First reaction was "Appeals.." to whom, exactly??

Looks like cbpp.org is going to have to accelerate some of the revenue collapse projections.

C

Poll Of Manufacturers: Cap & Trade will close 20% of manufacturers

OTHER CHOICES INCLUDED:

*Would raise the price of my product or service to customers (22 percent);

*A combination of price increases, personnel cuts and reductions in pay and benefits (20 percent);

*Switch to a 4-day workweek (15 percent);

*Layoff workers (14.5 percent).

*Only nine percent said they would do their best to absorb the energy costs increases without making any changes.

Breaking News: Manufacturing & Technology eJournal Poll Shows Clean Energy Act Could Force Nearly 20 Percent of Manufacturers to Close - Manufacturing & Technology eJournal

there was another significant green shoot reported last thursday. The corporate default rate went up by 1% in a month!!! according to S&P. And of cause as expected this fact was overlooked by CNBPC ( broadcasting the polutbureau corporation) .

P.S. I DO want everything to turn better. However skewing the facts will not solve the problem. Also the last thing our economy needs is for people to lose any remaining trust in the government.

We'll be the nation known for manufacturing only hope from now on. And porn.

(btw, porn/game/websites/movie/music are all pirated in Asia. In other words, they don't pay much of our exports)

When that house in New Jersey sells (currently listed at $1.3 million) or is reappraised, the local tax revenues will take a hit. And that same story is being repeated over and over ...

It will make for some interesting fireworks when the townships attempt to raise the mil rate in response to declining assessments.

In California the 58 counties are responsible for property tax processing. They all have an "Assessment Appeals Board." In normal times 90% of the issues are cleared up by staff and the remaining few are almost always obscure points of commercial real estate. Weird stuff like is the CUP for emergency mobilization points in the parking lot a diminution of the taxable value? These days it is a massive overflow of people just looking for a break. Staff has limited leeway and so these are kicked to the Board where tight budgets are making them less willing to give the plaintiff the benefit. Progressive counties like Ventura have in place generalized formulaic reductions without even asking. If you bought in the bubble you probably saw a modest decline in your bill in the hopes you'll be satisfied with that. Yet another break for the irresponsible at the expense of the prudent.

If my neighborhood is anything to go by, the taxpayer is going to be inclined more to the spiritous, than to the spiritual...

C

More American "spirit" required... POTUS via bloomie:

The American spirit, he said, “is what has always led us, as a people, not to wilt or cower at a difficult moment, but to face down any trial and rise to any challenge.”
“That is the spirit we are called to show once more,” he said.

With explicit oligarchy, American exceptionalism will be a tougher sell.

Last weekend, my wife and I stopped at a couple of open houses on our way home to our DC place. One house was FSBO for 888K and moved out. We got home and saw it listed on Zillow with a 702K estimate. The next night, I got a voice mail from the owner asking if we were still interested. Stupid all around.

water/sewage rate increases will be massive

Massachusetts actually has a pretty good system. Our rate changes with prices.

Each town can raise revenue on existing real estate 2.5%/year. If home prices rise faster than that, rates fall. When prices rise less than that, rates rise. The town can override the 2.5% cap by referendum. My town did that lat month.

It really is a smart system.

I challenged my tax bill in NC. Got them to come off of $175,000 to $160,000 after sending them the appraisal done in Jan for $150,000. I'm going to challenge it again.

GS. . . perfect candidate to take up residence in its new tenth circle. (glossary)

With a sign over the entrance reading "Under New Management."

But isn't increasing taxes on ordinary people, who are already stretched thin, a bad idea? What about taxing the wealthy and powerful?

But that would entail cutting into the financials' bonuses.

A "high" tax rate? Around here, you have to escape to the suburbs to get that low a rate. Last place I looked at had assessment $192k, annual tax $8200.

ghost::

article in this morning's WSJ editorial page lays the blame for the foreclosures squarely on the variable of whether the owner is underwater. Because the largest increase in foreclosures has spread to primes, it obviously is the skin in the game that determines whether someone loses the house.

Sorry for no link, but had the hard copy WSJ and don't have subscription to online WSJ.

Two issues with people who are now underwater but can afford to pay the mortgage.

Increase in unemployment will take care of the ability to make the payments.

If you figure you will not live long enough to get to break even, and people you know are walking away, people will walk. Social stigma will be on the banks, not the debters. I see this already happening.

There was a study done, don't remember where I saw it, that if you know someone who walked away, but could pay, you were over 30% more likely to do so as well. As more and more people walk away, more and more will figure it is acceptable.

If you can rent the same quality of housing for much less, why would someone continue to pay. Especially in a non-recourse state.

wow, sorry about that last one. I was like totally out there in the 2015 Depression zone. It was not nice.

Also in the decision to walk away. In 3 years you can get a First Time Home Buyers loan from FHA.

Sure your credit is messed up for a bit, but now days most people's credit score is lower than it has ever been. And as most of the loss of available credit is due to the bank not lending, cutting credit avability etc, you are no differant than your neighbors and friends.

Take a name asswipe (profile) wrote on Sat, 7/4/2009 - 2:30 pm
"... sewage rate increases will be massive"

Leading to a massive decrease in demand for wiping?

is thi Wed 2017 July 5th or or Fri 2008?

It's just so cool when the refresh mode flashes the screen but there's no new listings. Thanks Ken!

"Leading to a massive decrease in demand for wiping?"

A return to "if it's yellow, let it mellow..." to decrease the water bill.

But with today's environmentally correct low-flow toilets, even if it's brown, it won't flush down.

One word: humanure!

Humanure - Wikipedia, the free encyclopedia

BobinMA I am in New Haven CT. In theory the assessed value is below the market value, but not so much as to drop the rate below 3.5%.

This is the most appealing Americans have been for awhile.

“It’s worthy of a Dickens story,” said Gus Kramer, the assessor in Contra Costa County, Calif., outside San Francisco.

"Income 20 shillings, expenditure 20 shillings and sixpence, result misery. But income 20 shillings, expenditure 19 shillings and sixpence, result happiness." -Dickens

but 100 dollar is like 100 dollar ?

zeropoint -> ZAP! on Ignore

California introduced the sales tax 08/01/1933 at 2.50%.
California increased the sales tax 07/15/1991 1.25% to 6.00%.

How'd those work out as a green shoots?
At the height of California's Golden Age the sales tax was 4.00%.

"In the glorious future, every day will be like a GS bonus awards banquet.
Just don't ask who's the main course...

"To Serve Mankind."

A Vision:

pavel.libsyn.com

It would be a sin to ascribe moral constraints to an earthly contract. Those contracts are a repudiation of any higher authority and thus not eligible for divine intervention. It is a moral imperative to adhere to the letter of a legal contract in the manner that most benefits your interests. In short we need to exhort those who believe themselves to be moral persons to review their mortgages and act in the manner most advantageous to the only moral person involved; themselves.

I can see small homes making a comeback, like small cars. Less to heat, cool, clean, debug and repair. Small homes also draw less scrutiny from the tax assessor, especially when they are old and haven't been enlarged or reassessed in many years.

In smaller, older homes, all bedrooms are often within arm's reach, which is good for family safety and peace-of-mind. There's more window are per interior space, which helps with light and ventilation.

I live in an 1,800 square foot home built in 1922. It still has the original center beam made of wood, in as good shape as ever. They don't build them like this now. Nobody knows how.

50-60 years ago, most U.S. homes had kitchens less than 100 square feet and one modest, functional bathroom. The average living room probably was less than 150 square feet. Many homes did not have rec rooms or family rooms, unless the basement was fixed up.

American houses got gluttonous, and now (like Americans) they're too fat.

Madoff's fraud was billions. Geither+Obammi+Ben+Summers+Paulson=trillons. And worst of all,
each and EVERY tax payer is a victim though hyperinflation and loss of basic civil
infastructures and institutions such as school, roads, and hospitals. Tax payer money is
being used to bailout banks and to ensure that the economy recovers ASAP so that the wealth
gap widens, more credit card debt, and the little people are gouged with surging food
prices, surging gas prices, lack of jobs, and inflation lagging wages. Only the upper
eschelons of society will benefit from a 'speedy recovery' It's been that way since 2002.

People now are getting paid the SAME WAGES as they did in 2000. But are prices at 2000
levels? H3LL NO. So they go into debt, adding more layers tothe USA debt ponzi scheme.

good finance articles: Interesting Finance & Economic articles