Paris Hilton Like Totally Burglarized! : "Early reports estimate that upwards of $1 million worth of Hilton's belongings were snagged in the late Thursday/early Friday morning robbery. The break-in reportedly took place late on Thursday. Hilton apparently did not come home till early on Friday morning, at which point (it is presumed that) she called the LAPD.

The police are investigating the break-in at Hilton's swanky gated community. No one has been arrested yet, and there has yet to be a description released of the suspect(s)."
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Ohmigod, I would like totally be wondering what I am getting for my assessments here at this "swanky gated community," I am so totally sure.

My Way News - Detroit mayor: Deficit nears $300M, cuts ordered

My Way News - Detroit mayor: Deficit nears $300M, cuts ordered: "The mayor of Detroit says the city's deficit is approaching $300 million and he has ordered all departments to reduce their budgets by 10 percent.

Mayor Ken Cockrel Jr. said in a statement Friday that new problems are being discovered daily regarding the finances and financial reporting practices of the administration of his predecessor, Kwame Kilpatrick."
-----------
$3 billion budget. $300 million deficit. New problems being discovered daily. Thank you, ex-Mayor Kilpatrick.

Rubidoux man mauled to death by own dogs | Inland News | PE.com | Southern California News | News for Inland Southern California

Rubidoux man mauled to death by own dogs | Inland News | PE.com | Southern California News | News for Inland Southern California: "Two dogs mauled their 60-year-old owner to death Friday afternoon when he stepped into the backyard of his Rubidoux home to smoke, officials said.

Gerald Adelmund was declared dead at the cream-colored house in the 5700 block of Kenwood Place after deputies pulled him inside, said Riverside County sheriff's Sgt. Dennis Gutierrez.

'This is an unfortunate, very tragic accident,' Gutierrez said.

He said he did not know why the dogs attacked Adelmund or who dragged him into the house.

The dogs were described as a 4-year-old, 107-pound male, part pit bull and part mastiff, and a 52-pound female pit bull, about 6."
------------
Time for the pit bull lovers to blame the guy they ate. These dogs need to be sterilized--every last one of them.

Americans less likely to roam :study - Yahoo! News

Americans less likely to roam :study - Yahoo! News: "WASHINGTON (AFP) – Once celebrated for their ability to pack up and move around the country on a whim, Americans are increasingly opting to stay put, according to a report published by the Pew Research Center.

Using polling data and government statistics, Pew found only 13 percent of Americans moved house between 2006-2007, the lowest rate since records began in the 1940s.

According to Thursday's report, roaming has been on the wane since the 1960s -- an era when millions followed beatnik author Jack Kerouac 'On the Road.'

Analysts say the slipping trend is due to an aging population. 'The US population is getting older and most moves are made when people are young,' Pew researchers noted."
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There is more to this than aging.

Schwarzenegger orders mass layoffs, unpaid furloughs - Los Angeles Times

Schwarzenegger orders mass layoffs, unpaid furloughs - Los Angeles Times: "Gov. Arnold Schwarzenegger on Friday ordered mass layoffs and unpaid furloughs for state workers starting in February to address California's growing fiscal crisis.

Under his executive order, 238,000 employees will be forced to take off two unpaid days per month through June 30, 2010. Managers will receive either the furlough or an equivalent salary reduction during the same period."
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Begun, the state and local budget wars have.

Separated at birth?

Ford says does it not need short-term loans from bailout
Now that's what I call a car company. I drive a Ford Freestyle that was manufactured in Chicago.

So Bush emerged from his self-imposed stupor long enough to shovel $14 billion down the gaping maws of GM and Chrysler. I wish he would pay a little more attention to his actual job, which is protecting the nation, instead of fumbling around with an economy that he and his advisers have proven they do not understand. Have the Navy sink some Somali pirate boats or bring us the head of Osama Bin Laden. Anything but this doomed corporatism.

County officials say no to paying for road upkeep | press-citizen.com | Iowa City Press Citizen

County officials say no to paying for road upkeep | press-citizen.com | Iowa City Press Citizen: "The matter surfaced in a Dec. 9 letter from the Oak Ridge Lake Estates Homeowner Association to the county about maintenance of 140th Street, which supervisors discussed at an informal meeting Thursday. Homeowner association members requested to transfer the maintenance costs to the county as the population on their road had doubled and neighbors refused to help pay the bill. The issue is that as subdivisions are built, many of the residents prefer a chip-seal road surface over gravel conditions, and make an agreement with the county to pay for it. However, as time passes many want to transfer upkeep costs to the county."
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This is happening all over the place, and it seems that most local governments say, "No, thanks."

Cleveland Law Library Weblog: U.S. Bankruptcy Filings Exceed One Million

Cleveland Law Library Weblog: U.S. Bankruptcy Filings Exceed One Million
As the blog post explains, bankruptcy law was "reformed" in 2005 to make it harder for consumers to go belly up. Still, for 2008, business filings are up 49% and non-business filings are up 30%.

FayObserver.com - Current Article Page

FayObserver.com -Gates Four homeowners sue over planned annexation: "The association and homeowners have vehemently opposed what they consider a land grab by the city, which stands to reap an extra $2.6 million in tax revenue over five years.

Gates Four residents say they have all the services they need, including curbside garbage collection, street maintenance and a small security force.

The community is a mix of stately brick houses, more modestly sized homes and smaller condominiums and town homes. Five years ago, the average tax value per house was $225,135."
---------
Finally a gated community that puts "gates" right in their name so you know that you need to stay the heck out. And they aren't messing around on this annexation either. They are just saying, "We don't need no stinking municipal services!"

Situations like this can be prevented by incorporating as a municipality. Unincorporated land is always subject to these city land grabs.

More California Towns Face Bankruptcy - WSJ.com: "Isleton and Rio Vista, small towns roughly 50 miles northeast of San Francisco, say they have begun consulting with bankruptcy lawyers as they draw up plans to deal with their mounting budget crises. The towns' leaders say they hope to avoid bankruptcy, but concede the move may eventually be their only option.

'We're strapped for cash and by the end of March or early April we may not have enough money to pay for payroll,' says Hector De La Rosa, Rio Vista's city manager.

California's troubled towns can't expect much help from the state. A state board voted Wednesday to shut off $3.8 billion in financing to hundreds of infrastructure projects to preserve cash, as the nation's most populous state struggles under a budget deficit that officials say could balloon to more than $40 billion over the next two years.

'California's fiscal house is burning down,' State Treasurer Bill Lockyer said..."
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The photo is from Rio Vista, showing a new residential development that stopped construction last month. I don't know if the libertarians are jumping with joy to see municipalities go under. Maybe the fact that CIDs are tanking as well has tempered their enthusiasm.

Estero HOA turns out lights on Christmas | news-press.com | The News-Press

Estero HOA turns out lights on Christmas | news-press.com | The News-Press: "In one Southwest Florida gated community the bright and cheery colors of Christmas are not welcome.

Residents living in Villagio at Estero were told recently that Christmas decorations were against the community’s bylaws and they faced $100 in fines if Christmas lights and other decorations weren’t removed immediately."
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Ho ho ho.

Most dangerous parts of America revealed by 'Death Map' - International Business Times -

Most dangerous parts of America revealed by 'Death Map' -
Good site to check before you move...

Le·gal In·sur·rec·tion: Illinois Supreme Court Rejects AG Madigan's Motion To Remove Blagojevich
No surprise. It was a pathetic grab for attention.

Treasurer accused of stealing HOA funds | The Citizen Online

Treasurer accused of stealing HOA funds | The Citizen Online: "A Peachtree City man has been charged with 16 counts of fiduciary theft for writing $29,000 in checks from his homeowner’s association to himself and two of his companies."

Unemploymentality
Fred Pilot found a new blog.

www.dcexaminer.com >> Opinion

www.dcexaminer.com >> Opinion: Who will bail out Uncle Sam?: "The United States of America is bankrupt. Don’t believe it? Consider this: Federal obligations now exceed the collective net worth of all Americans, according to the New York-based Peter G. Peterson Foundation."
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OK, but the analogy doesn't work. Nations seem to be able to go on indefinitely in an insolvent condition. With the whole world experiencing a recession, maybe the Illuminati will just hit the reboot button.

IRS to help homeowners refinance or sell homes - Yahoo! News

IRS to help homeowners refinance or sell homes - Yahoo! News: "WASHINGTON – The Internal Revenue Service said Tuesday it will try to make it easier for homeowners in financial straits to refinance or sell their homes.

The plan announced by IRS Commissioner Doug Shulman would speed up a process where financially distressed homeowners may request that a federal tax lien be made secondary to liens by the lending institution that is refinancing or restructuring a loan.

Taxpayers will also be able to ask the IRS to discharge, or remove, its claim to a property in certain circumstances where the property is being sold for less than the amount of the mortgage lien."
-----------------
Sounds like a good idea.

Judge: Parking restrictions "unreasonable" | 10connects.com | Tampa, St. Petersburg, Clearwater

Judge: Parking restrictions "unreasonable" | 10connects.com | Tampa, St. Petersburg, Clearwater: "Odessa, Florida-- A Hillsborough County homeowners' association now faces thousands of dollars in legal fees after losing a lawsuit against one of their residents.

The board of directors representing The Eagles, a deed restricted community in Odessa, was trying to keep A.J. Vizzi from parking his Ford pickup truck in his home's driveway."
----------
Thanks to Beth Young for sending the link to this interesting situation. It gets a bit complicated becasue there seems to have been a discrepancy between the rules the board was enforcing and the rules Vizzi received when he moved in.

PR16December2008

State loses over $20 million in bond sale: Governor’s arrest shows cost of corruption: "The legal problems surrounding Gov. Rod Blagojevich have already cost the state more than $20 million, Illinois State Treasurer Alexi Giannoulias said today.

The state was forced to delay its plan to borrow $1.4 billion last Thursday as a result of the governor’s arrest and missed the chance to sell short-term bonds at reduced interest rates.

News of the governor’s legal situation, a rating downgrade and market volatility drove up the interest rate by several percentage points on the bonds sold today."
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As the financial situation of a state or local government worsens, their bond rating goes down, and that increases the interest rates they have to pay on the bonds they issues. So there is a slippery slope, and Illinois is on it.

Man sprays 'toilet-papering' teens with fox urine - Yahoo! News: "WILLMAR, Minn. – A 50-year-old man told authorities he was fed up with teens toilet-papering his house during homecoming week. This year, he decided to defend his property — with a squirt gun filled with fox urine.

Now, Scott Wagar is in trouble with the law. He pleaded not guilty on Wednesday in Kandiyohi County District Court to misdemeanor assault and other charges. He was released on personal recognizance."
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How did he get the urine from the fox to the squirt gun? Maybe he cheated and went to the bottled variety.

Condo Activist In Madison Defends Himself Against Charge Of Attempted Bribery -- Courant.com: "Not long after arriving, Perrelli started battling with the condominium association, and he eventually filed four lawsuits against the group and its board members. The association countersued, and the clashes dragged on for years with Perrelli acting as his own attorney to save money on legal expenses.

That intense passion fueled by the tension between individuals and condominium associations has led the 74-year-old Perrelli to where he is today: facing the possibility of serving as much as 10 years in prison after being charged with trying to bribe a state representative who was helping him to reform the state's condo laws."
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This is a strange case that bears watching. I won't venture any opinions on it yet. He is very heavily involved with these issues in Wisconsin and is called the "Ralph Nader" of the issue.

Daily Herald | Lindenhurst Village Green project still alive but delayed

Daily Herald | Lindenhurst Village Green project still alive but delayed: "The vacant, 52-acre Village Green retail center in Lindenhurst is symbolic of the country's recession - loaded with potential but sitting idle for now.

Citing the current economy, developer Oliver McMillan and village officials have pushed back their estimated completion time for the site's 450,000-square-foot retail development until sometime in 2011. Earlier projections hoped the doors would open in spring 2010."
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Hard to build when credit is tight because banks are in trouble, developers are hurting because the market is dead, and cities are (see below) cutting everywhere.

Three Decades After Cleveland Defaulted on Its Debts, Cities Face Recession Budget Woes - US News and World Report

Three Decades After Cleveland Defaulted on Its Debts, Cities Face Recession Budget Woes - US News and World Report: "Historically, cities rarely default on loans. Rarer still are city bankruptcies, despite Vallejo, Calif.'s much-publicized May filing under Chapter 9, the section of the bankruptcy code that applies to municipalities. And such moves usually stem not only from a financial downturn but from each city's particular situation—from whether the budget has balanced in the past to how willing leaders are to make the politically unpalatable move of raising taxes.

As today's economic crisis deepens, however, so will its impact on cities. In fact, experts say municipalities will feel the recession's full effect slightly after businesses and industries. Even if they do not declare bankruptcy outright, more cities might default on their loans in the coming months.

But before any of that, experts say, expect budget cuts. Lots of them."
-------------
The consensus seems to be that we are about to see major service cuts by local governments across the country. How will this effect HOAs and condos?

Journalist who threw shoes at Bush, Muntazer al-Zaidi, 'has broken arm and ribs' - Times Online
Now, that's just a doggone shame. I imagine he must have injured himself while he was in the act of throwing those shoes. Probably forgot to warm up and stretch first. Best wishes for a speedy recovery, Mr. Shoe-Thrower Man.

If he had done this to Saddam Hussein, he would be feeling like Zed in Pulp Fiction. I would turn him over to Marcellus Wallace right now. Talk about getting medieval on somebody.

Bloomberg.com: Worldwide

Obama cabinet nominee under investigation: "A federal grand jury is investigating how a company that advised Jefferson County, Alabama, on bond deals that threaten to cause the biggest municipal bankruptcy in U.S. history, did similar work in New Mexico after making contributions to Governor Bill Richardson’s political action committees."
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That's two federal probes before inauguration.

illinoisreview: Illinois Attorney General Gets a Grade of "C-": "The Brief and supporting motion papers filed by the Illinois Attorney General with the Illinois Supreme Court in support of the request to remove Gov. Rod Blagojevich, now are available online. I have no idea what the Illinois Supreme Court will do on the motion, or if Gov. Blagojevich will resign prior to the Court ruling, but I can tell you that the papers are very, very weak. Embarrassingly weak. If submitted in my course by a 2nd or 3rd year law student, I would give the student a C-, with a chance to redo the papers to get a higher grade. Here's why."
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Don't take my word for it. Here is a Cornell law professor saying the same thing.

The problems with this state's government do not stop with Blagojevich. We have a nepotism crisis. Every minimally-qualified relative of a powerful Democrat gets a major policy-making job. The current poster child is our Attorney General, who has very little legal experience, knows nothing about the criminal justice process, and has just demonstrated she hasn't learned much since getting elected, but who picked the right daddy.

Southern California may see sub-freezing temperatures - Los Angeles Times

Southern California may see sub-freezing temperatures - Los Angeles Times
Al Gore must be in LA for a major speech on global warming. That usually causes a major cold snap.
The temperature here in Chicago is...2 degrees F.

Electoral College to make Obama's win official | Politics | Reuters

Electoral College to make Obama's win official | Politics | Reuters: "WASHINGTON (Reuters) - The U.S. Electoral College met on Monday to officially elect Barack Obama as the next president of the United States.

Meeting in state capitals across the country, members of the Electoral College were expected to give Democrat Obama 365 votes and his Republican rival John McCain 173 votes."
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Ron Paul supporters all over America are now expecting Congress to declare the Electoral College vote invalid on January 8 and elect you-know-who instead.

It isn't too late, Ronulans! Emerge from Mommy's basement and fight on!

Jeffersonville, Indiana: condo president captured on video stealing ballots?
Take a look at this story. It contains the home surveillance video. I think the state legislators who are being told there is no need to regulate condo/hoa boards should watch it and hear what the residents have to say.

Thanks to Fred Pilot for the link.

illinoisreview: ILGOP's new ad: We Want a Special Election

illinoisreview: ILGOP's new ad: We Want a Special Election
The Illinois Republican Party wants a special election to fill Obama's Senate seat, instead of having it done by gubernatorial appointment as provided in the state Constitution. I have one question: why?

First, there is no legal basis for doing this. The procedure is clear, and a special election isn't part of it. This course of action will lead to a ridiculous legislative debacle that will make a Three Stooges episode look like the Large Hadron Supercollider in action.

Second, the Illinois Republican Party is so dysfunctional that they can't participate intelligently in a special election. Several of the state central committee members are really Democrats posing as Republicans. Other party leaders, in the organization, behind the scenes, and in the legislature, have been doing major business with the Blago corruption factory since he got elected. The party's last gubernatorial candidate was Judy Barr-Topinka, who this weekend was saying on her radio show that Obama may turn out to be one of the best presidents in US history. Some Republican. How about their Senate candidates? The party drafted free-lance lunatic and Maryland resident Alan Keyes to run against Obama for US Senate.

I think the Illinois Republican Party should politely bow out of this debate entirely and instead the leadership should go off to a remote area in secret and get their act together. Come back when you can act like a political party, folks.

Bloomberg.com: Worldwide: "Almost a third of hedge funds will shut or merge after the $1.5 trillion industry posted its worst ever performance this year, according to IGS Group, which advises hedge funds on raising money."
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There are over 10,000 hedge funds, so if one-third of them disappear there will be a lot of gardeners looking for work. Oh, wait.

A Second Mortgage Disaster On The Horizon?, 60 Minutes: New Wave Of Mortgage Rate Adjustments Could Force More Homeowners To Default - CBS News

A Second Mortgage Disaster On The Horizon?, 60 Minutes: New Wave Of Mortgage Rate Adjustments Could Force More Homeowners To Default - CBS News: "The trouble now is that the insanity didn't end with sub-primes. There were two other kinds of exotic mortgages that became popular, called 'Alt-A' and 'option ARM.' The option ARMs, in particular, lured borrowers in with low initial interest rates - so-called teaser rates - sometimes as low as one percent. But after two, three or five years those rates 'reset.' They went up. And so did the monthly payment. A mortgage of $800 dollars a month could easily jump to $1,500.

Now the Alt-A and option ARM loans made back in the heyday are starting to reset, causing the mortgage payments to go up and homeowners to default."
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But this doesn't need to happen because now the federal government is on the case and will prevent the "new wave" of defaults...right?

Madoff's arrest in billion-dollar fraud case shocks Palm Beach investors

Madoff's arrest in billion-dollar fraud case shocks Palm Beach investors
Seems to me the victims should have seen this coming, given that his name was Madoff...as in "made off" with your money.

Sorry. I have been grading papers for three days.

Althouse: Let's read AG Lisa Madigan's brief against Governor Blagojevich.

Althouse: Let's read AG Lisa Madigan's brief against Governor Blagojevich.: "The legal argument in the brief is embarrassingly inadequate, quoting the dictionary meaning of 'disabled' and saying over and over again that the meaning is 'plain' and the 'plain meaning' governs."
------------
Now, to a knowledgeable observer Lisa Madigan looks like an idiot. But to an Illinois voter I suspect this will be her shining hour. She will brag about it every day when she runs for governor with her daddy's clout pushing her forward, the media hyping her, and the Republicans mired in their usual state of conflict and ineptitude.

If the Illinois electorate had any desire to clean up the political system, the last thing they would do is vote to put this lightweight product of the machine into the governor's mansion. Watch them do it, though.

Residents: HOA Wants Bailout, Too - House And Home News Story - KPHO Phoenix

Residents: HOA Wants Bailout, Too - House And Home News Story - KPHO Phoenix: "PHOENIX -- One Valley homeowners' association is more than $1 million in debt and has asked its residents to bail it out.

The HOA for the San Tan Heights neighborhood in Queen Creek said builders left 700 homes vacant and 1,000 homeowners have either been foreclosed on or have stopped paying their dues.

To ease the $1.5 million burden, the HOA has asked the remaining 2,000 homeowners to pay a $750 assessment fee."
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The "bailout" is nothing of the sort. It is just a special assessment. A bailout is when a corporation looks outside to government for help, as a last resort. The owners who are calling this HOA assessment a bailout don't seem to understand that they are the association and their BOD has the right to make them pay the association's debts. Even if the association were to file for bankruptcy, the owners would still be on the hook.

People who buy into CIDs need to know that the association's debts are ultimately their debts, up to the value of their units.

Thanks to Fred Pilot for this link.

My Way News - Ill. sinks deeper into chaos over scandal

My Way News - Ill. sinks deeper into chaos over scandal: "Illinois plunged deeper into turmoil Friday over disgraced Gov. Rod Blagojevich as the attorney general asked the state's highest court to strip the governor of his powers, billions of dollars in bills went unpaid and lawmakers moved closer to impeaching the scandal-plagued politician."
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Our AG is the daughter of the most powerful state legislator--Mike Madigan, Speaker of the House. He wants to make her governor, like he made her a state legislator and then the attorney general. Now this silly, embarrassing, grandstanding lawsuit to have the IL Supreme Court oust the governor.

There is only one way to get rid of this abomination, if he won't resign. Her daddy has to move an impeachment resolution through the state house that he controls. Why hasn't he done that already? Perhaps because he wants her to grandstand and take some sort of bogus lead on the issue in the media, so that she can run for governor as the anti-Blago Democrat. This Supreme Court play, which is doomed to total failure, distracts the press and the public from the real question: where has the AG--supposedly our chief law enforcement officer--been, while Blago was running rampant breaking state and federal laws all over the place? Answer: she has been turning the AGs office into a warm and fuzzy, touchy-feely place where she can show how much she cares about the little people. She is true to Chicago Machine form: the reason the feds always have to do the heavy lifting on Illinois corruption is that the Cook County State's Attorney and the Illinois Attorney General never seem to notice anything. So, Mike Madigan is enabling his daughter to create the false impression that she is using her power to rid us of this bonehead governor, when in fact she hasn't done a damn thing.

It makes a strange kind of sense, though: in Illinois, the remedy for a governor who abused his power is for the Speaker of the House to abuse his power, so his daughter the Attorney General can abuse her power, by asking the state Supreme Court to abuse their power.

BBC NEWS | Business | Ecuador defaults on foreign debt

BBC NEWS | Business | Ecuador defaults on foreign debt: "Ecuador is to default officially on billions of dollars of foreign debt it considers 'illegitimate', says President Rafael Correa.

Mr Correa said he had given the order not to approve a debt interest payment due on Monday, describing the international lenders as 'monsters'."
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Maybe GM and Chrysler should try the Ecuadorian Gambit: refuse to pay your debts and denounce your creditors as monsters.

Bad Economy Hits Green Companies Hard | Newsweek Project Green | Newsweek.com

Bad Economy Hits Green Companies Hard | Newsweek Project Green | Newsweek.com: "First there was the dotcom bust of the late 1990s, then came the real-estate bubble that's deflating before our eyes. Next up: the green bubble. Alternative energy ventures have received a lot of great press, heavy investment and lip service from politicians in the last couple of years, but many of the nascent green industry's balance sheets are beginning to bleed red.

Among the hardest hit is T. Boone Pickens and his alternative energy hedge fund BP Capital, which has reportedly lost some $2 billion."
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I wonder if the White House and Congress will decide that it is essential to drive oil and gas prices way up in order to keep inflating the "green bubble" and, of course, to save the galaxy.

A Little Blago for Everyone by Jonah Goldberg on National Review Online

A Little Blago for Everyone by Jonah Goldberg on National Review Online: "According to the Chicago Sun-Times, as of 2006 — when Blago’s predecessor, George Ryan, was sent to prison for racketeering — 79 elected officials had been convicted of corruption in the past 30 years. Among the perps: 27 aldermen, 19 judges, 15 state legislators, three governors, two congressmen, one mayor, two turtledoves, and a partridge in a stolen pear tree. Especially in this holiday season, it’s so very important to keep traditions alive for the kids. In a sense, Blago did it for the children."
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Not exactly. He did it for the bleeping children.

Madoff's alleged $50 billion fraud hits other investors - Yahoo! Finance: "NEW YORK (Reuters) - Investors scrambled to assess potential losses from an alleged $50 billion fraud by Bernard Madoff, a day after the arrest of the prominent Wall Street trader."
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This has to be the biggest (alleged) Ponzi scheme in history. Ponzi (see photo) is credited with inventing the scam where the crook poses as an investor, gets money from a bunch of victims, tells them he has invested it, and then keeps it. He never invests at all, or just invests some of it. The scheme is that he pays off a few of them with money from some of the other investors. Then he just keeps paying off a few people with new money from other people every so often, while he continues to enlarge the number of victims. If he keeps half the new money and uses the other half to pay off a few people, the word spreads of this great new investment company.

California faces financial meltdown as debt grows by $1.7m an hour - Times Online

California faces financial meltdown as debt grows by $1.7m an hour - Times Online: "The state of California, one of the top ten largest economies in the world, will run out of money by February, causing “financial Armageddon”, according to dire new budget projections."
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Maybe California will be the first state to file for bankruptcy.

HOA drama as TV fodder? Now's your chance.
Look what is circulating around the net:


Location: Orlando and surrounding areas
DOES YOUR HOMEOWNER ASSOCIATION HAVE PASSION & DRAMA?!?

If the answer is yes, here is your chance to show America the significant role that homeowner associations play in neighborhoods across the country!
You have worked hard to own your home, and home ownership is at the heart of the personal freedoms we enjoy as Americans. People are passionate about protecting the property value of the most important investment they will ever make.

New HGTV pilot is in search of homeowner associations with a never-ending supply of passion, conflict and drama!

Are the members of your HOA impassioned and animated about enforcing the rules? Is your HOA president active in the community while being enthusiastic and driven in making sure your association is the best that it can be! Is your neighborhood full of volatile and dynamic personalities?

Tell us your story and be one of the lucky HOA¢s chosen to be part of our groundbreaking pilot.

Please send an email to: tkscasting@yahoo.com and tell us about your HOA. Please also include the city you live in along with contact information.

We look forward to hearing from you!

Corruption winds through Illinois politics | csmonitor.com

Corruption winds through Illinois politics | csmonitor.com: "In the annals of corrupt Illinois politicians, Gov. Rod Blagojevich may go down as one of the most brazen. But he has plenty of company.

Three of the state’s seven previous governors have been convicted and served time. Since 1971, by one count, 31 Chicago aldermen and some 1,000 public officials and businessmen have been convicted.

“We’re the corruption capital of the United States,” says Dick Simpson, a political scientist at the University of Illinois in Chicago and a former Chicago alderman, who maintains that state corruption count. “We have more [corruption] even than New Jersey and Louisiana, which are our competitors.”"
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Dick is the head of my department and the leading authority on the Chicago machine. The corruption here is so profound that criminal prosecutions, while necessary, do not have a deterrent effect. The politicians just factor in the risk of criminal conviction as one of the risks of doing business. When somebody falls to the feds, the rest of the crooks just try not to get caught the same way he did. Even if Patrick Fitzgerald nails the big fish--Richie Daley--it won't change the political culture.

Here is a modest proposal: maybe the state of Illinois needs to be put into political receivership and subjected to total reconstruction, just like the confederate states after the Civil War. Just a little thought experiment.

Gated communities gaining popularity in Vellore-Chennai-Cities-The Times of India

Gated communities gaining popularity in Vellore-Chennai-Cities-The Times of India: "Some of the townspeople have still not come to terms with the concept of a gated community. Gunasekharan, a broker in Vellore, for instance, calls it 'houses that have 24 hours common security' as opposed to the other houses for rent in Vellore that have no security."
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That's a clever euphemism, but somehow I don't think it will catch on.

While Barack Obama talks, Tony Rezko sings | Top of the Ticket | Los Angeles Times

While Barack Obama talks, Tony Rezko sings | Top of the Ticket | Los Angeles Times: "Without explanation, District Judge Amy St. Eve canceled her own deadlines for lawyers to file briefs on the upcoming sentencing of Antoin 'Tony' Rezko."
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There is only one possible explanation for this. Tony Rezko is cooperating with the Feds. And he is, or was, connected with everybody. Merry Christmas to the Machine.

RED ALERT: Chicago Tribune article referenced Obama-Blago discussions on Senate Seat!

<font color=red>RED ALERT</font>: Chicago Tribune article referenced Obama-Blago discussions on Senate Seat!

Knoll-Century Hill Lawsuit Set To Proceed

Knoll-Century Hill Lawsuit Set To Proceed: "AVON PARK - A lawsuit filed by a Knoll-Century Hill subdivision resident against the homeowner's association will come to trial on Dec. 29.

The basis of Aaron Seward's suit is a claim that the homeowner's association held illegal and improper voting proxies to allow directors to amend the association's bylaws in order to purchase a clubhouse in the subdivision.

According to the suit, in April 2007, the association board held a member vote, allowing the association the authority to pass and enforce a special assessment to purchase property from private parties, according to an April 2 Highlands Today report."
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Read the story and see if you think everything was done by the book. Doesn't sound that way from this story.

Who will fill Obama's senate seat? : News : KHQA

Is Obama lying?:
Obama says he didn't talk with Blagojevich about who would take his seat in the Senate. Obama's campaign manager, David Axelrod, said Obama did speak with him, but recanted after Obama denied it. I said (see below) that it is inconceivable Obama wouldn't have discussed something this important with Blago. Now it turns out (via Instapundit) that their meeting was documented on November 5, the day after the election, in the following article by Carol Sowers:

"CHICAGO, ILL. -- Now that Barack Obama will be moving to the White House, his seat in the U.S. Senate representing Illinois will have to be filled.

That's one of Obama's first priorities today.

He's meeting with Governor Rod Blagojevich this afternoon in Chicago to discuss it."

So, Obama appears to be lying when he says he didn't talk with Blago. 1) His campaign manager said the meeting happened; 2) there was a newspaper article about the meeting being set to occur; and 3) it defies logic and common sense to say that Obama didn't discuss something as important as his Senate seat (and his candidate seems to have been Valerie Jarrett) with the only person on planet Earth who could appoint him/her.

The evidence suggests that Obama is lying to the public on a matter of substantial importance. Now: will the press follow up on this? I doubt it.

Residents Demand Meeting With Prosecutors Over Break-Ins - Indiana News Story - WRTV Indianapolis

Residents Demand Meeting With Prosecutors Over Break-Ins - Indiana News Story - WRTV Indianapolis: "Homeowners' association president Melissa Huber said residents are tired of rampant crime and want prosecutors to intervene."
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Fred Pilot sent this link. HOA folks are frustrated after 69 burglaries. Can't blame them.

Clout Street - local political coverage | Chicago Tribune | Blog: "Following a 90-minute audition meeting today with Gov. Rod Blagojevich, Congressman Jesse Jackson Jr. said he was confident in the process the governor is using to make his choice for a Senate successor to President-elect Barack Obama...Jackson has mounted the most highly visible campaign among several people who are being considered for the Senate post. He said the meeting with Blagojevich amounted to a “very productive conversation, very thoughtful” that covered a broad range of issues.

“I am convinced that the governor has a very thoughtful process that he has put in place and is wrestling and weighing a number of issues in this enormous decision that he has to make,” Jackson said. “Today, I leave confident that the governor has put in place processes and that his interview process for this position is thoughtful.”"
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This meeting occurred the day before Blagojevich was arrested. And it now turns out that Jackson is Senate Candidate No. 5, who in the complaint is alleged to have offered either $500K or $1M for the seat. When Jackson said he was "confident in the process," he knew that he and Blago had just finished talking about how much the Senate seat would cost him. So, put it together: Jackson was defending Blago's corrupt process in public while dealing dirty in the back room.

Can we maybe have somebody besides me putting all this together in the press?

Question: Will Jackson be indicted, or will he just be a government witness against Blago in exchange for a grant of immunity? Because if these alleged facts and news reports turn out to be true, Jesse Jackson, Jr., seems to have committed a felony.

Internal Warnings Sounded on Loans At Fannie, Freddie - washingtonpost.com

Internal Warnings Sounded on Loans At Fannie, Freddie - washingtonpost.com: "Internal Freddie Mac documents show that senior executives at the company were warned years ago that they were offering mortgages that could pose dangers to the firm, hurt borrowers and generate more risky loans throughout the industry."
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A House Committee on Oversight and Government Reform is jumping right on this. About five years too late.

He's the clown, but joke's on us -- chicagotribune.com

He's the clown, but joke's on us -- chicagotribune.com: "So though Illinois isn't surprised—this is after all the home of the Chicago Way—the national media must be shocked.

They've been clinging to the ridiculous notion that Chicago is Camelot for months now, cleaving to the idea with the willfulness of stubborn children. It must help them see Obama as some pristine creature, perhaps a gentle faun of a magic forest, unstained by our grubby politics, a bedtime story for grown-ups who insist upon fairy tales. But now the national media may finally be forced to confront reality."
----------------
The inimitable John Kass, who has been hammering The Combine and this slimy crook of a governor for a long time. And he sends the wakeup call to the national media: guess where Obama came from?

What's wrong with Illinois? - Eamon Javers and Fred Barbash - Politico.com

What's wrong with Illinois? - Eamon Javers and Fred Barbash - Politico.com: "A visibly disgusted FBI special agent Robert Grant stood at a podium in Chicago during a press conference today announcing the arrest of Gov. Rod Blagojevich and hurling his contempt at the entire political culture of the state of Illinois.
“If it is not the most corrupt state in the United States, it’s certainly one hell of a competitor,” Grant said, his disheveled shock of black hair giving some indication of the dramatic and stressful events of the day.
U.S. Attorney Patrick Fitzgerald termed the events leading up to the governor’s early-morning arrest by the FBI, “a corruption crime spree,” and said it was “an appalling statement about what’s been happening in Illinois government.”"
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Chicago has a history of corruption that goes back to shortly after the Civil War, and the virus spread to Cook County, and then took over the state government. The biggest problem is that the voters will keep right on putting the Democrats in charge of Chicago no matter what happens to this crook Blagojevich. It's not that all the crooks are Democrats. They aren't. It's that the core of the rotten apple of Illinois corruption is the Chicago Democratic Party. The enormous political and economic power of the Chicago machine is what fuels the entire bipartisan Combine, as Chicago Tribune columnist John Kass calls it.

Hubble telescope finds carbon dioxide on distant planet - Yahoo! News

Hubble telescope finds carbon dioxide on distant planet - Yahoo! News: "WASHINGTON (AFP) – NASA's Hubble Space Telescope has discovered both carbon dioxide and carbon monoxide in the atmosphere of a distant planet, in a key step for finding extraterrestrial life, the space agency said Tuesday.

Detecting organic compounds that can be a by-product of life processes on an Earth-like body could one day 'provide the first evidence of life beyond our planet,' NASA said in a statement.

The discovery was made on a Jupiter-size planet 63 light years away from Earth that is too hot for life, and is all gas and liquid."
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All gas and liquid? They should call it "Planet Homer Simpson."

Indian River makes 'offer' for half of house ahead of eminent domain case : Roads : TCPalm

Indian River makes 'offer' for half of house ahead of eminent domain case : Roads : TCPalm: "INDIAN RIVER COUNTY — Former County Commissioner Ruth Stanbridge, who has lived for 40 years on 66th Avenue, bolted from Tuesday’s commission meeting in tears when the county offered to buy part of her house for $203,550.

“Tomorrow (Wednesday) is the date we moved into that house 40 years ago,” Stanbridge said.

The county’s move, if the Stanbridges didn’t fight it, would divide the existing house down the middle, said her husband, Bill Stanbridge.

But in fact, Tuesday’s offer wasn’t expected to be accepted. Rather, the commission made the offer as a prelude to filing an eminent domain case in court, Deputy County Attorney Bill DeBraal said."
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I'm speechless.

Political Punch

Did Obama speak with Blagojevich about Valerie Jarrett being his successor in the Senate and Blago getting something n return?: "Asked what contact he'd had with the governor's office about his replacement in the Senate, President-elect Obama today said 'I had no contact with the governor or his office and so we were not, I was not aware of what was happening.'

But on November 23, 2008, his senior adviser David Axelrod appeared on Fox News Chicago and said something quite different.

While insisting that the President-elect had not expressed a favorite to replace him, and his inclination was to avoid being a 'kingmaker,' Axelrod said, 'I know he's talked to the governor and there are a whole range of names many of which have surfaced, and I think he has a fondness for a lot of them.'"
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The fact is that Blagojevich knew Obama wanted Valerie Jarrett to be his successor, but it seems that he didn't want to give Blagojevich anything in return. That led Blagojevich to his expletive-laden tirades against Obama.

It is interesting that Obama says he had no contact with Blagojevich on this. First, Axelrod said he did, and second, it is inconceivable that Obama didn't make his preferences clear. He had a perfect right to do that. From the complaint there is no evidence that Obama did anything wrong. I suppose time will tell. Blagojevich, though, would seem to be headed to federal prison at some point in the future.

Coyote removed from Sears -- themorningcall.com
Can't a fellow shop for some rocket-powered roller skates without getting manhandled by security guards?

U.S. Could Take Stakes in Big 3 - WSJ.com: "WASHINGTON -- Congress and the White House inched toward agreement on legislation that would throw a financial lifeline to the Big Three auto makers, giving the government a substantial ownership stake in the industry and a central role in its restructuring."
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This story has to be wrong. We are supposed to believe the White House is going along with quasi-nationalizing the auto industry, with the Obama presidency a few weeks away? That is beyond belief. I can't imagine that a president with an "R" after his name would do this.

If Bush doesn't have enough sense to force a move like this onto Obama, he should just hand the keys to the Oval Office over to Nancy Pelosi right now and climb on a plane for Texas.

Here is the playbook for a lame-duck Republican president in the last few weeks: light the White House Christmas Tree and pardon Republican crooks. But not George Ryan. And if you get Osama lined up in the sights of a Predator drone, pull the trigger. But you DO NOT whip out the Ouija board and start channeling Mussolini or FDR. Leave that for your successor.

Cash-Strapped New York Times Wants to Borrow Against Its HQ: Anyone Want to Lend It $225 Million? | Peter Kafka | MediaMemo | AllThingsD

Cash-Strapped New York Times Wants to Borrow Against Its HQ: Anyone Want to Lend It $225 Million? | Peter Kafka | MediaMemo | AllThingsD: "The New York Times is running low on cash but has a $400 million debt payment due next spring. How to foot the bill? Raise money anywhere it can.

Last month, the Times cut its dividend, a move that could save it up to $100 million a year. Now the paper is looking to borrow against its new Manhattan headquarters. It has hired a real estate firm to raise up to $225 million using the value of the building as collateral. The company is looking at either a sale-leaseback or a mortgage, reports…the New York Times (NYT)."
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And the Tribune Company, publisher of the Chicago Tribune and Los Angeles Times, is consulting with bankruptcy lawyers. That's the major paper from the three major cities of this nation.

Maybe they should ask Obama for a bailout. They certainly put in their time working on his campaign.

Daily Herald - In Eagle Mountain, the “ugly underbelly” of homeowners associations

Daily Herald - In Eagle Mountain, the “ugly underbelly” of homeowners associations: "But the deterioration of this neighborhood, as bad as it is, is not what really worries the handful of owners who remain here. What keeps them up at night can be summarized in one word: snow. The gritty reality of global recession has thudded into the laps of a dozen homeowners in Eagle Mountain, exposing what city manager John Hendrickson called “the ugly underbelly” of homeowners associations. Except for a handful of owners, Silver Lake Village has been reduced to a ghost town. The real problem here is, who is in charge? The short answer is no one, not a soul. Who owns this privately owned community? Who takes care of property? Who will plow the roads? Snow will come. That knowledge recently prompted resident Erin Carbajal to go to the City Council. Because Silver Lake Village is privately owned, the city does not plow the streets."
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Here is a great example of a failed HOA where the city and the residents are waking up to some very unpleasant truths. As I have been saying forever, there will be plenty more stories like this in the years to come.

Thanks to Fred Pilot for the link.

Ideological Warfare Rages on Federal Appeals Courts Dominated by Republican Appointees - washingtonpost.com

Ideological Warfare Rages on Federal Appeals Courts Dominated by Republican Appointees - washingtonpost.com: "Although the impact of Bush's judicial appointments is most often noticed at the Supreme Court, it has played out much more frequently and more importantly here and in the nation's 12 other appellate courts, where his appointees and their liberal counterparts are waging often-bitter ideological battles. After Bush's eight years in office, Republican-appointed majorities firmly control the outcomes in 10 of these courts, compared with seven after President Bill Clinton's tenure. They also now share equal representation with Democratic appointees on two additional courts."
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Like there was no ideological warfare when those same courts were controlled by Clinton appointees? Sure.

Terror, recession, oh, workout fiend Obama's still a smoker | Top of the Ticket | Los Angeles Times

Obama still wants a foreclosure moratorium| Los Angeles Times: "I think a moratorium on foreclosures remains an important tool, an important option. I think we also should be working to figure out how we can get banks and homeowners to renegotiate the terms of their mortgages so that they are sustainable."
------------------------
So the moratorium may be coming. Obama also copped to falling off the cigarette wagon from time to time. The White House is a smoke-free zone. If you smoke in a government building in Illinois, or for that matter any public place including bars and restaurants, they give you life without parole. He says "you will not see any violation of these rules in the White House," but that is a weasel answer. We won't see what goes on behind closed curtains and windows, but that doesn't mean it isn't happening. What happens to a president who smokes in the White House in violation of federal law? Does he get impeached? Does he pardon himself?

I don't smoke, but I don't care if people smoke in their homes. However, I do think government officials should live by the rules. The rest of us have to. Nobody else can smoke in the White House, so neither should the president.

Chinese economy: 1930s beggar-thy-neighbour fears as China devalues - Telegraph: "China has begun to devalue the yuan for the first time in over a decade, raising fears that it will set off a 1930s-style race to the bottom and tip the global economy into an even deeper slump."
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What next? Godzilla wades ashore in Tokyo Bay?

State public worker pension fund takes big hit

State public worker pension fund takes big hit: "The California Public Employees' Retirement System portfolio has lost 31.1 percent of its value since peaking last fall, a staggering $81.4 billion drop. CalPERS officials say a 'rainy day fund' is helping to defray the losses - for now. But if the market slump continues, they will hit up state and local employers for more money. That's a painful prospect as California struggles through a fiscal emergency and municipalities cope with the foreclosure crisis and economic downturn.

The good news for the 1.6 million CalPERS retirees, workers and family members is that their pension benefits are guaranteed."
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Good news for the pensioners. Not for the taxpayers, who have to make good on that nifty guarantee. Here in Illinois we have a similar dynamic going on--guaranteed benefits but the state is allowed to underfund their share, year after year. Tick, tick, tick.

Condo calamity | The San Diego Union-Tribune: "The housing bust has spawned thousands of tales of staggering declines in home values in San Diego's foreclosure-ravaged neighborhoods. But few local projects have suffered as much carnage as the Normal Hights condo conversion Cityscape.

Units started selling in late 2006 and early 2007, one-bedrooms for $237,000 and two-bedrooms for $345,000. Today, of the 70 condos in the flat-roofed, nearly 40-year-old complex, 66 have been taken back by lenders or are in default, the first step of the foreclosure process.

One-bedrooms are reselling for an average of $66,900 and two-bedrooms for $94,200 – down more than 70 percent from the original prices."
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Fred Pilot sent this tragic story of a devastated San Diego condo complex. The lockboxes on the gate tell the tale.

Chinese tour groups go house-hunting in U.S. - Los Angeles Times

Chinese tour groups go house-hunting in U.S. - Los Angeles Times: "Caravans of cash-rich Chinese in Hummers and Lincoln Navigators have been weaving through American neighborhoods in recent months, looking for foreclosures and other bargain properties to buy.

With housing prices crashing in the U.S., home-buying trips to America are becoming one of the more popular tour group packages in China. New U.S. visa rules for Chinese tourists and a loosening of foreign investment policies by China have made it easier for people such as Zhao Hongjun of Beijing to go house hunting across the Pacific."
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Obama Pledges Public Works on a Vast Scale - NYTimes.com

Obama Pledges Public Works on a Vast Scale - NYTimes.com: "“We need action — and action now,” Mr. Obama said in an address broadcast Saturday morning on radio and YouTube.

Mr. Obama’s plan, if enacted, would be in part a government-directed industrial policy, with lawmakers and administration officials picking winners and losers among private projects and raining large amounts of taxpayer money on them.

It would cover a range of programs to expand broadband Internet access, to make government buildings more energy efficient, to improve information technology at hospitals and doctors’ offices, and to upgrade computers in schools."
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A lot of this spending would involve local governments, so it will have some impact on development policies and that always involves residential and commercial CIDs.

And if Obama thinks that massive public works projects are the way to get "action now," he has another think coming. Undertakings like that require years to get off the ground. In Chicago they have been arguing forever about what to do with a single block of downtown land. Ground Zero in NYC is still a hole in the ground seven years after 9/11. I gather that Obama wants to get around the governmental red tape by dumping money on private projects, but that will require steam-rolling all the local NIMBY and environmentalist and preservationist and anti-eminent domain and anti-sprawl groups. That will be no easy task, and besides, wouldn't that be an ironic role for the world's most successful community organizer?

SignOnSanDiego.com > News > North County -- Owners of deteriorating condos still waiting for viable repair plan

SignOnSanDiego.com > News > North County -- Owners of deteriorating condos still waiting for viable repair plan: "For some families living in the building at the Mira La Paz condominium complex, it's a situation that they say has dragged on for too long.

Years ago, experts found that the six-unit building, part of a 175-unit complex, was settling unevenly because of faulty foundations. One side of the building has sunk as much as 8 inches, its occupants say.

So far, no one has been able to figure out how to fix it."
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When the solution may involve lifting the entire building and refilling the foundation, the pucker factor is pretty high for everybody involved.

Forrest J Ackerman, writer-editor who coined 'sci-fi,' dies at 92 - Los Angeles Times: "Forrest J Ackerman, who influenced a generation of young horror-movie fans with Famous Monsters of Filmland magazine and spent a lifetime amassing what has been called the world's largest personal collection of science-fiction and fantasy memorabilia, has died. He was 92.

Ackerman, a writer, editor and literary agent who has been credited with coining the term 'sci-fi' in the 1950s, died Thursday of heart failure at his home in Los Angeles, said John Sasser, a friend who is making a documentary on Ackerman."
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A sad day--to see Forry go after all these years.

Bloomberg.com: Worldwide: "President-elect Barack Obama said he’ll make the “single largest new investment” in roads, bridges and public buildings since the Eisenhower Administration to lift the sagging economy and create jobs.

Obama, in his weekly radio speech today, said his plan to create or preserve 2.5 million jobs will also include making public buildings more energy efficient, repairing schools and modernizing health care with electronic medical records."
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Obama is trying to be the Lincoln/Roosevelt/LBJ sort of president who sees a problem and decides that the only answer is a massive federal government initiative of unprecedented proportions. If you have a superficial understanding of history that makes sense, but if you look closely at all three of these presidents you see that the myth doesn't live up to the reality. You see great accomplishments and...some things that were either not so great or deeply disturbing. Lincoln ended slavery and saved the union, but his record on civil liberties is terrifying. Roosevelt's New Deal was modeled directly on Mussolini's Fascism, and it seems clear now that it was WWII, not the New Deal, that lifted the US economy out of the Great Depression. He also gave away Eastern Europe to Stalin. LBJ's Great Society programs included some monumentally wasteful and destructive efforts, along with great progress in civil rights.

But what did they all have in common? Good intentions backed by the power of the federal government. And Obama has both. What he lacks is what his three role models may also have lacked to some degree: a sense that he and the government he will soon be running have limits to what they can accomplish.

update: I added this photo. The poor guy looks older already, and he hasn't even been elected yet (the electoral college vote is 12/15). He was supposedly giving up his Blackberry for security reasons, but look at his hands: he has TWO of them, along with a huge pile of paper. I'm saying a prayer for him tonight because I don't see how anybody can live up to the expectations he and the voters have placed on his office.

Climate scientists say 2008 will be coolest year of the decade | Environment | guardian.co.uk But this does not, they say, mean that global warming is slowing. Nothing can disprove that. We could be watching battles between woolly mammoths and sabertooth tigers in the driveway and still the scientists would tell us it doesn't disprove global warming.

It was 6 degrees here in Lindenhurst this morning.

In West Hollywood, town houses chic and sheathed - Los Angeles Times: "When architect Lorcan O'Herlihy masterminded the color palette for the Formosa 1140 town houses in West Hollywood, he drew inspiration from Hollywood hot spot Formosa Cafe down the street.

He designed a metallic skin that wraps around the building in shades of red. The skin helps diffuse light and heat, provides privacy for outdoor walkways and gives the building a funky geometric look."
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Funky and geometric, indeed.

Deficiencies in Illinois Condo Act cited : SearchChicago Homes : Condo watch: "The Condominium Advisory Council, in preparation of submitting recommendations to the governor and Illinois Legislature regarding changes to the Illinois Condominium Act, held a series of hearings across the metropolitan area seeking input from the public.

At one on Chicago's Far North Side, about 30 interested individuals affiliated with condominium associations as board members, unit owners, managers and consultants provided their thoughts and suggestions on amending the act. What follows is a summary of the remarks made by these various contributors."
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It's mainly a list of processes that, in their view, need to be refined. But how about this one: "••An office of ombudsman should be established at the state level to hear unit owner complaints against boards. Other than lawsuits, which are too expensive, the only apparent recourse, voting improperly acting board members out of office, is inadequate. The new state ombudsman could be funded by a yearly fee paid by all associations. As an alternative, it was suggested that a separate court be created for condo associations where unit owners could bring complaints against boards." And this one is just completely bonkers: "••Several people spoke against manager licensing, which they contended would be an added financial burden for associations with no assurance that management would improve." So we should just continue along with anybody setting him or herself up as a property manager, without even the minimal credential of a professional license? We don't even let people sell hot dogs or give haircuts without a license. These people are handling (and too often mishandling) millions of dollars of other people's money, and regulating their lives.

FT.com / China / Economy & Trade - Chinese property hunters to raid US

FT.com / China / Economy & Trade - Chinese property hunters to raid US: "SouFun, the biggest real estate website in China, is organising a trip next month to look at properties in California and possibly Nevada. Liu Jian, the company’s chief operating officer, said about 300 people had expressed interest in the idea in the three days since it was advertised, though the company would take only a small group on the first trip...“The US market absolutely terrifies me,” said one Shanghai-based real estate executive. “However, there are plenty of people here who think this a great time for bottom-fishing.”"
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Bottom-fishing? I guess our condos and hoa units are just so many carp.

Ripoffs: Not Even Money Saves You From Foreclosure

Ripoffs: Not Even Money Saves You From Foreclosure: "I recently lost my home to foreclosure. The sad part is I tried for the last 30-40 days before the foreclosure to buy my home from the mortgage company for more than the balance owed on the mortgage. By this time, the mortgage had been referred to a local law firm, which wanted almost $20,000 in fees above the balance of the mortgage. They would not negotiate at all. A friend was helping me try to save my home, but the $20,000 in fees on top of the $100,000 owed was insurmountable."
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Thanks to Mystery Reader who sent the link to this sad story. In HOA and condo foreclosures we hear often of attorney fees being many times more than the amount of assessments owed. Now here is a mortgage company foreclosure where the fees prevented redemption.

Bloomberg.com: Worldwide: "U.S. governors will ask that any federal stimulus plan for the states include as much as $100 billion in aid to help cover the swelling costs of social services, Illinois Governor Rod Blagojevich said.

Forty-eight governors met with President-elect Barack Obama today to press their case for a federal package to help them weather the U.S. recession that began in December 2007."
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Blagojevich is still a free man, amazingly. Maybe they let him do the talking to the press on this pathetic request because they figure that soon he will be doing the perp walk anyway. Or perhaps I am just getting my hopes up.

In any event, Fred Pilot sent this link to the latest sad episode in the Great Bailout Debacle. States are taxing bodies, unlike banks and insurance companies and auto manufacturers. They are governments that make most of the laws we, and they, live by. For them to go begging to Washington for federal tax dollars is a joke.

Bloomberg.com: California to pay bills with IOUs?: "California, the world’s eighth-largest economy, may pay vendors with IOUs for only the second time since the Great Depression, State Finance Director Mike Genest said."

Bloomberg.com: Worldwide

Bloomberg.com: One in ten!: "One in 10 American homeowners fell behind on mortgage payments or were in foreclosure during the third quarter as the world’s largest economy shed jobs and real estate prices tumbled.

The share of mortgages 30 days or more overdue rose to a seasonally adjusted 6.99 percent while loans already in foreclosure rose to 2.97 percent, both all-time highs in a survey that goes back 29 years, the Mortgage Bankers Association said in a report today. The gain in delinquencies was driven by an increase of loans with payments 90 days or more overdue."
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Holy default, Batman!

Milwaukee neighborhoods could print own money -- chicagotribune.com: "Residents from the Milwaukee neighborhoods of Riverwest and East Side are scheduled to meet Wednesday to discuss printing their own money. The idea is that the local cash could be used at neighborhood stores and businesses, thus encouraging local spending. The result, supporters hope, would be a bustling local economy, even as the rest of the nation deals with a recession...It's not a new concept—experts estimate there are at least 2,000 local currencies all over the world—but it is a practice that tends to burgeon during economic downturns. During the Great Depression, scores of communities relied on their own currencies.

And it's completely legal."
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This is one of those apparently simple little ideas that could get complicated in a hurry, but it sounds like fun.

Property-tax collections climb as home prices fall - USATODAY.com: "Property taxes are rising across the USA despite the steepest drop in home values since the Great Depression.

Home values dropped 17% in the third quarter compared with the same period in 2007, reports the S&P/Case-Shiller Home Price Index. At the same time, property tax collections across the USA rose 3.1%, according to the U.S. Bureau of Economic Analysis."
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My assessment went up this year, even though obviously my house isn't worth as much as it was a year ago.

I can imagine a tax revolt against public and private local taxation. People are getting hit from all sides and it seems the demands increase even if they give you less. I hope they march past my house because I am ready to grab a pitchfork and a torch and join the crowd.

Buyers flock to condo auction, ready to snap up bargains - MarketWatch: "LOMBARD, Ill. (MarketWatch) -- Voices shout dollar amounts across the packed hotel ballroom until the bids stop flowing, the hammer falls and the auctioneer cries, 'Sold!'
Backed by applause and the sounds of a live rock band playing 'Money (That's What I Want),' the winner marches through the crowd to claim his prize -- the $416,000, three-bedroom condominium unit he's just bought for $260,000. At the back of the room, a bartender stands poised to serve customers drinks during a brief intermission."
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I'm sure he read the CC&Rs carefully from front to back before getting drunk. Would any libertarians care to explain how this mob scene constitutes a contract to conform to all the rules and regulations that exist now or might be adopted in the future?

Tallahassee homeowners association files for bankruptcy | tallahassee.com | Tallahassee Democrat: "The homeowners association of an upscale Tallahassee neighborhood has filed for bankruptcy to get out of paying lawyers’ fees after losing a lawsuit against two of its members, a lawyer for the couple said."
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Nice try, but the association's members can't get out of paying the judgment brought upon them by their elected leadership's bad decision to sue the members. Bankruptcy of the association just means that, if necessary, the judge will appoint a receiver to impose a special assessment on the owners, secured by a lien on their units, which will be sold to pay the assessment if necessary.

This little bankruptcy maneuver has been tried before by associations that lost lawsuits. No dice.

Thanks to Fred Pilot for this link.

Home prices are now undervalued, economists say - MarketWatch
The enormous volume of foreclosure homes being dumped by failing banks has driven home prices below their "fundamental valuations." So say the economists. And they also say there is "no end in sight to the downward spiral of house prices."

I other words, your house isn't worth a bucket of warm spit. Now get out there and borrow some money and buy some stuff. Merry Christmas.

The Associated Press: Chicago would get $1.1B in parking meter lease: "The proposed lease in Chicago is the latest for a city that has already cut deals to lease other property to raise money — including Midway Airport and the Chicago Skyway."
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Daley is privatizing transportation infrastructure all over the place. The parking rates are going to double immediately. It is politically unpopular to raise tolls and parking rates, so instead you sell--excuse me, "lease"--the facilities with the understanding that the price you received for the facilities (in this case, the parking meters) is justified only if the private company is going to double the rates. The private company knows it, and the city knows it. But the idea (for the Daley Machine) is that the morons who vote--and that's what the Machine thinks they are--don't get that the government in effect just doubled their parking rates. Instead they will blame the selfish, evil, profit-seeking corporate insect. I guess they are right, because despite waste, incompetence, graft, corruption, and criminal convictions, the voters keep trotting off and re-electing Daley, et al.

Ah, privatization--the gift that keeps on giving to local government.

Bloomberg.com: News

Bloomberg.com: Plans to help mortgage market: "The Treasury, which already has a program to buy mortgage- backed securities issued by Fannie Mae and Freddie Mac, could step up those purchases to drive down interest rates on some loans to 4.5 percent, the official said on condition of anonymity. The plan is preliminary and could change.

The deliberations come as President-elect Barack Obama pledges fresh action to help American homeowners, and follow a $600 billion initiative announced by the Federal Reserve last week to buy mortgage debt. Mortgage applications surged by a record last week and the average rate on a 30-year fixed-rate loan dropped to 5.47 percent, the lowest level since June 2005, the Mortgage Bankers Association said yesterday."
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Sure--let's all borrow more money and things will be fine.

The Libertarian Moment: Despite all leading indicators to the contrary, America is poised to enter a new age of freedom. - Reason Magazine

The Libertarian Moment: Despite all leading indicators to the contrary, America is poised to enter a new age of freedom. - Reason Magazine: "We are in fact living at the cusp of what should be called the Libertarian Moment, the dawning not of some fabled, clichéd, and loosey-goosey Age of Aquarius but a time of increasingly hyper-individualized, hyper-expanded choice over every aspect of our lives, from 401(k)s to hot and cold running coffee drinks, from life-saving pharmaceuticals to online dating services. This is now a world where it’s more possible than ever to live your life on your own terms; it’s an early rough draft version of the libertarian philosopher Robert Nozick’s glimmering “utopia of utopias.” Due to exponential advances in technology, broad-based increases in wealth, the ongoing networking of the world via trade and culture, and the decline of both state and private institutions of repression, never before has it been easier for more individuals to chart their own course and steer their lives by the stars as they see the sky. If you don’t believe it, ask your gay friends, or simply look who’s running for the White House in 2008."
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Here is Nick Gillespie answering the "Libertarianism is Dead" argument (see below for that).

How the financial collapse killed libertarianism. - By Jacob Weisberg - Slate Magazine: "The best thing you can say about libertarians is that because their views derive from abstract theory, they tend to be highly principled and rigorous in their logic. Those outside of government at places like the Cato Institute and Reason magazine are just as consistent in their opposition to government bailouts as to the kind of regulation that might have prevented one from being necessary. 'Let failed banks fail' is the purist line. This approach would deliver a wonderful lesson in personal responsibility, creating thousands of new jobs in the soup-kitchen and food-pantry industries.

The worst thing you can say about libertarians is that they are intellectually immature, frozen in the worldview many of them absorbed from reading Ayn Rand novels in high school. Like other ideologues, libertarians react to the world's failing to conform to their model by asking where the world went wrong."
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This article got a lot of attention from libertarians who, of course, claim he doesn't grasp the subtle nuances of libertarianism. But I think the true believers in free markets have some major soul-searching to do. I have been arguing for a long time now that the libertarian defense of CIDs is misguided. Their theory tells them that private repression is actually freedom because it is based on contract law. They see these entities as superior to, and eventual replacements for, municipalities. The fact is that the nation's private governments are at even greater risk than the cities and counties, who have it hard enough right now.