All of this rhetoric about job creation with Stimulus...
why is it they couldn't kill two birds with one stone and fund GM to retool some of the plants and go into overdrive with producing electric vehicles?
GM is the one who removed the EV-1 (Who Killed the Electric Car) so they have the technology in house.
Why don't think direct some money to them, call it stimulus, put requirements all work, all jobs, raw materials (as much as possible) be U.S. citizens, made in the U.S.A. and call it a Stimulus?
How about a super cheap electric car or some sort of scooter combo for just running errands, about town?
Seriously, how many government agencies could use little mini-cars, or transport vehicles that were pure electric to get around short areas?
I honestly do not know but if a modified ARM reset schedule bar graph hasn't been done with the volume, might be an excellent research project as well as some muckraking, much ado about "helping the homeowner"...proof is partially in the reset schedule.
But what is so sad is the United States basically gave away our economy to China. The China PNTR (trade agreement) has been in effect less than a decade and China now has our manufacturing base, controls supply on a host of consumer goods and now literally controls our currency by holding U.S. debt.
Please have the decency to cite New Deal Democrat and his original analysis work if you use it in your own posts. It is extremely uncool to not reference someone else's work.
We reference, with links, pointing to the source we got it from, other people's work as appropriate, please do the same.
There is a school of thought that these re-sets won't amount to that big a deal, because so many have already been renegotiated.
Whether or not that is true, will probably affect price declines and indirectly volume, but shouldn't depress volume in the future. The more distress sales drive prices down, the higher volume will be (as able buyers begin to scoop up bargains).
Even when a Politician is touting what sounds like good policy positions, they can get into office and "switch". The one I am think of is Jeff Merkley (D-OR). He campaigned against the bail out (with TV ads, railed on it), and also against his opponent for using illegal labor (huge TV ad campaign)....gets into the Senate and votes for the bail out and making sure employers cannot check to see if their employees have valid social security numbers (are legal to work).
I think you are right on the next election. I think there will be a backlash of furry and unfortunately there is no choice, once again stuck with no choice or least objectionable candidate. There are so many bad House members, gerrymandered into districts, no valid challenge in primaries either.
I really like your last line in your comment, about sums it up and this past election too.
mortgages are due to reset in 2010 and possibly more in 2011? I know it is unpopular but we have not fully addressed the mortgage crisis. We need to refinance these ticking time bombs to fix rate mortgages.
Is there any correlation between supply and amount of ARM resetting?
They want retirees to take stock shares for health care costs? That is beyond sick. Especially since Obama openly took single payer universal health care off the table.
The only people happy with their health insurance are the people who haven't tried to use it.
... someone who's big splash pre-Presidential Race book could have been titled, The Audacity of Hope: and the Mediocrity of Policy. For every piece of good news ... a hope for rolling back Mountain Top Removal ... there is mediocre news ... about $200b of the stimulus wasted on tax cuts ... and a piece of bad news, mostly from the Finance Sector.
Indeed, about what one would expect from a "Hedge Fund Democrat".
A point that I made before the election, arguing for electing President Obama, was that absent a progressive populist to vote for, he was clearly a preferable opponent to have in the White House than John McCain.
And I still believe that ... but now that the election is past, its more important to focus on the "opponent" side of the question than the "preferable" side ... we have to build up momentum toward electing progressive populists to the House to tackle Wall Street head one, since if we do not, the radical reactionaries sure as hell will get plenty of faux-populists elected to try to baffle people with a new line of BS while dancing to the same corporate tune.
It is very easy to be critical of the administration's policies. The internet is full of that, including a lot of good comments right here. I sense that the ultimate question is "what do we do now?"
It's regrettable that the link did not work. It is in Greider's original piece and I tried to reinsert the link in the block quote. I want to repeat the link here.
We are facing long odds in overturning the establishment, but submission has serious, detrimental consequences.
Write up this comment as a blog post, with complete details of the physical protests. I strongly suspect many EP readers will want to sign up and join these protests if they know about them. I can also tell you EP readers are not the same readers of the blogs you mention. We have a much more non-partisan financial type of reader, so this would reach people who really haven't heard of this.
You might also let people know what kind of changes these organizers want.
While EP is all econ, all of the time, that assuredly includes politics, policy when it comes to economics so this is perfectly ok.
We are the Populists after all!
Also, the link in the quote is broken.
No BoA will never take over GM, regardless of the corporate screw up and so on, I don't think BoA is interested in anything that makes real products, assets. ;)
Alright, I confess to being a conspiracy theorist. When I read your earlier post, and especially the back and forth in the comments with JV, I had a thought.
No lie, I thought one of these banks will end up buying GM. Fair disclosure, does it matter that I didn't know which one or that it would happen so soon? Anyway, if you believe we are moving inevitably to an oligarchic state then why not? Undoubtedly, there are plenty of people in GMAC who are friendly with the whoevers in BofA, as well as the other American financial icons. It is truly a club of special elites.
What's the over/under on buying up big Pharma? Bill Greider's worst fears are happening before our eyes. In his words, our fate rests with:
Trying to imagine alternatives to the bankers-first bailouts is a good place to start. What follows are suggestions I produced at the request of young people organizing demonstrations around the country for April 11. They call themselves A New Way Forward. I hope they light lots of bonfires.
I couldn't agree more with Bill. This is the moment of decision and we can't afford to just stand on the sidelines anymore.
I have a funny feeling Geithner thinks an air filter is a party hat and I strongly suspect Obama thinks an intake manifold gasket is some sort of fund for various special interests who claim to be community organizers...oh wait...wouldn't he fund that?
have proposed so far have not risen to the challenges that we face. Both the financial and auto crises require dramatic action that the Administration has resisted.
This lack of boldness has created this rightly perceived double standard.
Some may argue that it is not politically feasible but he is not in a good position right now. If he doesn't do enough to address this problem he loses. If a least tries to act boldly but fails he still loses but a least he tried.
in all seriousness. I mean of course that is what you would do, I would do but what they are up to? Hmmmm, track record to me implies they are going to screw Michigan again and claim it's all because GM is not systemic risk...
well, when 1 million jobs disappear I sure have a funny feeling systemic risk is going to rear it's ugly head.
If Obama had a strategy to take all of the health care legacy costs out of the deal and move them into a huge new universal health care initiative, couldn't that be accomplished by not destroying the company?
Prove me wrong but I have a strong feeling that GM car sales are now going to plummet to almost nothing. Who wants to buy a car from a company that might not longer exist? How about getting parts, warranties honored, repairs, after market car value and so on?
I fear the repercussions are more in line with what the unions and EPI have been reporting, and GM itself.
I mean don't get me wrong, I doubt anyone will examine GM's massive "global sourcing" i.e. offshore outsourcing, labor arbitrage etc. agenda as being a key reason for this implosion and considering they have been spending billions in China, India and Brazil, with no one paying any attention...it will probably be a bone pickin' exercise by some astute researcher who will be ignored after the fact in some dusty financial forensic Academic paper somewhere...
bankruptcy lite. They won't call it bankruptcy, because the perception of such a thing would have such a negative impact that it could actually hamper a recovery. But you will see version of things seen in a Chap 7. The shareholders are already burnt, same will now be for the bond holders (for the most part). The question now begs what about the unions? Obama can't afford to be seen harming a loyal Democratic constituent. At the same time, that doesn't mean they won't engage in reducing labor-related liabilities like the legacy costs.
You know, I actually smell an opportunity here. They could take that offloaded health care into a new health care agency that could become a proto-universal health insurance system.
All of this rhetoric about job creation with Stimulus...
why is it they couldn't kill two birds with one stone and fund GM to retool some of the plants and go into overdrive with producing electric vehicles?
GM is the one who removed the EV-1 (Who Killed the Electric Car) so they have the technology in house.
Why don't think direct some money to them, call it stimulus, put requirements all work, all jobs, raw materials (as much as possible) be U.S. citizens, made in the U.S.A. and call it a Stimulus?
How about a super cheap electric car or some sort of scooter combo for just running errands, about town?
Seriously, how many government agencies could use little mini-cars, or transport vehicles that were pure electric to get around short areas?
I honestly do not know but if a modified ARM reset schedule bar graph hasn't been done with the volume, might be an excellent research project as well as some muckraking, much ado about "helping the homeowner"...proof is partially in the reset schedule.
But what is so sad is the United States basically gave away our economy to China. The China PNTR (trade agreement) has been in effect less than a decade and China now has our manufacturing base, controls supply on a host of consumer goods and now literally controls our currency by holding U.S. debt.
My buddy Bonddad just put up another post with that title, discussing the January Case/Schiller index, which plummeted 19%+ YoY.
So, do we disagree? No. Bonddad is referencing price (and I agree), whereas I am referencing volume.
if most indexes for the ARM remain low. But I am not sure they will remain low for too long.
Please have the decency to cite New Deal Democrat and his original analysis work if you use it in your own posts. It is extremely uncool to not reference someone else's work.
We reference, with links, pointing to the source we got it from, other people's work as appropriate, please do the same.
Good question. The last ARM reset schedule is here
(second image, has a zoom) and as far as I know we're at month 24.
The thing is a host of refinancing "programs" are out there so this bar graph map is out of date. What's the volume now to reset?
Also, what's the subprime left overs for I believe those in volume have dropped considerably.
There is a school of thought that these re-sets won't amount to that big a deal, because so many have already been renegotiated.
Whether or not that is true, will probably affect price declines and indirectly volume, but shouldn't depress volume in the future. The more distress sales drive prices down, the higher volume will be (as able buyers begin to scoop up bargains).
Even when a Politician is touting what sounds like good policy positions, they can get into office and "switch". The one I am think of is Jeff Merkley (D-OR). He campaigned against the bail out (with TV ads, railed on it), and also against his opponent for using illegal labor (huge TV ad campaign)....gets into the Senate and votes for the bail out and making sure employers cannot check to see if their employees have valid social security numbers (are legal to work).
I think you are right on the next election. I think there will be a backlash of furry and unfortunately there is no choice, once again stuck with no choice or least objectionable candidate. There are so many bad House members, gerrymandered into districts, no valid challenge in primaries either.
I really like your last line in your comment, about sums it up and this past election too.
mortgages are due to reset in 2010 and possibly more in 2011? I know it is unpopular but we have not fully addressed the mortgage crisis. We need to refinance these ticking time bombs to fix rate mortgages.
Is there any correlation between supply and amount of ARM resetting?
They want retirees to take stock shares for health care costs? That is beyond sick. Especially since Obama openly took single payer universal health care off the table.
The only people happy with their health insurance are the people who haven't tried to use it.
... someone who's big splash pre-Presidential Race book could have been titled, The Audacity of Hope: and the Mediocrity of Policy. For every piece of good news ... a hope for rolling back Mountain Top Removal ... there is mediocre news ... about $200b of the stimulus wasted on tax cuts ... and a piece of bad news, mostly from the Finance Sector.
Indeed, about what one would expect from a "Hedge Fund Democrat".
A point that I made before the election, arguing for electing President Obama, was that absent a progressive populist to vote for, he was clearly a preferable opponent to have in the White House than John McCain.
And I still believe that ... but now that the election is past, its more important to focus on the "opponent" side of the question than the "preferable" side ... we have to build up momentum toward electing progressive populists to the House to tackle Wall Street head one, since if we do not, the radical reactionaries sure as hell will get plenty of faux-populists elected to try to baffle people with a new line of BS while dancing to the same corporate tune.
It is very easy to be critical of the administration's policies. The internet is full of that, including a lot of good comments right here. I sense that the ultimate question is "what do we do now?"
It's regrettable that the link did not work. It is in Greider's original piece and I tried to reinsert the link in the block quote. I want to repeat the link here.
We are facing long odds in overturning the establishment, but submission has serious, detrimental consequences.
Write up this comment as a blog post, with complete details of the physical protests. I strongly suspect many EP readers will want to sign up and join these protests if they know about them. I can also tell you EP readers are not the same readers of the blogs you mention. We have a much more non-partisan financial type of reader, so this would reach people who really haven't heard of this.
You might also let people know what kind of changes these organizers want.
While EP is all econ, all of the time, that assuredly includes politics, policy when it comes to economics so this is perfectly ok.
We are the Populists after all!
Also, the link in the quote is broken.
No BoA will never take over GM, regardless of the corporate screw up and so on, I don't think BoA is interested in anything that makes real products, assets. ;)
Alright, I confess to being a conspiracy theorist. When I read your earlier post, and especially the back and forth in the comments with JV, I had a thought.
No lie, I thought one of these banks will end up buying GM. Fair disclosure, does it matter that I didn't know which one or that it would happen so soon? Anyway, if you believe we are moving inevitably to an oligarchic state then why not? Undoubtedly, there are plenty of people in GMAC who are friendly with the whoevers in BofA, as well as the other American financial icons. It is truly a club of special elites.
What's the over/under on buying up big Pharma? Bill Greider's worst fears are happening before our eyes. In his words, our fate rests with:
I couldn't agree more with Bill. This is the moment of decision and we can't afford to just stand on the sidelines anymore.
I have a funny feeling Geithner thinks an air filter is a party hat and I strongly suspect Obama thinks an intake manifold gasket is some sort of fund for various special interests who claim to be community organizers...oh wait...wouldn't he fund that?
Never a mention! Nice focus on that one.
have proposed so far have not risen to the challenges that we face. Both the financial and auto crises require dramatic action that the Administration has resisted.
This lack of boldness has created this rightly perceived double standard.
Some may argue that it is not politically feasible but he is not in a good position right now. If he doesn't do enough to address this problem he loses. If a least tries to act boldly but fails he still loses but a least he tried.
in all seriousness. I mean of course that is what you would do, I would do but what they are up to? Hmmmm, track record to me implies they are going to screw Michigan again and claim it's all because GM is not systemic risk...
well, when 1 million jobs disappear I sure have a funny feeling systemic risk is going to rear it's ugly head.
If Obama had a strategy to take all of the health care legacy costs out of the deal and move them into a huge new universal health care initiative, couldn't that be accomplished by not destroying the company?
Prove me wrong but I have a strong feeling that GM car sales are now going to plummet to almost nothing. Who wants to buy a car from a company that might not longer exist? How about getting parts, warranties honored, repairs, after market car value and so on?
I fear the repercussions are more in line with what the unions and EPI have been reporting, and GM itself.
I mean don't get me wrong, I doubt anyone will examine GM's massive "global sourcing" i.e. offshore outsourcing, labor arbitrage etc. agenda as being a key reason for this implosion and considering they have been spending billions in China, India and Brazil, with no one paying any attention...it will probably be a bone pickin' exercise by some astute researcher who will be ignored after the fact in some dusty financial forensic Academic paper somewhere...
bankruptcy lite. They won't call it bankruptcy, because the perception of such a thing would have such a negative impact that it could actually hamper a recovery. But you will see version of things seen in a Chap 7. The shareholders are already burnt, same will now be for the bond holders (for the most part). The question now begs what about the unions? Obama can't afford to be seen harming a loyal Democratic constituent. At the same time, that doesn't mean they won't engage in reducing labor-related liabilities like the legacy costs.
You know, I actually smell an opportunity here. They could take that offloaded health care into a new health care agency that could become a proto-universal health insurance system.
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