Too Progressive

Interesting piece from the Huffington Post on what they call the next economic calamity:

While the overall U.S. financial system is showing signs of stability, a rapidly rising tide of troubled loans for commercial real estate threatens the survival of hundreds of the nation’s small and medium-sized banks.

Financial reports this month from federal regulators and industry analysts detail a new cycle of uncertainty that they fear could cripple the economic recovery. Billions of dollars in commercial debt will have to be paid back or refinanced at a time when property values have plummeted. About $500 billion will come due in 2010 alone and an equal amount every year through at least 2012, according to the Federal Reserve.

Many banks that cater to regional and community developments were largely unscathed by the residential mortgage meltdown. But now they are facing huge numbers of possible defaults by builders who erected thousands of office towers, condominiums and shopping centers with the easy credit available five years ago. With few tenants, those developments are turning into what industry insiders call zombie buildings.

This problem is not new, and I have written extensively about it in the past. However, I’m glad to see a larger media outlet starting to catch out.  It would be nice if the “smart growth” practiced here in North Arlington would gain wider recognition and practice nationwide, along with a “taller not wider” policy.

Yeah, I’m still trying to figure out why some people think his “calm” demeanor makes him unfit to be President. As opposed to what? Someone who flips their bicycle at the drop of a pen and/or makes rash and idiotic decisions when the well being of thousands or even millions of people is at stake?

I am so sick and tired of reading articles like this, about how letting major companies like AIG fail would lead to a doomsday economic scenario.

NEW YORK - What if the U.S. government got out of the bailout business?

The idea certainly seemed all right with throngs of Americans who were outraged by news that American International Group paid out millions of dollars in executive bonuses after it was rescued with taxpayer cash.

But would no bailout be even worse? Financial analysts and federal officials have warned that doing nothing to save AIG — or banks or the auto industry — would be a catastrophe, an economic domino effect of bank losses, stock market chaos and job cuts. No one — at least no one in the government — has the stomach for that.

So, PROVE IT!! The way I see it, there is NO ROOM in today’s fast paced society for companies that can’t keep up. Let these firms go under and make room for more inovative ones that can keep up.

mi⋅nor⋅i⋅ty [mi-nawr-i-tee, -nor, -mahy-]
noun, plural -ties, adjective
–noun
1. the smaller part or number; a number, part, or amount forming less than half of the whole.
2. a smaller party or group opposed to a majority, as in voting or other action.
3. a group differing, esp. in race, religion, or ethnic background, from the majority of a population: legislation aimed at providing equal rights for minorities.
4. a member of such a group.
5. the state or period of being under the legal age of full responsibility.

–adjective
6. of or pertaining to a minority.

Republicans had poor showings in the past two elections for a reason.

They have some nerve. Here’s how I responded, though:

Since Wall Street can unload billions in bad investments on U.S. tax payers, it’s only fair that the rule applies to everyone.  Check out buymyshitpile.com and list your bad investments for insanely high prices!!  Current items submitted to the government for purchase include a collection of gay gospel music for $350,000, a mini beagle rescue boat for $200,000,000 and the siren from The Drudge Report for a cool $1,000,000.  Let’s hope the government steps in quick to snap them up before the economy collapses.

The multi-billion dollar government bailout of several irresponsible companies is already having a negative impact on average Americans in the form of high oil prices and a weakening Dollar.

NEW YORK - Oil prices spiked more than $25 a barrel Monday — the biggest one-day price jump ever — as anxiety over the government’s $700 billion bailout plan, a weak dollar and an expiring crude contract ignited a dramatic rally.

Still, the rally, which shattered crude’s previous one-day price jump of $10.75, set June 6, showed the intensity of emotion in the market. The Nymex temporarily halted electronic crude oil trading after prices breached the $10 daily trading limit. Trading resumed seconds later after the daily limit was increased.

In addition to spiking oil prices, the U.S. Dollar weakened even further on news of the bail out.

The 15-nation euro rose to $1.4807 in afternoon trading, up from the $1.4470 on Friday. A weak greenback was a catalyst for the commodities boom of the past year, and analysts said large investment funds were expected to pour money back into the sector.

Like I said last week, the U.S. should be ashamed.

Let’s at least call it what it is, shall we? For the third straight month the nation saw a net-loss of jobs (a quarter million since the beginning of the year, to be exact) bringing the national unemployment rate to 5.1 percent.

Nearly a quarter-million jobs have been lost nationwide since the beginning of the year, the Labor Department reported yesterday, reflecting the deepening recession in manufacturing and construction and a pullback and cost-cutting by retailers, temporary agencies and other businesses.

Average wage growth of 3.6 percent in the past year continued to fall behind the 4.3 percent inflation rate, setting workers further back as they grapple to pay for food, fuel and other necessities.

Ugh! Bushenomics continue to run America right into the ground.

President Bush visited Sterling, Virginia today to tour the ColorCraft printing company. After doing so he predicted happy days ahead (yeah right) thanks to the recently enacted economic stimulus package.

President Bush says the sagging economy will “come out stronger than ever before” with the help of rebates from the recently enacted economic stimulus package.

Bush made his comments after touring the ColorCraft printing company in Sterling.

He said that beginning in the second week of May, “a lot of folks are going to be getting a sizable check. I’m looking forward to that day and I know they are as well.”

Actually, I’ll be using mine to pay down student loan debt, so I’m not sure how that helps the economy. I guess George Bush should have thought about that before he decided to cut financial aide funds in order to help student loan companies like Sallie Mae. In case you missed my earlier post, click here to find out when you can expect to see your check and where to go to calculate how much you can expect to receive.

I’ve seen a lot of talk (and confusion) about this in the blogosphere over the past couple of months, and I think I have a pretty good handle on what exactly will happen and what you have to do to receive your check so I wanted to post a bit of information, including how to find out exactly how much you will receive! According to a Reuters news report from yesterday the IRS will begin issuing payments on May 2 and expected to complete the first round on July 2. Payments will be issued based on the last two digit’s of the taxpayer’s social security number and you must file a 2007 tax return to receive a payment.

More information after the jump, including where to go to determine how much you qualify for!

Having some server problems today and not sure if/when this will show up but for the seventh day in a row the average price of gas across the Commonwealth has hit a record high. The average price is now a staggering $3.21 a gallon, a full 30 cents higher than 30 days ago and about seven cents below the national average.

Travel organization AAA Mid-Atlantic reports the average price for a gallon of self-serve regular has hit a record high for the seventh time in seven days. Triple-A said the average price in Virginia on Tuesday was $3.21 a gallon — 30 cents a gallon higher than 30 days ago.

Locally, the average price of a gallon of gas is $3.18, the highest price ever recorded in Hampton Roads. A month ago, gas locally was at an average of $2.91 and a year ago it was $2.40.

Here in Arlington we’re seeing prices about 10-20 cents higher than the Virginia average. What are you seeing in your neighborhood?

It amazes me how many people are still planning to vote Republican this year following eight years of the most disastrous administration in the history of our country. Gas prices across the Commonwealth are now averaging $3.18 a gallon while the national average sits at $3.27. And yes, that officially beats the average price of gas following Hurricane Katrina in 2005.

According to figures released by AAA Mid-Atlantic, the average price for a gallon of self-serve, regular gas in Richmond is $3.18, up two cents from yesterday and significantly higher than last year’s price of $2.39.

The Norfolk area and Roanoke have average prices of $3.17.

The national average also is currently at a record high of $3.27, up two cents from yesterday.

Gas prices in Arlington near my apartment remain at $3.33 a gallon. All of this while Dick Cheney is supposedly in the Middle East trying to get OPEC to increase production. Well that’s working out swell isn’t it!

I’m lucky to live in Arlington where we have a fantastic public transportation system.  I’m even luckier that I live in Rosslyn and work in Georgetown so I have the option of even walking to work if I wanted to on nice days (although the Key Bridge can be a pain if it’s cold out).  However, others in the Commonwealth aren’t so lucky as the average prices of gasoline in Virginia reached $3.15 a gallon over the weekend.  Nationally gas prices hit $3.22 a gallon.  Here in Arlington at the Exxon on Clarendon Boulevard near my apartment gas was over $3.30 a gallon the last time I noticed a couple of days ago.

Daily Press reports that it will likely get worse before (if?) it gets better:

And it could get worse. Crude oil reached a new high of $105.15 per barrel on Friday.

The group attributes record crude and gas prices to the weak dollar, a drop in U.S. oil inventories and OPEC’s decision last week to hold output steady rather than increase it.
AAA also notes that gasoline prices normally begin climbing in the spring as refineries make the switch from producing winter gasoline blends to an assortment of summer gasoline blends.

Just stating the obvious here but I realize the President has no direct control over gas prices but the policies of the Bush administration have definitely not helped keep gas prices in check and have certainly harmed the American economy as a whole.

Why a budget surplus is a good thing:

The House also recommends using only about $220 million from the state’s $1.2 billion “rainy day” cash reserves to cushion the projected revenue shortfall on the current budget. Kaine had initially recommended about $261 million, but increased it last week to $423 million.

With “hard times” forthcoming ahead of an economic slow down within our state after the extraordinary growth over the past few years, isn’t it nice to have the “luxury” of being able to rely on such a large supply of cash reserves thanks to the responsibility of Governor Warner? Who, much to the dismay of many on the right, was intelligent enough to realize that enormous economic growth does not continue forever, but rather in (generally natural) “peaks and valleys” and that we would need to rely on our “rainy day fund” eventually.

Next time those of you who have a conniption and begin hollering for a “refund” of “your” money every time the government is running a surplus, remember this!

For the third straight week, gas inventories are up, but guess what! For the eleventh straight day, gas prices in the U.S. are at a record high! Costing American drivers an extra $20 BILLION so far this year.

The jump in U.S. gasoline prices this year has so far drained consumers of an extra $20 billion, or about $146 for each passenger car in the country, the Government Accountability Office told Congress on Tuesday.

The national price for regular unleaded gasoline hit a record $3.22 a gallon this week, and is up $1.05 since the beginning of February, according to the Energy Department.

As mentioned, gasoline inventory is on the rise, according a government report due out later today, and in turn, oil prices are dropping.

Oil prices fell Wednesday on expectations that a weekly U.S. government report to be released later in the day would show the third increase in domestic gasoline stocks in as many weeks.

Gasoline stocks were expected to grow by an average of 800,000 barrels, according to a Dow Jones Newswires poll of analysts. Crude oil supplies were forecast to drop by 200,000 barrels, and distillate stocks, which include heating oil and diesel fuel, were expected to increase by an average of 900,000 barrels.

So why the hell are we continuing to see gas prices climb day, after day?