Bits Bucket for June 23, 2012
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
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If you have to borrow money for 15 or 30 years to buy a house, you’re paying too much and you cannot afford it.
So you think it is better to pay even more money in monthly rent? Today in many places, you can buy and finance for less than it costs to rent. Why would you not buy and start paying some money toward principle every month?
Considering rental rates are a fraction of total monthly carrying costs at current inflated asking prices of resale housing, why wouldn’t anyone rent?
“Considering rental rates are a fraction of total monthly carrying costs at current inflated asking prices of resale housing, why wouldn’t anyone rent?”
I assume you live in LA? SF? NYC?
You have a point. In the other 90% of the country, not so much.
Around me the typical subdivision, cookie cutter 2500 sq ft, 4 bedroom, nice yard house goes for $175-200K. Or you can rent one for $1400-1600. Tax is $1000ish, insurance is $350ish.
Please explain - using a 2.75% 15 year fixed interest rate - how renting for the next 15 years and then buying for cash is a better deal than buying today.
Around me the typical subdivision, cookie cutter 2500 sq ft, 4 bedroom, nice yard house goes for $175-200K.
Must not be jobs around. That sounds cheap.
House prices high? You guys complain that prices are too high.
House prices low? You guys complain prices are too low, there must not be any jobs.
Some people will never be happy I suppose.
Unemployment in the two counties that I consider to make up “my area” averages 9.0%. Not great, not horrible either, relative to the rest of the country. Median HH income is in the mid to high 40s in both counties. Cost of living is low. Taxes are low. Costs $33 to register a car for example.
I think you are making a big deal of things. In my case it’s best to be mobile and I usually work in high cost of living areas (i.e. where house prices are high compared to rents. Prices include PITI and maintenance. Sure in L.A. sometimes I have to park a quarter mile away from my apartment building. But $1100 per month rent on a studio is better than $1350 per month rent on a one bedroom - I do not need all that space. And the $250 per month savings goes toward buying stock mutual funds.
I agree with Smithers on this one; it really is a coastal bubble kind of thing. As documented on one of Ben’s threads this past week, if you are willing to live in Gary, Indiana, you can buy a home for under $20,000, which is less than we paid for any of the three cars we own free-and-clear.
P.S. For people who are scratching their heads over where to put their hard-earned cash, I suggest investing in automobiles, as in making all-cash purchases rather than financing them. Why not suck the banks a little drier, rather than let them suck you dry?
I think he’s saying just pay cash or rent.
In many places renting is cheaper than owning. And the kicker is that these places are the very same ones with the best paying white collar jobs. LA coastal, San Francisco area, NYC, Chicago.
In Phoenix and Las Vegas it is probably cheaper to be a mortgage slave on a POS house than a renter. But you then get a POS house with neighbors you would not want to greet. In Phoenix you have to expect to buy a $200,000 house and be sure it’s the lowest priced house in your neighborhood (compared to comps) before you buy it. But then you don’t have a lot of high paying jobs in Phoenix.
Jinglemale said: “So you think it is better to pay even more money in monthly rent?”
Uh, no. Why would you assume that? Oh, right: Because you expect to live above your means at all times.
When you’re saving for a capital expense, you’re supposed to live cheap, so that you CAN save. That means renting cheap, one way or another. Live with mom or find roommates, like I had to do when I lived on the East Coast.
People who expect to get a big house no matter what, will never save. That’s why they never pay off their mortgages; they just end up in their 60s with 20 years to go on their mortgage due to endless refi’s.
Live below your means. How effin’ hard is this to understand? People don’t even realize that their mate or lover is a roommate, which is supposed to save them housing costs. Instead of leveraging that, people just take both incomes and apply that to their standard of living. Doubling income means doubling expenses, most perversely. They live above their means, hence nothing will ever really work for them, not renting, not borrowing, and certainly not owning (since they’ll just refi, they will never actually OWN a house).
“People don’t even realize that their mate or lover is a roommate, which is supposed to save them housing costs.”
Oh no, we totally get that. But thanks to others, who are oh so willing to take funny-money loans to buy homes that they cannot afford, we are stuck for now with the near-term prospect of high housing prices and rents.
Houses are a good hedge against the coming hyper-inflation.
Better than that - five acres of land with good soil for growing organic food - per person in your household, plus gold bullion coins. I don’t have the land. My dad grew up on a farm in Ohio during the depression and always told me the rule of thumb - 5 acres per person.
That’s a good rule of thumb, so long as farmland isn’t in a bubble, as it recently has been.
Perhaps after the land price bubble collapses, I will look into that 5 acres suggestion…
“My dad grew up on a farm in Ohio during the depression and always told me the rule of thumb - 5 acres per person.”
That works in Ohio - mild climate, plentiful rainfall. Wyoming is a different story.
Owning underwater houses is also a great way to qualify for cram-downs.
Doesn’t it depend at all on how much you would have to pay over the next 15 to 30 years to rent versus to own?
Sure, it’s the How Much a Month.
The key is to have no fear. No fear of being trapped with an asset that you owe more on than it is worth. No fear that we have only had the first leg down in a massive deflationary credit contraction that is bearing down on us like a glacier. No fear that job or life may throw some curves, and you can’t move because you can’t write the check. No fear that you won’t have any “equity” in your house for the first six years on a mortgage in a flat market anyway. No fear of the monthly bill, that relentlessly enslaves you for the next 30 years.
It all worked fine for our parent’s generation, right?
Sure, it’s the How Much a Month.
Blue gets it.
It’s the Euro, Stupid: The Roots of the Euro-Zone Crisis
Jun 18, 2012 1:00 AM EDT
Europe is in a hole, and it won’t stop digging.
There are two stories of the birth of the euro: an “immaculate” conception and a worldly one. The latter is, as one would expect, rather more exciting. Although the idea of a European monetary union had been floated by Eurocrats in the 1970s and ’80s, in the belief that it would hasten European economic and political integration, the key moment occurred on Dec. 8, 1989. The Berlin Wall had just collapsed. With West Germany pressing for almost immediate German reunification the traditional balance of power inside the European Community was threatened. Keen to avoid what he perceived as an excessively resurgent Germany, the late French president François Mitterrand preconditioned his support of German reunification on the swift adoption of a common currency. Why? Because it would dilute German sovereignty.
In a sense, the euro is still tainted by that original sin. Something that should have been an enthusiastic step toward more unity had become the product of a cold, realpolitik tradeoff. Adopted by the 12 members of the then–European Community at Maastricht in February 1992, the monetary union was put to the democratic test only twice. The Danes rejected it in June of the same year, while the French endorsed it by only the narrowest margin in September, even though every mainstream political party had recklessly campaigned in its favor. The lesson was not lost on other European governments: with very few exceptions, they conspicuously avoided any form of democratic test of the European idea from that moment onward.
…
Paul Begala: Middle Class in Free Fall From the Bush Depression
Jun 18, 2012 1:00 AM EDT
The latest casualty of the Bush depression.
I have a wealthy friend who lives in a wealthy neighborhood. One day he was in his front yard, chatting with his next-door neighbor, a Republican, who asked him why he’s a Democrat. My friend said he’d grown up poor but had gotten a good public education, worked his tail off, and made it. Then he pointed to a gardener working across the street. “Don’t you want that gardener’s son to live the same American Dream we have?” my friend asked. His neighbor shot him down, sniffing, “That gardener’s son will be my son’s gardener.”
And so dies the American Dream. Have we reached a point where rich people no longer want to extend the winner’s circle? Has it gotten so bad that poor people cannot plausibly aspire to success? Are we moving toward Third World economics, where a few have it all and most have nothing? Are we witnessing the death of the great American middle class?
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“The Bush Depression”… The inevitable end game of private sector debt increasing at 3x the sustainable rate for 2 decades before Bush came into office and him simply attempting to continue the unsustainable debt growth, but it finally hitting a wall of max debt carrying capacity…
You says tom-Ay-to; I say tom-ah-to.
I posted that article to stimulate discussion, but I disagree with assertions that either Bush or Obama own the depression. As you suggest, it was years in the making, and we should properly blame everyone who should have seen it coming, but did nothing to stop it. I mean people who were in office long before 2000.
As you suggest, it was years in the making,
More than years—this debacle was decades in the making.
His neighbor shot him down, sniffing, “That gardener’s son will be my son’s gardener.”
In third world like India the way out of poverty is to get educated in a highly desirable field and then move abroad. The other way is to start a business that might flourish.
“…Have we reached a point where rich people no longer want to extend the winner’s circle?…”
Rich people have NEVER wanted to extend the winner’s circle. That’s why it’s called “the winner’s circle”. We’re in the process of coming off a period where everyone was a winner just for showing up– with shiny trophies and ribbons for all.
It may be difficult for those who grew up with Boomer parents to admit, but in any given competition someone is going to have to come in last. And in a capitalist economy, there will be plenty of losers to compensate the winners.
That’s why it’s so important to ensure that the playing field is kept clean and level.
“but in any given competition someone is going to have to come in last.”
So true. Remember, second place is the first looser.
It seems like at least a subset of the wealthy are dumb enough to view life as a zero-sum game, rather than as a potential win-win.
The reality is that we should strive to educate the broadest possible swath of young people, to make them relatively more employable and less prone to landing in prison, which could come in handy for old guys hoping to have a few young workers around to pay their social security. It is much more expensive to house somebody in prison, and so far as I know, prisoners don’t contribute a dime in F.I.C.A.
We should push harder for public education, and thereby try to shift the public sector burden away from housing people in prison to putting them to work. As long as we are going to have public sector unions, why not employ more educators and less prison guards?
Above all, more bright, well-educated young people around increase the pace of invention and innovation of better technologies to make society collectively wealthier.
But I guess dumb, old, selfish rich people don’t get it. I suppose the future doesn’t matter that much to them, as they will soon be dead, anyway.
“…but in any given competition someone is going to have to come in last.”
Coming in last doesn’t necessarily mean you lose. You have to compare that outcome to that of never playing the game; typically the looser is better off than the sideline-sitter.
My grandparents came here. They were a cook and a maid for their entire lives.
My Dad started as a computer programmer when computers had punch cards.
My brother is a millionaire from starting his own business. I am doing pretty good myself.
What has changed in the last 80 years in America so that this does not happen anymore? And think of what has happened in the last 80 years…the depression, WWII, the 1970s oil shock, etc.
What has destroyed the “American Dream?”
Massive government on ALL levels. Insane taxes. Deficit Spending. Public union goons destroying everything they touch. Banks and corporations with too much power. An insane tort system. Etc.
Yeah, definitely the unions fault, unions definitely.
Indeed, now that unions are pretty much extinct in the private sector, it should now be a worker’s paradise, right?
Pretty much everything wrong in your little world seems to be the unions’ fault.
What has happened in the last 80 yrs? Well, probably the most prominent event occurred in the 70’s when the US went from having more jobs available than people to more people than jobs.
It would seem from the 70’s forward everything done in the economy has been to create one bubble after another.
“…1970s…more people than jobs.”
I suppose the mass entry of women into the work force in the 1970s was merely a coincidence?
Not a coincidence, a result of too many people for too little infrastructure.
Thank you, lurking. It’s all about the demographics.
“My grandparents came here. They were a cook and a maid for their entire lives.
My Dad started as a computer programmer when computers had punch cards.
My brother is a millionaire from starting his own business. I am doing pretty good myself.”
The family that boot straps together defends FoxConn together!
Here in my little part of queens this is a True statement….the American dream…but Not the Russian dream the Romanian dream the Asian Korean dream.
They seem to be doing just fine…night clubs with lines at the door not seen in 5 years….but no American music, restaurants full…but no American food served…Asian fusion catering hall expanded into 2 more spaces… Yes Not much hope for Americans I see…new Halal food places. and some new Spanish places the Spanish Rock night club still packs them in…
—–And so dies the American Dream
That’s because unlike Americans, Russians, Romanians, Koreans do this thing called…hard work. They don’t sit around complaining on blogs 24/7 about how awful the world is or expect the govt to wipe their a$$es for them from cradle to grave. How many Romanians do you know on welfare? How many Koreans do you see using food stamps at the grocery store? How many Iranian kids do you know who get free lunch at school?
Know what else they don’t do? Refuse jobs that are “beneath them” or whine about how unfair it is that they don’t have a pension plan or a 401k plan or 6 weeks vacation or whatever else the spoiled American brat complains about these days.
They get up, go to work, work their tails off and voila, they have money to go to nightclubs and restaurants. Kind of like what America was like before the entitlement mentality kicked in.
That IS the “American Dream”, dj. Coming to this country and making it happen. Not sitting on your butt expecting it to come to you because you were born here.
I think the difference today is they are in no hurry to learn English, and expand outside of their closed circle, so its hard to patronize them …maybe when their kids start working in the store/business they will be fluent in English…
His neighbor shot him down, sniffing, “That gardener’s son will be my son’s gardener.”
Wouldn’t surprise me a bit if Begala made up that conversation. Let’s hear some Karl Rove’s conversations with typical democrats.
LOL. Yes, I’m sure the guy who ran Bill Clinton’s campaign and has been a Democrat Party hack for 30 years is telling the truth and this conversation really happened. Let me guess the eeeeevil Republican also said he likes to eat puppies for breakfast sprinkled with kitty ears.
Absurd, The dream is still well and alive. As always it just takes LOTs of work and most people don’t want to pay the price. One gardner’s son might be a gardner too. Another gardner’s son might work seven days a week, start his own gardening business and after 20 years of hard work be an “overnight successs.” Or maybe instead of marrying he will go to shool part time at night for 10 years before earning a degree and then get a good job. He might then get laid off after a few years. Such is life. Those who want a guarantee on it should find another planet.
I think my America dream is a great success. Grandparents the immigrant laborors. My parents regular middle class - quit collage to marry. Dad was a corporate salesman most of his life.
I started college. Dropped out. Finished in my late twenties. Worked my way through grad school - did not want the debt. Got a decent job. HERE is the key: ALWAYS have lived below my means even when they were meager. Have substantial savings 10X my gross salary so job loss or migrating to another field is possible if desired or necessary. I am in a very comfortable position but it took about 25 years to get here.
The days of the America dream of 1950s of being a clock puncher and having a very nice living are gone. Also people who complain about the American dream being gone are often people who simply want to live well beyond their means.
So wanting to be paid enough to live in something besides a crappy apartment, and maybe saving enough for retirement and putting kids thru school is “living beyond my means”. Got it. God forbid I give any thought to replacing my worn out, 175k miles POS car
Many of us havent seen a raise in 10 years. Im back to my 2001 salary UNCORRECTED for inflation.
All of these lectures by the “born on third base” crowd about sucking it up and living within your means is really pizzing me off.
So true GS, so true. Everyone I know, including people with advanced degrees, is earning the same as 10 years ago. You now have to be a successful entrepreneur to make it in the US.
As for the foreigners having clubs cater to them, maybe because its also because we have a lot more of them than say 10-20 years ago. And I still see plenty of clubs and restaurants that cater to “Americans”
“So true GS, so true. Everyone I know, including people with advanced degrees, is earning the same as 10 years ago. ”
“Many of us havent seen a raise in 10 years. Im back to my 2001 salary UNCORRECTED for inflation.”
If you haven’t seen a raise in 10 years it’s time to look for a new job. This is exactly the type of whining I was talking about in my post at 9:28.
Everyone I know, including people with advanced degrees, is earning the same as 10 years ago.
That’s weird because I don’t think it’s true for many of the people I know in storage. Yeah, things were slow in the early 2000s and around 2008-2009, but there have been raises the other years, and pretty big jumps if you change jobs. Not that anybody is getting rich, because it’s never been a glamour job, but it has continued to get better.
Get pizzed off if you like. Sucking it up and living within or rather below ones means is one way to get ahead. It might be working hard. Maybe there are ways to work smarter. But as posted before I think middleclass US lifestyle a la 1950s was a historic / economic anomoly. There’s a global labor glut.
P.S. Why can’t the kids put themselves through school? Or back to my theme of people wanting to live beyond their means. I lot of people, maybe you maybe not, think college is four years of parties, spring break trips, getting to the gym and other recreation several times a week, punctuated with some classes thrown in and rewarded with a degree at the end which will be a license to mint money or at least easily pay for living well (often on credit) for four years.
“All of these lectures by the “born on third base” crowd about sucking it up and living within your means is really pizzing me off.”
Neither of my father’s parents graduated from high school. My father got a master’s degree in engineering and have a very successful career in both engineering and later as a business owner unrelated to engineering.
The American Dream has always been there for people who wanted it. But again, it’s for people who want it AND are willing to work for it. It’s not there, nor has it ever been there for people who whine all day.
Our gardeners seem to be doing pretty well. They come in every Wednesday, work their tails off for fifteen minutes in our yard, then repeat the process at maybe thirty-nine other yards in our area. I have no idea how much our landlords pay them, but given how hard they work, how quickly they get the job done, and what a good job they do, I believe they are doing quite well.
This is just a hunch, but I suspect they may also have a relatively light tax burden compared to other business establishments.
Good lawn people make good money. There is a skill to being able to keep a lawn looking good and do it quickly.
The American Dream is not a zero sum game as the socialists would want you to think.
I had $1,000 net worth in 1989. Just barely above the 3 figure net worth (ha!).
I worked at lower wages than most of my fellow computer science graduates the first fifteen years out of college, but by the end of that period had a net worth of $400,000. I did not work while getting my undergraduate degree but worked while earning my MS degree.
The opportunity is there. It takes thinking and full accountability. I can never be a democrat.
Bill,
In other words you worked your a$$ off, saved, didn’t spend money you didn’t have and generally speaking lived within your means.
I see a lot of small business people and the ones that make it through these recessions are the same people that did what I said in paragraph #1.
Those businesses that tried to leverage too much of their growth, they’re gone.
Anyone can start a business but it takes balls, a lot of hard work and a lot of smarts to make it work.
“Anyone can start a business but it takes balls, a lot of hard work and a lot of smarts to make it work.”
It also takes capital, good timing and a measure of luck. A lot of smart, ballsy, hardworking, small business people fail. Some are undercapitalized. Some are wiped out by acts of God. Some are ahead of their time. Some find that changes in the economy make their business unprofitable. Some find themselves on the wrong end of a lawsuit. Some have the bad luck to get sick or injured.
“I worked at lower wages than most of my fellow computer science graduates the first fifteen years out of college, but by the end of that period had a net worth of $400,000.”
How many of them had no family to support?
Hard work and good choices are necessary for success, but not sufficient.
“he entire private financial industry bailout is ultimately expected to cost less than $30 billion…By contrast, the nationalization of the Government Sponsored Entities is expected to cost the Federal government $64 billion between 2011 and 2020, on top of the $110 billion we’ve already spent.”
1) Sorry, but the GSE bailout WAS part of the “private financial system bailout”. They were private companies, AND the vast majority of their bonds were held by financial institutions, especially money market funds.
2) $200B? And we’re fretting about it like it is a big deal? Really? The USA government has already thrown $6,000B at this “delay and pray” rescue with no end in sight for the $1,300B a year deficit spending needed to keep the economy functioning in the face of its MASSIVE trade imbalances (international and domestic).
3) $200B is even more insignificant when viewed in the context of total debt, public and private, having increased by $34T ($4T to $38T) over the last 32 years.
In the grand scheme of our massive financial folly of Supply Side, Trickle On, embracing trade imbalances, living on unsustainable debt growth, rich getting richer, asset price bubbles, off shoring, turning a blind eye to illegal immigration…
Well, $200B dwindles to a rounding error.
‘$200B? And we’re fretting about it like it is a big deal?’
When I started this blog, the GSE’s were 2 of the 5 biggest corporations in the world. Fannie alone had over 900 off-shore entities, like the kind Enron used to hide losses. Do you think $200 billion brought down 2 of the 5 biggest corporations in the world?
Yes $200B is a rounding error. Then again the if they say 200B, it must be 2T or more. Just my guess based on how accurate they have been in the past.
My guess is that every time the PTB fudge a bailout number (like the announcement last week that the Bankia bailout would need to be larger than initially announced), it just serves as a reminder that the international financial system is on very unstable ground. Certainly nobody believes any of the bailout figures that are floated in the MSM one week, only to be revised upwards by tens of billions of dollars or euros the next.
Your post gets back to my point about why the systemically important Megabanks have their underware in knots over a slight increase in the size of the Bankia bailout? Anything below $100 bn still seems like a drop in the bucket compared to the amount of bailout bucks already printed.
Debt Most Deadly
Jun 18, 2012 1:00 AM EDT
Recession and austerity fuel suicide in Italy—and the collection agency is exacerbating the situation.
In late May, Marco Turrini reached his breaking point. Out of work for more than a year and under pressure from tax collectors, the 41-year-old publicity agent picked up his 4-year-old son, Samuele, and 14-month-old daughter, Benedetta, and threw them out of their sixth-floor window in Brescia, near Milan. He then struggled to push his wife to the same fate. She escaped, but he turned to the window and jumped. He died on impact, but his two young children lived for several long minutes while neighbors tried to save them. The story is tragic, but continues to repeat itself in scenes of desperation across Italy.
On the afternoon of May 10, Arcangelo Arpino, a 63-year-old entrepreneur from the suburbs of Naples, walked into the mosaic-laden Sanctuary of the Blessed Virgin of the Rosary in Pompeii and knelt to pray in front of a painting of a crowned Madonna and child. Then he walked out to the parking lot, sat on a short stone wall, and shot himself in the head with a 7.65 caliber pistol. In his pocket were three sealed envelopes. One was addressed to the Madonna, asking her to look over his wife and children. Another was a memo explaining the complicated economic state of his Euro Costruzioni construction business. The last was to Equitalia, Italy’s national tax-collection agency, blaming them for pushing him over the edge with repeated threats and relentless tax assessments. “This is a difficult moment for so many people,” said Claudio D’Alessio, the mayor of Pompeii. “The mark of blood on the grass is symbolic of the pain this community and country feel. But there are those responsible for killing him—the national government and the regional government helped kill this man. The citizens are at their limit.”
…
Wow… reminds me of a clip from “All in the Family” where the liberal daughter is complaining about how many people are killed by hand guns, and the father snaps back, “Would it make you feel better if they was pushed out of winda’s?”
But bigger government and more taxes will SOLVE ALL our problems.
Just ask any progressive/socialist/democrat…
+1 2b!
But bigger government and more taxes will SOLVE ALL our problems.
Oh please, no one here is saying that. But as a “conservative” you know we have to balance the budget. Do you really believe we do that just by cutting? If not, that can only mean one thing: more taxes.
As a “conservative,” 2b must know that if we get another Republican in the WH, the fiscal picture is likely to further deteriorate, just as it did when Reagan was in the WH.
“As a “conservative,” 2b must know that if we get another Republican in the WH, the fiscal picture is likely to further deteriorate, just as it did when Reagan was in the WH.”
Obama has increased the debt more in 3 years than eeeeevil Reagan, eeeevil Bush 1 and eeeevil Bush 2 COMBINED. Obama had 3 years, the past 3 eeeevil ReTHUGLIKKANS combined had 20 years. And the $1T+ cost for Obamacare hasn’t even kicked in yet
But you’re right, 4 more years of Obama is exactly what we need for fiscal sanity.
Obama had to do what he could to offset the pernicious effects of the BUSH RECESSION.
2bs don’t want all the cuts either. They don’t want to touch their precious military. It’s all politics for the repubs.
Although I find the argument “cutting some and raising some taxes” at the same time, kind of stupid.
See my comments in above post about living well below one’s means. Europeans especially (maybe because they are more often city dwellers? Or possibley the memories theirs or parents, or grandparents’ of the deprevation of the war years?) like to live very well on a material level.
How can someone think of starting a family and not have some cushion? You can bet they have all kinds of nice things.
How can someone be 63 years old and have to committ suicide cause of money? Just don’t get why people place so much into things.
P.S. Feel sorry for these people and don’t intend to sound mean /callous. But people need to live within their means and not fall for advertising or get hooked on image or however you want to articulate it.
One might hope the spotlight of national scrutiny could help the LDS church to adapt itself to become more mainstream.
Mormon Church Scrambles in Romney Spotlight
Jun 18, 2012 1:00 AM EDT
How the Mormon church is handling the media frenzy.
If you thought Team Obama was having a rough time figuring out how best to handle Mitt Romney’s presidential run, consider the plight of the poor Latter-day Saints.
Despite the growth and gradual mainstreaming of Mormonism in recent years, the church is still regarded by many as disconcertingly exotic. Now, with the very real possibility that one of its own could wind up in the Oval Office, the LDS finds itself scrambling to adjust to life in the global spotlight.
The church’s public-affairs office in Salt Lake City is ground zero for the chaos. Michael Otterson, the LDS’s chief spokesman, says he and his colleagues’ lives have been “consumed” by media inquiries. Extra staff has been hired. Reporters tag along with churchgoers to services and invade their homes for Monday family evenings. But even with these reinforcements, he says, non-election-related outreach efforts are dwindling, and staffers constantly joke about who’s getting the least sleep.
On June 18, Otterson will be in Washington, D.C., for a luncheon with many of the nation’s top political journalists to discuss, as the event’s title puts it, “The Promise and Peril of the Mormon Moment.” It is the sort of outreach the church is doing, as the campaign rolls along, to demystify the faith, says Otterson. “You only get to understanding if you have conversations.”
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I think this is the moment the LDS church has been living for.
I thought the LDS church was living for the return of Jesus?
They are a missionary (i.e growth) organization. Being in the spotlight gives them a bigger audience.
“I thought the LDS church was living for the return of Jesus?”
Not until everyone is LDS.
“Not until…”
Not necessary, as anyone can convert to LDS in the afterlife.
Can that theoretically happen after the second coming? I recall that an LDS friend told me that it would be too late then.
I’m willing to risk the slim chance the 2nd coming happens between my death and rebirth as a Mormon to find out.
It is funny how no one (cough - the LEFT and the MSM) cared when we had our first mormon senate majority leader (Harry Reid)…
a) Most people have no idea who the Senate Majority Leader is or what his job is.
b) Mormons have been in the US Senate since the state was admitted to the union.
c) Senate Majority Leaders do not have to campaign outside of their own state.
Senate Majority Leaders do not live in bubbles within their states, they have a profound and demonstrable effect on every citizen of the country. I would disagree that most people don’t know who he is, most people I know are well versed on the top spots in both parties, Reid, Pelosi, Boehner, etc. The poster had a legitimate point, one of the top positions in our government has been filled by a Mormon, and no discussion of his religion occured.
Or our first Mormon Federal Reserve chairman…(of course, those guys weren’t exactly rock stars before Greenie’s term in office).
One might hope the spotlight of national scrutiny could help the LDS church to adapt itself to become more mainstream.
Why would you hope that the Morman church becomes more mainstream?
They want to appear more mainstream (and leave the polygamy issue further behind) because it makes their missionary work easier.
The polygamy issue is ancient history. I believe going there would be a mistake for Dumbocrat party operatives, though I won’t be surprised if they do so anyway.
The polygamy issue is ancient history.
Yes and no. True, the LDS changed their stance on polygamy (so Utah could become a state, or so I am told) and that was a long time ago. But in many people’s minds polygamy is still synonymous with LDS.
I will give the LDS credit, for being a tiny minority of the populace (under 2% of the overall US population) they sure have a lot of political power.
“But in many people’s minds polygamy is still synonymous with LDS.”
Stoopid is as stoopid thinks.
It would make my wife and the other Mormons in my circle a lot easier to live with if they were slightly more mainstream (e.g. not closet anti-gay).
“Closet anti-gay?”
I thought Mormons were much more “out” about their being anti-gay.
Or at least, so I have been led to believe by one or two gay folks who left the LDS church because of the way they were treated.
Mormonism will be an election issue by the end of summer.
I am sticking with my prediction.
I certainly hope so. Willful, persistent belief in the irrational is the very definition of insanity.
(Which just goes to show us once again that a Harvard education isn’t all it’s cracked up to be.)
True Dat!
“Willful, persistent belief in the irrational is the very definition of insanity.”
Well then maybe we should make ‘In God we trust’ a campaign issue while we are at it?
There’s a sure winner….
This is Murka, remember?
ahansen, etal,
with all due respects, what one considers irrational varies widely.
Some think that in the beginning there was nothing and then nothing magically exploded (For no reason at all), creating a mass of expanding stuff everywhere.
Then, (for no reason at all) a bunch of the expanding stuff magically started to rearrange itself, becoming stars, planets, asteroids, etc.
Then, (for no reason at all) a bunch of the expanding stuff started to rearrange itself into living things, which led to amoeba, molecules, germs, insects, fish, animals and then people.
IMO opinion, it’s more rational to think that an intelligent being, yes, God, caused all of these things to magically occur rather than to think that all of this stuff just happened “just because”.
We all have different beliefs. I believe that God created this world and I believe that He wants to know every last one of you better. That’s all.
With all do respect… Any high school student should be able to lay out the basic theories around the areas you mention. The need for a supernatural cause isn’t in any stretch of the imagination the most rational, but for the sake of argument let’s say everything was created by this “Grand Olde Deity” (GOD for short) on what do you profess to base you belief that such a being wants to know us personally?
Lippy-
The fact that you’ve a tenuous grasp on cosmological theory doesn’t negate the science. On the other hand, comparative theology is goofy from the get-go and only gets goofier as one attempts to reconcile it with rational thought.
But then, I believe the universe is controlled by a giant blueberry Muffin who cares for me personally. Muffin says it, I believe it, that settles it….
“IMO opinion, it’s more rational to think that an intelligent being, yes, God, caused all of these things to magically occur rather than to think that all of this stuff just happened “just because”.”
Science doesn’t claim to know what kicked it off, but it does accept an omnipotent god as one of the many possibilities. And science does not try to convince us that something happens “just because”. That would be the opposite of science. Scientists do not claim to know how this “stuff just happened.” They throw out theories and test them. If they do make such a claim, they are guilty of arrogance and of doing a bad job. But until then….
AHanson, we are in trouble, because I ate that blueberry muffin on Thursday morning (from Starbucks)
Then God dwells within you.
Certainly if there were a god in the universe, the real estate bubble would never have occurred.
You could be right. Obama and the Dem’s will be that desperate. When I say desperate I mean they will really realize the trouble they’re in. Politics is such a fun/interesting/depressing spectator sport I don’t think poking some fun at the Mormon church is off limits. Most voters I think tune out that stuff and vote their pocketbooks.
I see it more as a pragmatic issue than one of desperation. Why wouldn’t a candidate for the presidency do their best to expose any issue they believe will be important to the voters?
What I regard as a sign of desperation is the plethora of made-up issues the Rebumblicats cook up to attack Obama.
War on Women nonsenseWar on Bain Capital nonsenseWar on Mormons. Yeah that’s the ticket.
I second you; they don’t have to overplay their hand on this, either, as simply revealing factual information about the LDS church will be sufficient to freak out mainstream America.
My personal view is that looking at any other strain of Christianity through the same lens would have a similar effect on those who were never indoctrinated, but most Americans are indoctrinated in some flavor of Christianity.
I wonder, does Romney hand over 10% of his income to the LDS church?
My guess is he does and 90% of his charitable contributions are to LDS church and tax deducted for sure.
I can answer that one.
Yes.
The only problem Dems have is the church of Reverend Wright. It will come out. They have bought Reverend’s silence so far, but the Romneites will do all they can do provoke him if Mormonism becomes an issue. He will explode I will guarantee it.
It’s not a God Bless America, it’s God Damn America!
Mormons are racists and they have six wives
Oh, man I am so excited for the summer blockbuster.
Didn’t the Fed’s recent survey results suggest this “prediction” is already history, in that median U.S. net worth is back to 1992 levels? Then again, I often point out that the most reliable “predictions” foretell what has already happened but is not yet widely known.
Faber: ‘Massive Wealth Destruction’ Coming, Well-to-Do ‘May Lose 50%’
Tuesday, 27 Mar 2012 01:12 PM
By Newsmax Wires
The critical question over the next decade isn’t “where will my returns be highest?” but “where will I lose the least money?”
That, according to economist and investor Marc Faber, is the scenario facing investors today.
As the author of the Gloom, Boom, and Doom Report, Marc Faber is a well-known contrarian, earning celebrity status because of his ominous predictions.
So his pessimism during a recent appearance on CNBC wasn’t surprising for a man whose nickname is “Doctor Doom.” What was surprising was the level of “wealth destruction” he sees in the not-too-distant future.
Faber stated, “I think somewhere down the line we will have a massive wealth destruction. That usually happens either through very high inflation or through social unrest or through war or credit-market collapse.”
“I would say that well-to-do people may lose up to 50 percent of their total wealth.”
…
The massive loss in wealth was based on “median” households. Faber is saying it is about to hit Richy Rich too.
“I would say that the well-to-do people may lose up to 50 percent of their total wealth.”
What The Great Expansion did giveth The Great Contraction will taketh away - as in poof.
Massive krill death can really be a bitch if you are a whale.
I’m looking forward to whale die-off, as I hear that whale road kill can be good eatin’.
They’ll still own everything. Maybe their balance sheets will take a hit, but they’ll still collect the rent.
“Maybe their balance sheets will take a hit but they’ll still collect the rent.”
From whom?
From a lot of the same people they collect from now, though perhaps a lot less of it.
I think Colorado has an interesting point, though. There was a lot of building in NYC done during the great depression. The families with huge wealth recognized that labor and inputs were on sale. Not enough of it happened to get us out of the hole, but the stuff they built became a source of even greater sustained wealth later on. I don’t know if that works with public companies. They are sitting on huge amounts of cash. If they are waiting for the next leg down to do something with it, then I probably agree with them. But if the are truly waiting for a huge jump in demand so that they can turn spending into instant profit for next quarter (not thinking long term) then we are in a heck of a lot of trouble.
“… though perhaps a lot less of it.”
Which makes my point. The One Percenters feed off of what the Ninety-Nine Percenters earn and send to them. If the Ninety-Niners stop earning then they will have to stop sending.
They will still have all the marbles. That some billionaire might lost 50-75% of his net worth doesn’t change the fact that he is still insanely rich.
Also consider that the richest man in the world (Carlos Slim Helu) made his fortune in 3rd world Mexico.
The 1%ers will lose 50% of their net worth
The wretched refuse 99%ers will lose 90% of theirs in the same time frame.
Net result…….the 1% get further ahead. Reversion to the “1000 year mean”
From whom?
The landlords collect the rent even in the poorest 3rd world countries and they have all the marbles,
Hmmm Me thinks dollars will become more vaulable.
Juxtaposed to the gloom and doom is this from the LA Times about the 5.6 million job shortage in health care in the U.S.A. this decade:
http://tinyurl.com/74j6f92
Then there is this about the top six careers for nerds (note computer programming has been huge since the early 1980s):
http://tinyurl.com/7dwnjbl
All of these “shortage” stories are propaganda.
The y have been forecasting shortages of aviation maintenance techs for 30 years. Yet pay levels are falling.
I recommend prunes.
Same story for mathematicians, computer programmers and engineers…they aren’t running out of any of them just yet in China or India.
So long as Megabank, Inc remains too-big-to-fail, with plenty of friends in the White House and Congress making sure their “privatize profits, socialize losses” business model remains forever viable, what do the megabanksters have to fear?
Investment Banking
June 22, 2012, 8:11 pm
A Sober New Reality in Credit Downgrades for Banks
By PETER EAVIS
Moody’s downgraded 15 big banks, noting the changing nature of their Wall Street operations.
Mark Lennihan/Associated Press
When a consumer’s credit score drops, it is hard to recover financially. Wall Street firms could face the same fate.
Goldman Sachs, Morgan Stanley, JPMorgan Chase, Bank of America and Citigroup all suffered credit ratings cuts on Thursday. The rating agency Moody’s Investors Service said that, even though these banks had moved to strengthen their operations, their core trading businesses contained structural weaknesses.
In other words, the downgrades reflect the new sober era for Wall Street.
Since Moody’s put the banks on warning in February, the firms have had time to brace themselves and the immediate impact of the cuts is not likely to be drastic. But banking industry analysts say they think Moody’s actions will cause lasting pain.
“It will make life more difficult for the banks over the long run,” said Andrew Ang, a professor of business at Columbia Business School. “The effect of ratings is pervasive.”
Ratings at Bank of America, which owns Merrill Lynch, and Citigroup, which has a large investment bank, were cut to Baa2. At that level, their creditworthiness is at the lower end of the investment grade, just two levels above junk. Morgan Stanley was downgraded to Baa1, three notches above junk, and Goldman was reduced to A3, four notches above junk.
In many ways, those cuts echo investor sentiment about banks with large Wall Street operations. The stocks of Goldman, Morgan Stanley and similar firms trade at valuations that are depressed by historical standards, an indication that investors harbor deep doubts about the industry’s long-term prospects.
…
Graphic Graphic: Taken Down a Notch or Two
Moody’s didn’t downgrade WellsFargo. Hmmm……
I’m thinking this opinion ignores the likely resurrection of the Sherman Antitrust, or similar anti-monopoly law, to break up Megabank, Inc before they finish the process they have already begun of destroying the American economy.
This is just my own conjecture.
Surviving the investment bank “killing zone”: Renaissance
Renaissance Capital’s Chief Executive Officer Stephen Jennings attends a news conference on prospects of investment in Africa, in Lagos May 18, 2011. REUTERS/Akintunde Akinleye
Related News
By Megan Davies
ST PETERSBURG, Russia | Sat Jun 23, 2012 4:54am EDT
(Reuters) - Investment banking faces a shakeout and only large commercial players and boutiques offering outstanding service will survive and prosper, the head of emerging markets banking specialist Renaissance Group told Reuters.
Investment banks are undergoing wrenching change as weak financial markets force companies to pull back on raising capital and striking deals, cutting the flow of fee income that had formed the lifeblood of the business.
“The industry will end up with a barbell of a small number of these enormous, essentially commercial banks, which have investment banking operations,” said Stephen Jennings, chief executive of Russian group Renaissance.
“On the other end, you will have much smaller, more entrepreneurial, primarily private businesses, and the accent will be on relationships, reliability, high levels of service, entrepreneurialism, which harks back to an earlier era.
“The killing zone will be in the middle.”
…
“… cutting the flow of fee income that had formed the lifeblood of the business.”
“fee income” used to be treated as “free income” … but not so much anymore. Oh, the pain.
Just wait until the truth comes out. It is going to blow away the West.
Of course, a similar outcome may await America at the point when extend-and-pretend accounting practices make contact with the brick wall of reality. Such is the destiny which springs from a tangled web of accounting lies.
Chinese Data Mask Depth of Slowdown, Executives Say
Gilles Sabrie for The New York Times
Coal stockpiled at Qinhuangdao port, one of the largest coal storage areas in China, reached 9.5 million tons this month.
By KEITH BRADSHER
Published: June 22, 2012
HONG KONG — As the Chinese economy continues to sputter, prominent corporate executives in China and Western economists say there is evidence that local and provincial officials are falsifying economic statistics to disguise the true depth of the troubles.
Record-setting mountains of excess coal have accumulated at the country’s biggest storage areas because power plants are burning less coal in the face of tumbling electricity demand. But local and provincial government officials have forced plant managers not to report to Beijing the full extent of the slowdown, power sector executives said.
Electricity production and consumption have been considered a telltale sign of a wide variety of economic activity. They are widely viewed by foreign investors and even some Chinese officials as the gold standard for measuring what is really happening in the country’s economy, because the gathering and reporting of data in China is not considered as reliable as it is in many countries.
Indeed, officials in some cities and provinces are also overstating economic output, corporate revenue, corporate profits and tax receipts, the corporate executives and economists said. The officials do so by urging businesses to keep separate sets of books, showing improving business results and tax payments that do not exist.
…
I don’t get the brew-ha-ha over Fast and Furious. All the guns sold were legal to sell, yes? Had the drug cartels not bought from the FBI, they could have bought them somewhere else, right?
I find it odd that the party of “keep all guns legal” is suddenly all upset by legal gun sales.
Other than the obvious political hey based on people being too stupid to look beyond step 1 of a situation, what is the big deal.
1) Government sold guns that were used to kill people.
Ohs nos… the death would not have occurred had the govt not sold the gun. WRONG!
0) Criminals wanted guns and went looking to buy them.
1) Government sold them guns that were perfectly legal to buy at any hundreds of thousands of locations in the USA.
2) Had the government not sold the criminals the guns, they would have easily bought them somewhere else.
3) Criminals do what criminals do, and break the law. People still dead whether it was the govt. or a private party that sold the criminals the guns.
So, again… what is the point of all of this brew-ha-ha?
The “brouhaha” is this:
1) Revise and monumentally expand previously terminated Bush era policy. On a massive scale, entice (coerce) gun dealers to channel supposedly traceable weapons to the Mexican underworld.
2) Accumulate data which shows that weapons that appear in Mexico are traceable to US gun dealers.
3) Raise US public anger to fever pitch with such exposure using the power of in-the-tank liberal MSM.
4) Using then Democratic majorities in Congress, push through liberal dream gun control legislation. Strike quick while iron is hot.
5) When Republicans regain House in November 2010, pull the plug on the program so maybe nobody will know.
6) Start coverup
3) Raise US public anger to fever pitch with such exposure using the power of in-the-tank liberal MSM.
HAHAHAHAHAHAHAHAHAH#!!!HAHAHAHA!!!
Seriously you think the US public gives a rats a## about what’s going on in Mexico.
Seriously you think the Dems are going to overturn gun laws. Let’s take a look at what our good president has done since taking office all in the attempt to keep the gun nuts from foaming at the mouth.
1. He passed a law allowing guns in national parks.
2. # of laws passed by Obama or proposed by Obama to restrict gun ownership = zero
It really F’n amazes me how they can control Republicans with the propaganda. You see it on every board the same message about how Obama is going to take their guns away. Not one considering that this is being used by the gun makers ammo makers to make cash and by Republicans to get votes. Where is the F’n evidence.
This one made me laugh the loudest
“Using then Democratic majorities in Congress, push through liberal dream gun control legislation. Strike quick while iron is hot.”
Quick question Hi-Z, isn’t the House Majority Leader Eric Cantor? Isn’t he a Republican??
You are a puppet that they turn on and off, it’s f’n amazing.
There are all kinds of real things to bash Obama about but the GOP points the ditto head contingent at this because they are also guilty like Obama being bought and paid for by big money. Watch the brown nosing during the so called grilling of Jamie Dimon by Congress if you don’t believe me.
Thank you again, measton. There are plenty of things this administration has and has not done that might merit a Republican freakout, but this particular line of “reasoning” is just inane.
“You are a puppet that they turn on and off, it’s f’n amazing.”
You exhibit the typical reponse of a dedicated liberal who discards any opinion or view that does not coincide with theirs; attack personally and with expletives. Of course I realize that you believe that your opinions are based on the way, truth, and light; after all you are an enlightened liberal with all the true answers.
Keep in mind there are a significant number of us out here who do not share your (and the liberal) view of the world and politics. We are not puppets, idiots, morons or “the elite”. We are conservatives and we are not going away no matter how much you wish. I hesitate to post at all on this blog as it has a decidely left spin and I always get responses such as yours to any conservative viewpoint.
BTW, during the span of F&F (2009-2010), the Democrats controlled both House and Senate. If you paid attention to details instead of ranting, you would note F&F was started in 2009 and ended in late 2010 by Holder except wait,,,. he says he didn’t even know about F&F until spring 2011. But he wants credit for stopping it, how can that be? I also believe this F&F exercise was the brainchild of Holder and crew rather than Obama. Holder is the one who espouses radical gun control religion.
Before you go ranting, the previous Gunrunner operation was ended by Bush in 2007. That similar program was executed with the full knowledge and cooperation of the Mexican government and the guns had tracers embedded so they could actually be tracked. Neither of these two conditions existed uner F&F. There were over 1400 arrests made under Gunrunner.
“So, again… what is the point of all of this brew-ha-ha?”
This reminds me of people who said after the passing of the patriot act “Well I have nothing to hide!”.
If I have to explain it, you’ll never understand.
Sigh
Since I’m not privy to the inner workings of the DoJ, I can only surmise, but suspect that the stonewalling has something to do with protecting “sources” and behind-the-scenes arrangements Mexican politicians and rival er, bigwigs
Given the monstrous corruption of Mexico’s internal security apparatus, it’s only possible to catch one criminal group in the act by pitting another criminal group against them. Then there are the ruling families who don’t take kindly to internal “meddling” of any sort. So while I don’t excuse the ineptitude of the ATF (and that’s being charitable) I also understand the need for a certain discretion in revealing the slimy details of the program.
Since when has the death of one soldier in the course of battle been a cause for right-wing umbrage? The US armed Iraqis (via Iran) throughout the Gulf War and nobody gave a peep. It’s election season, and Issa finally has his little piece of gristle to gnaw for the cameras. When SCOTUS rules next week, the House vote on this kerfuffle will be lost in the news cycle.
0) Criminals wanted guns and went looking to buy them.
And criminals will always do that. Why gun control only affects the law abiding.
1) Government sold them guns that were perfectly legal to buy at any hundreds of thousands of locations in the USA.
No - it is illegal for foreigners to buy guns in America. It is illegal for strawman purchases. It is illegal to sell guns to criminals. Etc.
Why does the obama administration think it can ignore the LAWS they are supposed to ENFORCE that if you or I broke we would be looking at DECADES in jail?
2) Had the government not sold the criminals the guns, they would have easily bought them somewhere else.
Maybe and maybe not. No way to tell or prove. How about this. If the government ENFORCED its own laws many of these criminals would be in JAIL. And over 650 of these guns were AK-47s. Selling AK-47s to known criminals????
3) Criminals do what criminals do, and break the law. People still dead whether it was the govt. or a private party that sold the criminals the guns.
And government is supposed to GO AFTER criminals NOT help them break the law. And certainly NOT ARM THEM.
So, again… what is the point of all of this brew-ha-ha?
If is it such a “no big deal” why does Holder and Obama “furiously” try to block all investigations and stonewall? Why?
Over 200 mexican nationals dead directly linked to these guns. One Border Agent dead directly linked to these guns. Why do you not care about these people but will cry for Treyvon Martin for weeks?
You have so drunk the obama kool-aid that you can’t even see the bodies of over 200 dead. Step away and detox somewhere. Really,
You NRA types are trying to create a gun control conspiracy, when it is just a simple story of rank stupidity.
Drug cartels have enough money to get guns no matter what. The US gun dealers just make it cheaper and convenient. And call me Socialist, but putting dealers in jail when they sell a bunch of guns that end up in Mexico sounds like a good idea.
My brother is a Border Patrol officer in San Diego. Yeah, Id be pizzed if he was shot by a gun the ATF was tracking. But I woild be more pizzed at the gun dealer who sold it. Especially if it was one gun in a multi gun buy.
The reality is, hes not too concerned; as far as the cartels are concerned, shooting BP agents is “bad for business”
Quick question for those casting stones.
Which has lead to more deaths of American Cops and border patrol agents and American citizens
1. Fast and the Furious
2. No waiting period for hand guns.
3. No restrictions on how many high powered rifles one buyer can purchase at one time.
4. Gun show loop holes.
Get back to us quickly with the answer
Biking through China’s countryside-
http://youtu.be/39nMp5Sc0qs
This is about an 8 minute video by two western bike riders. I found it interesting. The Chinese housing bubble images appear around the 6:15 minute mark.
Just wow.
You can hear the numbers that there are over 60 million empty housing units and realize that is half as many housing units as in the entire USA. But to see it… yikes.
What % of the population is currently employed building housing units that they could never afford on their salary?
We talk about the lay offs in the electronics factories when the west stops buying. What about the lay offs in construction when they stop building 10s of million of housing units that no one can afford?
Good thing they have another 30 years before having to worry about the MASSIVE population decline that will kick in once the largest generation, born in the 1970s die off. By 2040, they are expecting 120 million deaths a year, being replaced by newly minted 20-year-olds that will be born over the next decade at about 65 million a year.
In the 20 years between 2035-2055 they could see a population decline of 30%.
Even if they lift the 1-child policy now, the population of China will peak within 10-15 years and they are looking at a 50% population decline in the lifetime of today’s young adults.
I think you miss understand Chinese demographics, there will be no massive population decline, merely a slowing in population growth.
The UN is predicting continued increase. Even the most pessimistic forecasts show no real decrease until 2050.
Life expectancy is the wildcard.
Oh, there’s more than enough people to fill all those apartments. They just can’t afford them, and they never will be able to afford them. I guess that’s the price you pay to be “the world’s factory”.
Oh, there’s more than enough people to fill all those apartments. They just can’t afford them, and they never will be able to afford them.
Gee, that sounds kind of familiar…
Only because the housing bubble has not popped in these areas (yet).
Northern New Jersey
Long Island, New York
California
Seattle
Honolulu
———————————
5 Housing Markets Where Renting Beats Owning
By AnnaMaria Andriotis
http://blogs.smartmoney.com/advice/2012/06/21/5-housing-markets-where-renting-beats-owning/
In theory, plummeting home prices and record-low interest rates should make buying a home cheaper than renting one. But experts say in some parts of the country, it still pays to be a tenant.
Despite the incentives to buy now — namely that average rates on a 30-year mortgages are now 3.7% — sales of single-family existing homes slipped 1.5% in May from a month earlier, according to data released today by the National Association of Realtors. Experts say the drop, which came during the historically busy spring season, suggests the housing market has a way to go to recover. If anything, the ranks of American homeowners are dwindling. The homeownership rate in the U.S. fell slightly from 66% to 65% during the first quarter of 2012 — the lowest in 15 years, according to the latest data by the U.S. Census. (It peaked at just over 69% in 2004.)
Renters, meanwhile, have more inventory to choose from as owners who are unable to sell their homes often have no choice but to find tenants, says Dan McCue, research manager at Harvard University’s Joint Center for Housing Studies. The number of single-family homes for rent or being rented grew by two million units from 2006 to 2010, according to a JCHS report released this month, and McCue says the number has likely grown since then. “One third of all rentals are single-family homes,” he says.
On the national level, it is cheaper to buy than rent, according to a March 2012 report by Deutsche Bank – even after taking into account the down payment and property taxes. But in some areas, including California and the Northeast, renting remains more affordable than buying. The report identified 13 cities where renting costs less than the after-tax mortgage payment (that’s the mortgage expenses the owner incurs, along with the mortgage interest deduction they get come tax season).
To be sure, as rents continue to rise, the savings associated with renting could be wiped away: Asking rents are up 2% year over year nationally, and they’re expected to rise 4% this year, according to Reis, which tracks rental-performance data.
First there was this
West Virginia’s top three Democrats will not attend their party’s national convention in September, the West Virginia Democratic Party said Monday. U.S. Sen. Joe Manchin, Gov. Earl Ray Tomblin and U.S. Rep. Nick Rahall do not plan to help pick President Barack Obama as their party’s nominee. Each man is a super-delegate to the national nominating convention by virtue of their elected office.on the party confab.
Then there was this
U.S. Rep. Mark Critz said Tuesday he will skip the Democratic National Convention in favor of campaigning in Pennsylvania, much like top elected Democrats in neighboring West Virginia who are disgruntled with President Barack Obama.
And today we get this
Rep. Jim Matheson (D-Utah) will skip the Democratic National Convention, making him the latest in a string of conservative Democrats to take a pass on the party confab.
At this rate, by the time the Democrat Party convention takes place, it will be Barry, Michelle, Hillary and Michael Moore in attendance.
Their loss.
Why would you want to miss a couple of days of parties, good food and good music? Plain idiots.
They are even opening the liquor stores on Sunday for the convention.
“At this rate, by the time the Democrat Party convention takes place, it will be Barry, Michelle, Hillary and Michael Moore in attendance.”
That is 5 people. Over how many days? Looks like a week, though the WV could be a lot earlier. So lets say one person a day. When is the convention? August, right? It is the end of June. So we are talking about 50 more days or so?
Why not just highlight that some conservative Democrats decided that their own campaigns would be better served by staying in their own districts than attending the convention? At least that would be honest. What you actually said is stupid and untrue. I appreciate you making yourself look more foolish, because it is momentarily amusing, but why do you do it? There is an analysis in there that is actually interesting and serves your cause, but you don’t point it out at all in favor of garbage.
Dumb, dumb, dumb, dumb.
Polly need to take it so literally. He was just pointing how toxic Obama has become. I found it very interesting.
Polly,
You can’t be serious with that comment. WOW! If you are. Just WOW!
Germans give Greeks the boot
Greeks exit Euro
Funny.
I have to wonder how long the hard working Germans are gonna keep giving the Greeks another chance.
It has to end, no?
I can’t wait to see the look on their faces when they kick the PIIGS to the curb and become unemployed Germans.
The joys of out sourcing
On the fourth day of a IT systems choke-up that has left customers unable to access money and in some cases unable to buy food or travel, Natwest and RBS – which both belong to the RBS group – still have no idea when the issues will be fixed.
http://www.theregister.co.uk/2012/06/22/rbs_natwest_outage_fourth_day/
Stephen Hester promised “no one will be left permanently out of pocket” after a software failure which has left customers unable to access money.
So bad is the shambles that banks are opening all weekend to deal with people caught up in it.
They include small businesses who have been unable to pay their staff and people moving house who have been told money has not come into the sellers’ accounts, and some even been left homeless as a result.
http://www.telegraph.co.uk/finance/personalfinance/consumertips/banking/9351421/Stephen-Hester-apologises-to-NatWest-and-RBS-customers-over-computer-fiasco.html
The comments on the register are a geek feast
Ive been getting recurrent training in budgeting the past few months.
Formerly, I would research and develop a reasonable budget, then submit it for approval and review.
The new method seems to be:
Transmit vague, worst case scenario to vendors for RFQ/RFP/”budgetary cost estimates”
Vendors, lacking details, assume “worst case scenario” on every line item, and transmit inflated bids/estimates to make sure all contingencies are covered
Perform what used to be step 1, research project and develop refined bid package.
Submit refined package for quotes, which come in significantly lower than the initial round.
At next performance appraisal, show company how much you “saved”.
Company, ever so grateful, decides you are a “superior performer”, and boost your pay/bonus.
Just finished step 4. Will let U know how step 5 turns our.
“Will let U know how step 5 turns our”
Only a 7% increase in health care compared to the original proposal of 15%.
http://www.boattrader.com/listing/2006-Catamaran-Cruisers-44-Ft-Vagabond-101740070
I’m considering the Blue Plan. Plenty of places to tie up in Pinellas County. Blue, could I make it up the coast (intracoastal) in this thing? I’ve read mixed reviews online (mostly if you avoid rough seas). Maybe a trawler?
It would be cool to ride out the bubble in this thing… take it up to the Finger Lakes every summer.
I just remembered I have a wife and two kids. Damn.
Just enjoy the company and get over it.