Clipmarks | Economic Clips

Lessons from the last real estate crisis

Tue, 07 Oct 2008 19:42:53 GMT

clipped by: Victoria Barret
clipper's remarks: Government home-buying programs can depress prices further and re-shape communities.

Clip Source: online.wsj.com

Officials in San Bernardino and Riverside counties are determined to avoid a repeat of what happened 20 years ago, when the savings-and-loan crisis led to a massive selloff of distressed real estate in the area by the federal government's Resolution Trust Corp.

In some cases, entire neighborhoods of what had once been homeowners turned into largely rental communities, further depressing property values and delaying an economic rebound.

Depressed real-estate values in areas across the country could slide further if homes are sold to large financial investors who then flip them to others who want to make a quick profit.

Tags: real estate, bailout

Women Hit Hardest By Economic Stress

Tue, 07 Oct 2008 19:13:41 GMT

clipped by: Allison Van Dusen
clipper's remarks: Data from the American Psychological Association's new 2008 Stress in America Survey shows that, compared to men, women are more stressed about money (83 percent vs. 78 percent), the economy (84 percent vs. 75 percent), job stability (57 percent vs. 55 percent), housing costs (66 percent vs. 58 percent) and health problems affecting their families (70 percent vs. 63 percent). Women ages 44 and up are most likely to report the economy as a major source of stress.

Experts say that if Americans continue experiencing these high levels of stress for extended periods of time it could up their risk of developing serious illnesses. In other words, stress begets stress!

Clip Source: www.marketwatch.com

The declining state of the Nation's economy is taking a physical and emotional toll on people nationwide, yet it is women who are bearing the brunt of financial stress, according to data from the American Psychological Association's newly released 2008 Stress in America survey.

Movement To Create A New State

Tue, 07 Oct 2008 16:13:46 GMT

clipped by: ColoradoRight
clipper's remarks: Who would have thought that there were people left in Kaleefornia and NOregon who were wanting to work timber and fishing:

Locals complain that federal and state regulators have hampered the fishing and timber industries to protect forestlands and endangered species such as sucker fish and the spotted owl. Jobs are so scarce that the median income in the area is only two-thirds that of the rest of the state. Most water from the rainy Shasta region is shipped south, with little economic benefit to the area. Even the California sales tax draws sneers.

Clip Source: www.sfgate.com

Some folks around here think the economic sky is falling and state lawmakers in Sacramento and Salem are ignoring their constituents in the hinterlands.

Guess the time is ripe to create a whole new state.

That's the thinking up here along the border between California and Oregon, where 12 sparsely populated, thickly forested counties in both states want to break away and generate the 51st star on the nation's flag - the state of Jefferson.

You can even hear the dissent on the radio, where 21 area FM stations broadcast from Oregon into California under the banner of "Jefferson Public Radio."

"We have nothing in common with you people down south. Nothing," said Randy Bashaw, manager of the Jefferson State Forest Products lumber mill in the Trinity County hamlet of Hayfork. "The sooner we're done with all you people, the better."

Tags: california, oregon, seccesion, state, timber, fishing

Confusing - This Economic Crises - Isn't It?

Tue, 07 Oct 2008 13:40:08 GMT

clipped by: nedhamson1
clipper's remarks: I f documented and undocumented migrant workers in US send less money back to their families and relatives at home, then their relatives can't buy exported US goods and the American economic crisis gets worse.

So, we need a bailout plan or economic stimulus plan to get more money into migrant workers' hands so they can send more money home, so they can buy US exports?

And all this time, fright mongers were telling us that migrant workers were costing us?

See it's confusing and not as simple as the simple minded have been telling us - eh?

Clip Source: www.radionetherlands.nl

Sharp drop in migrants’ money transfers from the US

by Martijn van Tol*

06-10-2008

The US credit crisis is also claiming victims far away from home. Latin American migrants in the US are sending far less money home than expected. The migrants and their families in their countries of origin are the victims of a faltering US economy. The double threat of job insecurity and inflation means that poverty is now a serious risk.

Tags: globalism, migrant workers, human rights, economics, bush league

Betrayal, forgiveness and money...

Tue, 07 Oct 2008 10:21:56 GMT

clipped by: balthazarus

Clip Source: www.nytimes.com

Citizen Enforcers Take Aim

The public urge for punishment that helped delay the passage of Washington’s economic rescue plan is more than a simple case of Wall Street loathing

The fury is based in instincts that have had a protective and often stabilizing effect on communities throughout human history

recent research suggests that in individuals, the fairness instinct is a highly variable psychological impulse, rising and falling in response to what is happening in the world

hardens in times of crisis and uncertainty

From the point of view of evolution, it’s not a problem but a solution

Clip Source: www.nytimes.com

psychologists demonstrated how easy it was to influence how often, or how intensely, people acted on such urges to punish.

Running thousands of computer variations of the investment game, scientists have found that the strategies that pay off the most are tipped toward cooperation.

most successful strategies is the simplest one: tit for tat

another, called firm but fair

forgiveness instinct

as wired

Tags: society, psychology, banks

It's over for McCain

Tue, 07 Oct 2008 10:05:24 GMT

clipped by: georgecf

Clip Source: blogs.tnr.com

Still, before Wall Street's collapse Senator McCain was ahead. His approval ratings remained high, his VP pick had generated excitement and interest, and his campaign operatives were capable, on any given day, of winning news cycles and giving their opponents fits. And then the underpinnings of American capitalism begin to sink -- and with them sunk McCain.

An election dominated at its inception by the war in Iraq is now overwhelmingly focused on the economy. More than half of voters in polls say that the economy is their top concern and Senator Obama enjoys double digit leads among voters asked who can better fix our economic mess. Put simply, there is no way Senator McCain can win if he continues to trail Senator Obama by double digits on the top concern of more than half of voters.

Tags: mccain, obama

L.A. Times Cuts Out McCain’s Remarks About Economy

Tue, 07 Oct 2008 09:24:04 GMT

clipped by: merrie
clipper's remarks: Then Quotes Barack Obama Saying McCain is Scared to Talk About the Economy

"Our current economic crisis is a good case in point. What was his actual record in the years before the great economic crisis of our lifetimes?"

At which point McCain launched into the amazing speech quoted by Ed Morrissey at Hot Air, during which he laid out the case, at great length, for the Democrats’ responsibility for the mortgage crisis.

Does the L.A. Times report one word of that? No. Instead, they cut the quote of McCain’s speech short there, right before he talks about the economy, and proceed to quote Obama as claiming that McCain is scared to talk about the economy:

Speaking with reporters in Asheville, N.C., where he is studying for Tuesday’s debate, which is to focus on the economy and domestic issues, Obama pointed to recent reports that the McCain camp wanted to get away from economic issues, a topic that polls show benefits the Democrats.

Clip Source: www.patterico.com

Today John McCain finally began to tell the country about his own efforts to regulate Fannie Mae and Freddie Mac, and the Democrats’ incredible inaction. Yes, as many of us had urged, McCain finally talked about the economy, and the conservative blogs went nuts. Republican bloggers know that McCain has to talk about this, because the economy is the top issue concerning Americans, and McCain has a good story to tell — even if it’s one that the media has been ignoring.

How did the L.A. Times cover McCain’s stunning speech taking on this core economic concern?

By pretending McCain never said it, and by quoting Barack Obama talking about how McCain is scared to talk about the economy.

I’m not joking:

At a rally here, McCain also lumped Obama in with Chicago politics’ history of corruption, while Obama responded that the Republicans were fostering political shenanigans and scare tactics.

McCain’s very next words, which never appear in the L.A. Times, were these words:

Tags: john mccain, fannie mae, democrats' inaction, l.a.times

Boy - How could I have said this?!

Tue, 07 Oct 2008 09:09:09 GMT

clipped by: davboz
clipper's remarks: The sway artists DO control the elections. Without the "good" opinions, a guy who actually knows economic issues as a winner in that arena, was demolished by the press.
Oh, so subtly
-------
REPORTER: "Today we look at whether a Mormon can get elected in the United States."---------
---------------
My ASS! Shake yourselves. We've been drifting to some hybridized freak nation of Socialism/capitalism/Communism/shadow-dictatorship since long before Bush and both parties are patsies, tools. Both are complicit, half-braindead useful idiots.
I am off to Belize. There is no going back.
America has had its day.

Clip Source: content3.clipmarks.com

Magic Number

1,191

Romney

McCain

Huckabee

Thompson

Paul

Giuliani

Hunter

Total Delegates*

Clip Source: clipmarks.com

davboz says:

What wins is number of delegates.
Put to the side all the B.S. from the idiots trying to sway things.
There are STILL - as of Jan.19th - people saying Romney doesn't have the support to keep going.
Mostly those are the ones who believe the "sway" artists really control the campaigns and that the thing is won by mindless voters who will change their votes according to who won the previous primary. RIDICULOUS.

Innocent Govt Bailing out Evil Industry=NOT !

Tue, 07 Oct 2008 08:38:51 GMT

clipped by: davboz
clipper's remarks: Congress passed the Sarbanes-Oxley Act in 2002, placing some very stringent, inappropriate, and inflexible reporting rules on financial institutions. Under this law, financial assets must be valued at fair market value--- even if they are not for sale! The Working Capital Model eliminates this problem entirely, but it is difficult to apply when the individual securities are not identifiable.
More than 95% of Americans are making their mortgage payments right on schedule, yet there is no market for the financial products that contain these mortgages. Consequently, balance sheets reflect trillions of dollars less than the maturity value of the securities held by the financial institutions.

Clip Source: www.tcsdaily.com

Every new controversy demands a look at similar situations of the past.

Lee Iacocca arranged a government loan and tax concessions to bring Chrysler

from the brink of bankruptcy-

The economic domino effect of a major corporate death was clear, and Congress acted wisely

But was it poor management or shortsighted government that caused the problem.

Bailout or fix-up?

. But the average Joe's investment in the success of these perennial scapegoats for bad government has risen from zero dollars to all of our dollars. Every failure takes a piece of your retirement program with it.

all taxpayers are investors

Most politicians still can't connect the dots, and seem to be formulating policy based on the latest consensus of public blogs.

It wasn't the financial institutions that decided to make mortgage money available to practically anyone who wanted to own a home--

they enabled the predatory lending practices that misguided many first time homebuyers.

flipping became as popular as Monday Night Footbal

Estrus exists.

Tue, 07 Oct 2008 08:38:38 GMT

clipped by: comy1234
clipper's remarks: Girls that are about to produce an egg are found to be more attractive in men's perception.
Which means when you really really want to fuck that girl, that means she's gonna make you a baby daddy.

Clip Source: www.sciencedirect.com

Ovulatory cycle effects on tip earnings by lap dancers: economic evidence for human estrus?

we examined ovulatory cycle effects on tip earnings by professional lap dancers working in gentlemen's clubs. Eighteen dancers recorded their menstrual periods, work shifts, and tip earnings for 60 days on a study web site. A mixed-model analysis of 296 work shifts (representing about 5300 lap dances) showed an interaction between cycle phase and hormonal contraception use. Normally cycling participants earned about US$335 per 5-h shift during estrus, US$260 per shift during the luteal phase, and US$185 per shift during menstruation. By contrast, participants using contraceptive pills showed no estrous earnings peak. These results constitute the first direct economic evidence for the existence and importance of estrus in contemporary human females, in a real-world work setting. These results have clear implications for human evolution, sexuality, and economics.

Tags: ovulation, research, lap dancing, strippers

UK in Recession

Tue, 07 Oct 2008 07:52:28 GMT

clipped by: abailart

Clip Source: news.bbc.co.uk

Britain is already in a recession, which is worsening and could see unemployment rise by 350,000 by next year, a business group has warned.

A quarterly survey of 5,000 businesses by the British Chambers of Commerce (BCC) says confidence has collapsed in both manufacturing and service sectors.

Technically the UK is not yet in recession - defined as two consecutive quarters of negative economic growth.

But the BCC described the survey results as "exceptionally bad" and said the economy was under "immense pressure" for the second quarter in a row.

The BCC believes the number of people out of work will rise by between 300,000 and 350,000 over the next year or two, which would take the unemployment total to more than two million.

Tags: uk recession

When the government says "bailout"

Tue, 07 Oct 2008 07:48:23 GMT

clipped by: comy1234
clipper's remarks: That's really Bush's way of saying "suck it" to everyone who isn't in the top 2% of the economic ladder.

Clip Source: news.yahoo.com

Lehman sought millions for execs while seeking aid

But it allowed lawmakers still smarting from a politically painful vote Friday for the largest federal market rescue in history to put a face on their outrage at corporate chieftains who took home hundreds of millions of dollars while betting on risky mortgage-backed investments that ultimately brought the financial system to its knees.

"You made all this money by taking risks with other people's money," Rep. Henry Waxman, D-Calif., the panel's chairman, said. "The system worked for you, but it didn't seem to work for the rest of the country and the taxpayers, who now have to pay $700 billion to bail out our economy."

And he said a compensation system that he estimated paid him about $350 million between 2000 and 2007 even as the company headed for disaster was appropriate.

Tags: bailout, rich, executive, bastards

Mungo MacCallum - Political Corrections

Tue, 07 Oct 2008 07:39:38 GMT

clipped by: tabsey
clipper's remarks: If you wish to learn a little about Australian politics, this is as good a place as any to start. So Rudd wants Australia to play a bigger part of the world stage. Big deal, that's the way the rest of the world is going.

Clip Source: www.echonews.com

In a climate of economic uncertainty critics warm to their cause

So Kevin Rudd has become a bit self-indulgent.

We are told this on the very best of authority: one Malcolm Bligh Turnbull, who is, after all, a world expert on self-indulgence. The focus of his criticism is that the man formerly known as Kevin 24/7 because of his obsessive work ethic is now to be called Kevin 747, in response to his penchant for overseas travel.

Well, hang on there. Rudd had barely moved into The Lodge before his critics were berating him for not visiting Japan. Since then he has done a fair bit of catching up and has indeed spent more time outside Australia than John Howard did in his first year in office; but then, Howard took the job as a notorious xenophobe. It was only in the latter years of his reign, when he was running out of friends in Australia, that he began taking refuge overseas, with his face constantly popping up at international sporting events as Janette scoured the world’s shopping malls.

Tags: politics

My Political Compass

Tue, 07 Oct 2008 06:22:00 GMT

clipped by: boniface

Clip Source: www.politicalcompass.org

Economic Left/Right: -5.50
Social Libertarian/Authoritarian: -4.77

Keating Economics: John McCain and the Making of a Financial Crisis

Tue, 07 Oct 2008 04:09:42 GMT

clipped by: zizzy
clipper's remarks: Share this video with everyone you can.

Clip Source: www.keatingeconomics.com

The current economic crisis demands that we understand John McCain's attitudes about economic oversight and corporate influence in federal regulation. Nothing illustrates the danger of his approach more clearly than his central role in the savings and loan scandal of the late '80s and early '90s

When the savings and loan industry collapsed, Keating's failed company put taxpayers on the hook for $3.4 billion and more than 20,000 Americans lost their savings. John McCain was reprimanded by the bipartisan Senate Ethics Committee, but the ultimate cost of the crisis to American taxpayers reached more than $120 billion

The Keating scandal is eerily similar to today's credit crisis, where a lack of regulation and cozy relationships between the financial industry and Congress has allowed banks to make risky loans and profit by bending the rules. And in both cases, John McCain's judgment and values have placed him on the wrong side of history

[Video]

Downloads: .MOV (148.5MB) | .MP4 (29.5MB)