patrick.net

Peter P,

I'm hearing the options exchanges are starting a pilot program to trade in penny increments (select issues). Have you been holding out on us?

A bit more crushing of dissent:

Jonathan S. Landay
McClatchy Newspapers
Friday, January 26, 2007

WASHINGTON - Vice President Dick Cheney exerted "constant" pressure on the Republican former chairman of the Senate Intelligence Committee to stall an investigation into the Bush administration's use of flawed intelligence on Iraq, the panel's chairman charged Thursday.

In an interview with McClatchy Newspapers, Sen. Jay Rockefeller of West Virginia also accused President Bush of running an illegal program by ordering eavesdropping on Americans' international e-mails and telephone communications without court-issued warrants....

Long Island is so silly

http://www.nytimes.com/2007/01/26/nyregion/26long.html?_r=1&adxnnl=1&oref=slogin&adxnnlx=1169836686-jrXmJnFbiYCFiAWik9fRGg

Apparently only 2% of houses sold are affordable compared to 60% in 2000.

At first, that seemed worse than here - but then the reason was revealed:

In 2000, 60 percent of the homes sold on Long Island could be classified as “affordable” for families earning up to $100,000 a year, under the old rule of thumb that buyers should spend no more than 2.5 times their income on places to live.

I guess the NYAR (?) hasn't learned from CAR that you have to change the way you measure things yet.

eburbed Says:

> So… the TSA, an agency composed of men and
> women who are supposed to be protecting us from
> terrorists, are of the same caliber of professionalism
> as Raiders fans.

While the average (average not every) IQ of Rader fans is at least one standard deviation below the mean it is well above the average IQ of the people working for the TSA (and most other “government” jobs)…

I’m hearing the options exchanges are starting a pilot program to trade in penny increments (select issues).

Good news.

My friend asked me if he should sell a whole bunch of 0.05 calls near expiration.

It reminds me of russian roulette. LOL!

Oh, is it bad that I feel like celebrating?

SQT, welcome back.

Why is it bad that history unfolds as we have predicted? ;)

I don't get it, why doesn't Casey just sign up somewhere else, pay by paypal (no credit worry), and remove the offending link? He can then repoint his DNS at the new site.

Supposedly he is an internet professional, is this technical manouevre beyond him?

I pay around $10/month for a basic hosting account. Shouldn't he just move his back-up files across to a new inexpensive host?

Casey already lost data earlier when he didn't back his site up properly - let me guess, he still wasn't doing that?

SFWoman Says:

> FAB, I would also question your assertion that
> this describes a libertarian: “Libertarians blame
> themselves (“that was a bad idea to write that the
> head of the TSA was an idiot on a bag. I’ll learn
> from this and try not to do it again epically at a
> Raider game where I would have had my head
> bashed in”)…”
> I would say that is more of a description of a conformist.
> I can’t really imagine a libertarian would be quite so
> ready to give up unpopular speech for the convenience
> factor.

I’m not saying that Libertarians are conformists I’m just saying that they tend not to blame others for their problems or the situations they get in. Most Libertarians want to make pot legal and in college I was the only Libertarian I knew that was not a regular pot smoker. I was also probably also the only Libertarian on campus that wore Topsiders (remember that this was over 25 years ago when they were kind of in style). Libertarians love to argue but unlike Liberals who want the people that disagree with them kicked off campus for “hate speech” they will suck it up and go back for more knowing that they control their own life and they don’t want to get in to arguments they should not wear the “Legalize Pot” T-shirt to their job tutoring kids at the local public school. I bet we don't have even a single Libertarian that complains to the Government about gatting "tricked" in to a Neg. Am. IO loan...

FAB,

I just think that avoiding saying things because they can cause trouble is a form of conformity that is quite dangerous in that it subverts the checks in a functioning democracy.

I too find the blame game and cult of victimization despicable, but I don't think it is only the liberals who are using it now. Look at the legions of evangelicals who are crying discrimination when they aren't getting their way. I think my favorite were the judge and congressman who wanted the ten commandments in all public courthouses and buildings. The Daily Show and Colbert report had some hysterical pieces on them.

I just think that avoiding saying things because they can cause trouble is a form of conformity that is quite dangerous in that it subverts the checks in a functioning democracy.

I disagree. Libertarians "avoid" saying things because they believe there exists freedom in other people as well. I am sure most of them actually have opinions about things.

Peter P.,

Most people I know who are Libertarians are opinionated and feel quite free to speak them. Not voicing your concerns about government wrongdoing is a pretty dangerous thing, IMHO. Democracies require that people do put checks on government.

Anyway, one of my favorite "Better Know a District" segments, with Congressman Lynn Westmoreland:
http://youtube.com/watch?v=xzeYVKuL_LY

Gotta weigh in with SFWoman on the free speech issue. Free speech is just that --the right to be a complete asshole if you want to and say things that make other people uncomfortable. And it's essential that it be protected for any functioning democracy. Otherwise, what good is it? Every country protects the right to *socially acceptable* and *polite* speech, even the Taliban. Of course, that's as long as the Taliban gets to determine what constitutes *socially acceptable* speech.

Oh, and I agree there are extremists on either end of the spectrum that want to crush it --PC lefties that don't want any "minority" group offended, and RaptureReady types that don't want us to read any book other than the Bible.

How desperate can they possibly get? This would actually be a great deal if the bankruptcy laws were more lenient. Live free for 2 years and then declare bankruptcy! Rinse and repeat!

Of course, sometimes there are negative legal consequences for saying things that cause harm to other people --such as slander, libel & physical threats. But aside from that, you're still free to be a complete asshole. And that's the way it should be.

But aside from that, you’re still free to be a complete asshole.

I agree. Animals have no rights! ;)

allah,

Kind of wondered about that one myself. It's plastered all over C/L! What's odd, with all the saber rattling about mortgage fraud is that this guy is very openly offering HUGE "cash back" offers! Now that this has been properly identified for what it is (blatant theft) the last refuge of the specuvestor has been shut off.

The pictures make it look very nice though, thanks.

Completely OT, but Microsoft has really cool birds-eye photos from 4 angles for most of the Bay Area. I don't know how long it has been there, but it is new to me. It is really cool, so I thougth I'd share:

http://maps.live.com/

You can really get a good view of the neighborhoods in San Francisco.

The pictures it has of shoreline amp shows a concert in progress:

http://tinyurl.com/32f2ce

From the casey thing:

Nigel, yes you can definitely publish. I sent the following message to
Keith of HousingBubble and louminatti guy too. And I posted a comment on Robert Cote's blog. That should be enough to let people know what's going on.

Robert has a blog?

Here’s the full story on why Casey’s site is down…

Casey's site is not down, I've just been there.

DinOR,

Yes, I picked that up from C/L. I read into it and they have 3 different plans. The first plan is no payments and no taxes for 4 years. Now had I not any assets or excellent credit, I would have been all over this like hair on a
gorilla! 4 years free living and then just walk away!

allah,

It's just incredible the lengths people are going to keep "this thing of ours" alive isn't it? The rental guarantees are pretty hysterical too! Like getting decent long term renters is as easy as calling room service? Oh this I GOTTA see.

I don't get that ad.

What's the upside for the seller?

Even if the current administration is guilty of suppressing the truth, it is a far cry from the repression experienced by, say, a political dissident in a Chinese prison.

Whoa, easy there. This is bordering on Godwin's Law.

http://en.wikipedia.org/wiki/Godwin's_law

That's like saying "Well, compared to the Sun, there's no global warming here."

A better comparison would be USA 2007 vs... say USA 1997... or even USA 1987.

I don’t get that ad.

What’s the upside for the seller?

The seller gets the place sold. What they do is sign you up for a loan that is larger than the purchase price (enough to carry mortgage and taxes for 2 or 4 years). That extra money that you get back (which is really more money that you borrowed), you put aside in an account to make the payments. It's just another way of getting you to overpay for the place, but seem like it's a great deal. It's not, but if you don't have anything to lose, you can just walk away at the end of the free period....but then again, if you don't have good credit, they probably can't get you that deal. A deal like this would appeal to the how-much-a-month crowd; the whole thing is a fraud, it's amazing that they haven't been busted yet.

SP,

Tee shirt man was crude, but there's the slippery slope issue. I normally find the slippery slope argument annoying, but I do think that is how our particular society could evolve into one in which the only free speech would be that which agrees with the administration's, or is politically correct. Accusing people of being unpatriotic or of endangering our society because they don't agree with the government is definitely a suppression of dissent.

I've seen perma-bulls do that on this site. "Why do you want the country to fall to ruin by wishing for a housing crash?" or the attempted shame "You renters are just jealous at everybody else's good fortune in the real estate run up." Or the pegging you as an outsider "What, you don't want/need to be part of the American Dream(TM)? What's wrong with you?"

I say when we see the thought/speech police come out for any reason, be they fascists or politically correct types (who I am sure are using their PC ideology more for personal gain than any sort of real equality fix) we call them on it.

SFWoman,

your point is well taken. What's wrong with a little bit of disagreement? This was set up as a democracy.

Free markets can't operate without bulls and bears anyway.

Rome was set up as a republic, just like the US (even if their ideas about citizenship were different). Mind you, look at what happened to Rome in the long run...

SP Says:

> I saw in Valley Fair wearing a “shut up
> b*tch” t-shirt. SFWoman Says:

Then SF Woman Says:

> SP, Tee shirt man was crude, but there’s the slippery
> slope issue. I normally find the slippery slope argument
> annoying, but I do think that is how our particular society
> could evolve into one in which the only free speech would
> be that which agrees with the administration’s, or is
> politically correct.

Not to pick on Raider fans today, but last season at a Raider Game I saw a “I Left the Bitch at Home” T-Shirt and on the way out of the parking lot I saw a guy on a Harley with an “If You Can Read This, The Bitch Fell Off” T-Shirt…

I am not offended by anything (many people have tried to come up with something, but I really don’t care what others do, wear or say). I just wish that people would worry more about their own life and do their own research (so they can worry less about people that tell them real estate always goes up, or a stock is a “sure winner”)…

Rome was set up as a republic, just like the US (even if their ideas about citizenship were different). Mind you, look at what happened to Rome in the long run…

Uh, did you just copy this from the comment thread in Ben's blog?

Comparing Rome to the US is one of the most ridiculous things I've heard today. I'm not saying that we're in better shape, or worse shape, but they're completely different.

Since you’re obviously familiar with Godwin’s law, the irony should be self-evident. :-)

Touche!

tsusiat,

I love a good spirited, well thought out debate. I get annoyed when an opinion different than that of the other person's automatically qualifies you as 'unpatriotic', 'anti-Semitic', 'racist','intolerant', etc. PCism becomes a rather blunt instrument with which to club people as easily as fascism or wielding the bible as a weapon.

We are finally getting some rain here. I was starting to get worried about the water situation in the country.

I recommend these t-shirts.

FAB

I think it was around the year that I struggled through Atlas Shrugged for the first time that I stopped blaming others and took full responsibility for everything that happens in my life…

You are more likely an Objectivist than a Libertarian. Ayn despised Libertarians, calling them pseudo-intellectual cranks, or conservatives disposed to engaging in various vices.

The problem with today's Libertarians, and I've met quite a few (and disposed one from elected city office when I lived in Belmont) is that they are often nothing more than overly intelligent narcissists in political ideologists clothing.

TJ Rogers came to speak to us back in B-School. Our prof introduced him as a Libertarian, and he almost ripped the poor guys spine out on the spot. It was around then I realized that hardcore Objectivists -- the ones who actually read and got Ayn -- would rather all the Libertarians would pack up and go join whichever party they're hiding from.

overly intelligent narcissists in political ideologists clothing

Ooooh. It gives me shivers when you talk like that, baby ....

Ooooh. It gives me shivers when you talk like that, baby ….

Sorry, suffering serious blog burnout. I inadvertently pissed off an entire online computer game cult get-rich-quick phenomenon by something I wrote on my blog, and I've been under attack for the last few days. Lesson: people don't like having their bubbles burst, no matter what those bubbles are.

eburbed,

if you aren't aware of the numerous parallels between the constitutional aims of your founding fathers and the principles they drew from the Roman Republic, I suggest you google those phrases - Rome, founding fathers, republic.

Then I suggest you read some translations of Livy, and follow that up with a translation of Suetonius' 12 Caesars. If you don't see the parallels between the behaviour of some of the caesars and some recent presidents, post back with your own interpretation and/or analogy.

Or you could read this:

http://www.newstatesman.co.uk/200308250013

And no, I don't pay any attention to Ben, and have no clue about his blog.

And what exactly is wrong with referring to Rome in a blog that mentions "caveat emptor" as the topic, anyway?

danville woman,

Floating Rate funds have a tendency to be quite a bit more labor intensive. Because these don't really "trade" they are illiqiud and each loan has to be screened, analyzed, selected and monitored.

The asset class as a whole is fairly new (late 80's) and up until maybe 2003 had "quarterly redemption windows". Now with daily liquidity they have become much more accessible (and useful) to retail investors. Typically they track LIBOR rates. The expenses DO look high and with that kind of yield my guess is that their is a fair amount of leverage AND junk in their too? (Peter P help me out here)

Loans default. It's part of the business. One of three ways to go here. Lower expenses and run the risk of higher default rates OR! 2) staff up and scrutinize the hell out of 'em and brag that while you have lower yields "you've never had to eat a default!" (Institutions love that pitch).

The 3rd option is to sell off anything that looks like it's struggling (airlines, telecom) but when you go this "my hands are clean" route you're not going to be around when they liquidate assets. Remember these are Senior Subordinated Loans so after Uncle Sam and the "help" you are next in line!

My question is, now that the big move is basically over and no clear consenus on the Fed's next move are you encountering opportunity cost?

Someone? Anyone?

Update on my friend who is trying to sell her house in Cupertino...

The house was on the market last fall/winter and did not sell. I didn't realize this, but my friend told me that she received numerous "low ball" offers ranging from $50k to $20k off the asking price. She did not accept any of these offers. She was getting ready to relist, when the couple who had offered her $20k off last year made the same offer. She turned them down again. They then offered her asking price, which she is going to accept (even though Spring is going to be a seller's market in Cupertino, according to her). It comes as no surprise that the family is buying for the school district.

Randy H,

You mean "virtual whores" can be vindictive?