Bits Bucket for June 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.
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Name:Ben Jones
Location:Northern Arizona, United States
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Wall Street Braces for New Layoffs as Profits Wane
By SUSANNE CRAIG The New York Times
Wall Street plans to get smaller this summer. Faced with weak markets and uncertainty over regulations, many of the biggest firms are preparing for deep cuts in jobs and other costs.
The cutback plans are emerging even as Wall Street firms have mostly recovered from the financial crisis and are reporting substantial profits again. But those profits are not as big as they were before the crisis, and it is expected that in the coming months it will be even more difficult for firms to make money. Worries about debt in Europe and the shape that the Dodd-Frank financial overhaul rules will ultimately take, combined with the usual summer doldrums, are prompting banks to act.
“It’s a tense environment right now,” said Glenn Schorr, an analyst with the investment bank Nomura.
Even Goldman Sachs, Wall Street’s most profitable firm, is retrenching. Senior executives at Goldman have concluded they need to cut 10 percent, or $1 billion, of noncompensation expenses over the next 12 months, according to a person close to the matter who was not authorized to speak on the record. The big pullback will cause Goldman employees, who have already been ordered to cut costs, to re-examine every aspect of their business.
It’s a Pig Pullback, so to speak. Note that compensation is still not on the table. Long way to go.
“Note that compensation is still not on the table. Long way to go.”
That’s the whole article right there !! Spin it boys.!!
Right. Fire some clerks.
Compensation = Hush money No “Omerta” at Gomorrah Sucks.
The second they start financially screwing their own, the DOJ and NY AG are going to have to hire Amtrak and the bus services to haul in all the new “whistleblowers” for depositions.
“The second they start financially screwing their own, the DOJ and NY AG are going to have to hire Amtrak and the bus services to haul in all the new “whistleblowers” for depositions.”
Plus they’d have to get their own coffee and fetch their own dry cleaning.
“Pig Pullback”
These have a way of trickling down to the masses in due time.
“Faced with weak markets …”
Weak markets: A stock buyer’s best friend.
Don’t buy ‘em when they are hot, buy ‘em when they are not.
I love America; Truly the Land of Opportunity.
“I love America; Truly the Land of Opportunity”.
Me too. If you are somewhat smart, likable, dress well, know how to charm people and willing to take a chance on yourself America is still the land of opportunity. Oh and the best part is most people do not see the opportunities let alone exploit them.
The deals are getting better every day. In a couple of years it will feel like being a kid in the candy filled store.
Got cash.
If you are somewhat smart, likable, dress well, know how to charm people and willing to take a chance on yourself America is still the land of opportunity.
The above is a pretty good description of the psychopath.
It is.
Notice your list doesn’t include “honesty” or “knowledge”.
Time after time, I’ve seen the management types disregard information from their already-paid-for employees, and taken the advice of the high dollar, slick/charming, physically handsome/attractive, salesman or consultant.
Usually bad advice. Hundreds of thousands of dollars pi$$ed away.
But here’s the deal. Nobody ever admits that an error in judgement was even made, much less someone actually being fired for the screw up.
It’s easier to lay off a few of the peons. And if they happen to be the same people that can point out that they were right, and the consultants were wrong, so much the better.
I can tell you have the scars to prove it, too.
Been there, seen it a hundred times myself.
Decades ago, my grandfather who had a small construction company with a partner, sold his business once my uncle assured him that he wouldn’t want to do that when he grew up. This was back when companies didn’t outsource everything, so Grandpa got a job being in charge of building and maintaining buildings for a furniture company. (They needed a lot of space under a roof as this was before just in time delivery of everything.) Then the company was sold. Grandpa told the new bosses that he really thought it would be a good idea for them to keep him on the payroll. They said thanks, but no thanks. Grandpa retired and started a new career teaching woodshop to disabled kids.
A few years later their main warehouse and show room had to shut down because of damage to the roof. Grandpa built that roof. He knew it needed careful maintenance because it was not the ideal shape for New England weather, but it had been the right choice for the company in terms of cost as long as he was around to keep it going. But when the new folks decided that they didn’t need the old guy with all the experience, they paid for it.
But he trained a lot of kids that the system might otherwise have abandoned to be skilled enough to get jobs as carpenter’s apprentices.
Back in the day, soothsayers figured out that the King/Emperor didn’t want to hear that he might have eight bad years, then be assasinated.
They soon developed the skill of figuring out what the King wanted to hear, and repeat it back to them.
Now we call them “Consultants”
(Disclaimer: Some consultants are worth what you pay them. The trouble is, most of them are being paid to backstop decisions already made by management)
Back in 2009, figured I’d be on the payroll, as long as the company airplane was up for sale.
Because when a $10 million-$40 million dollar piece of capital equipment changes hands, there are a lot of questions about how that piece of equipment has been maintained. Questions only the guy doing the work on the airplane can answer……..
So when we were shown the door in July 2009 (and getting screwed out of back PTO and any kind of severance), I kinda smiled.
Fast forward to June 2010. X-GSfixr’s phone rings. Surprise!! The salesman that has been contracted to sell the aircraft.
Seems that the aircraft was in “Pre-Buy”, and that because they could find no documentation on how the airplane was maintained while in storage, the engine OEM was telling them that they had to tear both engines down for Hot Sections…..probably $200,000 bucks minimum, give or take. IF they didn’t find anything wrong.
Asked me if I could answer some questions. Told him he was confusing me for someone who gave a $hit about answering questions about that airplane.
Did tell him that everything I did up to the time I left was documented……what happened to the documents after July 31, couldn’t tell him. As far as anything done after July 31? Talk to the owner about that. Maybe they have some “Jiffy lube” receipts.
Payback is a dish best served cold…….
Nobody ever admits that an error in judgement was even made, much less someone actually being fired for the screw up.
In fact, they’re much more likely to fire the person who warned them that they were going to screw up. This is what happened to me.
A lull before a storm ? We don’t know when, but we do know what .The $$$$ deck of cards has to go down .
Cut staff, cut other costs, increase executive compensation.
To big to jail.
“Cut staff, cut other costs, increase executive compensation.”
You’ve nailed it… That’s exactly what’s happening. Layoffs + outsourcing = higher exec comp
Layoffs are going to happen in our bank very soon, before month end. I’m on the list, looks like. Funny thing is, we’re still hiring, and so are other banks. At this point in time, I’m not sure if I even want to work for another bank, or instead just go for that sweet government job with a pension…
Of course WS is shrinking. They’ve stolen all the money those who still have it are smart enough to avoid their schemes. Thus they need fewer thieves and pr men.
But those profits are not as big as they were before the crisis,
So it’s finally come full circle. These are the guys who demanded more more more profit for companies they invested in, which resulted in outsourcing and layoffs. Now, they demand more more more profit for themselves, and it’s the poor worker bees (again) who are going to catch it.
Q: if they have to cut their own staff to maintain their profit margin, does this mean they aren’t making profit from the bailouts and printing (cf discount window) any more? Has somebody finally turned off the spigot?
Raters Draw SEC Scrutiny ~ WSJ
BY JEAN EAGLESHAM AND JEANNETTE NEUMANN
U.S. securities regulators are weighing civil fraud charges against some credit-rating companies for their role in developing the mortgage-bond deals that helped unleash the financial crisis, according to people familiar with the matter.
The Securities and Exchange Commission’s long-running probe into the deals has widened to the major credit-rating firms, including Standard & Poor’s, the people said.
The leading ratings companies have been criticized by lawmakers as “key enablers” of the financial meltdown, helping to fuel the $1 trillion Wall Street mortgage-securities machine before the boom ended.
$1 Tr seems like a suspiciously small number.
LOL, that’ll teach ‘em to downgrade US debt.
Seriously, this should have been done a loooong time ago. When I read about Moody’s and S&P threatening to downgrade US debt, I thought “Well, that’s gratitude for ya”.
Not that the debt mightn’t deserve a downgrade, but the gubmin should have struck first. It didn’t. The ratings companies threatened to bite. Now, slapping them looks like sour grapes.
But it has to be done.
BTW, I’m sick of seeing Mark Zandi bloviating in sound bites.
“are weighing civil fraud charges”
Which means, they will not do a damn thing. Should be “are filing charges”
TBTF = TBTJ
’bout damn time.
Not happy with the raters’ ratings? Go ask someone else.
The beauty of the American free enterprise system, protected by our First Amendment Free Speech Right, is that anyone who wants to go into the ratings business can set up shop and start rating things. The fact that a few firms dominate the field is the problem of whomever decides to rely on two or three ‘expert’ opinions, rather than drawing on the more reliable Wisdom of Crowds. More opinions result in a better median rating, especially if the raters are not a herd of economists looking over their shoulders at their peers.
Well this is little comfort to Joe 6pack who puts a few thousand a year into his retirement account, in no way can he afford to hire a rating firm. Note the bank that runs his retirement account has zero incentive to give him good information as they profit from both sides and know he can’t move his money. What’s to say other rating agencies aren’t bribed as well.
The entire problem is allowing rating agencies to be hired to help banks get higher ratings.
This is not true. Only certain rating agencies are considered competent to rate securities for certain purposes - like rating something triple A so banks or insurance companies can meet their regulatory requirements.
“The war between liberals and conservatives is a false divide-and-conquer dog-and-pony show created by the powers that be.” ~ Max Kieser
Ain’t it the truth.
mumble mumble overpaid unions mumble mumble
lmao…. no doubt.
Realtors Are Liars
Visualize Total Economic Collapse
Lol. This visualization of yours is what bear market bottoms are made of.
Spread the word: We are all doomed!
Oddly, the visual that I got was of a ragged dirty bearded person with vacant eyes, standing on a street corner in NYC in the 60s with a sandwich sign reading “The End is Upon Us”
Does it look anything like the riots occuring in Vancouver?
U2 guitarist the Edge loses bid for Malibu mansion
LOS ANGELES (Reuters) - A plan by U2’s lead guitarist, the Edge, and his associates to build several mansions overlooking the Pacific Ocean was denied on Thursday by California officials, who said the project would be a visual blight on a pristine ridgeline.
The California Coastal Commission, which voted 8-4 to reject the controversial 156-acre project, also cited potential damage to native vegetation near the seaside enclave of Malibu.
The Edge, whose real name is David Evans, bought the ridge-top parcel of land for his proposed home in 2005 and has since been fighting to win approval for the development.
A spokeswoman for the Edge said the guitarist and his associates were weighing a potential lawsuit and other options to revive the project.
The Edge had touted the proposed complex of mansions as an environmentally sustainable undertaking that would boast such features as solar energy panels, a rainwater catchment system and on-site electric vehicle charging.
The musician and his associates also said the five homes they were planning to build would collectively occupy just over 1 acre of the 156 acres of private land they had purchased for the development.
Officials with the California Coastal Commission argued the proposal was deceptively presented as five separate developments even though the Edge was the single driving force behind it.
The commission also noted the other principals behind the project were closely tied to the Edge, and included his sister and his business partner.
Environmentalists had opposed the development, saying it would mar views of the ridgeline for over a mile along the coast, a fact cited by commission staff.
“the project would be a visual blight on a pristine ridgeline.”
LOL. I used to be a fan of U2 back in the day, but Bono and Edge got a little too pompous for my taste.
But, you know, it’s a bit disingenous to smack Edge when there’s plenty of visual blight in CA as it is. I’m sure his houses would have been a lot more pleasing to look at than some of the developments that have been built on otherwise pristine ridgelines.
He didn’t pay the right people.
He took the wrong approach, he should have laid out plans to build section 8 housing. The bed wetters would have fallen all over themselves to approve that!
Section 8 in Malibu??
Those Malibu Colony folks are indeed a special breed in that they think the Pacific Ocean exists just for them and just for their pleasure.
They claim the beaches along the Malibu stretch as to being solely theirs, and if any Unwashed Outsiders happen to land on “their” beach - even if they happen to land on the beach from the ocean - then they will be forced to leave.
Even when the law is rightfully on their side they will be forced to leave. (I personally know of a case where this has happened.)
However … if this Pacific Ocean of theirs becomes a bit unruly and decides to wash out a few of their beach houses then these Malibu folks become very volcal and demand huge amounts of public monies to “Save the California Coastline”, meaning: Spend a lot of money to save their beachfront properties.
Other than the Colony area (Johnny Carson lived there), Malibu is overrated. I’ve seen much prettier beaches when we have traveled. I live in So Ca.
really? I thinlk paradise cove is pretty nice. The wider beach adjacent, meh.
Malibu is overrated…I’ve seen much prettier beaches ??
As is much of Southern California IMO…Take away the warm water and the weather and I am quite sure they would no longer be considered “Beautiful”…
Go to Northern California or Southern Oregon if you want to see some truly Beautiful Beaches…On your way up, you may want to stop in Big Sur also….
warm water??
yeah, warm water?? Maybe sorta, around July 31.
I’ve seen beaches in Oregon, Wash and Hawaii, and the cliff areas of Socal are right up there in beauty. But they are congested with overbuilding too. I’m glad Mr. Edge (lol) got turned down.
warm water??
LOL! The water in SoCal beaches is ice cold, which is why I never bothered going when I lived there.
warm water??
LOL! The water in SoCal beaches is ice cold, which is why I never bothered going when I lived there.
When I was bicycling around the USA, I didn’t do what a lot of cyclist did. I didn’t dip my bike in the waters of the Atlantic or the Pacific.
But I did dip my toes in the water at Marblehead, Massachusetts. I was visiting the parents of a college friend, and I took a little walk down to the point. There were too many sharp rocks to risk dragging a bike over.
Well, the Atlantic felt pretty darn comfortable.
Not so for the Pacific. When I hit the Left Coast at Point Reyes, I parked the bike at a youth hostel and walked out to the ocean. Put my feet in the water, and….
…Yeeeeaaaaaghhh!
The Pacific was like ice. I jumped back and put my walking shoes back on.
In Socialist Texas, no one can own the beach.
Except those of us soooo goood at beach volleyball. I’ll own you and your little dog too!!
not really.
“Malibu is over rated… I’ve seen much prettier beaches?”
It’s not the beauty of the beaches that is the attraction, it’s the exclusivity.
To belong to, to be accepted by, to be among the “Beautiful People”… that’s what it is all about.
It doesn’t have to be a beach; It can be anywhere. Find a patch of desert, lure in the stars and the money crowd and call it Palm Springs and - presto - you have yourself a place where thousands yearn to live, or at least visit regularly.
“five homes they were planning to build would collectively occupy just over 1 acre of the 156 acres of private land they had purchased for the development.”
5 homes = 1 acre footprint are Mansions? The objection might be a vertical one that will obstruct views. There are holes in this article.
that’s really tight…sounds more like a rich hippie commune.
5 homes = 1 acre footprint are Mansions ?
What else would you call it ??
43,560 square feet in one acre…If they are just two story homes, that would total 86,000 square feet or 17,000 square feet per house…
+1. Eco-friendly my butt. More like EGO-friendly. Putting solar panels on a 17000 sq ft house is like a hybrid drive Escalade. There is no net gain for the environment, only for the ego.
If the Edge was really interested in “environmentally friendly” homes, he would invest in a business that re-habs existing homes. Or at least build smaller homes for his solar panels.
I think he just wants to show off his crib.
Why is it that succesful people feel the need to memorialize their success in excess square footage?
Man, I just got through having some work done on my little rowhouse, and boy do I regret having to spend so much of my one and only and much too limited life dealing with that.
If you were The Edge, wouldn’t you have something better to do?
Listen buddy, move into a high rise apartment with a doorman, a super, and a concierge and enjoy yourself.
I thought that the members of U2 were supposed to have all sorts of social conscience. And that we peons were supposed to admire them.
Success has a way of changing people.
Senate votes to end ethanol subsidies
By Michael Winter, USA TODAY
The Senate has voted to end about $6 billion in taxpayer subsidies to the ethanol industry. The vote on an amendment was 73 to 27.
Under the amendment, co-sponsored by Sens. Tom Coburn (R-Okla.) and Dianne Feinstein (D-Calif.), refiners would lose the 45-cent-a-gallon subsidy, and the 54-cent-per-gallon tariff on imported ethanol from Brazil and other countries would be eliminated, Reuters writes.
Backing the repeal were 33 Republicans, 38 Democrats and both of the chamber’s Independents, who caucus with Democrats, The Hill reports. Voting to keep the tax breaks were 14 Republicans and 13 Democrats.
The bill now goes to the House, which voted today to block the Agriculture Department from funding equipment the ethanol industry wants so filling stations can sell gasoline with higher blend rates.
In a procedural vote Tuesday, senators voted against ending debate on an amendment to end the subsidies, keeping the tax breaks alive.
They should be voting to end the ethanol mandate.
Without the subsidies, the mandate will be meaningless. This is quite the rerun of the 1980s ethanol madness boom and bust. FedGov malinvestment. I am very glad to see some limit to this madness. Watch out below on corn futures.
I wouldn’t call it malinvestment. I’d call it funneling money to rich special interests. I believe a lot of gov folks own farm land.
Corporate farms. BIG corporate farms.
Granted, there are plenty of large private farms as well, but this whole cluster truck was pushed for by the corporate farms.
And a lot of all-American, conservative, welfare queen haters.
Government money that goes to them- in quantities that would make a welfare queen blush- is never considered welfare, though. It’s god showering them with blessings, or some such tripe.
Maybe I will be able to afford corn tortillas again.
“They should be voting to end the ethanol mandate.”
Ethanol makes good sense as an oxygenator, which dramatically reduces carbon monoxide during combustion; do you know of a better one? Some of the ones they have tried (e.g. MTBE) have been environmental disasters, but not ethanol…
The subsidies and tariffs make no sense (e.g. we should get the ethanol that we need cheaply from Brazil), but a mandate makes good sense in areas with air-quality issues.
More fuel efficient cars would work better than ethanol.
Ethanol from corn never made sense except possibly to start getting infrastructure in place by the time something better (switchgrass?) came along. But on behalf of myself and all my car friends I’d like to thank the American people for subsidizing our race gas for the last few years.
I do wonder if air might make a good oxegenator. You could change the air fuel mixture. Might be more efficient than using already partially oxegenated fuel to begin with. Partially oxegenated fuel doesn’t deliver so much power, since it’s half burned so to speak, so you just use more.
Along those lines, I recarburated my engine and increased fuel efficiency (and thereby reduced pollution) dramatically.
Al Gore’s Ethanol Epiphany
He concedes the industry he promoted serves no useful purpose.
* REVIEW & OUTLOOK
* NOVEMBER 27, 2010
Welcome to the college of converts, Mr. Vice President. “It is not a good policy to have these massive subsidies for first-generation ethanol,” Al Gore told a gathering of clean energy financiers in Greece this week. The benefits of ethanol are “trivial,” he added, but “It’s hard once such a program is put in place to deal with the lobbies that keep it going.”
No kidding, and Mr. Gore said he knows from experience: “One of the reasons I made that mistake is that I paid particular attention to the farmers in my home state of Tennessee, and I had a certain fondness for the farmers in the state of Iowa because I was about to run for President.”
http://online.wsj.com/article/SB10001424052748703572404575634753486416076.html
“And” he added; “I never figured out how to rake off a personal income from national ethanol use.”
Neuromance, thanks for the link and all, but were you aware that this happened last November? Just askin’.
Don’t get me wrong. I’m glad to know that there is $6B on the savings side of the ledger to balance out the $1 Trillion in red ink.
I saw a giant ad on the side of a DC bus this morning that claimed that ethanol had reduced gas prices by 89 cents a gallon since a specified year.
It was too far away to make shouting at the ad even feel meaningful (it wouldn’t have been anyway, but sometimes it feels good to yell), but I wanted to shout back, “What methodology? By what total amount? Did you offset that by all government subsidies to the ethanol industry, including at least a percentage of the corn subsidy?”
I have totally become a DC geek. Its a little scarey.
Is a DC geek the same as a wonk?
Wonks have higher public profile and are often quoted.
The same ads are on the Metro platforms. Only in DC…
-First off Mr. Bell, returning to a sound money system is not going to happen, until our present debt based fiat system collapses.Secondly, the money printers OWN the D.C. cesspool. In other words, democraps and republicant’s are one in the same, and the ignorant voters are just that.
ITEM:The masses are uncomfortable with the concept of honest money.
Liberals don’t know what he’s talking about and not many conservatives are warm to the idea, but former aide to Ronald Regan, Jeffrey Bell, is pushing a return to sound money via a program called
“The American Principles Project.”
“If the thing bubbles up, the candidates are going to have to respond and move closer to our position, which is that the paper-based system is bankrupt, has run its course and we have to have honest money again,” says Bell.
- Arguments over the gold standard date back more than a century, and their ideological charge is linked, in part, to the fact that making dollars convertible to gold would, in theory, limit the government’s capacity to act in the economy.
Bell complains that while some Republicans pay lip service to the idea, few seem to have really engaged it.
Article: Campaigning for a gold standard
“Campaigning for a gold standard”
I used to be an ardent gold bug, until I understood what an international gold standard would bring about.
Eff gold. Except for nice jewelry, of course.
Beware. You will probably start hearing a lot about an international gold standard in the days to come. Don’t fall for it. That will be the end game.
What we want, at least for the US, is greenbacks. Debt free money issued by the government, not a bunch of con artists.
“I used to be an ardent gold bug, until I understood what an international gold standard would bring about.”
What exactly is it that you think it would bring about?
Personally, I favor a dual-currency system: fiat dollars and gold XYZ’s (whatever they call them), both of which would be legal tender at a floating rate of exchange. People could pay with either, and keep either.
The debt-based money would still exist, and the gov’t could still influence/manipulate the economy by printing as many greenbacks as they like.
Mumbai-to-Melbourne Home Boom Stalls as Tightenings Put Brakes on Prices - Bloomberg - Jun 17, 2011 12:37 AM ET
From Mumbai to Melbourne, Asia’s property boom is stalling as the world’s highest interest rates and government efforts to curb prices take hold.
In China’s biggest cities, growth slowed in April after the government stepped up property measures. In India and Australia, prices are falling after the steepest interest rate increases among major economies. In the financial hubs of Hong Kong and Singapore, price growth is moderating after increased deposit requirements and land releases. In Japan, the worst earthquake on record snuffed out signs of a recovery, while South Korean banks remain weighed by soured property loans.
“Across Asia-Pacific, you have seen a policy induced pullback,” said Rod Cornish, head of real estate strategy at Macquarie Capital Advisers in Sydney. “It’s a required pullback because if some of these markets had been allowed to continue, you would have had more overbuilding, more overvaluation, and a bigger correction down the track.”
Asia’s recovery from the credit crisis turned into a boom for many of the region’s property markets as surging economic growth and low interest rates threatened to create an asset bubble jeopardizing the world’s fastest economic expansion. The signs of moderation in prices may reduce the need for further tightening measures and bring Asia closer in line with Europe and the U.S., where housing markets remain weak almost three years after the collapse of Lehman Brothers Holdings Inc.
Home prices in 20 U.S. cities dropped in March to the lowest level since 2003, showing housing remains mired in a slump almost two years into the economic recovery. Prices in Ireland, among the worst hit nations by the global recession, fell 1 percent in April from March and have now tumbled 40 percent since peaking in 2007.
The U.S. housing market may bottom out before those of the Asian economic power houses (China, Australia, India, etc), as their bubble is just now peaking, while ours started deflating circa 2006.
I wonder if any of them took the home office deduction?
Florida is No. 1 for marijuana grow houses
South Florida leads the state in illegal pot operations
By Alexia Campbell, Sun Sentinel
10:01 p.m. EDT, June 15, 2011
Nationwide demand for high-potency marijuana has turned Florida into a top producer of hydroponic weed, and hundreds of South Floridians are turning their homes into lucrative grow houses, according to local law enforcement.
The illegal drug nurseries are hidden everywhere from million-dollar homes to run-down apartments, putting unsuspecting neighbors in serious danger, police said. Some grow houses are discovered only after explosions or fires.
Last year, more marijuana grow houses were seized in Florida than in any other state, despite a drop in overall numbers, according to the federal Drug Enforcement Administration. Florida law enforcement agencies raided 818 houses, followed by California’s 791.
http://www.sun-sentinel.com/news/local/crime/fl-florida-grow-houses-20110614,0,4227767.story - 34k -
Explosions? From a green house? LOL. Might they be confusing growhouse with Meth Lab?
+1. I could see a fire due to all of the high-intensity lighting, non-inspected wiring work, and bypassing if electrical meters.
But explosions? I think not.
“Explosions? From a green house? LOL. Might they be confusing growhouse with Meth Lab?”
Maybe, or it could be that because of our odd drug laws, meth producers probably also have a few closets full of weed growing. So when their meth lab blows up….
From empty Mcmansion to greenhouse; that may be the recipe to clear out the excess. Realt-whores may need to advertise in High Times.
One summer in the mid 80`s I threw some seeds in the ground by my back fence in Palm Beach Garden. Didn’t do anything else but after it sprouted my Black Lab Clyde would go out every morning and lift his leg on it. Damn thin grew like “a weed” and had to be cut down below the 6 ft. fence by Oct. In December It budded and was potent. It was harvested in time for the company Christmas party. Besides the overwhelming demand from consumers the main question was… How did you grow this? Is this hydroponic? I replied Nah, but my dog pissed on it every day.
Taste’s like Labrador, man.
I don’t know how that apostrophe bullied its way into “Taste’s”. Perhaps it was the special “oil” that one of my band mates had last night.
Dude - pass the milk bones.
You should have named the harvest “Golden Shower”.
I didn`t have a Clydesdale, I had a lab named Clyde. The buds on that Sensimilla were way too high for old Clyde. That`s right, no seeds.
The true green economy is growing.
If pot is the number one cash crop in the US; why not legalize and tax it? The current growers do not want this to happen; because they like the status quo. Which is grow baby grow (and none of their money goes to fund our national $$ problems). Except in Humbolt county which seems to run on the stuff. Those growers who have for generations supplied renowned product don’t want govt. intervention to rain on their trade.
So there would be quite a grass roots opposition to legalization from the current demand meeters who grow in houses nationwide. I think even Humbolt has moved indoors as has Hawaii. Due to paraquat spraying etc made island growers move indoors and now Hawai product is no longer anything special because it does not benefit from the environment. Just another expensive import product as the island growers were snuffed out; and Maui Wowie gone from the scene.
But what about potential tax revenue ala alcohol or ciggies? Too big to ignore?
I mean come on; Clinton inhaled(or did he?) depends on what your definition of “inhaled” is; Barack peddled(or was that blow?). Even Jeff and his coworkers back in the 80’s used MJ. Someday this demographic that grew up around weed will surely decide to decriminalize it? I do know in the current environment; besides the indoor growhouses, there are outdoor grows done by Mexican gangs that make traipsing through our national forests quite dangerous, with expendable, armed alien guards lording over the gangs’ illicit crops. Hikers bewary. Several of these plots are found around here each year. Autentico bear-piss; which may beat Jeff’s dog-pee or even the designer “cat-piss” weed(smells like cat-pee; but boy is it good!). But methinks that outdoor mafia dope is not the quality high potentcy stuff that is in such high demand. There must be a market also for cheaper, lower quality weed as well.
Which is where the schools come in. I know of a house in Madras that just got busted for peddling some low quality dope (TV pics of the haul showed product more brown than green; made into bricks rather than kept to its original shape); but this dope was being sold to schoolkids, who may not be weed snobs.
They even had five kids in the house; not only were they there; they were representing their caregivers’ product at the local elementary, middle, and “high” schools. At least with these guys caught the weed problem will be out of the Madras schools for good. HA! Someone else is celebrating their loss of sales by ramping up their efforts to make stoners buy their product.
By the way; california medical mj is TOP dollar for the patient; many medical users I know in the Santa Cruz area only use the dispensary when hard up; cuz they can get black market stuff at half the price and with similar quality. But who is supplying these “legal” outlets; and how would that change if the laws changed? Who would be deemed worthy of being a supplier?
Around here in OR there are not any dispenseries; but there sure is medical MJ. Someone with a card can establish a de-facto dispensary by designating a grower. Then you just go to the grower’s house to pick up. Some designated growers also sell their extra product to non-medical users; thereby breaking both state and federal laws; but it is quite profitable; therefore they are anti-legalization. So these producers, who make money both by medical clients and illicit sales, want things to stay the same rather than govt getting their hands on the profits.
A lot of jobs depend on it being kept illegal.
Hero jobs.
91,000 plants found outside LaGrande; six in custody were camping at the site(hispanic by the looks of them on TV); the largest bust in state history.
Be careful in those woods!
Well we (U.S.) should stop filling the IMF’s coffers, wonder what their response would be then?
IMF cuts U.S. growth forecast, warns of crisis
SAO PAULO (Reuters) - The International Monetary Fund cut its forecast for U.S. economic growth on Friday and warned Washington and debt-ridden European countries that they are “playing with fire” unless they take immediate steps to reduce their budget deficits.
The IMF, in its regular assessment of global economic prospects, said that bigger threats to growth had emerged since its previous report in April, citing the euro zone debt crisis and signs of overheating in emerging market economies.
The global lender forecast that U.S. gross domestic product would grow an anemic 2.5 percent this year and 2.7 percent in 2012. In its forecast just two months ago, it had expected 2.8 percent and 2.9 percent growth, respectively.
The outlook elsewhere was mixed. The IMF said it was slightly more optimistic about the euro area’s growth prospects this year, but a lack of political leadership in dealing with that crisis and the budget showdown in the United States could create major financial volatility in coming months.
“You cannot afford to have a world economy where these important decisions are postponed because you’re really playing with fire,” said Jose Vinals, director of the IMF’s monetary and capital markets department.
“We have now entered very clearly into a new phase of the (global) crisis, which is, I would say, the political phase of the crisis,” he said in an interview in Sao Paulo, where the forecast was published.
Isn’t the IMF the Foreign Legion of the Federal Reserve?
“playing with fire”
an image of drew barrymore from “firestarter” comes to mind.
I must have missed the announcement about hell freezing over.
“AARP, the powerful lobbying group for older Americans, is dropping its longstanding opposition to cutting Social Security benefits, a move that could rock Washington’s debate over how to revamp the nation’s entitlement programs.”
http://online.wsj.com/article/SB10001424052702304186404576389760955403414.html?mod=googlenews_wsj
Hoo boy, many of the seniors in this community are REALLY going to be pissed. They were unhappy they didn’t get a COLA the last two years.
Lol. Suck ‘em in, shake ‘em out.
1. First, establish AARP as THE one political vehicle that is dutifully dedicated to represent old retired folks interests, then, after their reputation has been firmly established, …
2. Do the old folks in.
Or their plan is to get in the room and argue for vastly diminished benefits for those now under age 50. In which a significant majority of today’s seniors will celebrate.
I hope people haven’t forgotten the 1983 deal to “Save Social Security.” Younger generations had their benefit cuts, and the regressive payroll tax on workers was increased.
And the progressive income tax on all income, including retirement income, was cut. And health care spending on seniors soared. All the excess money collected for Social Security was taken, and here we are.
Whatever happens, make it pay as you go. If a rising number of seniors and fallnig wages means we’ll get less, at least well get something. But no more paying in excess in exchange for promises, only to have it stolen.
“But no more paying in excess in exchange for promises, only to have it stolen.”
+1. I’m in favor of pay-as-you-go.
In fact, I think that either the payroll-tax percentage or the benefit formuls should be set AUTOMATICALLY. Fix one of them, and then the other one varies.
In other words, if the benefits are fixed, then the payroll-tax required to produce the needed revenue to pay those benefits should just be calculator.
Or, if the payroll-tax is fixed, the benefits formula should just vary to disperse the amount of funds available under that tax formula.
I think that such a system would much more rapidly force the dialogue, and thus political concensus, of what is fair and sustainable to converge. We would stop sweeping the problems under the rug for decades at a time.
Amen! Been arguing for this solution for years. Specifically fixing the payroll tax and letting benefits float. It’s such an easy fix and guarantees the program will always be solvent. Not to mention its the only FAIR solution I can think of. Tired of protecting our precious seniors at all costs (yes, my parents are both on SS) by screwing over future generations. People will look back at this someday and say “Wait a minute, so people voted themselves benefits and when there wasn’t money to pay for it they funded it with debt that will have to be paid back by future generations? And they got away with it? Brilliant!”
AARP is much more concerned about Medicare…They will dig in their heals on that one…
Wait until the 90,000 Palin-ites in the Villages (Florida) discover that their right-wing heroes are planning to bludgeon their social security and medicare checks. It will be be a good ‘ol fashioned cornhol’in. It is coming soon to a right-wing retirement village near you.
Today is the last day at work for a tea bagger colleague. This individual loves to bitch about “Obamacare”, “The Deficit”, “Government Motors”, “Big Government”, etc.
Guess who she’s going to be working for now?
You guessed right! The US government!
Use the day to tell her off.
meh…wonder how many folks here bought a house in the past five years that took advantage of the favorable government backed Fannie/Freddie mortgage interest rate.
subtle hypocrisy.
even better…how many here are taking the MID?
I know there are a lot of people on this forum who have never complained about the MID.
I did both!
AARP is just an insurance company masquerading as an interest group.
“AARP is just an insurance company masquerading as an interest group.”
+1 They do a decent job of lobbying on the hill.
Bloodless coup. AARP has been taken over. I thought I noticed less helpful changes over the last decade.
I saw the same thing happen with MADD. The original founder mothers were eventual kicked out by a group of lawyers who saw it as the prefect non-prof tax offset write-off for their other investments.
What a con job. It’s been shown time and time again on this very blog, with and irrefutable references, that there is plenty of money for Social Security and there are plenty of younger workers to support it and will continue to be after their generation.
There’s one game and one game only! To give SS to Wall St. The cornerstone of this plan is to convince everyone that SS has a problem.
Infiltrating AARP was major milestone in this plan.
And everyone is buying it.
But hey! Who could have seen it coming? It’s different this time! Suzanne researched it!
“Every great cause starts out as a movement, degenerates into a business, and ends up a racket.” - Eric Hoffer
It sure as hell does in this country!
I can`t keep up with it. Same writer, same paper and same day.
Repossessions in Palm Beach County up sharply from last year
By Kimberly Miller Palm Beach Post Staff Writer
Posted: 8:19 a.m. Thursday, June 16, 2011
Banks ramped up repossessions of Palm Beach County homes last month, with more than 1,100 going to auction while much of the rest of the country continued to experience a foreclosure lull.
———————————————————————–
Inventory of South Florida homes for sale falls, as buyers zero in on Palm Beach County
By Kimberly Miller Palm Beach Post Staff Writer
Posted: 4:39 p.m. Thursday, June 16, 2011
From deluge to dearth, South Florida’s real estate market is shrinking as the number of homes for sale drops to its lowest amount since the economic bust of 2008.
About 49,900 residential properties in Palm Beach, Broward and Miami-Dade counties were listed for resale as of June 13, according to a report today from the Miami-based consultancy group Condo Vultures.
That’s less than half of the nearly 108,000 homes for sale in November 2008.
“Buyers, especially foreign investors with strong currencies, are scooping up South Florida properties at dramatic discounts due to the lack of financing available for domestic buyers,” Zalewski said.
http://www.palmbeachpost.com/money/real-estate/inventory-of-south-florida-homes-for-sale-falls-1544322.html - -
I guess the answer to the second article was in the first.
Repossessions in Palm Beach County up sharply from last year
“Activity spiked in May for various stages of the foreclosure process in some states,” said James Saccacio, CEO of RealtyTrac. “This pattern provides evidence that lenders are somewhat unevenly pushing batches of bad loans through foreclosure as they overhaul their paperwork and procedures and as they determine that some local markets are able to absorb more foreclosure inventory.”
——————————————————————-
Inventory of South Florida homes for sale falls, as buyers zero in on Palm Beach County
About 49,900 residential properties in Palm Beach, Broward and Miami-Dade counties were listed for resale as of June 13, according to a report today from the Miami-based consultancy group Condo Vultures.
That’s less than half of the nearly 108,000 homes for sale in November 2008.
1. I’m on ice today. I had a minor, elective, outpatient procedure (for men) this morning. Please feel free to entertain with funny stories, just avoid using the term “grapefruit.” Thanks
2. My wife wants us to low ball this one:
http://www.zillow.com/homedetails/14160-82nd-Ter-Seminole-FL-33776/47224699_zpid/#6
-If this what I think it is, I need to get that same procedure soon too.
-Nice house, but what is your definition of low balling? Some people will look at a 239K price tag and say “Offer 235K, we are really gonna STICK it to them!”.
I’d say 140K (on the surface, just reading the description) would be my low ball offer.
the black granite counter tops and stainless appliance package is a kick in the nuts though…
For God’s sake, don’t!!!!!
I don’t care what the Oprah-watching Mafia says about it being a “harmless” procedure.
Take a look at about any adult male dog after he has been neutered. Rapidly turns into a beach ball, and lays around depressed all the time.
Same thing will happen to you. I can guarantee it. I’ve seen 60 plus guys get this procedure, and this is what happened to damn near EVERY ONE OF THEM.
The medical establishment will never admit this, because they believe this is the “lesser of the two evils”.
And please tell me you didn’t buy into the wife’s BS that she will be “friendlier” when she doesn’t have to worry about getting pregnant. Total BS, sucker. She’ll just find another reason to tell you to go pound sand (or something else).
A Public Service message form X-GSfixr.
I’ll bet you are a lot of fun at parties!
Take a look at about any adult male dog after he has been neutered. Rapidly turns into a beach ball, and lays around depressed all the time.
I’ve not seen that with any of the dogs I’ve owned or been involved with (note I volunteer with dog rescues). The dog I’ve had for the past seven years is still in phenomenal shape.
I’ve seen 60 plus guys get this procedure, and this is what happened to damn near EVERY ONE OF THEM.
I’ve not seen it happen to any of the ~10 guys I know.
Getting snipped is great insurance against an unplanned pregnancy. Especially since the guy has zero control over the ‘abort’ button…
Snipped 40 years ago..
68 and still better than ever..
Best move ever.. no regrets.
Remember..it’s between the ears that counts.
He is being a wise ass.
Scoff if you must…….but I find it strange that most of you believe that the government/PTB manipulate economic data, but take any propaganda generated by the medical/insurance/industrial complex as gospel.
I try to believe stuff that I can verify with my own eyes…….and vasectomies are bad for men’s physical and mental health.
My “control group” was a department of 200+ regular Midwest guys 35-50, primarily WASP, but a significant number of African-Americans, and some Hispanics.
Of course, the weight gain could have been caused by the onset of depression, after we found out that getting cut wasn’t going to get us laid any more than we already were, assurances by wifes notwithstanding.
Does the medical/industrial complex go back and research what happens to vasectomy patients after 10 years?
Hell no. Might generate some results that they don’t want people to know.
Hey, it’s MY conspiracy theory. Go find your own.
Of course, the weight gain could have been caused by the onset of depression, after we found out that getting cut wasn’t going to get us laid any more than we already were, assurances by wifes notwithstanding.
Perhaps that’s the problem. I got cut to avoid any unwanted dependents. As such, I can live a much more ‘carefree’ life and not have to stress about what happens if the other measures fail..
I’ve not “bought” any line from any medical professional. I know I don’t want kids. I took the best option available to me to ensure that, and as such there is less stress in my life.
I’m sorry to hear you (or your coworkers) thought that would translate into more sex.
Hey, that’s what the wifes ALL said.
And us dumbazzez believed them. Silly us.
Everyone should know that guys will do/say all kinds of stupid stuff, if they think it means they will get laid more.
At least until you hit 40, and start figuring things out.
Well, the BIG LIE that I fell for was: “After we’re married, all the time!” HAHA!
Anyway, that is history. Being Engaged or just Dating has its advantages, much as renting, because if the well runs dry, the camp can be moved. I’m a committed renter now.
J -
I don’t recall…are you married?
are you married?
no, not married, but not opposed to marriage as some on this board are. Just haven’t found the ‘right one’ who isn’t looking to procreate.
Ok, you ask us to avoid using the term “grapefruit”, and then you post this:
“My wife wants us to low ball this one”
LMFAO!
I thought the use of the term “low ball” was intentional! And perfectly suited.
My b*lls would feel low too if someone took a scalpel to ‘em!
It wasn’t! I was all hopped up on valium and hydrocone, so I am happy that I simply spelled all of that correctly.
“1. I’m on ice today. I had a minor, elective, outpatient procedure (for men) this morning.”
Will you be putting the video be on Twitter?
You’re in luck. Publix has frozen peas on sale this week.
I don’t think you should buy in a place called semin-ole.
Lowball in a place in Seminole.
BWahahaahahahahahahahahahahah!
For something like this I imagine the insurance company would receive a bill for tens of thousands of dollars.
I had a minor, elective, outpatient procedure (for men) this morning.
Did you get a mini pocket-knife as a parting gift? I found that humorous when I was given one on my way out the door…
Muggy, I commend you for having this surgery. Wish more men would do the same. It would make, ahem, something that we do with you a lot more enjoyable.
Hang in there Muggy!
It gets better… I know had the same “procedure” in 1999. Laid low for the weekend, by Saturday night things seemed to be better. Was back in the office Monday morning.
Funny story, my family doc that did the procedure had a nurse with him assisting. Of course I am on the table and can’t see what is going on (but can feel tugging, etc.)… I see the nurses face go ashen, then see her start to rock side to side, I tell the doc- “hey doc, susie is going to lose it”. So, he stops yells to susie to get the hell out of the room and go sit down.
No complications or ill side effects.
Best of luck to you for a relatively painfree and expedient recovery.
Maybe Susie never saw grapefruit before.
Maybe tgun has cantaloupes.
Joined the Seedless Grape Club, eh? I’m trying to get the wife to agree to that, but she’s not 100% sold on it. Just in case.
I had that done got the test was still not safe left Kaiser
went to another doctor who refered me to another doctor for a test got a bill for 300 from the first doctor never went to the 2nd one
if I ever join kaiser again they can check it it’ s been over a year now since the cutting
I keep forgetting about it no new kids yet wouldn’t that be a hoot ?
if I ever join kaiser again they can check it it’ s been over a year now since the cutting
That’s interesting. The place I got cut will re-test you when you ask (I imagine they’d limit it if you were in there every month).
How Miserable? Index Says the Worst in 28 Years
Friday, 17 Jun 2011 | CNBC
When it comes to measuring the combination of unemployment and inflation, it doesn’t get much more miserable than this.
The index, first compiled during the soaring inflation days of the 1970s by economist Arthur Okun, is registering a nausea-inducing 12.7—9.1 percent for unemployment and 3.6 percent for annualized inflation—a number not seen since 1983. The index has been above 10 since November 2009 and had been under double-digits from June 1993 through May 2008.
The good news, of course, is that the Fed-led Paul Volcker embarked on a highly successful inflation-slaying campaign that brought the level of misery down sharply through the rest of the ’80s recovery decade.
The bad news, of course, is all the bad news.
Put another way, by Paul Dales at Capital Economics:
“The good news is that other measures suggest conditions aren’t quite that bad and over the next 18 months the gloom should lift a little,” the firm’s chief US economist wrote in a Misery analysis. “The bad news is that households won’t be in the mood to boost their spending significantly for several more years.”
Good ol 1983. Not.
Have I mentioned the 1980s and all that deregulation/offshoring fun leading up to the Savings & Loan disaster lead by the Keating 5?
Combine the removal of inflation with massive deficit spending, and you had all the ingredients for one heck of a party.
Now, we get the hangover.
Anyone heard of bitcoin before?
http://www.businessweek.com/magazine/content/11_26/b4234041554873.htm
Thoughts? Will Ben B be sending Guido to fit these guys with cement shoes?
Interesting. Hadn’t heard of it before. Reminds me a bit of early napster…looks like they’ve learned something from that. Due to the ability to evade taxes I expect it to meet the same fate as napster…possibly to be replaced by something officially sanctioned around the same time the value of the dollar reaches zero.
Just heard someone mention this the other day.
I was reading about it last month.
I can’t tell if it’s Flooze, PayPal or a true parallel network to money. Only time will tell.
Somewhat related: there is currently work being done to set up a complete parallel Internet that works on P2P instead of centralized DNSs.
Now think about the implication of both of the above.
Sears sacks staffers who sold appliances at Kmarts
NEW YORK (MarketWatch) — Sears Holdings Corp. which is trying to revitalize its hallmark appliance business, on Monday let go about 700 employees who sold the items at 225 of its Kmart stores.
The move leaves the stores’ appliance departments without employees who focus exclusively on the big-ticket merchandise, which often requires a knowledgeable salesperson to close the sale.
“There will not be dedicated appliance people,” Sears spokesman Chris Brathwaite said. “It’s a change in the business model and how Kmart sells appliances.”
Brathwaite said store staff will be trained to answer customers’ questions about appliances. “We want to make sure if a customer comes into Kmart they will get the help they need,” he said.
So…what they’re really saying is that they’re getting out of the appliance business and directing the customers to Sears as soon as the current inventory is gone.
Shocked. Shocked I tell you.
I’m not surprised. Someone who understands the appliances would have to be paid more than minimum wage, and that doesn’t fit into K-Mart’s business model.
I expect more lenders will be cutting the backwards mgt. deals…
Wells Fargo to stop offering reverse mortgages
SAN FRANCISCO (MarketWatch) — Wells Fargo & Co. WFC said Thursday it will no longer offer home equity conversion mortgages, better known as “reverse mortgages,” after June 30 because of unpredictable values in the housing market. The bank said it will continue to service existing reverse mortgages. In 2010, reverse mortgages made up 2.2% of Wells Fargo’s retail mortgage volume and 1.2% of its overall mortgage volume
I posted a neighbor’s reverse mortgage-to-foreclosure story over in today’s Weekend Topics, so I won’t repeat it here. But here are a couple of interesting data points:
1. During the summer of 2009, the president of the neighborhood association where my friend’s house was located got concerned. He asked me to photograph the NOTS that had been posted on the property.
So I did. And, in my photo, there is reference to a Deed of Trust that had been executed in November 2006 for $283,500. That was the Wells Fargo reverse mortgage.
There wasn’t a time, even during the height of the housing bubble, when a property in this area sold for that much money. Not even close. So how Wells Fargo came up with that figure, I do not know.
2. As mentioned over in the Weekend Topics, the house was sold early last year. According to the county assessor’s records, the sale price was $83,000.
Methinks that Wells Fargo took quite a haircut. Multiply that by a few thousand other cases, and you can understand their eagerness to get out of the reverse mortgage market.
Why not just close down the schools and let the chidrens be taught on-line.
Detroit schools employees getting layoff notices
Friday, June 17, 2011
DETROIT (AP) — All 10,000 Detroit Public Schools employees are getting layoff notices as the financially troubled district faces continued budget problems.
District spokesman Steve Wasko tells the Detroit Free Press for a story published Friday that the move will allow “maximum flexibility for staffing.”
Roy Roberts, the district’s state-appointed emergency financial manager, is working to trim a $327 million budget deficit.
The layoffs are effective July 29, the last day of summer school, and were expected. In April, the district said 5,500 teachers would get layoff notices.
It isn’t known how many will be recalled. The 2011-12 school year starts Sept. 6.
‘Cause po’ people ain’t got Internet.
That’s why.
Little known fact: 50% of this nation still does not the Internet. Of those that do, only 30% have broadband of any type.
Of all the industrialized, 1st world nations, we have the slowest and least distributed Internet.
Of all the industrialized, 1st world nations, we have the slowest and least distributed Internet.
And we pay a LOT more for it than the people in other countries. It’s just like our health care system. We pay more. And get less.
Internet penetration (percent of the population who use the internet) in the U.S. in 2010 was 77.3%.
http://www.internetworldstats.com/list2.htm
The 30% number for broadband appears correct. In 2010 it was 27%. In that year, the top G7 countries, France and Germany, only had 31%.
http://www.oecd.org/document/54/0,3343,en_2649_34225_38690102_1_1_1_1,00.html#Penetration
From this page, go to the spreadsheet titled, “Historical Penetration Rates, G7″
Thanks for the update, Bill. Apparently my data was obsolete.
Good find. Bookmarked.
No joke. A LOT of people come to the local public library to use the internet (they don’t even have to buy a latte).
Sir Greasepan sez…
” A default by Greece is almost certain and could help drive the U.S. economy into recession.” ~Alan Greenspan
” A default by Greece is almost certain and could help drive the U.S. Wall St. economy into recession.”
Fixed.
Instead of pool, Lakeland man gets a dump
Jun 17, 2011
Lakeland, Florida — Rather than swimming in a pool of crisp, cool water, Brian Dyer is swimming in a pool of regret.
“As a homeowner, you feel violated because you’re thinking people are doing the right thing,” he said.
When contractors went to work in the backyard of his Oak Run home, they didn’t just dig up dirt, but trash… and a lot of it.
“It’s just a sick feeling in the pit of your stomach to see what they’re bringing up with each scoop,” he said.
Dyer says the contractors tried to dig into three different areas in the backyard and each time, came up with more trash.
“We found several tires, what appears to be washing machine tubs, trash, debris, metal parts, we found a lawnmower in the deep hole over there,” Dyer said, pointing to an eleven foot deep hole. “You name it, it seems to be coming up out of the hole.”
He has no idea how much more trash is under his property, how far it goes or even worse, if it’s under his house.
“We’re very fearful at this point,” he said.
Dyer says his wife of more than one year had the home built in 2005 by Southern Homes in the Oak Run community. He says the neighborhood sits on top of an old orange grove.
Blaine Shelton, his step-son says there was no indication their property sat three feet above a dump site.
“We just found tiles all over the place. We didn’t think anything of it,” said Shelton.
Dyer says the builder has denied knowing anything about the trash site.
The Polk County Planning and Development department tells 10 News builders must go 12 inches below the ground to build a foundation, so it’s possible the builder never knew the trash pile was there.
Not likely they didn’t know. But proving it?
If it was a farm, it would have been entirely legal for the farmer to dispose of “farm related” trash onsite, then cover it over.
Rise property taxes…Pure genius.
Atlanta-Area County Plans Tax Increase to Fix Finances
By Margaret Newkirk - Jun 15, 2011
Commissioners of DeKalb County, an Atlanta suburb that lost its Standard & Poor’s bond rating in March, proposed raising property taxes to rebuild its finances.
The commission agreed today at a meeting in Decatur to advertise to residents an increase of as much as 27 percent. It will vote on the plan July 12.
Today’s decision followed a June 7 letter from county Chief Executive Officer Burrell Ellis, which said declines in property values swelled the county’s estimated remaining budget gap by 65 percent, to $55.6 million.
“Our revenue situation is much worse than originally anticipated,” Ellis wrote, saying a midyear assessment put 2011 property values down 13 percent to 17 percent below forecasts.
What? This can’t be true, China’s got to bail us out!
Consumers Fade in China Economy Racked by Inflation With ‘Peak Days’ Gone Bloomberg News - Jun 17, 2011
June 15 (Bloomberg) — Lu Ting, a Hong Kong-based economist at Bank of America-Merrill Lynch, talks about China’s economy and central bank monetary policy. China yesterday ordered lenders to set aside more cash as reserves after inflation accelerated to the fastest pace in almost three years in May and industrial production rose more than estimates.
At the Haiyang Zhuangshi Co. hardware store in Beijing, sales of paint and aluminum window frames are slowing, one sign of a diminished role for consumer spending in China that’s foiling government objectives.
“It seems the peak days are gone,” said owner Hu Mengbin, 42, whose daily revenue has dropped to about 3,000 yuan ($463) from as much as 4,000 yuan last year after China stepped up efforts to rein in home prices. “Between 2006 and 2008 when the property market was red hot, we could make quick money.”
Hu’s loss underlines the dilemma for Premier Wen Jiabao: his campaign to control inflation is undermining attempts to make consumers a bigger driver of the world’s second-largest economy. Failure to lessen dependence on exports and investment spending leaves the nation more vulnerable to swings in external demand and subject to asset booms and busts.
Government data this week showed retail sales growth slowed to 16.9 percent in May, less than the average of the past five years and a figure that’s inflated by soaring prices for food. By contrast, spending on fixed assets such as factories and property climbed 26 percent, excluding rural households, in the first five months, the fastest pace in almost a year.
“Consumption hasn’t taken off,” said Patrick Chovanec, an associate professor at Tsinghua University’s School of Economics and Management in Beijing. “What has happened is a shift from exports to investment as a driver of growth.”
“What has happened is a shift from exports to investment as a driver of growth.”
So in reality, the money IS there, they just aren’t buying useless crap with it.
Nope, just building useless crap. The central planners need to increase the building of empty cities to offset lower exports in order to meet GDP targets.
Went apartment shopping yesterday. It sucks.
Have to choose between:
-Living in old, ghetto locations that I can reasonably afford and have a 3-4 mile commute, or
-Nice places that have a lot of amenities I’ll never use, and are packed with the oh-so trendy Y.U.P., 20-30 something, partying bunch. 10-12 miles away from work.
(Not that there’s anything wrong with that……I just don’t have anything in common with them)
Maybe I should buy a house……..
Nice places that have a lot of amenities I’ll never use, and are packed with the oh-so trendy Y.U.P., 20-30 something, partying bunch. 10-12 miles away from work.
They may be nice now, but just wait a few years. Yesterday evening, I stopped by a friend’s son’s place. It’s in one of those student apartment complexes that have sprouted up near the University of Arizona.
I was appalled at how awful that apartment looked. The young man’s mother is dog-sitting while he takes a training class for his job. Class is over in Texas.
Mom’s a bit taken aback by the squalor of the place, but it’s far beyond what she can clean by herself. It’s that bad.
So, word to the wise: If you’re planning to invest in student housing, have one heckuva cleaning and repair budget. You’ll need it.
Places I’m looking at have a bunch of 20-ish, US Army enlisted types…….some on short term/month to month leases. (
(Can’t figure out how they can afford to live in places nicer than I can afford)
Just what I need. Constant all night partying by guys getting ready to deploy to a no booze, no fraternizing-with-the-locals combat zone for 6-12 months.
Especially if the 18 year old daughter moves in with me. (Step dad is trying to kick her out of the house).
God, I’m getting old and cranky…….
“(Can’t figure out how they can afford to live in places nicer than I can afford)”
Housing allowance. Base cafeteria. Free medical.
In San Diego the housing allowance can be as much as $2000 per month.
Places I’m looking at have a bunch of 20-ish, US Army enlisted types…….some on short term/month to month leases. (
[snip]
Especially if the 18 year old daughter moves in with me. (Step dad is trying to kick her out of the house).
Yeah…no way I’d live there. I was one of those guys once.
Last thing I need is a bunch of horn-dogs sniffing around my front door all hours of the day or night.
Not that I have a problem with it, basically. Pretty much an accurate description of the typical 16-25 US Male.
Trouble is, I know what they are thinking.
“Time to sit on the front porch and clean the AR-15 again…..”
I’m pretty that what X-GS is looking at is not student housing, or even meant for grad students.
Is it like this: — It’s the new complex with the nice pool, clubhouse, some “barn” or other pavilion with “events,” and chickipoo agents who are JUST SO glad you want to join the “community.” And, they charge extra for “club membership” even if you didn’t go to the events.
I found a place for the same price, only water and sewer was free, and the washer and dryer were included in the unit.
That was my dilemma as I walked through a trailer park every day on my way to work (ok it was only a mile or so instead of 3-4) and then one day said to myself “hey…wait a minute”. No regrets so far.
Tough choices. Ghetto is cheap but maintenance is often iffy. The nice places are, well, nice, but the costs are a big minus.
Keep looking.
Foreclosure via Facebook? With roughly 4 million foreclosures in the pipeline in this country, some legal experts say it’s just a matter of time until lenders win the right to serve foreclosure documents through the giant social network.
That day has already come for one couple in Australia. When they defaulted on a six-figure loan and couldn’t be found via a physical address or email, the lender’s enterprising lawyers located them on Facebook. The lawyers were able to verify the couple’s identities by matching up their names and birthdates — and, of course, the fact that they had “friended” each other.
http://realestate.aol.com/blog/2011/06/17/your-facebook-status-foreclosed/?icid=maing-grid7
Hey looks like we are repatriating some of those dollars lost trading with China.
BEIJING (AP) — Thousands of corrupt Chinese officials have stolen more than $120 billion and fled overseas since the mid-1990s — and the U.S. was a top destination, according to a report released by the country’s central bank.
The report, released this week by the People’s Bank of China, says between 16,000 to 18,000 government officials and executives at state-owned enterprises smuggled about 800 billion yuan ($123 billion) out of China between the mid-’90s and 2008.
The study says the officials smuggled money into the U.S., Australia, Canada and Holland, using offshore bank accounts or investments such as real estate or collectibles. Officials masked the thefts as business transactions by setting up private companies to receive the money transfers, according to the report.
I wonder if China will welcome our WS executives when the riots start here??
Tell them we’ll give them back their crooks, if they take OUR crooks.
We’ve become the “go-to” destination for the criminal class.
Corrupt Chinese government officials. Mexican/Columbian drug lords.
Yakuza. Russian Mafia. The Original Mafia. Somalians. On and on.
Yeah, we’ve got lots of “diversity”.
Just in time for the hungry masses.
this feels like a Vonnegut plotline: population boom equals food shortage. Solution? Synthesize food from human waste matter. Absurd yes, but Japanese scientists have actually discovered a way to create edible steaks from human feces.
Mitsuyuki Ikeda, a researcher from the Okayama Laboratory, has developed steaks based on proteins from human excrement. Tokyo Sewage approached the scientist because of an overabundance of sewage mud. They asked him to explore the possible uses of the sewage and Ikeda found that the mud contained a great deal of protein because of all the bacteria.
The researchers then extracted those proteins, combined them with a reaction enhancer and put it in an exploder which created the artificial steak. The “meat” is 63% proteins, 25% carbohydrates, 3% lipids and 9% minerals. The researchers color the poop meat red with food coloring and enhance the flavor with soy protein. Initial tests have people saying it even tastes like beef.
The scientists hope to price it the same as actual meat, but at the moment the excrement steaks are ten to twenty times the price they should be thanks to the cost of research.
Anyone for Kobi crap??
Marie Antoinette could legitimately say let them eat sht? That will be what WS says.
Will this raise the price of real estate located next to sewage treatment plants??
The time to invest is now!
The realtor would say and if you get hungry you walk across the street for some fresh crap meat substitute. Mmmmmm
SOYLENT GREEN IS PEOPLE!
(I guess I’m having a Charlton Heston week :lol:)
Been eating this “meat” for years.
They call it “Taco Bell”
“The scientists hope to price it the same as actual meat.”
Stick with science scientists. I’ll eat a poop steak if it turns out people are willing to pay the same for a poop steak as an actual steak. Now celebrity poop steaks on the other hand…
Celebrity poop steak!
Damn Max! You have another winner here!
(what’s sad is it really could be)
I’m going to start a rating agency that verifies the authenticity of celebrity poop steak. Then I will sell my services to poop steak producers teaching them how to get celebrity poop steak ratings.
If you can’t beat them join them.
Reminds me of the Yes Men and their brilliant McDonalds “reburger” campaign:
http://www.youtube.com/watch?v=MkTG6sGX-Ic
One of my favorite lines from The Economist. And a succinct reason why all the players with vested interests in the systems use the word “unexpected”, and always downplay the debt problems
The lesson of this long process of obfuscation and retreat is to place no faith in official statements of reassurance. Debtors will usually claim (and may even believe) they can service their debts, just as alcoholics deny they have a drinking problem. In any case, an early admission of a solvency problem would be akin to informing your spouse of your intention to commit adultery: it would precipitate a crisis rather than avert it.
http://www.economist.com/research/articlesBySubject/PrinterFriendly.cfm?story_id=18586816
I am steamed. Just got an 8% rent increase over last year’s 6%.
So, the banks and the government won’t release the foreclosed inventory. The government won’t stop pumping money into the real estate industry. Both tactics keep prices jacked up to bubble rates, or at least, guarantee declines. People moving out of houses and into apartments are jacking up rental rates.
It’s like a mugging. The REIC doesn’t have a right to my money, but they’ll strong arm me out of it, one way or another.
And - what is this going to do for the economy? If they do manage to squeeze the last drops of blood from the people who hung on to their money for the longest time - renters - that’s not going to help the economy. I’m certainly not going to be spending more.
In their goal to save the banks and the NAR, they’re going to crash the economy as a whole.
THEN - they’ll try and inflate away the debt - the stealth tax. Making everything more expensive as our buying power evaporates.
We have a remedy - the vote. Many nations do not have it (see the Arab Spring ).
BUT - we must exercise it. Voting establishment Republican or Democrat is a guarantee of more of the same. Kang or Kodos. As I’ve noted previously, voting that way would be the true waste of my vote.
Regarding the Arab Spring, here was a fascinating look at how necessity is the mother of invention - how the Libyan rebels are fashioning weapons (not a slide show - quite viewable quickly):
http://www.theatlantic.com/infocus/2011/06/diy-weapons-of-the-libyan-rebels/100086/
We did exercise it… and voted the very people who reward sending our jobs offshore… back into power.
http://www.reuters.com/article/idUSTRE68R40I20100928
Look at the date of this article. 2 months before the elections.
Unexpected stimulus?
BBC News
Chinese officials stole $120 billion, fled mainly to US
17 June 2011 Last updated at 11:56 ET
http://www.bbc.co.uk/news/world-asia-pacific-13813688