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Rise of the Bandos!*


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2008 Feb 19, 3:27am   28,262 views  201 comments

by HARM   ➕follow (0)   💰tip   ignore  

*pun courtesy of CalculatedRisk

Intractable social problem: meet opportunity.
Some homeless turn to foreclosed homes

There have been several posts from yours truly contemplating this very idea, and now it looks like the word is out on the street and being put into practise. Could there be a more perfect, complementary "market-based" solution to the twin problems of: a) homelessness, and b) housing bubble oversupply?

Personally, I wouldn't object to having some of my tax dollars diverted to formalizing the "Bandos" into a legitimate form of public housing (with appropriate oversight by law enforcement and building inspectors, of course). It sure beats maintaining the status quo on both fronts: skid row/downtown areas overrun with stinky homeless people urinating, shooting up, and prostituting themselves in public; and depopulated suburban Specuvestor cities replete with mosquito-infested swimming pools and McMansions being turned into gang 'safe houses' and crack/meth factories.

HARM

#housing

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62   Peter P   2008 Feb 20, 2:53am  

I don’t think McCain has any chance of winning against Obama if he gets the nomination. McCain is nicknamed as Bush III for his stance on war and Mr Bush is the most hated President now.

I think McCain will still win regardless. However, it is nice to see a landslide victory.

The Iraq war is horrible and I am certain McCain can make improvements. Other than Iraq, Bush isn't worse than any big-government Democrat. Also, Bush is NOT the populist politician type that we despise.

63   HARM   2008 Feb 20, 3:08am  

I prefer to have Hillary Clinton as the Democratic nominee. Obama poses to much threat to McCain.

McCain's not a bad guy, but between the two, I'll take Obama. Not perfect either, but at least he doesn't have to tow his party's disastrous foreign policy & war baggage with him.

64   HiThere   2008 Feb 20, 3:09am  

In USA voters generally don't elect old candidates. McCain is 71, and will be 72 by the time he gets into the office early next year (if he gets elected). Regan was the oldest President to be elected at 69 and FDR was youngest at 42.

65   Peter P   2008 Feb 20, 3:12am  

Regan was the oldest President to be elected at 69 and FDR was youngest at 42.

Many people agree that Reagan is the best President ever.

FDR stole gold from Americans and created the New Deal crap.

66   HARM   2008 Feb 20, 3:22am  

FDR stole gold from Americans and created the New Deal crap.

And instituted the SEC, Social Security, the FDIC and steered us (victoriously) through WWII. The New Deal you blithely dismiss as "crap" may also have prevented a Communist revolution during the depths of the Great Depression. Perfect? No. But let's give credit where credit is due.

67   HARM   2008 Feb 20, 3:23am  

FYI: my dad might have starved if it weren't for the CCC, so I indirectly owe my life to FDR.

68   HiThere   2008 Feb 20, 3:24am  

Peter P

What do you mean by "The Iraq war is horrible and I am certain McCain can make improvements"?

Do you think we should continue to support one past mistake or try to improve on past mistakes? In medical terms when one of your body parts is rotten and it starts spreading into other parts of your body it is always suggested to chop off that part before it is too late. We should retreat from IRAQ ASAP. There is no alternative.

Obama's CHANGE campaign is working so well because he is proactive on his stance on IRAQ and other issues. Now, what he does after getting elected is another story.......but for now he saying things that is most obvious and I can agree to that.

69   HARM   2008 Feb 20, 3:29am  

Let's try to keep some perspective here: integrity and good ideas have no party affiliation.

70   justme   2008 Feb 20, 3:33am  

DinOR,

Well put. I should get one of those bumper-stickers, too.

I think Bush and McCain both should be sent to the Iraqi desert, where they could wander around for 40years until they regain their senses, if that is possible.

HARM,

>>McCain’s not a bad guy,

Seriously, McCain is a VERY bad guy. He does not see anything wrong with occupying Iraq for 100 years. That would be a mistake of truly biblical proportions.

Here's a thought: You know how it is popular for right-wingers to say well-if-you-hate-America-so-much-then-why-dont you-go-back-to-where-you-came-from?

I propose a twist on that one: If you love occupying {Iraq, CountryX} so much, why don't you go over there and stay as long as the occupation lasts.

Perhaps we should make it a rule that any president that wages war should spend 4 years (or 2 terms) in any country they conquered after they leave office, whether that war is over or not.

71   Peter P   2008 Feb 20, 3:34am  

We should retreat from IRAQ ASAP. There is no alternative.

Sure. I agree. That should be the goal.

72   Peter P   2008 Feb 20, 3:46am  

HARM, we should agree to disagree.

It is also arguable that the New Deal worsened the Great Depression.

As an alternative, he could also have incentivized production and investment though targeted tax cuts and tax credits.

73   EBGuy   2008 Feb 20, 4:02am  

Cut and Run will definitely be the big issue this election cycle. The real question, though, is are we referring to housing or Iraq?

74   Peter P   2008 Feb 20, 4:04am  

The real question, though, is are we referring to housing or Iraq?

People care A LOT more about housing than Iraq. Oops. Hillary may have a chance.

Remember Escaped From DC? He predicted that HRC will become the next FDR.

75   HARM   2008 Feb 20, 4:09am  

Something we can all agree on: the Clintons should not be allowed anywhere near the White House.

http://www.thecherokeean.com/news/2008/0220/Front_Page/004.html

“In a campaign swing through East Texas last Friday, former President Bill Clinton…predicted that another one million ‘of your fellow citizens’ are facing foreclosures on homes because of the current mortgage meltdown.”

“Mr. Clinton called his wife’s plan the most aggressive of any of the candidates running for president. ‘She wants to freeze monthly payments for 90 days, and give $30 million to states,’ in order to implement a bailout plan.”

“‘We’ll tell the mortgage companies: you eat 20 percent, we (the government) will eat 20 percent, you won’t foreclose on these people,’ he said. ‘When you’re in a hole, you quit digging.’”

Umm... what's this "we"? Oh, right: he means savers & responsible taxpayers.

76   Peter P   2008 Feb 20, 4:10am  

At least McCain is closer to being a supply-sider.

77   Peter P   2008 Feb 20, 4:12am  

Something we can all agree on: the Clintons should not be allowed anywhere near the White House.

Go watch Definitely, Maybe!

78   DinOR   2008 Feb 20, 4:13am  

I think the reality is that if Obama were to be elected, Iraq would get worse. Much worse. But I just love the fact that we're already dismissing HC!

If we're basing our judgements on McCain's age the truth is that the man should have died several times over. Hollywood portrays ejecting out of a jet aircraft as some sort of "thrill ride". I'm here to tell you as a first hand witness (it's a 50-50 thing). Even just landing on an aircraft carrier is dicey. Add in the better part of a decade in the "Hilton" and I'd say this is a guy that'll die when he's good and ready.

79   anonymous   2008 Feb 20, 4:39am  

I vastly prefer McCain to Osama. But I want to see Osama beat Hitlery for the Dumbocrat nomination first.

80   BayAreaIdiot   2008 Feb 20, 4:39am  

“‘We’ll tell the mortgage companies: you eat 20 percent, we (the government) will eat 20 percent, you won’t foreclose on these people,’ he said. ‘When you’re in a hole, you quit digging.’”

Umm… what’s this “we”? Oh, right: he means savers & responsible taxpayers.

I completely see your point BUT if any US government forces the banks to split the losses 50-50, I'll be ecstatic. So far there is every indication that they are forcing them to eat practically nothing (what with all the rate reductions and TAF). And the UK seem to be doing even worse (as in nationalizing).

However, as an undecided on the Nov. election, there's a larger issue here for me. Politicians will say whatever during a campaign. One can look at their past history and close allies to guesstimate what they'll actually try (no guarantee of success, see Pres. Bush) to do. On those grounds, where do Obama supporters get their confidence that he's a "good bet" for the US?

(no flames please - I am genuinely stunned by the level of support he is receiving from practically everyone and I'd love to figure it out)

81   anonymous   2008 Feb 20, 4:40am  

McCain does not see anything wrong with occupying Iraq for 100 years, well, neither do 99% of Americans either.

Every day is the Day Of The Condor in the Empire. Never forget that.

82   Peter P   2008 Feb 20, 4:45am  

McCain does not see anything wrong with occupying Iraq for 100 years, well, neither do 99% of Americans either.

Make that 60% or so.

83   DinOR   2008 Feb 20, 4:53am  

BayAreaIdiot,

I think part of the sensation comes from what McCain describes as the "Holiday from History". Everyone is SO tired of the war (and Bush) they're willing to agree to (or jump on) any bandwagon they see as providing relief?

*See "BDS"

84   BayAreaIdiot   2008 Feb 20, 4:59am  

DinOR
a very good theory, thanks! There must surely be other dynamics at play too though...I'll keep looking :-)

85   HARM   2008 Feb 20, 5:00am  

On those grounds, where do Obama supporters get their confidence that he’s a “good bet” for the US?

I'm hardly an Obama groupie/fanatic, but I guess his modest appeal for me could be summed up as:
--not pro-quagmire
--not pro-bailout
--not Hillary

86   BayAreaIdiot   2008 Feb 20, 5:06am  

but HARM (with the exception of point 3!) those other two items are what he says. Any politician can and will say anything they deem useful in an election campaign. How do you know (or more accurately "guesstimate") what he'll actually try to do? Or is it just that you find the alternatives so unpalatable, you'd rather take a gamble than stay at home and not vote at all?

87   anonymous   2008 Feb 20, 5:09am  

peeterPee - nope, 99% at least. You don't get my Day Of The Condor reference. 99% at least of Americans do NOT want to comprimise on their Way Of Life(tm) and that includes cheap-ish gas, and all the other fruits of Empire. Cheney is NOT stupid, and when he said our Way Of Life(tm) is not negotiable, he merely said what 99% of Americans feel, deeply, but don't have the guts to come out and say, themselves.

88   Peter P   2008 Feb 20, 5:13am  

Cheney is NOT stupid, and when he said our Way Of Life(tm) is not negotiable, he merely said what 99% of Americans feel, deeply, but don’t have the guts to come out and say, themselves.

I see your point.

89   Peter P   2008 Feb 20, 5:13am  

HARM, I thought Obama is very anti-guns.

90   HARM   2008 Feb 20, 5:16am  

How do you know (or more accurately “guesstimate”) what he’ll actually try to do?

How do we know with 100% certainty what *any* politician will do once elected? That alone is not sufficient reason to write off anyone new and just go with the same sorry-ass, bought off incumbents. In any case, despite his short voting record in the Senate, he generally seems to vote on principle. And Hillary consistently votes with the neocons and Wall Street, while pretending to be "pro-working class".

91   DinOR   2008 Feb 20, 5:18am  

justme,

I fail to see a connection in advocating any Pres. take up residence in said hot-spot at the end of his term and... creating a lasting peace?

That aside, there are hundreds of thousands of U.S vets taking up permanent residence in the Philippines. Through the Huk Rebellion, Martial Law, Marcos rule, Peoples Power Revolution and the rise of Islamic extremists. So yeah, I guess we DO put our money where our mouth is.

Shit! When do we go!?

92   HARM   2008 Feb 20, 5:25am  

@Peter P,

Not exactly. His record on 2nd Amendment is not great, but still better than Hillary's:

http://www.votesmart.org/voting_category.php?can_id=9490
http://www.votesmart.org/voting_category.php?can_id=55463

93   Peter P   2008 Feb 20, 5:26am  

Well, I guess Obama is someone I can sit down and have sushi with.

94   justme   2008 Feb 20, 5:30am  

DinOR,

Well, yeah, what was supposed to be a deterrent to starting war against small faraway countries might end up being additional suffering for said country.

All attempts at humor aside, I suppose the Philippines is a little different because they have traditionally been thankful that we overturned the Japanese occupation of WW2. Perhaps more similar to Kuwait than to Iraq?

95   Peter P   2008 Feb 20, 5:37am  

justme, war is a necessary evil in the human world.

Some wars are better managed than others (e.g. The Falklands War). But not all wars are the same. We should let history judge them.

96   anonymous   2008 Feb 20, 5:38am  

[comment deleted by moderator]

97   BayAreaIdiot   2008 Feb 20, 5:44am  

well nobody is talking about 100% metaphysical certainty, nor am i say new guys should be disqualified. However, he is a special kind of new guy: unless I am wrong we have never before had someone so "green" (and I don't mean that in the Al Gore sense) become #1. Even Bush II had two terms as Gov.

You concede his short voting record but say it's good enough for you. To be honest, I look through his voting record and I can't fairly see any pattern - of course that could be because it's short, or more likely because I'm not skilled in reading voting records.

To me he is a gigantic question mark. I honestly have no idea what he would try to do if elected. Except I'm pretty sure he would give nice speeches.

98   HARM   2008 Feb 20, 5:48am  

ExSVR,

Warning: racist insults like that can subject you to moderation. Keep that stuff to yourself, thank you.

99   skibum   2008 Feb 20, 5:57am  

Here's another bit of financial fallout from the impending/underway recession: Sharper Image files for BK. I guess once the money gets tight, FB's pull back on purchasing $2000 massage chairs and $50 nose hair clippers...

100   Peter P   2008 Feb 20, 5:57am  

Serious question: how do you guys hedge your GLD positions? GLD has no options and XAU does not track well with the metal.

101   BayAreaIdiot   2008 Feb 20, 5:59am  

DInOR
your post at 12:53pm was channeling Mish from globaleconomicanalysis:

"People want change, closure, and healing. Neither McCain or Hillary can provide that."

Maybe your theory is IT after all. I wonder if Obama can possibly provide any of that though.....(well he will provide some sort of change for sure, so 1 out of 3 is in the bag)

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