Local governments want bailout for their Lehman Brothers losses - Sacramento Politics - California Politics | Sacramento Bee: "San Mateo County is part of a far-flung assortment of more than 75 states, counties, cities and special districts that are asking the federal government to replace at least part of the more than $2.2 billion they lost when the Lehman Brothers investment bank went belly up last fall.
The entities range from the California Public Employees' Retirement System, which lost $393.5 million, to the city of Burleson, Texas, which is out $37.22.
Closer to home, Sacramento County ($8 million), the city of Auburn ($125,000), the city of Folsom ($700,000) and the town of Loomis ($500,000) all lost money in the Lehman Brothers debacle"
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As Fred Pilot says, the bailout breadline grows.
Saturday, March 21, 2009
Bad News for Newspapers - Interactive Graphic - NYTimes.com
Bad News for Newspapers - Interactive Graphic - NYTimes.com
This is an amazing graphic. The newspaper industry seems to be in free fall.
This is an amazing graphic. The newspaper industry seems to be in free fall.
The Associated Press: New condo loan rules could hurt distressed areas
The Associated Press: New condo loan rules could hurt distressed areas: "Under the new regulations, Fannie Mae will reject any mortgage for a condo buyer if more than 15 percent of the other owners are delinquent on their association fees. What's more, Fannie Mae will only guarantee mortgages in new or newly converted condo developments if 70 percent of the units are sold or under contract.
Critics say the rules, which went into effect this month, could force some new developments into bankruptcy because the 70-percent requirement will be hard to reach if buyers can't get a loan."
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The noose is tightening around the neck of many a condo development. It is one thing after another. Renters and assessment delinquencies are becoming serious problems as lenders and insurance companies get concerned about the future of condominiums.
Critics say the rules, which went into effect this month, could force some new developments into bankruptcy because the 70-percent requirement will be hard to reach if buyers can't get a loan."
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The noose is tightening around the neck of many a condo development. It is one thing after another. Renters and assessment delinquencies are becoming serious problems as lenders and insurance companies get concerned about the future of condominiums.
Channel 4 KRNV.com: Local News and Weather for Reno-Tahoe Region: Reid seeks to clarify stimulus rule on casinos
Channel 4 KRNV.com: Local News and Weather for Reno-Tahoe Region: Reid seeks to clarify stimulus rule on casinos: "LAS VEGAS (AP) -- Nevada Sen. Harry Reid has sent a letter to President Barack Obama asking for clarification to a provision that restricts casinos from using federal stimulus funds.
The Democratic majority leader says in a letter sent Friday that the provision is 'overly broad' and is discouraging nonprofit groups from applying for stimulus money."
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This is what happens when the nation has a Senate majority leader who happens to be a senator from the great state of Nevada, where the economy is tanking because the casinos are empty. He is trying to divert our tax dollars to the casinos, even though the stimulus bill says that isn't allowed. If people were upset about the AIG bonuses, I would think they would be apoplectic over this maneuvering.
The Democratic majority leader says in a letter sent Friday that the provision is 'overly broad' and is discouraging nonprofit groups from applying for stimulus money."
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This is what happens when the nation has a Senate majority leader who happens to be a senator from the great state of Nevada, where the economy is tanking because the casinos are empty. He is trying to divert our tax dollars to the casinos, even though the stimulus bill says that isn't allowed. If people were upset about the AIG bonuses, I would think they would be apoplectic over this maneuvering.
Bowing Down to the HOA Police
Bowing Down to the HOA Police: "Seeing as my homeowner's association has it out for me this year--they have yet to go after all the other 'for sale' and 'for rent' violators in the neighborhood--I'm going to have to at least tackle the weed problem this week. I wouldn't put it past them to make an example out of me on the weed situation as well, even if there are houses with far worse yards in the subdivision."
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A blog post lamenting the injustice and inconvenience of one person's HOA.
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A blog post lamenting the injustice and inconvenience of one person's HOA.
Neighbors in gated community say break-ins steal their "paradise" | WINK News - Southwest Florida | Local & Florida
Neighbors in gated community say break-ins steal their "paradise" | WINK News - Southwest Florida | Local & Florida: "Neighbors WINK News spoke with say the gate access into Herons Glen Country Club is really a false sense of security, because someone's getting in -- uninvited.
'It was broken in; there was glass all over the car inside.'
Harry Wright's car window was smashed in just two weeks ago. Now, he's fuming over another break-in inside his gated community.
'It is unbelievable,' Wright says. 'I mean we all walk around here and call it paradise, and it it is except when you get up and find out another house has been broken into.'"
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The fact is that most gated communities are no safer than any other subdivision. They just offer an illusion of security. They probably keep out certain kinds of unwelcome visitors, but any real crook can get in. In order to get an elevated level of real security you need real entry controls, perimeter walls, and internal surveillance. That adds up to some real money and it has to be maintained, which means it is for the rich. The middle class can't afford real security, so many of them settle for the illusion and are disappointed to discover the truth.
But how about that 90 year old lady who hit the crook with her walker?
'It was broken in; there was glass all over the car inside.'
Harry Wright's car window was smashed in just two weeks ago. Now, he's fuming over another break-in inside his gated community.
'It is unbelievable,' Wright says. 'I mean we all walk around here and call it paradise, and it it is except when you get up and find out another house has been broken into.'"
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The fact is that most gated communities are no safer than any other subdivision. They just offer an illusion of security. They probably keep out certain kinds of unwelcome visitors, but any real crook can get in. In order to get an elevated level of real security you need real entry controls, perimeter walls, and internal surveillance. That adds up to some real money and it has to be maintained, which means it is for the rich. The middle class can't afford real security, so many of them settle for the illusion and are disappointed to discover the truth.
But how about that 90 year old lady who hit the crook with her walker?
Friday, March 20, 2009
Talking Business - From Washington, an A.I.G. Flogging for the Masses - NYTimes.com
Talking Business - From Washington, an A.I.G. Flogging for the Masses - NYTimes.com: "By week’s end, I was more depressed about the financial crisis than I’ve been since last September. Back then, the issue was the disintegration of the financial system, as the Lehman bankruptcy set off a terrible chain reaction. Now I’m worried that the political response is making the crisis worse. The Obama administration appears to have lost its grip on Congress, while the Treasury Department always seems caught off guard by bad news.
And Congress, with its howls of rage, its chaotic, episodic reaction to the crisis, and its shameless playing to the crowds, is out of control. This week, the body politic ran off the rails."
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I agree. I cannot recall ever seeing such blatantly dishonest and reckless behavior from Congress or the President, let alone both combined.
And Congress, with its howls of rage, its chaotic, episodic reaction to the crisis, and its shameless playing to the crowds, is out of control. This week, the body politic ran off the rails."
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I agree. I cannot recall ever seeing such blatantly dishonest and reckless behavior from Congress or the President, let alone both combined.
2 corporate credit unions taken over by government - Yahoo! Finance
2 corporate credit unions taken over by government - Yahoo! Finance: "WASHINGTON (AP) -- Federal regulators on Friday seized control of two large institutions that provide wholesale financing for U.S. credit unions, a move they say was needed to stabilize the credit union system.
The National Credit Union Administration said it has taken over and put into conservatorship the two corporate credit unions, U.S. Central Federal Credit Union, based in Lenexa, Kan., and Western Corporate Federal Credit Union, in San Dimas, Calif. U.S. Central has about $34 billion in assets while Western Corporate, known as WesCorp, has an estimated $23 billion in assets."
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Well. It certainly is nice to see the economic recovery moving right along. I don't recall the president mentioning this on the Tonight Show last night, but I'm sure it was at the forefront of his mind, right next to the camera angles for his next magazine cover shoot.
The National Credit Union Administration said it has taken over and put into conservatorship the two corporate credit unions, U.S. Central Federal Credit Union, based in Lenexa, Kan., and Western Corporate Federal Credit Union, in San Dimas, Calif. U.S. Central has about $34 billion in assets while Western Corporate, known as WesCorp, has an estimated $23 billion in assets."
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Well. It certainly is nice to see the economic recovery moving right along. I don't recall the president mentioning this on the Tonight Show last night, but I'm sure it was at the forefront of his mind, right next to the camera angles for his next magazine cover shoot.
Local allies in public health: Fish - Las Vegas Sun: "The newest sign of these economic times can be found hanging on back-yard gates throughout the valley:
“Fish at work.”
It’s public health authorities’ way of alerting neighbors that, yes, the algae-filled swimming pool in the back yard of that foreclosed or abandoned home is a potential breeding ground for mosquitoes — but not to worry, our fish are on the case."
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The foreclosed homes have absolutely disgusting pools (the article has a photo of one in Henderson) that turn into mosquito breeding grounds. The public health officials dump in the mosquito fish and put up a cute sign.
However, the sign means that nobody can put pool cleaning chemicals in the water to get rid of the disgusting mess, because the chemicals will kill the fish. So this solution works fine, except that nobody can clean the pool. I wonder what happens if the HOA has a rule saying you can't have an Amazonian lagoon in your backyard.
Rent-a-cops could write tickets on South Side :: CHICAGO SUN-TIMES :: City Hall
Rent-a-cops could write tickets on South Side :: CHICAGO SUN-TIMES :: City Hall: "Private security guards patrolling three Far South Side commercial strips would be empowered to write tickets -- for everything from parking and moving violations to loitering, littering and graffiti -- under a groundbreaking plan that faces strong resistance from rank-and-file Chicago Police officers.
The controversial idea comes at a time when City Hall is slowing police hiring and violent crime is up. Aldermen Anthony Beale (9th) and John Pope (10th) said they're putting the finishing touches on an ordinance that would mark a precedent-setting expansion of the powers of private security officers hired by local property owners."
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This is a huge expansion of something that has been going on for years in the Marquette Park neighborhood. My former doctoral student Jim Pastor wrote his dissertation about it. There is now one firm in mind--Total Security Management of Oakbrook Terrace. This being Chicago, questions begin to come to mind immediately, but I will hold off on that kind of speculation for now.
The controversial idea comes at a time when City Hall is slowing police hiring and violent crime is up. Aldermen Anthony Beale (9th) and John Pope (10th) said they're putting the finishing touches on an ordinance that would mark a precedent-setting expansion of the powers of private security officers hired by local property owners."
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This is a huge expansion of something that has been going on for years in the Marquette Park neighborhood. My former doctoral student Jim Pastor wrote his dissertation about it. There is now one firm in mind--Total Security Management of Oakbrook Terrace. This being Chicago, questions begin to come to mind immediately, but I will hold off on that kind of speculation for now.
Thumbprint will be required for home sellers :: CHICAGO SUN-TIMES :: Business
Thumbprint will be required for home sellers :: CHICAGO SUN-TIMES :: Business: "You'll soon need more than your John Hancock to sell your house in Cook County. Homeowners will have to submit their right thumbprint to a notary public to sell their house under a state law that starts June 1.
The law is intended to deter housing fraud, which often involves forging a property owner's signature on a deed and selling the property illegally. Sellers also must provide valid photo identification. The thumbprints will not be public records."
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So this is a done deal. When I posted on this it was criticized, but it seems positive proof of ID will be necessary to sell a house in Cook County.
The law is intended to deter housing fraud, which often involves forging a property owner's signature on a deed and selling the property illegally. Sellers also must provide valid photo identification. The thumbprints will not be public records."
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So this is a done deal. When I posted on this it was criticized, but it seems positive proof of ID will be necessary to sell a house in Cook County.
Law.com - Katten and Jenner & Block Lay Off Lawyers, Staff
Law.com - Katten and Jenner & Block Lay Off Lawyers, Staff: "Katten Muchin Rosenman and Jenner & Block, two law firms with the bulk of their lawyers in Chicago, have collectively cut an additional 23 lawyers and 80 staff members, the firms said. Katten, which now has about 625 lawyers, dismissed 23 attorneys, including 12 associates and seven non-equity partners, six paralegals and 40 administrative staff members as part of a broader effort to reduce costs. The cost-cutting program will also cut base salaries by 20 percent for associates who last year failed to bill within 200 hours of their 2008 target. Jenner & Block, a firm with 461 attorneys, said it's eliminating 34 support staff positions in its Chicago and Washington offices to reduce costs after benefitting from technological improvements.
Both firms dismissed attorneys late last year in response to the slowdown in business caused by the economic recession. Katten cut 21 associates and counsel in October while Jenner edged 10 partners out the door that same month."
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Times must be getting tough if big firms like these are laying off lawyers.
Both firms dismissed attorneys late last year in response to the slowdown in business caused by the economic recession. Katten cut 21 associates and counsel in October while Jenner edged 10 partners out the door that same month."
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Times must be getting tough if big firms like these are laying off lawyers.
Forecast for recession events from California Research Bureau
Fred Pilot sent the link to this report. It is full of data-based forecasts. The housing market in California won't start to head back up until the second half of 2010, they say.
Fred Pilot sent the link to this report. It is full of data-based forecasts. The housing market in California won't start to head back up until the second half of 2010, they say.
Living on the Edge: 5 Clifftop Towns - Oddee.com (clifftop towns, scary towns)
Living on the Edge: 5 Clifftop Towns - Oddee.com (clifftop towns, scary towns)
These photos are spectacular. Some places where you don't want to have a sleepwalking problem.
These photos are spectacular. Some places where you don't want to have a sleepwalking problem.
Thursday, March 19, 2009
In Detroit, Artists Look For Renewal In Foreclosures : NPR
In Detroit, Artists Look For Renewal In Foreclosures : NPR: According to this NPR story, you can buy a house in Detroit for $100. That's one hundred dollars.
Barack Obama's Teleprompter's Blog: "Reflections from the hard drive of the machine that enables the voice of the Leader of the Free World"
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This is funny.
Dodd: Administration pushed for language protecting bonuses - CNN.com
Dodd: Administration pushed for language protecting bonuses - CNN.com: "(CNN) -- Senate Banking committee Chairman Christopher Dodd told CNN Wednesday that he was responsible for language added to the federal stimulus bill to make sure that already-existing contracts for bonuses at companies receiving federal bailout money were honored.
Dodd acknowledged his role in the change after a Treasury Department official told CNN the administration pushed for the language.
Both Dodd and the official, who asked not to be named, said it was because administration officials were afraid the government would face numerous lawsuits without the new language.
Dodd, a Democrat, told CNN's Dana Bash and Wolf Blitzer that Obama administration officials pushed for the language to an amendment designed to limit bonuses and 'golden parachutes' at those companies.
'The administration had expressed reservations,' Dodd said. 'They asked for modifications. The alternative was losing the amendment entirely.'
On Tuesday, Dodd denied to CNN that he had anything to do with adding the language, which has been used by officials at bailed-out insurance giant AIG to justify paying millions of dollars in bonuses to executives"
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So now the truth is out. And what of the feigned indignation of all these Democrats in Congress, such as Barney Frank, who actually VOTED FOR THIS. And what of the feigned indignation of President Obama, whose Treasury Secretary ASKED FOR THIS to be put in the stimulus package?
Dodd acknowledged his role in the change after a Treasury Department official told CNN the administration pushed for the language.
Both Dodd and the official, who asked not to be named, said it was because administration officials were afraid the government would face numerous lawsuits without the new language.
Dodd, a Democrat, told CNN's Dana Bash and Wolf Blitzer that Obama administration officials pushed for the language to an amendment designed to limit bonuses and 'golden parachutes' at those companies.
'The administration had expressed reservations,' Dodd said. 'They asked for modifications. The alternative was losing the amendment entirely.'
On Tuesday, Dodd denied to CNN that he had anything to do with adding the language, which has been used by officials at bailed-out insurance giant AIG to justify paying millions of dollars in bonuses to executives"
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So now the truth is out. And what of the feigned indignation of all these Democrats in Congress, such as Barney Frank, who actually VOTED FOR THIS. And what of the feigned indignation of President Obama, whose Treasury Secretary ASKED FOR THIS to be put in the stimulus package?
U.N. panel says world should ditch dollar | U.S. | Reuters
U.N. panel says world should ditch dollar | U.S. | Reuters: "LUXEMBOURG (Reuters) - A U.N. panel will next week recommend that the world ditch the dollar as its reserve currency in favor of a shared basket of currencies, a member of the panel said on Wednesday, adding to pressure on the dollar."
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So things are just going swimmingly on the international front.
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So things are just going swimmingly on the international front.
'Defenders' help homeowners fight eviction - CNN.com: "Like millions of Americans, Thompson got caught up in the subprime fiasco, taking a loan that started in 2003 with a low interest rate before adjusting two years later to a rate far above what she could afford. Now, the bank owns the home, and eviction papers are on their way.
Yet rather than move, Thompson is gearing up for battle. She has enlisted the help of a team of people calling themselves 'home defenders.' More than 1,000 defenders have signed up online.
They are fellow homeowners, concerned citizens and activists who are trained in civil disobedience. They are ready to confront anyone who shows up to evict Thompson, even if it means being arrested."
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This is ACORN, Obama's "community organizer" buddies, taking their squatters rights tactics from the projects and the apartments to the single family home market. ACORN is getting money from the stimulus package, and Obama intends to have them participate in the 2010 Census as well.
Yet rather than move, Thompson is gearing up for battle. She has enlisted the help of a team of people calling themselves 'home defenders.' More than 1,000 defenders have signed up online.
They are fellow homeowners, concerned citizens and activists who are trained in civil disobedience. They are ready to confront anyone who shows up to evict Thompson, even if it means being arrested."
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This is ACORN, Obama's "community organizer" buddies, taking their squatters rights tactics from the projects and the apartments to the single family home market. ACORN is getting money from the stimulus package, and Obama intends to have them participate in the 2010 Census as well.
Wednesday, March 18, 2009
The Volokh Conspiracy - -
The Volokh Conspiracy - -: "Is the Stimulus Bill Constitutional?
This week, Governor Mark Sanford announced that South Carolina will reject a large chunk of the stimulus funds targeted for his state. The state legislature may disagree. If so, this could set up a confrontation over the constitutionality of the stimulus, specifically the provision that purports to enable state legislatures to bypass Governors and accept funds on behalf of their state. Professor Ron Rotunda doubts this provision is constitutional."
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Beth flags this Volokh Conspiracy thread that follows the Rotunda piece I linked below. I think this one will end up before the US Supreme Court.
This week, Governor Mark Sanford announced that South Carolina will reject a large chunk of the stimulus funds targeted for his state. The state legislature may disagree. If so, this could set up a confrontation over the constitutionality of the stimulus, specifically the provision that purports to enable state legislatures to bypass Governors and accept funds on behalf of their state. Professor Ron Rotunda doubts this provision is constitutional."
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Beth flags this Volokh Conspiracy thread that follows the Rotunda piece I linked below. I think this one will end up before the US Supreme Court.
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