Daily Digest

Daily Digest 8/4 - The Plight of State Budgets, Home Sales Sink, Bullish Bullion Sales

Wednesday, August 4, 2010, 9:53 AM
  • National Debt Per Citizen Passes $43,000
  • Record Number Of Illinois Families On Food Stamps
  • 11 Seattle Homeless Shelters May Close Soon
  • Recession Will Cost NV Employers For Years
  • NV Panel To Consider Tax To Fund Jobless Claims
  • Rendell: Thousands face layoffs without Medicaid funding (Pennsylvania)
  • Pending Home Sales Sink 2.6% In June
  • The Ranks Of The U.S. Unemployed Slipping Towards Poverty
  • States Slash Preschool Programs As Budgets Bleed
  • Intense Heat Tough on Low-Income Households
  • Salinas Limits Code Enforcement (California)
  • Drivers Try To Escape Red Light Cameras (Florida)
  • Drivers Find Little Justice In Red-Light Cameras
  • Gold Prices Find Support From China
  • July 2010 U.S. Mint Silver Eagle Sales: Top 10 Month, Best July Ever
  • July 2010 U.S. Mint Bullion Sales: One Ounce Gold Eagles in Demand
  • Sonoma County OKs $290 Million Pension Bond
  • Philly Mayor Seeks End To DROP Retirement Program

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Economy

National Debt Per Citizen Passes $43,000





See also: Saxplayer's previous comment

Record Number Of Illinois Families On Food Stamps

Applications for the program jumped even more -- 27 percent....A family of three can be get up to $526 in monthly benefits, depending on their income and expenses. The average in Illinois is $296 a month.

11 Seattle Homeless Shelters May Close Soon

Hundreds more homeless people in Seattle could be sleeping on the streets this week if a nonprofit housing organization closes 11 of its 15 shelters for lack of funds ... "The [mayor's] office is looking for the next step to help the homeless community," said Pickus. But it won't be easy in the context of the city's own budget woes.

"There are no easy decisions when you're looking at a $56 million deficit," Pickus said, referring to projections for the 2011 city budget.

Recession Will Cost Nevada Employers For Years

Panel members were given scenarios for paying back federal loans that could reach $1 billion by the end of the year, involving raising the rate businesses pay into Nevada's unemployment trust fund by varying amounts.

Nevada's trust fund went broke in October. Since then, the state has borrowed about $450 million to pay claims on initial 26 weeks of unemployment benefits.

Nevada Panel To Consider Tax To Fund Jobless Claims

The Nevada Employment Security Council is set to consider and recommend how much employers should pay to fund the state's unemployment trust fund. The council, which meets Tuesday, last year decided to leave the rate unchanged as the recession gripped Nevada's economy.

But the state's trust fund is broke. Nevada, with the highest unemployment rate in the nation, has been relying on money borrowed from the federal government to pay benefits — money it will eventually have to pay back with interest

Rendell: Thousands face layoffs without Medicaid funding (Pennsylvania)

The layoffs would include 3,000 educators, most of them teachers, 4,000 state workers and 5,500 local government employees including police and firefighters

    Crash Course DVDBuild the strength and resilience of your community – host a Crash Course viewing (NTSC or PAL)

Pending Home Sales Sink 2.6% In June

The number of buyers who signed contracts to purchase homes dropped in June, as the weak economy and tight lending standards kept consumers away from the housing market.

The National Association of Realtors says its seasonally adjusted index of sales agreements for previously occupied homes dipped 2.6 percent to a reading of 75.7. That was the lowest on records dating back to 2001 and down nearly 19 percent from the same month a year earlier.

The Ranks Of The U.S. Unemployed Slipping Towards Poverty (Video)

Newsnight's Peter Marshall reports from Nevada - the state with the highest unemployment - and visits a couple who have been forced to move into a trailer because of the recession.

States Slash Preschool Programs As Budgets Bleed

States are slashing nearly $350 million from their pre-K programs by next year and more cuts are likely on the horizon once federal stimulus money dries up, according to the National Institute for Early Education Research at Rutgers University. The reductions mean fewer slots for children, teacher layoffs and even fewer services for needy families who can't afford high-quality private preschool programs.

One state -- Arizona -- has proposed eliminating its 5,500-child program entirely. Illinois cut $32 million from last fiscal year's pre-k budget and plans to slash another $48 million this year.

Intense Heat Tough on Low-Income Households

The question on everyone's mind seems to be, 'when will it cool down?' With record highs being recorded daily, some residents struggle to figure out where to get the money for their utility bills.

Over the past two months a record number of residents have come to Multi-County Community Service Agency in Meridian hoping to receive help.

Salinas Limits Code Enforcement (California)

Code enforcement, along with many other city services, was trimmed as part of the effort to close a $12.4million shortfall for the 2010-11 fiscal year. After building the division's capacity to respond to a range of code violation issues for several years, Gowin saw her code enforcement staff cut.

Drivers Try To Escape Red-Light Cameras (Florida)

While it is illegal to cover your license plate with anything, some people think it's a fair way to fool the red light camera. Some cities are fighting back, by telling police to pull over and ticket anyone who has a cover over their license plate. That ticket can cost about $100.

Drivers Find Little Justice In Red-Light Cameras

The U.S. judicial system is based on the presumption of innocence: You are innocent until proven guilty.Yet, when it comes to red-light cameras, you are guilty until you can prove your innocence ... besides, daring to challenge the alleged violation has turned out to be expensive. If you lose the case, you must pay as much as $75 in addition to the original fine.

"They assume you're guilty and you must prove your innocence," said Moss, 67. "There's no justice." Outraged, she went to a Broward County courthouse to appeal again. The clerk told her that it would cost her $401 to file an appeal in Circuit Court.

Gold Prices Find Support From China

"These latest steps in the process of deregulation of the gold market in China are extremely encouraging and seem certain to lead to increased gold demand in a country that has recently been contending with India for the position of the largest consumer of gold in the world," says George Milling-Stanley, managing director, Government Affairs, World Gold Council.

July 2010 U.S. Mint Silver Eagle Sales: Top 10 Month, Best July Ever

Total sales for the month of July still came in at an astonishing 2,981,000. That amount was enough to cement the month as the best ever July since the debut of the coins back in 1986. In fact, it was a leap of 171,000 coins from the previous July record set just last year.

The month also ranks as the seventh best in history for American Silver Eagles. This distinction is not entirely surprising as 2010 has turned out to be a record year. As it stands right now, five of the top ten months for bullion coins have occurred this year.

July 2010 U.S. Mint Bullion Sales: One Ounce Gold Eagles in Demand

Overall gold bullion sales for the month were 175,000 ounces. This amount is 10,000 ounces lower than the prior month, but well above the 86,000 ounces sold in the year ago period.

Sonoma County OKs $290 Million Pension Bond

The Sonoma County Board of Supervisors Tuesday approved issuance of $290 million in pension obligation bonds in what amounts to the largest bond borrowing package in county history....“We're refinancing the house. The house is on fire!” said Bob Andrews, a former retirement plan advisor and Sonoma County resident. “Put off this pension obligation bond until you address the problem — unsustainable (retirement) benefits.”

The new bond will go toward wiping out about $289 million of the $402 million in unfunded liability currently on the books of the Sonoma County Employees' Retirement Association, or SCERA.

Philly Mayor Seeks End To DROP Retirement Program

The Deferred Retirement Option Program allows employees eligible to retire to pick a retirement date four years down the road, then amass pension payments while working and collecting their salaries. The idea was to encourage longtime employees to stay on the job past retirement age, allowing the city time to plan to replace them.

But Nutter says the DROP program has cost the city pension fund $258 million since 1999, and Philadelphia can no longer afford it.

Article suggestions for the Daily Digest can be sent to [email protected]. All suggestions are filtered by the Daily Digest team and preference is given to those that are in alignment with the message of the Crash Course and the "3 Es."

34 Comments

saxplayer00o1's picture
saxplayer00o1
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Re: Daily Digest 8/4 - The Plight of State Budgets, Home ...

About 1,000 Californians a week are falling off the unemployment rolls with 152,531 having exhausted their benefits as of Monday, Aug. 2, reports the state Employment Development Department.

Because of California's high unemployment rate — 12.3% in June — laid-off workers here are eligible for up to 99 weeks of jobless benefits.

But the recession started here much earlier than the nation as a whole and many laid-off workers, especially in hard-hit industries like construction and mortgage lending, have been unable to find jobs.

Congress last month approved a long-awaited bill to allow extended benefits through November for those more recently unemployed, but did not add any weeks or other aid for the so-called 99ers who have exhausted their payments.

OpenCongress.com reports that Sen. Chuck Schumer, D-N.Y., raised the possibility of more aid for the 99ers. Schumer told WENY-TY after President Barack Obama signed the extension last month that there would be a separate bill to extend benefits to those who have exhausted their unemployment. He did not provide any details.

"Georgia's prekindergarten program and the HOPE scholarship face massive cuts as state officials predict a more than $550 million shortfall in lottery revenue in the next two years.

State lawmakers gathered Monday in Atlanta to look at how to cope with the looming deficit, which would almost drain the program's unrestricted reserve fund. The numbers are grim: a projected $1.2 billion tab for lottery programs by 2012 while ticket sales stagnate, said Tim Connell, president of the Georgia Student Finance Commission, which runs the HOPE program.

The expected shortfalls are $243 million for the next fiscal year and $317 million the following year, Connell said.

House Higher Education Committee Chairman Len Walker said he was stunned by the numbers.

"This is not a train wreck that is about to happen -- the train wreck has happened," Walker said after the four-hour meeting at the Capitol. "We're talking about some frightening figures that will be in place in less than one year.""

"Aug. 4 (Bloomberg) -- U.S. consumer bankruptcies, after rising 9 percent last month from June, might exceed 1.6 million this year, according to the American Bankruptcy Institute.

The 137,698 bankruptcy filings in July also represent a 9 percent increase from a year earlier, the institute said yesterday in a statement posted on its website, citing data from the National Bankruptcy Research Center.

“Debt burdens, unemployment and an uncertain economic climate continue to weigh on consumers,” Samuel J. Gerdano, the institute’s executive director, said in the statement. “The pace of consumer filings this year remains on track to top 1.6 million filings.”

Last year, there were 1.4 million consumer bankruptcy filings in the U.S., a 32 percent increase from 2008, the institute said in March. Total filings have been increasing since the implementation of the Bankruptcy Abuse Prevention Act of 2005, a change to the federal law that made it harder for individuals to seek protection from creditors, the institute said in March. "

"With pension costs expected to consume nearly a third of the city budget within five years, the Los Angeles City Council on Tuesday ordered new studies of ways to rein in the expense, potentially setting up conflicts with the city's powerful unions.

The 15-0 vote followed a report by City Administrative Officer Miguel Santana that noted pension contributions are expected to double from $1.1 billion this year to $2.2 billion in 2015-16.

"How can we run the city with a third of the budget in 2015 going to employee benefits?" Councilman Bill Rosendahl asked. "We are in a very tough moment. We cannot sustain and maintain the present pension system as it is. We can no longer postpone pension reform."

Costs for the Los Angeles City Employees Retirement System, Los Angeles Fire and Police Pensions and the Department of Water and Power Retirement Plan have already increased nearly sixfold in the last decade, rising from $199 million in 2001-02 to $1.1 billion this year, according to Santana's report."

"Former Mayor Richard Riordan, who believes Los Angeles will face bankruptcy in the next few years, said the city won't be able to afford these sharply rising costs without dramatically cutting public safety and other services."

"The Sacramento County Sheriff's Department has quietly shut down the women's housing unit at the Rio Cosumnes Correctional Center in Elk Grove, releasing more than 100 female inmates to home detention or community work programs.

Another 58 "higher-risk" women serving sentences for more serious crimes have been transferred to the Sacramento County Main Jail, officials said.

The Sandra Larson Women's Facility at the sprawling Rio Cosumnes complex saw its last inmates Saturday, said Sheriff's Department spokesman Sgt. Tim Curran.

He said 162 inmates were affected, including 104 serving sentences for nonviolent offenses such as drug dealing, car theft and driving under the influence. Ninety-three of those women were referred to the work-release program and 11 to home detention.

In addition to the women's unit, RCCC also closed its Roger Bauman Facility for men over the weekend. All 150 of the male inmates have been transferred to other units on the RCCC campus, Curran said.

The closures are yet another consequence of the county's gaping budget deficit, which for the third straight year exceeds $100 million and has affected virtually every department. More than 120 sheriff's deputies lost their jobs in August 2009, and another two dozen layoffs are expected this August if talks of concessions by the union fail."

"A new study by the Pennsylvania of Realtors provides new evidence that job losses and unexpected medical bills, not subprime mortgages, are the two leading causes of foreclosure in that state.

Fifty-seven percent said their household had experienced a wage-earner’s job loss in the 12 months prior to their foreclosure, while 47 percent said they had been hit by unexpected medical bills. Thirty-six percent indicated they had other “unexpected bills.”

Few Pennsylvanians who lost their homes had subprime mortgages, a leading cause of foreclosure in California, Florida, Nevada and Arizona. Forty-one percent of survey respondents held prime fixed-rate mortgages and 12 percent had prime adjustable-rate loans. Only 14 percent carried a subprime mortgage."

  • Other news and headlines:

 

Assuming the Worst is Behind Us (Dangerous at Best)...(McAlvany)

US Treasury yields fall to record low on Fed's 'QE lite' plan (Ambrose Evans-Pritchard)

US savings rate at highest level in a year, data show

BP's oil now oozing out from Beach sand in Louisiana (Video)

Nearly half of municipal pension plans in York County 'distressed'

 

......................Note: Please scroll down to comment #10 on the top DD news item. We added $1,000 in debt per citizen in just three months.

 

bandvbandv's picture
bandvbandv
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food storage.

I am from New Jersey and am working on a very limited budget, but have been able to buy and store a years worth of food for my family and I .  My friend ownes a restaurant and gave me access to the restaurant supply store.  What I bought was 400lbs of white rice, 100lbs of dried beans and 100lbs of dried peas.  I know this does not sound like the best diet in the world, but I figure it is better then nothing. What I have been doing for friends and family who are interested is selling them this same amount for $350, which is $40 more then I pay.  I feel this is reasonable for my time and gas considering the supply house is 40 minuted from my house.  If anyone lives in the NY/NJ/PA area and is interested I would be willing to do the same for you.  I know the diet on here http://www.efoodsdirect.com/products/fre... sounds a lot better, but I could not afford $1700 per person.  I spend less for a family of 4.  And the dried beans and rice will last for years if stored properly.  If interested you can email me at [email protected]  My personal opionion is that in the next couple of years things are going to start to crumble and if there is food available I dont think I will be able to afford it.

Also there are many other items in the restaurant store that I can purchase for you.  If you are interested in something let me know and I will get the price for  you.  They have driend nuts and fruits, canned vegetables, canned fruits, canned sauces, different pasta, although when they are on sale in the suppermarket they are cheaper. So if intersted email me and let me know.

Full Moon's picture
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Re: Daily Digest 8/4 - The Plight of State Budgets, Home ...

 After I read the article on food stamps and the amount of people who need to use them  it just saddens me .   I  also think about the many people who would qualify but are to proud to take help .

  What is your opinion on those people who are struggling through with out taking the benifits ?   Would it be much harm if they got on the program  to get their storage built  up ?    

 FM

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Re: Daily Digest 8/4 - The Plight of State Budgets, Home ...

 Oh and today in the news the Billionaires are gifing half their money to charities ... how much will this stimulate the economy ? I sat  in  on a seminar  of a Multi -millionaire , he gave away 95% of his money every year .  He said the blessings just kept coming in and he never missed a meal in his life .

  I think it gives them a little satisfaction to know that their money goes to a certain cause that they believe is worthy .  

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BP's Oil Oozing on Louisiana Beaches

Now that the oil has disappeared from the GOM BP will in an amazing turn of events be looking for the parties resposible for stealing it.

The first place they will look will be on the beaches of the barrier islands. The people of the state of Louisiana will have to return all the oil to BP or face possible criminal charges.

Is this a great country or what/

V

PS Now that the oil is gone I wonder if they will let the news media in to cover unfolding events or non events as the case may be.

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Re: Daily Digest 8/4 - The Plight of State Budgets, Home ...
Full Moon wrote:

 Oh and today in the news the Billionaires are gifing half their money to charities ... how much will this stimulate the economy ? I sat  in  on a seminar  of a Multi -millionaire , he gave away 95% of his money every year .  He said the blessings just kept coming in and he never missed a meal in his life .

  I think it gives them a little satisfaction to know that their money goes to a certain cause that they believe is worthy .  

It is a uniquely American tradition for the wealthy to give much of that wealth to a wide variety of charities.  Gates and Buffett are two who take this responsibility very seriously and we should all be thankful.  I think it is still true that Americans are among the world's most generous people.  I am unfailingly pleased and surprised that our small fairly poor community comes out big time for people in need or worthy causes.

Doug

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Re: Home ownership

I just heard an audio from Bob Campbell of RealEstateTiming.com that is so full of BS that it is defies human sensibility.  The link is at:

http://www.howestreet.com/index.php?pl=/goldradio/index.php/mediaplayer/...

Essentially, the entire conversation is about homeownership, and in Campbell's opinion, owning a home today is one of the worst investments people can make.  This is not the first time I have heard this opinion from Real Estate brokers, or so-called financial guru's on the net.   On the contrary, home ownership is an astoundingly sound investment for any responsible person who lives alone, or has a family.  What is unsound is inept home financing.

People in this country have this 'now' syndrome stuck in their minds.  They have to have everything 'now', and nobody wants to wait for anything.  This attribute is what has caused much of the financial stress we now see in the housing market.   People buy the most expensive homes they think they can afford based on their income instead of buying a fixer-upper they can pay off in a couple of years and refurbishing it while they are living in it, or build a new home themselves, constructing it as they can with materials bought only with cash.   Subsequently, when the bottom falls out of their livelihood and they get laid off, they can't pay some outrageously high mortgage payment.  This is when the anti-homeowner advocates seem to come out of the woodwork like maggots off a dead body.

The simple fact is, if you have a mortgage on your house, you are not a home owner.  The bank, or mortgage company OWNS the house you live in, not you, regardless of what any deed says.  You never were a HOME OWNER from the time you signed your mortgage agreement.  You are a HOME FINANCER, and there is a big difference between the two terms.   Ownership by a mortgaged buyer doesn't start until the day that they pay off the note, although they are suckered into paying the land taxes and performing the upkeep on it during the entire life of a 30 year mortgage.  Even renters aren't that stupid.   Up to a few years to pay off a private land contract, perhaps, but 20 years at over a $1000 a month?  No way!

This was the ultimate scam of bankers.  People wind up paying upwards to two or three times the original value of the house through an Amortized Mortgage, pay land taxes on it for 30 years, and then pay out additional costs for its upkeep.  No wonder why people in this nation are going broke.   The banks have been laughing at all of you, all the way to their vaults, and it is no wonder why so many foreclosures are occurring.   Even then, in some States, the banks still win.  Why? 

Because not only do they get title to your house because you missed a couple of payments after twenty years of faithfully paying on it, they get to sell it at an auction to the highest bidder, or through another Real Estate agent in a private sale, where the final price is, many times, far higher than what the outstanding balance of the mortgage was in the first place.   From what I have heard, they don't even have to refund the difference to the defaulted home financer. House mortgages are a big cash cow for banks, although most people don't notice it because the secondary buyer after foreclosure goes through a different bank, but the original bank doesn't care, as they will simply get another one from a foreclosure from another bank.   There is a much better way of obtaining home ownership, but it requires a little common sense, and requires people to do something for themselves.

I bought an 11 room house seven years ago, and paid it off in three years.  It was not the best place when I bought it, but it has vastly improved since that time.   When the local economy stalled in my area a couple of years ago, my house was a major reason that I was able to weather the storm without hardly any notice of it at all.  Many of my fellow residents found themselves being foreclosed on, some of them likely winding up in homeless shelters, or living with relatives.

Because I own my place free and clear, my entire annual tax liability is less than what most renters in my area pay for a tiny, single bedroom, or efficiency apartment FOR ONE MONTH, and I have the liberty of adjusting my home utility costs downward to any point according to my personal income needs.  Even if it was assessed at four times its current assessment, it would still be far more affordable than a mortgaged house or renting.  I live in New York State, one of the highest taxed States in the land, so I would like somebody to give me a valid reason as to why home ownership is such a bad investment.  

I sincerely suggest to all of you that if you go to a Real Estate broker and he tells you that you will be a proud home owner after you sign a Mortgage, you tell him that he should learn a little bit more about what he is trying to do to you before he tries to stick an oversized squash up your butt, sideways.

My apologies if I sound a little aggravated over this matter, but Campbell's comments, and his misuse of the term homeowner just struck me the wrong way.

By the way, SaxPlayer.  You are phenomenal.  Between you and Chris, It's getting to a point where I can get nearly all the financial news from this site alone.  Thanks for the hard work guys.  It is appreciated.

 

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Seattle Homeless Shelters

Well, well well Gates and Buffett are giving away their billions and yet right there in Bill's backyard 11 homeless shelters are in danger of closing.

Damon Vrabel has posted on this phenomenon on csper.org

This public display of charity that Gates and Buffett engage in has its roots in J.D Rockefeller giving out dimes to people to buff up his image.

They steal as much as they can then  give a few crumbs.

V

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Re: Daily Digest 8/4 - The Plight of State Budgets, Home ...
Doug wrote:
Full Moon wrote:

 Oh and today in the news the Billionaires are gifing half their money to charities ... how much will this stimulate the economy ? I sat  in  on a seminar  of a Multi -millionaire , he gave away 95% of his money every year .  He said the blessings just kept coming in and he never missed a meal in his life .

  I think it gives them a little satisfaction to know that their money goes to a certain cause that they believe is worthy .  

It is a uniquely American tradition for the wealthy to give much of that wealth to a wide variety of charities.  Gates and Buffett are two who take this responsibility very seriously and we should all be thankful.  I think it is still true that Americans are among the world's most generous people.  I am unfailingly pleased and surprised that our small fairly poor community comes out big time for people in need or worthy causes.

Doug

 

The wealthy are the ones who manipulate the economy and make poor people dependent on them in the first place. The only true wealth is food, water, medicine, and things that can be used by the society. The "wealthy" like Warren Buffett do none of those things.

Why do you think the rich have gotten richer and the poor and middle class have gotten poorer over the past 40 years? Is it because Citigroup and Goldman Sachs work so much harder than the rest of us?

Don't believe Fox News. We don't live in a socialist state, we live in a plutocracy, where a few people control anything and everything and then they throw us a few scraps and we're grateful for it.

What does Buffett do? What does he produce?

He's a gambler. He's an "investor", which means he basically moves money on slips of paper around and is paid to do so. He knows this and Gates is a guy who's a ruthless businessman who has RUINED businesses in his day. That's why the government forced him to break Microsoft up.

 

These guys know that people are angry and are trying a little bit of "quantative easing" of their own to assauge the rage of the people who are losing their jobs and pensions due to the gambling and irresponsibility of a select few.

 

There are only a few people out there who are truly "wealthy". Those people produce things we need and keep America in business. The rest are cutthroat assassins

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Re: Daily Digest 8/4 - The Plight of State Budgets, Home ...

 Heck I never dreamed they were doing it out of the kindness of their hearts . I just figured they knew they would have to pay it  out in taxes so when they give it away they control where it goes and who gets the benefit .   But thr really rich do they all figure out how to not pay taxes anyway ?

   I was just wondering if it will mess with the market and jobs .?  Maybe just not Govt. jobs ?

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Re: Daily Digest 8/4 - The Plight of State Budgets, Home ...
The_Black_Death wrote:

We don't live in a socialist state, we live in a plutocracy, where a few people control anything and everything and then they throw us a few scraps and we're grateful for it.

Right on.

 

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Re: Daily Digest 8/4 - The Plight of State Budgets, Home ...
portals wrote:

This was the ultimate scam of bankers.  People wind up paying upwards to two or three times the original value of the house through an Amortized Mortgage, pay land taxes on it for 30 years, and then pay out additional costs for its upkeep.  No wonder why people in this nation are going broke.   The banks have been laughing at all of you, all the way to their vaults, and it is no wonder why so many foreclosures are occurring.   Even then, in some States, the banks still win.  Why?

This is not necessarily true.  For instance, right now if you expect high-inflation, you may be much better off buying a house, paying as little as possible and stretching your payments out as far as possible.  The important thing is to make sure you can pay it off or at least keep making payments for a long time no matter what occurs.  Ultimately in a high inflation environment the debtor wins as long as you can keep making the payments and have an income source or something that keeps your savings tracking with the inflation.

Note, you assume that the banks are the loosers.  Which in our current environment is not true.  It's the owners of the MBS and those guaranteeing the banks (taxpayers).

V wrote:

This public display of charity that Gates and Buffett engage in has its roots in J.D Rockefeller giving out dimes to people to buff up his image.

They steal as much as they can then  give a few crumbs.

How are they stealing?  If they earned it, it should be theirs to do with as they please.  If you think they actually stole, then they should be prosecuted.  If they simply take advantage of the laws we keep putting in place, then it's fair.  Just like if you have a mortgage and write off the interest or you buy solar and use goverment incentives.  Do you consider that theft because you clearly are gaining benefit of others through government?  How about when you buy a new hybrid car and take advantage of the goverment subsidy?  After all that's money being taken involuntarily from some other citizen to provide you with that benefit.  At least with Gates and Buffett it's been provided voluntarily by others buying stock and products.  

 

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Re: Daily Digest 8/4 - The Plight of State Budgets, Home ...

WARNING: START SOAPBOX

The_Black_Death wrote:

There are only a few people out there who are truly "wealthy". Those people produce things we need and keep America in business. The rest are cutthroat assassins

Sorry but you are just truely clueless.  Let take your claim that Buffet and Gates are just stealing the country blind.  Let say you take all their wealth (every last bit in stock, investments, etc).  That gives you roughtly $100B dollars.  That would run the government at $3.4T for a grand total of 10 days.  Then what?  The problem is the government is bleeding  everyone dry.  It's not the wealthy you should be worrying about, it's all those that run small businesses who fall into the $250K (rich people) that Obama keeps talking about.  Those who can't keep their businesses afloat because of the massive government regulations and taxes.

So please, get a clue and quit whinning about those evil rich people!  Your just like all the news and politicians, finding some easy target to point your finger at and not discuss the real problem: Runnaway government.

END SOAPBOX

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Re: Daily Digest 8/4 - The Plight of State Budgets, Home ...

Here is an extra one:

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Re: Seattle Homeless Shelters
V wrote:

This public display of charity that Gates and Buffett engage in has its roots in J.D Rockefeller giving out dimes to people to buff up his image.

They steal as much as they can then  give a few crumbs.

Ding, ding, ding.  So true.

If you look at the Rockefeller's so-called philanthropy, virtually everything they "gave away" actually reaped them greater profits, political rewards, influence, etc. someplace down the line.  These people give nothing away without strings attached.

The American people, in my estimation, are indeed the most generous people on earth but most of these plutocratic sociopaths definitely are not.

I remember going out to lunch once with a small group that included a man (notice I didn't say gentleman) who was heir to a fabulous family fortune from both his mother's and father's side.  He stiffed the waitress saying her service wasn't very good (which, in fact, was a lie).  I was so mortified by his action that I rushed back and gave her his tip out of my pocket.  It didn't bother him in the least to have someone else pay his tip.    

 

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Re: Daily Digest 8/4 - The Plight of State Budgets, Home ...
rhare wrote:

If you think they actually stole, then they should be prosecuted. 

LOLOLOLOLOLOLOLOLOL!

You mean like how we prosecuted those folks at JPMorganChase, GoldmanSachs, Freddie Mac, Fannie Mae, Lehman Bros., Bear Stearns, Bank of America, Citibank, yadda, yadda, yadda.  And how we prosecuted executives at General Motors and many other corporations who have failed in their fiducaries duties in terms of properly funding pension funds, passing the buck on to the taxpayer through the PBGC.  And how we've prosecuted the silver market manipulators.  And how we've prosecuted those naked short sellers in the gold market.  And how we've prosecuted contractors in Iraq and Afghanistan for misappropriation of funds.  And on and on and on.  You mean those prosecutions?

During the savings and loan debacle in the 1980s, we prosecuted about 1000 individuals.

And just how many have we prosecuted during the present clusterf**k?

 

 

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Re: Daily Digest 8/4 - The Plight of State Budgets, Home ...
ao wrote:

LOLOLOLOLOLOLOLOLOL!

You mean like how we prosecuted those folks at JPMorganChase, GoldmanSachs, Freddie Mac, Fannie Mae, Lehman Bros., Bear Stearns, Bank of America, Citibank, yadda, yadda, yadda.  And how we prosecuted executives at General Motors and many other corporations who have failed in their fiducaries duties in terms of properly funding pension funds, passing the buck on to the taxpayer through the PBGC.  And how we've prosecuted the silver market manipulators.  And how we've prosecuted those naked short sellers in the gold market.  And how we've prosecuted contractors in Iraq and Afghanistan for misappropriation of funds.  And on and on and on.  You mean those prosecutions?

During the savings and loan debacle in the 1980s, we prosecuted about 1000 individuals.

And just how many have we prosecuted during the present clusterf**k?

DING DING DING - And why haven't we?  Because we have the government stealing from the citizens as a whole and handing out favors to their chosen few and spending the crumbs as you put it to buy votes.   Since we clearly can't solve the problem by having more government and regulation (we certainly have been trying), lets try the opposite approach.  Have a goverment that does the bare minimum and let businesses and people stand on their own.

The goverment is best which governs least.  -- Thomas Paine

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Re: Seattle Homeless Shelters
V wrote:

They steal as much as they can then  give a few crumbs.

V

Are you serious?  I know Bill has a funny rep for being hard-nosed, but I hardly think you could lump him in with the "other" thieves.  Personally, I find Bill and Melinda amongst the more inspirational people out there.....maybe I'm a sucker, but I think that this is one of the bigger spin-off contributions, setting a good example, something to shoot for.

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Re: Seattle Homeless Shelters
yoshhash wrote:
V wrote:

They steal as much as they can then  give a few crumbs.

V

Are you serious?  I know Bill has a funny rep for being hard-nosed, but I hardly think you could lump him in with the "other" thieves.  Personally, I find Bill and Melinda amongst the more inspirational people out there.....maybe I'm a sucker, but I think that this is one of the bigger spin-off contributions, setting a good example, something to shoot for.

yoshhash,

Consider this.  If someone breaks your arm, then sets the bone, puts a splint on, gives you a few pain pills, and pats you on the back and wishes you a speedy recovery, if he a good guy or a bad guy?

Does the following tell you anything regarding Gates' "philanthropy"?

"The generosity and extensive philanthropy of David Rockefeller has been credited as a major influence. Gates and his father have met with Rockefeller several times and have modeled their giving in part on the Rockefeller family's philanthropic focus, namely those global problems that are ignored by governments and other organizations."

Hint: read David Rockefeller's biography and find out about his so-called "philanthropy".

No disrespect implied but yes, you are a sucker.

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Re: Daily Digest 8/4 - The Plight of State Budgets, Home ...
IEA's WORLD ENERGY OUTLOOK 2009 FACT SHEET
 
snips:
 
Energy investment worldwide has plunged recently in the face of a tougher financing environment, weakening final demand for energy and falling cash flows — the result, primarily, of the global financial and economic crisis. Energy companies are drilling fewer oil and gas wells, and cutting back spending on refineries, pipelines and power stations. Many ongoing projects have been slowed and a number of planned projects postponed or cancelled. Businesses and households are spending less on energy-consuming appliances, equipment and vehicles.

In the oil and gas sector, most companies have announced cutbacks in capital spending, as well as project delays and cancellations. We estimate that global upstream oil and gas investment budgets for 2009 have been cut by around 19% compared with 2008 — a reduction of over $90 billion. Since October 2008, over 20 planned large-scale upstream oil and gas projects, involving around 2 mb/d of oil production capacity, have been deferred indefinitely or cancelled. The bulk of these projects are oil sands in Canada. A further 29 projects, involving 3.8 mb/d of oil capacity, have been delayed by at least 18 months.
 
The financial crisis has made it all the more uncertain whether the full energy investment needed in the longer term to meet growing energy needs can be mobilised. The capital required to meet projected energy demand through to 2030 is huge, amounting in cumulative terms to $26 trillion (in year-2008 dollars) — equal to
$1.1 trillion (or 1.4% of global GDP) per year on average in the Reference Scenario. Over half of all energy investment worldwide is needed in non-OECD countries, where demand and production are projected to increase fastest. With little prospect of a quick return to the days of cheap and easy credit, financing energy investment will, in most cases, be more difficult and costly than it was before the crisis.
 
==============================
 
$26 trillion over 22 years is equivalent to $135 million per hour non-stop. Since this is highly unlikely to occur given the above points, this is not simply a failure of political will,it is Peak Oil starting to bite.
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Re: Seattle Homeless Shelters
ao wrote:

No disrespect implied but yes, you are a sucker.

I'm pretty much a cynic, but I think you are just angry - perhaps you listen to those progressives too much and believe only the government can do good! (Although I'm not sure why your here at CM when individual resiliency and community are key concepts).  Here is recent link where Warren  Buffet has pledged to give away 99% of his Wealth and gates has already given away $28B.  Perhaps that's just a token amount to you and you want it ALL - Damn evil rich people!

Now to be sure, I hate Bill Gates business tactics which is why I refuse to buy Microsoft products (my choice), but he certainly has donated huge sums to charity.

 

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Re: Seattle Homeless Shelters

I rest my case the PR works

V

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Re: Daily Digest 8/4 - The Plight of State Budgets, Home ...

Now what were we talking about?

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Re: Daily Digest 8/4 - The Plight of State Budgets, Home ...

Error correction:  In my comment under HOME OWNERSHIP, I said, "This was the ultimate scam of bankers.".  What I meant to say was "This was the ultimate scam BY bankers."   Believe me, I don't stand on the side of bankers by any stretch of the imagination.

 

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Re: Daily Digest 8/4 - The Plight of State Budgets, Home ...

This is what those people have always done, "giving" away their money to "charity". 

Bill Gates’ $10 billion vaccine scam

 

So “donating” a billion dollars to develop a malaria “vaccine” could turn into tens of billions of dollars in drug sales in Africa alone, and Bill Gates, through his drug company investments, will quietly pocket more African blood money.

All the while a very successful malaria mortality reduction program is operating, effectively, safely and affordably, in Eritrea.

Why isn’t this being publicized internationally? Could it be that such a program is not going to put billions into the pockets of the drug lords of Western finance?

 

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Re: Daily Digest 8/4 - The Plight of State Budgets, Home ...
Quote:

Why isn’t this being publicized internationally? Could it be that such a program is not going to put billions into the pockets of the drug lords of Western finance?

Or could it be that Eritrea is a tiny desperately poor country sandwiched between Somalia and Ethiopia, two big desperately poor countries.  It's population is tiny (<6 mill.) and its economy is totally government controlled.  Private enterprise does not exist.  It is a significant source of traffic of men, women and children for labor and sex trade outside the country.

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Re: Daily Digest 8/4 - The Plight of State Budgets, Home ...

World Bank funded the Eritria anti-malaria program fwiw.  Given that the mosquito is the "animal" that supposedly has caused the most human deaths (I don't know if they include humans killing humans in that comparison....) I hope the Gates money finds a good home and a cure regardless of his personal motives.

http://www.eritreadaily.net/News2005/article200504281.htm

 

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Re: Daily Digest 8/4 - The Plight of State Budgets, Home ...

VeganD

Quote:

I hope the Gates money finds a good home and a cure regardless of his personal motives.

I think one of the realities we have to recognize is that, among the very wealthy, there seems to be a split personality problem.  Remember the robber barons?  They were largely ruthless businessmen whose goals were to garner power and make lots of money often on the backs of peon labor working in deplorable conditions.  But, they were also huge philanthropists.  Many of the institutions, including colleges and cultural institutions, they financed are still with us today.  I don't think today's captains of industry and finance are any worse than their predecessors, and many of them continue the tradition of philanthropy.  Their ability to focus their giving, particularly on the Bill and Melinda Gates Foundation model, is doing a lot of good.  So, you take the good with the bad.

BTW, my last post I accidentally sent before I finished writing and I was then distracted by work, so didn't get back to it.  The point was that whatever model their malaria program followed may well not be doable in larger contexts.  I don't know how big a program the World Bank could finance, but the whole of Africa is so big and populace with so many problems associated with poverty that it is unlikely there is any institution that could effectively address problems on that scale.  Oh yeh, Eritrea still has lots of problems with other infectious diseases.

https://www.cia.gov/library/publications/the-world-factbook/geos/er.html

Doug

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Re: Daily Digest 8/4 - The Plight of State Budgets, Home ...

Interesting blog

http://vinceseconomicblog.wordpress.com/

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Re: Daily Digest 8/4 - The Plight of State Budgets, Home ...
RogerA wrote:

This is what those people have always done, "giving" away their money to "charity".

So, what would you prefer, no one has money to donate? Or do you have a particular income level that you consider people just plain evil with no redeeming qualities?  Anytime I see someone words like "those people have always done",  it sure seems like you are being a bit bigoted and being driven by your beliefs and not facts.

So what do you think about Chris? I'm pretty sure he made a lot of money in his career.  He made the Crash Course and is giving it away, but I believe is still trying to make a living through advertisements, speaking engagements, etc.  Is he one of those EVIL people?

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Re: Seattle Homeless Shelters
rhare wrote:

I'm pretty much a cynic, but I think you are just angry - perhaps you listen to those progressives too much and believe only the government can do good! (Although I'm not sure why your here at CM when individual resiliency and community are key concepts).  Here is recent link where Warren  Buffet has pledged to give away 99% of his Wealth and gates has already given away $28B.  Perhaps that's just a token amount to you and you want it ALL - Damn evil rich people!

You think I'm angry.  Let me be unequivocal here.  I am angry and it is a righteous anger.  The same anger that drove the founding fathers to commit treason against the British crown, the same anger that caused Jesus to drive the moneylenders out of the temple with a rope whip ... yes, that kind of anger.  If you're not angry about what's going on, you're part of the problem.  Don't fall for that simplistic PC view of "anger bad, no anger good".  It's a bunch of horsecr*p.  Righteous anger has its place in effecting positive change in the world ... always has and always will.

Secondly, please don't fabricate your version of my thought processes.  No place in my posting history will you ever find me saying I believe only the government can do good nor do I lean toward progressives.  Also, your questioning of why I'm here at CM is a non sequitur.

And for what it's worth, I don't need or want Uncle Warren's or Gates' money, thank you ... I'm financial independent all on my own.  You've fallen for their PR and haven't analyzed exactly what is involved with their so-called "philanthropy".  Furthermore, pledging is different from giving.  Remember Daniel Drew?

I have nothing against rich people since that would involve self hatred.  What I do have a problem with is those hypocritical rich people who foster images of themselves as benefactors of society when, in fact, their actions and especially, the consequences of their actions, show the exact opposite.   

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Re: Daily Digest 8/4 - The Plight of State Budgets, Home ...

Read Crowdsourcing or Wisdom of Crowds.  Narrow points of view often don't lead to good answers or resolution to problems.

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Re: Seattle Homeless Shelters
ao wrote:
rhare wrote:

I'm pretty much a cynic, but I think you are just angry - perhaps you listen to those progressives too much and believe only the government can do good! (Although I'm not sure why your here at CM when individual resiliency and community are key concepts).  Here is recent link where Warren  Buffet has pledged to give away 99% of his Wealth and gates has already given away $28B.  Perhaps that's just a token amount to you and you want it ALL - Damn evil rich people!

You think I'm angry.  Let me be unequivocal here.  I am angry and it is a righteous anger.  The same anger that drove the founding fathers to commit treason against the British crown, the same anger that caused Jesus to drive the moneylenders out of the temple with a rope whip ... yes, that kind of anger.  If you're not angry about what's going on, you're part of the problem.  Don't fall for that simplistic PC view of "anger bad, no anger good".  It's a bunch of horsecr*p.  Righteous anger has its place in effecting positive change in the world ... always has and always will.

Secondly, please don't fabricate your version of my thought processes.  No place in my posting history will you ever find me saying I believe only the government can do good nor do I lean toward progressives.  Also, your questioning of why I'm here at CM is a non sequitur.

And for what it's worth, I don't need or want Uncle Warren's or Gates' money, thank you ... I'm financial independent all on my own.  You've fallen for their PR and haven't analyzed exactly what is involved with their so-called "philanthropy".  Furthermore, pledging is different from giving.  Remember Daniel Drew?

I have nothing against rich people since that would involve self hatred.  What I do have a problem with is those hypocritical rich people who foster images of themselves as benefactors of society when, in fact, their actions and especially, the consequences of their actions, show the exact opposite.   

You go ao. It would be nice if the money they made did not come from a zero sum game.

V

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Full Moon
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Re: Daily Digest 8/4 - The Plight of State Budgets, Home ...

 I would be thinking that the Bill Gates Fellow is right up your alley . Fixing the over population problem of the 3E's

 

\http://www.naturalnews.com/029911_vaccines_Bill_Gates.html

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