BBC NEWS | UK | UK Politics | Johnson wins London mayoral race
Boris Johnson has won the race to become the next mayor of London - ending Ken Livingstone's eight-year reign at City Hall.
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It is high time that "Red Ken" was sent packing. The last place you want a raving Socialist is as the mayor of a big city. Better to stick them in the national legislature where they can't do so much harm (see Bernie Sanders, D-People's Republic of Vermont) and where they might contribute a good idea every now and then (Red Bernie hasn't done that yet, but where there is life, there is hope).
Friday, May 02, 2008
Need to deal with water needs crucial
Need to deal with water needs crucial: "Two parched years - punctuated by the driest spring in at least 150 years - could force districts across California to ration water this summer as policymakers and scientists grow increasingly concerned that the state is on the verge of a long-term drought. State water officials reported Thursday that the Sierra Nevada snowpack, the source of a huge portion of California's water supply, was only 67 percent of normal, due in part to historically low rainfall in March and April. With many reservoirs at well-below-average levels from the previous winter and a federal ruling limiting water pumped from the Sacramento-San Joaquin River Delta, the new data added a dimension to a crisis already complicated by crumbling infrastructure, surging population and environmental concerns."
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Much of the recent residential construction in California has been in these bizarre CIDs in the desert--Palmdale, Lancaster, and points east that are even more arid. These places are too far from employment for any rational human to commute from, but people have been buying them anyway and driving four hours per day. The theory apparently was that they were going to get rich on housing appreciation. Now the housing market is in the tank. Gas prices are going through the roof. And on top of that, the water supply is vanishing. At what point to people get the basic point that it isn't wise to build, much less buy, housing in such remote and desolate locations?
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Much of the recent residential construction in California has been in these bizarre CIDs in the desert--Palmdale, Lancaster, and points east that are even more arid. These places are too far from employment for any rational human to commute from, but people have been buying them anyway and driving four hours per day. The theory apparently was that they were going to get rich on housing appreciation. Now the housing market is in the tank. Gas prices are going through the roof. And on top of that, the water supply is vanishing. At what point to people get the basic point that it isn't wise to build, much less buy, housing in such remote and desolate locations?
Wednesday, April 30, 2008
wcbstv.com - New Jersey Lawmakers Consider Tax On Fast Food
wcbstv.com - New Jersey Lawmakers Consider Tax On Fast Food: "WINDSOR, N.J. (CBS) ― The sputtering economy has caused an increase in prices of many staples including gasoline, rice, ice cream, even beer. Now some lawmakers in New Jersey are considering taking food taxes a step further and install a proverbial 'sin' tax on fast food."
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That would hit lower income people pretty hard, because they spend a higher percentage of their income on food generally and fast food in particular. Add that to the taxes on cigarettes and alcohol and the state lottery (of course New Jersey has one: "Give Your Dreams a Chance!"), and you have some pretty regressive taxes that liberals like, I guess.
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That would hit lower income people pretty hard, because they spend a higher percentage of their income on food generally and fast food in particular. Add that to the taxes on cigarettes and alcohol and the state lottery (of course New Jersey has one: "Give Your Dreams a Chance!"), and you have some pretty regressive taxes that liberals like, I guess.
L.A. Land : Los Angeles Times : Disappearing now: $6 trillion in housing wealth
L.A. Land : Los Angeles Times : Disappearing now: $6 trillion in housing wealth: "A Washington think tank is warning that housing prices are falling at an accelerating level,destroying wealth at a pace that will cost the average homeowner $85,000 in lost wealth this year alone."
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You know, if you lose $6 trillion here, and $6 trillion there, pretty soon it starts to add up.
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You know, if you lose $6 trillion here, and $6 trillion there, pretty soon it starts to add up.
Happy farewell to 'boom' times -- baltimoresun.com
Happy farewell to 'boom' times -- baltimoresun.com: "For more than two years, the thundering booms and the blinding flashes that lit up the sky over a Baltimore County parking lot at all hours of the night mystified and infuriated the bleary-eyed residents of a high-end condominium tower next door, who could not figure out what the devil was making such a racket, or why."
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The photo shows Galdalf casting out demons or something. But the problem was a condo resident shooting fireworks out his window for giggles.
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The photo shows Galdalf casting out demons or something. But the problem was a condo resident shooting fireworks out his window for giggles.
Monday, April 28, 2008
Weekend America: Foreclosure Behind Las Vegas Gates
Weekend America: Foreclosure Behind Las Vegas Gates: "Just recently in Las Vegas, there was a perfect storm of booming home construction, some unscrupulous lending practices and lots of housing speculation by first-time investors. That's added up to some of the nation's highest foreclosure rates. It's easy to find those neighborhoods hit the hardest by the real estate crisis -- just look for the nicest communities surrounded by brick walls and elegant wrought-iron gates."
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Fred Pilot sent this link. The ripples keep on spreading.
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Fred Pilot sent this link. The ripples keep on spreading.
San Mateo Daily News
Smoldering Dispute: San Mateo Daily News: "Susie Parano, 55, and Jane Clusin, her friend and fellow Brittan Heights condominium complex resident, took their smoking complaints to their homeowners' association last week by submitting a petition against allowing residents to smoke inside their units and on their balconies and patios. The two women said the petition forwarded to the homeowners' association board on Wednesday was signed by about half of the residents in the more than 400-unit complex. However, the board did not take any action. Parano lost a small claims case against the homeowners' association last November in which she sought $7,500 in damages that she said was caused by her downstairs neighbor Oleg Gitin's smoking. The small claims judge did not give a reason for her ruling. The San Carlos City Council has also been reluctant to intervene with a Belmont-style smoking ban."
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Thanks to Kimberley Cane for this item. Smoking is a huge issue in condos these days. These owners seem to have tried everything.
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Thanks to Kimberley Cane for this item. Smoking is a huge issue in condos these days. These owners seem to have tried everything.
Real Estate | New state law requires condo associations to report money set aside for long-term maintenance | Seattle Times Newspaper
Real Estate | New state law requires condo associations to report money set aside for long-term maintenance | Seattle Times Newspaper: "Attention, condominium shoppers: Washington soon will become one of a half-dozen states requiring condo associations to provide a financial-wellness check that can predict whether the place is a potential money pit.
The check, called a reserve study, estimates how much money an association must set aside to pay for expensive long-term maintenance, such as repaving a parking lot, replacing a roof or rebuilding rotting decks."
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It is astounding to contemplate that over 40 states don't require reserve studies to be done. Imagine it--nearly all associations have no specific data to support their assessment levels. Too high? Too low? Nobody really knows.
The check, called a reserve study, estimates how much money an association must set aside to pay for expensive long-term maintenance, such as repaving a parking lot, replacing a roof or rebuilding rotting decks."
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It is astounding to contemplate that over 40 states don't require reserve studies to be done. Imagine it--nearly all associations have no specific data to support their assessment levels. Too high? Too low? Nobody really knows.
Saturday, April 26, 2008
cbs4.com - Condo Assessments Can Be A Scourge To A Homeowner: "FT. LAUDERDALE (CBS4) ― A raging dispute over condo association fees boiled over into an armed standoff Thursday afternoon in Pompano Beach that ended when the Broward Sheriff's Office SWAT team opened fire on a man who had taken two office workers hostage."
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So now he can forget about paying that assessment. But it underscores how much stress these situations can create.
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So now he can forget about paying that assessment. But it underscores how much stress these situations can create.
Daily Herald | Associations need to face troubled times square on: "If you own a home in a townhouse or condominium association, or an HOA, or serve on the board, and you fail to take into consideration what could possibly befall you without careful planning, you could be facing a financial crisis that could cause property values to crash, in your community."
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Hey, this guy sounds like me. But actually it is Jordan Shifrin, one of the top community association practitioners in Illinois, or the nation for that matter.
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Hey, this guy sounds like me. But actually it is Jordan Shifrin, one of the top community association practitioners in Illinois, or the nation for that matter.
Food Crisis Starts Eclipsing Climate Change Worries | The New York Sun
Food Crisis Starts Eclipsing Climate Change Worries | The New York Sun: "With prices for rice, wheat, and corn soaring, food-related unrest has broken out in places such as Haiti, Indonesia, and Afghanistan. Several countries have blocked the export of grain. There is even talk that governments could fall if they cannot bring food costs down.
One factor being blamed for the price hikes is the use of government subsidies to promote the use of corn for ethanol production. An estimated 30% of America’s corn crop now goes to fuel, not food."
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I have learned over the years that there are few things more dangerous than a lot of people who are absolutely convinced that they are right and will brook no disagreement. As in "The debate is over" from Al Gore and the global warming mob. Here is what Al Gore said on his campaign web page back in 2000:
Vice President Al Gore maintains that “it’s well known that I’ve always supported ethanol. I have a consistent record of shoring up the farm safety net.” Gore, who as vice president cast a tie-breaking vote in 1994 against a proposal Senator Bill Bradley sponsored to cut tax incentives for ethanol fuel, adds that “I have not ducked when votes for ... agricultural interests were on the floor...Our administration’s goal is to triple the use of biomass technologies, ethanol, gasoline additives, plant-based textiles and other environmentally friendly products by 2010. This is just one of the exciting ways our efforts to protect the environment will begin to help America’s ailing farming economy.”
Now it turns out that burning food for fuel may be a bad idea. Where is Mr. Gore to explain why he was so wrong, and maybe to show a little humility about his other pronouncements on what we must do to stave off the disaster he predicts? I am concerned about the environment, too, but I also realize that there is a whole lot nobody knows and we had better not start adopting radical solutions until we are sure of the outcomes.
One factor being blamed for the price hikes is the use of government subsidies to promote the use of corn for ethanol production. An estimated 30% of America’s corn crop now goes to fuel, not food."
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I have learned over the years that there are few things more dangerous than a lot of people who are absolutely convinced that they are right and will brook no disagreement. As in "The debate is over" from Al Gore and the global warming mob. Here is what Al Gore said on his campaign web page back in 2000:
Vice President Al Gore maintains that “it’s well known that I’ve always supported ethanol. I have a consistent record of shoring up the farm safety net.” Gore, who as vice president cast a tie-breaking vote in 1994 against a proposal Senator Bill Bradley sponsored to cut tax incentives for ethanol fuel, adds that “I have not ducked when votes for ... agricultural interests were on the floor...Our administration’s goal is to triple the use of biomass technologies, ethanol, gasoline additives, plant-based textiles and other environmentally friendly products by 2010. This is just one of the exciting ways our efforts to protect the environment will begin to help America’s ailing farming economy.”
Now it turns out that burning food for fuel may be a bad idea. Where is Mr. Gore to explain why he was so wrong, and maybe to show a little humility about his other pronouncements on what we must do to stave off the disaster he predicts? I am concerned about the environment, too, but I also realize that there is a whole lot nobody knows and we had better not start adopting radical solutions until we are sure of the outcomes.
cbs2.com - Countrywide CEO Made $132M In 2007 Pay, Stock Sale
cbs2.com - Countrywide CEO Made $132M In 2007 Pay, Stock Sale: "CALABASAS, Calif. (AP) ― A securities filing shows Countrywide Financial Corp. CEO Angelo Mozilo earned some $10.8 million in total compensation and cashed out $121.5 million in stock options last year. The compensation disclosed in the Securities and Exchange Commission filing released Thursday represents an 80 percent cut from the 70-year-old's total pay in 2006 of about $51 million. The Calabasas-based company reported a yearly loss in 2007 of $704 million amid the nationwide mortgage market meltdown. It agreed in January to be acquired by Bank of America Corp. for $4.1 billion in stock. The SEC has been scrutinizing the timing of Mozilo's stock sales. Mozilo has said he's cooperating with the inquiry and has denied making any improper trades."
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I don't usually get on the evil corporate executive hobbyhorse, but it seems to me that when a company loses a bazillion dollars and gets bought out, the CEO may not deserve to get fabulously wealthy in the very same year. I keep hearing about how great a job the free market does of setting prices for goods, services and labor, but I don't see the relationship between results and rewards here.
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I don't usually get on the evil corporate executive hobbyhorse, but it seems to me that when a company loses a bazillion dollars and gets bought out, the CEO may not deserve to get fabulously wealthy in the very same year. I keep hearing about how great a job the free market does of setting prices for goods, services and labor, but I don't see the relationship between results and rewards here.
Friday, April 25, 2008
4 Investigates: Floodwalls stuffed with newspaper? | News for New Orleans, Louisiana | Local News | WWLTV.com | News for New Orleans, Louisiana
We're from the federal government, and we're here to help you: New Orleans floodwalls stuffed with newspaper? : "“It's like putting a Band-Aid on the hole of a gas tank of an airplane,” the resident said.
Instead of an airplane, it's a floodwall, and instead of a Band-Aid, the witness says two years ago, he saw the contractor filling the expansion joint or opening between the floodwalls with newspaper.
“The whole length of the wall was stuffed with newspaper.”"
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This is how the feds show New Orleans that they really, really, care?
Instead of an airplane, it's a floodwall, and instead of a Band-Aid, the witness says two years ago, he saw the contractor filling the expansion joint or opening between the floodwalls with newspaper.
“The whole length of the wall was stuffed with newspaper.”"
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This is how the feds show New Orleans that they really, really, care?
Humans lived in tiny, separate bands for 100,000 years
Humans lived in tiny, separate bands for 100,000 years: "Human beings for 100,000 years lived in tiny, separate groups, facing harsh conditions that brought them to the brink of extinction, before they reunited and populated the world, genetic researchers have said."
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Let's see...tiny, separate bands. Check. Facing harsh conditions. Check. So far it sounds like either a lot of HOAs or Chicago's sports teams.
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Let's see...tiny, separate bands. Check. Facing harsh conditions. Check. So far it sounds like either a lot of HOAs or Chicago's sports teams.
Why the next mortgage crisis may be worse. - By Mark Gimein - Slate Magazine
Why the next mortgage crisis may be worse. - By Mark Gimein - Slate Magazine: "Unfortunately, the crisis in California is going to get much worse, and there is no bailout that will solve it. Why? Because if the first stage of the foreclosure crisis was about people who could not afford their mortgages, the next stage will be about people who have every reason not even to try to pay their mortgages."
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His argument is that prices are collapsing big time, and tens of thousands of people who had ARMs with little or nothing down will be upside down on their mortgages by far more than any government bailout can cure, and with no equity to protect anyway. The only rational option open to them is to walk away.
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His argument is that prices are collapsing big time, and tens of thousands of people who had ARMs with little or nothing down will be upside down on their mortgages by far more than any government bailout can cure, and with no equity to protect anyway. The only rational option open to them is to walk away.
Wednesday, April 23, 2008
Condominium controversy: Mundy Township couple sue their condo association over $30,000 lien involved in Web site debate - The Flint Journal Online News - Michigan Newspaper - MLive.com
Condominium controversy: Mundy Township couple sue their condo association over $30,000 lien involved in Web site debate - The Flint Journal Online News - Michigan Newspaper - MLive.com: "MUNDY TOWNSHIP, Michigan -- When a judge dismissed a condominium association's lawsuit against a condo-owning couple for starting a Web site related to the association, the pair hoped their trouble was over.
Instead, the Lake Park Village Condominium Association has slapped a $30,000 lien on James and Helen Cunningham's home -- including the attorney's fees the association paid to sue the couple.
The Cunninghams now face possible foreclosure on their condo."
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That will teach those homeowners to beat the association in court. Good grief.
Instead, the Lake Park Village Condominium Association has slapped a $30,000 lien on James and Helen Cunningham's home -- including the attorney's fees the association paid to sue the couple.
The Cunninghams now face possible foreclosure on their condo."
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That will teach those homeowners to beat the association in court. Good grief.
The Orillia Packet & Times - Ontario, CA
The Orillia Packet & Times - Ontario, CA: Community association granted party status: "A group of homeowners objecting to the scale of a proposed high-rise condominium project at Orchard Point on Lake Simcoe has been granted full party status before the Ontario Municipal Board.
That means the Orchard Point Community Association, which represents 40 to 50 people, will be able to fully participate in the legal proceeding with the ability to cross-examine, call witnesses and make submissions."
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Interesting variation on local ordinances in Canada.
That means the Orchard Point Community Association, which represents 40 to 50 people, will be able to fully participate in the legal proceeding with the ability to cross-examine, call witnesses and make submissions."
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Interesting variation on local ordinances in Canada.
Tuesday, April 22, 2008
TorontoSun.com - Canada- Ban lifted on drying laundry outside
TorontoSun.com - Canada- Ban lifted on drying laundry outside: "It's time to get over any hang ups with clotheslines.
Ontario will outlaw clothesline bans by this summer to encourage citizens to use the environmentally friendly option when doing laundry.
'We want you to feel comfortable, wherever you happen to live in the province of Ontario, to put up a clothesline and to let mother nature, let the wind and the sun, dry your clothing,' Premier Dalton McGuinty said yesterday.
Homeowners would no longer be subject to municipal bylaws or homebuilder agreements that ban the lines."
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Ontario hangs HOAs out to dry.
Ontario will outlaw clothesline bans by this summer to encourage citizens to use the environmentally friendly option when doing laundry.
'We want you to feel comfortable, wherever you happen to live in the province of Ontario, to put up a clothesline and to let mother nature, let the wind and the sun, dry your clothing,' Premier Dalton McGuinty said yesterday.
Homeowners would no longer be subject to municipal bylaws or homebuilder agreements that ban the lines."
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Ontario hangs HOAs out to dry.
Monday, April 21, 2008
Bloomberg.com: Worldwide
Bloomberg.com: Worldwide: "April 21 (Bloomberg) -- Bank of America Corp., the second- largest U.S. bank, said profit dropped for a third straight quarter as the company set aside $6.01 billion for bad loans.
First-quarter net income declined 77 percent to $1.21 billion from $5.26 billion a year earlier, the Charlotte, North Carolina-based bank said today in a statement. The results fell short of analysts' estimates and sent the bank's stock down as much as 3 percent in New York trading."
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This bad news just keeps on coming. Where is the bottom?
First-quarter net income declined 77 percent to $1.21 billion from $5.26 billion a year earlier, the Charlotte, North Carolina-based bank said today in a statement. The results fell short of analysts' estimates and sent the bank's stock down as much as 3 percent in New York trading."
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This bad news just keeps on coming. Where is the bottom?
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