Bits Bucket for March 14, 2011
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The Housing Bubble
Examining the home price boom and its effect on owners, lenders, regulators, realtors and the economy as a whole.
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Hell yes they knew. Damn union janitors!
http://www.chron.com/disp/story.mpl/business/steffy/7469090.html
Doofuses smart with their own money
The Doofus Defense is under attack. As longtime readers know, I coined that term leading up to the trial of Enron executives Ken Lay and Jeff Skilling, who, facing criminal charges, suddenly claimed to be woefully ignorant of their company’s actions.
Lay and Skilling didn’t invent the Doofus Defense, of course, and in the decade since Enron’s collapse, it has become a popular ploy among executives who were happy to accept accolades for rising stock prices during the boom but loath to accept responsibility for their companies’ fall.
From eco’s link:
Executives are showered with perks and pay because, investors are told, their expertise is vital to the company’s growth.
Yet when they fail, they invoke the Doofus Defense as justification for keeping the cash they’ve already taken out of their companies.
Bhagat and Botlon’s study is a reminder that failed banking executives aren’t as dumb as they’d have us believe.
Look at how they voted with their wallets leading into the financial crisis, and it’s clear they had a pretty good idea what was coming.
——————–
I’ll add that it wasn’t just banking execs. Look at what the homebuilders were doing. They were all doing it, because they all knew.
Does anybody really think a group of diverse (but intelligent!
) blog posters — most of whom were never involved in mortgage lending or banking — knew more than the people who actually designed and controlled the system? Not a chance.
Again
Just follow the money
1. Mozillo sold his stock hand over fist while pumping it in the press.
2. GS over hedged MBS so it would make money in the crash.
3. Hank Paulson was heavy into treasuries.
4. The FED board member who invested in GS knowing GS was going to get bailed out.
I maintain that everything could be answered by reviewing each of the Wall Street boys private investments.
Executive pay and public employee pensions seem to have been permanently, irrevocably adjusted upward in the late 1990s.
The game has been to avoid allocating the associated pain to everyone else as long as possible. The new game is for the executives to blame the unions, and the unions to blame the executives, to take the heat off themselves as everyone else is screwed.
I blame Charlie Sheen.
Those guys are our “top talent”. We can’t adjust their pay without fear of having them go elsewhere. Apparently my brainwashing was more complete than yours. Go back for more mind-manipulation therapy and for God’s sake watch Dancing with the Stars.
Exactly, I hear this argument all the time.. The banksters robbed you and you did not complain, so why are you so up about the Unions doing the same? Sort of like saying the last guy that robbed your home got away with it why shouldn’t I?
Unfortunately, the sad truth is that we as American consumers are virtually powerless when it comes to the money and influence wielded by banks and almost as powerless when it comes to the power and political influence wielded by public employee unions.
While I and millions like me lost tens of thousands in my 401k, public employee pensions are guaranteed not only to hold their value, but to gain their value at a rate of 8% APR, backed by new fees and taxes on the rest of us. Further public employees are guaranteed full health coverage for life without regard for cost, and before one of you “ever so smart” Alec’s respond, well I should go work for the Govt, I simply could not stand the boredom if the job did pay millions, and frankly I would be doing my countrymen a dis-service by further burdening the tax payer with yet more entitlements. Also it is necessary to hire in with the Govt when the economy and tax base is booming so you get to keep boom level pay during the downturn no matter how many are injured as a result.
Americans need to start doing what Kennedy suggested : “Ask not what your country can do for you, but what you can do for your country”
Again I’ll call BS
Unions are at their weakest point since their inception. In fact in Wi the majority are against the gov removing collective bargaining realizing that they are also a voice for the middle class. One that can organize politically against the Wall Street elite. Will religion do it, no religion has been taken over by Wall Street. They use social issues to keep people voting against their economic interests. What other organization will rally workers and others against the Wall Street take over of our gov.
I agree the Unions SHOULD go after wall street!! What they should NOT do is go after main street. No new taxes and BIG cuts are needed to balance government budgets Unions or otherwise.
I call BS to the issue of public health care benefits for workers . If it wasn’t
for the fact that the greedy health care monopoly has made the costs unsustainable by rabid price fixing increases ,the health care might be sustainable for the public worker .Certainly the public worker has been screwed in the never ending attempt on different Monopolies part to take from the worker . The systems worked so well for years because
they were balanced with no sectors being able to gouge to this extent . Wall Street did not have the clout that it has today ,it was just one sector that had its function ,that it now abuses .
By confusing the issues of why costs are unsustainable ,and the various other raiding of the government coffers by the upper
10% ,people take their eyes off the real stacked decks and public hand outs to the Fat Cats .
The Heist from the rich continues while they brainwash people into attacking each other . Sure there was some corruption in Public Unions and some adjustments are needed ,but the other side is going for the Gold ring ,so they can get more gold .
NOT ALL public employees pensions are guaranteed a damn thing.
There are BIG difference between town, city, county, state, and federal pensions and even differences within job classifications.
BIG differences.
But it WAS NOT THE UNIONS that destroyed our economy. Did you NOT read the article?
Ok ok ok…. It wasn’t unions that destroyed the economy. It was the evil janitors…. those goddamn evil janitors.
Comment by GH
2011-03-14 11:14:14
Exactly, I hear this argument all the time.. The banksters robbed you and you did not complain, so why are you so up about the Unions doing the same? Sort of like saying the last guy that robbed your home got away with it why shouldn’t I?
NONE of the union employees I know are asking for Joe Sixpack to pay for the losses to their pensions, etc. They are asking that WALL STREET (and associates) pay for it. They want the top marginal rates increased, and they want the financial industry to pay for the losses incurred by the pension funds. The financial industry needs to take the first loss. Public workers are ticked off because they are being asked to cover the losses caused by those in the financial industry — they need to take the first loss, then AFTER they have done that, we can renegotiate with the unions.
Unfortunately, the sad truth is that we as American consumers are virtually powerless when it comes to the money and influence wielded by banks and almost as powerless when it comes to the power and political influence wielded by public employee unions.
You need to become more involved in local politics, if you feel you don’t have a voice. You most certainly do, but most people prefer to whine, instead.
While I and millions like me lost tens of thousands in my 401k, public employee pensions are guaranteed not only to hold their value, but to gain their value at a rate of 8% APR, backed by new fees and taxes on the rest of us.
These assumed rates of return were based on historical averages. The actuaries and pension fund managers were responsible for coming up with more realistic numbers, not the public employees. Also, the contribution rates for public employees has been going up even MORE than the contribution rates for the employers, from what I’ve seen. You are buying into the propaganda that taxpayers are somehow paying for all these retirement benefits, when nothing could be further from the truth.
Further public employees are guaranteed full health coverage for life without regard for cost,
B.S. I don’t know of any (non-grandfathered) public employees who are getting “healthcare for life.” I worked for the second-largest school district in the nation, and we weren’t getting that even in the mid-90s.
and before one of you “ever so smart” Alec’s respond, well I should go work for the Govt, I simply could not stand the boredom if the job did pay millions,
firefighting, law enforcement, and teaching are “boring”???? What universe do you live in, and what sort of job do you have that is “less boring”?
…and frankly I would be doing my countrymen a dis-service by further burdening the tax payer with yet more entitlements. Also it is necessary to hire in with the Govt when the economy and tax base is booming so you get to keep boom level pay during the downturn no matter how many are injured as a result.
Without those “government burdens” we would be like every other third-world nation out there. I’ll gladly accept those “government burdens” in exchace for our MUCH better quality of life.
BTW, you DO realize that govt employees have been making a lot of concessions in pay and benefits over the past 2-3 years, right?
Americans need to start doing what Kennedy suggested : “Ask not what your country can do for you, but what you can do for your country”
And that’s exactly what government employees do.
There is battle going on regarding how the American pie .resources ,and tax base is distributed .
The story of the Titanic is a good example of how greed can blind common sense . We have lost all common sense these days
and have forgot what made this Country strong and a example to the rest of the World .
We had the opportunity to correct all that had gone awry in our culture when the housing bust occurred ,from the clean up of Wall Street /financial institutions ,erosion of our tax base ,outsourcing and out manufacturing, lack of proper tax distribution ,Multi-National Monopolies ,Health care stresses
on all sectors ,corruption on all levels ,etc etc.. Instead the
Powers that be proceeded to shore up the the very powers that have brought us to the brink .
The psychology of taking a unbalanced state of affairs and
shoring up that lack of balance and taking it out of the hide of the middle and upper middle class and the worker is a mistake .
So the pensions ARE fully funded and there is NO need for additional taxes, fees, fines etc? Great, that clears that up nicely then!
Seriously though, given the money was stolen legally by banksters, who also stole from the rest of us, why should we the tax payer be on the hook to ensure government employees suffer NONE of the negative effects of this massive downturn? It is THIS simple question that the government employees simply are unable to comprehend, you know being heroes etc.
For my part, I really have no personal interest in the whole pension thing as long as no one comes demanding more taxes because I am tapped out and so are million of other Americans and this is really the point I have been trying to get across the whole time. Do teachers, policemen and firemen deserve raises? In many cases yes, but like the rest of us probably not going to happen given current conditions, unions or otherwise.
Good morning HBB. Spring break is here, a week to enjoy time with the wife and our little boy.
The sun in shining on perfect weather, grass is growing, some new bouganvilla are planted out front, most of the little projects are finished (still have a little bit of tile work to do, but it can wait), my son is over his ear infection (-that- was a miserable week), and there is fresh lemonaid straight from the tree cooling in the fridge.
Life is good in the Ncinerate household.
So much bad out there right now, it’s nice to take a step back and appreciate just how lucky I am to lead such a blessed existence. I hope the sun is shining for all of you this week! I’m just going to try and keep the good mood rolling, right up until next time I have to fill the gas tank.
Don’t let high gas prices get you down. This, too, will pass.
But then again…
Jon Markman’s Speculations
March 10, 2011, 4:23 p.m. EST
Brace for $200 oil if unrest hits Saudi Arabia
Commentary: Riyadh pulls the strings on global markets’ next act
Bahrain is the real danger spot. Saudi just sent troops into Bahrain.
Eh, I just figured they were cranking it up again so we’d be “happy” when it settled at 3.00$+/gallon seemingly forever (like the previous jump and how happy everyone was to pay 2.75$ again).
Those exxon execs gotta eat ya know. And a Saudi prince doesn’t want to have to settle for only -one- solid gold Lamborghini on display in his aqua-garage under his double sized mega olympic pool this year.
Moral: When you pass gas, you’ll feel much better.
blips, but long term gas goes only up. >
What a nice post, Ncinerate.
Hwy posted something late yesterday about measuring “happiness” instead of GDP or some other measure of our *financial* well-being. IMHO, being able to enjoy and be grateful for the little things in life goes a long way toward increasing one’s personal “happiness” index. Contentment is the key to a good life.
Poor and content is rich and rich enough
Shakespeare - Othello (3.3.197)
my wife lost her job and i have been told to start looking for a new one.
yet i am “happy”. not so sure something so subjective is a good measure.
Sorry to hear about your job situtation. I hope things turn out well for both you and your wife and that it doesn’t take too long.
I am looking too, it is awful out there. Three yrs ago I was making $72k, now I look at jobs paying half of that.
It’s been like this for decades. Get cut from a good paying job and your chances of finding same or better are not very good without “connections.” And it get’s worse the older you get.
That said, I DO wish you sincere good luck.
Michael and Avocado,
Sorry to hear you are both looking for work.
I wish you both (and your wife, Michael) the very best of luck in your job search.
FWIW, if you’re in tech, it does seem like they are doing fairly well at this point.
A large factor in happiness is security. If you’re secure in your $20/hour job, have a fixed payment on a $60K house and $14K car, reasonable health insurance, good ‘free’ public schools for the kiddies, a little left over for a small vacation to the beach, and can look forward to a low pension, happiness tends to be high.
Since we no longer have job security, reasonable house prices or health insurance, schools are on the outs because good teachers are retiring in droves, and pensions/retirement is being robbed, I don’t see how a couple birdsongs are going to make us happy.
Also, who is being measured for happiness? Saying that America is happy is like saying that America has the “best health care in the world.” Well, it IS kinda true: the rich are plenty happy. And we DO have the best health care in the world — or, we did, but Dick Cheney used it all up.
Well put, Oxide. Corporations live for the quarterly statement, but I’m not sure it’s so good for ordinary individuals to have to operate under the same time horizon. We can make plans, but we don’t have so much faith in them anymore. What did we used to say about chaotic, brutal third world countries, that “life is cheap?” Here a “life” is too expensive … we can hardly afford to go get one!
Exactly. If you spend every penny you get, or worse yet, sign up for monthly expenditures for every penny that you make, you will never be or feel secure.
What I thought was interesting was the youth of Egypt
quoting Thomas Jefferson and clauses in the Declaration of
Independence of the United States. The concept of freedom
is one that the human spirit longs for no matter what Religion you embrace .
I remember one time the Dalai Lama said in essence that
there was nothing good about poverty . “The Dalai Lama also
once said ,”The purpose of our lives is to be happy .”
The pursuit of happiness ,and the freedom for that pursuit ,
seems to be what people crave after their immediate needs are met . Oppression and suppression and exploitation by higher ups only serves to keep the human spirit in bondage
and demean the human spirit .
Well, I certainly hear you Oxide.
I’ve had the weight of the world on my shoulders before - it’s a scary thing. When you’re unsure how you’re going to pay bills (much less eat), and get by purely on little monthly miracles, it’s a tough life.
Thankfully, my situation today is a bit more relaxed. Your description almost fits us to a T. A tiny mortgage on a beautiful house in a -great- neighborhood (considerably less $/month than what we were paying to rent a small 2 bedroom apartment), a paid-off 4 cylinder car (and my paid-off motorcycles), the wife has amazing health insurance (she’s a teacher), and our new home is in Gilbert next to some of the highest rated schools in the state (well, the “best school” in Arizona might be a best of the worst, but I suppose I’ll take what I can get). Although my wife’s income only hovers around 40k and is frozen for the foreseeable future she is fairly secure in her job as a Science teacher with amazing credentials. The bank account is healthy and we plan on hopping down to San Diego to bring the little guy to sea-world and perhaps lego land this summer. I’m accepted into the teaching program and will be finishing that up fairly soon (so expect Ncinerate the teacher to start working again soon), and I haven’t had to cripple myself with massive amounts of student loans.
That isn’t to say things are completely secure. The Arizona budget keeps getting slashed and they are shutting down 3 more elementary schools and a middle school in my wife’s district (thankfully, not hers). There are no guarantees. You mention good teachers “retiring”, but the truth -here- is good teachers have been forced out. The repubs in AZ killed tenure a few years back so they could fire the 20-year teachers who had reached the higher end of the pay bracket (55k-65k), and there’s been a huge campaign of vilification of teachers to reduce public outcry. Quick, get your pitchforks, lets get rid of all these BAD teachers sitting on their 20 year tenure with their cushy 55k/year jobs and lives of luxury and health care and modest pensions. Nobody pulls back the curtain and realizes that these pink slips have -nothing- to do with quality of teacher and -everything- to do with the budget.
I have still yet to see a SINGLE 1-5 year teacher fired in the districts I have an inside view of, not one. And for the most part, these positions are immediately filled again with a brand-new teacher right out of college (at about half of the contracted salary of the teacher they are replacing). The amount of experienced and AMAZING teachers getting ax’ed with absolutely no cause or reason is staggering (welcome to Arizona, the “right to work/right to be fired for no reason whatsoever” state). The worst part is these teachers aren’t getting work elsewhere either - their experience (and education history) warrants too high of a starting pay, so the schools aren’t taking them on. There has -never- been a more experienced pool of substitute teachers. These forced retirements are starting to look pretty damned permanent.
Job insecurity goes to the very heart of a attack on survival .
In the history of the United States people put up with exploitation from the rich just for the min. survival . The worker bee-hive advances from that poverty stance that was created by their own struggle for a better life and a better distribution of the pie ,better working conditions ,and the
advancement of that pursuit of happiness is under attack now .
Exactly, Ncinerate.
Credentials and experience now means you cost too much. Over 50? You cost too much.
This has been SOP for the last 30 years for most people.
So what has distorted the market to where the best teachers “cost too much” to employ? Surely if they are that good (and I have no reason to believe they’re not) they’re worth somewhat more than the noobs replacing them. Supply and demand suggests they must not be worth as much more as the current system requires that they be paid…or else they would still be employed.
The Scrooge Effect.
Supply and demand no longer exist. It was replaced with supply side and deregulation 30 years ago. This has lead to cutting corners to improve the board of directors stock options no matter what the result.
Same with government. Government has operated on the corporate model for decades.
The bottom line is that age, experience and competency are now expensive liabilities, thus justifying the firing and layoffs and completely decoupled from logic and reason. This also creates a self fulfilling situation that dictates employees are too expensive when they make over X amount.
It’s good to save money in business, but you can save yourself right out of business.
The repubs in AZ killed tenure a few years back so they could fire the 20-year teachers who had reached the higher end of the pay bracket (55k-65k), and there’s been a huge campaign of vilification of teachers to reduce public outcry. Quick, get your pitchforks, lets get rid of all these BAD teachers sitting on their 20 year tenure with their cushy 55k/year jobs and lives of luxury and health care and modest pensions
“TrueAnger™” + “TruePurity™” + “TruePriority™” =
BWAHAHAHicHAHAHicHAHAHAHAHicHAHAHic* (DennisN™)
Yeah, we may have the best health care, we just can’t afford it.
Yeah, we may have the best health care, we just can’t afford it.
Actually, our health care system ranks 37th in the world. We’re just ahead of Slovenia.
Comment by oxide
2011-03-14 06:34:25
A large factor in happiness is security. If you’re secure in your $20/hour job, have a fixed payment on a $60K house and $14K car, reasonable health insurance, good ‘free’ public schools for the kiddies, a little left over for a small vacation to the beach, and can look forward to a low pension, happiness tends to be high.
Since we no longer have job security, reasonable house prices or health insurance, schools are on the outs because good teachers are retiring in droves, and pensions/retirement is being robbed, I don’t see how a couple birdsongs are going to make us happy.
———————–
Very, very well said, oxide!
I guess this is why I’ve always favored universal healthcare (with private options, for those who choose to pay out-of-pocket or supplement with private insurance), defined-benefit pension plans, and secure (perhaps “boring”) jobs.
The benefits of Darwinian capitalism tend to be way overstated.
Enjoy your spring break week, Ncinerate! DD’s spring break is next week. Wish we were looking at bouganvilla and fresh lemonade, but we’ll be satisfied if it stays above freezing! Been through the ear thing many, many times, so I know what you went through. Thank heaven for antibiotics, right? Have a wonderful week.
The bouganvilla is already kicking my ass here in FL and the lemonade gets warm if you don’t drink it right away. Enjoy a hard-earned spring where you are.
“straight from the tree cooling in the fridge.”
Now that’s a big fridge!
Actually, it -is- a big fridge.
Saw it on craigslist, a beautiful (and -expensive-) side-by-side sitting in a storage unit, along with an (expensive) whirlpool front load washer/drier set.
Showed up, met with a friendly woman, had her empty half the storage unit out so I could actually see the appliances (they are literally like-new), and listened to her story. They lost their house and this is where their stuff ended up (in 3 storage units). Now cash issues have happened and they cant afford all 3, and can’t fit everything into one.
She wanted a lot for the set, I pulled 250$ out and gave her a take-it-or-leave-it (and that I’d only take it all if she threw in the over-the-range microwave sitting over there as well). A few minutes later I was driving away realizing I could have probably offered less :), but still excessively happy with my purchase. Course, now I have to wire a new 20 amp breaker and power line to where the range-hood is so I can install this beast of a microwave (time to call an electrician).
Things that were also in the storage unit included 3 toilets, light fixtures galore, a nice stove, ceiling fans, miniblinds, granite slabs laying along a wall, and a big nice looking A/C unit that formerly resided in a back yard. Something tells me the mcmansion they left behind is a bit -gutted-.
All of West Coast moves… bubble solved.
It is now 3:41 am and things are good here too! Turned 71 on Saturday. At this age birthdays are good. Am brewing some java and will be at the gym to work out. Nothing better. Good health to all.
Happy birthday, salinasron!
Happy Birthday, you marvelous old coot.
+1
Here’s to a wonderful birthday, Salinasron!
Happy belated, Salinasron!
Yep ,Happy Birthday . I had a Birthday this month also ,but I
tried to forget it ,but some old lady down the street remembered
it and insisted on taking me out to lunch .
Awwww. Take her up on it, Wiz; you’ll probably enjoy yourselves.
Happy belated birthday to you, too.
Oh, past tense on the lunch date…
Hope you enjoyed your lunch with her. It never hurts to have nice friends.
Happy belated birthday to you, too!
Come to San Diego some time and CA renter and I will take you to lunch for your birthday.
Of course, you’ll have to wait until I’m back in town - and yes that is a story that will be coming soon!
Happy (Belated) Birthday!
What a nice invitation . I have been painting my house on the inside and doing a bunch of odd jobs lately to keep myself busy and productive .I find that productive activity is a great healer .
Life is really precious . I really enjoy the people on this blog in spite of the differences of opinion .
Happy belated B-Day to you, salinasron.
Ca Renter (reply to yesterday’s post)
Well, I’ll be darn. It is a small world. I went to U-San Diego’s ICSC Shopping Ctr Mgmt School (80’s).
“0%LTV”-I like that. Well said.
Let’s hope the market finally returns to sane levels before we are too old to enjoy it!
Best of luck to you in your housing search. I do believe the next leg of the downturn is finally in sight.
Patience…….
CA renter
And back at you. So many years we’ll never get back, waiting this out. This is one home, I will never take for granted.
I’ve always had gratitude, but Japan put my perceived life vicissitudes in perspective.
It’s really sad what Japan is going through , They just keep getting one hit after another . There are struggles going on all over the World for that matter ,not only Natural Disasters . I hope all this conflict results in a better World for all .
Let’s hope so, Wiz. It can go either way.
Thanks for the birthday wishes. Had a great workout at the gym.
My mom just started working out at the gym, loves it! Happy birthday!
Great day for a birthday. Happy birthday, SR.
Please tell us, at what point in life does one start rising before 4 a.m.? I must plan for this.
do you really live in Salinas?
I believe he does…
Yes, I really live in Salinas. At a birthday party on Friday night I told my daughter’s future FIL that the older you get, it feels like you are in the front car of a roller coaster that keeps going faster and faster. His reply was, “I’m chugging up that big hill right before it heads down”.
Happy B day!
May this turn out to be your best year yet!
Pax et amor, s.ron
http://money.cnn.com/2011/03/13/news/economy/nuclear_power_plants/index.htm
“Southern California Edison, said Sunday the plants are designed to meet the maximum quake projected for their immediate vicinity, which is not thought to exceed a magnitude of 6.5.
…
Kerekes said that safety systems at U.S. plants are already robust. He said that disaster planning could always be improved upon, but that studies show there’s no need to distribute iodide pills beyond the current 10 mile radius.
A spokesman for the Nuclear Regulatory Commission said U.S. plants are safe. “NRC’s rigorous safety regulations ensure that U.S. nuclear facilities are designed to withstand tsunamis, earthquakes and other hazards,” he said.”
1. No quake to ever hit the US will be greater than 6.5, at least not on paper.
2. Instead of shutting down aging nuclear plants the idea is to distribute more Iodine pills. But even that is deemed unnecessary. No plant has been commissioned since 1979 so pretty much all plants are 30+ years old.
3. US plants are safe. Russians, Japanese and Pennsylvanians, especially those near Three Mile Island, are just bumbling idiots that don’t know how to build nuclear power plants.
4. US plants will withstand tsunamis, quakes and other hazards, just like Japanese plants did until about 4 days ago.
Conclusion: The same breed of fools that were giving AAA ratings to sub-prime mortgages are in charge of nuclear safety. Pretty scary.
Meanwhile, the Swiss suspend further building of nuke plants.
http://www.boston.com/news/world/europe/articles/2011/03/14/swiss_suspend_plans_for_new_nuclear_plants/?rss_id=Boston.com+%2F+Boston+Globe+–+World+News
This is also a country that insists its citizens be armed, and trained in the use of their weapons, for their own safety and frowns on the building of mosques and minarets within their borders.
Sensible. Must be something in the water.
We see what can happen when you build these crazy plants. Has anyone seriously addressed what happens when we don’t build them? It’ll be the end of the world as we know it? Really? If this is what it takes for us to have “enough” power, maybe it’s time to think about what “enough” power is.
Doesn’t the concept of electric vehicles merely contribute to the problem? Hell, maybe we should be plugging our houses into our Hummers.
All this pissing about the safety of nuclear plants is stupidly overblown. The freakin’ tsunami and earthquake have already killled a few thousand people officially. Are you concerned that the US government is not issuing orders not to build stuff on the coast or telling people to move away from faultlines?
liberal buddy of mine who lives in San Francisco told me that this diaster is proof against nuclear power.
the irony was breathtaking.
http://www.youtube.com/watch?v=YqiWVO6FNg0
Pause at 0:46.
Oops.
There is a nuclear power planned for the south coast of Texas.
It is being built by…drum roll….Tokyo Electric Power Co (TEPCO).
Yeah, safety sucks. It cuts into the profit margins. So what if a some plebs get get radiated. That way they glow at night, good for them.
What a sad attitude.
6.5?! Say what?!
Conclusion: The same breed of fools that were giving AAA ratings to sub-prime mortgages are in charge of nuclear safety. Pretty scary.
Deadly scary.
Report: First-time Buyers Fade From Market.
March 7, 2011, 5:21 PM ET.
There’s more evidence today that cash buyers and investors are dominating the housing market.
A report out today from Capital Economics says that cash buyers and investors together have driven 70% of the increase in existing home sales seen since last July, while first-time buyers have been responsible for just 6%. Favorable valuations “mean there is plenty of scope for housing to perform well in the medium-term,” the report, “U.S. Housing Market Monthly,” says. “But over the next year, weak demand, high supply and many more forced sales of foreclosed properties will push prices lower.”
Indeed, the influence of cash buyers and investors is one signal that prices are falling. Cash buyers often buy at a discount, something sellers are willing to offer because they know the deal won’t be scuttled by picky lenders or appraisers. The fact that regular transactions have slowed may also indicate that more buyers are having trouble getting qualified for a loan.
http://blogs.wsj.com/developments/2011/03/07/report-first-time-buyers-fade-from-market/ - 83k -
Perhaps it’s also a sign of that pesky, massive wealth/income inequality, but who cares about that?
It’s so much better for society when poor people get to pay off the leveraged assets of the rich!
All hail the rentier class, our new masters!
And if we peons and peasants behave properly, we might even be able to kiss the feet of our wealthy masters!
You know the middle class was happy with their lot ,but the rich weren’t happy letting them have it in the final analysis . This is a greed that knows no bounds . This sort of insanity whereby
resources and power are so misused and twisted to rationalized
anything is pure evil .
Hey CA Renter, I just posted almost exactly the same thing…, but alas, my posts are not going through.
Those at the top don’t want just all the wealth, they want all the land, too.
Makes me wonder who is behind the many articles I have seen recently in the MSM about how great renting is.
Keep the prices high enough so that they are just out of reach for the average person, and then those with piles of cash swoop in and buy it all up.
The rest of us remain renters. Forever.
I would like to know as well considering there was an article posted here just last week about an apartment management/investment company, that owns 32 large properties, who just declared bankruptcy.
Comment by sfrenter
2011-03-14 12:08:40
Makes me wonder who is behind the many articles I have seen recently in the MSM about how great renting is.
—————
Exactly, sfrenter.
I think you were the one who posted something the other week about the pendulum swinging too far in the other direction — where we’ve gone from “everyone should own” to “nobody should own…unless they are rich, the rest can rent from them.”
It scares me to see how people are being constantly manipulated by those who control the MSM propaganda machine.
First-Time Homebuyers Face the Opportunity of a Lifetime
Published: Thursday, February 03, 2011, 10:44 AM
Updated: Thursday, February 03, 2011, 10:48 AM
Prudential Homesale Services Group
The opportunity of a lifetime for buying a house was, well, pretty much any time before 1998 or so.
There’s more evidence today that cash buyers and investors are dominating the housing market.
True story from the nabe: There’s a house that’s been vacant since last November. It had been a rental since it last changed hands in 2007. It’s listed in our county assessor records as being owner occupied.
That’s very common around here: Buy the house, say it’s going to be owner occupied, but never live there and rent it to tenants from the get-go.
Any-hoo, last November, the last tenant was having a plant sale, and being the amateur gardener that I am, I stopped by to have a look. She was a very nice lady, getting on in years, and said that she had to move to an apartment. Hence, the need to have a plant sale.
I didn’t buy any plants, as they all looked like they needed a lot of water. I don’t like that in a plant, especially since we’re living in a desert.
Well, during yesterday’s bicycle ride, I passed by this house and noticed a sign posted on the side door. So, I pedaled up the driveway for a look-see. Turns out that the house has gone into foreclosure, and the sign was posted by some real estate agency. It was offering the now-departed and never lived there homeowner $3,000 to move out.
I can’t help thinking that, three or four years down the road, we’ll see the same thing happening to the current crop of investors.
A cash buyer/investor from California bought a 2bdrm home two doors down a couple years ago fixed it up and is renting it out. Paid 170k, I would estimate the current value at 115k to 125k.
About 7 doors down a recently remodeled 1500sf 3bdrm was purchased all cash 6mos ago for 4k under asking (220k)…California plates, looks like a retired couple. A new post bubble term would apply to these buyers…Instant negative equity. There are two similar homes in the neighborhood, one needs a bit of work and just sits on the market for 165k and the other sold recently for 169k.
Prices in this part of Phoenix are correcting beyond 2003 levels at this point.
A new post bubble term would apply to these buyers…Instant negative equity.
And, mind you, this is before the tenants move in and work their magic on the place.
A small percentage of the population owning most of the wealth isn’t enough - they want to own all of the housing and land, too.
After all, what IS wealth? Paper? Numbers on a screen?
At the moment, the we can convert numbers on a screen into goods, and numbers on a screen are enough to throw people off their land, so I would say that numbers on a screen counts as wealth.
Might be another part of the grand plan:
1. You use “numbers on a screen” to put everyone in electronic debt.
2. Then, when everybody is poor, you take their REAL stuff.
3. Abolish “numbers on a screen” system so that nobody can pull the same trick on you.
Is there any need to abolish the “numbers on a screen” system if you have all the REAL stuff? It’s no threat to you as long as you avoid debt.
Comment by Carl Morris
2011-03-14 12:02:57
After all, what IS wealth? Paper? Numbers on a screen?
——————-
IMHO, wealth is the ownership/control of the world’s resources — land, water, food, factories, infrastructure, minerals, etc. Basically, anything that can provide revenue for the owners. The more “essential” the resource, the more valuable the control/ownership of it is.
Clarification:
Those who either own these things, or who are easily able to buy them own the “wealth” of the world.
The size and share of ownership of these resources, relative to the rest of the population, determines one’s wealth.
Don’t investors buy at pennies on the dollar though?
U.S. Home Prices Continue to Decline; Western Region Drags Nation Down
Posted by Michael Gerrity 03/11/11 8:02 AM EST
According to Clear Capital’s monthly Home Data Index (HDI) market report, U.S. home prices posted a quarter-over-quarter national price change of -1.4 percent.
…
Their HDI report further showed that national home prices continue to drift downward, largely due to the West’s quarter-over-quarter declines (-4.5%) that could lead the region into double dip territory as soon as next month.
…
“-4.5%”
FYI, a one-quarter decline at 4.5% occurs at an annualized rate of ((1-0.045)^4-1)*100 = -16.8%. I know that sounds like chump change compared to the drops that have already occurred, but that would amount to a one-year loss of $84,000 on a $500,000 McMansion purchased when all the Used Home Sellers are claiming a bottom is already in.
March 13, 2011, 9:01 p.m. EDT
A Real Plan for Affordable Housing
By Jack Hough
…
Houses aren’t magic, either. They’re wood, stone, metal and other ordinary things, plus design and craftsmanship. Yet the median new house during the same period went from the equivalent of 27 months of family pay to 47, even after the recent decline in prices.
Put differently, if prices for the boxes we live in had risen like those for the boxes we drive, the median price of a new house today would be $148,000 instead of $235,000.
What happened? To a real estate broker, the price run-up might be just another example of why real estate is the best investment you can ever make. Logic demands otherwise. House prices over long time periods should rise roughly in tandem with wages and consumer costs as they have throughout history.
Something has happened to make housing sharply less affordable over the past four decades. That something is a rise in government efforts to make houses more affordable.
…
Bear, you left out the important parts:
—–
“Grade school economics teaches that subsidies raise prices….In today’s dollars, America in 1976 spent $34 billion to subsidize house buyers. Last year it spent $137 billion….
These are tax breaks, and only the largest three. Between 2010 and 2016:
1…mortgage interest deduction will confer $698 billion on those who have borrowed to buy houses.
2…The government will redistribute another $161 billion to those who pay property taxes.
3…and $244 billion to those who cash in on house price gains.”
But, but, but, it’s the PENSIONS that are killing us! Nobody should have pensions. And, er, it would be a terrible thing if house prices (and even property taxes???) came down because these subsidies were ended. Of course, a number of “prosperous” suburbs with 10K-a-year average house taxes could become ghost towns if you did this, but that might not be such a bad thing in the long run.
“Nobody should have pensions.”
I had an accounting prof at biz school who proclaimed that pensions should be illegal. Kind of ironic as he will be a beneficiary of the pension system of the State U where he teaches
A professor who can’t spell “hypocrisy” should get a refund on his education and have his certificates revoked.
I hang my head in shame as I write this, but my dad was an ardent opponent of unions and union benefits.
His job? College professor (fought his union, but didn’t turn down the pay or benefits…and he was one of the lucky few who actually got a nice defined-benefit pension, and “healthcare for life” back when that was available).
I love him with all my heart (R.I.P.), but this was something he and I would argue about all the time.
That’s right. Those damn janitors and their dangerous thinking have bankrupted the country!
When I was a youngin my mamma and daddy warned me about those damn janitors.
LOL exeter . On the one hand the political right will say that it’s
education that is holding America back from being competitive ,yet when given half a chance they want to take from education as much as possible by cuts . Liars ,all liars .
I think there is a great danger in having purely profit motive
entities in charge of the policies of our Nation . For one, it will
render the USA short sighted as well as insane .
No, they want all the good education resources to go to the private schools, where they can send their own kids for the best education money can buy. Then the precious little angels can grow into wise and kind citizens, and compete on the world stage. Like George Bush did.
The dumb poor kids on the street can go rot.
And it’s the smart but poor kids who really get the shaft.
Will render? Housing Wizard, we’re there NOW.
I think there is a great danger in having purely profit motive
entities in charge of the policies of our Nation . For one, it will
render the USA short sighted as well as insane .
——————-
Could not agree more.
Japan Quake Upgraded to Magnitude 9
March 13, 2011
Japan’s Meteorological Agency upgrades the devastating earthquake that struck the country to a magnitude 9. Video courtesy Reuters. Photo courtesy Associated Press.
nuclear power will take a big hit , from now on . we dusted off our stock of iodine pills , as we live near to a big nuck plant here.I think a concerned relative got them for us a few years ago . I’ve always been concerned about terrorists at our nuclear power sites, as security is a joke at these places . At the first sign of any serious trouble , I would expect the overweight guards I have noticed ,to flee for their homes. I wish the military was guarding these sites .
They passed our iodine pills to residents around San Onofre (southern Orange County, CA) after 9/11. That was pretty creepy, to say the least.
They passed our iodine pills to residents around San Onofre (southern Orange County, CA) after 9/11. That was pretty creepy, to say the least.
Recall that San Onofre was the plant that was close to the Nixon Western White House. ISTR a photo of Nixon walking on the beach — in a suit — and this plant was in the background.
BTW, when I was bicycling around the US, I pedaled right past the Western White House property. The Nixons had sold it, and it was being redeveloped as a gated community.
I love surfing at San O., but the juxtaposition of those lovely waves and the nuclear power plant right there on the beach is too weird.
“They passed our iodine pills to residents around San Onofre (southern Orange County, CA) after 9/11. That was pretty creepy, to say the least.”
I’m not sure what nuclear site you went to but the site which I have been at has very impressive security. Not going to disclose the location other than its on the east coast.
The guards were in shape, almost all of them ex-military and an AR-15 was standard issue. They were very aware of who was approaching and leaving the facility.
I have done work in nuke plants, most recently Byron station in Illinois. Security was top notch. Gun range on site. Every guard had an AR15. There were snipers, guard towers all over, razor wire, “Green Zone” truck traps, inspection of vehicles, infrared, and tons of other stuff we didn’t see. Just to get in we had to be run through PADS… one Russian accompying us didn’t have a social security number and caused us hours of delays. During our survey work we acidentally opened an unlatched door and within 30 seconds a guard was on us rifle drawn and on the radio telling people to stand down. Serioulsy, they have movable metal huts to hide behind and pin down the enemy, I thought I was in a video game. I even managed to set off the radiation screeners (radon in V on hard hat), I was more worried about the 12 union guys I was holding up from lunch than the guards at that point.
Don’t be silly, I’ve seen the security at these plants, I wish whoever tries to breach their security good luck and a quick death.
I just posted about Switzerland suspending further building of nuke plants. Quite sensible, I’d say. Here in Florida, we have three that I know of, at Crystal River, Stuart and Turkey Point way down at the southern end of the state. All, of course, are vulnerable to hurricanes, due to location. Of course, wouldn’t have it any other way.
If there’s a bad way to do things, you can trust it will be done and people will rationalize it and insist on it. For example, we have a real POS desalinization plant built on Tampa Bay. Not on the Gulf, where it would flush better and do less damage to the ecosystem. Oh, no, we couldn’t have a sensible location for it, it MUST be located where the concentration of salt and other debris will do the most damage.
The real question is if China and India will stop building them. Considering all the calls for them to develop their domestic consumer markets in the wake of 2008 - they’re going to need lots and lots of energy. Seeing how dependent Japan is on nukes, imagine the plants those two will have to build.
Japan exports its atmosphere:
“Japan’s meteorological agency did report one good sign. It said the prevailing wind in the area of the stricken plant was heading east into the Pacific, which experts said would help carry away any radiation.”
Californians check your geiger-counters for availability.
http://finance.yahoo.com/news/Meltdown-threat-rises-at-apf-368415316.html?x=0&sec=topStories&pos=3&asset=&ccode=
The US Navy reported that the amount released was equal to ONE day of normal background radiation.
It’s “contained.”
No worries here.
Gadhafi warplanes strike rebel-held Libya city
(AP) – 32 minutes ago
TOBRUK, Libya (AP) — A rebel official says Moammar Gadhafi’s warplanes have bombed a strategic opposition-held city as his forces try to push ahead in an offensive into the east.
The official, Ahmed al-Zwei, says warplanes struck at weapons depots in the city of Ajdabiya on Monday, trying to cut off supplies to rebel fighters at the front nearby. Al-Zwei, who is on the Ajdabiya city council, says there were wounded in the strikes, but he could not say how many.
Ajdabiya lies just east of the oil port of Brega, where rebels and pro-Gadhafi forces were locked in fierce battles on Sunday. Al-Zwei says rebel fighters are still in control of the port.
Gadhafi’s forces are trying to take back the opposition-held eastern half of Libya.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.
…
Welfare State: Handouts Make Up One-Third of U.S. Wages
Published: Tuesday, 8 Mar 2011 | 3:59 PM ET
By: John Melloy
Executive Producer, Fast Money
Government payouts—including Social Security, Medicare and unemployment insurance—make up more than a third of total wages and salaries of the U.S. population, a record figure that will only increase if action isn’t taken before the majority of Baby Boomers enter retirement.
Even as the economy has recovered, social welfare benefits make up 35 percent of wages and salaries this year, up from 21 percent in 2000 and 10 percent in 1960, according to TrimTabs Investment Research using Bureau of Economic Analysis data.
“The U.S. economy has become alarmingly dependent on government stimulus,” said Madeline Schnapp, director of Macroeconomic Research at TrimTabs, in a note to clients. “Consumption supported by wages and salaries is a much stronger foundation for economic growth than consumption based on social welfare benefits.”
…
Consumption is not a sustainable model for economic growth. The majority of our population does not get this.
Oh, but they will soon.
Which aspect of the CB/gov’t repsonse to date has even addressed the unsustainability of a consumer based economy? Because from where I’m sitting it seems like all they can think to do is backward looking.
We are not considered citizens anymore: we are consumers.
if 1/3 or income is paid by the 2/3’s that work, that means each working person must support 1/2 of a person thru redistribution of their earnings.
but wait, what about all the govt workers that don’t produce a profit? their income is provided by private sector workers and taxes on wealth.
that monkey on my back is an 800lb gorilla!
Again, without government workers, you wouldn’t be making a profit in the first place. You’d be too busy focusing on day-to-day survival, just like all the other countries with low/no taxes and poorly paid (or essentially non-existant) public workers.
again?
how about far, far fewer govt workers?
you don’t get to dictate what would happen in america with less govt.
your position that unionized govt workers are what gives me the ability to make a profit is laughable.
No police
No firefighters
No school teachers
No military
No civilization
D’oh!
What if you had to teach all your employees to read and do math before they became useful to you?
What if you had to pay “market” rates to transport anything (including yourself) off of property that you personally owned including local streets and sidewalks and moving something a substantial distance could mean separate negotiation with hundreds or thousands of property owners?
What if anyone with a bigger gun and meaner peons than you could steal all your stuff if they decided they wanted it?
What if there was no court system to enforce contracts and you had to depend on researching every person you interacted with in the course of business to see if they were likely to fulfill their end of the bargain even if a better deal came along?
What sort of business could you run that world?
“No civilization”
I realize that you actually believe this.
Polly,
You are arguing what was not suggested. Anarchy is not the only alternative to a corrupt and bloated government.
I must not get out enough. Do all GovWorkers think that the world will stop spinning without them?
Fewer gov workers, not none. Lets try it with half of what we now have. I bet that still would be too many.
I think that people who generally complain about too many governement workers without specifying who they are going to eliminate or how they are going to figure out what “too much” means are engaging in useless rhetoric.
Oh and there are stats that show that some giant proportion of the people in this country think the federal budget could be balanced by getting rid of “government waste.” Of course, the studies don’t actually ask the respondents to define what they think of as waste, but I’m guessing that they don’t mean grandma’s hip replacement. Well, if you can process passports with 10% fewer people than the state department currently has working on it, that would be great. I suggest you get a job at the state department, become a manager and try to do it. But it won’t balance the budget.
No police
No firefighters
No school teachers
No military
No civilization
No one with a brain would argue that we don’t need these functions, and that at least some of them are best performed by government. But would it really be impossible attract qualified applicants for these jobs if we backed off a bit on the promises to take care of them for the rest of their lives?
And the vague, “we must do something about ‘entitlements’” rhetoric is a perfect example.
Newton Gingrich stated he wants SocialSecurity to wither on the vine but the Conservative Coward Club ducks and weaves from it by using mamby pamby language like “cut the budget”. Step up to the bully pulpit and legislate it….. go on. Go for it. Get rid of it. No more vague threats, no more cowardice, DO IT!
Broketown, USA
(Vallejo CA)
But while the banks have largely recovered, Vallejo is still in bankruptcy. The police force has shrunk from 153 officers to 92. Calls for any but the most serious crimes go unanswered. Residents who complain about prostitutes or vandals are told to fill out a form. Three of the city’s firehouses were closed. Last summer, a fire ravaged a house in one of the city’s better neighborhoods; one of the firetrucks came from another town, 15 miles away. Is this America’s future?
No police
No firefighters
No school teachers
No military
No civilization
No one with a brain would argue that we don’t need these functions, and that at least some of them are best performed by government. But would it really be impossible attract qualified applicants for these jobs if we backed off a bit on the promises to take care of them for the rest of their lives?
“But would it really be impossible attract qualified applicants for these jobs if we backed off a bit on the promises to take care of them for the rest of their lives?”
That’s quite another argument from, ‘We need to eliminate those public employee unions’ collective bargaining rights in order to save the state budget.’
So, ok jbunniii, I’ll bite.
Lets kill half the gov jobs and get rid of the long term promises for pensions or health benefits.
Um, what now?
Where do these people work instead?
My grandparents are living comfortably off a pension/SS. They are in -NO- condition to work in their advanced age. If it wasn’t for these “entitlements” they earned through 40+ years of HARD work, they would be living in my spare bedroom helping keep me from ever getting my head above water.
I don’t know why everyone is so keen on killing the kinds of jobs that promised security and a future retirement. Do you enjoy job hopping or barely scraping by? Do you enjoy not having the cash or insurance to handle that expensive medical condition you’ve developed? Do you -really- want my grandparents out there trying to compete for a job greeting people at wal-mart?
I think people are really really really short sighted if they seriously think this is a good idea. I don’t want to live in -your- future. As it sits, my grandparents pour that money they “earn” back into the economy, buying things, consuming, living their lives. That money is churned through the economy, taxed and taxed again, and eventually the government has every red cent back in their pocket. In their little way, my grandparents support all sorts of businesses. Untold amounts of commerce depends on people like my grandparents and their “pensions” and “social security”.
Comment by CharlieTango
2011-03-14 06:28:55
again?
how about far, far fewer govt workers?
you don’t get to dictate what would happen in america with less govt.
I’m not trying to dictate anything. I’m stating a fact. You have yet to show us a working example of this “Libertarian Utopia” you keep talking about.
your position that unionized govt workers are what gives me the ability to make a profit is laughable.
Because???? You continue to laugh in the fact of facts that totally disprove your theories. Yes, again…
how can there be a reasonable discussion with you if you get to dictate what are ( and are not ) facts?
Many of us have presented post upon post showing that low taxes do not lead to a thriving economy. We’ve shown plenty of evidence that reasonably high taxes (especially at the highest income levels) have been in effect at the same time that countries were most prosperous, and when everyone was better off and enjoyed a superior quality of life.
We are not dictating anything. We are showing you that your assumptions are false. You have yet to provide any evidence to the contrary.
It’s evident by now that Charlie the wood butcher can only provide an ideology that doesn’t work when put into practice.
I think the indians had a pretty good gig without a bunch of bureaucrats on the payroll.
Yes, they had quite an infrastructure built here.
Funny coming from someone who lives in California?
Where I live, most of the electric utilities are public,but there is one large privately owned utility.
During the Enron scam, guess which one was in bed with the scammers ? To this day, the people who live in the areas served by the private utility pay far more for their power. After nearly 15 years they are still paying heavily for the fraud. Most of the public utilities ( but not all ) refused to go along with the energy trading scams.
One example of why I don’t believe all privately owned entities are angelic. All too often they are racketeering operations.
As for the “profits” being made by the financial sector, give me a break. They are the same kind of “profits” earned by welfare queens, handouts straight from the pockets of taxpayers.
During that time, we were experiencing “rolling blackouts” because they said we didn’t have enough capacity. Of course, it didn’t help that they were **shutting down plants** (not for maintenance reasons) in order to create this artificial shortage.
Funny, because our population has only grown, we’ve not added much (if any) additional generation capacity, but there are no more “blackouts.”
Yes, give me a public utility ANY DAY over a rapacious privately owned one.
“Yes, give me a public utility ANY DAY over a rapacious privately owned one.”
You aren’t suggesting you don’t long for a return to the Enron era, ARE YOU?!
People are being kept alive in order to consume.
when you can no longer afford to consume, you will suffer civil death.
Then you die “for real’.
*brace yourselves*
*brace yourselves* = lock and load
That Gorilla is the new middle class. The last bastion of the American Dream.
“social welfare benefits make up 35 percent of wages and salaries this year, up from 21 percent in 2000 and 10 percent in 1960.”
By 2015 we should be able to get this number up to 50% and maybe one day it will be 90%. True World leaders.
Well, if you only need to employ a fraction of the population to provide the goods and services needed, could there be any other outcome?
I think we can get it down to just one illegal fruit picker still working if we do this right.
Robotic.
Well, if you only need to employ a fraction of the population to provide the goods and services needed, could there be any other outcome?
the redistribution of earnings does not need to be forced.
having a fraction provide for the whole, by force is slavery
Having the whole provide for a select few is robbery.
“the redistribution of earnings does not need to be forced.”
Quite right. Revolutions take care of that.
A couple of years ago, I took a trip to Costa Rica. I gave a bunch of leftover Costa Rican coins to an old lady begging at the airport. I guess I can do that when SS goes away.
Comment by exeter
2011-03-14 12:18:30
Having the whole provide for a select few is robbery.
Yes. Some would consider it “slavery,” too.
“Welfare State: Handouts Make Up One-Third of U.S. Wages”
So paying people their social security benefits out of the trust fund that they previously paid into, is now considered ‘welfare’?
Very Orwellian.
straight from the Ministry of Truth!
“So paying people their social security benefits out of the trust fund that they previously paid into, is now considered ‘welfare’?”
We are being brainwashed into believing that it is an “entitlement”, one that threatens the future of the US and that needs to be dismantled ASAP.
Of course the payroll tax won’t go away. It will probably be renamed the “Homeland Security Fund” and will be used to finance more wars.
So true Colorado . The truth is Big Business doesn’t like any Social programs that don’t aid and supplement big business immediate needs for short term profits . Big Business is trying to get out of their long term obligations ,in spite of paying less in return for
those promises. This Heist is in part based on getting out of long term obligations .
Big Business doesn’t even see the part that public structures play
in aiding business . Big business is ungrateful and they can’t see
how dependent they are on the bee-hive . Government is only there to aid them in their never ending quest for more profit margins and looking good on the NEW YORK STOCK EXCHANGE. Corporation Monopolies /Multi-national Corps ,Wall Street ,Bankers , Insurance Monopolies ,etc. have become raiders and looters at the expense of the rest .
Big Business will kill the host if you give them half the chance .
Good post, Wiz.
They are desperately trying to starve the host at this point in time. Perhaps it’s because they see a juicier host overseas (developing nations)?
Yes ,Ca renter ,no doubt they see a gold mine in emerging markets .
maybe the percentage is so high because wages are now so low, relatively?
Q: why does 1/3 of the population needs those handouts in the first place?
A: Carly sent my job to India…
Actually it was Malaysia (HP Vancouver) and Singapore (HP Corvallis)….but, yeah.
Back in Sept, the Repubs defeated a bill that would have ended tax breaks for offshoring jobs.
“Less government” is just code for “so we can do what we want without consequences.”
“Free market” is code for “free to eff you up the rear.”
How’d that “less government” work on Wall St. for ya?
Ye… ah.
Uh-oh. Looks like “privatization” of public services isn’t all it’s cracked up to be (this would seem obvious to anyone who actually thinks things through, vs. listening to their corporate masters’ propaganda).
BTW, if our local “public unions” are the bad guys here, why is the same thing happening around the world? Perhaps something larger is at work here?
——————————–
Revealed: The new public service Fat Cats and why they’re immune from the cuts
It has been a week in which public sector workers have been told to tighten their belts. Millions have learned they will have to pay more into their pensions, work longer and receive less when they retire.
Their only comfort, as the Coalition -Government fights to close the yawning gap in Britain’s public finances, is Messrs Cameron and Osborne’s regular reminder that ‘we are all in this together’.
But a new investigation by Channel 4’s Dispatches programme has revealed that the taxpayer is funding far bigger individual pay packages – in one case we found, an astonishing £10 million a year.
This is no ordinary tale of Fat Cattery. These multi-million-pound deals are being paid to the heads of the ‘outsourcers’ – the giant private companies that say they can do a better and more efficient job collecting bins, say, or providing nursing care than the State.
Gleeful: Capita boss Paul Pindar will benefit from a public-spending squeeze
They are private companies but they are also the creation of the Government’s drive to outsource services. The lion’s share of their turnover – and of their executives’ enormous pay packages – comes from the public purse. But there is little in the way of public accountability.
Read more: http://www.dailymail.co.uk/news/article-1365695/Revealed-The-new-public-service-Fat-Cats-theyre-immune-cuts.html#ixzz1GZXLPw1q
————————-
Just want to point out that if J6 thinks he’s being taken for a ride now, watch what happens when there is NO accountability once everything is privatized. J6 will have no means of redress.
For those who think that getting rid of unions means getting money back in your pocket, guess again. That “savings” will end up in the pockets of the *private* entities who will have unilateral power over local and state politicians (like they have over our federal govt — has that saved us any money?). People DO have a say in how much public employees make (if you’ve not participated in local politics, don’t blame that on anyone else). You will NOT have a say when it comes to private entities who will strip the wealth from public assets and concentrate wealth into fewer hands.
With union members, 80-90% of that money goes back into the local communities. When that money is concentrated into just a few private (and totally unaccountable) hands, it can be spent/invested overseas or spent on buying a new yacht, plane, mansion, etc. without ever being recirculated back through the local economy.
The mindset here is that the flow of monies from the taxpayer to the coffers of government is an eternal artesian well. If not funneled to our favorite group of good fellows it will fall into the hands of villians.
My Ex was the poster girl for this kind of magical thinking. If savings were implemented in one area of the family budget by the “Financial Nazi”, she believed that the monies were then freed up for luxury expenditures in other areas. A reduction in the flow of monies was inconcievable.
“For those who think that getting rid of unions means getting money back in your pocket, guess again.”
I don’t want the money back; I just want the deficit reduced.
i don’t buy it.
i should be happy with unionized govt workers and their compensation for life because if we get rid of this excess ‘That “savings” will end up in the pockets of the *private* entities who will have unilateral power over local and state politicians‘
the voters have unilateral power, not the govt workers, nor the govt contractors.
if a contractor is making a lot of money while producing services at a lower cost that is a good thing. if the contractor is failing to do so he should be replaced by one that either can produce the efficiency or one that is willing to work for less compensation.
corruption is not inevitable and fear of it is no reason to avoid getting our fiscal house in order.
The cost to the contractor really has no bearing.
if a contractor is making a lot of money…
if a contractor is making a lot of money while producing services at a lower cost
But that’s the point. They AREN’T lowering the cost to the taxpayer.
Do you really want a government who’s only concern is profit?
Really? East India Company ring any bells? Dickens? 19th century? Hello?
“TruePurity™”…doing the “Peoples” “Bidness”…for themselves, they really ought to consider a “New Contract” with America,…again.
Wilkes’ story shows how gifts, favors and campaign contributions can be used to gain lucrative business from the government.
…SDSU Young Repubicans organization – to Central America to meet with Foggo and Contra leaders.
…as they cultivated such politicians as House Majority Leader Tom DeLay and Appropriations Committee Chairman Jerry Lewis.
….the state finance co-chairman for President
BushShrub.The former Rancho Santa Fe congressman announced his resignation Monday after pleading guilty to charges of tax evasion and conspiracy.
ADCS founder spent years cultivating political contacts
The heist already went in the hands of the TBTF/Fat Cats from the taxpayers .The Heist has been taking place for years now .
The transfer has already been made ,but I’m sure they want more in the future to .Cutting from one sector to aid another sector,such as tax cuts for the rich and big business, is a form of the transfer .
All big business and Wall Street has done is betray the American
people in every way .
Unless you address the major corruptions and grand heist you can’t even begin to go after the other sectors because everything is tied
together /
Thank you! It bears repeating:
People DO have a say in how much public employees make (if you’ve not participated in local politics, don’t blame that on anyone else). You will NOT have a say when it comes to private entities who will strip the wealth from public assets and concentrate wealth into fewer hands.
Funny how the “conservatives” don’t realize how contradictory they are and continue to haplessly support the arguments against their stance.
Let’s end public unions and shrink government, even though we have some control overall of their pay and costs and instead, outsource everything, where we NO control over the costs of a for profit contractor.
Genius.
That’s so true. I believe in Saudia Arabia the citizens pay no taxes and everything is subsidized by oil. Sounds sweet, eh? However, because they don’t pay TAXES they have no say whatsoever as to how their government (ie ruling party) is run.
Exactly, SaladSD.
More reduction in “waste and abuse”.
http://www.comcast.net/articles/finance/20110314/BUSINESS-US-FINANCIAL-CRIME-DATA/
Looks like someone wants to make it more difficult to track “suspicious” financial activity.
Wonder who will benefit from that?
Privatization of prisons led to gross injustice in Pennsylvania.
http://seattletimes.nwsource.com/html/nationworld/2014300866_apuscourthousekickbacksmomsoutburst.html
Realtors Are Corrupt and Untrustworthy.
CalPERS and hedge funds (from 2009):
SACRAMENTO, CA – The California Public Employees’ Retirement System (CalPERS) today announced that it intends to restructure relationships with its hedge fund managers to achieve better alignment of interests, more control of its assets and enhanced transparency.
“We believe that investors and managers alike stand to benefit over the long term when interests are better aligned, asset controls are properly instituted, and transparency of risks and exposures is improved,” said Joseph Dear, CalPERS Chief Investment Officer. “We look forward to working with hedge fund managers in the coming months to strengthen these concepts and make hedge funds an even more effective asset management tool in the CalPERS portfolio.”
In recent years, institutional investors have displaced wealthy individuals as the main clients of hedge funds. However, the hedge fund marketplace has not evolved sufficiently to accommodate what institutional investors require to maximize long-term benefits for their beneficiaries.
The pension fund also says fees should be based on long-term rather than short-term performance. The present model provides the possibility of a hedge fund manager realizing a 20 percent performance fee at the end of a bonanza year. If the fund suffers a significant decline the next year, the manager could still have a large net gain at the end of the two years, but the investor may break even or even lose money.
Performance fees should be based on long-term performance, and mechanisms such as delayed realizations and clawbacks can better align long-term interests of managers and investors. Management fees should better reflect the cost associated with generating performance and not be an invitation for asset-gathering.
http://www.calpers.ca.gov/index.jsp?bc=/about/press/pr-2009/mar/restructure-hedge-fund.xml
————————
IMHO, a fund like CalPERS should not have to be using hedge funds. They are big enough, and powerful enough, to attract top talent who could manage the fund directly, which would help to maintain the necessary transparency and ensure more accountability for those who manage these public funds…not to mention eliminate all those fees (hello, 2/20%???). This is a direct result of the Fed’s interest rate manipulations AND of corruption at the top (posted link yesterday describing some conflicts of interest WRT higher-ups at the pension fund and private equity funds).
Thank you very much for this.
By the way, standard hedge fund pay is 2% of monies being managed and 20% of any returns on the year. If the returns on the year are negative, the pay on that portion is zero. It is not negative and used to offset the 2% on capital being managed which effectively acts as minimum compensation.
Not to defend Hedge funds, but MOST also have a highwater mark and some have other clawbacks that force them to exceed previous levels before again paying the 2nd portion of the 2 and 20.
However, many funds have notoriously closed shop after suffering losses and the staff forms a NEW hedge fund alleviated of that pesky high water mark.
And if you think CalPERS is in deep… there’s ALOT of municipal entities whose endowment / foundations / investable assets are spread into hedge funds and even less liquid/more speculative entities (and some have huge capital call commitments which greatly exceed their liquid cash because they have expectations of how long it will take to receive all said capital calls.. ).
Thanks for this too. I am aware of the capital call provisions and the provisions that allow the managers to suspend all redemption of interests whenever they want. Not great for entities that need to retain their liquidity.
Nobody looks at the fleecing going on regarding those big accounts …20% ,come on . What did these financial entities do but put these accounts into a bunch of mis-rated investments ,the easy way out . The financial soothsayers are all in bed with each other .They are a bunch of criminals that create
booms and busts ,but they always get their stupid commission
fleeced off the top . These financial criminals took the play book from Enron .And people think these entities can regulated
themselves ,yet they expect to be bailed out when they use their blackmail to extort public funds . They need to be put back in their proper place ,like any run-away train needs to be contained .
Right. And this is why I have such a problem with the “union thugs caused the financial crisis” propaganda. It is a lie meant to confuse those who have no knowledge about what went on and why pension funds are experiencing their current “crisis.”
“The American banking industry is trying to convince the public that simply by hiding bad debts in the deep levels of corporate balance sheets that taking on leveraged risk is somehow safe.”
March 14th, 2011 by maxkeiser
* The Giant American Banking Deception – $7.4 trillion in deposits backed by insolvent FDIC insurance fund. Bank of America and JP Morgan each have more than $2 trillion in assets each while 72 million Americans earn $25,000 a year or less.
I’d say that most of the public is utterly unaware that banks are hiding bad debts, or even know what a “leveraged risk” is at all.
All they know is that food, gasoline and healthcare are steadily becoming more and more expensive, while the Federal Reserve tells them to cheer up, because iPads are getting cheaper.
Two weekends ago we were invited over to some friends (older and non tech savy). They asked me to explain to them what the heck Microsoft’s “To the cloud!” commercials were trying to sell.
I explained to them the MS’s old biz model was to sell you a copy of Windows and Office. The problem for MS, I explained is that once you buy those, you probably won’t buy another one, especially not Office (I still have and use my copy of Office 97!)
So I went on to explain to them the concept of a computing as a “utility”, complete with a nice, fat monthly bill.
That’s when they “got it”. They laughed and said “Like anyone has any spare cash for that!”
I suppose MS and other “Cloud” providers will be able to snag young hipsters who must have the latest and greatest (then again, that crowd is supposed to replace their PC with a SmartPhone, so maybe not).
(I still have and use my copy of Office 97!)
I keep a Windows 98 & 2001 Purple Apple running for Mr. Cole (Age 9)
Word / calculator / paint / pictures / Excel / Chess
no probems…seems to be sufficient for the tasks he tackles…
(I have no urgency to upgrade them in the least…)
(We buy a new PC / Apple “no frills” computer apprx. every 4 years…2 years for the $$$ WOW factor to dissipate & 2 years for the Bugs & Software to stabilize.)
I explained to them the MS’s old biz model was to sell you a copy of Windows and Office. The problem for MS, I explained is that once you buy those, you probably won’t buy another one, especially not Office (I still have and use my copy of Office 97!)
I’m still perking along on Windows XP. Haven’t lost a single client over it either. As for Office, I use OpenOffice. Can’t beat the price — gratis — and it does everything that I need an office suite to do.
Same here, Slim — Windows XP and OpenOffice (for those who don’t know about this, definitely check it out).
——————
Colorado,
I’m one of those “non-tech” types, and didn’t realize the whole “cloud” thing required a monthly fee. Guess I should have figured it out, but don’t really pay attention to what’s new in tech. Unreal! They want to nickel-and-dime us to death.
Has anyone else noticed how everything is going to a “payment plan” of some type? Nobody wants us to actually “own” anything, anymore.
I think the cloud could work very well for some businesses. Instead of having to worry about hardware maintenance, backups, and upgrading software, their subscription buys a level of expertise, security, and support they might not otherwise be able to afford.
If you are in an earthquake or hurrican prone area, not having your critical data at your site could save your business.
I would expect that professional photographers could go for one of those backup sites, instead of having multiple hard drives in multiple locations or a gazillion CDs.
“…while 72 million Americans earn $25,000 a year or less.”
There’s the REAL nugget of information. That’s HALF the work force.
And the libertarian types will tell us it’s because these people are “too lazy.”
(sigh…)
We just need to move to Lake Woebegone, so we can all be above average.
My children are all above average, my wife is strong, but I am not as good lookin’ as a Lake Wobegon man.
?
Are we going to borrow from China to rebuild Japan?
Or are we going to borrow from Japan to rebuild Japan?
Instead of spending trillions on bridges to nowhere it would have served Japan better to retire some old nuclear plants and build more efficient and safer models out of reach of tsumanis.
What brilliant minds come up with the idea to build nuclear power plants directly at a cost that has a long history of getting hit by tsunamis? Maybe the same minds that build them directly on fault lines?
The German North Sea coast is extremely flat (like Florida) and has been subjected to many desvestating floods. High winds, a funnel shaped geography and extreme difference between low and high tide all contribute to the problem. People build dykes along the entire coastline that are about 30ft tall. No more floods.
Now this may or may not have held back a tsunami, but it certainly would have lessend the impact.
The moral of the story, if you need to waste public funds on Keynesian experiments at least try to build something useful instead of bridges to nowhere.
The nuclear plants have held up better than dams, houses and at least one refinery. Where are you going to build anything in Japan that is not on a fault line or subject to flooding from the sea? They built it because without the cheap power they would have had no economy. Despite all the alarmism none of the plants have exceeded 4 on the 1-7 scale of problems at a nuclear plant. Three mile island reached 5 and it still was not considered to have had major impact on health. They still are having problems such as running out of fuel to run pumps which lead directly to the second explosion but they are clearly now “winning” and not in a Charlie Sheen way. Sorry will be busy the rest of the day but will try to respond tonight.
First, you can build the plants several miles inland in higher elevation that can’t be reached by tsunamis. That’s what took out the diesel generators that were supposed to run the backup cooling system.
Second, your assertation that none of the plants has exceeded a level 4 is most likely wrong. The US navy has withdrawn their ships due to high radiation. Fact is that nobody knows exactly what’s happening. The government admitted a partial meltdown.
shoulda…coulda…woulda.
The US Navy stated the radiation levels were equal to one day’s exposure to normal background radiation.
Those plants have been permanently shutdown. The would not have taken this measure if things were under control.
The coolant Hillary said we are providing Japan is sodium polyboride.
I love the reports about how the explosions at the reactors of the plant have done no damage to the containment area and are actually a good thing because now the pressure is lower. WTF? Folks, if this isn’t media spin, there has never been any. The part that blew up WAS the concrete containment part of the reactor. The core is all that is left, naked and melting-down. The explosions were not “good”.
My understanding is that nuclear power plants are built near large bodies of water so that they have access to water for cooling.
That’s my understanding as well, but admit to having very little scientific understanding regarding nuclear power plants.
Mike, this is in fact the prefect opportunity for them to upgrade their entire infrastructure in the north.
The disaster has provided the perfect “not my fault” situation to rebuild EVERYTHING to better codes and modern technology.
Just watched some of the updates regarding Japan…it is surreal. I cannot believe what these poor people are having to endure right now. It is so terribly wrong.
It could get a lot worse for everybody.
This article is about the Japanese WWII weapon
From late 1944 until early 1945, the Japanese launched over 9,300 of these fire balloons, of which 300 were found or observed in the U.S. Despite the high hopes of their designers, the balloons were ineffective as weapons, and caused only six deaths (from one single incident)—a kill rate of 0.067%—and a small amount of damage.
Japanese bomb-carrying balloons were 10 m (33 ft) in diameter and, when fully inflated, held about 540 m3 (19,000 cu ft) of hydrogen. Their launch sites were located on the east coast of the main Japanese island of Honshū.
Japan released the first of these bomb-bearing balloons on November 3, 1944. They were found in Alaska, Washington, Oregon, California, Arizona, Idaho, Montana, Utah, Wyoming, Colorado, Texas, Kansas, Nebraska, South Dakota, North Dakota, Michigan[2] and Iowa, as well as Mexico and Canada.
General Kusaba’s men launched over 9,000 balloons throughout the course of the project. The Japanese expected 10% (around 900) of them to reach America, which is also what is currently believed by researchers[citation needed]. About 300 balloon bombs were found or observed in America. It is likely that more balloon bombs landed in unpopulated areas of North America.
The last one was launched in April 1945.
http://en.wikipedia.org/wiki/Fire_balloon - 110k -
Put it on Bernanke’s tab. “I got this one.” Said the Fed chief as he lovingly caressed his printing press.
Hacker group releases BofA employee correspondence
CHARLOTTE, North Carolina (Reuters) - Anonymous, a hacker group sympathetic to WikiLeaks, released on Monday emails that it obtained from someone who said he is a former Bank of America Corp employee.
In the emails dating from November 2010, people that appear to be employees of a Balboa Insurance, a Bank of America insurance unit, discuss removing documents from loan files for a group of insured properties.
Neither the emails nor correspondence released by Anonymous indicate the reason behind the electronic record keeping discussion.
A representative of Anonymous told Reuters on Sunday the documents relate to the issue of whether Bank of America has improperly foreclosed on homes. The representative added that he had not seen the documents, but he has been briefed on their contents.
Consumer groups have accused major U.S. lenders of foreclosing on many homes without having proper documentation in place.
A BofA spokesman said on Sunday the documents were clerical and administrative documents stolen by a former Balboa Insurance employee, and were not related to foreclosures.
“We are confident that his extravagant assertions are untrue,” the spokesman said.
Awesome!
Maybe the “leak” will expose the “fuel rods” at BofA causing a “truth reaction” and the whole bank will be rocked by a huge explosion followed by a complete melt-down. (I can dream, can’t I)
CHARLOTTE, North Carolina (Reuters) - Anonymous, a hacker group sympathetic to WikiLeaks, released on Monday emails that it obtained from someone who said he is a former Bank of America Corp employee.
What this says to me is that employee relations are a lot more important than companies have been making them out to be. Think of it: You’re working in some big (or small) company, being badly treated, and asked to do things that are ethically shady at best.
So, it it any surprise that we’re seeing such a massive outburst of whistleblowing? These employees have had enough, and now they’re doing something about it.
Anonymous has stated they are going after the Bernake.
We’ll see.
“Never spend your money before you have it.” ~Thos. Jefferson
And don’t spend money that you will never get.
Did Jefferson even mention that he inherited most of his money and his land from daddy? And that he went totally broke post-Presidency, and that he went into lots of DEBT (spent money before he had it) to build Monticello? And that the bank didn’t want to foreclose on a former President, so they waited to swoop in until after he died?
Did Jefferson also mention that he wrote that “all men are created equal” at the same time as he was keeping (and bonking) SLAVES, whom he also inherited from daddy?
It’s easy to preach money when you start with a lot of it.
Wisdom does sometimes come from the insightful thoughts of the imperfect man.
so do you just really enjoy pointing out the inadequacies of the founding fathers or do you disagree with his general statement?
Jefferson, more than any other single person, made this country what it is today. He demanded a bill of INDIVIDUAL (not “collective”) rights in the Constitution, cut the Federal budget by more than half, pushed for laws ending slavery, abolished the early equivalent of the IRS, slashed the military (even while winning a war with Libya) and expanded the country’s territory. He was also an architect, inventor, and musician.
So naturally, the anti-freedom, big-government set looks for any way they can to smear him. But the affair with the slave could just as easily have happened with Jefferson’s brother, and the debts he had later in life were incurred to help his friends.
While nobody is perfect, I just wanted to add a little balance to the PC fad of trashing the founders.
It’s easy to preach money when you start with a lot of it.
Ben Franklin didn’t start with a lot, and he preached the same thing.
Then why didn’t wmbz post a Franklin quote?
AS the magnet on my frig says:
“Any society that would give up a little liberty to gain a little security will deserve neither and lose both.” -Benjamin Franklin
“…looks for any way they can to smear him.”
they can’t help it…it’s in their nature.
When you’re personally familiar with hypocrisy, it’s far easier to recognize and point it out in society.
As an uber-lib, I revere Jefferson; have attempted to emulate his life, and to a certain extent–more than most, I would wager– have succeeded. I certainly don’t believe that our Country would be better off if everyone lived as I have….
There are a lot of professed “Christians” on this board whose comments are anything but Christlike. That doesn’t make their philosophical aspirations any less valid.
i was never really a fan of clinton to be honest.
and i do not completely dismiss anything he has ever said or done just because he “slept” with a white house intern.
if i did do that…it would really stupid.
“Jefferson……cut the Federal budget by more than half,”
While Adams voted to raise your taxes 72 times!
It’s easy to preach money when you start with a lot of it ??
Which raises the question why some hold Trump in such high regard…
“Which raises the question why some hold Trump in such high regard…”
Some hold Charlie Sheen in high regard. Some the kids from Jersey Shore. Some Donald Trump.
However, I would be very surprised if very many people HERE hold DT in high regard. And the few that may could be very unaware of his real history and repeated, massive financial failures. On the other, maybe they just admire the great song and dance he performs for the masses?
wmbz is cashing in on the Jefferson caché to give credence to the quote. But Jefferson doesn’t have much caché in money matters, so wmbz should have quoted someone else.
Or maybe Jefferson said “Never spend your money before you have it… because that’s what I did and it f’d me up.” Now that would be cool.
Back when I was bicycling around the USA, I got caught in a Virginia rainstorm. And, look! There’s a nice looking house at the end of a long driveway! I think I’ll take refuge there.
The place was called Scotchtown, and it had been the residence of Patrick Henry. I was the only visitor at the time, and my guide was a direct descendant of you-know-who.
Well, to say that Scotchtown was a nice place was an understatement. It was in beautiful condition. You wouldn’t think that it was more than two centuries old.
According to my guide, Patrick Henry died a wealthy man, and that was in great contrast to the much more famous Thomas Jefferson. He died broke. Very broke. So broke that it was hard to believe that the guy was considered to be so smart. This lady was really piling it on.
I got the impression that the Jefferson descendants did not invite the Henry descendants to their get-togethers.
“Practice what you preach.”
- Professor Bear
Of course, the Louisiana Purchase was done with borrowed money, and proved to be a spectacular investment.
So maybe Jefferson should have said, “GENERALLY, never spend your money before you have it, unless you find a really great deal.”
The PPT will have to kick it up a notch today!
Don’t worry, TTT is positively priapic right about now.
Plenty of God’s work to do this week.
Ahansen shreds at mammoth mountain
the most technical chutes and couloirs at mammoth mountain are skiiable again this year. last week a white haired lady was observed tearing up the legends, balls to the walls, huevos grande, hangman’s hollow, varmits nest, phillipe’s coulir and the dragon’s wazoo all bore her tracks unitl yesterday’s snowfall filled them in.
the kitchen at skadi’s restaurant reports an improved duck preparation thanks to a tip form the lady at table 7.
film at 11
(sorry i missed you)
+1 for the great visuals.
Hah.
Did they mention the 200+ yard face plant I left down Upper Dry Creek when my accursed binding pre-released on me? (One of my personal best,) Dang. I’m gonna ski with crampons on my gloves from now on– or maybe an ice axe. That coulda gotten dicey in the rocks.
Left just in time to escape the police and firefighter’s olympics arrivals. When the dental hygienists convention hit Canyon, I knew my time was neigh.
Tell Ian and Annie I love ‘em now and always have, and not to forget the marzipan in the pear tart. Nut-haters be damned,
twas a most delightful evening! (Burp.)
Next time, CT. Maybe you’ll believe me…? ahansen is happenin’ in town.
Anonymous to Leak Bank of America Documents Monday
Adrian Chen — Anonymous to Leak Bank of America Documents Monday
A member of the activist collective Anonymous is claiming to be have emails and documents which prove “fraud” was committed by Bank of America employees, and the group says it’ll release them on Monday. The member, who goes by the Twitter handle OperationLeakS, has already posted an internal email from the formerly Bank of America-owned Balboa Insurance Company
http://gawker.com/#!5781158/what-does-anonymous-have-on-bank-of-america
Is Japan too big to fail? Or just our carmakers and banks?
One wonders how the debtor feels when its second largest creditor is on the ropes.
BB can just fire up the printing presses. Its all good.
“Is Japan too big to fail? Or just our carmakers and banks?
There are some things the printing press can’t do:
Bring back the dead
Prevent nuclear meltdowns (in this regard the Fates seem to hate Japan)
Stop/prevent earthquakes
Restore a terrified people’s confidence.
Reconfigure the melted…
glacierssnow-coneNothing to worry about when the First largest creditor is the same entity as the debtor.
A car that runs on its own exhaust.
An animal that survives by eating its own feces.
A media that believes its own bullshit.
http://www.bbc.co.uk/news/world-asia-pacific-12733393
‘The capital, Tokyo, is still experiencing regular aftershocks, amid warnings that another powerful earthquake is likely to strike very soon. The disaster is a huge blow for the Japanese economy - the world’s third largest - which has been ailing for two decades.’
20 years, for a modern economy to be in recession. Why? IMO because they tried to paper over their stock and RE bubbles.
Are you listening Washington?
http://globalpublicsquare.blogs.cnn.com/2011/03/13/fareeds-take-what-the-devastation-in-japan-teaches-us/?hpt=C2
‘Most experts agree that in terms of safety plans and procedures, Japan has done almost everything right…The one area where Japan did not adequately prepare itself was economics. ..Japan has a debt load almost twice the size of its total GDP. This is the worst of all rich countries. The International Monetary Fund says that in four years, Japan’s debt will equal 250% of GDP. That’s before this earthquake’
This bugs me, because we aren’t being offered the opportunity to debate the wisdom of actions that could put this country into a 20 year plus recession. Consider this; when Japan’s bubbles occurred, there wasn’t a simultaneous global bubble. What could we be getting ourselves into? How come there is no real dissent in DC to kicking the can down the road?
DC has a high sea wall, to keep the flood of reality outside the gates. Their feet are still dry.
DC has a high sea wall, to keep the flood of reality outside the gates. Their feet are still dry.
It does? Where?
ISTR that, along the Potomac, there isn’t much of a sea wall at all. And that, if you wanted to, you could sit on the edge of the wall and dangle your toes in the water.
OK Slim, how would you describe the thing that keeps the legislators from having insight into the realities of the rest of us?
Myself, after having met and worked with a few, I would have to say “ego.”
( 9 times out of 10, anyway.)
“IMO because they tried to paper over their stock and RE bubbles.”
But critics of their policies (and proponents of our own) now say it’s because they did not ease/stimulate soon enough or with as much vigor as we have.
‘because they did not ease/stimulate soon enough or with as much vigor as we have’
OK then, let’s have that debate in DC. What model explains the downfall of this economic powerhouse in the shadow of the twin bubbles? I’ll remind everyone that Japan has had a zero interest rate policy ever since the bubbles! And if they haven’t stimulated enough, why is their debt the highest among developed countries?
Then there is the matter of allowing corporations to off-shore the bad debt and never recognize it. Isn’t that like US govt efforts that prevented corporate failures? And what follows is the political and corporate rot that sets in from the moral hazard of such decisions; bad behavior is rewarded, encouraged, you get more of it, with the implied condition that it will never be punished, financially or otherwise.
Why don’t we cut to the chase and ask the Japanese people how this all worked out? Not their politicians or central bankers, but the people who are now burdened with this massive debt. Who have lived a generation in recession.
And why isn’t the possibility of a multi-decade, global recession mentioned as a possible outcome in all this? After all, we’ve got the Japanese experience right in front of us.
“After all, we’ve got the Japanese experience right in front of us.”
It’s different here in ‘Merika.
It sure is. I was explaing America’s love with gas guzzling pickups and SUVs to a guy I know in Signapore.
Needless to say, he was amazed. He thought only ranchers and cowboys drove pickups.
A debate in DC would cast doubt on the judgement of Bernanke (the foremost “expert” on the GD) and cause confidence loss in the ponzi-scheme that is our economy. The Fed must not be questioned or we will have armageddon. Come on, you know this.
They are already losing confidence. As the third year of ZIRP begins people are starting to ask questions - like why doesn’t the hospital discharge a healthy patient?
A lot of the same technocrats that today criticize Japan for not doing enough were, in the 1990s, faulting them for doing anything at all.
Asking them about that change of attitude would be my first question for them - but they will use the weasel worded cop out that Japan didn’t do it right - and that they are. Frustrating, because these guys think that when it comes to the global economy they have the dexterity of a brain surgeon and the brute force of a rhinoceros - all at the same time.
“What model explains the downfall of this economic powerhouse in the shadow of the twin bubbles?”
Demographics.
Europe, Russia and China face similar issues. So does the U.S., but not to the same extent.
Demographics is indeed Japan’s major problem, coupled with the monster hangover from the incredible RE and stock bubble they had, which dwarfed ours. (Property in some Tokyo neighborhoods was going for $139,000 per square foot at the height of the bubble.)
Their economy was actually growing at a reasonable rate in the early part of the 21st century, until the worldwide economic collapse.
Oops, forgot the main point of my post- that the US is actually in good demographic shape:
from wikipedia
The Census Bureau projects a U.S. population of 439 million in 2050, which is a 46% increase from 2007 (301.3 million).[19] However, the United Nations projects a U.S. population of 402 million in 2050, an increase of 32% from 2007 (the UN projects a gain of 38% for the world at large).[20] In either case, such growth is unlike most European countries, especially Germany, Russia, Italy, and Greece, or Asian countries such as Japan or South Korea, whose populations are slowly declining, and whose fertility rates are below replacement.
After all, we’ve got the Japanese experience right in front of us.
The unseen unspeakable:
Japan: 2.8%
The savings decline in Japan from 15% in 1992 is the most dramatic in the industrialized world
U.S.: 3.9%
U.S. savings are up from a 1.7% low but far below a postwar average of 7% or so
China: 38%
China has one of the highest savings rates in the world, partly because there is no national safety net
x1 example under the “My home is my
castleATM”:Austraila: 2.5%
The Australians, like the Americans, have had a huge housing boom compensating for the loss in savings
“How come there is no real dissent in DC to kicking the can down the road?”
The alternative seems to be to have to face problems you could otherwise kick down the road to your successors.
‘It’s different’
2011 isn’t like 1989. We are often told how interconnected the global economy is now. It’s is easily proven that there are larger, and still growing real estate bubbles in many parts of the world; China (most of Asia actually), Australia, Europe. I was reading some data this weekend which reminded me that Moscow may have the most over-valued RE in the world. Lets not forget Canada, India, South Africa, Central America, the Arab states. (Is there a bubble in Antarctica?)
What is Bernankes so-called expertise? The great depression! IMO that’s about as useful as horse and buggy knowledge at this point.
This is real, it’s serious and it is on our doorstep. The decisions we are making today could drag us down for a long time. Isn’t there time to at least talk about the possibilities?
“Is there a bubble in Antarctica?”
They aren’t making any more uninhabitable, frozen wasteland.
Great Points! It is a shame that the REAL ISSUES that need addressed ASAP, are not even discussed, with the exception of a few places on-line. It seems that it is so much easier to talk about defending marriage between a man and a woman, Pro-life or Women’s Choice, Republican or Democrat….blah, blah.
All the while, the Financial Terrorists on Wall Street and banks around the country loot, pillage and plunder the nation for their own gain. This done of course with the aid and encouragement of our elected leaders, FED and Treasury officials. Not to mention a lot of others also driven and motivated by GREED above all else. Why not the People are too lazy, ignorant and uncaring to even force their leaders into an honest discussion about where things are and where they are going in this country.
Both parties are guilty of the distractions, and neither wants to have an honest discussion, because not a single politician would be re-elected if they acted in the best long term interest of the country. The Entitled Peeps would not be happy.
Both parties want to keep the people fighting about Unions, Gays, Illegal Immigrants or anything other than the real issues. We can no longer pay as we go, and haven’t been able to for quite some time. If the people can’t borrow money directly from banks/credit cards in order to keep the economy going, let the government borrow it and pass it out to the banks, corps, FBs and other people to keep the illusion of a functioning economy going for infinity.
Truth be told the real important issues are difficult to understand, require more than twenty minute newscasts to adequately cover, and most importantly offer no easy solutions, so keep on keeping on…..ignore the real problems and they will go away.
Try to find a group of more than five people outside of a University setting that actually can debate or discuss such issues without turning it into a Republican vs Democrat conversation. Just look on this site and see all of the quarrelling over political affiliations. To talk about real issues is not in style right now, much cooler to divide and remain divided.
“It seems that it is so much easier to talk about defending marriage between a man and a woman, Pro-life or Women’s Choice, Republican or Democrat….blah, blah.”
Note that all your examples of ‘blah, blah’, pointless, distracting issues come from one particular party- the one that also favors the interests of the rich. Coincidence?
Not a coincidence at all. Both parties keep these inflamattory issues floating in the air like a volleyball over the net. If one side or the other would stop the recycling of these issues, which are going nowhere, and concentrate on the real issues…people in general would be too busy concentrating on their own lives rather than trying to find someone else to hate in order to feel better about themselves.
The BS isn’t a rich people party vs. poor people party, and if you can’t see that both parties are about the rich, I don’t think we see things the same.
The rich vs. poor thing is a distraction too.
If the Ds wanted “the people” to rise up and dominate “the fat cats” they could probably get a bullet-proof majority simply by fully supporting the 2nd amendment and showing they mean it. So why don’t they?
Try to find a group of more than five people outside of a University setting that actually can debate or discuss such issues without turning it into a Republican vs Democrat conversation.
Most everything in the movie “Inside Job” I laready knew (thanks to reading HBB for the past 5 years) but the points about academia being completely corrupted by corporate influence was eye opening.
I fully support the right of Americans to carry a musket at home on the off chance that the government calls them up on a minute’s notice. Isn’t that what the Second Amendment says?
“All the while, the Financial Terrorists on Wall Street and banks around the country loot, pillage and plunder the nation for their own gain. This done of course with the aid and encouragement of our elected leaders, FED and Treasury officials.”
“The rich vs. poor thing is a distraction too.”
Make up your mind.
‘academia being completely corrupted by corporate influence was eye opening.’
We did cover the Harvard bunch taking REIC money back in 2005. You know, Nicholas what’s his name that was quoted in so many housing articles back then. And we were all over the Anderson School too.
“Nicolas Retsinas”
He is turning out to be quite the rear-view mirror housing market prophet.
Monday March 14, 2011 7:52 PM
Posted: 2:51 PM Mar 7, 2011
Home Prices: The Double-Dip Is Near
That big sucking sound you heard last week? That was the air being taken out of the housing market by a slew of bad reports followed by some dire predictions by an industry bubble-spotter.
…
Nicolas Retsinas, of the Harvard Joint Center for Housing Studies, recently advised his own daughter about buying a home. She was returning to Providence, R.I., but it might only be for a few years.
He told her to rent — not that it mattered. “Whose kids listen to them anyway?” he asked.
Even those with longer time horizons should not take it for granted that their purchases will pay off. Home prices could stagnate well into mid-decade.
Despite the gloom, many Americans remain confident about home buying. A survey released Monday by Fannie Mae revealed that 65% of people believe it’s a good time to purchase, with 78% expecting prices will rise or remain the same over the next 12 months.
…
“This bugs me, because we aren’t being offered the opportunity to debate the wisdom of actions that could put this country into a 20 year plus recession.”
Cuz we’re the “little people” and our opinions won’t matter until we pull out the pitchforks?
Little people have no standing in DC policy circles.
Not even in your local government.
* March 14, 2011, 2:34 PM ET
Japan’s Lesson to U.S.: Get Your Fiscal House in Order
By Jon Hilsenrath
It is human nature to try to find meaning in random and tragic events. Here is an economic lesson that the U.S. and other governments can learn from the horror that has struck Japan in the past week: Get your fiscal houses in order.
Japan had an elaborate emergency preparedness system in place to address the earthquake and tsunami that ravaged its northeast coast last week. Early warning systems gave people and businesses precious moments to prepare and act. Fiscally, however, it is totally unprepared for another shock.
Japan faces years of expensive rebuilding and thousands (at least) of Japanese have been left homeless and in need of help by the devastation. If ever there was a time for more government spending, this seems like a ripe one. But Japanese policy makers have no good choices.
…
got principal reduction?
http://www.businessweek.com/magazine/content/11_12/b4220031777731.htm
“Some economists say home-loan forgiveness is the key to a real estate rebound”
Are these same economists proposing to pay for the forgiven debt out of their own pockets?
I thought not.
That this is even being mentioned in Businessweek goes to show the true state of the housing market. I think it signals that the banking clan is realizing that it will either be strategic defaults or principal reductions. The advantage of the pricipal reduction is that it keeps the asset (the loan) in a semi performing state (at least for a while) as opposed to unloading a foreclosure no one wants to or can buy.
“…that it will either be strategic defaults or principal reductions.”
Are you sure that’s an either-or scenario?
I did say “At least for a while”. The implication being that many who get “redos” will eventually default anyway.
The advantage of the pricipal reduction is that it keeps the asset (the loan) in a semi performing state (at least for a while) as opposed to unloading a foreclosure no one wants to or can buy.
I know a fellow who recently bought a foreclosed doublewide trailer. Place is a real mess, and he’s having one heckuva time bringing it back into habitable condition.
This guy isn’t exactly young, and I can’t help thinking that he would have been better off not buying this place.
Who in their right mind would buy a trashed double-wide trailer? (Other than a slum-lord owner of a trailer park.)
Who in their right mind would buy a trashed double-wide trailer?
I’ve been wondering the same thing.
As mentioned before, this fellow isn’t a spring chicken. And he has a job that requires that he be on site 24/7 for several days of the week. (The job does provide him with sleeping quarters while he’s on the 24/7 duty.)
I can’t help thinking that he’d be much better off renting a room near where he works. I know that neighborhood where his job is located — it’s full of big old houses. And there are people who own those houses and rent out a room or two.
Who in their right mind would buy a trashed double-wide trailer?
What he said.
Tell that to my landlady with her paid-off house and Prop 13 property taxes. She just raised the rent $100 month.
How come there is no real dissent in DC to kicking the can down the road?
its begun ben, the freshman in congress are providing real dissent.
Wait until their constituents figure out that they don’t hate government as much as they thought they did.
Oh, but we do. We hate the elitist structure of it. We hate the size of it. We hate the waste and the corruption of it. We hate the very concept of being controlled for our own good by those who think they are superior for some reason. We hate the restrictions on liberty and privacy. We hate the transfer payment system in its various manifestations.
“We hate the transfer payment system in its various manifestations.”
Especially to the Banking Clan and other TBTF industries, right?
Sure, but they are not the only ticks on the dog.
Especially them; but not limited to them.
“We hate the restrictions on liberty and privacy.”
Give us a couple examples of each on how you personally have been restricted.
“Sure, but they are not the only ticks on the dog.”
But they are the biggest ones, especially considering that the provide no value. At least those “overpaid” teachers actually do work.
Here’s one: TSA abuses of our civil liberties.
Colorado, you are preaching to the choir–what else you got?
I would be happy to see TSA go away. As far as I can tell, they provide no vallue or safety by groping grannies.
I would be happy to see the bailouts for banks, insurance companies, and auto makers to go away.
“I would be happy to see the bailouts for banks, insurance companies, and auto makers to go away.”
That goes without saying.
Comment by Bronco
2011-03-14 10:12:43
Here’s one: TSA abuses of our civil liberties.
————-
But didn’t this “intrusion and restriction” come about by way of the Republicans and their “Patriot Act”?
what does that have to do with it? it’s still wrong.
Only this. What will they do the next time they have complete control of the Federal government? Can we trust them again?
Yes, it’s wrong; but most right-wing types try to blame a “loss of freedom” on Democrats, but there is no evidence to show that they are any worse (or even equal to) the Republicans.
“We hate the transfer payment system in its various manifestations.”
Who is ‘we’? Because polls show most members of the TeaKoch Party still expect and demand their medicare and social security benefits.
I took the liberty of using “we” to include those who would vote against the established elite and their puppets at every opportunity, as indicated in the post I responded to. The elitist group that you espouse will use name calling in its defense. It won’t help much.
TheEpochTimes
Nearly two in every three Americans oppose cuts to Social Security, with Democrats and Republicans nearly united in opposition to cutbacks to the massive entitlement program.
Sixty-four percent of all respondents in two separate recently released polls, one by USA Today/Gallup and the other by the Kaiser Family Foundation jointly with the Harvard School of Public Health, said they opposed cuts to government funding of Social Security.
Only 34 percent of those surveyed in the Gallup Poll were in favor of any cuts to Social Security, a number echoed by the Kaiser/Harvard Poll (35 percent).
Only 8 percent support “major reductions” in government spending to Social Security, the Kaiser/Harvard Poll noted.
The Gallup Poll found that left-leaning and right-leaning Americans polled had the same opinion about Social Security cuts: both subgroups saw the same low amount of support (34 percent) for spending cutbacks.
—
So less than one in three were in favor of any cuts at all, which of course would include those who support cutting benefits to the wealthy, while maintaining them for everyone else.
Less than one in ten favors any real cuts. (I wonder what percentage of them are rich?) And again, this would include people who favor full benefits for most, but would like major cuts in things like disability benefits, or payments to the wealthy- ie both groups of ‘dissenters’ would include many who still favor the overall program.
There ain’t many ‘we’.
There ain’t that many “we” that are all for a balanced household budget either. It’s too painful to do until one is forced to. Then it seems obvious, though even more painful.
Dammit, it is NOT an entitlement program!
We ALL paid into it. Twice! That is OUR damn money!
“We all paid into it! Twice! That is our damn money!” Thank you Eco, I’ve been paying into SS for 40 years. I’ve paid the max for the last 18 years (matched by my employers). With the interest compounded, I would have to live to 130 yo to collect what was supposedly invested. Entitlement my arse.
I sure would like to know more about the 34%. There aren’t enough folks that are really rich to constitute 34%.
Are they under 40? Confident enough to think that they can do better investing their money than the government will? Arrogant enough to think they can beat Wall Street at its game or come up with the next big thing? Are they prepared to face the consequences if they can’t?
Or do they expect that it won’t be there when they are old enough to collect? I have never expected to collect since I started working in the 70s. It amazes me that I may actually get some of it back in a few years.
the freshman in congress are providing real dissent ?
Along with those courageous representatives and Governor in Wisc….Other states are attempting to follow but its impossible (see Cali.) if you don’t have the legislators that are willing to sacrifice their job to do whats in the best interest of their state…
“to do whats in the best interest of their state…”
Like selling off public assets in no-bid sales?
Selling off public assets is being done to protect public employee unions and pensions. I guess when you have a trusty guard dog, but run out of food to feed it chances are it will find you as food pretty soon!
One could just as easily say that public assets are being sold off to protect juicy tax breaks for big business. For example, you sell some parking meter fees to a foreign entity. Which exact quarters make up the money lost which should have been collected as taxes, and which quarters pay the pension for the teachers (since the firefighters were untouched?)
Money if fungible.
Even if they were being sold to protect union pensions (which is laughable), they’d still get a better deal if they opened it up to competitive bidding, no?
Who benefits by there being no bidding?
Who benefits? Of course the politician who accepted bribes (campaign contributions, lobbying agreements etc) and the corporation that bribed them.
Do not believe for a moment I am OK with this kind of greed and not public employee union greed. Actually they are both the same type of corruption, which is essentially the selling out of democracy to the highest bidder.
What local governments are not allowed to do under law is to reduce or not pay pension obligations to former public employees, so when the tax resources are reduced they have to make up the money elsewhere to fund the expected 8% gain in the pension fund.
Where do you keep getting this “public union greed” thing?
Outside of NYC and CA and Chicago, the rest of the unions are making serious wage and benefit concessions… and HAVE BEEN FOR DECADES.
As for federal, contractors now outnumber regular federal employees. So you will have to blame the PRIVATE SECTOR for those wage increases.
The Wis public unions had ALREADY CONCEDED to their wage and benefits cuts. The protest were about taking away bargaining power.
Your bogeyman is under your bed.
Selling off public assets is being done to protect public employee unions and pensions.
Say WHAT?! Got some facts to back that up? Because the only folks I’ve ever seen benefit are the same bunch of good ol boys.
It was proven that the tax breaks given the wealthy in Wis, EQUALED their shortfall.
The budget shortfalls of most states are due DIRECTLY to giving big businesses tax breaks.
eco,
big business taxes should not exist. they are passed on to the consumer 100% of the time. you would term them regressive ( another hidden tax on consumers).
it is also double taxation on income.
its like printing money, you can’t fix things this way, it just “feels good”
clarification:
big business taxes on income should not exist.
Wow. Just… wow. So they are free to use the infrastructure that contributes to their profits, and use it more than anyone else, but don’t have to pay for it?
Seriously? Isn’t that, uh, theft? Why, yes, I do believe that taking something without paying for it is… theft.
Isn’t it?
“they are passed on to the consumer 100% of the time. “
So why do business fight so hard not to have to pay taxes?
How come there is no real dissent in DC to kicking the can down the road?
its begun ben, the freshman in congress are providing real dissent.
Charlie,
Are you a retired banker? Because every one of your posts seems to change the subject away from prosecuting the thieves who robbed our financial system of its vitality.
pb,
i’m a small building contractor and have a small web based buisness as well.
i’m all for prosecuting thieves of any ilk.
your posts seems to advocate prosecuting wall street crooks as opposed to living with our means. we need to do both.
Sorry. I’ll give it a rest, and more power to you and your small business.
“i’m all for prosecuting thieves of any ilk.”
Many of us on the board feel the same. It’s just that in a system with multiple modes of failure, it’s customary (and most efficacious) to address the most serious mode first, rather than just the most recent, which would seem to point to going after the banksters first and then the other perpetrators. Sometimes, taking care of the first node “magically” makes the other problems disappear or at least vanish into “de minimis non curat lex” as the saying goes.
Of course, it is clear that I have an axe to grind against them and I don’t deny it. I went to school with Goldman’s Buck Ratchford and others of his ilk. Didn’t like them them, like them less now.
MrBubble
Of course, it is clear that I have an axe to grind against them and I don’t deny it. I went to school with Goldman’s Buck Ratchford and others of his ilk. Didn’t like them them, like them less now.
Back when I was a young pup, I went to college with similar people. They creeped me out, even back then.
Breaking Faux News Inc.!!!!!!!!!!!!!!!!!:
“Peon teachers / janitors / bus drivers & their unions ARE DESTORYING AMERICA!!!!!!!!!!!!!!!!!!!
“In a moment, our Billionaire AussiefauxAmerican “TruePatriot™” CEO will have a blonde somebody give additional Faux News Inc. comments…”
The Economic Aftershock of Japan
“Even if Japan doesn’t sell a large chunk of Treasuries, it certainly will not be buying any in the future. Knock out the number two largest buyer of U.S. debt, and that will surely put upward pressure on interest rates”…
http://usawatchdog.com/the-economic-aftershock-of-japan/
They were number three. BB is number one, and China is number two. BB can just step it up.
Many thousands in Japan are short on food and water and shelter. If BB steps up QE because of this, many millions elsewhere will become just that much more hungry. Then more QE will be required, cause we don’t know what else to do to fuel the train. I wonder if a chain reaction might be in the cards.
I had the pleasure of living in Mexico during the high inflation 70’s and early 80’s. Got to watch the peso slip from 12.5 to a USD ro 3000 pesos to a USD.
I was a kid/teen at the time and my dad worked for a multinational (or as they called them in Mexico at the time, a “transnacional”) so we were somwehat unaffected by at as dad got raises that kept pace with the 50% inflation we were experiencing at times. My only concern at the time was to get good grades at school.
When you are shielded from the hardships that others endure, they sort of disappear from your sight. Our fridge was always well stocked, our clothes weren’t tattered and we had trips to Acapulco at least once a year, and this was the case with those we socialized with. But most other people weren’t so lucky.
Mexico had to pay its debts in Dollars pretty tough when you have pesos
What happens if the US has to pay back its debt in somthing other than dollars ? A devaluation doesn’t look so good then.
If you have a big cash position looking to lend ( like CHINA) and think the US FED is going to try and devalue it’s way out of paying back the full amount why not demand payment in OIL ? GOLD? Yuan ?
Then things would really get tough here.
“BB can just step it up.”
After all, he has no pesky budget constraint.
If a tenth of the resources (money and human energy) that have gone into the huge cover-up of our banking system’s greedy failure went into the rebuilding of Japan, then humanity could again look itself in the mirror with a straight face. Our banking “crisis” is such a farce in the face of a real disaster such as the one in Japan. It makes me sick to see how things have been prioritized by those in power.
Those with the gold make the rules.
We should all feel a little ashamed.
Why? 50 million of us are living in abject poverty.
72 million of us are making less than 25k a year.
15 million of us are unemployed.
I don’t think they really have much influence over the state of our economy and society.
Who needs earth quakes, tsunamis and core meltdowns if you have Wall Street? They can damage your economy worse than any natural disaster is capable off.
U.S. millionaires say $7 million not enough to be rich
NEW YORK (Reuters) - A million dollars ain’t what it used to be.
More than four out of ten American millionaires say they do not feel rich. Indeed many would need to have at least $7.5 million in order to feel they were truly rich, according to a Fidelity Investments survey.
Some 42 percent of the more than 1,000 millionaires surveyed by Fidelity said they did not feel wealthy. Respondents had at least $1 million in investable assets, excluding any real estate or retirement accounts.
“Every person in the survey is wealthy,” said Sanjiv Mirchandani, president of National Financial, a unit of Fidelity. “But they are still worried about outliving their assets.”
The average age of respondents was 56 years old with a mean of $3.5 million of investable assets. The threshold for “rich” rose with age.
“They compare themselves to their peer group … and they are also thinking about the long period they will have in retirement and want more assets” to fund their lifestyle, said Michael Durbin, president of Fidelity Institutional Wealth Services.
Still, millionaires are slightly more optimistic now than they were in 2009, when 46 percent did not feel wealthy
“More than four out of ten American millionaires say they do not feel rich.”
I guess if you can’t afford your own Gulfstream then you’re just a loser.
“The other 99 out of a hundred people, on hearing that four out of ten millionaires don’t feel rich, responded with a heart-felt F!U!!!
“don’t feel rich”
that’s why we use this magic called ’statistics’ to determine if you are rich or not.
Nope. No entitlement mentality there. No siree!
States kick grandma to the curb
senior citizens, elderly, budget cuts, senior centers, meals on wheels, medicaid, nursing homes, governorsSeniors in New York City could lose their exercise classes if the state does not restore funding. 14, 2011
NEW YORK (CNNMoney) — For the elderly, state budget cuts could mean no more daily hot meals and exercise classes to help prevent falls. At worst, some could even lose their beds at the nursing home.
These and other lifelines for seniors may disappear as governors and lawmakers slash spending to close an estimated $112 billion in budget shortfalls, advocates say.
Many state officials say they don’t want to reduce senior services, but they have little choice due to massive deficits. But it’s not all bad news. The funding for one senior program in Georgia was restored after legislators agreed the service was too important to cut.
Here’s a look at what’s at risk for many of the nation’s elderly.
Shuttering nursing homes
Among the most dramatic of the proposed cuts is the severe reduction in Medicaid reimbursement rates to nursing homes in Texas. Facing a shortfall of up to $27 billion, state lawmakers want to reduce the rate by 10%. But payments to nursing homes would plummet by a total of 34% because they would also lose federal matching funds.
Happy 65th birthday, boomers. Now what?
This could result in the shuttering of 850 of the state’s 1,000 nursing homes, forcing up to 45,000 elderly residents to find other accommodations, said David Thomason, chair of the Texas Senior Advocacy Coalition.
Texas nursing homes already lose money on Medicaid patients so they could not absorb another reduction, facility operators say. If rates were cut further, many would be forced to stop participating in the Medicaid program and would need to either close the buildings or convert them to other health-related uses.
“Many state officials say they don’t want to reduce senior services, but they have little choice due to massive deficits. ”
Because we could never raise tax rates on the wealthy to, say, their post-WW2 average! It’s not even worth mentioning as a possibility.
Talk about an issue being ignored by the MSM…
The Republicans hold a majority in Texas and all campaigned on no tax increases.
Education will also be cut dramatically over the next two years.
But not extracurriculars like football. Somehow there’s enough money for travel and equipment for 50 students plus an athletic director as the highest or 2nd highest paid person in the school district, but not enough for the rest.
You forgot the pep band and cheerleaders…
We watched “Damn United” last night. Its about English soccer in the 70’s (when they were still poor). There’s a scene wher ethe coach is giving the lads a pep talk in a shabby locker room. I said “I’ll bet the typical Texas HS has a better locker room than that!”
Lordy Lordy, what hath the democrapts done to Tay-Hoss over this last
decade3,650+ days!Texas is and has been for decades, a Repub controlled state.
Corporations = citizens
Citizens = things you use to make stuff
Just another resource, remember?
“Human Capital Initiatives”
Bugs: “Eh, a good magician can ALWAYS pull a wassically wabbit from a
FEDInc.MegaBankershat.”HOUSING SCENE / LA Times / By Lew Sichelman / March 13, 2011
One viable option, however, is the FHA 203(k) rehab mortgage.
This is the Federal Housing Administration’s rehabilitation mortgage. It has been a hot ticket for investors who are picking up distressed properties because it allows them to roll both the price of the house and the cost to make it habitable or marketable into a single loan. And some foreclosures are in woefully bad shape.
But regular buyers also can use the 203(k), especially if they want to do some work before moving in. And more important, current owners can use it as a refinancing tool to incorporate the cost of their home improvements into a brand-new first mortgage.
The FHA doesn’t make 203(k) loans directly. Rather, it insures loans made by primary lenders against the possibility that the borrower will not make his payments as promised.
As long as the “as improved” appraised value of your property — that is, the value of the house plus the value of the improvements — does not exceed the maximum loan amount, almost anything goes. Only luxury items are verboten, says Jim Ragan, who manages the 203(k) program for Bank of America Home Loans.
“You can’t build Bobby Flay’s outdoor kitchen or a swimming pool,” Ragan says. “But other than that, practically anything else is permitted.”
Actually, the extent of the project can range from something relatively modest to a virtual reconstruction. The cost must exceed $5,000. But as long as the existing foundation remains in place, you can tear down the house and rebuild it if you so choose. Even such “soft” costs as inspection fees, architectural fees, closing costs and permits can be included.
The formula for how much you can borrow is fairly straightforward. The maximum loan amount (subject to the aforementioned ceilings) is 97.75% of the improved value of the property.
If the appraiser says your project will add $125,000 in value to your $300,000 home, then you can borrow $415,438.
Does anyone else believe the FED will use “market uncertainty regarding the economically devastating effects of the Japan disaster” as justification for QE-3 in the near future?
I can already hear it in Bernake’s voice as he reads it like a robot.
Yes. One might wonder if Mr. Bernanke isn’t rubbing his hands with glee, as the EQ has given him just the right excuse to justify QE3, QE4, QE5….
Big broke nanny does such a wonderful job!
GAO Report Highlights Wasteful Spending on Ending Homelessness
March 11, 2011 | FoxNews.com
The federal government’s multi-agency approach to help the homeless is often confused, according to a recently released report that catalogues the hundreds of different ways the government squanders taxes through waste, overlap, fragmentation and bureaucracy.
The Government Accountability Office report found that in 2009, federal agencies spent about $2.9 billion on more than 20 programs that targeted homelessness. If that money were to be targeted toward the building of homes, at say, $200,000 per home, it could theoretically produce 145,000 houses.
“Take that money directly and give them sort of a voucher so they can go get housing on their own, or get some mental health benefits,” Brian Darling, director of government studies at the Heritage Foundation suggested. “But the way it is now when you have all of these different government agencies administering the same program, you have government waste.”
But some advocates for the homeless argue that suggestion ignores the complexity of the problem. They say that homelessness incorporates so many socio-pathologies, economic hardships, and other nuanced circumstances — from mental illness to abuse, to discharged soldiers returning from war who can’t find jobs — that a variety of overlapping federal programs and services are precisely what’s needed.
But some advocates for the homeless argue that suggestion ignores the complexity of the problem. They say that homelessness incorporates so many socio-pathologies, economic hardships, and other nuanced circumstances — from mental illness to abuse, to discharged soldiers returning from war who can’t find jobs — that a variety of overlapping federal programs and services are precisely what’s needed.
I would tend to agree with the above.
Why? Because I live near a public park that goes through cycles of being a magnet for the homeless. I can say from the personal experience of dealing with some of them that there is quite a prevalence of mental illness among those who live on the streets. And that the solution isn’t just to get them into some supervised setting, stuff them full of psychotropic drugs, then act like they’re a bunch of two-year-olds who couldn’t possibly do anything to help themselves.
What I’d like to see more of is what we have Downtown. There’s a restaurant called Cafe 54, and it’s staffed by severely mentally ill people. Great food and great service at this place. I highly recommend it.
What makes Cafe 54 work is that it gets people back into society, doing something positive. They get to move beyond being psych patients and back to being, well, productive citizens.
When people with experience and skills are having a hard time finding jobs, what chance stand the mentally ill?
Little known fact: You’re right Slim, most of the homeless ARE mentally ill. But what isn’t realized is that most can be cured. Most of their illness is depression and/or stress related from seeing their life destroyed by outside forces beyond their control. I’ve seen many people implode because they believed they were untouchable and to smart to have money/family/job problems and had that world model/philosophy of captain of their fate crushed beyond repair.
Even Medicare and Medicaid does not cover mental health issues.
The only way to get treatment is to stand outside a police station screaming threats and spitting on police cars, which after a swift battoning may get you a 5150 if you are lucky and subsequently some treatment.
With regards to problems, while not desirable they really are a normal part of life. My experience having been homeless at one point is that once down you are pretty much not going to be able to get a job (no home address) and are very likely to cross paths with not very nice policemen who want you out of their town.
There is a lot of really snide attitudes about the homeless, but the fact is most Americans are just some bad luck away from being homeless even if they don’t know it. Most will not stay that way, and some even prefer it to the pressure of having to keep a job and pay rent etc.
Slim checking in from Tucson: I’m still recovering from an absolutely wonderful Sunday spent at the Tucson Festival of Books. This event is only in its third year, and it’s already the fourth largest book festival in the United States.
In addition to cruising all sorts of interesting booths on the University of Arizona Mall, I attended three author talks. One featured Dr. Connie Mariano, a former White House physician who’s now in private practice in the Phoenix area. She has what’s called a concierge practice, which means that she deals with all sorts of PITA rich people who call her about every dang thing and try to boss her around.
She noted that her Presidential patients were much easier to deal with. Especially when they were resisting her advice and counsel. She dealt with that problem by threatening to tell the First Lady on ‘em. That got los presidentes into line right-quick.
In short, don’t mess with Dr. Mariano. Or with the First Ladies of the United States. BTW, she warned us all to stay on FLOTUS’s good side if we ever worked at the White House. ‘Cause if she doesn’t like you, you’re fired and gone the same day.
Then there was Mike Brown, the Caltech astronomer who demoted Pluto from planetary status. Not only can he kill planets, he can also give quite a talk.
Last talk featured two University of Arizona communication professors talking about Obama, religion, and his communication strategies during the campaign and as President. Notable takeaways: He invokes religious themes about as much as any other recent President. But his inaugural speech was probably the first time that a President noted the existence of nonbelievers in this country.
But his inaugural speech was probably the first time that a President noted the existence of nonbelievers in this country.
That’s really odd, because their are millions of Faux News Inc. paying subscribers who are non-believing he was born in Hawaii.
Good to know some folks are trying to find black-goo alternatives…(best not do anything to dis-courage them least they fall under the spell of “TrueDoNothing’s™”)
Solar Power Breakthrough Claimed By Stanford Researchers:
From EarthTechling’s Pete Danko
For Stacey Bent, a chemical engineering professor at Stanford, this represented something of a challenge. She knew that solar cells made of a single material have a maximum efficiency of about 31 percent, a limitation of the fixed energy level they can absorb, and that quantum dot solar cells didn’t share this limitation. “Quantum dots can be tuned to absorb a certain wavelength of light just by changing their size,” the Stanford report on her research says. “And they can be used to build more complex solar cells that have more than one size of quantum dot, allowing them to absorb multiple wavelengths of light.”
Holy moly! I know what this means!
What does it mean?
Deutsche Banker Suspended For Taunting Protestors With A £10 From His Office Window. ~ UK Mail
A Deutsche banker has been suspended after TV reporters caught him taunting protestors who were demonstrating against the National Health Service in London last week.
According Here is the City, a group of Deutsche bankers were captured at the window of the firm’s London HQ, pointing and laughing at demonstrators.
One of them was waving around what appeared to be a £10 note, and allegedly mouthing “get a job” at the protestors.
The chairman of the Medical Practitioners’ Union told the Mirror, “It was shocking to see people acting in this way when we passed the bank. If it wasn’t for the greed of bankers, the economy wouldn’t be in such a mess, and there’s a good chance the NHS wouldn’t have to be making such devastating cuts.”
A spokesperson for Deutsche Bank said, “These photos appear to show conduct that is unacceptable and unrepresentative of our bank. We are looking into the matter, have suspended the individual involved, and will hold him accountable for his actions.”
A spokesperson for Deutsche Bank said, “These photos appear to show conduct that is unacceptable and unrepresentative of our bank. We are looking into the matter, have suspended the individual involved, and will hold him accountable for his actions.”
Sure you will. Just like CIGNA held that guy accountable for flipping off Nataline Sarkisian’s family.
will hold him accountable for his actions = take £10 off his bonus
Are you not supposed to taunt protestors??
A protest can turn ugly when provoked. A tactic that was used in the Civil Rights and anti-war protests. The police would taunt and provoke the protesters and then blame the protesters, giving them excuse to wade in with clubs and tear gas.
Many US cities were in flames as a response to these tactics.
You don’t poke an alligator with a short stick.
This act perfectly demonstrates the contempt the corporatists have for the average person. They hate you and me…. they hate all of us. So why do you make excuses for them? Stockholm Syndrome?
Exeter, thank you for some of your posts lately. There are a few lib ideals that I don’t like, but a lot of your posts (like this one), have challenged a lot of my own views as of late. I am starting to become uncomfortable with calling myself a libertarian.
I was moving to the right until all of these govs starting overplaying their hand. Yes, education is bloated and needs reductions in funding, but eliminating collective bargaining? Eliminating the dept. ed? In Florida, Gov. Scott eliminated the state database the tracks prescriptions, and he owns, “injury clinics.” WTF!
It’s shocking that so many people don’t see it.
I guess when push comes to shove, I’d rather be a democrat. I think left-wing overtaxing allows more freedom than right-wing serfdom.
You’re welcome Mugz.
The corporatists love to toss around the word “freedom”. What they never want you to think about is the opportunity they’ve stolen from us. The jobs, the upward mobility, the typical middleclass lifestyle that *social structures* provided previous generations but deny entry to our generation because their war on the social structures is succeeding.
Your BS alarm should be ringing when anyone babbles the word freedom without discussing opportunity.
The protestors misunderstood him, he was only looking for a young chap to run down to the butcher to fetch a plump Christmas goose for Bob Crachit and Tiny Tim.
Say, does Sir Greenie work for Deutsche Bank?
that’s funny!
+1 edgewater. Good one.
waving around what appeared to be a £10 note, and allegedly mouthing “get a job” at the protestors
RIP: George Carlin:
Thats right. They don’t want people who are smart enough to sit around a kitchen table and think about how badly they’re getting fucked by a system that threw them overboard 30 fucking years ago. They don’t want that!
You know what they want? They want obedient workers. Obedient workers, people who are just smart enough to run the machines and do the paperwork. And just dumb enough to passively accept all these increasingly shitty jobs with the lower pay, the longer hours, the reduced benefits, the end of overtime and vanishing pension that disappears the minute you go to collect it, and now they’re coming for your Social Security money. They want your retirement money. They want it back so they can give it to their criminal friends on Wall Street, and you know something? They’ll get it. They’ll get it all from you sooner or later cause they own this fucking place! Its a big club, and you ain’t in it! You, and I, are not in the big club.
By the way, its the same big club they use to beat you over the head with all day long when they tell you what to believe. All day long beating you over the head with their media telling you what to believe, what to think and what to buy. The table has tilted folks. The game is rigged and nobody seems to notice. Nobody seems to care! Good honest hard-working people; white collar, blue collar it doesn’t matter what color shirt you have on. Good honest hard-working people continue, these are people of modest means, continue to elect these rich cock suckers who don’t give a fuck about you….they don’t give a fuck about you… they don’t give a FUCK about you.
They don’t care about you at all… at all… AT ALL.
That was such an excellent rant by Mr. Carlin.
He DID get it.
“This is the first officially government-sponsored market mania for a very long time.”
http://www.marketwatch.com/story/contrarians-trouble-with-new-bubble-2011-03-14
“Montier thinks investors are getting suckered by the Fed. They don’t understand how Ben Bernanke’s program of ultralow interest rates and his latest $600 billion program of bond purchases — so-called QE II, or a second round of quantitative easing — is driving the market. “QE II works by driving the future returns of all assets to zero,” he explains. “That’s Ben Bernanke’s grand plan. It’s the only way you can force people to spend.”
With interest rates on the floor, he adds, “the Fed is forcing people to take on risks. And in this market, I just don’t think you’re getting paid for it.”
war on saver’s continues
Yep, this has been going on for about a decade now — pushing the most prudent people into risky “investments” they would never have considered before.
There’s this:
“Hold cash, lots of it. Right now an internal fund he manages at GMO is 50% in cash, and another chunk is actually short the market. Just 25% of the fund is net long of equities.”
And there’s this:
“‘I think cash has a dry-powder value that people underestimate’, Montier says. ‘It gives you a chance to deploy capital in tomorow’s opportunity set, rather than assuming tomorrow’s opportunity set will be the same as today’s.’”
My kind of guy.
Ya know….. the lefties and righties could all unite into one big happy family if the price of all goods fell by half or more. I’m coming to the belief that everything(except labor) is grossly overpriced by 200-400%. All of it. Food, shelter, transportation, energy, etc.
i’m in.
Me, too.
You are spot on, exeter.
I was debating with a banker a few weeks ago regarding the pension issue. He thought public pensions and pay should be rolled back to ~1995 levels. I said, “sure, just as soon as the bankers and asset holders let their gains roll back to ~1995 levels so the workers’ purchasing power could match what they had in 1995.”
His response? “No way.”
Pretty much sums it all up right there.
Yep. GF and I went to REI yesterday. She’s looking for some flip-flops and more rugged sandals for an upcoming trip. $50 for flip-flops. $100 for sandals. Neither of which she bought. I saw one pair of $20 men’s flip-flops for $100. Several people were in earshot as I purposely stated out loud, “Who buys this sh!t for this price?”
It seems as though most retailers, manufacturers, etc have all decided on a new strategy the past several years of trying to go “luxury” on everything, or at least charge upwards of 2-3x. You’re paying more, so even though these are the same goods as before, you THINK you’re getting something better.
Now, let’s discuss the minor issue that ALL of these products were produced overseas, ostensibly so that they’d be less expensive for American consumers. Yeah, right!
go to Target and pick some up for 10 bucks.
LOL, that’s what she said. No, really, she did. But it was Old Navy for $3.
But the point is, you used to be able (not too long ago) to buy the very same thing, which admittedly are good quality, for A LOT less! So, I repeat, who is buying this sh!t?
yup, just like the $300 jeans
Several people were in earshot as I purposely stated out loud, “Who buys this sh!t for this price?”
Sleepless, were we separated at birth? I’ve been known to say the same thing when I’m out shopping.
It’s my own mini-revolution. In some way I actually don’t have a problem with manufacturers ASKING these prices. Heck, it’s the free market and their prerogative to do so.
What ticks me off is people’s (consumers’) attitudes that “this is what they’re asking so I guess that’s what I’ll pay.” Then, since they want to feel justified in their purchases, they actually advertise for those that ripped them off! (”These are the greatest, most technically engineered flip-flops ever!”) So, I feel it is my duty to throw the BS card and wake people up. Then, wait for the 40% off sale.
The correlation for me between this and housing is astounding!
Fuel rods likely melting at third Japanese reactor
Water levels drop at plant’s Unit 2, following similar developments at Units 1, 3. ~ MSNBC
SOMA, Japan — The uranium fuel rods at a third nuclear reactor within a stricken Japanese power complex are likely to have started melting after water levels dropped precipitously twice on Monday, officials said.
The water drop left the rods no longer completely covered in cooling water, thus increasing the risk of a radiation leak and the potential for a meltdown at the Unit 2 reactor, Tokyo Electric Power Co. said.
Workers managed to raise water levels after the second drop Monday night, but they began falling for a third time, according to nuclear agency official Naoki Kumagai. They are now considering spraying water directly on the container to cool it.
A senior government official said it now seems that the nuclear fuel rods inside all three functioning reactors at the Fukushima Dai-ichi complex are melting. Units 1 and 3 earlier also saw drops in water levels.
“Although we cannot directly check it, it’s highly likely happening,” Chief Cabinet Secretary Yukio Edano said.
Some experts would consider melting fuel rods a partial meltdown. Others, though, reserve that term for times when nuclear fuel melts through a reactor’s innermost chamber but not through the outer containment shell.
Yoss LLP law firm to close
South Florida Business Journal - Monday, March 14, 2011
Yoss LLP, one of South Florida’s largest law firms, announced Monday morning that it is closing.
About 180 attorneys and at least 100 staff will be laid off, a spokeswoman said.
The Coral Gables-based firm had been struggling with a downturn in the economy and cutbacks in its real estate practice when founder Hank Adorno was suspended by the Florida Supreme Court last fall.
The firm released the following statement to employees Monday morning:
As we are sure you are aware, these have been extremely difficult times for the firm. Over the past few months we have been dealing with many issues that have had a negative impact on the firm’s ability to continue. After meeting with the Bank and evaluating the firm’s status and financial position the decision was made to wind down its operations.
Accordingly we are giving to each of our employees the following notice:
It is anticipated that the firm will continue to provide legal services to its clients and will continue to conduct its regular business through March 31, 2011. Effective March 31, 2011, the firm will permanently close most of its facilities and will cease to provide legal services and will begin winding down operations. We hope to accomplish this with the least possible disruption to the lives of our employees, our clients and the community.
With the exception of several employees needed for the wind down period all employees of the firm will be laid off between now and March 31, 2011.
To better understand the income disparity in the US;
Between 1980 and 2005 80% of ALL new income went to the top 1%, the remaining 20% of income went to 99%. So it’s easier for the retardicans, here’s another way to put it. Say 10 people order a 10 slice pizza and one guy takes 8 slices, and before anyone can suggest he takes just 7 slices, some starving deluded retardican screams ‘thats socialism!’.
72 million Americans make 25k or less.
That’s half of the entire workforce.
Eco,
I didn’t know that. Are you sure? That’s outrageous.
Here’s a link that contains some stats:
http://www.afa.net/blogs/BlogPost.aspx?id=2147501475
TAKAJO, Japan (Yahoo News) – A tide of bodies washed up along Japan’s coastline Monday, overwhelming crematoriums, exhausting supplies of body bags and adding to the spiraling humanitarian, economic and nuclear crisis after the massive earthquake and tsunami.
Millions of people faced a fourth night without water, food or heating in near-freezing temperatures along the northeast coast devastated by Friday’s disasters. Meanwhile, a third reactor at a nuclear power plant lost its cooling capacity and its fuel rods were fully exposed, raising fears of a meltdown. The stock market plunged over the likelihood of huge losses by Japanese industries including big names such as Toyota and Honda.
On the coastline of Miyagi prefecture, which took the full force of the tsunami, a Japanese police official said 1,000 bodies were found scattered across the coastline. Kyodo, the Japanese news agency, reported that 2,000 bodies washed up on two shorelines in Miyagi.
In one town in a neighboring prefecture, the crematorium was unable to handle the large number of bodies being brought in for funerals.
“We have already begun cremations, but we can only handle 18 bodies a day. We are overwhelmed and are asking other cites to help us deal with bodies. We only have one crematorium in town,” Katsuhiko Abe, an official in Soma, told The Associated Press.
Unions Take Issue With EPA Regulations, Warn of Potential for Lost Jobs
March 14, 2011 | The Wall Street Journal
The Obama administration’s environmental agenda, long a target of American business, is beginning to take fire from some of the Democratic Party’s most reliable supporters: Labor unions.
Several unions with strong influence in key states are demanding that the Environmental Protection Agency soften new regulations aimed at pollution associated with coal-fired power plants. Their contention: Roughly half a dozen rules expected to roll out within the next two years could put thousands of jobs in jeopardy and damage the party’s 2012 election prospects.
“If the EPA issues regulations that cost jobs in Pennsylvania and Ohio, the Republicans will blast the President with it over and over,” says Stewart Acuff, chief of staff to the president of the Utility Workers Union of America. “Not just the President. Every Democratic [lawmaker] from those states.”
Several unions with strong influence in key states are demanding that the EPA soften new regulations aimed at pollution associated with coal-fired power plants.
A range of American companies that depend on fossil fuel-from coal and oil firms to manufacturers-have complained about the Obama EPA, one reason the administration has had tense relations with business. In meetings in recent days, representatives of electric power utilities that rely heavily on coal-fired plants, and some large unions, have taken their concerns to the White House. The companies and the unions have said a new regulation targeting mercury and other toxic pollutants, due to be proposed this week, could lead to higher electric bills, billions of dollars in new costs and the closing of plants that employ thousands of workers.
Wouldn’t those workers get new jobs when the new plants open — the ones that supply the power that was lost when coal was shut down?
Their contention:
could
due to be proposed
Fear!, Fear!, Fear!
Hurry! Hurry! Hurry!
Faux!, Faux, Faux!
What fuel will these “new” plants run on? I think about 50% of electrical power in the USA comes from coal fired plants. This power stays on 24/7, is easlily ramped up and down to accommodate demand fluctuations. If you think solar and wind can do this, dream on.
due to be proposed this week
have complained about the Obama EPA
“hoc tui splat!” (In Montana™)
“TrueAnger™” + “TruePurity™” =
ALL “union” jobs: NO! NO! NO!
Kentucky Fried Chicken little jobs: YES! YES! YES!
Now how often do you see the unions AND the companies stand together? Interesting. That should tell there is something more going on than is being said.
After reading several other articles on the subject, it looks as if the companies are threatening to close instead of comply and the unions are making the EPA and the White house aware that the companies will close rather than comply, thus causing loss of jobs.
For Stocks, Worries Are Getting Harder to Ignore - WSJ
Amid increasingly violent market swings, investors fear an extended period of uncertainty once government help expires.
PPT did a fine job today, only down 50, when it was headed for -300
when it was headed for -300
Did ya put your money where yer mouth was?
Michigan bill would impose “financial martial law” ~ CBS News
Michigan lawmakers are on the verge of approving a bill that would enable the governor to appoint “emergency managers” — officials with unilateral power to make sweeping changes to cities facing financial troubles.
Under the legislation, the Michigan Messenger reports, the governor could declare a “financial emergency” in towns or school districts. He could then appoint a manager to fire local elected officials, break contracts, seize and sell assets, eliminate services - and even eliminate whole cities or school districts without any public input.
The measure passed in the state Senate this week; the House passed its own version earlier. The two versions of the bill are expected to be reconciled next week, and Republican Gov. Rick Snyder has said he will sign the bill the bill into law.
Democrats and their allies are decrying the legislation as a power grab and say it’s part of a wider effort taking place in several states, such as Wisconsin, to weaken labor unions.
“It takes every decision in a city or school district and puts it in the hands of the manager, from when the streets get plowed to who plows them and how much they are paid,” said Mark Gaffney, president of the Michigan State AFL-CIO. “This is a takeover by the right wing and it’s an assault on democracy like I’ve never seen.”
sounds like communism to me. “emergency manager” = czar. Looks like “hope and chains” is coming true.
and even eliminate whole cities or school districts without any public input.
Sounds like Michigan figured out the benefits of “No-bid” thinking…If that idea gets to Wyoming, Cheney will be in “Shock & Awe!”
Yep.
“Looks like “hope and chains” is coming true.”
You do know that it’s the Repubs proposing this, right?
Isn’t it amazing that so many people fail to grasp this?
Not only this, but that the Republican bosses are the ones behind the Patriot Act, the #1 threat to “individual freedom” that the right-wingers claim to care so much about.
Imagine all the “back rubs” these right-wingers are giving each other in the closet, I mean chambers.
Don’t “tap” dance and “stall” around the subject!
9 Items Homebuyers Desire in 2011 ~ Bankrate
Today’s homebuyers want it all.
Some items on the shopping list: a home in great condition with rooms that can do double duty. Areas that mingle indoor and outdoor living — patios, porches, decks and outdoor rooms — are always a plus. And so are those features that offer a little luxury, like garden tubs, first-rate appliances and high-dollar countertops.
They’re also going back to basics: searching for solid, well-maintained properties that will give them their money’s worth.
“I think this year they’re buying properties that are in good mechanical condition that have inherent value,” says Ron Phipps, president of the National Association of Realtors.
But more than anything, buyers want to drive a hard bargain.
They want “great deals,” says Patricia Szot, president of the MetroTex Association of Realtors. “And no matter where a seller prices their property, they’re looking to negotiate.”
http://finance.yahoo.com/real-estate/article/112331/9-items-homebuyers-desire-in-2011?mod=realestate-buy
“9 Items Homebuyers Desire in 2011″
I only desire 3 items. A decent house in a decent neighborhood at a pre-bubble price. Of course if Ron
Phipps, president of the National Association of Realtors
wants to buy my 2004 F-250 with 110,000 miles on it for, oh lets say $300,000.00 Then I will gladly overpay one of his realtors for a house. How is that for a hard bargain Ron?
I won`t even get into Patricia Szot from MetroTex. Oh yes I will. What is a “great deal” Ms. Szot? A house someone can actually afford to pay for and still eat? If you weren`t saddled with a last name like Szot I would have more choice words for you.
I wonder if Patricia is any relation to that defrocked Catholic priest from the Detroit diocese. The last names are almost exactly the same.
“The nuclear catastrophe in Japan has sparked an international debate on nuclear energy — one that is especially fierce in Germany. After Fukushima, it can no longer be viewed as an energy source for the future. German Chancellor Angela Merkel is bound to alter her pro-nuclear stance.” ~Der Speigel
Just in February she stated that she is pro nuclear power and that Germany needs more nuclear power plants. Typical politician.
What we need are more SAFE nuclear power plants with modern designs and technology. Many nuc power plants in existence today are 60’s and 70’s technology. They are antiques.
You also want to build those plants in areas not prone to natural disasters. That simple observation probably would have saved Japan from their current experience.
It is essential to have independent auditors that check if those plants are maintained as scheduled. That wasn’t the case in Japan. They had many scandals over forged maintainance records.
Just because the Hindenburg exploded doesn’t mean air travel is unsafe. It does mean that air travel in hydrogen filled blimps is unsafe.
Just because the Hindenburg exploded doesn’t mean air travel is unsafe. It does mean that air travel in hydrogen filled blimps is unsafe.
From the Arizona Slim Family Story File: My Aunt Jean went to grade school with a kid whose dad worked for the company that handled the Hindenburg over in Lakehurst, NJ. And Dad arranged for the blimp to fly over the grade school en route to its final destination.
Jean and her classmates saw it pass overhead. It wasn’t until after Jean got home from school that she was informed of what happened over in Jersey.
Oh, the humanity.
“60’s and 70’s technology. They are antiques.”
Don’t expect better hazard analysis. Senior engineers today were educated in the 60s and 70s. The philosophy is that two things can go wrong. Not three. Three is too expensive.
Don’t blame the engineers, blame the bean counters.
The situation is still worsening.
Fresh explosion heard at stricken Japan reactor
Mon Mar 14, 2011 11:08pm GMT
TOKYO, March 16 (Reuters) - A fresh explosion was heard on Tuesday at a quake-stricken Japanese nuclear power plant, the country’s nuclear safety agency said.
Authorities at the Fukushima Daiichi complex, damaged in Friday’s massive earthquake and tsunami, are trying to prevent meltdowns in all three of the plant’s nuclear reactors.
…
Yup that stuff is leaking. The good news is the wind is blowing it out to sea. The bad news is that is where the Japanese bomb-carrying balloons went in WW2. Idaho? There may be some really big potatoes next year.
Japanese bomb-carrying balloons were 10 m (33 ft) in diameter and, when fully inflated, held about 540 m3 (19,000 cu ft) of hydrogen. Their launch sites were located on the east coast of the main Japanese island of Honshū.
Japan released the first of these bomb-bearing balloons on November 3, 1944. They were found in Alaska, Washington, Oregon, California, Arizona, Idaho, Montana, Utah, Wyoming, Colorado, Texas, Kansas, Nebraska, South Dakota, North Dakota, Michigan[2] and Iowa, as well as Mexico and Canada.
“Their launch sites were located on the east coast of the main Japanese island of Honshū.”
Which, in turn, was the coast hit by the tsunami.
I am back. Other good news is reactors one and two appear to be behaving. The containment seems to be breached just to a point of allowing more steam and hydrogen to escape:
http://www.msnbc.msn.com/id/42066534/ns/world_news-asia-pacific/?gt1=43001
Have to read between the lines but the fact that other stories suggest that pumping is still going on is real good news. Due to the reduced pressure it, should be easier to pump water in the vessel. Not a good day but does not call for panic radiation levels are still well below levels that create a general health risk.
“Not a good day but does not call for panic radiation levels are still well below levels that create a general health risk.”
OK but will it grow a really big potato?
Key part of MSN article: Detectors showed 11,900 microsieverts of radiation three hours after the blast, up from just 73 microsieverts beforehand, Kinjo said. He said there was no immediate health risk because the higher measurement was less radiation that a person receives from an X-ray. He said experts would worry about health risks if levels exceed 100,000 microsieverts.
dude, its an msn article. who really knows what’s going on?
I agree that we don’t know everything that is going on but that is true on every incident that occurs when we are not there. I know one thing that I have looked for and no reporter even seems to be even thinking of, what element is primarily being vented. Hopefully it something like Nitrogen 16, highly dangerous it emits gamma rays, but it has a half life of just over seven seconds. It could be largely responsible for the high readings but would mostly be gone in a matter of minutes. It is formed by a reaction with water in the reactor.
Thanks for the link to the “fire balloon” story, Jeff.
One more benefit of being a renter in California, I suppose…we can leave without worrying about “the house.”
WikiLeaks Fallout: Should Hillary Clinton Resign?
3 months ago
Should Hillary Clinton resign as secretary of state due to the WikiLeaks revelations? My friend Jack Shafer at Slate makes a good case. His reason: Clinton, like predecessor Condoleezza Rice, signed orders instructing U.S. foreign service officers to spy on the diplomats of other nations. Cables went out under her name telling State Department officials overseas to collect the fingerprints, facial images, DNA, and iris scans of African leaders, to obtain passwords, credit card numbers, and frequent flyer accounts used by foreign diplomats, and to gather private information on United Nations officials, including Secretary-General Ban Ki-moon.
Diplomats are not spies (though spies do pose as diplomats). They do collect information — by working contacts overseas, reviewing the local media, interacting with the population of the nations where they are stationed — often acquiring intelligence that is as valuable, if not more so, than the secrets snatched by intelligence officials. But there is a line between a diplomat and a spook. The former uses aboveboard methods to find out what his or her government needs to know about other nations; the latter resorts to espionage, wiretaps, bribery, and other underhanded means. There are many reasons for keeping the two roles distinct. Diplomats are awarded immunity and can gain certain access overseas because they are not spies.
Now that the Clinton State Department has blurred the line, U.S. diplomats, who have to contend with the assumption that any U.S. official abroad is really working for the CIA, will have an additional burden to bear when doing their jobs overseas.
…
* The Wall Street Journal
* REVIEW & OUTLOOK
* MARCH 15, 2011
More Mortgage Mischief
Elizabeth Warren revs up her Consumer Financial Protection Bureau.
The new federal Consumer Financial Protection Bureau’s website proclaims that no financial company “should be able to build, or feel pressure to build, a business model around unfair, deceptive, or abusive practices.” How ironic, then, that the bureau itself is trying to extend its reach by extorting billions of dollars from private mortgage servicers, regulating their business by fiat, and stalling a U.S. housing market recovery.
…
This is starting to sound really, really bad.
Latest NYT update:
“No. 4 is currently burning and we assume radiation is being released. We are trying to put out the fire and cool down the reactor,” the chief government spokesman, Yukio Edano, told a televised press conference. “There were no fuel rods in the reactor, but spent fuel rods are inside.”
Japan’s nuclear safety watchdog later said that the fire at the No. 4 reactor had been extinguished, The Associated Press reported.
Government officials also said the containment structure of the No. 2 reactor had suffered damage during an explosion shortly after 6 a.m. on Tuesday.
They initially suggested that the damage was limited and that emergency operations aimed at cooling the nuclear fuel at three stricken reactors with seawater would continue. But industry executives said that in fact the situation had spiraled out of control and that all plant workers needed to leave the plant to avoid excessive exposure to radioactive leaks.
If all workers do in fact leave the plant, the nuclear fuel in all three reactors is likely to melt down, which would lead to wholesale releases of radioactive material — by far the largest accident of its kind since the Chernobyl disaster 25 years ago.
Latest report: http://news.yahoo.com/s/ap/as_japan_earthquake
Lets hope that most of the radiation escaping the reactor is nitrogen 16 which has a half life of about 7 seconds and is common in water within a reactor.
So far the situation has not markedly improved since when the earthquake, tsunami and fires first struck.
Is any else starting to find themselves getting pissed off at how poorly designed these things are?
The NYT reported that a “malfunctioning valve” was preventing them from venting pressure at the Daiichi #2 reactor.
“There, a malfunctioning valve prevented workers from manually venting the containment vessel to release pressure and allow fresh seawater to be injected into it.”
OMFG, are you kidding me? Wouldn’t you want to design in multiple redundant manual systems so that a single “malfunctioning valve” doesn’t lead to catastrope??
Nikkei futures down 1,560 points -16.5 pct. Black Swan, anyone?
Charred black swan.
“Hot” black swan. Not “temperature hot”, either.
\Why can’t we put more energy into using the Sun for a power source ?
Certainly if great minds work on it they can make solar more workable
or efficient .
It seems like with a lot of industries what is created is what is good for profits ,but not necessary what is good for the human race .Look at the
Medical drug industry for example .
The people end up taking what is dished out or what they are brainwashed into thinking is the best industry has to offer .
Improving the human condition should be a priority of Industry ,but
that sort of idealism isn’t very popular anymore . Whatever happened to the “War on Poverty ?”
“Improving the human condition should be a priority of Industry”
Now who’s being naive? –Michael Corleone
Of course, I agree with you Wiz. But we both know that profits take precedence over what’s good for society. After all, anything else would be that “evil socialism” stuff we keep hearing about.
Japanese stock anybody?
I tried buying the dip on the Japanese stock market in the early 1990s. You can see by now how well that panned out.
Great learning experience, no PB?
I bought the dip on the Nasdaq, half-way down in the tech bust.
Tuition paid…
“Fool me once, shame… shame on you. Fool me twice….. ya can’t get fooled again.”
market pulse
March 15, 2011, 2:02 a.m. EDT
Japan’s Nikkei slumps 10.6% on radiation fears
By V. Phani Kumar
HONG KONG (MarketWatch) — Japanese shares plunged Tuesday on panic-selling over worries that radiation from a damaged nuclear reactor would further complicate and endanger the nation’s recovery from its worst-ever earthquake on record Friday. The benchmark Nikkei Stock Average, which fell more than 14% at one point during the session, ended 10.6% to 8,605.15 for its biggest percentage fall since late 2008; the drop comes on top of a 6.2% tumble on Monday.
…
Listening to the talking heads on cable news stations, one would think earthquakes, tsunamis, and nuclear meltdowns are good for the economy. It’s strange listening to them talk about how they will profit from these disasters.
Personally, I don’t see how Japan can recover from this for a long, long, long, long time. They are truly remarkable people though, and if anyone can do it, they can.
WTF is wrong with us when our best search and rescue teams are on the ground the 4th day after the disaster? I have extended family there, but I do not think I am overreacting. WTF!!!!!@