Mish's Global Economic Trend Analysis: Boomers' Future Went Down The Drain: "The report details how the collapse has left the majority of those around retirement-age almost completely reliant on entitlements. The net worth of median households in the 45 to 54 age bracket has dropped by more than 45 percent since 2004, to just over $80,000. Households headed by those aged 55 to 64, meanwhile, have lost 38 percent of net wealth.
The result is that many baby boomers will only have entitlements to rely on in their retirement.”
Make that entitlements, roommates, and each other."
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Baby boomers had all that home equity and 401(k) accounts. Now they have their pensions and social security.
Hey, what do I mean, "they"?
Saturday, March 14, 2009
Old age begins at 27 - scientists claim after new research | Mail Online: "The research at the University of Virginia, reported in the academic journal Neurobiology Of Aging, found that in nine out of 12 tests the average age at which the top performance was achieved was 22.
The first age at which performance was significantly lower than the peak scores was 27 – for three tests of reasoning, speed of thought and spatial visualisation. Memory was shown to decline from the average age of 37. In the other tests, poorer results were shown by the age of 42."
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Actually, I think people get smarter as they get older. I was an idiot when I was 22, although I admit my reflexes were a lot faster. Some would say not much has changed except for the reflexes, but I beg to differ.
Suburbia: R.I.P.??
"The downturn has accomplished what a generation of designers and planners could not: it has turned back the tide of suburban sprawl. In the wake of the foreclosure crisis many new subdivisions are left half built and more established suburbs face abandonment. Cul-de-sac neighborhoods once filled with the sound of backyard barbecues and playing children are falling silent. Communities like Elk Grove, Calif., and Windy Ridge, N.C., are slowly turning into ghost towns with overgrown lawns, vacant strip malls and squatters camping in empty homes. In Cleveland alone, one of every 13 houses is now vacant, according to an article published Sunday in The New York Times magazine."
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This article says suburbia is doomed and soon we will all be living in high-density urban area...in condominiums, no doubt. Provocative, but wrong. The demand for suburban single-family homes is far too strong to be frustrated by gas prices. The housing market will pick up again, and most of the new construction will be in suburbs, just as it was before. Why? Because that's where most people want to live.
"The downturn has accomplished what a generation of designers and planners could not: it has turned back the tide of suburban sprawl. In the wake of the foreclosure crisis many new subdivisions are left half built and more established suburbs face abandonment. Cul-de-sac neighborhoods once filled with the sound of backyard barbecues and playing children are falling silent. Communities like Elk Grove, Calif., and Windy Ridge, N.C., are slowly turning into ghost towns with overgrown lawns, vacant strip malls and squatters camping in empty homes. In Cleveland alone, one of every 13 houses is now vacant, according to an article published Sunday in The New York Times magazine."
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This article says suburbia is doomed and soon we will all be living in high-density urban area...in condominiums, no doubt. Provocative, but wrong. The demand for suburban single-family homes is far too strong to be frustrated by gas prices. The housing market will pick up again, and most of the new construction will be in suburbs, just as it was before. Why? Because that's where most people want to live.
Man died after tattoo on leg became infected - Telegraph: "A 35-year-old man died from a blood clot in his lung ten days after a tattoo on his leg became infected, an inquest heard."
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I find this generational tattoo craze completely incomprehensible. I think people should be able to do whatever they want to their body, but I do question their judgment, as the politicians say about each other. Once tattoos were for military guys, convicts, and bikers. Now they are for yuppies, soccer moms, and tweenagers. Lots of my students have tattoos. The whole thing took off during the late 1990s and now there are kids in high school with tattoos. I was in the gym this morning and there was a guy in his 40s with a Jack Daniels label tattooed across his entire lower back. Why? What possible advantage does that give him in his social life? Do women see the tattoo and fall at his feet, thinking he has a supply of sour mash whiskey stored in a wooden leg?
And what are the tough guys supposed to do to set themselves apart from the herd, now that most of the weaklings in America are tattooed up? Get horns implanted in their forehead, I suppose.
CAI Illinois Chapter - The Illinois Legislative Action Committee Bills
CAI Illinois Chapter opposes bill that would allow renting of units despite board prohibition
House Bill 821 -- This Bill seeks to limit the ability of an association to impose leasing restrictions. As amended, the Bill states that if a condominium document is changed to prohibit leasing, a unit owner incorporated as a 501(c)(3) charitable organization and is leasing the unit at the time of the amendment, that organization may continue to rent the unit. ILAC questions the validity of this Bill as authorizing activity which is normally prohibited in a declaration and creates two separate classes of owners who may have different leasing restrictions. ILAC opposes this Bill.
Contact your legislators immediately. If passed, this bill will enable organizations to set up group home leasing operations in your associations.
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In Illinois, condo association boards can make rules on their own authority that prohibit renting of units, with no grandfather clause. Here is a bill that would allow exceptions for units owned by 501 (c) (3) corporations. This text was in an email alert to members. The link goes to CAI Illinois' page on current legislation, where this bill is mentioned along with others.
The scariest part of the year is any day the Illinois legislature is in session.
House Bill 821 -- This Bill seeks to limit the ability of an association to impose leasing restrictions. As amended, the Bill states that if a condominium document is changed to prohibit leasing, a unit owner incorporated as a 501(c)(3) charitable organization and is leasing the unit at the time of the amendment, that organization may continue to rent the unit. ILAC questions the validity of this Bill as authorizing activity which is normally prohibited in a declaration and creates two separate classes of owners who may have different leasing restrictions. ILAC opposes this Bill.
Contact your legislators immediately. If passed, this bill will enable organizations to set up group home leasing operations in your associations.
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In Illinois, condo association boards can make rules on their own authority that prohibit renting of units, with no grandfather clause. Here is a bill that would allow exceptions for units owned by 501 (c) (3) corporations. This text was in an email alert to members. The link goes to CAI Illinois' page on current legislation, where this bill is mentioned along with others.
The scariest part of the year is any day the Illinois legislature is in session.
Gator Statue Leads to Fight with Homeowners' Association | Firstcoastnews.com | UF Gators: "And when the Gators win big, Guyer decorates the statue with pom-poms. That's when it crossed the line, says Pace Island President Alan Williams.
He points to a rule stating that the 'Architectural Design Board has the sole discretion to determine whether plans submitted for approval are acceptable.'
Williams says the statue sends the wrong message to kids: it's OK to play with alligators.
He says they asked Guyer to remove the kids, but they declined. Williams also says homeowners agree to the rules when they move in, and that the homeowner and even Pace Island can be sued if they don't enforce the aesthetic rules.
So now, Guyer is facing a $50-a-day fine with the Gator firmly planted out front."
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So this HOA president thinks he has a general police power to make sure statues send a socially responsible message to the nation's kids. He thinks this statue will induce kids to run out and try to saddle up an alligator. Especially when the Gators win. So I guess any kids who see this blog post, or the newspaper article, will race out the door in search of the nearest six-foot reptile. Better drop that fine, or the publicity will lead to untold fatal gator-riding episodes.
And this is the same HOA that made this family take down a "Welcome Home" banner for a soldier returning from Iraq. What was the bad message there, I wonder?
Pahrump Valley Times - Nye County's Largest Newspaper Circulation
Pahrump Valley Times - Nye County's Largest Newspaper Circulation: "Fifth District Judge Robert Lane late last week granted a defense motion to dismiss a lawsuit filed by the Comstock Park Homeowners Association against a handful of board opponents.
The suit accused Carlo Verdi, Carol Curtis, David Connors, Leon and Delores Goss of defamation, libel, slander and fraudulent misrepresentation.
Plaintiff's attorney Evan Wishengrad, representing homeowner's association directors Paul Enck, Darryl Setzkorn, Harold 'Frank' Burfeind and Carol Volke, during a hearing before Judge Lane March 2, claimed the defendants went door to door in the mobile home park, accusing the board of embezzling money.
Language in the complaint also accused the defendants of disrupting homeowners' meetings and filing repeated complaints to the state ombudsman."
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These defendants were association members who were critical of the existing BOD. The BOD filed a lawsuit against them, claiming slander, etc. So the owners got themselves a lawyer who managed to get the entire suit dismissed on the grounds that the BOD didn't get the members' approval of the suit before filing it--as Nevada law requires.
Does the BOD's action here, in hiring a lawyer to sue members who criticized them, sound like they had the best interests of the association in mind? I mean, if they think they have been slandered as individuals, wouldn't the proper approach be to get their own attorneys to represent them as individuals, and at their own expense? Just wondering what people think.
The suit accused Carlo Verdi, Carol Curtis, David Connors, Leon and Delores Goss of defamation, libel, slander and fraudulent misrepresentation.
Plaintiff's attorney Evan Wishengrad, representing homeowner's association directors Paul Enck, Darryl Setzkorn, Harold 'Frank' Burfeind and Carol Volke, during a hearing before Judge Lane March 2, claimed the defendants went door to door in the mobile home park, accusing the board of embezzling money.
Language in the complaint also accused the defendants of disrupting homeowners' meetings and filing repeated complaints to the state ombudsman."
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These defendants were association members who were critical of the existing BOD. The BOD filed a lawsuit against them, claiming slander, etc. So the owners got themselves a lawyer who managed to get the entire suit dismissed on the grounds that the BOD didn't get the members' approval of the suit before filing it--as Nevada law requires.
Does the BOD's action here, in hiring a lawyer to sue members who criticized them, sound like they had the best interests of the association in mind? I mean, if they think they have been slandered as individuals, wouldn't the proper approach be to get their own attorneys to represent them as individuals, and at their own expense? Just wondering what people think.
Lenders tighten rules for financing condos | www.oceancitytoday.net | Ocean City Today
Lenders tighten rules for financing condos | www.oceancitytoday.net | Ocean City Today: More on the Fannie Mae requirements:
"New requirements they will be looking for are:
z Fidelity insurance, something many buildings do not have. That protects the association in the event a member steals any of its money. Buildings with less than 20 units are exempt from this requirement.
z A budget line item that accounts for the insurance deductible, to show the money is available in case it has to be spent.
z A reserve fund that contains 10 percent of the total budget.
z Especially troubling for some condominiums is a rule that classifies certain ones as 'condo-hotels' and therefore ineligible for financing through the two federal mortgage entities."
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They interviewed a realtor who said any building with a rental office inside is considered a "condo-hotel."
"New requirements they will be looking for are:
z Fidelity insurance, something many buildings do not have. That protects the association in the event a member steals any of its money. Buildings with less than 20 units are exempt from this requirement.
z A budget line item that accounts for the insurance deductible, to show the money is available in case it has to be spent.
z A reserve fund that contains 10 percent of the total budget.
z Especially troubling for some condominiums is a rule that classifies certain ones as 'condo-hotels' and therefore ineligible for financing through the two federal mortgage entities."
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They interviewed a realtor who said any building with a rental office inside is considered a "condo-hotel."
Friday, March 13, 2009
'Sovereign man' pleads guilty to drunken driving -- themorningcall.com
'Sovereign man' pleads guilty to drunken driving -- themorningcall.com: "Scott A. Witmer, 44, of Allen Township pleaded guilty this morning to drunken driving, a decision that came a day after his trial began and two days after he claimed the court lacked jurisdiction because he is a 'sovereign man' who lives inside himself, and not in Pennsylvania.
'I did not mean to waste the court's time or any of that stuff,' Witmer told Northampton County Judge Leonard Zito. 'But I felt I had the right to see what the Constitution has to offer.'"
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In this case, the Constitution and the laws of the Commonwealth of Pennsylvania offer him up to six months in the jug, to be determined on May 15.
The old sov went out with a whimper, if you ask me.
'I did not mean to waste the court's time or any of that stuff,' Witmer told Northampton County Judge Leonard Zito. 'But I felt I had the right to see what the Constitution has to offer.'"
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In this case, the Constitution and the laws of the Commonwealth of Pennsylvania offer him up to six months in the jug, to be determined on May 15.
The old sov went out with a whimper, if you ask me.
Giving The Fingerprint: New Policy Raises Privacy Concerns - cbs2chicago.com: "The new law, which is set to go into effect June 1, 2009, will force anyone selling property in Cook County to provide a thumbprint from their right hand."
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I think the title companies wanted this law in order to prevent fraud. Is this a bad thing? I don't see it as a big intrusion on privacy.
Cherokee Homeowner Sued Over Flag Pole - News Story - WSB Atlanta
Cherokee Homeowner Sued Over Flag Pole - News Story - WSB Atlanta: "'I wanted to display my patriotism … and I wanted to do it in a way that I could keep the flag up all the time,' said Tripodo.
While Tripodo says his next door neighbors were impressed, the Bridgemill subdivision homeowners association in Canton wasn’t too thrilled and ordered him to take it down.
'They say you're not allowed to have any structure outside the framework of the home,' said Tripodo."
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Nice gig for the HOA's attorney in these lean times.
While Tripodo says his next door neighbors were impressed, the Bridgemill subdivision homeowners association in Canton wasn’t too thrilled and ordered him to take it down.
'They say you're not allowed to have any structure outside the framework of the home,' said Tripodo."
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Nice gig for the HOA's attorney in these lean times.
Thursday, March 12, 2009
35 Counties Account for 50% of Foreclosures | Mother Jones
35 Counties Account for 50% of Foreclosures | Mother Jones: "USA Today points out that, last year, just 32 counties accounted for one half of all foreclosures in the United States. Those counties are outlined in red below. Even among them, there are some areas that are worse than others: 'Eight counties in Arizona, California, Florida and Nevada were the source of about a quarter of the nation's foreclosures last year.'"
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Take a look at the map that accompanies the article. A whole lot of this nation isn't part of the foreclosure crisis.
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Take a look at the map that accompanies the article. A whole lot of this nation isn't part of the foreclosure crisis.
Wednesday, March 11, 2009
Field Poll: California voters deeply pessimistic about state's economy -
This one gets the "No **** Sherlock" lifetime achievement award. Fred Pilot, who is on an apocalyptic roll, unearthed this nugget.
Don Surber » Blog Archive » “There is nobody there”: "Barack Obama is too busy posing for magazine covers to actually do the job to which he was elected.
There is a price to be paid when a president throws a party every other night, weekends in Chicago or Camp David and poses for magazine cover after magazine cover.
After 51 days in office, Barack Obama has appointed only 73 people to 1,200 jobs that require Senate confirmation."
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I found this on Instapundit. This number--73 appointments out of 1200 positions--seems astounding, at nearly the two-month point and in a national economic crisis, with major foreign policy problems looming. How can an understaffed executive branch deal with an avalanche of issues?
There is a price to be paid when a president throws a party every other night, weekends in Chicago or Camp David and poses for magazine cover after magazine cover.
After 51 days in office, Barack Obama has appointed only 73 people to 1,200 jobs that require Senate confirmation."
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I found this on Instapundit. This number--73 appointments out of 1200 positions--seems astounding, at nearly the two-month point and in a national economic crisis, with major foreign policy problems looming. How can an understaffed executive branch deal with an avalanche of issues?
Emergency Funds: 50% Of Americans 2 Paychecks Away From Having Big Financial Problemos
Emergency Funds: 50% Of Americans 2 Paychecks Away From Having Big Financial Problemos
Two paychecks? Did they say two? Those lucky devils. I say raise their taxes forthwith.
Two paychecks? Did they say two? Those lucky devils. I say raise their taxes forthwith.
CARPE DIEM: The "Man-Cession" Continues
CARPE DIEM: The "Man-Cession" Continues
Seems that the recession is hitting men harder than women.
Seems that the recession is hitting men harder than women.
EXCLUSIVE: Bill would let agencies trump homeowners association rules : North County Times - Californian 03-11-2009
EXCLUSIVE: Bill would let agencies trump homeowners association rules : North County Times - Californian 03-11-2009: "Southern California's giant water wholesaler, Metropolitan Water District, is sponsoring state legislation to make ordinances from local water districts trump homeowners association rules. Introduced Feb. 27 by Assemblyman Ted Lieu, a Democrat from Torrance, the legislation is known as AB 1061. No date has been set for a committee hearing."
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Good. I hope it passes. Reading the objections to the bill, I wonder if some of these managers and lawyers and HOA presidents who don't think it is necessary understand how bad the water situation in California really is...and how much worse it is likely to get. Thanks to Fred Pilot for this link.
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Good. I hope it passes. Reading the objections to the bill, I wonder if some of these managers and lawyers and HOA presidents who don't think it is necessary understand how bad the water situation in California really is...and how much worse it is likely to get. Thanks to Fred Pilot for this link.
Conflict-of-interest issues grow for President Obama's new urban czar Adolfo Carrion
Conflict-of-interest issues grow for President Obama's new urban czar Adolfo Carrion: "President Obama's new urban czar, Adolfo Carrión, admitted Tuesday he has not paid an architect who designed a renovation of his Bronx home two years ago.
That presents conflict-of-interest issues because at the time the architect was a key player in a Bronx development that needed approval from Carrión, then the Bronx borough president."
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It is remarkable how little Obama's team seems to know about the people they put up for major appointments. How many have withdrawn so far? Yesterday their head intel guy pulled out over conflict of interest and bizarre statement issues. Now it seems that Carrion has a major problem.
That presents conflict-of-interest issues because at the time the architect was a key player in a Bronx development that needed approval from Carrión, then the Bronx borough president."
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It is remarkable how little Obama's team seems to know about the people they put up for major appointments. How many have withdrawn so far? Yesterday their head intel guy pulled out over conflict of interest and bizarre statement issues. Now it seems that Carrion has a major problem.
Tuesday, March 10, 2009
DUI SUSPECT ABOVE THE LAW: Drunken driving suspect tells court: Law doesn't apply to him -- themorningcall.com
DUI SUSPECT ABOVE THE LAW: Drunken driving suspect tells court: Law doesn't apply to him -- themorningcall.com: "An Allen Township man accused of driving drunk wore a Coors Light sweatshirt to court today and offered a novel defense.
The law doesn't apply to him, Scott A. Witmer said, because he is a 'sovereign man.'
'It means I live inside myself,' Witmer, 44, told a curious Northampton County Judge Leonard Zito. 'I don't live in the state of Pennsylvania.'"
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So the cops get a domestic violence call, which leads to him driving off and when they stop him he's drunk...or so say the minions of TYRANNY. And at that point it turns out he has a revoked driver's license, invalid plates, and no insurance. But those things are for chumps, because he is a SOVEREIGN MAN, and he is moving to YOUR NEIGHBORHOOD after he gets out of JAIL.
The law doesn't apply to him, Scott A. Witmer said, because he is a 'sovereign man.'
'It means I live inside myself,' Witmer, 44, told a curious Northampton County Judge Leonard Zito. 'I don't live in the state of Pennsylvania.'"
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So the cops get a domestic violence call, which leads to him driving off and when they stop him he's drunk...or so say the minions of TYRANNY. And at that point it turns out he has a revoked driver's license, invalid plates, and no insurance. But those things are for chumps, because he is a SOVEREIGN MAN, and he is moving to YOUR NEIGHBORHOOD after he gets out of JAIL.
Homeowner group sues man over metal roof: "The Treemont Homeowners Association has filed suit against Joe Sigel, who installed a metal roof on his West Austin house. The association has a rule against 'galvanized steel sheet' on roofs, but Sigel says he has used 29 percent less electricity during the warm months with the reflective roofing."
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Interesting issue--I don't recall seeing this situation before. From the look of the roof, I wonder if it is blinding on a sunny day. If the whole neighborhood did the same thing, you could probably see this block from outer space.
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Interesting issue--I don't recall seeing this situation before. From the look of the roof, I wonder if it is blinding on a sunny day. If the whole neighborhood did the same thing, you could probably see this block from outer space.
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