patrick.net

Malcolm & all: I got a laugh out of the last few threads. Highly cathartic stuff. Really, what's a Gen-X'er to do amidst all this sophistry and jargon-slinging? I think you just derive some fun out of defiance, create some technology and otherwise wait them out.

VOTED INDEPENDENT FOR PRESIDENT.

* Can not vote for Democrats since they are socialist

* Can not vote for Republican since they are socialist for the bankers

Yes, this will be a big problem. There was a minor stink raised awhile back when it was shown that the state of Montana had some dealings with risky SIVs. I think this is a more widespread problem.

From the current article: The school board in Whitefish Bay, Wis., gathered to discuss a looming problem: how to plug a gaping hole in the teachers’ retirement plan.

You see? They wanted to get lots of money for doing nothing. That's what everyone wanted these last 10 years, and it's why we're all in trouble now.

A side note, I got some good comments here when I posted my last real estate video about Billings, Montana. I have a new one out which you might enjoy:

Housing Boom in Billings, 2008

PermaRenter: Both presidential candidates have shown that they have a ridiculously bad grasp of economics and the current problems we have.

Still, you should vote for McCain. At least there'll be more deadlock than there would be with Obama and the Dems. The less Washington can get done, the better for all of us.

So stay in cash, home school your kids and wait for the bottom.

What is so fucking hard about this?

>> Still, you should vote for McCain.

I VOTED FOR REPUBLICANS EXCEPT PRESEDENT...

Congrats Patrick !

Briana
Home prices are still decreasing at 2% per month. That means on a $500,000 home, every month you wait you are getting $10k off.
Now, there ARE some homes in san Jose that are attractively priced. These are mostly REO and you should be very careful. I am not sure, but you as the new owner may be responsible for back taxes? In any event, as you interview agents they better be very good at sales of REO - which is the only stuff right now worth jumping into.
Also, make certain your job(s) are rock solid. Now that lending standards are back, you will have to put 20% down. As the market still has that much left (at least) prior to bottom, if you lose a job (or two) you could end up losing your entire down payment. Again, on a $500k home that is $100k.
All the best.

I agree, this is a disaster waiting to happen. My guess is that the story about the Wisconsin district will occur all over the country, unfortunately.

The less Washington can get done, the better for all of us.

LOL. Actually, not a bad strategy. Unfortunately I think McCain and the Democratic Congress have more in common than either would prefer to let on.

Unfortunately I think McCain and the Democratic Congress have more in common than either would prefer to let on.

This is why Ron Paul (Dr. No) would be a great president.

It is not just school districts, many transit and other service districts are getting bitten. Taxes, fares and fees are going up.

Peter P and others -- taxes and the government are not going away. You might as well get something back from the hard earned taxes that you will always be paying. An educated public/workforce benefits everyone. If you are so against mutual beneficence, why do you not become a hermit?

Pretty good ads from the Yes on 8 crowd tho'
Putting SF mayor Newsom on say, "Whether you like it or not. . ."
People have a natural love of punishing hubris like that.

As for the thesis topic, I think we already talked this out? It was clear that yield chasing was going to crush pension funds, municipalities, schools, heck anyone who had hoped to keep up with inflation in a low yield envirnoment. Sadly, you simply CANNOT tax your way out of this problem and thus services must and will be cut.
Larger class sizes. Old text books. Deferred maintenance.
What they need to do is ask for more volunteers. Will they?

Interestingly, we knew the legal cass would gain momentum. And right on cue. . . We will hear more and more of the "The said it was a safe investment - and it lost 90%!!!!!"

Yesterday, at breakfast I was reminded of something, which I think is pretty funny. A girl in our party asks me, "So did you actually contribute any money to a campaign?"
"No," was my immediate answer and then I remembered giving Ron Paul some money. So now I am thinking, OK I gave a Republican money and I voted for Obama.
Patrick openly had a Ron Paul ad on the page, and now has an Obama endorsement. WTF?

To my credit I did tell her, admittedly they are two completely different ideologies but I think Obama will be good for repairing the damage where as Ron Paul would have prevented it in the first place. Now I feel like that Coke commercial where the marketing guys want to sue themselves.

Should this thread not be titled:

“Bad assumption my frigid Wisconsin(ite) ass! What about the AAA rating from the agencies?"

...add other states and countries as needed.

I'm sensing that the general economic condition is going to make a turn for the worse again. All we had so far was a suckers rally.

NOT investment advice, by any stretch of the imagination.

@justme: But how could the credit ratings agencies have known that the securities were bad!

October 32nd, 2008: During recent testimony before Congress, the Moody's chief executive officer responded to allegations of lax assessments by cracking, "Caveat emptor, bitches!" He later recommended hotornot.com if the 'Congress-puppets' wanted to get an honest rating, adding that House majority leader Nancy Pelosi could, "Deregulate me anytime you want, baby."

:o

@justme: But how could the credit ratings agencies have known that the securities were bad!

October 32nd, 2008: During recent testimony before Congress, the Moody’s chief executive officer responded to allegations of lax assessments by cracking, “Caveat emptor, bitches!” He later recommended hotornot.com if the ‘Congress-puppets’ wanted to get an honest rating, adding that House majority leader Nancy Pelosi could, “Deregulate me anytime you want, baby.”

:o

Stupid open/close braces. ;)

@bankster,
Padilla's book is flawed in that he blames deregulation for the S&L crisis, but the video is well worth watching just to see how he stumbles around that first question he gets from someone in his audience. lol.

Brand, it was fine in BOLD, too :-)

Patrick, I just read your letter on your support for Obama. That's exactly why I voted for him as well. We're not hypocrites, we're voting for the best choice between the two. Switching from one party to the other depending on the person running is far more open minded than voting the party line. Good job!

I also just read Patricks letter on support for Obama. I also wanted to vote for Ron Paul, but prefer Obama over McCain. One reason was Palin as VP. That was just incredible... and the idea that he graduated at the bottom of his class, 6th from the bottom. It does not inspire confidence when someone brags about how bad they did in school...

Actually, Ron Paul is an accepted write-in candidate in CA.
I think it sends a pretty strong message when you vote for neither, but still vote. I think Gail Lightfoot is the Libertarian VP pick.

I suggest voting for a person that can win. I think there is a stark difference between the two main candidates, and most people know which one of them they would prefer.

Voting for a candidate that cannot win in effect is a vote AGAINST the mainstream candidate that is closer to your heart. Does anyone really want to do that?

Listen to your heart, but vote with your head.

"Voting for a candidate that cannot win in effect is a vote AGAINST the mainstream candidate that is closer to your heart. Does anyone really want to do that?"

Yes, in fact, I do. They both suck. Neither of them agree with me on what I consider one of the most important decisions (bailout) in the history of our country.

If I can't agree with them on the most important thing to me, then fuck em.

the pundits are in full force bull mode.

I think once the rug is pulled out from underneath them... probably late this year, we will see the true capitulation. That is when everyone that was watching with interest will want nothing to do with it.

I am now starting to understand the road to a depression, and why so many people get fucked by it.

If people would stop believing that a vote for a third party guy is throwing their vote away, we would get more attention from the mainstream. All we have to do is convince people to not believe the lies about throwing a vote away by voting third party. It is a self fulfilling prophecy that must be destroyed.

I voted for a third party candidate and have no regrets.

I will stop believing that voting for a 3d part candidate is a waste AFTER the election system has been reformed. And that is ALL I will have to say about elections systems today. And that is a promise.

Happy election day to everyone -- I'm headed to the polls.

I agree with those who push 3rd party. The 3rd party may not win this election, but a noticeable non-Demopublican vote would get the attention of those main stream politicos. Also, voting third party now is a way to build for the future. At one time, the Republican Party was a "third party."

I agree with those who push 3rd party.
FWIW, I strongly believe third party candidates gave us both the Clinton and Bush presidencies.

Third party candidates are agents of change!

They sway the undecided. They attract the lunatic fringe votes away from viable candidates. They attract a following and then quit before November so the now angry mob at least stays true to thier "real" party.

Come on... Chapter 3, Bipartisan Campaign Playbook

Everyone in California can feel comfortable voting for Ru Paul since everyone knows Obama will win there. It's not throwing your vote away since the outcome is so clear.

People who voted for 3rd party this time are more likely to be conservative voters which will hurt McInsane.

Kidding aside,

I'm stuck on these points:

Our next president voted FOR the bailout bill. No matter what their reasons, they ignored the massive showing of their constituent body's sentiment. How much more important will this distinction be in the oval office?

McCain still talks about "keeping families in their homes" despite common knowledge of RE speculation being a large contributor to our current problem. He panders to those voters who are underwater as their inflated home value cliff dives, by promising to act, to keep home values high.

Obama is slick and practiced. He is aligned with some very disingenuous notions and people. He advocates changes to our system that have broad ramifications to our civil liberties and rights. But his most disqualifying factor to lead and rule our country, is his strong desire to do so. This kind of power only belongs in the hands of those that would not seek it so voraciously.

McCain is feeble and unconvincing to me.
He parrots high ideals, but has a distinct tell.
The bluff may be called today.
If he wins, I fear that they will try to preserve the status quo long enough to spend their winnings.

Obama has a frightening duality to me.
A soothsayer able to calm and rouse simultaneously.
Too self ambitious to follow through on his notions of sacrifice.
He is the darling of the liberal MSM.
We have seen his ilk before.
If he wins, I fear that we will watch a chapter of human history repeated and our nation stripped of the ideals it was founded on.

Steveoh,

What ilk (person) are you comparing Obama with?

Anyway, time will tell :-).

Just-you,

In retrospect, I've already spouted too much.

Today has just been very compeling and finding the truth in all the misinformation has been tough.

Yes, time will tell.

Yeah, I'm curious too about this ilk, too... Bubba... Kennedy? I thought the Frontline show "The Choice" did a good job at showing how driven he is. BTW, I'm guessing he goes less than a year before MoveOn-types turn on him. Anyone handicapping which cabinet post(s) will go to a Republican?
He is what he's always been, namely a pragmatic, centrist, Democrat who when circumstances dictate will conciliate conservatives on a hot button issue that might cause political trouble.

Interesting read on China Growth.

China's economic certitude crumbles

It's going to be a long night.

I just hope it will be quick. Please don't do the 2000 all over again, we cannot afford something like that.