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Brent,
Yeah, AP now reports it as "TPG (formerly Texas Pacific Group)".
Mish has an excellent piece on the Spanish housing bubble. Apparently, we share the view that EU will not survive in its form. Cracks are forming.
People speaking differently languages should NOT share a currency.
I'm working on a book whose thesis is that the UK should pull right out of the EU and enter the Union as a half-dozen odd states. It might be timely if I can get it out in another year.
My take is that the EU is little more than a cynical ponzi scheme of the French and Germans to suck up funds from the other countries to support their otherwise unsustainable social welfare states.
Watching Spain and the UK's housing bust unfold makes it all that much more difficult to listen to 'former' housing bulls. All throughout the "good times" they couldn't be bothered with the fact this was ramping up on a global basis. Any of those even remotely aware of what was taking place abroad only cited it as further evidence this thing was for real. This thing was here to stay.
So now all of a sudden they've begun to show in interest in... well, REALITY frankly. The cover of Money mag. has it's lead article on "How to deal with the "mean" economy! Mean, as in any time you can't tap your home for a little well deserved MEW it's just plain mean?
I was at a party Saturday night and a few perma-perma-bulls were really freaking out. They refused to be cheered up in any way. Before I was avoiding the whole bubble topic b/c it was frustrating. Now I avoid it b/c it's depressing.
Hopefully, the British Columbia housing bubble will deflate before I retire. :)
My take is that the EU is little more than a cynical ponzi scheme of the French and Germans to suck up funds from the other countries to support their otherwise unsustainable social welfare states.
I thought the entire Europe is one big unsustainable social welfare state.
Switzerland is one of the few countries in Europe with a sensible tax system.
Something is wrong if individual income tax rate is higher than 15-20%.
Switzerland and many other places in the world have proven that high tax is NOT a prerequisite to social stability. Higher tax simply means inefficient government, misplaced sense of entitlement, and pure stupidity.
Switzerland was smart that it never joined the EU.
And this is ridiculous:
http://news.bbc.co.uk/2/hi/europe/6313671.stm
But Brussels' quarrel is not with Switzerland's quality of life but with its tax system, and there the EU has made it clear it expects some compromise.
EU basically wants to export its welfare state and draconian tax system.
"Hey your system is too good, it makes us look bad. We should all collapse."
Thahks for the link Peter P
By the way and totally off-topic, have you seen this? Although I have no great sympathy for China, I strongly object to anyone using the GG Bridge to play politics. Or the Olympics for that matter but I don't pay taxes for that.
12:43 PDT SAN FRANCISCO -- Three demonstrators scaled the south tower of the Golden Gate Bridge today and unfurled a banner intended to draw attention to Chinese human rights violations in Tibet.
The protest by Students for a Free Tibet comes two days before the Olympic Torch makes its only North American stop in San Francisco before the games this summer in Beijing.
The protesters scaled the bridge tower around 10:30 a.m., carrying a banner reading, "One World, One Dream, Free Tibet 08." They unfurled the banner - a play on the official slogan of this year's Olympic Games, "One World, One Dream" - at 11:20 a.m., facing the bay.
The activists began to rappel down around 12:30 p.m., leaving the banner hanging on the tower. Iron workers will cut it down, said Mary Currie, a spokeswoman for the Golden Gate Bridge district.
I have a hunch it's gonna be wild (and possibly embarrassing for SF) on Wednesday.
I always find it odd that people care about human rights "violations" in faraway countries.
I could not care less. These protesters should be arrested for disruptions.
These protesters should be arrested for disruptions
But it would've been more useful if they were shot down as they were trying to unfurl their stupid banner...isn't the bridge supposedly "protected"? WTF?!
ok maybe not shot with lethal weapons, but definitely tazered...like that UCLA idiot a while back :-)
I just don't understand their motivations. Who pays them to waste their time?
Huh?
If those protesters really want to free People of the World, they should support Free Market.
The freer the market, the freer the people.
Switzerland and many other places in the world have proven that high tax is NOT a prerequisite to social stability.
I would say that Switzerland is in a bit of a unique situation due to the amount of foreign money residing there. I seem to recall they have some generous social programs in unemployment benefits and (inefficient) agricultural subsidies that likely wouldn't exist without the enormous amount of cash parked there. If Norway had their banking system and cash flow, I'm sure they could afford to cut less into citizens incomes!
Don't hold Switzerland too high on a pedestal. I lived off/on in the 80s-90s, and there is plenty of corruption, social problems, etc. combined with a somewhat inflexible national identity where real change grinds painfully and slowly. I like their direct referendum and overall pragmatism, but there are also entrenched/darker aspects to their society.
SQT, I thought your parents were Silents.
My mom technically is, she falls a year outside the Boomer category, but my dad (who is younger) falls squarely in the Boomer years.
I also think they have a very strong Boomer mindset.
@ Protesters in BA.
Those people irritate me to no end. I seriously doubt any of those people have done anything of substance to end the abuses they so vehemently protest. Does China really care about some idiot hanging a sign off of a bridge?
Does China really care about some idiot hanging a sign off of a bridge
no but the media does...isn't that all that matters? :-)
idiots indeed!
I wonder what would have happened to those protestors had they attempted to hang a sign on a bridge in China?
If those protesters really want to free People of the World, they should support Free Market.
Actually they should join the Army or Navy.
DennisN Says:
I wonder what would have happened to those protestors had they attempted to hang a sign on a bridge in China?
Dennis, I believe _that_ is exactly their point too.
SQT said:
Does China really care about some idiot hanging a sign off of a bridge?
Not really - but China does care about the world _not_ being aware of the genocide in Tibet. Especially with the Olympic wank-fest coming up soon.
Peter P Says:
I just don’t understand their motivations. Who pays them to waste their time?
I don't think they were paid. Here is some context to the issue that motivated some refugees to put up that banner on the bridge today:
http://tibet.com/resolution/icj59.html
It is therefore the considered view of the International Commission of Jurists that the evidence points to:
(a) a prima facie case of acts contrary to Article 2(a) and (e) of the Genocide Convention.
(b) a prima facie case of a systematic intention by such acts and other acts to destroy in whole or in part the Tibetans as a separate nation
Pretty heady stuff...
Peter P, I can only guess you're being light, LOL.
In any case, Switzerland looks nice from afar, but "Uusländer" (outsiders, ie non-Swiss) are unwelcome, and careers opportunities for Swiss are very restricted: get a job at a bank, get stuck at a bank forever. Guess it's different if you're a billionaire seeking a tax haven and can bribe the right Swiss officials to live in Zug. Ok, I'm done with that.
Tibet is a little like Switzerland...Insular, conservative, and don't like their way of life being interfered with. Of course, Tibet also tried to export their culture/influence to Bhutan for years...they're not totally innocent here.
# KurtS Says:
Tibet also tried to export their culture/influence to Bhutan for years…they’re not totally innocent here.
So are you saying exporting cultural influence is a crime and that racial genocide under a brutal foreign military occupation is fitting punishment?
[I am not defending Tibet, just trying to follow your train of thought]
Cant blame em
They all wanted to be superstars
Media fed them well with appropriate idols, Rich bitches, armani, luxury, gucci etc.
Greed is greed is greed is greed is
only human.
SP,
No, I did not say that. I suppose that I was alluding to the fact that every country has their agenda, and Tibet is no exception. Too many people regard it as some spiritual Shangri-la that doesn't exactly jive with history. Personally, I would support Tibet's cultural and linguistic autonomy. The current policy from Beijing reminds me of the USSR's approach to the Baltic states, which was very damaging to the countrys' identities and long-term success. I know that much from my contacts in those countries, so I'm extrapolating here.
It's hard to cut a fine edge of opinion on such issues on the Net when the tendency is to go overboard, lol.
So are you saying exporting cultural influence is a crime and that racial genocide under a brutal foreign military occupation is fitting punishment?
Frankly, I don't give a damn about policies (genocide or not) in faraway places unless they have something to do with our interests.
# Peter P Says:
they have something to do with our interests.
Figure it out. :-)
KurtS Says:
No, I did not say that.
Kurt, thanks for the reply - I figured you weren't, but wanted to be sure.
FAB said,
I donN"t understand why a gold digger can marry a guy for a few years and after to agreeing to stay with him N4until death do us partN! break the contract (to move in with her personal trainer) and take half the guys assets…
FAB,
It is because the men of the US (and California in particular) are completely asleep at the wheel when it comes to paying attention to family law and the implications of changes in same laws. No-fault divorce is a prime example.
Men in the US are so caught up in the treadmill of success (aka. competing like crazy against their brethren for the honor of banging one supermodel before they die) that they completely forget to pay attention to what is happening to their rights in society as a whole.
Here's the big question: Do you think that either the democrats or the republicans are going to make family law and marriage contracts more equitable?
Unemployment Rate Rises After 80,000 Jobs Cut
http://www.nytimes.com/2008/04/04/business/04cnd-econ.html?em&ex=1207540800&en=c1de4fb13c4ec4bd&ei=5087%0A
More news updates on Ms Parul Vora:
Until recently, Parul Vora, 28, was earning a six-figure salary as part of an elite research team at Yahoo. Ms. Vora, who has a master’s degree from the Massachusetts Institute of Technology, lost her job in early February.
“I had never been laid off and never imagined being laid off,†Ms. Vora said. “I was sad personally and professionally.â€
But Ms. Vora has better prospects than most. She said she has already been wooed by several potential employers.
“There are a lot of jobs out there, but I’m pretty picky,†Ms. Vora said. “My biggest worry is finding a new job I like.â€
There is major risk to invest in equity in the downfall market but if you want, some more price money than get it with the help of equity.
Sean Cruz
Equity Loans
All that equity....
What a story. First a ridiculously expensive education - the stick that preceeds the carrot - the choice white collar job.....which disappears after all the high-end purchases (including the pricey home, cars and other toys)
...followed by the downsizing, outsourcing, off-shoring and various other corporate creative management tricks....which results in unemployment, underemployment, shrinking wages....
It's simple math: when $80,000 annual is followed up by 5 years of $60,000....it's not that hard to figure out what kicked in the $100,000 of missing income over that time period - the sweet home ATM machine.
These realities....riddle through the population like a plague of locusts let loose in a wheatfield.
When one gazes across America at all those late model cars choking up the endless beltways, parkways - at all those McMansions sprawling across God's little green acres...and all the other various displays of ostentatious wealth - did anyone ever think that WAGE income was paying for all that?
C'mon..............( no doubt there always was a few trillion dollars missing in the equation somewhere or other.)
It never was part of the plan that all that rising house wealth would just sit put safely tucked away. Our brains aren't constructed that way.
It's an old, old game - just superimposed on new realities.
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From a reader:
This is pretty amazing. After the biggest runup in prices ever, owners managed to blow all of that equity, and then some. And now they've got rapidly declining prices on top of that.
Patrick