I checked where the Red Roof Inns are in my area: Watsonville. Stockton. Sacramento. SF Airport (must be the flagship). Three out of the four are subprime hellholes, by the way. Looks like they moved into the wrong "growing markets."
On road trips, I have considered staying at one of these, but I have always managed to find something more attractive. And I never make reservations on road trips.
At this point in the downturn, wouldn't it be tempting to file bk and start over for a lot of corporations ? If your competitor is doing it won't
they have gained an advantage when they emerge ?
Does anyone know if the Fed/FDIC is on the hook for this loss? Either through the Citi or BS wrap?
"The debt on Red Roof's properties is multilayered and complicated, hinting that Citigroup and the now-defunct Bear Stearns hadn't finished securitizing some of it when the market for commercial-mortgage-backed securities shut down in the summer of 2008, according to CMBS analysts. "
Of course, the Fed only took risk-free debt.
More money created that will never be removed from the system.
"That is the problem. The hookers don't need the Red Roof Inn anymore. "
Actually, church photographers probably don't need it anymore.
There's an outfit that goes around to churches and takes pictures of everyone to make a "free" church directory that everyone gets; of course they hope to sell you photos. Can't remember the name, been around forever, they also do yearbooks. Anyway, one of these crews came to the church one night to do all this, and afterward they all had to drive 20 miles in a blinding rainstorm to the nearest Red Roof Inn, because the company had a deal with RRI and they could ONLY stay there if at all possible.
Poor Dryfly. One less nameplate to exploit in his Great Flyover American adventures.
LOL!!! Dawg has that one right.
Personally I HATE RRI... God awful stale old hotel chain... as bad as Mo-6. I was in McAllen TX last week saw a Mo-6 advertising rooms for $0.00 - wish I had stopped and got a picture for CR for when THEY go BK... $0 a room has to knock the RevPAR down a skosh.
Typing in from a cheapie in Witchita tonight but none of those listed above... these folks have a FREE social hour... canned beer, box wine and 'whore durves'. Gonna get me some in about 40 minutes... beer & food that is. Free beer is one way to fill the place. Oh and it was $20/night cheaper than the other spots I called [though I didn't go to the bottom of the barrel by any stretch - I got my limits... RRI is close to them that is for sure].
here's an outfit that goes around to churches and takes pictures of everyone to make a "free" church directory that everyone gets; of course they hope to sell you photos.
Ha, that reminds me of high school - there was a company that did exactly that - they went around to schools to make a directory of all the "smart" kids; it was free but they tried to get you to pay for a photo. I think the sales tactic was that all the good colleges looked at the directory to find out if if you were a smart kid.
I don't think any of the actual smart kids participated.
Personally, I like the Hampton Inns, etc. Nice places with free continental b'fast.
The recession is just a time when the undesirable chains get killed off. Like the ice storm we had last winter when all the half-dead trees fell over. It's kind of a cleansing time.
... canned beer, box wine and 'whore durves'. Gonna get me some in about 40 minutes...
I was gonna try and extort a couple nights RRI rate to not tell Mrs. Dryfly but at $0.00 it isn't worth the effort.
Seriously, I commented earlier about the rude surprise Fiat is going to get when they try to re-establish supply chain and vendor conduits under the old Chrysler terms. I suggested that the down chain suppliers could not and would not extend terms. I'd be happy to hear your views.
Fiat is going to find it hard to negotiate with dead men. The Supply chain is going FAST.
Was in Reynosa MX a few days ago - the guy who was driving us back to the border was the go-to guy for logistics for a shelter op in NE Mexico. He was naming off the suppliers who are crumbling - it was amazing. Company X closes 4 of 6 plants in Reynosa... 2 of 2 in Matamoros... 2 of 2 in Juarez... etc. Blood bath.
And of course most all the production in Rust Belt was already shuttered so be awhile before that can step it up.
It is like a collapsing star - the shell is falling back into itself and finding NOTHING.
Hi...I totally failed at regulating since I didnt believe in it. Now, I truly believe (that it was other people's fault, not mine), so can I please hasz more power to not regulate?
If you don't carry a can of lysol and thoroughly spray the inside of your bed before you lay on it you are asking for trouble. Doesn't matter how much money you spend on a room....I've seen some of the worst rooms in places costing $300 or more a night. The W hotel being the most serial offender in my book. Bleach is cheap.....labor (to change the linens) is not.
"It would be great if someone would do a little research to see how many fees the LBO pros garnered out of this transaction. "
We have a local lumberyard. Independently operated for years. It was scooped up by an outfit called Lumbermens a couple of years back; Lumbermems was buying up independent yards everywhere with glod knows what funding. After a year, our local Lumbermens became ProBuild, when the Lumbermens chain was smushed together with another major chain in some kind of hedge fund play with (again) who knows what kind of funding.
The place has been there for a zillion years and has a loyal clientele; but I fully expect to see the doors shuttered one of these days when all the tricky shenanigans behind this creative financing and repeated mergers come home to roost.
Stuns them long enough so that you realize they are there.....
I've checked out of hotels upon a liberal application of lysol to the linens....nothing works perfectly but if it's that way in one room...you can bet it's everywhere else.
You can pry my 2g iPhone from my cold dead hands. If there were justice iPhones would qualify as energy saving appliances. We drove less because of them on our east coast vacation for but one instance.
Fresh Air from WHYY, June 17, 2009 · In "The Cost Conundrum," his latest article for The New Yorker, staff writer Dr. Atul Gawande reports from McAllen, Texas, a border-town with the dubious distinction of spending more per person on health care than almost any other market in America.
But higher spending doesn't necessarily correlate with better care, as Gawande discovers when he compares health outcomes in McAllen with those of El Paso, Texas — a city with similar population demographics, but where Medicare spending per enrollee is half that of McAllen.
Seriously, someone of stature has to explain the following to Bernanke:
The Fed sat by as our unsustainable debt load fraudulently grew into the trillions.
The Fed blindly supported fraudulent activity by keeping interests far too low for far too long.
The Fed's "solutions" of the past 9 months have merely transferred the entire risk to Treasuries. Nothing has been fixed.
And most important: THE US TREASURY MARKET IS NOW AN EVEN BIGGER SYSTEM RISK. Why isn't BB shouting this out loud every day?
And now the Fed wants to become the systemic risk regulator? This is just laughable.
New York Times: Fed Chief Works to Secure More Power for Agency
Despite criticism by some lawmakers that the Fed failed to anticipate the problems that led to the crisis, Mr. Bernanke has told associates that such critics fail to recognize the extraordinary actions taken by the central bank over the last year.
Mr. Bernanke believes the Fed’s actions have played a major role in averting a possible second Great Depression, according to government officials who know his thinking. Those steps, the Fed chairman has told these people, demonstrate that the agency is up to the larger task assigned to it by the Obama administration.
...
Rob, Bob, perhaps I should get out more. From where i'm siting, things are continuing along BAU. My career continues its constant decline and my misery index continues its constant ascent, but that's been happening for at least the past 10 years.
Perhaps that's the point.
I meant riots in the streets, calls for politicos to step down, rushing banks on Wall Street... REAL change. That's what I meant by shits and fans.
"As a result of the extraordinary stress in the hospitality industry and the economy overall, we have entered into some restructuring discussions with our lenders," said Andrew Alexander, an executive vice president of Red Roof."
sm_landlord (profile) wrote (in reply to...) on Tue, 6/23/2009 - 3:03 pm
Rod Dawg;
"If there were justice iPhones would qualify as energy saving appliances."
I'm sort of partial to my Crackberry, Mapquest 4 Mobile works great!
I'll buy an iPhone when they include a keyboard.
We are a two iPhone, two Crackberry family. You won't get me into the middle of this one.
Smart phones in general have saved more gas than have the CAFE standards.
lysol, at the very least, tips the odds in your favor. I travel alot and find that in the last few years the cleanliness of hotels, motels are beyond description. I can think of no better way to try and improve the odds in your favor. Short of sleeping in your car you have little choice. I also travel with my animals occasionally and find that the places, such as Motel 6-that have a liberal pet policy, are some of the better ones. The reason I choose Motel 6 is that I have a 100lb doberman and an 8lb min pin. Most places only take pets of a certain weight and when they see what I have it's been nothing but problems and a very large deposit.
So I take the easy way out and stay where I'm welcome and have little hassle. It's not the Ritz but I spend very little time in the room in either case.
"Rob, Bob, perhaps I should get out more. From where i'm siting, things are continuing along BAU. My career continues its constant decline and my misery index continues its constant ascent, but that's been happening for at least the past 10 years."
Eight for me.
"Perhaps that's the point.I meant riots in the streets, calls for politicos to step down, rushing banks on Wall Street... REAL change. That's what I meant by shits and fans."
When enough of the right people get uncomfortable enough. By the right people, I mean the middle/upper middle class, the people who are supposed to do well, who expect to do well because of where they started from and what they did.
When enough of even the people who got a head start can't win -- that's when we get angry enough to pay attention. And when politicians begin paying attention.
Back before the Great Depression, the common wisdom was that people who had no jobs and no homes were simply "bums," and deserved it because of their moral failings. Then the GD came along and a lot of people who'd never lacked for work or a good bed suddenly found themselves out of work and often out of a home. And those who were stilll doing well were calling them bums. It made a big change in their thinking.... to say the least.
If you want to know exactly when.... I don't think it'll be any one factor. IF things just keep getting slowly worse, and people angrier over the next few years, gradually people in general will be more willing to back extreme solutions, and lose faith in the ones offered through "legit" channels.
IF things keep getting worse gradually, I would guess a breaking point three or four years out. Just a guess, II've been wrong before.
And of course if things keep getting worse and there isn't any backlash -- just confused sheeple -- we're heading for a different kind of country that many of us won't be so happy with.
I'm not happy with it now....and I suspect many of you are not either. Until actual results and reality matter we're going to get the slow grind....to where or what is what I want to know.
These people in Washington can't all be economic imbeciles. How deep do they think the Treasury market really is? Do they think about the USD crashing?
No they don't care about the USD....when you have the ability to create an infinite supply and use them to buy future debt it's a bit comical to think they actually care about anything other then creating the illusion of prosperity. That's what we got for the last 25 years......clinging to it is what we're getting now.
You're making an assumption there..... My house, animals are immaculate. I understand the stigma associated with owning animals however they do not apply to me nor my animals.
Welp. I gotta go catch a train. I agree with the comments about a country we aren't going to like. Already there. Not sure what where we go from here. It's getting to be a harder and harder task to put on my happy face for the future.
For what it's worth, the Four Seasons hotels welcome dogs...at least the ones in north America. My smaller dog, a 40 pounder, needed to see a vet while I was vacationing in Canada..
and the folks in Toronto could not have been more accomodating. They even had doggie beds. They may have reserved a deposit on my amex, but since we left the place immaculate, it didn't matter.
Gee, why worry about the inevitable fall in the dollar, shut up and enjoy it!
We are all sitting here watching this debacle unfold in slow speed. Look at how unemployment has gracefully ramped up to numbers that were considered beyond possible tow years ago, watching default rates on bonds climb fast, and seeing some mortgage paper now valued in mils!!! Too bad Tanta is not here to see that- she thought some of my snark about forming a hedge fund to buy paper for mils was beyond possible!!
Now, why worry about a devaluation of a fiat currency. The massive delevering of the private sector is forcing the government begin life support for state governments next year. Or face huge tax increases to keep the doors open. Next year we will have about $200 billion in stimulus for state and local governments alone. So write that prediction down, and check back on October 1, 2009, and see how close I came to that prediction.
There are no green shoots, just an MP style pause in the downward spiral.
An interesting tidbit, just read a email news flash from Work Comp Executive, CA dems and gov. are in the process of selling off all or a major portion of the state fund's book of business....
Since the SCIF is unionized and their employees are considered state employees, this could be rather interesting since the Dems agree...
don't get me wrong.....It's a lot of work keeping the hair, dirt etc. out of the way. My wife has severe allergy's and I have no choice but to keep it squeaky clean. If I didn't I wouldn't have them. We also have two inside cats. My house is 80% tile so it makes it much easier to keep clean but it's like painting the golden gate bridge..once you finish you start all over again. It's a daily event....but if you are responsible and like living in clean environment it HAS to be done.
Fried-
I know about the Four Seasons however they have weight limits. as most regular hotels do.
Anything over 70lbs and you get hassled. Nevermind I own a "rabid, face eating" doberman.
One of the sweetest and mindful breeds you will ever come across provided the owner trains them and establishes some limits. That's the case with 99% of dogs...it's the owner not the size, breed or stereo-types.
RockyR said: "Rob, Bob, perhaps I should get out more. From where i'm sitting, things are continuing along BAU. My career continues its constant decline and my misery index continues its constant ascent, but that's been happening for at least the past 10 years.
Perhaps that's the point.
I meant riots in the streets, calls for politicos to step down, rushing banks on Wall Street... REAL change. That's what I meant by shits and fans."
"Real" change is prevented by the fact that there are still too many people with a vested interest in the status quo, which really isn't that bad. There just isn't a critical mass of people who feel truly put upon, disenfranchised, etc., united by a single cause.
Take the issue of foreclosures, for example. Yes, there are people losing their homes, and in record numbers. But what does that mean to the rest of us? Are we going to riot in the streets for people that we feel bear at least some of the responsibility for their predicament? And how many of those people who did lose their homes truly feel as if they were completely innocent in all this?
Or what about Big Three autoworkers and the other auto-related employees elsewhere in the automotive supply chain? We've all known for decades that the Big Three weren't truly competitive and weren't willing to voluntarily make the sweeping changes necessary to be that way. Who's going to take to the streets over something we all saw as inevitable, and rightly so?
And what about the cross-currents that neutralize each other? Are people going to have riots in San Diego by homeowners angry about the drop in their housing values, countered by other rioters angry about the high cost of housing?
And something else weird. I think we can all agree that it was widely considered sea-change when Obama was elected. But as far as my pocketbook issues are concerned, the new boss is the same as the old boss. I have tax breaks under "W", now I've got new tax breaks under "O." Same, same.
Gee, why worry about the inevitable fall in the dollar, shut up and enjoy it!
Hey I learned we just got an order from a major global mfgr - ship to is a plant somewhere in India. Multi-year contract. That tells you what they think about the dollar.
FLASH: FLASH: SCIF SALE: It Might Happen
From: Workers' Comp Executive Newsdesk (newsdesk@wcexec.com)
Sent: Tue 6/23/09 12:34 PM
To:
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Tuesday, June 23, 2009
FLASH REPORT!
SCIF SALE: It Might Happen
EXCLUSIVE
By J Dale Debber
In a move that is startling for its Obama like speed and secrecy Governor Arnold Schwarzenegger, or at least his surrogate staffers Susan Kennedy, Cynthia Byrant and David Crane have not only had language crafted - and a process developed- for selling California's State Compensation Insurance Fund, they have attempted to use the Department of Finance to keep their fingerprints well hidden. They are proposing (in clear and specific language we'll bring you in a moment) that the Department of Finance sell various assets of State Fund. And, in what can only be called an act of extreme Chutzpah which appears to belie their true intentions, they have specifically excluded the California Department of Insurance and the Attorney General from the process.
What's more, this concept, without language, was accepted by the democrats in Conference Committee on the budget on June 17th and is likely to part of the democrat's budget bill. The Governor's staff through the Department of Finance has convinced the democrats into thinking it will raise $1B for this budget. It won't.
Here is the rest of the inside story as only Workers' Comp Executive can bring it to you:
"The Director of Finance is hereby authorized to act as agent for the state and, in that capacity, to sell a portion of, or otherwise obtain value for, the State Compensation Insurance Fund's assets and liabilities."
This is the story of bureaucrats absent any insurance knowledge, acting without regard for the affects of apprehension on the workers' comp marketplace. The lack of market stability and predictability over the long term which will be created by such a plan, according to industry players, will drive carriers to invest their surplus elsewhere. It has the high probability of creating another workers comp crisis in an already troubled market.
In other words, Schwarzenegger's workers comp reform, upon which hangs his reputation, and which is already in doubt due to adverse decisions from his own Workers Comp Appeals Board, is likely to be further destroyed - yet again by his own people in his own office.
Schwarzenegger's workers comp reform, upon which hangs his reputation, and which is already in doubt due to adverse decisions from his own Workers Comp Appeals Board, is likely to be further destroyed - yet again by his own people, this time in his own office.
The plan evolved, according to sources, through a series of a few meetings held in the Horseshoe in which a number of people from the Department of Finance were involved, lawyer Jim Woods of Dewey & LeBoeuf, and, we understand, others. Mr. Woods had not returned our call in time for this Flash.
The language was drafted by Department of Finance personnel apparently with the help Mr. Woods. The draft is focused on process and the legal aspects. The strategy appears to defer discussion from the "if" to the "how." Further the strategy is to help balance the budget with a proposed $1B asset that does not really exist.
The idea was sold to the Democratic leadership, over the objections of Labor Federation lobbyist Angie Wei and other labor leaders. Labor proposes that funds be borrowed from State Fund.
And the drafters involved State Fund's Board, appointed by the Governor in some interesting and ethically questionable fashions. First, they order the board to cooperate:
"b) Prior to releasing any Notice of Request for Qualifications, a majority of the State Compensation Insurance Fund Board of Directors shall concur that the assets and liabilities that are identified by the Director of Finance in subdivision (a) are appropriate for disposition."
Then the (Governor's ) State Fund Board is immunized, as it were, from its fiduciary responsibilities:
"(4) For purposes of Section 11772, any action by the board of directors related to any transaction contemplated by this article, plus, but not limited to, any approvals of such transactions, shall be deemed to be in good faith."
In other states such raids on the assets of State Funds have been put down. Colorado is one recent example. But, it appears the lawyers are trying to preempt constitutional challenges to the "taking" of policyholder's assets. The Governor's people are going to argue that the Board can do whatever it wants and since it is deemed to be acting in good faith there is no recourse to the policyholders. Words do not ethics make.
However, insurance lawyers who asked not to be named, have pointed out some of the holes in the thinking of Susan Kennedy, Cynthia Byrant and their followers: The potential unintended consequence of the sale proceeds going to the General Fund the lawyer says, could be viewed as repeal by implication of the liability of the State in the event SCIF becomes insolvent. In other words, if this is a partial taking then the State could be liable for "severance damages." In other words if SCIF is impaired after this transaction, even at some future date, then the State has to come up with the cash to make it solvent again.
That is not a 1:1 proposition. And it is not a legacy Workers Comp Executive can imagine this Governor wanting to leave. The question is will anyone on his staff bother to inform him of it.
According to earlier documents, it is State Fund's book of business that is the asset most up for sale. In the Governor's May Revise they want to balance the budget with a $1B infusion from the sale. Quoting the revise: "$1 billion- Sell a Portion of the State Compensation Insurance Fund (SCIF). Seek a private entity to purchase a portion of SCIF's Book of Business, with the SCIF remaining as the insurer of last resort."
If such a sale occurs the funds will go directly into the general fund and not to the policyholders which arguably own them. Funds will be taken from an already financially questionable State Fund and given to the general fund leaving policyholders rights -and State Fund's balance sheet - in even worse shape.
"11885.7. (a) The Director of Finance shall deposit all proceeds of any sale of, or any funds achieved through any other disposition of, the State Compensation Insurance Fund's workers' compensation insurance assets and liabilities under this article, less any costs related to that transaction, into the General Fund."
But this is a two year plan and allows the Department of Finance to spend undeterminable money out of the current budget for some future event. The recipients of this government largess are likely to include attorney Jim Woods of the law firm Dewey & LeBoeuf, mentioned above, and a host of consultants in various aspects of insurance who will serve to receive commissions and fees from [working on] the sale.
"11885.9. (a) Notwithstanding any other law, the Director of Finance is authorized to enter into agreements with firms or individuals to act as advisers to the state in the transactions contemplated by this article. Section 14838 of the Government Code and Article 4 (commencing with Section 10335) of Chapter 2 of Part 2 of Division 2 of the Public Contract Code do not apply to any agreement entered into by the director with advisers pursuant to this section.
(b) Notwithstanding any other law, the Director of Finance is also authorized to enter into legal services agreements to obtain specialized legal advice related to the transactions contemplated by this article. Section 11040 of the Government Code and Section 6072 of the Business and Professions Code shall not apply to the legal services agreements entered into by the director pursuant to this section."
This isn't a new concept, selling the State Fund. It arose briefly during Governor Pete Wilson's administration. "But," said one old timer "Wilson could keep his whackos under control."
The Commissioner of Insurance is relegated to the sidelines.
"11885.5. Notwithstanding any other law, the approval of neither the Attorney General, nor the Insurance Commissioner, nor the Director of General Services is required for execution and implementation of the sale or other disposition of the assets and liabilities of the State Compensation Insurance Fund or any other agreement authorized by this article."
While the Commissioner has been removed from in this transaction, he would need to see what, essentially, was left and, if in his opinion, the remaining company was impaired it sets up a considerable conflict given the legislative declaration that any action by the board is deemed to have been taken in good faith.
Effects on a Grander Scale
Allowing a legislature to impair a State Fund to solve an unrelated issue will help drive a stake into the heart of state regulation of insurance. This will offer proof to be used by a federal administration that states can't be trusted with the regulation of insurance. It helps make the case already being made in Washington.
Given the state of the state and the state of the workers' comp market - both of which are in doubt - driving private carriers out of the state will create a large inflow to State Fund thereby further straining its assets.
The sale of state's Fund's assets could be a positive thing if the idea were to use the concept to reduce State Fund to the size it should and could be. But such a move requires the careful consideration of the California Department of Insurance, State Fund's new management and Board, and should have goals carefully defined and publicly set forth at the beginning.
Such goals should include keeping the constitutional formation of State Fund while creating a leaner operation of say 1000 employees with a fresh culture. The depopulation of policyholders, the movement of the claims book to another entity, if such a thing is possible, the suspension of at least a majority of civil service rules and obligations allowing the carrier to operate more efficiently, and the availability of capital through bond offerings to be used to bolster surplus in the event of a market cycle that requires major surplus enhancement.
But such a plan is apparently too much to ask for from officials in the Governor's office who want to hide behind their departments and find new ways to seize the property of some 188,000 of California's small businesses who are insured by State Fund.
The entirety of the draft language can be found in our resources section by clicking here.
MS,
understood, also since you're a hiker, you probably run into more rural motels..My smaller dog needed the care, but I didn't bring Ruby, a 130 lb Anatolian shepherd with me. Maybe I should waltz into the Four Seasons midtown and test their policy.
"When enough of the right people get uncomfortable enough. By the right people, I mean the middle/upper middle class, the people who are supposed to do well, who expect to do well because of where they started from and what they did."
Some of the most rabid free market apologists I know are highly paid state gov't workers with no education. People who are making manufacturing level wages (OK when mfg actually paid well) and benefits (when they had benefits) for playing office. IMO these are the people that need their asses kicked to the reality check curb.
For what? If it's to take some profits, I agree. But the problem is, the treasury market has its own tipping point where it becomes unstable, like the home price market, where it can spin wildly out of control. That 5.5% could climb to 8.5% in a few weeks if the SWFs step away.
I intend to keep a position and add/subtract as I see fit.
As far as the auto mfgs. go...the argument is moot because there is no failure associated with bankrupting them..at least on a scale that should occur. We are wasting trillions of dollars on something that should have never been "saved" in the first place. The same applies to those home owners, banks, insurance and any other lunatic business that failed to have any risk profiling that lines up at the gov't coffers and cries about the actual downside of capitalism....ACTUAL FAILURE.
But if you want to continue to see real capital destroyed so that people can continue to live the myth of growth at any cost then there's nothing more I or anyone else can say.
After walking into the St. Francis in SF with Otto (doberman) last month...the look was priceless. I walked in to visit a friend and you might as well have set off an atom bomb. But they have a pet policy too....just not for those "ferocious type's". I can't even ship my dog on a airline (not that I would ever subject him to that) but he falls into a broad brush stroke of "aggressive breeds" so no airline would even put him in a crate below.
I'm not happy with it now....and I suspect many of you are not either. Until actual results and reality matter we're going to get the slow grind....to where or what is what I want to know.
Look at Europe. Still in denial that people actually wanted out for centuries. At least the US was a decent destination for a couple hundred years. Now of course there's no place left to go.
So we're going to be like King-controlled/Church-controlled/Union-controlled Europe. On steroids. Self-sufficiency and honesty will be removed from humankind by natural-selection. Since it is apparently natural selection that lets the cynical, hateful bastards that call themselves public servants get their jobs in the first place.
Imagine what American teeth will look like under US government health care. You won't have to wait in line if you can afford cosmetic dentistry, but you will have to wait in line to get a cavity filled whether you can afford it or not. So your 17 teeth will be bright and shiny.
"I didn't bring Ruby, a 130 lb Anatolian shepherd with me. Maybe I should waltz into the Four Seasons midtown and test their policy."
My guess, hotels have the data. People don't bring 130 lbs. pets with them, and probably most guests have well behaved dogs. People who lack experience dealing with pets probably won't take a pet to a busy hotel.
Our condo board has learned that it's pretty easy to detect an offending pet when its owner first moves in and the rules are also easy to enforce. The offending pet owner will change her or his behavior quickly. We can be pet friendly without compromising resident safety or health. Hotels are probably no different.
I've seen the results of people having access to dental care in Britain...it made no difference.
Some of the wealthiest people in London still have horrible teeth. I guess it's all relative.
walt-
I agree.....the problem is that most places automatically lump you together with a bad experience they had so the policy reflects it.
Ya - I'm not that hard on them regarding the 'morals' side of it... I just wish they had their careers & lives sorted out better first. But so far they put food on the table & roof overhead so why worry... plus we keep the light on at home. If times get half as tough as they could get - they'll need it.
Wow, time flies. Cart/horse, yeah, at least they'll be young when their children are grown. We were gone when my parents were 42 (course we didn't come back ), which seems to be the trend.
My guess, hotels have the data. People don't bring 130 lbs. pets with them, and probably most guests have well behaved dogs. People who lack experience dealing with pets probably won't take a pet to a busy hotel.
I was in a hotel this past week in S Texas where a lady brought her weasel with her. Was showing it off to kids in the elevator. You can't make this stuff up.
"I was in a hotel this past week in S Texas where a lady brought her weasel with her. Was showing it off to kids in the elevator."
Dry, I'll bet she was an experienced pet owner (and maybe even a weasel herself) but her pet probably didn't cause any trouble and, well, the weasel owner did choose that hotel to stay in. Pet friendly can be an amenity that draws business if the management has the know how and technology (enzymes to neutralize the occasional pet accident).
Cart/horse, yeah, at least they'll be young when their children are grown.
I have a buddy who had twins at 46 - his wife 42. First marriage, first [and only] kids for both. Wow - I get tired just talking to them about all the 'young family' stuff they do.
Ya - young is better... frequently young and dumb... but at least young.
Dry, I'll bet she was an experienced pet owner (and maybe even a weasel herself) but her pet probably didn't cause any trouble and, well, the weasel owner did choose that hotel to stay in. Pet friendly can be an amenity that draws business if the management has the know how and technology (enzymes to neutralize the occasional pet accident).
Maybe. It was still rather an odd scene... you just had to be there.
Clearly you've never had two props and a hooker . Mrs. Dryfly is gonna hear about this regardless.
LOL. I used to hook for awhile... that & wing forward & eighth man... but I tried hard NOT to be had by the props... only once and that resulted in my getting my collar bone broken.
Just to give a little "color" on the per situation...my other dog an 8lb min. pinscher was diagnosed with a heart problem in Sept of last year. Medication could not solve the problem as it was an electrical problem..an arrythmia (sp?)..... I went out and bought him a pacemaker from St. Jude's and had it placed inside him in Dec. We call it the "Wachovia" model since it was purchased with put proceeds earned in late September. This dog was 3 year's old at the time so we did it because of that aspect.
Call me crazy or whatever you like but once you make the decision to take care of a pet my belief is that you do it until you can't-or the quality of life is deteriorating too far too fast. It just so happened that we were actually invited to the fundraiser earlier this year as a success story...no one knew that the actual device was implanted into a dog because the name was not pet specific.
So as I stated before......the stereo-type's of a typical pet owner are not really applicable here...unless you know of another dog who's owner bought them a pace-maker.....that's for the idiot (hong-konger) above.
Many of us grew up with mom at home, single income, single car. We lived in smaller houses, took close to home vacations as a child. Due to that we don't think life style changes to that extent are too difficult.
The younger you are, the more you are used to. But we old folks will remind you that less is not that bad.
When the current middle class life style drops to old tine low income we will may still not get angry, We know individual people participated, so we all are going to pay the price. We can blame, but who can we hang?
I have a buddy who had twins at 46 - his wife 42. First marriage, first [and only] kids for both. Wow - I get tired just talking to them about all the 'young family' stuff they do.
I had my youngest at 39. Now I have Empty Nest Envy.
"The growing child poverty crisis in Sacramento schools"
perhaps the most telling aspect of the Boomer legacy - thousands a month in SS for millionaire oldsters (sometimes upwards of 6 or 7K with a pension thrown in )...
nada for the youngsters. look for that trend to continue.
Good article on 787 foulup in Seattle Times today..."Boeing insists it can fix the problem with a modification to strengthen the structural areas in question. Fancher said that will involve "a relatively small number of parts and a relatively simple modification."
"We're talking about a couple of parts that can literally be held in your hand," at each of the 36 locations affected, Fancher said.
However, given the two years of delays leading up to this last-minute surprise, such assurances have a big credibility problem. The lack of a new schedule is also an issue."
They outsourced production of the wing and a big chunk of the fuselage to Japanese companies, and a lot of assembly elsewhere. I wouldn't be surprised if this plane resulted in BK down the road.
In the same paper they have an article on the parents moving back in with the kids because they can't afford a retirement home. The whole system is out of wack.
I had my youngest at 39. Now I have Empty Nest Envy.
LOL. My youngest heads off to college this fall... he & mom at orientation today while I am out on the road. I joke with my wife that he is out just in time for the older ones to move back in. She finds that very non-funny.
Mr. Bernanke believes the Fed’s actions have played a major role in averting a possible second Great Depression, according to government officials who know his thinking
Bernanke is a self proclaimed student of the Great Depression. He keeps telling us how we have to avoid another GD.
How about a little compare and contrast.
From 1/1/1930 to 12/31/1939, the S&P 500 fell from ~21 to 13. However, with dividends and annualized deflation of 2%, real annualized returns were +1.88% for the decade. Nominal annualized returns were -0.15 for the decade.
From 1/1/2000 to 6/1/2009, the S&P 500 has had real annualized returns of negative 5.51% and nominal annualized returns of negative 3.09%!
How about housing? Well, since 2006, house prices have fallen farther than during the GD1. And house prices are still falling!
Don't even get me started on debt levels.
What gives Ben? Did we really have to save wall street to save main street?
Enjoy your depression. And don't forget to thank the fed! Again!
Thank you for particularly well thought out and thorough reponses to my open question.
It will take real change to happen before I will feel like the US is going to be a good place for my kids to grow up. I'm starting to think I won't live to see real change. The rope... the one we have to get to the end of...is just too long.
They outsourced production of the wing and a big chunk of the fuselage to Japanese companies, and a lot of assembly elsewhere. I wouldn't be surprised if this plane resulted in BK down the road.
I expect a Boeing BK. Not immediately but then look how long GM went before they couldn't stretch it any farther.
"I'm starting to think I won't live to see real change"
that depends on whether or not you plan to see the 2030s.
as the boomers die off, it will be like a five-thousand pound weight falling off the back of the truck, and the country will be a great place again. still, that's a ways off.
Multi gererational homes were the norm until the 1940s or 50s. Multi gererational homes are still the norm in many places around the world. Until the late 1900s most people never moved from the town or city they were born in.
The use of hotels, motels, and other forms of lodging are pretty much like a cell-phone to me: What need? Everyone knows where the Mrs and I are EVERY morning and night at 6 (under MilkShake).
BTW, wanna know an alternative fix for carpal tunnel syndrome? Get a cow.
as the boomers die off, it will be like a five-thousand pound weight falling off the back of the truck, and the country will be a great place again. still, that's a ways off.
Nothing will change... the Xers will be entering their death queue and the Yers hoping they too hurry up... my Yer kids wish the Xers would go now... worthless POS according to them.
Nothing changes.
Meanwhile rock keeps going around & around the sun.
Boeing shipped out significant parts of the assembly process for this plane...a year or two ago they had another snafu where the subcontractor located on the East Coast shipped to Seattle a fuselage essentially with half of the parts in a bag inside. When the thing arrived in Seattle and the Boeing people took a look they had to finish the assembly there. The subcontractor was owned by a PE group...surprise surprise.
Pensioners battered a financial adviser with Zimmer frames before kidnapping and torturing him for losing £2million of their savings.
James Amburn, 56, was ambushed outside his home in Speyer, western Germany, bound with masking tape and bundled into a car boot.
‘It took them quite a while because they ran out of breath,’ said Mr Amburn, who was driven to the Bavarian lakeside home of one of the gang.
perhaps true - but a much, much smaller cohort which will not have the capacity or ability to suck the remaining air out the system with entitlements. the collapse in health care in the early 2020s will be a genuinely cleansing experience.
there's a difference between a 250 lb drunk asshole at a bar and a 150 lb one. a big one.
"a broad brush stroke of "aggressive breeds" so no airline would even put him in a crate below."
Happens with insurance policies as well. My renter's policy covers Ruby only because I listed her as an "Anatolian" and skipped the "shepherd". There's so few in this country, I figured it wouldn't be in the computer database...and I was right.
Ruby's big, but little kids find her irresistable....probably think she's a pony. Well-behaved and extremely gentle. But add the word "shepherd" and folks freak.
.......I kinda like it when any of the kids or uncles/aunts show up. Them getting up at 5am and working their arse off pretty much limits the "visits" though - but I sure do appreciate the help before they decide they're "running late and gotta go". LOL
perhaps true - but a much, much smaller cohort which will not have the capacity or ability to suck the remaining air out the system with entitlements.
It doesn't matter - you only eat what is produced at that time... consumption can not be saved. All money is fiat - it can't be eaten just sets the price of what can be eaten. You consume in the time bucket what is produced in the time bucket. It will be no different now. It will be no different then.
Also - go to Mexico or Asia or wherever... you will quickly learn our 'huge' boomer cohort is a drop in the bucket compared to the global baby boom which just so happens to be mostly Xers & Yers.
Nothing changes - we are born, live and die. Rock circles sun.
pavel, i'm only referring to people in my extended family that i know personally. here in CA, oldsters get the best of all worlds - just a few hundred bucks a year in property tax, no need for income which trips CA's sky high income tax, and well over a couple grand pre-tax in SS income, if they had the kind of lifetime income which is often found here.
the kids get the LAUSD.
let's not forget the uncle with a federal pension and two different cop pensions - though he complains that one of the cop pensions disqualified him for SS (not sure how that works), i'm sure his pensions collectively go to 5K/month or so. he lives very near that sacramento school district mentioned, where the majority of the kids need food assistance.
dry, i'm a coastal californian. i don't need to go anywhere.
your philosophical ruminations about fiat and zen-like observations won't make the class size any smaller or the lunch any bigger for the average kid in the LAUSD. nor will it make that pension check any smaller for the retired LAPD guy who has lived in reno for the past 30 years.
Oh, my. I just stumbled into this thread and I see:
don't get me wrong.....It's a lot of work keeping the hair, dirt etc. out of the way. My wife has severe allergy's and I have no choice but to keep it squeaky clean. If I didn't I wouldn't have them
Oh I don't even list that I have a dobie......been that route before.
bearly-
I ,too, thought that until I was confronted with the situation. It was a 3 year-old dog. Your perspective changes when your are faced with it front and center. Most of my friend's still think I'm crazy but I point out the above to them
But , as always, I respect anyone's decision to do or not do.
Ghost-
he will..just don't look for any official announcement. doesn't the original QE "policy" expire at the end of the month anyway? at least the stated amounts and time frame sure seem to take it just about to now.
Nah.. we have made prisons and law enforcement into an industry. They have lost their original purpose.. we jail people for profit (and then point fingers at certain ww2 era regimes that operated gulags and used slave labor).
Those of us who where forced to pay into SS and Medicare do not get entitlements. Those who did not contribute worth a carp do. LOL at things will get better when the Boomers die off! The newbies want free health care now because they cant manage their money! LOL!
....A while back I asked why anyone would own a pet that can't be milked, eaten, worked, or ridden............the Mrs told me I'd better "step it up a bit" otherwise I'd fall into the 'eaten' category.
your philosophical ruminations about fiat and zen-like observations won't make the class size any smaller or the lunch any bigger for the average kid in the LAUSD. nor will it make that pension check any smaller for the retired LAPD guy who has lived in reno for the past 30 years.
Nope. Neither does bitching about a handful of double dippers. It won't make those kids 'wealthier'. And for every one of those double dippers there are ten boomers who spent their life in front of a lathe who will also be poor in old age... I see those even more than I see 'poor kids'. Those retirees won't be seeing any $6-7K a month nor living in Reno [unless they are working at Walmart in Reno].
There is a lot more to this than just age cohorts.
"that depends on whether or not you plan to see the 2030s.
as the boomers die off, it will be like a five-thousand pound weight falling off the back of the truck, and the country will be a great place again. still, that's a ways off. "
What if we never leave? The Generation That Would Not Die? Watch out where medical science takes us...
"That 5.5% could climb to 8.5% in a few weeks if the SWFs step away."
Possible, though I see the 10yr at 5.5% by the end of the year easily, 7% in 2010. Either way, TBT is not a bad bet. I'd watch for the reaction tomorrow, if BB steps up with more QE, bonds will rally initially, but then slowly sell off.
Sort of like the last time he announced QE.
What would be sweet is if he came clean and said "By the way, we have been buying spoos like crazy over the past three months, in case you didn't notice."
It's a lot of work keeping the hair, dirt etc. out of the way. My wife has severe allergy's and I have no choice but to keep it squeaky clean.
MS,
Thanks for sharing that. My wife has very bad pet allergies and a good sense of smell. So, she is very prejudiced against animals. If she goes into a hotel room where a big dog has recently been, she just throw a hissy.
I am not alergic or prejudiced against animals like her. But sometimes if it's a nasty hotel, I will throw a hissy too. It's fun.
"Europe and the United States announced last night co-ordinated action against China for busting World Trade Organisation (WTO) rules by restricting exports of essential raw materials, raising fears of a damaging east-west trade war in the depths of the global recession.
Ron Kirk, the US trade representative, accused Beijing of putting a "giant thumb on the scale" by restricting exports of commodities including silicon, coke and zinc, to give Chinese manufacturers an unfair advantage over their international rivals. "It's our job to make sure we remove that thumb from that scale," he said in Washington. "Today's action is proof of our commitment to level the playing field in this area."
The US, with Europe, announced that it would start formal "dispute resolution consultations" at the WTO in Geneva, claiming China has breached the rules of the international marketplace. At a press conference in Washington, Kirk said: "We will enforce the rights of American manufacturers, farmers, ranchers, services providers, and workers using the rules-based global trading system."
World, get ready! The Baby Boomers are becoming the Senior Boomers, and they want to change you again.
The generation that marched in Washington in the 1960s is marching into elementary schools, high schools, hospitals, and homeless shelters seeking opportunities to serve. Activists in civil rights and women's movements four decades ago now want to eradicate diseases, transform education, reform health care, or alleviate global poverty.
To most people survival depends on a job. So most people get the idea that Trade Protection is a great idea. They really don't understand how it is all so intermingled.
But for gov to get the same bright idea is just stupid. Although the people think they are acting in their best interest.
China has become the easy one to punish, blame etc. China has long term thinking, we don't think past lunch.
and when shipments drop to only 40.8% we can have bamboo shoots!! Celebrate the coming recovery of Japan!! My guess is that the Nikkei is going to after it's lunch.
more of the invisible hand at work. On the other hand, it could be the effect of the government backstop of BigPharma.
‘Pay-for-Delay’ Deals Cost Consumers $3.5 Billion a Year Ending settlements in which branded drug makers pay generic ones to delay entry into the market, known as “pay-for-delay” settlements, would save consumers $3.5 billion a year, plus “significant savings” for the federal government, according to Federal Trade Commission Chairman Jon Leibowitz.
WASHINGTON — On Jan. 23, 1973, when the Supreme Court struck down state criminal abortion laws in Roe v. Wade, President Richard M. Nixon made no public statement. But privately, newly released tapes reveal, he expressed ambivalence.
Nixon worried that greater access to abortions would foster “permissiveness,” and said that “it breaks the family.” But he also saw a need for abortion in some cases, such as interracial pregnancies.
....A while back I asked why anyone would own a pet that can't be milked, eaten, worked, or ridden............the Mrs told me I'd better "step it up a bit" otherwise I'd fall into the 'eaten' category.
Russian economy contracts 11% in May MOSCOW (AFP) — The Russian economy contracted by 11 percent in the month of May compared with the same month last year, the government said Tuesday, in the latest blow to hopes of a swift recovery in the country.
Deputy economic development minister Andrei Klepach also said the Russian economy had shrunk by 10.2 percent in the first five months of the year and offered a bleak prediction for the year as a whole.
In light of the latest figures, "a contraction of only six percent in GDP (gross domestic product) in 2009 would mark a heroic achievement for the economy," Russian news agencies quoted him as saying.
Newsletter writer and frequent CNBC guest Dennis Gartman isn't standing behind his reported "Warren Buffett is an idiot" quote.
But Gartman does tell CNBC it's "inexcusable" that Berkshire Hathaway fell roughly 45 percent in one year because Buffett didn't do enough to "mitigate" his losses in a tough market environment.
Lucifer - I know entropy. It can only be held back temporarily and even that at great expense of 'free energy'. The higher the initial 'order' the greater the free energy required to maintain stasis. The way we 'fight' entropy as a highly structured [ordered] species is via our gametes. In our case the body is only a vessel to carry our gametes... from a thermodynamic perspective that is. Try that one next Friday night.
@Lucifer - wow, for a moment there I thought it was another nail in the coffin of journalistic standards, but see it's an ad. Whew!
Pity she hadn't extended the historical and performance timeline back a couple of generations from the target market of befuddled solipsistic wrinklies. The New Fresh Special (!) boomer activism and subsequent (putative?) service can be found in plenty of previous generations.
a good description of the best possible portfolio ca 2002-2007 - certainly the better-performing part of mine
LOL - good one. Unfortunately they got to the 'hoarding' part late. And they didn't do it to 'store wealth' rather preserve jobs. That is why they want to 'keep' the raw materials - so they alone can process them.They will end up with neither wealth & jobs if they aren't careful.
Irony is if they had gone for wealth maximization from the get go - they wouldn't be in the mess they are now.
It's not the beginning, but well into the second act, since CR's post earlier this month notified us that:
Extended Stay Hotels Files Bankruptcy
by CalculatedRisk on 6/15/2009 10:56:00 AM
From Bloomberg: Extended Stay Hotels Chain Declares Bankruptcy in New York
Extended Stay Hotels ... which has more than 680 properties, said it had $7.1 billion in assets and $7.6 billion in debts at the end of last year. The company employs approximately 10,000 ...
Red Roof Inns ? Give me a break. You ever stay at a Red Roof In? I had better accommodations in boot camp.
Pllleeeaaaseee, lets get on with something important.
I guess they won't leave the light on for me anymore.
No, wait, that was somebody else.
You are correct sir!
sincerely,
Diane von FiRSTenburg
We'll leave the BK going for you.
Again: If you have no WSJ subscription, mouse on the first result in the following link,
"Red Roof Inn Defaults on Mortgage Debt" - Google News
Got pigged, so I will repost my question:
Anybody know how the Disney Resorts and Parks are doing this year?
Is it just me, or does their logo look like it is written in blood?
I checked where the Red Roof Inns are in my area: Watsonville. Stockton. Sacramento. SF Airport (must be the flagship). Three out of the four are subprime hellholes, by the way. Looks like they moved into the wrong "growing markets."
I'm underwhelmed.
acquired by a Citi unit in 2007. nuff said.
Redrum Inn.
"I'm underwhelmed."
On road trips, I have considered staying at one of these, but I have always managed to find something more attractive. And I never make reservations on road trips.
Redrum!!!
Where will all the hookers stay now?
Bleeding Red Roof Inn.
At this point in the downturn, wouldn't it be tempting to file bk and start over for a lot of corporations ? If your competitor is doing it won't
they have gained an advantage when they emerge ?
The pretty little hookers stay at the vacant houses they are trying to sell.
That is the problem. The hookers don't need the Red Roof Inn anymore.
Red Ink Inn
Poor Dryfly. One less nameplate to exploit in his Great Flyover American adventures.
Does anyone know if the Fed/FDIC is on the hook for this loss? Either through the Citi or BS wrap?
"The debt on Red Roof's properties is multilayered and complicated, hinting that Citigroup and the now-defunct Bear Stearns hadn't finished securitizing some of it when the market for commercial-mortgage-backed securities shut down in the summer of 2008, according to CMBS analysts. "
Of course, the Fed only took risk-free debt.
More money created that will never be removed from the system.
Bedbug Registry - Check Apartments and Hotels Across North America
a great site. bring back DDT. how often do i see a stupid bald eagle anyways?
and all along I thought the little bites were from something the hooker gave me.
"That is the problem. The hookers don't need the Red Roof Inn anymore. "
Actually, church photographers probably don't need it anymore.
There's an outfit that goes around to churches and takes pictures of everyone to make a "free" church directory that everyone gets; of course they hope to sell you photos. Can't remember the name, been around forever, they also do yearbooks. Anyway, one of these crews came to the church one night to do all this, and afterward they all had to drive 20 miles in a blinding rainstorm to the nearest Red Roof Inn, because the company had a deal with RRI and they could ONLY stay there if at all possible.
This day has long been dreaded in the red roofing industry.
Poor Dryfly. One less nameplate to exploit in his Great Flyover American adventures.
LOL!!! Dawg has that one right.
Personally I HATE RRI... God awful stale old hotel chain... as bad as Mo-6. I was in McAllen TX last week saw a Mo-6 advertising rooms for $0.00 - wish I had stopped and got a picture for CR for when THEY go BK... $0 a room has to knock the RevPAR down a skosh.
Typing in from a cheapie in Witchita tonight but none of those listed above... these folks have a FREE social hour... canned beer, box wine and 'whore durves'. Gonna get me some in about 40 minutes... beer & food that is. Free beer is one way to fill the place. Oh and it was $20/night cheaper than the other spots I called [though I didn't go to the bottom of the barrel by any stretch - I got my limits... RRI is close to them that is for sure].
Poor Dryfly. One less nameplate to exploit in his Great Flyover American adventures.
I was gonna say I think Red Roof might be a little above dryfly's budget.
here's an outfit that goes around to churches and takes pictures of everyone to make a "free" church directory that everyone gets; of course they hope to sell you photos.
Ha, that reminds me of high school - there was a company that did exactly that - they went around to schools to make a directory of all the "smart" kids; it was free but they tried to get you to pay for a photo. I think the sales tactic was that all the good colleges looked at the directory to find out if if you were a smart kid.
I don't think any of the actual smart kids participated.
hope my link helps, dry
I was gonna say I think Red Roof might be a little above dryfly's budget.
Been times when RRI was above my Per Diem...
It could be an interesting trend.
File BK, get rid of the debt. Do-over if possible.
If everyone does it at once, things will be interesting.
And they we see who comes out the other side and who dies behind the BK curtain.
I don't have any debt, per or company. So it wouldn't work for me. Guess I messed up in life. Only the indebted will win.
Hollywood - OUTSTANDING! Thanks.... checking a few right now.
ooookayyyy....
Personally, I like the Hampton Inns, etc. Nice places with free continental b'fast.
The recession is just a time when the undesirable chains get killed off. Like the ice storm we had last winter when all the half-dead trees fell over. It's kind of a cleansing time.
Those picture firms now have the contracts at Walmart to do the family photogarphy.
... canned beer, box wine and 'whore durves'. Gonna get me some in about 40 minutes...
I was gonna try and extort a couple nights RRI rate to not tell Mrs. Dryfly but at $0.00 it isn't worth the effort.
Seriously, I commented earlier about the rude surprise Fiat is going to get when they try to re-establish supply chain and vendor conduits under the old Chrysler terms. I suggested that the down chain suppliers could not and would not extend terms. I'd be happy to hear your views.
So, anybody's best guess as to when the shit will really hit the fan?
Which shit and which fan?
So, anybody's best guess as to when the shit will really hit the fan?
Probably 10 minutes after you've been stopped out of your puts.
"So, anybody's best guess as to when the shit will really hit the fan? "
that's the problem with the zombie bank approach, especially when it overlays with demographic issues.
it will steadily and slowly hit it for the next two decades.
The wall street fan? Who knows, they keep throwing small piles and ducking.
Main street is now piled so deep you can't find the fan. Just some people haven't yet figured out why it smells so bad.
RockyR (profile) wrote on Tue, 6/23/2009 - 2:35 pm
So, anybody's best guess as to when the shit will really hit the fan?
If you have to ask...
mp was right. TSHHTF and we are all staring at the pretty light and waiting for the blast front.
I'll know things are bad when I can get a weekend room deal in Napa co. for mid to late September through early October.
I'd be happy to hear your views.
Fiat is going to find it hard to negotiate with dead men. The Supply chain is going FAST.
Was in Reynosa MX a few days ago - the guy who was driving us back to the border was the go-to guy for logistics for a shelter op in NE Mexico. He was naming off the suppliers who are crumbling - it was amazing. Company X closes 4 of 6 plants in Reynosa... 2 of 2 in Matamoros... 2 of 2 in Juarez... etc. Blood bath.
And of course most all the production in Rust Belt was already shuttered so be awhile before that can step it up.
It is like a collapsing star - the shell is falling back into itself and finding NOTHING.
Strange times.
"...and all along I thought the little bites were from something the hooker gave me."
You have to pay extra for the rough stuff.
"mp was right. TSHHTF and we are all staring at the pretty light and waiting for the blast front."
Sort of like this warning sign?
DANGER: Do not look into laser with remaining eye!
Another LBO goes bust.
It would be great if someone would do a little research to see how many fees the LBO pros garnered out of this transaction.
Smart guys - they had access to the money...and ran! Glad to see someone made out on the deal.
AHahahahahah:
Will Apple iPhone Sales Cause A New Recession?
Hi...I totally failed at regulating since I didnt believe in it. Now, I truly believe (that it was other people's fault, not mine), so can I please hasz more power to not regulate?
sincerely,
BB
Fed Chief Advocates Bigger Role - NY Times
the bed bug thing...
If you don't carry a can of lysol and thoroughly spray the inside of your bed before you lay on it you are asking for trouble. Doesn't matter how much money you spend on a room....I've seen some of the worst rooms in places costing $300 or more a night. The W hotel being the most serial offender in my book. Bleach is cheap.....labor (to change the linens) is not.
Ciao
MS
Lysol will kill bed bugs?
"It would be great if someone would do a little research to see how many fees the LBO pros garnered out of this transaction. "
We have a local lumberyard. Independently operated for years. It was scooped up by an outfit called Lumbermens a couple of years back; Lumbermems was buying up independent yards everywhere with glod knows what funding. After a year, our local Lumbermens became ProBuild, when the Lumbermens chain was smushed together with another major chain in some kind of hedge fund play with (again) who knows what kind of funding.
The place has been there for a zillion years and has a loyal clientele; but I fully expect to see the doors shuttered one of these days when all the tricky shenanigans behind this creative financing and repeated mergers come home to roost.
"Probably 10 minutes after you've been stopped out of your puts."
LOL! So, 350pm Last Friday?
Stuns them long enough so that you realize they are there.....
I've checked out of hotels upon a liberal application of lysol to the linens....nothing works perfectly but if it's that way in one room...you can bet it's everywhere else.
Ciao
MS
sm_landlord,
You can pry my 2g iPhone from my cold dead hands. If there were justice iPhones would qualify as energy saving appliances. We drove less because of them on our east coast vacation for but one instance.
Off topic, but thought I'd post, well worth 30 minutes of your time to listen to:
Spend More, Get Less? The Health Care 'Conundrum' : NPR
Fresh Air from WHYY, June 17, 2009 · In "The Cost Conundrum," his latest article for The New Yorker, staff writer Dr. Atul Gawande reports from McAllen, Texas, a border-town with the dubious distinction of spending more per person on health care than almost any other market in America.
But higher spending doesn't necessarily correlate with better care, as Gawande discovers when he compares health outcomes in McAllen with those of El Paso, Texas — a city with similar population demographics, but where Medicare spending per enrollee is half that of McAllen.
Lysol will kill bed bugs?
No but it will give you a nice piney flavor when they do.
OT:
Seriously, someone of stature has to explain the following to Bernanke:
And now the Fed wants to become the systemic risk regulator? This is just laughable.
New York Times: Fed Chief Works to Secure More Power for Agency
Despite criticism by some lawmakers that the Fed failed to anticipate the problems that led to the crisis, Mr. Bernanke has told associates that such critics fail to recognize the extraordinary actions taken by the central bank over the last year.
Mr. Bernanke believes the Fed’s actions have played a major role in averting a possible second Great Depression, according to government officials who know his thinking. Those steps, the Fed chairman has told these people, demonstrate that the agency is up to the larger task assigned to it by the Obama administration.
...
" Off topic, but thought I'd post, well worth 30 minutes of your time to listen to:
http://www.npr.org/templates/story/story.php?storyId=105483669"
If you don't want to spend the 30, and you speed read, follow the link on the NPR page to the original article in New Yorker.
Thx Mr Beach..i had just posted that a bit above. Glad to see it ruffled someone else's feathers too!
Rob, Bob, perhaps I should get out more. From where i'm siting, things are continuing along BAU. My career continues its constant decline and my misery index continues its constant ascent, but that's been happening for at least the past 10 years.
Perhaps that's the point.
I meant riots in the streets, calls for politicos to step down, rushing banks on Wall Street... REAL change. That's what I meant by shits and fans.
Rod Dawg;
"If there were justice iPhones would qualify as energy saving appliances."
I'm sort of partial to my Crackberry, Mapquest 4 Mobile works great!
I'll buy an iPhone when they include a keyboard.
another good option : Nokia E71 with google maps. works like a charm.
Jim Carey.
Fun with Dick and Jane.
Mr. Beach-
You've just described, perfectly...why Summers wants the Fed job.
More power=ability to continue to sweep these "issues" under a mountain of new debt.
Ciao
MS
Pot is a commodity and the existence of 'whore durves'.
I learn all sorts of econ from this blog.
I probably shoulda taken some of those nice TBT profits off the table when it was near 60. I didn't, but no harm.
If it goes down around 50, good buy op. Target is 5.5% on the long bond.
sm_landlord (profile) wrote (in reply to...) on Tue, 6/23/2009 - 3:03 pm
Rod Dawg;
"If there were justice iPhones would qualify as energy saving appliances."
I'm sort of partial to my Crackberry, Mapquest 4 Mobile works great!
I'll buy an iPhone when they include a keyboard.
We are a two iPhone, two Crackberry family. You won't get me into the middle of this one.
Smart phones in general have saved more gas than have the CAFE standards.
exactly which shit which fan should we number them?
My problem with iPhone is AT&T. My dollars vote against AT&T every time.
Sent from my crackberry
lysol, at the very least, tips the odds in your favor. I travel alot and find that in the last few years the cleanliness of hotels, motels are beyond description. I can think of no better way to try and improve the odds in your favor. Short of sleeping in your car you have little choice. I also travel with my animals occasionally and find that the places, such as Motel 6-that have a liberal pet policy, are some of the better ones. The reason I choose Motel 6 is that I have a 100lb doberman and an 8lb min pin. Most places only take pets of a certain weight and when they see what I have it's been nothing but problems and a very large deposit.
So I take the easy way out and stay where I'm welcome and have little hassle. It's not the Ritz but I spend very little time in the room in either case.
Ciao
MS
Can't SOMEONE bail them out? Those poor individuals will be stuck staying in a holiday innnnnnnnnn.
Anyone else notice an uptick in safari dropping the network connection on their Iphone?
Anyone else notice an uptick in safari dropping the network connection on their Iphone?
Yes, after I upgraded to 3.0.
Safari crashes much more often.
"Rob, Bob, perhaps I should get out more. From where i'm siting, things are continuing along BAU. My career continues its constant decline and my misery index continues its constant ascent, but that's been happening for at least the past 10 years."
Eight for me.
"Perhaps that's the point.I meant riots in the streets, calls for politicos to step down, rushing banks on Wall Street... REAL change. That's what I meant by shits and fans."
When enough of the right people get uncomfortable enough. By the right people, I mean the middle/upper middle class, the people who are supposed to do well, who expect to do well because of where they started from and what they did.
When enough of even the people who got a head start can't win -- that's when we get angry enough to pay attention. And when politicians begin paying attention.
Back before the Great Depression, the common wisdom was that people who had no jobs and no homes were simply "bums," and deserved it because of their moral failings. Then the GD came along and a lot of people who'd never lacked for work or a good bed suddenly found themselves out of work and often out of a home. And those who were stilll doing well were calling them bums. It made a big change in their thinking.... to say the least.
If you want to know exactly when.... I don't think it'll be any one factor. IF things just keep getting slowly worse, and people angrier over the next few years, gradually people in general will be more willing to back extreme solutions, and lose faith in the ones offered through "legit" channels.
IF things keep getting worse gradually, I would guess a breaking point three or four years out. Just a guess, II've been wrong before.
And of course if things keep getting worse and there isn't any backlash -- just confused sheeple -- we're heading for a different kind of country that many of us won't be so happy with.
we're heading for a different kind of country that many of us won't be so happy with
That's what I anticipate.
I'm not happy with it now....and I suspect many of you are not either. Until actual results and reality matter we're going to get the slow grind....to where or what is what I want to know.
These people in Washington can't all be economic imbeciles. How deep do they think the Treasury market really is? Do they think about the USD crashing?
You have a hundred pound dog, and you're complaining about how filthy hotel rooms are, and how they don't like dogs?
If your nose was three inches off the ground all the time, you'd be filthy too.
Do they think about the USD crashing?
I think that's the goal, yes.
beach-
No they don't care about the USD....when you have the ability to create an infinite supply and use them to buy future debt it's a bit comical to think they actually care about anything other then creating the illusion of prosperity. That's what we got for the last 25 years......clinging to it is what we're getting now.
Ciao
MS
The growing child poverty crisis in Sacramento schools
Interactive Map: The growing child poverty crisis in Sacramento schools - Sacramento News - Local and Breaking Sacramento News | Sacramento Bee
this is inflationary right?
rich-
You're making an assumption there..... My house, animals are immaculate. I understand the stigma associated with owning animals however they do not apply to me nor my animals.
Ciao
MS
I think that's the goal, yes.
Could be. The reserves at the FED would become a smidge more relevant wouldn't they?
Good: Papers over dodgy assets.
Bad: Can't control the contract market anymore.
OT: dryfly! Hope you had a good trip. Good to see you roaming the comments again.
Welp. I gotta go catch a train. I agree with the comments about a country we aren't going to like. Already there. Not sure what where we go from here. It's getting to be a harder and harder task to put on my happy face for the future.
For what it's worth, the Four Seasons hotels welcome dogs...at least the ones in north America. My smaller dog, a 40 pounder, needed to see a vet while I was vacationing in Canada..
and the folks in Toronto could not have been more accomodating. They even had doggie beds. They may have reserved a deposit on my amex, but since we left the place immaculate, it didn't matter.
Short of sleeping in your car you have little choice.
Been there - done that. You meet some characters at rural truck stops & way sides at 3 AM.
...however they do not apply to me nor my animals.
It never does...
Gee, why worry about the inevitable fall in the dollar, shut up and enjoy it!
We are all sitting here watching this debacle unfold in slow speed. Look at how unemployment has gracefully ramped up to numbers that were considered beyond possible tow years ago, watching default rates on bonds climb fast, and seeing some mortgage paper now valued in mils!!! Too bad Tanta is not here to see that- she thought some of my snark about forming a hedge fund to buy paper for mils was beyond possible!!
Krugman posted this: Green shoots, 1930 - Paul Krugman Blog - NYTimes.com
Now, why worry about a devaluation of a fiat currency. The massive delevering of the private sector is forcing the government begin life support for state governments next year. Or face huge tax increases to keep the doors open. Next year we will have about $200 billion in stimulus for state and local governments alone. So write that prediction down, and check back on October 1, 2009, and see how close I came to that prediction.
There are no green shoots, just an MP style pause in the downward spiral.
Someday this war's gonna end...
An interesting tidbit, just read a email news flash from Work Comp Executive, CA dems and gov. are in the process of selling off all or a major portion of the state fund's book of business....
Since the SCIF is unionized and their employees are considered state employees, this could be rather interesting since the Dems agree...
just what i read...
rich-
don't get me wrong.....It's a lot of work keeping the hair, dirt etc. out of the way. My wife has severe allergy's and I have no choice but to keep it squeaky clean. If I didn't I wouldn't have them. We also have two inside cats. My house is 80% tile so it makes it much easier to keep clean but it's like painting the golden gate bridge..once you finish you start all over again. It's a daily event....but if you are responsible and like living in clean environment it HAS to be done.
Fried-
I know about the Four Seasons however they have weight limits. as most regular hotels do.
Anything over 70lbs and you get hassled. Nevermind I own a "rabid, face eating" doberman.
One of the sweetest and mindful breeds you will ever come across provided the owner trains them and establishes some limits. That's the case with 99% of dogs...it's the owner not the size, breed or stereo-types.
Ciao
MS
sort of ot,maybe not
Asia Times Online :: China News, China Business News, Taiwan and Hong Kong News and Business.
anyway tptb can use this?
Like I have said before, the grind goes on.
RockyR said: "Rob, Bob, perhaps I should get out more. From where i'm sitting, things are continuing along BAU. My career continues its constant decline and my misery index continues its constant ascent, but that's been happening for at least the past 10 years.
Perhaps that's the point.
I meant riots in the streets, calls for politicos to step down, rushing banks on Wall Street... REAL change. That's what I meant by shits and fans."
"Real" change is prevented by the fact that there are still too many people with a vested interest in the status quo, which really isn't that bad. There just isn't a critical mass of people who feel truly put upon, disenfranchised, etc., united by a single cause.
Take the issue of foreclosures, for example. Yes, there are people losing their homes, and in record numbers. But what does that mean to the rest of us? Are we going to riot in the streets for people that we feel bear at least some of the responsibility for their predicament? And how many of those people who did lose their homes truly feel as if they were completely innocent in all this?
Or what about Big Three autoworkers and the other auto-related employees elsewhere in the automotive supply chain? We've all known for decades that the Big Three weren't truly competitive and weren't willing to voluntarily make the sweeping changes necessary to be that way. Who's going to take to the streets over something we all saw as inevitable, and rightly so?
And what about the cross-currents that neutralize each other? Are people going to have riots in San Diego by homeowners angry about the drop in their housing values, countered by other rioters angry about the high cost of housing?
And something else weird.
I think we can all agree that it was widely considered sea-change when Obama was elected. But as far as my pocketbook issues are concerned, the new boss is the same as the old boss.
I have tax breaks under "W", now I've got new tax breaks under "O." Same, same.
Sebastian
Gee, why worry about the inevitable fall in the dollar, shut up and enjoy it!
Hey I learned we just got an order from a major global mfgr - ship to is a plant somewhere in India. Multi-year contract. That tells you what they think about the dollar.
Copy of news flash on SCIF.....
FLASH: FLASH: SCIF SALE: It Might Happen
From: Workers' Comp Executive Newsdesk (newsdesk@wcexec.com)
Sent: Tue 6/23/09 12:34 PM
To:
Did your email system mangle this newsletter? Click here to see it online.
Workers' Comp Executive
Tuesday, June 23, 2009
FLASH REPORT!
SCIF SALE: It Might Happen
EXCLUSIVE
By J Dale Debber
In a move that is startling for its Obama like speed and secrecy Governor Arnold Schwarzenegger, or at least his surrogate staffers Susan Kennedy, Cynthia Byrant and David Crane have not only had language crafted - and a process developed- for selling California's State Compensation Insurance Fund, they have attempted to use the Department of Finance to keep their fingerprints well hidden. They are proposing (in clear and specific language we'll bring you in a moment) that the Department of Finance sell various assets of State Fund. And, in what can only be called an act of extreme Chutzpah which appears to belie their true intentions, they have specifically excluded the California Department of Insurance and the Attorney General from the process.
What's more, this concept, without language, was accepted by the democrats in Conference Committee on the budget on June 17th and is likely to part of the democrat's budget bill. The Governor's staff through the Department of Finance has convinced the democrats into thinking it will raise $1B for this budget. It won't.
Here is the rest of the inside story as only Workers' Comp Executive can bring it to you:
"The Director of Finance is hereby authorized to act as agent for the state and, in that capacity, to sell a portion of, or otherwise obtain value for, the State Compensation Insurance Fund's assets and liabilities."
This is the story of bureaucrats absent any insurance knowledge, acting without regard for the affects of apprehension on the workers' comp marketplace. The lack of market stability and predictability over the long term which will be created by such a plan, according to industry players, will drive carriers to invest their surplus elsewhere. It has the high probability of creating another workers comp crisis in an already troubled market.
In other words, Schwarzenegger's workers comp reform, upon which hangs his reputation, and which is already in doubt due to adverse decisions from his own Workers Comp Appeals Board, is likely to be further destroyed - yet again by his own people in his own office.
Schwarzenegger's workers comp reform, upon which hangs his reputation, and which is already in doubt due to adverse decisions from his own Workers Comp Appeals Board, is likely to be further destroyed - yet again by his own people, this time in his own office.
The plan evolved, according to sources, through a series of a few meetings held in the Horseshoe in which a number of people from the Department of Finance were involved, lawyer Jim Woods of Dewey & LeBoeuf, and, we understand, others. Mr. Woods had not returned our call in time for this Flash.
The language was drafted by Department of Finance personnel apparently with the help Mr. Woods. The draft is focused on process and the legal aspects. The strategy appears to defer discussion from the "if" to the "how." Further the strategy is to help balance the budget with a proposed $1B asset that does not really exist.
The idea was sold to the Democratic leadership, over the objections of Labor Federation lobbyist Angie Wei and other labor leaders. Labor proposes that funds be borrowed from State Fund.
And the drafters involved State Fund's Board, appointed by the Governor in some interesting and ethically questionable fashions. First, they order the board to cooperate:
"b) Prior to releasing any Notice of Request for Qualifications, a majority of the State Compensation Insurance Fund Board of Directors shall concur that the assets and liabilities that are identified by the Director of Finance in subdivision (a) are appropriate for disposition."
Then the (Governor's ) State Fund Board is immunized, as it were, from its fiduciary responsibilities:
"(4) For purposes of Section 11772, any action by the board of directors related to any transaction contemplated by this article, plus, but not limited to, any approvals of such transactions, shall be deemed to be in good faith."
In other states such raids on the assets of State Funds have been put down. Colorado is one recent example. But, it appears the lawyers are trying to preempt constitutional challenges to the "taking" of policyholder's assets. The Governor's people are going to argue that the Board can do whatever it wants and since it is deemed to be acting in good faith there is no recourse to the policyholders. Words do not ethics make.
However, insurance lawyers who asked not to be named, have pointed out some of the holes in the thinking of Susan Kennedy, Cynthia Byrant and their followers: The potential unintended consequence of the sale proceeds going to the General Fund the lawyer says, could be viewed as repeal by implication of the liability of the State in the event SCIF becomes insolvent. In other words, if this is a partial taking then the State could be liable for "severance damages." In other words if SCIF is impaired after this transaction, even at some future date, then the State has to come up with the cash to make it solvent again.
That is not a 1:1 proposition. And it is not a legacy Workers Comp Executive can imagine this Governor wanting to leave. The question is will anyone on his staff bother to inform him of it.
According to earlier documents, it is State Fund's book of business that is the asset most up for sale. In the Governor's May Revise they want to balance the budget with a $1B infusion from the sale. Quoting the revise: "$1 billion- Sell a Portion of the State Compensation Insurance Fund (SCIF). Seek a private entity to purchase a portion of SCIF's Book of Business, with the SCIF remaining as the insurer of last resort."
If such a sale occurs the funds will go directly into the general fund and not to the policyholders which arguably own them. Funds will be taken from an already financially questionable State Fund and given to the general fund leaving policyholders rights -and State Fund's balance sheet - in even worse shape.
"11885.7. (a) The Director of Finance shall deposit all proceeds of any sale of, or any funds achieved through any other disposition of, the State Compensation Insurance Fund's workers' compensation insurance assets and liabilities under this article, less any costs related to that transaction, into the General Fund."
But this is a two year plan and allows the Department of Finance to spend undeterminable money out of the current budget for some future event. The recipients of this government largess are likely to include attorney Jim Woods of the law firm Dewey & LeBoeuf, mentioned above, and a host of consultants in various aspects of insurance who will serve to receive commissions and fees from [working on] the sale.
"11885.9. (a) Notwithstanding any other law, the Director of Finance is authorized to enter into agreements with firms or individuals to act as advisers to the state in the transactions contemplated by this article. Section 14838 of the Government Code and Article 4 (commencing with Section 10335) of Chapter 2 of Part 2 of Division 2 of the Public Contract Code do not apply to any agreement entered into by the director with advisers pursuant to this section.
(b) Notwithstanding any other law, the Director of Finance is also authorized to enter into legal services agreements to obtain specialized legal advice related to the transactions contemplated by this article. Section 11040 of the Government Code and Section 6072 of the Business and Professions Code shall not apply to the legal services agreements entered into by the director pursuant to this section."
This isn't a new concept, selling the State Fund. It arose briefly during Governor Pete Wilson's administration. "But," said one old timer "Wilson could keep his whackos under control."
The Commissioner of Insurance is relegated to the sidelines.
"11885.5. Notwithstanding any other law, the approval of neither the Attorney General, nor the Insurance Commissioner, nor the Director of General Services is required for execution and implementation of the sale or other disposition of the assets and liabilities of the State Compensation Insurance Fund or any other agreement authorized by this article."
While the Commissioner has been removed from in this transaction, he would need to see what, essentially, was left and, if in his opinion, the remaining company was impaired it sets up a considerable conflict given the legislative declaration that any action by the board is deemed to have been taken in good faith.
Effects on a Grander Scale
Allowing a legislature to impair a State Fund to solve an unrelated issue will help drive a stake into the heart of state regulation of insurance. This will offer proof to be used by a federal administration that states can't be trusted with the regulation of insurance. It helps make the case already being made in Washington.
Given the state of the state and the state of the workers' comp market - both of which are in doubt - driving private carriers out of the state will create a large inflow to State Fund thereby further straining its assets.
The sale of state's Fund's assets could be a positive thing if the idea were to use the concept to reduce State Fund to the size it should and could be. But such a move requires the careful consideration of the California Department of Insurance, State Fund's new management and Board, and should have goals carefully defined and publicly set forth at the beginning.
Such goals should include keeping the constitutional formation of State Fund while creating a leaner operation of say 1000 employees with a fresh culture. The depopulation of policyholders, the movement of the claims book to another entity, if such a thing is possible, the suspension of at least a majority of civil service rules and obligations allowing the carrier to operate more efficiently, and the availability of capital through bond offerings to be used to bolster surplus in the event of a market cycle that requires major surplus enhancement.
But such a plan is apparently too much to ask for from officials in the Governor's office who want to hide behind their departments and find new ways to seize the property of some 188,000 of California's small businesses who are insured by State Fund.
The entirety of the draft language can be found in our resources section by clicking here.
-30-
MS,
understood, also since you're a hiker, you probably run into more rural motels..My smaller dog needed the care, but I didn't bring Ruby, a 130 lb Anatolian shepherd with me. Maybe I should waltz into the Four Seasons midtown and test their policy.
All the b-grade hotels near soccer fields are always sold out for tournaments.
"When enough of the right people get uncomfortable enough. By the right people, I mean the middle/upper middle class, the people who are supposed to do well, who expect to do well because of where they started from and what they did."
Some of the most rabid free market apologists I know are highly paid state gov't workers with no education. People who are making manufacturing level wages (OK when mfg actually paid well) and benefits (when they had benefits) for playing office. IMO these are the people that need their asses kicked to the reality check curb.
rich - [Target is 5.5% on the long bond]
For what? If it's to take some profits, I agree. But the problem is, the treasury market has its own tipping point where it becomes unstable, like the home price market, where it can spin wildly out of control. That 5.5% could climb to 8.5% in a few weeks if the SWFs step away.
I intend to keep a position and add/subtract as I see fit.
Seb-
As far as the auto mfgs. go...the argument is moot because there is no failure associated with bankrupting them..at least on a scale that should occur. We are wasting trillions of dollars on something that should have never been "saved" in the first place. The same applies to those home owners, banks, insurance and any other lunatic business that failed to have any risk profiling that lines up at the gov't coffers and cries about the actual downside of capitalism....ACTUAL FAILURE.
But if you want to continue to see real capital destroyed so that people can continue to live the myth of growth at any cost then there's nothing more I or anyone else can say.
Ciao
MS
All the b-grade hotels near soccer fields are always sold out for tournaments.
Mmmmmmm...... soccer moms.
Dry, speaking of mom's (not the MILF kind) , your son's s.o. have that grandchild yet?
Not to mention for dog shows. Ahh, Red Roof Inn in Jersey off of the Pike with a hundred dogs!
fried-
After walking into the St. Francis in SF with Otto (doberman) last month...the look was priceless. I walked in to visit a friend and you might as well have set off an atom bomb. But they have a pet policy too....just not for those "ferocious type's". I can't even ship my dog on a airline (not that I would ever subject him to that) but he falls into a broad brush stroke of "aggressive breeds" so no airline would even put him in a crate below.
Ciao
MS
Time for a bail out hotel and lodging ? The success or failure of a business just can't be left to the whims of the marketplace and consumer. sigh
I'm not happy with it now....and I suspect many of you are not either. Until actual results and reality matter we're going to get the slow grind....to where or what is what I want to know.
Look at Europe. Still in denial that people actually wanted out for centuries. At least the US was a decent destination for a couple hundred years. Now of course there's no place left to go.
So we're going to be like King-controlled/Church-controlled/Union-controlled Europe. On steroids. Self-sufficiency and honesty will be removed from humankind by natural-selection. Since it is apparently natural selection that lets the cynical, hateful bastards that call themselves public servants get their jobs in the first place.
Imagine what American teeth will look like under US government health care. You won't have to wait in line if you can afford cosmetic dentistry, but you will have to wait in line to get a cavity filled whether you can afford it or not. So your 17 teeth will be bright and shiny.
Dry, speaking of mom's (not the MILF kind) , your son's s.o. have that grandchild yet?
Long time ago - 9 mo old now. They hope to get married next year - cart before horse but what can I say. Life happens.
dryfly: Happens in the best of families.
"I didn't bring Ruby, a 130 lb Anatolian shepherd with me. Maybe I should waltz into the Four Seasons midtown and test their policy."
My guess, hotels have the data. People don't bring 130 lbs. pets with them, and probably most guests have well behaved dogs. People who lack experience dealing with pets probably won't take a pet to a busy hotel.
Our condo board has learned that it's pretty easy to detect an offending pet when its owner first moves in and the rules are also easy to enforce. The offending pet owner will change her or his behavior quickly. We can be pet friendly without compromising resident safety or health. Hotels are probably no different.
charles-
I've seen the results of people having access to dental care in Britain...it made no difference.
Some of the wealthiest people in London still have horrible teeth. I guess it's all relative.
walt-
I agree.....the problem is that most places automatically lump you together with a bad experience they had so the policy reflects it.
Ciao
MS
dryfly: Happens in the best of families.
Ya - I'm not that hard on them regarding the 'morals' side of it... I just wish they had their careers & lives sorted out better first. But so far they put food on the table & roof overhead so why worry... plus we keep the light on at home. If times get half as tough as they could get - they'll need it.
there's a certain wisdom that created the concept of love
Wow, time flies. Cart/horse, yeah, at least they'll be young when their children are grown. We were gone when my parents were 42 (course we didn't come back
), which seems to be the trend.
My guess, hotels have the data. People don't bring 130 lbs. pets with them, and probably most guests have well behaved dogs. People who lack experience dealing with pets probably won't take a pet to a busy hotel.
I was in a hotel this past week in S Texas where a lady brought her weasel with her. Was showing it off to kids in the elevator. You can't make this stuff up.
"I was in a hotel this past week in S Texas where a lady brought her weasel with her."
Politicians, gotta love 'em.
"I was in a hotel this past week in S Texas where a lady brought her weasel with her. Was showing it off to kids in the elevator."
Dry, I'll bet she was an experienced pet owner (and maybe even a weasel herself) but her pet probably didn't cause any trouble and, well, the weasel owner did choose that hotel to stay in. Pet friendly can be an amenity that draws business if the management has the know how and technology (enzymes to neutralize the occasional pet accident).
Cart/horse, yeah, at least they'll be young when their children are grown.
I have a buddy who had twins at 46 - his wife 42. First marriage, first [and only] kids for both. Wow - I get tired just talking to them about all the 'young family' stuff they do.
Ya - young is better... frequently young and dumb... but at least young.
If the fed doesn't own that debt they soon will.
dryfly (profile) wrote (in reply to...) on Tue, 6/23/2009 - 3:50 pm
All the b-grade hotels near soccer fields are always sold out for tournaments.
Mmmmmmm...... soccer moms.
Clearly you've never had two props and a hooker . Mrs. Dryfly is gonna hear about this regardless.
Dry, I'll bet she was an experienced pet owner (and maybe even a weasel herself) but her pet probably didn't cause any trouble and, well, the weasel owner did choose that hotel to stay in. Pet friendly can be an amenity that draws business if the management has the know how and technology (enzymes to neutralize the occasional pet accident).
Maybe. It was still rather an odd scene... you just had to be there.
Interesting how that works with multi-generational households in your view as well...
Red Roof Inn. We'll keep the lights off for ya!
Clearly you've never had two props and a hooker . Mrs. Dryfly is gonna hear about this regardless.
LOL. I used to hook for awhile... that & wing forward & eighth man... but I tried hard NOT to be had by the props... only once and that resulted in my getting my collar bone broken.
re: kids moving back in--who knows, maybe we'll truly (re)discover family values.
Just to give a little "color" on the per situation...my other dog an 8lb min. pinscher was diagnosed with a heart problem in Sept of last year. Medication could not solve the problem as it was an electrical problem..an arrythmia (sp?)..... I went out and bought him a pacemaker from St. Jude's and had it placed inside him in Dec. We call it the "Wachovia" model since it was purchased with put proceeds earned in late September. This dog was 3 year's old at the time so we did it because of that aspect.
Call me crazy or whatever you like but once you make the decision to take care of a pet my belief is that you do it until you can't-or the quality of life is deteriorating too far too fast. It just so happened that we were actually invited to the fundraiser earlier this year as a success story...no one knew that the actual device was implanted into a dog because the name was not pet specific.
So as I stated before......the stereo-type's of a typical pet owner are not really applicable here...unless you know of another dog who's owner bought them a pace-maker.....that's for the idiot (hong-konger) above.
Ciao
MS
Red Roof needs a paint job, plus.
Green Roof, and flowerboxes on each window filled with green shoots.
And a grow-room sellling fresh buds.
Why no riots?
Many of us grew up with mom at home, single income, single car. We lived in smaller houses, took close to home vacations as a child. Due to that we don't think life style changes to that extent are too difficult.
The younger you are, the more you are used to. But we old folks will remind you that less is not that bad.
When the current middle class life style drops to old tine low income we will may still not get angry, We know individual people participated, so we all are going to pay the price. We can blame, but who can we hang?
but who can we hang?
Shakespeare had a good suggestion, maybe the banksters after that.
I have a buddy who had twins at 46 - his wife 42. First marriage, first [and only] kids for both. Wow - I get tired just talking to them about all the 'young family' stuff they do.
I had my youngest at 39. Now I have Empty Nest Envy.
Okay, don't get me going. Back to economics.
"The growing child poverty crisis in Sacramento schools"
perhaps the most telling aspect of the Boomer legacy - thousands a month in SS for millionaire oldsters (sometimes upwards of 6 or 7K with a pension thrown in )...
nada for the youngsters. look for that trend to continue.
Good article on 787 foulup in Seattle Times today..."Boeing insists it can fix the problem with a modification to strengthen the structural areas in question. Fancher said that will involve "a relatively small number of parts and a relatively simple modification."
"We're talking about a couple of parts that can literally be held in your hand," at each of the 36 locations affected, Fancher said.
However, given the two years of delays leading up to this last-minute surprise, such assurances have a big credibility problem. The lack of a new schedule is also an issue."
They outsourced production of the wing and a big chunk of the fuselage to Japanese companies, and a lot of assembly elsewhere. I wouldn't be surprised if this plane resulted in BK down the road.
In the same paper they have an article on the parents moving back in with the kids because they can't afford a retirement home. The whole system is out of wack.
I had my youngest at 39. Now I have Empty Nest Envy.
LOL. My youngest heads off to college this fall... he & mom at orientation today while I am out on the road. I joke with my wife that he is out just in time for the older ones to move back in. She finds that very non-funny.
Mr. Bernanke believes the Fed’s actions have played a major role in averting a possible second Great Depression, according to government officials who know his thinking
Bernanke is a self proclaimed student of the Great Depression. He keeps telling us how we have to avoid another GD.
How about a little compare and contrast.
From 1/1/1930 to 12/31/1939, the S&P 500 fell from ~21 to 13. However, with dividends and annualized deflation of 2%, real annualized returns were +1.88% for the decade. Nominal annualized returns were -0.15 for the decade.
From 1/1/2000 to 6/1/2009, the S&P 500 has had real annualized returns of negative 5.51% and nominal annualized returns of negative 3.09%!
How about housing? Well, since 2006, house prices have fallen farther than during the GD1. And house prices are still falling!
Don't even get me started on debt levels.
What gives Ben? Did we really have to save wall street to save main street?
Enjoy your depression. And don't forget to thank the fed! Again!
Bob Dobbs, Sebastion,
Thank you for particularly well thought out and thorough reponses to my open question.
It will take real change to happen before I will feel like the US is going to be a good place for my kids to grow up. I'm starting to think I won't live to see real change. The rope... the one we have to get to the end of...is just too long.
rr
They outsourced production of the wing and a big chunk of the fuselage to Japanese companies, and a lot of assembly elsewhere. I wouldn't be surprised if this plane resulted in BK down the road.
I expect a Boeing BK. Not immediately but then look how long GM went before they couldn't stretch it any farther.
Edit: irrelevant.
Nothing is certain but debt and taxes.
Enjoy your depression!
"I'm starting to think I won't live to see real change"
that depends on whether or not you plan to see the 2030s.
as the boomers die off, it will be like a five-thousand pound weight falling off the back of the truck, and the country will be a great place again. still, that's a ways off.
Multi gererational homes were the norm until the 1940s or 50s. Multi gererational homes are still the norm in many places around the world. Until the late 1900s most people never moved from the town or city they were born in.
So here we go - back to the future.
The use of hotels, motels, and other forms of lodging are pretty much like a cell-phone to me: What need? Everyone knows where the Mrs and I are EVERY morning and night at 6 (under MilkShake).
BTW, wanna know an alternative fix for carpal tunnel syndrome? Get a cow.
as the boomers die off, it will be like a five-thousand pound weight falling off the back of the truck, and the country will be a great place again. still, that's a ways off.
Nothing will change... the Xers will be entering their death queue and the Yers hoping they too hurry up... my Yer kids wish the Xers would go now... worthless POS according to them.
Nothing changes.
Meanwhile rock keeps going around & around the sun.
BSR: milkshake has carpal tunnel? I'm trying to see how yanking on her udders twice daily would help...
wife has carpal tunnel, lemme see...
Boeing shipped out significant parts of the assembly process for this plane...a year or two ago they had another snafu where the subcontractor located on the East Coast shipped to Seattle a fuselage essentially with half of the parts in a bag inside. When the thing arrived in Seattle and the Boeing people took a look they had to finish the assembly there. The subcontractor was owned by a PE group...surprise surprise.
Pensioners battered a financial adviser with Zimmer frames before kidnapping and torturing him for losing £2million of their savings.
James Amburn, 56, was ambushed outside his home in Speyer, western Germany, bound with masking tape and bundled into a car boot.
‘It took them quite a while because they ran out of breath,’ said Mr Amburn, who was driven to the Bavarian lakeside home of one of the gang.
Another couple, retired doctors, joined the kidnappers in the cellar where Mr Amburn was chained and tortured for four days last week.
http://www.dailymail.co.uk/news/worldnews/article-1194891/Pensioners-kidnap-financial-adviser-lost-2m-batter-Zimmer-frames.html
"worthless POS according to them."
perhaps true - but a much, much smaller cohort which will not have the capacity or ability to suck the remaining air out the system with entitlements. the collapse in health care in the early 2020s will be a genuinely cleansing experience.
there's a difference between a 250 lb drunk asshole at a bar and a 150 lb one. a big one.
"a broad brush stroke of "aggressive breeds" so no airline would even put him in a crate below."
Happens with insurance policies as well. My renter's policy covers Ruby only because I listed her as an "Anatolian" and skipped the "shepherd". There's so few in this country, I figured it wouldn't be in the computer database...and I was right.
Ruby's big, but little kids find her irresistable....probably think she's a pony. Well-behaved and extremely gentle. But add the word "shepherd" and folks freak.
.......I kinda like it when any of the kids or uncles/aunts show up. Them getting up at 5am and working their arse off pretty much limits the "visits" though - but I sure do appreciate the help before they decide they're "running late and gotta go". LOL
......Dup post - sorry, a hand tremor LOL
[I went out and bought him a pacemaker from St. Jude's and had it placed inside him in Dec]
It's a free country. Wouldn't be my choice. My pets are healthy until they aren't, and that's it.
thousands a month in SS for millionaire oldsters
C'mon, how many people are drawing thousands a months in social security? Any figures on that?
perhaps true - but a much, much smaller cohort which will not have the capacity or ability to suck the remaining air out the system with entitlements.
It doesn't matter - you only eat what is produced at that time... consumption can not be saved. All money is fiat - it can't be eaten just sets the price of what can be eaten. You consume in the time bucket what is produced in the time bucket. It will be no different now. It will be no different then.
Also - go to Mexico or Asia or wherever... you will quickly learn our 'huge' boomer cohort is a drop in the bucket compared to the global baby boom which just so happens to be mostly Xers & Yers.
Nothing changes - we are born, live and die. Rock circles sun.
"as the boomers die off,"
or you are run over by a truck. Sh#t happens.
pavel, i'm only referring to people in my extended family that i know personally. here in CA, oldsters get the best of all worlds - just a few hundred bucks a year in property tax, no need for income which trips CA's sky high income tax, and well over a couple grand pre-tax in SS income, if they had the kind of lifetime income which is often found here.
the kids get the LAUSD.
let's not forget the uncle with a federal pension and two different cop pensions - though he complains that one of the cop pensions disqualified him for SS (not sure how that works), i'm sure his pensions collectively go to 5K/month or so. he lives very near that sacramento school district mentioned, where the majority of the kids need food assistance.
"Also - go to Mexico or Asia or wherever..."
dry, i'm a coastal californian. i don't need to go anywhere.
your philosophical ruminations about fiat and zen-like observations won't make the class size any smaller or the lunch any bigger for the average kid in the LAUSD. nor will it make that pension check any smaller for the retired LAPD guy who has lived in reno for the past 30 years.
Have you ever noticed that we imprison more people (% wise) than russia or china? What does it say about our society..
//let's not forget the uncle with a federal pension and two different cop pensions//
+10 !! Now that made me laugh
"........nor will it make that pension check any smaller for the retired LAPD guy who has lived in reno for the past 30 years"
If he's retired from CA and lives outta state (Reno), the State Franchise Tax Board still yanks out state Income Tax on retirees.
Japanese exports down 40.9% y-o-y, more than April's 39.1% decline. Down 0.3% m-o-m.
C'mon you guys, start buying those Lexuses (or is that Lexi?).
BB better crank up that QE tomorrow.
"Have you ever noticed that we imprison more people (% wise) than russia or china? What does it say about our society.. "
That we should legalize pot and prostitution.
"the State Franchise Tax Board still yanks out state Income Tax on retirees."
and if you own your place free and clear, you don't need much more than 40K/year, if that, to live on. guess where CA income tax starts to skyrocket.
Have you ever noticed that we imprison more people (% wise) than russia or china? What does it say about our society..
We need to have more summary executions ?
Will CA be able to afford to pay him?
//"........nor will it make that pension check any smaller for the retired LAPD guy who has lived in reno for the past 30 years"//
HH,
I don't know anyone with an LAPD pension, but I do know people on SS, and they get about $500 to $600 per month.
Oh, my. I just stumbled into this thread and I see:
don't get me wrong.....It's a lot of work keeping the hair, dirt etc. out of the way. My wife has severe allergy's and I have no choice but to keep it squeaky clean. If I didn't I wouldn't have them
Uh.. so back to hotels and mortgage debt..
"guess where CA income tax starts to skyrocket."
......just west of town here..........
"That we should legalize pot and prostitution."
......we have, it's over-rated.
fried-
Oh I don't even list that I have a dobie......been that route before.
bearly-
I ,too, thought that until I was confronted with the situation. It was a 3 year-old dog. Your perspective changes when your are faced with it front and center. Most of my friend's still think I'm crazy but I point out the above to them
But , as always, I respect anyone's decision to do or not do.
Ghost-
he will..just don't look for any official announcement. doesn't the original QE "policy" expire at the end of the month anyway? at least the stated amounts and time frame sure seem to take it just about to now.
Ciao
MS
Nah.. we have made prisons and law enforcement into an industry. They have lost their original purpose.. we jail people for profit (and then point fingers at certain ww2 era regimes that operated gulags and used slave labor).
//We need to have more summary executions ?//
SM, you inspired me to check the account I share with family. The couple's monthly take is collectively about 4,000 on the nose.
mind you, they're high earners throughout their lifetime, and waited until 67 or whatever that larger payout date it.
Absolutely.. legalize drugs and prostitution.
//That we should legalize pot and prostitution.//
Those of us who where forced to pay into SS and Medicare do not get entitlements. Those who did not contribute worth a carp do. LOL at things will get better when the Boomers die off! The newbies want free health care now because they cant manage their money! LOL!
....A while back I asked why anyone would own a pet that can't be milked, eaten, worked, or ridden............the Mrs told me I'd better "step it up a bit" otherwise I'd fall into the 'eaten' category.
I am totally agreed. I don't always sell at my targets.
Sometimes, I only sell half. Sometimes, I just get really, really greedy.
"Absolutely.. legalize drugs and prostitution."
Seems like the biggest "no brainer" in the world to me.
America is one screwed up country socially. Turn on any TV drama at night, people are getting shot and killed at a rate of 5 per hour.
But try showing a pair of boobies? No way.
Makes no sense.
It is about control and keeping people unhappy.. of course, these things end badly.
//But try showing a pair of boobies? No way.//
CR, could we have a new thread please?
I'm about to puke.
Thank you.
My Persian cat is under house arrest.
your philosophical ruminations about fiat and zen-like observations won't make the class size any smaller or the lunch any bigger for the average kid in the LAUSD. nor will it make that pension check any smaller for the retired LAPD guy who has lived in reno for the past 30 years.
Nope. Neither does bitching about a handful of double dippers. It won't make those kids 'wealthier'. And for every one of those double dippers there are ten boomers who spent their life in front of a lathe who will also be poor in old age... I see those even more than I see 'poor kids'. Those retirees won't be seeing any $6-7K a month nor living in Reno [unless they are working at Walmart in Reno].
There is a lot more to this than just age cohorts.
"that depends on whether or not you plan to see the 2030s.
as the boomers die off, it will be like a five-thousand pound weight falling off the back of the truck, and the country will be a great place again. still, that's a ways off. "
What if we never leave? The Generation That Would Not Die? Watch out where medical science takes us...
Boobies. QE.
But silicone was the last bubble.
C
"That 5.5% could climb to 8.5% in a few weeks if the SWFs step away."
Possible, though I see the 10yr at 5.5% by the end of the year easily, 7% in 2010. Either way, TBT is not a bad bet. I'd watch for the reaction tomorrow, if BB steps up with more QE, bonds will rally initially, but then slowly sell off.
Sort of like the last time he announced QE.
What would be sweet is if he came clean and said "By the way, we have been buying spoos like crazy over the past three months, in case you didn't notice."
MS,
Thanks for sharing that. My wife has very bad pet allergies and a good sense of smell. So, she is very prejudiced against animals. If she goes into a hotel room where a big dog has recently been, she just throw a hissy.
I am not alergic or prejudiced against animals like her. But sometimes if it's a nasty hotel, I will throw a hissy too. It's fun.
OUTSIDER - ROFL.....sorry.....
"could we have a new thread please?
I'm about to puke."
What, you don't like boobies?
Typical American.
jk.
OK, I'll shut up now.
And in other news, rumblings of a trade war...
"Europe and the United States announced last night co-ordinated action against China for busting World Trade Organisation (WTO) rules by restricting exports of essential raw materials, raising fears of a damaging east-west trade war in the depths of the global recession.
Ron Kirk, the US trade representative, accused Beijing of putting a "giant thumb on the scale" by restricting exports of commodities including silicon, coke and zinc, to give Chinese manufacturers an unfair advantage over their international rivals. "It's our job to make sure we remove that thumb from that scale," he said in Washington. "Today's action is proof of our commitment to level the playing field in this area."
The US, with Europe, announced that it would start formal "dispute resolution consultations" at the WTO in Geneva, claiming China has breached the rules of the international marketplace. At a press conference in Washington, Kirk said: "We will enforce the rights of American manufacturers, farmers, ranchers, services providers, and workers using the rules-based global trading system."
China and US head for trade war |
Business |
guardian.co.uk
here are those Japan numbers.
Japan Export Slump Deepens, Casting Doubt on Recovery (Update3) - Bloomberg.com
Keep buying, help them out.
Too hairy for my liking
//My Persian cat is under house arrest.//
In 2030 I will be my mothers age now.
I don't think I will have it as good. She has 5 kids, military pension from dad and SS. We kids make sure she has all she needs and more.
But then again, our parents did without for us.
"And in other news, rumblings of a trade war..."
Is there some sort of weird insanity that grips countries at times like these?
"Trade is in the dumper: Hey, I know - let's start a trade war and make it worse!!111!"
I guess we need to continue to pot and hooker's meme eh.
Grow up...
Ciao
MS
I sincerely apologize for whining about missing a trade in Potash this morning.
I don't think that pot or meth have destroyed the retirement savings and pensions of millions.
//I guess we need to continue to pot and hooker's meme eh.//
What if we never leave? The Generation That Would Not Die? Watch out where medical science takes us...
Won't happen. One word: entropy. Entropy always wins.
Or, in other cheery news, one in six prime mortgages in the UK is now underwater. ...
Negative equity hits one in six prime mortgages |
Money |
guardian.co.uk
This woman actually teaches courses in the Harvard MBA program!
How Boomers Can Change the World (Again)
- Bloomberg.com
01:34 PM Tuesday June 23, 2009
By Rosabeth Moss Kanter
World, get ready! The Baby Boomers are becoming the Senior Boomers, and they want to change you again.
The generation that marched in Washington in the 1960s is marching into elementary schools, high schools, hospitals, and homeless shelters seeking opportunities to serve. Activists in civil rights and women's movements four decades ago now want to eradicate diseases, transform education, reform health care, or alleviate global poverty.
Why are they still a first world country anyway?
Or, in other cheery news, one in six prime mortgages in the UK is now underwater.
To most people survival depends on a job. So most people get the idea that Trade Protection is a great idea. They really don't understand how it is all so intermingled.
But for gov to get the same bright idea is just stupid. Although the people think they are acting in their best interest.
China has become the easy one to punish, blame etc. China has long term thinking, we don't think past lunch.
Thread summary:
drugs prostitution "no brainer" drama shot killed boobies "Too hairy for my liking" pot meth millions Boomers entropy
beer break....
best beer commercial ever
YouTube - Best Beer Commercial Ever!
I wish you knew what entropy was!
There are many ageless animals..
//Won't happen. One word: entropy. Entropy always wins.//
and when shipments drop to only 40.8% we can have bamboo shoots!! Celebrate the coming recovery of Japan!! My guess is that the Nikkei is going to after it's lunch.
Worked here...why not there?
Ciao
MS
more of the invisible hand at work. On the other hand, it could be the effect of the government backstop of BigPharma.
‘Pay-for-Delay’ Deals Cost Consumers $3.5 Billion a Year
Ending settlements in which branded drug makers pay generic ones to delay entry into the market, known as “pay-for-delay” settlements, would save consumers $3.5 billion a year, plus “significant savings” for the federal government, according to Federal Trade Commission Chairman Jon Leibowitz.
This woman actually teaches courses in the Harvard MBA program!
She too will soon have her date with 'entropy'. We all do. And famine & disease will still be there afterward.
Nixon, the gift that keeps on giving!
Tapes Reveal Nixon’s View of Abortion
- Bloomberg.com
June 24, 2009
By CHARLIE SAVAGE
WASHINGTON — On Jan. 23, 1973, when the Supreme Court struck down state criminal abortion laws in Roe v. Wade, President Richard M. Nixon made no public statement. But privately, newly released tapes reveal, he expressed ambivalence.
Nixon worried that greater access to abortions would foster “permissiveness,” and said that “it breaks the family.” But he also saw a need for abortion in some cases, such as interracial pregnancies.
China has become the easy one to punish, blame etc. China has long term thinking, we don't think past lunch.
Hoarding raw materials & manipulating currency isn't exactly 'long term thinking' unless you include wrongheaded thinking with it.
I am not sure.. Look, evolution has already resulted in a number of ageless species.
//We all do.//
....A while back I asked why anyone would own a pet that can't be milked, eaten, worked, or ridden............the Mrs told me I'd better "step it up a bit" otherwise I'd fall into the 'eaten' category.
how the Japanese have any form of acceptable currency at this point just staggers the mind...but we seem to suffer from this problem as well.
Japan May Trade Surplus Y299.8bln
Ciao
MS
For those who keep the score
Russian economy contracts 11% in May
MOSCOW (AFP) — The Russian economy contracted by 11 percent in the month of May compared with the same month last year, the government said Tuesday, in the latest blow to hopes of a swift recovery in the country.
Deputy economic development minister Andrei Klepach also said the Russian economy had shrunk by 10.2 percent in the first five months of the year and offered a bleak prediction for the year as a whole.
In light of the latest figures, "a contraction of only six percent in GDP (gross domestic product) in 2009 would mark a heroic achievement for the economy," Russian news agencies quoted him as saying.
No green shoots in Russia
Cat fight alert!
Gartman: Warren Buffett Isn't An "Idiot" .. But He Allowed "Inexcusable" Losses
Gartman: Warren Buffett Isn't An "Idiot" .. But He Allowed "Inexcusable" Losses - CNBC
Published: Tuesday, 23 Jun 2009 | 7:30 AM ET
By: Alex Crippen
Newsletter writer and frequent CNBC guest Dennis Gartman isn't standing behind his reported "Warren Buffett is an idiot" quote.
But Gartman does tell CNBC it's "inexcusable" that Berkshire Hathaway fell roughly 45 percent in one year because Buffett didn't do enough to "mitigate" his losses in a tough market environment.
In russia green shoots you!
Lucifer - I know entropy. It can only be held back temporarily and even that at great expense of 'free energy'. The higher the initial 'order' the greater the free energy required to maintain stasis. The way we 'fight' entropy as a highly structured [ordered] species is via our gametes. In our case the body is only a vessel to carry our gametes... from a thermodynamic perspective that is. Try that one next Friday night.
dryfly
Entropy only applies to closed systems! Are you certain that our universe is a closed system?
//I know entropy//
Russian market in first bear market of year.
Asia Day Ahead: Russia Is World’s First Bear Market Since March - Bloomberg.com
Guess they don't have a central bank to pump enough money into the system.
@Lucifer - wow, for a moment there I thought it was another nail in the coffin of journalistic standards, but see it's an ad. Whew!
Pity she hadn't extended the historical and performance timeline back a couple of generations from the target market of befuddled solipsistic wrinklies. The New Fresh Special (!) boomer activism and subsequent (putative?) service can be found in plenty of previous generations.
C
"Hoarding raw materials & manipulating currency"
a good description of the best possible portfolio ca 2002-2007 - certainly the better-performing part of mine
Pig carnt spel.
C
No problem, the IMF will pay Ukraine's gas bill, and all will be well again.
/snark
Entropy only applies to closed systems! Are you certain that our universe is a closed system?
No but EMPIRICALLY it behaves as if it is - from a thermodynamic perspective. And for biological systems that is all that matters.
a good description of the best possible portfolio ca 2002-2007 - certainly the better-performing part of mine
LOL - good one. Unfortunately they got to the 'hoarding' part late. And they didn't do it to 'store wealth' rather preserve jobs. That is why they want to 'keep' the raw materials - so they alone can process them.They will end up with neither wealth & jobs if they aren't careful.
Irony is if they had gone for wealth maximization from the get go - they wouldn't be in the mess they are now.
Hoarding raw materials & manipulating currency isn't exactly 'long term thinking' unless you include wrongheaded thinking with it.
No more long term than stocking up on food for a long winter. Just ther stock of guns and butter of economic nessesity.
how the Japanese have any form of acceptable currency at this point just staggers the mind...
they may have debt but it's owed to themselves so it doesn't really exist except as an accounting fiction, kinda like the SSTF.
(this is not to say that Japan isn't screwed demographically and strategically. China can and will eat their lunch this century)
It's not the beginning, but well into the second act, since CR's post earlier this month notified us that:
Extended Stay Hotels Files Bankruptcy
by CalculatedRisk on 6/15/2009 10:56:00 AM
From Bloomberg: Extended Stay Hotels Chain Declares Bankruptcy in New York
Extended Stay Hotels ... which has more than 680 properties, said it had $7.1 billion in assets and $7.6 billion in debts at the end of last year. The company employs approximately 10,000 ...
Red Roof Inns ? Give me a break. You ever stay at a Red Roof In? I had better accommodations in boot camp.
Pllleeeaaaseee, lets get on with something important.