SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Strategies & Market Trends : The Residential Real Estate Post-Crash Index-Moderated -- Ignore unavailable to you. Want to Upgrade?


To: John Vosilla who wrote (28431)7/8/2011 10:28:20 PM
From: Broken_Clock2 Recommendations  Read Replies (1) | Respond to of 119362
 
Did you know the national debt rose more per month the last 15 months of GWB than it has under Obama and the debt ceiling was raised seven times under his presidency without any issues by the other side?
+++

Link?



To: John Vosilla who wrote (28431)7/8/2011 11:15:47 PM
From: Bonefish1 Recommendation  Respond to of 119362
 
The seeds go back decades before that young fellow.



To: John Vosilla who wrote (28431)7/8/2011 11:21:07 PM
From: Smiling Bob  Read Replies (1) | Respond to of 119362
 
Taboo topic
Critics say all O's horses and all O's men should be able to put humpty together again, no matter how badly bushman scrambled him
O's only option was to bring in an imposter Humpty D and hope no one noticed



To: John Vosilla who wrote (28431)7/9/2011 2:22:35 AM
From: Follies12 Recommendations  Read Replies (1) | Respond to of 119362
 
Obama voted against raising the debt ceiling when bush was president, get a clue.



To: John Vosilla who wrote (28431)7/9/2011 8:46:27 AM
From: Pogeu Mahone2 Recommendations  Read Replies (1) | Respond to of 119362
 
$1.2 million mansion for $10K?
By Jay MacDonald · Bankrate.com
Monday, July 4, 2011
Posted: 9 am ET

Here in Florida, the Foreclosure State, we thought we'd already cataloged every genus responsible for this plague on all our houses, from the predatory lenders to the oblivious robosigners and rocket dockets to the no-mod-for-you bank Nazis. That was, until we caught wind of the HOA chasers.

The St. Petersburg Times recently profiled an opportunistic little industry that discovered a loophole in the state's foreclosure laws and is milking it for all it's worth.

Florida law allows homeowners associations, or HOAs, to foreclose on properties when dues are in arrears and does not require the HOA to notify the primary mortgage lender. Florida has 40,000 homeowner and condo associations, many struggling to keep basic services going with so many owners behind in dues. The HOA's lawyers encourage them to foreclose because, if the bank beats them to it, they usually won't see a cent.

Here's where opportunity creeps in: Since most homeowners owe less than $15,000 in association dues, the HOAs can file their foreclosure cases in county court rather than in circuit court, where caseloads are backed up. This allows the associations to get final judgment on a foreclosure in as few as 270 days verses the 617 days it now takes for the average bank foreclosure.

Yes, a mortgage lender would gladly pay the back dues to protect their investment -- if they knew about it. But because the HOA doesn't have to notify the bank of its foreclosure actions, it could be months or even years before the primary lender forecloses.

Enter HOA chasers like Barry Haught and his associates. They acquire HOA foreclosures in private for pocket change, since they only have to pay off the delinquent HOA dues, not satisfy the mortgage. They then rent the property, and sometimes live there, for the months and even years it takes for the bank to foreclose.

This loophole has allowed Haught and his associates to acquire 71 properties in Tampa's Hillsborough County worth $8.2 million for a little more than $220,000. Among his deals: a $1.2 million home on Tampa Bay for $10,010; a 3,700-square-foot home for $8,090; and dozens of single-family homes for $4,000 apiece.

And no, they are under no obligation to inform their renters that the primary lender could unceremoniously kick them to the curb one day.

Did I mention that this is all perfectly legal?

We're kind of used to this stuff in the Foreclosure State, where the unofficial state motto is: Only in Florida!

But I'm wondering if this HOA play happens elsewhere?

Follow me on Twitter.

Subscribe to Bankrate newsletters today!

Read more: $1.2 million mansion for $10K? | Bankrate.com bankrate.com



To: John Vosilla who wrote (28431)7/9/2011 12:23:27 PM
From: Broken_Clock2 Recommendations  Read Replies (1) | Respond to of 119362
 
JV

Apparently you know more than the current president and all his illustrious advisors....

"Obama said uncertainty over raising the debt ceiling - currently capped at $14.3 trillion - was one of several factors that have contributed to an economic slowdown and weaker job creation. He also listed natural disasters, high gas prices, state and local budget cuts and the fiscal crisis in Greece."

Even Zer0 realizes that R bashing is passe. He needs the R's(he really is a Wall St. boy you know) in order to get his Wall St. sponsored "austerity" package jammed down the throats of those retaining some conscience in congress.

Note that SS is still described as an "entitlement" program. Silly rabbit, the taxes stolen from your earnings specifically for your retirement are now an "entitlement".
+++

Grim jobs report casts shadow over debt talks

Jul 8, 3:48 PM (ET)

By JIM KUHNHENN

apnews.myway.com


WASHINGTON (AP) - Beset by a weak jobs report, President Barack Obama on Friday called for swift action by Congress to raise the nation's borrowing limit, saying the uncertainty over the debt ceiling has hindered hiring in the private sector.
In remarks in the White House Rose Garden, the president linked two of the most high profile issues facing his presidency - the weak economy and a massive budget deal to meet an Aug. 2 deadline to increase the debt limit.
"The sooner we get this done, the sooner that the markets know that the debt limit ceiling will have been raised and that we have a serious plan to deal with our debt and deficit, the sooner that we give our businesses the certainty that will need in order to make additional investments to grow and hire," Obama said.
He made his remarks just hours after the government reported anemic job growth for June and a new, higher unemployment rate of 9.2 percent.

Obama said uncertainty over raising the debt ceiling - currently capped at $14.3 trillion - was one of several factors that have contributed to an economic slowdown and weaker job creation. He also listed natural disasters, high gas prices, state and local budget cuts and the fiscal crisis in Greece.
"The economic challenges we face weren't created overnight and they're not going to be solved overnight," he said.
Obama met Thursday with the top eight leaders of Congress and has called them back for a rare weekend meeting on Sunday. He met privately Friday morning with the top House Democrat, Nancy Pelosi, amid Democratic concerns over proposals to cut spending for Social Security, Medicare and Medicaid as part of the budget deal.
Obama and congressional negotiators are looking at closing some tax loopholes and cutting popular social benefit programs as they struggle to reach an agreement between Republicans and Democrats, but Pelosi and many House Democrats oppose cutting the benefit programs. Pelosi was getting an opportunity to air her views as she met privately with Obama.
"We are not going to balance the budget on the backs of America's seniors," Pelosi said Thursday.

The endgame on the debt talks was approaching as the Labor Department reported hiring slowed to a near-standstill in June. Employers added the fewest jobs in nine months and the unemployment rate rose for the third month in a row, climbing to its highest point this year.
That gave Republicans fresh ammunition to attack Obama's handling of the economy even as the shape of an agreement remained in doubt. All the while the nation is moving closer to an Aug. 2 deadline to raise the government's debt ceiling or face an unprecedented default on U.S. obligations that the administration warns could add a perilous new crisis on top of the already quavering economy.
Obama was pushing for an ambitious deficit reduction plan of roughly $4 trillion, the biggest of three options he laid on the table. It would require sizeable tax revenues, which many Republicans oppose, and spending reductions for entitlement programs, opposed by many Democrats. But the idea of a potentially historic deal was well received by the meeting participants, officials said later, even though the details remained in dispute.
After Thursday's 90-minute session, Obama said Democrats and Republicans should be prepared to show their bottom-line demands when they return to the bargaining table Sunday.
The negotiating stakes are high. Without a deal on deficit reduction, Republican leaders say they don't have enough GOP votes to increase the nation's borrowing authority, raising the danger of the first ever U.S. default on its debts when the current $14.3 trillion debt ceiling is tapped out.

"Everybody acknowledged that we have to get this done before the hard deadline of Aug. 2 to make sure that America does not default for the first time on its obligations," Obama said. "And everybody acknowledged that there's going to be pain involved politically on all sides."
That leaves little time to agree on 10-year deficit reductions of $2 trillion to $4 trillion.
The major clash centers on how to reduce spending on major entitlement programs such as Medicare, Medicaid and Social Security, all prized by Democrats, and on tax changes that would close loopholes and end certain corporate breaks. Republicans insist that any tax changes be used to lower rates on corporations and individuals; Obama wants them also to generate more tax revenue.
Increasing the debt ceiling through the end of 2012 - a date favored by the White House - would require authorizing about $2.4 trillion in additional borrowing. House Speaker John Boehner has insisted on a 10-year deficit reduction figure that, at a minimum, matches the amount of additional borrowing. One aide to a lawmaker in Thursday's meeting said Obama made it clear he wouldn't sign a budget and debt agreement that didn't extend the debt ceiling until after the November 2012 presidential election.
In the meeting, Obama told the leaders that they faced three options - a small deficit reduction plan, a medium plan that would reduce deficits by $2 trillion over 10 years or a big agreement that would shoot for up to $4 trillion in deficit reductions over the next decade. Obama indicated he preferred the largest number.

In the meeting, Boehner and Senate Minority Leader Mitch McConnell of Kentucky backed Obama's bigger, more ambitious goal, said Democratic officials familiar with the talks. Their lieutenants, Senate GOP Whip Jon Kyl of Arizona and House Majority Leader Eric Cantor of Virginia, indicated they believed the medium-size option was more realistic. Both Cantor and Kyl had participated in talks led by Vice President Joe Biden that had already identified about $2 trillion in deficit reduction.
The negotiations are politically difficult for both parties.
Raising the debt ceiling is unpopular with voters, especially those who vote Republican, increasing concern among GOP lawmakers that they could be challenged by fellow Republicans in primaries across the country.
The big entitlement programs such as Social Security, Medicare and Medicaid have long been protected by Democrats in Congress.
Underscoring the political stakes, the Pew Research Center reported Thursday that in a recent poll it found that six of 10 of those surveyed believe it is more important to maintain Social Security and Medicare benefits than to reduce the budget deficit.



To: John Vosilla who wrote (28431)7/9/2011 2:15:36 PM
From: Broken_Clock1 Recommendation  Respond to of 119362
 
Weekend Edition
July 8 - 10, 2011
counterpunch.org

Barack the Gipper

Reagan Recycles Back to Life

By ANDREW LEVINE

Unlike Generalissimo Franco, who at least had the decency to stay dead, Ronald Reagan is rising again -- in the form of Barack Obama.

I am of course using “Reagan” to stand for “Reaganism,” a parochial designation that is apt in the United States and perhaps also in Canada. In the UK and Australia, “Thatcherism” would do as well, and outside the English-speaking world there are other names. Whatever we call it, the idea is to designate an historically peculiar form of aggressive (ruling) class warfare – that targets political constraints on capitalists’ abilities to exploit and plunder, and that seeks to replace collective forms of provision, welfare state institutions, and other non- or extra-capitalist ways of organizing social and economic life with market “solutions.”

Until the 1970s, Reaganism was a dream in the minds of fringe economists, philosophers, and social theorists. A few of them were clever in the way that theorists can sometimes be when their views have no practical consequences; most of them were just mean-spirited and dull. Their guiding idea was to resurrect long discredited “classical liberal” (libertarian) doctrines and then to apply them, as best they could, to modern conditions. Their faith in markets and private property was as fervent as any true believer’s faith in the God of Abraham, Isaac and Jacob.

And like their otherworldly counterparts, they attracted converts to their theology at the same time that they breathed new life into the old time (capitalist) religion. Ronald Reagan was a convert, and with a convert’s fervor he took to heart what free market theologians had contrived. Being a movie actor and an advertising flack, and a man of reactionary inclinations, he was a suitable vehicle for warriors on the wrong side of the class struggle. But being lazy and poorly informed, he was not of much use on his own. No problem there: with practically limitless resources provided by capitalists bent on taking the offensive, there were plenty of willing and able helpers to pick up the slack.

In its first two years, the Reagan administration did score some successes in turning back organized labor; breaking the Air Traffic Controllers’ strike was especially pivotal. However, neither Reagan nor Bush the father were able to do much more to implement the Reagan agenda. That task fell to Bill Clinton. No one was more effective than he at promoting globalization and deregulation and also, not coincidentally, at putting the “Vietnam syndrome” to rest. Clinton was the father of the mother of all imperialist subterfuges: humanitarian intervention.

American welfare state institutions were always feeble in comparison with those of other developed liberal democracies; but, even so, even Clinton was powerless to weaken them further – except of course, under the banner of “ending welfare as we know it,” canceling programs crucial for the relief of extreme poverty, like Aid to Families with Dependent Children. Still, thanks in large part to the Lewinsky affair, he was balked in going after Social Security or other legacies of the New Deal and Great Society.

George W. Bush did go after Social Security – in 2004, after finally winning an election -- but Democrats resisted and his efforts foundered. But that was then. Now we have the “yes, we can” champion of “change” determined to put Clinton and Bush, not to mention Reagan and Bush the father, to shame.

Supposedly, no deal has yet been struck, but it now seems that, with Republicans threatening to let the United States default on its debt obligations, Obama has agreed to spending cuts beyond the imagination of any of his predecessors – taking aim even on Medicaid, Medicare and, the third rail of American politics, Social Security. He will do this in “exchange” for Republicans not blocking efforts to close some especially egregious tax loopholes – though, it goes without saying, that the Republicans can always move the goal posts again, and that the “deal,” if there is one, will then fall through. Whether it does or not, Obama is already positioned to leave his Democratic predecessor behind in the sand, and to assume for all time the undisputed title of Defender of the (Reaganite) Faith.

Democrats could stop him, of course; but they won’t lift a finger – even though his opponent in the next election is likely to be either Michele Bachmann, a certifiable wing-nut, or Mitt Romney, a smarmy flip-flopping practitioner of a faith whose brand of snake oil is repugnant even to the snake oil salesmen of the rest of the religious right. Were the Democrats not a wholly lost cause, they would by now have a flourishing Dump Obama movement under way. Instead, not one Democrat has so far indicated even the slightest willingness to run against Obama, much less to stand up against his increasingly reckless capitulations.

* * *

In his dealing with Republicans, Obama’s hand is weaker now than it was in his first two years in office, but he still holds most of the cards. Why then is he such an enthusiastic capitulator? One reason, of course, is that his “liberal” supporters, implausibly fearful of another “shellacking,” encourage him. Another, much commented upon, is that it is not in his character to fight back. Another is that, no matter how high he has risen, military and economic high-flyers intimidate him; and that he is therefore incapable of viewing them with the contempt they deserve. All of this is true, but it’s not the whole story.

The Obama imperative – to capitulate, capitulate, and capitulate again – is built into his negotiating strategy. His idea, in the main, is to concede a great deal at the outset and then to compromise away most of the rest. It’s a little different, when dealing with the military brass – in part because they probably do believe, just a little, in that Commander-in-Chief thing, but mainly because, terrified of seeming “weak on defense,” Obama begins by conceding not just a great deal but almost everything. That enables him then to hold (comparatively) fast on the rest. After all, as a Nobel laureate, he has a reputation to protect.

With the debt ceiling negotiations, Obama is again acting true to form, but the Republicans have ratcheted up their modus operandi. They always understood that dumb obduracy would get them (nearly) everything. Lately, they seem to have come to the conclusion that total obduracy will get them (literally) all they want. My guess is that they reached this understanding by observing the dynamic between Obama and Benjamin Netanyahu. But however they got the idea, they’re now intent on playing chicken up to the bitter end (and perhaps beyond it) – and while they may not be good for much else, they’re superb at that.

It will soon become clear how big a loser in the chicken game Obama will be. At best, he’ll insist on saving face enough not to push his most diehard supporters – “progressives” who would rather do anything than fight back -- over the edge. You can fool some of the people all of the time, but probably not enough of them to win a second term -- at least not if, in the end, Obama doesn’t run effectively unopposed.

But however that may be, none of the explanations sketched above fully account for Obama’s spectacular unwillingness to do anything to advance the interests of the people who put him in office. Having a character unsuited for the tasks he faces can’t be the whole story. In his heart of hearts, he must actually want to capitulate – not because he has to, but because he can.

It’s a scary thought -- that Obama is a stealth Reaganite for whom government is the problem, not the solution. It underscores just how susceptible all of the people can be to being fooled some of the time. But there is no more plausible explanation.

Last Spring, with workers in motion in Wisconsin and other states where Republican governors and legislatures decided that they couldn’t wait for Democrats to complete Reagan’s work, it looked for a while like the Reagan Revolution had overreached and that, no thanks to Obama, we really were on the threshold of “change we can believe in.” This could still be true, but it has become much harder of late to sustain optimism; not with Obama giving it all away, again and again, as the party he leads stays entirely in tow.

In the end, it comes down to whether our President’s capitulations amount just to bumps in the road or whether, by taking up where Bill Clinton left off, he will do more lasting damage than any of his Reaganite predecessors. Much like the question of what will come from the contemporaneous Arab spring, what will come from the spring revolts in Wisconsin and other states is ultimately a matter for civil society to decide.

It is hard to see, though, in either case, how anything good can come in the absence of a genuine and capable political alternative. So, for now, it remains an open question, in both cases, whether we are talking about temporary setbacks or historical defeats. The one thing that is certain is that, pace Reagan, it is not government per se, but Reaganite government -- Obama government -- that is the problem, not the solution.