July 11, 2012

Bits Bucket for July 11, 2012

Post off-topic ideas, links, and Craigslist finds here.




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370 Comments »

Comment by Realtors Are Liars®
2012-07-11 03:34:48

Realtors Are Liars

Comment by Arizona Slim
2012-07-11 07:40:49

Whew! Thanks for reminding me. I almost forgot.

Comment by frankie
2012-07-11 12:46:51

If you forget, drop me a line and I’ll sell you an house.

 
Comment by Roy G Biv
2012-07-11 18:09:26

You know your grammar !! [Not everyone realizes that "an" is used before a word starting with "H"]

Comment by ahansen
2012-07-11 21:52:28

Grammar Nazi says:

Only when the “h” isn’t pronounced. As in, “An honest man an hour.” “A helicopter and a hanger.”

Now, “herbal”? That’s up for grabs depending upon whether you’re Cockney or not.

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Comment by Carl Morris
2012-07-12 08:06:37

Thank you. It drives me crazy when people put “an” before everything that starts with an “h” and then look down on anyone who doesn’t like they’re hicks or something.

 
 
 
 
Comment by Jerry
2012-07-11 09:19:10

Bankers are shameless with their Wall St. partners all doing” their things” while the Washington gang looks on and could care less if any fraud or laws are broken. The sheep, {American public} watches tv and cannot understand what is happening to their standard of living as the big ship has hit the iceberg and is sinking fast while the music is playing.

Comment by BetterRenter
2012-07-11 14:56:17

I dunno about you, but if you look around carefully, you’ll see a few people like me, busy at the lifeboats, making sure we survive. You might follow our lead: Reduce or repudiate debt to zero; stock food, weapons, equipment; increase ability to grow food; increase energy efficiency. I spent less than $180 on heat last winter, and it was a bad winter, comparatively. I live around 40 degrees N on the GPS, Great Lakes region, to give you some idea on how much of a feat that is.

 
 
 
Comment by goon squad
2012-07-11 03:42:51

File this one under That’s Racist®

From the WSJ - Tattoo Checks Trip Up Visas
Body Art Associated With Gang Symbols Derails Some Immigrants’ Green Cards

“In recent years, immigration attorneys say, concern about foreign gangs entering the U.S. has prompted Washington to delay or deny green cards, or legal permanent residency, to some applicants with tattoos.

The presence of tattoos isn’t enough to deny an application, according to a spokeswoman for the State Department’s Bureau of Consular Affairs. She said “more attention has been paid to tattoos as indicators of a gang affiliation during the visa process” as law enforcement has better understood the relationship between “certain tattoos” and gangs. The department doesn’t comment on individual cases, she said.”

http://online.wsj.com/article/SB10001424052702303933404577505192265987100.html?mod=WSJ_hpp_MIDDLENexttoWhatsNewsFifth

Comment by Lip
2012-07-11 05:46:02

Descrimination = Looking at the facts and making judgements.

It has nothing to do with race. We don’t want criminals immigrating into the US.

Do you really have problems with that?

Comment by Al
2012-07-11 05:56:06

That’s so true Lip. The word ‘descrimination’ has lost it’s original meaning. When I go car shoping, I descriminate against gas guzzlers. Nothing wrong with that.

I’m pretty sure Goon Squad was using ‘That’s Racist’ to predict how some will turn this fact based descrimination into a witch hunt.

Comment by Cantankerous Intellectual Bomb Thrower©
2012-07-11 06:03:37

The only kind of “discrimination” that is OK creates special privileges for Democrats’ protected classes (minorities, LGBTs, women, etc).

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Comment by palmetto
2012-07-11 06:13:06

I’d settle for equal under the law. I thought that’s what we had, (yeah, yeah, I know, in theory not always in practice)

 
Comment by Cantankerous Intellectual Bomb Thrower©
2012-07-11 06:24:59

Palmy — I’m with you, bro’. Leave it to the gubmint to take a great concept (equal protection) and turn it back into what it was meant to end (discrimination).

 
Comment by Bill in Carolina
2012-07-11 07:18:34

“All animals are equal, but some animals are more equal than others.”

You got a problem with that, comrade?

 
 
Comment by goon squad
2012-07-11 06:21:39

Make sure to include the ® when using the phrase “That’s Racist®”

P.S. and don’t forget your COEXIST© sticker!

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Comment by zee_in_phx
2012-07-11 12:10:30

Hi Goon,
sorry to bust your bubble but that’s not being racist, but just being extremely arrogant and incompetent at doing the job we expect the Consular office to be doing - notice i am not blaming any individual officer but the way the system is setup. thank goodness his wife is here in the US and he has some recourse by going thru a judicial review process. it will take some time and hardship but he will make it thru.
I have come to respect the views of most of you guys/gals here and expect that you would take the time to read the article without a preconceived notion of this person and instead focus on the actual process he is being run thru. True, the consular has to make a decision based on the facts he has, but absent any criminal conviction they have to approve his application as per the law - making him go thru the judiciary is punitive and an embarrassment to the US.

 
 
Comment by oxide
2012-07-11 04:51:13

Interesting opinion piece from Bloomibergi:

Health Care Will Become a Right, Just Like Water (Alex Marshall)

————-
“The track record over the centuries is that government establishes a higher and higher baseline of essential services for its citizens. This has proved not only good for the people; it has proved beneficial for business, because healthy, educated people make better employers, employees, entrepreneurs and customers.

“A proposal in 1798 for a public water system failed after being undermined by Aaron Burr, the future vice president, and his Manhattan Company.* The city opened its 41-mile Croton Aqueduct in 1842.

” In 1779, while war still raged with the British, Thomas Jefferson, as the governor of Virginia, introduced a plan for bare-bones public education. The bill in the House of Burgesses died without a vote.
… As with health care today, Massachusetts led the way, first passing a public school law in 1827….Mandatory schooling was a separate fight. Massachusetts again took the lead.”

“The arc of history suggests that eventually Americans will accept the right to health care. It appears that the country is continuing its path of two steps forward, one step backward, in establishing a higher bar of essential services for its citizens. Time has shown that this progress is not only good for individuals, but will serve the needs of American business, as well. ”
—————

——————
*”The earliest predecessor of JPMorgan Chase, the Manhattan Company was founded by Aaron Burr in April of [1799]. Burr led a group of prominent New Yorkers, including Alexander Hamilton, in obtaining a charter from the New York State Legislature for a company to supply “pure and wholesome” water to the residents of New York City” — bloomibergi

Comment by palmetto
2012-07-11 05:45:10

“Health Care Will Become a Right, Just Like Water”

So does that mean it will become a utility?

The banksters argue the “service” the provide is a utility. They should be regulated like a utility.

Comment by Carl Morris
2012-07-11 08:40:23

So does that mean it will become a utility?

That would be my preference. I don’t think the inefficiencies of a regulated utility would be any worse than the inefficiencies of the current system that wants to take a large sum of money from me every month but pay for as little as possible.

Comment by anon in dc
2012-07-11 12:01:10

Carl, How about starting an insurance company yourself and pay out more in benefits than the premiums cover? You will soon have a significant market share for the short time your remain in business.

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Comment by Carl Morris
2012-07-11 12:19:40

1. I think there’s a happy medium between screwing your customers and going out of business…might require better regulation to get there, though. At any rate I don’t think it makes sense to tell people who don’t want an insurance-based system that they should start their own insurance company.

2. I think we need to get away from insurance (if we must stay with a for-profit insurance based system) covering things that are sure to happen. It’s inefficient. Let’s insure against the unlikely and unexpected and pay cash for the rest.

 
Comment by Cantankerous Intellectual Bomb Thrower©
2012-07-11 17:46:44

“I think we need to get away from insurance (if we must stay with a for-profit insurance based system) covering things that are sure to happen. It’s inefficient.”

It’s not even insurance, but rather a transfer payment, kind of like welfare.

Put that in your pipe and smoke it, Professor Sloth.

 
 
 
 
Comment by combotechie
2012-07-11 05:50:16

“The arc of histroy shows that eventually Americans will accept the right to health care.”

Many Americans already have a lot of health care rights, they just choose not to exercise them.

Saying no to junk food and yes to exercise will go a long way in maintaining health but these decisions do not seem appeal to these people. They spend most of their lives screwing themselves up then they expect somebody else to fix them.

Comment by Ben Jones
2012-07-11 06:15:15

‘Just Like Water’

That’s interesting, I have to pay for my water. Years ago, I didn’t know anyone that bought bottled water. Now almost everyone does, or uses a filter, at least here in AZ.

True story; I have a family member who was living in Costa Rica a while back. He was involved in an accident and shattered his lower leg. They took him to the surgeons, who put in a plate and a lot of pins, and then off to the hospital to recuperate. Six weeks later they informed him that his leg wasn’t right and they would have to re-break it and start over. He finally got out of that hospital after six months. Walks with a limp to this day.

But it was free!

Comment by Cantankerous Intellectual Bomb Thrower©
2012-07-11 06:27:51

Spot on, Ben. One thing that normally comes with “free shit for everyone” is a large erosion of quality. Another thing is that people who have the means to pay for quality end up funding the crap that everyone gets for free.

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Comment by alpha-sloth
2012-07-11 06:35:08

large erosion of quality.

Funny how those countries with universal coverage have longer life expectancies than we do. And NONE of them seem to want to return to our style system.

 
Comment by alpha-sloth
2012-07-11 06:40:27

“free shit for everyone”

Straw man alert!

 
Comment by Cantankerous Intellectual Bomb Thrower©
2012-07-11 06:46:58

OK, how about “free shit for indigents” then?

 
Comment by alpha-sloth
2012-07-11 07:07:43

“free shit for indigents”

I’m going to guess that you get your health care coverage from what you perceive is a secure, reliable (read: non-free market) provider. If you were buying health insurance for your family from the ‘free market’, you would know how expensive it is, and you might even know that they can drop you for the slightest reason if you suddenly show great need for that coverage.

Wifey got a job with the state? Or the public schools?

 
Comment by Cantankerous Intellectual Bomb Thrower©
2012-07-11 17:47:47

“…you would know how expensive it is,…”

Dude — I can read my pay stub…

 
Comment by Cantankerous Intellectual Bomb Thrower©
2012-07-11 17:49:51

I also have visited a health care provider about four times over the past seven years, so at least some of those costly insurance premiums I pay, not to mention what portion of my tax dollars subsidize the medical industrial complex, are paying for other people’s health care.

Like in a communist country…

 
Comment by alpha-sloth
2012-07-11 19:47:41

portion of my tax dollars subsidize the medical industrial complex, are paying for other people’s health care.

Under Obama/Romney’s plan, you won’t be paying for deadbeats anymore, so you should pay less. Get it?

 
Comment by polly
2012-07-11 20:38:21

Or like insurance. Spreading risk is the very definition of insurance. If you only paid for your own healthcare in years in which you weren’t particularly sick, it wouldn’t be insurance.

 
Comment by Cantankerous Intellectual Bomb Thrower©
2012-07-11 20:58:22

“Spreading risk is the very definition of insurance. If you only paid for your own healthcare in years in which you weren’t particularly sick, it wouldn’t be insurance.”

I suspect if the government does it, it will somehow end up looking more like a transfer program than insurance, like ‘crop insurance’ or Old Age, Survivors and Disability ‘Insurance,’ or too-big-to-fail bailout ‘insurance,’ for instance.

 
 
Comment by UNKNOWN TENANT
2012-07-11 06:31:14

“Health Care Will Become a Right”

“Walks with a limp to this day.”

“But it was free!”

You have the right to limp.

If you cannot afford a limp, one will be provided for you.

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Comment by AmazingRuss
2012-07-11 06:37:42

Sometimes it’s hard to make a leg out of meat and bone fragments.

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Comment by Cantankerous Intellectual Bomb Thrower©
2012-07-11 06:40:35

You have a point; there is no guarantee the surgery would have been successful in the U.S. or anywhere else, given the severity of the injury.

 
Comment by UNKNOWN TENANT
2012-07-11 11:22:30

There is no guarantee you can get away from a gator with both arms either.

Florida Teen Sacrifices Arm to Gator and Jokes Through Pain

By CHRISTINA NG (@ChristinaNg27)
July 10, 2012

A Florida teenager who came face-to-snout with a 10-foot alligator made a split-second choice that likely saved his life, but cost him his arm.

Kaleb Langdale, 17, really showed his courage when he smiled and joked through the pain and loss of his right arm.

Langdale was swimming with his friends in the Caloosahatchee River in Moore Haven, Fla., on Monday when temperatures were hitting triple digits.

“He was swimming with some friends in the river, which they do frequently,” Langdale’s aunt LaDawn Hayes told ABCNews.com. “It’s a very rural community with nowhere in the town for these kids to go. There’s no city pool, so this is the only choice on 100 degree day.”

While the boys were swimming, one friend yelled, “There’s a gator!”

“Kaleb turned around to look [at his friend] and turned back and there was a gator a few feet away coming straight at him,” Hayes said. The alligator was later measured at about 10 feet.

“The gator took the arm. He felt the bones break, felt everything kind of go and made a choice at that point that it was either his arm or his life,” Hayes said. “So he took his feet and pushed as hard as he could push until his arm broke free.”

Langdale swam for the riverbank opposite where his friends were standing, since it was closer, and climbed out on his own. He yelled to his friends that he had lost his arm and told them to call for help.

“He pinched his arm between his legs and waited for paramedics to get there,” Hayes said. “By the time his mom got there, the paramedics just stopped her and said, ‘He’s fine. He’s joking. He’s talking and he’s a trouper, but he’s lost part of his arm.’”

Langdale had lost the lower half of his right arm, below the elbow.

While Langdale was being taken care of in the hospital, authorities managed to track down the alligator.

“We found the alligator that was responsible,” Florida Fish and Wildlife Conservation Commission spokesman Jorge Pino told the Associated Press. “We were able to kill the alligator and dissect the alligator, remove the arm and transport the arm to the hospital to see if the doctors could reattach the limb.”

But by the time the arm got to the hospital, too much time had passed to save it, Hayes said. Langdale underwent surgery to close up his wounds, but not before asking Hayes to snap a photo of him in the trauma unit and post it on Facebook.

“You’re on your pain meds, I’m not going to do that,” Hayes told him. But he insisted, telling her, “Let everyone know I’m okay and I can still drive my airboat. Let them know it was my right arm and not my left.”

http://abcnews.go.com/US/florida-teen-loses-arm-alligator-smiles-jokes-pain/story?id=16747543 - -

 
 
Comment by In Colorado
2012-07-11 07:05:37

But it was free!

Lots of people get botched healthcare in our super expensive, for profit healthcare system. There’s a reason malpractice insurance is super expensive.

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Comment by measton
2012-07-11 07:33:08

That’s interesting, I have to pay for my water. Years ago, I didn’t know anyone that bought bottled water. Now almost everyone does, or uses a filter, at least here in AZ.

1. public water isn’t free, it’s just free of market manipulation. If it was run by GS periodically there would be massive shortages and your monthly water payment would spike 10 fold. See California energy market and ENRON for example. Zero money would be invested in infrastructure so the CEO of the water unit could take home a million a year. See US electrical grid. They would convince the gov that self regulation was in order and you would be drinking all kinds of toxic cr ap.

2. People use bottled water due to marketing and irrational fears, most tap water is better for you, although taste is another thing, Note - NEVER drink tap water in Fort Stockton Texas unless you love the taste of sulfer and rotten eggs.

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Comment by turkey lurkey
2012-07-11 08:34:08

Measton is not exaggerating.

There are companies right now lobbying HARD to make a lot of our municipal water supply a for-profit-operation.

Enron was one. They were working through a shell company called Azurix. Google it.

There are a lot of municipal water supplies that are already semi-for-profit. MUD districts in Texas come to mind, along with serious conflict of interest problems and outright illegal resource management deals being made.

 
Comment by Housing Wizard
2012-07-11 10:32:27

It doesn’t matter what the product is that Government would provide or regulate ,if it isn’t afforable to the majority population ,than it isn’t affordable .If the system is corrupt ,than it isn’t pure clean water .

Why was the Health Care act called the Affordable Health Care Act ? Some say that our Health care system cost 50% more than other Countries ,without better results .

The real truth is that our Health Care system is as corrupt
as murkey and infested with the plauge water would be .

It’s just starting to come out how the Pharma industry bribed the Doctors to push their dangerous drugs . Does anybody even question the merits of giving drugs to treat diaease ,and than give another drug to treat the side effects created by the original drug ?

Does anybody think that the Pharma business is regulated in the true sense of the word . The FDA allows Pharma to conduct their own tests and just submit them to FDA for review . A true objective regulatory agency would conduct their own tests or oversee the testing of the drugs . As a result of this piss-poor regulation on the drug industry we have millions die because dagerous drugs are put on the market .and than taken off the market every 10 years after its discovered that they were shit and damaged and killed people ,but this is after billions are made on the faulty product .

The real truth is when the cash cow of Medicare came into existence , along with employer paid insurance ,it set the stage for profit making industries to get in on that money ,it evolved the point we had a system corrupted by faulty medicine and bribed scientist and Doctors ,just like the financial systems were .

What health care system would endorse spending 100 thousand to drug companies for chemo to simply extend the life of a a stage 5 cancer victim for 5 months ( when they would likely live that timespan anyway or longer absent the chemo drug ) .

What health care system would keep pushing Statin drugs at lower and lower ages by faulty numbers on what a healthy count should be ,while they know by scientific evidence that Statins deplete the Co-enzyme Q-10 supply in the liver ,sitting the stage for heart failure after long term use .

Does anyone wonder why vaccines are pushed today ? The drug Industry doesn’t even have to pay for damage from vaccines because they managed to put that cost on the Government . But the government isn’t thrilled about further investigation into Whistleblower scientists who claim that a big drug company they worked for were
watering down vaccines as a cost saving measure along with being fraudulent about their test results .

I have gone back and looked at Senate hearings from years ago when Doctors/scientists were endorcing drugs to get approval for Medicare funding.So the Drug industry flourished to the point where its one of the biggest profit and biggest price fixing Monopolies in the World .

With the exception of antibiotics to kill infections ,emergency care and fixing broken bones ,the drug approach to mask symptoms ,but never cure the disease ,will be seen 50 years from now as predator medicine that was faulty science for profit medicine .

Having good water and a clean environment and good wholesome food and sleep does more for health and the fighting of infectious disease than any other factor apparently .

So ,my point is that the lawmakers didn’t even address the flaws and corruptions in the Health Care system with the Health Care Bill ,but rather they just addressed how to keep a corruped system going and insure that the public will pay for it .

It’s no different than the way the lawmakers handled the Financial crisis because of who their masters are . The only difference with health care is that the profiteers don’t mind killing people for profit ,where in financial markets they just take your money ( which might result in death if you starve to death however ) Currently health care preventable deaths beat out car accidents as leading causes of death in the United State .

As with the financial markets it will be hard for people to believe that the Masters of the Universe could be this evil . While I am not knocking anything that does consitute
good medicine and life saving medicine,I just ask that you ask yourself why would giving unnatural chemicals that mask symptoms ,but never cure the disease, and sets the stage for greater health problems and greater side effects , be considered viable medicine ?

We were just brainwashed into thinking that this was good medicine . Take a pill for anything that comes up and continue with faulty eating and faulty lifestyles ,and continue to eat crap food that another monopoly food industry crams down our throats ,along with dangerous GMO foods and pestisides . We have strayed to far from nature really ,and with financial systems they are just aberrated casinos.

 
Comment by Arizona Slim
2012-07-11 10:52:30

Does anybody even question the merits of giving drugs to treat disease ,and than give another drug to treat the side effects created by the original drug ?

Slim raises hand: I do! I do!

 
Comment by ahansen
2012-07-11 22:11:39

You might want to ask HIV-AIDS survivors that question.
Or children with pediatric leukemia.
Or folks with non-Hodgkins lymphoma….

Just sayin’.

 
 
Comment by Happy2bHeard
2012-07-11 09:52:45

“Six weeks later they informed him that his leg wasn’t right and they would have to re-break it and start over. He finally got out of that hospital after six months. Walks with a limp to this day. “

And something like this never happens here.

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Comment by Ben Jones
2012-07-11 10:02:24

‘never happens here’

Being in the hospital for 6 months with a broken leg?

 
Comment by turkey lurkey
2012-07-11 11:14:27

While she wasn’t in the hospital for 6 months, my mom did have serious complications for 6 months after having her broken leg operated on, such as infection and a bad first bone set.

Having a nurse come by the house once a week was cheaper than the hospital.

Just last year.

 
 
Comment by howiewowie
2012-07-11 14:50:00

Also a true story. A family member (wife) had to have back surgery a few years back. Total cost. About $20,000. Insurance covered most of it. Still cost us the $2,500 deductible. Well, turns out the incision got infected. So we were back in the hospital a week later for surgery #2 to fix that. Cost: $20,000. Course since we met the deductible already, we only had to pay 10 percent out of pocket. Another $2,000.

The point is just because it costs and arm and a leg, doesn’t mean it’s going to be good.

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Comment by Arizona Slim
2012-07-11 15:20:39

Then there was my mom. She hit the bad luck lottery back on February 13th. Tripped on ice and fell down. Hurt hip and broken wrist.

She walked around on the hip for almost two weeks and it hurt like crazy. Then she tripped over a curb as she was going back into the hospital for surgery on the wrist.

Well, that finally got their attention. MRI time. They diagnosed the hip as broken.

Mom thinks that it broke in the original fall. And she used the word “negligent” to describe how the hospital initially dealt with the hip.

 
Comment by BetterRenter
2012-07-11 15:33:00

Howie, the kicker is that nobody really knows what the price was for that surgery. There’s a price for Medicare. There’s a price for people with your level of insurance. There’s a price for people paying cash. And there’s a price for indigents (largely, zero). None of those prices match each other.

I betcha that under a cash-only system, what you paid from your deductibles is what the sole price would be for all cash payers. So my theory is that today’s insured people are merely at the payment level that the system would have delivered health care in the first place for, for cash.

 
Comment by oxide
2012-07-11 19:01:21

Ben, you’re distracting from the issue. Your original point was that Costa Rican health care was inferior because somebody allegedly “botched” treating broken leg — even though you have absolutely ZERO medical information about how serious or not serious the injury was.

Then when confronted with a story that they can botch a treatment right here in the USA, you moved the goalpost to how much it cost.

P-bear — so you haven’t needed medical care in a while. Well good for you. If you’re so lucky, why don’t you drop the insurance, pay Obama’s little emergency room “tax” — what is it, 50 bucks a month — and take your chances?

 
 
Comment by BetterRenter
2012-07-11 15:27:11

Ben, you’d be better served to relate stories about health care from Canada, Britain, Germany and France, all of whom beat the snot out of the health-care system in the USA, quality-wise. It’s not even free in France; they have Universal Access, aka the Public Option. But the Frenchies manage to be consistently rated #1 in the world for quality of care by U.N. metrics, while only spending 55% per capita that we do. The story is similar for Canada, Britain and Germany. How do all these nations manage this voodoo? (I’m LOLing.)

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Comment by MightyMike
2012-07-11 16:56:39

Of course, you know that the Republicanshave an answer to that. The UN is a left wing, anti-American operation.

 
 
 
 
Comment by Cantankerous Intellectual Bomb Thrower©
2012-07-11 05:56:07

Bloombergi seem to be missing the small detail that you don’t need a doctor to take a drink of water. We’ll never run out of water, but we will run out of doctors long before everyone has free access to them.

Comment by alpha-sloth
2012-07-11 06:07:08

you don’t need a doctor to take a drink of water.

No, bu you need engineers to design a system to get that water to to you, and people to maintain that system.

we will run out of doctors long before everyone has free access to them.

Isn’t “free access” a straw man? No one said health care would be free, it just wouldn’t be provided by the ridiculously expensive and inefficient system we have now.

Have other countries that have universal health care coverage run out of doctors?

Comment by Cantankerous Intellectual Bomb Thrower©
2012-07-11 06:31:31

“Have other countries that have universal health care coverage run out of doctors?”

The problem is not running out; the problem is with respect to quality of service (see Ben’s post on this thread) and access to service. Obviously when you suddenly make ‘free’ health care available to the masses without increasing the number of doctors, some of those who were paying for those services will enjoy a combination of less access to health care or lower quality of services.

This isn’t rocket science, pal…

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Comment by alpha-sloth
2012-07-11 06:38:10

This isn’t rocket science, pal…

No, it’s relying on anecdotal evidence while ignoring statistical evidence, which is anything but rocket science, or any other science for that matter.

 
Comment by Cantankerous Intellectual Bomb Thrower©
2012-07-11 06:48:48

OK, Professor Sloth, why don’t you produce the high fallutin’ statistical evidence for how the new health care law creates gold out of water for all who read and post here to behold, then…

 
Comment by alpha-sloth
2012-07-11 07:02:38

The statistical evidence has been posted here countless times. Most western, and many non-western developed countries, have longer life expectancies than we do. They spend less overall on health care, they have universal coverage with no one going broke because they or their kid has cancer, and they have rates of satisfaction with their systems that are as high or higher than ours.

It is reasonable to assume we will see similar results as we slog towards universal health care coverage. It is unreasonable to assume that somehow we will see different results from the rest of the world.

new health care law creates gold out of water

Was there a 2for1 special on straw men today?

 
Comment by In Colorado
2012-07-11 07:16:32

We currently have the opposite problem, lots of doctors, but patients (who are steadily being herded into high deductible plans) who can’t afford to see them and who consequently don’t. If Medicare was cancelled my doctor would probably go out of business, as everytime I’ve been to see him the past few years I’ve usually been to only non senior in the waiting room (which is a lot emptier than it used to be).

I wonder how many kids are not getting immunized because it’s unaffordable for their working class but uninsured parents?

 
Comment by Arizona Slim
2012-07-11 07:43:37

We currently have the opposite problem, lots of doctors, but patients (who are steadily being herded into high deductible plans) who can’t afford to see them and who consequently don’t.

Story of my life.

Fortunately, my health has been good. So far.

 
Comment by polly
2012-07-11 08:14:47

I can’t believe your argumenat against everyone having access to affordable health insurance is that all those new people who feel like they can go to a doctor are going to make it harder for you to get to see your doctor.

 
Comment by Ben Jones
2012-07-11 08:22:03

‘everyone having access to affordable health insurance’

This is kinda the problem that got lost in the politics isn’t it? Many of us don’t have health insurance because it is too expensive. And I don’t see how demanding even more people buy health insurance is going to make it cheaper.

 
Comment by turkey lurkey
2012-07-11 08:41:54

The law will cap premium rates. Millions of people are getting rebate checks RIGHT NOW from their insurance companies from being overcharged.

People who can’t afford medical insurance will be given tax breaks or outright subsidized, depending circumstances.

Pretty much nobody will actually ever have to pay the penalty tax unless they want to. Ex: Official guidelines say I can afford insurance, but in reality it’s cheaper for me to pay the penalty tax than yearly insurance premiums.

Health is not only a right, it’s a very serious national strategic asset. Large scale mass death pandemics haven’t just magically gone away.

 
Comment by Ben Jones
2012-07-11 09:00:45

‘The law will cap premium rates’

Well who knew that all the govt had to do was cap something and all would be fixed? Of course, noting could go wrong with this approach, could it? Just promise me something; if unintended consequences blow up on us down the road, don’t duck and weave out of it OK?

Some of us think the primary cause of health care cost going up year after year is health insurance. So you won, and we’re gonna try your solution, but please stand up and take the blame if it doesn’t work.

‘a very serious national strategic asset…Large scale mass death pandemics’

Here you sound like the neo-cons trying to scare people and justify whatever they do.

 
Comment by turkey lurkey
2012-07-11 09:07:19

Nothing is perfect, but we flat out ALREADY have the worst health care system in all the 1st world, right now.

Scare tactics? Scare tactics usually involve building up a threat that rarely happens. Pandemics happen with historical regularity.

 
Comment by AmazingRuss
2012-07-11 09:33:08

“Here you sound like the neo-cons trying to scare people and justify whatever they do.”

It works on people of middling and lower intelligence, so it’s a powerful tactic to manipulate democracy.

 
Comment by Ben Jones
2012-07-11 10:06:44

‘we flat out ALREADY have the worst health care system in all the 1st world’

Yeah, well, give it a couple of years. It might get worse and if so, it’s on you.

‘Pandemics happen with historical regularity’

And you are going to stop this how? Really, come on and explain how you or anybody is going to accomplish this.

 
Comment by oxide
2012-07-11 10:25:14

“And they are going to stop this how?”

By vaccination? See anybody with polio lately?
What about swine flu and bird flu? Somebody funded the vaccinations for that. I wonder who did that. Hint: It wasn’t Goldman Sachs.

Speaking of swine flu: a much stronger and more deadly strain of the swine flu popped up in Mexico City. Somebody shut down Mexico City to contain it. That’s how you stop it.

 
Comment by jfp
2012-07-11 10:33:29

And I don’t see how demanding even more people buy health insurance is going to make it cheaper.

The law of large numbers reduces the cost of insurance by decreasing variance. So a single payer system would be able to take advantage of statistics to require lower reserves per patient.

On the other hand, having multiple insurance companies that actually compete could work as well. Unfortunately, we don’t have a competitive market for insurance. First and foremost, insurance companies are specifically exempt from anti-trust laws. Second, most people don’t actually choose their insurance, it’s whatever their employer picked or they do without.

Honestly, I would’ve been happy if the healthcare reforms went the single payer route or if they opened the door for actual competition between insurance companies. Of course, they did neither.

 
Comment by Ben Jones
2012-07-11 10:58:10

‘See anybody with polio lately?’

‘C.I.A. Vaccine Ruse May Have Harmed Pakistan’s War on Polio
By THE NEW YORK TIMES’

I wasn’t the one who brought up ‘mass pandemics’. I did say it is beside the topic and probably meant to add some shock value. To what end? I have no idea.

‘I wonder who did that. Hint: It wasn’t Goldman Sachs’

This is getting silly. ‘The banksters! the banksters! We bailed them out so I want (insert desired goal/policy here).’

Did vaccines just pop up with Obama care? I don’t follow the reasoning, unless it’s like, ‘you wouldn’t even have the internet if it wasn’t for uncle sugar.’

 
Comment by turkey lurkey
2012-07-11 11:00:10

Stop a pandemic? Generally, you can’t. What a silly question. But you CAN lessen the effects, but only if everyone gets the required medical attention. People railed against today’s common vaccinations. You should the political cartoons of the day. (google)

The 1st line of defense is a healthy population. And yes, I think people should take better care of themselves in the first place, but that has no relationship to disease mutation.

On me? I’m one of those people who can’t afford health insurance. One of 50 MILLION. So yes, you can say I’m slightly biased. Just a little bit. I get that way when my life is threatened by greedy people who don’t care whether I live or die. I’m just strange that way.

So unless they outlaw doctors, it doesn’t get any worse… for me.

 
Comment by Ben Jones
2012-07-11 11:12:37

‘Stop a pandemic? Generally, you can’t.’

Then why bring it up?

‘The 1st line of defense is a healthy population’

Why your right. and it’s, how did you put it? ‘a very serious national strategic asset’.

Now that’s a threat Washington can get’s it’s teeth into. ‘Put down that sloppy joe lady, you’re threatening a national strategic asset’. Soon, we’ll have the Dept of National Strategic Asset’s combing the streets, putting up cameras in Taco Bell. ‘Sir, you are serving your children sour cream. Come with us.’

(All this skips over what a few thousand illegal immigrants going here and there from down south means, but we’re talking Obama care! Be quiet back there.)

Oorr, we could let people be responsible for their life choices, and get back to figuring out why an MRI cost several times as much as it did 20 years ago, even thought it’s the same machine!

Oh, BTW, I don’t have health insurance. Can’t afford it. Doctors? 1%ers, damn it and I want that silver Jaguar in the parking lot. Give it to me!

 
Comment by turkey lurkey
2012-07-11 11:17:56

When the crooks run everything, people don’t have choices and yes, the fraud in the health industry really does need, and in fact IS, being addressed.

http://consumerist.com/2012/05/health-care-fraud-prosecutions-up-78-since-launch-of-affordable-care-act.html

 
Comment by Harry Connick Jr Community College Graduate
2012-07-11 12:58:40

Honestly, I would’ve been happy if the healthcare reforms went the single payer route or if they opened the door for actual competition between insurance companies. Of course, they did neither.

Agree. While at it, stop the employer based health insurance as well. Make people shop for their own insurance.

 
Comment by Happy2bHeard
2012-07-11 13:43:47

“‘we flat out ALREADY have the worst health care system in all the 1st world’

Yeah, well, give it a couple of years. It might get worse and if so, it’s on you.

The situation has been getting worse for decades. Can you state with certainty that it would have gotten better if we did nothing? Or that it would be better than what we will have with Obamacare?

Disclaimer: I do not believe that Obamacare is the best solution. But I think we can do better than what we have now.

 
Comment by nickpapageorgio
2012-07-11 22:32:38

“Now that’s a threat Washington can get’s it’s teeth into. ‘Put down that sloppy joe lady, you’re threatening a national strategic asset’. Soon, we’ll have the Dept of National Strategic Asset’s combing the streets, putting up cameras in Taco Bell. ‘Sir, you are serving your children sour cream. Come with us.’”

This will happen, you can bet on it.

I like junk food sometimes, and I would bet 99% of 45 year old’s could not hold a candle to my fitness level. Leave me the blank alone please.

 
 
Comment by oxide
2012-07-11 06:49:26

Not just get the water to you, but to take the water away. That’s even more important.

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Comment by polly
2012-07-11 08:17:34

Sanitation engineers have saved more lives than all the doctors in all of history put together. The inflection point on the morbidity chart over time was stunningly obvious. Invention of reliable antibiotics was barely a blip.

 
Comment by turkey lurkey
2012-07-11 09:08:57

I still say that the flush toilet was THE greatest invention, ever.

 
Comment by X-GSfixr
2012-07-11 09:49:10

“Who’s that then?”

“I dunno, must be a king.”

“Why?”

“He hasn’t got $hit all over him….”

 
Comment by turkey lurkey
2012-07-11 11:01:10

:lol:

 
Comment by Housing Wizard
2012-07-11 11:32:25

” Sanitation engineers have saved more lives than all the
doctors in all of history put together .”

No truer words said .

 
 
Comment by Anon In DC
2012-07-11 11:27:42

RE: it just wouldn’t be provided by the ridiculously expensive and inefficient system we have now.

So Obummer*’s answer is to make it even more exspensive and more ineffient by having the brain trust in Washington, DC run health. Obamacare is nothing but a powergrab by the busybody dogooders control freaks in the Democrat party who want to save the world - on everyone else’s dime but their own.

I still don’t understand why all the many who claim that there is a health care “crisis” just don’t start a charity and provide health care for those who need it? Supposedly about 50% of the public likes Obamacare. 50% of the public should be a large enough insurance pool to provide coverage. They should start a universal plan then when everyone sees who WONDERFUL it is charge the remaining 50% a slightl premium to join.

As one of the 50% who actually pay federal income taxes I have no interest in paying for yet another give away.

*Obummer - Socialist who says even he should pay more taxes. But of course he has not made a voluntary payment. Wonder what’s stopping him.????????

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Comment by alpha-sloth
2012-07-11 20:02:23

Obamacare is nothing but a powergrab by the busybody dogooders control freaks in the Democrat party who want to save the world - on everyone else’s dime but their own.

Sure is ironic that it was thought up by a right-wing think tank (the Heritage Foundation), and championed and instituted by a Republican governor (you know who!).

 
 
 
Comment by palmetto
2012-07-11 06:08:18

Exactly. Although, one could argue that if health care were to be provided by a government entity, and paid doctors, nurses and other health care workers decent wages and benefits, then it could in fact be run on a utility business model in some way. Would people get a health bill like they get a water bill? I wonder how that would work?

Comment by Ben Jones
2012-07-11 06:18:31

Hey palmetto,

Didn’t you say yesterday that Romney was gonna lose big time? I hear that a lot. And I also hear, just as often, that Obama is going to lose in a landslide. The election isn’t that far away, so why the big gap in perceptions?

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Comment by Cantankerous Intellectual Bomb Thrower©
2012-07-11 06:34:20

“…why the big gap…”

I suspect many voters will only vote for a candidate they believe has a viable chance of winning. So believing Obama will lose by a landslide increases Romney’s chances, and vice versa.

Chalk this one up to propaganda warfare, rather than realistic perceptions…

 
Comment by palmetto
2012-07-11 06:39:55

I hear both, too. Not sure why the big gap in perceptions.

As to the Romney perception as a loser, I gather that information from traditional conservative (or paleocon, as opposed to neocon) sources, many of which are more or less obscure in terms of media exposure. But they have readers and they have influence. It’s just my opinion, gathered from what I’ve been reading, that folks who are unhappy with Romney are more likely to abstain or vote third party than those on the dem or lib side. There’s quite a bit of discussion about it on those sites.

I’m just one person, but Romney looks so…hapless. That seems to be the image he’s projecting. He’s really running a horrible campaign and there’s great unhappiness about it among the party faithful. He looks like a loser. And to many people, perception is reality.

There are more people than you’d think who have been on the end of a good screwing from Bain and other similar outfits, like McKinsey. Myself included.

 
Comment by UNKNOWN TENANT
2012-07-11 06:44:19

“Chalk this one up to propaganda warfare, rather than realistic perceptions…”

Are you talking about the failed policies of the past or the failed policies we have now?

 
Comment by palmetto
2012-07-11 06:45:38

Ben, I’ve written a reply, but it just hasn’t come through yet.

 
Comment by palmetto
2012-07-11 06:52:40

Ok, there it is. Anyway, I don’t think Obama’s got much to worry about from Romney. As long as he keeps pushing the perceptions that folks like Romney created the economic misery we’re experiencing in the US, he’s a winner. I think he’ll be the first incumbent to successfully pin the current economic situation on his opponent.

Obama has far more to worry about from within his own party.

 
Comment by Cantankerous Intellectual Bomb Thrower©
2012-07-11 06:59:16

“There are more people than you’d think who have been on the end of a good screwing from Bain and other similar outfits, like McKinsey. Myself included.”

I’m sure you have noticed from the defenders of the 1% who post here, such as 2banana and smithers, that the Republican platform is basically, I’ve got mine, now screw the rest of yous, a message delivered with a smug grin.

 
Comment by Cantankerous Intellectual Bomb Thrower©
2012-07-11 07:01:18

“I think he’ll be the first incumbent to successfully pin the current economic situation on his opponent.”

(Golf claps)

 
Comment by Cantankerous Intellectual Bomb Thrower©
2012-07-11 07:09:18

Who owns more shares of Goldman Sachs, Obama or Romney?

July 11, 2012 9:05 AM

Obama team targets Mitt Romney’s private finances

WASHINGTON — The Obama election campaign has a politically loaded question it wants voters to think about: What is Mitt Romney hiding?

Not a thing, Romney says. The Democrats are just trying to change the subject from the weak economy.

It’s a newly intense back-and-forth as President Barack Obama’s campaign team tries to cast his Republican opponent as a secretive rich guy who keeps his money in offshore accounts and refuses to release more of his tax returns.

The coordinated push, which includes stinging criticism from Obama and Vice President Joe Biden, web videos and television advertisements, comes as the Democrats grasp for ways to gain an advantage in a closely contested election and overcome a steady stream of lackluster economic news.

 
Comment by scdave
2012-07-11 07:11:33

My take is this…The right wing nut cases have taken control of the R party…It will take multiple presidential defeats to drive a stake threw their heart…Maybe, after that, a republican party will arise that I recognize and can re-join…Until then, I will vote for their defeat even if I need to hold my nose while doing it…

 
Comment by Ben Jones
2012-07-11 07:12:39

‘there’s great unhappiness about it among the party faithful’

OK, here’s how it was put at the Arizona convention:

‘State party chairman Tom Morrissey begged for everyone to stay respectful. “Maybe it’s going to take getting behind somebody we weren’t so excited about. … What I want is to save this country, and we’ve gotta do it together. None of us gets everything we want,” Morrissey said, adding, “Keep your eye on the prize: defeating Barack Obama.”

As I posted here soon after, how’s that for an endorsement?

‘Ladies and gentlemen, a man we weren’t so excited about, and after all, none of us get everything we want. The next president of the United States, Mitt Romney!’

You said, ‘I think he’ll be the first incumbent to successfully pin the current economic situation on his opponent’

I don’t think that’s possible.

One thing I do know; the two guys with the most money got the two slots on the ballot.

 
Comment by Mr. Smithers
2012-07-11 07:16:23

“It’s just my opinion, gathered from what I’ve been reading, that folks who are unhappy with Romney are more likely to abstain or vote third party than those on the dem or lib side. There’s quite a bit of discussion about it on those sites.”

From Gallup yesterday:

“However, voters in swing states who support Romney for president are more likely than those backing Obama to say they feel “extremely enthusiastic” about voting — 31% to 23%. The same pattern is seen by party, with 32% of Republicans in the swing states and 25% of Democrats reporting extreme enthusiasm. “

 
Comment by In Colorado
2012-07-11 07:20:29

“I think he’ll be the first incumbent to successfully pin the current economic situation on his opponent.”

That’s what happens when you nominate Gordon Gekko as the GOP candidate.

 
Comment by Mr. Smithers
2012-07-11 07:26:17

“My take is this…The right wing nut cases have taken control of the R party…I”

And after taking control, they proceeded to nominate the most liberal Republican they could find in both 2008 and 2012. You make a lot of sense, Dave.

 
Comment by Harry Connick Jr Community College Graduate
2012-07-11 07:27:49

So many people are going to be so disappointed. Look at the polls, in average Obama is about 2 or 3 points ahead. And that’s with the RV. RV always favor Dems. If you look at LV, Obama is neck and neck or slightly behind Romney. Second thing is money, Romney is going to unleash close to $1billion, that can make all the difference in a close election.

Money won’t matter as much as Romney believes. What’s going for him is the economy, jobs and stock market. All 3 will deteriorate further closer to election. Romney wins a close one. Even a community college graduate like me can see this. BTW, I am staying home not voting for anyone.

 
Comment by alpha-sloth
2012-07-11 07:30:12

The bookmakers have Obama at 1/2, Romney at 13/8 (1.625/2).

 
Comment by Mr. Smithers
2012-07-11 07:41:15

Here’s how I see it:

There are virtually no people out there who voted McCain in 2008 that will vote Obama in 2012. If you didn’t swallow the hope and change nonsense in 2008, you’re not swallowing it today. Which means Romney has a lock on 47% of the vote which is what McCain got.

Which means all he needs is for about 7-8% of the voters who voted for Obama in 2012 to change their minds. With an economy sputtering along the way it is, that should be a slam dunk.

Plus all those hope and changers who had never voted before but went to vote to MAKE HISTORY, won’t be as motivated. It’s cool and hip to vote for the first black president. Re-electing him? Meh, not quite the same cache. Romney raised $106M in June. Obama raised $76M. Tells you what you need to know about which side has the enthusiasm.

Look at states Obama won in 2008 that Bush won in 2004…VA, NC, IN, FL. In all of those states, Republicans had huge wins in 2010 which was a backlash against Obama. I don’t see any way he wins any of those, let alone all of those like he did in 2008. CO went from Bush to Obama and will probably stay Obama this year. The rest are going back to red. And due to the census, just the McCain states of 2008 means 6 more EVs in 2012. To put that in perspective, NH has 4 EVs, NM has 5 EVs, NV has 6 EVs. Just by redistricting, Romney has won a swing state.

 
Comment by Arizona Slim
2012-07-11 07:45:39

I’m just one person, but Romney looks so…hapless. That seems to be the image he’s projecting. He’s really running a horrible campaign and there’s great unhappiness about it among the party faithful. He looks like a loser. And to many people, perception is reality.

Nixon’s 1960 Presidential debate appearance (pale, sweaty, and nervous) played a large part in his election defeat. During the same debate, Kennedy came across as cool, calm, and collected.

 
Comment by measton
2012-07-11 07:57:52

Who owns more shares of Goldman Sachs, Obama or Romney?

I was thinking about this last night.
Romney is said to be worth 250 million dollars.
I’m assuming this includes his retirement account.
Reportedly he has been able to put 100,000,000 dollars in this despite a cap of 6000 a year for contributions.

His reported effective tax rate is 14% on 25 million in earnings. This is how much he pays on taxes for every reportable dollar earned. I paid 24% on much less

He is paying zero % tax on his retirement account earnings.

Thus excluding all other ways that he likely hides income his true effective tax rate assuming he earns the same return on his retirement account as his other investments.

14 * 150/250 = around 8%

Toss in the income he likely hides in his off shore accounts and he likely pays much less.

but we need to cut taxes on the job creators.

 
Comment by palmetto
2012-07-11 08:14:01

“You said, ‘I think he’ll be the first incumbent to successfully pin the current economic situation on his opponent’

I don’t think that’s possible.”

Well, time will tell, Ben. So far Obama has managed to pull off some stuff I never thought anyone could get away with, starting with the Nobel Peace Prize. Dang! He’s managed to convince many that he inherited a bum economy he had nothing to with (true, actually) and continued to ride that pony. Now, that pony is pretty much on its last legs. So he’s graduated to the Bain Pain theory. And much as I hate to admit it, it struck a major nerve with me and others. Then there’s Romneycare. Another thing that people might be interested in is the history of Mitt’s father and mentor, George Romney.

Watching Romney try to appeal to Latinos and other minorities is painful. Truth is, he offers nothing to the folks who might really be able to get him elected, and I think assumes they’ll hold their nose and vote for him anyway, because they’ve got no choice. And even if he did offer something, he’s got enough of a snake-in-the-grass image, I don’t think many of those would believe him. I know what we’ll get with an Obama presidency, we’ve already seen it.

 
Comment by palmetto
2012-07-11 08:20:16

“Nixon’s 1960 Presidential debate appearance (pale, sweaty, and nervous) played a large part in his election defeat. During the same debate, Kennedy came across as cool, calm, and collected.”

Romney looks as stiff as a board, and when something doesn’t go according to script, he looks startled, jerky, taken aback and blindsided.

And then there was a clip of him pressing the flesh at some gathering or another. He had this fixed look like a self-satisfied lizard that just slurped a flying bug, sort of robotically shaking hands as if it was something he had to endure. I wouldn’t like it either, but he didn’t have to be so obvious.

 
Comment by Harry Connick Jr Community College Graduate
2012-07-11 08:22:38

Nixon’s 1960 Presidential debate appearance (pale, sweaty, and nervous) played a large part in his election defeat. During the same debate, Kennedy came across as cool, calm, and collected.

That’s a myth perpetuated to hide an unpleasant fact of voter fraud in Chicago.

 
Comment by polly
2012-07-11 08:26:31

“Which means Romney has a lock on 47% of the vote which is what McCain got.”

That is a huge assumption. Ask Colorado about people who have an issue with his religion sitting home. And the Tea Party influence has more people potentially voting third pary.

 
Comment by michael
2012-07-11 08:29:55

i think romeny will win because of the economy.

 
Comment by scdave
2012-07-11 09:20:18

they proceeded to nominate the most liberal Republican they could find in both 2008 and 2012. You make a lot of sense, Dave ??

Nice try Neo-Smithers….Here is your liberal;

Romney held several specific positions in the local lay clergy, which generally consists of males over the age of 12.[13] Around 1977, he became a counselor to the president of the Boston Stake.[89] He served as bishop of the ward (ecclesiastical and administrative head of his congregation) at Belmont, Massachusetts, from 1981 to 1986.[90][91] As such, in addition to home teaching, he also formulated Sunday services and classes using LDS scriptures to guide the congregation

You necons had your hay-day with Bush…The nut jobs know there is ZERO chance to elect a Santorum so, in there mission to control the white house they offer McCain or Romney because that gives them a shot…Problem for them is, the center Independent that they covet, is NOT fricken stupid Smithers…Your MaCain & Romney are bought and paid for and the centrists hand that they offer out is just a illusion because they will turn hard right as soon as they are elected…

 
Comment by Mr. Smithers
2012-07-11 09:28:10

” Ask Colorado about people who have an issue with his religion sitting home”

There are two types of people who have an issue:

1. Liberals who loathe Mormons. They’re voting Obama no matter what religion his opponent is.

2. Super duper religious Christians. They might have an issue with Mormonism, won’t stop them from voting against Obama. I really doubt there is anyone out there thinking, you know the economy is in the crapper, gas is at $4, Obamacare taxes are going to kill me. But I don’t like Romney’s religion so I’ll sit this one home.

 
Comment by Mr. Smithers
2012-07-11 09:30:53

“And the Tea Party influence has more people potentially voting third pary.”

I love the mental gymnastics of Romney haters. One second he’s a right wing zealot and too much of a radical to win. The next he’s too boring and stiff to win. Or is is he a boring and stiff radical?

 
Comment by X-GSfixr
2012-07-11 10:02:56

The Republicans have nominated the one guy that might actually make people vote for Obama again.

Look up “Born on third base, and thinks he hit a home run” in Websters, and there’s a picture of Mitt Romney.

The Republicans loudly proclaimed Scorched Earth policy of trying to screw up everything Obama and the Democrats have tried to get done isn’t helping either.

I’m rooting for Romney to win. You’ve evidently gotta hit rock bottom…….

I’m also betting “Republican” in Vegas, on the betting line:

“Party occupying the White House, the next time Federal troops massacre unarmed civilians in the US of A.”

 
Comment by Ben Jones
2012-07-11 10:15:28

‘is he a boring and stiff radical’

Well, his policies don’t differ from Obama much, and many say he’s radical. IMO he walks around stiff and boring as a way to keep from messing up. As I brought up the other day, why does he bother? Romney has been running for president for years now? Can you imagine how old that must get?

Republicans say aloud all the time, ‘I don’t like this guy’ etc. He just smiles!

And the responses to why billionaires are running for office didn’t satisfy me. This wasn’t regularly happening even 20 years ago. Rich people can buy politicians, they don’t need more power. So why go through the effort? Something has changed about the picture, IMO.

 
Comment by Happy2bHeard
2012-07-11 10:16:21

“why the big gap in perceptions?”

I think it has more to do with who one associates with. I remember being absolutely shocked that Nixon won in 1972. Nobody I knew voted for him.

 
Comment by Happy2bHeard
2012-07-11 10:24:50

“Rich people can buy politicians, they don’t need more power. So why go through the effort? “

I don’t get this either. Running for elective office means living in a fishbowl 24/7 and being asked uncomfortable questions on national TV and jet lag and exhaustion. And making bad speeches that someone else has written.

 
Comment by Crab Cakes
2012-07-11 10:30:42

Have you seen any of Romney’s interviews? He comes across as fake, plastic, phony, etc… It screams manchurian candidate. There is something off with that guy. He doesn’t look genuine and it’s painfully obvious.

 
Comment by scdave
2012-07-11 10:40:10

They might have an issue with Mormonism, won’t stop them from voting against Obama ??

There is a difference here…Evangelicals will vote for a Baptist…They will vote for a Catholic…They will compromise some, But they, will not come-out, like they did for Bush because of the trinity my friend…A Mormon might as well be a Muslim or atheist to many fundamentalists…The LDS acknowledge Jesus as no more than a community organizing carpenter…Many will just stay home…

 
Comment by oxide
2012-07-11 11:04:08

Romney is going to unleash close to $1billion

I read that during the primaries, candidates ran out of TV ad time before they ran out of money. Obama had so much money in 2008 that he had to buy an entire half-hour of TV time. Maybe Romney can buy ad time during “Househunters International.”

 
Comment by Carl Morris
2012-07-11 12:13:21

The LDS acknowledge Jesus as no more than a community organizing carpenter

That’s not true, and it’s odd to me that people who simply disagree with Mormons on the nature of the Trinity or Godhead frequently seem to want to believe that.

 
Comment by Truth
2012-07-11 15:01:29

You ying yangs keep thinking something is going to change by electing one of these bought and paid for jackasses.

The office of the presidency is too weak to change anything. Focusing on it is a waste of time.

 
Comment by Diogenes (Tampa, Fl)
2012-07-11 15:11:35

I think what many of you are missing here with the Christian vs. Mormon issue is that we have seen that Obama is NOT a Christian, in spite of what he would like us to believe.
In the campaign, he managed to sell the proposition, like so many other “stories” the public was fed about the “candidate”.

Now, we all know better. A more manufactured candidate could probably never exist. WE all now see that Obama is first for Obama and then identifies with his Muslim brothers, and would hope that we “can all just get along” with the Christians.
I’m not buying it.
I don’t want the Mormon, but I don’t want the Satanist, either.

 
Comment by MightyMike
2012-07-11 17:35:11

Now that caught be my surprise. It was just around this time four year ago when I first someone call Obama a socialist. At the time, my guess most people using that term had no idea what socialism. I got to test this theory out a few months after the inauguration when a neighbor asked me, “How could you vote for Obama, don’t you know he’s a socialist?” So I asked her if she knew what socialism is. She didn’t have an answer, but insisted that she was a smart person. Half an hour later she came and told me that it “redistibution”, which is incorrect.

Over the years of the Obama administration repeating the word socialist, socialist, socialist has apparently lost its effect, so people have moved on to words like Marxist, Communist, and Fascist. So now we’ve come to satanist. Will this be the end of the line? What will happen if the president is re-elected? Can a word scarier than satanist be identified?

 
Comment by In Colorado
2012-07-11 17:51:19

The LDS acknowledge Jesus as no more than a community organizing carpenter

That’s not true, and it’s odd to me that people who simply disagree with Mormons on the nature of the Trinity or Godhead frequently seem to want to believe that.

Correct. But, the difference is a lot deeper than trinity vs. poly/henotheism.

What really puts a bee into the Fundies’ bonnet was that the LDS added to holy writ. That is the unforgivable sin.

 
Comment by Gadzooks
2012-07-11 18:02:10

I think it’s amusing to see snide comments on Romney’s “message”/platform - because there is none. They’re running a reactionary campaign, not a leadership one.

I also think it’s funny to see the angst about Romney’ money, when so many members of both parties are just as rich and tax-dodging as he is. Let’s see the real books for Diane Feinstein, or Pelosi, or Wasserman-Schultz.

They’re all crooked. The longer they’re in Washington, the more crooked they are - it’s just some are better at hiding it, and some have the media help not pay attention to it. Remember the movie ‘Johnny Dangerously”? Remember the scene where Danny DeVito invites Johnny’s younger brother to ‘Play ball!” with a reward of riches beyond his dreams. THAT’S Washington these days, both parties.

Y’all talk about the 1 %ers. I have news for you - that’s our political class. It’s Pelosi, it’s Romney, it’s Kerry, it’s Bush, it’s all of them. They’re all millionaires, some billionaires - and all of them exempt from the laws they pass for us, while they lecture us that we don’t pay enough taxes.

 
Comment by GrizzlyBear
2012-07-11 19:12:34

“Romney looks as stiff as a board, and when something doesn’t go according to script, he looks startled, jerky, taken aback and blindsided.”

There’s nothing more painful for a narcissist than public humiliation. They literally squirm in their skin. This will be on full display all summer/fall as Mr. Outsource gets called on the carpet for his innumerable indiscretions.

 
Comment by nickpapageorgio
2012-07-11 22:44:23

Don’t worry about the President, worry about the Global Illuminati.

But I will say, Obama seems to have no interest in the well being of the middle class, he is just concerned with politics.

Romney…I haven’t a clue.

 
 
 
 
Comment by Blue Skye
2012-07-11 06:54:08

“that government establishes a higher and higher baseline of essential services….”

If you haven’t already joined up with that concensus, all that follows is unfounded gibberish.

Comment by Northeastener
2012-07-11 07:35:15

that government establishes a higher and higher baseline of essential services

Right. And along with that higher baseline of essential government services, we get higher taxes, an out-of-control MIC, and so many laws to follow that no one in the country actually knows how many laws we have on the books.

 
 
Comment by Mr. Smithers
2012-07-11 07:10:38

” it has proved beneficial for business, because healthy, educated people make better employers, employees, entrepreneurs and customers.”

Why stop at health care? Think how much happier and what better employees/consumers we’d all make with a free house, a free car, free 70″ HDTVs, free drugs, free hookers, free annual passes to DisneyWorld, a free set of golf clubs every year, a free boat, a free RV. In fact, let’s stop paying for anything altogether. If you see something you like, you call the govt, say I want it, and next day it’s yours.

We will have achieved Nirvana on earth.

Comment by Bill in Carolina
2012-07-11 07:26:05

That’s coming. Be patient.

Comment by measton
2012-07-11 08:02:09

I suspect that what’s coming is nothing like Nirvana. The health care bill sure isn’t. The decline of the middle class suggests your sarcasm is way off the mark. What’s coming to the US can be seen in most banana republics. What will be interesting is watching all those who thought they were job creators and independent and elite fall. The # of elite in a banana republic is surprisingly small, everyone else is poor.

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Comment by Anon In DC
2012-07-11 11:39:00

What’s coming is returning to the norm. 1950s US standard of living was a economic / historical aberation. It’s being corrected by:
globalization - downward pressure on wages
massive and growing taxes.

Cutting taxes a la Republican won’t stop the correction to the norm but will lessen the severity.

The amount of government spending and waste is beyond belief. Obummer and company won’t be satisfied until the US is like Greece or Spain. And he still wont’ have a clue.

 
 
 
Comment by Al
2012-07-11 08:46:27

“Why stop at health care?”

I’ll treat this slippery slope type argument seriously.

One of the tenets of Capitalism is that you can do without. People being unable to afford a car, HD TV or annual passes to Disney World is not a problem for society. People dying from treatable ailments or losing jobs because they can’t afford simple treatment are a problem for society. Thus it’s arguable that basic health care is appropriate as a goverment service.

This is in no way an endorsement of the new law, which is private provision of service with government meddling.

Comment by Mr. Smithers
2012-07-11 09:39:06

I’d agree that “basic” health care provided by the govt isn’t a bad thing necessarily. But you know full well, the day after “basic” health care is free, there will be a push for basic and a little more. And then a little more. And more.

Look at any govt freebie in effect today. Started out as a small program, small budget and available to a small set of the population. Take food stamps as an example. We don’t want people starving on the streets, right? So let’s set up a program where the very poor can get a few dollars each month to buy food so they don’t starve.

Fast forward 50 years and there are 50 million people on food stamps.

How about unemployment benefits? You lose your job, govt will give you temporary assistance while you find a new job. Great. Why not? What was originally 13 weeks grew to 26 weeks and now is 99 weeks of benefits.

Obamacare already added FREE birth control as a right. And it’s only getting started….

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Comment by Arizona Slim
2012-07-11 09:52:56

Obamacare already added FREE birth control as a right. And it’s only getting started….

The government of Iran already provides free birth control to women of reproductive age. And what’s wrong with that? If women can determine when — or if — they wish to reproduce, I think society — and not just American society — will be a lot further ahead.

 
Comment by scdave
2012-07-11 10:49:27

+1 Slim….

You can look at birth control as preventative care as far as I am concerned…

 
Comment by Mr. Smithers
2012-07-11 10:52:48

“f women can determine when — or if — they wish to reproduce, I think society — and not just American society — will be a lot further ahead.”

Great. Let them pay the $10/month for it.

 
Comment by Arizona Slim
2012-07-11 10:57:08

Great. Let them pay the $10/month for it.

Be nice if birth control pills — plus the mandatory doctor visits — were that affordable.

And, while we’re at it, how about if they were available over the counter? And Plan B? Put that out there without a scrip.

 
Comment by Mr. Smithers
2012-07-11 10:58:36

“f women can determine when — or if — they wish to reproduce, I think society — and not just American society — will be a lot further ahead.”

And giving women free boob jobs and liposuction would probably increase their self esteem as well which would lead to happier people and society would be helped. Think how much happier millions of men would be as well.

How about a free membership to a gym for everyone? Think how far ahead society would be if everyone was in shape. How about free acne cream for everyone? Imagine a society without any pimples!! How about free teeth whitening? A nice smile can only lead to an advanced society.

Should we make Tylenol free? Why not? Sucks to have a headache. Why should you have to pay to get rid of a headache? Same with a toothache…free Ambesol for one and all!!!

All these things would arguably make society a lot further ahead.

 
Comment by aNYCdj
2012-07-11 11:49:48

Just make sure a breast reduction is not covered 90% are not needed and doctors make a fortune on them especially when the 1st dr screws up…

 
Comment by DB_in_AZ
2012-07-11 11:53:21

When I was young and poor, I used to go down to the local free clinic (I don’t recall if it was planned parenthood) and they would give me an exam and a bag of birth control pills for like $20. (I don’t remember exactly how much it was, but it was cheap.) You just had to make an appointment. This was in So. Cal. in the late 80s/early 90s.

 
Comment by oxide
2012-07-11 12:15:11

Great. Let them pay the $10/month for it.

Why don’t YOU pay for it? Women don’t get preggers by themselves you know. Pr1ck.

 
Comment by anon in dc
2012-07-11 12:19:16

Comment by Arizona Slim
2012-07-11 09:52:56
Obamacare already added FREE birth control as a right. And it’s only getting started….

The government of Iran already provides free birth control to women of reproductive age. And what’s wrong with that? If women can determine when — or if — they wish to reproduce, I think society — and not just American society — will be a lot further ahead.

People can pay for their own birth control AND their own kids. A. Slim if you want to start a charity go ahead. But keep your paws off my money

 
Comment by Happy2bHeard
2012-07-11 13:00:22

“free boob jobs and liposuction “

Nice straw man.

Boob jobs and liposuction are not medically necessary (with rare exceptions for breast reductions). They properly belong in the free market.

I think that we should have publicly supported free clinics for treatment of infectious disease which would reduce overall healthcare costs and support public health by reducing the spread of disease.

Emergency care for accidents also belongs in the public sector. There is no effective choice at that point - no opportunity for shopping around.

I think we should have a 3 tiered system. First, government supported clinics and hospitals providing free care for emergency treatment and acute illnesses. Second, insurance based or single-payer system for providing treatment for chronic conditions, preventive care, and non-emergency but medically necessary treatment. Third, pay-to-play, buyer-beware elective and not medically necessary care.

I would place hormonal birth control pills in the second category and require it to be covered in plans due to its use as medical treatment for endometriosis and other conditions affecting women’s health. This is what the Obama administration mandated recently that Rush Limbaugh flipped out over.

Some abortions also belong in the second category. Treatment for ectopic pregnancy is medically necessary to save one life when 2 would surely be lost. Some may even belong in the first category. Excessive bleeding may necessitate delivery of the embryo or fetus before it is viable.

 
Comment by Truth
2012-07-11 15:04:26

Why don’t YOU pay for it? Women don’t get preggers by themselves you know. Pr1ck.

SCHWEEEEEEEEEEEET! …… and truth.

 
Comment by goon squad
2012-07-11 17:24:10

“Pr1ck”
Such saucy language, this little girl needs her mouth washed out with soap…

 
Comment by aNYCdj
2012-07-11 19:49:04

just remember Ivory soap 99 44/100% pure…thats the amount of pregnancies that were caused by 2 willing partners the other 56/100% were forced.

 
 
 
 
Comment by Diogenes (Tampa, Fl)
2012-07-11 14:25:33

One of the stupidest commentaries I have read recently.
With all progress of civilizations, one of the leading things governments does is require PUBLIC Health laws. The basis of most of the laws, past and present has been to provide sanitary conditions to prevent the spread of disease.
It took a while for people to realize the sanitation had a major impact in public health. Germ concepts hadn’t been understood well.

With the BLack Death in Europe, it was understood the people carried disease. Just like the “death camps” in Nazi Germany, it was understood that bodies needed to be burned and removed from populated places to prevent others from getting infected. The practice of burning clothing got started, too.

You remember Quarantines, don’t you? Well, yes, those were PUblic Health laws to keep unhealthy people from killing the rest of us. IT is what we did with TB patients. It worked here and we got rid of it. It is what should have happened to AIDS patients when the disease first took hold, but it became a political issue, rather than a public health issue, so was allowed to spread in the name of gay rights.
Pox is was called in the late middle ages, the scourge of Europe brought back from the Americas. Typhiod Mary? Remember her?
Yes, the LAWMAKERS sought to protect the public from contamination of the general population by providing regulations that stopped to spread of disease.
The regulations for Water and SEWER were public works projects for maintain clean drinking supplies and preventing the spread of disease.
Even in early New Orleans, the ladies dumped their chamber pots out the window into the streets. How disgusting.

The expansion of government as the caretaker of the “citizen” first started in ROME. It led to the collapse of ROME. It required and expanding EMPIRE to pillage the outlying regions for more bounty to provide the citizenry, and more slave labor. Eventually, the taxes on the working classes to support the government agents and armies of Rome overwhelmed the ability to pay.
If you follow the History of Rome you will see that they tried the same things we have been trying, like devaluing the money….first silver and gold, then copper and bronze. It didn’t work. The number of people wanting free government support overwhelmed the working people and the began to flee the empire. Cheating was commonplace.
It all collapsed, never to return. It took a couple hundred years from the start of the decline till it DIED, but it died.
This fantasy of having more free stuff because we are more ‘advanced’ will be the end of us. We are more advanced because of OIL, cheap OIL. Times are changing.
Say goodbye to fantasies of more and better for everyone without anyone having to toil in the fields to supply it.

Comment by ahansen
2012-07-11 23:24:01

“…If you follow the History of Rome….”

Truly a fascinating explanation by someone who has obviously studied the literature– all 263+ peer reviewed scholarly theories. Invasion, climatic change, migration, had nothing to do with Rome’s eventual decline and dissolution; it was the “caretaker” government of the Roman empire.

Comment by DB_in_AZ
2012-07-12 08:20:41

A democratic government is the only one in which those who vote for a tax can escape the obligation to pay it. - Alexis de Tocqueville

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Comment by Cantankerous Intellectual Bomb Thrower©
2012-07-11 19:01:30

Romney’s handlers have failed him miserably in this campaign.

NAACP audience boos Mitt Romney’s comments on Obama, healthcare

The civil rights group’s reception of the Republican turns from warm to chilly when he criticizes the president and promises to repeal the healthcare law.
Mitt Romney told the NAACP audience he would help “families of any color more than the policies and leadership of President Obama,” adding that he’d eliminate “nonessential, expensive programs” like the healthcare law. (Evan Vucci, Associated Press / July 11, 2012)
By Maeve Reston, Los Angeles Times
July 11, 2012, 6:08 p.m.

HOUSTON — Mitt Romney’s speech before the nation’s oldest civil rights organization Wednesday was meant as an olive branch to the black community, but his sharp criticisms of President Obama and a vow to repeal the Democrat’s healthcare plan drew sustained boos and a chilly reception from the audience of black voters.

Romney’s message was aimed at a larger audience beyond the Houston convention hall — independent and moderate voters particularly. But the tone of his speech still surprised many attendees at the annual convention of the National Assn. for the Advancement of Colored People, many of whom had praised him beforehand for making an appearance. As they left the hall, a number of voters said the former Massachusetts governor’s statements energized them to work for Obama’s reelection campaign this year.

Though Romney’s late father, George, was a forceful advocate for civil rights as governor of Michigan, Romney has campaigned in front of predominantly white audiences, with the exceptions of a visit to a West Philadelphia charter school and the occasional address to a Latino audience. The candidate and his campaign have acknowledged they have an uphill challenge in wooing black voters, who overwhelmingly supported Obama’s candidacy in 2008.

The audience initially welcomed the unofficial Republican nominee with a standing ovation and applauded when he promised to represent “all Americans of every race, creed and sexual orientation,” and noted that “old inequities persist” even half a century after the civil rights movement.

But murmurs of disagreement rippled through the crowd early on when he argued that his policies would help “families of any color more than the policies and leadership of President Obama.” When he added that he would reduce spending, in part, by eliminating “nonessential, expensive programs” like the president’s healthcare plan, the audience booed for 15 seconds. And when Romney harshly criticized the president for failing to create jobs and “better educate tomorrow’s workers,” he appeared to have punctured much of the goodwill that was initially directed his way.

Romney stood quietly behind the lectern, smiling at the audience as it voiced disapproval. “I do not have a hidden agenda,” he continued. “If you want a president who will make things better in the African American community, you are looking at him.” To a scattering of boos and catcalls, the candidate paused and nodded firmly before carrying on with his speech. “You take a look,” he said.

While a few audience members credited Romney for his bluntness, a number of them suggested that he intended to be provocative.

“He wasn’t speaking to us,” NAACP Chairman Emeritus Julian Bond said after Romney’s speech. “He was speaking to that slice of white America that hasn’t made up its mind about him, and he’s saying, ‘Look at me; I’m OK. I can get along with the Negroes. I can say things to them that they don’t like, so I’m not afraid to stand up to them.’ … I think that’s what this is all about, and that’s the reason he came.”

Comment by Cantankerous Intellectual Bomb Thrower©
2012-07-11 22:33:24

The Cycle | Aired on July 11, 2012
Health care law dominates the House debate

NBC’s Luke Russert discusses the latest repeal of the health care law by House Republicans.

 
 
 
Comment by Lip
2012-07-11 04:59:03

Budget Insanity

“Even if you could balance the budget by taxing the rich, it wouldn’t be right. Progressives say it’s wrong for the rich to be “given” more money. But money earned belongs to those who earn it, not to government. Lower taxes are not a handout.”

http://www.realclearpolitics.com/articles/2012/07/11/budget_insanity_114758.html

We better find some politicians that can say “No more spending”. We have already spent my kids money and their kids as well.

Comment by aNYCdj
2012-07-11 07:30:41

And the “kids” aren’t angry about it……or else OWS would still be having mass protests today.

Welcome to the new Wussie generation

 
Comment by Northeastener
2012-07-11 07:42:29

We better find some politicians that can say “No more spending”. We have already spent my kids money and their kids as well.

Sorry, but the “free shit army” is in control… everyone gets free education, free healthcare, free retirement, and a free TV!

And if you don’t like the outcome of your free service, well, we’ll just tax the guy who can afford the private version a bit more… I mean, it wouldn’t be fair otherwise.

Someone needs to tell all the meat sacks in this country that life isn’t fair and they aren’t special. They don’t deserve anything more than the other 6 Billion meat sacks on this planet… preferably before we’re all broke. You want it? Work for it.

Comment by turkey lurkey
2012-07-11 09:20:56

Let us know when all of that, combined, equals the TRILLIONS IN INTEREST FREE LOANS made to bailout Wall St.

Comment by Northeastener
2012-07-11 11:07:36

Two wrongs don’t make a right… the Wall St. bailout was equally reprehensible to me.

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Comment by turkey lurkey
2012-07-11 11:27:10

The only free chit “army” is the one on Wall St. and their greed FAR outstrips everyone else.

The fish rots from the head.

 
 
 
Comment by anon in dc
2012-07-11 12:24:27

You mean the government is n’t the concierge at the Four Seasons? You must be an “angry” Republican. You’re probably racist and sexist, too. It has to be racism or sexism why you don’t want to hand over 90% of your income to the feds.

Still wondering why Obummer has not paid those additional taxes he thinks he should be paying.

Comment by Northeastener
2012-07-11 14:29:10

You forgot 2nd-Amendment-exercising, NRA-supporting, gun-lover…

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Comment by goon squad
2012-07-11 17:33:19

When using the term Racist® it should always be capitalized and followed by the ® symbol. Racist® and Racism® are trademarks of Race Hustlers Inc©.

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Comment by In Colorado
2012-07-11 17:55:37

Sorry, but the “free shit army” is in control… everyone gets free education, free healthcare, free retirement, and a free TV!

In what United States does this happen?

Just asking.

 
 
Comment by WT Economist
2012-07-11 08:41:43

That executive pay, after all, is set in a totally free labor market with no distortions due to corporate politics, a market in which boards of directors negotiate tough to get the cheapest possible deal for shareholders so they can pay more dividends.

Yes sir, they are all worth every penny!

Meanwhile, I hear more and more proposals to cut the minimum wage for younger workers. Because they aren’t worth it.

 
 
Comment by vinceinwaukesha
2012-07-11 05:11:18

Yesterday in a thread about dying retail, drillboss wrote:
“Best Buy is basically the showroom for Amazon…find out what you want in BB then buy on Amazon”

My experience is the opposite. Wanted to buy a bluetooth earpiece thing for my phone so I can walk down the street talking to myself like all the other weirdos. Go to BB and they’ve got a handful of models, the salespeople know nothing other than they take display boxes out of shipping rates, the highest commission one is the best, and would I like a $40 replacement plan? I can read the boxes but thats all marketing BS about how I’ll get dates if I buy this (wife not impressed w/ that) and I would be smart to buy one (when you see that in marketing materials, you can always mentally translate “smart” to “stupid” to get it right). This is a “shopping trip” and I must buy “something” and the kids are climbing the walls making the wife agitated and I’ve “invested” a substantial amount of my very limited free time and burning gasoline to drive there and back and I’ve got the privilege of paying sales tax for the “services” .gov provides to the retailer (.gov doesn’t care much about me, but they’ll bend over backwards for a retailer).

In frustration I leave BB and go to Amazon when I get home, a calming experience while sitting on the couch with my ipad, and after some time spent doing research on my terms at my convenience I’ve got pages of detailed specs for dozens of earpieces, I can google for all manner of stories from other people about comfort and battery life and sound quality. Amazon’s reviews are legendary for astroturfing but you can usually filter it out and discern reality despite their best attempts. I pick out what for me seems the “best” one (fairly cheap despite best battery life in the biz) and a week later it arrives. I love it.

This is whats killing BB and growing Amazon. BB is a the worst showroom I’ve ever seen. My wife won’t even go there during “holiday months” because they turn the music and stuff to deafening volumes, some marketing idiot makes them do it to excite the customers, so I we don’t go there at that time of year.

Fast forward a couple years and I use this earpiece every day, but finally a fall from a very substantial height kills it (just the earpiece fell, not me, obviously). Can I wait a week for Amazon again? Heck no. Drive to BB and overpay but at least I was “on the air” again in a couple hours. I hated arguing with the sales droids but I eventually walked out with what I wanted… why does in person retail feel so inhumane, scripted selling, and I feel like a video game RPG character escaping the dungeon with the treasure after epic battle (no I don’t want the service plan, etc)

Ultra fast service is the only thing that can save BB from itself.

They’ve got a rep for massive overcharging on “convenience items” like my earpiece and $125 HDMI cables and such, and they stock almost nothing compared to Amazon, and nobody knows anything about anything other than extracting maximum money from my pocket. Now if they stocked like “1″ of each thing amazon sells, and had in store wifi so I can figure out what to buy (its not like the salesdroids are going to help me) and positioned themselves as cheaper than next day air delivery AND faster AND more convenient (which would be a lie, but people like hearing that) then BB might survive. Maybe.

Back to the main topic. Google for “wikipedia List of defunct retailers of the United States” which is the exact title of the wikipedia article. I’d post a direct link but I’d be mod-delayed. The point is due to the bubble etc that list is already long, and going to get MUCH longer, until it lists everything but walmart, maybe target, womens fashion clothing stores, and a couple specialty retaillers. As a dude old enough to remember the 80s, its crazy how seemingly every place I shopped at as a kid with my parents has since closed according to that list. I remember going to numerous mall stores on that list as a kid, all gone, which is probably why the local mall is now over 95% womens clothing stores… if it weren’t for the food court I’d literally have no reason to go to the local mall anymore unless I pick up cross dressing as a hobby (highly unlikely). Remember when Reagan was president, and you could go to the Mall and buy everything from lawnmowers to cookies to computer software to TVs to those newfangled cassette tapes to replace a jammed 8track to books and even a pharmacy? Hard as it is for kids now a days to believe, the Mall was like a walmart except bigger, many more choices, much better products, and each “department” was actually a independently managed chain store.

The other interesting trend, wonder if anyone else has seen it, is as the local malls implode, they still have large, obviously now empty parking lots in a great location… so they’re constructing buildings like crazy around the inside edge of the parking lot. The buildings are non-mall stores and restaurants/bars and gas stations etc, but I can imagine the legendary as reported on HBB condos maybe appearing someday. Eventually they’ll probably demolish the original indoor mall to provide parking for the new detached stores. My kids are going to see the end years of the attached indoor mall shopping experience, but my grandkids will likely never experience a “indoor mall”, which will make a lot of 80s teen culture impossible to relate to.

I would argue you can only have a indoor mall / indoor market during a credit bubble.

Comment by oxide
2012-07-11 07:06:36

Thanks for the laugh this morning!

They call it “showrooming” where you go to BB, do research on what you want, and go home to order it on Amazon. But if BB has fewer models and no info on any of them, what “research” do you have to take home with you? You’re better off on Amazon from start to finish.

Comment by Bill in Carolina
2012-07-11 07:31:47

Partly because the nearest big box stores of any type are at least 20 miles away, we buy from Amazon several times a year. Haven’t been disappointed yet. Sporting goods, small kitchen appliances, small electronics, computer accessories…

 
Comment by Happy2bHeard
2012-07-11 14:35:54

“You’re better off on Amazon from start to finish.”

Except where ergonomics or personal fit are critical. I won’t buy shoes or pants without trying them on. When I shop for a camera, I want to know how it feels in my hand.

And then there is the time crunch where even overnight is too slow.

I saw an interesting thing in the Costco magazine. They have custom made mens suits for sale. Scan your body (didn’t say what technology) and make the suit to your unique specs. Free tailoring at your local tailor if adjustments need to be made. You choose the fabric and style.

I probably would still want to try on shoes before buying. I have trouble with finding shoes that don’t hurt my feet.

 
 
Comment by TCM_guy
2012-07-11 08:19:33

Hello everybody. I’m ba-a-a-ack! Graduated this May (finally), with a BS (engineering) from WKU.

Retail is weird.

In my neck of the woods (rural south central KY) the Wal-Mart in town is the largest grocery store. The workers at this store tell me that some genius at corporate has all of these Wal-Marts changing every frozen item’s position on the shelf every three weeks or so. What I like about Kroger’s is that you know where everything is located; plus, Krogers has a greater variety of items. I would shop at Kroger’s exclusively if it wasn’t for the distance to Kroger’s (45 miles).

The same store sales at this Wal-Mart has been down from year to year for the past few years. In these rural areas the distances between these Supercenter Wal-Marts can be huge. This vastness of empty space is now being filled in by a growing cosmos of smaller competitors. Dollar General is most aggressive, building stores in unincorporated (“in the middle of nowhere”) areas; but other competitors like Family Dollar and Fred’s are also building out their stores. (The barbarians are at the gate?)

I have a theory about how retail dies. Auto parts retailing is a good example. In the ‘80’s Chief Auto, Western Auto and Trak Auto were the main auto parts chains operating in Texas, where I was living at the time. When one chain built a store in a small town that could support at most one of these stores, the other chains built as well in this same small town. Overbuilding of stores was half of the problem. The other half was the lack of quality in their branded auto parts. (I remember buying a Chief Auto branded alternator v-belt. Seconds after installation, I watched this belt turn over so that the belt’s v-groove was not riding in the v-groove of the pulley.)

Now fast forward into the present. In a nearby small town (in my area) that can only support one of these stores (at most), Advanced Auto built a store. Of course, AutoZone had to build their store across the street. These two chains and O’Reilly’s are now engaged in a store building arms race (at least in KY) that nobody can win. Given a choice of MAD or allowing a competitor to steal market share, MAD prevails.

History repeats itself.

Comment by Carl Morris
2012-07-11 08:53:20

In my neck of the woods (rural south central KY)

Hey, so how old are you? I ask because I think I played rock music at every backwoods south central KY high school ever built in the late 80s as part of an army recruiting gig :-).

 
Comment by Montana
2012-07-11 09:38:08

In my town, we just heard that the Kmart is going to be closed after almost 40 years.

Comment by azdude
2012-07-11 09:56:52

surprised they made it that long. I went into kmart and their prices have gotten real high. I guess since they dont have any volume they try to charge more per item.

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Comment by Carl Morris
2012-07-11 10:16:06

I can’t believe the one in Cody, WY is still in business (at least it was last time I checked). I remember when they built it and nobody had heard of Walmart. People loved working there because they actually had benefits like health insurance at the time. I don’t know if they still do.

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Comment by scdave
2012-07-11 10:56:07

I heard a guy sometime back who was with some big commercial REIT say that 60% of the commercial space standing will be gone in the reasonable foreseeable future…It will either sit basically vacant or be bulldozed…This due to two primary forces….Internet sales and big box stores…

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Comment by Arizona Slim
2012-07-11 10:59:01

Back in the late 1990s, I attended a monthly computer professionals breakfast here in Tucson. One of our most senior — and knowledgeable — members said that Internet sales were already having an effect on CRE.

Mind you, that was 15 years ago.

 
Comment by TCM_guy
2012-07-11 12:45:37

They have gone bonkers in my small town with commercial. New recently built commercial retail space either cycles through one small business after another, or it sits empty. Same deal with older, existing retail commercial space. Way more commercial than this small town can support. And there is one more strip mall they are completing this year.

In the seven years that I have been living in this small town, the only additional economic activity I have seen is construction of housing, construction of strip malls, more pharmacies, more banks and the expansion of existing medical facilities.

 
 
 
Comment by ahansen
2012-07-11 23:31:11

Welcome back and CONGRATULATIONS, TCM. It’s lovely to see you posting again!

 
 
 
Comment by UNKNOWN TENANT
2012-07-11 05:15:44

NAACP Requires Photo I.D. to See Holder Speak in State Being Sued Over Voter ID

Katie Pavlich
News Editor, Townhall
Jul 10, 2012 12:14 PM EST

Earlier today, Attorney General Eric Holder addressed the NAACP Nation Convention at the George R. Brown Convention Center in Houston, Texas. What did media need in order to attend? That’s right, government issued photo identification (and a second form of identification too!), something both Holder and the NAACP stand firmly against when it comes to voting. Holder’s DOJ is currently suing Texas for “discriminatory” voter ID laws.

Ironically, NAACP President Ben Jealous railed against voter ID just before Holder took the stage.

http://townhall.com/tipsheet/katiepavlich/2012/07/10/naacp_requires_photo_id_to_see_holder_speak - -

Comment by Mr. Smithers
2012-07-11 06:57:11

Liberals are consistent at being inconsistent.

Comment by Cantankerous Intellectual Bomb Thrower©
2012-07-11 07:02:30

You’re consistent with repeating yourself and name calling.

 
Comment by Cantankerous Intellectual Bomb Thrower©
2012-07-11 07:04:05

Check out the many posts about the Fall 2012 election on this thread. I’m starting to seriously doubt your candidate’s prospects.

Comment by Mr. Smithers
2012-07-11 07:46:31

“Check out the many posts about the Fall 2012 election on this thread. I’m starting to seriously doubt your candidate’s prospects.”

Romney will lose HBB by 95-5%. I agree with you his chances here aren’t too good.

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Comment by Lip
2012-07-11 11:51:33

But Maybe the 5% is Right

CADDELL: Taxes and Trust - The Achilles Heels of Obamacare and Obama, Part II

“If the voters had known in 2010 what they know in 2012–that Obamacare is ObamaTax–the bill would not have passed. And Obama and the Democrats know that, too. That’s why they are still fighting over whether or not it’s a tax or a penalty; for the sake of their own survival, they need to keep their rhetorical fog machine fogging.”

http://www.breitbart.com/Big-Government/2012/07/10/Taxes-andtrust-2

You have to listen to the evil talk radio/Fox News to hear about the fund raising shortfall that Obama’s been experiencing. Yes, Romney is almost doubling Obama since the recent Supreme Court ruling.

 
Comment by San Diego RE Bear
2012-07-11 16:58:19

“Romney will lose HBB by 95-5%. I agree with you his chances here aren’t too good.”

Absolutely. But what you fail to realize is that Obama will lose HBB by 95-5%. Ron Paul will gain 90% of the vote.Or some other protest write-in, maybe Snoopy. :D

 
 
 
Comment by Cantankerous Intellectual Bomb Thrower©
2012-07-11 07:06:23

A foolish consistency is the hobgoblin of little minds, adored by little statesmen and philosophers and divines.

– Ralph Waldo Emerson

 
 
Comment by turkey lurkey
2012-07-11 09:40:05

I’m all for ID to vote.

Little known fact: Texas has required an ID to vote for decades, even though it wasn’t officially a law.

As for ID at this event, that’s a security issue, not a fraud issue.

Comment by Blue Skye
2012-07-11 09:53:11

You have to show ID now to visit your family doctor.

Comment by turkey lurkey
2012-07-11 11:29:26
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Comment by Happy2bHeard
2012-07-11 15:34:00

Voting and attendance at a private entity’s convention don’t have a lot to do with each other.

Comment by nickpapageorgio
2012-07-11 22:50:26

But…requiring a photo ID to vote is not discriminatory, it’s common sense.

Comment by ahansen
2012-07-11 23:37:24

Agreed, Nick. I’ve yet to hear a convincing argument to the contrary. But then, I’m all for requiring literacy tests and a demonstrable grasp of the issues, too.

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Comment by goon squad
2012-07-11 05:17:21

From Asia Times Online - ‘Naked officials’ lay bare China’s graft:

“Corruption is a fact of life in China. As China’s economy has grown rapidly over the past three decades, the opportunities for unscrupulous officials to amass private fortunes have proliferated.

“Naked officials” are government administrators who embezzle funds to overseas accounts while living relatively simple lives within the People’s Republic of China (PRC). They send their spouses and children overseas in order to administer and enjoy the fruits of their corruption. In order to flee China at a moment’s notice, they often keep a visa ready for their desired foreign destination. Such officials are said to be “naked” due to the fact that their wealth is closeted away in foreign bank accounts and investments and their families live outside China or hold foreign passports.

The fact that a widespread term exists for officials who engage in this behavior is in and of itself indicative of a major problem. Last year, a report from China’s central bank estimated that roughly 18,000 officials and high-ranking personnel in state-owned enterprises had fled the country within the last decade. The total sum of their embezzled wealth was said to be around 800 billion yuan (US$130 billon).”

http://www.atimes.com/atimes/China_Business/NG12Cb02.html

Comment by Cantankerous Intellectual Bomb Thrower©
2012-07-11 05:58:58

How many of these “naked” officials number among the all-cash Chinese investor army buying in the U.S.?

 
Comment by Arizona Slim
2012-07-11 07:49:55

In order to flee China at a moment’s notice, they often keep a visa ready for their desired foreign destination.

And let me guess: They’re snapping up American real estate. Just in case they have to bail out of China and need another place to crash.

Comment by X-GSfixr
2012-07-11 10:15:27

Yeah, we’ll end up with a $hitload of them here.

Just like the Nationalist bigwigs were flying gold and concubines out of China on USAF C-47s, when it became obvious that Mao was going to win. And where did all of this gold come from? A lot of it came by selling US supplied weapons to the Communists.

Like Vietnam, we armed both sides.

They are “job creators”, don’t you see???

 
 
Comment by measton
2012-07-11 08:05:17

Last year, a report from China’s central bank estimated that roughly 18,000 officials and high-ranking personnel in state-owned enterprises had fled the country within the last decade. The total sum of their embezzled wealth was said to be around 800 billion yuan (US$130 billon)

Excellent we need more of this kind of job creator in the US. I hope our gov puts these people in a position of power. If not I’m sure they will get hired by WS.

Comment by oxide
2012-07-11 10:14:37

That’s $7.2 million each.

I don’t think they will care if they pay $600K for a $450K house.

 
 
Comment by turkey lurkey
2012-07-11 09:43:11

Offshore bank accounts? Embezzling? Family in a foreign country watching over the money? 24/7 updated passport and VISA?

Why does all that sound familiar?

 
 
Comment by Cantankerous Intellectual Bomb Thrower©
2012-07-11 06:06:49

San Bernardino, Calif., opts for bankruptcy
Updated 47m ago

SAN BERNARDINO, Calif. (AP) – As recently as last month, no city in California had opted for bankruptcy since 2008, and no U.S. city of more than 200,000 people had ever chosen bankruptcy.

The past two weeks have changed all that, in a big way, as the fiscal struggles faced by so many American cities became too much for some to bear.

San Bernardino became the third California city in that small span to choose Chapter 9 bankruptcy protection with a City Council vote on Tuesday night.

The Southern California city of about 210,000 people will also become the second largest in the nation ever to file for bankruptcy. Stockton, the Northern California city of nearly 300,000, became the biggest when it filed for Chapter 9 on June 28. The much smaller city of Mammoth Lakes voted for bankruptcy July 3.

San Bernardino’s City Council directed the city attorney to make the move during a meeting where administrators explained the dire fiscal circumstances and urged them to choose the bankruptcy option.

“We have an immediate cash flow issue,” Interim City Manager Andrea Miller told Mayor Patrick Morris and the seven-member City Council, according to the Los Angeles Times.

Comment by palmetto
2012-07-11 06:10:29

Wow, this party’s just getting started. Next up?

 
Comment by Cantankerous Intellectual Bomb Thrower©
2012-07-11 06:23:37

I guess document falsification to balance the city budget only works so long until it no longer works.

The Financial Times of London
July 11, 2012 8:32 am
San Bernardino set to file for bankruptcy
By April Dembosky in San Francisco
City hall of San Bernardino California©Getty

Officials of San Bernardino, California have authorised the city manager to file for Chapter 9 bankruptcy as the city struggles to close a $45m budget shortfall.

The move comes right after two other California cities filed for bankruptcy in the past two weeks: Stockton and Mammoth Lakes.

San Bernardino, with a population of about 210,000, faces similar financial straits as other cities across the country, having promised generous pensions and benefits to retirees that it can no longer maintain because of declining property taxes and sales taxes.

“Revenues are simply not sufficient to cover the cost of services provided,” said Patrick Morris, mayor. “Cuts will not meet the level needed to balance the budget.”

San Bernardino’s fiscal troubles were exacerbated by accounting mistakes, deficit spending and more than a decade of unethical behaviour by former city officials, who presented falsified budget documents to the mayor and city council on which spending decisions were based, said James Penman, the city attorney.

For 13 of the last 16 years, documents were falsified,” he said. “Documents showed the city was in the black when in 13 of those 16 years the city was in the red.”

Comment by turkey lurkey
2012-07-11 09:46:17

Have I mentioned before that it’s your LOCAL government that screws you the most?

 
 
Comment by Mr. Smithers
2012-07-11 06:58:57

The end game here is a massive bailout of CA, as well as IL courtesy of Mr. and Mrs. Federal taxpayer.

Comment by scdave
2012-07-11 11:01:40

The end game here is a massive bailout of CA ??

Never happen….Hell, many of us here want the state to go broke…Thats the only way to some serious reform as many see it…

 
Comment by Lip
2012-07-11 11:54:09

Mr Smithers, you are right again. There is no need for the State of CA to worry about their finances as they know that they’re

TOO BIG TO FAIL!!!

 
 
Comment by 2banana
2012-07-11 07:50:25

Hey, I got a great idea.

Lets spend a 100 billion on a railroad. That oughta fix the problem.

Comment by CharlieTango
2012-07-11 09:31:26

Being very close to a municipal BK filing is interesting. After reviewing the Chapter 9 provisions I learned that Chap 9 is extremely friendly to the debtor, the court and creditors have far less say. Its all about the 10th amendment.

Chap 9 is so painless for the debtor, it will likely lead to many more filings as people learn more. It is in many cases an inevitable way for the taxpayer to take back from the public union goons past and present.

Scranton reducing compensation to minimum wage is an idea that might spread as well.

Comment by X-GSfixr
2012-07-11 10:20:03

If that happens for more than a couple of weeks, everyone will walk.

And good luck trying to replace experienced people while offering $7.50/hour.

Of course, the Republicans will step in and claim “free-enterprise” will fix all of these issues……..

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Comment by turkey lurkey
2012-07-11 11:39:24

Social Darwinist never seem to realize that they will probably be the first victims.

Marie Antoinette certainly didn’t realize it.

 
Comment by 2banana
2012-07-11 11:40:15

The city is bankrupt due to total democrat control and out of control public unions. The mayor wanted to raise taxes up to 74%.

How much worse could republicans do?

Of course, the Republicans will step in and claim “free-enterprise” will fix all of these issues……..

 
Comment by turkey lurkey
2012-07-11 12:01:38

There is a LOT of corruption in CA. No one will deny that.

X’s point is that NOBODY with any competency will work for min wage.

Crime is about to go through the roof there. When that happens the population and businesses will leave immediately. The city then becomes another Detroit. It won’t matter who is running it then.

 
 
 
Comment by aNYCdj
2012-07-11 09:35:40

Like there are so so many people wanting to commute from SF to LA… now if that money was spent on subways and a light rail in LA it could be a business booster but then LA is a car culture…so put affordable housing next to the stations. give companies tax breaks for locating next to the stations..so you dont have to drive.

there is so many right of ways and abandoned tracks all over america…even here in queens…you see so much using google maps

Comment by X-GSfixr
2012-07-11 11:11:05

“Like there are so many people wanting to commute from SF to LA……”

Just for grins, I just did a quick count on ARRIVALS from the Bay Area airports (SFO, San Jose, Oakland) to the LA area airports (LAX, ONT, BUR, SNA) between 7am and 10:30am Pacific today.

Total = 49 About half to 2/3 of these are B-737s, (180 seats), the rest are some kind of regional jet (70-90 seats)

I would assume that there is about the same number of flights going in the opposite direction.

Note also that there are a significant number of flight between Sacramento and LA as well…..didn’t count, but probably 20-25 in the same time period.

Union Pacific and BNSF currently own the best rail corridor between the two areas. Unfortunately, you need a dedicated railroad right of way, if you plan on running high speed trains that will be competitive with the airlines.

If a high speed train was going to be built, it should have been started back in the 60s. Too much NIMBY now.

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Comment by turkey lurkey
2012-07-11 11:41:41

High speed trains are just commie socialist ideas, anyway! Just ask Europe and China.

 
Comment by aNYCdj
2012-07-11 11:56:59

Xgs so what would the difference be? Time saved? costs? train hooking up to other rail/subway systems….downtown to downtown? airport to airport?

—————–
Just for grins, I just did a quick count on ARRIVALS

 
Comment by X-GSfixr
2012-07-11 13:20:02

Every mode gets tons of government subsidies, directly or indirectly. Spend money on rail, maybe means you have to spend less on roads and aviation infrastructure.

Depending on the “Free Market” to provide transportation services is a joke. None of it would exist without government backing. There isn’t an inch of road, track or airway that could exist without some kind of government subsidy.

Even the railroads get millions from the government for infrastructure improvements, usually to “reduce congestion on the highways” by moving trailers/containers onto railroad tracks, or by building brides over roads, instead of having grade crossings.

Used to be we had guys in government called “analysts” that examined all of the tradeoffs impartially. Now, it’s all been politicized, and the priorities flip 180 degrees every time the Democrats/Republicans swap jobs.

 
 
 
Comment by jbunniii
2012-07-11 10:32:33

While we’re at it, let’s build it to connect Stockton and San Bernardino. It can’t be any worse than the existing plan (Merced and Bakersfield).

Comment by ahansen
2012-07-11 23:50:57

And to get from Bakersfield down to Los Angeles (or Merced to Sacramento) you have to transfer to a two-hour bus ride. Opening up that corridor will be a godsend in the transportation link between SF and SD.

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Comment by anon in dc
2012-07-11 14:44:51

Another example of the wonders of bureauracy. Bright Idea!!! Let;s put the one of the largest bureauracries, the Federal Gov., in charge of healthcare!!!

Too bad San Bernadino just did n’t tax the “rich” enough. Never mide the overspending and cooked books. The real fault is that the “rich” did not fork over even more of their money to SB.

Comment by Happy2bHeard
2012-07-11 17:33:22

Bureaucracy and corruption are not limited to government. At least with government, you get some oversight and transparency. With corporations, you get none.

 
Comment by ahansen
2012-07-11 23:53:21

There are no rich in San Berdo. It’s always been a corrupt sheithole, but it finally got caught when all the illegals reneged on their mortgages after the building bust ate all their jobs.

 
 
Comment by Cantankerous Intellectual Bomb Thrower©
2012-07-11 21:07:56

San Bernardino reached ‘point of no return’
Written by Aaron Burgin
8:07 p.m., July 11, 2012

SAN BERNARDINO — Buckling under rising employee costs, recession-racked revenues and the sudden takeaway of millions of state dollars, officials in the city of San Bernardino said they risked being unable to make payroll and satisfy creditors.

“We are bankrupt,” Mayor Pat Morris said.

On Tuesday, officials voted to authorize the city attorney to seek federal Chapter 9 bankruptcy protection, the third California city in two weeks to take the action.

Bonnie Brooks, 71, has lived in San Bernardino her entire life. The town has seen its booms and busts, but has been on a slow crawl toward insolvency for years, she said.

“I wasn’t surprised at all,” Brooks said as she left a jewelry store a block away from City Hall. “It’s been a long time coming. It’s never been this bad.”

The city of 209,000 faces a $46 million deficit, even after reducing its workforce by 20 percent and negotiating $10 million in budget concessions from employees.

Declaring Chapter 9 bankruptcy will allow for the city to draft a plan to restructure its finances and continue to pay for city services while insulating it from lawsuits from its creditors.

The City Council will vote Monday to declare a fiscal emergency, which will allow San Bernardino to bypass a new California law that requires a city to hire a third-party mediator to negotiate with unions and creditors before filing for Chapter 9 protection.

“We have reached that point of no return,” Morris said. “The city had reached the point where we believed we were out of options and bankruptcy protection was our only option.”

 
Comment by Cantankerous Intellectual Bomb Thrower©
2012-07-11 21:12:53

Stockton retirees sue to stop city from cutting health benefits
Stockton, which has filed for bankruptcy, told retirees they must pay their premiums or medical coverage will be canceled. The retirees say they can’t afford the premiums.
By Diana Marcum, Los Angeles Times
July 11, 2012, 8:27 p.m.

A group of Stockton retirees has filed suit in U.S. Bankruptcy Court asking for a restraining order against the city’s moves to cut their health benefits.

The city informed retirees by letter that they must pay their premiums by July 30 or “medical coverage will be canceled retroactive to July 1.” The move is part of the city’s “pendency plan” aimed at keeping it solvent while it seeks protections from creditors under federal bankruptcy law.

Plaintiff Alfred Seibel, 58, a retired parks worker, said he can’t afford the premiums and can’t afford to lose coverage.

With the city’s cuts, Seibel’s health insurance costs would be $1,126.66 per month, or about 51% of his net income.

“I am already taking generic meds for cholesterol and triglycerides against my doctor’s advice, I can’t afford the $70 co-pay. My wife cries all the time. She don’t understand how when they promise you all this stuff, then they [can] just take it away,” he said in court documents.

A retired parks caretaker who worked for the city for 31 years, Seibel also suffers from a work-related herniated disc and enlarged lymph nodes that doctors say are from chemicals he used on the job.

Promises of lifelong health benefits made to Seibel and others have been blamed in part for Stockton’s failure, which was also brought on by the housing bust, unemployment and borrowing for downtown development that did not bring expected results.

Dwane Milnes, who was Stockton’s city manager from 1991 to 2001, has been widely criticized for giving retirees full retirement healthcare in return for agreements from unions not to seek raises. The unfunded liability for those benefits is $417 million.

Milnes now represents the retirees in bankruptcy-related negotiations.

“It is not unfair to make changes in the retirement plan,” Milnes said. “The world changes and when the world changes you have to adapt. But the question is, how do you change it in a way that is respectful of those most in need?”

 
 
Comment by UNKNOWN TENANT
2012-07-11 06:10:56

Strong June auto sales for U.S. automakers

By Jose Pagliery @CNNMoney July 3, 2012: 2:11 PM ET

New auto safety technologies appear successful
Also contributing to that growth is the Federal Reserve, which keeps interest rates low and makes car loans more attractive, Andersson explained.

“Despite the fact that there’s a lot of economic uncertainty, automotive sales seem to be a bright spot,” Andersson said. “It’s just a slow and steady race, and car sales are continuing at a healthy pace.”

General Motors (GM, Fortune 500) posted the second strongest figures. Its sales grew by 16%, with 248,750 vehicles sold. The Detroit-based company said June showed the highest monthly sales since 2008, when gas prices skyrocketed and its auto sales plummeted.

http://money.cnn.com/2012/07/03/news/companies/car-sales/index.htm - 44k -
———————————————————————————-
GM’s 16% Growth Fueled By Government Purchases

Before anyone gets too giddy about progress from the General Motors buyout, consider the bulk of that came from government purchases of GM vehicles.

While most of the mainstream networks reported the 16% rise in GM sales, they failed to mention that most of it was due to a 79% increase in GM vehicles bought by the Federal Government.

http://newstalk870.am/gms-16-growth-fueled-by-government-purchases/ - -

Comment by In Colorado
2012-07-11 07:07:08

Would you be happier had the government purchased imports?

Comment by Cantankerous Intellectual Bomb Thrower©
2012-07-11 07:12:06

“…they failed to mention that most of it was due to a 79% increase in GM vehicles bought by the Federal Government.”

So let me get this straight: Were GSA purchases of GM vehicles a significant driver of the great June automotive sales numbers?

Comment by UNKNOWN TENANT
2012-07-11 07:46:13

Treasury needs an exit plan for GM, Ally: watchdog

By John Crawley | Reuters – 20 hrs ago.

WASHINGTON (Reuters) - Market conditions have slowed the U.S. Treasury’s progress in selling its stakes in General Motors Co and the automaker’s one-time consumer financing arm, but a solid exit plan is needed, a government watchdog said on Tuesday.

Treasury, which invested more than $50 billion in GM via the Troubled Asset Relief Program, has not sold any shares since 2010. It would need to sell its remaining stake of 500 million shares at more than $52 each to break even on the bailout.

On Tuesday, GM stock traded just above $20, down sharply from its initial public offering price of $33 in November 2010.

President Barack Obama has campaigned heavily in those states on a signature economic policy achievement — the revival of U.S. auto manufacturing due to his intervention following its near-collapse soon after he took office.

Organized labor has been a cornerstone Obama constituent and a prime target for Republicans this election season. Some Republicans have accused mainly public-sector unions of sapping municipal budgets with bloated contracts and benefits.

‘TOP UP’ PAYMENT

Unable to meet its obligations, bankrupt Delphi turned over its underfunded pension plans covering some 70,000 workers and retirees in 2009 to government insurers, which would pay out benefits but at rates lower than promised.

GM agreed to add about $1 billion to accounts for 40 percent of the pension recipients, mainly hourly employees and retirees of the United Auto Workers and other smaller unions. The 20,000 nonunion salaried employees were excluded, as were some other union workers.

http://news.yahoo.com/treasury-needs-exit-plan-gm-ally-watchdog-180744943–sector.html - -

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Comment by Northeastener
2012-07-11 08:02:11

I think June automotive sales were good overall because of last year’s dismal numbers, cheap financing, and a glut of new, more efficient models.

I think GM’s sales successes in June were driven by .gov fleet sales.

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Comment by Mr. Smithers
2012-07-11 07:53:17

“Would you be happier had the government purchased imports?”

Definitely. Buying a piece of Detroit junk is a poor financial decision.

Comment by In Colorado
2012-07-11 10:03:40

Building foreign economies at the expense of your own is even more foolish. Autoworkers in Japan and Korea do thank you for your generosity however. Just don’t expect them to buy anything from us that they can make themselves. Just because they’re grateful doesn’t mean they’re stupid.

And BTW, Consumer Reports doesn’t claim the American cars are junk.

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Comment by anon in dc
2012-07-11 14:48:13

All the US cars are pretty good now. Auto business is so global I don’t think you really can ascribe a label to cars no matter what the brand. US cars have parts and components from Mexico, Korea, etc…

 
 
 
Comment by Northeastener
2012-07-11 07:59:17

Would you be happier had the government purchased imports?

Considering most cars sold here are manufactured here, including Honda’s, Toyota’s, Hyundai’s, etc., I think it speaks volumes about the government’s ability to “pick winners” in our economy.

Too bad for Ford, not only did they not take the “bailout” taxpayer money, making them less competitive than Chrysler and GM, but now GM is seeing the bulk of government fleet sales…

 
 
Comment by Arizona Slim
2012-07-11 07:52:43

Call the Star, this is news: Arizona Slim says nice things about cars! Specifically, American cars of recent manufacture!

Being the observant bicyclist that I am, I can’t help noticing the improved workmanship of American cars. Because I get around on two wheels, I have to keep a close eye on the four-wheelers, and the difference between the 1980s and 1990s cars vs. what’s available now is striking.

Comment by Mr. Smithers
2012-07-11 07:57:03

AZ Slim:

Top 10 most reliable cars of the past decade (source Warranty Direct)

1. Honda Accord
2. Subaru Forester
3. Mazda MX-5
4. Mitsubishi Carisma
5. Toyota Yaris
6. Honda Civic
7. Nissan Almera
8. Honda CR-V
9. Toyota RAV4
10. Nissan Micra

Detroit still makes nothing but junk. You have to get to #27 to hit an American car, the Ford Cougar.

Comment by Mr. Smithers
2012-07-11 08:02:44

2012 JD Power Ranking most reliable cars by segment

Sub-compact car:
Toyota Yaris
Scion xD
Honda Fit

Compact car :
Toyota Prius
Toyota Corolla
Hyundai Elantra

Midsize car:
Ford Fusion
Mitsubishi Galant
Toyota Camry

Midsize premium car:
Hyundai Genesis
Mercedes-Benz E-Class
Volvo S80

Minivan:
Toyota Sienna
Honda Odyssey

Midsize crossover/SUV:
Ford Explorer and Nissan Murano (tie)
Toyota Highlander

Midsize pickup:
Nissan Frontier
Ford Ranger
Honda Ridgeline

Notice something missing from the list? GM products, nowhere to be found. At least Ford (the only non-govt run auto company in America) got a couple in there.

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Comment by Lip
2012-07-11 15:28:08

I have a new Ford Taurus and I love it. Big, comfy, and that Sync system is great. Since I drive many, many miles, a bigger car makes a big difference.

IMO Ford has made some significant improvements in all of their vehicles and therefore they get my business.

 
Comment by San Diego RE Bear
2012-07-11 17:05:08

I have a Toyota Prius and it’s a piece of crap. I much prefer driving my 14-year-old Explorer. Wish I had bought another Ford and will next time.

 
Comment by In Colorado
2012-07-11 17:13:53

Well at least you refuted your earlier comment that “American cars are junk”. It takes a big man to admit when he’s wrong :-)

IIRC, the JD Power survey focuses on initial defects. For long term reliability Consumer Reports does a better jobs. And unlike in years past, there are GM products with the recommended label.

What is interesting is that CR recently panned the redesigned Honda Civic as a poor value. Honda USA was not pleased with that, but CR stood it’s ground. They have also panned the Honda 3.5L engine/trannie combo as inherently flawed. I know more than a few people who have had tranny issues withe their Honda Odysseys and Pilots. Too this day Honda insists that there is no problem with the tranny and refuses to issue recalls.

 
 
Comment by In Colorado
2012-07-11 09:56:40

Three of those cars (Carisma, Almera and Micra) were never sold in the USA.

Ford Cougar? I’ve heard of the Mercury Cougar.

I think this is a list from somewhere else. Maybe the Onion?

As for American cars being “junk” our 2000 Impala with 150K miles on it disagrees with you. Our other two American cars have been trouble free as well. I’ve had a few Nissans and Toyotas that soured me on Japanese cars. Our Pathfinder had a recall that required the complete replacement of its rear end.

Even Consumer Reports has admitted that the quality gap has shrunk, and there are plenty of American cars with the coveted CR recommended label.

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Comment by Mr. Smithers
2012-07-11 10:35:36

Colorado,

Are you really not aware of the fact cars sold worldwide have different names in different countries? Keep up dude.

This list is worldwide. And worldwide, Detroit made junk still doesn’t crack the top 10 in terms of quality long term. Maybe Detroit junk isn’t as junky as 20 years ago. But that’s like saying the patient was in a coma 20 years ago and now he’s recovered to the ICU.

 
Comment by Northeastener
2012-07-11 11:16:46

Personally, there are a number of cars from Ford, Chrysler, and GM that I would consider buying: Ford F150, Ford Mustang GT, Ford Taurus SHO, Chevy Camaro, Chevy Tahoe, Cadilac CTS-V, Dodge Challenger, etc… my problem is not with the quality of American manufacturers.

My problem is specifically with the government picking winners and losers and changing the rules to suit them and their campaign contributors (yeah, I’m talking to you GM, Chrysler, and the UAW).

The vehicle with the best resale value in the US is the F150, which also happens to be the best selling vehicle in the US…

 
Comment by In Colorado
2012-07-11 17:03:27

“Are you really not aware of the fact cars sold worldwide have different names in different countries?”

Yes I am. I was just trying to point out that your list is from Europe, where American cars are not sold. The Ford Cougar is the sporty version of the Ford Mondeo, a European model.

 
Comment by Happy2bHeard
2012-07-11 17:39:00

“Keep up dude.”

You really seem to enjoy belittling people. You might get a better reception for your ideas if you stopped doing that.

 
 
 
 
Comment by turkey lurkey
2012-07-11 09:49:16

Yep, the economy sucks.

Oh wait…

Comment by Northeastener
2012-07-11 11:19:31

Stop looking in the rear-view mirror… the economy is spiraling down, again. Globally…

BTW, this was perfectly predictable given none of the fiscal imbalances were addressed after the 2007/8 crash.

Comment by turkey lurkey
2012-07-11 11:49:00
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Comment by turkey lurkey
2012-07-11 12:03:48

Links should be showing up soon.

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Comment by Cantankerous Intellectual Bomb Thrower©
2012-07-11 06:16:21

When the facts change, I change my mind.

– John Maynard Keynes?

Euro Watch
Spain Announces Tough New Austerity Measures

Prime Minister Mariano Rajoy warned of more pain for Spaniards.
(Javier Soriano/Agence France-Presse — Getty Images)
By RAPHAEL MINDER and STEPHEN CASTLE
Published: July 11, 2012

MADRID — Struggling to meet euro zone financial targets, Prime Minister Mariano Rajoy of Spain introduced his latest package of tough austerity measures Wednesday, including a rise in the sales tax, reversing his previous stance.

The package, Mr. Rajoy’s fourth set of budget measures in seven months, is intended to reduce the budget deficit by €65 billion, or $80 billion, over two and a half years. It follows a decision by euro zone finance ministers early Tuesday to relax Spain’s deficit target for this year to 6.3 percent of gross domestic product, rather than the 5.3 percent target that was set only four months ago. But the finance ministers also said they expected Madrid to continuing showing progress on its deficit cutting.

The new austerity plan came as Finland’s prime minister, Jyrki Katainen, issued a warning Wednesday that the euro’s predicament was as perilous as at any time in the past two years. “This situation is dangerous, very dangerous,” he said in an interview with Finland’s biggest daily, Helsingin Sanomat.

One of the main elements of the new round of Spanish austerity measures is a rise in the value-added tax to 21 percent from 18 percent. Mr. Rajoy’s government had previously argued against raising the tax amid concerns that it would deepen Spain’s recession by stifling consumer spending. But the latest budget data indicated that Spain needed to try generating further tax revenue if it wanted to come close to meeting its deficit pledges.

I know these are not pleasant measures but they are necessary,” Mr. Rajoy told lawmakers. “The circumstances have changed, and I have to adapt.”

Comment by Ben Jones
2012-07-11 06:26:49

‘Mr. Rajoy’s government had previously argued against raising the tax amid concerns that it would deepen Spain’s recession by stifling consumer spending.’

‘But…’

The guy ran on anti-austerity didn’t he. ‘The circumstances have changed, and I have to adapt’

Yeah , yeah, forget what I said when I wanted your vote. Things changed and I’ve got to break my promise. This is why, IMO, we should never re-elect a person who breaks promises. They will always have an excuse. And in our system, they can say, you don’t want THEM in power do you?

But imagine if voters always voted out liars and flip-floppers. Sure, another liar might come right in, but if that person then knew where the public stands on breaking promises, eventually we might train the politicians to at least stick to what they campaigned on.

Comment by Cantankerous Intellectual Bomb Thrower©
2012-07-11 06:39:08

Or just never vote them into office to start…

Mitt Romney’s Etch A Sketch moment on health care law
Published: Friday, July 06, 2012, 6:39 AM
Star-Ledger Editorial Board By Star-Ledger

Mitt Romney has changed his mind.

As Ronald Reagan would say, with that slightly bemused shake of the head: “There he goes again.”

Earlier this week, the Romney campaign said the health insurance mandate was a penalty, not a tax. That position aligned the presumptive Republican nominee for the White House with President Obama — and blew the minds of most conservatives and Republicans. After all, the U.S. Supreme Court upheld Obama’s health care reform act by decreeing the mandate was a tax, not a penalty, and Republicans found a way to be jubilant. The court decision, an ostensible loss for the anti-Obamacare crowd, gave them a juicy consolation prize: a tax cudgel with which to hit Obama about the head.

 
Comment by Cantankerous Intellectual Bomb Thrower©
2012-07-11 06:45:58

Rajoy Outlines Budget Cuts as Protests Hit Madrid
By Ben Sills and Emma Ross-Thomas - Jul 11, 2012 5:13 AM MT

Spanish Prime Minister Mariano Rajoy rolled back social-welfare protections and raised taxes to clinch emergency aid and pacify investors as anti-austerity protesters marched in the capital.

Rajoy announced cuts in unemployment benefits and public wages, signaled reductions in pensions and raised sales taxes as part of a 65 billion-euro ($80 billion) package of deficit cuts, risking a deeper recession. As striking miners clamored for aid to keep their industry alive in a march along Madrid’s main boulevard, Rajoy trimmed union funding by 20 percent.

Spain’s desperation for foreign capital to sustain public services and keep its banks afloat has ripped control of policy from the government, leaving officials to implement the diktats of markets and the European Union. Preventing a meltdown in the fourth-biggest euro economy is key for policy makers to limit risks to the 17-nation currency union.

“We have very little room to choose,” Rajoy told the national parliament in Madrid. “I pledged to cut taxes and now I’m raising them. But the circumstances have changed and I have to adapt to them.”

Comment by Arizona Slim
2012-07-11 07:54:07

Senor Rajoy, there is nothing quite like a Spanish protest. And it’s about to get up close and personal for ya.

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Comment by Steve W
2012-07-11 11:44:16

Oh, the Eurozone…It’s been said before, but I’ll say it again–the US is a mess of a place but dear Lord I wouldn’t want to be a citizen anywhere else in the world right now…

 
 
Comment by anon in dc
2012-07-11 14:52:15

“social-welfare protections” = free stuff

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Comment by Happy2bHeard
2012-07-11 17:43:32

“But imagine if voters always voted out liars and flip-floppers. Sure, another liar might come right in, but if that person then knew where the public stands on breaking promises, eventually we might train the politicians to at least stick to what they campaigned on.”

We might just get candidates that refused to say anything of substance.

 
 
Comment by measton
2012-07-11 08:13:43

Mr. Rajoy = Trojan Horse

I suspect in Spain as in the US the elite create a contest between two people one who will give them 99% of what they want and one that will give them 98% of what they want.

Europe will be clubbed until things are miserable. Banks will buy up all of the gov debt paying 7% in the know investors will buy up productive assets with 0% loans. Then the central banks and Germany will ride in on a cash cannon and seize control. The people will be so thankful for the day old bread and water and slave labor job that they will cheer as they loose sovereignty. Statues will be erected to honor the central bankers who saved the day.

 
 
Comment by Cantankerous Intellectual Bomb Thrower©
2012-07-11 06:52:49

Yesterday the Marketwatchers said the market would go up, and it dropped. Should today’s suggestion it will go down be taken as a contrary indicator as well? Or will there be enough fresh stimulus red meat in those Fed meeting minutes to satisfy carnivorous bovines?

Street tilts to the downside

Stocks step off on a modestly lower note. Investors await the release of minutes from the Federal Reserve’s June rate-setting meeting for any details that might hint at fresh stimulus.

Comment by Cantankerous Intellectual Bomb Thrower©
2012-07-11 17:42:21

Reacting to Fed Minutes, Indexes Dip but Recover
By THE ASSOCIATED PRESS
Published: July 11, 2012

The stock market bounced back from an afternoon slump Wednesday after the Federal Reserve released disappointing minutes from its June meeting.

At the meeting, the most recent, Fed policy makers cited several threats to the United States economy, including a slowdown in China and a looming budget squeeze in Washington.

The Fed also did not signal that new steps to stimulate the economy were on the way, and that tripped up the stock market, said Steven Ricchiuto, chief economist at Mizuho Securities USA. He said many traders had hoped to see evidence that the Fed was prepared to begin a new bond-buying effort to prod the economy.

“They didn’t get what they wanted to see,” Mr. Ricchiuto said.

Stock investors took the news badly at first, but by the end of the day they were taking it in stride. The Dow Jones industrial average dropped as many as 118 points shortly after the 2 p.m. release of the Fed’s minutes, but recovered most of its losses by the closing bell.

The Dow closed down 48.59 points, at 12,604.53. The Standard & Poor’s 500-stock index slipped 0.02 of a point to close at 1,341.45. The Nasdaq composite index lost 14.35 points to close at 2,887.98.

This was the fifth consecutive loss for the Dow. With Europe still completing details of a bailout for Spanish banks and the American economy still sluggish, investors appear to have little incentive to buy stock.

“The bottom line is that there aren’t a lot of investors willing to put money into this market,” said Jeffrey Kleintop, chief market strategist at LPL Financial. “There’s not much to get excited about.”

 
Comment by Cantankerous Intellectual Bomb Thrower©
2012-07-11 19:37:02

Two things are almost certain to happen when my wife and I go on vacation:

1) The weather at our destination is great.
2) The stock market crashes.

Stocks close lower for fifth day straight

It was the fifth straight day of losses for both the Dow and S&P. That’s the worst stretch for both since a six-day losing streak in May. With the US economy sluggish, there was little for investors to hold on to as the Dow closed down 48 points at 12,604.

By Matthew Craft, AP Business writer / July 11, 2012

In this Tuesday, July 10, 2012, file photo, traders prepare for the start of early trading at the New York Stock Exchange. Tuesday’s losses were compounded by yet another down day today, the fifth straight day of losses for The Street.

The stock market mostly recovered from an afternoon slump to end with slight losses.

In minutes from their latest meeting released Wednesday afternoon, Federal Reserve officials said they saw a variety of threats to the U.S. economy, including a slowdown in China and a looming budget crunch in Washington. The Fed also didn’t signal that new steps to stimulate the economy were on the way.

Stock investors took the news badly at first, but by the end of the day were taking it in stride. The Dow Jones industrial average dropped as many as 118 points shortly after the 2 p.m. release of the Fed’s minutes. Thanks to a recovery in the last hour it was down just 48 points at the closing bell, not much different from where it was earlier.

 
 
Comment by Mr. Smithers
2012-07-11 07:21:33

I tell you that Romney. Investing in Indian companies and Swiss Banks and foreign companies. What an eeeeevil 1%er here is.

Oh wait…

“Disclosure forms reveal that Democratic National Committee chair Debbie Wasserman Schultz, a member of Congress from Florida, previously held funds with investments in Swiss banks, foreign drug companies, and the state bank of India. This revelation comes mere days after the Democratic chair attacked presumptive Republican presidential candidate Mitt Romney for holding money in Swiss bank accounts in the past.

… in 2010, Wasserman Schultz invested between $1,001-$15,000 in a 401k retirement fund run by Davis Financial Fund. As the fund discloses, it is invested in the Julius Baer Group Ltd. and the State Bank of India GDR Ltd., as well as other financial, insurance, bank institutions.

“The Julius Baer Group is the leading Swiss private banking group, focusing exclusively on the demands of sophisticated private clients, family offices and external asset managers from around the world,” its website explains.”

If there is one thing Democrats are consistent at, it’s being inconsistent.

Comment by alpha-sloth
2012-07-11 07:58:19

Wasserman Schultz invested between $1,001-$15,000 in a 401k retirement fund run by Davis Financial Fund.

LOL.

 
Comment by Harry Connick Jr Community College Graduate
2012-07-11 08:51:24

That’s weak, Smitty.

On the other hand if she was as rich as Romney, she would have “invested” exactly like him. Not a big deal.

 
Comment by turkey lurkey
2012-07-11 09:55:32

(John Lovitz voice-over) FIF-TEeeEN, THOU-SAND DOLLARS!!! :lol:

Comment by Mr. Smithers
2012-07-11 11:08:26

So hypocrisy is OK when it’s in small quantities.
Got it.

Comment by turkey lurkey
2012-07-11 11:22:22

So hypocrisy is ok as long as a minor act is equated with a larger and more serious act?

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Comment by polly
2012-07-11 11:43:26

Choosing a 401(k) fund option with a little international exposure (how many choices did she have for 401(k) contributions? mine are always very limited) is not even remotely the same as putting 10s of millions of dollars in off-shore tax havens.

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Comment by TheNYCdb
2012-07-11 18:58:00

Also she’s investing in foreign banks, not trying to hide her money there. I’m no fan of this person, but this attack seems weak.

Comment by Cantankerous Intellectual Bomb Thrower©
2012-07-11 19:04:04

Most of smitty’s strawmen are weak, and his posts would be a better fit for a political or Realtor® blog. I some times suspect he is our Eddie posting under a new handle.

Comment by ahansen
2012-07-12 00:03:07

So far Smitty’s refrained from informing us what color his cheesy wife’s latest pair of (woohooo) Ferragamo shoes cost. They also live in different areas of the country and Smitty complains about his income rather than bragging about it.

However it appears they both listen to the same unoriginal blathering head media outlets….

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Comment by San Diego RE Bear
2012-07-11 07:38:31

As usual I’m a day or two behind on my reading. But I had to comment on Slim’s contribution on the 9th:

“Well, you’d think that four design travesties on one property would be enough. But they’re not finished. They just put a life-sized plastic horse in the front yard.”

Here we are all (mostly) hoping the foreclosures will be allowed and finished, we will return to affordable housing and a normal real estate market and a real economy will be created.

But this shows the dark side of getting what you want. :D

I think you should steal the horse and photograph him in different places (maybe with famous people on him), like they did with the frog and the gnome.

Comment by Arizona Slim
2012-07-11 07:57:02

Here are the decorative ideas that the evil neighbors and I have come up with:

1. An after-dark delivery of horse manure. It would look especially lovely beneath the plastic horse. And, wouldn’t you know it, the neighbor who offered this suggestion has a relative who owns real horses.

2. An inflatable doll riding the horse. No one has stepped forward to purchase one. Or loan one that they already own.

Comment by polly
2012-07-11 08:38:27

3. Spray paint. Purple. With spots.

Comment by Arizona Slim
2012-07-11 08:47:18

We like your evil turn of mind, polly. You are hereby named an honorary resident of our neighborhood.

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Comment by DB_in_AZ
2012-07-11 09:46:46

I would buy a pink flamingo and strap that on the back of the horse.

 
Comment by Arizona Slim
2012-07-11 09:54:27

I would buy a pink flamingo and strap that on the back of the horse.

You too, DB, have earned honorary resident status in our neighborhood!

 
Comment by turkey lurkey
 
Comment by DB_in_AZ
2012-07-11 10:18:44

:)

 
Comment by Arizona Slim
2012-07-11 10:31:19

Well, we do have some pretty good artists in this neighborhood. One of the neighborhood association board members comes to mind.

Only trouble is, how do we sneak Dennis over the plastic fence with his art supplies?

 
Comment by turkey lurkey
2012-07-11 11:02:56

Paintball gun.

 
Comment by Arizona Slim
2012-07-11 11:25:33

Ooooo, turkey lurkey, I like your style! Because a drive-by paintball shooting is exactly what this horse needs.

I think I’ll recruit one of our local gangbanger hooptie drivers to do the honors. Unless, of course, you have a paintball gun handy.

You, too, have gained honorary resident status.

 
Comment by polly
2012-07-11 11:45:24

Just remember, slim. The residents are the ones that have to look at the darn thing. Of course, if you are in “couldn’t look worse” territory, then bad and amusing is a viable option.

 
Comment by Spook
2012-07-11 14:32:40

put a klansman on it.

 
Comment by goon squad
2012-07-11 17:45:14

put a klansman on it. That’s Racist®

 
Comment by oxide
2012-07-11 19:26:18

Uncalled for.

 
 
 
 
 
Comment by 2banana
2012-07-11 07:54:49

Funny how county/local governments doesn’t fool around with taxes…

There is no staying in your house not paying your taxes for years. There are no “work arounds” or cram downs. There are no “hey, we need to negotiate” laws or regulations.

There is only - pay your taxes or you lose your house very quickly.

So WHO really owns your paid off house?

——————————————-
The other foreclosure crisis: Losing a home over $400 in back taxes
CNNMoney - July 11, 2012

NEW YORK (CNNMoney) — People are losing their homes over unpaid tax bills that, in some cases, add up to just a few hundred dollars.

Outdated state laws that allow local governments to sell tax liens on delinquent properties to investors in order to more quickly collect on overdue property taxes is sparking a second “foreclosure crisis,” a report from the National Consumer Law Center said Tuesday.

When homeowners don’t pay property taxes or other municipal bills, like water or sewer fees, local governments have less money to maintain services like schools, police and fire departments and road maintenance. By selling tax liens, those governments can collect on what it is owed.

Investors, in return, effectively own a claim against the property until the homeowner pays the county or municipality back or until they default on the debt entirely. The investor can either collect interest on the taxes owed from the homeowner. Or, if the homeowner fails to pay up, the investor can take possession, or foreclose, on the home.

Comment by turkey lurkey
2012-07-11 10:04:18

As I’ve said, it’s you LOCAL government that overtaxes and over-regulates the most and gives you the LEAST in return for it.

 
Comment by Hi-Z
2012-07-11 14:32:31

“Or, if the homeowner fails to pay up, the investor can take possession, or foreclose, on the home.”

I think the investor has to deal with the mortgage liability too.

 
 
Comment by John
2012-07-11 07:59:48

Hey guys,
Would love some impartial advice here. Been reading the site for many years.

I live in Manhattan with my wife and young child. We have been renting and watching the market closely, as it hasn’t moved much since 2008 other than the high end.

The problem is rents. Rents are skyrocketing–literally 20 percent in the past 12 months. I’m not sure who can afford to sign these leases, but in my building, I have watched apartments go from $3500 for a one bedroom to $4200 over the course of one year.

I’m thinking of buying, not because I think it’s a good investment, but because I’d like some cost certainty. Right now I’m at the whim of my landlord.

Has anyone been in this position? Any helpful thoughts on how to deal with this market?

Comment by Arizona Slim
2012-07-11 08:26:09

As mentioned here before, I bought the Arizona Slim Ranch so I could stop being at the whim of my former landlady.

Comment by palmetto
2012-07-11 08:33:17

I think that’s a major reason for some people to purchase, actually. But the flip side is, when you rent, at least you can move if the neighbors or neighborhood changes.

Not likely to be as much of an issue in Manhattan as it is in the sand states, though.

 
Comment by b-hamster
2012-07-11 10:13:12

I agree with Slim. I bought because I hate the uncertainty of uncontrollable factors in my life. On one hand, I loved renting. It was great to leave my place with skis or mountain bike in hand while the LL slaved over the never-ending home chores and maintenance. But on the other hand, I had instances where my cozy little rental life was upended by the whim of a landlord.

I bought close to the peak, but at least know that I have a fixed mortgage payment (with the exception of some fluctuation in taxes) that will most likely be the same ten years out. I cannot say that about renting. Although I could rent here for about two thirds of my current PITI, rents have been increasing, and it will probably be 3-5 years out until I figure they will reach parity with my mortgage. Who cares? I hear endless banter here (and elsewhere) about the financial practicality of buying versus renting. I wonder how many people analyze ad nauseum about purchases of cars, boats, TVs, furniture, etc? I can afford it and brings me peace of mind and stability in this crazy world.

Yeah, from a financial perspective it probably wasn’t the most prudent time to purchase. But for me I don’t look at it as an investment. It’s a stable place to lay my head and hang my hat. And in 9+ years it will be a monthly expense I will no longer need to incur.

Furthermore, I believe with huge amount of global cash sloshing around lackluster asset classes (eg, commodities, equities, treasuries), a likely target to park funds is in real estate. Especially as the US government continues to subsidize risk while privatizing return (gotta love our ‘capitalism’), many investors will channel money into real estate and I can only imagine what will happen. (I think I read here where rents were doubling in Oakland as cash investors were snapping up properties and drastically increasing rents to generate palatable returns.)

I’ve been reading this blog since I lived in Lake Tahoe in 2006 and seen the lamentations of people wondering when the proverbial other shoe will drop regarding renting and landlord relationships, and when was the right time to buy. Although I worked back east in securities/asset management for years, I possess a tremendous inability to time the markets. So I jumped in and bought (for myriad reasons) close to the peak in 2006. Some regrets, some struggles, but a prudent personal choice irrespective of maximizing my ROI, which is something I more closely associate with my stocks, IRA and silver holdings.

At any rates, those are my thoughts.

Comment by Mr. Smithers
2012-07-11 11:05:41

b-ham:

Nobody will ever be on their death bed and think “I wish I had rented for another 2 years”.

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Comment by Ben Jones
2012-07-11 11:15:44

‘Nobody will ever be on their death bed and think “I wish I had rented for another 2 years”

Somewhere, a couple hundred used house salesmen are writing that down.

 
Comment by UNKNOWN TENANT
2012-07-11 11:56:52

‘Nobody will ever be on their death bed and think “I wish I had rented for another 2 years”

I just met someone the other day who said exactly that. But they were not on their death bed.

 
Comment by b-hamster
2012-07-11 11:59:12

…too funny to think that the source of this soon-to-be-famous quote is the HBB.

 
 
 
 
Comment by UNKNOWN TENANT
2012-07-11 08:29:56

Kinda like being forced to walk the plank isn`t it.

Do you stay on the plank with ever growing gashes in your back from ever higher rents do to market manipulation or do you jump into the shark infested waters and pay too much for an artificially inflated place to live while HARP, HAMP, HARDEST HIT etc. extend this BS to infinity and beyond.

Has anyone been in this position? Yes.

Any helpful thoughts on how to deal with this market? There are smart people here for that but for what it`s worth, after 7 1/2 years I had to jump.

Comment by alpha-sloth
2012-07-11 08:35:53

, after 7 1/2 years I had to jump.

You bought a house?

Comment by Arizona Slim
2012-07-11 08:48:19

When’s the housewarming party?

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Comment by oxide
2012-07-11 10:50:55

Better yet when’s the tarring and feathering?
Or was I somehow “special?”

 
Comment by UNKNOWN TENANT
2012-07-11 11:44:32

“Better yet when’s the tarring and feathering?”

What, did you buy a house with a leaky roof?

 
 
Comment by UNKNOWN TENANT
2012-07-11 11:32:21

“You bought a house?”

Si it`s the UNKNOWN Casa or is that Casa UNKNOWN?

It was awful, waterboarding and men in black suits with red arm bands saying sign here! On top of all that I now have to be careful I don`t cut my toes off doing yard work or get cancer.

You have seen the stories about what happens to people who bought houses.

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Comment by UNKNOWN TENANT
2012-07-11 12:04:49

“or do you jump into the shark infested waters and pay too much for an artificially inflated place to live while HARP, HAMP, HARDEST HIT etc. extend this BS to infinity and beyond.”

Comment by 2banana
2012-07-11 11:45:32

Why Millions of Americans Still Can’t Refinance Their Mortgage
11 Jul 2012 | By: Diana Olick - CNBC

At the beginning of the year, Fannie Mae and Freddie Mac (still under government conservatorship), expanded the Home Affordable Refinance Program for borrowers who owe more on their mortgages than their homes are worth. The limit used to be 25 percent negative equity, but in January, that limit was lifted entirely.

Then in June, the FHA changed the rules on its streamline refi program for borrowers who already have FHA loans, dropping underwriting almost entirely. While both changes sparked temporary surges, they were not enough to serve the entire market.

Thursday the Obama Administration will renew its push for a major refinancing program that would involve all loans, but it would need congressional approval. There are several proposals under consideration.

The “Responsible Homeowners Refinancing Act,” sponsored by Senators Barbara Boxer, D-Calif., and Robert Menendez, D-NJ, would expand the HARP program, extending streamlined refinancing for Fannie and Freddie borrowers and eliminating up-front fees and appraisal costs. Jaret Seiberg at Guggenheim Partners puts the odds of that passing at around 60 percent.

 
 
Comment by WT Economist
2012-07-11 08:47:59

I was in this position in 1987, and I held out until 1994, when I bought a house in Brooklyn.

Manhattan? Never a consideration. Too rich for me, even back then. Before Brooklyn I had lived in the Bronx.

Whatever you do, don’t move somewhere that will require a long commute. You do want to spend time with your wife and young child, don’t you? How important is a big house?

Before the housing market got sane, we had considered living in a very small apartment, but also buying a small cottage out in second home country, a very common NYC (and European lifestyle). The downside is once the kids have their own social schedules (soccer, etc), you may never be able to go to the second home — except to do maintenance. But at least you’ll have a place large enough to entertain and store your stuff. Bikeable from the train or bus is preferred.

Where we live in Brooklyn, the young couples who grew up in rowhouses are buying 2BR condos for their familes; the rowhouses are selling for $1 million plus to people from Manhattan.

How long before NYC loses jobs and the economy slows down because people won’t put up with the cost of housing anymore?

Comment by WT Economist
2012-07-11 09:21:46

BTW, if you insist on living in Manhattan, you are currently bidding against foreign $zillionaire’s who are buying units here as investments and places to run to when the global meltdown reaches revolution phase.

Assuming you work in Manhattan, NJ is out as the commute is increasingly becoming hell. NYC schools are iffy; Long Island is politically corrupt; the lower Hudson Valley and Connecticut are also hugely priced near the train.

I’d consider Queens neighborhoods where you could bike to the subway and lock up there. Relative bargains (but not absolute). You may also consider Dyker Heights or Bay Ridge, Brooklyn, with a bike to the N train.

Comment by John
2012-07-11 09:46:09

Very helpful all, thank you.

When you guys bought, did you buy with a 30-year-fixed?

Is it worth stretching nearly beyond your means in order to buy in the most prime location? I’m thinking of doing whatever I have to do to buy in Tribeca or Soho–I feel like even if the bottom falls out, that area will remain fairly stable as it’s still first choice for many, especially foreign buyers.

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Comment by aNYCdj
2012-07-11 10:18:52

You could have bought this in tribeca the last family owned building…it housed nytalkradio.net on part of the bottom floor such an easy commute for the show hosts and parking too…which we are trying to start up again…

http://www.loopnet.com/Listing/15918455/10-Hubert-Street-New-York-NY/

 
Comment by Steve W
2012-07-11 10:43:49

“Is it worth stretching nearly beyond your means in order to buy in the most prime location?”

No. Emphatically no. I realize now that when I bought our house 11 yrs ago I made some mistakes, but the one I didn’t make was the most important–we bought a house that we’d be able to afford on one salary. Basically a bit more than two times my income. It has made all the difference in the world, because you know what, life can get pretty pricey. And right now, with our health care costs going up and property taxes and all sorts of other taxes going up, we’re still sitting fine because we’ve got extra cash in the bank. If you overstretch yourself, all you need is one bad event to happen (medical issue, job issue) and you are hurting.

i realize NY is a crazier place than Chicago for the rents/houses but don’t put yourself in the position to destroy yourself financially.

 
Comment by Mr. Smithers
2012-07-11 10:44:17

John,

Do you need to be in NYC?

I escaped the insane cost of coastal city living and ran off to flyover land. There’s stuff I miss on occasion but the pennies on the dollar cost of living makes up for all of it. My only regret is not doing it sooner. At some point you have to ask yourself is $4500/month for a 1 bedroom really worth it?

 
Comment by goon squad
2012-07-11 19:20:30

At some point you have to ask yourself is $4500/month for a 1 bedroom really worth it?

Throwing up in my mouth at this. $600/month rented the squad 900SF within a block of Lake Erie in Cleveland before we left…

 
 
Comment by polly
2012-07-11 10:12:09

NYC schools may be iffy overall, but sometimes you can get very, very lucky. There are good options.

http://www.ps334school.org/

and

http://www.nestmk12.net/

are two examples

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Comment by aNYCdj
2012-07-11 09:46:30

This is why the only real reason to pay a broker 15% of a years rent… is when you can get a rent stabilized lease….any other time its money down the drain.

Plus you can get a 2br for about 1/2 that in places like Long island city sunnyside just 10-15 min to GC…yeah its queenzzzz lots of 2 maily houses here or 1 1/2 families….2/3 bd upstairs and a 1 bd with garage downstairs…like this 2 streets over….way over priced at $559K and its needs work…

http://www.trulia.com/property/3057290732-Single-Family-Home-Sunnyside-NY-11104

 
Comment by oxide
2012-07-11 10:59:30

John, try this: http://www.nytimes.com/interactive/business/buy-rent-calculator.html

It is the best online calculator for the buy vs. rent question. It factors inf rent increases, % return on opportunity cost investment, utilities, closing costs, and everything else associated with housing expenses. Almost everything is clickable and slidable and mouseable, so click on everything. Make sure you click on the “advanced settings” in the blue box on the right.

 
Comment by Truth
2012-07-11 14:54:07

Sit tight John. Rental rates in NYC collapse before, they will again.

 
Comment by anon in dc
2012-07-11 15:01:47

More details please. Price of potential purchase, your income, your job stability? Young child. Will there be another child? Will you might outgrow the place you buy or move to the suburbs? Do you have any savings? ect…

Comment by John
2012-07-11 20:00:12

Maybe another child. I will probably outgrow the place in five years, but I’m looking condo in the most prime neighborhoods so I can rent it and there will always be demand in those three zip codes I am targeting.

Comment by polly
2012-07-11 21:13:00

Suggestion, John. Repost early on Saturday. You will get an opinion from our Upper West Side local. You might not like what he says, but you’ll know why he believes it. He thinks NYC is in for a crash.

For what it is worth, my brother and sister-in-law are feeling the squeeze with two kids in a classic 6 (two bed, two bath plus maids room) and the kids are still little. I’m not sure what they are going to do when my niece is old enough to need some privacy from her little brother.

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Comment by BetterRenter
2012-07-11 17:28:45

John wrote: “Has anyone been in this position? Any helpful thoughts on how to deal with this market?”

Yes, and there was only one remedy: You have to move. When landlords raise rents beyond your ability or willingness to pay, you have to move. And now I’m going to leave you with the same message, since most people are too thick to catch on without it needing to be said three times: You have to move.

 
Comment by San Diego RE Bear
2012-07-11 17:50:51

Hi John. Since I am a homemoaner all of 6 days I can tell you there are reasons for buying and reasons not to. I don’t regret my buy (yet), but I had to move to KS to do it. There’s no way I’d be buying in San Diego with the correction I still believe is coming. And yes, my little town here needs some correcting and I believe my house, which has fallen 7% needs to fall another 13%. But we’re still talking a loss of under $15k as the house was under $100k. And I’m pretty sure I can rent it at a (small) profit if I decide to move away from here and property values are way down.

So you have to ask yourself how much loss can you afford and how will it hit you? Can you rent it out for costs if the value is down and you must move somewhere else or want to for life enrichment reasons? Do you want to be stuck in that house if the opportunity of a lifetime comes up and you can’t take a $200k loss? Manhattan has barely moved and yet more and more financial firms are doing layoffs or moving to cheaper settings. I really do think NYC will be coming down, possibly if we have another 2008 event.

But it may make sense for you to buy. If you do do not stretch yourself. I bought at less then 2 times income. Costs about the same as renting if you do not count maintenance and in a much safer local and much nicer house. I can afford a bit more for the luxury of a good neighborhood, especially since my rent was cheap to begin with. Be sensible however. I waited two years to buy so I knew the town and whether I wanted to stay at least another 5 years.

Is there any chance you can wait another 2 years? If by 2014 you don’t see some change it might be time to throw in the towel. But what if we have another election year crash?

Lots to consider and we really do need a lot more info. Renting sucks in a lot of ways - i.e. my neighborhood went really bad, really fast. But that can happen where you buy too and now I don’t have the freedom to leave as easily. (I have 5 dogs - finding a place to live is NEVER easy, but if it’s urgent I can.)

I bought with a 30-year fixed and 5% down. Never thought I would do less than 20% but with PMI at $40/month I just can’t see giving the bank another chunk of cash I can keep for an economic emergency.

Hope this helps!

Comment by Cantankerous Intellectual Bomb Thrower©
2012-07-11 21:34:37

“There’s no way I’d be buying in San Diego with the correction I still believe is coming.”

Based on what? :-)

 
 
 
Comment by Arizona Slim
2012-07-11 09:04:56

Arizona Slim’s Radio Alert: I’ll be returning to the airwaves on Tucson’s community radio, KXCI-FM 91.3, at 4:00 a.m. on Saturday, July 14. Get ready for a two-hour set of meditative and dance-able electronica.

Sunday, July 15 marks the return of Jazz Women! It’s a one-hour special featuring names you know. And names worth getting to know. Tune in at 5:00 p.m.

On Sunday, July 22, I may be on the air again at 5 p.m. That is, if I’m not pre-empted by the KXCI kids’ deejay class show. If my show’s a go, it’s Rock -n- Roll Women!

Note: The times given above are Mountain Standard Time. We’re currently in the same time zone as California and three hours behind the East Coast. If you’re not in Tucson, you can listen to KXCI online.

Comment by aNYCdj
2012-07-11 09:59:13

my fav girls band and they are friends too;

http://thecatholicgirls.net

2 vids on their website and check you tube

http://www.youtube.com/watch?v=WzyhfA3zScY

Comment by Arizona Slim
2012-07-11 10:43:43

I like ‘em! I really like ‘em!

Let’s see how the Rock -n- Roll Women! show goes. The regular host (who I’ve previously mentioned on this blog) will be somewhere very far away from Tucson. Which means that I can let loose and really be an over the top rock -n- roll deejay.

This will either:

1. Greatly annoy the regular host. I’ve already discovered that I have quite a talent for doing that. It’s the battle between Slim’s irrepressible sense of humor and her atrocious people skills, which have caused other people to quit the show.

2. Cause the station’s general manager to do what he’s gotta do with this regular host. I’m hearing through the station’s very efficient grapevine that she’s gotten into fights with other deejays whose shows have followed her women’s show. May have something to do with the fact that they’re guys and she doesn’t much care for guys. I dunno. Me? I greet the next host warmly! We schmooze! We hang out! It’s fun!

So, stay tuned to the never-ending soap opera called community radio. There may be more Sunday evening Slim shows in the offing. And I would truly love to play The Catholic Girls. That’s precisely the kind of music I’m looking for.

 
 
 
Comment by Rental Watch
2012-07-11 09:10:20

Question for folks:

One of the byproducts of these (ridiculously) low rates is that lots of homeowners who have owned for a long time (think people who were at 65% LTV with pre-bubble prices and never pulled cash out) are basically getting big, and permanent, reductions in their interest cost.

ISTR reading about how the average duration of outstanding mortgages is falling (from something like an average of 29 years to 27 years). The reason they gave was that rates are so low that many people are opting for 15-year loans rather than 30 when refinancing. I’ve even heard of banks offering 20-year loans. I know a few people in our office that fall into this camp of refinancing into a shorter term and much lower rate loan.

So, if we think 5-10 years into the future, not 6 months, what is the effect of this on the broader economy?

Higher savings rates (as people pay down debt faster)? More disposable income? Higher inflation? Less propensity for people to sell their house and move? Fewer refinances/more HELOC borrowing?

I know it’s tempting to start to throw out some examples of what has happened in Japan, but assuming we go a different path (ie. a path other than the only significant example of deflation in the past 30 years), what is the long-term effect of the low rates?

 
Comment by Rental Watch
2012-07-11 09:29:21

BTW, lost in recent news of crappy jobs numbers was this:

http://www.bloomberg.com/news/2012-07-10/job-openings-in-u-s-increased-in-may-by-195-000-to-3-64-million.html

Definitely a “meh” report…could have been a lot worse…could have been better.

 
Comment by Rental Watch
2012-07-11 09:41:11

The WSJ has a bold article on housing by David Wessel today proclaiming the US Housing Bust is over…is it even worth linking the article to pay sites?

Anyway, after noting all sorts of stuff about supply and prices, and Case Shiller, etc. the last full paragraph is this:

“Plenty could go wrong. The biggest threat is a large shadow inventory of unsold homes, homes which owners won’t put on the market because they are underwater, homes that will be foreclosed eventually and homes owned by lenders. They have been trickling onto the market, slowed in part by government efforts to delay foreclosures; a flood could reverse the recent rise in prices. Or the still-dysfunctional mortgage market could get worse. Or overly zealous regulators or a post-election change in government policy could unsettle mortgage lenders or home buyers.”

I gave a long answer to a question last night that I’m sure was not intended to be answered–this above paragraph is in line with my thinking, but with a further refinement…the things that the author notes could go wrong, in my opinion, will differ widely depending on location.

With virtually no shadow inventory in South Dakota, there cannot be a flood of shadow inventory hitting the market. With massive amounts of shadow inventory in Florida, the problem there could be the worst in the country if more foreclosures flood the market quickly. And then there is everything in between.

Comment by Truth
2012-07-11 11:30:20

….. because Frog Balls, North Dakota is representative…..

Right? RIGHT?

Comment by Rental Watch
2012-07-11 11:52:17

North Dakota is only representative of a state with very little (if any) shadow inventory. A decision by every bank in America to dump foreclosures onto the market at the same time would have minimal effect there.

The same decision would have a crushing effect on Florida.

The two extremes are to show that not everywhere is going to react the same to the author’s “Plenty could go wrong” scenarios.

Comment by Rental Watch
2012-07-11 11:53:43

South Dakota…sorry…

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Comment by UNKNOWN TENANT
2012-07-11 09:43:19

Second verse same as the first

Posted: 11:08 a.m. Wednesday, July 11, 2012

Palm Beach County foreclosures decreased from May, rose from last June

By Susan Salisbury

Palm Beach Post Staff Writer

WEST PALM BEACH —
The number of new foreclosure filings in Palm Beach County decreased in June compared with May, but remained higher than in June 2011, the Palm Beach County Clerk and Comptroller said today.

In June 1,249 new foreclosures were filed, down 7.9 percent from the 1,356 new cases filed in May, but up 28.1 percent from the 975 foreclosures filed in June 2011.

“While there were fewer filings overall compared with last month, we’re still seeing more financial institutions move ahead with foreclosure proceedings – a trend we began to see last summer,” Clerk Sharon Bock said in a statement. “While we’re not seeing the volume we saw two or three years ago, there are still a substantial number of new cases coming to us each month. We anticipate that will continue.”

There were 523 properties sold during June’s online foreclosure auctions, according to statistics from Grant Street Group. Of those, 384 were sold back to the plaintiff – typically a bank or mortgage company – in the foreclosure proceeding, while 139 were sold to a third party.

There were 317 scheduled auctions canceled in June, out of 840 advertised for sale. The cancellation rate was at 37.7 percent, compared with 35.2 percent in May. The average cancellation rate is about 30 percent.

 
Comment by UNKNOWN TENANT
2012-07-11 10:08:15

This fight is over Octomom`s first appearance at a strip-club. The only reason I can think it`s worth fighting over is that there will not be a lot of demand to see Octomom`s second appearance at a strip-club.

Updated: 11:47 a.m. Wednesday, July 11, 2012 | Posted: 11:47 a.m. Wednesday, July 11, 2012

Judge denies emergency hearing in Octomom case

By MATT SEDENSKY

The Associated Press

WEST PALM BEACH, Fla. —
An effort to cancel a strip-club performance by the woman known as “Octomom” has been denied by a Florida judge.

Circuit Judge Timothy McCarthy has ruled against holding an emergency hearing requested by T’s Lounge in West Palm Beach, saying the situation does not “constitute a legal emergency.”

T’s Lounge was trying to thwart Nadya Suleman’s scheduled appearance Friday at a competing club. She had signed a contract to dance topless at T’s this week but later backed out.

Suleman’s show can go on, though a breach-of-contract lawsuit filed against her by T’s will likely proceed.

Messages left for her spokeswoman were not immediately returned Wednesday.

Copyright The Associated Press

Comment by turkey lurkey
2012-07-11 11:08:18

:lol: Some very bad puns come to mind.

Comment by Northeastener
2012-07-11 11:27:18

Idiocracy in action…

Comment by turkey lurkey
2012-07-11 12:10:17

:lol: Right?

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Comment by Mr. Smithers
2012-07-11 10:31:54

Republicans are destroying America with their outsourcing schemes. It’s time Democrats stood up and said enough

What do you think, Ms. Pelosi?
__________________

“On the heels of The Weekly Standard’s report yesterday that DNC chair Debbie Wasserman Schultz — a vocal critic of Mitt Romney‘s investing practices, had herself dabbled in the foreign markets — we can add Nancy Pelosi to the list of prominent Democrats to profit from overseas investments.

According to Pelosi’s 2011 financial disclosure statement, the Democratic House Minority Leader received between $1 million and $5 million in partnership income from ”Matthews International Capital Management LLC,” a group that emphasizes that it has a “A Singular Focus on Investing in Asia.” A quick trip to the company website reveals a featured post extolling the virtues of outsourcing. …

Pelosi is also a small investor in the embattled “Moduslink Global,” one of the “outsourcing pioneers” that Mitt Romney has been criticized for associating with while at Bain Capital.”

Comment by turkey lurkey
2012-07-11 11:05:40

My 401K is probably invested in some kind of outsourcing. That does that mean I endorse it?

http://www.reuters.com/article/2010/09/28/us-usa-democrats-offshore-idUSTRE68R40I20100928

(Reuters) - Senate Republicans blocked a Democratic bill on Tuesday to end tax deductions enjoyed by companies that close their U.S. plants and move overseas.

Comment by Mr. Smithers
2012-07-11 11:10:26

LOL. So Romney benefits from outsourcing he’s an eeeeevil 1%er who is destroying the country. Pelosi gets $5M from outsourcing investments, but it’s no big deal.

But I know, I know. You’re an independent thinker who doesn’t judge people based on party affiliation.

Comment by turkey lurkey
2012-07-11 11:24:14

Oh I think the article more than speaks for itself.

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Comment by UNKNOWN TENANT
2012-07-11 11:49:36

“Oh I think the article more than speaks for itself.”

Which one, Octomom or the one that says Nancy Pelosi received between $1 million and $5 million in partnership income from a company that talks about the virtues of outsourcing?

 
 
 
Comment by Rental Watch
2012-07-11 12:03:47

“Five members of the Senate Democratic caucus broke party ranks and opposed the bill, including Max Baucus, chairman of the tax-writing Finance Committee.”

I find it interesting that Baucus opposed.

I’ll ask my one question again…what “tax breaks” do companies get by moving overseas?

These articles make it sound like the government is writing them a check to move. My strong suspicion is that these “tax breaks” are also known to the business community as “expenses”, which are deducted from income. When they close a plant, do they get to write off the remaining capital investment in the shuttered facility? Don’t they get to do that if they move from Florida to Mississippi?

Does anyone have insight on this?

Comment by turkey lurkey
2012-07-11 12:18:37

I’m sure the IRS has a very long and dry PDF publication on the subject, but this seems a little more digestible.

http://www.politifact.com/rhode-island/statements/2010/nov/21/sheldon-whitehouse/whitehouse-says-companies-get-tax-break-moving-job/

(I really don’t know what the political leaning is of the Tampa Bay Times)

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Comment by Rental Watch
2012-07-11 13:04:38

OK, so the tax break for moving your factory from California to Texas for their cheaper labor is the same as the tax break from moving from California to China for their cheaper labor.

I think Californians should lobby congress to close that loophole so it is more expensive to leave our expensive, terribly run state (sarcasm).

Isn’t eliminating the deduction for such a move a form of protectionism and anti-free trade? As opposed to what the newspaper articles are implying is stopping a perverse tax incentive?

 
Comment by Rental Watch
2012-07-11 13:06:09

By the way…I think our state is expensive and terribly run… the sarcasm was for the whole ridiculous statement.

 
Comment by turkey lurkey
2012-07-11 13:46:58

Why would “free trade” need ANY form of deduction?

Actually, EVERY nation in the world, except ours it seems, protects their home markets.

 
Comment by Rental Watch
2012-07-11 15:50:55

The deduction has nothing to do with “free trade”, it has to do with writing off of business expenses. The point is that the deduction is not specific to outsourcing. The deduction is specific to the movement of production facilities (regardless of whether it is to another city, state or country).

If you change the deduction to only be allowed for movement within the US, then you take what was an even playing field with respect to tax treatment, and make it less attractive to move overseas (ie. a protectionist measure).

If you eliminate the deduction altogether, what does the company do with the now worthless assets of the older production facility? They just stay on the books?

I’m not saying that changing the deduction to be only specific to inter-country moves is the wrong, but we should not call it an outsourcing tax break. It is a tax break that also applies to moves out of country.

 
 
 
 
 
Comment by 2banana
2012-07-11 11:45:32

The “Responsible Homeowners Refinancing Act,”

BAHAHAHAHAHAHAHAHAH

More sh*t for the free sh*t army

————————————–

Why Millions of Americans Still Can’t Refinance Their Mortgage
11 Jul 2012 | By: Diana Olick - CNBC

It’s not just about the rate anymore. Negative equity, strict underwriting and big bank backlogs are keeping many borrowers from taking advantage of these incredibly low mortgage rates.

“If history is any lesson, the only thing that can really extend refi activity in a low rate environment is a loosening of underwriting standards to bring more borrowers into the market. And that is not likely to happen anytime soon,” said Guy Cecala of Inside Mortgage Finance.

At the beginning of the year, Fannie Mae and Freddie Mac (still under government conservatorship), expanded the Home Affordable Refinance Program for borrowers who owe more on their mortgages than their homes are worth. The limit used to be 25 percent negative equity, but in January, that limit was lifted entirely.

Then in June, the FHA changed the rules on its streamline refi program for borrowers who already have FHA loans, dropping underwriting almost entirely. While both changes sparked temporary surges, they were not enough to serve the entire market.

“We are definitely running out of borrowers to refi even with mortgages rates at record lows. Most of the activity we have seen in recent months are the same borrowers who refinanced a year or so ago, refinancing again. While programs like HARP and FHA’s Streamlined Refi can provide a temporary surge in refis, they still only account for a relatively small share of borrowers,” Cecala noted.

Thursday the Obama Administration will renew its push for a major refinancing program that would involve all loans, but it would need congressional approval. There are several proposals under consideration.

The “Responsible Homeowners Refinancing Act,” sponsored by Senators Barbara Boxer, D-Calif., and Robert Menendez, D-NJ, would expand the HARP program, extending streamlined refinancing for Fannie and Freddie borrowers and eliminating up-front fees and appraisal costs. Jaret Seiberg at Guggenheim Partners puts the odds of that passing at around 60 percent.

Comment by Diogenes (Tampa, Fl)
2012-07-11 15:15:34

NO ONE should need to “refinance” a mortgage. When they took out the loan, they should have purchased under terms and conditions that would allow them to settle the mortgage over the term.
Refinancing has just been a boon to the lucky folks who have debt and little savings. LOW rates and lower payments are great for debtors.
Barbara Boxer is another scumbag, pandering to the parasites in America. there is NO need for refinancing, there is a great need to END THE FED and get our MONEY to have value again.

 
 
Comment by Patrick
2012-07-11 11:50:59

Really happy I woke up today. Nice being 70.

Slim, about that horse - I suggest putting him on his back with a bankster, realtor, a stock shoveller, and a politician underneath him.

Painted purple like Polly said - “as in purple people eater”.

Comment by Arizona Slim
2012-07-11 13:43:19

I like that suggestion too! You are also an honorary resident of our nabe.

 
 
Comment by Rental Watch
2012-07-11 12:56:32

CIBT-

In the spirit of continuing to share data as I get it…it looks like Foreclosure Radar updated their data on California for the Month of June.

http://www.foreclosureradar.com/california-foreclosures

It shows (among other things), REO reduction continued per the trend noted in our exchange, to ~70k homes in the state.

The question that I would like to understand is what the baseline should be for NODs filed in the state? In other words, it is showing approximately 20k NODs each month at this point, holding fairly steady. Is this “normal”? Is this double “normal”? Is this running a bit high? I simply have no idea. Since a large number of NOD’s don’t result in foreclosure, I would expect this number to be higher than the baseline for number of monthly foreclosure sales, but I don’t know what either number should be…

I wish they (like Zillow) allowed you to go back a decade to see what the baseline values for each of these metrics are, because looking at near term trends is only helpful to a point.

Comment by TheNYCdb
2012-07-11 19:41:35

In this same vein I’m curious as to what the actual numbers we see are based on an who reports them. I ask because there was a discussion the other day about increases in “Deed of Trust” assignments in MERS increasing in several places (in Colorado I believe) and that being a precursor to the NOD process. So I guess my question is are there huge swaths of people who are not paying their mortgage that aren’t showing up on any of the reports that we regularly see that could lead to an even larger shadow inventory. Also where does LPS get their stats from regarding Delinquencies and is that potentially subject to the same issues or worse based on Banks self reporting (which the recent LIBOR issues shows us they can’t be trusted to self report accurately).

Comment by Rental Watch
2012-07-12 01:16:53

That is an excellent question (regarding MERS). I’d love to see if anyone has any insights on that. Specifically whether the people who are not current on their loans are included in any counts if the assignments have not yet taken place.

To my understanding, LPS is the servicer on (or has a hand in servicing) a large number of loans (36 million in 2010), from that servicing, they then extrapolate what they are directly seeing over the remaining 30% of the mortgage market that they do not service. I seem to remember seeing where they have acquired other servicers since then…and have seen a number up over 40 million since then. So, I don’t think the MERS assignments has anything to do with their data. A servicer can see a borrower as non-current without filing an NOD.

I think with respect to LPS, they sell their data to lots of people…they have a reputation to defend…if they are shown to be cooking the data, I think they have a lot to lose. I continue to ask myself…what would their motivation to cook the books?

About a year ago (maybe a bit more), they skinnied down their public “Mortgage Monitor” and excluded some of the state-by-state data. I called them to get the information. They tried to sell me the data for a $1k per month (minimum 12 month commitment) for the information. I asked myself the question…why force the 12 month commitment? Did they know something, or were they just trying to maximize revenue?

In any event, they must have had enough uproar from people like me, because a couple of months later, they started to include the data again for free.

All that said, I have been looking for more and more sources to see if the data from various places point in the same direction. I actually found the folks at Foreclosure Radar to be pretty responsive when asking them questions about some of their REO counts are determined. So far, it seems like a fair bit of the data comes from unique sources. LPS from their own servicing, the banks from their own records (probably strongly correlated with LPS data), Foreclosure Radar from public records, Zillow from their own research, Fannie from their public filings, etc. It doesn’t seem like they are all drawing from one source (where the data pointing in the same direction could be caused by the one faulty source).

So far, I’ve been focusing on how the shadow inventory has been changing, and how much of that released shadow inventory makes up of the current volume of homes bought/sold…for this, I’ve been tracking:

LPS (Mortgage Monitor)–primarily for non-current loan rates by state
Zillow–primarily for percentage of home sales from recent foreclosures
Foreclosure Radar–trends in foreclosure filings for Western States, but mainly REO counts
“Hope Now Alliance”–secondary view of state-by-state delinquency trends (confirming the same direction of non-current trends as LPS–even though the data is probably highly correlated)
Fannie–secondary view of REO counts (confirming that the trends are going the same direction as Foreclosure Radar)

Do people have other data sources to add to the mix?

 
 
 
Comment by DBA Muggy
2012-07-11 17:31:14

Diogenes, I’m hoping to get an answer to my question the other day.

Are your rentals section 8?

Comment by Diogenes (Tampa, Fl)
2012-07-12 14:35:36

I don’t have any rentals.

 
 
Comment by Cantankerous Intellectual Bomb Thrower©
2012-07-11 19:17:26

Connecticut’s Ribbon of Hardship
By Esmé E. Deprez on July 05, 2012

In Lazarus’s lifetime, the wealth gap between rich and poor has widened significantly. A growing body of research now suggests that this may be hindering her ability to rise through the ranks and escape poverty. In the decades following the Great Depression, incomes in the U.S. grew more equal. Lazarus’s birth in 1982, however, coincided with the beginning of a stark shift to a period in which the rich would gain wealth at a spectacularly accelerated rate compared with everyone else. According to a recent report by the Congressional Budget Office, after-tax income for the top 1 percent of the population (adjusted for inflation) grew by 275 percent from 1979 to 2007. For the bottom fifth, where Lazarus’s family resides, it climbed by just 18 percent.

In the recently published The Great Divergence, Timothy Noah suggests that the growing gulf between rich and poor may be the most important change in the U.S. in our lifetime. The world’s richest nation, he writes, has gone from one that viewed “the prospect of growing income inequality to be unacceptably antidemocratic” to one that’s economically beginning to “resemble a banana republic.” In The Price of Inequality, released last month, Nobel Prize-winning economist Joseph Stiglitz points out that, at $90 billion, the combined wealth of the six Walton family heirs to the Wal-Mart (WMT) fortune is equivalent to that of the entire bottom 30 percent of Americans. Stiglitz argues that even the rich will be hurt when we reach the point “when inequality spirals into economic dysfunction for the whole society.”

 
Comment by Cantankerous Intellectual Bomb Thrower©
2012-07-11 19:24:24

It remains a tenet of faith among major political leaders that ever-increasing housing prices are the avenue to economic prosperity, no matter how much housing is already overbuilt.

China’s Slowdown Seen Forcing Wen’s Hand on Property Curbs
Construction work takes place in Guangzhou, Guangdong Province, China. Photographer: Nelson Ching/Bloomberg
By Bloomberg News on July 11, 2012

China’s weakest growth in three years may pressure Premier Wen Jiabao to further ease the government’s crackdown on a property industry that accounts for more than a quarter of final demand.

Gross domestic product expanded 7.7 percent in the second quarter from a year earlier following an 8.1 percent increase in the first quarter, according to the median estimate of 38 economists surveyed by Bloomberg News before a report tomorrow.

The slowdown may test Wen’s pledge to sustain controls aimed at cooling home prices as he seeks to buoy growth ahead of a once-in-a-decade leadership transition later this year. China’s efforts to prevent a property bubble limit its policy options as the European debt crisis curbs exports and contrast with the Federal Reserve’s attempts to jump-start the U.S. housing market amid a five-year slump.

“It will be extremely hard to stimulate a strong rebound in the economy without involving the property sector,” said Mark Williams, Asia economist at Capital Economics Ltd. in London. “They may have to look again at their property tools.”

 
Comment by Cantankerous Intellectual Bomb Thrower©
2012-07-11 19:27:53

What good does pulling the trigger do if you are out of bullets?

ECONOMY
Updated July 11, 2012, 6:33 p.m. ET

Fed Weighs More Stimulus
Slow Recovery Has Central Bank on High Alert but Not Ready to Pull Trigger
By JON HILSENRATH and KRISTINA PETERSON

WSJ’s Kristina Peterson checks in on Mean Street with minutes from the Federal Reserve’s most recent meeting and the central banks economic outlook. Photo: Agence France-Presse/Getty Images.

Federal Reserve officials sent new signals they are seriously considering more actions to bolster the economic recovery but disappointed many investors by not indicating they are committed to taking action.

A few Fed officials were ready to move aggressively when the Fed met in June and several others said they might want to take new measures if the recovery loses momentum or their growth and employment forecasts are cut once again. That is according to minutes of the central bank’s June 19-20 meeting, which were released Wednesday with their usual three-week lag.

The minutes portray an institution in a state of high alert over the economic outlook. Fed officials expressed worry at the meeting about risks to the American economy stemming from the euro-zone debt crisis, the possibility of a “significant slowdown” in China’s economy and the prospect of deep U.S. government-spending cuts and tax increases scheduled to go into effect at year-end.

The minutes also suggested officials are starting to wonder whether they have already pushed the Treasury securities market to its limits. On Wednesday, the government auctioned off benchmark 10-year Treasury notes at a record low yield of 1.459%.

Dan Greenhaus, chief global strategist of BTIG LLC, described the Fed report as “a clear and unquestioned step” in the direction of taking further action to boost growth.

 
Comment by Cantankerous Intellectual Bomb Thrower©
2012-07-11 19:40:58

Bloomberg News
Baht Leads Drop in Asian Currencies on Regional Slowdown Risk
By David Yong on July 11, 2012

Asian currencies fell, led by Thailand’s baht, as data showed the region isn’t immune to the global economic slowdown, deterring risk-taking.

The MSCI Asia-Pacific Index of shares dropped for a fifth day after a report yesterday showed Chinese imports missed estimates. Growth in the Chinese and Singaporean economies declined in the second quarter, according to median estimates in Bloomberg surveys before data due July 13. The International Monetary Fund will lower its 3.5 percent global-expansion forecast for this year in its next update July 16, Managing Director Christine Lagarde said this month.

“There is the question of how deep the current slowdown will be and that keeps the market bullish on the U.S. dollar for now,” said Choong Yin Pheng, manager for economic and bond research at Hong Leong Bank Bhd. in Kuala Lumpur. “The risk of interest-rate cuts in Asia is keeping investors cautious” after two reductions within a month in China, she said.

 
Comment by Cantankerous Intellectual Bomb Thrower©
2012-07-11 19:44:27

Euro zone could lose 4.5 million more jobs, UN agency warns

Striking Greek shipyard workers from Eleusina, Perama and Skaramangas demonstrate in front of police protecting the Finance Ministry in Athens on Tuesday during their protest march against massive unemployment in their sector. (Louisa Gouliamaki / AFP/GettyImages / July 11, 2012)
By Jim Puzzanghera

July 11, 2012, 11:06 a.m.

WASHINGTON — The European debt crisis could trigger the loss of 4.5 million more jobs over the next four years if national leaders don’t take steps to repair the financial system and help job seekers, a United Nations agency is warning.

The sharp rise in unemployment from already record-high levels would endanger not only Europe’s economy but the rest of the world’s as well, said the UN’s International Labour Organization.

The euro zone nations already have 3.5 million fewer jobs than they did before the financial crisis hit in late 2008, bringing the total number of unemployed to 17.4 million as of April, the organization said in a report issued Tuesday.

The unemployment rate hit an all-time high of 11.1% in May.

Without bold action to address the economic fallout from the debt crisis, the number of unemployed in the euro zone could soar to nearly 22 million over the next four years, the labor group said.

“It’s not only the euro zone that’s in trouble. The entire global economy is at risk of contagion,” said Juan Somavia, the ILO’s director-general. “Unless targeted measures are taken to increase real economy investments, the economic crisis will deepen and the employment recovery will never take off.”

 
Comment by Cantankerous Intellectual Bomb Thrower©
2012-07-11 19:48:06

<a href=”http://www.businessinsider.com/hedge-fund-withdrawals-highest-rate-since-2009-2012-7#ixzz20NAJ05OS”>Hedge Fund Investors Are Running For The Exits
Ben Duronio
Jul. 10, 2012, 5:49 PM

Laurence Fletcher of Reuters is reporting that hedge fund withdrawals have reached their highest level since 2009, during the midst of the housing crisis.

Net outflows from hedge funds, as measured by the GlobeOp GO.L Capital Movement Index, which tracks monthly net subscriptions to and redemptions from funds managing around $187 billion (120.49 billion pounds) in assets, were 1.17 percent of that total during the month to July 1.

The withdrawals compare with net inflows in each of the previous five months and were the highest level of net outflows since October 2009, when clients pulled out 3.76 percent.

This is more bad news for hedge funds, who have been outperformed by bond funds this year. CNBC’s John Melloy reported earlier today that Bank of America Merrill Lynch’s global diversified hedge fund composite index returned just 1.3 percent in the first half, which was significantly below the S&P 500’s 8.3 percent gain. Melloy noted that David Einhorn’s Greenlight Capital was one such underperformer.

With hedge funds not gaining money as rapidly as hoped, investors are starting to pull their money out. This is a trend that hedge funds will want to reverse, quickly.

Comment by Rental Watch
2012-07-12 01:21:30

I spoke with a guy with some insights into hedge funds…he said that lots of hedge fund investors are seeing that they are getting more volatility without more return (ie. they are not getting paid for taking more risk through hedge funds). As such, people are seeking better risk/adjusted returns elsewhere. This article appears to reflect that trend.

 
 
Comment by Cantankerous Intellectual Bomb Thrower©
2012-07-11 21:03:46

Brent crude steady above $100 as Fed holds off stimulus
Market Pulse: Brent could fall to $78 a barrel - analyst
Tue, Jul 10 2012
An employee holds a gas pump at a gas station of Hyundai Oilbank in Seoul June 15, 2012. REUTERS/Choi Dae-woong
By Florence Tan
SINGAPORE | Wed Jul 11, 2012 11:35pm EDT

(Reuters) - Brent crude stayed above $100 per barrel on Thursday, after a more than 2 percent rally in the prior session, as uncertainty over whether the U.S. Federal Reserve would launch more stimulus measures curbed investors’ appetite for riskier assets.

Minutes from the central bank’s June meeting suggested the U.S. economy may need to worsen before the majority of policymakers will consider a third round of bond buying that could weaken the greenback and draw investors to buy dollar-denominated commodities.

Brent crude edged down 5 cents to $100.18 by 11.21 p.m. EDT, with worries about tight North Sea supplies keeping losses in check, while U.S. crude was at $85.80, down 1 cent.

“Traders are starting to look forward for stimulus measures, particularly from China. We can see confidence improving a bit,” Ric Spooner, chief market analyst at CMC Markets in Sydney, said. Further U.S. stimulus measures are “probably a few months away” if the employment situation does not improve, he added.

China is due to release GDP data on Friday that could show the weakest expansion in three years. If confirmed, the figures could help support oil as investors expect the government to introduce measures to boost the economy.

The grim outlook for the global economy, already roiled by the festering debt crisis in the euro zone, has muddied the demand outlook for most commodities. Oil has been hit hard, with prices suffering their largest three-month drop since the 2008 financial crisis in the second quarter.

Oil prices have rebounded from their June lows of below $90 for Brent and around $77 for U.S. crude as investors pumped in money after a debt deal in Europe sparked a buying frenzy across commodities.

 
Comment by Cantankerous Intellectual Bomb Thrower©
2012-07-11 21:28:48

At the risk of repeating myself day-in, day-out, how much longer will the global stock market correction play out before a bottom is reached?

July 11, 2012, 11:30 p.m. EDT
Asia stocks fall ahead of BOJ decision, China data
By Virginia Harrison, MarketWatch

SYDNEY (MarketWatch) — Asia stock benchmarks fell Thursday, as hopes of fresh stimulus efforts from the U.S. diminished, and investors remained cautious ahead of key growth data from China on Friday.

Japan’s Nikkei Stock Average fell 1% ahead of a decision for the nation’s central bank later today, South Korea’s Kospi dropped 0.7%, and Australia’s S&P/ASX 200 index lost 0.4%.

In China, Hong Kong’s Hang Seng Index plunged 1.7%, while the Shanghai Composite Index surrendered 0.7%.

Linus Yip, strategist at First Shanghai Securities in Hong Kong said disappointment about a lack of imminent easing by the U.S. Federal Reserve was draining confidence across Asia.

A lack of QE3 is negative for global markets,” Yip said.

He said investors were also cautious ahead of Friday’s much-anticipated Chinese second-quarter economic growth figures.

“Markets are occupied with the slowing in China. If GDP goes down to 7% or 7.2%, it won’t be a good sign, but it may also mean more action from the People’s Bank of China, and markets may jump at that,” Yip said. Read MarketWatch First Take on coming China data.

Bank and property shares sold-off sharply in Hong Kong. Industrial & Commercial Bank of China Ltd. lost 2%, and China Merchants Bank Co. retreated 2.2%, while in the property sector, Agile Property Holdings Ltd. fell 2%, and New World Development Co. traded down 1.4%.

Luxury plays were also heavy decliners in Hong Kong, as Prada SpA gave up 4%, and Chow Tai Fook Jewellery Group Ltd. slumped 6.2% after reporting a fall in its Hong Kong same-store sales in the most recent quarter.

Comment by Carl Morris
2012-07-12 08:24:14

At the risk of repeating myself day-in, day-out, how much longer will the global stock market correction play out before a bottom is reached?

I still think we need to test the bottom of 08-09 even though everyone else seems to think that was a “generational bottom” that will never be tested.

 
 
Comment by Cantankerous Intellectual Bomb Thrower©
2012-07-11 22:37:42

BOJ Refrains From Adding Stimulus, Spurring Stock-Market Decline
By Toru Fujioka and Masahiro Hidaka - Jul 11, 2012 11:24 PM MT

The Bank of Japan refrained from adding monetary stimulus, bolstering its asset-purchase fund while cutting a credit-loan facility by the same amount.

The bank expanded its asset-purchase program to 45 trillion yen ($564 billion) from 40 trillion yen, according to a policy statement released in Tokyo today. Seven of 17 economists surveyed by Bloomberg News predicted monetary easing. The loan facility was cut to 25 trillion yen from 30 trillion yen.

Stocks fell after the decision, which came after South Korea’s central bank unexpectedly lowered borrowing costs amid signs of slower global growth. Japanese Finance Minister Jun Azumi this morning called for more support from the central bank for growth and inflation to meet a 1 percent price goal.

“This is simply a technical move that shouldn’t be considered to be monetary easing,” said Masaaki Kanno, chief economist at JPMorgan Securities Japan Co. in Tokyo, and a former BOJ official. “Some market participants will be disappointed to see that the BOJ didn’t ease policy.”

 
Comment by Cantankerous Intellectual Bomb Thrower©
2012-07-11 22:40:54

Singapore GDP Growth Probably Slowed as Europe Crisis Hurt Asia
By Karl Lester M. Yap and Sarina Yoo - Jul 11, 2012 6:45 PM MT

Singapore’s economic growth probably slowed last quarter as the European debt crisis constrained exports while elevated inflation prompted the central bank to tighten policy.

Gross domestic product rose an annualized 1 percent in the three months through June from the previous quarter, less than the 10 percent pace in the period through March, according to the median of 14 estimates in a Bloomberg News survey. The report is due tomorrow.

Singapore may require a further moderation in its 5 percent inflation rate, the fastest in Southeast Asia after Vietnam, to give the island more scope to join a monetary stimulus drive stretching from Asia to Europe. The People’s Bank of China, the European Central Bank and the Bank of England are among those that eased policy this month to support growth as the turmoil in the euro area threatens the global economy.

“A modest slowdown may be welcome by the authorities, but the key here is that it’s modest,” said Matt Hildebrandt, a Singapore-based economist at JPMorgan Chase & Co. “Weaker growth means less tight labor markets and that should help soften price pressures over time.”

 
Comment by Cantankerous Intellectual Bomb Thrower©
2012-07-11 22:47:25

One last devastating post before turning in…good night, and good luck.

U.S. foreclosures up for 2nd straight month
By Anna Louie Sussman
NEW YORK, July 12 | Thu Jul 12, 2012 9:30am IST

(Reuters) - U.S. foreclosure starts rose year-over-year in June for the second consecutive month, as banks continued to clear their backlog of inventory after a nationwide mortgage abuse settlement, data firm RealtyTrac said on Thursday.

California’s year-over-year foreclosure starts rose by 18 percent in June, giving it the nation’s highest foreclosure rate for the first time since RealtyTrac began its monthly reporting in January 2005.

The midyear report showed 1,045,801 total properties with foreclosure filings for the first half of 2012, an increase of 2 percent from the previous six months, but a decrease of 11 percent from the first half of 2011.

The average length of the foreclosure process rose to 378 days in the second quarter, up from 370 in the first quarter and the highest quarterly average since the first quarter of 2007.

RealtyTrac collects data from more than 2,200 counties nationwide, which account for more than 90 percent of the U.S. population.

Comment by Rental Watch
2012-07-12 01:24:43

“California’s year-over-year foreclosure starts rose by 18 percent in June”

This is GREAT. Get those foreclosures done before the state does too much to slow it down…flush it…

Comment by Rental Watch
2012-07-12 01:52:34

BTW, on RealtyTrac’s website, they have NY state as exhibiting foreclosures of 1 in 3,023 housing units vs CA’s 1 in 288 units. Yet, per LPS, NY has a non-current loan rate of substantially higher than CA (12.9% vs. 9.0%). Which market is “better”?

CA continues to process their backlog of shadow inventory…NY is sweeping it under the rug.

FL seems to be getting homes INTO the foreclosure pipeline…just not out. Per LPS, they have a 7.6% delinquency rate (not much above the US average), but a 13.7% foreclosure rate (~3.5x the US average).

Other judicial states are exhibiting similar behavior to NY and FL, some with high foreclosure rates, but fairly flat percentages of non-current loans (ie. like FL, moving DQs into foreclosure, but then not out of foreclosure), or low foreclosure rates, and a fairly flat percentage of non-current loans (ie. like NY, NOT moving DQs into foreclosure in the first place).

To clear the distressed inventory, a state should want to see BOTH a high rate of foreclosure, AND a steady and significant reduction in non-current loan rates. This is evidence of a flush of the system. CA and AZ seem to be doing this the best–decreases of 20% and 24% year on year, respectively in terms of non-current loan rates–the fastest reduction in non-current loan rates in the country (per LPS), and new foreclosure filings of 1 in 288 (CA) and 1 in 303 (AZ)–again the “worst” two in the country per RealtyTrac.

Nevada exhibits strong year on year decrease in non-current rates of 15% (LPS), and high FC filings (RealtyTrac) of 1 in 307, but their non-current loan rate has been roughly stagnant since the law passed making it harder for banks to foreclose. I think they’ll increasingly look like judicial states.

 
 
 
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