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Please don't tell me the wood boiler was "over $100,000" but that it increased (especially with the 8 cords of cut wood) the value of the home by $450,000?? LOL!!! If it DID, then you are a financial genious!!!
Now then... what you did is very, very prudent. What I was complaining about was tearing out perfectly good drywall/insulation on a 2x6 exterior wall & replacing it with funky straw-mud & some other type of wallboard that I just don't quite understand.
Bye the bye... When winter comes & the coziness of that boiler kicks in, the snow laden mountains will be viewed with a hot cup of coffee & light socks on the feet. You're gonna love it... as you probably already know from you 1st house!
We get these letters in the mail about once every three months... almost to the word of what you wrote... from supposedly African origin. The envelops are hand written and the letters are handwritten. And, as always, they are addressed to the President of the company.
I've always wondered if anyone was so silly as to fund this type of request.
Alan! Sooooooooooooo goooooood to hear from you!
Any rant with as good of a substance as this is g-r-e-a-t for the soul AND for the reader. I would like to send your statement "We can't survive without producing something,and we produce nothing but debt" to Bernanke... to Congress... to the NY Times, the LA Times, & to every governor's office in America.
It has not been said so precisely, nor as condensed, anywhere in my reading.
As Always, BRAVO!
I would look to natural resources as possibly a better (and less risky) play, no?
So that means I'm innocent???
"you can blame testosterone for that"
Hmmmmmmmmmmmm.... I'm innocent for sure !
Took me a while, but I finally got it read!
Do you think that, if this article were read nationwide, that the polls which now reflect favor to the Democrats to "fix the economy" to understand the prior failure of that body to do the same?
And you don't think programs like "flip that house", or encouragement of "sweat equity" helped fuel the fire??
It was everywhere & was "the thing to do". Most recently, I watched 4 programs in which homeowners saught to make their homes "eco friendly" or "green" (as they put it). Every one of them had cost overruns & very, very little change to the eye. Yes, they "greened" up their homes, but most started with budgets of $100,000-$150,000 for the improvement & ended up paying $120,000 to $220,000. BUT (get this), that's okay because a real estate agent always stepped in & stated that the sales value of the home moved higher than the cost of improvement (in one incident, only by $5000)).
Now then, who cares what the resale value will be if you're not going to move??? The debt must still be serviced. And, with resale values going down, then doesn't that make a well-intentioned fixer-upper end up possible upside down on their home?
There's more to blame than banks, brokers, appraisers, real estate agents, and the whole line of parasites that profit off of the homeowner.
Does anyone know how to post a wav file here?
I talked with my son last night & he sent me a wav file that he asked me to show Bill.
How do I do that?
I think I should have said that I feel sad about it too. I know you are retired, and I've always thought you to be quite successful. In fact, your posts about the time frame from an energized tool & die industry to the energized economy which follows was on the mark for years.
I have no idea how we'll solve the lack of apprenticeship. That's a big one because talent flows from one to the next. Surely the industry is trying to remedy this?
Bill,
My son has a degree in manufacturing. I can not begin to tell you how energized, strong, and 'workaholic' his age group is. They are hungry for solution, they are hungry to succeed.
I can't help but believe that they will step forward when given the opportunity to step forward.
I certainly feel for you, but a consumption based economy is not sustainable. It will (hopefully) reverse itself soon.
So then... Living within your means is limited to the time for relatively to set in. At least that narrows the gap a bit.
When Stanley Tool left its home state, the forklift operators made $14.75/hr plus benefits & overtime. They moved to Mexico where a forklift operator made $2.25/hr with little (or no) benefits. The American wage is high, the Mexican wage is low. Because all things are (in time) "relative", then either the American wage will go down OR the Mexican wage will go up. In life, both directions happen simultaneously. We are witnessing this globally.
In the meantime, as American wages go lower, the pain is severe. We can grow an industry (ie Hybrid American made cars) which can help the income "pain" until such time as the wages of Americans are relative to the wages/transportation costs of the outsourced industry.
But alas, you never answered the solution to igniting the core of our economy. Other than that, I preferred your last post to all other posts as you made today.
My thanks to Nick who allowed the discourse of the day. It doesn't matter to me if I'm right or wrong, it matters that we can discuss it. Thanks Nick.
Dear heart, if your solution is to live within our means, and the core economy of our country disappears, then we will learn to live within our means in a "nothing" economy.
Contrary to your opinion, I chose to revitalize industry, stimulate the core economy, generate a "level by which we can live prosperous within our means", and bring out the best in the American society.
A service industry economy provides services to service companies which creates wages to the employed to buy YET MORE services from service companies. Service cycles are just that. They are not sustainable.
You have made some gross generalities about what Americans want. You live in California, no? Can you give another stab at what will generate progress in our CORE economy? And, just wanted you to know, that you cut & pasted exactly the same statement from Joseph Schumpeter that you have pasted for several years. BUT READ IT! It is about government, contrary POLICY, intervention, and its detriment to BUSINESS. I am asking you about your solution to BUSINESS (the CORE economy).
No sir. You are wrong. Good debt generates the income to pay-off the debt. If the income is not generated to pay off the debt, then it is bad debt.
Just what is your solution? Don't go to any articles or quote anything you read, just hit the keyboard & tell me (in your own words) what the solution is for our economy. In fact, just give me a few good, practical measures we can take to take a giant (not small) step to correct our core economy. I emphasize: CORE ECONOMY.
It depends on which party you are attending as to whether is has come to an "end" or not.
Productive debt, which generates productive profits, pays down the debt and is, and has always been known as, "good debt".
Unproductive debt which produces no productive profits to pay down the debt is, and always has been known as, "bad debt".
We understand good debt, but folks don't really understand that when you finance a cruise or use home equity to pay for that "last seat at the Indy 500", that it is bad debt.
To use a fractional portion of retirement money which creates a demand for American industry NOW, in order that we bring back out-sourced industries & cultivate our economy from the bottom UP, is incredibly beneficial LATER when we retire in a SOLID economy that will bring solid profits to our portfolios.
That's the big picture. I don't think you were looking at it that way.
Now then..
Yep. I'm on shore.
Nope. I don't endorse bailouts for folks that did it "all wrong".
Nope. I don't endorse handing out checks to the public. It is consumed much like a meal. When the plate is empty, the plate is empty. But... if business moves properly, then the encouragements for that movement put meal after meal on the plate.
Nope. I don't agree that this chart "tells all". When you add in the future liabilities, not currently booked or accrued on the financial statements of the USA, then the chart will be far more revealing with regard to government debt compared to the debt of the general populus.
What do you think about this proposal of mine:
Our government should (first) allow withdrawal from 401K plans for the purpose of buying an American-made hybrid vehicle, (second) waive the the 10% penalty for the withdrawal, and (third) utilize the court clerks office for verification of hybrid vehicle make/model purchase & cost.
If they would do that, IMHO, the public will convert quicker to hybrids, reduce the effects of emissions nationwide, promote American industry and all the American satellite industries which contribute to it, and cause concentration to upgrade the infrastructure (fuel, alterntive fuels, fueling stations, etc) by shear necessity. In this manner, the American people could kick-start American industry and solve some global warming concerns without having to finance the vehicle and... most importantly... without having to rely on taxpayers, programs, legislation, or handouts. All our government has to do is say "yes... we will allow withdrawal and we will waive any penalty".
We can do this. And, we can do it with our own money.
We have created the master of all ships "The Debtburg". As with any ship, it can roll over in heavy seas when top heavy.
Beginning in 1999, the folks on this site have massively opposed the debtburg. And though it was hailed as the ship that couldn't sink, we saw the flaws. We saw the mounting "top heavy" state. I can even remember us pouncing through the Financial Statements of the United States (..page by page... footnote by footnote) and found the flaws, the undisclosed cautions, and the "blame game" on why the Medicare prescription drug program ate up the ENTIRE cost (in the first year) which had been originally planned to last five years. Eric was great on that subject.
Regardless, this debtburg has ballooned to an unconscionable size and is effectively beyond any means of orderly reduction. If the debtburg rolls over, there will be wake, there will be drowning, there will be lifeboats, there will be rescue units, and there will be folks who view it all from the shore.
This site has always proposed that we stay on shore, to call out the dangers of the debtburg in hopes that it would reduce its cargo, and hoped that the situation we are currently facing would have a FEMA team fully prepared for the debtburg rollover. We did not endorse a disaster but rather hoped that the ship would right itself.
Well now... there's no financial FEMA team....
So, standing on the shore, we have a say. We also cannot be punished for non-participation in the weight of the ship. We did it the 'hard way'. So... we have a say in the 'fairness' of how this resolves.
And I will say this (from the shore): a DOW of 7000 is equivalent to the debtburg rolling over every possible traveler on its deck... and the wake drowning some of us on shore. That is not healthy by any means.
I will not move my position on this subject through any means of reasoning as, with all things, my reasoning has already brought me to this position. A Dow of 7000 is not healthy.
Your comment is insane. I can say this because the DOW, when priced in terms of GOLD, is in an unbelievable bear market and HAS been for quite some years. When priced in GOLD, the DOW has made a "silent crash", and is only visable when you chart the DOW in terms of gold.
IF the DOW were to drop to 7000, then the chart for the DOW, as priced in GOLD, would fall off the cliff.
Why would you ever believe that this would be healthy? Healthy for WHO????
After taking a hugely dreaded "bitter pill", we W-I-L-L "reinvent ourselves and crawl out of this hole we've created over the last 30 years". I not only believe this, I am sure it will come about.
First and foremost, the problems we are facing are being given uncensored response in the media. Discussions and opinions from the beginning to the end of the spectrum are being broadcsst nationally. Having heard financially savvy (and some "unsavvy") commentators on the television, the political responses which came thereafter are more easily digested and analyzed by the viewing audience.
This has never happened before. I think it is healthy, it wakes up the average American, and it FINALLY allows those who have strong opinions witness the common agreement provided by others. This is re-enforcing a momentum of qualified people to stand up and take a valid, important position.
It is our country. We have a say. I believe that this oountry can not move forward without the support of its citizens and, whether Washington DC likes it or not, my children and grandchildren ARE CITIZENS. We must clean up this mess and fight for their future in a fair, balanced, and prudent manner.
Kinda like the loveable Poppin' Fresh Dough man...
Soft to the touch, crusty when baked, and will burn others before it gets burned.
My kinda Mr. Softie.
Ohhhh Nick! I'm NOT pleased that it's true... I'm pleased that Court's comments are confirmed.
Sooooooo sorry if you read this otherwise. I trully wish it was all over too.
The buyback reduces the float (which should help the share price if the market goes either way); the increase in the dividend is a step in the right direction; the commercial paper program could be a safety net for shoring up the buyback program and/or making sure capital is available for M&A.
All in all, I would endorse all three of their moves. 'Tis okay...
Hey Court!
Eric Fry came onboard in his article today and, I am sure, wrote this portion of his article for you.... (I'm soooooo pleased):
" I think we’ve reached an important inflexion point in the American financial markets. The extinction of Bear Stearns, Lehman Bros., Fannie Mae and Freddie Mac – along with the near-death experiences of AIG, Merrill Lynch, Morgan Stanley and Goldman Sachs – tell us that a very important change has occurred in the financial markets. The extreme greed and institutionalized speculation that has nourished the Wall Street brokerage firms for so many years has finally been exposed as the fraud it has always been.
American-style investment banking is not a “business model,” it is a Ponzi scheme – a fraud – in which all the money flows to the people at the top, while everyone else who plays the game absorbs the losses. This massive institutionalized fraud is now over. "
This certainly reads like a paraphrase of an article I just read.
Let's stick to the subject: If you are going to give the power of the United States treasury to two men who will (supposedly) effect a favorable resolution to the current financial crisis, AND the ultimate outcome of their decisions will direct the future course of the US economy, then what happens to the plan if those two men die simultaneously in an airplane accident?
Is that so? And, how so, why so?
Hey Nick! I got the answer as to
"how to proceed" on the bailout proposal!
Are you ready? Here it is:
If Bernanke & Paulson were to die in a plane crash, what would happen to our country if this proposal is passed as proposed?
Oooooooops! That would bring about some major, major problems.
With full power & descretion, with no oversight, proposed for these two men, I think the answer is clear.
With that off my chest, I certainly hope today is better than yesterday. I did want to point out the MSFT buyback & the boosting of its dividend. This c-e-r-t-a-i-n-l-y makes me happier today than yesterday!
Now then... I re-read your post 40788 (the study results), and your comments on posts 40801 & 40808.
My response comes from the vague criteria of the study results (the article in post 40788). It is not clear if "jumpy/sweaty" people are the subject or if real live "fight or flight" (adrenaline) folks are the subject.
I have hired scores of employees over the years & I have yet to, and will not, hire someone who breaks into a sweat when asked their name. All positions are high stress & that just wouldn't do well for either the prospective jumpy applicant or the company.
Then again, when I re-read your two posts following the article, you have "if they" a couple of times. I would have to agree with you if the "if they" comments were true. But it looks like neither of us knows what criteria they used!
It appears that you are pretty doggone good at narrowing the variables so that the outcome can be controlled & relied upon.
In all fairness, if they were ultimately measuring adrenaline ( which would elicit an electronic response, no? ) in fight or flight responses and tagging that reaction with "fear/flight" and ignoring "responsive/fight", then the results would be highly questionable.
That's all I was trying to say.
LOL! I nearly fell off my chair laughing!
In the midst of carnage, you post a jewel of a question!
I swear, Court... you are pressin' those buttons!
Not all of those "educated smarts" were on-their-own wielding leverages in the stratosphere. Let's not forget that they were PAID by investors to get those yields (who cares how they came about), their company stock benefited (and those investors are ... sic... happy), and the boob-tube had jealous talking heads wishing their fate was the same with regard to bonus'.
Now then... investors riding the contagion reaped the big bucks... institutions riding the contagion reaped the big bucks... and the Big Fix (even better than your Big Dig ) will leave Americans with the "Nano Buck". Soon to be worth a whole, whole lot less. I swear, that's a Benedict Arnold in a financial sense, no???
Actually, when the party was over, the joke was on me... on you... on our country.
But hey... they got their bonus and commission. It's a financial equivalent to a Benedict Arnold... but in history circles, they'll say it was them thar' educated "smarts" that built a house of cards that, when all was said & done, was a house of cards "going up" and a ton of bricks "going down".
Oh yeah...
Before I head back to work (ughhhhh), had to tell you that I loved your "run on sentence". It was a jewel & v-e-r-y easy to follow. [[[[ smile ]]]]. Anytime you want to do it again, I'm here for it!! It's just toooooooooooo rare!
I think the uptick rule, which was good for 79 years, needs to be put back in place.
It had seen its day in "good times", but its need was not really tested until these past 12 months. I realize that all it did was keep shorts from piling onto a stock if they saw it go down, but at least if stopped the "piling & inevitable massacre" that can ensue.
People participate in markets because the risk of going long can be mitigated by puts and shorting (if they are serious investors). Those mechanisms need to stay in place. Without them, the risk of going long can only be mitigated by puts which, if you buy the wrong one & it becomes worthless, adds to your loss & risk.
As for naked shorting, it has the highest risk and the highest return. Anyone doing it had better be using more than lunch money. It can certainly break their bank.
There is no possible way that we can make money in the long run.
If the S&L bailout financed in 1995 for 40 years w/interest cost 500 billion (on a 130 billion bailout)... then the debt for that will be paid in year 2035. We are currently paying on it.
If you add the consequences of the $700 billion plus (as the 700 billion is the cap... the swinging door "cap" will probably double that), then how can we possibly make money.
I'm not sure if I want to categorize it as a a transfer of wealth from the needy to the greedy, or a transfer of wealth on a dictator/socialist platform.
This is awful.
You are soooooooooo right!
Back in '99 (oh, how time does fly...), Nick was trying to pound the concept of the VIX into me, as confirmed by TRIN, and to everyone on our oldest, most dearest site.
This gal just couldn't get it. Finally, he wrote something I could "get". Before you read this, keep in mind that the VIX finds a level in the market which can "float". That means that in some markets, a VIX of 20 is "calm" and a VIX of 35 is "volatile". At other times, a VIX of "12" is calm, and a VIX of 25 is volatile. Took me ages to "get that", but back in '99, this was a very good post by Nick as it related to the market then. He said: "Elena, when confirmed by TRIN, I would sell when the VIX reached 20, and have agressive sells if the VIX were at 15. I would buy when the VIX reached 35, and buy heavily if the VIX went to 40".
With that said, this gal finally got it! You're work confirms what Nick said. I'm just still not too keen on how the TRIN works.... that's okay....
Hey Eric...
In addition to PM (I'm still with you on that one!), there is a new Debt Freed Index CD at Everbank that I think might be the next best move in addition to PM. Do you have any thoughts???
http://www.everbank.com/campaigns/portfolios/DebtFree.htm
Caution: I have ZERO affiliation w/Everbank.
Yes, it's true.
Talking heads have it wrong!
Democrats & Republicans WILL NOT lead us out of this. The SOLE descretion (as proposed) is horrendous!
FIRST BIG CAUTION! The bailout is MUCH more than 700 billion. The 700 billion is a CAP. Read this fromt he NYT copy of the draft going to congress:
"The Secretary’s authority to purchase mortgage-related assets under this Act shall be limited to $700,000,000,000 outstanding at any one time."
That is a "CAP"... this means that as they resolve bad assets & lower the level below the 700 billion, they can take in MORE as long as it stays below 700 billon. That is a SWINGING DOOR, super-scarey proposition for me.
SECOND BIG CAUTION! No one has a say. No oversite. All power is given to ONE man.
"Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency."
If you feel like reading the proposal, here it is:
LEGISLATIVE PROPOSAL FOR TREASURY AUTHORITY
TO PURCHASE MORTGAGE-RELATED ASSETS
Section 1. Short Title.
This Act may be cited as ____________________.
Sec. 2. Purchases of Mortgage-Related Assets.
(a) Authority to Purchase.--The Secretary is authorized to purchase, and to make and fund commitments to purchase, on such terms and conditions as determined by the Secretary, mortgage-related assets from any financial institution having its headquarters in the United States.
(b) Necessary Actions.--The Secretary is authorized to take such actions as the Secretary deems necessary to carry out the authorities in this Act, including, without limitation:
(1) appointing such employees as may be required to carry out the authorities in this Act and defining their duties;
(2) entering into contracts, including contracts for services authorized by section 3109 of title 5, United States Code, without regard to any other provision of law regarding public contracts;
(3) designating financial institutions as financial agents of the Government, and they shall perform all such reasonable duties related to this Act as financial agents of the Government as may be required of them;
(4) establishing vehicles that are authorized, subject to supervision by the Secretary, to purchase mortgage-related assets and issue obligations; and
(5) issuing such regulations and other guidance as may be necessary or appropriate to define terms or carry out the authorities of this Act.
Sec. 3. Considerations.
In exercising the authorities granted in this Act, the Secretary shall take into consideration means for--
(1) providing stability or preventing disruption to the financial markets or banking system; and
(2) protecting the taxpayer.
Sec. 4. Reports to Congress.
Within three months of the first exercise of the authority granted in section 2(a), and semiannually thereafter, the Secretary shall report to the Committees on the Budget, Financial Services, and Ways and Means of the House of Representatives and the Committees on the Budget, Finance, and Banking, Housing, and Urban Affairs of the Senate with respect to the authorities exercised under this Act and the considerations required by section 3.
Sec. 5. Rights; Management; Sale of Mortgage-Related Assets.
(a) Exercise of Rights.--The Secretary may, at any time, exercise any rights received in connection with mortgage-related assets purchased under this Act.
(b) Management of Mortgage-Related Assets.--The Secretary shall have authority to manage mortgage-related assets purchased under this Act, including revenues and portfolio risks therefrom.
(c) Sale of Mortgage-Related Assets.--The Secretary may, at any time, upon terms and conditions and at prices determined by the Secretary, sell, or enter into securities loans, repurchase transactions or other financial transactions in regard to, any mortgage-related asset purchased under this Act.
(d) Application of Sunset to Mortgage-Related Assets.--The authority of the Secretary to hold any mortgage-related asset purchased under this Act before the termination date in section 9, or to purchase or fund the purchase of a mortgage-related asset under a commitment entered into before the termination date in section 9, is not subject to the provisions of section 9.
Sec. 6. Maximum Amount of Authorized Purchases.
The Secretary’s authority to purchase mortgage-related assets under this Act shall be limited to $700,000,000,000 outstanding at any one time
Sec. 7. Funding.
For the purpose of the authorities granted in this Act, and for the costs of administering those authorities, the Secretary may use the proceeds of the sale of any securities issued under chapter 31 of title 31, United States Code, and the purposes for which securities may be issued under chapter 31 of title 31, United States Code, are extended to include actions authorized by this Act, including the payment of administrative expenses. Any funds expended for actions authorized by this Act, including the payment of administrative expenses, shall be deemed appropriated at the time of such expenditure.
Sec. 8. Review.
Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.
Sec. 9. Termination of Authority.
The authorities under this Act, with the exception of authorities granted in sections 2(b)(5), 5 and 7, shall terminate two years from the date of enactment of this Act.
Sec. 10. Increase in Statutory Limit on the Public Debt.
Subsection (b) of section 3101 of title 31, United States Code, is amended by striking out the dollar limitation contained in such subsection and inserting in lieu thereof $11,315,000,000,000.
Sec. 11. Credit Reform.
The costs of purchases of mortgage-related assets made under section 2(a) of this Act shall be determined as provided under the Federal Credit Reform Act of 1990, as applicable.
Sec. 12. Definitions.
For purposes of this section, the following definitions shall apply:
(1) Mortgage-Related Assets.--The term “mortgage-related assets” means residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before September 17, 2008.
(2) Secretary.--The term “Secretary” means the Secretary of the Treasury.
(3) United States.--The term “United States” means the States, territories, and possessions of the United States and the District of Columbia.
I think there a possible flaw in the studies & the correlation to the word "Fear".
Folks who get "startled" or send electric currents or "blink eyes rapidly" are not necessarily "fearful". And that they want (it followed) guns, etc..
There is a "fight or flight" hormone (adrenaline) that gets released MORE in some folks than others. Fight or flight mechanisms cause the electric response noted/the extra blinking of eyes/the startled effect.
Most dynamic out-performers are laden with adrenaline genetically passed to them. They are aggressive, sometimes "work focused", goal focused, and driven.
If that is the case, then any correlation to conservatives being fearful has to be evaluated in light of the adrenaline response.
Please don't get into a discussion here as to who is right. I just wanted to throw in my two cents. Having thrown it, I'm done!
No!
Soooooooooo sorry!! Button #1 (On my radio) is NPR. I was listening to button #2 ("Super Talk Radio").
Apologies to you, the board, & (most certainly) NPR!
Just a quick note..
I was v-e-r-y late today because you all sparked my interest in what Cramer was doing on TV. I hear him (and his overly dramatic responses) for his Lightning Round on NPR radio. It's a joke.
Soooooo... last night I stayed up & watch (11-12pm) his show & was glued to the television. It took me an hour to settle down before I could sleep.
Needless to say, I waltzed in here at 10:30am today with a potload-of-an-agenda to hit.
The man has to be on something and (YES!) he took credit for the government employing his idea to resurrect the RTC. He reminded listeners s-e-v-e-r-al times that the idea was his... that the market rallied because it was such a goooooood idea... that possibly lawmakers & the fed's watch his show & understand the wisdom of his ideas.
He was all over the stage, bashed a tootsie roll pinata, spoke st a pitch that made his words incoherent, and sweat poured from the brow.
I have to say that watching that vulgar display of self-admiration absolutely took the cake. Why would any broadcaster PAY for something so insanely childish & reaking of irresponsiblity?
I don't think I will EVER watch it again!
A safe haven is now the 700+ issues which cannot be shorted. Their price will rise through the safe-haven period which expires Oct 2. With shorting allowed again (unless recent developments change the date) on Oct 2, what do you think will happen to all of those "recovered share prices"?
Gotta go. I hope to catch up later today or this weekend. In the meantime, feel confident that you all are great judges of character (especially when it comes to Cramer!)
Since most announcements come over the weekend, wouldn't it be possible that folks in the "musical chair dance" of finance don't want to be forced to sit down on Monday? The risk of that might cause nervousness on Fridays.
I really wonder. I guess in 24 hourse, we'll know that answer.