Tag: capitalism

The real estate crash: We’ve only just begun

11:37 am

A real estate industry group today announced that there was a nine percent jump in foreclosures during the month of May.

RealtyTrac reported that 205,990 U.S. properties received filings last month, including default notices, scheduled auctions and bank repossessions, marking the first monthly increase since January. Bank repossessions climbed steeply, up 7% to 54,844, after hitting a four-year low in April.

The report also noted that foreclosures made up 26% of U.S. home sales in first quarter and that more than 30% of mortgage borrowers were still underwater.

As someone who just moved to Tucson and spent more than six months searching for and finally purchasing a home, I can add a bit of personal experience to these dry statistics. And my perspective is sadly not encouraging.
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Unless they can find a buyer the United Kingdom will close down its 3.8 meter infrared UKIRT telescope on Mauna Kea in 2013.

9:41 am

Telescope for sale: Unless they can find a buyer the United Kingdom will close down its 3.8 meter infrared UKIRT telescope on Mauna Kea in 2013.

This is a tragedy. A 3.8 meter telescope is no slouch and can do amazing research. The problem is that all the available money in ground-based astronomy is now being eaten up by the construction of giant telescopes in the 20 to 40 meter range.

What astronomy needs are some wealthy philanthropists who would like to buy these mid-sized telescopes, put their names on it, and finance their operation. This is how most big telescopes were made possible before World War II.

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Congressman Frank Wolf (R-Virginia) has backed down and modified the language he had inserted in the NASA budget bill that would have limited the number of commercial space companies NASA could subsidize.

3:59 pm

Good news: Congressman Frank Wolf (R-Virginia) has backed down and modified the language he had inserted in the NASA budget bill that would have limited the number of commercial space companies NASA could subsidize.

From Clark Lindsey:

Rep. Frank Wolf (R-VA) , who is Chairman on the Commerce-Justice-Science subcommittee of the House Appropriations committee, put language into the recent House budget for NASA that requiree NASA to down-select immediately to one primary contractor in the commercial crew program. This would obviously eliminate competition on price and rule out redundancy in case one system is grounded. He has now relented and is willing to allow for “2.5 (two full and one partial) CCiCAP awards”.

As I wrote earlier, the success of Dragon is putting strong political pressure on Congress to support the independent commercial space companies over the NASA-built and very expensive Space Launch System (SLS) that Congress had mandated. Expect to see more elected officials back down in the coming year, with the eventually elimination of SLS from the budget.

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Using video game software, Surrey Satellite has devised a way for nanosatellites to seek each other out and then dock to form a larger satellite.

8:01 pm

The competition heats up: Using video game software, Surrey Satellite has devised a way for nanosatellites to seek each other out and then dock to form a larger satellite.

If the STRaND-2 satellites are able to dock with one another, it opens up a whole new world of space engineering. Instead of building one large spacecraft, as in conventional satellite manufacturing, or using microsatellites flying in formation as is being developed currently, dockable satellites would be modular “space building blocks” according to [Surrey]. Satellites could be made as plug-and-play components that could be sent up in segments using smaller, cheaper rockets or piggybacked with other payloads and then linked together. This would not only be a cost savings, but would allow for much greater design flexibility. It would also make it much easier to repair, maintain, refuel or upgrade satellites. Today, a satellite with a failing power system is an expensive write off. Tomorrow, it would simply a matter of sending up a new power module.

Even the fight against space junk would benefit, since a dockable micro-satellite with a booster pack could easily dock with a dead satellite and either return it to the Earth’s atmosphere or out to a space disposal area.

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An Israeli company has discovered a giant off-shore oil and gas field within Israeli territorial waters.

9:36 am

An Israeli company has discovered a giant off-shore oil and gas field within Israeli territorial waters.

“The quantity of gas discovered in the licenses, and the high probabilities, make it the third largest offshore discovery to date,” according to Israel Opportunity chairman Ronny Halman, quoted by Globes. He added, ”This quantity guarantees Israel’s energy future for decades, and makes it possible to export Israeli gas, and boost the state’s revenues without worrying about gas reserves for domestic consumption.”

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An economy built to stall

8:48 pm

“An economy built to stall.”

In his first two years in office, Democrats gave Mr. Obama everything he wanted, save for cap and trade and union card-check, which would have done even more harm to job creation. They passed stimulus, ObamaCare, multiple housing bailouts, Dodd-Frank and more.

Even after Republicans took the House, they gave Mr. Obama the payroll tax holiday he demanded first for 2011 and again for 2012. Far from some new fiscal “austerity,” overall federal spending hasn’t declined. Meanwhile, the Federal Reserve has delivered monetary stimulus after stimulus—QE I, QE II, Operation Twist, and 42 months of near-zero interest rates with the promise of 30 months more.

Mr. Obama has had the freest run of policy of any President since LBJ. So maybe the problem is the policies.

Maybe Milton Friedman was right that “temporary, targeted” tax cuts don’t change the incentives to invest or hire because people aren’t stupid. Maybe each $1 of new federal spending doesn’t produce a “multiplier” of 1.5 times that in added output. Maybe the historic burst of regulation of the last three years has harmed business confidence and job creation. And maybe the uncertainty that comes from helter-skelter fiscal and monetary policy has dampened the animal spirits needed for a durable expansion.

As I said yesterday, though no president or Congress is entirely to blame for the state of the economy, they both can do great harm if they make decisions that interfere with the freedom of the market. And sadly, having the government interfere with the freedom of the market has been Obama’s mantra since the day he took office.

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Environmental activists have launched a petition drive to stop SpaceX from building a commercial spaceport in Brownsville, Texas.

1:45 pm

The wrong side of history: Environmental activists have launched a petition drive to stop SpaceX from building a commercial spaceport near Brownsville, Texas.

“I love the space program as much, if not more, than anyone,” said Environment Texas Director Luke Metzger. “But launching big, loud, smelly rockets from the middle of a wildlife refuge will scare the heck out of every creature within miles and sprays noxious chemicals all over the place. It’s a terrible idea and SpaceX needs to find another place for their spaceport.”

This guy obviously doesn’t know that almost all of the Kennedy Space Center is a wildlife refuge, and a successful one at that. But then, what do facts have to do with most environmental causes?

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