The Central Bureau of Investigation has unearthed some startling facts about wildlife poacher Sansar Chand, the man who killed, skinned and sold 654 leopards, 40 tigers, 32 otters and a number of other protected species in the country's wildlife preserves.
Special Investigation Team (SIT) of CBI headed by DIG BK Sharma has been trailing Sansar Chand's poaching syndicate after he was found to be involved in killing the tigers of Sariska Tiger Reserve. The CBI claimed to have recovered from Akash, the son of 'Veerappan of North India', a slim diary with insights into his father's extensive poaching network across the country and abroad besides giving details of trading in wildlife trophies worth Rs 1.38 crore. "The startling discovery in the form of a notebook/diary allegedly belonging to accused Akash contains details of the trading done in 654 leopards, 40 tigers and 32 otters, etc, valued at Rs 1.38 crore," the agency said. In a supplementary charge-sheet filed on May 29 against the kingpin's right-hand man Satyabhan, CBI has highlighted the diary as prime evidence to nail all the accused under the stringent MCOCA.
"The transactions in the diary not only reflect the economy involved in the trade but also indicate the extent to which the unabated offence against wildlife of the country is being committed by the organised crime syndicate controlled by Sansar Chand," the agency said in the charge-sheet. In the diary, a code letter(s) or word determines each animal. 'C' stands for cheetahs, 'T' for tigers, 'A' (AK or AG) denotes otters and the word 'panja' synonyms tiger claws.
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06/06/2006 19:32 ||
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Its behind a login thingy so:
A WGN-TV Channel 9 reporter was convicted Monday of misdemeanor battery for a parking scuffle at a Glen Ellyn gas station. Marcella Raymond admitted grabbing the woman's finger during the April 9, 2005, dispute outside BP Amoco, but the off-duty reporter said it was in self-defense to avoid being poked in the eye. DuPage Associate Judge Brian McKillip found Raymond guilty of battery for making physical contact of an "insulting or provoking nature." He did, though, acquit her of a similar count in which she was accused of causing physical injury. He set sentencing for July 17. Raymond faces up to one year in jail and $2,500 in fines. She does not have a criminal history and will likely receive probation or court supervision.
Raymond, 40, of Lombard, drove to the gas station at 339 Roosevelt Road that afternoon to meet her father, Christopher, who planned to watch her young son. She admitted berating another motorist, a 60-year-old Glen Ellyn woman, who took up two spaces when parking. The two exchanged more words, prompting the motorist to make a crude hand gesture toward Raymond while still seated in her car. She testified an angry Raymond intentionally twisted her left ring finger in response, causing it to break. She admitted attacking Raymond with punches and kicks, but the woman said she did not think she actually struck her. It was Raymond who called 911. "This lady is crazy," Raymond said in the recorded call, which was played in court. "She's beating me up."
This picture is dedicated to Em, Barbara and Trailing Wife.
In Britain, the Asbo is wielded to curtail the antics of hooligans. In Australia they have a different, though not necessarily more humane, means of control: the music of Barry Manilow.
"At the Copa! Copa Cabana!"
For the next six months the ears of the youth of Rockdale, a suburb south of Sydney, will be subjected to the sounds of the singer's back catalogue after the local council resolved to get tough on antisocial behaviour. Councillors hope piping Manilow hits such as Mandy and Copacabana through a loudspeaker into a car park troublespot will kill the atmosphere and force the youths to move on.
I confess, that would do it for me.
In keeping with a great Australian suburban tradition, every Saturday night up to 100 car-fancying youths, or "hoons", take their souped-up vehicles to the parking lot at Cook Park Reserve at Brighton-le-Sands. There, they rev their engines, compare fittings, and play their own "doof doof" music, very loudly. According to Bill Saravinovski, a councillor, their behaviour is antisocial and disturbs the peace. "There are restaurants nearby and people can't park in the car park because they're intimidated by these hoons," he told Australia's Daily Telegraph. "So we're giving the music a go to see if it has any success."
"Her name was Lola. She was a show girl..."
The idea has been tested elsewhere in Australia. Bing Crosby was used to drive teenage loiterers out of an Australian shopping centre several years ago. "Based on reports ... daggy [uncool] music is one way to make the hoons leave an area because they can't stand the music," Mr Saravinovski said. "We're hoping it works. These people don't show any respect for the law.
If that doesn't work, try
Someone left the cake out in the rain
And I'll never have that recipe again,
Oh, woe!
Hey! I loved Donna Summer!
Use the Richard Harris version, blood will spurt from their ears.
Posted by: Steve White ||
06/06/2006 00:00 ||
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#2
You are too kind. Thank you ever so much for your thoughtfulness. Only next time, could he have more clothes on? With regard to Mr. Manilow's music, though, the classical training he got in his youth, the discipline he learnt writing commercial jingles, and the years he spent writing for and accompanying "The Divine Miss M" singing to the denizens of New York City's gay bathhouses most assuredly shows in his own music. ;-)
#4
"You voted for John Howard, mate? That's clearly antisocial. Off to the Manilow Tank for you to do your penance: a minimum of 32 "Hail Mandys" and 15 "Can't Smile Without Yous"
#5
And what, pray tell, can Manilow' songs do for the community that police officers/constables enforcing "disturbing the peace" or "loitering
/vagrancy" statutes, etal. can't do!?
#9
The Grateful Dead beat them to this tactic long ago. In 1969 when crowds would hang around even after the 4am encore, they'd clear them out by playing Dylan singing "Lay Lady Lay." Not as cruel and unusual as the Manilow ultimate weapon, but those were simpler times and the WMDs weren't as lethal yet.
#11
Damn you Steve White! Now I have that crappy MacArthur Park rattling around my head which is possibly the worse tune ever. Now I need brain bleach.
#15
They play classical music in Southern California areas to keep gang bangers from hanging out in parking lots after movies. This is something theaters came up with though, not a city/county/state thing.
This picture is dedicated to Em, Barbara and Trailing Wife.
Thanks! :-D (Though he needs to button his shirt in the photo.)
Many years ago, in larger cities, you used to be able to go into a public recording studio and make a record - sort of a souvenir, nothing professional or anything. (I remember seeing one in Norfolk, D.C., and of course NYC.) Barry's father or grandfather (I forget which) took him into one when he was about 10 to make a record, which they kept, though you don't hear him singing - you hear the grandfather saying "come on, Barry, sing. Sing, Barry, sing" etc.
His producers used it to open one of his albums - first you hear the old record with the grandfather's voice, then it seamlessly blends into Barry singing. It was really cool.
I used to have that album (back when "albums" were actual records) - don't remember the name of it, but I'd get it in CD if I knew it.
Another of his songs started and ended with a famous piece of classical music. Another had a medley of the commercials he'd written - Pepsi, McDonalds, etc. As TW says, he was well-trained.
Dis him if you will, but he had (still has?) a beautiful voice, and his songs had an actual melody. Unlike many others of that - and this - era.
Posted by: Barbara Skolaut ||
06/06/2006 16:14 Comments ||
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#17
Barbara, if you're really interested in trying to track down that album, allmusic.com is an excellent resource. If you can remember other songs on the album, you could figure it out in no time.
I would like to nominate the following party-killing songs: "Three Times a Lady", "Safety Dance", "Billy Don't Be a Hero", "Wake Me Up Before You Go-Go", maybe also the Meow Mix advertising jingle and the Final Jeopardy song.
MUNSHIGANJ, June 4:Police recovered some abandoned arms Sunday from Sandhardia village of Sreenagar upazila in Munshiganj. Sources said, police recovered two pipe guns, two knives and one round bullet from under a banyan tree. None has been arrested in this connection.
One 'round bullet'?
Posted by: Steve White ||
06/06/2006 00:00 ||
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#2
Another reporter who doesn't know firearms terms. Should be one "round" which is a cartrige case containing the gun powder topped with the "bullet".
Posted by: Steve ||
06/06/2006 16:26 Comments ||
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PRIME Minister John Howard has unveiled his review of nuclear energy but his hand-picked task force will not look at where any potential nuclear reactors might be built. Labor and environment groups attacked the taskforce's narrow terms of reference, calling for it to look into other forms of electricity generation.
But Mr Howard said while he did not think there would be a nuclear power plant in Australia within the next three years, he sensed a change in the public mood. "I recognise that this is very much one of those reviews that are, time from time, needed in a country's history to see whether we ought to take a change in direction," Mr Howard said after cabinet signed off on the review today. "My mind remains open, I am not persuaded as yet, although in my bones I think there has been a fundamental change, but I want to see the evidence."
The task force, to be headed by former Telstra boss and nuclear physicist Ziggy Switkowski, will also look into uranium enrichment, waste disposal and storage.
DIYARBAKIR, Turkey Turkish police yesterday used tear gas and fired in the air to stop an enraged crowd from attacking five men suspected of raping a Swiss tourist in Turkeys mainly Kurdish southeast, officials and witnesses said. The woman and her boyfriend, also Swiss, were attacked last Wednesday as they were camping outside the town of Muradiye, in the province of Van which borders Iran.
Press reports quoted the woman as telling police they were approached by several men, who, after chatting with them for a while, beat and tied up her boyfriend after which one of them raped her at gunpoint. The assailants allegedly also took their money, jewelry and other valuable belongings.
An angry crowd of about 1,000 people yesterday surrounded the vehicle bringing the suspects to the Muradiye courthouse and scuffled with security forces, prompting them to use tear gas and fire warning shots in the air. A man was seen aiming a punch at one suspect through a window of the vehicle. The handcuffed suspects were rushed into the courthouse as dozens of police officers struggled to keep agitated residents at a distance. Local officials said residents were infuriated that the name of their town was stained.
A sixth person an alleged prostitute who was accompanying the men on the day of the incident was also among the suspects. The court was expected to question the suspects and decide whether to formally charge and jail them, pending trial.
Posted by: Fred ||
06/06/2006 00:00 ||
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#1
Incredible. They riot because a Lion of Islam raped an infidel woman.
Thinking about it, some Kurds are cooling about Islam at least in Iraq where that Islam thing is now frequently seen as na instrument of Arab domination. What is surprisng is that this is happenning not in Iraq's Kurdistan but in Turkey.
#7
Too bad the folks in our own country don't take the same attitude toward law breakers in their own communities. I would've loved to have seen that BTK asshole met by a thousand pissed off good ole' boys w/axe handles when he got pulled in.
NEW LONDON, Conn. City officials voted to evict two homeowners at the center of an eminent domain battle who refuse to leave their riverfront homes, even after the U.S. Supreme Court's landmark ruling that the city can seize the property for a private development project. The City Council voted 5-2 in favor of eviction Monday. An attorney for the residents said they are considering continuing to fight.
"You are a disgrace to the city, the state and the nation," one of the residents, Michael Cristofaro, told council members who voted to evict.
The city has been trying for a decade to redevelop the once-vibrant neighborhood at the point where the Thames River joins the sea. Seven homeowners challenged the city's plans to seize the property and build a hotel, convention center and upscale condominiums, saying eminent domain can't be used to make way for private development.
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#4
The four dissenting Supreme Court Justices in Kelo vs. New London:
O'Connor = Reagan appointee
Scalia = Reagan appointee
Thomas = Bush Sr. appointee
Rehnquist = Nixon appointee
Actions have consequences folks. 5 Justices decided to trash the Constitution and private property rights. Notwithstanding the misguided appointments by Bush Sr. of so-called 'moderate' Justices Kennedy and Souter (a move to appease Democrats - which never works), the majority opinion was a Liberal Democrat opinion. As long as Americans keeping voting Liberal moonbats into high office, their fellow moonbats will be appointed to the court. I'd sure like to see this case revisited by SCOTUS in it's present makeup. The decision would have been far different.
#5
Three of the five Justices voting in the majority were GOP appointees, including J.P. Stevens who wrote the opinion. Sorry, you can't blame everything you don't like on Liberal Democrats - the GOP owns this one.
And until either of the new Justices develops a record of voting against the power of the government and for individuals, I wouldn't be so sure Kelo would be decided differently by the current court.
#7
Who cares who appointed them. The point is this is a free society. We should have the right to own our property, and not have it stolen from us, and we should have judges who understand the nuances of theft. If those supremes don't understand what they are there to do, then they should DROP DEAD. That goes for the corrupt (I don't think for a second that money didn't change hands under the table) members of the New London city councel. And, while I'm at it, with a good kick in the balls, Bush could stop this in it's tracks.
#9
City councilman Robert "Joe Stalin" Pero, who supported the effort to remove the families, noted that the issue has been through state agencies and three courts. "This was a plan that was well thought out," he said. "The development of this peninsula needs to move forward."
Five ropes and torches - a march to outside the city council chambers.
#11
Iff true, these local Govts are going way beyond the intended scope - any and all development(s) are supposed to be subject to competitive bidding, plus the City-Public Authority still has to pay Fair market value. The Authority, if it wilfully chooses to bypass competitive bidding, can be interpreted as acting as an DE FACTO PRIVATE INTERMEDIARY = BROKER = REALTY AGENT between Buyer(s) and Seller(s), whereupon Seller(s), as wid any ordinary Seller in due course, has the unilateral right to include FUTURE-POTENTIAL MARKET VALUE in the negotiation base price. i.e. the Dev Plans of the PRIVATE Buyer(s) are well-known, "discovered" andor "discoverable". NO PRIVATE PROPERTY CAN BE CONDMENED FOR ANY REASON UNLESS THE PUBLIC AUTHORITY OR CONDEMNING AUTHORITY FIRST PROVIDES FAIR COMPENSATION. IFF PUBLIC DOMAIN CONTROLS, AND ALSO HOLDS TITLE, FAIR COMPENSATION IS TYPICALLY THE LEAST COSTS, DUE TO GOVT. USE OF PUBLIC TAXPAYER DOLLARS;IFFF PRIVATE DOMAIN CONTROLS, AND ALSO HOLDS TITLE, FAIR COMPENSATION IS THE "HIGHEST/BEST PRICE". In any case, no private owner can be evicted unless they get one or the other. Don't let unscupulous attorneys use legal mumbo-jumbo to trick youse = many 00's of Attorneys or Doctors lose their license every year in America due to unprofessional conduct. Politicians can and do go to jail.
A Democratic candidate for the U.S. Congress told Jews in Minnesota that he was wrong to dismiss concerns that the Rev. Louis Farrakhan is anti-Semitic.
State Rep. Keith Ellison acknowledged in a May 28 letter to the local Jewish Community Relations Council that he failed to scrutinize the positions of the Nation of Islam and its leader, Farrakhan, during his association with the group for about 18 months in the mid-1990s. Ellison, who is considered a favorite to win the congressional seat in November, would become the first Muslim ever elected to Congress.
He said he wrongly dismissed concerns that they were anti-Semitic. I should have come to that conclusion earlier than I did. Farrakhan has said that Judaism is a gutter religion, among other remarks.
#3
Note to Minnesota, if you elect your leaders based on the color suit they wear (democrat), then truly you are complete assholes. Please secede from the USA. We no longer want to be associated with stupid bastards like you.
Take Massachusetts with you. I loathe and deplore stupidity. Electing a Muslim while we are at war against Islam is indeed stupid.
#4
Clearly a liar. It is impossible that anyone associated with NoI in the '90's or interested enough in politics to make a serious run for Congress isn't aware of Farrakhan's record in this area.
WXJ - plenty of people on both sides vote on the color of the suit. It's silly to criticize only the Dems (or Minnesotans) for that.
A NUCLEAR reactor to be built in a part of Indonesia prone to earthquakes and volcanoes could pose serious health risks for thousands of people in northern Australia, researchers said today.
Harmful substances released into the air in the event of an accident at the proposed nuclear plant on Java would take just days to reach Darwin and Kakadu National Park during summer months, according to Australian researchers.
Clive Hamilton, director of left-wing think tank the Australia Institute, said the nuclear power plant would be built at the foot of Mt Muria on Java's north coast an area of intense geological instability.
When plans for a reactor at the site were first revealed in 1993, researchers at the Australian National University found a radiation leak at the plant could pose serious risks to people living in northern Australia, he said.
Dr Hamilton today called on the Federal Government to hold an inquiry into the reactor's potential health risks to Australians.
"Although the risks of a major accident are very low, a cloud of radiation blowing over northern Australia would pose a severe danger to public safety and would jeopardise the cattle industries over an enormous area," Dr Hamilton said in a statement.
"The Federal Government should initiate an inquiry into the possible impacts and develop a contingency plan for such a situation."
#1
Damn right it could be a risk to their health. Especially if the fundies got control in Indoamnesia and went for the bomb. To some wars of territorial ambition may seem a thing of the past but for an underpopulated island continent with populous neighbors somebody in Canberra has to be thinking about such scenarios.
#2
Not so underpopulated, Cheddar. Australian population is pretty limited by water availability, unless you invest in very expensive desalinization plants and pump the stuff all across the continent.
INDONESIAN President Susilo Bambang Yudhoyono and Prime Minister John Howard qwre to meet late this month in a bid to repair relations soured when Canberra granted 42 Papuans asylum.
The two would meet on June 26 on the Indonesian resort island of Batam, a presidential spokesman SAID today.
Indonesia's ambassador to Australia, recalled in protest after the Papuan boat people obtained asylum in March, would go back to Canberra, the spokesman said.
"Our ambassador will return to Australia, soon, very soon," he said.
The Papuan asylum issue caused the most serious disruption in bilateral ties since Australia led a UN force to end bloodshed in East Timor after its 1999 independence from Indonesia.
The Papua issue is highly sensitive in Indonesia, an island archipelago which has for decades fought secessionist movements.
Papuan independence activists have campaigned for more than 30 years to split from Indonesia, while a low-level rebellion has also simmered.
Human rights groups accuse Jakarta of widespread abuses there, and the 42 Papuans who sought asylum said they feared becoming victims of genocide. Jakarta denied such charges.
Australia's decision to grant them refugee status led Jakarta to accuse Canberra of supporting Papua's independence movement.
Talks last month between the two foreign ministers eased tensions, with Australia publicly stressing that it recognised Indonesian rule over Papua.
Canberra has said it is prepared to include that recognition in a planned bilateral security treaty.
Our interview is with Porntip Kanjanniyot, Executive Director of Thailand-U.S. Educational Foundation (Fulbright) who came down to Phuket to give a talk to new students at Prince of Songkla University or PSU to broaden their perspective on educational opportunities. We talked to her and asked for her views on studying in an international province like Phuket.
Posted by: DanNY ||
06/06/2006 00:00 ||
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#1
Snicker if you will, but in Thai the "r" is silent. It's just there to clue you in to pronounce the "o" as if there were an "r" after it. Think "Pohn-tip". Long "o" but don't accent the first syllable.
#3
That's not the worst name I've ever heard. That award goes to the poor Indian gentleman saddled with the unfortunate "Anil Dikshit".
I remember a long time ago having this man call a brokerage I worked at. The notes all over his account verified that yes, it was his name, and no comments on it were ever to be tolerated in the presence of the customer. (There was nothing about passing around "Hey check this guy's name out!" notes after the call, though....)
I swear, if I ever move somewhere and my name in the native language evokes as much horrified laughter as that, I'm changing it.
#5
Ran across a guy in Japan whose last name was Morifuku. I remember one of my U.S. coworkers saying "It's good he grew up in Japan. With a name like that he'd never have made it through high school in the U.S."
Posted by: mac ||
06/06/2006 4:06 Comments ||
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#6
Many Chinese who work with Westerners adopt an English. Some of their choices are unfortunate to say the least. My favorite was Heidi Ho (much funnier if you are a Brit).
Another Chinese name that caught my attention on a resume was Miaow Miaow.
#9
Oh we can do pretty well here in the States too. A court case I am familar with mentions one of the kids - it is pronounced "ShehTade" - it is spelled "Sh1tHead". The judge called a recess after he couldn't quit breaking up.
#10
I knew a guy once, his real name was "Vagina" pronounced as the real vagina was.
I asked him why he didn't change it, ne said it was "Unique"
OK, it's your name.
Posted by: Redneck Jim ||
06/06/2006 8:51 Comments ||
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Funniest name spelling I saw was at the Osan post office. It was Xmas season and lots of packages around. A woman in line had three of them stacked next to her with the address facing out. My eye grew wide and I snickered when I saw the return adressee: "Mi Suk U".
#12
Was in the Service with a guy named Raymond Why. He caught o lot of flack from the DI's when they would ask names, "Gimmie your last name first and your first name last. Name!", "Why". "Don't gimmie any bullshit, son, I'll have you runn' till yer legs fall off!"
Posted by: Deacon Blues ||
06/06/2006 11:08 Comments ||
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#13
http://www.dirtysounding.com/
Posted by: ed ||
06/06/2006 11:48 Comments ||
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#14
Years upon years ago, I worked in customer service for a major retailer. In one store, we wrote the delightful names (delightful if somebody else's name, that is) on a legal pad. Over the years the office built up quite a list. This store was at a crossroads of ethnic neighborhoods in the Chicago area, so on any given day we might meet customers named Boodoosingh, Guglielmato, Szczech (pronounced "Check"), and such botanical rarities as Dallas Crabtree and Mossie Stone. Mrs. Guglielmato was something else: she worked herself up into a case of heart palpitations getting upset over something which would have taken me 20 seconds to fix, if I hadn't had to spend 20 minutes talking her down off the ceiling first.
#15
We have a customer named Mr. Butt. Nicest guy in the world, a genuine pleasure to talk to, you can't help but feel sorry for him being stuck with that name. I usually address customers by "Mr." or "Mrs.," but him, I have to go with his first name.
Posted by: Name withheld (one of the regulars) ||
06/06/2006 14:26 Comments ||
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#16
One more thing about customers:
My history professor was a Hungarian, one of the 1956 Freedom Fighters who had been an instructor in Tactics at the Hungarian Military Academy before the Soviet Occupation. He made sure we knew Hungary's role throughout History! So when, in Central Illinois, I met a customer named "Frank Deak," I took a good look at him, noticed his Hungarian features, and addressed him as "Mr. Day-ahk." He was delighted to hear his name pronounced correctly.
#17
I forgot until anon mentioned Mr. Butt. Twenty years ago I bought a house from a Mr. Dick Skinner. I like to think of myself as a reasonably adjusted adult but everytime I think about that name my knees go weak.
London, Jun. 05 Iranian authorities have stoned a man and a woman to death, according to a report that has surfaced in Persian-language websites. The stoning was carried out in the middle of the night three weeks ago in a cemetery in the north-eastern city of Mashad, the report said.
The woman was identified as Mahboubeh Mohammadi. Mahboubeh, who was a teacher, and her sisters husband were accused of murdering her husband eight years ago. The report said that her role in the murder was only discovered last year.
Iran Focus has not been able to independently confirm the stoning.
Posted by: Steve White ||
06/06/2006 00:00 ||
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#1
They should lay off the weed.
It kills your memory.
If you still don't believe there's a massive housing bubble that is beginning to deflate, look no further than Toll Brothers. This home builder caters to the mushrooming ranks of the well-to-do who have enough income and assets to laugh off rising interest rates and energy costs. But in the year's first fiscal quarter Toll orders fell 32% from a year earlier. The company blames the fall on cancelations by speculators.
With dreams of huge appreciation dancing in their heads, speculators indeed drove the housing frenzy in the high end. Now that prices are flagging, they are fleeing. These investors and vacation-home buyers accounted for 40% of house sales last year, up from 36% in 2004. A lot of these investors rent out the properties. Despite low-payment interest-only mortgages, they cannot cover their cash outlays with rents, which are depressed by the proliferation of spec houses.
This is the first nationwide housing bubble since the 1920s, and it's driven by three nationwide forces: low interest rates, loose lending practices and the desperate search for a stock substitute after the 2000--02 debacle. Previous real estate bubbles were regional, spurred by economic cycles like the rise and fall of the oil patch in the 1970s and 1980s, and southern California's aerospace leap in the late 1980s during the Reagan defense buildup, ending with the Cold War's demise.
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#1
I should think that less new homes would have a positive effect on the price of existing homes. Thus the bubble is not popped, it just changes forms.
Needless to say around my neck of San Diego there are two massive developments of new homes (thousands of homes each) so I find it hard to buy this story at all.
#2
rjschwarz note he is talking about an implosion of the expensive homes with strange mortages and such. "mansions" "vacation rentals" etc..
again: These investors and vacation-home buyers accounted for 40% of house sales last year, up from 36% in 2004. A lot of these investors rent out the properties. Despite low-payment interest-only mortgages, they cannot cover their cash outlays with rents, which are depressed by the proliferation of spec houses.
#3
A few points. (I have completed the corse work required to be a real estate agent in my state. I am wonder if this expert has.)
Doom and gloom. Problem is we are not making less people. Those people need places to live. Yes prices are often inflated. Housing is a cyclical market. It always has been. If you ask any honest realtor or realty agent they will tell you the "average price" for existing housing is some where near the lower end of the middle range. Most of the houses sold are at the bottom and middle not at the top. Speculators are greedy and stupid. So what if they lose their rear end they are the ones that drove prices up. They did it with tulips too. You still have a place to live in which is the reason you bought a house. If the market turns down you still have a house. You only need one house, not 10 unless you are a full time landlord.
Seems to be just one more person wanting a recession or depression. I can never figure these types out. What is bad is letting them get into a position of influnce or power. We have to suffer from these fools unfortunately. Looks like we may have one at the helm of the Fed. Fire him before he drives us off a cliff.
People use interest only mortgages to get into houses they other wise can't afford and refinance at the earliest chance. There is a reason these loans exist. Regardless of the type of loan people default on them. This is nothing new. The lender takes risk with any and all loans. It sucks when lots of loans go south for the lender. But people need houses. At some point the lender can if they are diligent about it recoupe the money they put at risk by selling the property that has defaulted for it's actual value. Usually they give it away at an auction after letting it run down however that is the lenders fault. It's your problem only if you want to borrow money during a down turn or live next to a defaulted property.
This guy can't remember 15%+ interest rates on first mortages apperently. Plenty of people were still qualifying for them and buying houses at 15%+.
The glut of housing is not caused by demand it's cause by greed. Don't worry if Mega building Corp loses it's butt and goes out of business. You don't want the house they built any how. You want a house built by a smaller contractor who is actually putting his name on his work so the quality is actually there.
#4
I see these sorts of homes going up 2 to 3 blocks from my house. (see home divison here) The lots are the same size as mine but cost more then my complete home.
I was talking with one of the construction managers working at (Airhart custom homes) and he told me they didn't have buyers for most of the mansions and were offering steep discounts. Average idle time before a sale for these new mansions was 7-months and growing.
#5
Not your problem 3dc. If they are fools building on spec let them feel the pain. A prudent builder only builds homes after a sale have been made beside a few demos.
#6
rjschwartz, yes, there may be a ton of homes in those developments, but....are they selling? And at what price?
I doubt they are getting full price. Forget about a premium like they were a while back. Developers all over the country are cutting prices and giving some nice incentives to sop up the inventory, and construction sites are quieter than they were last year. They're not asking for as many permits to start new construction, either.
Look, last year, I wouldn't have been able to sign a contract on a home without having at least a prequalifying letter from a lender. We didn't get that until after we signed. I sure wouldn't be able to ask for all the contingencies we negotiated with the seller, not to mention the discounted price. They had already lowered it once before we even saw the place.
Once all the interest-only loans start raising their rates or become due, it's really going to get ugly.
#7
--This is the first nationwide housing bubble since the 1920s---
Uhhh, no. Look at the cities being cited, they're on the coasts or popular locations like Vegas.
So builders get stuck w/mini-mansions ++++.
Like the guy across the street from me might. My hubby and I were laughing that we might be able to pick 1 house up for a song - the drawback is we really like our back yard. Otherwise it might have been a possibility.
--On average, those with mortgages have 37% equity in their abodes.--- That's heartening.
We're in the process of redoing our kitchen, my hubby's having an attack as to the cost. Can't understand how cost has tripled in 10 years. Partially found out why, seems wood has tripled in about 6 years.
Parts of CA will once again dive off the cliff a la 1993. When will they learn?????
#10
This is the first nationwide housing bubble since the 1920s, and it's driven by three nationwide forces: low interest rates, loose lending practices and the desperate search for a stock substitute after the 2000--02 debacle.
The 1980's Savings and Loan collapse all over again. The banks have been playing 'monopoly' with the real economy. When it starts to go sour and the notes are called, you're going to see a lot of them in trouble. They'll expect the Federal government to bail them out, which means you and I and every taxpayer will be hammered for generations. The S&L debacle cost us 500 billion in debt. And that was to literally pay banks to take the assets of the busted S&Ls which they held until the market finally took off again [as it always does] several years later.
Next time around, the government should recharter the Bank of the United States and just absorb the failed banks into a tool that the Fed Reserve can use to leverage the other major institutions to play straight.
#12
Well, if the new housing market is going to collapse we aren't going to need all those illegals the dems are always talking about to keep up our labor force.
#14
I am look ing a buying the building I live in; a 2 apartment building in downtown chicago. My landlord intimated that he might want to sell, my guess is an impending divorce. Confidentially, the rents are approximately 1500/month per apartment, making possible rent obtained 3000/month. That supports a loan of only 425k. He asked 600k, and seems to genuinely believe that he'll get it. Lunacy.
Posted by: Mark E. ||
06/06/2006 19:16 Comments ||
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#15
Bright Pebbles - OK but I don't have their e-mails to thank them nor Hawkeyes to spot them.
anonymous2u - I am just a couple of blocks from that spot. Incidently it borders the Prairie Trail which I bike every other day for fun.
#16
The problem isn't the housing market, although if it collapses alot of people will get burned. It's the flow on to the rest of the economy and the prospect of a decade or more of Japanese style deflation.
Will it happen? Depends a lot on what happens in China. If China goes into a recession, the global economy will tank.
#17
BJK: Well, if the new housing market is going to collapse we aren't going to need all those illegals the dems are always talking about to keep up our labor force.
Well, if a few million leave, that's really going to increase the supply of rental apartments. Which is going to further crater housing prices. For people who own houses, it's going to be a downer see their equity go up in smoke. For people looking to buy, it's going to be tempting, except house prices may go down for a while.
Just look at equities - roughly six years from its peak in September 2000, the S&P 500 is down 17% from its high. Note that equities weren't even very highly-leveraged, since you can only borrow $1 for every $1 of stock you own.
House prices can go down for a long time - the Japanese real estate market went down 15 years in a row during a time of declining, almost zero interest rates. And land in Japan is in short supply and the carrying costs are negligible, since property taxes are tiny there (like most of the rest of the world), unlike in the US.
It's not clear what a real estate bust will do to the US economy, but it really wrecked the Japanese economy. The Japanese stock index went from a high of 38,957 in December 1989 to 15,384 yesterday, a decline of 60% over 16+ years. The basic problem for Japan is that domestic consumption took a huge dive as house prices cratered, and over-leveraged Japanese households haven't yet recovered - it's Chinese demand that is getting the Japanese economy back into shape*. The same could happen stateside. This is why my view is cautious.
* Why Chinese? What about American demand? Well, American demand is far higher than Chinese demand for Japanese goods. But something needed to make up for the big hole in Japanese domestic demand - that's where China came in. The stability of American demand has been the bright spot for Japan over its extended recession. But this demand may be about to crater, thanks to the bursting of the US real estate bubble. Which means that Japan may be about to encounter phase 2 of its recession.
#18
If China goes into a recession, the global economy will tank.
If the American consumers stop buying from the rest of the world, that would cause the world economy to tank. But China buys little from anyone for consumption. Most of what it buys from abroad is re-exported. So it isn't a demand engine yet.
#19
If China goes into a recession, the global economy will tank.
Further, the Chinese won't be able to sustain buying oil at $70+USD for oil either, thus a major drop in demand and a dramatic drop in prices. It'll probably collapse OPEC types, but it'll fire up the American economy. Nimble merchants will be shifting production from the mainland to elsewhere as the 'Central Committee' will be living in the classical 'interesting times' trying to deal with their first [and probably last] major recession.
#20
China is the world's 3rd largest impoerter of goods - $716billion/annum.
However the real problem is that huge amounts of investment have been made based on the assumption that will increase at 10% pa indefinitely. A collapse in that demand will cause cascading bankruptcies, liquidity will dry up, etc.
And to follow on Zhang's point. Japan ameliorated its deflationary 15 years by exporting its excess capacity. If most of the world goes into deflationary recession that won't be an option.
#21
ST7699: Further, the Chinese won't be able to sustain buying oil at $70+USD for oil either, thus a major drop in demand and a dramatic drop in prices.
China's GDP per capita is growing in the high single digits annually, with salaries following in lockstep. This means that the ability of the Chinese consumer to buy more gas (than the limited amount he is using today) is increasing in the high single digits. This is why demand from China for various commodities is likely to increase for decades, because it is starting from extremely low bases, and growing its output per capita very rapidly.
#22
ST7699: Further, the Chinese won't be able to sustain buying oil at $70+USD for oil either, thus a major drop in demand and a dramatic drop in prices.
Another important point is that the average Chinese consumer only recently graduated from the bicycle just over a decade ago - to the motorcycle. Even motorists live no more than 2 or 3 miles away from work. Chinese industry is extremely decentralized, meaning that people generally live not far from where they work. Bottom line, the average Chinese doesn't have a 2-hour commute to work, and he certainly doesn't drive an SUV. The average motorcyclist might spend 5% ($12.50) of his $250 monthly (two-income) household salary on gas*. If oil goes to $150 per barrel, that means he'll spend 10% of his salary on gas. That'll hurt, but it won't be crippling.
* How does he cart his only child around? China has no child restraint laws. The husband drives the motorcycle while child is squeezed between husband and wife.
#23
ST7699: Nimble merchants will be shifting production from the mainland to elsewhere as the 'Central Committee' will be living in the classical 'interesting times' trying to deal with their first [and probably last] major recession.
The expression "may you live in interesting times" is not of Chinese origin. It may have originated either from Hollywood studios or from Western authors who wrote chinoiserie* in what they imagined was the Chinese style - probably cribbing from Western translations of Chinese classics.
* From Wikipedia: The term is also used in literary criticism to describe a mannered "Chinese-esque" style of writing, such as that employed by Ernest Bramah in his Kai Lung stories, Barry Hughart in his Master LI & Number 10 Ox novels and Stephen Marley in his Chia Black Dragon series (it should however be noted that Marley rejects the chinoiserie label in favour of his own term "Chinese Gothic").
#24
ST7699: Further, the Chinese won't be able to sustain buying oil at $70+USD for oil either, thus a major drop in demand and a dramatic drop in prices.
This actually brings to mind a curious Chinese arrangement. There are Chinese who work far from their homes (say, an hour's drive each way). The Chinese solution involves some hardship, but is eminently practical - employee dormitories next to the workplace. In fact, employee dormitories are an almost universal Chinese institution - government departments, hotels, garment factories, heavy industry - all have them. The big negative is that couples where one spouse works far away may see each other only during the weekend.
#25
I develop residential and commercial real estate for a living. There is a bubble. But it's not likely to be as painful as others. In San Diego for example, during the late 80's early 90's bubble there were thousands of unoccupied units available for sale. Today most everything is occupied. The new units coming to market may have some trouble. Homes are staying on the market longer now. That always happens first. People try to hang on to get their asking price before they reluctantly lower it. Prices are starting to come down. San Diego condos in particular. Very high end real estate isn't as interest rate sensitive. San Diego neighborhoods like Rancho Santa Fe and La Jolla haven't experienced much of a drop. These buyers finance very little of their purchase since only 1 million of interest is deductible. Nevertheless, I definitely think prices will cool off maybe 20%-30% in the next couple of years. I will be a buyer again at that point.
Posted by: Frank G ||
06/06/2006 22:58 Comments ||
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#27
IP: These buyers finance very little of their purchase since only 1 million of interest is deductible.
Most people finance their purchases not because they want to be able to deduct the interest, but because they have to - otherwise they can't afford the place - at least in competition with other bidders. Many people buy at the limit of their affordability. Interest rates weren't a big factor in Japan's real estate collapse. Japan's central bank had the short term rate at zero for many years, and kept on lowering rates even as real estate continued to crater. The key factor is affordability. I think real estate will fall much further than the 20-30% it has fallen in previous crashes because it has risen so much further, due to loosened credit standards and innovative financing packages that have greatly increased leverage in the sector. Excessive leverage means you overshoot on the upside *and* the downside.
A multi-volume chronology and reference guide set detailing three years of the Mexican Drug War between 2010 and 2012.
Rantburg.com and borderlandbeat.com correspondent and author Chris Covert presents his first non-fiction work detailing
the drug and gang related violence in Mexico.
Chris gives us Mexican press dispatches of drug and gang war violence
over three years, presented in a multi volume set intended to chronicle the death, violence and mayhem which has
dominated Mexico for six years.
Rantburg was assembled from recycled algorithms in the United States of America. No
trees were destroyed in the production of this weblog. We did hurt some, though. Sorry.
DIYARBAKIR, Turkey Turkish police yesterday used tear gas and fired in the air to stop an enraged crowd from attacking five men suspected of raping a Swiss tourist in Turkeys mainly Kurdish southeast, officials and witnesses said. The woman and her boyfriend, also Swiss, were attacked last Wednesday as they were camping outside the town of Muradiye, in the province of Van which borders Iran.
NEW LONDON, Conn. City officials voted to evict two homeowners at the center of an eminent domain battle who refuse to leave their riverfront homes, even after the U.S. Supreme Court's landmark ruling that the city can seize the property for a private development project. The City Council voted 5-2 in favor of eviction Monday. An attorney for the residents said they are considering continuing to fight.
