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Wednesday, April 23, 2008
The Light's of Grand Central - revisited
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Labels:
energy efficient,
environment,
global warming,
grand central,
LEDs,
lights
Friday, April 18, 2008
Wednesday, April 16, 2008
US army robot suits tested
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgC0fIBGGbqlehN9yyoYhLN9y53j9f1LhBEzTav43tvhedBlCSX9Ccmvux6-TZRB-CcfvLShjVkOjaH7Qvvd8_oah0s4rubKD4YBIQ1KsMlHxM6kGSmQKFDxBfkMeAa2qRbCJHxlBwQoWzW/s320/Picture+2.png)
Naw I don't need a hammer to pound those nails - I'll just use my fist.
BBC NEWS | Technology | US army robot suits tested
Okay - I just found this kinder gentler version that isn't quite so bulky:
Monday, April 14, 2008
She's Baaaack...
Randi Rhodes is now back on another station and I consider this to be a very good thing in the progressive movement in America.
This country belongs to all of us Progressives and Conservatives alike. On the other hand if you're a conservative I just have to ask, "have you noticed the condition of our country?"
Click on http://www.novamradio.com/live/stream.php and choose the last of the three links to stream through iTunes. Support the message in any way you can.
This country belongs to all of us Progressives and Conservatives alike. On the other hand if you're a conservative I just have to ask, "have you noticed the condition of our country?"
Click on http://www.novamradio.com/live/stream.php and choose the last of the three links to stream through iTunes. Support the message in any way you can.
Labels:
air america radio,
nova M radio,
randi rhodes
Thursday, April 10, 2008
What Exactly Does He Mean By That?
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There is an underlying idea that politicians have more common sense then the rest of us, that they somehow know better and should therefore be given free rein to do whatever they damn well please. To be specific on this Bloomberg wanted the congestion tax levied on anyone entering the city within certain streets. As far as it goes, at least on the surface it sounded like a good idea. On the other hand it is exactly the same plane that has already been put into place in London and has been declared a dismal failure in the reduction of traffic. Where it has been successful is as a money raiser. A tax without calling it a tax - let's call it "pricing." Right. Also, as a person who, in terms of taxation lives in the city, but as an occasional driver across the 59th street bridge is someone who does not live in the city. Bloomie ya' can't have it both ways. Those of us who live across the river are also a part of the New York community.
Now let me get to that offhanded remark concerning the so called fear that political leaders have of (us) their constituents. Lets get real. The people we elect are supposed to be responsive to our needs. What Bloomberg has called fear I am going to take as another word for respect. So, I'm not saying that they should be afraid of us, but at least they should have enough respect for us and our opinions that they'll listen and take what we have to say seriously. We are not children. We did not elect a parent. A politician that does not have a certain and healty amount of "fear" of his constituents is called a King or a Queen. Politicians are not in the positions that they are in because they know so much more than the common man, but because the common man elected them fully trusting that the decisions they make will be just and representative of their constituents. The reason that the US is at war with Iraq is due in large part to the fact that we currently have an administration in office that has no fear whatsoever of their constituents. What a better world it might be if only they did. . .
Friday, April 4, 2008
Re: STATEMENT OF AIR AMERICA RADIO, FROM CHAIR CHARLIE KIREKER | Air America Radio
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Get real Charlie. While I believe that the usual message that Air America delivers is what progressives want and need to hear, I also believe that its actions in this matter are counter progressive and work to support a very conservative position. Randi Rhodes has been the jewel in the crown of the progressive movement. Suspending her is the stupidest thing I can imagine, and represents the sort of pissy and scolding type of behavior that I would expect of the repressive Bush administration and the formerly Republican congress.
I notice that there is a lot of talk around the net and even on this blog calling for a boycott of Air America until Randi is reinstated. I want you to know that I reject that idea because it will not get the message across.
I am calling for a boycott of all advertisers and asking that people take the time to call each advertiser and tell them that you would never think of doing business with them until Randi Rhodes is not only reinstated but offered a sincere apology as well.
Hit Air America in the pocketbook.
When that happens they will listen to us.
Here are a few numbers, that I will continue to update, to get everyone started (listen for others on the air and call them as well):
The Nation Magazine 800-999-6863
Zoom Credit 888-367-2144
ITM Trading 888-696-4653
Sears Kitchens 800-264-9994
Debt Solution Adviser 877-712-8114
Education Connection 36educationmatching.com 561-912-1855
Senior Lending Network 800-995-4290
Jay Warren Financial 888-912-9090
Direct Buy 800-711-1052
General Steel Corp 800-965-1295
My Debt Negotiation 800-651-5279
Power Tax Relief 888-931-5511
Swiss America 800-818-3967
Novation Capital 800-260-5446
SEOP Internet Sales 800-819-8329
Diabetic Testing 800-368-6704
Company Corporation 800-499-8458
Term Life Insurance 800-430-6722
American Tax Relief 800-622-5931
STATEMENT OF AIR AMERICA RADIO, FROM CHAIR CHARLIE KIREKER | Air America Radio
Warning: Video Contains Strong Language
Labels:
air america,
randi rhodes,
remarks,
san francisco,
suspension
Monday, March 31, 2008
Moonie Evolution
Online Videos by Veoh.com
All I can say is ya' gotta watch this. I simply do not know what to think. If you believe this stuff (and I tend toward that position) you are led to ask the obvious question:
What the hell is going on?
Labels:
moonies,
politics,
right wing,
Sun Myung Moon,
washington times
Friday, March 28, 2008
Seeing is media is believing media?
Thursday, March 13, 2008
More On Obama - And Change
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The following opinion (letter to the editor ) was posted in the Metro paper this morning by Benjamin A. Sperling:
"What is Barack Obama changing?
It is a sad but true testament to the intelligence of this nation when a populist with no credentials whose only positive is a vote against the Iraq war can even be allowed to run for president. I have asked many Obama supporters why they are voting for him and the response is always that he promotes change. What is he changing? None of them know. How will he do it? Again, no response. Is it just that he speaks eloquently? Please, someone tell me why?"
I've heard this question asked many times before, and I've decided to take this opportunity to respond with my view. In case they choose not to print my letter - this is the answer that I sent off about an hour ago to the Metro and Mr. Sperling. . .
In response to the question raised by Benjamin A. Sperling in Thursday's edition of the Metro: "What is it that Barack Obama changing?" Have you been listening to the so-called campaign tactics of Ms. Clinton? She has stated publicly that sees herself and John McCain as experienced, but calls Obama nothing more than a speechmaker. Mr. Obama is changing that willingness on the part of a presidential candidate to do anything to win - even at the cost of one's own party. And let us examine the question of experience once and for all: Have you noticed that the man in the White House right now has seven years of experience behind him, and that such experience clearly does not qualify him to be President? Experience in office or in public service is not the measure of who will be the best person for the job. Who it is that people are supporting in this call for change is a person with life experience who knows how to communicate clearly with the rest of the world as our representative. Based solely on Mr. Obama's ability to speak diplomatically, passionately and persuasively he will most certainly change the current bullying tactics of the Bush administration. Change is what it's all about Mr. Sperling. Let me ask you a question. Do you really want things to stay the way they are?
Wednesday, March 5, 2008
The Light's of Grand Central
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In the film, "An Inconvenient Truth" it was noted that we could each take personal responsibility for the planet. In my house we have indeed switched to the CF (Compact Florescent) bulbs. The following is a quote from the energystar.gov site: "If every American home replaced just one light bulb with an ENERGY STAR qualified bulb, we would save enough energy to light more than 3 million homes for a year, more than $600 million in annual energy costs, and prevent greenhouse gases equivalent to the emissions of more than 800,000 cars." In our home we have switched out all the bulbs. What's keeping Grand Central from doing the same?
In December here was a lot of talk around the New Year's ball on Times Square being converted to LCD lights and the amazing amount of energy being saved. As I look back now, I'm seeing all that media coverage as so much smoke and mirrors; a slight of hand distracting our collective attention away from something economically and environmentally meaningful. If energy efficient bulbs are good enough for my home and your home, then I would think that they are plenty good enough for our transportation cathedral. Will it continue to be beautiful if all of the bulbs are replaced with energy efficient alternatives? Of course it will: have you not seen the place?
Labels:
environment,
global warming,
grand central,
lights
My Flickr
Sounds somehow wrong, doesn't it?
http://www.flickr.com/photos/xozoome/ is a link to my Flickr web page and I'm trying to figure out why it's better to use Flickr than to simply upload images right here into the blog. I'm sure that the answer will soon become apparent. it is only recently that I've figured out how to upload a video to the blog. Here's one that I shot yesterday as I was heading home and encountered the mob scene at Grand Central (where by the way I've recently taken issue with the thousands of tungsten lights used throughout the building). But that's another post (my next one) titled The Light's of Grand Central which is an editorial essay that the Metro New York paper refused to print.
http://www.flickr.com/photos/xozoome/ is a link to my Flickr web page and I'm trying to figure out why it's better to use Flickr than to simply upload images right here into the blog. I'm sure that the answer will soon become apparent. it is only recently that I've figured out how to upload a video to the blog. Here's one that I shot yesterday as I was heading home and encountered the mob scene at Grand Central (where by the way I've recently taken issue with the thousands of tungsten lights used throughout the building). But that's another post (my next one) titled The Light's of Grand Central which is an editorial essay that the Metro New York paper refused to print.
Monday, March 3, 2008
Barack H. Obama
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I pulled the image from http://www.flickr.com/photos/tsevis/
Thanks
Labels:
america,
barack,
barack hussein obama,
hussein,
obama
Wednesday, February 20, 2008
Yes, yes I know...
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Frankly, with that being said I've only seen the social bookmarking thing in passing in the past, and never took the time to investigate it. Now that I have I suppose that it will take over my life like some sort of alien life form - and I'll be driven to heat my house to 100 degrees and maintain that temp at all times. After seven days when I determine that the temp is stable I will grow pods in the basement and pay obeisance to my cat. Not that that's anything that could really happen... and has never happened before... or anything.
Have I ever mentioned that I love sci-fi?
Oh the image of the guy on the road you ask: well funny thing I was on a flight to Rome, flipping through a French language magazine (wow I sound so cosmopolitan) when I came across this pic. What you may not be able to determine because you don't know me that well is that this guy looks one hell of a lot like me - if I decided to become a biker or something - but still he looks very much like me even to the way I stand. Yes Virginia I have a doppelganger, and this is not the Twilight Zone.
Labels:
del.icio.us,
media,
movies,
sci-fi,
strangeness
Friday, February 1, 2008
Graffiti is art - when I like it
The fact is that I hate the scrawled scribbles of idiots that feel the need to express their unhappiness to the world through aerosol excreta. I actively campaign against what has been splashed across walls in my neighborhood, while at the very same time I admire and enjoy the work of artists who choose to place their art where anyone can view it for free. Who decides what is what? Well, I do ,of course.
No really, I'm of the opinion that even the likes of SLAG would agree that once you've seen his (or her) name done up in bright purple with a yellow drop shadow - you've seen it. There is really no particular need to see it everywhere on every stone wall or subway station. At the same time when I look at the amazing work of such as Banksy (click on the "outdoors" link and use your scroll on the bottom of the page to move right) in London I am amused, moved and humbled.
It may seem to you as if I am torn on this issue, but I assure you that I am not. Graffiti Art and graffiti litter are not the same but for the materials used and the general placement choices. If Michaelangelo had painted his name on the ceiling I do not think there would be even the slightest discussion of it's merit. Perhaps some gang members of the time had done such a thing and "Mikey" was hired by the Medicis to cover it up...
I suppose that should admit that sometimes I do encounter examples that at least in my mind walk the borderline between crap and art. Yesterday I encountered one of these and made the decision that when I passed that spot today I would shoot a short video of it. Imagine my disappointment when I passed the location and found that it had been wiped away. If only sanitation worked so quickly when I call about the blight in my neighborhood. Still, I missed my chance - so I'll just have to tell you about it: Someone using a marker (clearly no the permanent sort) placed a perfectly straight line across the white tiles of the wall of the escalator up from the 7 train into Grand Central. Obviously the marker wielder braced their hand on the rail and held the tip of the marker to the wall while they rode up. There were a couple of random points in the continuous line where the "artist" moved the marker so that the line took on a wave shape for maybe 10 inches of so before becoming straight once again. That was it, except for the single word printed at the end of the line, "Hi."
So was it art or vandalism? Perhaps it was both, or neither, but I found it interesting, and let's face we've all seen an extraordinarily valuable solid blue canvas hanging on the wall of MoMA.
At this point I'm kind of tempted to get a marker; replicate what I saw then video it as I wanted to do - and then go back and wipe it away, but it really wouldn't be the same. . .
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjRG7MJwEWT0pGOozcGw-I6LxXfEe7B9mWprVYwPym6qkuqFFbk2BV_U_vTg_OTc6xCrNDE8ZsEMEN68WZyxMx-scSjYwsgT96rbohwy0jcPc2giJPuqG9rbHHBOtVbhJnmhXAYoOb7yWSJ/s320/piltonfrisk.jpg)
It may seem to you as if I am torn on this issue, but I assure you that I am not. Graffiti Art and graffiti litter are not the same but for the materials used and the general placement choices. If Michaelangelo had painted his name on the ceiling I do not think there would be even the slightest discussion of it's merit. Perhaps some gang members of the time had done such a thing and "Mikey" was hired by the Medicis to cover it up...
I suppose that should admit that sometimes I do encounter examples that at least in my mind walk the borderline between crap and art. Yesterday I encountered one of these and made the decision that when I passed that spot today I would shoot a short video of it. Imagine my disappointment when I passed the location and found that it had been wiped away. If only sanitation worked so quickly when I call about the blight in my neighborhood. Still, I missed my chance - so I'll just have to tell you about it: Someone using a marker (clearly no the permanent sort) placed a perfectly straight line across the white tiles of the wall of the escalator up from the 7 train into Grand Central. Obviously the marker wielder braced their hand on the rail and held the tip of the marker to the wall while they rode up. There were a couple of random points in the continuous line where the "artist" moved the marker so that the line took on a wave shape for maybe 10 inches of so before becoming straight once again. That was it, except for the single word printed at the end of the line, "Hi."
So was it art or vandalism? Perhaps it was both, or neither, but I found it interesting, and let's face we've all seen an extraordinarily valuable solid blue canvas hanging on the wall of MoMA.
At this point I'm kind of tempted to get a marker; replicate what I saw then video it as I wanted to do - and then go back and wipe it away, but it really wouldn't be the same. . .
Thursday, January 31, 2008
Blog on Blogging
A week ago I had no blog and now I'm writing three of them. "What the hell has happened?" you ask, with a puzzled expression on your face. The same thing that always happens - I become immersed in the things that I take on. I begin to see applications and pathways expanding from the original ideas that I'm exposed to. This is the way I always do things. It's the way I do software; the way I became a sculptor and moldmaker, and then a writer and film-maker. The fact is that when I am interested - I am really interested. The idea of a blog only had meaning to me as something abstract, until I was given the assignment of putting one together for class. Part of the assignment was to make a couple of posts to the blog within a couple of weeks. I know, I know I'm the overachiever sort. I simply can't help myself. I took that couple of postings to mean posting at least once a day if I could find something to post about. Clearly, I have no problem in that area. I should have known by the evidence at hand: I spend too many nights unable to sleep because of so many ideas clamoring for my attention.
Who knows where this will lead?
Perhaps in a couple of years I'll find myself standing in front of a group of anonymous people saying these words, "hello - my name is Jon and I (see me - pulling myself up and squaring my shoulders - in the face of making the terrible admission I'm about to make) . . .am a blogger. "
Who knows where this will lead?
Perhaps in a couple of years I'll find myself standing in front of a group of anonymous people saying these words, "hello - my name is Jon and I (see me - pulling myself up and squaring my shoulders - in the face of making the terrible admission I'm about to make) . . .am a blogger. "
Wednesday, January 30, 2008
I love this kinda thing
I've been researching for a narrative film script that I'm working on with two partners. Our story revolves around a simple alternative to fossil fuels. I came across this a couple of days ago:
Very interesting.
OMG - it's a day later and I've convinced myself! As I looked at what was being offered it became more than interesting to me and I bought the books. I'll be in the process of converting my car (a '97 Honda) over the next few weeks. I'll post updates of my progress in this blog (or I may start another one just for that exploration). Well there you are - I did start another blog beginning with a copy/paste of this posting. If you want to see that one which will document my experience...
You Can Get There From Here.
The more I look at the technology the more I like it. In the meanwhile I've signed on as an affiliate so that others can get the information as well.
If you want to support my experiment you can begin by Clicking Here.
Very interesting.
OMG - it's a day later and I've convinced myself! As I looked at what was being offered it became more than interesting to me and I bought the books. I'll be in the process of converting my car (a '97 Honda) over the next few weeks. I'll post updates of my progress in this blog (or I may start another one just for that exploration). Well there you are - I did start another blog beginning with a copy/paste of this posting. If you want to see that one which will document my experience...
Tuesday, January 29, 2008
Life On The Street
As I was leaving Union Square last night I was confronted by a terribly thin man who sat with his back against the wall of a building. He held a sign declaring that he was homeless and a veteran. He was bearded and garbed in several layers of rather dirty clothing. He was shaking the change he'd collected in an old stained cardboard coffee cup, and asking for donations from passersby. He had the look of someone who really did need assistance. Having no money to give I handed over a half of a sandwich that was left over from my lunch. He took it, though somewhat grudgingly, and asked me if the bread was organic. . .
Monday, January 28, 2008
Saturday, January 26, 2008
The Great Temple of Apple
Thursday night the worst possible thing happened. My iPod died! It simply stopped working; a black screen. Honestly, I did everything I could to save it: I pressed the Menu and Select buttons for a full 5 to 8 seconds, I switched the Hold control back and forth until my fingernail was in danger of being bent backwards, I considered mouth to mouth but alas, to my surprise, I could find no mouth. Taking desperate measures I escalated the issue to the next level and made an appointment with the Mac Genius iPod expert at the store on 5th Avenue. I carefully selected the 5:40 time slot considering the length of the journey, crowd density, and subway issues so that I would be able to arrive on time. True to the way of things the subway did have a problem and I was forced to get off several long blocks away from my destination. I hurried along the windy and frozen streets, knowing that if I arrived late they would give my spot away to someone else. It was 5:35 when I entered the Mecca of all that is Macintosh and hurried to the iPod bar. I was early! Success. I was greeted by a smiling energetic person, who was somewhat reminiscent of a Scientologist offering to give people "personality tests" in the subway. I was informed that, yes my appointment was for 5:40 - A.M! (insert stunned pause here) OMG, I was almost exactly 12 hours late! (or early - I never did figure out which) I immediately threw myself upon the mercy of Mac, and the greeter took pity on me. He introduced me to Eyven, a woman higher up in the chain of command - obviously a young goddess in the organization - who made the decision that I would still be given sanction to see a real Mac Genius. I had been granted favor. I was in. The Genius, for his part, quickly looked at my iPod, pushed buttons, hummed a little tune, tapped a pencil on the counter and then took my hand to lead me in prayer over the deceased. With that ministration completed he poked at his keypad with the pencil and handed me a brand new toy. Just like that. I gratefully kissed his ring. As I thanked him and stepped away I was instructed to say a couple of, "Hail Jobs - full of ideas, clever are thy works," and I was released, squinting and bedazzled, into the PC dominated world above.
In conclusion I wish to state for the record that in spite of vicious rumors circulating the net, the great and wondrous Apple is not a cult, and all people who enter the building are exactly the same people when they leave .
Really. . .
We, are the same now.
In conclusion I wish to state for the record that in spite of vicious rumors circulating the net, the great and wondrous Apple is not a cult, and all people who enter the building are exactly the same people when they leave .
Really. . .
We, are the same now.
Friday, January 25, 2008
Lose $10B? Open a new office.
Citi Loses Almost $10B, Slashes Dividend - washingtonpost.com: "The news sent Citigroup's shares skidding 7 percent, wiping away almost $10 billion in market value on top of the $125 billion the shares already have lost over the past year."
So let me get this straight: Citibank is in the midst of a downturn to the tune of nearly $10Billion just in the last Quarter. Right. Lets put this in perspective: if a person were to count $10Billion by hand figuring 1 bill counted each second it would require 347 years! (Amount derived from http://www.zodl.net/billion.htm) Let's just say that it's a lot.
Considering that I'm not really all that good with numbers and can only guess at what the hell is actually going on with the banks who lent money for mortgages - with stipulations in the mortgage contracts that specify while the interest rates were low the payments would remain low, but if the interest rates when up the payments would go up.
Okay, that sounds pretty simple on the surface of it. Still I'm left with questions: how do the interest rates go up? I mean who is in control of that seemingly arbitrary number? I've actually included an answer to that question below, but don't get all excited. Its not really all that satisfying.
Money, in truth, is only an agreed upon idea of exchange; of value.
My wife and I have a fixed rate loan with another company so it's not an issue for us, but I need to think of it this way, if my payment can remain the same throughout the term of the loan - that means that the bank is willing to accept that amount of interest being paid. That's a decision that we all agreed to, but lets face it when interest rates go up the bank is in no way losing money because I'm paying less than the guy who buys a house now at the new rates.
So how is it beneficial for a bank to foreclose on a homeowner when the interest rates become so high that the owner cannot make the payments? Wouldn't it make more sense for the bank to continue to accept ongoing payments from that customer.? Isn't an ongoing payment better than no payment? Why would a bank want to force a family out of their $100,000.00 home because they can only pay $800.00 per month instead of $2400.00? The bank is then left with a house it doesn't want so they're willing to sell the foreclosed home at a fraction of the $100,000.00 value. Sometimes no one wants the house because the entire neighborhood have been foreclosed upon and people don't want to live or invest in ghost towns. How does this benefit the bank or the homeowner? It only benefits the investor who has scored a major deal because of someone else's pain.
As I mentioned above I did some wandering on the net and found the following explanation on who sets the mortgage rates: "... huge banking conglomerates like Citigroup Inc. and Wells Fargo & Co. answer to a higher mortgage rate power -- namely, the secondary market. The secondary market is where Fannie Mae, Freddie Mac and other mortgage investors ply their trade. These huge agencies -- which were founded with government help decades ago to make the mortgage lending process more efficient -- purchase loans that lenders make, then either hold them in their portfolios or bundle them with other loans into mortgage-backed securities. Those securities get sold to mutual funds, Wall Street firms and other financial investors who trade them the same way they trade Treasury securities and other bonds.As a result of this business model, investors -- rather than bankers or mortgage brokers -- are in the driver's seat when it comes to setting mortgage rates." http://www.bankrate.com/brm/news/mtg/20020722a.asp
So again we're looking at investors being the driving force behind the interest rates and consequently the rate of foreclosure. Yet I cannot continue to believe that having a steady payment over a period of years amounting to $100,000.00 is not at least equal to or better than nothing at all or a fraction of the actual value.
Ultimately, it appears to me, that all of this is about interest being equal to how much can be squeezed out of the consumer at any given moment. I suppose in some circles (say the character played by Michael Douglas in the film Wall Street) that philosophy is all that there is. Whether we like it or not we do live in a society governed by investors. It's an all American thing. Super wealthy investors in China and Saudi Arabia are buying up quite a lot of all that is American. They want to play the game too. To the investor - the game is to be richer, isn't it?
So what does the largest bank in the US do when they have just posted the largest loss in their history? They open a brand new branch, polished and gleaming, high tech and marvelous in every way, just outside the Grand Central Station exit to Park Avenue. I don't suppose they had to get a loan to do that.
You can bet that on this day investors are exulting at their win (convoluted though it might be to people like me), what they have made, the money in their pockets, the luxury cars they drive, the lives they have manipulated, and the unknown families; losers, who did not play the game very well at all. They can go on home now to posh lives of forgetfulness and denial and visions of more ways to gather more wealth. Today they have all the money they've ever wanted. Tomorrow however... will be a new day with a new interest rate.
So let me get this straight: Citibank is in the midst of a downturn to the tune of nearly $10Billion just in the last Quarter. Right. Lets put this in perspective: if a person were to count $10Billion by hand figuring 1 bill counted each second it would require 347 years! (Amount derived from http://www.zodl.net/billion.htm) Let's just say that it's a lot.
Considering that I'm not really all that good with numbers and can only guess at what the hell is actually going on with the banks who lent money for mortgages - with stipulations in the mortgage contracts that specify while the interest rates were low the payments would remain low, but if the interest rates when up the payments would go up.
Okay, that sounds pretty simple on the surface of it. Still I'm left with questions: how do the interest rates go up? I mean who is in control of that seemingly arbitrary number? I've actually included an answer to that question below, but don't get all excited. Its not really all that satisfying.
Money, in truth, is only an agreed upon idea of exchange; of value.
My wife and I have a fixed rate loan with another company so it's not an issue for us, but I need to think of it this way, if my payment can remain the same throughout the term of the loan - that means that the bank is willing to accept that amount of interest being paid. That's a decision that we all agreed to, but lets face it when interest rates go up the bank is in no way losing money because I'm paying less than the guy who buys a house now at the new rates.
So how is it beneficial for a bank to foreclose on a homeowner when the interest rates become so high that the owner cannot make the payments? Wouldn't it make more sense for the bank to continue to accept ongoing payments from that customer.? Isn't an ongoing payment better than no payment? Why would a bank want to force a family out of their $100,000.00 home because they can only pay $800.00 per month instead of $2400.00? The bank is then left with a house it doesn't want so they're willing to sell the foreclosed home at a fraction of the $100,000.00 value. Sometimes no one wants the house because the entire neighborhood have been foreclosed upon and people don't want to live or invest in ghost towns. How does this benefit the bank or the homeowner? It only benefits the investor who has scored a major deal because of someone else's pain.
As I mentioned above I did some wandering on the net and found the following explanation on who sets the mortgage rates: "... huge banking conglomerates like Citigroup Inc. and Wells Fargo & Co. answer to a higher mortgage rate power -- namely, the secondary market. The secondary market is where Fannie Mae, Freddie Mac and other mortgage investors ply their trade. These huge agencies -- which were founded with government help decades ago to make the mortgage lending process more efficient -- purchase loans that lenders make, then either hold them in their portfolios or bundle them with other loans into mortgage-backed securities. Those securities get sold to mutual funds, Wall Street firms and other financial investors who trade them the same way they trade Treasury securities and other bonds.As a result of this business model, investors -- rather than bankers or mortgage brokers -- are in the driver's seat when it comes to setting mortgage rates." http://www.bankrate.com/brm/news/mtg/20020722a.asp
So again we're looking at investors being the driving force behind the interest rates and consequently the rate of foreclosure. Yet I cannot continue to believe that having a steady payment over a period of years amounting to $100,000.00 is not at least equal to or better than nothing at all or a fraction of the actual value.
Ultimately, it appears to me, that all of this is about interest being equal to how much can be squeezed out of the consumer at any given moment. I suppose in some circles (say the character played by Michael Douglas in the film Wall Street) that philosophy is all that there is. Whether we like it or not we do live in a society governed by investors. It's an all American thing. Super wealthy investors in China and Saudi Arabia are buying up quite a lot of all that is American. They want to play the game too. To the investor - the game is to be richer, isn't it?
So what does the largest bank in the US do when they have just posted the largest loss in their history? They open a brand new branch, polished and gleaming, high tech and marvelous in every way, just outside the Grand Central Station exit to Park Avenue. I don't suppose they had to get a loan to do that.
You can bet that on this day investors are exulting at their win (convoluted though it might be to people like me), what they have made, the money in their pockets, the luxury cars they drive, the lives they have manipulated, and the unknown families; losers, who did not play the game very well at all. They can go on home now to posh lives of forgetfulness and denial and visions of more ways to gather more wealth. Today they have all the money they've ever wanted. Tomorrow however... will be a new day with a new interest rate.
Labels:
Citibank,
Citigroup,
foreclosure,
interest rates,
investor,
mortgage
Thursday, January 24, 2008
Small things are not so small...
A few weeks ago I was entering the train station at Times Square. As I went down the steps there was a very large, very drunk, and intimidating guy hassling every woman who walked past. When I say hassling I don't mean at the level of making rude remarks, I mean that he was using his bulk by standing aggressively in their path, and using his really foul mouth to make women afraid. It would have been less than stupid of me to confront him. However, as I reached the bottom of the steps I went directly to the station booth and reported what was going on. The woman, safe in her glass and metal booth, looked in my eyes and asked, "so what do you expect me to do about it?" Frankly, in that moment, I had several perfectly usable sarcastic remarks come to mind, but instead I calmly suggested that she contact the cops. She told me she was too busy and the maybe I should call them myself. Let's just say that I felt frustrated. What I really wanted to do was to scream rude things at her, but I didn't. Instead I went through the turnstile into the station to look for a pay phone. (No cell reception down there.) Naturally, there was a pay phone, and just as naturally it was broken. It was only as I turned away from the sticky and disgusting non-communications device that I found myself looking directly at three uniformed officers. I went over and told them what was going on upstairs, and reminded them of the often advertised credo of New York City, "if you see something - say something." The fact is that I did see something; I did say something. The problem apparently was that what I reported had nothing to do with guns, knives, or bombs. I was not reporting an abandoned suitcase or backpack tucked under a bench. I was not reporting potential widespread death or destruction. This was just a big besotted jerk. What I was doing was making an attempt to live in world that cares about the things that make a difference in everyday life, such as respect for others, personal dignity and other such arcane ideas. I suppose I wasn't alerting the authorities to the sort of terrorism that the slogan infers, but it was after all - terrorism. If we as NYC citizens see something and say something and the response is , "so what?" I'd say we're in trouble. The woman in the booth simply didn't want to take responsibility for what was happening on her watch - which is, after all, pretty much her job description. The police did go off to take care of the problem, and assured me that they would speak with booth-woman. I felt better after that because for my part, I felt that I had done some small thing - right.
It's just the way I see this...
It's just the way I see this...
Why - "I See This?"
It's obvious that the way I see things is not always the way other people see the same things, so I thought that it might be interesting to begin speaking about what it is that I'm looking at . Certainly there some who will relate and some who will think that I'm out-of-line. With that in mind I'll start off gradually...
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