Tag: politics

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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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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“So come and get me if you must, Mr. President. I will not bow to your wicked regulation.”

2:21 pm

We’ve only just begun: “So come and get me if you must, Mr. President. I will not bow to your wicked regulation.”

James Dobson is not to be taken lightly. Under the Obamacare HHS contraceptive mandate, his organization, Focus on the Family, would not qualify for any exemption and would be required to pay for contraceptives and abortion drugs. And if Dobson’s organization defies the federal government here, expect very loud fireworks, as Focus is very large with a very large following.

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Tone deaf: The union representing maintenance crews at Belmont is threatening to go on strike on Friday, just prior to the Belmont Stakes where the horse “I’ll Have Another” has a chance to win the Triple Crown.

11:47 am

Tone deaf: The union representing maintenance crews at Belmont is threatening to go on strike on Friday, just prior to the Belmont Stakes where the horse “I’ll Have Another” has a chance to win the Triple Crown.

With more than 100,000 fans expecting to attend the race as well as millions more watching on television, a strike will do wonders in sealing the union’s image in the public’s eye.

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According to a new poll, the number of voters who consider themselves independents is now the highest in seventy-five years.

9:01 am

Good news: According to a new poll, the number of voters who consider themselves independents is now the highest in seventy-five years.

If you call yourself independent, it means you intend to keep an open mind about who to vote for. It means you have decided that loyalty to party affiliation is not a reason to vote for a candidate. It means that you have decided to reject conventional wisdom and go your own way.

It doesn’t necessarily mean you will make a wise decision, but it does mean that on the whole the American electorate has decided our government needs a new approach, and that knee-jerk loyalty to the established political parties is not the way to get it.

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The U.S. Drug Enforcement Agency has asked the Utah state legislature for permission to scan the license plates of all cars driving on Interstate 15.

7:18 pm

What could go wrong? The U.S. Drug Enforcement Agency has asked the Utah state legislature for permission to scan the license plates of all cars driving on Interstate 15.

Worse, they are already scanning plates in Texas and California, and plan to add Arizona to the list.

I especially like this quote from a Utah legislator in response to the request. “I’ll be quite frank with you. A lot of us in Utah don’t trust the federal government.” Do tell.

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More colleges have announced plans to drop their student healthplans due costs imposed by Obamacare.

10:51 am

Repeal it! More colleges have announced plans to drop their student healthplans due costs imposed by Obamacare.

Lenoir-Rhyne University of Hickory, N.C., the University of Puget Sound in Tacoma, Wash., and Cornell College in Mount Vernon, Iowa—all private liberal-arts colleges—have told students they are dropping school-sponsored limited-benefit insurance plans starting in the fall. The three colleges said students’ premiums would have gone up roughly tenfold, and they said they could no longer justify making students sign up if they didn’t have their own insurance. [emphasis mine]

And if they don’t drop their healthplan?

The State University of New York at Plattsburgh said its 2011-2012 premium was $440 for a plan that covered up to $10,000 for each injury or sickness. Officials said the premium for the coming year would be $1,300 to $1,600 for a plan that meets the new requirements. The school will continue to require students to carry insurance, either through the school or not.

How’s that hope and change working out for you, students?

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A bank run by an Obama bundler has gotten an Republican-led House committee to exempt that bank from provisions of the Frank-Dodd act, saving the bank $300 million.

5:07 pm

Bipartisan corruption: A bank run by an Obama fund-raiser has gotten an Republican-led House committee to exempt that bank from provisions of the Dodd-Frank act, saving the bank $300 million.

Any law that allows legislators to grant individual waivers isn’t a law at all but a form of extortion: Pay up or you won’t get your exemption. Dodd-Frank, as well as much of all the legislation passed by Congress in the past decade, should be repealed so that everyone gets the exemption.

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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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Not good: The Labor Department announced today that the U.S. economy only added 69 thousand jobs in May, the fewest in a year.

10:39 am

Not good: The Labor Department announced today that the U.S. economy only added 69,000 jobs in May, the fewest in a year.

The unemployment rate went up slightly as well, Labor also adjusted downward the number of jobs created in the past two months to terribly comparable numbers.

While no president is ever entirely responsible for the state of the economy, Barack Obama’s policies have certainly done significant harm. High regulation, Obamacare, and a clear hostility to private enterprise in all fields except space exploration has helped produce what appears to be the longest period with a floundering economy in my lifetime.

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The trial of seven earthquake scientists in Italy on charges of manslaughter for not correctly predicting the earthquake in L’Aquila continued yesterday with each of the defendants testifying.

7:14 pm

The trial of seven earthquake scientists in Italy on charges of manslaughter for not correctly predicting the earthquake in L’Aquila continued yesterday with each of the defendants testifying.

The trial will not resume again until the fall.

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A government study has found that the more educated in science and math an American is the more likely they will be skeptical of the dangers of global warming.

8:28 am

A government study has found that the more educated in science and math an American is, the more likely they will be skeptical of the dangers of global warming.

The results of the survey are especially remarkable as it was plainly not intended to show any such thing: Rather, the researchers and trick-cyclists who carried it out were doing so from the position that the “scientific consensus” (carbon-driven global warming is ongoing and extremely dangerous) is a settled fact, and the priority is now to find some way of getting US voters to believe in the need for urgent, immediate and massive action to reduce CO2 emissions.

Having discovered that educating the public will defeat these activists in their goals, the researchers than suggest, like Paul Krugman, that maybe the U.S. government should stop trying to educate people and focus on fake propaganda instead.

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