because of deep fissures, land subsidence which converted good fields to swamps, and numerous sand blows which covered the ground with sand and mud. The heavy damage inflicted on the land by these earthquakes led Congress to pass in 1815 the first disaster relief act providing the landowners of ravaged ground with an equal amount of land in unaffected regions. ”
earthquake.usgs(dot)gov/earthquakes/states/events/1811_overview.php
I’ve read that there were visible ‘waves’, just like in the ocean, in the ground itself during the 1812 New Madrid quake, and these waves hurled full-grown trees out of the ground and into the air, roots and all.
Part of the Mississippi River reversed course during the quake, and when it returned to its original direction, it was in a new bed that cut off a part of Kentucky, and left it on the other (western) side of the Mississippi- where it remains today. (You know you’ve been in a big earthquake when your farm ends up on the other side of the river.)
Mark Twain commented on this shifting of land from one side of the river to another in his book “Life On The Mississippi”
http://zombiehunters.org/forum/viewtopic.php?f=14&t=36016
For HBB members living in earthquake zones, i.e. Southern CA and the New Madrid fault, here are some very useful and potentially lifesaving instructions on how to build a bugout bag for natural or man-made emergencies (one tends to follow the other).
I built a bug-out bag for the home and for the car. I recommend that you spend the money on the good stuff. make sure you get the Chlor-floc tablets for water.
foodstoragemadeeasy dot net is more fun than the military-ish sites. They have good lists for bug-out bags for the home, car, and office.
The best place for the bug-out bag is the front closet, or back closet, depending on which way you plan to run. Also, it’s best to plan for several scenarios so you can prioritize and place your stuff accordingly: What do I grab if I have 3 seconds? 30 Seconds? 10 minutes? Can I use the car?
I always find it amusing(?) in a sick way when they show people going back to their homes after a predictable disaster and crying that they can’t find grandma’s ring or the family photos. If they’re that important to you, then you need to find them and put them in the 10-minute bag.
The first 72 hours are the crucial ones, especially in the US. I figure that no one is going to whack the entire US at once, so one part of the country can rescue another part in 3 days (cf Katrina). If they need longer than that, then the country is so screwed that you may as well give up.
oxide
Thank you for the great suggestions and website. If that food last 25+ years, I have to ask wth is the preservative? LOL
I appreciate you sharing, and have noted the information. Now, let’s see if my thinking and talking about it, leads to action!
3 seconds? What can you do in 3 seconds other than close the door to the bathroom and put a towel over your head to protect from breaking mirrors?
In my area, even 10 minutes isn’t enough time to get out in any meaningful way. I guess I could go hid in my car in the (underground) garage with some water, soup and a can opener.
That’s true Polly. Cities always fare the worst. But it depends on the disaster. With modern weather forecasting, about the only natural disaster you can’t predict within 10 minutes is an earthquake, but at least you know you’re in a risk area. I’m more worried about fires in the house.
Tsunamis are particularly freaky because of their pace and force.
As are bubble collapses.
Apparently there is a nuclear plant which was affected by the quake/tsunami. “It won’t cool” is the report. This could be a bad development.
Which is why I constantly tell people that the “nuclear option”, when it comes to energy, is NOT a good idea. Too much that can go wrong, too much potential for irreversible devastation. Next.
Now there’s a link:
http://www.marketwatch.com/story/japan-orders-evacuation-around-nuclear-plant-2011-03-11
I think that fear of nuclear power is much like fear of flying in a commercial plane. Far more dangerous to drive to the airport. Natural gas pipelines far more dangerous than nuclear plants. The mercury in your energy saving light bulbs poses much more a risk to your family. I almost find it amusing that some people can claim that manmade global warming will kill millions and then be against nuclear power. In the end the reactor may be ruined but this will not be a serious health threat.
So we can build the next nuke plant next to your house?
“The mercury in your energy saving light bulbs poses much more a risk to your family.”
There’s actually more Hg put into the atmosphere through the burning of coal to power a less efficient light. It’s a pretty simple calculation IIRC.
“I almost find it amusing that some people can claim that manmade global warming will kill millions and then be against nuclear power.”
You’re probably right about the risk of a meltdown. But when you tell us how to find more than 100 years of economically viable uranium ore, how to dispose of the waste and keep it disposed for thousands of years and how to prevent the waste from getting into the hands of potential dirty bombers, then it’ll be easier to buy your argument. And please don’t link to PBR, thorium or tokamak reactors.
It would be better than a coal plant but no one wants any energy producing plant next to them. Just try to site a wind farm.
BTW, not clear by the story but it appears to be an update on the plant: http://news.yahoo.com/s/nm/20110311/pl_nm/us_japan_quake_nuclear_clinton
Next to? No. A couple miles away? Sure.
I still remember the sky turning from bright blue with white puffy clouds to a brownish haze whenever we drove on I-75 under the plume from the Apollo Beach (FL) power plant. Once past the area, the sky turned blue again. The plant is at least three miles west of I-75. That plume is drifting with the wind 24/7, year after year, dropping mercury compounds and other nasty stuff over a large area.
http://www.nytimes.com/cwire/2009/05/18/18climatewire-is-the-solution-to-the-us-nuclear-waste-prob-12208.html?pagewanted=2
I think this answers both the supply and the waste issues for nuclear power. As far as the CFL light bulbs I was talking about the potential danger in the home not the ultimate amount of mercury released. I have them in my home but would be worried if I had young children that could breakthem in the home.BTW, I love thorium but you took that off the table.
Now that Hilary says the US government is involved in the reactor crisis and has announced that its “contained”, you just know its going to blow soon.
Not really fair of me to pull thorium on you. I have a friend who is to the right of Mussolini in his political views who is on about it. I pulled it up on “the Google” but never got around to reading it. Maybe it is the way to go. Not sure, but you’ve reminded my read the articles that he sent.
Reprocessing is a fair solution, I suppose, and thanks for the article. I just want to broaden the discussion and include not using so much energy in the first place and not need so many power plants of any stripe (and yes, I’m familiar with Jevons paradox).
“As far as the CFL light bulbs I was talking about the potential danger in the home not the ultimate amount of mercury released.” It’s true that, if you break one, it’s in your home rather than just in the atmosphere. I just wonder about the risk of breaking one vs. not breathing. Heh. We have a little one, but there were no CFLs before us and I’m being careful, so I’m not so worried about mercury.
MrBubble
“my read” = “me to read”
“So we can build the next nuke plant next to your house?”
You can build it next to mine! I could get a job there and walk to work.
“Which is why I constantly tell people that the “nuclear option”, when it comes to energy, is NOT a good idea.”
There does exist one good design for a much safer nuclear reactor.
It is “fail safe” in the sense that its very design causes the reaction to slow down in the face of excess heat, thus generating less heat and removing the possibility of meltdown. In other words, it is passive safety, rather than requiring multiple redundant cooling mechanisms to operate safely.
But for some reason, it has not gotten the investment that it deserves. I wish I understood why.
http://en.wikipedia.org/wiki/Pebble_bed_reactor
What is it with all the “Nuclear will save us” advocacy? Nuclear is much better than coal but it is not the end-all be-all solution to supplying energy. It is cheap to run but it is not cheap to build. Because both the waste and fuel are quite hazardous, permitting must be much more stringent than with other energy sources. Development time impacts project economics, making a nuclear project similar in cost to other renewables.
The fact that nuclear is baseload is not necessarily advantageous. If electricity demand was flat over the entire day, nuclear energy would be ideal. However, demand is not and nuclear power cannot follow load effectively. Different power sources are needed to follow load. These are typically hydro-electric dams or natural gas turbines. Running the grid is complicated and needs more than one type of power source.
Palmetto - research Pebble Bed Modular Reactors. Modular and practically meltdown proof. I’d much rather go that route and tell the Arabs we don’t need their oil anymore.
“Note to self: Don’t screw around with Tsunamis.”
Yup. DH and I were watching TV this morning and seeing some of the preparations Hawaii is taking. I turned to him and said that, even with plenty of notice, we’ll likely get a look at Darwinism at work as someone out there is going to try to “surf the waves”.
someone out there is going to try to “surf the waves”.
It’s a different kind of wave than a surfing wave but it could fit in with your point of getting a “look at Darwinism”.
Except for the very largest tsunamis, the approaching wave does not break (like a surf break), but rather appears like a fast moving tidal bore.[16] wiki
Not totally, dudes surf the Amazon’s tidal bore all the time:
http://www.youtube.com/watch?v=2sBWBYN5jvA
Not totally, dudes surf the Amazon’s tidal bore all the time:
I actually know a Brazilian guy who did it 10 years ago. But the difference would be when you’re finished surfing.
A tsunami is also full of junk like trees and cars and dead stuff and everything else you can imagine. It’d be a tough wave to surf.
My point was that you can surf a tidal bore.
This is a better video (has heli shots):
http://www.youtube.com/watch?v=7a_2g6uTDb0
ISTR reading a book about how a tsunami all but wiped out Crescent City, CA. Didn’t take but a few minutes for this to happen.
So, word to the wise: If you’re in the path of a tsunami, get thee to higher ground. Now. I mean it.
The harbor yes, city no:
“By midmorning, water rushing into the harbor had destroyed about 35 boats and ripped chunks off the wooden docks, as marina workers and fishermen scrambled to secure property in between surges.”
“The waves, however, had not made it over a 20-foot break wall protecting the rest of the city, and no serious injuries or home damage was immediately reported.”
It helped a lot that it arrived at low tide. There wasn’t much margin for error. At any time other than low tide, there might have been some land inundation as well, not just harbor damage.
Fire on water: Japan, world watches tsunami strike live
By Kevin Voigt, CNN
March 11, 2011 — Updated 1322 GMT (2122 HKT)
U.S., Canada threatened by tsunami
By Kevin Voigt, CNN
March 11, 2011 — Updated 1053 GMT (1853 HKT)
$10 billion damage? I think we are going to need a bigger underwriter. A little tallying in my head: A whole international airport with a couple dozen $100m aircraft. A few large ships, factories, a coastal town - just what I was able to see on TV video. I guess its all about damage control for the precious stock market.
Mauldin has described Japan as a bug waiting for a windshield. Maybe this is it?
there is a apparently a volcanic island off the west coast of africa where the land mass is separating. scientist say the at some point it will completely separate and create a huge landslide into the atlantic ocean. the tsunami it creates could be several hundred feet high and effectively wipe out the entire eastern seaboard of the united states.
not a matter of if…but when sort of thing. will be like the supervolcano under yellowstone kind of disaster.
scary stuff.
Actually it’s in the Canaries, La Palma.
http://www.lapalma-tsunami.com/reactions.html
Some of this information is also in the wikipedia link above.
Picked up a local “Homebuyers Guide” at the grocery store the other day. First time I’ve even looked at one in 2-3 years.
First thing you notice is how thin it is…..only 15 pages. Used to be 60-70.
And, as a public service, I will translate the new realtor lingo, for the benefit of the great unwashed.
“Charming” = Small
“Upgrades” = Normal maintenance
(Yeah, like I just “upgraded” my car, by fixing the blown head gasket)
“Country Living” = Next door to feedlot.
“Unique” = weird
“Walk-out Ranch” = Berm house
“Fantastic Kitchen” = granite and stainless steel
“Owner Transferred” = owner foreclosed, and living in a van, down by the river.
I too pick up those guides. Yes, they are a lot thinner than they used to be. Also, most of the houses advertised are much further out now. You’ll notice that next month’s issue will be much the same (practically all the same houses for sale), only with a different house on the cover.
I’ve also noticed that the realtors don’t keep up the supply as well as they used to. The booklets which are supposed to be updated every two months languish in the dispensers and collect grime for six months before the new ones come out. But the dispensers in the better neighborhoods (Bethesda Metro) are stocked more often. Casting for cash?
they’re too busy conferencing over this matter, how to ‘handle’ public perception etc.
“First thing you notice is how thin it is…..only 15 pages. Used to be 60-70.”
get out of town…i thought they were closing 30 deals a month?
We have a Realtor friend. She is upfront about how bad the market is and how few closings she’s getting lately.
I think I know her. I put an extra dollar in her garter the other night.
She fetched my breakfast down at the diner last saturday.
One I saw for a house we looked at with almost zero backyard space:
“Low-maintenance backyard”
I’m sure most of you will have seen this by now, but Japan suffered a horrible earthquake last night. They had some amazing footage of the tsunami sweeping over farmland and buildings…and the cars desperately trying to get away. My heart goes out to those poor people.
http://www.reuters.com/article/2011/03/11/japan-quake-aid-idUSLDE72A0LJ20110311
WOW!!! These are the high-paying gov’t jobs out there!!! I think we’d save a lot of $$$ just by leaving that stink hole.
http://sandiego.craigslist.org/nsd/gov/2252746550.html
Translator for Afghanistan
We are still seeking US Citizens and Green Card holders who speak Pashto and Dari that are interested in becoming translators for the United States Military in Afghanistan. This is a highly lucrative position with tremendous benefits, and you will be serving your country. Most of the salary you will earn will be tax free. Please let me know if you are interested. You can contact me at (909)362-3420. Please call me if you are interested. I respond to all calls. I will brief you in on further details to get everything set up. Thank you. If I’m unable to answer please leave a message leaving your contact information and I will get back to you as soon as I can. For 1yr you will earn $250,000.
There are so many red flags of fraud in this ad that I won’t bother to list them.
Reputable defense contractors (contradition in terms, I know) would NEVER advertise on Craigslist. This is almost certainly a scam.
Unfortunately, it is probably not a scam. Buddy of mine repsonded to a blind ad on CL, turned out to be a legit defense contractor who mistakenly thought my buddy could speak Middle Eastern languages (the ad left out language requirements). The recruiter was so excited, he wanted to conduct the interview like yesterday, until my buddy told him he didn’t speak the requisite languages.
Reputable defense contractors wouldn’t, but people hoping to be head hunters for defense contractors might possibly try this - unlikely but possible. That said, there is no way this person has anything resembling hiring authority and the chance that it isn’t a scam is small. My guess is that they want a few thousand bucks for testing so they can “certify” you before they can submit your name. That would be the last you heard of them.
I have delt with very small minority owned busineses when contracting in the defense industry.
I believe it. I know 2 guys first hand who made a “killing” by doing some “IT work” in Iraq in 2006. A salary of 250,000-350,0000 was common for the first yr. And mostly tax free too if I heard them correctly. The guy with families did one yr but the single guy did 3 yrs I believe.
Your two guys jobs WEREN’T government job, as timmy and craigslist implied — they were contractor positions. You know, private sector that’s supposed to pay so little in comparison to fed? Why let “big” government pay a GS 13/14 (about $95K/year) when you can get a “small” government to hire a contractor to do the same work for twice as much?
I was offered an assignment in Iraq $280k/yr, no tax, back in 2003. Without going into all the details, the risk was far too great. And it wasn’t “a government job”. Everybody involved was a consultant or sub-consultant. Everybody.
If you are a US citizen, that income is reportable. A portion is exludable under foreign income exclusion, about $100k. All of it may be subject to self employment tax.
Of course they are government jobs. I also have another buddy he works for an IT consulting company that does quite a bit FDA works. His salary for designing crappy apps for FDA, you guessed it 120k! Before this company he was making 75K.
There were a lot of those “contractors” back in Vietnam as well. They all carried sidearms and some even had AK-47s.
Cowboys.
“Contractor doing government WORK,” maybe, but “government job” they are not.
This is HBB. Please check your logical fallacies at the door. You won’t need them here. And save your scorn for the true GS employees.
I don’t want to argue over semantics.
Who created these jobs and who pays for them? That’s enough for me to decide what kind of jobs they are. Whether you hire a FT employee, contractor or a sub-contractor, big effin’ difference….
Of course they are government jobs. I also have another buddy he works for an IT consulting company that does quite a bit FDA works. His salary for designing crappy apps for FDA, you guessed it 120k! Before this company he was making 75K.
The brother of one of my clients works for the FDA. He’s some sort of scientist.
Being the federal contractor wannabe that I am, I’ve asked my client about doing business with the FDA. (Always gotta be aiming for those referrals, doncha know.)
Any-hoo, my client was pretty down on the idea of my doing work for the FDA. Reason: Their IT systems are pretty primitive. To hear it from him, it sounds like the brother is still using something like Windows 3.11.
‘I don’t want to argue over semantics.
Who created these jobs and who pays for them? That’s enough for me to decide what kind of jobs they are. Whether you hire a FT employee, contractor or a sub-contractor, big effin’ difference….”
good grief get a grip. You just demonstrated why you’re not the one doing any “deciding”.
I agree with butters on this one. Budget cutting is going to hit “private” sector workers, also.
We went through a round of budget cutting in my small town recently in which all of the Parks & Rec staff were let go. One of the arguments made for doing this was that Parks & Rec competes with local private gyms. At best, this is partially true. Folks who can’t afford the private gym membership are not suddenly going to be able to afford it because the city is not providing a “competing” program. They will simply do without.
butters,
It makes a difference because an actual government employee doing that job would be making a third or less of the salary. You can’t complain about how giant government employee salaries are and then include the people who don’t actually work under the government salary pay structure.
That being said, of course those jobs a created by the government. And that is one real reason that defense spending is always excluded when the congress critters talk about cuts - defense jobs in the private sector pay very, very well. No one wants those jobs going poof from their districts. And the corps spread those jobs around in lots of districts.
Folks who can’t afford the private gym membership are not suddenly going to be able to afford it because the city is not providing a “competing” program. They will simply do without.
Exactly what happened with Yours Truly. Last year was my business and personal year from hell when it came to low business revenue and getting whumped with unexpected personal expenditures.
So, I had to do some cutting back. One of the things that got cut was my gym membership at the nearby city recreation center.
Which means that, if Slim needs to go lift weights, I move furniture. Or pick up some rocks in the yard.
Slim, try soup cans. They even tell you the weight. They used to be 16-oz, but I guess they’re down to 14.5 oz now.
And I hear lots of exercise videos are free on YouTube.
The Burden of Pensions on States ~ NYT
For public workers in Wisconsin, there’s more bad news.
Having lost the battle on collective bargaining, they may soon be asked to make more financial sacrifices.
The state’s workers offered to start picking up part of the cost of their pensions and health insurance early in their showdown this year with Gov. Scott Walker. That change will provide immediate relief for struggling towns, school districts and state agencies, and help them balance their budgets.
But new pension cost estimates, ordered before Governor Walker was elected, are coming as soon as next week. They are expected to show that the current contribution levels to the state pension system are too meager. More money, from employers and employees in some combination, will be needed, and perhaps much more in coming years.
http://www.nytimes.com/2011/03/11/business/11pension.html?_r=2&partner=rss&emc=rss
Defined benefit plan meet empty purse.
Got my yearly statement from SS. It says in a couple of years I can start collecting $1778 per month, towards twice that if I wait five years. Since I live on less than the smaller amount it will be tempting. Tempting to believe in, I mean.
If they have made these promises to you in writing then they have to keep them. To not keep them would be such a wrong thing for them to do.
Seriously? Have you READ all the disclaimers on those SS statements? Or has my sarcasm detector failed again?
Your sarcasm detector has failed again.
lol…so did mine.
ran into a county worker friend, whose accountant told her to file at 62, while she’s still working, because who knows if it’ll be there in 4 years!1!1!
Are they going to stop collecting the payroll tax?
Reduced benefit: almost a certainty.
No benefit: not likely.
If SS is disbanded, it will be for political reasons, not for financial ones.
If anything, I see Medicaid, welfare and Foodstamps going away first, as they lack a dedicated tax to fund them and are partially funded by the states, which are broke.
“If anything, I see Medicaid, welfare and Foodstamps going away first, as they lack a dedicated tax to fund them and are partially funded by the states, which are broke.”
And it’s more palatable to penalize those recipients instead of going after grandma.
No one campaigning in Iowa will ever suggest ending foodstamps.
“Are they going to stop collecting the payroll tax?”
yes I thought it a little hysterical. I think she just wants the extra $$$ every month. I shall wait until 66, if I can.
Quite a few Medicaid recipients are Grandma. They are called dual eligible and are seniors that are too poor to be able to afford Medicare without help.
“If anything, I see Medicaid, welfare and Foodstamps going away first, as they lack a dedicated tax to fund them and are partially funded by the states, which are broke.”
And let’s make sure that every poor woman’s fetus gets a chance to be born, because abortion is morally wrong. But don’t provide it with prenatal care or any support after it is born - personal responsibility and all that.
SteveJ, why Iowa? I know the primaries start there, but are there more food stamp recipients in Iowa? Do food-stamp recipients buy more corn?
And no one campaigns on anything these days. I’m pretty sure Scott Walker didn’t campaign on breaking unions and selling off state assets.
Comment by Happy2bHeard
2011-03-11 11:24:03
“If anything, I see Medicaid, welfare and Foodstamps going away first, as they lack a dedicated tax to fund them and are partially funded by the states, which are broke.”
And let’s make sure that every poor woman’s fetus gets a chance to be born, because abortion is morally wrong. But don’t provide it with prenatal care or any support after it is born - personal responsibility and all that.
————-
You’ve nailed one of my pet peeves. One or the other, you can’t have it both ways.
I’d advise that you keep working. If you can live on less, try to switch careers so you won’t be bored. That’s my game plan.
The bigger issue is health insurance. For a lot of employers older workers are unhirable because of the effect on their rates. But 65 year olds are fine. Wonder why?
“I’d advise you to keep working.”
Plus 100.
A job means steady cash flow - not something one should think of ditching in these very uncertain times.
Take the money at 62! you might not be around to spend it at 65.
There are thousands of people every day who are having birthdays and thus are retiring because the calandar and people they do not know say that is what they should do.
Thousands of people retiring every day translates into less money going into the SS pool and more money being taken out of the SS pool. At some point something has to give.
Sometimes it is good to do just the opposite of what everybody else is doing.
Thousands of job loss translates to shortage for SS also .
The question for many is not whether to retire, but whether to file for SS while still working. Not talking big incomes here, more the norm for Montana. An extra 1000 a month comes in handy.
I am resisting the urge, so far.
“I’d advise you to keep working.”
I get that, but…
I have been at this engineering thing for a very long time. Wanted to be a forest ranger and then came a cute gal. Wanted to be a cabinet maker and then a child or two or three or four.
I’ve got some things I want to do. Some of them will only be physically possible for me for the next 20 years. I might burn through my savings in that time doing these things, but…
And besides, my partner is a teacher with a defined benefit plan. What could go wrong?
“If you can live on less, try to switch careers so you won’t be bored. That’s my game plan.”
It is also my game plan. Partly due to necessity and partly due to uncertainty. Planning for a 30+ year retirement is dicey at any time.
If the rising Republican tide continues into the 2012 election, we could see major cuts in Medicare and, possibly, SS. I wonder if the Tea Party wing of the Republican Party will be responsive to public outcry. (There may still be Tea Party folks outside of the Republican Party. That is not who I am talking about). So far, it looks like they are not.
I wonder what means testing will do to the employability of 65 year olds. Does it mean that well off 65 year olds will have to pay more for Medicare or will they have to buy private insurance?
I am still hearing exceptions for current recipients and near retirees. If we wait long enough that will include all boomers - a solution that is not a solution.
I think we will need an all of the above solution - tax increases and spending cuts. Means testing of SS, a lifting of the cap, and raising the retirement age combined with disability.
I am not sure how we deal with the long term unemployed that are still able in the over 50 age group. There is a large measure of luck in being employed beyond 50. Did you choose the right career when you were 20? Have you been able to keep pace with change? Are you employed by a thriving company in a growing industry? Have
It says in a couple of years I can start collecting $1778
Social Security? I thought you were only like 45 or something.
No wonder why you say the darndest things.
If you start drawing SS at age 62, they will reduce your monthly benefit by one dollar for every two dollars you make from working, until you reach the year of full retirement age.
Something to keep in mind.
LOL.
Comment by NYCityBoy
2011-03-10 09:27:35
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.
——————–
Union members from **private sector** unions were standing with us in San Diego, and they are present at all of the rallies. Their unions probably outnumbered the public sector unions there (unions represented, not number of people, though non-govt union members were probably ~30% of the people there). The Teamsters are ever-present in this fight against corporate/financial corruption.
Perhaps they understand something you don’t, NYCBoy.
Be not mistaken, this union fight is NOT about government workers. This is the last stand for the middle class. The unions are the only ones with enough power to stand up to the financial and corporate elite *who have destroyed private sector jobs and taken down our economy.* The financial sector mobsters caused the pension crisis, not the union members.
The unions fought against “free trade” agreements (were the corporations you protect so rabidly fighting against the off-shoring of jobs?), and they fought for living wages and decent benefits for all workers (what were your corporate masters doing regarding these matters?).
So many people fail to grasp that their quality of life — working hours, overtime laws, workplace safety, weekends, healthcare, etc. — is almost entirely due to unions and their hard-fought battles.
This is the final battle between labor and capitalists. If the unions are annhilated, there will be NOBODY left to fight the takeover of our country by those who control the majority of the world’s wealth. They are trying to break the unions because they want to privatize all of our public assets and direct all those revenue streams to themselves.
Wake up, people! Wake up!
I agree, CA. While the leadership of the union movement in this country have been dispicable, organized labor at the rank and file level is perhaps the last bulwark against the plans of the financial elites, enabled by their creatures in our one-party Republicrat system, to engage in a final orgy of looting and asset-stripping of the productive middle and working classes, before consigning the latter to serfdom in the plutocrats’ incorporated global plantation. One of Scott Walker’s little-known schemes is to sell off state property to private (read: predatory) interests, no doubt for a song, so those same parties can then lease the properties back to the WI gov’t or use them in feudal-style “private-public partnerships” to gouge the citizens for the use of what used to be public infrastructure.
One of Scott Walker’s little-known schemes is to sell off state property to private (read: predatory) interests, no doubt for a song,
Again. Does anybody know if the “modified” bill in Wisconsin still includes the no-bid of public assets clause?
Without the Senate Quorum being met, it would have had to be deemed “non-fiscal” to do so.
But how could selling of state assets possibly be deemed “non-fiscal”?
(unless of course we really are a banana republic now)
“Without the Senate Quorum being met, it would have had to be deemed “non-fiscal” to do so.”
Deemed! There ya go! The republicans in the Wisconsin senate could have short circuited this at the beginning if they had just “deemed” the bill to have passed.
The republicans in the Wisconsin senate could have short circuited this at the beginning if they had just “deemed” the bill to have passed.
Fine. But do you have a real answer to my questions?
Does anyone?
Does anybody know if the “modified” bill in Wisconsin still includes the no-bid of public assets clause?
Rio,
I looked at an analysis of the bill that passed in WI, and did not see anything regarding the sale of public assets. That does not mean that it wasn’t there, just not in the analysis that I saw.
Am still going to look into this some more.
BINGO
Let’s review
Toll roads are a tax
Higher energy costs to run the schools and state are a tax
Higher medical costs are a tax
Higher fees are a tax
The only difference is the tax money leaves the state and doesn’t stimulate local consumption. These also tax the middle class.
Let’s review his change to the tax code
1. Do away with earned income tax credit which helps lower middle class and middle class workers.
2. Cut taxes on dividends and capital gains for the rich
When the middle class is gone ask how long your job will be around.
I admit I’m jaded, because my union was busted many years ago, by our own member-entrepreneurs. I loved my union. But because of the hollowing out of our economy by offshoring, we can’t afford a union government anymore. It’s all circular I know but that’s just fact.
I loved my union. But because of the hollowing out of our economy by offshoring, we can’t afford a union government anymore. It’s all circular
Well then we can un-hollow out our economy too. That’s circular too but also a fact.
Precisely, Rio.
We just need to grow a backbone already and fight back.
“This is for your own good” has always had a certain appeal, when it’s dressed in black leather. IRL, not so much.
The tendancy of unions to throw their junior or future members under the bus kind of contradicts the claims of altruism.
I would love to see public unions march on Washington, not with their hands out for themselves but rather to demand a rout of corruption.
I would love to see public unions march on Washington, not with their hands out for themselves but rather to demand a rout of corruption.
On this, we are in 100% agreement!
Dangerous thinking! Dangerous I declare!! Be skeerd!
The financial sector mobsters caused the pension crisis, not the union members.
The financial sector was greatly responsible for the pension crisis and this is why it is not intellectually dishonest to conflate those two issues along with the bailouts of the rich, extreme income inequality and the gutting of the middle class.
These issues are totally related to each other.
“The financial sector mobsters caused the pension crisis, not the union members.” Don’t forget the mobsters in Washington DC, who serve their “donors” financial sector mobsters…
There were many now-unreasonable contracts negotiated in every aspect of the economy on false pretenses (unlimited growth) during the bubble. In order to renegotiate said contracts, unions must go in some instances. Blame Greenspan.
“In order to renegotiate said contracts, unions must go in some instances. ”
In order to renegotiate, unions must be destroyed? That’s an interesting spin on ‘renegotiate’.
It ain’t about people organizing unions to negotiate with private companies. The whole Wisconsin thing is about organizing to negotiate with PUBLIC entities.
The coffee idea is great .If that does not work , just move on with your life .
People that fight past wrongs with fire always lose , and make lawyers rich . History bears this out , with the exception of the Wright Brothers and their crude Airplane . After they flew it, they spent almost all their energy and many hundreds of lawsuits to try and collect fees from airplane makers all over the world for their crude invention ,they claimed the idea was theirs. They both died bitter men , but stunted the USA Air industry until the 1930″s . They are still considered heroes in our history , may their memory go the way of the formerly well thought of Christopher Columbus ,no one admires that brute today anymore except Spain ,maybe.
“They are still considered heroes in our history , may their memory go the way of the formerly well thought of Christopher Columbus ,no one admires that brute today anymore except Spain ,maybe”
In Mexico Columbus day is celebrated (It is called ‘El Dia de la Raza’), conmemmorating the birth of the “bronze race” when European and American bloodlines mixed to form a new race.
During the 12 years I lived in Mexico I never once heard of Columbus being villified. Don’t let American Political Correctness cloud your perception of the rest of the world. They don’t see things the way we do.
the Wright Brothers and their crude Airplane
I don’t talk about the Wright Brothers to Brazilians. (unless I want to pull their chains) They are certain that Brazilian Alberto Santos-Dumont flew the first airplane and there is a case to be made that he did.
Opinions may vary on whether the Wright Flyer or …(Santos-Dumont’s) 14-bis was the more practical (and thus the “first”) heavier-than-air flying machine. Both designs produced aircraft that made free, manned, powered flights. Which one was “first” or “more practical” is a matter of how those words are defined. No one could contest that the Wrights flew first or that Santos-Dumont took off on wheels before the Wrights and earned a variety of prizes and official records in France.
Patriotic pride heavily influences opinions of the relative importance and practicality of each aircraft, thus causing debate. Americans prefer definitions that make the Wrights the “first” to fly, while Brazilians believe that Santos-Dumont had the first “real”, practical aircraft, and that his nationality may have caused his accomplishments to not receive worldwide recognition. wiki
I read somewhere that a guy in India flew long before both the Wright Brothers or Santos-Dumont.
“and that his nationality may have caused his accomplishments to not receive worldwide recognition”\
Naw, it is all about the public relations. I’ve never been to Kitty Hawk, but the Wright brothers have a whole gallery in the Air and Space museum which I believe is the most frequented of all the Smithsonian museums.
Yes the Smithsonian.
They’re the ones that refuse to recognize Gustave Whitehead.
The first man to fly a motorized plane under control,
Gov. Scott’s ‘mixed signals’ are keeping $1 billion from struggling homeowners
By Kimberly Miller Palm Beach Post Staff Writer
Posted: 8:54 p.m. Thursday, March 10, 2011
More than $1 billion from a program to help Florida homeowners pay their mortgages is being held up in Tallahassee despite assurances that it would be available statewide last month.
The first batch of money from the federal Hardest Hit program - $418 million - was awarded to the state more than a year ago. The money is for unemployed homeowners or those who have jobs but don’t earn enough to pay their mortgage. It can be used to make loan payments for up to 18 months or to bring delinquent loans current.
Hibl, 64, said he is on Social Security after suffering lung and liver damage in his previous job, which involved spraying chemicals. Jodean, 54, made a decent living selling windows and doors before the real estate bubble burst and she was laid off.
Hibl said he’s seven months behind in payments. The bank filed foreclosure papers in October on the home the couple has lived in for nine years.
“It wasn’t fair that Lee County got it and the rest of the state has to wait,” Hibl said about the Hardest Hit money. “They are sitting on this money when it could be helping us, and now they’ve made it so we missed the chance to apply.”
The Hardest Hit money comes from the federal Troubled Asset Relief Program. A total of $7.6 billion has been awarded to 18 states and Washington, D.C.
Looked up the victim TERRY HIBL, too many refis to post. As near as I can tell on his $164k purchase in 2002 he took out an additional $250k while he was spraying chemicals. Here is one of 6.
Type: MTG
Date/Time: 8/2/2005 16:07:07
CFN: 20050481747
Book Type: O
Book/Page: 19010/1030
Pages: 5
Consideration: $295,607.15
Party 1: HIBL TERRY
HIBL JODEAN
Party 2: HOUSEHOLD FINANCE CORPORATION III
“They are sitting on this money when it could be helping
usthe banks”Fixed it.
Send them a bunch of diapers and infant formula. Did anyone catch any of Peter King’s Congressional hearings? Never have I seen such mewling and puking from a bunch of so-called adults. Temper tantrums, tears, etc. John Boehner’s crocodile tears were bad enuf, this was over the top. All emotion, no serious discussion of what is indeed a serious matter. And these are the folks that keep our young people in hell holes and abattoirs like Afghanistan and Iraq. We are governed by a bunch of colicky babies. It truly is the infantilization of America.
We need someone like that former drill sargeant turned therapist in the Geico commercial:
“That’s interesting… You know what makes me sad? YOU DO! Maybe we should chug on over to namby-pamby land where maybe we can find some self confidence for you ya jackwagon. Tissue?” ::throws box at patient::”
I think R. Lee Ermey is one of the most underrated actors of our time. His performance in Full Metal Jacket was truly epic. Anyone who hasn’t seen that one needs to check it out.
Yes the CBS segment on that made me sick. I had to leave the room, I’m so tired of the emotionalism. And I’m a woman - I’m supposed to eat that up, I guess.
It’s just theater. To gain political advantage. Hence the drama.
Ahead of the Bell: Retail sales
Strong turnout at car lots and department stores likely boosted retail sales in February. ~ Friday March 11, 2011
WASHINGTON (AP) — A busy month at department stores and new-car lots likely boosted retail sales for the eighth straight month in February.
Economists surveyed by FactSet forecast that retail sales increased 0.8 percent last month. The Commerce Department will release the report at 8:30 a.m. EST Friday.
In January, retail sales increased 0.3 percent. Shoppers braved severe winter storms to snap up bargains. The increase pushed sales to $381.6 billion, more than 14 percent higher than the recession low hit in December 2008.
Tax cuts and an improving labor market are expected to help keep consumer spending growing at healthy rates this year.
GM has been stuffing the lots and NOW stock trading below IPO price.
Maybe they should go bankrupt again and issue more stock?
The PPT will need to kick in the turbos today. The DOW must close above 12,000 to maintain that comfy warm feeling over the weekend.
Don’t worry. Soon there will be an emergency press conference with Obama promising to give Japan an enormous aid package funded by a tax on the middle class. The mega-rich will get to keep their huge hoard of cash intact.
Ask, and ye shall receive!
http://www.bloomberg.com/news/2011-03-11/irish-banks-seek-to-delay-evil-day-as-home-loan-losses-rise.html
Extend and pretend, Irish style. Get your hankie ready for these FB “victims.”
Utah Legislature goes for gold, silver as currency options
Seen as hedge against dollar slide. ~The Washington Times
The Utah Legislature on Thursday passed a bill allowing gold and silver coins to be used as legal tender in the state — and for the value of their precious metal, not just the face value of the coins.
State backers said they hope the move will help insulate Utah from a potential monetary slide as countries question the value of the dollar. Others, casting their eye nationwide, said it could spur a broader move by Congress or states to readopt a gold standard.
“Utah, if the governor signs this particularly, they’re going to change the national debate on monetary policy and get us back to basics,” said Jeffrey Bell, policy director for Washington-based American Principles in Action. Mr. Bell has been in Utah to help shepherd the legislation through.
Utah’s bill allows stores to accept gold and silver coins as legal tender. It also exempts gold and silver transactions from the state’s capital gains tax, though that does not shield exchanges from federal taxes.
umm…So the cashier is expected to check the spot price every day? This seems pretty unworkable to me.
So the cashier is expected to check the spot price every day? This seems pretty unworkable to me.
What do Mexico and Canada merchants do when they collect US Dollars as payment?
It’s no more complicated that that. A problem that’s already been solved elsewhere.
How hard would it be to have a POS system that could tie into the Internet and do a real time conversion of the price of silver and gold to the dollar? It seems like that would be a very easy system to program. Purchases could be made in specie and change could be given in fiat.
it wouldnt be real time; they would just have a daily ‘exchange rate’ that would be fairly unfavorable to the customer
Counterfeit coins seem a more troublesome problem.
It looks like inventing an affordable device to spot counterfeiting, perhaps based on density, would be a big money maker. As The Fed goes through a few more iterations of QE such a device could have a booming market.
Silver has recovered about 4 or 5 percent today.
Stocks are green. People are flocking to safe haven stocks such as Priceline.com and Netflix. I think they are lured in by the dividend.
“…an affordable device to spot counterfeiting, perhaps based on density, would be a big money maker.”
Story came out maybe six months back about how China had taken delivery of numerous gold bars that turned out to be gold-plated tungsten bars. Tungsten and gold have almost the same density (within 1%). Tungsten’s not cheap, but it’s still a lot cheaper than gold.
Is there any cheap metal that’s close to the density of silver?
Why couldn’t you blend an alloy that has exactly the density of gold, by using a mixture of metals that are both more dense and less dense than gold?
Tungsten (slightly more dense than gold) blended wtih a bit of zinc or aluminum (both much lighter) seems like reasonable possibility.
Once you gold-coat it, it would be hard to check without something like a good conductivity test.
I’ve always wondered by there wasn’t more counterfeiting of gold coins. I guess that’s why you want a reputable government mint to supply your metals, rather than buying “blanks”.
It’s not unworkable, there are videos online showing grocery stores in the U.S. doing these transactions now.
Article updated: 3/10/2011 10:05 AM
Without qualifying for exemption, forgiven mortgage debt may be taxed
By Ken Harney
WASHINGTON — With hundreds of thousands of homeowners having negotiated loan modifications or short sales or been foreclosed upon during the past year, the Internal Revenue Service has issued fresh guidance on how to handle canceled mortgage debt in the upcoming tax season.
In its latest guidance, the IRS focuses on several key points that owners — and former owners — need to know. Tops on the list: Just because a lender wrote off a portion of your mortgage debt, this doesn’t mean you automatically qualify for special tax treatment. To the contrary, there are essential tests you need to pass to qualify: The debt your lender canceled must have been used by you “to buy, build or substantially improve your principal residence.”
There’s a lot packed into these words, so it’s important to parse them carefully. Start with the house itself. It can’t be your second home, an investment condo, a weekend retreat or a seasonal home you occupy for less than half the year. It can only be your main residence, and fully documentable as such.
Next, the unpaid mortgage balance your lender canceled as part of a modification, short sale or foreclosure cannot have been used for non-qualifying purposes, i.e., for something other than acquiring or constructing the house or making capital improvements to it. Refinanced mortgage debt used for kids’ tuitions, vacations, buying cars or paying off credit card bills won’t make the grade.
http://www.dailyherald.com/article/20110310/entlife/703109955/ - -
I predict that many “paid off my credit cards” HELOCers will be snared by this. Lets see whether enough of ‘em call their congressmen and get a free ride on this. I hope not, but I’m not holding my breath.
I’d love to see the definition of “substantial improvement.” I assume that doesn’t mean paint and koi ponds. Granite probably counts.
Well that stinks.
Ripon Man’s Home Never Connected To Sewer
By CBS San Francisco cbs San Francisco – Thu Mar 10, 11:40 am ET
CBS Sacramento
RIPON, Calif. (CBS13) — When Allan Sloan hired a plumber to get to the bottom of his chronic plumbing problems, he discovered his home had never been connected to the city’s sewer line.
For more than 23 years, the Ripon resident’s waste had been deposited underneath his front lawn.
Sloan said sewage backed up into his home on a recent Friday night through the shower, toilet and sink, filling the house with a foul odor and forcing him to call for help.
“It just backed up tremendously, it was just disgusting,” Sloan said.
Sloan called the city, who had given the home a clean bill of health in an inspection decades ago, and asked them to pay for his plumbing bill.
The city denied his claim twice. Attorneys told him he should have discovered the problem a long time ago.
“What’s a home owner to do? Dig a hold in their front yard to see if the sewage system is hooked up?” Sloan said.
The city finally agreed to a refund his municipal sewer bills over the years, since he had been paying for a connection that didn’t exist. The total refund came out to approximately $1,800.
The problem has been repaired, but the sudden absence of regular “fertilization” may keep his lawn from looking so lush.
“I did have a pretty nice lawn out there, that’s for sure,” Sloan laughed.
http://news.yahoo.com/s/yblog_localsfbg/20110310/ts_yblog_localsfbg/ripon-mans-home-never-connected-to-sewer -
natural fertilizer.I wonder if he is growing tomatoes out there?
“Night soil” Ewwww.
Thats the way they do it in Mexico.
Viva la NAFTA!
We’ve got some city dwellers like that around here, think they’ve put one over on the city for never hooking up. But this is the kind of disaster I fear. I’ll take sewer any day, and volunteered to hook up to a new backbone that came our way.
I just got a brand spanking new septic system installed 3 years ago and now the county wants to charge everyone on my road for a hookup AND bill for the total project cost over a period of 30 years - $110/month.
Arrggghhh that’s what I get for being one of the few compliant properties around here.
That’s just wrong.
Any way you can fight it?
My city has underground pipes with water and “stuff” running through them to who knows where, they’re not on any city schematics.
The replacement of the nations aging underground water and sewer pipes is a big deal, but I see little mention of this in the MSM.
An added meaning(s) to the phrase, Extend and pretend?
Here in Tucson, I belong to an organization that promotes environmentally sensitive landscape design. I’ve hosted three of their workshops here at the Arizona Slim Ranch.
Over at the home of the org’s director, there’s a nicely screened “room” in the back yard. That would be the screen around the composting toilet. And now I’m going to tell you how it works:
1. You enter the screened “room.” It’s open to the sky. And you can enjoy the view of some very nice climbing vines as you take care of business. You’ll also enjoy the sounds of chirping birds, as this back yard is full of them.
2. Your, ahem, business goes into a five-gallon plastic bucket. After you’ve completed the necessary tidying up of your person, you’ll notice a bucket of sawdust next to the aforementioned plastic bucket. Use the scoop to toss some sawdust over the business that you just took care of.
3. Wash your hands, pardner. There’s a tippy-tap right outside the screened “room.”
It takes a few weeks for the composting thing to take place, but indeed it does. I’ve handled said compost in mine own hands, and it looks like any other compost you’ve seen. Doesn’t smell at all.
Squatters seize Gahdaffi’s $20m London mansion:
I think squatters should show up at Angelo Mozillo’s house and “seize” it. The same for the house of every megabankster. You go, squatters!
http://www.marketwatch.com/video/asset/squatters-seize-gadhafis-london-mansion-2011-03-10/864F03C0-2B67-499C-8B96-DA3B549BE1D3#!864F03C0-2B67-499C-8B96-DA3B549BE1D3
Interesting video. It seems Gahadaffi is an FB. Then again, that guy claiming to be owed money didn’t produce a note.
At least 50 killed; tsunamis feared as massive quake hits Japan
By the CNN Wire Staff
March 11, 2011 8:18 a.m. EST
I just hope no banksters were hurt.
It’s about damn time!
Federal jobs fast becoming an endangered species
~ Fortune Mag
Federal agencies are imposing hiring freezes, eliminating openings, and preparing for severe budget cuts, dashing the hopes and prospects of many upcoming graduates and other job seekers.
Only months ago, getting a job as a federal government worker was a reasonably safe bet. Private sector hiring was sputtering. Baby boomers at federal agencies were retiring in droves, replaced by newly recruited college graduates.
But before the class of 2011 could don their graduation caps, the federal job market has turned dramatically weaker. Agencies are imposing hiring freezes on new employees or filling vacant positions, as they wait under the raised hammer of a government shutdown at worst and severe budget cutbacks at best.
The resulting federal job shrinkage is due to huge budget deficits, which were already ballooning years earlier, with income tax breaks and two wars depleting federal coffers. The 2008 Wall Street meltdown pushed everything over the edge, and federal programs and personnel are now prime targets as deficit hawks complain the government is bloated and that employees work too little and are paid too much.
Dashed hopes for upcoming grads
The latest jobs forecast for 2011 college graduates found that the government is expected to fill 10% fewer posts than it did last year. The 2011 jobs outlook, by the National Association of Colleges and Employers, found that more than one-third of government employers plan to cut plans to hire new college grads — the largest group of the industries surveyed. And government employers planning decreases are reducing their staff numbers by at least 25%.
Have a god daughter who graduated 2 years ago (military kid, fluent in Mandarin) who had an “offer” from a three-letter agency… they kept her dangling for over a year. Ended with no job.
Silver lining: no more pretty young things flocking to DC and bidding up the price of housing and making the rent too damn high. However, all they ever bought were condos. Now, I just need some of those old guard to finally retire to Charlottesville* and free up the housing for meeeeeeee.
———–
*Charlottesville was consistently ranked as the #1 place to retire because it was the home of UVA (medical center) and 2 hr to DC (culture). The poor town was probably inundated.
Good grief. It can take two hours to get from 95 to 270 on the beltway some days.
Banks balk at draft
Housing plan DOA
By MARK DeCAMBRE
Posted: 12:20 AM, March 10, 2011
A sweeping settlement to end the foreclosure fiasco plaguing the US housing market can’t even get its toe in the door.
The deal proposed by federal regulators and state attorneys general in a 27-page draft settlement distributed to the nation’s five largest mortgage lenders last week is a “non-starter,” sources told The Post.
One bank official said that the draft, if implemented in its current form, would force many of the nation’s banks to stop underwriting mortgages altogether because they wouldn’t be able to manage the new costs of servicing home loans under the proposed agreement.
“This is the government trying to change your business so that you cannot make a profit,” said one banking executive. “Every regulator and everyone in Washington knows that this current settlement is a total non-starter.”
Sources said the negotiations could take months, given how far apart the parties are. Under the proposed terms, the banks argue that there are too many added costs and restrictions on fees that they would be allowed to charge customers.
Industry officials also said that the cost of modifying millions of mortgages would be an expensive one and would only encourage some homeowners to become deadbeats.
“If we’re not going to be able to make money on mortgages, we’ll get out of it,” said an official at a major bank. “You think it’s a threat [to get out of mortgages]? It’s a reality.”
The mortgage melee comes as regulators and all 50 state attorneys general press major mortgage servicers, including Citigroup, Bank of America, JPMorgan Chase and Wells Fargo, to shell out as much as $20 billion to settle accusations that they botched millions of foreclosure proceedings.
Settlement talks between regulators and banks come as the Obama administration pushes mortgage servicers to include modifications to millions of loans as a part of any settlement in a bid to jump-start the housing market.
http://www.nypost.com/p/news/business/banks_balk_at_draft_CO0aJwfOr5VweTlypPSyoI - 69k -
This is very good article. It appears that regulators are so steamed at banks that they want to regulate banks right out of the new-loan market. And the banks dare to say it’s a non-starter. What are the banks gonna do? Buy Congress? Oh wait…
I wouldn’t mind if there was no government involvement in mortgages (that means no bailouts). I wouldn’t mind if there was no private involvement in mortgages (less fraud). But this in-between stuff has got to go.
Agreed.
GM doubling output of Chevrolet Volt as gas prices rise
….The Free Press says at current production levels, each Volt costs $40,000 to build, not including development costs, Steve Rattner, former head of the Obama administration’s auto task force, wrote in his recent book. That’s only $1,000 less than the list price.
The car’s suggested retail price is $41,000, minus at least $7,500 in federal and state tax credits. GM CEO Dan Akerson has said he hopes the Volt will be profitable within three years.
http://content.usatoday.com/communities/driveon/post/2011/03/chevrolet-volt-gm-general-motors-double-production-1/1
Actually, the ramp up was already planned and has little to do with rising prices.
I heard they have only sold about 350 of them.
So they’re raising production from 100 per month to 200 per month?
Are you saying they have been cooking the books? The CFO suddenly quit. Didn’t the same thing happen at Enron?
$1,000 a car profit does sound suspicious.
I had some beers with a friend who is part of the Homebuilders Association here. He indicated that the local homebuilders are very interested in the foreclosure fraud problem as it may a selling point for people to buy new houses.
It was a wrinkle I never heard before.
The upstate of South Carolina is doing well economically and there was very little of the bubble here. The mountains about 10 miles to my west and north were very bubbly and things the Asheville bank went down a few weeks ago.
Commercial properties built during the bubble here are going into foreclosure. The banks don’t post those properties but I know they are being shopped about discreetly. The mini mall across the street has a mortgage of 3 million and is being shopped about at 1.2 million.
Took me a second to figure it out: unlike used houses, new houses have clear title. Yeah, and new houses cost 40% more, are 40% bigger, have 40% more commute, have 40% less yard, and are crappy quality in comparison. I’ll rent until this is sorted out, thanks.
I agree with you. Though they build them much smaller here.
Insurance guy, have you heard any recent news about how the Cliffs Communities are doing? The last I heard was that Jim Anthony was paying 11% interest on loans, backed by the properties he still owns in those communities. Apparently the only folks willing to lend to him were property owners.
No, we don’t live in one of those communities.
“new houses cost 40% more”
That might depend on where you live. DH and I are seriously considering building because we can do a custom build for the same or less than the wishing prices of similar but older homes currently on the market.
New homes under current construction on my route to work are advertised with large billboards which say, “From the 700s.”
Not affordable, but I guess so long as the GSEs are still handing out and guaranteeing ‘affordable housing’ California mortgages up to $729,750, why not?
Did the builder buy the land before the bubble? There was certainly plenty of speculation on raw land. And ISTR that the price for raw land dropped faster hand harder than residential property, although the leverage is usually much less. Still possible to have title problems though, even on a newly constructed house.
Given all the mortgages in default which have yet to go through foreclosure, it seems premature to interpret a drop in the number of new mortgage defaults as a sign of nascent housing market recovery. I concur that it is a sign that a price bottom may be within reach within the period of the next few years, but with foreclosures taking upwards of a year to process, and unemployment still around ten percent, the end of price declines is a ways off.
HOUSING: Mortgage defaults drop for 15th straight month
Falling notices may hint at recovery for housing market
By ERIC WOLFF
North County Times -
The Californian | Posted: Wednesday, March 9, 2011 7:02 pm
Default rates for mortgage borrowers in North San Diego and Southwest Riverside counties fell for a 15th consecutive month in February, compared with the rates of 12 months earlier, according to data released Wednesday.
Lenders send notices of default to officially start the foreclosure process, which can end in borrowers losing their homes. After three years of rising defaults, the rates started to drop in 2009 and continued through last year.
…
California Realtors push for easier short sales
March 10, 2011 | 2:45 pm
Even as home seizures stall nationally with big banks facing a potential overhaul of the foreclosure system, California’s real estate agents want to see an alternative to foreclosure made simpler.
The short sale, in which a lender allows a borrower to sell their property for less than what is owed, remains doggedly difficult to do, the California Assn. of Realtors contends in an open letter published Thursday in seven major California newspapers, including the Los Angeles Times.
The real estate group is pushing for banks to approve more short sales and for regulators to streamline the process. The real estate agents argue that short sales are better for consumers and banks.
“We’re focusing the spotlight on short sales and calling on regulators, elected officials, nonprofits, business organizations, companies and individuals with a stake in California’s economic future to resolve this issue and others that get in the way of a recovery,” Beth L. Peerce, president of the Realtors group, wrote in the letter.
…
Why would any buyer be foolish and patient enough to deal with the hassle and suspense of a short sale? Just wait a while, and there will be so much inventory on the market to choose from that you won’t have to torment yourself with the uncertainty of a short sale.
REAL ESTATE: 40 percent of short sales fall through
Realtors blames servicers, complexities for delays
By ERIC WOLFF
North County Times - The Californian
Posted: Thursday, March 10, 2011 2:23 pm
Even with motivated sellers and interested buyers, 40 percent of short sales collapse before closing, a Realtors group said Thursday.
Once a rarity, sales in which borrowers sell a house for less than they owe in loans has become a common practice in the housing bust of the last four years. Borrowers and lenders often prefer short sales to foreclosures, because they allow for a more orderly transition, reduce costs for lenders, and sometimes reduce the hit to a borrower’s credit score.
But completing such deals is a complex process fraught with delays, and some buyers won’t wait around, causing the deal to fall through.
In an open letter published in seven California newspapers, California Association of Realtors president Beth Peerce said the inherent complications of borrowers with multiple mortgages and a wide variety of mortgage agreements created a legal morass that Realtors must struggle to navigate. And she blamed mortgage servicers, who manage loans on behalf of investors who own the loans, of delaying short sales in hopes of creating a foreclosure for which the servicers could collect fees.
…
I heard short sales were basically for realtors to make a commission.
Stay away.they are riddled with fraud too.
If the transaction isn’t completed, there’s no commission.
“I heard short sales were basically for realtors to make a commission.”
Short sales can be good for FBs. It can provide closure in a much shorter time period than waiting for a foreclosure to drag on for years of uncertainty.
For an FB who wants to move on, closing with a buyer can be a real blessing.
“Why would any buyer be foolish and patient enough to deal with the hassle and suspense of a short sale? Just wait a while, and there will be so much inventory on the market to choose from that you won’t have to torment yourself with the uncertainty of a short sale.”
We were under contract on a short sale (which ultimately the bank didn’t approve). However, we had written into the contract that we could continue to look at other properties and cancel the contract at any time if we wanted. So there was suspense, yes, but not much hassle or patience was required of us.
Instead of getting easier, I think short sales are getting harder. A couple years ago it seemed folks doing a short sale really were making an honest effort to get out from under the property, and all the delays happened on the lenders side of things. These days, I’m getting the sense that a lot of FBs are going through the motions, but are rejecting every offer that comes along, just so they can delay as long as possible and continue to live mortgage free.
So the bottom line, from what I have observed, is that if the short sale house is occupied, the chances of completion go down dramatically. I’d love to see if there were any statistics to back up my observation, but I don’t know of anyone tracking occupied vs. unoccupied short sales.
when its occupied they make it h@ll to view it.
“… short sales are getting harder.”
All the impediments in place to get used home supply to the market give me the impression that the back end of this housing bust will prove worse than expected.
There is “no money”? There was no “multi-trillion dollar taxpayer bailout?
“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.” Michael Moore
Below is a list of peer reviewed total bailout costs strictly “to assist the financial sector and institutions that had a role in the crisis.” Some might argue that this is not all “taxpayer” money as much was created out of thin air by the Fed, but as we all know, that kind of money is paid for by another kind of tax- inflation. And therefore it does represent a very real type of taxpayer money.
It looks to me like it was in fact a multi-trillion dollar taxpayer “bailout” And most taxpayer money went to the rich and the rich mostly vote republican and the republicans want to break unions and the republicans say we’re broke but the rich are richer than ever. Therefore it is not intellectually dishonest to ask if we could create money out of thin air to help the rich, why can’t we create money out of thin air to help the middle class or if not that why can’t we claw back a lot of that money that was “stolen” from us by the rich?
http://www.sourcewatch.org/index.php?title=Total_Wall_Street_Bailout_Cost
Total Wall Street Bailout Cost Updated September 2010.
$4.72 TRILLION DISBURSED
$13.86 TRILLION MAX. AT-RISK
$1.93 TRILLION OUTSTANDING
The Wall Street Bailout Cost table is produced and updated monthly by the Real Economy Project of the Center for Media and Democracy, which publishes this website, SourceWatch. This calculation was peer-reviewed by economists at the Center for Economic and Policy Research in Washington, D.C. This table relies entirely on government data and represents an accounting of actual government funds disbursed, mostly in the form of loans. Our total includes major programs of the U.S. Treasury Department, the Federal Reserve and other government agencies to assist the financial sector and institutions that had a role in the crisis.
Small wonder there isn’t enough money around to keep Main Street governments operating. Bailing out Wall Street is extremely expensive.
Someone has to fund all those bonuses.
DANG
Therefore it is not intellectually
dishonestHONEST to ask if we could create money out of thin air to help the rich, why can’t we create money out of thin air to help the middle class or if not that why can’t we claw back a lot of that money that was “stolen” from us by the rich?Dagnammit.
DANG Again
I apologize. I’m sorry! I’m writing very poorly while watching Japan news.
My point is that I don’t think it is intellectually dishonest to conflate bailouts for the rich with us being “broke”.
Sorry.
“dagnabbit”
Not only can’t we create money out of thin air for the middle class we are taking money away from the middle class.
Higher fees
Higher contributions
Fewer good paying jobs
Inflation
In wi doing away with earned income tax credit to off set tax breaks for the rich
Again everyone out there should think about how the death of the middle class is going to affect them financially. I would say that unless you make your money manipulating gov or controlling large limited resources you will see your income decline and financial and personal security decrease.
I say lets get this “Obstruction of Justice Heist” back . Did the Majority really agree to a Bail Out of this size ? Really ,the bail out is much bigger if you consider all forms of bail outs . It really is a grand heist .
Today I feel sorry for Japan . There seems to be a increase in big
earthquakes lately .
If the Unions want to collect additional money from these SPECIFIC 400 richest people in the world to keep pensions and pay rises for government workers I think that is a fantastic idea.
Unfortunately, as a small business owner I increasingly find they are looking squarely at me and those like me to fund their continued prosperity through the downturn.
I personally think the whole finger pointing at these few individuals as the “reason” we are all broke is like me pointing at the $200K a year pension club in San Diego as the reason Unions are bad. Both are extreme and relatively rare if not egregious examples, but have little to do with the overall reality of why we are where we are.
Bring good paying jobs and prosperity (for ALL Americans) back to America and there will be plenty of tax collected for Government workers too. I am just not seeing this happening.
Lastly, I have at times in my life been very poor and at others done very well - such is the curse and joy of self employment all to often. Before you think about raising taxes on the “rich”, keep in mind high income taxes are regressive and what I discovered is that no matter how hard I worked or how much I made, at some point it became a matter of diminishing returns as I would bump into the 60% tax rates on my highest income, making it very difficult to get out of the tax trap and save for the future. I just don’t get the whole taxes are too low nonsense. What I do see is a few political money contributors gaming the system with offshore accounting etc and getting rich by not paying any tax or very little…
“If the Unions want to collect additional money from these SPECIFIC 400 richest people in the world to keep pensions and pay rises for government workers I think that is a fantastic idea.”
very good post GH.
the bottom line is unions have alot of political pull and so do the super rich. they have both overreached. are there exceptions? sure there are. do the super rich loot the middle class more that the public sector uninons? perhaps.
the middle class is the battle ground for both.
if x and y both have dominion over z and both x and y need more to support the status quo…do you really think x is going to take from y or vice versa?
If the Unions want to collect additional money from these SPECIFIC 400 richest people in the world to keep pensions and pay rises for government workers I think that is a fantastic idea.
Good post. I’m not in this fight for the union pensions per se. Not at all. The union pensions are only a very small part of the fight. My fight is for the whole corrupt political and corporate structure to be dismantled and be replaced with one that is far less corrupt and benefits the middle-class more than the billionaires. As the USA had before. It’s not crazy or something.
“If the Unions want to collect additional money from these SPECIFIC 400 richest people in the world to keep pensions and pay rises for government workers I think that is a fantastic idea.”
Salute!
The union pensions are only a very small part of the fight.
Yes, but by doing so, you’re troubling a “gang-membership”
Now, when they speak of troubling a “Bidnessman Billionaire” why, you attacking x1 wee person & his multi-International “Benevolent” Corpoorations…
So, the “TrueAnger™” + “TrueReduceTheDeficitNow™” American YellHollerScream Priority List is:
1st:
Pension “Gang-membership”
2nd:
Food Stamps
3rd:
Mental Health Services
4th:
NPR
5th:
__________________________________
*
*
*
1,286th
__________________________________
*
*
*
Nearly last,…or almost last,…or perhaps never…they’ll get to this Soctus “person”:
Some-day-if-we-ever-really-feel-the-need-to-kindly-plead-on-our-quivering-knees-bow-before-them-and-and-and-tellthemwearegoingtoTAX-their-much-subsidized-and-often-hidden-wealth-least-they-keep-finding-sily-things-to-spend-it-on-”Bidnessman Billionaire” & Friends!
I need help from some of you fellow HBBers. Here’s what’s happening: The county commissioners in my county “wisely” built a new high school starting in 2008 to the tune of $80 million. They told us “gullible” tax payers that it wouldn’t cost us, because the old HS was going to be sold, and that the money would go toward the cost of the new HS. It’s now two years later and the old HS hasn’t been sold, so now we taxpayers are being hit up for the bill.
Here’s where you HBBers come in. On Tuesday there will be a public hearing about the vote to increase the sales tax. The sales tax, if passed, will all go toward paying for the new HS. One of the arguments the commissioners are using is that the old HS hasn’t been sold because no one back then predicted the real estate and economic crashes. Of course, we HBBers know that is a bunch of BS. I plan to speak at the hearing, and one of my points will be that there were people who accurately predicted the crashes before they happened, but we were told we didn’t know what we were talking about, and, of course, we were called nuts and worse things. What I would like to have with me are posts and columns by people back then who accurately predicted the crashes. If you have any old HBB posts, I would appreciate it if you would share them with me. Just post them on HBB and I will print them out and take them with me to the hearing.
Thanks,
Doug
Good luck to you, Doug. But even though we all know you are right - and can find thousands of HBB posts to back your position - about predicting the bubble burst, how will that get you and your county’s taxpayers out of paying for the mess (in the form of higher sales taxes)?
Yeah, it really doesn’t matter how you got into the ditch, and who’s at fault, you stell need a crane to get back out of it.
There will be a vote on May 15 on increasing the sales tax. (The increased sales tax, when it was previously put to a vote, was overwhelmingly defeated). If it is defeated this time, the commissioners said that they might have to raise the property tax rate. (Which is going to be interesting, because all of the new commissioners ran on “no more taxes” platforms.) If the sales-tax increase is defeated and the commissioners try to raise property taxes, I plan to show up at one of their meetings and present them with their campaign promises. (incidentally, the new HS was crammed down our throats with no referendum of whether or not the voters wanted it.) I’ve dealt with the county commissioners before, and, believe me, the last thing they want is to have me on their asses.
Addendum: This isn’t as much about the sales-tax increase, but about getting their sorry, lying asses defeated in the next election, and getting one of them thrown in jail for some untrue rumors he spread about me to get me defeated when I was running for county commissioner.
What I would like to have with me are posts and columns by people back then who accurately predicted the crashes.
Doug, Good luck.
1. Yale Professor Predicts Housing ‘Bubble’ Will Burst (2005)
http://www.npr.org/templates/story/story.php?storyId=4679264
2. The Pin That Bursts The Housing Bubble (2005)
http://www.forbes.com/2005/07/21/lennar-hovnanian-kb-cz_ags_0721soapbox_inl.html
3. End Of The Bubble Bailouts 2006
http://www.forbes.com/2006/08/28/housing-crash-bubble-in_ags_0828soapbox_inl.html
4. The global housing boom 2005
http://www.economist.com/node/4079027?story_id=4079027
5. Lot’s of stuff here
http://en.wikipedia.org/wiki/United_States_housing_bubble
Claims that there was no warning of the crisis were further repudiated in an August 2008 article in The New York Times, which reported that in mid-2004 Richard F. Syron, the CEO of Freddie Mac, received a memo from David Andrukonis, the company’s former chief risk officer, warning him that Freddie Mac was financing risk-laden loans that threatened Freddie Mac’s financial stability. In his memo, Mr. Andrukonis wrote that these loans “would likely pose an enormous financial and reputational risk to the company and the country.”[45] The article revealed that more than two-dozen high-ranking executives said that Mr. Syron had simply decided to ignore the warnings. Other cautions came as early as 2001, when the late Federal Reserve governor Edward Gramlich warned of the risks posed by sub-prime mortgages.[46] Reuters reported in October 2007 that a Merrill Lynch analyst too had warned in 2006 that companies could suffer from their subprime investments.
The Economist magazine stated, “The worldwide rise in house prices is the biggest bubble in history,”[47] so any explanation needs to consider its global causes as well as those specific to the United States. The then Federal Reserve Board Chairman Alan Greenspan said in mid-2005 that “at a minimum, there’s a little ‘froth’ (in the U.S. housing market) … it’s hard not to see that there are a lot of local bubbles”; Greenspan admitted in 2007 that froth “was a euphemism for a bubble.”[31] In early 2006, President Bush said of the U.S. housing boom: “If houses get too expensive, people will stop buying them… Economies should cycle.“[48]
Thanks,
Doug
I posted a bunch Doug. They have not come through yet. Lots of links.
Just google Dean Baker.
I am concerned that RP’s name keeps getting mentioned in connection with Simple Sarah’s Tea Party. If he hitches her to his wagon, it would sink his campaign in a big hurry.
Ron Paul: Presidential Run Still on the Table
March 11, 2011
In an interview with Simon Constable, Congressman Ron Paul says that neither party is serious about reducing spending to curb the deficit and that he is still mulling a presidential run.
http://original.antiwar.com/justin/2011/03/08/paulites-vs-palinites/
“The contest in the Tea Party between what might be called its Palinite and its Paulite wings will likely end in a victory for the Palinites. The Palinite wing of the Tea Party (after Sarah Palin) wants a vigorous, proactive approach to the problem of terrorism in the Middle East, one that rests on a close alliance between the United States and Israel. The Paulite wing (Rand Paul) would rather distance the United States from Israel as part of a general reduction of the United States’ profile in a part of the world from which little good can be expected.”
That’s reassuring. Because Palin and Paul would make very strange bedfellows.
That was Meads opinion:
‘Mead’s view that the “Palinites” are winning out over anti-interventionists like Ron Paul is based on zero empirical evidence. After all, the two tendencies are just now squaring off, and it’s too early to tell which side will win. There is some anecdotal evidence, however, starting with the political status of Sarah Palin herself. Polls show her coming in way behind the other likely GOP presidential wannabes, and certainly behind Paul, who regularly comes in second – or, in the case of the recent CPAC conference, first.”
Tankxs…
Paul is 76 this year…
Paul is 76 this year…
And Palin is going on 12 I think.
Are we discussing chronological or mental ages?
I can see Russia from my house!!!
Light bulb law faces challenge in Congress ~ USA TODAY
WASHINGTON — Amid battles over health care, the federal budget and the soaring deficit, another fight is brewing on Capitol Hill this week — over light bulbs.
Some House and Senate Republicans want to repeal a 2007 law that phases out traditional incandescent light bulbs in favor of more energy-efficient options. The Senate’s energy panel has a hearing Thursday on the repeal bill proposed by Sen. Mike Enzi, R-Wyo. Texas Rep. Joe Barton is pushing companion legislation in the House.
Rep. Michele Bachmann, R-Minn., last week introduced a similar bill that also calls for a study into whether new bulbs pose a health risk. “The government has no business telling an individual what kind of light bulb to buy,” she said in a statement.
The battle pits the lawmakers against environmental groups that strongly back the new standards, which require manufacturers to produce bulbs that use 25% to 30% less energy than standard incandescents, starting Jan. 1.
“This is not some sort of nanny-state policy,” said Jim Presswood of the Natural Resources Defense Council. “It harnesses market forces to drive innovation.”
Presswood’s group says the change, once fully implemented, will save the average household $100 to $200 a year in energy costs and cut power-plant pollution by 100 million tons — the equivalent of taking 17 million cars off the road. The standard had bipartisan support when it was passed and was signed into law by President George W. Bush.
I think Hell may have just frozen over. I actually agree with Michelle Bachmann on something.
Let’s do a poll. Who has more psychotic eyes? Pelosi or Bachmann?
Madam Moonbat wins hands down! She is one spooky/kooky person.
I vote Pelosi. But if they would have a pay per view cage fight we could cut the deficit.
Since when did Bat$hit Crazy Woman ever care about health?
Are you talking about Pelosi? I don’t know. I can’t answer that.
You partisan I declare!!! You dangerous thinker you!
How? I think they are both crazy. You didn’t specify.
You are the one with a picture of Pelosi next to your special sock. Not me.
Dangerous!!!! Partisan!!! Government!!! Unions!!!!
“Oh, Nancy. Oh, Nancy.”
Muslims! Gays! Condoms! Be skeeeerd!
Fox News! Republicans! Tea Party! George Bush!
“Oh, Nancy, keep talking dirty to me. I love those crazy eyes of yours. Tell me more about reading the bill after voting for it. That makes me hot.”
Librulls! Communists! Socialists!!! I’m skeerd! Protect me!!! I cannot protect myself!!
Since never. I’m sure it’s just an argument she thought might get good press. As are any expressions of environmental concern. I, on the other hand, do have environmental concerns regarding mercury disposal. I also am wondering how some of our light fixtures that are on dimmers or use clear decorative bulbs are gonna work. I’m envisioning some massive nationwide retrofitting and replacing of light fixtures once this is fully phased in. But I don’t know all the details of the law.
Fluorescent tubes have mercury in them since the 1960’s. I’m not saying it’s a good idea at all. Aside from that, Bat$hit Crazy Lady couldn’t care less about anyones health, energy conservation (isn’t that odd for a “CONSERVE-ative”) or efficiency and any environmental impact is the bottom of a non-thinkers agenda.
You are NOT going to be forced to purchase a CFL (the ones that the Faux newsers are calling “pig-tails”) through this new bill. Thus the whole, “Mercury is scary” and “Think of the children” arguments don’t hold water.
I had a chem prof die from exposure to methyl mercury, so I am not saying that Hg is not dangerous. It can be. But the burning of coal to power less efficient light bulbs actually puts more Hg into the atmosphere than a CFL (over a certain relatively short time period that I honestly cannot recall at this time. did the (trivial) calculations a couple years ago.)
“You are NOT going to be forced to purchase a CFL”
Ummm… Doesn’t outlawing either the production or the sale of old-style incandescent bulbs effectively force you to buy the new-style CFL ones?
Or are you saying that we always will have the freedom to choose to sit in the dark in protest?
http://en.wikipedia.org/wiki/Phase-out_of_incandescent_light_bulbs
You can buy the even more efficient LED bulbs.
As an added bonus, they work when temps get below freezing.
My goal is to NOT have the temperature get below freezing in my house.
From your own posting:
“Energy Independence and Security Act of 2007, which requires all general-purpose light bulbs that produce 310–2600 lumens of light[8] be 30% more energy efficient (similar to current halogen lamps) than current incandescent bulbs by 2012 to 2014. The efficiency standards will start with 100-watt bulbs in January 2012 and end with 40-watt bulbs in January 2014.”
It says nothing about new bulbs having to be CFL or LED, just that they must be more efficient.
There you go again with bi-partisanship…
Nothing good has come out of bi-partisanship.
President of China? Obama’s lament.
Mar 11, 2011 • By WILLIAM KRISTOL
The Weekly Standard weekly newsletter.
“Mr. Obama has told people that it would be so much easier to be the president of China. As one official put it, ‘No one is scrutinizing Hu Jintao’s words in Tahrir Square.’”
“Obama Seeks a Course of Pragmatism in the Middle East,” The New York Times, March 11, 2011.
Mr. Obama is right.
If you’re president of China, people around the world who are fighting for freedom don’t really expect you to help. If you’re president of China, you don’t have to put up with annoying off-year congressional elections, and then negotiate your budget with a bunch of gun-and-religion-clinging congressmen and senators. If you’re president of China, you can fund your national public radio to your heart’s content. And if you’re president of China, when you host a conference on bullying in schools, people take you seriously.
Unfortunately for him and us, Barack Obama is president of the United States. That job brings with it certain special responsibilities. It’s a tough job—maybe tougher than being president of China. But Barack Obama ran for president of the United States. Maybe he should start behaving as one.
All we know is how to bomb brown people. Obama is choosing not to do so in the MiddleEast. I respect that.
But at a larger point, you are right. The elites don’t want democracy period. It started with Thomas Freedman pondering out loud few yrs ago. The ruling class left or right would prefer China’s political system to ours any day.
That The One even thinks that way and verbalizes it is scary to the extreme. I wonder if he’s also thinking, “Hmm, how do we get to where China is now? Sooner.”
Is there a pirate union? http://www.cnbc.com/id/42023601
Leaning against the door of his luxury Toyota Landcruiser, one of the latest models in the seaside town of Bosasso, the Yare puffs on a cigarette.
“It is not an easy job being a pirate. You gamble with your life, but I enjoy being a piracy tycoon,” says the slim 27-year-old, dressed in a sharp suit he says is Italian.
Did he not know about software piracy?
Former Florida cop says he molested hundreds of children
The Associated Press
12:15 p.m. EST, March 9, 2011
PALATKA A former central Florida police officer has told a judge that he’s a pedophile who has molested hundreds of children.
Paul Joseph Blair was sentenced Tuesday to 25 years in state prison for two counts of sexual battery on a minor.
The 60-year-old former Palatka police officer told the judge that he has been a pedophile most of his life and has molested 200-300 girls.
Blair pleaded guilty to two counts of sexual battery of a minor on Feb. 18. The plea agreement he reached with prosecutors called for a 25-year prison sentence.
http://www.sun-sentinel.com/news/local/florida/sfl-ex-florida-cop-says-he-molested-hundreds-of-children-030911,0,534852.story - 177k -
A cop AND a pedophile? Wait ’til he meets his cellmate and the other guys in his block.
WOW This is a complete shocker!
Dudley signals Fed won’t tighten any time soon.
NEW YORK (Reuters) - A top Federal Reserve official signaled on Friday the central bank won’t tighten monetary policy any time soon, even as the jobs recovery looked set to quicken.
New York Fed President William Dudley told business leaders in Queens, New York, that the economic outlook has improved in the past six months.
But he said, the Fed is still “very far away” from achieving its dual mandate of high employment and price stability.
“Faster progress toward these objectives would be very welcome,” he said.
Dudley, who was a core advocate for the Fed’s easy money policy, is seen as one of the more “dovish” members of the Fed’s policy-setting Federal Open Market Committee. The committee meets next week and is not expected to alter its policy. Last November, the Fed said it would buy $600 billion in Treasury bonds to further support the recovery, with benchmark interest rates already near zero.
This must be why metals recovered so well in the past hour or two.
WooHoo!!!! QE-3 Here we come! Daddy needs a new pair of shoes. Party On, Banksters!!
Ya mean “QE-8, here we come!”
I hope I’m joking, but I’m probably not.
* CREDIT MARKETS
* MARCH 10, 2011
Pimco’s Gross Dumps Treasurys, and the Market Yawns
By MARK GONGLOFF And MIN ZENG
Bill Gross may have sold his Treasurys, but others are buying them.
…
The Financial Times
I’m thinking a QE3 announcement is soon to follow this news. Nice of Gross to fall on his sword for the Fed…
Bond king’s Lear-like Treasuries renunciation
By Michael Mackenzie in New York
Published: March 11 2011 18:34 | Last updated: March 11 2011 18:34
At the end of June, the Federal Reserve will no longer be the biggest buyer of US Treasuries. But one notable investor has already said Hasta la vista.
Pimco’s flagship $237bn total return fund, managed by Bill Gross, whose status as bond king has been synonymous with the 25-year bull market in Treasury debt, pulled the plug on holding US government related securities in February, it emerged this week. Last month his fund eschewed holding US government related debt, having had 12 per cent of the fund’s portfolio in Treasuries in January.
Given the record of Mr Gross, one cannot ignore the decision. Since the total return fund began in 1987, it has generated an average annual return of 8.42 per cent versus the 7.27 per cent gain in its benchmark, the Barclays Capital US Aggregate index.
The move is a bold one. Given that the Barclays Aggregate has a Treasury weighting of 40 per cent, the decision by Mr Gross to exclude government holdings means he is seriously underweight his benchmark, or “bogey”.
…
* FUND TRACK
* MARCH 11, 2011
Money-Market Funds Post Another Week of Outflows
By JOHN KELL
Assets in money-market funds slid $1.4 billion in the week ended Wednesday, as investors pulled more money from retail funds than they put into institutional assets, according to Investment Company Institute.
The funds ICI tracks have posted seven weekly outflows this year, while inflows have been reported in only three weeks. The performance has been more mixed in recent weeks, after a five-week outflow streak at the beginning of the year.
…
* MARCH 11, 2011, 1:37 P.M. ET
Treasurys Fall On Japan Selling; Bonds Pare Weekly Price Rally
By Min Zeng
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)–Treasurys fell Friday, snapping a two-day rally, as Japanese investors sold U.S. government bonds to repatriate money home following the earthquake that hit that country.
A rebound in the U.S. stock markets also lured some money away from Treasurys as the financial markets assessed the possible impact on economic growth as the strongest earthquake to hit Japan in at least 300 years set off tsunami warnings around the world.
Long-dated Treasurys were the biggest losers, reflecting concern that Japanese insurers may continue to sell such securities to pay insurance claims in the coming sessions. Such selling, however, was partly offset by buying from some investors seeking safety from the political turmoil in the Middle East and the euro-zone’s sovereign-debt woes.
“Repatriation will continue, but the bond market trade will be more two sided,” said Alan De Rose, head Treasury trader at Oppenheimer and Co. in New York, with the Federal Reserve’s monetary-policy meeting next Tuesday a major focus.
…
Looks like the DOW is liking all the great news pouring in!
Today is proof enough for anyone who denies the existence to the PPT. The entire market is a fake.
Yet it’s the only place you can make any money. Hmmmm…
Except you could still make your money the old fashioned way: by working for it.
And then stuffing it in your mattress.
And that’s effectively what I’ve been doing for a while now. Problem is, I suspect by the time they’re done printing I’m going to need a lot more than what can be stuffed in the mattress to maintain my current standard of living until death. And don’t forget I live in a doublewide so I’m not asking for that much.
I have a life-sized TTT dummy that I stuff my cash inside. It even talks: “Thank you sir, may I have another” it says whenvever money is inserted between the butt-cheeks.
Sounds like a housing market bottom may be years off into the future.
* The Wall Street Journal
* MARKETS
* MARCH 11, 2011
Banks Pushing Back on Foreclosure Pact
By NICK TIMIRAOS And DAN FITZPATRICK
Bankers are ratcheting up their rhetoric as they fight a mortgage-servicing settlement proposal, predicting lasting damage to the U.S. economy in an effort to force regulators to soften terms of any penalties.
On Thursday, Wells Fargo & Co. Chief Executive John Stumpf said extensive loan principal reduction would increase the U.S. deficit if taxpayers are forced to pay for write-downs of loans held by government-controlled Fannie Mae and Freddie Mac.
“It’s important to the country so that whatever happens does not slow down the recovery,” Mr. Stumpf said.
…officials and economists say that existing programs have faltered not because of a failure to address underwater borrowers but because homeowners that receive loan modifications still have high debt loads.
Still, several banks have touted their efforts to write down mortgages for certain borrowers. On Thursday, BofA rolled out a proposal offering modifications that include write-downs for U.S. soldiers on active duty.
Banks also are resisting some parts of a separate 27-page proposal from state and federal officials to more tightly regulate mortgage servicers. They say that the totality of the provisions would delay an already lengthy foreclosure process, which averaged more than 500 days in January, according to Lender Processing Services.
Doing the Math
To buttress their arguments that the settlement would delay a housing recovery, banks are working up internal estimates of how much extra time the proposal would add to the foreclosure process. BofA’s estimate is 200 days, said a person familiar with the number. At J.P. Morgan Chase & Co., the prediction is as high as 12 months, said people familiar with the estimate.
…
Sahara Hotel Casino, Oldest on Las Vegas Strip, to Close May 16
March 11 (Bloomberg) — The Sahara Hotel & Casino, the oldest remaining Las Vegas Strip resort, will close May 16 after owners SBE Entertainment Group and Stockbridge Real Estate Funds postponed its redevelopment amid a record citywide slump.
“We are working with our partners to assess a variety of options for the property, including a complete renovation and repositioning,” SBE Chief Executive Officer Sam Nazarian said in an e-mailed statement. “The continued operation of the aging Sahara was no longer economically viable.”
Built in 1952, the Moroccan-themed Sahara is the northernmost casino on the Strip and was featured in the 1960 film “Ocean’s Eleven.” Nazarian’s Los Angeles-based hospitality and entertainment group and Stockbridge, based in San Francisco, bought the property in 2007. They announced plans to redevelop and “reinvigorate” Sahara, before the financial crisis triggered record gambling, convention and housing declines in Las Vegas, stalling most development.
Wow, I used to live in the shadow of that place, on Paradise Road. You could always tell the time and temp by looking up at the top of the Sahara. But it is a pretty old building compared to all the shiny new hotels.
I was lucky to catch the tail end of the ring-a-ding-ding era before it went all family-friendly. It was good union work back then.
Walker Officially Strips Unions of Collective Bargaining Rights
March 11, 2011 | Associated Press
Wisconsin Gov. Scott Walker succeeded Friday in taking away nearly all collective bargaining rights from the vast majority of the state’s public employees, quietly capping weeks of contentious debate and delivering an epic defeat to the labor movement with a private bill signing.
Walker planned to hold a public ceremonial signing later in the day.
The proposal has touched off a national debate over labor rights for public employees, and its implementation is a key victory for Republicans who have targeted unions in nationwide efforts to slash government spending. But labor leaders said they plan to use the setback to fire up their members nationwide and mount a major counterattack against Republicans at the ballot box in 2012.
It’s about time.
Funny how he left the cops and firefighters alone. I guess the teacher’s union should have greased his palm too.
Funny how he left the cops and firefighters alone.
Republican cowards and bullies pick on women, children and poor way before they pick on large groups of men.
Cops are needed to keep the serfs in line.
“Cops are needed to keep the serfs in line.”
Bingo. Happy Centennial Westmoreland County Coal Strike of 1910–1911
(Yes, I know that the Coal and Iron Police were private, but still.)
But labor leaders said they plan to use the setback to fire up their members nationwide and mount a major counterattack against Republicans at the ballot box in 2012.
Since labor leaders already give 99%+ of their union’s time and money democrats anyways - this threat kinda rings hollow…
I guess the San Diego REIC’s serial bottom callers are destined to make bottom calls at regular intervals from now until the point several years from now when the housing market finally does bottom out? Eventually, at some point over the next couple of decades, one of these predictions will pan out.
Is Local Real Estate Starting to Turn Around?
By Maureen Cavanaugh, Hank Crook
September 3, 2009
…
Have Residential And Commercial Markets Hit Bottom?
By Maureen Cavanaugh, Hank Crook
May 11, 2010
…
When Will Local Real Estate Market Rebound?
By Maureen Cavanaugh, Hank Crook
March 10, 2011
…
thats funny I love the titles. Whats the next one going to be?
“Is it ever going to stop going down?”
or
” Worse investment ever? “
”Worse investment ever?“
Not holding my breath for that one.
“When is a bottom really a bottom.’”
With the new popularity of “booty pop” products, it’s getting harder to tell.
“When is a bottom really a bottom.’”
I don’t even know anymore. They even define it differently here than they do there.
To have any kind of meaningful discussion, the definition of “bottom” requires some clarification. The ‘experts’ on the show yesterday seemed to be asserting a price bottom was in. I am more inclined to believe the San Diego market may put in a bottom in transactions volume this year, due to a dearth of qualified and interested buyers coupled with a lack of sellers willing to part with their Faux Chateaus at current market prices.
But my hunch is that, at least in real terms (i.e. relative to prices of other goods, incomes and rents), the price of San Diego housing is destined to fall for several more years, as unemployment remains high, and eventually shadow inventory has to come back on the market, or crumble into desuetude. As more inventory comes onto the market, sales will naturally increase and prices will decline. The wild card is whether the price decline will prove to be nominal, or merely real, masked by ‘higher than anticipated’ inflation.
We try to avoid meaningful anything. We are ‘mericuns, dammit!
“We try to avoid meaningful anything.”
For that matter, rational discussion kills home sales; meaningless shillery is necessary to sell them.
I didn’t know Obama is also the president of Japan.
Trying to watch CNN as it is the best new outlet in US period.
The bimbo starts asking how can Obama prove to the world that he’s on the job in a challenge like this? I am paraphrasing here. Don’t know whether to laugh or get angry with stupid questions like this.
We have a way overblown view of ourselves, don’t we? God help these idiots….
Which channel is BBC on?
Obama is like superman. Any World crisis he can solve with the right speech. Plus he can walk on water.
My favorite was watching the CNN weather guy this morning saying this was going to be the worst disaster to hit US shores. Huh? I’m paraphrasing when I describe his instructions for west coast Americans:
“Stay away from the coast! You’re gonna die in there! Run for your lives!”
Did someone slip him the tape from the movie 2012 as a prank? The guy was that bad.
Hwy’s “Where’s the punishment?” list…updated: +2
Hwy insert’s ’70’s Feng Shui Disco music…
Newport Coast couple charged with bank fraud:
Federal prosecutors say they lied for a $130-million line of credit for their home décor business.
By Joseph Serna, LA Times
March 10, 2011
A Newport Coast couple face up to 30 years in prison for allegedly lying to a consortium of banks in order to establish a $130-million line of credit for their home décor business, federal prosecutors said Thursday.
Thomas Chia Fu, 61, and his wife, Cheri Shyu, 48, are charged with nine counts of bank fraud for submitting allegedly fraudulent business records to Bank of America and other institutions.
The couple are accused of exaggerating business expenses by up to 100 times, according to court records.
Shyu, who also goes by Cheri Fu, owned Galleria USA Inc., a home décor business in Anaheim. Her husband was the chief financial officer, secretary and treasurer.
The couple obtained a $130-million line of credit from Bank of America and other banks starting in 2006, with BofA taking the lead in the consortium in 2008, according to the federal indictment.
According to prosecutors, Galleria USA had to periodically report to the banks its incoming inventory from China, what it carried on-hand in the store and moneys owed to it by customers to justify its line of credit.
According to the indictment, between June 2008 and March 2009, Fu reported tens of millions of dollars worth of inventory coming in from China, and tens of millions more coming to them from customers. The numbers were inflated 10 to 100 times, prosecutors claim.
Thomas Chia Fu, 61, and his wife, Cheri Shyu, 48, are charged with nine counts of bank fraud for submitting allegedly fraudulent business records to Bank of America
“Their lawyer was slapped with contempt of court charges because when asked by the judge who was responsible for their book keeping, the lawyer replied “FU YOUR HONOR”
I’ve had my differences with both PB and Nyc over the years, but I value both of their contributions.
What’s happening here online is happening in my real sphere — people are stressing out. Bad times for all. It’s that sandwich that we all have to take a bite from…
Warren Buffett hasn’t tried a bite yet. Nor have any of his buddies.
As disgusting as the sandwich may be I’m confident that somebody somewhere can be paid to take your bite for you, and it probably doesn’t even cost as much as you’d think.
And don’t forget that the stuff on the sandwich rolls downhill.
I hope we all can eventually let bygones be bygones and stay the course with collectively documenting the downhill side of the housing bubble for the duration of its trajectory.
“I hope we all can eventually let bygones be bygones”
Probably not. This isn’t a forgetful crowd! Lol…
Not exactly compromising, either. Why else would there be such a dearth of cool-aide drinkers posting here?
“I’ve had my differences with both PB and Nyc over the years, but I value both of their contributions.
What’s happening here online is happening in my real sphere — people are stressing out.”
You seem alright, Muggy. I disagree with you but you seem alright. I’m not really stressing. Have a good weekend. May it be filled with beer and Jack Daniels.
“May it be filled with beer and Jack Daniels.”
Cheers!
Cheers to all of you misfits. Just remember that your liver is the most resilient organ. Take it out for a test drive.
I’ll drink to that!
Having a party tomorrow night (bday); hopefully much of both will be consumed.
Just doing my part to stimulate the economy!
“Just doing my part to stimulate the economy!”
Don’t forget to enjoy your hair-of-the-dog hangover cure, come Sunday.
2:00 pm est
Mr. Market has had its little bounce.
Looks like it’s ready to roll over and resume its most recent trend.
Retail sales up 1 percent in February
Retail sales rise for 8th straight month as shoppers spend more on cars, clothing and gas.
WASHINGTON (AP) — Shoppers snapped up new cars, clothing and electronics in February, pushing retail sales up for the eighth straight month.
Retail sales rose 1 percent last month, the Commerce Department reported Friday. Part of the gain reflected higher prices for gasoline. Still, excluding sales at gas stations, retail sales rose a solid 0.9 percent.
February’s jump in sales followed a strong upward revision that showed a 0.7 percent increase in January. That was more than double the original estimate.
Sales totaled $387.1 billion, up 15.3 percent from the recession low reached in December 2008. A Social Security tax cut and rising employment will likely encourage consumers to spend more this year, although higher gas prices will cut into their disposable income.
“This is a very encouraging report,” said Paul Ashworth, chief U.S. economist at Capital Economics. He said spending should be a strong 3 percent or more in the first three months of this year. This category is closely watched because it accounts for 70 percent of total economic activity.
“Shoppers snapped up new cars”
Sure they did. Especially the unemployed, underemployed and all those worried about losing their jobs.
Way,way past time!
House GOP wants to end emergency mortgage aid.
WASHINGTON (AP) — Republicans on Friday muscled a bill toward House passage that would kill federal loans to struggling homeowners as the GOP and Democrats waged their latest fight over how to balance frugality and compassion at a time of massive federal deficits.
The legislation would end a program offering loans to homeowners who can’t make mortgage payments because they’ve lost their jobs or become ill.
Republicans said it makes sense to cut spending for unneeded programs in the face of huge budget deficits.
Democrats say ending the assistance would be cruel at a time when high unemployment and the ailing housing market have put millions of homeowners in financial jeopardy. The White House has threatened to veto the bill.
Friday’s debate became emotional on both sides.
Rep. Jeb Hensarling, R-Texas, likened the government’s growing debt to “fiscal child abuse,” while Rep. Steve Womack, R-Ark., said Americans don’t want to finance programs that end up sending money “down a rat hole.”
“The American people are not rats,” countered Rep. Maxine Waters, D-Calif. Rep. Elijah Cummings, D-Md., said, “Sometimes I think we forget that this is America.”
Wall Street Won! Nothing to Prevent Another Crisis, Says Former FDIC Chairman Bill Isaac
Posted Mar 11, 2011 by Henry Blodget in Recession, Banking
Crisis may create opportunity, but Congress completely flubbed its opportunity to enact meaningful financial reform in the aftermath of the worst crisis since the Great Depression, says the former chairman of the FDIC, Bill Isaac.
The Dodd-Frank reform bill–the one major piece of legislation to emerge since the financial crisis–is mostly meaningless, says Isaac, who is also the chairman of regional bank Fifth Third. Dodd-Frank does nothing to address the root causes of the financial crisis, Isaac says, and it won’t prevent the next one.
Specifically, Dodd-Frank will just create more bureaucracy and red tape. Meanwhile, our biggest banks are still “Too Big To Fail.” Our commercial banks are still allowed to take way too much risk. Our regulators are still balkanized and political. And we still haven’t addressed Fannie Mae and Freddie Mac.
Isaac suggests the sure may be to re-implement the Glass-Steagall Act which separated commercial and investment banking. But, at this stage of the game, that’s not likely, considering the size and scope of the bank lobby in Washington.
In other words, it’s fair to say that Wall Street won the financial crisis.
And it’s no mystery who lost.
Japanese to release radioactive vapour into atmosphere in desperate bid to prevent nuclear reactor exploding after systems fail at plant
Danger: The Fukushima Daiichi nuclear plant could explode after equipment used to cool down the reactor failed following the Japanese earthquake
So far officials have said there is no leak of deadly radiation from the crippled facility in Fukushima and the facility was secure.
Sounds like its “contained” to me.
not sure where that link came from but I think this would be more accurate: http://www.msnbc.msn.com/id/42025882/?GT1=43001
I sincerely hope people know that a nuclear explosion is impossible although a steam explosion could occur within the containment building.
Is it always time to crack wise?…Geez.
(Hwy has friends and relatives there)
The earthquake was the fifth most powerful to hit the world in the past century
Google Sets Up People-Finding Internet Service After Earthquake Hits Japan
Chief Cabinet Secretary Yukio Edano told people to stay in safe places as the cold deepened into the night. “Please help each other and act calmly,”
FIRES ACROSS THE COAST
The quake, the most powerful since Japan started keeping records 140 years ago, sparked at least 80 fires in cities and towns along the coast, Kyodo said.
The 1995 Kobe quake caused $100 billion in damage and was the most expensive natural disaster in history.
The cows were extra tasty that year.
Couldn’t “contain” yourself?,…speaks volumes.
I’m sorry, hwy. Not trying to make light of a serious human tragedy. Its just that, well… did you see the stock market? A couple more good natural disasters and we all are going to be RICH!!
Maybe the PPT could set of a nuc near one of our coasts.
It’s good fella’s, I’m just on edge, no contact yet, they lived on the coast…I’m utilizing something to dull that edge…worked on the school kids garden today…probably fall alseep in the jacuzzi…better wear my sailing harness… ;-/
Goes to show; in theory, theory and praxis are the same, in parxis they are not.
The markets
Letting go of the apron strings
Mar 10th 2011, 13:53 by Buttonwood
THE stockmarket rally has stalled. Round numbers make it nice and easy. The Dow Jones Industrial Average now seems to be stuck at around 12,000 and the FTSE 100 at 6,000.
…
QE borrows from the future… Unless the balance sheets of central banks are to be permanently inflated, the bonds they have bought must at one stage be sold. At that point, the markets will have to absorb both the running bond supply of the government but also the running down of the bank’s assets. To the extent that bond yields have been driven down in the short term by QE. they may rise in the long term.
And it is surely the case that zero rates borrow from the future as well. It cannot be true that the proper cost of capital is zero, as it would suggest the return is zero as well (and we are all doomed). Zero rates are thus a device to cushion borrowers from the price of their earlier folly. This might work if it allowed the economy to deleverage. Instead, however, it allows many borrowers to ignore the problem.
This has been the process over the last 25 years. Central banks have cut rates when the markets faltered, creating the incentive to rely on the Greenspan (now Bernanke) put. More debt was secured against assets. The size of the debt pile made central banks even more anxious and thus more determined to cut rates.
What happens when rates return to normal? David Owen of Jefferies calculates that every 0.25% on UK rates will cost borrowers £2 billion a year. So a move to a normal 4% rate would cost £28 billion. Savers would gain as borrowers lose, of course. But the debts are concentrated. Even in Britain where house prices are still far too high (see an excellent piece in FT’s Lex), around 7-11% of mortgagors are in negative equity. And the effect of public spending cuts on unemployment is only just starting to bite.
I have tried and discarded many analogies on this issue but here’s another one. We all want to protect our kids from harm; some of us wish we could fight their fights and sit their exams. But at some point, they have to stand on their own two feet and if we mollycoddle them too much, they will never manage. Central banks have sheltered the markets from harm, and raised a bunch of spoiled brats who always want more.
…
Unless the balance sheets of central banks are to be permanently inflated, the bonds they have bought must at one stage be sold.
They will never be sold.
We have deflationary and unemployment pressures as far as the eye can see.
With this as my guide, after seeing it I’d say nope, it’s definitely NOT time to buy a home.
Is this a good time to buy a home?
“Today you can buy an iPad 2 that costs the same as an iPad 1 that is twice as powerful,” he said.”You have to look at the prices of all things.”
Says the FED:
http://finance.yahoo.com/news/iPad-price-remark-gets-Feds-rb-734103427.html?x=0&sec=topStories&pos=7&asset=&ccode=
New Rules for First-Time Home Buyers
Without a house to sell , first-time home buyers have had a field day in the depressed housing market. Until recently, anyway. A series of new rules, regulations and policies have changed the landscape, making buying that new home harder and more expensive.
Not long ago, first-time buyers accounted for 40% of home sales. Now they’re down to 29% and falling, experts say, as first-time buyers confront a steady accumulation of rising fees, costs, and rates. This month, fees on most new mortgages will rise by up to 0.50%. In April, fees on small-down-payment mortgages, a first-time buyer favorite, will spike. Meanwhile, more lenders are requiring larger down payments, and new proposals from the Obama administration call for mortgages to become more expensive and limited in size.
…
WSJ Blogs
Developments
Real estate news and analysis from The Wall Street Journal
* March 9, 2011, 12:56 PM ET
Republicans Object to Mortgage Settlement Proposal
By Alan Zibel and Nick Timiraos
House Republicans on Wednesday raised numerous objections to a draft proposal by state attorneys general to settle allegations that mortgage companies broke state laws when handling foreclosures.
In a letter being sent to Treasury Secretary Timothy Geithner on Wednesday, the lawmakers said they have “significant concerns” about the settlement proposal, floated to banks last week by state attorneys general and several regulators.
Last week, state attorneys general and federal agencies delivered a 27-page proposed set of rules that would reshape the way mortgage servicers deal with troubled borrowers.
The proposal was drafted in response to revelations that banks used ”robo-signers” who didn’t review documents their colleagues prepared. The proposed rules cover every aspect of the foreclosure process, including the appropriate fees that mortgage servicers can charge, the way that they evaluate homeowners for modifications, and the way banks must demonstrate loan ownership when they proceed to foreclosure.
State and federal officials are moving to address longstanding complaints from consumers and housing advocacy groups that getting assistance is an extremely difficult process for consumers. Republican lawmakers and banks, however, call the proposed rules an effort by the government to micromanage industry practices.
“The settlement would transform the mortgage servicing industry and fundamentally change the rules that have historically governed relationships among borrowers, servicers and investors,” wrote the lawmakers, led by Rep. Scott Garrett (R., N.J.). “The breadth and scope of the draft settlement proposal raise significant concerns about its effect on the financial system.”
…
* March 9, 2011, 4:57 PM ET
The Real Orange County Drama? Real Estate
By Dawn Wotapka
Forget men, shopping and plastic surgery. The true Orange County drama remains real estate.
Peggy Tanous, the newest member of the “Real Housewives of Orange County” reality show received notice that her home could be sold at a foreclosure auction later this month, the Orange County Register reports.
We previously reported that Tanous defaulted on the Irvine, Calif., house purchased in 2006 for $1.38 million. She owes $1,318,253- an amount likely growing because of late fees and other penalties-as of the recent foreclosure notice, according to the Register. The auction is set for March 17, so keep an eye on Developments.
Tanous could not be reached for comment.
…
The auction is set for March 17
What a pisser….green beer day.
Another thing gubmint wordhipers will love…
Alcohol Detectors Could Come Standard With a New Car
A new law under consideration would call for installation of a device that would allow six violations before stalling the car
By VIKKI VARGAS and JULIE BRAYTON
It’s called “The Roads Safe Act” and opponents claim it’s designed to put an alcohol detector in every car, just like an airbag or stereo.
Currently ignition interlock systems are only installed by court order.
Mechanics who work with the Smart Start System say you don’t have to be over the legal limit to stall out.
“Normally what they should calibrate it at .03. I believe for most people that’s the warning level,” said Garrett Benedict, a mechanic.
The device allows six violations, then the car won’t start at all.
Experts say it is also set up to make sure drivers don’t try to cheat.
“They make you blow into it while you’re driving, therefore somebody doesn’t blow into it at the bar for you, and then you leave,” said Benedict.
The American Beverage Institute has gone on record saying alcohol detectors should only be used for drunk drivers, not everyone.
“This is going to eliminate peoples ability to have a glass of wine at dinner, have a beer at a ball game and then drive home. That’s our concern, because that’ something we think people should be able to do,” states Sarah Longwell of the American Beverage Institute.
The proposed bill would make $60 million available over the next five years to develop new devices, such as technology which would measure blood alcohol content by touching the steering wheel, or even an ignition button.
“I think it’s a great idea. It will keep everybody safe. It’ll keep all the alcoholics home,” according to Julio Gonzalez, a customer.
But others aren’t so sure an alcoholic detector should come standard in every vehicle.
“It probably wouldn’t impact me that much because I don’t typically drink and drive, but I wouldn’t like it,” states Teresa Thompson, a customer.
For a fraction of the cost you could just throw drunk drivers in jail. This alone would cut drunk dring down to a minimum. We have guys on their 6th DUI driving around Wi.
Wisconsin state troopers aren’t very forgiving.
Radiation levels in Fukushima Daiichi plant central control unit is 1,000 times normal. From a Ruters report.
This is not good at all!
I think Hillary said it is all good. If Bernanke says, “it is contained” then it is time to repent your sins.
Radiation levels in Fukushima Daiichi plant central control unit is 1,000 times normal.
If you pray, this is a good time to say a hopeful prayer for our cousins.
Radiation levels at damaged Fukushima-Daiichi nuke plant are continuing to rise… Radiation 1,000 times higher than normal detected. Ministry official: ‘Possibility of radioactive leak’…
US military DID NOT provide any coolant… Earlier, Hillary Clinton said Air Force ‘assets’ had been used to do so…
Don’t kick sleeping giants in the balls and expect nothing in return.
States in crisis
Wisconsin’s Walker: Union Man of the Year
Wisconsin Gov. Scott Walker has re-energized the labor movement in the U.S.
By Tami Luhby, senior writer
March 11, 2011: 3:59 PM ET
NEW YORK (CNNMoney) — Labor unions around the nation can thank Wisconsin Gov. Scott Walker for re-energizing the workers movement.
The Republican governor was savoring his success Thursday in limiting collective bargaining for public employees in Wisconsin after a contentious and drawn-out battle.
The measure will give state and local governments the flexibility they need to raise workers’ health care and pension premiums to help balance their budgets, Walker says.
But unions were also celebrating the outpouring of strength and support for their cause. Tens of thousands of union workers have descended upon state capitols around the nation to protest looming threats to their members, including in Ohio, where lawmakers are also on track to eliminate collective bargaining for state workers.
“We should have invited him here today to receive the Mobilizer of the Year award!,” AFL-CIO President Richard Trumka said in a speech Thursday.
…
I don’t know if I would celebrate too much. I think the actions in Wisconsin also sickened many people. I think it caused a lot of anti-public union sentiment. I know I heard a lot of it. Beware what Nixon termed, “the silent majority”. Many were at work watching those demonstrations on news feeds and on youtube. I don’t think they are going to forget the actions they saw of these protesters any time soon.
I think there is a lot less sympathy than you might think there is. Getting union members to support other union members is not much of a victory. Alienating the average taxpayer certainly is a defeat.
Of course, you live in the NYC area, among the banksters and their spear carriers. Of course all you are going to hear is bitching about the slaves getting “uppity”
Around here, people are finally beginning to realize that giving rich people more money (or as Republicans put it “Let them keep more of their money”), who will spend/invest it anywhere but in the good old USA, by taking it out of the pockets of middle class/poor people, may not be such a smart thing to do after all.
Wishful thinking?
Most all the polls have swung towards the worker’s side even if you don’t like polls.
Whether they’re really winning or not, the point is to make you think they’re winning..all is psyops and hype.
Whether they’re really winning or not, the point is to make you think they’re winning..all is psyops and hype.
Why would the corporate controlled MSM want us to think we were winning?
US says Japan earthquake left billions in damage
(AP) – 2 hours ago
WASHINGTON (AP) — A massive earthquake that struck off the coast of Japan Friday was the strongest quake in the area in nearly 1,200 years.
David Applegate, a senior science adviser for earthquake and geologic hazards for the U.S. Geological Survey, said the 8.9-magnitude quake ruptured a patch of the earth’s crust 150 miles long and 50 miles across.
He said the earthquake, which also spawned a massive tsunami that hit Japan before racing across the Pacific Ocean to Hawaii and the West Coast of the United States, likely caused tens of billions of dollars in structural damage in Japan.
Laura K. Furgione, deputy director for the National Weather Service, said the tsunami first hit Hawaii early Friday morning. An 8.1-foot wave destroyed piers and docks in Crescent City, Calif., later Friday.
I confess that I could not resist the urge to drive near the beach on my way in to work this morning.
California Man Swept Into the Sea By Tsunami
Tsunami Smashes Boats and Wrecks Docks in California
By RUSSELL GOLDMAN and LYNEKA LITTLE
March 11, 2011
A man who went to the California coast to photograph the tsunami wave spawned by the Japanese earthquake was washed out to sea today and the Coast Guard has mounted a search for him.
The missing man was the only reported casualty of the wave that raced across the Pacific at 500 mph threatening to strike with waves as high as 9 feet high.
People in Hawaii and the West Coast held their breath as the wave sped towards them, and breathed a sigh of relief as the wave caused relatively little damage.
In northern California near the Oregon border, a man who went to the coast to photograph the incoming wave was swept out to sea by the powerful surge, officials said. Coast Guard helicopters are searching for him near the mouth of the Klamath River, according to the Coast Guard.
Four other men in Oregon were swept off a beach in Brookings, Ore. Two made it back to shore on their own and two others were rescued by emergency crews, the Coast Guard said.
The surge smashed boats and wreck docks in the California cities of Santa Cruza and Crescent City. The tsunami was strongest in Crescent City which was smacked with an 8-foot tall wave that destroyed the city’s piers and sank boats.
…
I think we have a 2011 Darwin Award finalist.
happens everytime.
Yeah, same people that accidentally cross into Iran or North Korea. Can happen to the best of us.
By Zachary Roth zachary Roth – Fri Mar 11, 12:13 pm ET
Despite the recent uptick in employment, there are currently around 4.7 unemployed workers for every job opening. So you wouldn’t think it would be hard for employers to find the workers they need. But that’s not always the case.
Many manufacturing companies say they’re having trouble finding workers with the specialized skills they’re looking for. “There is definitely a shortage of people who are very capable to make the factories run,” Jeff Owens, the president of ATS, a manufacturing consulting firm, tells CNNMoney.com.
Why the shortage? Many of the people who were laid off from factory jobs and are looking for work don’t have the specialized skills companies are looking for, manufacturing execs say. And they’re not eager to acquire them, because, having been laid off from one manufacturing job, they’re convinced that the whole sector is on the decline. So they don’t want to spend time retraining for jobs that they fear could soon be shipped overseas.
Some say those fears are misplaced, arguing that skilled manufacturing jobs are difficult to outsource. But the numbers tell a different story. As we’ve reported, middle-wage, middle-skill jobs — a category that includes both skilled manufacturing jobs and white-collar clerical work — are shrinking rapidly as a percentage of total U.S. jobs, thanks to the effects of offshoring and mechanization. So it may make sense for a worker to decide against spending a year retraining himself to learn these skills.
That still leaves some manufacturing firms with a shortage of qualified labor, though — a problem that will likely only get worse given the advanced age of many skilled workers. ATS predicts that within five years, nearly twice as many manufacturers as today could be facing a high number of job openings for which they can’t find skilled workers.
ah that’s too bad
There is a chronic shortage of smart, highly-skilled, highly motivated workers.
There is a chronic shortage of smart, highly-skilled, highly motivated workers. Who will work for 6 bucks an hour with no benefits.
There fixed it.
That’s why we have to do away with food stamps and unemployment and unions. We have to get those workers to the poin they will work for a bowl of rice and a cardboard shack. A couple of starving kids should do the trick.
Hey, we agree on something.
I think it is just hard to find highly motivated anything. Most people seem to think they can show up when they want, talk on their cell phone all day and be promoted for nothing. I am always amazed when we post a job at what we have to choose from. And we are not talking minimum wage. Of course in this city everybody thinks they are entitled to Wall Street money. The sense of entitlement from the lowliest pleb to the highest patrician is vast and sickening.
“I think it is just hard to find highly motivated anything.”
Especially children. My wife gave one of our rather bright, though lazy, children a pass on taking senior calculus. This bothers me, because I believe anyone with the mental capacity to learn calculus should take a crack at it. Maybe I was meant to be born Asian, but I was not.
And if by some miracle there’s not, just keep raising the bar. You’ll get there.
Why the shortage? Many of the people who were laid off from factory jobs and are looking for work don’t have the specialized skills companies are looking for, manufacturing execs say. And they’re not eager to acquire them, because, having been laid off from one manufacturing job, they’re convinced that the whole sector is on the decline. So they don’t want to spend time retraining for jobs that they fear could soon be shipped overseas.
I’m skeptical of that analysis. I bet they get the skills in a heartbeat if they were sure it would result in a good job, even if there was high risk of being laid off later. My guess is that what’s more likely is that they know that even if they get that training they still won’t be hired due to lack of experience at that job. When the employer complains about lack of qualified applicants they aren’t just talking about training. They want to hire a person who already has 20 years of experience in the job they’re advertising but is only 30 years old.
I’m skeptical of that analysis. I bet they get the skills in a heartbeat if they were sure it would result in a good job
Carl, I’m going to have to disagree. I see this time and again. People are lazy. They want things handed to them. I have been surrounded by this my whole adult life. For every one highly motivated person I’ve seen there are ten that are not so highly motivated. There is always an excuse for why they don’t move up but it is never pointed towards themselves.
“what’s more likely is that they know that even if they get that training they still won’t be hired due to lack of experience at that job.”
They should have added that often times people then want to be treated like they have 10 years experience and start out at top pay. It seems that people over 30 refuse to start at the bottom. Yes, I know that sucks but that’s the way it is.
I have come to recognize 2 types of people.
1) “I will work hard so I can be rewarded later”
2) “Reward me and I will work hard”
I see a lot more of 2 than I do of 1.
Maybe I’m working with the cream of the crop but in my line of work everybody has already put in the basic effort to get at least a bachelor’s degree in a technical field and most have done more than that. They they are told that they should be continuously updating their skills to the very latest stuff. It’s at that point that they start resisting a bit if they don’t think it’s going to pay off. I don’t consider that expecting everything to be handed to them, and I think they’ve already showed quite a bit of motivation. They’re just skeptical based on what they’ve seen so far…
Sounds like the cream of the crop to me. You should be very happy.
Carl, I’m going to have to disagree. I see this time and again. People are lazy. They want things handed to them. I have been surrounded by this my whole adult life. For every one highly motivated person I’ve seen there are ten that are not so highly motivated.
I politely and gently call total B.S.. I was an employer for 15 years. People are not lazy if they have room to advance on their merits. If it’s a sweatshop not so much. Fact.
1 motivated person for every 10 lazy people? Bull. Not even close.
Everybody who has half a brain doesn’t buy into (1) anymore.
I’ve seen 5 times as many guys get ahead by being BS Artists, as I have get ahead by hard work. One I know BS his way into a Vice Presidency of an General Aviation OEM.
He was the fair haired pi$$boy of the previous VP, who had the unique ability to speak five minutes, and not say anything, or to tell you bald-faced lies straight to your face, and didn’t break a sweat.
Fair-Haired boy got the VP, when they fired the previous VP, for trying to choke one of the parent company’s Six Sigma guys in his office.
They want to hire a person who already has 20 years of experience in the job they’re advertising but is only 30 years old.”
And will work for stock options
“……ah, that’s too bad…..”
Something about “….sowing the wind, and reaping the whirlwind…..”
Around here, a lot of the formerly “dedicated, hard working” employees are wising up.
Hundreds dead and missing, thousands homeless or without power, Japan in chaos.
On Wall Street, the Dow is up.
Can’t wait for this headline….
“Massive meteorite devastates entire planet. Millions dead and injured.
Scientists predict reversion to Neanderthal-type existence for 95% of humans”
followed by
“Dow break 20,000 for the first time”
“Hundreds dead”
Soon to be thousands, if not already. Don’t known if the 100K mark will be breached this time as it was with the Dec 2004 Indian Ocean tsunami.
Highly populated coastal areas and great earthquakes don’t mix well.
Fri Mar 11, 9:58 am ET
Watch raw footage of the Japan earthquake and tsunami
By Liz Goodwin
An 8.9 magnitude earthquake off the coast of Northeast Japan spawned a ferocious tsunami that’s caused massive destruction; flattening whole cities, starting raging fires, and killing hundreds. Nearly 88,000 people are reported missing, according to the official Kyodo news agency.
…
Japan’s Tsunami Death Toll Seen Reaching 1,000
VOA News March 11, 2011
Buildings burn in Yamada town, Iwate Prefecture, northeastern Japan, following an 8.9 magnitude earthquake that triggered a 10-meter tsunami, March 11, 2011
Japan’s central island of Honshu is waking up to scenes of widespread death and devastation from a massive earthquake and tsunami that hit its Pacific coast Friday, with local media saying as many as 1,000 people may have been killed.
…
The biggest concern by far is the situation at the nuc power plants and storage facilities. I read stuff from a nuclear engineer today. He said the stuff in the media is mostly misinformation. The core pressure of a reactor can easily be mechanically lowered by releasing radioactive steam into the atmosphere. This is currently happening, not good for the environment but not a major disaster. You can do that for a while. Of course you need to add water after releasing all that steam. If that’s a problem you’re headed for disaster, core meltdown. The radioactive stuff gets so hot that it melts its iron/steel containment. That’s what happened in Chernobyl back in ‘86.
Also the rods need to be brought into the off position. That usually happens automatically if tremors are detected and takes 7 seconds. It is also backed up by a battery. If that process failed for some reason then the plant would still run at above 3% full power with inadequat cooling.
Let’s hope these guys know what they’re doing and also get lucky.
My thoughts are with them.
Good post. It is an older design which is not good but I stand by my first statement, may lose the reactor but it will not lead to major health problems. The batteries are working and new ones are arriving, according to press reports, which is allowing for cooling.
“Let’s hope these guys know what they’re doing ”
Lol
“Daniel Ellsberg”
Why is that name so familiar?
This shameful abuse of Bradley Manning
The WikiLeaks suspect’s mistreatment amounts to torture. Either President Obama knows this or he should make it his business
o Daniel Ellsberg
o guardian.co.uk, Friday 11 March 2011 22.09 GMT
o Article history
Bradley Manning Bradley Manning has been forced to sleep naked in his cell, according to his lawyers. President Obama says he has been assured that Manning’s prison conditions ‘are appropriate and are meeting our basic standards’. Photograph: EPA
President Obama tells us that he’s asked the Pentagon whether the conditions of confinement of Bradley Manning, the soldier charged with leaking state secrets, “are appropriate and are meeting our basic standards. They assure me that they are.”
…
Really dumb question of the day: Is what we are currently seeing at the Pentagon business as usual, revealed to all through the glass wall of the internet fishbowl, or a hangover of the Bush-Rumsfeld era?
And is the repudiation of Manning’s treatment genuine, or merely more political Grand Kabuki to entertain the sheeple?
Optimistic take: The internet lays bare to all what used to only be visible behind closed doors. Shutting down Assange or any other individual trying their hardest to reveal what happens behind closed doors will not suffice to hide the view of the fish bowl. Perhaps some good will eventually come from observing man’s worst up close and personal.
Fri Mar 11, 11:05 am ET
Reporter: State Department official raps Pentagon treatment of Manning as “counterproductive and stupid”
By Laura Rozen – Fri Mar 11, 11:05 am ET
State Department spokesman Philip Crowley harshly criticized the Pentagon’s treatment of WikiLeaks suspect Private First Class Bradley Manning as “ridiculous, counterproductive and stupid” at a Boston-area university forum yesterday, according to a BBC journalist who attended the event.
“I just heard an extraordinary remark from State Department spokesman P.J. Crowley,” veteran BBC reporter Philippa Thomas, currently a Nieman Fellow at Harvard University, wrote at her blog.
Crowley was speaking on the topic of new media and foreign policy at an event organized by MIT’s Center for Future Civic Media, when a person in the small audience asked him about WikiLeaks and the U.S. treatment of PFC Bradley Manning.
“Crowley didn’t stop to think,” Thomas wrote. “What’s being done to Bradley Manning by my colleagues at the Department of Defense ‘is ridiculous and counterproductive and stupid.’ ”
“Nonetheless, Bradley Manning is in the right place,” Thomas cited Crowley, adding: “And he went on lengthening his answer, explaining why in Washington’s view, ‘there is sometimes a need for secrets….for diplomatic progress to be made.’ But still, he’d said it. And the fact that he felt strongly enough to say it seems to me an extraordinary insight into the tensions within the administration over WikiLeaks.”
“I spent 26 years in the Air Force. What is happening to Manning is ridiculous, counterproductive and stupid, and I don’t know why the DoD is doing it,” Ethan Zuckerman, another person who attended the MIT talk, cited Crowley. “Nevertheless, Manning is in the right place.”
Crowley, a former Pentagon spokesman during the Clinton administration who retired with the rank of colonel from his 26-year Air Force career, didn’t immediately respond to a request for comment. Pentagon press secretary Geoff Morrell–who has vigorously defended Quantico’s treatment of Manning including ordering him held naked for several nights–declined to comment, saying it wasn’t “appropriate” for him to offer comment “on the statement or actions of another department of our own government.”
President Barack Obama, asked about the reported comments at his Friday news conference, stayed neutral.
“With respect to Private Manning, I have actually asked the Pentagon whether or not the procedures that have been taken, in terms of his confinement, are appropriate and are meeting our basic standards,” Obama said Friday. “They assured me that they are. I can’t go into details about some of their concerns. Some of this has to do with Private Manning’s safety as well.”
…
“Some of this has to do with Private Manning’s safety as well.”
How exactly does sleeping nude keep prisoners safe?
President Obama tells us…
O.k., this is it, I have to get the F out of Florida.
“Bill would put courses designed by Jack Nicklaus in state parks”
http://www.tampabay.com/news/environment/wetlands/bill-would-put-courses-designed-by-jack-nicklaus-in-state-parks/1156045
It would be way cooler if they were designed by Jack Nicholson.
It is amazing that cities and states still can’t admit how broke they are.
Or Charlie Sheen. You could play two or three holes at the same time.
Thank you, good night!
Best comment yet regarding the devastating tsunami to hit Japan’s coast, by a commentator’s daughter, quoted in SLC’s Deseret News:
“Maybe now, at least for a little while, we can stop paying so much attention to Charlie Sheen.”
“Maybe now, at least for a little while, we can stop paying so much attention to Charlie Sheen.”
This type of thing is why it’s great to live abroad. The amount of B.S. on American TV and radio boggles and joggles the mind.
O.k., the golf course bill was withdrawn. Whew.
http://market-ticker.org/akcs-www?singlepost=2454918
Fed: No Wrongful Disclosures
WASHINGTON, D.C. — A months-long internal investigation into abusive mortgage practices by the Federal Reserve found no wrongful foreclosures, members of the Fed’s Consumer Advisory Council said Thursday.
Kirsten Keefe, a member of the Fed consumer panel and an attorney at the Empire Justice Center in Albany, New York, said the Fed’s report defined “wrongful foreclosures” as repossessions of borrowers’ homes who were not significantly behind on their payments.
Ok…. Green light. Now GTFO of the house and let’s get on with it. The games, ducking and weaving are really getting old. It’s frustrating and I think we’re seeing some of that frustration playing out right here on the HBB.
From one of my investment idea friends
“Pimco dropped Argentine bonds a year or so before their big crash. But the end comes quickly : In the first month of their currency crisis,– like the recent ones Iceland, mexico, Brazil, Ecuador, and Bolivia–the currency losses at least a third of its value. Sometime a currency losses almost all its value and after the economy stabilizes they chop off a few zeros from the currency. Just like in Romania– remember.
US Bonds have been in a 30 year bull market since yields peaked in 1981 and tend to follow 30 year cycles (Kondratiev waves) from peak to trough.
http://en.wikipedia.org/wiki/Kondratiev_wave
The way I figure it, an entire generation learns to be irresponsible about paying off debt, until it becomes very painful and the next generation learns not to run up big bills. The generation after that is back to behaving irresponsibly…..
I dont think its the right time to short long term treasuries. You got to be very careful with both the timing and the investment vehicle you use.