Housing Bubble, credit bubble, public planning, land use, zoning and transportation in the exurban environment. Specific criticism of smart growth, neotradtional, forms based, new urbanism and other top down planner schemes to increase urban extent and density. Ventura County, California specific examples.
Saturday, July 04, 2009
The Blood of Tyrants
Remind me again. What were those grievances with a remote and unresponsive government back in the 1700s?
What really kills me is when the LA mayor starts talking about charging for individual services, claiming the city's been "subsidizing" them previously. Gawd I hate politicians.
The Boomers will happily steal from their own kids and grand-kids, bankrupting the entire populace if needed -- with no compunctions or remorse whatsoever -- if it means maintaining their iron-clad grip on power.
Never in this country's history has there been a generation of people so colossally incompentent.
The country will return to some semblance of sanity as the 1940's/1950's set is mercifully marginalized starting in around five years.
@Rob: "What were those grievances with a remote and unresponsive government back in the 1700s?"
Lack of access to nationalized healthcare, the issue upon which the nation was founded. The dream of nationalized healthcare remains just that, a dream, which the martyrs and patriots have reached for through the years, battling against tyrannical Old World-types who natter on about something called "taxes".
Here in the District of Columbia, our taxes are 10%--10% sales tax AND 10% income tax. Huzzah! Now that's what I call freedom--freedom from an overburdened wallet.
Also, read on ClusterStock that the IOUs appear to be working just fine, being taken as cash equivalents by banks etc. Well, that's one less problem to worry about! I don't know why California is the only place that's figured out it can take care of its financial problems by printing notes.
California isn't the only one. Zimbabwe has been leading the field in that category. At first I thought you might have had an unspoken [outside of failed states], but what's the point of comparing California to going concerns?
Now that I come to think of it, the "success" of the Schwarzenbucks is an especially serious problem, in that it will allow California to put off resolution of the fiscal crisis. The public and (most of) the banks are accepting the new fiat, why worry about balancing the budget? The budget battle could drag out for months, even as there is no effective reigning in of expenses and the amount of unpaid IOUs outstanding pile up.
This could get ugly--the longer it goes, the higher the tab will be for the Federal government to bail them out, and the more damaging the political fallout from such a action. I still think (despite the Obama administration's protestations to the contrary) that it's likely, but it's not going to be pretty.
Of course they learned their lesson. Soak the investors, blame management, and hand everything of value over to the unions with the acquiescence of a compliant court. It may be a little hard to blame management since they ARE management, but I'm sure Schwarzenegger will find a way. I mean after all the ship was sinking long before he took the helm.
Why would the Fed be quiet about it? They would just declare IOUs to be a "legacy" asset (despite the fact that the ink on them is not yet dry), qualify them for purchase under one of the countless asset support programs, and proceed to buy them out of all the banks under the pretense of keeping the banking system from collapsing. Not sure why any subterfuge would be needed to do what they've already been doing.
The reason to maintain a low profile would be to prevent a "run on the bank" by every state, county & city with red ink. I still maintain that they don't dare open that can of worms.
What is the significance of the S&P cutting its 200 day average? Except for 2 days it was above it all through June. Does we need confirmation before we call a new downtrend?
"The governor is not against condiments. The governor's not against fruits of any kind," said spokesman Aaron McLear. "But he believes we ought to be focused on solving our budget crisis first...
40 comments:
....lack of highway construction?
....failing public school system?
....social security deficit?
FOURTH!!!!
No taxation without representation! I'll be drinking whiskey today which was the cause of a failed revolt.
9.25% here -- UGH!
What really kills me is when the LA mayor starts talking about charging for individual services, claiming the city's been "subsidizing" them previously. Gawd I hate politicians.
xls file here for all of California:
http://www.boe.ca.gov/sutax/files/city_rates.xls
The Boomers will happily steal from their own kids and grand-kids, bankrupting the entire populace if needed -- with no compunctions or remorse whatsoever -- if it means maintaining their iron-clad grip on power.
Never in this country's history has there been a generation of people so colossally incompentent.
The country will return to some semblance of sanity as the 1940's/1950's set is mercifully marginalized starting in around five years.
Shut up and pay your fair share you unpatriotic jerks.
"It's time to be patriotic ... time to jump in, time to be part of the deal, time to help get America out of the rut."
God bless you, Joe Biden.
Preserve this classic liturgy & response.
Church of the Dawg?
Just keeps getting better & better...
Whenever I get cranky I like to read about Cali and say to myself life is pretty sweet(tm) in hicksville. Thanks cali, you made my day again.
9.75% where I live. We must be paying the fairest share. Happy 4th.
Nothing like a system where achievers and risk takers have to give half back.
@Edgar -- "Whenever I get cranky I like to read about Cali and say to myself life is pretty sweet(tm) in hicksville."
Is that Nassau Cty, Long Island? Astounding property taxes there, I believe....
@con wrote: Is that Nassau Cty, Long Island? Astounding property taxes there, I believe...
Naw, central oklahoma. 8.5% sales tax, $800 annual property tax. We be gaining on you-ins in the bubbles department, better stand back...
@Rob: "What were those grievances with a remote and unresponsive government back in the 1700s?"
Lack of access to nationalized healthcare, the issue upon which the nation was founded. The dream of nationalized healthcare remains just that, a dream, which the martyrs and patriots have reached for through the years, battling against tyrannical Old World-types who natter on about something called "taxes".
Here in the District of Columbia, our taxes are 10%--10% sales tax AND 10% income tax. Huzzah! Now that's what I call freedom--freedom from an overburdened wallet.
$800 property tax?! Sweeeeeet! I just got my annual tax bill. Standard old 3/2 ranch house, a mere $3500. You got it good, mate.
Also, read on ClusterStock that the IOUs appear to be working just fine, being taken as cash equivalents by banks etc. Well, that's one less problem to worry about! I don't know why California is the only place that's figured out it can take care of its financial problems by printing notes.
California isn't the only one. Zimbabwe has been leading the field in that category. At first I thought you might have had an unspoken [outside of failed states], but what's the point of comparing California to going concerns?
Now that I come to think of it, the "success" of the Schwarzenbucks is an especially serious problem, in that it will allow California to put off resolution of the fiscal crisis. The public and (most of) the banks are accepting the new fiat, why worry about balancing the budget? The budget battle could drag out for months, even as there is no effective reigning in of expenses and the amount of unpaid IOUs outstanding pile up.
This could get ugly--the longer it goes, the higher the tab will be for the Federal government to bail them out, and the more damaging the political fallout from such a action. I still think (despite the Obama administration's protestations to the contrary) that it's likely, but it's not going to be pretty.
This could get ugly--the longer it goes, the higher the tab will be for the Federal government to bail them out
Nah, surely the government learned that lesson after GM. Didn't they?
Of course they learned their lesson. Soak the investors, blame management, and hand everything of value over to the unions with the acquiescence of a compliant court. It may be a little hard to blame management since they ARE management, but I'm sure Schwarzenegger will find a way. I mean after all the ship was sinking long before he took the helm.
http://www.moneyandmarkets.com/day-of-reckoning-8-34512
http://www.bloomberg.com/apps/news?pid=20601087&sid=aFtGuPKB2uWE
No wonder that nobody is buying anything.
Rob, please don't break down during the Michael Jackson funeral tomorrow.
Rob,
You don't suppose that the Feds could covertly support Cali by quietly buying up truckloads of IOUs?
Why would the Fed be quiet about it? They would just declare IOUs to be a "legacy" asset (despite the fact that the ink on them is not yet dry), qualify them for purchase under one of the countless asset support programs, and proceed to buy them out of all the banks under the pretense of keeping the banking system from collapsing. Not sure why any subterfuge would be needed to do what they've already been doing.
PV,
The reason to maintain a low profile would be to prevent a "run on the bank" by every state, county & city with red ink. I still maintain that they don't dare open that can of worms.
California's bond rating lowered to BBB -- Blame Baby Boomers. :-p
When will Casey Serin be tried, convicted, imprisoned, and executed?
Banks: No IOUs accepted after Friday
http://online.wsj.com/article/SB124692354575702881.html
Dear Dawgster,
I've located the perfect image for your blog: Erotica in Exurbia
I collect and like junk so maybe I'll buy some California bonds. Woohoo!
What is the significance of the S&P cutting its 200 day average? Except for 2 days it was above it all through June. Does we need confirmation before we call a new downtrend?
The reverse Casey Serin.
"The governor is not against condiments. The governor's not against fruits of any kind," said spokesman Aaron McLear. "But he believes we ought to be focused on solving our budget crisis first...
Amusing.
Dawg, slacker. Post somethin' mang!
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