Bits Bucket for March 2, 2014
Post off-topic ideas, links, and Craigslist finds here.
The Housing Bubble
Examining the home price boom and its effect on owners, lenders, regulators, realtors and the economy as a whole.
About Me
Name:Ben Jones
Location:Northern Arizona, United States
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I think your site has been hacked. I’m getting an ad for flipping houses, “without cash.”
I am getting an ad for CAD software. The computer knows what you like.
LOL…
“I am getting an ad for CAD software. The computer knows what you like.”
Well that explains the ads for Asian women seeking dates with American men, and ads for precious metals.
Well that explains the ads for Asian women seeking dates with American men, and ads for precious metals.
We already knew the ads that you were seeing, Bill—but thanks for confirming.
Got gold, Bill? She ruv you rong time!
LOL…
I’ve always heard gold’s purchasing-power stability expressed in terms of “1oz of gold will buy a good quality men’s suit”.
But it would be fascinating to see it expressed in terms of the services provided by the oldest profession.
That particular profession likely long pre-dates men even wearing suits, and gold was in use as a currency for a LONG time before fiats were invented—so such an analysis could cover a MUCH longer time-frame, thus providing much more information about purchasing-power stability.
Hmmm…..
I would think one ounce of gold would garner a high end “clean” independent escort who refuses service without the “latex barrier.”
“Clean” and “escort” are mutually exclusive.
I would think one ounce of gold would garner a high end “clean” independent escort who refuses service without the “latex barrier.”
That’s one good data-point; but what about 1000 years ago? The whole point is to compare the purchasing-power stability over time…
‘“Clean” and “escort” are mutually exclusive.’
Not necessarily. I’d go so far as to suggest there may be a luxury service market for “clean escorts.”
‘Not necessarily. I’d go so far as to suggest there may be a luxury service market for “clean escorts.”’
( cough, cough…) from what I learned, you are right. But the high end ones also do not want to catch diseases and the deal is off if the customer refuses the “skins.” The opposite end - the cheap ugly ones on the street couldn’t care less.
Oh the irony….
Debt is the new wealth, baby!
“Debt is the new wealth, baby!”
I’ll say. Allow a schmuck to become indebted to you in such a way that he agrees to send huge chunks of his paycheck to you each and every month for thirty years or so and you will get to enjoy some true and lasting wealth.
He works, you reap.
Debt is the new Gulag, babe!
Speaking of hacking, I had a weird thing happen today with my Samsung Galaxy S3 this morning. There was this new little cloud icon in the top area where all the other icons are, so I opened it to see what it was. It’s Google’s photo storage area, and all of my photos from my phone are suddenly in there, when before they were just in the “images” folder. This kind of angered me. Are these all of a sudden parked somewhere in the “cloud”? Is Google all of a sudden helping themselves to my photos on my phone? I am really creeped out about this stuff. There are no photos which I am concerned about losing, but the breech of privacy is what is most shocking.
Relax, Google is just helping the NSA identify terrorist and child pornographers. Nothing to worry about.
I refuse to sign up for Google+. I cannot stand Facebook, have never been a member, and don’t like having an online “profile” for the world to see. Being online is my sanctuary away from everyday life. It appears as if Google has helped themselves to my photos on my phone, and brought them into the cloud to assign them to my Gmail account. WTF do these people think they are doing? This is BS.
It’s Google’s photo storage area, and all of my photos from my phone are suddenly in there, when before they were just in the “images” folder.
I’m better you clicked past an Accept/Decline EULA screen without really understanding what you were approving.
What you describe sounds like their “Photo backup” service.
I’ve gotten a couple of those EULAs from them recently, and rejected them if I did not want what was being offered.
better
betting, I mean.
The thing is, I didn’t do that. I noticed a new icon and it said that “Google photos has been updated” or something like that. I am assuming “Google photos” was already on the device when I purchased it, as there are a lot of apps which came pre-loaded. I never once used it. I am not positive what is going on, only that all of my photos are now in that app as well as still in “images”. It’s just pictures of family, my dog, and some random stuff, but still, I am thinking they moved them to the cloud, and perhaps they are trying to link them with my Gmail account even though I don’t want Google+? It’s maddening. Also, it tells me they could be delving into my photos and sharing them with NSA. I have nothing to hide, but still this is WAY over the top.
I’ve actually come to believe that even though I refuse to set up a Google+ account, Google is sharing as much as they know about me to other sites, etc. The reason I believe this is because I was going to read a review on Yelp one day and it said something like “information about you will be shared with this site if you continue” or something to that effect. Also, Youtube linked to my Gmail account automatically. The whole thing is BS. They are desperately trying to build a profile of me, and share it with others. That’s why i lie on the birthdates, etc., because I don’t WANT to share my personal information with God knows who. I think I need to get a non-Google, non-Yahoo e-mail address and completely disconnect from these vultures.
Living in a rental will never feel like a real home.
I am in Phoenix every weekend the next four weeks. It is my home. The money I. Save by renting allows me to live in two states. Of course I spend most winter weekends in Phoenix and most of my summer in cooler places.
As my net worth keeps going up, my investment income also goes up.
In essence, following the moderate temperatures gets less expensive to me as time goes on. Ultimately I will spend four months in Big Sur or Mendocino and eight months in Phoenix.
Aim, Babe, you’re hooked on a “feeling”.
No government contractor left behind
Russian ‘Blackwater’ Takes Over Ukraine Airport:
“Private security contractors working for the Russian military are the unmarked troops who have now seized control over two airports in the Ukrainian province of Crimea, according to informed sources in the region. And those contractors could be setting the stage for ousted President Viktor Yanukovich to come to the breakaway region.
The new Ukrainian government in Kiev has accused Moscow of “an armed invasion and occupation” in the Crimean cities of Simferopol and Sevastopol, where well-armed and well-organized troops with no markings or identification have taken control of the airports. Russian Foreign Minister Sergei Lavrov told Secretary of State John Kerry over the phone Friday that no Russian military or marines have been deployed outside of the base of the Black Sea Fleet, which is anchored nearby, officials in both governments said.
Lavrov was technically telling the truth, but the troops are being directed by the Russian government. Although not confirmed, informed sources in Moscow are telling their American interlocutors that the troops belong to Vnevedomstvenaya Okhrana, the private security contracting bureau inside the Russian interior ministry that hires mercenaries to protect Russian Navy installations and assets in Crimea. Other diplomatic sources said that the troops at the airport were paramilitary troops but not specifically belonging to Vnevedomstvenaya Okhrana.”
http://www.thedailybeast.com/articles/2014/02/28/exclusive-russian-blackwater-takes-over-ukraine-airport.html
Obama and Kerry: “STOP! Or we’ll yell ’stop’ again!”
Let’s hope that’s all Obama and Kerry do. The last thing we need is to start WW3 over some freaking, broke backwater of a country. So the bankers are gonna get stiffed. Boo hoo, protecting their investment isn’t worth having mushroom clouds pop up.
Half a league, half a league,
Half a league onward,
All in the valley of Death,
Rode the six hundred.
‘Forward, the Light Brigade!
Charge for the guns’ he said:
Into the valley of Death
Rode the six hundred.
From CNN:
“In a statement released Saturday, Sen. John McCain, R-Arizona, said he is “deeply concerned” Russia’s presence in Ukraine could expand if the President does not outline consequences for President Vladimir Putin’s regime.
“President Obama said that Russia would face ‘costs’ if it intervened militarily in Ukraine,” McCain said. “It is now essential for the President to articulate exactly what those costs will be and to take steps urgently to impose them.”
“Every moment the United States and our allies fail to respond sends the signal to President Putin that he can be even more ambitious and aggressive in his military intervention in Ukraine,” McCain said.
McCain, the President’s former Republican rival in the 2008 presidential election, has routinely criticized the Obama administration’s foreign policy, painting the White House as rudderless in their dealings with other nations.
In a February interview with a Phoenix radio station, the Arizona senator branded Obama as “the most naive president in history,” sentiments he echoed Saturday.
“None of us should be under any illusion about what President Putin is capable of doing in Ukraine,” McCain said.
McCain to Georgian President: “Today, We Are All Georgians”
http://voices.washingtonpost.com/44/2008/08/mccain-to-georgian-president-t.html
Senator John McCain: “We Are All Ukrainians”
http://swampland.time.com/2014/02/28/ukraine-john-mccain-putin-crimea/
This guy has a screw loose.
But who is behind all this rhetoric? The other day by chance I watched a documentary on the German/Russian battle for Stalingrad. The turning point occurred in Crimea.
I’m in the middle of reading “Winds of War” by Herman Wouk, how timely.
Maybe it’s time to bust out the Axis & Allies board game and play a real-time enactment of World War III as it unfolds this week.
It’s not inconceivable that Sarah Palin’s purpose in life was to prevent WWIII. Which she accomplished quite admirably.
This guy has a screw loose ??
he never met a war he didn’t like…If he had his way (and he would have if he were President) we would have already invaded Syria & bombed Iran…Iran would have then attacked Israel and WWIII would be underway…
Russian tanks rolling in, reminds me of something, but I just can’t recall what. It’s on the tip of my tongue…
“None of us should be under any illusion about what President Putin is capable of doing in Ukraine,” McCain said.
I am here to disappoint Mclame, whatever Putin does in Ukraine, it won’t even come close to what “we” did in Afghani and Iraqi.
Congress is saber-rattling for intervention half a world away? Time to muster the 1st Congressional Battalion. It’s made solely of the red-faced desk pounders in the House of Representatives and the Senate who are keen to intervene. This battalion should always lead any invasion force.
1st Congressional Battalion
Ah these chicken$hit chickenhwaks from the War party….they love playing armchair General.
“1st Congressional Battalion”
Oh, ah-MEN to that. Plus a bazillion!
BTW, latest headline is Obama threatening to exclude Russia from the G-8. Ooooh, I bet they’re wee-wee scared. Bwahahahahaha!
Zima, I forget which party is “the war party.” I thought Obamarx and Lurch were wanting the U.S. to invade Syria last year.
Colorado, I agree. The proper thing for Obama and Kerry to do is nothing.
America should significantly scale back its own meddling.
“The proper thing for Obama and Kerry to do is nothing.”
Which is EXACTLY what they’re going to do, just as I predicted. Install Yats and the puppet government and let them twist in the wind as they plead for help. Bwahahahaha! ‘When will would-be leaders of other countries and regions learn that cozying up to the US won’t work anymore? Bwahahahahaha! Yatsa yuck, Yats!
+1 Colorado…It would be stupid to get “goated” into making a rash move…Sanctions and a new cold war may be the outcome…
“a new cold war may be the outcome…”
Thank Jeebus. Not a moment too soon. The US was a lot more fun when it was just us vs. the Soviets. None of this adventuring around the world (well, yes, there was Veetnam) and globalization. Maybe we’ll get back 20 cents a gallon gas!
“Obama and Kerry: “STOP! Or we’ll yell ’stop’ again!””
You have a better plan?
Nope. Carry on, gentlemen!
Didn’t think so!
“You have a better plan?”
Yes!
Pull out of the Sochi Paralympics and call it a day.
How do they start the races at the Deaflympics anyway?
From Wikipedia,
The Paralympic Games is a major international multi-sport event, involving athletes with a range of physical and intellectual disabilities, including mobility disabilities, amputations, blindness, and cerebral palsy.
The Paralympic Games are organized in parallel with the Olympic Games, while the IOC-recognized Special Olympics World Games include athletes with intellectual disabilities, and the Deaflympics include deaf athletes.
British Ministers Will Shun Sochi Paralympics Over Ukraine
Reuters
published March 2 2014, 11:12 AM
LONDON — British government ministers will stay away from the Paralympics in the Russian Black Sea resort of Sochi due to the situation in Ukraine, Prime Minister David Cameron said on Sunday.
Ukraine has mobilized for war, and Washington has threatened to isolate Russia economically after President Vladimir Putin declared he had the right to invade his neighbor, creating Moscow’s biggest confrontation with the West since the Cold War.
“Because of the serious situation in Ukraine, (Foreign Secretary) William Hague and I believe it would be wrong for UK Ministers to attend the Sochi Paralympics,” Cameron said on Twitter.
A spokesman said Cameron would be speaking to U.S. President Barack Obama, Polish Prime Minister Donald Tusk and Lithuanian President Dalia Grybauskaite on Sunday evening.
“The Prime Minister remains gravely concerned about events in Ukraine and is determined to pursue all avenues to reduce tensions and de-escalate a very dangerous situation,” the spokesman said in a statement.
Hague travelled to Kiev on Sunday to meet the pro-Western government that took power when Russia’s ally Viktor Yanukovich fled last week. He said Britain would join the United States and France in pulling out of preparatory meetings this week for a G8 summit in Sochi.
“The focus of our engagement with Russia must be the situation in Ukraine, rather than other normal business,” the spokesman for Cameron’s office said.
It’s great to see more evidence the emerging markets crisis is behind us!
I’m up early with achy muscles after helping our single-mom neighbor’s boyfriend move their entire household to a nearby apartment yesterday on short notice. It was encouraging to see what a nice space one can rent nearby for under $2K/month, which is far less than we pay in rent.
The upshot: Now we live next door to a vacant place.
Next up: Will the FL investor/landlord be able to get the place ready to sell in time to get out before the next real estate price tsunami wave washes away his equity?
“Will the FL investor/landlord be able to get the place ready to sell in time to get out before the next real estate price tsunami wave washes away his equity?”
Went for a walk on the beach last night after the kiddos went to bed.
1. It’s peak tourist season
2. It’s cold as hell up “Nawth”
3. There was nobody around
I didn’t see anyone on the beach, and I saw miles of dark condos and beach houses. I’d love to know how many zombie houses surround me.
Muggster- Was this the Pinellas County beaches?
If so, baseball spring training has started so that place should be hopping with activity.
Yeah, Pinellas, it’s crowded as hell, but not along the beach where I am at, which is ALL residential.
Very telling, IMHO.
A friend that will help you move is one of the highest categories of friend, on par with one who will bail you out of a Mexican prison.
You’re a good egg.
sinefeld- the Hernandez episode
I told my 16-year-old son, who was pressed into service yesterday, pretty much exactly the same thing.
When my brother’s girlfriend volunteered to help me pack up for my move to DC, I shifted her to the “family” category on the spot. Then she became my sister-in-law, and I still do my best to make her life as easy as possible (especially when she has to deal with my mother).
“I still do my best to make her life as easy as possible (especially when she has to deal with my mother).”
This fits into the same category of personal service as helping people move and bailing them out of Mexican prison.
I’m not helping anyone move anymore. I’ve done it way too many times, and from now on they can pay movers. If it’s a situation where they’re in financial straits, then maybe I will make considerations, but other than that, I’m done.
Doing nothing is doing something, right?
‘Window closing’ for housing-reform bill this year, mortgage bankers group chief says
February 24, 2014, 5:07 PM
Time is running short for a housing-reform bill this year, the head of the Mortgage Bankers Association said Monday, adding the Senate only has about a month to act on legislation.
“We see a window closing” for a bill that would address what to do with government-owned mortgage-finance giants Fannie Mae FNMA and Freddie Mac FMCC , David Stevens, who heads the trade group, told MarketWatch during a National Association for Business Economics conference.
Leaders of the Senate Banking Committee have been working on a bipartisan plan but haven’t released a proposal to date. Last week, White House National Economic Council Director Gene Sperling also said the clock is ticking this election year.
“I do think that most of the parties involved understand that they want to move with some speed because they don’t want to lose the window,” Sperling said. The Obama administration has been working with Senate Banking Committee Chairman Tim Johnson, a South Dakota Democrat, and Mike Crapo of Idaho, the panel’s top Republican, on their bill. It’s expected to replace Fannie and Freddie with a new agency.
Stevens put a finer point on it: “I think [in] 30 days we need to see something introduced in the Senate or the window begins closing very rapidly,” he said.
Stevens’s group includes big companies including Wells Fargo and Bank of America, as well as smaller banks and servicers.
– Robert Schroeder
Freeman Tilden did a great piece “On The Constructive Aspect of Inaction”. He used three imaginary slides on a screen for the entire presentation. The first was a squirrel, the second a toad, and the third was the symbol of the square route of minus one. He told two anecdotes that were represented by the first two slides demonstrating bad choices (they were hilarious) and used the third to support his position that if the square route of minus one (nothing) was something, than nothing was in fact something. Therefore doing nothing was in fact doing something. If you can find it, it is a great read.
“If you choose not to decide, you still have made a choice”
– Rush
(not that Rush)
Sometimes doing something is worse than doing nothing.
Doing nothing is always option 1.
Any thoughts on potential impacts of defense cutbacks on local economies?
State of Region: Experts predict positive, but slow growth for region’s economy in 2014
By Elizabeth Marie Himchak
The region’s economic outlook for 2014 shows some positive trends, but experts remain guardedly optimistic about growth and predict it will be similar in scope to 2013.
State of the Region speakers, from left, Erik Bruvold, Michael Lucas, Mike Peters and Jim Zortman, shared their projections for 2014 on Tuesday in Rancho Bernardo. Photo by Elizabeth Marie Himchak
They see positive growth in technology — which has a large presence in Rancho Bernardo — and unmanned aerial vehicle industry — also in Rancho Bernardo and Poway — but slow growth in residential construction and financial lending. Commercial construction is expanding at a promising pace.
Experts in the economic, technology, financial market and defense industries shared their projections with nearly 200 business leaders on Tuesday during the State of the Region luncheon at Sony Electronics in Rancho Bernardo. San Diego North Chamber of Commerce organized the annual event.
“2014 will be much like last year,” said Erik Bruvold, president of National University System Institute for Policy Research. “There will not be equity gains, but similar job growth. We tend to be more pessimistic than other forecasters.”
Five years into post-Great Recession recovery shows a continued slowdown in defense spending, growth in technology, continuing recovery in the leisure industry and real estate gains outside of construction, Bruvold said.
“The second half of the year will likely have the same level of employment at the peak (in) the second half of 2007,” he said. “It is taking us six years to get out of the hole we dug.”
He said San Diego is among recession recovery leaders in the state, predicting a 6.8 percent unemployment rate that is a little under the state’s rate and slightly outperforming the nation. Most job growth from November 2012 to November 2013 — the most recent statistics available — show most hiring has been in fields where “the pay is not the greatest of wages.” Exceptions include healthcare, where the average median wage tends to be higher. The largest gains have been in accommodations and retail; most losses were in manufacturing.
San Diego’s saving grace has been the defense industry, which Bruvold called “robust” for almost doubling its share of the gross national product from 2000 to present. He credited the global war on terror for going from 8.3 percent in 2000 to a forecasted 12.7 percent in 2014 — slightly lower than last year — and representing a projected $234.35 billion in economic activity.
…
Politics
Pentagon Plans to Shrink Army to Pre-World War II Level
By THOM SHANKER and HELENE COOPER
FEB. 23, 2014
WASHINGTON — Defense Secretary Chuck Hagel plans to shrink the United States Army to its smallest force since before the World War II buildup and eliminate an entire class of Air Force attack jets in a new spending proposal that officials describe as the first Pentagon budget to aggressively push the military off the war footing adopted after the terror attacks of 2001.
The proposal, released on Monday, takes into account the fiscal reality of government austerity and the political reality of a president who pledged to end two costly and exhausting land wars. A result, the officials argue, will be a military capable of defeating any adversary, but too small for protracted foreign occupations.
Officials who saw an early draft of the announcement acknowledge that budget cuts will impose greater risk on the armed forces if they are again ordered to carry out two large-scale military actions at the same time: Success would take longer, they say, and there would be a larger number of casualties. Officials also say that a smaller military could invite adventurism by adversaries.
“You have to always keep your institution prepared, but you can’t carry a large land-war Defense Department when there is no large land war,” a senior Pentagon official said.
…
Well this is encouraging! One can only hope.
This is gonna rile up the austerity loving tea partiers…..
Perfect, also cut the FSA programs by the same amounts.
im in N VA 12 miles from pentagon- in my hood you can get a bus door to door.
Houses selling in 7-10 days
j6p is no longer concerned w cutbacks
specific weapon and army are screwed - af next and last Navy
Sounds like a very good time for career defense employees and contractors to retire, sell out of the house, and move south.
Bases are going to close, factories will shut down, units will be disbanded, less people in the military, less training, etc.
If your local community is near a military base or has a defense related factory - it could be significant.
———————
“In 2011, the defense budget represented 4.7% of total gross domestic product; this year’s percentage will be 2.7%. In real dollars, US defense spending is set to plummet from $705.6 in 2011 billion to $496 billion. That represents a budget cut of approximately 30%.”
“If your local community is near a military base or has a defense related factory - it could be significant.”
How about communities near or containing multiple military bases and defense related factories, such as DC or San Diego?
DC will never be affected by any cuts.
The 30% military cut will only happen 50+ miles way from the pentagon.
weirdly, N VA is all defense,but homes are selling fast at premiums
maybe for the 13,ooo new ITS agents
I don’t think any hiring of 13000 new agents took place or is scheduled to happen in any quick way. Link?
They might shut down bases in Texas or cancel weapons programs in California, but the money will continue to flow into DC, whether its taxes or borrowed.
I know a guy who was a FedGov attorney of some sort. HE pulls down six figures. I asked him if the deficits gave him pause or made him wonder if his job was secure. He laughed his head off and said that he never worried about that.
That’s why they are still buying houses in DC. They live in a different reality than the rest of us do.
Yes they do…
That’s why they are still buying houses in DC. They live in a different reality than the rest of us do.
They live in the same reality as we do. Self preservation and maximizing benefits and power for themselves. It’s just that the only way they achieve reality is by taking from you.
HE pulls down six figures.
Hate to break it to you, but show me a lawyer that doesn’t pull down six figures. And on the private sector side he’d probably 2-3 times as much. Ask Joe.
Yeah, but unlike law firm lawyers, his job is easy and stress free
It’s just that the only way they achieve reality is by taking from you.
Which is why they live in a different reality, one where RIFs don’t exist and pensions still do.
I was a mortgage payer in a military town during the BRAC. I know firsthand defense cuts will cause residential house prices in military towns and cities and their suburbs to crater.
And significant spending cuts are certainly needed.
I hope the demilitarization of America also demilitarized the police forces in the USA. But chances are the cops will get more tanks and heavy artillery to prepare for war against J6P.
“I hope the demilitarization of America also demilitarized the police forces in the USA.”
Dream On by Aerosmith lyrics - YouTube
http://www.youtube.com/watch?v=hHRNSeuvzlM - 152k -
Bases are going to close, factories will shut down, units will be disbanded, less people in the military, less training, etc.
So use them to house criminals and the homeless…..they dont need anything new….
Any thoughts on potential impacts of defense cutbacks on local economies ??
I am wondering if base closures are coming ?? That will definitely have negative impact depending on wether the land can be repositioned in a more productive way…
Some of our neighbors are about to see their jobs disappear.
Sony job cuts to hit Rancho Bernardo unit
Wednesday, February 26, 2014
Sony Electronics said it will eliminate one-third of its staff this year as part of the job cuts its parent company Sony Corp. announced this month.
Sony will slash 400 jobs this year at the San Diego-based unit, which makes high-definition televisions. The move is part of a restructuring of the Japanese conglomerate that will see 5,000 layoffs worldwide.
…
You mean the Sony plant across the street from HP in RB is still there? I thought it was already gone.
Still there…the Sony sign is visible from our ‘hood.
The more government regulates and subsidizes something - the more it ruins it.
See:
Housing
Health Care
Education
—————————-
Student Loans Are Ruining Your Life. Now They’re Ruining the Economy: Over One Trillion in Debt
TIME | 02/27/2014 | By Sam Frizell
Chris Rong did everything right. A 23-year-old dentistry student in New York, Chris excelled at one of the country’s top high schools, breezed through college, and is now studying dentistry at one of the best dental schools in the nation.
But it may be a long time before he sees any rewards. He’s moved back home with his parents in Bayside, Queens—an hour-and-a-half commute each way to class at the New York University’s College of Dentistry—and by the time he graduates in 2016, he’ll face $400,000 in student loans. “If the money weren’t a problem I would live on my own,” says Rong. “My debt is hanging over my mind. I’m taking that all on myself.”
Rong isn’t alone. Across the country, students are taking on increasingly large amounts of debt to pay for heftier education tuitions. Figures released last week by the Federal Reserve of New York show that aggregate student loans nationwide have continued to rise. At the end of 2003, American students and graduates owed just $253 billion in aggregate debt; by the end of 2013, American students’ debt had ballooned to a total of $1.08 trillion, an increase of over 300%. In the past year alone, aggregate student debt grew 10%. By comparison, overall debt grew just 43% in the last decade and 1.6% over the past year.
According to a December study by the Institute for College Access & Success, seven out of 10 students in the class of 2012 graduated with student loans, and the average amount of debt among students who owed was $29,400. There’s no clear end in sight. ”The total amount of student debt is growing basically at a constant rate,” Wilbert van der Klaauw, an economist with the Federal Reserve Bank of New York tells TIME.
Sum Ting Rong
sorry, can’t get that out of my head
sales brisk in oblasts surrounding dc
Loan Ding Ow
“sales brisk”
Not really. Look at MoM and QoQ anythere in DC and surroundings are down double digits.
dude, forget movoto
I live here 22151
I got it from mls.
“Chris Rong did everything right.”
It doesn’t matter if he did everything right.
As a young professional with a taxable income the tsunami of early boomers are going to milk this guy for their health care expenses, and the neocons will siphon the difference for their middle east nation building fantasy.
I find it strange that you don’t realize that “all” politicians are reaching into your pockets.
All politics now is about the personal aggrandizement of some individual. Usually huge egos and questionable morality. Some here fool themselves that local politics is somehow different. Maybe 30 years ago before the local public unions and REIC interests co opted the local process, but not now.
Politicians are about their own self interest plain and simple. More power. Not solutions to problems. Not doing the right thing. Not efficient allocation of limited resources. Not even ideology. Just more power.
When I first moved to Florida I was looking for a dentist and went to a young dude right outta school. He wanted to re-arrange my face and presented me with a ‘dental plan’ a mile long.
I didn’t need any of it.
yes, I had the same experience, except I went to the “union” sponsored dentist and “saved” a whole lot of money on supposed needed work. when I finally returned to my “old” dentist, he was amazed by the number of crowns in my mouth.
oh yea, and regarding “doing everything right”. since when is borrowing from tomorrow for something you can’t afford today “doing everything right”. I don’t feel sorry for him. it’s a (really expensive) lesson for him, just like we all get along the way.
let me put that a different way. it’s a decision to go into debt for any reason. it’s reasonable to expect that the debt will need to be repaid. how could he not be aware of that?
Maybe they are hyper-inflationists?
since when is borrowing from tomorrow for something you can’t afford today “doing everything right”.
I don’t think I need to explain the concept of “good debt.”
That said, $400K is very wrong for seven years of school, especially if he’s not paying room/board for 3 of those 7 years. Say he went to a hoity toit undergrad room board for $60K a year. That’s $240K at most. Is dental school tuition alone really upwards of $50K?
“good debt…very wrong”
Like gambling, it’s all good when you get rich from it.
“I don’t think I need to explain the concept of “good debt.””
We’ve heard the twisted notion before so save the embarrassment.
There is no “good” debt.
More like $75K for tuition fees and books.
http://www.nyu.edu/dental/financialservices/tuitionfeesexpensesdds.html
There is no “good” debt.
Maybe not—but I would say that there is “less bad” debt.
If the debt funds purchase of a real asset (like a business, say) that generates a positive cash-flow, then clearly there are risks, but there is also a potential return; at that point, someone risk-tolerance has a lot to do with how bad the debt is.
Similarly, some amount of borrowing to obtain credentials that can be used in the future to produce an income can be “less bad” than borrowing that is strictly for consumption. Clearly a lot of people still get themselves into trouble with this type of debt, though; I would argue that if it were not treated differently in BK, and were not subsidized by the government (both of which shift the risk away from lenders), then it would be much “less bad” than it is today.
“There is no “good” debt.”
Well three is the debt that has been repaid and thus made “good”.
There’s no good debt, but there are good debtors. Like RMS said this guy is a good debtor for some time to come mainly because he is more likely to have a decent earning potential which will be milked every penny by banks/government/wars what have you.
“I don’t think I need to explain the concept of “good debt.””
That’s quite a concept. Is it like the concept of “good cancer”?
No, good debt is debt where the returns from taking on the debt outweigh the cost of the debt, and/or vs. the time it would take to save up and pay outright.
For example, say a new machine will increase my business’s revenue. It would take me 5 years to save up and buy it outright. But if I bought it now, on credit, I could get 5 years of that increased revenue. If that 5 years of extra revenue is more than the cost of the loan, then it’s good debt.
Ditto for college. I and my family borrowed about $40K to send me to undergrad school. The difference between a HS and bachelor’s degree job is, what, $20K a year at least? That loan paid for itself in two years, and would pay more for the next 30+ years.
Houses and cars are probably good debt too.
I went to a dentist recently for the first time, he did X-rays and a cleaning. Said I didn’t need any work. I was absolutely shocked. Never happened at any dentist I ever went to before. An ethical dentist is something everyone needs, but few can find.
When all you need to do is lie a little bit and there really is no check on whether you are telling the truth, many will lie to make more money. This is one of the core problems of real estate agents.
Dental Care/Medical Tourism is growing because of the cost of Dentistry and Medical. As the middle class has melted, the Dentist has become a luxury. I just had a free cleaning (not a deep cleaning) and the people in line I met, were once productive , fairly high income earning members of society. We all said we should have opted for a govt job.
The Dentist shared w/ me, last year 400 people waited in line for free Dental Services. This guy did it (free clinics) for more than the write-off. He actually is concerned.
Hey Chris how about working for $10 hr on some Indian reservation for 10 years? Its very cheap to live there, and at by the time you are 35 the gobment will have paid off your debt….. see a fair trade off
Glad you’re here.
There is high need for truck drivers in hte frack-oil fields in New Mexico. Not much skill needed. Pay is $100K if you work overtime, but you could probably do half that and still pay off the CC debt.
You will have to have a CDL with driving experience and be in good health with no moving violations I would guess. This doesn’t sound like the dj.
I could get a CDL…i am in decent health..not taking any meds Never have…never was into drinking or drugs…
But i do like to drive…still have safe drivers no points…
You can also work at the VA for loan forgiveness.
If serious, look in the areas aroun Lubbock - San Antonio - Hobbs NM.
Seriously needing workers of all kinds. Note having an RV can really help as Apts/ homes are totally occupied.
400,000 to be a dentist?
No wonder they have one of the highest suicide rates.
Rather than a shamnasty for illegals, and rewards like in state tuition for the In-Your-Dreamers, I say we need to wipe out student loan debt for American citizens. I don’t know how much a shamnasty is going to cost, I’ve heard it’s some ungodly amount, but as a taxpayer, I’d much rather my money went to bring relief to young US citizens.
“wipe out student loan debt”
Per the online comments on any Wall Street Journal article about student loan debt, anyone who didn’t major in STEM should probably just kill themselves now.
About a billion Asians will be the STEM competition. And that billion is soon going to be competing with computers themselves. It ain’t the bright future they think it is.
What if they put their sun glass collection on Craigslist?
Wipe out the debt and they’ll borrow more. I think Wall Street may like it. As long as the bagholders are made whole by taxpayers.
the bama has a plan for student debt- make you , the innocent taxpayer,pay it !
“Wipe out the debt and they will borrow more.”
Beautiful, ain’t it. And it never ends!
People are smart.
jose
Spot on. Part of my lexicon these days is free clinic (med & den) buzz words. I sure miss just making an appointment.
I plan on using Dental Tourism (a firm) in Costa Rica or Mexico. I can’t afford these ludicrous prices and I need work done badly.
I’ve always thought vision and teeth/gums should be inclusive of Med Insurance.
It’s sad really to spend a large fortune on an overpriced house and then be unable to go to the dentist. Californians are the poorest people in the country.
Thank you for bringing that up, Skye. Don’t forget the full renovation of said house. That’s worth a few root canals.
This spring, I wanted to do some electrical work in my house (remember the $500 light fixture), but instead I opted to wait and pay off some other nagging small debt, oh, and to get a crown replaced.
If I ever wanted to meet a group of self appointed anointed folks, here you are. Something happened to my health that the treatments affected my teeth. In the $1,000’s a-holes.
“In the $1,000’s”
In all fairness, that’s not more than granite countertops, is it?
I’m more worried about inchy’s other health problem. Any health condition which needs “treatments” does NOT sound good. Did you know about the larger health problem before you bought your current house?
Nope. Out of the blue. I’m on the mend. Going to Costa Rica for deep discount on Dental. Using a Dental Tourism firm so I go to a trustworthy clinic.
Jose…i still think cancelling your degree in exchange for canceling the debt is a very fair idea.
Lots of 4 year degrees are not needed for the job, its only needed because its in the job description, to get past HR and to get an interview.
Let it be up to the employers if they want a valid piece of paper on the wall or deadbeat employees.
I only had to show my diploma for the first job after college. Nobody asks after that.
True but it opens options Give back your law degree and be a paralegal or dont be a dentist be an overqualified dental assistant with Zero debt
I have always been against any discharge of the debt unless you are permanently disabled and cannot work. Its just not right with me.
Sorry but this makes no sense. Borrowing 1/2 million dollars is “doing everything right?” Seems to me someone who excelled at one the country’s top high schools would be very eligible for scholarship money for many undergraduate colleges.
I think the “story” may be a shill.
Real journalist Robert Kaiser, formerly of the Washington Post, bemoans life in D.C.
“The 1980s changed America. These were the years when corporations and wealthy individuals organized to fight back against the liberal forces that had dominated the ’60s and ’70s. Moneyed interests organized new groups, especially political action committees that were prepared to spend large sums to achieve their political objectives. This began the three-decade process that has made money the most important element of our public life, a form of pollution way beyond the reach of the Environmental Protection Agency.
As money became more and more important to congressional candidates, Democrats, especially in the House, became less and less effective in their historic role as the allies and defenders of the little guy. Their electoral successes every two years dulled their competitive skills. They had little to offer by way of new policies or ideas. They became smug, self-satisfied, too willing to engage in the petty corruptions that four decades in control made so easy. Instead of defending the little guy, Democrats helped themselves.
Washington became more of a winner-take-all community. But the percentage of winners in the capital seemed higher than in the rest of the country.
Suddenly, the sleepy Southern town of my youth was bubbling with money. A technology boom in Virginia, a biotech boom in Maryland, an extraordinary increase in government contracting throughout the region fueled by the Reagan administration’s privatization of a large part of the government — all this made Washington a new kind of Fat City.
Nearly everyone wanted a piece of the new action, so appointed officials, former members of Congress, and staffers from agencies and the Hill rushed to convert their public service into private gain — as lobbyists. This urge to cash in has no party loyalty; both Democrats and Republicans are infected.”
http://www.washingtonpost.com/opinions/how-republicans-lost-their-mind-democrats-lost-their-soul-and-washington-lost-its-appeal/2014/02/28/2ef5429c-9d89-11e3-9ba6-800d1192d08b_story.html
The 80s were when some boomers started getting high less and greedy more. It all goes back to the boomers. Not Reagan. It’s still just all about the boomers as they get old and bankrupt the country financially to match their already bankrupting it morally.
Yesterday, Bill in LA contemplated renting an apartment with an attached private garage to store wine and car parts for barter when the SHTF.
——
oxide: …you might be better off buying a small house outright. … Units with an individual locked garage next to the unit will likely cost more per month than a mortgage.
Bill in LA: Attached garages with inner entries to house in North Scottsdale. The rent for a three bedroom is $2000. Very reasonable.
——
I don’t disagree with you, Bill. I didn’t say that there were NO apartments with attached garages, just that they would likely cost more than a mortgage. $2000/month? That’s substantially more than the PITI on my 3/2 shack on 0.2 acre in the pricey DC burbs.
Here’s what $1500/month will rent in North Scottsdale (3/2 with 2-car):
http://www.zillow.com/homedetails/9092-E-Winchcomb-Dr-Scottsdale-AZ-85260/8043574_zpid/
Here’s what $1589/month in PITI will buy (10% down), two blocks away (3/2 with 2-car):
http://www.zillow.com/homedetails/8969-E-Meadow-Hill-Dr-Scottsdale-AZ-85260/8043815_zpid/
Oh well. This whole exercise is rather silly to begin with. You’re envisioning a hypothetical zombie scenario where dollars are worthless and currency is reduced to drive belts and Baron de Rothschild. Yet you want to retain the trappings of civilization like a cushy nabe, LL coming to fix your busted water heater for free as part of the lease contract, and retaining the bulk of your “assets” — former company stock and Vanguard Magellan(?) paper — as uncorrupted electrons on somebody else’s server. I assume that you will also want a lap pool worthy of a master swimmer, with a pool service to keep the water clear and potable, of course.
If you really believe that a zombie apocalypse is coming, then you should have an exit plan to get out of Dodge (the USA). This includes a foreign passport that will get you passage into a stable, save haven and transferring your assets to said safe haven beforehand, since once the SHTF you won’t be able to do it and your US Passport won’t be welcome anywhere.
I’m joining up with the Mormons. They are already prepared for this.
This summer I will stake out couple of Amish countries.
Don’t sleep on the Hebrew Israelites, they’ve been calling for destruction of a biblical scale for quite some time.
Read from the book!
Read!
“That’s substantially more than the PITI on my 3/2 shack on 0.2 acre in the pricey DC burbs.”
Using liars math, sure it is. And substantially less as Bill honestly states when using real math.
LOLZ, in the SHTF scenario, the least mobile will be hurt the most. You plant yourself in a community by owning a house, it means you have confidence your neighbors will all be neighborly as long as you live there. Reality is that you probably don’t even know your own neighbors but you invested in them anyway!
As a renter you don’t have to expect your neighbors to always be decent. Urban blight can occur rapidly in a neighborhood or slowly. You never really can predict it anymore, thanks to socialist programs by “progressives” over the years.
You plant yourself in a community by owning a house
Why are you “planted?” If you own a house and the SHTF, you’re still mobile. Just pack your wine and wheels into a prepper schoolbus and abandon the house. You could spend $75K outright and abandon the house after three years, OR your could blow $2000 a month with your cushy neighbors for three years and pack up your stuff, and come out roughly even.
Better yet, why not mortgage a really nice house with a 5/1 ARM at a really low payment? Then you could abandon the house after paying even less every month. Just hope that the apocalypse comes before your ARM resets.
Or you could cut out the middleman entirely and just buy an old refrigerated semi and live in the cab with your car parts and wine in back.
Uh, abandoning a $500,000 house and losing the entire $500,000 somehow does not seem as financially smart as abandoning a $1,000 per month lease.
Don’t forget I am against loans as a consideration in any personal finance plan, particularly with urban decay making you become underwater in time.
I would not trust the apartment maintenance guys to not rob you of your stash when you were away.
I did not say I keep my precious metals in my apartment or garage. But as for the garage and the tools / auto parts, etc in the garage, I would know who else has the key wouldn’t I?
“Just hope that the apocalypse comes before your ARM resets.”
Yours already occurred the day you signed up to rent that depreciating shack from the bank at 2x rent.
Reality is that you probably don’t even know your own neighbors but you invested in them anyway ??
I know all my neighbors on a first name basis…There are a few that I walk into their homes with a light knock on the door…We put each others garbage cans away occasionally…Put up & tae down Christmas lights for some…Put the paper on the porch for a few that have back & knee problems…
Everyone does not live in your kind of isolationist (whats in it for me) world Bill…
Your is the exception Dave, obviously you gave not noticed that our society is ecoming more mobile. The more mobility you have the greater the rewards. I lived in neighborhoods 40 years ago like yours.
Economic reality means less likely to care who lives next door as long as you are a renter.
We’ve lived in Santa Clara for over 37 years and it’s been the same in our neighborhood as scdave described. We know all the neighbors, their families, and extended families.
A few years ago one of the houses near us which was a rental was left in a complete mess when the renters moved out. One Saturday a group of our neighbors and us all pitched in to clean up the yard, trim the trees, and throw out a bunch of accumulated trash.
The owner who lived in Alaska and had inherited the house from his mother, came down later and spent about $30K repairing the house to make it rentable again.
Climate change? Polar Vortex? Follow the money (toon) : Pocho
http://pocho.com/climate-change-polar-vortex-follow-the-money-toon/ - 37k
http://wattsupwiththat.com/2014/02/28/the-top-ten-reasons-global-temperature-hasnt-warmed-for-the-last-15-years/
Very funny. Too bad it’s all true.
Bakken Crude, Rolling Through Albany (or How we ship crude oil if we don’t have a pipeline).
It seems to me that building a pipeline would be much more efficient, safer for the environment, good for construction jobs and attractive to everyone.
http://mobile.nytimes.com/2014/02/28/business/energy-environment/bakkan-crude-rolling-through-albany.html?referrer=
Tell me again. Why is the President blocking the Keystone Pipeline?
In summary, too late and too unpredictable. High tech extraction is in a bubble and by the time they’re done with design, bids, EPA, eminent domain seizures, and stick a shovel in the dirt, they’ll already be winding down.
There are two big problems with pipeline design.
1) The accountants depreciate weirdly, so if you finance something to be productive for 30 years and it only runs 5 years then someone (the bagholder, probably the fedgov as a “jobs” program) eats the loss.
2) Pipelines only carry one ideal flow rate. They don’t work very well at twice capacity or one tenth capacity. See the Alaska pipeline which will be shutting down in 3 to 10 years due to low flow rate. For economic reasons a pipeline that’s mostly shut off still has substantial maint and operations costs (see #1 above) so there just isn’t any point any longer in running the Alaska pipeline. Shut it down, decontaminate it, scrap it. Alaskan crude has mostly been pumped out anyway, there’s nothing left. Building too small or too big is a financial disaster.
So all you need to do is predict exactly how long you’ll be pumping and for exactly how much. Otherwise its a financial disaster where some bagholder gets it. Probably fedgov guaranteed bonds as a job program or whatever. So if its basically a welfare project, why fool around with pipes when you could just cut some checks directly, more or less?
The fracking solutions may be responsible for several of the tanker trains exploding.
Tell me again. Why is the President blocking the Keystone Pipeline ??
Maybe someone here has the answer;
Is it true that the oil that will be shipped from Canada to some southern States will be refined and then sold overseas ?? If that is in fact the case, why would we do it other than enriching the owners of the refineries…After the pipeline is done, those jobs go bye-bye..
It seems that the trains and barge trafficking present a much higher exposure to environmental damage, burning of fuels, etc.
But maybe someone who owns a bunch of trains and barges could be the President’s friend. I think that’s the reason.
I wonder who that friend might be?
I’ve put four children, and a spouse through college. All of them worked part time, lived at home until they could afford to move out, and graduated debt free. My experience with student loans is that a lot of it goes to party costs, fraternity living, and choosing to go to a far away school. All a waste of money. Why should my taxes pay for this waste?
Why should your taxes pay to subsidize illegals and their children? Why should your taxes pay for a shamnasty for citizens of other countries and the chain migration that would follow? Why should your taxes pay for aid all around the world?
Charity begins at home. Yep, I’m sure some slackers would benefit. But IMO it would unburden many more young folks who were had.
Because they become part of the free sh*t army and vote democrat for a generation.
Next question.
better include beltway gop in that- they are all spenders till you get out of the central soviet (DC) by 50+ miles
Pete Sessions Supports Amnesty to ‘Accommodate’ Illegal Aliens for ‘Right Reasons’
by Matthew Boyle 1 Mar 2014
A series of videos from several town halls in 2013 have surfaced showing that Rep. Pete Sessions (R-TX) supports amnesty for illegal aliens, despite claims from his re-election campaign that he is against allowing illegal aliens stay in America.
In the videos, Sessions frames his support for amnesty as granting legal status to illegal aliens who are not violent criminals—but somehow not citizenship, even though anyone who obtains a green card is allowed to eventually apply for citizenship. Sessions described such an amnesty as aiming to “accommodate” illegal aliens, “millions of people who are here for the right reasons.” He also said that he thinks “the vast majority of people who are here” as long as they are “here truly for the right reason,” should and “would be welcomed.”
In response to a request for comment from Breitbart Texas, Sessions’ campaign spokesman Bruce Harvie said that “Pete is absolutely opposed to amnesty and he has worked hard to make sure we don’t give away legal status the way that Senate did.”
Harvie added that Sessions believes granting legal status to illegal aliens is not “amnesty.”
http://www.breitbart.com/Breitbart-Texas/2014/03/1/VIDEO-PETE%20SESSIONS-EXPRESSES-SUPPORT-AMNESTY - 58k -
Harvie added that Sessions believes granting legal status to illegal aliens is not “amnesty.”
That should put to rest any illusion that the GOP is for stopping illegal immigration. They are no better than the Dems.
yep, Colorado. I was asked to leave a Repuke Hdqtrs in So Ca. I was voicing my opposition to the backdoor support, and aiding and abetting the illegals. The volunteers became hostile. I excommunicated myself as a Repuke that day. That’s how I became a Political Atheist. (True story!)
I was never under the delusion that GOP, Inc. was against shamnasty. In fact under GWB we had illegal immigration on steroids. Not to mention it was under GWB that shamnasty was first floated in any seriousness. Under GWB we had shamnasty marches nationwide. Now we have such as Rand Paul whining about it. Screw that.
In fact under GWB we had illegal immigration on steroids.
I remember that well. The base got so angry that he had to quickly backpedal on that.
If there was a R president, republicans would have signed sealed and delivered on Amnesty by now.
Idi Amin had all the Indians out of Uganda in 90 days.
I suspect he made them an offer they couldn’t refuse.
Yep, I’m sure some slackers would benefit. But IMO it would unburden many more young folks who were had.
Sure—but you also have to consider the unintended consequences.
By doing a student-loan debt foregiveness, you would have showed everyone who worked jobs while they went to school, cut costs, lived at home, went to a cheaper school, etc–e.g. made sacrifices to avoid debt, that they were in fact the patsies. You just showed them that they would have been better off (in terms of more hours to focus on school, higher standard of living while in school, more prestigious institution, etc) if they had instead sucked on the debt-teat.
Is that really a good lesson to teach the entire country? Only if you are a bankster.
Look around. Whaddya see? A whole lot of unintended consquences. Everywhere you look. This is one I could live with. We have to unburden our young.
This is one I could live with. We have to unburden our young.
What you are really advocating is that the responsible bail out the irresponsible—plain and simple.
That’s a GREAT lesson to teach our country; we may as well teach it to them when they’re young, as that is precisely what they can expect to confront for the rest of their lives.
“What you are really advocating is that the responsible bail out the irresponsible—plain and simple.
That’s a GREAT lesson to teach our country; we may as well teach it to them when they’re young, as that is precisely what they can expect to confront for the rest of their lives.”
When I hear you yak up more of an indignant storm about things like shamnasty, foreign aid, military adventurism, etc. then maybe I could agree. For now, what we’re “teaching” our young is “ha-ha, you’ve been had. Eat it raw. Get a job and pay those taxes and learn your lesson”. And people wonder why there’s intergenerational animosity. I’d feel the same way if I saw a bunch boomers and “greatest” generation sucking up Social Security, disability, etc. and lecturing the younger generations on “thrift”.
What a buncha hooey. I got a boomer buddy who has been living payment free in a very nice home he “bought” years ago and took out equity on. Sure, his credit’s ruined, but he doesn’t give a crap. He’s making money at his little business and having a ball. He can discharge that debt eventually anyway. Those with student loans, not so much.
Because with all that student debt they won’t be able to borrow a million dollars to buy a house in California. End the federal subsidy of college debt and costs will become reasonable again. I went to college while working 40 hours a week splitting firewood. I don’t need to unburden your Frat youth.
Jose, why not a middle ground?
Make student loan debt partially dischargable in bankruptcy. Which part? Tuition only (possibly books). It can’t be that hard to look up how much of the debt was actually tuition. Kids who partied in the dorm or off-campus apt are on still on the hook for about half, which would help them out but still teach them a lesson. Kids who lived at home get off scott free with only a credit hit, easy to overcome at a young age. And it would be a tip off to future college kids to live frugally and channel their focus to the education.
On the other hand, you could stop spending my money to teach other people’s kids a “lesson” at age 25!
how about I unburden myself first, since I didn’t have the benefit of a college education. since I didn’t get to benefit from a degree (my choice) for over 30 years, but still had the responsibilities (family, living expenses) and paid my own way, how about we just let people pay for their own debt that they VOLUNTEERED for. I promise I won’t ask for anyone else to pay my way because “it’s not fair!”. life’s not fair and don’t you think that people resent subsidizing others who live better than they do?
there, I feel better.
When I hear you yak up more of an indignant storm about things like shamnasty, foreign aid, military adventurism, etc. then maybe I could agree.
Great, then you should agree—as I am opposed to all of those things. I don’t recall foreign aid figuring prominently into any discussions here on the HBB, but I have said many times that rewarding illegal immigrants is grossly unfair to those who emigrated legally and by doing so obeyed the law. We should loosen the restrictions on legal immigration before we allow illegals to obtain legal status. This issue strikes me as remarkably similar—amnesty rewards those who have behaved poorly, at the expense of those who have behaved responsibly. How can you be on one side of one issue, and on the other side of the other?
Military adventurism? Yeah, we haven’t talked much about that here either, but I said elsewhere that it was a huge mistake as soon as it became clear that Bush was heading into Iraq. And Afghanistan. I’d like to see us stop being the world’s policemen, and stop meddling in other countries affairs (mostly at the behest of and for the benefit of big business). Military adventurism is really global corporatism in disguise, IMO.
Colleges have gone the way of taxi-cab medallion bubble:
http://www.nytimes.com/2013/11/15/nyregion/1-million-medallions-stifling-the-dreams-of-cabdrivers.html?_r=0
Well, maybe taxi cabs are a business and therefore more restrained in the price-to-earnings multiple, but every time I hear about massive student debts, I think that all that debt got a person is a right to go into the market with some credentials. Nothing else really. Honestly, colleges are a business as my father used to say.
I see people all the time tooling around on their smartphones. Maybe they are hailing a rideshare? :
http://www.startribune.com/local/blogs/247836681.html
uber allies
More a scam than a business these days.
The Downside of Inciting Envy
New York Times | March 1, 2014 | Arthur C. Brooks
THE Irish singer Bono once described a difference between America and his native land. “In the United States,” he explained, “you look at the guy that lives in the mansion on the hill, and you think, you know, one day, if I work really hard, I could live in that mansion. In Ireland, people look up at the guy in the mansion on the hill and go, one day, I’m going to get that bastard.”
Alexis de Tocqueville phrased it a little differently, but his classic 19th-century text contains the same observation. Visiting from France, he marveled at Americans’ ability to keep envy at bay, and to see others’ successes as portents of good times for all.
For decades, survey data has supported the Bono-Tocqueville Hypothesis. The 2006 World Values Survey, for example, found that Americans are only a third as likely as British or French people to feel strongly that “hard work doesn’t generally bring success; it’s more a matter of luck and connections.” This faith that success flows from effort has built America’s reputation as a remarkably unenvious society.
Does it matter? It does indeed, when it comes to our pursuit of happiness. As the essayist Joseph Epstein puts it, “Of the seven deadly sins, only envy is no fun at all.”
Unsurprisingly, psychologists have found that envy pushes down life satisfaction and depresses well-being. Envy is positively correlated with depression and neuroticism, and the hostility it breeds may actually make us sick. Recent work suggests that envy can help explain our complicated relationship with social media: it often leads to destructive “social comparison,” which decreases happiness.
“Envy”
Andrew Carnegie actually built something. Henry Ford actually built something.
The hedge fund parasite pigmen build nothing.
And Marie Antoinette didn’t get it either.
That’s the remarkable thing of the modern robber barons. I’m not talking about wealthy guys who built something - Page/Brin, Bezos, Venter. I’m talking about the FIRE barons.
Just like they want to be in the middle of every transaction, I often see every positive thing in society attributed to the financial sector. That’s nonsese because the reality is that these positives are due to technology, not the financial sector.
Volcker himself said the only beneficial financial innovation of the past several decades was the ATM. Which isn’t a financial innovation at all but a technological one.
The modern FIRE barons are more like elaborate state-sponsored casino owners. The reason they get bailed out is the volume of cash they send to politicians.
Also, the reason there’s no desire to change the system is, again, the volume of cash they send to politicians.
The hedge fund parasite pigmen build nothing ??
Exactly Goon….And how was it that Romney ended up with a 100 mil. IRA ??
Its not about envy…Its about the system being rigged for the wealthy & powerful…
I am glad Bono has finally turned around his leftist economic ideology and recognized that free enterprise lifts up the standard of living of poor people while socialism does not seem to make a difference. I do not have the exact quote.
For decades I cringed while listening to some of his lyrics.
IIRC, the lead singer of Green Day cameout and said he himself is a libertarian.
Mick Jagger is an atheist and although he has grumbled about people trying to get hm to back their own political agenda he has come out supportive of anarchy.
and recognized that free enterprise lifts up the standard of living of poor people while socialism does not seem to make a difference ??
Really Bill ??
China
Denmark
Finland
Netherlands
Canada
Sweden
Norway
Ireland
New Zealand
Belgium
Despite popular myths, there is very little connection between economic performance and welfare expenditure. Many of the countries on this list are proof of that, such as Denmark and Finland. Even though both countries are more socialistic than America, the workforce remains stronger.
Finland is very enlightened. From Wikipedia: “The children of foreigners are not automatically given Finnish citizenship.”
Denmark and Canada each have a higher degree of free market capitalism than the United States. I have been trying to say this on HBB but the retards from the peanut gallery do not get it. They think if any one country has socialized health care then ALL other industries in that country are socialist. That’s a retarded generalization on their part.
That Obamacare does not work in America is due to 1) the high degree of incompetency, corruption, and litigation in our system.
Empty pockets and tire kickers don’t want to “get it”. They want yours.
10 Obamacare Facts You Need to Know After 5 Months
Motley Fool | March 1, 2014 | Sean Williams
It may be hard to believe, but today marks the five-month mark since Obamacare’s state and federally run health exchange marketplaces went live…
Here are the 10 Obamacare facts that really matter after the first five months.
1. Obamacare enrollment has crossed the 4 million person mark.
2. Too few young people are still signing up.
3. Obamacare is failing to court another crucial group.
4. Most insurers are losing money from Obamacare — and that’s OK.
5. Silver and bronze plans were even more popular last month.
6. Gulf Coast enrollment is soaring while Nevada and Hawaii are lagging way behind.
7. Obamacare could translate into 2.5 million lost jobs by 2024. In early February the Congressional Budget Office came out with its latest Budget and Economic Outlook Report which notes that the Affordable Care Act will cause a reduction in workers’ hours that will cost the equivalent of 2.5 million jobs by 2024. I believe part of this statement is correct in that the ACA is only exacerbating a push toward increasing job specialization thanks to an ongoing technology revolution and pushing those who lack a high degree of specialization into part-time roles. However, we also have to consider that this reduction in hours for non-specialized workers is also creating increased job security for those workers who do have a high degree of specialization.
8. Disapproval of the law is still near or at an all-time high.
9. Delays are hurting the credibility of Obamacare’s remaining deadlines.
10. March 31 remains the only deadline you need to be concerned with.
10. March 31 remains the only deadline you need to be concerned with.
When the whole thing was launched they stated they wanted seven million to enroll of which 2.7 million would be the invincibles. Expect the Obama administration to move the goal posts quite a bit before March 31st.
it is good to be obama.
You can ignore laws or implement/not implement laws as you see fit.
Could someone explain in non-inflammatory non political manner what 4 million enrollments means? WRT the debate numbers were thrown around about 80 million uninsured people (not citizens, people… why?). So 4 out of 80 million have signed up. The other 76 million are thumbing nose at ‘bama or waiting in line or never existed to begin with or whatever?
I don’t think it was ever 80 million. The important number has to be how many of the 4 millions will need subsidies and how many won’t.
I don’t think you can say that the 4 million means that we have 4 million fewer uninsured. I think some of the 4 million sign-ups were people who were dropped from coverage.
We won’t know for a little while what the 4MM look like in terms of actuarial risk (my dad noted that if you have pre-existing conditions, you didn’t need to disclose what they were to sign up). And that’s the key.
I think the low numbers mean that either:
a) the word didn’t get out, and people weren’t aware of the ACA websites (less likely); or
b) people got frustrated and haven’t gone back (possible); or
c) the economic incentives are not strong enough to get people to sign up without subsidies (the cost of insurance is too high relative to the perceived benefit)
I personally think that “c” is a big part of it. The ACA requires that the highest cost for a patient under a policy can be no more than 3x the lowest cost for a patient. For the “young invincibles” that means they are paying too much for the insurance they are likely to consume. ISTR reading that the cost for insurance for a “young invincible” might be about 2x their average healthcare expenditure.
In other words, it is economically logical for the “young invincibles” to NOT sign up unless they are getting a subsidy to do so.
The other side though is also a problem, where if you have a pre-existing condition, and you can get insurance for far less than the cost of your medical care, then you absolutely will buy that insurance.
I suspect we will see insurance premiums go up a lot next year.
bama changed the name- only aca now
double +plus bad to say bamacare
‘Murica farming, heck yeah:
http://maine.craigslist.org/lab/4356375550.html
Still cloudy with more rain in the outlook today for SD. We may still be officially in a drought as of today, but we can be sure of a beautiful spring bloom.
Waiting for another “disruptive winter storm” here in DC. Grocery stores are packed with people getting ready to make french toast (DC people buy bread, milk and eggs before a snow storm, also toilet paper). Likelihood of the schools being closed tomorrow is near 100%. Likelihood of the fed gov being shut down is probably around 70% as there is still time for the timing of the cold air to shift. Trucks with chemical spreaders on the back are out in force, but not putting anything down yet.
Had three cloud bursts in my area of Phoenix yesterday early evening, each successive one more powerful. It caused the noisy kiddies at the apartments to go to their homes at least.
Big puddles of water between the park and the apartment building I am in. This will attract crickets if it does not heat up enough to evaporate it away. And crickets attract the bark scorpions.
Some friends in Tucson told me that they always check their shoes for scorpions before putting them on.
I shake out my shoes before putting them on.
In my continuous hunt for a home in San Diego, I found this listing particularly humorous. Previously sold in 4/12 for $355k, this small bungalow in a great neighborhood has been relisted yesterday for $525k with ZERO work done to it over the last two years. Insanity! I will wait this bubble out, as I am 25 and have over 20% down. I’m in no hurry to make some flipper richer!
http://www.redfin.com/CA/San-Diego/3506-Juniper-St-92104/home/5826235?from_mobile_app=true
Kristopher
Very nicely staged . Very cute “cottage”. $200K tops. I hear ya.
It’s kinda ironic. Sitting on my home office desk are the instructions on how to make wood Adirondack Chairs. The going rate around my area is $400-$600 ea. I can make them for under $40 each. And I am a foo-foo gal. Evidently, Adirondack Chairs are in a bubble as well. LOL
(HD had a class for “ladies”,and had the PDF online.)
I’m something of an amateur wood butcher and I assure you the wood to build a nice Adirondack chair will exceed $100 unless you’re talking particle board and pine, in which case its not suitable for outdoor use. Or they cut corners to a ridiculous extent such that it’ll collapse in less than a season, 1×2 side pieces or some ridiculous under-specification. Its all in the finish, which is all in the surface prep, which is all in the quality of the wood itself, which depends on the kind of wood. And if you want to even pretend to make a profit you’re going to have to spend only a quarter of sale price on the wood. Especially for a super labor intensive project like that. You can make “a chair” for a lot less than $500 but no one can stay in business selling Adirondack style chairs for less than $500, even at minimum wage labor costs and with lots of jigs and fixtures.
I built a nice container garden “planter” for my back yard for about $180 of high quality cedar lumber last spring. Worked out well. I figure that’s more than one chair but less than two of lumber. Holds quite a long line of 5 gallon buckets with drip irrigation. Nothing grew well except for the basil and some ornamentals which annoyed me greatly. Even the mint struggled.
Many years ago I built a “kilobuck class” picnic table for perhaps $250 of wood.
Its an interesting hobby to learn although my favorite part is being able to customize to hearts content.
Vince -I’m eventually building 2 for our front porch. Thanks for the insight. The price point per chair (iirc) came from the HD class. Nuff said.
It’s on my bucket list.
I love those chairs. They belong on large green lawns and with overhead shade.
has been relisted yesterday for $525k
What a dump!
“What a dump!”
No doubt.
There is a hood around here called Cabana Colony that is affectionately referred to as Cannibal Colony that has shacks that look like that.
No need to rename that place, it’s already called…
South Park
Are Kristopher” and “Brett” the same people?
I believe Brett is in Austin…
I took a quick peak on Zillow this morning and noticed quite a few homes on the market in the 10 mile radius of where we lived. And when I spot checked the listing prices on a few of them, the reason they are (still) on the market became obvious.
Meant to say “where we (currently) live…”
In short, the prices are too high relative to where the market is heading.
Consulate in China Warns Americans Following Mass Stabbing
By Ed Flanagan
SUI SHUI Police investigate the scene outside the train station after a deadly attack by a group of knife-wielding men in Kunming, in southwest China’s Yunnan province, on March 2, 2014.
A United States Consulate in China called Sunday for Americans in the area to be cautious after a group of ten knife-wielding assailants killed 29 victims and left 130 wounded on Saturday.
“The Consulate General recommends that U.S. citizens pay attention to their surroundings when traveling in China and report any concerns to the local police,” said a statement from the U.S. Consulate in Chengdu.
A total of 33 people were killed, including four of the attackers, at the main train station in Kunming, the capital of southwest China’s Yunnan Province. The group of ten attackers “indiscriminately” stabbed their victims, the consulate said.
Police shot and killed four of the culprits and captured one more, but five were still on the loose, according to the official Chinese news agency Xinhua.
China’s top police official, Politburo member Meng Jianzhu, called the incident a terrorist attack and Xinhua reported that the attack was carried out by “Xinjiang separatist forces.”
The far western region of Xinjiang is boiling with a rebellion of Chinese rule, led by members of the Muslim Uighur population.
The Associated Press contributed to this report.
“Police shot and killed four of the culprits and captured one more…”
That captured culprit will wish (beg?) for death. China
How do they start the races at the Deaflympics?
From Wikipedia,
The Paralympic Games is a major international multi-sport event, involving athletes with a range of physical and intellectual disabilities, including mobility disabilities, amputations, blindness, and cerebral palsy.
The Paralympic Games are organized in parallel with the Olympic Games, while the IOC-recognized Special Olympics World Games include athletes with intellectual disabilities, and the Deaflympics include deaf athletes.
British Ministers Will Shun Sochi Paralympics Over Ukraine
Reuters
published March 2 2014, 11:12 AM
LONDON — British government ministers will stay away from the Paralympics in the Russian Black Sea resort of Sochi due to the situation in Ukraine, Prime Minister David Cameron said on Sunday.
Ukraine has mobilized for war, and Washington has threatened to isolate Russia economically after President Vladimir Putin declared he had the right to invade his neighbor, creating Moscow’s biggest confrontation with the West since the Cold War.
“Because of the serious situation in Ukraine, (Foreign Secretary) William Hague and I believe it would be wrong for UK Ministers to attend the Sochi Paralympics,” Cameron said on Twitter.
A spokesman said Cameron would be speaking to U.S. President Barack Obama, Polish Prime Minister Donald Tusk and Lithuanian President Dalia Grybauskaite on Sunday evening.
“The Prime Minister remains gravely concerned about events in Ukraine and is determined to pursue all avenues to reduce tensions and de-escalate a very dangerous situation,” the spokesman said in a statement.
Hague travelled to Kiev on Sunday to meet the pro-Western government that took power when Russia’s ally Viktor Yanukovich fled last week. He said Britain would join the United States and France in pulling out of preparatory meetings this week for a G8 summit in Sochi.
“The focus of our engagement with Russia must be the situation in Ukraine, rather than other normal business,” the spokesman for Cameron’s office said.
Anyone catch this one yet? You can’t make this stuff up.
http://www.nbcbayarea.com/news/local/Gov-Jerry-Brown-Unsure-Legalizing-Pot-is-Good-Idea-248102801.html
“How many people can get stoned and still have a great state or a great nation?”
I dunno, Jerry, you tell me. Because you should know, right? Or is it drugs for me but not for thee? Yeah, great state. Sure. Cali’s turning third world, or maybe Old Jer’’s had a few too many tokes n’ trips and is living on some other planet.
But hey, Jer’ you just hand out those licenses to illegals, and bend over your citizens to ‘em. Way ta make folks give a crap about their “great state” or country, right?
According to Harry Reid everyone did get to keep their policy and their doctor.
Harry Reid Insists ObamaCare Horror Stories Are ‘Lies’; Big Three Nets Ignore
By Paul Bremmer | February 27, 2014 | 14:27
Senate Majority Leader Harry Reid insulted victims of ObamaCare on Wednesday – and the three major networks didn’t seem to care. [Video below. MP3 audio here.]
Speaking on the Senate floor, the Nevada Democrat lashed out at those whose lives have been hurt by the law, saying this:
“There’s plenty of horror stories being told. All of them are untrue. But in those tales turned out to be just that. Tales. Stories made up from whole cloth. Lies distorted by Republicans to grab headlines or make political advertisements.”
SHANNON WENDT: When I called and found out ours was being canceled, from there trying to kind of work through that healthcare.gov and just running into glitch after glitch, a dozen different glitches just trying to fill out the application.
JOSIE GRACCHI: My doctors are no longer available in my network. This is delaying all of my treatment and surgery. Most people that get breast cancer don’t wait this long to have a surgery.
LAUREN ROBINSON: The premiums went through the ceiling when the Affordable Care Act was instated January 1.
MATT ROBINSON: Coupled with not being able to afford it, they were not going to cover his physical therapy, which he needs.
KILMEADE: By the way, what about the 6.2 million people that lost their policies? Is that made up? Even the president walked back that.
http://newsbusters.org/blogs/paul-bremmer/2014/02/27/harry-reid-insists-obamacare-horror-stories-are-lies-big-three-nets-ig - 64k -
These are not the words of real journalists.
I want a cheap house.
Sit tight and count your cash and you’ll get your wish.
Nobody believes your lies anymore.
I have 3,826 followers on Twitter.
How many followers do you have?
rent free.
Amy Hoax has rocks in her (his) head.
At the rate we are going, I’m going to be rubbing Amy’s nose in the dirt in 18 months and announce my new status of a multi-millionaire renter.
What the heck is yer fascination with Twitter?!?? Real money is made doing real work.
Muggy, check out Detroit.
I guess Assistant Secretary of State Victoria Nuland forgot to have Yats talk to Vlad.
7 February 2014
The alleged conversation between Assistant Secretary of State Victoria Nuland and the US Ambassador to Ukraine, Geoffrey Pyatt,
Nuland: [Breaks in] I think Yats is the guy who’s got the economic experience, the governing experience. He’s the… what he needs is Klitsch and Tyahnybok on the outside. He needs to be talking to them four times a week, you know. I just think Klitsch going in… he’s going to be at that level working for Yatsenyuk, it’s just not going to work.
Pyatt: Yeah, no, I think that’s right. OK. Good. Do you want us to set up a call with him as the next step?
Nuland: My understanding from that call - but you tell me - was that the big three were going into their own meeting and that Yats was going to offer in that context a… three-plus-one conversation or three-plus-two with you. Is that not how you understood it?
US Official Claims 6,000 Russian Troops In Complete Control Of Crimeae
zerohedge.com
March 2, 2014
While the images and local news have been suggesting that Russia is in control on the Crimean peninsula, US officials (according to Bloomberg) have confirmed this:
– *RUSSIAN FORCES IN COMPLETE CONTROL OF CRIMEA: U.S. OFFICIAL
–c*RUSSIA HAS 6,000 TROOPS IN CRIMEA, U.S. OFFICIAL SAYS
– *KERRY TO REAFFIRM SUPPORT FOR UKRANIAN SOVEREIGNITY, PSAKI SAYS
Obama, Merkel, and Cameron are now on a conference call to discuss this “fact” and officials have just reported that US Secretary of State John Kerry will visit Kiev tomorrow (though we suspect not Sevastopol):
– U.S. IS FOCUSED ON ECONOMIC, POLITICAL AND DIPLOMATIC OPTIONS ON UKRAINE, NOT ON ANY POSSIBLE U.S. MILITARY INTERVENTION, U.S. OFFICIAL SAYS
– *U.S. CONSIDERING SANCTIONS ON RUSSIAN BANKS, OFFICIAL SAYS