Gravitation
03-25 01:25 PM
Good Points. I like discussing real-estate; I'm deeply interested in it. So in that spirit of having a good conversation, here's my response:
I completely agree that buying a house is a long term move. But I disagree with some of the points:
1. Does rent always go up? No, my rent did not go up at all during the real estate boom as the number of ppl renting was low. Recently my rent has gone up only $75 pm. (love rent control!!!) So in 5 years, my monthly rent has gone up a total of $125 per month
Real Estate market is always local. Unlike the market for -let's say- rice, which can be transported from one place where it's abundant to where it's scarce easily. Real Estate remains where it is. It's also subjected to a lot of local laws, municipal regulations etc. So, any discussion we have here will NOT apply to every single location. You have to research your own local regulations/market etc.
If you have rent control, it significantly changes the picture. It usually doesn't make sense to buy if you have rent control.
2. I hear about tax rebate for homeowners. But what about property tax?
Yep, you pay it when you own a house. And yes, you pay it when you rent (it's rolled into your rent). The difference is that when you own, it's tax-deductible; if you pay it as part of your rent, it's not.
3. What about mortgage insurance payments?
You don't pay PMI, if you put down 20%. Not a bad idea to save that much. It forces one to learn financial planning and forward thinking.
It is a misconception that 5-10 years is the cycle for real estate.
Here's how in a sane real estate market the cycle should work:
No population influx in your area or there is no exodus from your area:
Your real estate ownership should be 25 years because that's when the next generation is ready to buy houses.
However, in places like SF Bay Area/new York/Boston where there is continuous influx of young working ppl this cycle can be reduced to 15-20 years.
Over the last few years, nobody thought of longevity required to make money in RE. Now that it is tanking ppl are talking about 5-10 years. Unless you are buying in a booming place, your ownership has to be 15+ years to turn a real profit.
Profit/Loss is not what the primary residence is for.
This is purely the financial aspect of ownership. If you have a family I think its really nice to have a house but you don't have to really take on the liability. You can rent the same house for much less. But if you are clear in your mind that no matter what I am going to live in XYZ town/city for the next 20 years, go for it.
You can rent for less, now, but how about later? You're assuming rents don't go up, but they do. One of my neighbors pays $250 per month in loan payment for a house he bought 20 years ago (property tax and insurance adds $550 more). It was a big payment then. Now it's almost live living for free. If he rented this he'd by paying $2500 at least. Again, if you don't plan to settle down, don't buy. But owning your primary residence is the first step towards prosperity.
As a sidenote for Indians. We all have either aging or soon to start aging parents. The way I see it, caring for aging parents is a social debt that we must pay back. This will need me to go back to India. Therefore, if you feel you need to care for your parents, don't commit to a house.
Yes, if you're planning to go back... don't buy.
I completely agree that buying a house is a long term move. But I disagree with some of the points:
1. Does rent always go up? No, my rent did not go up at all during the real estate boom as the number of ppl renting was low. Recently my rent has gone up only $75 pm. (love rent control!!!) So in 5 years, my monthly rent has gone up a total of $125 per month
Real Estate market is always local. Unlike the market for -let's say- rice, which can be transported from one place where it's abundant to where it's scarce easily. Real Estate remains where it is. It's also subjected to a lot of local laws, municipal regulations etc. So, any discussion we have here will NOT apply to every single location. You have to research your own local regulations/market etc.
If you have rent control, it significantly changes the picture. It usually doesn't make sense to buy if you have rent control.
2. I hear about tax rebate for homeowners. But what about property tax?
Yep, you pay it when you own a house. And yes, you pay it when you rent (it's rolled into your rent). The difference is that when you own, it's tax-deductible; if you pay it as part of your rent, it's not.
3. What about mortgage insurance payments?
You don't pay PMI, if you put down 20%. Not a bad idea to save that much. It forces one to learn financial planning and forward thinking.
It is a misconception that 5-10 years is the cycle for real estate.
Here's how in a sane real estate market the cycle should work:
No population influx in your area or there is no exodus from your area:
Your real estate ownership should be 25 years because that's when the next generation is ready to buy houses.
However, in places like SF Bay Area/new York/Boston where there is continuous influx of young working ppl this cycle can be reduced to 15-20 years.
Over the last few years, nobody thought of longevity required to make money in RE. Now that it is tanking ppl are talking about 5-10 years. Unless you are buying in a booming place, your ownership has to be 15+ years to turn a real profit.
Profit/Loss is not what the primary residence is for.
This is purely the financial aspect of ownership. If you have a family I think its really nice to have a house but you don't have to really take on the liability. You can rent the same house for much less. But if you are clear in your mind that no matter what I am going to live in XYZ town/city for the next 20 years, go for it.
You can rent for less, now, but how about later? You're assuming rents don't go up, but they do. One of my neighbors pays $250 per month in loan payment for a house he bought 20 years ago (property tax and insurance adds $550 more). It was a big payment then. Now it's almost live living for free. If he rented this he'd by paying $2500 at least. Again, if you don't plan to settle down, don't buy. But owning your primary residence is the first step towards prosperity.
As a sidenote for Indians. We all have either aging or soon to start aging parents. The way I see it, caring for aging parents is a social debt that we must pay back. This will need me to go back to India. Therefore, if you feel you need to care for your parents, don't commit to a house.
Yes, if you're planning to go back... don't buy.
wallpaper #sexy girls in yoga pants #ass
Macaca
02-27 08:20 AM
1. Insurers Prepare a Battle Strategy to Protect a Key Exemption (http://www.washingtonpost.com/wp-dyn/content/article/2007/02/26/AR2007022601142.html).
2. Lobbying Winner -- and Loser (http://www.washingtonpost.com/wp-dyn/content/article/2007/02/26/AR2007022601142_2.html).
The U.S. Chamber of Commerce and the affiliated U.S. Chamber Institute for Legal Reform have broken their own record for expenditures on lobbying. Their combined total skyrocketed to $49.2 million for the second half of 2006, more than double the $23.5 million they reported for the first six months of the year. The latest six-month period shattered their earlier record of $30.1 million, set during 2004's first half, PoliticalMoneyLine said.
The institute, which alone spent $17.8 million in the second half of 2006, does all manner of lobbying and research to fight trial lawyers. The rest of the Chamber buys issue advertising and houses a stable of lobbyists and policy analysts.
By contrast, the National Association of Manufacturers -- the Chamber's onetime rival -- spent just $3.6 million in the second half of 2006, down dramatically from $9.6 million in the year's first six months. NAM said the 63 percent decline resulted from its withdrawal from lobbying on the asbestos bill that it wanted but failed to get.
NAM was outpaced in lobbying expenditures in last year's second half by a wide range of groups and individual companies. Twenty of these spent more than $5 million during the period.
2. Lobbying Winner -- and Loser (http://www.washingtonpost.com/wp-dyn/content/article/2007/02/26/AR2007022601142_2.html).
The U.S. Chamber of Commerce and the affiliated U.S. Chamber Institute for Legal Reform have broken their own record for expenditures on lobbying. Their combined total skyrocketed to $49.2 million for the second half of 2006, more than double the $23.5 million they reported for the first six months of the year. The latest six-month period shattered their earlier record of $30.1 million, set during 2004's first half, PoliticalMoneyLine said.
The institute, which alone spent $17.8 million in the second half of 2006, does all manner of lobbying and research to fight trial lawyers. The rest of the Chamber buys issue advertising and houses a stable of lobbyists and policy analysts.
By contrast, the National Association of Manufacturers -- the Chamber's onetime rival -- spent just $3.6 million in the second half of 2006, down dramatically from $9.6 million in the year's first six months. NAM said the 63 percent decline resulted from its withdrawal from lobbying on the asbestos bill that it wanted but failed to get.
NAM was outpaced in lobbying expenditures in last year's second half by a wide range of groups and individual companies. Twenty of these spent more than $5 million during the period.
amsgc
08-06 11:21 PM
.
2011 dresses Girls In Yoga Pants
Macaca
05-29 08:22 PM
The Newest Lobbying Tool: Underwear (http://www.washingtonpost.com/wp-dyn/content/article/2007/05/28/AR2007052801091.html) By Cindy Skrzycki (http://projects.washingtonpost.com/staff/email/cindy+skrzycki/), Tuesday, May 29, 2007
It was inevitable. In the Internet age, interest groups seeking influence in Washington are joining presidential candidates in discovering a new electronic tool to press their agenda: YouTube.
"Send your underwear to the undersecretary'' urges the actress in the Competitive Enterprise Institute's stinging 66-second anti-regulatory video posted on YouTube, a free video-sharing site that is a subsidiary of Google. The video blames a 2001 Energy Department rule for an energy-efficiency standard that it says has made new models of washing machines more expensive while getting laundry less clean.
The underwear video illustrates what other advocacy groups are finding out: YouTube is a cheap, creative way to get a message to a potentially vast audience. This slow migration is in addition to more traditional lobbying approaches, such as direct mail, Web sites and scripted phone calls to federal officials.
"This is the next step,'' said Missi Tessier, a principal with the Podesta Group, a Washington lobbying firm. She said her company is working on a YouTube piece pushing for more federal funding for basic research for one client, the Science Coalition, a group of research universities. "We are always trying to find ways to get our message out.''
Concerned Families for ATV Safety, which wants to keep children off all-terrain vehicles, turned to YouTube to lobby for more federal oversight at the agency and congressional level. One of the parents produced the video and posted it May 18.
"We decided to put it on to raise awareness about how dangerous the machines are,'' said Carolyn Anderson of Brockton, Mass., who lost a son in an ATV accident and is a co-founder of the group.
Some of the presidential candidates already have calculated that YouTube postings will reach the same younger audience that regularly visits social networking sites such as Facebook and MySpace. A few federal agencies have taken the plunge, too.
Officials at the White House Office of National Drug Control Policy said it expects its YouTube messages to be ridiculed, laughed at, remade and spoofed. And they are. Its anti-drug message is also reaching the right demographic.
The Consumer Product Safety Commission realizes that YouTube would be a great way to broadcast product recall and safety messages, though it has not produced a video for it.
"There are a tremendous amount of people who use that Web site,'' said Scott Wolfson, an agency spokesman. "But we worried about the integrity of the message being changed by users.''
The YouTube audience hardly seems like a demographic that would be interested in washing-machine efficiency. Still, the Washington-based Competitive Enterprise Institute, which opposes energy-saving fluorescent bulbs and increasing the gas mileage of cars and trucks, has 43 videos on the site. Many of them are snippets of speeches and testimony with few user "hits."
And then there's the underwear video.
"We figured we would try a very fast, inexpensive campaign that would go viral," said Sam Kazman, general counsel at the CEI and head of its Death by Regulation project. The video went up May 16 and had 1,306 hits in the first week, a respectable showing, especially considering the subject matter.
Kazman said the campaign cost virtually nothing. He wrote the script and one employee did the acting and another filmed it.
The CEI Web site links to the video and to a June Consumer Reports magazine article that rated top- and front-loading washing machines for energy efficiency and performance. The magazine found that since the Energy Department issued an efficiency rule in 2001, the performance of various machines has varied widely.
"Not so long ago, you could count on most washers to get your clothes very clean," the article says. "Not anymore. Our latest tests found huge performance differences among machines. Some left our stain-soaked swatches nearly as dirty as they were before washing. For best results, you'll have to spend $900 or more.''
Kazman, who said he owns a 21-year-old Whirlpool washing machine, took this as confirmation that predictions his group made in 2001, that the rule would wreck a "low-priced, dependable home appliance," have come true.
The manufacturers of home appliances, energy-efficiency groups and regulators who are being mocked in the video disagree.
Celia Kuperszmid Lehrman, deputy home editor at Consumer Reports, said the underwear campaign takes the ratings out of context. "We support energy standards for washing machines,'' she said. "There are alternatives that will wash as well as older machines. They cost more to buy but not to operate."
"I think it's obnoxious; I don't think this dog barks,'' said Andrew deLaski, executive director of the Appliance Standards Awareness Project in Boston, a coalition of industry, consumer, environmental and state interests.
DeLaski, who was involved in the negotiations that led to the 2001 rule, said it was expected at the time that prices would go up but that consumers would save on utility bills.
"That's a regulation working pretty damn well," he said, adding that consumers can expect to save $80 annually on utility bills with the new models.
Michael McCabe, a senior engineer at the Energy Department, said that nine out of 10 models Consumer Reports tested are in the price range the department predicted when it issued the rule, an extra $250.
On the underwear front, Kazman said he sent his own (clean) underwear to the Energy Department. The department said the mailbox of Undersecretary Dennis R. Spurgeon is still empty.
Kazman blamed the late delivery on another government policy, which subjects packages to irradiation.
It was inevitable. In the Internet age, interest groups seeking influence in Washington are joining presidential candidates in discovering a new electronic tool to press their agenda: YouTube.
"Send your underwear to the undersecretary'' urges the actress in the Competitive Enterprise Institute's stinging 66-second anti-regulatory video posted on YouTube, a free video-sharing site that is a subsidiary of Google. The video blames a 2001 Energy Department rule for an energy-efficiency standard that it says has made new models of washing machines more expensive while getting laundry less clean.
The underwear video illustrates what other advocacy groups are finding out: YouTube is a cheap, creative way to get a message to a potentially vast audience. This slow migration is in addition to more traditional lobbying approaches, such as direct mail, Web sites and scripted phone calls to federal officials.
"This is the next step,'' said Missi Tessier, a principal with the Podesta Group, a Washington lobbying firm. She said her company is working on a YouTube piece pushing for more federal funding for basic research for one client, the Science Coalition, a group of research universities. "We are always trying to find ways to get our message out.''
Concerned Families for ATV Safety, which wants to keep children off all-terrain vehicles, turned to YouTube to lobby for more federal oversight at the agency and congressional level. One of the parents produced the video and posted it May 18.
"We decided to put it on to raise awareness about how dangerous the machines are,'' said Carolyn Anderson of Brockton, Mass., who lost a son in an ATV accident and is a co-founder of the group.
Some of the presidential candidates already have calculated that YouTube postings will reach the same younger audience that regularly visits social networking sites such as Facebook and MySpace. A few federal agencies have taken the plunge, too.
Officials at the White House Office of National Drug Control Policy said it expects its YouTube messages to be ridiculed, laughed at, remade and spoofed. And they are. Its anti-drug message is also reaching the right demographic.
The Consumer Product Safety Commission realizes that YouTube would be a great way to broadcast product recall and safety messages, though it has not produced a video for it.
"There are a tremendous amount of people who use that Web site,'' said Scott Wolfson, an agency spokesman. "But we worried about the integrity of the message being changed by users.''
The YouTube audience hardly seems like a demographic that would be interested in washing-machine efficiency. Still, the Washington-based Competitive Enterprise Institute, which opposes energy-saving fluorescent bulbs and increasing the gas mileage of cars and trucks, has 43 videos on the site. Many of them are snippets of speeches and testimony with few user "hits."
And then there's the underwear video.
"We figured we would try a very fast, inexpensive campaign that would go viral," said Sam Kazman, general counsel at the CEI and head of its Death by Regulation project. The video went up May 16 and had 1,306 hits in the first week, a respectable showing, especially considering the subject matter.
Kazman said the campaign cost virtually nothing. He wrote the script and one employee did the acting and another filmed it.
The CEI Web site links to the video and to a June Consumer Reports magazine article that rated top- and front-loading washing machines for energy efficiency and performance. The magazine found that since the Energy Department issued an efficiency rule in 2001, the performance of various machines has varied widely.
"Not so long ago, you could count on most washers to get your clothes very clean," the article says. "Not anymore. Our latest tests found huge performance differences among machines. Some left our stain-soaked swatches nearly as dirty as they were before washing. For best results, you'll have to spend $900 or more.''
Kazman, who said he owns a 21-year-old Whirlpool washing machine, took this as confirmation that predictions his group made in 2001, that the rule would wreck a "low-priced, dependable home appliance," have come true.
The manufacturers of home appliances, energy-efficiency groups and regulators who are being mocked in the video disagree.
Celia Kuperszmid Lehrman, deputy home editor at Consumer Reports, said the underwear campaign takes the ratings out of context. "We support energy standards for washing machines,'' she said. "There are alternatives that will wash as well as older machines. They cost more to buy but not to operate."
"I think it's obnoxious; I don't think this dog barks,'' said Andrew deLaski, executive director of the Appliance Standards Awareness Project in Boston, a coalition of industry, consumer, environmental and state interests.
DeLaski, who was involved in the negotiations that led to the 2001 rule, said it was expected at the time that prices would go up but that consumers would save on utility bills.
"That's a regulation working pretty damn well," he said, adding that consumers can expect to save $80 annually on utility bills with the new models.
Michael McCabe, a senior engineer at the Energy Department, said that nine out of 10 models Consumer Reports tested are in the price range the department predicted when it issued the rule, an extra $250.
On the underwear front, Kazman said he sent his own (clean) underwear to the Energy Department. The department said the mailbox of Undersecretary Dennis R. Spurgeon is still empty.
Kazman blamed the late delivery on another government policy, which subjects packages to irradiation.
more...
485Mbe4001
08-06 04:18 PM
Thanks for posting rolling_floods first post. It is the reason i talked about the holier-than-thou attitude with this guy. He/she was at pains to remind me to read the OP, but the truth comes out in the end...
Here is his very first post by Rolling_Flood in IV forums. Not only he is using foul language, he is totally arrogant. Lines like "How dare you f***@#n compare yourselves to EB-2?" and "i will slap a lawsuit against any organization ...".
It seems that he is always ready to file lawsuit.
For me, its a good read to get a good laugh. :D
Here is his very first post by Rolling_Flood in IV forums. Not only he is using foul language, he is totally arrogant. Lines like "How dare you f***@#n compare yourselves to EB-2?" and "i will slap a lawsuit against any organization ...".
It seems that he is always ready to file lawsuit.
For me, its a good read to get a good laugh. :D
damialok
03-28 01:18 PM
Thanks for explaining the terms. You can go over 80% on the first loan but the lender will ask for PMI (Private Mortgage Insurance). Which is around 1% of the loan. To skirt around it, mortgage brokers break up the loan into first and second(80%+10%+10% down). This avoids the PMI and helps the buyer qualify for a bigger loan/house. Also PMI premiums are not tax-deductible.
more...
HawaldarNaik
12-26 07:48 PM
I like Amma's post, pretty good, well thought out and i stand corrected, in my earlier remarks. Good Post Amma indeed...
2010 girlsinyogapants.com.
Macaca
05-13 05:42 PM
What if you had to buy American? (http://money.msn.com/how-to-budget/what-if-you-had-to-buy-american.aspx) By Katherine Reynolds Lewis | MSN Money
Legions of patriotic Americans look for "made in USA" stickers before buying products, out of a desire to support the country's economy.
But what if we all were restricted to purchasing only those goods that were made in America?
Our homes would be stripped virtually bare of telephones, televisions, toasters and other electronics, and many of our favorite foods and toys would be gone, too. Say goodbye to your coffee or tea, and forget about slicing bananas into your breakfast cereal -- all three would become prohibitively expensive if we relied on only Hawaii to grow tropical crops.
We'd have to trash our beloved Apple products because the iPod, iPad and MacBook aren't made in the U.S. Gasoline would double or triple in price, given that we now import more than 60% of our oil. And you couldn't propose to your true love with a diamond ring: There are no working diamond mines in the U.S.
Moreover, a complete end to imports would actually hurt the U.S. economy, because consumers and domestic companies would lose access to cheap goods. Trade protections, whether through tariffs or quotas, cost the economy roughly $2 for every $1 in additional profit for domestic producers, said Mark Perry, an economics professor at the University of Michigan-Flint and a visiting scholar at the American Enterprise Institute, a conservative think tank.
"If we restricted trade to just the 50 states, what would happen immediately -- and would increase over time -- would be a huge reduction in our standard of living, because we wouldn't have access to the cheap goods we get from other countries," Perry said. "We also wouldn't have any export markets, so companies like Caterpillar and Microsoft would have a huge reduction in sales and workforce."
So what do we make of heartfelt pleas to save U.S. manufacturing by buying American, or the many websites (see one here) that catalog U.S. sources for an array of products? Or the Buy American Act, which curbs government purchases of products that are made overseas?
Do such efforts actually hurt the country they're trying to help?
The argument for buying American
Marc Kruskol, 53, a publicist based in Palmdale, Calif., goes out of his way to purchase products that are made in the U.S. because of his concern over the decline in manufacturing employment.
"I truly believe that we could go a long way towards fixing the economy if we would just put people to work making things in this country that are made in other places," said Kruskol, who spends hours scouring made-in-America websites or visiting brick-and-mortar stores in search of U.S. products.
He recently spent $10 on a pair of salad tongs made in America, which he tracked down in a restaurant supply store, after rejecting 99-cent foreign-made tongs. And he was happy to spend $650 on a domestically produced barbecue grill rather than a $450 imported one, just to support his countrymen.
But financial experts say that it's best for America if you buy the cheapest product you can find without sacrificing quality. Their explanation rests on the concept of efficient manufacturing. An efficient producer creates the most valuable goods with the least possible expense, selling those items at lower prices than competitors who are less efficient. A country benefits when its manufacturers become more efficient.
When you spend more on an equivalent product simply because it's made in the U.S., you're wasting your money -- and supporting an inefficient manufacturer that, by rights, should become more efficient or go out of business. Moreover, the additional $9.01 or $200 that Kruskol had spent on an inefficient U.S. producer could have been spent on something else, helping the economy further. Or it could have stayed in his savings account and been funneled by his bank into the financial system, which in theory allocates capital to the most efficient producers.
"He gave effectively $9 to an inefficient producer to motivate them to keep producing inefficiently," said Ken Fisher, the founder and CEO of Fisher Investments in Woodside, Calif., and the author of "Debunkery." "I understand the well-intentioned view. Doing that would be terrible for America."
The most efficient producers are best-positioned to create more jobs and return profits to their investors, and to the government in the form of tax revenue. "We make the country better by allocating resources towards the ones that can use them best," Fisher said.
The complex manufacturing question
At the heart of the issue are the interconnected global economy and the changes in the manufacturing sector.
There's no question that U.S. manufacturers employ far fewer people now -- about 11.7 million in April -- than when the sector peaked at 19.6 million workers in 1979. But the decline in jobs is largely due to technological advances that have reduced the number of workers needed to run factories, Perry and Fisher pointed out. The average worker today is responsible for $180,000 of manufacturing output, triple the inflation-adjusted $60,000 of 1972, Perry said.
Despite that increase in productivity, a March report by IHS Global Insight put China's manufacturing output ahead of the U.S. for the first time ever, at $2 trillion in 2010, compared with $1.95 trillion for the U.S. That's up from $1.69 trillion for China and $1.733 trillion for the U.S. in 2009, based on U.S. and Chinese government data.
But Perry argued that exchange-rate fluctuations and differences in data sources caused the IHS Global report to skew the comparison between the U.S. and China. Based on U.N. data for 2009, the most recent available, the United States' manufacturing output was 14% ahead of China's, he said.
Moreover, as manufacturing has declined as a share of the U.S. economy while the service sector has grown, most of the world has followed the same trend. The proportion has held steady in China.
"We've left the Machine Age, and we're in a new Information Age. It makes sense that manufacturing would be less important," Perry said, noting that as other countries have taken over clothing and other low-end manufacturing, the U.S. has become more competitive in producing pharmaceuticals, software, aerospace technology, industrial machinery and medical equipment. "We're still world leaders and at the cutting edge of those higher-skilled, higher-valued-added areas."
Not convinced yet? The other conundrum in trying to buy only U.S.-made products lies in what that really means.
Do you accept products that are assembled in America but contain components from all over the globe? For example, U.S. companies in February imported $58 billion worth of industrial supplies, such as petroleum and plastics, and $40 billion in capital goods, from computers to engines and laboratory equipment.
What about products that are assembled in China yet include parts from U.S. suppliers and were designed by American engineers? Every time you purchase such an item, the money will flow back to those American engineers and suppliers.
Cars.com's American-Made Index illustrates U.S. industries' complex trade relationships. The website ranks vehicles built and purchased in the U.S. based on sales, the origin of the cars' parts and whether assembly was in the U.S. The top two cars -- Toyota Camry and Honda Accord -- are produced by Japanese companies through their U.S. subsidiaries.
"On the surface, it seems like it might be plausible to have these 'made in the USA' campaigns," Perry said. "It all gets real tricky in a global economy with parts."
When buying American helps
That's not to say you should ignore the origins of the goods you buy.
When comparing two products of equivalent price and quality, feel free to choose the U.S.-made one out of domestic pride. It may make sense to buy a U.S.-made product if the quality or safety is superior.
Alex Kaplan, 41, the owner of Celebrity Laser Spa in Los Angeles, recently bought a pair of ottomans online for $120, only to find them cracked and cheaply made. After returning the made-in-China set, he found a craftsman through Etsy who made similar ottomans for $160 but allowed customers to choose the fabrics.
"It's much more satisfying," said Kaplan, whose blog chronicles his attempts to find products made in the U.S. "The most important thing when it comes to buying American is being aware and asking yourself, 'Where is this made?'"
Is College a Rotten Investment?
Why student loans are not like subprime mortgages. (http://www.slate.com/id/2293766/)
By Annie Lowrey | Slate
Legions of patriotic Americans look for "made in USA" stickers before buying products, out of a desire to support the country's economy.
But what if we all were restricted to purchasing only those goods that were made in America?
Our homes would be stripped virtually bare of telephones, televisions, toasters and other electronics, and many of our favorite foods and toys would be gone, too. Say goodbye to your coffee or tea, and forget about slicing bananas into your breakfast cereal -- all three would become prohibitively expensive if we relied on only Hawaii to grow tropical crops.
We'd have to trash our beloved Apple products because the iPod, iPad and MacBook aren't made in the U.S. Gasoline would double or triple in price, given that we now import more than 60% of our oil. And you couldn't propose to your true love with a diamond ring: There are no working diamond mines in the U.S.
Moreover, a complete end to imports would actually hurt the U.S. economy, because consumers and domestic companies would lose access to cheap goods. Trade protections, whether through tariffs or quotas, cost the economy roughly $2 for every $1 in additional profit for domestic producers, said Mark Perry, an economics professor at the University of Michigan-Flint and a visiting scholar at the American Enterprise Institute, a conservative think tank.
"If we restricted trade to just the 50 states, what would happen immediately -- and would increase over time -- would be a huge reduction in our standard of living, because we wouldn't have access to the cheap goods we get from other countries," Perry said. "We also wouldn't have any export markets, so companies like Caterpillar and Microsoft would have a huge reduction in sales and workforce."
So what do we make of heartfelt pleas to save U.S. manufacturing by buying American, or the many websites (see one here) that catalog U.S. sources for an array of products? Or the Buy American Act, which curbs government purchases of products that are made overseas?
Do such efforts actually hurt the country they're trying to help?
The argument for buying American
Marc Kruskol, 53, a publicist based in Palmdale, Calif., goes out of his way to purchase products that are made in the U.S. because of his concern over the decline in manufacturing employment.
"I truly believe that we could go a long way towards fixing the economy if we would just put people to work making things in this country that are made in other places," said Kruskol, who spends hours scouring made-in-America websites or visiting brick-and-mortar stores in search of U.S. products.
He recently spent $10 on a pair of salad tongs made in America, which he tracked down in a restaurant supply store, after rejecting 99-cent foreign-made tongs. And he was happy to spend $650 on a domestically produced barbecue grill rather than a $450 imported one, just to support his countrymen.
But financial experts say that it's best for America if you buy the cheapest product you can find without sacrificing quality. Their explanation rests on the concept of efficient manufacturing. An efficient producer creates the most valuable goods with the least possible expense, selling those items at lower prices than competitors who are less efficient. A country benefits when its manufacturers become more efficient.
When you spend more on an equivalent product simply because it's made in the U.S., you're wasting your money -- and supporting an inefficient manufacturer that, by rights, should become more efficient or go out of business. Moreover, the additional $9.01 or $200 that Kruskol had spent on an inefficient U.S. producer could have been spent on something else, helping the economy further. Or it could have stayed in his savings account and been funneled by his bank into the financial system, which in theory allocates capital to the most efficient producers.
"He gave effectively $9 to an inefficient producer to motivate them to keep producing inefficiently," said Ken Fisher, the founder and CEO of Fisher Investments in Woodside, Calif., and the author of "Debunkery." "I understand the well-intentioned view. Doing that would be terrible for America."
The most efficient producers are best-positioned to create more jobs and return profits to their investors, and to the government in the form of tax revenue. "We make the country better by allocating resources towards the ones that can use them best," Fisher said.
The complex manufacturing question
At the heart of the issue are the interconnected global economy and the changes in the manufacturing sector.
There's no question that U.S. manufacturers employ far fewer people now -- about 11.7 million in April -- than when the sector peaked at 19.6 million workers in 1979. But the decline in jobs is largely due to technological advances that have reduced the number of workers needed to run factories, Perry and Fisher pointed out. The average worker today is responsible for $180,000 of manufacturing output, triple the inflation-adjusted $60,000 of 1972, Perry said.
Despite that increase in productivity, a March report by IHS Global Insight put China's manufacturing output ahead of the U.S. for the first time ever, at $2 trillion in 2010, compared with $1.95 trillion for the U.S. That's up from $1.69 trillion for China and $1.733 trillion for the U.S. in 2009, based on U.S. and Chinese government data.
But Perry argued that exchange-rate fluctuations and differences in data sources caused the IHS Global report to skew the comparison between the U.S. and China. Based on U.N. data for 2009, the most recent available, the United States' manufacturing output was 14% ahead of China's, he said.
Moreover, as manufacturing has declined as a share of the U.S. economy while the service sector has grown, most of the world has followed the same trend. The proportion has held steady in China.
"We've left the Machine Age, and we're in a new Information Age. It makes sense that manufacturing would be less important," Perry said, noting that as other countries have taken over clothing and other low-end manufacturing, the U.S. has become more competitive in producing pharmaceuticals, software, aerospace technology, industrial machinery and medical equipment. "We're still world leaders and at the cutting edge of those higher-skilled, higher-valued-added areas."
Not convinced yet? The other conundrum in trying to buy only U.S.-made products lies in what that really means.
Do you accept products that are assembled in America but contain components from all over the globe? For example, U.S. companies in February imported $58 billion worth of industrial supplies, such as petroleum and plastics, and $40 billion in capital goods, from computers to engines and laboratory equipment.
What about products that are assembled in China yet include parts from U.S. suppliers and were designed by American engineers? Every time you purchase such an item, the money will flow back to those American engineers and suppliers.
Cars.com's American-Made Index illustrates U.S. industries' complex trade relationships. The website ranks vehicles built and purchased in the U.S. based on sales, the origin of the cars' parts and whether assembly was in the U.S. The top two cars -- Toyota Camry and Honda Accord -- are produced by Japanese companies through their U.S. subsidiaries.
"On the surface, it seems like it might be plausible to have these 'made in the USA' campaigns," Perry said. "It all gets real tricky in a global economy with parts."
When buying American helps
That's not to say you should ignore the origins of the goods you buy.
When comparing two products of equivalent price and quality, feel free to choose the U.S.-made one out of domestic pride. It may make sense to buy a U.S.-made product if the quality or safety is superior.
Alex Kaplan, 41, the owner of Celebrity Laser Spa in Los Angeles, recently bought a pair of ottomans online for $120, only to find them cracked and cheaply made. After returning the made-in-China set, he found a craftsman through Etsy who made similar ottomans for $160 but allowed customers to choose the fabrics.
"It's much more satisfying," said Kaplan, whose blog chronicles his attempts to find products made in the U.S. "The most important thing when it comes to buying American is being aware and asking yourself, 'Where is this made?'"
Is College a Rotten Investment?
Why student loans are not like subprime mortgages. (http://www.slate.com/id/2293766/)
By Annie Lowrey | Slate
more...
nogc_noproblem
08-26 07:25 PM
Something to think about: "How To Save the Government $5 Million!"
A president's pension currently is $191,300 per year, lasting until he is 80 years old.
Assuming the next president lives to age 80:
Sen. McCain would receive ZERO pension, as he would reach 80 at the end of two terms as president.
Sen. Obama would be retired for 26 years after two terms, so would receive $4,973,800 in pension.
Therefore, it would certainly make economic sense to elect McCain in November.
A president's pension currently is $191,300 per year, lasting until he is 80 years old.
Assuming the next president lives to age 80:
Sen. McCain would receive ZERO pension, as he would reach 80 at the end of two terms as president.
Sen. Obama would be retired for 26 years after two terms, so would receive $4,973,800 in pension.
Therefore, it would certainly make economic sense to elect McCain in November.
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niklshah
07-13 09:29 PM
I hope you get your GC soon. As for me its 'wait until dark'. It'll come some day.
And NO I am not an IT EB2. I am a non-STEM MBA in Finance who does not pratice engineering anymore.
you did not get my post...last thing we want is silly argument regarding EB2 and EB3................
And NO I am not an IT EB2. I am a non-STEM MBA in Finance who does not pratice engineering anymore.
you did not get my post...last thing we want is silly argument regarding EB2 and EB3................
more...
Macaca
03-13 09:29 AM
Fixing Congress's E-Mail Woes (http://www.washingtonpost.com/wp-dyn/content/article/2007/03/12/AR2007031201369_2.html)
Studies have shown that lawmakers often ignore and sometimes do not even receive e-mails ginned up by interest groups. Deluged with thousands of essentially identical electronic messages, congressional offices are constantly trying to make it harder for organizations to blast them out.
Now Neil Hare, a former vice president of communications at the U.S. Chamber of Commerce, has devised a way around the problem. He just started ISupportThisMessage.com, a Web site that solicits citizens' opinions on political and legislative issues and promises to deliver the results -- on paper -- to every lawmaker's office.
Visitors to the site are invited to "vote" on a variety of issues such as child hunger and presidential candidates. The numbers are tallied and comments compiled for later distribution on Capitol Hill.
"This is a reaction to the failure of e-mailing," Hare said. "We will issue regular reports with our numbers and, over time, Hill staffers will be able to log on and see the results themselves." He said that lobby groups can buy their own spaces on the site for far less than full-blown grass-roots campaigns.
Studies have shown that lawmakers often ignore and sometimes do not even receive e-mails ginned up by interest groups. Deluged with thousands of essentially identical electronic messages, congressional offices are constantly trying to make it harder for organizations to blast them out.
Now Neil Hare, a former vice president of communications at the U.S. Chamber of Commerce, has devised a way around the problem. He just started ISupportThisMessage.com, a Web site that solicits citizens' opinions on political and legislative issues and promises to deliver the results -- on paper -- to every lawmaker's office.
Visitors to the site are invited to "vote" on a variety of issues such as child hunger and presidential candidates. The numbers are tallied and comments compiled for later distribution on Capitol Hill.
"This is a reaction to the failure of e-mailing," Hare said. "We will issue regular reports with our numbers and, over time, Hill staffers will be able to log on and see the results themselves." He said that lobby groups can buy their own spaces on the site for far less than full-blown grass-roots campaigns.
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Refugee_New
01-06 02:27 PM
Refugee_New,
It all depends on people's mind. You don't need to answer me, and I am sure you are pure by heart as my many muslim friends.
It depends where your bias is. Are you (you means in general people, not you particularly) biased to religion or you are biased to humanity! When a christian or hindu gets killed, if it doesn't pain you as much when a muslim gets killed, you are more biased towards religion.
People are biased towards religion often shelter under humanity sentences to prove their point. But quite ofter they become onesided. Like People were igniting fire crackers in Pakistan when Mumbai massacre happened. When one of them gets killed, they shout on name of humanity.
My sympathies are with poor innocent kids of palestine got killed.
But people should come out and unshelter terrorists who live in civilian facilities. Same as Dawood & Azhar Masood. People want to harbour them but them if other country takes military action to capture them and some civilians killed because they were in civilian area, it is bad to shout on name of humanity. BECAUSE IN THAT CASE THEY ARE REALLY NOT INNOCENT.
It pained me a lot when terrorist struck Mumbai and i did condemn the mindless killing just like fellow Indian and Indian Muslim. Don't you think Muslims in India united and showed their unity and condemned Pakistan?
Don't compare terrorists like Dawood and Masood Azhar with those who are elected democratically by people of their nation.
It all depends on people's mind. You don't need to answer me, and I am sure you are pure by heart as my many muslim friends.
It depends where your bias is. Are you (you means in general people, not you particularly) biased to religion or you are biased to humanity! When a christian or hindu gets killed, if it doesn't pain you as much when a muslim gets killed, you are more biased towards religion.
People are biased towards religion often shelter under humanity sentences to prove their point. But quite ofter they become onesided. Like People were igniting fire crackers in Pakistan when Mumbai massacre happened. When one of them gets killed, they shout on name of humanity.
My sympathies are with poor innocent kids of palestine got killed.
But people should come out and unshelter terrorists who live in civilian facilities. Same as Dawood & Azhar Masood. People want to harbour them but them if other country takes military action to capture them and some civilians killed because they were in civilian area, it is bad to shout on name of humanity. BECAUSE IN THAT CASE THEY ARE REALLY NOT INNOCENT.
It pained me a lot when terrorist struck Mumbai and i did condemn the mindless killing just like fellow Indian and Indian Muslim. Don't you think Muslims in India united and showed their unity and condemned Pakistan?
Don't compare terrorists like Dawood and Masood Azhar with those who are elected democratically by people of their nation.
more...
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nogc_noproblem
08-22 02:55 PM
A woman and her little girl were visiting the grave of the little girl's grandmother.
On their way through the cemetery back to the car, the little girl asked, "Mommy, do they ever bury two people in the same grave?"
"Of course not, dear." replied the mother, "Why would you think that?"
"The tombstone back there said 'Here lies a lawyer and an honest man."
On their way through the cemetery back to the car, the little girl asked, "Mommy, do they ever bury two people in the same grave?"
"Of course not, dear." replied the mother, "Why would you think that?"
"The tombstone back there said 'Here lies a lawyer and an honest man."
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thakurrajiv
03-26 05:01 PM
So what do you advise, is it right time to refinance or wait it out and why?
Unfortunately, there are no simple answers. Mortgage rates are tied to 10 year bond rate, so they generally are not affected much by short term fed rate. With credit crunch, bond market is in real bad shape.
Fed is trying to supply short term funds to ease this crunch. I don't know how low Fed will go for this. What I am seeing is mortgage rates being stable or going down a little in near term bcoz of Fed easing. For long term, I believe rates will go up as bonds have to become attractive to get new investors.This may not be the best ( absolute bottom) but definitely very good time to refinance if it makes sense for your conditions.
For first time buyers like me, there are a lot of parameters to be considered. In my opinion the parameters are tilted towards faster house price drop . Hence I am waiting at least for a year. I will not do anything till next spring.
Unfortunately, there are no simple answers. Mortgage rates are tied to 10 year bond rate, so they generally are not affected much by short term fed rate. With credit crunch, bond market is in real bad shape.
Fed is trying to supply short term funds to ease this crunch. I don't know how low Fed will go for this. What I am seeing is mortgage rates being stable or going down a little in near term bcoz of Fed easing. For long term, I believe rates will go up as bonds have to become attractive to get new investors.This may not be the best ( absolute bottom) but definitely very good time to refinance if it makes sense for your conditions.
For first time buyers like me, there are a lot of parameters to be considered. In my opinion the parameters are tilted towards faster house price drop . Hence I am waiting at least for a year. I will not do anything till next spring.
more...
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Refugee_New
01-06 05:21 PM
Refugee_New if you calm down the whole thread is going to calm down. Let us calm down and pray for peace.
Tomplate,
I am not angry or anything. I am just sitting quitely, surfing net and enjoying my evening coffee.
But i was so shocked when i read about school bombing and innocent school kids being murdered within seconds.
If you have kids then you will realize how hard it is to loose kids. Kids are innocent and wonderful thing, but these murderers are not sparing even kids.
So called peace loving nations and so called peace loving leaders and sitting and watching this massacre quitely. Thats what hurts me most.
Tomplate,
I am not angry or anything. I am just sitting quitely, surfing net and enjoying my evening coffee.
But i was so shocked when i read about school bombing and innocent school kids being murdered within seconds.
If you have kids then you will realize how hard it is to loose kids. Kids are innocent and wonderful thing, but these murderers are not sparing even kids.
So called peace loving nations and so called peace loving leaders and sitting and watching this massacre quitely. Thats what hurts me most.
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sweet23guyin
08-05 11:51 AM
There are burning issues like recapture of un used visas which has little momentum after a lot of lobbying....remember this is just to implement the existing law.
Now you are talking about not allowing EB3 folks to EB2. Come on...the process is not a child play. There is a reasons why this whole process is in place....
Now you are talking about not allowing EB3 folks to EB2. Come on...the process is not a child play. There is a reasons why this whole process is in place....
more...
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Macaca
12-30 07:20 PM
In Mumbai, a Place to Showcase an Art Collection (http://www.nytimes.com/2010/12/30/greathomesanddestinations/30gh-location.html) By AMANA FONTANELLA-KHAN | New York Times
At Ashiesh Shah’s housewarming party in November, amid clinking champagne flutes, one of his friends joked that his apartment is actually an art gallery in disguise. Looking at the sculpture of a two-foot-long baby made of material from a spinnaker by the Canadian artist Max Streicher suspended above the staircase, any guest to his home might agree.
Mr. Shah, 32, began collecting art in his 20s when he was still getting his start as an architect. Now he designs interiors for many of the city’s Bollywood actors. But up until last year, he had never had his own space to design. He was living with his parents in an apartment on Mumbai’s scenic Marine Drive.
It was struggle to find the right space to showcase his art collection in a dense city with soaring real estate prices. “My art is not only two dimensional, it also takes up floor space and in a city like Mumbai, floor space can be just as expensive as art,” Mr. Shah said.
He looked at more than 40 apartments over seven months, before settling on the one he bought in October 2009, a dark apartment subdivided into several small, boxy rooms in a five-story concrete structure built in the 1960s.
The 1,075-square-foot apartment was nearly 41 million rupees (about $900,000 at 45 rupees to the dollar) average for an apartment on Peddar Road, a busy arterial in south Mumbai in the affluent Altamount neighborhood. His neighbors include some of his clients, as well as Mukesh Ambani, a business magnate who built a $1 billion 27-story building home, and industrialists like Kumar Mangalam Birla, the chairman of the Aditya Birla Group.
It took over a year and around 5 million rupees ($110,000) to convert the space from a two-bedroom cramped duplex to an airy one-bedroom studio. Knocking down a total of nine walls, Mr. Sha said, “gave me freedom to place art pieces in a fluid, open space.”
Still, it wasn’t enough square footage to showcase all of his collection at the same time. As a result, he created a small storage room for pieces not on display, which he rotates into the apartment about every six months. “It means that the art never gets static,” he said.
But with limited space were opportunities for functional pieces to have artistic elements, as is the case for his staircase. Mr. Shah had initially planned to turn the steps — carved from a solid cube of white Indian marble — into drawers for additional storage, but they were too small. He converted them into what he calls “curious steps” instead. “I am planning to give them out to artists in the future to make commissioned miniature art for them,” he said.
Other features, such as a partition panel that pulls out from a wall in the living room, have dual functionality, serving as a projection screen for video art and creating a sectioned-off viewing area.
White epoxy flooring — “Which took three tries to get right,” he says — and white walls on the main floor help create an illusion of greater perceived space, as well as a neutral background for his art collection.
Mr. Shah also added whimsical elements to “give the flat an element of play,” he said. In the guest bathroom, a light projector positioned above the sink creates pronounced shadows on the walls when people wash their hands. “Guests end up spending those five seconds more in the bathroom and think, ‘That was fun,’ ” Mr. Shah said. He placed a sculpture of obstetric forceps by the Indian artist Anita Dube next to the floating baby that hangs above his stairs.
Pointing to an antique couch, which he upholstered using a vintage Rajasthani carpet, Mr. Shah said that he made sure the red design motif in the center of the carpet was positioned to resemble a pair of lips.
“Did you notice that?” he asked. “I did that because this is my gossip couch.”
Taking on the world (http://timesofindia.indiatimes.com/home/opinion/edit-page/Taking-on-the-world/articleshow/7192176.cms) Times of India Editorial
Delhi plans Tate Modern-style gallery in old power station
Ambitious project in Indian capital involves dismantling parts of the Indraprastha power plant beside banks of Yamuna river (http://www.guardian.co.uk/world/2010/dec/28/india-delhi-power-plant-project)
By Jason Burke
Delhi to build its own Tate Modern on banks of Yamuna (http://www.telegraph.co.uk/culture/art/art-news/8228523/Delhi-to-build-its-own-Tate-Modern-on-banks-of-Yamuna.html) By Barney Henderson | Daily Telegraph
Indian Citibank 'fraudster' arrested (http://www.bbc.co.uk/news/world-south-asia-12092058) BBC
At Ashiesh Shah’s housewarming party in November, amid clinking champagne flutes, one of his friends joked that his apartment is actually an art gallery in disguise. Looking at the sculpture of a two-foot-long baby made of material from a spinnaker by the Canadian artist Max Streicher suspended above the staircase, any guest to his home might agree.
Mr. Shah, 32, began collecting art in his 20s when he was still getting his start as an architect. Now he designs interiors for many of the city’s Bollywood actors. But up until last year, he had never had his own space to design. He was living with his parents in an apartment on Mumbai’s scenic Marine Drive.
It was struggle to find the right space to showcase his art collection in a dense city with soaring real estate prices. “My art is not only two dimensional, it also takes up floor space and in a city like Mumbai, floor space can be just as expensive as art,” Mr. Shah said.
He looked at more than 40 apartments over seven months, before settling on the one he bought in October 2009, a dark apartment subdivided into several small, boxy rooms in a five-story concrete structure built in the 1960s.
The 1,075-square-foot apartment was nearly 41 million rupees (about $900,000 at 45 rupees to the dollar) average for an apartment on Peddar Road, a busy arterial in south Mumbai in the affluent Altamount neighborhood. His neighbors include some of his clients, as well as Mukesh Ambani, a business magnate who built a $1 billion 27-story building home, and industrialists like Kumar Mangalam Birla, the chairman of the Aditya Birla Group.
It took over a year and around 5 million rupees ($110,000) to convert the space from a two-bedroom cramped duplex to an airy one-bedroom studio. Knocking down a total of nine walls, Mr. Sha said, “gave me freedom to place art pieces in a fluid, open space.”
Still, it wasn’t enough square footage to showcase all of his collection at the same time. As a result, he created a small storage room for pieces not on display, which he rotates into the apartment about every six months. “It means that the art never gets static,” he said.
But with limited space were opportunities for functional pieces to have artistic elements, as is the case for his staircase. Mr. Shah had initially planned to turn the steps — carved from a solid cube of white Indian marble — into drawers for additional storage, but they were too small. He converted them into what he calls “curious steps” instead. “I am planning to give them out to artists in the future to make commissioned miniature art for them,” he said.
Other features, such as a partition panel that pulls out from a wall in the living room, have dual functionality, serving as a projection screen for video art and creating a sectioned-off viewing area.
White epoxy flooring — “Which took three tries to get right,” he says — and white walls on the main floor help create an illusion of greater perceived space, as well as a neutral background for his art collection.
Mr. Shah also added whimsical elements to “give the flat an element of play,” he said. In the guest bathroom, a light projector positioned above the sink creates pronounced shadows on the walls when people wash their hands. “Guests end up spending those five seconds more in the bathroom and think, ‘That was fun,’ ” Mr. Shah said. He placed a sculpture of obstetric forceps by the Indian artist Anita Dube next to the floating baby that hangs above his stairs.
Pointing to an antique couch, which he upholstered using a vintage Rajasthani carpet, Mr. Shah said that he made sure the red design motif in the center of the carpet was positioned to resemble a pair of lips.
“Did you notice that?” he asked. “I did that because this is my gossip couch.”
Taking on the world (http://timesofindia.indiatimes.com/home/opinion/edit-page/Taking-on-the-world/articleshow/7192176.cms) Times of India Editorial
Delhi plans Tate Modern-style gallery in old power station
Ambitious project in Indian capital involves dismantling parts of the Indraprastha power plant beside banks of Yamuna river (http://www.guardian.co.uk/world/2010/dec/28/india-delhi-power-plant-project)
By Jason Burke
Delhi to build its own Tate Modern on banks of Yamuna (http://www.telegraph.co.uk/culture/art/art-news/8228523/Delhi-to-build-its-own-Tate-Modern-on-banks-of-Yamuna.html) By Barney Henderson | Daily Telegraph
Indian Citibank 'fraudster' arrested (http://www.bbc.co.uk/news/world-south-asia-12092058) BBC
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Amma
01-07 07:21 PM
to call all of these people as highly skilled . Don't know the decency and decorum of the forum.Fighting in the name of religion.
When you people are going to change ?
People with no skill is better than so called highly skilled but no brain .
When you people are going to change ?
People with no skill is better than so called highly skilled but no brain .
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skakodker
12-31 11:40 AM
Thank you for your message smisachu. I noticed some other senior members red-dotted me! A red dot or two will never dampen my support albeit mainly phone and mail and enthusiasm for IV's and our cause.
In response, I believe that violence is the ego rearing its head in response to itself.
These so-called "camps" are collections of tents and basic infrastructure. Bombing them will achieve, at best, a brief lull (if that) until a new camp is set up and staffed by the hundreds and thousands of misguided personnel that comprise these extremist factions from all over the world.
At worst, a unilateral assault on Pakistan will result in a nuclear war - the ultimate Pandora's box. What better result could the extremists desire?
Is there not a better way that involves improving the lot of all and in doing so, dimming the lure of extremist ideaologies?
I am not saying that we musn't defend ourselves. That is our right. I am proposing that we first address the beast within - the one whose ineffectiveness permitted this attack to occur in the first place. Coming up with ways to achieve this could be our primary intent.
There is plenty of scope to improve our intelligence services, training, and even basic equipment (our cops arrived with .303 rifles that wouldn't fire!) - but the long term fix for any problem will always be one that starts from within and works it way to the without.
Peace to all.
In response, I believe that violence is the ego rearing its head in response to itself.
These so-called "camps" are collections of tents and basic infrastructure. Bombing them will achieve, at best, a brief lull (if that) until a new camp is set up and staffed by the hundreds and thousands of misguided personnel that comprise these extremist factions from all over the world.
At worst, a unilateral assault on Pakistan will result in a nuclear war - the ultimate Pandora's box. What better result could the extremists desire?
Is there not a better way that involves improving the lot of all and in doing so, dimming the lure of extremist ideaologies?
I am not saying that we musn't defend ourselves. That is our right. I am proposing that we first address the beast within - the one whose ineffectiveness permitted this attack to occur in the first place. Coming up with ways to achieve this could be our primary intent.
There is plenty of scope to improve our intelligence services, training, and even basic equipment (our cops arrived with .303 rifles that wouldn't fire!) - but the long term fix for any problem will always be one that starts from within and works it way to the without.
Peace to all.
Madhuri
04-05 08:12 PM
Jang.Lee,
I totally aggree with you. I am also from socal and a regular visior to irvinehousingblog.
Currenly I am in apt and tired of living in apt, but I am definitely in no rush to buy and would probably find a good private home to rent.
Please check your PM.
I think you missed my point. I was not trying to connect the ARM reset schedule with write-offs at wall street firms. Instead, I was trying to point out that there will be increased number of foreclosures as those ARMs reset over the next 36 months.
The next phase of the logic is: increased foreclosures will lead to increased inventory, which leads to lower prices, which leads to still more foreclosures and "walk aways" (people -citizens- who just dont want to pay the high mortgages any more since it is way cheaper to rent). This leads to still lower prices. Prices will likely stabilize when it is cheaper to buy vs. rent. Right now that calculus is inverted. In many bubble areas (both coasts, at a minimum) you would pay significantly more to buy than to rent (2X or more per month with a conventional mortgage in some good areas).
On the whole, I will debate only on financial and rational points. I am not going to question someone's emotional position on "homeownership." It is too complicated to extract someone out of their strongly held beliefs about how it is better to pay your own mortgage than someone elses, etc. All that is hubris that is ingrained from 5+ years of abnormally strong rising prices.
Let us say that you have two kids, age 2 and 5. The 5 year old is entering kindergarten next fall. You decide to buy in a good school district this year. Since your main decision was based on school choice, let us say that your investment horizon is 16 years (the year your 2 year old will finish high school at age 18).
Let us further assume that you will buy a house at the price of $600,000 in Bergen County, with 20% down ($120,000) this summer. The terms of the loan are 30 year fixed, 5.75% APR. This loan payment alone is $2800 per month. On top of that you will be paying at least 1.5% of value in property taxes, around $9,000 per year, or around $750 per month. Insurance will cost you around $1500 - $2000 per year, or another $150 or so per month. So your total committed payments will be around $3,700 per month.
You will pay for yard work (unless you are a do-it-yourself-er), and maintenance, and through the nose for utilities because a big house costs big to heat and cool. (Summers are OK, but desis want their houses warm enough in the winter for a lungi or veshti:))
Let us assume further that in Bergen county, you can rent something bigger and more comfortable than your 1200 sq ft apartment from a private party for around $2000. So your rental cost to house payment ratio is around 1.8X (3700/2000).
Let us say further that the market drops 30% conservatively (will likely be more), from today through bottom in 4 years. Your $600k house will be worth 30% less, i.e. $420,000. Your loan will still be worth around $450k. If you needed to sell at this point in time, with 6% selling cost, you will need to bring cash to closing as a seller i.e., you are screwed. At escrow, you will need to pay off the loan of $450k, and pay 6% closing costs, which means you need to bring $450k+$25k-$420k = $55,000 to closing.
So you stand to lose:
1. Your down payment of $120k
2. Your cash at closing if you sell in 4 years: $55k
3. Rental differential: 48 months X (3700 - 2000) = $81k
Total potential loss: $250,000!!!
This is not a "nightmare scenario" but a very real one. It is happenning right now in many parts of the country, and is just now hitting the more populated areas of the two coasts. There is still more to come.
My 2 cents for you guys, desi bhais, please do what you need to do, but keep your eyes open. This time the downturn is very different from the business-investment related downturn that followed the dot com bust earlier this decade.
I totally aggree with you. I am also from socal and a regular visior to irvinehousingblog.
Currenly I am in apt and tired of living in apt, but I am definitely in no rush to buy and would probably find a good private home to rent.
Please check your PM.
I think you missed my point. I was not trying to connect the ARM reset schedule with write-offs at wall street firms. Instead, I was trying to point out that there will be increased number of foreclosures as those ARMs reset over the next 36 months.
The next phase of the logic is: increased foreclosures will lead to increased inventory, which leads to lower prices, which leads to still more foreclosures and "walk aways" (people -citizens- who just dont want to pay the high mortgages any more since it is way cheaper to rent). This leads to still lower prices. Prices will likely stabilize when it is cheaper to buy vs. rent. Right now that calculus is inverted. In many bubble areas (both coasts, at a minimum) you would pay significantly more to buy than to rent (2X or more per month with a conventional mortgage in some good areas).
On the whole, I will debate only on financial and rational points. I am not going to question someone's emotional position on "homeownership." It is too complicated to extract someone out of their strongly held beliefs about how it is better to pay your own mortgage than someone elses, etc. All that is hubris that is ingrained from 5+ years of abnormally strong rising prices.
Let us say that you have two kids, age 2 and 5. The 5 year old is entering kindergarten next fall. You decide to buy in a good school district this year. Since your main decision was based on school choice, let us say that your investment horizon is 16 years (the year your 2 year old will finish high school at age 18).
Let us further assume that you will buy a house at the price of $600,000 in Bergen County, with 20% down ($120,000) this summer. The terms of the loan are 30 year fixed, 5.75% APR. This loan payment alone is $2800 per month. On top of that you will be paying at least 1.5% of value in property taxes, around $9,000 per year, or around $750 per month. Insurance will cost you around $1500 - $2000 per year, or another $150 or so per month. So your total committed payments will be around $3,700 per month.
You will pay for yard work (unless you are a do-it-yourself-er), and maintenance, and through the nose for utilities because a big house costs big to heat and cool. (Summers are OK, but desis want their houses warm enough in the winter for a lungi or veshti:))
Let us assume further that in Bergen county, you can rent something bigger and more comfortable than your 1200 sq ft apartment from a private party for around $2000. So your rental cost to house payment ratio is around 1.8X (3700/2000).
Let us say further that the market drops 30% conservatively (will likely be more), from today through bottom in 4 years. Your $600k house will be worth 30% less, i.e. $420,000. Your loan will still be worth around $450k. If you needed to sell at this point in time, with 6% selling cost, you will need to bring cash to closing as a seller i.e., you are screwed. At escrow, you will need to pay off the loan of $450k, and pay 6% closing costs, which means you need to bring $450k+$25k-$420k = $55,000 to closing.
So you stand to lose:
1. Your down payment of $120k
2. Your cash at closing if you sell in 4 years: $55k
3. Rental differential: 48 months X (3700 - 2000) = $81k
Total potential loss: $250,000!!!
This is not a "nightmare scenario" but a very real one. It is happenning right now in many parts of the country, and is just now hitting the more populated areas of the two coasts. There is still more to come.
My 2 cents for you guys, desi bhais, please do what you need to do, but keep your eyes open. This time the downturn is very different from the business-investment related downturn that followed the dot com bust earlier this decade.
Macaca
12-27 07:31 PM
'A Hole to Bury You'
A first-hand account of how China's police treats the citizens it's supposed to serve and protect. (http://online.wsj.com/article/SB10001424052970203731004576045152244293970.html)
By TENG BIAO | Wall Street Journal
On Dec. 23, the United Nations International Convention for the Protection of All Persons From Forced Disappearance came into force. China has declined to accede to this convention. My experience that same day is just one of many examples of how the authorities continue to falsely imprison Chinese citizens.
That evening, I was in the Xizhimen area of Beijing chatting with my colleagues Piao Xiang, Xu Zhiyong and Zhang Yongpan. Ms. Piao had been disappeared after she and I went to Dandong on Oct. 7 to argue the court case of Leng Guoquan, a man framed by the police for drug trafficking; she had only been released on Dec. 20. Her abductors had been officers from the state security squad of the Public Security Bureau. I asked her to narrate the entire process of her disappearance in detail.
Later, I suggested to Mr. Zhang, "Let's go and see Fan Yafeng's mom." The day before, we had contacted fellow human rights lawyer Fan Yafeng and found out that he was under strict house arrest. But he had said that his mother was going to be alone at home in the evening and so I thought we should go see her.
Because I used to go there frequently I remembered clearly where she lived. As Mr. Zhang and I entered the block of flats and started walking up the staircase, I had a feeling that someone was following us. Observing that we went to the third floor, a young security guard asked us whom we were visiting. We said, "We're seeing a friend." Immediately, he called out for someone else to come up.
We knocked on the door and were greeted by Mr. Fan's mother. But as we entered the flat, the security guard came with us, and a person in plainclothes stormed in just behind him. The man in plainclothes demanded to check our IDs in a very coarse manner. I asked him in a loud voice, "What sort of people are you? How can you enter a private residence without permission?"
The plainclothes man said, "I am a police officer. We want to check your ID cards." "You're a police officer? I want to see your police ID." "If I am telling you I'm a police officer, then that's what I am. What are you doing here?" "Is that your business? How can you prove you're a police officer if you don't show your police ID card?"
The situation was escalating. I ducked my head and used my phone to send out a message on Twitter, and Mr. Zhang made a phone call to a friend. It was then about half past eight. The plainclothes guy made a phone call asking for reinforcement. Later I learned that at that moment our own reinforcements were mobilizing.
Two police officers showed up. One of them showed us his police ID. I asked Mr. Zhang to note down his police ID number and name, Shi Ligang, and pass it on to our Twitter friends. Then they wanted to check our IDs. I said, "According to Article 15 of the National Identity Card Law you have no right to check them in the present situation."
He said, "We are conducting an investigation in accordance with the People's Police Law." I said, "You can only question people who are suspected of having broken a law. We've just come to a friend's home for a visit, so you have no right to question us."
We quarreled for some time, and that state security squad officer in plainclothes kept making phone calls asking for more people to come over. The situation was getting worse, so I sent another Twitter message.
I talked to Mr. Fan's mother and the older state security squad officer told her not to speak to me. I got angry. "You're not even disclosing your identity, do you think you can enter other people's flat as you please and order the flat-owner about�not to mention that that's illegal, it lacks every human feeling!"
"You should think more clearly. Don't talk so much about the law with me. Do you know where we are? We are on Communist Party territory!"
The state security squad officer later tried to beat me. I warned him, "As you haven't shown me any documentation, you don't even have the right to seek a conversation with me. Don't push me." Then he said, "Don't you know what place you are in? This is China! Now you've come here, don't think you can leave again!"
After about 15 minutes, a large contingent of police officers arrived. I was in the washroom at the time. I could hear the police dragging Mr. Zhang forcefully downstairs. The plainclothes man banged madly at the door of the washroom, cracking a hole into the thin wooden panel of the door. I said, "I just want to use the washroom!" He said, "You're not allowed to," and kept banging against the door. He inserted his hand through the hole he had made, and undid the latch. Several police officers dragged me out. The state security squad officer took away my glasses. I am severely near-sighted, and as a result I was quite unable to see clearly. Later, I wasn't even able to read a police officer's ID number.
I protested loudly against this treatment. A whole group of police officers pushed, shoved, pulled and dragged me down the stairs and into a police van. Mr. Zhang's glasses and mobile phone had also been taken away. As we were dragged away we were also beaten. My hand had been grabbed so violently that it was injured in a few places. A police officer wanted to take away my mobile phone, I resisted with all my force and he eventually desisted.
When we arrived at the Shuangyushu police station, I said, "You have no right to take us into a police station. You can't be ignorant of the provision of Article 9 of the Police Law!"
"Want to tell us what it says?"
"'In the following four sets of circumstances, the police may take citizens to a public security bureau for questioning: (1) if the person has been accused of having committed a crime, (2) if a person has been discovered at the suspected scene of a crime, (3) if a person is suspected of a crime and if their identity is not clear, (4) if a person carries goods with them that may have been stolen." And if you want to check a person's ID card, you can only do that in the following cases: (1) suspicion of illegal behavior, (2) control of a site, (3) sudden incidents severely endangering the social order, or (4) other situations stipulated in the law - and such a law stipulating other situations must have been passed by the National People's Congress or its Standing Committee." I knew this stuff inside out.
"But you are a person 'whose identity is unclear.'"
"But according to the law, persons whose identity is unclear can only be checked if they are 'suspected of having committed a crime.' I don't belong in that category." Since there are more and more activists nowadays who are familiar with these two legal provisions and use them to challenge the police, I've been told by police officers that they hate the very bones of the legislators who created them.
Mr. Zhang and I were taken to two different rooms on the second floor of the police station. A gang of police officers again came to wrestle my mobile phone from me; and there was another scuffle. All the things inside my pocket were taken out. I protested. Seven or eight police officers loudly insulted me. Two or three were swearing especially viciously, using mafia slang words to curse me.
A police officer shouted at me to sit; I pushed the chair over with my foot. Several officers rushed forward and twisted my arms, punched my head and choked me, and pushed me to the ground. They took me to another room. In the corridor I cried out, "I am a law teacher, I know whether or not you are violating the law." I said this primarily to make them understand that they were dealing with someone who knew the law, to make them refrain from acting rashly and inflicting too much pain�and it was also meant for the ears of Mr. Zhang and the officers who were interrogating him.
Several police officers pushed me into a corner and one guy came up and fiercely dragged at my tie until he finally managed to pull it off, and threw it to the floor. The police officers pointed at my nose and coarsely swore at me again, and again they cried, "Do you know where you are? If we beat you, what can you do?"
After a while, a police officer came in and said that we had been detained because we had gone to Fan Yafeng's home. One officer, who I heard addressed as Xu Ping, went from merely loudly interrogating to roaring accusations at me: "O ho, that's how it is! In that case, you belong to the enemy! F- your mother, you went to see Fan Yafeng! That c-! In that case we don't have to talk about legal constraints at all! And you motherf- won't get out of here again! You traitors, you dogs! Counter-revolutionaries! The Communist Party feeds you and pays you and you still don't acknowledge how good it is! You keep insulting the Party!� We will treat you just like an enemy!"
I was very curious. "How do you treat your enemies?"
"Like Falun Gong!"
"And how do you treat Falun Gong?"
"You'll find out by and by."
I felt a pang of horror.
A first-hand account of how China's police treats the citizens it's supposed to serve and protect. (http://online.wsj.com/article/SB10001424052970203731004576045152244293970.html)
By TENG BIAO | Wall Street Journal
On Dec. 23, the United Nations International Convention for the Protection of All Persons From Forced Disappearance came into force. China has declined to accede to this convention. My experience that same day is just one of many examples of how the authorities continue to falsely imprison Chinese citizens.
That evening, I was in the Xizhimen area of Beijing chatting with my colleagues Piao Xiang, Xu Zhiyong and Zhang Yongpan. Ms. Piao had been disappeared after she and I went to Dandong on Oct. 7 to argue the court case of Leng Guoquan, a man framed by the police for drug trafficking; she had only been released on Dec. 20. Her abductors had been officers from the state security squad of the Public Security Bureau. I asked her to narrate the entire process of her disappearance in detail.
Later, I suggested to Mr. Zhang, "Let's go and see Fan Yafeng's mom." The day before, we had contacted fellow human rights lawyer Fan Yafeng and found out that he was under strict house arrest. But he had said that his mother was going to be alone at home in the evening and so I thought we should go see her.
Because I used to go there frequently I remembered clearly where she lived. As Mr. Zhang and I entered the block of flats and started walking up the staircase, I had a feeling that someone was following us. Observing that we went to the third floor, a young security guard asked us whom we were visiting. We said, "We're seeing a friend." Immediately, he called out for someone else to come up.
We knocked on the door and were greeted by Mr. Fan's mother. But as we entered the flat, the security guard came with us, and a person in plainclothes stormed in just behind him. The man in plainclothes demanded to check our IDs in a very coarse manner. I asked him in a loud voice, "What sort of people are you? How can you enter a private residence without permission?"
The plainclothes man said, "I am a police officer. We want to check your ID cards." "You're a police officer? I want to see your police ID." "If I am telling you I'm a police officer, then that's what I am. What are you doing here?" "Is that your business? How can you prove you're a police officer if you don't show your police ID card?"
The situation was escalating. I ducked my head and used my phone to send out a message on Twitter, and Mr. Zhang made a phone call to a friend. It was then about half past eight. The plainclothes guy made a phone call asking for reinforcement. Later I learned that at that moment our own reinforcements were mobilizing.
Two police officers showed up. One of them showed us his police ID. I asked Mr. Zhang to note down his police ID number and name, Shi Ligang, and pass it on to our Twitter friends. Then they wanted to check our IDs. I said, "According to Article 15 of the National Identity Card Law you have no right to check them in the present situation."
He said, "We are conducting an investigation in accordance with the People's Police Law." I said, "You can only question people who are suspected of having broken a law. We've just come to a friend's home for a visit, so you have no right to question us."
We quarreled for some time, and that state security squad officer in plainclothes kept making phone calls asking for more people to come over. The situation was getting worse, so I sent another Twitter message.
I talked to Mr. Fan's mother and the older state security squad officer told her not to speak to me. I got angry. "You're not even disclosing your identity, do you think you can enter other people's flat as you please and order the flat-owner about�not to mention that that's illegal, it lacks every human feeling!"
"You should think more clearly. Don't talk so much about the law with me. Do you know where we are? We are on Communist Party territory!"
The state security squad officer later tried to beat me. I warned him, "As you haven't shown me any documentation, you don't even have the right to seek a conversation with me. Don't push me." Then he said, "Don't you know what place you are in? This is China! Now you've come here, don't think you can leave again!"
After about 15 minutes, a large contingent of police officers arrived. I was in the washroom at the time. I could hear the police dragging Mr. Zhang forcefully downstairs. The plainclothes man banged madly at the door of the washroom, cracking a hole into the thin wooden panel of the door. I said, "I just want to use the washroom!" He said, "You're not allowed to," and kept banging against the door. He inserted his hand through the hole he had made, and undid the latch. Several police officers dragged me out. The state security squad officer took away my glasses. I am severely near-sighted, and as a result I was quite unable to see clearly. Later, I wasn't even able to read a police officer's ID number.
I protested loudly against this treatment. A whole group of police officers pushed, shoved, pulled and dragged me down the stairs and into a police van. Mr. Zhang's glasses and mobile phone had also been taken away. As we were dragged away we were also beaten. My hand had been grabbed so violently that it was injured in a few places. A police officer wanted to take away my mobile phone, I resisted with all my force and he eventually desisted.
When we arrived at the Shuangyushu police station, I said, "You have no right to take us into a police station. You can't be ignorant of the provision of Article 9 of the Police Law!"
"Want to tell us what it says?"
"'In the following four sets of circumstances, the police may take citizens to a public security bureau for questioning: (1) if the person has been accused of having committed a crime, (2) if a person has been discovered at the suspected scene of a crime, (3) if a person is suspected of a crime and if their identity is not clear, (4) if a person carries goods with them that may have been stolen." And if you want to check a person's ID card, you can only do that in the following cases: (1) suspicion of illegal behavior, (2) control of a site, (3) sudden incidents severely endangering the social order, or (4) other situations stipulated in the law - and such a law stipulating other situations must have been passed by the National People's Congress or its Standing Committee." I knew this stuff inside out.
"But you are a person 'whose identity is unclear.'"
"But according to the law, persons whose identity is unclear can only be checked if they are 'suspected of having committed a crime.' I don't belong in that category." Since there are more and more activists nowadays who are familiar with these two legal provisions and use them to challenge the police, I've been told by police officers that they hate the very bones of the legislators who created them.
Mr. Zhang and I were taken to two different rooms on the second floor of the police station. A gang of police officers again came to wrestle my mobile phone from me; and there was another scuffle. All the things inside my pocket were taken out. I protested. Seven or eight police officers loudly insulted me. Two or three were swearing especially viciously, using mafia slang words to curse me.
A police officer shouted at me to sit; I pushed the chair over with my foot. Several officers rushed forward and twisted my arms, punched my head and choked me, and pushed me to the ground. They took me to another room. In the corridor I cried out, "I am a law teacher, I know whether or not you are violating the law." I said this primarily to make them understand that they were dealing with someone who knew the law, to make them refrain from acting rashly and inflicting too much pain�and it was also meant for the ears of Mr. Zhang and the officers who were interrogating him.
Several police officers pushed me into a corner and one guy came up and fiercely dragged at my tie until he finally managed to pull it off, and threw it to the floor. The police officers pointed at my nose and coarsely swore at me again, and again they cried, "Do you know where you are? If we beat you, what can you do?"
After a while, a police officer came in and said that we had been detained because we had gone to Fan Yafeng's home. One officer, who I heard addressed as Xu Ping, went from merely loudly interrogating to roaring accusations at me: "O ho, that's how it is! In that case, you belong to the enemy! F- your mother, you went to see Fan Yafeng! That c-! In that case we don't have to talk about legal constraints at all! And you motherf- won't get out of here again! You traitors, you dogs! Counter-revolutionaries! The Communist Party feeds you and pays you and you still don't acknowledge how good it is! You keep insulting the Party!� We will treat you just like an enemy!"
I was very curious. "How do you treat your enemies?"
"Like Falun Gong!"
"And how do you treat Falun Gong?"
"You'll find out by and by."
I felt a pang of horror.
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