patrick.net

I don’t like unagi, but love all forms of raw seafood - I’m a sucker for really good uni or scallop.

Sorry, but I guess you will have to relocate to Hokkaido then. :)

Nevertheless, their uni and hotate are pretty good. I love raw seafood too, especially raw shellfishes, except oysters.

Amazed,
Ya, I vent here, and that's probably not very pleasant for the people on the blog. I guess we actually do have ot pretty good. We had some friends come down from Seattle this weekend. The job situation isn't that great up there, and they were living in a not so great condo complex. All weekend they told us how great our rental house was, and in retrospect, it is. We have a yard, garage, lemon and orange trees, and a safe neighborhood. That and we don't pay much to live there. Heck- one of the housemates is leaving, but the cost is still less than if we got out own place, so we suddenly have 2 extra rooms.. to do whatver we want with. After they left I did think... Gee, we're pretty well off compared to a LOT of people we know, and they all rent too. I sometimes think we're better off than some who bought.
Anyhow, sorry for all the venting.I'll try harder to keep it under control.

Peter P,
Why not oysters? You probably don't like Zuni's then? On the other hand, how about BBQ'ed oysters with Everett and Jones sauce on them - mmmm

After this extreme recession/depression begins to unfold in the coming months and we suffer through a time of poverty, we will begin the healing process. How the US emerges from this may be drastically different from how it is today. And in my opinion, change isn’t always a bad thing. In fact, I’m looking forward to it, and just about none of my reasons include money.

I'll second (or third?) that. I've seen a lot of gloom-and-doom in this thread about how awful it would be if the Fed were to "allow" the market to self-correct, resulting in much lower RE prices. And yet this kind of large-scale, "paradigm shift" away from the Debt=Wealth model is exactly what thic country needs, IMO.

Frankly I question whether or not RE price collapse in the bubbliest markets would even be that bad extreme for mosts states (many of which are not experiencing a bubble). And why would a return to sensible lending/home prices be so "awful"?

Awful for WHOM exactly?
--The specuvestor/flippers who incited the bidding wars and priced working class families out of the market here?
--The sub-prime mortgage lenders who provided the no-doc toxic credit to the specuvestors, enabling them to start bidding wars?
--The GSEs and FCBs who assumed most of the default risk for sub-prime mortgage lenders, so they could extend unlimited credit to any flipper with a pulse?
--The daytraders-turned-Realt-whores?

Why should I feel any pity for these groups whatsoever? The only group I do feel sympathy for are the honest decent working class people who --through no fault of their own-- got hoodwinked into this massive shell game out of ignorance of market economics. They just listened to the MSM and self-appointed industry "experts" and sadly are going to get f@cked along with the flippers.

But even the fact that the innocent will suffer along with the guilty is no reason not to let the bubble implode under it's own weight. The consequences of trying to "soften" the crash will only prolong the pain for many, while continuing to allow the massive mis-allocation of capital to continue. The faster and harder the crash, the quicker the return to market sanity and the better for all concerned.

Why not oysters? You probably don’t like Zuni’s then? On the other hand, how about BBQ’ed oysters with Everett and Jones sauce on them - mmmm

Somehow I do not like the taste, smell, and texture of an oyster. BBQ seafood sounds good! I want mine with mayo.

nomad, newsfreak,
I read somewhere (the Chronic-le?) about this website:

http://www.fallenfruit.org/

It maps public parks, etc that have fruit trees that people have found with edible fruit. You can just use the map to find free produce. Someone needs to do this for the BA!

I agree with the "get it over with quickly" sentiment. And while I hope that many of the "honest decent working class people" learn from the experience, I suspect that's too much to hope for. And this is why:

A *huge* proportion of people cannot make *correct and accurate*
generalisations of principles. They have to learn everything as if
it's an unrelated piece of crap, BECAUSE THEY ARE STUPID! PEOPLE ARE
STUPID! -- Thorfinn

Before anyone jumps on me for attacking working class people, let me say that I think the above applies to all classes. I personally take the "specialization is for insects" attitude.

// Just hoping that the damage is mostly contained to the truly deserving.

Peter P Says:

BBQ seafood sounds good! I want mine with mayo.

Have you been to Kirala in Berkeley? They have a robata bar, and they have these baby lobster tails grilled with some kind of mayo topping - so good!

Completely OT,
But did anyone else see this headline on CNN.com and bust a gut?

http://money.cnn.com/2006/04/09/news/economy/oil_gasprices/index.htm

"Bracing for Summer Gas Pains"

Ouch - get out the Beano!

New thread: Housing Bubble Pre-Flight Checklist

Karmic Bubble Correction

I am going to consult my astrologer.

HARM-

Hear, hear.

I am in an exceptionally foul mood today, so I will say something extremely mean-spirited: I don't even feel that sorry for the blue collar homeowners.

Sure, they are financially unsophisticated. Sure, they were getting a lot of bad advice from older friends and relatives ("real estate always goes up," "I couldn't afford to buy my own house," blah, blah, blah.)

They don't know who Ben Bernake is, what the LIBOR rate is, or whether their ARM will adjust.

But each and every one of them knows that $600,000 is A LOT OF MONEY. More than they can afford. And when someone offers to lend them that much, they all know that something smells fishy. But they are holding their noses and signing on the dotted line anyway.

They also know that debt=bad.

Everyone has heard of the concept of a 20% down payment. And ain't none of them putting down no 20%.

Interestingly, the people I feel a little bit sorry for are the 20-somethings and the FOB immigrants. These people have very little experience with the US economy. Heck, you tell a kid in his early 20's that he can afford a $450,000 condo, and he'll probably believe you. Same goes for the FOB immigrants.

But your average Joe Sixpack buying a $400k tract home in Ontario, and then "cashing out" some equity to get a new Tahoe and a flat screen TV -- these people are just stupid.

I hope they all suffer.

I hope they all suffer.

Why hurt your karma by wishing harm on other people? What needs to happen will happen.

I do, however, avoid hydrogenated fats and high fructose corn syrup and I’ve never smoked. But you’ll have to pry that butter out of my cold, dead hands.

@SFWoman,
You are absolutely 100% dead-on correct. If everyone followed this tiny piece of advice, there would be no obesity/diabetes epidemic here.

But you’ll have to pry that butter out of my cold, dead hands.

I like flavored (e.g. herb, anchovy) butter.

High fructose corn syrup? It is something we should uninvent.

@newsfreak,

"Karmic Bubble Correction" has been added to the Housing Bubble Glossary

It’s nasty and should be avoided.

Although I love food, I do not drink sofa or consume much processed food. Perhaps this is why I am still under 200. :)

Skibum,
Thanks for the "Fallen Fruit" link. Given the price of fresh avocadoes & lemons, I may be going "shopping" this weekend.

HARM,

I think you live pretty close to the Claremont Colleges. I highly recommend the fruits there, particularly Pitzer's citrus grove. Pitzer's experimental garden is also open to public grazers, the kumquats are very good.

Afterwards, you can pick a bouquet of flowers for your wife. Scripps has a beautiful patch of birds of paradise as well as a rose garden. They should both be in full bloom right now. There's a free picking policy in effect.

Astrid,

Thanks for the info. I actually went to one of the Claremont Colleges as an undergrad (won't say which one --can't give too much away ;-) ), so I know exactly what you're talking about.

HARM,

I would tell you an even better source of free food, but that would totally give away my identity. :P

Randy,

From Merriam-Webster Online

inflation (noun): an increase in the volume of money and credit relative to available goods and services resulting in a continuing rise in the general price level .

From Webster Online

inflation (noun): A general and progressive increase in prices.

If dictionaries can't agree on a definition of inflation, I can't expect we will. The first definition is the classical definition of inflation and simply means that the money supply is growing. This is what many people refer to as "monetary inflation" to distinguish it from "price inflation". Let's not dwindle on the definition of "inflation" and instead refer to "monetary inflation" and "price inflation" to describe these two obviously different phenomenon.

Once we're past the semantics, there are some unanswered questions I posed to you that I’d like to get back to.

All inflation is monetary.

I would tell you an even better source of free food, but that would totally give away my identity.

Join Google, another source of free-food. Wait, I mean you will not need free food. :)

Well, I'll put it in terms HARM might understand. :) I made a mean cheese tray when I was in college.

Zephyr,

That was my stance, but frank has pointed out (correctly) that this is semantic in our debate (on fiat money), so we can move past it. You and I obviously subscribe to neoclassical economic theory, at least insofar as the quantity theory of money.

Frank,

We can continue the fiat money debate if you wish, or we can pick it up when a more econ-focused thread comes up sometime soon. If none are posted by other authors I'll probably start one myself within a week.

"I’ll probably start one myself within a week."

Cool. thx.