patrick.net

"still sitting there at the bottom of the thread like last night’s bean dip"

That whole conversation sitting there like last night's bean dip! I should ban myself from the blog. Really, it was such a clean, well-lit place until recently. And look, we've killed the thread too. Now no one wants to post.

Huh.

Grand slam indeed.

:::::::walking in::::::::::

Look at this mess! Especially all that bean dip strewn around.

For a bit of on-topic filler, I'll post something from the recent past.
Interesting how realtor reports like this feel already dated?

"Market Conditions for Santa Barbara, California
Reported by Lori Hoffman, Realtor, SRES, ABR
As of August 12, 2005.
Is there a bubble, or isn't there? We're having a surprising amount of multiple offers on properties. Yes, there seems to be more properties on the market than usual, but remember, this is the time of year when people are engaging in relocating; you expect the activity to slow down a little in August and September as everyone heads out for vacations and back to school respectively.

Does a bubble exist here in Santa Barbara? Probably not. Our real estate climate here in Santa Barbara can be compared to a balloon where a little of the air may slowly leak out, but the operative word being "little". The reality is that Santa Barbara is a micro-climate, if you will, which doesn't adhere to the rest of the country's housing situation...etc."

Some fodder from today's FT, page 6:

Bush's tax panel calls for sweeping reforms

Regarding the proposed mortgage tax deduction reforms:

Each year the loophole costs about $75bn in lost tax revenue, making it the second most expensive deduction on the tax code[...]

If anything, the housing industry is more powerful [as a lobby] than it was in the 1990s. About 40 per cent of all new private-sector jobs over the past four years have been created in construction, mortgage broking and other businesses realted to housing.

Just for reference, there are 2 tax reform plans:

Plan 1:
* eliminate corporate income tax on earnings outside the US (making us the same as most other countries)
* elimination of all taxes on dividends
* capping deduction on home mortagage interest and employer-sponsored healthcare plans
* elmination of federal deduction for state and local taxes paid
* complete abolition of the AMT

Plan 2:
* complete abolition of the entire federal income taxation system and replacement with a progressive consumption tax system with 4 rates, from 15 to 35 per cent.
* capital gains taxed at a flat 15%, regardless of short/long position.

I give the new tax plan a very low chance of gaining the political momentum necessary to survive Congress. I think home mortgage interest reforms, if anything, would be sacrificed to get reform on dividends taxation and captial gains reductions. Remember, we're heading into the midterm election season by the time this stuff hits the Congressional committeess. None of these jokers are going to take a stand against home mortgage interest deductions during an election cycle.

Just my opinion, not a prediction. I'll let Peter P do that.

...loophole does little to promote home ownership as about 55% of the benefit goes to households with incomes of more than $100,000 per year — that is, to those who would own homes regardless of the tax incentive.

That's a very general view on how wages affect affordability. Obviously, $100K is hardly enough income to buy a home around here (responsibly). It seems that location plays a greater role than income. Perhaps the mortgage tax deduction should be somehow indexed against the local median RE price? It seems reasonable (to me) that someone making $100K in SF should get a greater deduction than the same wage in Phoenix. That might also reduce the inevitable exodus of workers and business looking for lower overhead.

Yeah, Surfer X gives me all this bong flack… when he is probably gurgling his way off the deep end in some sunken pit bar with a bubbling orange liquid centerpiece and hostesses with slit skirts.

Hehehehe, nope, not me, do like to get my drink on though, but not as much as I used to, man those 2 day hang overs are the worst.

Does a bubble exist here in Santa Barbara? Probably not.

I work in Santa Barbara, man the chicks are amazling hot, but RE, well that's a different story. Last time I checked I thought i saw that -1.8% of the population could afford to live there. Did I mention that the chicks are hot?

Wish I could have played last night, but I am very saddened to report, the large orange cat, Mr. Fuchs, is missing. 6 days now and I'm headed down a depression spirial with no end in sight. Perhaps Jack could pass the duchy on the left hand side.

Just my opinion, not a prediction. I’ll let Peter P do that.

However...

The rich will benefit from the changes because the elimination of the AMT will offset the loss of home mortgage deduction.

The poor will benefit if home mortgage deduction is changed into "family credit" because they do not itemize any way.

Who is going to lose?

The real estate industry. They are going to fight with their lobbyist. However, the Wall Street is going to push for the change because the elimination of AMT will boost many investment products. Once the housing bubble pops, the real estate industry will be out of flavor.

Coastal blue state middle-class homeowners. The changes are target towards them.

"Did I mention that the chicks are hot?"

Hmm. Could this be an unaccounted-for factor in SB's bubble?

"the large orange cat, Mr. Fuchs, is missing."

I'm sorry about your cat. Both of the cats I've had disappeared on a few occasions for days and days. During that time, I was frantic but tried to console myself with the idea that at least they'd gone out having some crazy adventure rather than being stuck in the house bored and fat. But they eventually reappeared all dirty and hungry. So there's still hope. Have you tried leaving food outside? That usually brings every cat in the neighborhood around.

Coastal blue state middle-class homeowners. The changes are target towards them.

Except that elimination of state and local tax deductibility will significantly shift tax burdens away from red states and towards higher-state-tax blue states. Or is that what you mean?

I had read in the WSJ that there was to be regional indexing, but that appears to have been dropped from the final recommendations. There is a huge legal problem with indexing. As I understand it such indexing is prone to be challenged and potentially overturned by the Supremes. We'll see when they finally rule on state-tax business incentives.

Eurozone inflation hits highest rate since 2001.

If the ECB finally moves on rates, then things will start to get interesting, as if we're short of content.

Except that elimination of state and local tax deductibility will significantly shift tax burdens away from red states and towards higher-state-tax blue states. Or is that what you mean?

Right. Indexing will not work because it defeats the purpose of simplifying the tax code.

Not sure whether this is the right thread to post this….Huh?

Huh? I thought we discuss everything here.

Have you tried leaving food outside

Jamie, thanks for the idea, I called the Mrs. and had her put a bowl out. Good idea, perhaps the other panhandling felines will tell him where he can get a hand out. He's the most amazing cat you'll ever see, 8 toes, 18lbs, bery bery beautiful and an asshole.

did you try fliers in the neighborhood?

Tried flyers, there is a hill right behind our shack and tons of area for a jerk cat to hide. I'm putting reward fliers in all neighborhood mailboxes this weekend. Orange fucker cat is getting hobbled when he comes back. His outside priviledges are revoked!

why don’t we annex the damn federal reverse too . paying a privately held company to print our money is retarded.

The Federal Reserve System already operates by the will of Congress. It is a quasi-government corporation which serves to shield it from politics of the moment. Congress already has the power to directly reclaim this priveldge (but I wouldn't hold your breath). The creation of such a system is one of the basic tenants of economic market theory.

Clause 5, Section 8 of the US Consitution:
"To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures; "

Surfer-X

My orange cat's an asshole too, but then aren't they all? But we love them anyway. My old tom cat used to disappear around mating season. He'd stagger in happy and beat up about a week after he left, so hopefully yours will turn up soon. I think the food outside is a good idea.

Legalizing drugs? My only problem is that if my kids decide to give it a try I couldn't even use the argument that they're illegal. You can bet I'll tell my kids how dangerous they are, but if they can go to the local drug store and actually buy hard core drugs it would probably be a losing battle.

Yikes, I said 'hard core.' That's asking for trouble around here.

I do not let my cats go outside...

Legalizing drugs?

Nah. Drugs are bad. We should have mandatory death sentences for deal dealers.

SactoQT, thanks, yup those orange ones are jerks. Mine especially so. He has an empty velvet sack, no huevos, so I really don't know what his problem is. Each time I take him in for a check up I have them massage the velvet bag to make sure, he seems to like it, usually the interns are pretty hot, so I've thought about asking....never mind. He went AWOL once for 14 days, so he's got a few more days before I really lose it. Have had him for 10 years or so, too big of a hit to lose him. Not replaceable.

I do not let my cats go outside…

Peter P, almost impossible to keep him inside, the female brown/black/silver tabby yes, the big orange dummy, very very hard. Our street (san luis & bay) backs against the hill in Pismo and dead ends, so very low danger of a car getting him. My biggest worry is a poacher, he's very beautiful, giant, and very orange. Don't know if someone would just keep him, but hey I've been shocked how the greater unwashed behaves.

He went AWOL once for 14 days, so he’s got a few more days before I really lose it. Have had him for 10 years or so, too big of a hit to lose him. Not replaceable.

Let's hope that your cat will be back soon. Does he have a microchip?

Nah. Drugs are bad. We should have mandatory death sentences for deal dealers.

That's pretty harsh. Would you extend that to Glaxo Wellcome, for the drugs they produce and market which are misused to societal detrement? The problem with drugs is supply-side solutions are impractical. And criminalization clearly doesn't work on the demand-side, or do we need to return to the history of the great experiment in prohibition?

yup those orange ones are jerks.
I saw a thing on TV about Mackerel Tabby's once, and they said if you look at their foreheads you can actually see a pattern in the fur that forms an M. We looked at ours and lo and behold, there it was. We decided it stands for "menace."

Maybe the cat doesn't need huevos to think the chicks are hot........
My mom's dog doesn't have any either and that hasn't stopped him. Pets.. gotta love em.

I do hope your cat turns up though.

I do not let my cats go outside…

Mine no longer has outdoor privileges either, saves me some headaches.

That’s pretty harsh. Would you extend that to Glaxo Wellcome, for the drugs they produce and market which are misused to societal detrement? The problem with drugs is supply-side solutions are impractical. And criminalization clearly doesn’t work on the demand-side, or do we need to return to the history of the great experiment in prohibition?

But Singapore got it working, no?

What's Singapore's stance on drugs? They're pretty harsh aren't they?

see a pattern in the fur that forms an M. We looked at ours and lo and behold, there it was. We decided it stands for “menace.”

Mine has one too, but I thought it stood for "Mach 5"

But Singapore got it working, no?

Sure, it is possible as in Singapore (which is easy to defend from suppliers compared to the US). But at what cost? The US was just harshly criticizing Singapore on human rights issues last weekend as our Embassador of many years retired. Heavy handed solutions which sacrifice personal liberties are not solutions, in my opinion. Perhaps people just need to be given the motives and education to act responsibly, and those who don't should be dealt with (and probably not by executing them, lol). "If a man does not choose feely between good and evil, then he is neither good nor evil".

My cat's too lazy to be called "Mach 5." Mosey or meander would be more accurate.

What’s Singapore’s stance on drugs? They’re pretty harsh aren’t they?

They are...

http://tinyurl.com/8rcyh

The funniest thing about stripey cats is when you wet them the stripes go away. One of the most amusing things I've ever seen. Wet orange cat has no stripes. Wet silver tabby turns into a salt/pepper pattern when wet. It's part of my dissertation work, "On the effects of moisture on the North American Domestic Medium hair feline".

I'm afraid to get my cat wet.

“If a man does not choose feely between good and evil, then he is neither good nor evil”

Law enforcement is more than a form of punishment. It is also a form of deterrence. Whether someone is good or evil is irrelevant IMO.

If we use caning and execution more widely, the prison over-crowding problem will be solved and funds can be put into good uses.

If we use caning and execution more widely, the prison over-crowding problem will be solved and funds can be put into good uses.

Wow Peter, I didn't know you had it in you.

Peter
I'm not making any judgements, sometimes what works is harsh, but necessary.

If we use caning and execution more widely, the prison over-crowding problem will be solved and funds can be put into good uses.

Only if done in public. Way back when I was in elementary school if you were sent to the Principles office he had the option of paddling you. Our Principle had one arm and word on the street was the strength from the missing arm went into the remaining one. Needless to say, you avoided a trip to his office at all costs.

Let the caning begin.

I went to school in Oregon for awhile and they called a paddling a "hacking." Most kids were afraid of that punishment. Since they are no longer allowed, kids don't have any fear left. Now it's the teachers who are afraid. IMO

Very true….The roles have reversed….The kids can do just about anything they want and if the teacher lays a hand on them, major lawsuit.

Yup.