Banks to benefit most from White House effort to fight foreclosures - The Hill's On The Money
Well, my goodness. Who would have thought such a thing could happen?
Sunday, August 15, 2010
Saturday, August 14, 2010
Mall cops violate free speech rights, California Court of Appeal rules
A state appellate court has declared that rules regulating talk among strangers at the Galleria at Roseville violate California Constitution free speech guarantees.
A Placer County judge earlier had thrown out the case, finding that the owner's rules of conduct pass constitutional muster.
Read more: http://www.sacbee.com/2010/08/13/2957342/state-court-declares-gallerias.html#ixzz0wYPyi827
A Placer County judge earlier had thrown out the case, finding that the owner's rules of conduct pass constitutional muster.
But, in stark contrast, a three-judge panel of the 3rd District Court of Appeal declared this week in a 43-page opinion that "the rules are unconstitutional on their face" under the state constitution.
Friday, August 13, 2010
Leonard Link: Can the Proponents of Proposition 8 Appeal Judge Walker's Ruling?
Leonard Link: Can the Proponents of Proposition 8 Appeal Judge Walker's Ruling?
More detailed analysis of the standing issue I referred to below.
More detailed analysis of the standing issue I referred to below.
California Prop 8 case: Judge Walker’s Prop 8 Stay Decision | Emptywheel
Breaking News: Judge Walker’s Prop 8 Stay Decision | Emptywheel: "In the 9th Circuit, when a case goes up on appeal, and it has been there before to a given panel on any issue, that panel has the option of taking the full appeal when it is filed. Well, the Perry case has indeed already been up to the 9th previously on an interlocutory appeal of a discovery issue during the trial process, and that appeal was decided by a panel consisting of Judges Wardlaw, Fisher and Berzon. I think there is a very decent chance the standard 9th protocol is followed here and the full appeal is assigned to the previous panel of Wardlaw, Fisher and Berzon, which makes sense in terms of judicial economy since they are already up to speed on the parties and the case facts and posture. So who are these judges, and what is the book on them? Well, that is where the fun comes in. They are all three Clinton appointees, and two of them, Marsha Berzon and Ray Fisher, clerked for Justice Brennan. Solid liberal credentials for sure, and Kim Wardlaw may actually be even more enlightened. If the appeal gets assigned to this panel, it would be in excellent hands and I would like very much the chances for upholding Judge Walker’s decision in favor of marriage equality for all."
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This is some high-quality analysis. It makes sense to me. I followed the trial and it seems to me that Judge Walker's decision is going to stand--all the way to the United Supreme Court. That case was carefully set up by two of the best Supreme Court litigators in the country to foreground the key issue in Lawrence v. Texas. As with the Texas sodomy law that only applied to gays, the only basis for banning same-sex marriage is religious/moral disapproval of gays. I don't see how that can be the basis for a state law under the Equal Protection Clause, and I don't see how that constitutes a "rational basis" for a law, which means it also fails under the Due Process Clause.
ps: However, check out this post from law professor Ann Althouse, where she highlights Walker's point that his decision may not be appealed at all. Why? The State of California never defended Prop 8 to begin with, and the private parties who did defend it may have had standing to intervene and play that role at the trial stage, but may not have standing to appeal. That would mean Judge Walker's opinion would be the final word on gay marriage in California.
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This is some high-quality analysis. It makes sense to me. I followed the trial and it seems to me that Judge Walker's decision is going to stand--all the way to the United Supreme Court. That case was carefully set up by two of the best Supreme Court litigators in the country to foreground the key issue in Lawrence v. Texas. As with the Texas sodomy law that only applied to gays, the only basis for banning same-sex marriage is religious/moral disapproval of gays. I don't see how that can be the basis for a state law under the Equal Protection Clause, and I don't see how that constitutes a "rational basis" for a law, which means it also fails under the Due Process Clause.
ps: However, check out this post from law professor Ann Althouse, where she highlights Walker's point that his decision may not be appealed at all. Why? The State of California never defended Prop 8 to begin with, and the private parties who did defend it may have had standing to intervene and play that role at the trial stage, but may not have standing to appeal. That would mean Judge Walker's opinion would be the final word on gay marriage in California.
Manhattan Luxury Condos Try FHA Backing in Sales `Game Changer' - Bloomberg
Manhattan Luxury Condos Try FHA Backing in Sales `Game Changer' - Bloomberg: "The Federal Housing Administration agreed in March to insure mortgages for apartments at the 98-unit Gramercy Park development, known as Tempo. That enables buyers to make a down payment of as little as 3.5 percent in a building where apartments range from $820,000 to $3 million."
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Cool. Can I have one of those mortgages and then default on it so the taxpayers get stuck with the tab? Or am I being too 2007?
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Cool. Can I have one of those mortgages and then default on it so the taxpayers get stuck with the tab? Or am I being too 2007?
Wednesday, August 11, 2010
Robert Reich: Anger boils as recession drags on
Long-term economic woes fuel anger
Widespread and long-term economic insecurity fuels anger. You can already see it in the backlash against globalization. Polls show most Americans don't want more trade, which is why the president can't get Congress to ratify any new trade agreements. Many people are also angry about immigration. Some even propose denying citizenship to children born in the United States of parents here illegally. The anger focuses on every major institution. According to polls, the public has a record low opinion of government, and also of big business and Wall Street.
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Add Privatopia -- mandatory membership homeowners associations -- to that list. The authority of private HOA government has never been fully accepted and respected compared to traditional muni and county government. HOAs consequently get plenty of anger and disrespect from their constituents. Current socioeconomic conditions will only make them more willing to flip off the HOA.
Widespread and long-term economic insecurity fuels anger. You can already see it in the backlash against globalization. Polls show most Americans don't want more trade, which is why the president can't get Congress to ratify any new trade agreements. Many people are also angry about immigration. Some even propose denying citizenship to children born in the United States of parents here illegally. The anger focuses on every major institution. According to polls, the public has a record low opinion of government, and also of big business and Wall Street.
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Add Privatopia -- mandatory membership homeowners associations -- to that list. The authority of private HOA government has never been fully accepted and respected compared to traditional muni and county government. HOAs consequently get plenty of anger and disrespect from their constituents. Current socioeconomic conditions will only make them more willing to flip off the HOA.
TaxProf Blog: NY Times: Museum Directors Enjoy Tax-Free Housing in Multi-Million Dollar Condos
TaxProf Blog: NY Times: Museum Directors Enjoy Tax-Free Housing in Multi-Million Dollar Condos: "The director of the Museum of Modern Art, Glenn D. Lowry, may have the best deal of all. In addition to the $2 million in salary and benefits he earned last year, he lives in a $6 million condo in the tower atop the museum.
But it’s not just the nice — and free — accommodation: None of these museum heads pay income tax on the value of this housing, which combined would rent for about $400,000 a year."
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Seems there is a tax loophole for university presidents and other cultural poobahs who are required to live on "business premises," meaning university or museum owned housing. It is major league perk. Not only do they get free housing--they don't even have to pay taxes on what is obviously a huge part of their pay package.
But it’s not just the nice — and free — accommodation: None of these museum heads pay income tax on the value of this housing, which combined would rent for about $400,000 a year."
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Seems there is a tax loophole for university presidents and other cultural poobahs who are required to live on "business premises," meaning university or museum owned housing. It is major league perk. Not only do they get free housing--they don't even have to pay taxes on what is obviously a huge part of their pay package.
Peak Food: Can Another Green Revolution Save Us? By Nicholas C. Arguimbau
Peak Food: Can Another Green Revolution Save Us? By Nicholas C. Arguimbau
Great summary of the situation. The Green Revolution prevented the global famines that Paul Erlich predicted in The Population Bomb. But now China, India, Pakistan, Mexico, and many other nations are running out of water to grow those thirsty super grains.
Great summary of the situation. The Green Revolution prevented the global famines that Paul Erlich predicted in The Population Bomb. But now China, India, Pakistan, Mexico, and many other nations are running out of water to grow those thirsty super grains.
Tuesday, August 10, 2010
The Muni-Bond Debt Bomb by Steven Malanga, City Journal Summer 2010
The Muni-Bond Debt Bomb by Steven Malanga, City Journal Summer 2010: "Rick Bookstaber, a senior policy advisor to the Securities and Exchange Commission, shook the market recently by observing that it has all the characteristics in place for a crisis that might unfold like the home-foreclosure mess: a few municipalities could declare bankruptcy, decline to honor their debts, and unleash “a widespread cascade in defaults.”"
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There are always predictions of financial Armageddon. The scary thing now is that the people who are saying these things aren't regulars on the Art Bell show. They are reputable professionals who aren't peddling books or trying to sell you gold.
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There are always predictions of financial Armageddon. The scary thing now is that the people who are saying these things aren't regulars on the Art Bell show. They are reputable professionals who aren't peddling books or trying to sell you gold.
Forecast at Florida condo: continued indoor rain
Leaky Roofs Plague Palm Beach Gardens Residents
Residents Cite HOA Inaction For Roofing Problems
PALM BEACH GARDENS, Fla. -- After all of this weekend's rain, a leaky roof and a lackluster response has started a major fight with a local homeowner's association.Homeowners in one Palm Beach Gardens neighborhood said their roofs have not been up to code for a long time. They said they're getting nowhere fast with their homeowner's association, and the recent rain is making it worse.Monday, August 09, 2010
The Golden State’s War on Itself | Newgeography.com
The Golden State’s War on Itself | Newgeography.com: "What went so wrong? The answer lies in a change in the nature of progressive politics in California. During the second half of the twentieth century, the state shifted from an older progressivism, which emphasized infrastructure investment and business growth, to a newer version, which views the private sector much the way the Huns viewed a city—as something to be sacked and plundered."
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Harsh words--but the fact is that California is not the only state that is being destroyed by its own political class.
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Harsh words--but the fact is that California is not the only state that is being destroyed by its own political class.
Sunday, August 08, 2010
Weak economy boosts early Social Security retirements
Forced to retire, some take Social Security early
It is one of the most striking fallouts from the bad economy: Social Security is facing its first-ever shortfall this year as a wave of people like Skidmore opt to collect payments before their full retirement age. Adding to the strain on the trust are reduced tax collections sapped by the country's historic unemployment — still at 9.5 percent.
More people filed for Social Security in 2009 — 2.74 million — than any year in history, and there was a marked increase in the number receiving reduced benefits because they filed ahead of their full retirement age. The increase came as the full Social Security retirement age rose last year from 65 to 66.
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The trend of people going on early Social Security retirement at age 62 is likely throwing a wrench in the projections of the Social Security Fund actuaries and adding further stress to a system that is already expected to have trouble paying retirement benefits for a tidal wave of Baby Boomers leaving the workforce at the customary age of 66. I imagine someone is already planning a second Woodstock in the summer of 2014 for Boomers forced to take early retirement in what could end up as the lost economic decade.
Saturday, August 07, 2010
Governments Go to Extremes as the Downturn Wears On
Governments Go to Extremes as the Downturn Wears On
Plenty of businesses and governments furloughed workers this year, but Hawaii went further — it furloughed its schoolchildren. Public schools across the state closed on 17 Fridays during the past school year to save money, giving students the shortest academic year in the nation and sending working parents scrambling to find care for them.
The New York Times reports on the continuing pain of penury wracking local government. And when local government catches a cold, it can seem like the flu in Privatopia where the tax base is much smaller and there is no help from bond revenues and federal government bailouts. One plus: HOAs don't have to worry about meeting employee pension obligations.
Plenty of businesses and governments furloughed workers this year, but Hawaii went further — it furloughed its schoolchildren. Public schools across the state closed on 17 Fridays during the past school year to save money, giving students the shortest academic year in the nation and sending working parents scrambling to find care for them.
Many transit systems have cut service to make ends meet, but Clayton County, Ga., a suburb of Atlanta, decided to cut all the way, and shut down its entire public bus system. Its last buses ran on March 31, stranding 8,400 daily riders.
Even public safety has not been immune to the budget ax. In Colorado Springs, the downturn will be remembered, quite literally, as a dark age: the city switched off a third of its 24,512 streetlights to save money on electricity, while trimming its police force and auctioning off its police helicopters.
Faced with the steepest and longest decline in tax collections on record, state, county and city governments have resorted to major life-changing cuts in core services like education, transportation and public safety that, not too long ago, would have been unthinkable. And services in many areas could get worse before they get better.
--------The New York Times reports on the continuing pain of penury wracking local government. And when local government catches a cold, it can seem like the flu in Privatopia where the tax base is much smaller and there is no help from bond revenues and federal government bailouts. One plus: HOAs don't have to worry about meeting employee pension obligations.
US national park faces sale | World news | The Guardian
US national park faces sale | World news | The Guardian
Wyoming Governor Dave Freudenthal says he will sell off a 1360 acre piece of Grand Teton National Park at auction, for an estimated $125 million, unless the Obama administration ponies up money to pay for public education.
Wyoming Governor Dave Freudenthal says he will sell off a 1360 acre piece of Grand Teton National Park at auction, for an estimated $125 million, unless the Obama administration ponies up money to pay for public education.
Friday, August 06, 2010
Another HOA flag flap -- film at 11
Family fights to keep flags
A family in a northwest San Antonio neighborhood is fighting to keep their flags against the will of their home owners' association.
A family in a northwest San Antonio neighborhood is fighting to keep their flags against the will of their home owners' association.
Fannie Mae: Home Prices To Decline Into Next Year
Fannie Mae: Home Prices To Decline Into Next Year: "Home prices will decline into next year, Fannie Mae said Thursday, reversing earlier projections that the housing market would stabilize this year.
Former Federal Reserve Chairman Alan Greenspan said Sunday on NBC's 'Meet the Press' that a so-called double-dip recession was possible 'if home prices go down.'"
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The administration's housing policies have failed. Period. End of debate.
And that means the economy is not in a recovery, no matter what anybody says. I don't see how there can be an economic recovery worthy of the name unless and until the housing market turns around.
Watch for the administration to do the magic "disappearing mortgage principal" thing in order to buy some votes for the November election. But it is all smoke and mirrors and making us pay other people's mortgages in addition to our own.
What it comes down to is this: the Obama administration and the congressional Democrats who are running this nation have no idea what to do about the housing market and that means they can't fix the economy. Maybe nobody can, but that hasn't been proven yet. We do know for sure that this crop of Democratic leaders can't. I'm no fan of the Republicans these days, but where else are the voters supposed to turn?
Former Federal Reserve Chairman Alan Greenspan said Sunday on NBC's 'Meet the Press' that a so-called double-dip recession was possible 'if home prices go down.'"
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The administration's housing policies have failed. Period. End of debate.
And that means the economy is not in a recovery, no matter what anybody says. I don't see how there can be an economic recovery worthy of the name unless and until the housing market turns around.
Watch for the administration to do the magic "disappearing mortgage principal" thing in order to buy some votes for the November election. But it is all smoke and mirrors and making us pay other people's mortgages in addition to our own.
What it comes down to is this: the Obama administration and the congressional Democrats who are running this nation have no idea what to do about the housing market and that means they can't fix the economy. Maybe nobody can, but that hasn't been proven yet. We do know for sure that this crop of Democratic leaders can't. I'm no fan of the Republicans these days, but where else are the voters supposed to turn?
Scientists find sea sponges share human genes
Scientists find sea sponges share human genes
That explains a lot of what I saw in the Gurnee Mills shopping mall yesterday.
That explains a lot of what I saw in the Gurnee Mills shopping mall yesterday.
Megan McCardle: Housing Insanity
Housing Insanity - Business - The Atlantic: "If you want to know why us libertarian types are skeptical of the government's ability to prevent housing market bubbles, well, I give you Exhibit 9,824: the government's new $1000 down housing program.
No, really. The government has apparently decided, in its infinite wisdom, that what the American economy really needs is more homebuyers with no equity."
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Incredible.
No, really. The government has apparently decided, in its infinite wisdom, that what the American economy really needs is more homebuyers with no equity."
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Incredible.
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