MONEY: the real estate market exploded

Wednesday, August 22, 2007

http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/08/20/bcnswiss20.xml

Top Swiss banker attacks US lending standards as ‘unbelievable’
By Ambrose Evans-Pritchard and Yvette Essen
Last Updated: 12:15am BST 21/08/2007

***Begin Quote***

Switzerland’s top banker has warned of massive losses from the unfolding credit crisis, describing the collapse in US lending standards as “unbelievable”.

Jean-Pierre Roth, president of the Swiss National Bank, said market turmoil was far from over as tremors from the sub-prime debacle continued to rock the world.

“We’re certainly not at the end of the story. There are question marks surrounding the development of the American economy,” he said. “Something unbelievable happened. People who had neither income nor capital got credit with very attractive conditions. Now reality is striking back,” he said.

***End Quote***

No money down, low interest rate, no documentation.

Was it any wonder that the real estate market exploded. One way to avoid inflation, (i.e., the counterfeiting of money), is to buy real estate.

And I am sure the local komisars were not unhappy with the run up. In New Jersey, property taxes are based on “value”.

What a joke!

And, are we hurting America’s productivity by having people locked in a location by home they are tied to. That, as opposed to a rental apartment, where if they found a job in a different geography, moving was not out of the question.

Can anyone not in a city ever walk to work? Or, perhaps telecommuting is going to make a big comeback?

Having said that, perhaps now is the time to find bargains?

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Posted by reinkefj

LIBERTY: how good it will be if we just get the right people in office

Wednesday, August 22, 2007

FROM A FACEBOOK exchange:

Daniel Buk wrote 56 minutes ago
re: Joe Biden for President ’08

***Begin Quote***

Actually, he admitted he made a mistake. He quoted Neil Kinnock before in his speeches and always attributed. However, he made a mistake once in which he forgot to attribute quotes to the British politician.

As for calling him a ‘statist socialist’, he is not. None of the candidates are socialists. However, if you point specifically to what you think is “socialist” in Biden’s record, then I could properly address those issues. Nevertheless, I assure you that Biden is not a “statist socialist.”

***End Quote***

He still has no executive experience. And, he is a Big Government Democrat. (A duplication in terms.) I think all the candidates with the exception of Ron Paul are socialists. Not one of the others seeks to reduce the size of the government. With out being nasty, these candidates are just more of the same stuff. (I leave it to the imagination what kind of stuff I think they are full of.)

IMHO All you really need to ask is one question. How does the candidate stand on gun control? It’s the litmus test of freedom and liberty. If they are for gun control, then they want to be able to control the people. If they are against it, then they trust the people.

As I see it, there are either of two memes: (1) people are basically good; or (2) people are basically bad. If they are good, then we only need a small government to protect our freedoms from force or fraud. If they are bad, then we want a small weak government because when bad people get in control of it we will be oppressed.

Either way, we need a much much smaller government. I’ve been working for a number of years and the government has continually taxed me heavily for services that I neither want, nor asked for. When the taxes are confiscatory, rebellion is the only answer.

Over the years, the government has become adept at hiding how much we are paying. I’ve seen estimates between 40% and 100%+. (The hundred per centers attempt to calculate the inflation tax paid by anyone holding dollars or things denominated in dollars. Hence your savings are being silently confiscated!) Even if we take a low number like 50%, when I say some one takes from me by threat of force (Taxes are NOT voluntary!) half of my production, am I not half a slave?

When Biden recants his Big Government voting record, then we can have another conversation. Until then, I’m immune to their siren songs of how good it will be if we just get the right people in office.

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Posted by reinkefj

MONEY: one way to make money in the market

Wednesday, August 22, 2007

http://www.lewrockwell.com/duffy/duffy11.html

Financial Markets on Crack
by Kevin Duffy

***Begin Quote***

How does today’s credit bubble compare to its 1998 and 2000 predecessors? Derivative exposure has more than tripled since 1998. And the balance sheets of the top 5 investment banks have nearly tripled since 2000. Structured finance was in its infancy 9 years ago and the collateralized debt obligation (CDO) market was just being invented. LTCM was a liquidity crisis; the current credit meltdown is a solvency crisis.

Cheap and plentiful credit is what caused the current mess. More of the same can only make it worse. It is only a matter of time before this shot of credit heroin wears off. Sometimes the best medicine is none at all.

***End Quote***

Yup, you don’t grab a falling knife. But it is tempting. Buying quality stuff at a discount is one way to make money in the market.

But, if the market is going over the cliff in an unprecedented fashion, does it matter if you are on the bus going over or just waltzing along.

Bottom line: You’re on your tush saying “what happened”.

Aigh! (Combo sigh and argh)

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TECH SERVICE: PLAXO30BETA sucks but is it useful?

Wednesday, August 22, 2007

http://pulse.plaxo.com

Plaxo is entering the social networking space. Your Plaxo Pulse Network only allows “family”, “friends”, and “business network”. How lame is that? I have many different labels that I would like to use. For example, Jaspers, MCers, Prespters, MP64ers, Linkedin-ites, EUNers, LNJ, LPU … … ad nauseum. Why restrict me to your three choices? Argh!

Jury still out but not looking good!

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Posted by reinkefj

RANT: Had to settle but argh!

Wednesday, August 22, 2007

My, now in a nursing home, aunt got services from Visiting Nurse Service of Central Jersey. Under advice from my lawyer, it was cheaper to settle than to fight.

Argh!

Here’s the rest of the story.

My aunt needed home health aide services for four hours per day. This was arranged between her and Saint Peter’s hospital. I was involved as my aunt’s health care proxy. So everything was OK. Then, my aunt became lax about paying bills so as her HCP/POA and “favorite relative”, I started running her finances. We gave VNANJ her credit card and they started charging it for time billed. The aide was not the best, and that is another whole story, but there was not much I could do. I didn’t care for the arrangement especially since I wasn’t in the paperwork circle except as it pertained to the checking account. I asked verbally for them to cc me on the stuff but they cited “privacy”. Now I should have smelled a rat and raised a fuss then but I had a lot going on at that time.

Fast forward a few months and my aunt falls, breaks a bone, and goes from hospital to nursing home. First thing after the fall I (personally) call and stop the service.

But they keep billing. So I politely, at first, gripped.

Then, after a few MONTHS, they start dunning me for the accumulated balance. WT … … what kind of “barbara streisand” is this?

It appears that they “underbilled” my aunt for hours provided and “accrued” her payments.

I told them that wasn’t my problem.

Long story short, my lawyer can’t prove my side based on what I have and urged me to settle.

Against my better judgment, I did.

But I am definitely off the charts on this one.

Lessons Learned:

  • All agreements must be in writing.
  • All elder arrangements must be carefully supervised.
  • All elder finances must be carefully documents.
  • VNA Central Jersey is not to be trusted. They may have to be used but plan to watch them as you would a convicted felon counting money!

I just paid 5k$ of my aunt’s money for a very expensive lesson.

I heard that the aide sued VNACJ for a pay dispute. I wonder if I just got a certain end of the stick from that?

Please learn from my “mistake”. You don’t have to pay tuition at every school to learn.

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FUN: never betting on anything that can talk?

Wednesday, August 22, 2007

http://www.nypost.com/seven/08212007/postopinion/letters/putting_refs_through_hoops.htm

*** begin quote ***

August 21, 2007 — Holy cow! NBA games have been crooked (“Ref Blowing the Whistle,” Aug. 19)?

No kidding!

Bob Aaron
Hicksville

*** end quote ***

Isn’t there some famous advice about never betting on anything that can talk?

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Posted by reinkefj

RANT: Government policies have crippled American health care

Tuesday, August 21, 2007

http://action.downsizedc.org/wyc.php?cid=78

Join our campaigns to Downsize DC . . .
Health Care: No Monopoly – No Fascism

“Government cripples you, then hands you a crutch and says, ‘See, if it wasn’t for us, you couldn’t walk.’” — Harry Browne

The above quote hits the nail on the head — especially with regard to health care. Government policies have crippled American health care. This crippling has then been used as a justification for creating government crutches. And these crutches have caused our health care system to atrophy still further. The trend is not good.

*** begin quote ***

I strongly oppose any additional funding for personal health care expenses at the federal level.

My personal comment to you:

As a matter of fact, I want you to begin the process of unwinding the Federal Government’s intrusion into the heathcare and drug marketplace. You can start by:

(1) changing the non-deductibility of health care premiums for ALL taxpayers (this would end the ww2 wage and price controls tax preference for employer sponsored benefits which are tied to a job).

(2) free the drug manufacturers from the FDA regulatory processes (Compensate by CLOSING the federal courts to damage claims for adverse results when a drug is used without an FDA seal of approval. Thus making the FDA more like Underwriters Laboratory).

AND

(3) End the phony “War on Drugs” and return drug regulation to the various States and the free market.

ASAP!

signed,
Ferdinand Reinke

*** end quote ***

What a mess! And, the gooferment’s gonna save us from … … the mess they made?

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GUNS: Armed for first day of school

Tuesday, August 21, 2007

http://www.aftenposten.no/english/local/article1948234.ece

Armed for first day of school

***Begin Quote***

Hundreds of thousands of students had their first day of school on Monday. Some of them had to learn to carry guns and be prepared to shoot — polar bears.

Students on the Arctic archipelago of Svalbard aren’t allowed to leave their village without a shotgun and ammunition. That’s because hungry polar bears can be behind every swing on the island.

***End Quote***

Now that’s common sense. Don’t we here have two legged varmints that need a suitable discouragement device?

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Posted by reinkefj

TECH HARDWARE: Vista and Tripplite “perfect together”?

Tuesday, August 21, 2007

http://www.tripplite.com/vista

***Begin Quote***

Any Windows Vista user connecting their computer to any of the following UPS systems MUST download this patch BEFORE they connect their Tripp Lite UPS System to the computer.

***End Quote***

Anyone not just slightly concerned that Vista needs special help connecting a UPS?

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Posted by reinkefj

TECHNOLOGY: made it into Risks

Tuesday, August 21, 2007

http://catless.ncl.ac.uk/Risks/24.80.html#subj14

I made it into Risks again. (Boy is PGN getting easy in his old age!)

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