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.
Monday, December 22, 2008
Riverpunk'd
Just a quick post while I get the ever growing MAXfest organized.
California Municipal bonds are getting slammed. Here's a new one:
Rio Elementary
So what? A poorly performing school district needs money. Well look at the details.
Maturity 9/1/2028
RIO CALIF ELEM SCH DIST CMNTY
Coupon 5.120%
Yield 11.000%
Price $53.07
Call date 9/1/2012
Call Price $102.00
The reason they need the money? They built a shiny new poly-million dollar school and administrative complex to support Riverpark. Gee, ya think this is gonna end well? And as a side note; 11% double tax free is a more than 19% taxable equivalent.
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Maybe they can hire more teachers that way, the CTA needs more Union members to vote for more Democrats in Sacramento.
Oh Firsting Mursting.
Ho Ho Ho - It's Santa Flipper Clause
Hot for teacher!!!
Santa F. Clause
So Rob Dawg...what's the down side? Has any local muni ever defaulted on it's bonds? What happens then?
That's gonna leave a mark.
Japan Reports 27 Percent Drop as Regional Trade Slows
Japan's stunning decline in exports is being echoed across Asia, where country after country is reporting data that has exceeded even the grimmest forecasts. Thailand said yesterday its exports in November fell by nearly 19 percent, the most in 17 years. Similarly, Taiwan's exports fell 23 percent in November, and a government report on future export orders set to be released today is expected to show another steep drop.
China had reported that its November exports took their biggest dive in seven years -- a drop that has reverberated across Asia because China has become the largest export market for many of its neighbors. Japanese shipments to China fell 25 percent, the steepest decline in 13 years, the Japanese Finance Ministry said.
Card/Glass houses do tend to fall to pieces in the end (because most people are greedy Mofos who suck these daze).
No surprise at the Asian export drops.
How many salad shooters or lead-paint Barbies do developed nations really need anyway?
Want a big-screen TV?
Buy it in February from the guy on craigslist who's trying to make his mortgage after losing his job.
In other news, California is out of money in February:
http://www.breitbart.com/article.php?id=D9582CHG0&show_article=1
How's this for a headline:
Obama to Oxnard: Drop Dead
How easy would it be to convert this to a youth prison facility? Imagine the great paying jobs it would bring to the economy in these tough times.
I bailed on my CA Tax-Free muni fund (FKTFX) a couple of months ago. Yield had been continuously dropping, then the share price plummeted near my sale. I voted 'No confidence in California' with my money.
Scary times.
Investors sue over buy-to-let losses
Amusing typical California comment thread in regards to this Marin Metallica guy's metal fence.
Commercial Real Estate Industry Seeks U.S. Aid
The real estate industry is going to the government for help because "they can," said Jim Sullivan, a managing director at Green Street, a real estate research firm in Newport Beach, Calif.
"They see what everybody else has gotten," he said. "Real estate is a capital-intensive business and there is no capital. They'll take cheap money from whoever is giving it out, and now there's only one source -- the government."
Hi Rob,
Merry Christmas to you and your family, as well as all of you regular EN readers. Let's hope that 2009 will be better than 2008! Please...
Lou
@Lou,
Let's hope that 2009 will be better than 2008! Please...
Agreed (given the "holiday" season I won't add a pessimistic aside).
Let's hope we dig ourselves out of this hole ASAP.
Merry X-mas!
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