patrick.net

i am having a ball here in buenosaires. My best time was when i played chess for 2 pesos . so much fun because i won. But let me ask u, do these guys at the square loose to make their customers happy? or is it my paranoid brain giving lenghthy explanations to michael,
By the way forget the real estate bubble and enjoy thereal things here. i have smelled the roses and they a rose is a rose.
argentina and brazil are really , really fun. i walked on the streets here at 3 am in the morning and it looks safer. BTW women walk alone at 3Am.

btw can randy or jess explain more about qtw
thanks

Anyone watch the show on chanel 5 about bay area housing costs?
It was pretty lousy. It was all old news. As if people dont know about housing prices in the bay area being too high. And they had the nerve to imply that they might continue to go up. They implied that a natural disaster could cause prices to drop. They also educated everyone on how high interest rates can cause prices to decline. It was geared to someone with an IQ of about 75.

I'm starting to see signs of problems. A recent buyer in my neighborhood
has a for sale by owner sign up. She's been here for less than a year and paid way too much for her shitbox. I guess she realizes it now and is trying to get out anyway she can. I think her world is fucked. She is clearly having a financial crisis.

I'm still surprized at people with so much buying power doing such stupid things. Then I think about it. She's just a hardworking nurse that wanted to own a home. She's not an economist or a financial wizard. She just got tricked into buying something that she really couldn't afford. Every body got paid and she got stuck paying the bill. Every month she's got to come up with $3k plus after taxes, food, utilities and such. She tried renting it out. People are actually renting it now. I guess the negative cash flow is just wearing her down.

That's my impression of what's probably happening to many people. It will begin to happen to many more as the months go by.

sj_oldtimer Says:

"She’s just a hardworking nurse that wanted to own a home....She just got tricked into buying something that she really couldn’t afford. Every body got paid and she got stuck paying the bill. Every month she’s got to come up with $3k plus after taxes, food, utilities and such."

"...I guess the negative cash flow is just wearing her down.
That’s my impression of what’s probably happening to many people. It will begin to happen to many more as the months go by."

Exactly. And the slow-burn crackup as a natural concomitant to fiscal irresponsibility: the day of reckoning.

The multitudes of new buyers--what, 60-70+% are Interest Only and Adjustable Rate Mortgage bag holders?--are sitting ducks and mere grist for the housing mill, set on granny's farm high atop Mt. Hamilton.

I think when the engines of job growth and high-tech prosperity begin to sputter a little, in the direction of recession, it will be the spark that starts the gears of the housing mill turning in wheels of burning fiscal flames.

Then will begin the shrill, slow grind of the hapless, helpless American dreamers into fine grist for the unsavory batter of a tall stack of piping-hot, California buttermilk pancakes!

When the process is well under way, I will raise a signal flag of requiem ensuing with the words, "Pass the syrup, damn it. I'm hungry!"

Then all will know the violent truth that violation of the immutable, financial laws of physics come with a steep price.

"The whole thing started since I VIOLENTLY REACTED to the PURPORTED NOTION that 100K is HIGH SALARY …." -- Ha ha

But statistically it is.

Ha Ha, well shit, if you make that much, everyone else should also. Just like when you walk outside in your tan Dockers and everyone else has tan Dockers, it's freaky man they way you predict what everyone else earns. Just odd. I for one applaud your out of the box thinking, your ready ability to disregard all published data, you $ir are a trendsetter and I for one am continually enriched by your continual boasting over what you make. I am marching into my boss’s office tomorrow and demanding a raise. I say all those other assholes out there that actually "believe" things like census numbers, data published by leading business schools and anecdotal evidence are just ball jiz sniffing whiners. Fuck man do you think $ilicon valley got where it's at, replete with >100K salaries for even the most common of cube farm sitter by actually paying attention to stupid little things like data? I mean after all from your vantage point 160K is the norm.

Let me know what you wear to work tomorrow because I want to be normal also. And continue the good work. I'm sorry if I violently reacted to the neverended hammering from your diatribe, but I can't seem to give up my desire for data. Fuck I guess that's why my salary is so "average".

X, et all,
I feel your pain about these 100k jobs. I deal with it every fucking day.
And I must tell you that there are some sorry sacks of shit making 100k and above. You would be surprized. I know their salary's because some have told me and others I know because of knowing their title and the salary range at my company for that position. I have seen resume's of some of the 100k employees. When I read them I sometimes feel they are underpaid at 100k. They've designed this, they have taught there, they have a patent for this and that. They have an MS from here and BS from there. They have 15 years experience. I work with these people every day and often think that they are total slackers most of the time.

These people are not unusual in my company. My company employs about 35000 employees.

I'm talking high tech jobs. I'm talking about people that survived layoffs.

I bet the average worker in Santa Clara county is NOT a high tech worker.

I've heard the average salary at my company is 60k. I dont remember where I heard that or when.

Knowing what I know, I wouldn't doubt for a minute that HA HA pulls 160k as he describes. Perhaps he might take a pay cut if he left his job and went somewhere else. I feel that way about many of my co-workers.

SJoldtimer, I make just a hair under 100K and am basically a recent graduate. However, I have multiple graduate degrees, patents etc blah blah blah. All my friends, who work at all the industries in the bay area, bio, tech, defense etc all make about 70 or so. Yes, I think there are a substantial number of over 100K folks, but these are management, or programmers/chip designers with a very specific narrow focus. The vast majority of us peons make under 100K. I don't know what Ha Ha's gripe is, my wife doesn't work, and while we can't buy a house, we have a great lifestyle.

@HaHa, I am totally in line with your opinions. The whole thing stinks, but the sheep just don't seem to get it. Borrow means you have to pay back, it isn't your money.

Can't

We

Just

All

Get

Along?

No...

jeffolie says

the fed will "monetize debt as the lender of last resort."

What does that mean?