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Technology Stocks : Semi-Equips - Buy when BLOOD is running in the streets! -- Ignore unavailable to you. Want to Upgrade?

To: sawgrass who wrote (2937)	10/22/1997 10:16:00 AM
From: Sam Citron	Read Replies (1) \| Respond to of 10921

Sawgrass, <I am curious about how those people are compensated for loss in value due to market effeciency caused by external influences. Clearly, houses were not originally built next to a highway,dump, train station,etc Housing developments occasionally encroach on public nuisances, like smelly slaughter houses. When homeowners attempt to receive compensation from slaughter house owners in such situations by suing for public nuisance, judges routinely apply the doctrine of "coming to the nuisance" and throw the case out of court because the slaughterhouse was there first. When a public thoroughfare requires you to sacrifice your property, the doctrine of eminent domain is applied and you are entitled to fair market value plus, I assume, reasonable relocation costs. And when the smelly slaughterhouse attempts to first enter your neighborhood, you sue in equity for an injunction prohibiting it on grounds of public nuisance, or else all nearby property owners privately settle with the slaughterhouse for cash in return for giving up the right to sue. But when a freeway is built near your house, but not on it, you will not be able to claim that it is a public nuisance. Usually the freeway raises the value of your property by making it more accessible (whether you want this or not) and your only remedy is to sell at a profit and look for another piece of paradise. But if you can make a case for real economic damages, you can request compensation as this is a "Taking". And there is a clause in the constitution, I believe, saying that the government shall not take private property with just compensation. Our founders didn't care for the practice of armies camping out on the lawns of wealth citizens and helping themselves to their crops, livestock, and wealth. SC

To: sawgrass who wrote (2937)	10/22/1997 10:34:00 AM
From: jweiner	1 Recommendation Respond to of 10921

<external influences. Clearly, houses were not originally built next to a highway,dump, train station,etc.. > exactly the point-those very important value assignments are not made in the market arena in which a quantitative price sstem is effective. They are determined (usually) in separate political and social "markets" at the federal, state and local levels. Those markets are not about fair and proper disposition of resources for the ultimate good of all. Who one might have dinner with is as important as the price the market has placed on the property. For example, I'm hard pressed to make the case that we are all better off because William Mulholland and friends were able to take advantage of their political, social and economic positions to develop the San Fernando Valley at the expense of the Owens River valley. Most extremely profitable situations occur precisely because of manipulated, irrational or unfair price structures. The worldwide acceptance of the internal combustion engine for transportation uses (one engine per user!) is another great case study in how a relatively unregulated market can produce an extremely deleterious outcome. People like Sam and I who have had the relative good fortune and sense (by virtue of our G-d given place in society?) to have spent a semester or so in a good university slogging through, say, the UNIDO Guidelines for Project Evaluation are certainly at advantage when it comes time to finess normative issues that affect our equity. jw