Commercial Mortgage Applications Off 80 Percent in Q4
Submitted by
CalculatedRisk on Wed, 02/11/2009 - 6:30am (158 comments)
in
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............me .......first.....
could be
Got gold?
We'll be alright once we get the plan rolled out.
They're not making any more CRE. Buy now!
If the drop is because banks realize that CRE is a bad investment, then this is a good thing.
I am sure we will hear again about how "the banks are not lending" in fact this is evidence (mostly) that creditworthy borrowers do not want to borrow.
Originations were led down by CMBS declines? Doesn't this have the causality wrong?
C
Interesting para from the top article on Eurowatch Blog.
I got this visual of all the worlds people standing out on the ice of the "Big Pond." Some are saying "Whats that sound?" Others are saying "I don't here anything. Quit scareing the children." Others know it for what it is. The ice is fracturing, and they are trying to edge closer to the shore line.
In fact, while there is a growing feeling that the worst phase of the financial-system meltdown may be over in the U.S, unease is mounting that here in Europe the worst may be yet to come. The reason? Europe's commercial banks have more exposure to distressed emerging markets than their U.S. counterparts. By one estimate, European banks provided three-quarters of the $4.7 trillion in cross-border loans to the Baltic countries, Eastern Europe, Latin America and emerging Asia. Thus it is quite likely that the emerging-markets exposure of European banks exceeds even that of U.S. lenders to Alt-A and subprime loans.
That kills another line of revenue, origination fees.
sucks to deflate.
--bh
Commercial mortgages off 80%, how does this compare to previous recessions?
At a minimum I would assume this is the nail in the coffin for big builders. They will all implode under their own weight without clients and neither states nor private sector doing any significant building. Maybe if they are lucky they can get on the bridge and tunnel gravy train from the fed.
"Perhaps an eyepatch accompanied by an obscure story of how he got it while saving a small country. His clenched jaw delivery could be improved as well. Unless we weave a mandibular trauma into the eye patch story."
volker the viking | 02.11.09 - 9:23 am | #
Volker, jokes about eypatches, small countries, clenched jaws and pirates are just beyond the pale in a dignified website like this.
Such jokes constitute the worst form of anti-Somalism.
Please be aware that when compared to Banksters, Somali pirates are paragons of virtue.
Thank you.
banksters on TV, live
Bailed Out Bankers Testify: Live Video, Quotes
Geithner was a sacrificial lamb to draw out stonger critics of the banks. watch and see.......
Head and shoulders formation on the Dow?
C
Barney frank lost it for a moment.. must be some bad flashback!
I think what you are now seeing is the first phase of what will become a global squeeze on physical gold and silver. In such a squeeze, the peak price can be orbital.
Gold and silver have both broken through key technical resistance levels.
Silver is starting to look backwardated.
As I predicted yesterday, the miners are doing well. Up about 5% or so today.
Thanks, Timmy!
The Tax Credit multi family market has come close to freezing over and the stimulus plan has little, if any, incentives to encourage companies to purchase these equity pieces (financial company profits being sorta important, too, as they were big players).
So, unless Congress finds a way to re-work some of the economy bailout money, several of our projects won't get built for quite some time. Not so stimulating in that sense.
Rep Bachus (R)
we won't blame you, it is government's fault.
I imagine this "Banker's Roast" will be like a "your Dad is home early from work to talk with you" kind of exercise......
The Four Questions For The Bankers:
4 TARP questions for top bank CEOs - Feb. 10, 2009
They're not making any more CRE. Buy now!
Asun | 02.11.09 - 10:03 am | #
They're not making it because they've already made too much. The invisible hand must've been occupied doing something else
Bachus speaking to Bank CEOs
Well guys we in Congress have succesfully screwed up Health Care and Education in this Country.
Now it's your turn...
rich: I agree on gold. Most likely it'll repeat oil's buuble path. Do you think platinum/palladium will follow gold?
Apartment houses are moving slowly around here. The cap rates are 'way too low, and prospective buyers really are doubting they'll be able to raise the rents substantially.
I was in the gym the other day, and one of the local commercial property owner/developer types was in there looking like somebody had kicked his dog. He has a couple of renovation projects that he's had to stop, and is now trying to sell. But he has to roll over his loans, and the interest rate he's being offered is going to send him even farther into the hole.
"At a minimum I would assume this is the nail in the coffin for big builders."
Obviously construction spending must drop if there are no loans originated. There are lots of different types of builders, however. A lot of commercial builders do not get tied up with land and development costs the way big homebuilders do and a lot of them sub out almost 100 percent of the construction work. These companies will shrink back to a very small size, but the name and organization will survive. Subs, who actually do the work, will be in a very unfortunate spot. And, of course, materials suppliers already hammered by the residential slowdown will be crunched right down to the ground.
O/T but interesting, Pettis on the consolidation / social stability trade-off in China. In my experience the choice will inevitably come down to allocation massive stimulus to preserve bare minimum social order.
China Financial Markets
C
a 99 percent decrease in loans for hotel properties
Wow! From the report: Hotels: 3,035 Q4 2007 to 36 Q4 2008. I'm not sure which is more impressive. The 3,035 for Q4 2007 or the 36 for Q4 2008. (100=Average Quarter 2001)
Banksters: Wanna see a Ron-Paul kinda slice 'n' dice. You can carve 'em up, but they're laughin' all the way to the bank.
Some of 'em have baselisk Thain eyes.
Apartment houses are moving slowly around here. The cap rates are 'way too low
Most still have negative or negligible cash flows in NJ. Utterly pointless.
All the dopes over the past 5 years that drank the koolaide and anticipated appreciation & rent increases are SOL.
Underwater AND negative cash flow. Lots of fun that.
I thought the 'administration' had shut you dow
Lorax: The banksters' committee meeting is:
More Horton & the Hoocoodanode!
Well, you know, the cure for this is to force the banks to start...
/titter
len...
/pfffff
lending...
/caough, titter
MORE...
Bwahahahahahahahahhahahahahahahhahahahahahhahahahahhahahhaha!
Go get 'em CONgang!
Nostrovia,
Angry Saver,
It's the second wave, when all the mid-size and small players go under, default, go BK. That'll be the moment of actualization toward normalcy (or cleansing fire). Until this happens, it's a long road, paved with hell.
--bh
..."If we leave here today increasing the public's confidence in...."
Jeeminy.......where do these politicians sleep and work? Fantasyland?
It's easy to blame the bankers, they earned it, but the main villain was the government that allowed them to run wild. Think of Bush as the bad substitute teacher in a "difficult" school--the kids are a given, they'll always screw up if nobody stops them.
Is this the "second wave" you are refering to?
Pimco Says World Economic Crisis Faces ‘Second Wave’ (Update4) - Bloomberg.com
If xom and cvx lost 16 points each, with every other dow component unchanged, what would be the level of the dow?
Jimmy Caine & Chucky Prince should have been called in for cameo appearances. J6P identifies so well with these every-day fellas.
justice requires rope and trees
Nothing else will work
The revolution solution
Wake up, folks.
If xom and cvx lost 16 points each, with every other dow component unchanged, what would be the level of the dow?
TradingStats | 02.11.09 - 10:33 am | #
Is that an African or a European DOW?
BSR,
"..."If we leave here today increasing the public's confidence in...."
Jeeminy.......where do these politicians sleep and work? Fantasyland?"
Since they're spewing about confidence I'm thinking a Spaghetti joint in the Bronx.
Nostrovia,
blackhat - and a very apocalyptic morning to you too!
But "second wave" is too benign. More like "second crash".
C
@Paradigm Lost
Horton hears a Hoocoodanode!
If I Ran the Fed
Timmy and the Big-Hearted Market
How the Fed stole my Home
Timmy is NOT going to get up Today.
LOL. Donks managed to keep the market together for a whole hour today! Gold is flying. Getting dangerous NOT to be short equities.
Kiss-my-Havard-ring Blankfein speaking...Barney Frank looks unimpressed as he files his teeth.
IDEA: The broken-window fallacy is wrong.
Break up the bankers homes. Trash 'em. It WILL create more work than that money would do anywhere else. Who gives a shit if bankers daughters can't get those ruby slippers. F the jeweler, stimulate the rest of the economy
TRASH BANKER HOMES TODAY!
Yes. Not only that, I think other commodities will follow gold/silver up.
Virtually all commodities have had huge production declines over the past six months. The cost and difficulty of credit to expand production isn't worth it when prices are low and falling.
In times of drought in half the world, food = gold. DBA
In times of big govt-driven infrastructure build-out around the world, industrial metals = gold. DBB
In times of global distrust and chaos, oil = gold. USO or DBE.
Gold is getting expensive. But food, metals and oil are CHEAP!
Credit worthy borrowers are credit worthy because they do not make bad decisions, hence the reason why they remain credit worthy.
If xom and cvx lost 16 points each, with every other dow component unchanged, what would be the level of the dow?
TradingStats | 02.11.09 - 10:33 am | #
Wikipedia states that the current divisor for the DOW is .1255527090
So (16 + 16) / .1255527090 = 254.87 and change, so -254.87
CLASS-WARFARE HAS BEGUN
ARE YOU ARMED?
Order kilo gold bars today and wait time is 4+ weeks out
I'd sure like to hear a,
"We didn't ask for the money and when do you want it back, Mr. Frank?"
rich:
cheap they may be. But there's quite a supply glut in hard commodities. I'm not sure it'll clear soon. Not with oil consumption falling faster than production. I think the pendulum's swing in commodities is not done yet. We should see insanely low prices in crude first(like $20) before this falling cycle is over.
Has everyone seen this yet?
\t\t\t\tEuropean banks may need massive bail-out \t\t\t\t European banks sitting on £16.3 trillion of toxic assets may suffer massive losses, according to a confidential Brussels document. \t\t\t\t \t\t\t \t\t\t\t \t\t\t\t \t\t\t\t\t \t\t\t \t\tBy Bruno Waterfield in Brussels
\t\t\t \t\t\tLast Updated: 3:28PM GMT 11 Feb 2009 \t \t A secret 17-page paper discussed by finance ministers, including the Chancellor Alistair Darling on Tuesday, also warned that government attempts to buy up or underwrite such assets could plunge the European Union into a deeper crisis. National leaders and EU officials share fears that a second bank bail-out in Europe will raise government borrowing at a time when investors - particularly those who lend money to European governments - have growing doubts over the ability of countries such as Spain, Greece, Portugal, Ireland, Italy and Britain to pay it back. âEstimates of total expected asset write-downs suggest that the budgetary costs â actual and contingent - of asset relief could be very large both in absolute terms and relative to GDP in member states," the EC document, seen by The Daily Telegraph, cautioned. â "It is essential that government support through asset relief should not be on a scale that raises concern about over-indebtedness or financing problems." European Commission officials have estimated that âimpaired assets" may amount to 44pc of EU bank balance sheets. The Commission estimates that so-called financial instruments in the âtrading book' total £12.3 trillion (13.7 trillion euros), equivalent to about 33pc of EU bank balance sheets. In addition, so-called 'available for sale instruments' worth £4trillion (4.5 trillion euros), or 11pc of balance sheets, are also added by the Commission to arrive at the headline figure of £16.3 trillion.
effe you Jamie Dimon!!
Sorry had to say it.
Ciao
MS
same can be said about industrial metals. not sure about food thou
The banksters looked peeved. Well, they were dissed at Davos.
If they had a gallery in the committee room, I'd like to be there throwing rotten fruit.
Does anyone have a problem with the banker class that ruined our country?
I want heads to roll. Thinking about what the banker class has done to ruin my country makes me very angry.
re: Food/Comm.
Totally agree with rich above but will add that not only will they follow the Oil bubble of last year...it will be based on real ACTUAL shortages not a FED-induced bubble designed to achieve yield for the participants that rec'd money via the too numerous to list alphabet soup facilities.
Ciao
MS
We are bailing out the Telephone Sanitizers and leaving the productive elements of society to rot.
There are various ways to tell this story, but the punchline is always the same. The financial institutions are insolvent. For some time many of the people in them perhaps honestly believed that it was a temporary liquidity issue, that the assets were worth more than they could sell them for. That time has long passed. They bet it all on Big Shitpile and lost. And they know it.
Keep shoveling!
-Atrios
Gang of begggars, thieves and robbers testifying
Lynch the banker class.
"We didn't ask for the money and when do you want it back, Mr. Frank?"
For the record... We drove our Detroit automobiles to today's hearing
Gang of begggars, thieves and robbers testifying
Anonymous | 02.11.09 - 10:51 am | #
Birds of a feather I guess.
Ancedotal note regarding the brainwashing of Amerika by the MSM:
On the way into work, the local DC metro news radio station ran an item during the 7am rush regarding "Depressing Debbies" - coworkers or friends who spread 'depressing' news.
The advice was to limit contact w/ these "types" of people, otherwise, you may end up physically and mentally ill.
I know I could certainly fall within this category as I've been warning as many friends as I can to hunker down, protect what they have and be prepared.
Glod forbid I be causing someone stress by thinking about the immediate future - everybody bury their heads in the sand, nothing to see here - move along.
Anonymous writes:
Gang of begggars, thieves and robbers testifying
Why waste your time listening to it ? They didn't change their stripies when they took the oath.
rich,
SLW out of the gate (5 day look):
SILVER WHEATON CORP Share Price Chart | SLW - Yahoo! Finance
"..."If we leave here today increasing the public's confidence in...."
If they don't trust us, how can we get close enough to rip their faces off?
Now we're talking!
Revolution is the only way. Get guts, folks, you will be pardoned after we Romanov the whole bunch.
Anastasia would have been a piece of shit anyway.
Get armed! And get moving.
Demanding justice won't do anything, make your own justice. You know how. Now go do it.
Class warfare has begun. Revolution is near.
A Parcel of Rogues
the polar opposite of the depressing debbie's is the scheming shysters.
the ss ponder all day how to manipulate your money into their hands.
Barney Franks doing his 'rigorous dominatrix' spiel with his bosses, patrons and donors is the embodiment the fraud that this republic has turned into.
Oh yay it's Citi's turn...get the violins out..
Here in Oregon, condos are converting to apartments because they won't sell. I see no CRE projects of any size at all, that weren't already in the pipeline. The governor has allocated some stim money, but it's a drop in the bucket. Retail has been cut, but mostly the national chains. The thrift shops and inexpensive lunch places are doing quite well. It's certainly not a ghost town in Portland, everything still looks pretty normal.
We wants it, we needs it. Must have the precious.
I'd like to see an American Revolution. Responding to the $300M multimedia marketing campaign, and suitably fueled from the Golden Corral Bastille n' Bacon (TM) buffet, they hop in their Guevera Edition (TM) Chevy Suburbans and proceed to the designated RiotZone (TM), (brought to you by Gatorade, Bank of America, and the DHS). All that's needed at that point is the headline call and response agitator (perhaps Katy Perry?) and a fine day will be had by all. Then they can all go home and watch American Rioter (TM) and order up PapaJohn's Battista n BBQ (TM) hot wings.
Thank you all for watching this. After seeing the Demacons' lead committees talk tough and do nothing for the past 2 years (don't get me started about the Repulitards) it's all dog and pony show. Think about it though, more jobless more pitchforks on the streets.
Class Warfare is REAL - We are having a French Revolution in Reverse
Daily Kos: Class Warfare is REAL - We are having a French Revolution in Reverse
Our numbers are much greater than anyone thinks.
The upper class is toast.
We WILL retake the reigns of power, and justice WILL be achieved.
We need to make it ourselves, our government only works for the upper class, and they will try to stop it.
Revolution must begin while our increasingly less-brainwashed military is tied up overseas.
Time is ripe. Take your justice now.
Bank CEOs to Congress: 'We are lending'
A bloat of banksters
A rabble of rogues
.
A Parcel of Rogues
Pitchforks,Torches&Pikes World
.
Thread music!
YouTube - The Corries - Parcel O'Rogues
Blah blah blah. All they're doing is listing their lending activity. What else would a bank do but lend?
Dust Bowling for Dollars writes:
Ouch, no hope for you, uh?
Anyways, you got the start for an intriguing screenplay.
ARE YOU ARMED?
Anonymous | 02.11.09 - 10:41 am | #
And legged.
Are any of you testifying here today prepared to return the TARP money you received before you leave?
Barney Frank is a gay clown.
sorry about the plane - we're getting used to the new regime, oh and I work for free.
Pandit i think is from the deep south...
"this is real, folks writes:
Ancedotal note regarding the brainwashing of Amerika by the MSM:
On the way into work, the local DC metro news radio station ran an item during the 7am rush regarding "Depressing Debbies" - coworkers or friends who spread 'depressing' news.
The advice was to limit contact w/ these "types" of people, otherwise, you may end up physically and mentally ill.
I know I could certainly fall within this category as I've been warning as many friends as I can to hunker down, protect what they have and be prepared.
Glod forbid I be causing someone stress by thinking about the immediate future - everybody bury their heads in the sand, nothing to see here - move along.
this is real, folks | 02.11.09 - 10:53 am |"
The syndicated media is wholly owned by the brainwashers.
Here's my counter attack.
Avoid the Happytalk Harrys. They are leading you down a path to ruin.
The ministry of psychological warfare has identified those perpetrating the offensive parties acting against the people and are currently formulating new laws to prevent such abuses.
oh and I work for free
Tim | 02.11.09 - 11:06 am | #
Meaning these bastards like looting & screwing so much, they'll do anything to keep their hobby going.
test
Stumpf: "We lend money the old-fashioned way..."
mmmkay; how about you talk about all the non-lending garbage on your balance sheet, then?
that's encroachment
sorry about the plane - we're getting used to the new regime, oh and I work for free.
Tim | 02.11.09 - 11:06 am | #
Not counting the hundreds of thousands of "perks" and the millions in stock or deferred compensation.
Did somebody send the CNBC hosts from Turning the Corner a link to CR?
"Think about it though, more jobless more pitchforks on the streets."
Rarely in history is there an opportunity to be a founding father of a new nation.
Now is one of those times.
Anonymous, I think you may be correct on that...
Avoid the Happytalk Harrys. They are leading you down a path to ruin.
The ministry of psychological warfare has identified those perpetrating the offensive parties acting against the people and are currently formulating new laws to prevent such abuses.
\t Michael | \t \t \t \t02.11.09 - 11:07 am | #
The problem is almost everyone around is an optimist, at least during bubble times.
Tinfoily source I know, but it is from me...
Catastrophic Fall in 2009 Global Food Production
That's a lot of red there.
Nostrovia,
I wouldn't worry, I'm sure the that the pitchforks are made in china.
The arrogance in those testifying is in deep contrast to what the british bankers had to say, which was basically prostrating themselves and apologising profusely.
I think they still don't get it.
your pony is no good here,
I widdle mine out of mesquite.
Nostrovia,
Anybody have a better stream link for the hearing? CSPAN is flaking on me.
Thanks Misean, scary read.
Rarely in history is there an opportunity to be a founding father of a new nation.
Now is one of those times.
Anonymous
.
Meh. Go listen to "Parcel of Rogues." It's not so easy as all that.
I'm watching it on bloomberg right now. Stable stream so far.
Had to share this comment I found on another blog, they were arguing over the homeless situation in this country...
"So if I'm ever homeless and can't find a job, I'll be sure to legitimize my situation for people like you by spending my time...I dunno...working on the feng shui in my carboard box."
Just struck my funny bone../
Barney asked the question- amazing - how will they respond?
"Anybody have a better stream link for the hearing? CSPAN is flaking on me"
Try this one
CNBC Live Video: Watch the Latest Market Reporting and Analysis - CNBC.com
U.S. demand for mortgages tumbled nearly 25 percent last week as potential buyers held out for better terms.
U.S. mortgage applications tumble, trade gap shrinks
| Reuters
Bachus is a cheap whore.
ditto
Mack trotting out the "blame today's excessive compensation on the old partnership model" meme.
Fine. Buy out your public shareholders and go back to private partnerships.
Of course, you and your partners are going to have to cough up the negative equity on your balance sheets if you want to stay in business...
The Latest from Denninger:
I'll Drink To That
Try this one
LAM | 02.11.09 - 11:18 am | #
Thanks!
thanks lam
Nostrovia,
Will someone post the bloomberg link? CSPAN is cutting in and out.
Rep Bachus singing the praises of the banks, outright, in public, lathering them up for their charitable contributions and thier efficiency....
A sloth of shysters
Rep Bachus
bankers didn't want the money and tax payers will make a profit on it.....
Bachus can't stop sucking up to those pigs.
Any Americans that respect Bachus are traitor pigs in line to be slaughtered.
Pigs WILL be slaughtered.
Why isn't anyone talking about the socialized medicine stimulus bill, aka; electronic medical records?
doesn't anyone care what the future of care in the country is going to be?
Only on CR can you find a robot that drinks CRbot writes:
The Latest from Denninger:
I'll Drink To That
CRbot | Homepage | 02.11.09 - 11:20 am | #
Will someone post the bloomberg link? CSPAN is cutting in and out.
www.bloomberg.com/tvradio/tv/index.html
Bachus needs to wipe the drool off his lip. They also need to put the bribe ammounts received...erm...campaign contributions received after their names rather than a D or R.
Nostrovia,
Bachus would look really good hanging next to Ken Lewis.
A hoard of hoocoodanodes
Mass. regulator says Ruth Madoff withdrew over $15 million from an account weeks before husband's arrest
Thank you for the link,Misean.
Hm, it's the WORLD ALMOST ENDED LAST SEPTEMBER guy.
"doesn't anyone care what the future of care in the country is going to be?"
It won't make any difference.
Cascading cross defaults:
FRB: Testimony, Greenspan -- Private-sector refinancing of the large hedge fund, Long-Term Capital Management -- October 1, 1998
The Limits of Central Banking by Gary North
Nostrovia,
This should be good...when did you know? Answer: Hoocoodanode?
Rep Kanjorski
if you all are so fucking smart, how come you didn't see the problems?
"bankers didn't want the money and tax payers will make a profit on it...."
OMG we're gonna be rich!
No, seriously: ten years from now the bank bailout will throw off cash just like the Alaska oil dividend. No more income taxes for any of us; instead we'll each receive a check from Treasury every year for our share of the bailed-out banking profits.
Alabama must be a write-off with representation like that.
Or is voter suppression in AL that great?
They sure have picked a pig.
Kanorski
didn't you idiots think that the level of leverage was a danger?????
To have a liberal quantity of shysters drawn, hanged and quartered on CSPAN will do wonders to rebuild the national character.
The banksters first realized there was a problem in August 2007 - friggin geniuses - are they under oath?
Lewis sees subprime collapsing in Aug 2007 and then buys Countrywide Jan. 11, 2008. This does not pass the smell test.
bankers:
we all thought subprime was contained!
up until August 2008.
holy shit. we learned that the parts of the economy are intertwined together
Precedent !!!
"During The Panic of 1873 bankers were literally dragged out of their offices by angry mobs and hung on the spot. In America."
source: Huffington: I'll Drink to That
http://market-ticker.denninger.net/archives/787-Ill-Drink-To-That.html
source: Huffington: I'll Drink to That
Bac·chus (bak′əs)
noun
Gr. & Rom. Myth. the god of wine
Oh yes, let the markets work through this, problem solved! It's just a nick...
"Why isn't anyone talking about the socialized medicine stimulus bill, aka; electronic medical records?
doesn't anyone care what the future of care in the country is going to be?"
I mentioned this a few day's ago. While I agree this industry has rec'd a pass on modernization for far too long...if you do this now you would put 100's of thousands of people out of work very quickly. Not exactly the best prescription we need at this point....
It needs to be done.....but not right now.
Ciao
MS
Rep Neugebauer
toxic, smoxic.
people don't sell because they don't like the price, waiting for aid, therefore not selling.....
suggests letting market work through it, let the assets be written down....let shareholders and bondholder chip in.
ever nick an artery?
joe,
"we all thought subprime was contained!
up until August 2008."
I really think these ID 10 T's thought the bail outs would work.
They were backstopped. Only a few would get injured let alone creamed.
Hell, they had the best insurance campaign contributions could buy, right?
Nostrovia,
New Thread: Report: Stimulus Agreement Reached ( 4 comments )
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Tim, that was so obvious. Why the f**k didn't I think of it. He's just living up to his namesake.
fair value, fair value, fair value
no incentive to sell at price too low.
bankruptcy is an excellent incentive
If the authorities think that they can jail everyone in America who wants to see the bankers hanged, they'll find out that are outnumbered 1000 to 1. Half of the police officers are now finding out how bankers have bankrupted their state governments, as well as their pensions.
Soon they all will work with us. From the inside.
Very soon.
Fools.
market sets prices....they are the market. What's the problem...
they are just hiding behind the mantra of "we all bet on black and were wrong but we don't want to settle up right now"....you know how that ends in a casino right???
Ciao
MS
I mentioned this a few day's ago. While I agree this industry has rec'd a pass on modernization for far too long...if you do this now you would put 100's of thousands of people out of work very quickly. Not exactly the best prescription we need at this point....
I disagree. I'm guessing you're not in the Elect. Medical record industry?
this would markedly increase jobs, especially in the transition period when each firm will need to have EMR and also paper docs.
over time, you'd lose entry level med records staff, but ramp up tech staff.
FWIW:
my group uses EMR and it took us 4 years to transition to it.
My other half implements EMR across the nation.
YTL-
I don't disagree with that however what we don't need to do right now is limit any entry level jobs. Since the first reaction to implementing new tech is to shove workers out the door based on expected cost savings...
I've seen it across many sectors....it's cut payroll based on expected "savings". And then work the remaining ones to death under the fear that they still have jobs to go to. It's no wonder it took 4 years to implement. I've been a big proponent of getting these bloated health organizations into the 21st century (regarding paperwork and processing) however we need to increase entry level jobs at this point not wipe them out.
Ciao
MS
MS,
The records have to be digitalized. This is enormously energy intensive and requires a large number of a people working for years to manually scan and verify the records. There are your jobs.
--bh
bh-
I recognize that fact.....what I am speaking to is the rush to lay -off worker's in anticipation of that already being done. Happens all the time. When I can produce a 300+ page resource manual, on my own in less than two weeks I know how long that process is going to take.
The medical system is bloated and is just looking for a reason to lay off. Don't give it to them so easily with the expected cost savings of this process.
Ciao
MS
...all the VA Healthcare records have been digitalized. It makes for a rather smooth transition when between different clinics.
On the way into work, the local DC metro news radio station ran an item during the 7am rush regarding "Depressing Debbies" - coworkers or friends who spread 'depressing' news.
this is real, folks | 02.11.09 - 10:53 am | #
I got "in trouble" for this very thing, recently. Talking about the depression and the financial collapse is not PC at the office. More evidence that this country is no longer run by adults.