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An Honest Realtor

By Patrick   2009 Apr 2, 5:10am   1 link   11,326 views   80 comments   watch (0)   quote      

honesty

A reader who is also a realtor wrote in to patrick.net to explain just how even well-meaning realtors are trapped by the NAR:

This is how and why much of the inefficient BS goes on. Frankly, this is why they hate us. It's consumers vs. Realtors.

Every agent must belong to the NAR. Why? If they don't:

  • They can't call themselves a Realtor. (marginal value)
  • They can't join any broker that is a member of the NAR -- and that would be literally every broker, and an agent must join a broker to sell real estate and expect to be paid.
  • An independent non-NAR member is screwed because if they aren't a Realtor, they can't be paid the percent of commission that would normally go to the buyer's agent. Remember, listing agents via their sellers set the commissions. Side note: if a broker/ agent does not co-op (pay the buyers agent) the standard commission (3%) they will literally have the other brokers band against them, meaning show their listings, and worse. There have been many court cases over this sort of thing, and every time the NAR/offending broker has lost.
  • Can't put their listings on the MLS.

The NAR makes it so there is lack of transparency by design, for obvious reasons: power/control/attempt at staying relevant. The NAR forces brokers/agents to pay their $700-$1000+ per year. Do the math! 2.1 million x $700-$1000. Add to that the cost the local boards of Realtors charges.

There will never be any real change as long as this model exists. Its like GM and the unions.

I don't care who comes up with whatever wiz-bang real estate company idea -- it will fail. You know about the grave yard. Even Bill Gates tried to launch a real estate portal. DOA.

Consumers deserve change. Hundreds of thousands of Realtors want to provide 2.0+ stuff to them. Dude, Realtors would LOVE to do fee for service and get rid of commissions. LOVE IT. Many tech minded agents would love to evolve the industry...they can't. Realtors are no different than any other small business owner. 99% of them are great people who are forced to play by crazy rules. The system is simply *ucked.

There it is. And more...

I have had this very conversation with the President/CEO of K/W, RE/MAX, and with many many of the 'leaders' in real estate. Guess what, behind closed doors, with no one listening, of course they all agree.

If YOU want to truly effect change, the current system must fail. For that to happen home buyers and sellers must demand change.

T.

#housing

« First     « Previous     Comments 41-80 of 80     Last »

41   justme   105/105 = 100% civil   2009 Apr 3, 7:34am  ↑ like   ↓ dislike   quote    

Jenjen,

Amen.

42   EBGuy     2009 Apr 3, 8:18am  ↑ like   ↓ dislike   quote    

43   DinOR     2009 Apr 3, 8:33am  ↑ like   ↓ dislike   quote    

Are we missing the point here? My guess is that Cindi Hagley abused her access to MLS to FIND those kinds of deals! So w/ all the class of a typical realtor, rather than to offer it to one of her loyal clients ( she swooped on it herself! )

Hey, if getting rid of the 6% is just a pipe dream for now, can we at least get a handle on this brand of exploitive behavior?

44   justme   105/105 = 100% civil   2009 Apr 3, 8:43am  ↑ like   ↓ dislike   quote    

DinOR,

Of course, the Realtwhores always save the good deals for themselves. How could you possible stop it? Demand that they use an agent, like the rest of us ;-) ?

45   slumlord     2009 Apr 3, 9:31am  ↑ like (1)   ↓ dislike   quote    

What if your half Jewish, are you half evil... sweet.

46   PermaRenter     2009 Apr 3, 11:35am  ↑ like   ↓ dislike   quote    

Tech jobs site Dice.com is reporting a 45% year over year drop in available technology jobs for March, continuing the drought of tech jobs in the economic downturn. This drop, as reported by Thomas Weisel Partners, is the highest annual drop Dice has seen so far this year, with February's listings down 40.4% and January's jobs down 39.3% (all year over year). In 1Q09, available tech jobs declined 41.4% year over year on Dice.com. Monster.com reports a 27% decline for Q12009 from last year, indicating that perhaps tech jobs are being hit harder than general job listings. And it seems that jobs hit an all time low in 1Q09, job listings declined 22% in 4Q09.

Dice said that of the ten reported metropolitan areas, Silicon Valley was hit worst, with available tech jobs down 57.7% year over year. Chicago (down 55.3% y/y) and Boston (down 55.3% y/y) also posted large declines. The Conference Board's Online Help-wanted Index suggests that monthly job demand dropped 100K in March, down 31% year over year.

47   PermaRenter     2009 Apr 3, 11:37am  ↑ like   ↓ dislike   quote    

A low-profile but well-funded Newport Beach oil exploration software company has changed chief executives and laid off most of its workers, according to a report on an investing Web site.

Teralliance, which has raised $295 million in funding from Kleiner Perkins Caufield & Byers, Goldman Sachs Group Inc. and others, laid off 80% of its workers, according to PEHub.com, a Thomson Reuters Corp. site. The company had about 60 workers before the layoffs.

Terralliance makes software that the company says makes it easier and cheaper to locate oil and gas. The company uses the software to do its own exploration.

Kleiner Perkins, Silicon Valley’s premier venture capital firm, first invested $10 million in Terralliance in 2004, when the company was valued at $40 million.

48   PermaRenter     2009 Apr 3, 11:40am  ↑ like   ↓ dislike   quote    

14 dead, 37 escape Binghamton rampage

(NECN/ABC: Binghamton, NY) - Authorities say it was a premeditated act carried out in a cold-blooded fashion.

Before entering the American civic association building in downtown Binghamton, the gunman, identified by senior law enforcement officials as, Jiverly Voong, backed up his car to the rear door of the building so his victims could not escape.

Voong is described as an "Asian" man in his 40's. He entered the one-story building from the front and -- according to eyewitnesses’ accounts – opened fire with a couple of handguns.

Some people hid in the closets, while dozens more fled to the building's boiler room. Officials say the gunman ended the massacre by taking his own life.

49   PermaRenter     2009 Apr 3, 11:47am  ↑ like   ↓ dislike   quote    

— March 29, 2009: Robert Stewart, 45, shot and killed eight people at Pinelake Health and Rehab in Carthage, N.C. before a police officer shot him and ended the rampage.

— March 29, 2009: Devan Kalathat, 42, shot and killed his two children and three other relatives, then killed himself in an upscale neighborhood of Santa Clara, Calif. Kalathat's wife was critically injured.

— March 10, 2009: Michael McLendon, 28, killed 10 people — including his mother, four other relatives, and the wife and child of a local sheriff's deputy — across two rural Alabama counties. He then killed himself.

50   PermaRenter     2009 Apr 3, 11:55am  ↑ like   ↓ dislike   quote    

NEW YORK (Dow Jones)--Tax trouble will come knocking for many who refinance a home and then try to deduct all of their home mortgage interest.

Many homeowners aren't entitled to the full deduction; it is limited based on debt used to buy and improve the home and it can only be taken for loans the home secures.

Many in these cases refinanced homes, milking the equity out of them, and yet continue to deduct mortgage interest fully when they're not qualified to do so, says Claudia Hill, president of Tax Mam Inc. in Cupertino, Calif.

Home mortgage interest is any interest paid on a loan secured by the taxpayer's home. The loan may be a mortgage to buy the principal home or a second personal-use home, a line of credit, or a home equity loan. Qualified mortgage insurance is also deductible as home mortgage interest.

Homeowners who paid $600 or more of mortgage interest on any one mortgage generally get a Form 1098 or similar statement from the mortgage holder that shows the amount paid. This includes certain points and mortgage insurance premiums. How much is deductible depends on the date and amount of the mortgage or mortgages, and how the taxpayer uses mortgage proceeds.

Abe Schneier, senior manager of taxation at the American Institute of Certified Public Accountants uses the example of a taxpayer who bought a home 10 years ago with a $200,000 mortgage, pays off $25,000, and then refinances for $400,000. The homeowner can deduct interest on the old balance of $175,000 but there is a $100,000 limit on the amount of the new loan that can be added to that. So the total debt for which interest can be deducted is $275,000.

It would be easy enough for the person to make the mistake of deducting interest on the new $400,000 mortgage.

"A lot of people do get this one wrong," says Schneier.

51   PermaRenter     2009 Apr 3, 11:56am  ↑ like   ↓ dislike   quote    

IRS Publication 936 contains a worksheet to determine the limit and outlines rules on the deduction, noting that a taxpayer can write off all of the interest on a mortgage or mortgages if one or more of them fits at least one of three categories:

* Mortgages taken out on or before Oct. 13, 1987 (grandfathered debt)

* Mortgages taken out after Oct. 13, 1987, used to buy, build or improve the home (acquisition debt); but only if throughout 2008 that debt and any grandfathered debt totaled $1 million or less. The interest deduction is limited if the mortgage debt exceeds the fair market value of the home at the time the loan is placed.

* Home-equity debt taken out after Oct. 13, 1987, but only if throughout 2008 the debt totaled $100,000 or less, and didn't exceed the fair market value of the home reduced by grandfathered or acquisition debt. Interest on equity indebtedness is not permitted when calculating the alternative minimum tax.

For home-equity debt, here's an example from AICPA's Schneier: A taxpayer buys a home for $250,000, with a $200,000 loan. If he then takes out an equity loan for $75,000, he can only deduct interest on $50,000 of it if the market value hasn't increased. If the fair market value of the home has risen to currently $300,000 or more, the interest on the entire equity loan is deductible because it is under $100,000 and the home's fair market value exceeds the acquisition debt by at least $75,000.

52   PermaRenter     2009 Apr 3, 12:04pm  ↑ like   ↓ dislike   quote    

Bangalore-based Infosys was one of India's first Silicon Valley-style startups, created by a handful of smart engineers with $250, not old family wealth. Its business remains strong despite the global recession, though its growth has slowed. Nilekani reaffirmed the company's forecast of 12 percent growth this year, down from 35 percent the previous fiscal year.

"We are obviously affected by the whole situation, but we have some things going for us," he said. "We have $2 billion in cash. We generate over $200 million in cash a quarter. No debt. We collect the money quickly. That gives you the withstanding power to deal with this."

Infosys' clients face mounting criticism for outsourcing and the use of immigrant workers under the H-1B visa program. The federal stimulus law, for example, includes provisions making it difficult for financial companies receiving money from the Troubled Asset Relief Program, or TARP, to hire H-1B workers.

In 2008, Infosys filed more than 4,500 petitions for H-1B visas to hire foreign workers, according to the National Foundation for American Policy, a nonpartisan think tank in Arlington, Va. Infosys, which has about 103,000 employees globally, is hiring 18,000 to 20,000 worldwide this year.

53   Patrick   1753/1753 = 100% civil   2009 Apr 3, 12:04pm  ↑ like   ↓ dislike   quote    

Here comes one banker Jew supporting another banker Jew.

I'm half Jewish. If you don't like it, piss off.

What if your half Jewish, are you half evil… sweet.

And I'm half evil too! But that's just a coincidence.

Patrick

54   PermaRenter     2009 Apr 3, 12:07pm  ↑ like   ↓ dislike   quote    

Gunman and wife had earlier dispute

The wife, whose name The Chronicle is withholding because she is a victim of domestic violence, called police on July 15, 2008, from a park about a half block from the rented apartment on Old San Francisco Road where they lived at the time.

"Crying female indicates that her husband has taken her passport and all documents," the police report stated. "Two police units respond and contact the involved parties; Devan Kalathat and a female believed to be his wife."

Sunnyvale Police Capt. Doug Moretto said the incident was a routine dispute that was resolved in about 15 minutes.

"They were both contacted at a park and the issue was mediated and resolved," Moretto said Friday. "There was no domestic violence situation or threats of domestic violence."

55   OO     2009 Apr 3, 1:33pm  ↑ like   ↓ dislike   quote    

What happened today was very sad. Unfortunately I think the worst is still yet to come.

I am surprised that we have not yet seen a McVeigh 2.0, yet. McVeigh 1.0 had much fewer reasons to resent the government or the society, McVeigh 2.0 will have far more reasons to pop than his predecessor.

56   justme   105/105 = 100% civil   2009 Apr 4, 1:47am  ↑ like   ↓ dislike   quote    

Banks and Automakers being treated differently with respect to imposed bond-holder sacrifices:

http://finance.yahoo.com/news/ALL-BUSINESS-Bank-creditors-apf-14850712.html

57   Peter P   78/78 = 100% civil   2009 Apr 4, 5:12am  ↑ like   ↓ dislike   quote    

Because automakers can go bankrupt for all we care.

But banks are too important in a global economy.

58   PermaRenter     2009 Apr 4, 6:03am  ↑ like   ↓ dislike   quote    

There were “gaps in our knowledge,” complained Fairfield Chief Risk Officer Amit Vijayverjiya, according to Galvin.

“They were blinded by the fees they were earning” in placing their own clients’ money with Madoff, Galvin said of Fairfield Greenwich. The firm ignored “any fact that would have burst their lucrative bubble,” he said in the complaint

59   PermaRenter     2009 Apr 4, 6:07am  ↑ like   ↓ dislike   quote    

Blog search engine Technorati has laid off close to 10 percent of its staff, or 4 employees in its PR, engineering and general admin areas. The company’s CEO, Richard Jalichandra confirmed the layoffs. He says they were necessary for the company to continue on the path towards profitability. The reduction will leave the company with 37 employees. Technorati suffered an earlier round of layoffs last September, letting go 6 people and also implemented pay cuts for remaining staff. We’ve added this to the layoff tracker.

Jalichandra maintains that the blog search engine is growing and layoffs were necessary to “fine tune” its business model to eventually become profitable. Last fall, Technorati acquired AdEngage to join the company’s newly formed blog advertising network, Technorati Media. Jalichandra says that while the timing of launching an ad network a few months before the market crashed wasn’t optimal, quarterly ad revenue has grown by 6.5 times since the launch of Technorati Media last June, when presumably its revenues were negligible.

Jalichandra also says that Twitter and Facebook are changing the blogosphere—but in a good way. He says that Twitter and Facebook are just other platforms on which blogs can gain visibility, and Technorati is beginning to track activity on those platforms as well. For instance, here’s a link to Jalichandra’s Twitter page on Technorati. Nevertheless, traffic to Technorati itself over the past several months has flattened at about 5 million unique visitors worldwide, and is declining in the U.S., according to comScore.

60   PermaRenter     2009 Apr 4, 12:18pm  ↑ like   ↓ dislike   quote    

CARY, N.C. - Keith Schellenberger smiles an awful lot these days.

"I'm excited," he said. "This is a fun time right now for me."

It's not exactly what you'd expect to hear from someone who was recently laid off.

Schellenberger's job with Lenovo was outsourced to China in January, but he knew exactly what to do.

"This actually turned out to be the prefect timing and a great opportunity for me to start my own company and do some consulting services," he said.

In February, Schellenberger started his own consulting firm called Lean Six Sigma Services.

The firm helps other companies trim the fat from their budget.

"Lean is eliminating waste, which is huge right now," Schellenberger said. "There's a big demand for the services."

Schellenberger is not alone in his quest to be his own boss.

More than 100 new businesses have sprung up in Cary each month over the past four months.

In March, new businesses passed the 150 mark, according to the town of Cary.

Schellenberger spent more than a decade working for IBM and Lenovo.

When he decided to start his own business, his first client ironically was Lenovo.

"Their marketing area, as part of this restructuring, their outsourcing a lot of their jobs to India," he said. "Right now what I'm doing is I'm helping with that transition."

He doesn't work in a traditional office and his kid's school projects line the halls of his attic office and Schellenberger says he couldn't be happier.

"Sometimes, you don't choose your time, your time chooses you," Schellenberger said. "I'm thinking this is great.

Ask me in 10 years, but right now I'm thinking this is great."

61   PermaRenter     2009 Apr 4, 12:50pm  ↑ like   ↓ dislike   quote    

Top White House economic adviser Lawrence Summers received about $5.2 million over the past year in compensation from hedge fund D.E. Shaw, and also received hundreds of thousands of dollars in speaking fees from major financial institutions.

A financial disclosure form released by the White House Friday afternoon shows that Mr. Summers made frequent appearances before Wall Street firms including J.P. Morgan, Citigroup, Goldman Sachs and Lehman Brothers. He also received significant income from Harvard University and from investments, the form shows.

In total, Mr. Summers made a total of about 40 speaking appearances to financial sector firms and other places, with fees totaling about $2.77 million. Fees ranged from $10,000 for a Yale University speech to $135,000 for an appearance paid for by Goldman Sachs & Co.

The disclosure -- in a financial report that is required for federal office holders -- comes as Mr. Summers is involved in shaping the Obama administration's policy decisions on the financial meltdown as well as the broader recession. Among the many decisions the economic team has wrestled with has been whether to step up regulation of hedge funds, one of the most contentious subjects during a summit of world leaders this week. European nations pushed for tougher rules, while the Obama administration preferred a less stringent approach.

62   PermaRenter     2009 Apr 4, 12:51pm  ↑ like   ↓ dislike   quote    

It's pretty interesting that the total value of all the gold in existence in the entire world, currently, is around $4 trillion in US dollars. That is well under half of what the Fed has already created or pledged in US currency in the name of helping "save" the economy from this latest bubble they created. The US national debt, even excluding unfunded future obligations, is nearing 3x that, even before the enormous wasteful spending debacle which is this year's budget. Kinda an interesting perspective...

63   kewp     2009 Apr 4, 2:40pm  ↑ like   ↓ dislike   quote    

http://www.brillig.com/debt_clock/

"The estimated population of the United States is 305,943,166
so each citizen's share of this debt is $36,389.51."

From WikiPedia:

"In 2007, the median annual household income rose 1.3% to $50,233.00 according to the Census Bureau.[3]The real median earnings of men who worked full time, year-round climbed between 2006 and 2007, from $43,460 to $45,113. For women, the corresponding increase was from $33,437 to $35,102. The median income per household member (including all working and non-working members above the age of 14) was $26,036 in 2006.[4] In 2006, there were approximately 116,011,000 households in the United States. "

This works out to about 100k per household. So we have, as a nation, about two years of work, per household, of debt.

Not that astronomical when you think of it.

64   kewp     2009 Apr 4, 3:00pm  ↑ like   ↓ dislike   quote    

The debt and income are both denominated in the same dollars, so I have no idea what you are referring to.

If you mean relative to what they can afford to service; I understand that. But its still manageable.

65   B.A.C.A.H.     2009 Apr 4, 3:35pm  ↑ like   ↓ dislike   quote    

I read that some guy in Washington lost it and gunned down his kids and himself.

So many of these things happening recently, guys snapping over some personal issue, last week it was an Indian Yuppie here in Silicon Valley. All these incidents are supposedly triggered by something "personal". The trigger may be something personal, but no doubt the underlying commonality is the same stressor we're all facing, the economy.

It's so tragic, and so unfortunate, that the stressed out guys won't direct their anger instead at the elites who were OK with things getting to this point, even abetted it.

The mob can make a difference.

More than anything else, mob mentality in the late 1850's forced the slavery issue into national politics. In communities all over the north, mobs of people, sometimes numbering in the thousands, protected fugitive slaves from slave catchers and from federal marshalls, even from US troops, sent into the cities to retrieve the slaves. Some slave catchers were lynched, occasionally some troops were slain by the mobs in places like Boston.

Martin Luther King didn't usher in civil rights as much as the burning of cities did in the summer of 1967; massive protests had more to do with winding down the Vietnam War than any Kissinger "peace talks".

It's a shame that people are directing the stresses at their own selves and their loved ones; it doesn't have to be so.

66   EBGuy     2009 Apr 4, 3:48pm  ↑ like   ↓ dislike   quote    

Another excellent show by This American Life. I highly recommend "Act One. Is the Condo Half Empty, or Is the Condo Half Full?" Heartbreaking (and oddly, heartwarming) a small band of owners refuse to throw in the towel as they wait for the bank to foreclose on the developer's loan (so they can take charge of their condo association). The developer, supposedly, has fled back to his native Bosnia...

67   PermaRenter     2009 Apr 5, 3:28am  ↑ like   ↓ dislike   quote    

The emotion of layoff
By Patrick May, Mercury News
http://www.mercurynews.com/businessbreakingnews/ci_12077418

Anand Iyer, 40, SAN JOSE

Three master's degrees since growing up in India, 17 years in America, the last seven at Cadence Design Systems, and then last May, Iyer found himself in that awkward place between wondering why he'd been laid off and worrying about how it will all play out. He looks at the camera, hands stuffed into his pockets, ballpoint pen peeping out over his shirt pocket, to see if the coast is clear.

"The hardest part," says the father of 6-year-old twin boys, "is the uncertainty of the future."

That, and trying to figure out why he was the one to go, why he was the one having to stitch together a fragile patchwork of consulting gigs. But hey, he still has three master's, a working spouse, friends and family.

"It was the first time I'd ever been laid off and I initially had a lot of bad emotions," he said. "But I've adjusted over time."

And through the lens, you can see the change — in the comfortable folds of his white dress shirt, the confident pace of his words, and the steady gaze of someone who simply believes in himself.

68   PermaRenter     2009 Apr 5, 3:31am  ↑ like   ↓ dislike   quote    

Anand Iyer
Power Management Consultant

Anand Iyer is conducting a research study on Adaptive Voltage Scaling. Curious? Drop him an e-mail - anandkris@yahoo.com

Current
=====
Sr. Director of Marketing and Business Development at Infinisim Inc

CAD and Power Management Consultant at
Achronix Semiconductor

Past
===
Director of Marketing and Business Development at Neosera

Competitive Marketing Consultant at Envis Corp

Director of Low Power Solutions Marketing at Cadence Design Systems

Director of Product Marketing at Synopsys Inc.

Senior Director of Product Marketing at ArchPro Design Automation

Marketing Director at Cadence

Product Marketing Director at Cadence Design Systems

CAD Manager at HAL Computer Systems

Education
======
Santa Clara University
University of California, Santa Barbara
Indian Institute of Technology, Bombay
College of Engineering, Trivandrum
University of Kerala

Public Profile
========
http://www.linkedin.com/in/anandiyer02

69   PermaRenter     2009 Apr 5, 3:37am  ↑ like   ↓ dislike   quote    

Close your eyes, he tells them.

"I'm trying to capture how something happens to a face when someone closes their eyes," Claus explains, snapping away, burning the human emotions of joblessness onto Fujifilm Neopan 400.

"It's a different look, a little more emotion," he says, and he's right. Anand closes his eyes. So do Nicole and Linda. And they all seem more human, more vulnerable, more, well, laid off.

Claus isn't getting paid for the project. It's the brainchild of Daniel Garcia, creator of the magazine he sees as an online work of love "about the people of San Jose, for the people of San Jose, and produced by the people of San Jose."

Claus, whose family has deep roots in this valley, was happy to put his talents to a good communal cause — documenting the struggle many in his community are going through right now.

"They'll laugh about their mortgage payments, but you can see in their faces that they're scared."

MY COMMENT
=========
I think stress of debt is taking away all creativity and fun in producing something useful for the society ... it is a monster.

70   PermaRenter     2009 Apr 5, 3:39am  ↑ like   ↓ dislike   quote    

Nicole Pelton, 40, Sunnyvale

Like a lot of the people standing in Claus' garage to be photographed last week, Nicole Pelton seems a bit lost, as if she'd mistakenly drifted off course into the unknown.

More than a month after taking a buyout that she considered a quick dodge around impending layoffs, the 40-year-old Sunnyvale resident looks nervously into the camera, scoping out not just the black Hasselblad staring at her, but this whole new landscape — part lush meadowland (she's thrilled to have time to spend with her boys, especially as they learn to ride bikes), but definitely part desert, too.

"I got a severance that'll carry us about six months. We have a backup plan to sell our house, though it's not underwater. And we've cut back on preschool costs. It's nice, in that this gives me a fresh start. But it's stressful, too. Needing to look for a job for the first time in 14 years is a huge challenge for me."

71   kewp     2009 Apr 5, 3:56am  ↑ like   ↓ dislike   quote    

TOB,

The solution to all these problem is to raise revenue by reversing the tax cuts for the uber-wealthy of the last twenty years. Let the profiteers make a sacrifice for once. Collapsing housing costs will help as well.

72   kewp     2009 Apr 5, 3:59am  ↑ like   ↓ dislike   quote    

re: the Great-Credit-Contraction-Liquidity-Pyramid

Derivatives are like lottery tickets. When one pays off it cancels others out; so the supposed 'size' of the obligations is hugely exaggerated.

73   jerrypap     2009 Apr 5, 4:27am  ↑ like   ↓ dislike   quote    

I am a real estate investor pf 25 years. I can tell you from personal experience dealing with many agents over the years, very few of them actually know what they are doing when it comes to investment property.

The best thing I ever did was to get my brokers license. And yes I too am forced to belong to NAR and the local board(otherwise no MLS access).

Too bad I can't be on both sides of the transaction (Listing and Selling). The listing agents still get in my way and then I have to pay them 3%+ at closing?!?!

There are a few (very few) agents that deserve fat commisions. But most are along for the ride. Hopefully this new market will weed out some of the slugs.

74   B.A.C.A.H.     2009 Apr 5, 9:19am  ↑ like   ↓ dislike   quote    

Goddang student loans.

I cannot imagine what it've been like to finish with loans hanging over my head. I was able to hustle through two degrees without any help from blue collar family nor with loans by going to a public commuter school in a big urban area, commuting to jobs, renting out a room in someone else's residence, eating a lot of ramen, cabbage and potatoes getting protein from an egg every other day, and taking longer than the traditional eight semesters for the BS.

It was a grind, but I came out without loans, and some relevant work experience too.

Freakin student loans are a bad thing.

75   justme   105/105 = 100% civil   2009 Apr 5, 9:26am  ↑ like   ↓ dislike   quote    

Student loans are bad mostly because so many students enroll in majors that are not very marketable. Then they end up as realtwhores or mortgage brokers in order to pay off the loans.

Either way society suffers.

76   kewp     2009 Apr 5, 10:21am  ↑ like   ↓ dislike   quote    

I think that is precisely the problem.

Not really. The tickets are already 'purchased', so to speak, so either they pay off or expire worthless. If anything its better for the system once they expire, as it frees up the capital for something else.

The real risk (which is what did AIG in); is selling lottery tickets for a jackpot you can't afford to pay off, because your computer model gave long odds on anyone drawing the winning number. In this case it would have been preferable to let the contracts expire worthless rather than bail them out, as again the money was already spent.

77   kewp     2009 Apr 5, 10:26am  ↑ like   ↓ dislike   quote    

Now are we supposed to buy this BS (pun intended) that foreigners are smarter? FUCK NO. They are more pliant.

No, there are just more of them. The fact that so many want to purchase our educational services is a good thing in my opinion.

Whenever I hear some statistic about how there are 2-3 times as many Asian students in some area vs. Americans, I see that as a datapoint that American students are still ahead. There should be 4-5 times as many based on population statistics.

And from what I've observed, working at big public research University, the really *brilliant* work is still being done by American citizens. Regardless of race.

It must be something in the water.

78   kewp     2009 Apr 5, 1:37pm  ↑ like   ↓ dislike   quote    

the systemic risk lies in their contraction.

And again, not really.

If these things fall out of favor its a boon of the economy; as they are largely short risk. If speculators have to go 'long' risk its much better for economic growth.

79   EBGuy     2009 Apr 6, 6:00am  ↑ like   ↓ dislike   quote    

I can’t help but notice small details like ‘they run a quarterly goth art magazine’ and just picking up small cues based on their demeanor. This is youth of America. The ones that will pull us through this mess?
Well, they have yet to walk away (which is going to help the bank who owns the developer loan -- and now, the rest of the unsold units.)
So, perversely yes (as a taxpayer I value their commitment to their community). I sure would have walked long ago (and would not blame them if they do in the future).

80   Investorguy     2009 May 4, 2:09pm  ↑ like (1)   ↓ dislike   quote    

In response to HeadSet, do you have rental property, well I do and I have have done well for over 20 years! My desire with the website was to give inspiration to those who might be afraid to invest. The book I wrote is a basic guide and is published on www.lulu.com. Maybe if you don't have $4.95 I will send you one!

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