Wednesday, January 5, 2011

foreclosure

I generally agree with yoru statement, all the tricks the FED did to print hosuing dollars are done now, now people have to bring real money, and that means wages. However I disagree with statement "businesses competing with foreign wages CANNOT pay higher wages to American workers". Businesses overpay their CEOs and upper management all the time (boards are made up of cronies, not directors working in best interest of stockowners) and big US businesses are generally making high profits and have record cash reserves. So businesses CAN afford to pay workers high wages, but rather, they simply WON'T because they do not have to (no laws, unions etc to force them) and the WON'T because unlike the waste of over-priced salaries at high-end of coroporate ladders, business are not so stupid and wasteful and low-end and they keep low and middle workers wages as low as they can or they outsource.

But just so you know in real world there is an alternative ( not one you will ever see in US due to our politics and people assumptions like yours) look at Germany. They are an exporting machine. Their companies are very competitive in world market AND their worker wages and benefits are much higher than US. They have higher horuly salaries, their workers get 6 weeks vacation from get go, etc.. Also, they are fairly heavily regulated, their companies are held to high safety standards, high worker fairness standards, and tough environmental standards and also their companies do a lot with expensive alternative energy.

So in my mind there are at least two ways to for a countries companies to be competitve on world market, China or Germany, the only option is NOT China and depressed wages and weak currency.

Again and again, I see smart people assuming we must just do a China to compete, low wages, weak currency, trash the environment, peel back regulations that keep workers safe and keep work place fair. Its like Germany's example does not enter our consciousness. No way we can have a strong social safety net, treat enviroment well, have a strong currency, pay workers well, regulate businesses to ensure fairness and still compete, pay not attention to Germany.

It may not be easy for US to replicate what is working for Germany, primarily simply because most in US media and culture has it so we don't even know it that at least one coutnry is already proven it is possible, but it is crazy not to at least look at what they are doing and see if maybe we could strive for something closer to them. Germany competes and grows and German workers benefit. Germans model is very good for the common wealth, and yet, all we can fixate on is China.

We see same phenomen in business. There are some companies that are very successful and treat their workers much better than average, while other companies see their only way to success is to treat low end workers as badly as possible and to overcompensate upper management. See simply Costco vs. Sam's club.

Stop self-limiting, we can be a globally competitive country and have a solid middle class and have clean air and water, safe workplaces. But we won't if we let crony upper management of US companies decide everything in their interest, because clearly, sh%^ting on workers and over-compensating themselves and their friends, corrupting our government for their purposes is what they will keep doing unless we fight for something better.

KABOOM! BofA, GMAC, Chase, Wells, Citi, Onewest Face N.J. Foreclosure Freeze

This is coming in from multiple fronts...

Chink in the Armor

The State Supreme Court of NJ has ordered a halt to all foreclosure in the state of NJ.

This is most excellent news for the reason you may not realize:

NJ is owned by the Wall St. Bankers. Remember the movie Copland about a town in NJ owned and run by a bunch of NYC cops?

Guess
who used to be Governor of NJ? Corzine. Guess what his job was before
he became Governor? Head of Goldman Sachs. If you are a banker of
certain levels, you live in one of three places, Manhattan, Long
Island, or NJ (what exit?). NJ is owned and operated by the large NY
banking firms so for the Supreme Court to turn on them is stupendous
news.

V

www.chinkinthearmor.net

Matt Weidner

Apparently
the practices in foreclosure courts in New Jersey have gotten so out
of hand that the court has initiated an inquiry into the questionable
nature and inaccuracies of documents submitted in courts across the
entire state.

The
attached Order is filled with all sorts of crazy language like,
“Protecting the integrity of the judicial foreclosure process” and the
“need to restore integrity to the foreclosure process” and “due
process”.

Apparently
there were six “foreclosure Plaintiffs with a public record of
questionable practices” which the court felt compelled to address in
its supervisory capacity.

What in God’s name is going on up there in New Jersey?

Things
are just fine down here in Florida…..no problems with integrity or due
process or robo signing…no sir-ee, things are just fine thank y’all
very kindly.

Them banks ain’t run us over down here….no sir-ee, things are just fine thank y’all very kindly.

The integrity of our real property system is not in run…..no sir-ee, things are just fine thank y’all very kindly.

Us dumb
yokels down here in Florida cain’t hardly read all them fancy
newspapers and we ain’t heard ‘nuthin ’bout ‘nuthin going on in
Congress.

So you go on with yer investergatin…we’s jus fine down here in Sunnie Floreeduh!

Bloomberg

BofA, Lenders Face Possible N.J. Foreclosure Freeze

Bank of America Corp., JPMorgan Chase & Co.
and four other mortgage lenders and loan servicers face a possible
suspension of home foreclosures in New Jersey by Jan. 19 under a judge’s
order.

The action, announced today by New Jersey Supreme Court Chief Justice Stuart Rabner, also covers Citigroup Inc.’s mortgage unit, Ally Financial Inc.’s GMAC mortgage unit, OneWest Bank and Wells Fargo & Co.
The lenders were implicated in “robo-signing,” the submission of
hundreds or thousands of foreclosure claims that falsely swore to
personal knowledge of their contents, Rabner said.

The six
companies must “show cause why the processing of uncontested residential
foreclosure matters they have filed should not be suspended,” under an
order by Judge Mary C. Jacobson in state court in Trenton.

“It’s
important that the judiciary ensures that judges are not rubber-stamping
documents of questionable reliability,” Rabner said today in a
conference call with reporters.

Another
24 lenders and loan servicers with more than 200 residential foreclosure
actions each in 2010 must “demonstrate affirmatively that there are no
irregularities in their handling of foreclosure proceedings,” according
to an order by Judge Glenn A. Grant, administrative director of the
courts.

First U.S. State

Rabner
said New Jersey is the first U.S. state to take such an action. The
state’s courts received 21,752 new foreclosures in 2006 and have gotten
65,222 this year, according to Grant’s order. Only 6 percent of cases
were contested this year, meaning 94 percent lacked “any meaningful
adversarial proceeding,” according to the order.

Lawyers
in foreclosure cases must also certify that they have communicated to
employees at the mortgage companies that they have personally reviewed
all documents and that they are accurate, Rabner said.

Bank of
America, Wells Fargo and JPMorgan are the three biggest U.S. home-loan
servicers, handling payment collections, debt modifications and
foreclosures on almost 50 percent of the $10.7 trillion of outstanding
mortgages, according to newsletter Inside Mortgage Finance.

Attorneys
general from all 50 states in October started probing mortgage
servicers after revelations that they may have acted illegally in having
employees sign affidavits that they didn’t review. GMAC Mortgage,
JPMorgan Chase and Bank of America were among companies that temporarily
halted foreclosures amid claims that the legal documents were
mishandled.

Suspended Forclosures

Thomas Kelly,
a JPMorgan spokesman, declined to comment on the New Jersey order.
Since September, the New York-based bank has suspended foreclosures in
40 states, including New Jersey, he said. It resumed foreclosures in
some of those states, he said.

Jumana Bauwens,
a spokeswoman for Charlotte, North Carolina-based Bank of America, said
the bank is reviewing the judge’s order and can’t comment at this time.

Gina Proia, a spokeswoman for Detroit-based Ally Financial, declined to comment.

New York-based Citigroup “will review the Justice’s order and will ensure that we meet the new requirements,” spokesman Mark Rodgers said in an e-mail.

Foreclosure Review

“Citi
has been continuously reviewing its foreclosure processes with respect
to its U.S. mortgage portfolios,” Rodgers said. “Last year, we took a
series of steps to strengthen our processes and added additional
resources to ensure foreclosures were being processed correctly.”

Diane Henry,
a spokeswoman for Pasadena, California-based OneWest, declined to
comment. OneWest was formed in the aftermath of IndyMac Bancorp’s
failure.

Jason Menke,
a spokeswoman for San Francisco-based Wells Fargo, said in an e-mail:
“We recognize and respect the need to ensure we always comply with
respective state laws. With our outside counsel, we intend to comply
with the New Jersey court’s order and demonstrate why the foreclosures
scheduled in New Jersey should move forward.”

U.S. bank regulators investigating foreclosure problems could impose fines or seek criminal penalties as soon as January, said Julie L. Williams, chief counsel of the Office of Comptroller of the Currency, said at a congressional hearing Dec. 2.

The
order is In the Matter of Residential Mortgage Foreclosure Pleading and
Document Irregularities, Administrative Order 01-2010.

To contact the reporters on this story: David Voreacos in Newark, New Jersey, at dvoreacos@bloomberg.net; Jody Shenn in New York at jshenn@bloomberg.net.

Order with supporting docs below...

4closureFraud.org

Order to Show Cause Issued by Judge Mary Jacobson - Residential Mortgage Foreclosures - Robosigning

Order to Show Cause Issued by Judge Mary Jacobson - Residential Mortgage Foreclosures - Robosigning

Administrative
Order Directing Submission of Information from Residential Mortgage
Foreclosure Plaintiffs Concerning Their Document Execution Practices to a
Special Master

Administrative Order Directing Submission of Information From Residential Mortgage Foreclosure Plaintiffs C... Notice and Order - Emergent Amendments to Rules 1:5-6, 4:64-1, and 4:64-2 - Residential Mortgage Foreclosures

Notice and Order - Emergent Amendments to Rules 1 5-6, 4 64-1, And 4 64-2 - Residential Mortgage Foreclosures

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Tuesday, January 4, 2011

Making Money Off Youtube

This past week brought the online resurrection of several pop artists after they first died a virtual death, glimpses of Jennifer Lopez as a judge on the upcoming season of American Idol, a not-so-hot chart debut for the Black Eyed Peas’ latest album, Justin Bieber’s one-on-one with Barbara Walters and R. Kelly’s take on a Michael Jackson classic. And just how did our readers react to this giant bowl of pop soup? Read on!

:: Travis was feeling charitable on All Your Favorite Celebrities May Resume Tweeting: “Darnit! I would have rather donated money to the charity to keep the Kardashians and other ‘celebrities’ offline!”

:: Meanwhile, Zuzz deadpanned, “Every time a celebrity tweets a child dies.”

:: KrissyBalls kept things rolling on American Idol Promos Give Us A Preview Of Jennifer Lopez’s Judging Ability: “To me this show is done, if not for its choices of judges, then for the pure fact that the track record of Idols. One reason I WILL be watching the NYC auditions, is because they were held in Jersey City at the Restaurant/Event Space i was married in. For that to be the reason I am tuning in after being such a faithful viewer the past 10 years is pretty pathetic.”

:: Brandon Hall boom boom powed on Susan Boyle Returns To #1 As The Black Eyed Peas Have A Lackluster Debut: “It would have been wise not to over saturate themselves by releasing this album so suddenly after the last wave considering ‘Rock that body’ was a moderate hit just just a few months ago.”

:: Elizabeth, however, offered the dirty bit: “At least the Black Eyed Peas try to be creative. Susan Boyle simply regeritates [sic] other people’s music that been done a hundred times before.”

:: DonneeDarko saw a collaboration in the making on Best Music 2010: Adam Lambert Picks His Favorite Song And Album Of The Year: “I would LOVE to hear them do a duet!!! I loved Sia’s voice on many of the Zero 7 songs and then her first solo single ‘Breathe Me’ which was the final song of the final episode of Six Feet Under. People, you’ve got to listen to Sia. She has one of the most expressive, unique, and beautiful voices of current female popsters. Start with her first album.”

:: KJ thought we were off the wall with Who Did “You Are Not Alone” Better: Michael Jackson Or R. Kelly?: “Are you kidding?? Michael Jackson’s version is so much better, a lot more depth and emotions expressed in his version. I’m a little surprised that’s R. Kelley’s version comes across so flat, almost devoid of emotion – R. Kelly can do much better than this. I do like the intro though.”

:: Rae also sided with the Gloved One: “Sorry to say this, but R. Kelly didn´t write this song. He was accused of plagiarism, and he was found guilty. The song was actually written by a belgian duo, the brothers Eddy and Danny Van Passel, and it used to be called `If We Can Start All Over´ (youtube it, you’ll see). And besides, Michael´s version (eventhough it’s not a contest) is unbeatable.”

:: Max, on the other hand, didn’t find R. Kelly to be a smooth criminal: “I thought R. Kelly’s version was fine, but it can’t compare to Michael’s. And yes, Kelly was found guilty of ripping off the melody, but the lyrics are his. The Belgian tune is an instrumental, and is not nearly as good as either Kelly’s or Michael’s.”

:: COMMENT OF THE WEEK: We really dug Lisa’s re-branding on Watch Justin Bieber’s 10 Most Fascinating People Interview With Barbara Walters: “And Barbara Walters continues her yearly droll of interviewing The 10 People That Have The Largest Publicity Budget But May Or May Not Have Anything Interesting To Say… More Likely That They Don’t, But You’ll Hear About It The Day After Anyway Because Barbara Walters Is A ‘Tradition’ And You’ve Been Trained Since Youth To Believe She’s A Good Journalist When In Fact You Can’t Remember The Last Interesting Interview She Actually Did.” [Brava, Lisa—really has a certain ring to it!]

All this morning, I kept seeing a video of ALF pop up on my Tumblr and Twitter news feeds. Of course, I didn’t click on them because…y’know, ALF…but I totally should have. The video is outtakes from the series ALF in which you can hear the character’s creator and puppeteer, Paul Fusco, entertaining the folks on set by saying some truly offensive things. Serves me right for assuming it was mere needless nostalgia.

The tape was discovered by YouTube user biohazardgraphics who claims he bought it off eBay 10 years ago. He or she posted it on YouTube a year ago where it went without much impact until earlier today when Badtvblog discovered it and brought it to the world’s attention. Hooray! Now we can all enjoy ALF saying the N-word and making filthy come ons to the Tanner’s teenaged daughter!

It’s pretty amazing. But, for my money, the best foul-mouthed outtakes from a dearly missed TV series remains the “dirty takes” from Better Off Ted’s insult episode. Oh. And this, of course.

(h/t Gawker.tv)

robert shumake detroit

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robert shumake

:: Meanwhile, Zuzz deadpanned, “Every time a celebrity tweets a child dies.”

(h/t Gawker.tv)

robert shumake

robert shumake

Shakesville: Brett Favre News

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Youtube makeup guru's have started to spring up everywhere and are rapidly growing in popularity. A few months ago, I stumbled across a delightful Youtube makeup guru when she had just started out aleexandraaxo or Alexandra is a friendly 16 year old who has videos on a variety of subjects. Makeup reviews, hauls, fashion, accessories, and more are the type of videos that you can count on seeing from this Youtube makeup guru. I really enjoy watching aleexandraaxo's videos because she seems very natural and personable behind the camera. It is easy to see why she has already gained over 3,500 subscribers since she started making videos. Alexandra was nice enough to sit down with me and answer some questions that I had for her. Keep reading to find out more about this fabulous Youtube makeup guru.

In true aleexandraaxo fashion, let's get right into it:

How long have you had an interest in makeup?

I would say I have been into makeup for about 4 years, but this past summer my interest definitely grew. However, I have always been the girly type!

What do you hope to gain from being a Youtube makeup guru?

I hope to gain friends. YouTube is a great place to meet new people who share the same interests as you. I also hope to help all women who subscribe to me. I have the most wonderful subscribers and I want nothing more then to help them!

What are 3 things that surprised you when you first started making videos on Youtube?

There a few things that surprised me when I first started making videos. The first one is the number of subscribers I have. I never imagined I would have over 3,500 subscribers. It is still shocking to think about! Next, I would have to say how nice other gurus are. Most people seem sweet on video, but sometimes people aren't as nice as they seem on camera. Not in this case. Every guru I have personally met has been such a doll to me. I respect every single one of them because they are strong, confident women. Lastly, another thing that surprised me is the number of views some of my videos receive! I am no Juicystar07, but I am thankful for having such wonderful subscribers who always tune in to my videos and leave me kind comments.

What inspired you to become a Youtube makup guru?

I know this sounds weird, but I would have to say boredom! Sometimes in the summer you have so much time to kill so I decided to give it a shot. I also started watching JuicyStar07 and AllThatGlitters21 so they pushed me a bit.

What is your stance on the whole companies sending gurus items to review for free? Why do you think that it has become such an issue?

I honestly don't see a problem with being sent free products to review. I think the problem some people see with gurus getting sent free stuff is that they think the gurus aren't giving a honest review. Some people assume the guru is just doing the review solely to get a few new things, but that is usually not the case. I know a few gurus personally and I know how honest they are, but sometimes the viewers don't see it that way.

Have your parents and family always been supportive of your decision to make Youtube videos?

Yes, they have supported me 100% since day one. My whole family thinks it is so cool, and it is comforting to know they are proud of me. My grand mom sometimes watches my videos and I think it is the funniest thing!

If you got to choose three makeup products right now at no cost to you, what would you choose?

Oh man, I have no clue! I really want to try the Mac face and body foundation because I have never had a nice foundation and I hear that it is not too heavy. I also want to try Fix + by Mac. The last thing I would like to try is the Bare Minerals beginner pack with the face products!

What are some overrated makeup or beauty products that you regret purchasing?

I don't really regret buying most products, because I usually don't spend my money on something unless I have researched it a bit, but one product I really don't like is the Tinted Moisturizer by Stilla. It is too thick for me!

What are three tips that you would give girls aspiring to become Youtube makeup gurus?

The first thing I would say to an aspiring guru is be yourself. Yes, it is cheesy, but it is the truth. If you don't let your personality shine through your videos you will not have a fan base! The viewers need to be able to perceive you as a friend or someone they can come to for help. Next, I think having a nice work station set up is a plus. You need to make sure you have good lightening and a nice set up to your videos. Viewers like to see a guru who is put together! Lastly, be polite. It seems easy, but sometimes it isn't. I strongly advise any beginner to refrain from asking an established guru for a shout out. Of course you can ask a guru to give you some tips or check out your channel, but when you ask them to give a shout it is a turn off. You need to gain a following on your own and every girl is capable of doing that!

How do you come up with ideas for contests?

I have no clue how I come up with ideas. Most of my videos are based on requests, but other times I just think of something that I think my viewers might like. For instance, I thought my subscribers would enjoy an Oscar tutorial so I did a Miley Cyrus one and it was a hit!

Do you consider your parents to be strict? Do you get along with them?

No, I do not consider my parents to be strict. They definitely have some rules, but they are in no way strict. I get along with my parents very well. I try to be a good kid :)

How do you feel about having to wear a uniform to school?

I actually like wearing a uniform. I am one of those people who wakes up three minutes before the bus comes. If I had to pick out my own outfit everyday I would be doomed!

What kind of career to you want to have when you grow up?

When I grow up I would like to be involved with the film industry, particularly in editing. I would love to edit films like movies or something. If that fails then I think working at a magazine would be cool. I would be interested in doing the layout of the pages or something! Both would be fabulous.

What hobbies do you have other than makeup and Youtube?

I love to dance. I have been dancing for 11 years and it is something that is so soothing for me. It is a comfort.

Do you have any makeup gurus that are not widely known that you like?

Yes, many wonderful gurus are not well known. I love xeverygirlx, jamielovesmac, and likewoahitsciciyo. There are more that I love too!

What is one makeup product that you could not leave the house without?

Well I can leave the house without any makeup products, but my favorite thing is the Maybelline Define-a-line eyeliner! It works wonders.

Can you apply mascara without opening your mouth?

No! I am working on that because I look so unattractive with my mouth wide open, but it takes practice!

Do not worry about the open mouth mascara application Alexandra. According to a poll that I saw, over half of mascara users cannot do it without opening their mouth and that includes myself! Aleexandraaxo has a natural talent for makeup application and she has a great personality. She is a lot of fun to watch and even though I am 27, I still learn stuff from her.

You can find aleexandraaxo's Youtube makeup guru channel by clicking here. From there, you find links to her twitter, form spring, and even her website. Check out Alexandra today and learn a thing or two about all things makeup and fashion.

Are you a subscriber or fan of Alexandra? Comment below and tell us what you like about her or her favorite video!

robert shumake

Shakesville: Brett Favre News

CNN's John Roberts Joining Fox News | John Roberts | Mediaite

Small Business News: Starting Your New Business In A New Year

Whether your starting a new business or rethinking an existing one, 2011 offers fresh possibilities and a new start. If you're launching a new business, there.

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robert shumake detroit

:: Meanwhile, Zuzz deadpanned, “Every time a celebrity tweets a child dies.”

(h/t Gawker.tv)

robert shumake

Shakesville: Brett Favre News

CNN's John Roberts Joining Fox News | John Roberts | Mediaite

Small Business News: Starting Your New Business In A New Year

Whether your starting a new business or rethinking an existing one, 2011 offers fresh possibilities and a new start. If you're launching a new business, there.

robert shumake detroit

Thursday, December 30, 2010

Ways of Making Money

Theory has it that Canadian banks are in far better shape than their US counterparts. If so, it's primarily because the Canadian Central Bank (Bank of Canada) has assumed nearly all the default risk on Canada's massive property bubble.

Is that supposed to make everyone stand up and salute the Loonie?

One key point that has recently come into the spotlight is Canadian citizens are not in better shape than their US counterparts. All those going "rah rah" over the Loonie, might be advised to consider some of the following articles.

Canadians warned to rein in borrowing on cheap money before it's too late

Bank of Canada governor Mark Carney issued a staunch warning to Canadians about the perils of cheap borrowing Monday, just as fresh data suggested household debt-to-income ratios have jumped to record highs.

"Household debt levels are at unprecedented levels relative to income — the level of vulnerability of households remains high," Carney told a news conference after a speech in Toronto.

Statistics Canada said Monday the ratio of debt to disposable income rose to 148.1 per cent in Canada in the third quarter — a close to five point jump — slightly ahead of the U.S. ratio of 147.2 per cent.

TD Bank chief economist Craig Alexander said it was natural that the government would explore ways to constrain borrowing, but said he also does not believe the situation has reached a crisis.

Apparently TD Bank chief economist Craig Alexander thinks it's best to wait until there is a crisis to do anything about it.

No doubt Alexander is a big believer in the Greenspan methodology of dealing with bubbles after they burst even though we have already seen the disastrous results of such complaisance.

Here's another good one from up North: Consumers warned: 'brutal reckoning' ahead

Bank of Canada governor Mark Carney issued another stern warning Monday on Canadians' appetite to take on record levels of household debt, which some analysts took as a signal he is set to raise interest rates as soon as the economy improves.

"Cheap money is not a long-term growth strategy," Carney said. "Low rates today do not necessarily mean low rates tomorrow. Risk reversals when they happen can be fierce: the greater the complacency, the more brutal the reckoning."

In Ottawa, Finance Minister Jim Flaherty said his government could tighten mortgage eligibility rules for a third time, if required, to keep credit growth in check.

Based on conversations he's had with banking executives, "there is no reason for extreme concern right now," Flaherty said. "But there is a reason for concern. So if it is necessary, we will toughen up the mortgage rules some more."

What's with this "no reason for extreme concern right now" nonsense? The Canadian property bubble is of epic proportion.

Flaherty too, appears to be a proponent of the Greenspan theory that bubbles can only be recognized in hindsight.

Blue Ribbon Complacency Awards

The blue ribbon for complacency goes to the Bank of Montreal for Debt picture not so bleak

Statistics Canada released data Monday showing that Canadian household debt has risen to 148 per cent of disposable income. The eye-popping figure is all the more alarming considering it's the first time since the 1990s that Canada's ratio has been higher than that of the U.S.

Alarm bells rang everywhere from the Bank of Canada to the Finance Department on Monday, and Canadians were urged to tighten their belts and prepare for a time of austerity.

But a closer look at the numbers indicates the picture might not be so bleak.

"The continued laser-like focus on debt overshadows the other half of the balance sheet," BMO chief economist Doug Porter said Monday.

Namely, Canadians are borrowing. But they're also saving, and they're worth more than they used to be.

Balance Sheet Theory Madness

Porter's statements are exactly the same kind of silliness we heard in the US regarding the central belief "massive debt is OK because it's supported by rising asset prices".

It was bad enough that anyone believed such nonsense a few years ago before the US property bubble blew sky high. That such beliefs still have proponents at the highest level of Canadian banks now seems rather amazing.

It just goes to show just how firm the belief "It's different here" is in Canada.

When housing prices crash, and especially if the stock market goes with it, what's left of Porter's "Balance Sheet Theory" will look something like a moldy slice of 3-year-old Swiss cheese.

Banks Won' Lead The Way

Toronto-Dominion Bank chief executive officer Ed Clark says Banks won't lead way on fixing debt problem.

If policy makers want Canadians to stop borrowing too much, it’s up to Ottawa, not financial institutions, to force a change in behaviour, says one of Bay Street’s longest-serving senior bankers.

Toronto-Dominion Bank chief executive officer Ed Clark acknowledged Canadians’ alarming debt levels, but said the issue is a matter of public policy and would be best resolved by a tighter government rules on residential mortgages.

In an interview with The Globe and Mail, Mr. Clark said that no bank wants to be the first to impose stricter requirements on borrowers out of fear that it will suffer a major loss of customers to rivals. Personal banking “is a highly competitive industry,” Mr. Clark said. “If we said ‘Look, we’re going to be heroes and save Canada from itself, and we’ll impose a whole new [mortgage] regime on everyone else,’ the other four [large] banks would say ‘Let’s carve them up.’ ”

Mr. Clark said it is impossible to expect any bank to crack the whip on borrowers because “market share loss is perceived as a strategic loss, not just a numerical or dollar loss.”

Dance Until The Music Stops

Clark sounds like he's a big believer in the Chuck Price Music Theory best described in retrospect as "Keep dancing until you dance out the door".

Flashback July 10, 2007: Quotes of the Day / Top Call

Chuck Prince - Citigroup CEO

No End Soon to Buyout Boom: “When the music stops, in terms of liquidity, things will be complicated. But as long as the music is playing, you’ve got to get up and dance. We’re still dancing".

Mish reply.

If ever there was market arrogance, the statements by Chuck Prince says it all.

In an interview with the newspaper, Prince said the boom will eventually end, but will continue for now because markets have plenty of liquidity, despite turmoil in the U.S. subprime mortgage market. He denied Citigroup was pulling back, the newspaper said. "When the music stops, in terms of liquidity, things will be complicated," he said. "But as long as the music is playing, you've got to get up and dance. We're still dancing.

Prince added: "The depth of the pools of liquidity is so much larger than it used to be that a disruptive event now needs to be much more disruptive than it used to be. At some point, the disruptive event will be so significant that, instead of liquidity filling in, the liquidity will go the other way. I don't think we're at that point.

My comment at the time was "I leave it to you to decide whether or not this is the 'last dance'".

Flashback November 02, 2007: Music Stops for Chuck Prince

The party is over and the music has stopped for Chuck Prince. His last dance is a two-step out the door. Citi's Prince Plans to Resign.

Moral-Hazard Position of Bank of Canada

Toronto-Dominion's CEO does not give a damn about fundamentals, about acting on their clients' interests, or for that matter acting on shareholder interests. Clark's only concern is in not losing market share to the other Canadian banks until the whole mess blows sky high.

Canada's banks clearly don't care what happens as long as they can pass the trash to the Bank of Canada, the Canadian equivalent of Fannie Mae.

Clark's statements, as well as statements made by the chief economists of BMO and Toronto-Dominion, put a spotlight on the decidedly stupid moral-hazard mess the Bank of Canada has gotten itself into by backstopping mortgages of Canadian borrowers.

But hey, look on the bright side. The music is still playing. In memory of Chuck Prince, Keep on Dancin'

Addendum:

I said Bank of Canada in a couple of places where I should have said CMHC.

Here are a couple of corrections from Canadian readers.

"RP" Writes ....

Quick corrections here Mish. Mortgages in Canada are guaranteed by the CMHC, which is a crown corporation equivalent to Fannie Mae. Anything less than 20% down requires this insurance, so that's the source of the Canadian banks' "health". The loose lending standards were set by the current "Conservative" government, a few months after they came in office. We had 0 down, 40 year mortgages insured by the government for a couple of years. Now it's officially 5% down and 35 years, but every bank will lend you the downpayment. The government also insures mortgages for rental properties.

Similarly, "MS" writes ....

Hey Mish,

One inaccuracy that should be corrected. It's the CMHC (Canada Mortgage and Housing Corporation) that serves as the equivalent to Fannie and Freddie, not the BoC. The CMHC insures mortgages for below market rates, and the major banks pass along their loans to them.

The Conservative government ordered the CMHC (a crown corporation) to insure some $300 Billion in additional mortgages during the crisis - nearly double their previous holdings. It is this that has buoyed the Canadian R/E market since then. Banks don't worry about credit worthiness, because the CMHC will take it anyway in order to meet their quota.

"Moi" Writes ....

Mish you are one of the few Americans that seem to "Get It". So many of the other US financial writers talk glowingly about how sound Canada is financially and how the Canadian banks did not take part in the risky lending practices that the US banks have taken part in. This is complete and utter BS!! The Canadian banks are doing the same sort of zero down or variable rate mortgages it's just they have none of the risk to worry about. 600 Billion dollars worth of that mortgage risk is held by the government of Canada thanks to the Canada Mortgage and Housing Corporation (CMHC). There are cash back mortgages every where in this country. In other words come up with your measly 5% down payment and the bank will give you 5% back. So here in Canada we proudly brag about how we do not have zero down mortgages, we just call them by a different name. Also, if you do not have 5% to put down no problem. All of the banks will loan you money to by an RRSP (IRA), you can than cash that RRSP to be paid back later and use that as your 5% down payment. Voila, zero down mortgages.

The Canadian Association of Accredited Mortgage Professionals came out last month with their "Good News" annual report last month. Just like the Real Estate Industry, all news is good news. Take a look at the numbers. At these absolutely rock bottom interest rates:

100,000 mortgage holders would be in trouble with any rate move.
350,000 mortgage holders would be in trouble if rates only go up less than 1 percent.
250,000 mortgage holders would be in trouble if rates went up between 1 and 1.5 percent.

So, if interest rates which are at Century lows went up a measly 1.5 percent, 700,000 mortgage holders in Canada would be in trouble. What if they went up 2 or 3%? It would be mortgage Armageddon in Canada. This is how precarious our housing market. The following link gives you just one tiny example of why Canadian housing is a house of cards that could topple at the slightest touch.
http://whispersfromtheedgeoftherainforest.blogspot.com/2010/05/pardon.html

http://www.theglobeandmail.com/report-on-business/canadian-mortgage-debt-tops-1-trillion-for-first-time/article1789172/

5% or more cash back mortgage:

http://www.tdcanadatrust.com/mortgages/5_cashback.jsp
http://www.rbcroyalbank.com/products/mortgages/cash-back-mortgage.html

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List

Taegan D. Goddard is the founder of Political Wire, one of the earliest and most influential political web sites.

Goddard spent more than a decade as managing director and chief operating officer of a prominent investment firm in New York City. Previously, he was a policy adviser to a U.S. Senator and Governor.

Goddard is also co-author of You
Won - Now What? (Scribner, 1998), a political
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both parties. In addition, Goddard's essays on politics and public
policy have appeared in dozens of newspapers across the country,
including the Washington Post, USA Today, Boston Globe, San Francisco
Chronicle, Chicago Tribune, Philadelphia Inquirer and Christian Science
Monitor.

Goddard earned degrees from Vassar College and Harvard University. He lives in New York with his wife and three sons.

PRAISE FOR POLITICAL WIRE

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-- Stuart Rothenberg, editor of the Rothenberg Political Report

"Political Wire is one of only four or five sites that I check every
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-- Charlie Cook, editor of the Cook Political Report

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Fox News Channel's Kimberly Guilfoyle: Ignore CPAC boycotters ...

Former first lady of San Francisco tells groups boycotting February convention to participate if they want to be heard.

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Good news: School officials destroy girl's college plans over knife mix-up.

Great news: Careerist RINO certified as winner of Alaska Senate ...

Great news: Careerist RINO certified as winner of Alaska Senate race.

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Tuesday, December 28, 2010

managing personal finances

Consumerist Budget Spreadsheet Balances Your Money, Encourages Your Nest Egg

The saving-savvy folks at The Consumerist blog have put together a template Excel spreadsheet for managing personal finances. It's the kind of thing you always say you're going to do, but they went ahead and did it for you, and it's free.

It's not a new thing, but Consumerist's budget spreadsheet, crafted during the days the site was one of our blog network brethren, has come back, after being lost to the vagaries of server maintenance. The site has instructions on setting it up, including tips on thinking through your monthly expenses and advice on how much you should plan on socking away for a rainy day, retirement, and other expenses.

Maybe you use Mint or another automated spending/saving tracker instead—but then again, maybe those tools are so automatic that you don't get a good look at your real money situation.

I’ve spent hours of my life toiling over virtual cities in Maxis’ Sim City series, and it must have rubbed off after all these years. I still enjoy meticulously planning infrastructure, zoning and carefully tweaking finances to this day.

The other day whilst trying to work, I accidentally (oops) went looking for some online heirs to the Sim City throne. Despite simple Flash games lacking the depth of even the original Sim City, I guessed there had to be a few decent, free city building games out there.

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ElectroCity

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A simple turn-based Flash game created by New Zealand energy company Genesis Energy to give players young and old a shot at managing a town or city’s growth and impact. Players must pay close attention to the levels of energy used, sustainability and environmental factors.

Players are given 151 turns to alter tax rates, build things, destroy things and generally oversee the planning of a city from an environmental point of view. It is up to you to keep your citizens happy, maintain finances and get the highest score possible out of 100 available points.

If you’re seeking inspiration then there’s plenty of completed cities to gawp at, and you can even save your progress and come back to it at a later point. Remember – it’s all about balance.

IBM CityOne

style="text-align: center;">

A very in-depth city management game that allows you to choose one of four aspects of city life to manage – energy, water, retail and banking. This game also uses a turn-based system which scores you after each turn made.

There’s a fairly chunky registration form to fill out before you can play (which asks for all sorts of intrusive data) but the game itself functions well, especially if you’re a business-minded individual.

Your city starts off sketchy and greyscale, with colour gradually introduced as you implement much-needed change. At times it plays like a big advert for IBM, but remains enjoyable and looks pretty good to boot. Probably not great on slower PCs, especially those with an aversion to resource-heavy Flash.

City Creator

style="text-align: center;">

Not necessarily a simulation or a management game, City Creator simply allows you to do just that – create a sprawling landscape from a set of pre-fabricated buildings and features.

The game features charming pixel art from and an isometric viewpoint, which complements the laid back style of play. Simply drag items from the left hand side of the screen to your city on the right and see what you come up with.

There are 3 building sets to choose from, each with their own unique style. If you register on the site you can save your creations and share them with your friends. If you just want to build a city then City Creator should entertain for a while at least. Be sure to check out their other project Castleford.

Zanpo Virtual Cities

style="text-align: center;">

Lovers of Minecraft and pixel art rejoice in this Flash block-based city building game. Instead of building preset structures and features Zanpo Virtual Cities allows you to build fairly detailed city blocks using individual building pieces.

Users then vote on the best ones, and they get added to the virtual city. This one strikes me a bit like online Lego, and the emphasis is very much on building and not management.

You’ll need to register to build, or you can simply choose a city from the drop down list and click City View and see what everybody else has been building.

CityVille

style="text-align: center;">

I know, I know. You’re sick of FarmVille, so why on earth do you want to hear about CityVille? Well considering there’s already more than 20 million people playing it I figured it would be an injustice to not include it on the list.

If you’re fine with yet another application accessing all your personal data and posting whatever it feels like to your wall then CityVille might appeal. The game is a casual Sim City-esque sim in which you take a humble town and turn it into a sprawling metropolis.

Graphically the game looks awesome, and there’s the added social interactions provided by the Facebook platform. If only it didn’t clog up your feeds, eh?

There are a few more Facebook games, that I’ve left out (it’s quite a saturated market, and Facebook isn’t for everyone). If you’re interested, they were:

Social City
Millionaire City
Hollywood City

Have you found any other cool city building games? Do you prefer building or managing? Let us know in the comments!

Image Credit : Shutterstock

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'Green River Killer' Could Face New Murder Charge - AOL News

Related Searches: top 10 serial killers, green river murders, gary ridgeway, rebecca marrero 1982, capital punishment, the green river killer, green river cc auburn wa, crime news, crime reports, ...

Fugitive Banker Surrenders in $1.2 Million Fraud Case - AOL News

A former Oregon bank manager who fled after she was accused of stealing up to $1.2 million from customers has surrendered in California, the FBI said. The FBI had been seeking 37-year-old Shawna Leimomi Moore-Saia since Oct. 27, ...

How Online News Evolved in 2010

News is changing – quickly. The way it's researched, the way it's reported and the way we access it are all evolving rapidly. 2010 could well be remembered as a key year in the history of online news. Here are the key reasons why. ...

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'Green River Killer' Could Face New Murder Charge - AOL News

Fugitive Banker Surrenders in $1.2 Million Fraud Case - AOL News

How Online News Evolved in 2010

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'Green River Killer' Could Face New Murder Charge - AOL News

Fugitive Banker Surrenders in $1.2 Million Fraud Case - AOL News

How Online News Evolved in 2010

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'Green River Killer' Could Face New Murder Charge - AOL News

Fugitive Banker Surrenders in $1.2 Million Fraud Case - AOL News

How Online News Evolved in 2010

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'Green River Killer' Could Face New Murder Charge - AOL News

Fugitive Banker Surrenders in $1.2 Million Fraud Case - AOL News

How Online News Evolved in 2010

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'Green River Killer' Could Face New Murder Charge - AOL News

Fugitive Banker Surrenders in $1.2 Million Fraud Case - AOL News

How Online News Evolved in 2010

bench craft company scam

'Green River Killer' Could Face New Murder Charge - AOL News

Fugitive Banker Surrenders in $1.2 Million Fraud Case - AOL News

How Online News Evolved in 2010

bench craft company scam

'Green River Killer' Could Face New Murder Charge - AOL News

Fugitive Banker Surrenders in $1.2 Million Fraud Case - AOL News

How Online News Evolved in 2010

bench craft company scam

'Green River Killer' Could Face New Murder Charge - AOL News

Fugitive Banker Surrenders in $1.2 Million Fraud Case - AOL News

How Online News Evolved in 2010

bench craft company scam

'Green River Killer' Could Face New Murder Charge - AOL News

Fugitive Banker Surrenders in $1.2 Million Fraud Case - AOL News

How Online News Evolved in 2010

bench craft company scam

'Green River Killer' Could Face New Murder Charge - AOL News

Fugitive Banker Surrenders in $1.2 Million Fraud Case - AOL News

How Online News Evolved in 2010

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Thursday, December 23, 2010

Making Money Quickly

The last time she hooked up, she said, it was because “his personality put me at ease. He was straight to the point. He asked me the same questions I was asking him.” Plus, she liked that his real name matched his email address. From there, she was able to find his Facebook page, with numerous photographs. When Ashley (not her real name) finally had her rendezvous, she took down his license plate number and texted it to herself on a second cellphone, which she’d left on her kitchen table along with a note for friends and family, just in case she didn’t return. And then she collected her $500 an hour.

Welcome to prostitution in the Internet era.

Fifteen years ago, it was hard to find hookers on the Web. Now they are all over the place. The Internet has given rise to a new generation of sex workers who have more autonomy than ever before, and by and large enjoy a level of safety not shared by their street-walking sisters. Nonetheless, Internet prostitution is a risky business, and those hazards were underscored this month when the bodies of four women were found decomposing on the side of the road near Jones Beach on Long Island. Attention quickly turned to two missing call girls who’d been using Craigslist as their primary means of making connections. It turned out that neither woman was among the victims, but the grisly discovery put an unwanted spotlight back on Craigslist, which in September took down its U.S. erotic-services directory under pressure from law enforcement and human-rights groups. Last week, it pulled its worldwide adult-services ads. (Though Craigslist has managed to get most sex solicitation off its site, it hasn’t completely succeeded, as Ashley can tell you.)

David Henry Sterry has numerous stories about how the lives of prostitutes have changed in the past decade. Last year, he edited Hos, Hookers, Call Girls, and Rent Boys: Prostitutes Writing on Life, Love, Work, Sex, and Money, an anthology that received a stamp of approval from The New York Times. He’s also a former sex worker himself, a rare example of a man who earned his living pleasing older women. (The only common thread connecting his clients, he said, was that they all had money and “most felt powerless because they were housewives, bored, and rich.”)

One of the women who appeared in his book called herself Kat, worked on Craigslist, and had an elaborate screening process in which she would force potential johns to drive up to the location of the assignations, get out of their cars, and stand there while she examined them from a nearby window with a pair of binoculars. Kat refused to talk to anyone with a blocked number. She also chose not to text. If you sent her a photo of your genitalia, a common mistake among potential johns, you were out of contention. “She had developed what she called a ‘hooker’s radar,’” Sterry said. “The tone of the guy’s voice, his walk, she had learned how to instantly size someone up. And if the guy looked sketchy or too much like a toad, she would stop returning his phone calls.”

“People who think they’re going to eliminate prostitution or violence in prostitution by shutting down Craigslist are wildly deluded,” said David Henry Sterry.

Another Internet-era phenomenon that’s friendly to business and helps boost security for prostitutes and johns alike is “the mixer.” This is a cocktail party-like event at which “hobbyists”—the current euphemism of choice for high-spending porn aficionados obsessed with bonking their favorite screen stars—get to meet potential dates. No sex typically takes place on site, explained Daily Beast contributor Richard Abowitz, a chronicler of life in Las Vegas, where the parties frequently occur. “It’s more like a job fair,” he said.

“Tea Partiers and small-government conservatives expect to see major legislative action right away next year,” Matt Kibbe, president of FreedomWorks, said in an email. “Make no mistake, the new Congressional Freshman Class was elected to control and reduce the size and scope of government.”

The coming vote on the debt limit promises to be even more contentious. The federal government will run out of money early next year unless more borrowing is authorized, and even the most extreme budget slashing proposals out there will still means deficits for at least the medium term. A failure to pass the bill could spark a financial crisis, shut down the government, and turn big business against the GOP, making it a must-pass measure. But it’s also a bill that’s easy to demagogue, as the many Republicans who attacked incumbent Democrats for their votes on increasing the debt limit on the campaign trail discovered this year. The Republican caucus voted unanimously against the last increase in the debt ceiling, and a number have already signaled they won’t authorize another once they’re in the majority. After two years of heated rhetoric on the issue, Boehner is already warning conservatives to cool it.

“This is going to be probably the first really big adult moment for the new Republican majority,” Boehner told The New Yorker in a recent interview. “You can underline ‘adult.’ And for people who’ve never been in politics it’s going to be one of those growing moments. It’s going to be difficult, I’m certainly well aware of that. But we’ll have to find a way to help educate members and help people understand the serious problem that would exist if we didn’t do it.”

Kibbe said the House in January has to prove immediately that it is serious about spending—for example, by joining Sarah Palin in embracing Rep. Paul Ryan’s (R-WI) Social Security- and Medicare-slashing budget plan—if it wants to keep the Tea Party’s support through the vote.

“The majority party has some responsibilities, and I think they should have to confront the unreality of what they have committed themselves to,” said Rep. Barney Frank of the debt-limit fight.

House Minority Leader John Boehner of Ohio atttends a news conference on Capitol Hill in Washington on Dec. 2, 2010. (Photo: Harry Hamburg / AP Photo)

“If nothing is done on the part of the newly elected members of Congress and the first major vote is raising the debt limit, that would be unacceptable,” he told The Daily Beast. “If conservatives make any kind of concessions, there will have to be proof by legislation passed that this situation is not going to happen again. A budget would have to be drafted that is substantially smaller than previous years.”

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