Bits Bucket for May 17, 2011
Post off-topic ideas, links, and Craigslist finds here.
The Housing Bubble
Examining the home price boom and its effect on owners, lenders, regulators, realtors and the economy as a whole.
About Me
Name:Ben Jones
Location:Northern Arizona, United States
To donate by mail, or to otherwise contact this blogger, please send emails to: thehousingbubble@gmail.com
PayPal is a secure online payment method which accepts ALL major credit cards.
Links
-
November 2024 M T W T F S S « Sep 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
Photo Submission: hbbphotos@gmail.com
View the HBB Photo Gallery *updated 4/13/2008
So much for the big spring sales bounce that our local real-a-tors have been chirping about…
April home sales drop in S.C.
Realtors’ report also shows a decline statewide in the median selling price. Tuesday, May. 17, 2011
The residential real estate market in South Carolina remains under pressure, statistics released Monday show.
Home sales and the median price paid per home were down statewide in April compared with April 2010, the last month an $8,000 federal home buyers tax credit was available. And the average time a house or condo sat on the market rose for the month, according to the South Carolina Realtors’ trade group report.
“In South Carolina, until the job market improves, families are reluctant, with good reason, to make a major purchase, and they certainly aren’t going to make one if they don’t know whether they’re going to be getting a paycheck,” S.C. Realtors chief executive officer Nick Kremydas said in a statement.
More than 900 fewer houses sold last month than in April 2010, representing a 16.4 percent drop, for 4,006 units sold statewide. The median price of homes sold for the month was down 3 percent to $142,500.
And houses are taking longer to sell. Houses sat on the market 13 days longer last month than in April 2010, for an average of 144 days or nearly five months, before a successful buyer came along, up 9.4 percent from a year ago.
Local sales fared even worse, plunging nearly 30 percent in the Columbia area to 517 units last month, from the same month a year ago. Columbia’s pending sales also were off last month, down 26 percent from a year ago. Median price of homes sold in the Columbia area remained steady at around $140,000.
The Hilton Head area was the only bright spot in South Carolina in April, with sales rising 7.1 percent. Most regions – other than the coast, where investors have been snapping up foreclosed properties – saw double-digit sales declines. The Orangeburg area was the hardest hit, with a 51 percent drop in sales. In the Greenville area, sales slipped 24 percent.
The expired tax credit is making sales look weaker than they might have, industry experts said.
Read more: http://www.thestate.com/2011/05/17/1821650/april-home-sales-drop-in-sc.html#ixzz1MbfOLcku
Will the areas who never took part in the economic vitality of the the 2000s be the first to emerge from the gloom?
Buffalo’s Waterfront ShuffleCity makes a comeback as a destination with planned rebuilding of the Erie Canal.
Buffalo’s historic inner harbor waterfront has changed radically over the past century. The terminus of the legendary Erie Canal was buried, the site filled in, and the Buffalo Memorial Auditorium built on top. A soaring 75-foot tall highway sliced the city off from the water. Now, Buffalo is poised to remake its waterfront with newly approved plans to restore the canal to a 12-acre, walkable, mixed-use neighborhood.
In 2005, the Erie Canal Harbor Development Corporation (ECHDC) was formed to jumpstart multiple developments on the waterfront. Preliminary ground work began on the site bounded by Main Street, Marine Drive, Pearl Street, and Lower Terrace following the demolition of the auditorium in 2008. After a series of public events and workshops, the ECHDC approved plans on April 12 to restore the original street grid and canal alignment with construction of the canal ready to begin this fall. “We’ve done so much work already,” said Erich Weyant, communications director for the ECHDC. “The block is stabilized and shovel ready.”
http://archpaper.com/news/articles.asp?id=5360
Have they sold the bonds to finance it yet?
NYC will pay for it, while politicians in Buffalo complain that NYC steals all their money.
That’s only true in finance, not government!
From the article: “Funding for the project’s infrastructure is already in place, said Bertsch. “We’re hoping this is going to roll right along and not sit long between phases. Buffalo started with a boom—with the Erie Canal and Olmsted parkways. If we rebuild the infrastructure, development will come.”’
Hah! Just wrote and deleted earlier that upstate has a “if we build it they will come” approach to tourism as compared to the more aggressive industry you see on the coasts.
And upstate does so love and enjoy it’s federal grants so maybe NYC will be off the hook, WT!
I believe they are building a “Canal Park” rather than a canal. The Erie Canal was functioning quite well this whole time. The Erie BTW ends in Tonowanda, north of Buffalo on the Niagra River. The passage from there to Buffalo is the Black Rock Canal.
The state of NY funded all kinds of nice facilities along the Erie Canal during the 00’s to promote tourism. It has been nice for me, but I don’t think it has changed the amount of traffic.
These “revitalization” boondoggles merely give the natives false hope.
Be ware of projects that easily lend themselves to ribbon cutting ceremonies.
Meanwhile, existing infrastructure crumbles because the politicians can’t do a ribbon cutting ceremony for maintenance or repair operations.
BWHAHAHAHAHAHAHAHA!
BINGO Chile!
6 months post substantial completion, these places are trashed beyond believe, nearly without exception. Of course the owners continuously nag the engineer over non-working, defective items because we have the deepest pockets unless the contractor is an outfit like Skanska, Bechtel, Kiewit, etc.
Bingo!
This state is known for the public entities always suing at completion. I imagine all the firms know this and bid accordingly.
The canal revitalization is a bigger fish but overall I get the feeling those projects aren’t really supposed to succeed.
I consider them a grand success whenever I use the wonderful shower facilities. It doesn’t mean I drop any money in town though.
Blue, my comment was a reference to the feeling I get that the controlling classes in upstate like things just the way they are and don’t want the changes a burst in tourism would create.
The tourism promotions in New England were well oiled machines. I don’t think there are too many significantly funded promotional budgets at all around here except for The NY State Fair, The Parade of Homes, the Rennaissance Fair. A handful of music and race events are well promoted through social media and radio. There are probably a few events not on my radar. Other than that it’s all pretty weak. Out of date community calendars. No news coverage until after the event is over.
The state park websites are awful. Is it really so hard to upload a few photos?
The state parks in NY have fallen into such disrepair. As a kid we’d always head over to NY because their State Parks were sooooooo nice, well kept and clean. I have alot of fond memories of them.
Being the daughter of someone who hails from Buffalo’s West Side, I wouldn’t count this city out. The people there are extremely tough. And tenacious. The words “give up” are not in their vocabulary.
Realtors Are Liars
So…Jim, doyou think we are going to get a 5% pay cut?
I’m not sure. I really don’t have a feel for the trend of this set of negotiations.
Boy, I really don’t know. ISTM that phasing in the increase over several years might sound like “middle ground” to some people though. Between that, the introduction of the ROTH TSP option next year, and the fact that I’ll be eligible to make catchup TSP contributions in 2013, money might start getting tight in the comming years. Don’t get me wrong, I’m NOT complaining. I make a solid, though not spectacular salary, and we still get good benefits. The thing is government benefits that were moderatly generous 30 years ago now seem VERY GENEROUS. Not because they’ve gott better, but the opportunity to earn a reasonable pension in the real world is rapidly dissappearing.
Yeah. That extra would come straight out of what I am currently saving outside of retirement accounts. I don’t think I can adjust my lifestyle down by that sort of money. And I’m thinking about signing up for the long-term care insurance during this open season, but it is more expensive than I thought it would be. Not fun. I like being able to save a chunk of cash each month. I can see a number of older people in my office retiring if they lose a few hundred bucks out of each paycheck. Especially because they can keep their health insurance. Not having that expertise around will hurt.
Whatever is going to happen, if I can’t fix my car for a few hundred bucks, it is gone and will not be replaced. I can’t justify the parking and insurance when I can take the bus or walk to get groceries. Maybe I’ll treat myself to a new roling cart to carry the stuff in. I’m going to turn bag lady before my time.
Yea, I thought about that LTC insurance, but if you’re getting the inflation protection option it is EXPENSIVE. And, as it turns out, that option DOESN’T prevent them from raising the rates that you pay. I think I would give up on putting money in my ROTH IRA, at least until the house is paid for.
Without inflation protection, it is almost useless. And they can raise the rate, but OPM has to approve and I don’t think they would have a lot of success with that given that they already got one - hard to claim they didn’t realize how expensive it was going to be when they have just gone through the process of justifying an increase to OPM.
My real issue is that I think the whole industry may cease to exist. My mother has a policy that allows *unlimited* numer of years in a nursing home. Not unlimited amount of money per day and the inflation adjustor is not compounded, but still, unlimited number of days. They don’t write policies like that anymore.
My real issue is that I think the whole industry may cease to exist. My mother has a policy that allows *unlimited* number of years in a nursing home. Not unlimited amount of money per day and the inflation adjustor is not compounded, but still, unlimited number of days. They don’t write policies like that anymore.
That’s Reason #1 why Slim has never purchased LTC insurance. ISTR reading that similar insurance policies, targeted at doctors, turned out to be worthless when it came time to actually use them.
As for the pension thing, it is still a very “bad” pension benefit compared with state and local government jobs. And I didn’t really see it as so great when I started, but that was likely because my last private sector job also had a pension benefit (German company). I never vested in that one, but it was there.
“As for the pension thing, it is still a very “bad” pension benefit compared with state and local government jobs.”
So what do you call bad? Not asking to criticize but just for comparison to CA county government.
1% per year of service based on average of top three earning years with an absolute limit of 40% of that average even if you work for more than 40 years. Since median starting age is something like mid-thirties, the likelihood of getting to 40 years is almost nothing.
Any bonus, monetary award or overtime is entirely excluded from the salary calulation. Only your base pay and locality adjustment (if any) is included.
That is just the pension portion. It is better than nothing, but you wouldn’t want to try to live on it.
I wasn’t aware that you were supposed to try and ‘live’ on pensions. I thought they were one prong of a retirement approach, which is to secure revenue streams via pensions/SS/annuities/stocks/interest/real property.
Was there ever a time when you could not save a dime and still expect to retire with a similar lifestyle based on the ‘forced savings’ of a pension or SS?
With a paid off house, car, credit cards, no student loans….it should be enough…..
I wasn’t aware that you were supposed to try and ‘live’ on pensions
People who accrue 3% per year based on their highest earning year (including all overtime of which people with seniority get to grab as much as they want) and with well measured COLAs can. And that is what some of the best state and local pensions offer. (Those are also the ones that are going to have to go belly up at some point, but that isn’t the issue right now.) Even in the government, the people who started before 1984 get 2% per year up to a max of 80% and better COLAs than the rest of us. I think that with appropriate planning (and a lot of time in government service) you can live on the 2% per year system. With the 1% per year system, you really can’t. That is why we have to do other things, and why I’d be bummed out if a change meant that I couldn’t save as much per month as I can now.
I’d also miss the people that would leave and take their expertise with them.
“I really don’t have a feel for the trend of this set of negotiations.”
Er, the trend is down.
There is a scarcity of money.
Well, of course. But I was referring more to what will be the details of the end deal. At this point, there is still so much posturing, that it is hard to know what the numbers will be, never mind what will make up those numbers.
Don’t worry, all is well, housing only goes up, war is good, the economy is in recovery.
WTF?
Have you guy already forgotten?
We got bin laden! remember?
we showed Al Qeada.
Al Bundy and al sharpton are next!
Now Shut up and eat your ketchup sandwich.
USA!
USA!
USA!
Mmmmm, ketchup sandwich.
You have bread?!
Did he say BREAD and ketchup sandwich? I only saw ketchup.
You can’t have a sandwich without bread.
“… details of the end deal.”
There is no end deal, at least not yet.
The trend is down, and the recognition and reaction to this downtrend is done in steps, which means there is more to come.
Wow, you are being a real pill with the vocabulary thing this morning. There will be some sort of deal on further budget reductions between now and some time in August or there will be a partial government default - what combination of not paying federal employees, federal contractors, bond holders, doctors who provide Medicare services and SS recipients remains to be seen. Once that little deal is over, there will be another fight to put together the budget that starts on October 1, 2011. Lather, rinse, repeat.
I was asking Jim if he thought a federal employee pay cut (through an increase in the employee share of the pension contribution), would go through in this round. A very detail oriented question. I wasn’t looking for platitudes.
“The trend is down, and the recognition and reaction to this downtrend is done in steps, which means there is more to come.”
Even the positive news gets dispensed like a trail of crumbs these days. I’m still waiting to see what pizza topping was preferred at the Bin Laden compound’s home delivery.
I’m not offering plattitudes I am offering a glimpse at reality. The money flow thast use to gush into governments of all sizes has drastically slowed, which means the party for governments is over - for now.
Budget cuts are in order everywhere because the money is just not there to finance the current budgets.
That is like giving a kid a lecture about how expensive milk is when she asks if the family will stop to get ice cream on the way home.
It maybe vaguely related, but it doesn’t answer the question.
For examples of just how crazy governments can be when the money flow into their coffers is large take a tour of some of the ghost mining towns that litter the Southwest. Some of them built opera houses during the booms. Some built courthouses with expensive imported marble hauled in at great expense from many miles away.
Now think about this for a moment: The ONLY reason these towns existed in the first place was because of a FINITE SUPPLY of ore that was being mined. It was known - or should have been known - that when the ore finally petered out the reason for the town’s existence would vanish and so would the people.
But this seemed to make no difference to the city fathers who spent money like crazy while they had it. And this seems to be the mentality of govenments everywhere. No matter how much money you send to governments - whether from taxes or from borrowing - governments always seem to find a way to spend it all.
The only way to stop government from spending money is to stop giving them money. And this seems to be what is happening now.
What flavor ice cream?
“It may be vaguely related, but it doesn’t answer the question.”
What answers the question, IMO, is whether there is money or not. A lot of jobs sprung up not because they were needed but because there was money available in the budget. Take away the money and the jobs are also taken away.
That does not address whether one particular proposal will be implemented during one particular set of negotiations. It just doesn’t. If I use your logic, I could just as easily say the entire US military will be cancelled within the next three months. Or that a law will be passed requiring all doctors to treat medicare patients for free from now on. Or that social security payments will instantly be cut in half starting July 1st. None of those will happen. But the proposal I asked Jim about might.
yeah, I’m with Polly. Change is going to happen. Just exactly what will change it the question.
OBL’s pizza? I heard it was popular to use sun dried infidels rather than anchovies, I could be wrong on that. And their take on Western porn; “Better the devil we know….intimately”
The ONLY reason these towns existed in the first place was because of a FINITE SUPPLY of ore that was being mined. It was known - or should have been known - that when the ore finally petered out the reason for the town’s existence would vanish and so would the people.
But this seemed to make no difference to the city fathers who spent money like crazy while they had it.
But everybody wanted to live there! Towns don’t just vanish when everybody wants to live there!
“So…Jim, doyou think we are going to get a 5% pay cut?”
In 2008 HP imposed an across the board 5% paycut for everyone, everywhere in the world were it was legal to do so (boy, the kids in Bangalore really got pissed about that, as they were expecting big raises).
The reason for the salary cut: HP was going to fall about 10% short of its anticipated multibillion dollar profit.
Now that there’s a new CEO at HP I have been told that the 5% cut will be rolled back, but only for top performers.
And its harder to be a “top performer”, at least in the US as the continue to cull the herd, and being a “top performer” is a relative designation (only the upper X percent are labeled at high performers).
I know that this is small consolation for those working for the Federal Gov’t, knowing that it sucks even more in the private sector, but that’s the way it is.
Yes, aware of how terrible things have been in private sector recently. However, I have never found that seeing others even worse off makes me “feel better.” Relieved or grateful, perhaps, but not better.
And I have to say, while I can easily manage a 5% pay cut, it will both eat into my ability to save and affect my spending behaviour. I never really noticed small changes in anticipated income affecting my spending plans, but this time it is. I moved to a more urban neighborhood, but kept the car that was really only needed while I was in a more suburban neighborhood. I was thinking about replacing the car. Now I’m really thinking about dumping it. Save the parking and insurance (pick up a zipcar membership) and let the weekly errands take a little more time by foot or by bus. When my dad is ready to buy his “last” car (he says he is going to do this for his 75th birthday in about three years), I might buy the Civic off him.
Speaking of HP, just saw the news today that they are freezing hiring and looking to layoff again.
The world’s largest computer company with billions in savings just can’t seem to make a buck.
Well, they might make some interest off the money they have saved, but they don’t need new employees to manage that money. Oh, I guess they could get the govt. to force everyone to buy one of their PCs or printers. That would increase demand significantly and would result in some increase in the workforce.
Could you explain in tomorrow’s bits bucket what exactly happened at HP’s Colorado operations? One of my co-workers from Fort Collins (who is a real Fed, I’m just a contractor) got sh*tcanned from HP after working there for over 20 years. He speaks of HP only with bitterness and profanity so I am hesitant to press for details…
The same thing that happened nationwide to HP. HP’s only trick left is to cut costs and offshore.
He’s probably bitter for the same reason the rest of us ex-HPers are. HP used to be a great place to work and treated its workers well. Then they went mainstream corporate America: they OEM most of what they sell, the quality isn’t there anymore and the layoff machine continues to grind, even though they will make close to 10 billion in profit this year.
Those lucky enough to not get laid off are expected to work 60 plus hours per week and they rarely get a raise. My advice to anyone considering working there: don’t.
Not sure about the Federal scene, but here in IL that very issue going up for vote shortly and state workers will feel the pinch if it passes. Pension contributions would rise from around 8% to over 13%. Workers could opt for the benefit plan for newbies - higher retirement age, less COLAs, etc.
The city of Chicago wants to be included in these reforms but since our new potty mouthed mayor was only sworn in yesterday, there might not be enough time.
First responders and judges are exempted and the affected unions are fully expected to sue. The shocker is that it is State legislators would feel the biggest pinch with their contributions rising from 11% to 25% - should the plan pass as currently written.
Housing Losses Are a Financial Disaster (May 13, 2011)
Correspondent E.M. describes the true scope of the financial disaster that is housing.
Here is E.M.’s commentary:
To say that housing losses are a financial disaster is a modest understatement. I do not think that most people really comprehend how true this is. The main reason this is so is first, leverage and second, the fact the US economy as a whole has over-CONSUMED housing for the time most people have been alive. They just do not know it because they have been duped into believing that housing is an “investment” when in actuality, it is a combination of a speculation (the land) and a long lived consumer durable (the structure).
Absent inflation, there is no reason whatsoever for most houses to “increase” in “value”. Yet most people believed that there was something magical about housing because “they are not making any more land”.
Given how broke most people are in actuality, how are they going to improve their financial circumstances when “assets” representing 200% PERCENT of their net worth are subject to depreciation? The answer is that they will not for the most part.
To summarize my observations, there are two things I see generally. One is that prices of homes removed from the ATL city limits or areas like it have lost a lot of value as I described, while those closer in (at least in the good neighborhoods) appear to have held their value better. I do not know what they were worth before but they are still expensive now by my standards.
For condos, there is a VAST price disparity between older and newer buildings. Yes, the newer ones are presumably better but some of these units are literally in buildings right next to each other and the area is no dump either. It is a desirable location.
I see both of these as an indication of what may continue to happen in the future. If the price of energy increases or continues to strain household budgets, people are not going to be able to afford to drive like they do now and therefore, will pay less for homes that are farther from their employment. As for condos, my observations indicate that in a major bear market, they will become rapidly depreciating “assets” as they age.
http://www.oftwominds.com/blogmay11/housing-financial-disaster5-11.html - 32k -
“I do not think that most people really comprehend how true this is.”
It will sink in when they try to sell…
“how are they going to improve their financial circumstances when “assets” representing 200% PERCENT of their net worth are subject to depreciation? The answer is that they will not for the most part.”
The answer is that they will default, for the most part. Walking away from a deeply under-water will definitely improve their financial circumstances.
Sounds like those people could use some cash.
Absent inflation, there is no reason whatsoever for most houses to “increase” in “value”. Yet most people believed that there was something magical about housing because “they are not making any more land”.
——————–
Other than the fact that the US population is growing you mean? 200mm in 1970, 300mm in 2010. That’s an additional 2.5mm people per year, and they have to live somewhere.
The author himself notes that houses closer to downtown are doing alright due to increasing gas prices. I think that’s an overlooked variable, that’s going to hammer outlying areas hard, while perhaps sparing inner-ring suburbs some of the price drops. That’s sure been the case around here.
Outlying Mcmansions will be hit particularly hard, now that owning as much house as possible no longer makes economic sense, along with the cost to heat and cool the behemoths, and the gas to commute from the exurbs.
“That’s an additional 2.5mm people per year, and they have to live somewhere.”
They can all live in a rental house where the LL doesn’t pay the mortgage.
That’s what apartments are for.
DSK is not the only alpha male pol currently grappling with “domestic issues.”
Entertainment
Schwarzenegger Fathered Child With Household Staff Member
Published May 17, 2011 | Associated Press
…
Schwarzenegger later said he “behaved badly sometimes.”
lil’ Opie, (the non-Hawaiian) is destroying America & he’s a girlyman!
Yesterday:
The question for the “TruePurity™” repubicans is: “whose bedroom are they to stay out of?”
Now, let’s move on to:
NewTwit Grinch and his plan to help America’s
poorwealthie$ along the yellow brick road to a …“TruePathtoProsperity™”It’s amazing how many alpha males never heard of using birth control.
Or think about STD’s
As a female, I can tell you in decades only ONCE have I been asked in advance if I was using birth control…
Hmm… and how many occasions would there have been for such a question?
A lady never tells, but as a “survivor” of the 70’s the number is probably high enough to be useful as anec-data.
My friends have also reported similar numbers.
Nevermind, I retract the question. That was probably in bad taste. Without getting into specifics, I will say that I too have been surprised by people’s cavalier attitudes towards STDs and birth control.
No worries, not offended.
It is a topic women discuss among themselves, partly because we genuinely risk different consequences from a lapse in judgement.
It’s not that most of us don’t try to take responsibility and protect ourselves from an undesired outcome, we just find the assumptions men seem make to be a bit inappropriate and risky.
Their alpha-male aura protects them from STDs, don’t ya know. STDs are for the little people and scumbags!
And to be fair, I have to place some of the blame on the female involved. It takes two to tango.
Unfortuntely the law unfairly makes fathers re$ponsible for their children. Women only should be responsible. They are the that have or don’t have the babies.
Conservative family values in action.
+1 Good call!
In other words, a big improvement over liberal family values (as exhibited by our last Democratic president…)
The difference being that republicans champion “values” then violate those values exposing themselves as the hypocrites they are. The GOP hypocrisy factor hasn’t dawned on you as evidenced by your simplistic, predictable response.
Yeah, but I don’t recall ever having a Republican shake their finger in my face and say “Now you listen to me” and then tell a big fat easily-disprovable lie. Rs generally just resign and it’s over. Everybody just assumed Clinton would do that and when he didn’t that’s when things got complicated. Just think of all those years Gore could have been president…
“The difference being that republicans champion “values” then violate those values exposing themselves as the hypocrites they are. The GOP hypocrisy factor hasn’t dawned on you as evidenced by your simplistic, predictable response.”
Question: Is it better to have an elevated value system to shoot for? Some may excel and some may fail but that has to be far better than none at all. Hell, let’s all shoot for the gutter and then grip about our life in America compared to Europe.
“elevated” according to whom?
Is it better to have an elevated value system to shoot for?
Absolutely 100%. Your value system is yours and mine is mine. My wife and daughter can manage their own anatomy, thank you very much. You’ve got all you can do to manage your own.
Yeah, but I don’t recall ever having a Republican shake their finger in my face and say “Now you listen to me” and then tell a big fat easily-disprovable lie.
Nor do I ever recall him harping on “values” and then turn right around and violate them.
Are you Cons really that dense? Still don’t get it?
It seems to me that it’s you that doesn’t get the importance of simple things like that. I have no use for the R hypocrites. Like I said, most of them have the decency to resign when caught though, rather than dragging us through years of “letter of the law” arguments. Gore would have been president…probably for 8 years. I’m OK with that, but I’d think that you’d be unhappy about it.
The importance of simple things like what? Like these hypocrites who never resigned?
Like gay congressman Drier(r) demonizing others for being gay? Still in office and still demonizing gays.
Like married Senator Vitter(r) harping on the virtues of marriage while buying hookers twice a week? Still in office.
Like married “family values” congressman Vito Fosella(r) fathering children outside his marriage? Refused to resign.
Like conservative family values senator Larry Craig(r) who solicits others for gay sex in airports? Refused to resign.
Like “pro-family values” Senator John Ensign(r) that helps himself to his friends wife? Refused to resign until threated with criminal charges for lying.
Dense , blind and hypocritical too.
Should Newt be neutered? -
Values are personal, both parties should mind their own business…I think these issues are meant to divide us and take our eyes off of the fact that we are being financially raped by the global elite.
The only one of those people I’ve ever even heard of is Larry Craig and last I heard he was getting no support from the Rs. There’s no way I’d ever vote for him if I lived in his state, and I’d support any effort to remove him from office. Can’t comment on the rest since I’ve never heard of them and never been asked to vote for them.
Run, duck, weave. Well done.
Dude, it was a simple statement. In a situation where an R would have resigned, your boy refused and screwed his own team over. Why don’t you come up with something more than insults for a response? You were the one that got screwed over and had to whine about W for 8 years because of it.
You stated that an (r) would have resigned. None of those frothing loons I posted resigned.
Why is that?
Don’t know since I’ve never heard of them except for Craig, but lots of Rs have resigned in that situation. So is Craig still in there? I thought he’d be gone by now since last I heard he was getting no support from the party.
Of course you’ve never heard of them….. jellyfish.
Fine. You’re such a fan of Alinski(?)’s rule number 5…I’ll be bringing it up a lot more often.
Of course you’ve never heard of them. Happy?
Clinton should not have resigned over the Monica Lewinsky thing and he should not have been impeached over it. 90% of the world and most Americans thought America handled it stupidly.
Regardless…a nationally known R would have resigned (or been forced out due to lack of support from his base), and Gore would have been president. That’s my only point.
Struggle with short term memory much? Here…. Allow me to show you what everyone saw you write except for you apparently:
Like I said, most of them have the decency to resign when caught though,
And I gave you an entire list of elected hypocrites at the federal level who hung on to the bitter end, never resigned and some are still serving. You apologists only seem to see what you want to see through your own lens, make stupid statements and then deny you made them. You’re either a complete conman or just not with it at all.
Struggle with short term memory much? Here…. Allow me to show you what everyone sees except for you apparently:
Like I said, most of them have the decency to resign when caught though,
And I gave you an entire list of elected hypocrites at the federal level who hung on to the bitter end, never resigned and some are still serving. You apologists only seem to see what you want to see through your own lens, make stupid statements and then deny you made them. You’re either a complete conman or just not with it at all.
If I cared I could come up with an even bigger list that did…every time I see an R busted on the news, they’re gone. As you can tell, I don’t care enough to look up the details on the ones you’ve posted, but it is educational to know they exist, since I wasn’t aware of any of them.
But bottom line…in the big picture, you know I’m right. In the exact same situation as Clinton, an R would have done a Richard Nixon and left. So call me all the names you want, but you know that’s what would have happened. See you around…
“If I cared I could come up with an even bigger list that did”
Oh you care or you wouldn’t be coming back for more education.
“as exhibited by our last Democratic president…”
Surely there’s a major difference (as in criminality) between rape, and cheating on your wife with a voluntary partner.
This is a bad rerun of the Gilded Age.
The music is worse. Bring back the waltz. I could really stand to hear a couple good waltzes about now.
Going to get worse. The PTB are seriously bound determined to send all back to the 19th century.
Child labor
No pensions
No civil rights
Low wages
It’s no joke.
Dang! Too late for my “Cue exeter in 3, 2, 1…” post that I was going to make after reading the main post.
I don’t recall Arnie being a ‘family values’ Republican.
Steroids may preclude that.
Brown releases revised budget plan with $6.6-billion windfall
Increased revenue from taxes on the wealthy would be used for schools and business tax credits. Brown says some tax hikes are still needed to wipe out the state’s red ink, but GOP lawmakers disagree.
By Evan Halper and Anthony York, Los Angeles Times
May 16, 2011, 7:18 p.m.
Reporting from Sacramento—
State revenue has rocketed to a projected $6.6 billion beyond expectations, a windfall that Gov. Jerry Brown wants to use to stabilize education spending and help repair California’s battered finances.
In the revised budget plan that Brown released Monday, schools would receive about $3 billion that would otherwise have been deferred, aiding districts’ ability to plan the academic year. The proposal also devotes some of the unanticipated money to business tax credits and to delaying a portion of the tax increases the governor had sought earlier this year.
But although the revenue surge erases a substantial chunk of what had been a $15-billion deficit, Brown said it was not enough to put the state in the black. His spending plan still relies partly on renewing tax increases that are due to expire this year or have already expired.
“The wall of debt must be brought down,” Brown said, alluding to the borrowing, accounting shifts and other maneuvers that have left California’s books perpetually unbalanced. “I don’t want to continue the games and gimmicks of the past.”
…
Capital gains taxes were a large part of the gain. Has anybody in California noticed what has happened to the stock market the last few weeks, dead in the water without QEII driving up the market though inflation? There will be a lot less capital gains on companies such as Google now that their stocks have stopped appreciating. Now, I don’t think that QEIII is far off since without appreciating stocks the pension crises grows worse (need 7 to 8% per year just to stay even) and the the rich won’t spend money so tax revenue will fall for the states. But the big gains for the stock market are over particularly in tech so California should not assume that this windfall is going to last. However, history teaches us they will and they will be crying about revenue not reaching projections very soon.
College Conspiracy — The Next Bubble to Burst
Yep.
We can’t all have jobs that require a college education but we are approaching a day when almost all jobs require a college degree.
“We can’t all have jobs that require a college education but we are approaching a day when almost all jobs require a college degree.”
I for one look forward to the day when my plumber has an MBA.
The number of college graduates in the U.S. exceeded the number of workers employed in managerial and professional occupations in 1990.
That was the start of the first “white collar” recession. When I saw that number, I knew George HW Bush would not be re-elected.
I for one look forward to the day when
myjoe-the plumber has an MBA, marries Oct-o-mom & becomes a homemoaner.At least with an MBA, he might understand that businesses pay tax on profit, not revenue.
True in some places, but not all.
About time J6pk realized that the MID is not a CREDIT. Part of the problem ubiquity of tax preparation software is that people understand their taxes less.
My employer requires a degree for a receptionist simply because they can.
It’s a useful criteria to make a first cut for candidates and a BA in a “entry level” grunt job probably works harder thinking they have a “career” will get a job higher up somewhere within the company.
Or, they have had at least a little experience dealing with hopeless bureaucracy. Seriously, figuring out dealing with registraction and the bursar’s office in a college can be a real accomplishment.
Exactly. And what has been added to society as a whole by forcing her to go into debt to get that bachelor’s degree? It’s certainly possible that she learned and grew as a person in ways that will help her (and society as a whole). Or she went to parties, pulled the occasional all nighter and managed to graduate. And just because somebody did a lot of growing up in college doesn’t necessarily imply that they did it because they were in college. After all, we don’t credit the k-12 educational system for making kids taller, it seems a stretch to claim a priori that 22 year olds are more mature than 18 year olds because they were in college. Perhaps they would have matured as much if they were in the military, or working in a mine, or begging for change on the street. I’m not advocating these as a substitute for college, but I also don’t believe that “more education” is some sort of magic solution to all our economy’s and society’s problems.
They could raise money selling available jobs slots, and Wall street could offer financing - a modern version of indentured servitude, and the state could collect sales taxes too.
I once read a novel called “The Forever War”. About a war between earth amd some mysterious aliens called The Taurans.
There is no war drive in the story, so earth ships travel at relativistic speed to “collapstars” where they make instant jumps to the other collapstars from where they continue their near lightspeed travel.
Anyhoo, when a soldier is deployed he or she is gobe for years as that how long it can take to reach a collapstar. When our hero returns to Earth after being gone a couple of decades he finds an earth where the economy has been trashed by the war. And those lucky enough to have a job rent their job out to someone else (his mother rents part of her job out).
In the end, after centuries, the Taurans and Humans make contact and end the war.
And his mother’s health care had been effectively zeroed out.
And she has a bodyguard. He goes out without one and a sucker tries to mug him.
He supposedly has tons of back pay but there’s nothing much to buy. He takes a cruise on a blimp and gets into a fight with muggers in London. IIRC after that he’s had enough and re-enlists for another hitch. Because of all the relativistic travel (and a lot of luck) he survives until the end of the war, centuries later.
I need to get that book from the Library and read it again. It was really good.
Apparantly it was written as a Vietnam War inspired “answer” to Starship Troopers. They’re both quite good IMHO.
There is no war drive in the story, so earth ships travel at relativistic speed to “collapstars” where they make instant jumps to the other collapstars from where they continue their near lightspeed travel.
Anyhoo, when a soldier is deployed he or she is gobe for years as that how long it can take to reach a collapstar. When our hero returns to Earth after being gone a couple of decades he finds an earth where the economy has been trashed by the war. And those lucky enough to have a job rent their job out to someone else (his mother rents part of her job out).
Check out Old Man’s War, The Ghost Brigades and The Last Colony by John Scalzi. They are really fun reads and along similar lines.
“Apparantly it was written as a Vietnam War inspired “answer” to Starship Troopers.”
I might be wrong, but I seem recall reading an interview with the author where he (Haldeman) denied that.
Good book.
Foreclosure Time Bomb Getting Worse
May 17th, 2011 12:33 am PT
Christopher Moore
Santa Ana Business News Examiner
…
Foreclosure filings have decreased on an annual basis for seven straight months and have reached a 40 month low, so you would think this is a good thing, right? The problem is, it’s for the wrong reasons. The slowdown is largely a result of the delay in processing foreclosures, not the result of an improving housing market.
Foreclosures in the first quarter of 2011 took an average of 400 days from the initial default notice to completion. That’s up from an average of 340 days that was experienced in the first quarter of 2010 and a huge leap from the average of 151 days it took to foreclose a property in the first quarter of 2007.
And in some states the timeline is more than twice that! In New Jersey and New York the average time frame from initial default to completion was more than 900 days in the first quarter of 2011. Other states experiencing long delays are Florida, an average of 619 days to complete the foreclosure process, up from an average of 470 days in the first quarter of 2010 and an average of 169 days in the first quarter of 2007.
The foreclosure process in California took an average of 330 days in the first quarter of 2011, up from an average of 262 days, a year earlier, and up from 134 days in the first quarter of 2007.
As James J. Saccacio, chief executive officer of RealtyTrac, explains it, “The first delay occurs between delinquency and foreclosure, when lenders and services are no longer automatically pushing loans that are more than 90 days delinquent into foreclosure but are waiting longer to allow for loan modifications, short sales and possibly other disposition alternatives. Data from the Mortgage Bankers Association shows that about 3.7 million properties are in this seriously delinquent stage. The second delay occurs after foreclosure has started, when lenders are taking much longer than they were just a few years ago to complete the foreclosure process.”
…
Well my DB LL who somehow got a workout from Wells in Nov. after not paying the Mtg. for a year while collecting attorneys fees has him up to about a $1,000.00
Does anyone think they are planning on keeping this place or just milking every penny of rent they can get out of it to help pay for the much bigger and more expensive house they live in.rent, has had a lean placed on the house for not paying the HOA dues to
Party 1: TEQUESTA PINES PROPERTY OWNERS ASSOCIATION INC
of $293 for the year that were due on Jan. 1, 2011. That +
Let me try that again.
Well my DB LL who somehow got a workout from Wells in Nov. after not paying the Mtg. for a year while collecting rent has had a LP placed on the house of $293 for HOA fees for the year that were due on Jan. 1, 2011. That + attorneys fees has him up to about a $1,000.00
Does anyone think they are planning on keeping this place or just milking every penny of rent they can get out of it to help pay for the much bigger and more expensive house they live in.
Yes.
CYA.
Press Release:
Fixer Records, the HBB, and Bruce Springsteen, “The Boss” have collaborated to release a double CD set of his classic songs, with minor revisions to the lyrics to reflect our troubled times.
The currently unnamed compilation will include:
- Blinded by the Light (so I couldn’t read the loan docs)
-Tenth Avenue Freeze Out (…..damn gas bill)
-I’m on Fire (cuz I’m a crappy arsonist)
-Born to Run (from the HELOC)
-No Surrender (MERS holds the note)
-Lost in the Flood (of frozen and busted pipes)
-Cover Me (with affordable medical)
-Trapped (by negative equity)
-Because the Night (belongs to the copper strippers)
-You’re Missing (a few zeros in the checkbook)
-Brilliant Disguise (thanks to staging)
-I’m Goin’ Down (to file for unemployment)
-Tougher than the Rest (which is why I’m still making payments on this underwater house)
-She’s the One (who wanted this effing house)
-Long Walk Home (gas for the SUV costs too much)
-Thunder Road (due to bumper to bumper moving vans)
-The Ghost of Tom Joad (would feel right at home) (LIVE)
-My City of Ruins (except for Wall Steet)
All good, but the Bronze Bubble winner is…….
-She’s the One (who wanted this effing house)
with…
- Blinded by the Light (so I couldn’t read the loan docs)
Receiving honorable mention.
I’m on Fire (cuz I’m a crappy arsonist) was the most inspired, I thought.
Born in the USA ( unlike my McMansion owning strawberry picking neighbor)
“Born in the USA ( unlike my McMansion owning strawberry picking neighbor)”
Why is the nearly-bankrupt state of New Jersey providing ‘Farm Aid’ to multi-millionaires like Bruce Springsteen and Jon Bon Jovi?
Springsteen and Bon Jovi, two of the biggest names in New Jersey as well as rock and roll have often been called ‘average Joes’, and ‘working man’ types of rockers. But they travel the world in private planes, work when they want to work, and live in mansions surrounded by electronically-monitored gates that most of their fans can only drive past, hoping to catch a glimpse of their heroes.
Springsteen and Bon Jovi are also gaming the system in New Jersey by claiming special ‘farm exemptions’ in order to avoid paying the typical taxes on their property.
Thanks to a tax exemption for beekeepers Bon Jovi pays a paltry $104 dollars on 6.8 acres of land in Monmouth County.
Springsteen also found a favorable exemption to help him avoid the standard tax rates on the 200+ acres he uses as a buffer zone around his three-acre home. Because an organic farmer works part of the land, Bruce is charged less than $5000 each year.
Working class heroes those guys are. Anecdote about JBJ. Friend of friend says he can not cut his own burger in a restaurant. Needs someone to cut it up for him. Yep, New Jersey has class.
People do that around here. I’ve posted about it several times over the years. Considered it myself.
Getting a tax break or having your burgers cut up for you on your plate?
In their defense, these guys hire CFOs/managers that handle this stuff for them. They may not even be aware of it.
These guys have enough money so they can afford to pay other people to worry about the mundane stuff. Like the business I’m in, for example.
If they have to worry about not getting to where they need to go, the Chief Pilot/Flight Ops Director hasn’t done his job. If the airplane isn’t ready to go with about 2 hours notice, I haven’t done my job.
Taking advantage of a loophole is one thing. Actively lobbying to create a loophole favoring you or your business is another. Especially when it’s done with no transparancy.
“In their defense, these guys hire CFOs/managers that handle this stuff for them. They may not even be aware of it.”
I have seen this many times, I have a hard time believing someone has not mentioned it to them. Also, I kinda have to figure you might know you had an organic farmer hanging around on a regular basis or an unusual number of Bees on the estate. But what the heck ” We’ve got to hold on to what we’ve got”.
You know, Nils Lofgren lived across the street from me when I was in high school, before he joined the E street band.
ahansen
I never had anything but individual heath plan save for a few months as a teacher. Paid 50k cash for a discectomy that Blue Cross Blue Shield would not cover after they gave me the goahead w/ preapproval. Said microdiscectomy was experimental but that is what I was pre-approved for. Blindsided by that but not bankrupted….Yet That 50k would come in mighty handy right about now, but I blew that much frivolously as well.
But lived high on the hog with housing gains; always with private insurance. Never filed a single claim during my short stint as a covered teacher. Portability(1 time only) allowed us to get private coverage back.
mike, didn’t you say you had to go back to school for a master’s degree to keep your certification? You could check out getting insurance for your family through the university. It at least gives you access to a group plan, not an individual one, and though they don’t cover a lot, student plans have a fairly young, healthy pool of insured so they tend to be cheaper. Also, you generally have to use the student health clinic as a first stop for any care, but that isn’t all that big a deal if the clinic is well staffed.
Of course, you might have a heck of a time getting back into an individual plan once you finish the degree, but your individual plan isn’t doing you much good right now, is it? I was able to keep my student health insurance even when only taking one class a semester.
It might be worth a look.
Thanks Boy I did not know everyone was paying attention to my story or that anyone here would want to help me given my status as a greedy FB. Collecting rent to boot on another property.
I understand this may make some seethe; that is fine. But to receive rational help and advice=way cool. I am glad I have kept posting even though some have expressed there ire and disgust with my way of making money. At least I am not making money that way anymore so the vindication for some is right there. FPSS, for one, gleefully celebrating my well paved road to living under a bridge. But my mother worries too much to let that happen; god bless her. She is buying us a home to live in so we don’t have to give up our rental income and will be paying PITI on it. She was among the first generation of two income earning normal families that has decimated our family unity as a nation. Boy do I see this at the schools. And the hunger going on in these dysfunctional families’ homes is witnessed by my lunch lady/meal server wife. She tells me that free and reduced is big. And that EBT cards are good for red bull and ubiquitious at the grocery.
Mom may feel guilty for raising a kid who was alienated and insecure in his place in the world. We dont raise our kids in the same manner that they did, having learned it’s good to have a parent to talk to when you are being bullied or whatever at school. I was sexually assaulted by the neighbor and was not comfy sharing that w/parents for 2 decades. my kid was being sexually groomed by a young sociopath last year and came right forward and I could not be prouder as I know I would have internalized it and shouldered the burden myself.
I am keeping busy for the most part so am not looking at getting the masters until I am darn sure I will be teaching for long term.
Law school has always been a dream; but you lawyers seem to be not so well off as is popularly conceived.
I do appreciate your advice and will look at it. Best advice I ever got from you was to not let a criminal record creep into my background. A bit costly my pulling down those xmas lights of our ex-toxic tenant. good thing that she left and the headaches caused by her to the owner made them sell their property at a 155k plus loss. But yeah, DA’s diversion program was invaluable so at least I can answer, “have you been covicted of xyz?” I can say NO!
Problem with dropping the chillun to get a lower rate is that my policy and wife and kids’ policies are different, and dropping the children, though risky, would not help out the premiums much on her plan.
Best chances; wife could work full time at the grocery for a year to get bennies; go to school to become a dental assistant; or I could get a teaching job. University group plan also sounds good. Subbing has helped me get networking. Trouble is with chronic pain FT work may not be doable in my field.
MRI today for continuing neck pain despite two surgeries and every other conceivable treatment including a nerve frying rhisotomy. Just want to toss the ball around with my kids and be able to survive 8 hours in the classroom. Don’t know if I could put up with the additional red tape of a teaching job. when subbing is done for the day I go home and rest or spend time just being with the kids.
So. Why does your wife have a different policy than you do?
Ahansen
So. I have only had enough union teaching jobs to accrue 950 bucks in my retirement account; for most of those hours; I had no school insurance as I mostly work as a sub.
Wife’s lunch lady union provides no bennies as her department is very fussy about giving her anything over 3.5 hrs/day. 4 hrs a day (20 hrs is part time officially and would qualify her to get employee health care subsidies); but she has only been lunch lady for 1+ year, and only does the job becuase our kids go to the school where she works. Otherwise she would be trying for 1 year of 40 hrs at the grocery; which is what is required by them to get bennies.
So employee provided bennies have never been used much by us. The kids did go to the dentist once under my school insurance, in the interest in full disclosure.
Private insurance has been helpful for me, though, they did help pay for 3 out of 4 surgeries and also several other procedures. Also for the insurance covered negotiated prices which is a huge subsidy in itself versus the “rack” rate.
Don’t know why you are questioning though. What makes it seem that we have been union covered and reaped the bennies? I have admitted to the gluttonous consumersim I fell ill with(sorry no mental health coverage under my plan) and am trying to cure myself from. Looking at other options to avoid really being carried by the taxpayers, as we qualify for food stamps and Oregon Health Plan, possibly for all of us, not just the kids.
Got with my wife when she was 21 and I was 30. I have been covered under my own plan for 17 yrs minus 5 months cushie union bennies. I did not dare drop my own plan the second time, or my wife and kids’ plan either because we had no guarantee of portability, having had used that the first time I was hired/laid off.
I had existing Blue Cross at the time we got together; and getting coverage for her was only available as seperate policies, as we were not yet married. When we tried to combine them into one policy; after we got married, and had kids, er I mean had kids, then got married, we found out upon inquiry that it was cheaper for me to continue with mine and hers + kids. Believe me I have seen premiums go from 300/quarter to 1064/quarter for my coverage in a matter of 4 years. Wife’s is more like 1200, but it includes our children. Haven’t the foggiest notion why changing and combining us into a family plan would not have been cheaper; but it isn’t.
Like I said, I have been covered by individual since I fell off my parents at age 25ish, except for a 5 month stint where I had teacher’s insurance. Second time I got hired as a teacher, I kept my plan because I had exhausted my portablility rights. Worked out good, cuz I was once again last hired first fired in a second district.
I only wish I could get the medication covered that I am diagnosed to the condition advertised on TV (fibromyalgia). Just cuz the FDA approves it does not mean the insurance company will cover it. They want me on a hodgepodge of older generation anti-epileptics and anti-depressants. Both of which have been tried by me and were lacking in efficacy. A friend pays $20 for a drug that costs me $260 and he does not even have FM.
mikeinbend, there are other successful options for fibromyalgia. Write me at olianaguesthouse at gmail dot com.
Economic Report
May 17, 2011, 9:18 a.m. EDT
Construction of new homes falls in April
Starts drop 10.6% while permits for building decline 4.0%
By Jeffry Bartash, MarketWatch
WASHINGTON (MarketWatch) — Builders started construction on fewer new homes in April while permits also fell, reflecting no sign of a rebound in the battered U.S. housing market.
Housing starts dropped 10.6% to an annual rate of 523,000 in April, the Commerce Department reported Tuesday. Starts in March were revised up to 585,000 from an original reading of 549,000, however.
Economists surveyed by MarketWatch had expected housing starts to climb to 575,000 last month on a seasonally adjusted basis.
Economists put more weight on a longer rolling average because the housing data often experiences sharp fluctuations month to month. Starts have averaged a meager 542,000 over the past three months, indicating little change in the moribund U.S. housing market.
New construction normally occurs at double that rate in a healthy economy, but a high U.S. unemployment rate and the resulting inability of many Americans to keep up with their mortgage bills has depressed the market.
“The housing sector is at the mercy of the large number of foreclosures and will continue to weigh on the overall economic recovery,” said Jennifer Lee, senior economist at BMO Capital Markets.
New construction of single-family homes, which account for three-quarters of the housing market, fell 5.1% to an annual rate of 394,000. Construction of single-family homes is 30.4% lower compared to year ago, when a onetime tax credit helped to boost sales.
Permits to begin new construction, meanwhile, declined 4.0% in April to an annual rate of 551,000. Permits give an indication of whether demand for new homes is growing or slowing.
Single-family home permits dipped 1.8% last month to an annual rate of 385,000. In the North, single-family permits fell to the lowest level since the government began record-keeping in 1988.
Permits for condominiums and apartments fell almost 14%.
…
Hello FedCake.
Are you suggesting I resemble Marie Antoinette?
P.S. MW banished Professor Bear for making unruly comments.
Still half a million new crapshacks marring the landscape every single month
I believe that’s an annualized number. Otherwise we’d REALLY be in trouble!
Still 500K more than are needed.
The Chinese acting like the Japanese in the late 80’s early 90’s:
http://www.bloomberg.com/news/2011-05-16/chinese-spreading-wealth-make-vancouver-homes-pricier-than-nyc.html
Vancouver more expensive than NY and what business in that city pays enough for people to afford these houses?
All real estate bubble myths are local.
I’m sure the local Vancouverites will be more than heppy to live in the servants quarters in their masters new homes.
I’m sure the new Chinese overlords are loving being waited on and served by blond, blue eyed Canadians.
Polly(to answer your question from yesterday)
Well we found out we now qualify for food stamps and need to drop the kids off our insurance for two months to qualify for Oregon Health Plan. But no guarantees regarding timely pick up after two months as there is a wait list and other beaurocratic stuff. but OHP may be our plan (just wont let the kids outside with their friends for awhile) Which includes dental, and no cost medical.
Scary to have them off the plan, cuz they tend to break bones and such, or heaven forbid an illness or hospital stay. Could come out of our paid for house.(maybe need to place into a trust or LLC?) Which in my book seems to be doing OK for right now, as the proverbial mortgage burning party has already occurred. But I blew a $hitload of cash and regret it a bit.
We are still doing well all things considered. Got happy kids on the honor role. Folks just told us they are buying us a home and taking care of the payments and insurance until they pass; then we shall inherit their paid off home with my sis, of course, as well. they aren’t rich but they both have pensions, mom from teaching and dad from being an gs13 EE for Point Mugu Naval Base. Civillinan contractor working for Pacific Missile Test Center. Didn’t know them much growing up; we decided not to go that route with the kids. But they are reaping the benefits of financial planning and penny pinching, two traits I observed but chose not to learn growing up. So they still travel the world at will and live a snowbird lifestyle. They have been down under more times that I can count.
And flippin’ housing money has us flush with toys w/o helocs. Paid cash for a non-covered neck surgery, grad school (well at least a teaching license) cars w/o loans 2 late model CRV’s, truck and travel trailer, skis and bikes, sports equipment and a house full of furniture. Jacuzzi, etc. Laptops galore; 100 DVDs. And the list goes on. Sold two homes furnished as well(one guy bought it included in a rent to own deal but stole the furniture I agreed to sell him for 6k when he decided he was not buying the house after all; he did pour 17k worth of non-refundable down payment money so we did not pursue it). Spain for two months; ski passes, surfing trips to California, campground memberships. that’s what happens when you hand a 30 yr old half a million dollars; he don’t budget so well. Got to play landlord investor and It’s high time to learn new ways of austerity that’s for sure.
So we have lived large; time to live small. And its like the last 15 years we have been enjoying a semi-retirement; with the houses paying the bills. Enjoying the kids with two stay at home parents.
The music has stopped; gotta figure out something. Don’t want the dole; but since we qualify sure as heck gonna take it before a Heloc on the house. Houses were making us so much money it did not pay to work. 30k teaching job or 100k per year per house?? Plus rental income! Party time; now its over and let the flames begin. Money like water in the hands spilling out all over the dam place. Did not see the party ending or the HBB for that matter. Thank you for following my story guys; it’s an epitome of the FB to say the least, with a few twists cuz we ain’t belly up just yet as some sure are.
Folks just told us they are buying us a home and taking care of the payments and insurance until they pass
But you already have a paid-off house. Why are they buying you another one?
Cuz they can; why, good question, I’m not so sure except my Daughter has been to 8 different schools and is in a good one now, and is happy and secure educationally and socially. The home I own is rented to a stable tenant; and moving into it would require the kids to switch schools which no-one wants at this point in their lives as they are in a community k-8 school which is where we would prefer to live.
And without the rental income from paid off house; we still don’t make enought money. Wife works two jobs near minimum wage; I sub teach as much as I can. So we both work w/o being able to stay afloat long term. Mom worries and wants to sleep. They can’t take it with them when they go; and go they will all the sooner if they don’t protect their legacy.
I guess silver spoons damage your teeth, as in I am not self sufficient knowing that a safety net is in place. They also feel a deep sense of guilt letting us grow up “Latch key kids” . Also, I have medical(pain issues) that make me borderline as far as employment goes. And I really have not been able to work for the last decade except as either a student or a flipper. Getting to where I can sub teach regularly. Used to work 60 hrs/week, so my kids got to see dad alot during their first decade on this earth.
They would let us live in their house but they are gone half the year and rent it out to the same couple each year. They have always been fiscally responsible, putting us kids through school, but watching every nickle, never eating out. They do enjoy travel in their retirement though. Now they have time to travel the world at their whim, and money to invest into a house to their LandLord son.
But I ain’t complaining; they can buy me a house or five if they like. At around 100k, it would be 3x income for us so even if prices continue to plummet it would remain in the historical metric of affordability.
Well we found out we now qualify for food stamps and need to drop the kids off our insurance for two months to qualify for Oregon Health Plan. But no guarantees regarding timely pick up after two months as there is a wait list and other beaurocratic stuff. but OHP may be our plan (just wont let the kids outside with their friends for awhile) Which includes dental, and no cost medical.
Scary to have them off the plan, cuz they tend to break bones and such, or heaven forbid an illness or hospital stay. Could come out of our paid for house. Which in my book seems to be doing OK for right now, as the proverbial mortgage burning party has already occurred. But I blew a $hitload of cash and regret it a bit.
We are still doing well all things considered. Got happy kids on the honor role. Folks just told us they are buying us a home and taking care of the payments and insurance until they pass; then we shall inherit their paid off home with my sis, of course, as well. they aren’t rich but they both have pensions, mom from teaching and dad from being an gs13 EE for Point Mugu Naval Base. So they still travel the world at will and live a snowbird lifestyle. They have been down under more times that I can count.
And flippin’ housing money has us flush with toys w/o helocs. Paid cash for a non-covered neck surgery, grad school (well at least a teaching license) cars w/o loans 2 late model CRV’s, truck and travel trailer, skis and bikes, sports equipment and a house full of furniture. Jacuzzi, etc. Laptops galore; 100 DVDs. And the list goes on. Sold two homes furnished as well(one guy bought it included in a rent to own deal but stole the furniture I agreed to sell him for 6k when he decided he was not buying the house after all; he did pour 17k worth of non-refundable down payment money so we did not pursue it). Spain for two months; ski passes, surfing trips to California, campground memberships. that’s what happens when you hand a 30 yr old half a million dollars; he don’t budget so well. Got to play landlord investor and It’s high time to learn new ways of austerity that’s for sure.
So we have lived large; time to live small. And its like the last 15 years we have been enjoying a semi-retirement; with the houses paying the bills. Enjoying the kids with two stay at home parents.
The music has stopped; gotta figure out something. Don’t want the dole; but since we qualify sure as heck gonna take it before a Heloc on the house. Houses were making us so much money it did not pay to work. 30k teaching job or 100k per year per house?? Plus rental income! Party time; now its over and let the flames begin. Money like water in the hands spilling out all over the dam place. Did not see the party ending or the HBB for that matter. Thank you for following my story guys; it’s an epic tale; an epitome of the FB to say the least, with a few twists cuz we ain’t belly up just yet as some sure are.
But sure could use some of those housing bucks now; mortgage burnt; parents paying for another 100k house to live in so; all I can say is we blew it bigtime; but the investment we have made in silver(spoon) is paying dividends. Since they were both income earners I did not see them or relate to them as a kid. Now we see them all the time; share the grandkids; but have decidely different parenting styles as the housing bubble allowed us to effectively become two stay at home parents helping our kids with an emotional leg up rather than a financial one. It might just come into play for them post apocolypse
Why do you need another house? Why would you let your frugal parents buy a house in this environment, paying interest to the bank on a falling asset out of their meager retirement, supposedly to benefit you?
Interesting that you qualify for foodstamps with a paid for house.
And he’s getting income from one of them. Can’t remember if it’s the paid off one or not.
I thought that there were “asset” limits that would disqualify one from receiving foodstamps. I guess I was wrong. Don’t get me wrong, I’ve heard about their meager income so I’m sure they could use it. I was just surprised that having a paid for asset like a house didn’t disqualify them.
Having kids in the house changes that.
Qualifications also tend to vary from state to state, but do not go below the federal baseline.
There but for the grace of God go I.
Meager income; I thought $20/hour was a good wage; hey I am a licensed teacher and even teach econ once in awhile. WHO let that happen???
Qualifying for bennies is not the same as acutally accepting them. Maybe my house will disqualify us. Not according to the Oregon helps website from whence I make my assertion. My sharing of my story is cathartic for me; sorry to incur ire and annoyance from some. I am told by my students that I am a good teacher and my kids look up to me for all the Mr. Mom time.
I know my parents pension is good enough for constant travel; they won’t be giving that up for us.
They helped my sis buy a mobile vet motorhome.
They are trying to keep their estate under the estate tax limits by giving it away early. Still will have almost 1+mil in assets no matter how much they give. Helk they even have long term care insurance, and a farm in Minnesota. $$ ain’t everything folks.
I am basically a washed up surf bum who took six years at my first crack a college (UCSB). Worthless pre-law degree. Ended up an organic farmer putting in 60 hr weeks till I got laid up bad. Lucky for me it was enough to save 60k and buy my own work truck. After that it was full stop housing all the while.
Truck designated the barf-mobile for awhile as it was also the family truckster or we would take our kids with us to work as I was phasing out of farming and into teaching.
Low earners are worth as much as people as high earners. People look down on my wife for being a lunch lady are not her friends, nor mine. The worms wont care and are waiting for all of us.
“The worms wont care and are waiting for all of us.”
The worms crawl in
and the worms crawl out.
The ones that crawl in,
Are lean and thin,
The ones that crawl out
Are fat and stout.
Your eyes fall in
And your teeth fall out,
Your brains come tumbling
Down your snout…
Be merry, my friends, be merry.
Its called making lemonade. If my mother wants to invest her money on an affordable house(to her); and I can either LL it for her or live in it, its worth it to me, You all may be better served to reserve judgement. I offer a different prospective; but you all don’t really know me beyond what I choose to disclose.
She has trouble sleeping due to worry. Even if the house depreciates she will sleep better knowing I ain’t under a bridge.
You all don’t really know all the facts. Although I have given up a lot; save the judgement until after you have walked a mile in my shoes.
They have seen me writhing in pain; waiting for surgery at their home; it broke their hearts that the surgery did not alleviate my pain; only brought it down a notch.
Had MRI today for possible 3rd cervical surgery; my good paying job broke me up good; housing run up saved the last 15 yrs of my life.
Low earners are worth as much as people as high earners. People look down on my wife for being a lunch lady are not her friends, nor mine.
You do not want to be caught looking down on the guy in the trenches. Or even thinking in that way. Karma has a way of catching up with you when you do.
Well my sister grad this week
USBank and Capital One have offerred her about 15k in loans interest free for 1 year.
Looking at grad school.
Who knows about a job in the future.
I just want to know where I can buy up a bunch of these loans bundled into some sort of security. I will only buy if I see that 5 star rating from Moody’s S and P and fitch
The banks have no reason to securitize governement guaranteed loans that I canthink of. The reason to securitize a loan is to get more cash to be able to make more loans. FFor the government ones, they get the capital from the government (which is why having the loans directly from the education department is an option). No idea if the private ones (which I guess still can’t be discharged in bankruptcy?) are securitized.
More anger today. People, some dressed as Robin Hood, head to confront CEO Jamie Dimon over “fraudclosures”. Happening now.
http://ohiofraudclosure.blogspot.com/2011/05/chase-jamie-dimon-were-here.html
Excellent!
Bitter owners.
Unbelievable.
I took and paid for the classes on my own for the legal right to carry concealed. A decision that I made a couple of years ago after talking to the Jupiter Police Dept. about a situation that they said they could do nothing about. And a decision that I take very seriously. That without the medical insurance, retirement fund and vacation pay that these officers receive.
POST EXCLUSIVE:
Lack of certification by Riviera Beach, Ocean Ridge police may jeopardize nearly 7,000 arrests
By Cynthia Roldan Palm Beach Post Staff Writer
Posted: 6:41 a.m. Tuesday, May 17, 2011
RIVIERA BEACH — Thousands of arrests made by officers in two Palm Beach County police agencies are in danger of being compromised because the officers weren’t legally certified to carry firearms, The Palm Beach Post has learned.
According to Florida Department of Law Enforcement documents, 127 Riviera Beach and 24 Ocean Ridge police officers did not receive their firearms training from a certified trainer, a requirement for them to patrol the streets. Those officers were on patrol from mid-2008 through at least 2010. In the case of Riviera Beach police, the deficiency lasted through March 2011.
Both departments are asking an FDLE commission for a waiver that would allow arrests made during that period to stand.
The FDLE’s Criminal Justice Standards and Training Commission is expected to meet and make a decision on Thursday .
Meanwhile, defense attorneys with clients arrested by either agency are watching closely. So is the Palm Beach County State Attorney’s Office, which prosecuted many of the suspects.
If the FDLE commission denies the waiver, 6,976 arrests made by Riviera Beach officers and about 35 made by Ocean Ridge officers during the roughly two-year period, according to Palm Beach County Jail records, could be nullified.
http://www.palmbeachpost.com/news/post-exclusive-lack-of-certification-by-riviera-beach-1480006.html - -
Good thing they don’t have to take back any shootings of perps.
I guess I don’t understand why having/not having firearms qualification would have any affect of a sworn officer.
“I guess I don’t understand why having/not having firearms qualification would have any affect of a sworn officer.”
If you took the certification class that I did, listened and practiced what you were taught by a State certified instructor who in my case was an active police officer. None of these would have happened.
There is a lot more than these….
New York Police Officer Accidentally Shoots Fellow Cop
Yesterday an MTA officer was placing her gun in a weapon’s locker and accidentally set it off. The bullet ricocheted and hit another officer in the gut. …
http://gawker.com/#!5694422/new-york-police-officer-accidentally-shoots-fellow-cop - 121k - Cached - Similar pages
Police officer accidentally shoots himself, survives - The Daily Star
May 5, 2011 … BEIRUT: A police officer suffered minor wounds Wednesday …
http://www.dailystar.com.lb/News/Local-News/2011/May-05/Police-officer-accidentally-shoots-himself-survives.ashx - 161k - Cached - Similar pages
Suffolk County Police officer accidentally shoots self in foot at …
Jun 22, 2010 … A Suffolk County Police officer had to be rushed to the hospital Friday after accidently shooting himself in the foot at the department’s …
http://www.27east.com/news/article.cfm/Westhampton/284999/Suffolk-County-Police-officer-accidentally-shoots-self-in-foot-at-Westhampton-range - 48k - Cached - Similar pages
Police: Officer accidentally shoots, kills car-burglary suspect at …
Jan 24, 2011 … Investigators said the shooting occurred when an Humble police officer broke out the window of the suspects’ car with his gun.
http://www.khou.com/news/Shooting-reported-outside-Deerbrook-Mall-114495319.html - 234k - Cached - Similar pages
“WE THE PEOPLE”: HARTFORD POLICE OFFICER “ACCIDENTALLY” SHOOTS HIMSELF
Jan 23, 2011 … A Hartford Police Officer apparently accidentally shot himself early this morning at the HPD Community Office at 500 Farmington Avenue. …
http://wethepeoplehartford.blogspot
Police officer accidentally shot schoolgirl, 14, with a Taser …
Aug 6, 2010 … Jodie Gallagher, who was standing nearby when police discharged the weapon at a suspect, was paralysed by the huge electric shock that went …
http://www.dailymail.co.uk/news/article-1300738/Police-officer-accidentally-shot-schoolgirl-14-Taser-missing-intended-target.html - - Cached - Similar pages
Houston officer accidentally shoots himself, bystander | Houston …
May 23, 2010 … Houston officer accidentally shoots himself, bystander. The bystander, initially believed to be a gunman, sustained non-life-threatening …
http://www.chron.com/disp/story.mpl/metropolitan/7018322.html - 48k - Cached - Similar pages
An officer accidentally shot himself in a southwest Houston office …
Mar 14, 2011 … An officer accidentally shot himself in a southwest Houston office building Monday afternoon.
http://abclocal.go.com/ktrk/story?section=news/local&id=8012405 - 61k - Cached - Similar pages
YouTube - Baltimore Police Officer Accidentally Shoots Teen - wjz …
Jun 10, 2010 … A Baltimore police officer accidentally shot a teenager in the leg Wednesday night. Kai Jackson explains how this happened.
http://www.youtube.com/watch?v=PAtXMx7tjcc - 99k - Cached - Similar pages
Cop in Bronx accidentally shoots intended target’s elderly dad in …
Jan 22, 2011 … The elderly father of a drug suspect was accidentally shot by a cop during a raid in the Bronx early Saturday, police said.
http://articles.nydailynews.com/2011-01-22/news/27096370_1_gunman-barricaded-police-officers-shooting - 35k - Cached - Similar pages
“Once inside the apartment, Detective Andrew McCormack, 37, a decorated, 11-year veteran, fired an errant shot while adjusting a small flashlight attached to his 9-mm. Glock semiautomatic handgun, police sources said. The suspect’s father, 76-year-old Jose Colon, was shot in the stomach.”
Lesson#1 Never put your finger on the trigger unless you are pointed at your target.
Lesson#2 Never point a gun at anything that you are not prepared to kill.
Lesson#3 Know what is beyond your target in the line of fire.
This was the first 5 minutes.
If you took the certification class that I did, listened and practiced what you were taught by a State certified instructor who in my case was an active police officer. None of these would have happened.
I’ve taken the Arizona CCW class. And, oh, brother, what a bunch of hotheads.
I’m not referring to the instructors. To a man, they were consummate professionals. All of the retired cops. One was still a state parole officer, and I wouldn’t want to get on his bad side.
Any-hoo, the hotheads were among my fellow students. Those fellas were ready to point and shoot at anything. As the class progressed, they grew ever more frustrated. Why? Because you have to be sure of what you’re shooting at first.
I’m not disagreeing about the need for training. I’m just wondering why not having it would cause an arrest to be overturned/thrown out.
Never point at anything you are not prepared to kill.
Going along with that rule…..
“Anything worth shooting, is worth shooting twice.”
“Any-hoo, the hotheads were among my fellow students. Those fellas were ready to point and shoot at anything. As the class progressed, they grew ever more frustrated. Why? Because you have to be sure of what you’re shooting at first.”
I saw a few of those guys in my classes up here in Phoenix, I hope they failed the background check. Carrying a weapon requires a lot of thought, practice and responsibility. If you are an aggressive hot head looking for trouble, carrying a concealed weapon may not be for you…Try meditation or anger management instead.
From coast to coast, there are many of these types mistakes being made by local governments. The kind of mistakes that cost them MILLIONS in lawsuits.
So they blame the employee for their budget problems.
From the “TrueBambooLie™” files.
Check the label on the cans of Mandarin orange’s in your grocery store. :-/
Fields of watermelon burst in China farm fiasco:
By ALEXA OLESEN, Associated Press
Chinese regulations don’t forbid the drug, and it is allowed in the U.S. on kiwi fruit and grapes. But the report underscores how farmers in China are abusing both legal and illegal chemicals, with many farms misusing pesticides and fertilizers.
Prices over the past year prompted many farmers to jump into the watermelon market. All of those with exploding melons apparently were first-time users of the growth accelerator forchlorfenuron
In March last year, Chinese authorities found that “yard-long” beans from the southern city of Sanya had been treated with the banned pesticide isocarbophos. The tainted beans turned up in several provinces,
The government also has voiced alarm over the widespread overuse of food additives like dyes and sweeteners that retailers hope will make food more attractive and boost sales.
Though Chinese media remain under strict government control, domestic coverage of food safety scandals has become more aggressive in recent months, an apparent sign that the government has realized it needs help policing the troubled food industry.
Many of farmers resorted to chopping up the fruit and feeding it to fish and pigs,
Sheesh, it really is a TruBambooLIE. The more contact I have with modern Chinese immigrants, the less I’m impressed and not particularly worried about these guys taking over anything. Although I do think that some of what comes across as clownish stupidity is a deliberate attempt to mislead and infuriate.
China is a capitalist’s wet dream.
Anything goes, no regs. And if the serfs get restless, the army will roll out the tanks.
Of course the worry is that if you are too successful, the army will take the business from you. Without the rule of law the one with the tanks is king.
OK, I want to see pictures of fields of exploded watermelons. I really do. Call google earth!
From a Marketwatch article discussing Walmart’s earnings:
“One in five moms shopping at Walmart has listed gasoline as the top expense behind housing and car payments, the company said, adding the so-called paycheck cycles also have been pronounced with shoppers spending more money at the start of the month when they receive their monthly paychecks.”
I have worked at jobs that paid weekly, every 2 weeks, or twice a month paychecks, never for one paying a monthly paycheck. Such a blatant omission on behalf of the MSM and of Walmart itself that this is the result of 1 in 7 Americans being on food stamps, which in most states are provided via a monthly deposit to a debit card.
My mom, a teacher, is still paid once a month.
And if wal-mart was receiving a large amount of their revenue from food stamps (i have no doubts it is true), it’s weird that they don’t lobby for better lower income benefits to goose sales.
Fits in with the citizens of the US voting against their own best interests; corporations do it too. I guess the corporate group is paid well enough that they only give lip service to increasing profits at this point.
If they did, it would draw too much attention to their low wages.
They think they currently have the best balance. Many of their employees receive SNAP (food stamps).
Why rock the boat?
I have worked at jobs that paid weekly, every 2 weeks, or twice a month paychecks, never for one paying a monthly paycheck.
When I worked at the University of Pittsburgh, I was paid once a month. Which made my first work month a very interesting frugality challenge.
We federal workers are paid ever two weeks. But there is a wait of a week and a half following the end of the first pay period before they deposit your money. And of course back in the day that meant handing you a physical check, which you then had to take to the bank and wait for it to clear. So..that too was a one month wait.
Report: Doctors Refusing to Treat Overweight Patients
Tuesday, May 17, 2011
~ From the South Florida Sun-Sentinel: Fifteen obstetrics-gynecology practices out of 105 polled by the Sun Sentinel said they have set weight limits for new patients. Some of the doctors said the main reason was their exam tables or other equipment can’t handle people over a certain weight, but at least six said heavy women run a higher risk of complications.
“People don’t realize the risk we’re taking by taking care of these patients,” the newspaper quoted Dr. Albert Triana of South Miami as saying. “There’s more risk of something going wrong and more risk of getting sued. Everything is more complicated with an obese patient in GYN surgeries and in [pregnancies],” he told the newspaper.
It is not illegal for doctors to refuse overweight patients, but it has medical ethicists worried. So far, the weight cutoffs have been enacted only by South Florida ob-gyns, who have long complained about high numbers of lawsuits after difficult births and high rates for medical-malpractice insurance.
I guess they could go to big-animal/farm vets.
Sounds like Brasileiros are getting bitten by the debt bug:
“Francisca de Carvalho lives in Rocinha, a shantytown that climbs a hillside just beyond the fancy Rio de Janeiro neighborhood of Leblon. Her fourth-floor apartment isn’t what you’d expect in a favela: It’s spic-and-span, with modern furnishings and a sweeping view. Carvalho, 54, recently spent about $400 to remodel her bathroom. She borrowed the money on her Banco Itaú credit card and pays 14 percent interest—per month. “I like nice things,” she says. ”
http://www.businessweek.com/magazine/content/11_21/b4229010792956.htm
May 17 (Bloomberg) — Vancouver’s Royal Pacific Realty had such a surge of business during the first two weeks of February that agents and assistants worked day and night shifts to find homes for Chinese buyers visiting during the Lunar New Year.
“It was unprecedented,” said Royal Pacific Chief Executive Officer David Choi. “I called them sleepwalkers.”
Sales of detached homes, townhouses and condominiums in metropolitan Vancouver jumped 70 percent in February from January, to 3,097 units from 1,819, and were up 25 percent from a year earlier, according to the Real Estate Board of Greater Vancouver. In March, sales climbed 32 percent from February, to just shy of a record for the month of 4,371 transactions set in 2004. Sales increased by 80 percent from two years ago.
Buyers from mainland China are leading a wave of Asian investment in Vancouver real estate as China tries to damp property speculation at home. Good schools, a marine climate and the large, established Asian community as a result of Canada’s liberal immigration policy make Vancouver attractive, said Cathy Gong, who moved from Shanghai to the Shaughnessy neighborhood on Vancouver’s Westside about three years ago.
“The schools here are the best and there are a lot of Chinese people here,” said Gong, whose son is in sixth grade at Shaughnessy Elementary School. Eastern Canada wasn’t an option because “I cannot bear cold weather,” Gong said. Vancouver has the second-largest immigrant Chinese population in Canada after Toronto.
Warrentless enter and search? I think I missed this in the constitution.
In a surprising 8-1 decision, the Supreme Court has ruled that police can knock down the door to your home and enter if they hear noises that lead them to believe that evidence is being destroyed.
http://www.boston.com/news/nation/washington/articles/2011/05/17/high_court_allows_warrantless_search/
Disturbing to say the least…That is some police state we have created.
The Wall Street Journal
ECONOMY
MAY 18, 2011
Economic Gains Fail to Revive Housing
BY SARA MURRAY
New-home construction fell last month as a slowly growing economy has yet to revive the moribund housing market.
Construction of homes and apartments dropped 10.6% in April to a seasonally adjusted annual rate of 523,000, compared with a month earlier, the Commerce Department said Tuesday. Home starts are down 23.9% from the same month a year ago, reflecting a market that has struggled as foreclosures drive down prices and builders face financing difficulties.
“It’s flat at the bottom,” said Patrick Newport, an IHS Global Insight economist. …