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19006 [lbo-talk] neg amort -- rank: 1000

My friend the real estate financier tells me that the negative amortization scheme was pioneered by the S&Ls in the 1980s, in the commercial market. With a pedigree like that, how can things go wrong? Doug

Document Size:	4597
Author:	Doug Henwood
Date:	Wed Jan 19 13:53:45 PST 2005

19007 [lbo-talk] frontiers of financial innovation -- rank: 1000

Jordan Hayes wrote: >Doug writes: > >> Lesse, borrow money at floating rates to buy a house that >> you can only afford if rates stay low and the price >> appreciates ("Ponzi finance," in Minsky's terminology). > >I don't know where you got your bad attitude about home ownership, but >it's downright un-American :-) Yup, I know. >I think this is a vast mischaracterization of this product. If people borrow a reasonable amount of money at a fixed rat ...

Document Size:	5503
Author:	Doug Henwood
Date:	Wed Jan 19 13:52:20 PST 2005

19008 [lbo-talk] the decay of hipsterdom (cont.) -- rank: 1000

[via gawker] <http://newyork.craigslist.org/brk/tlg/56124272.html> Miss Williamsburg Pageant Reply to: misswilliamsburg at hotmail.com Date: 2005-01-18, 1:35PM EST MISS WILLIAMSBURG PAGEANT Are you the coolest girl in the Burg? Do you spend hours trying to make it look like you are not even trying? Do you secretly wish that for once there would be a pageant where you could get some credit for that new hot trend on Bedford avenue that you KNOW you invented? NOW IS YOUR CHANCE!!!!! The first ...

Document Size:	6513
Author:	Doug Henwood
Date:	Wed Jan 19 13:24:58 PST 2005

19009 [lbo-talk] bubble -- rank: 1000

A friend of mine whose day job is raising capital for real estate developers (i.e., not an amateur baying from the sidelines) writes: >I thought you would be interested in this. > >In particular, I thought you'd find the following item interesting: ><http://www.tompaine.com/articles/trouble_at_home_the_housing_bubble.php> > >DH:An acquaintance of mine is going through a divorce.He went to the >local high end stereo store to restock his gadgets for an apartment >he's ...

Document Size:	5954
Author:	Doug Henwood
Date:	Wed Jan 19 13:00:02 PST 2005

19010 [lbo-talk] House Reps say SS reform "doomed" -- rank: 1000

[cut women's benefits because they live longer?] Washington Post - January 19, 2005 New Doubts On Plan For Social Security House Republican Says Bush Plan Is Doomed, Seeks Review of System By Mike Allen and Jonathan Weisman Washington Post Staff Writers House Ways and Means Committee Chairman Bill Thomas (R-Calif.) predicted yesterday that partisan warfare over Social Security will quickly render President Bush's plan "a dead horse" and called on Congress to undertake a broader review ...

Document Size:	11608
Author:	Doug Henwood
Date:	Wed Jan 19 12:54:30 PST 2005

19011 [lbo-talk] Mitofsky speaks! -- rank: 1000

Date: Wed, 19 Jan 2005 10:19:22 -0500 From: Warren Mitofsky <mitofsky at mindspring.com> Subject: 2004 Exit Poll Evaluation To: Media-PublicOpinion-Polls-l at usc.edu This morning we made public our complete report evaluating the 2004 exit polls. It is available on www.exit-poll.net Also available there are methods statements, questionnaires and completion rates. The individual respondent level data for all 51 states and the nation are being sent today to the Roper Center at UConn and to I ...

Document Size:	14282
Author:	Doug Henwood
Date:	Wed Jan 19 12:36:46 PST 2005

19012 [lbo-talk] Boycotting the unorganized? -- rank: 1000

Paul wrote: >I am sure you noticed that this is chain is not really a specialty >gourmet shop, just a dressed up upscale supermarket seeking snob >appeal. And, in my experience, not all that nice a one. Doug

Document Size:	4767
Author:	Doug Henwood
Date:	Wed Jan 19 12:29:56 PST 2005

19013 [lbo-talk] Boycotting the unorganized? -- rank: 1000

John Lacny wrote: >Scab Munson writes: > >> If they don't have a good reason to picket the store, then why >> bother with the picket line? I'm a union member and would >> cross a picket line that was set up for stupid reasons. > >And who makes that decision -- you? > >I've got a better idea: why don't you go fuck yourself, scab? Uh, you can make your point without the invective.

Document Size:	5031
Author:	Doug Henwood
Date:	Wed Jan 19 12:29:11 PST 2005

19014 [lbo-talk] Re: the cushy life -- rank: 1000

Turbulo at aol.com wrote: >Doug wrote: > >Damn, I want a cushy life, and I'm a socialist because I think >everyone should have a cushy life! Yeah, I know, the world is >imperfect, and universal cushiness is therefore elusive, maybe even >impossible, but what's wrong with security, comfort, and pleasure as >ultimate political goals. That doesn't mean complacent or stupid; my >idea of cushiness includes the time and capacity for intellectual and >aesthetic engagement. Bu ...

Document Size:	5929
Author:	Doug Henwood
Date:	Wed Jan 19 12:20:49 PST 2005

19015 [lbo-talk] Re: lefties, fullfilment -- rank: 1000

Tom Walker wrote: >Has it occurred to anyone that the putative Calvinist leftist's >"lust for suffering" may simply be a form of conspicuous consumption >(or in this case conspicuous unconsumption) that performs or is >intended to perform the same status function that much consumption >of wealth performs, once we move a way from literalist >interpretations of utility? It's occurred to me, but you put it better.

Document Size:	5002
Author:	Doug Henwood
Date:	Wed Jan 19 12:18:31 PST 2005

19016 [lbo-talk] Re: lefties, fullfilment -- rank: 1000

frank scott wrote: >"...my idea of cushiness includes the time and capacity for intellectual >and >aesthetic engagement..." doug > > >the old man would seem to have agreed: > > > >"...The less you eat, drink and read books; the less you go to the >theater, the dance hall, the public house; the less you think, love, >theorize, sing, paint... The less you are, the more you have; the less >you express your own life, the greater is your alienate ...

Document Size:	5280
Author:	Doug Henwood
Date:	Wed Jan 19 12:13:44 PST 2005

19017 [lbo-talk] frontiers of financial innovation -- rank: 1000

Jordan Hayes wrote: >An equity investment is NOTHING like buying a house. Lesse, borrow money at floating rates to buy a house that you can only afford if rates stay low and the price appreciates ("Ponzi finance," in Minsky's terminology). Nah, nothing alike at all - a stock is actually a claim to productive resources in some cases! Doug

Document Size:	4936
Author:	Doug Henwood
Date:	Wed Jan 19 11:51:37 PST 2005

19018 [lbo-talk] frontiers of financial innovation -- rank: 1000

Jordan Hayes wrote: >Doug started this by asking about the (presumably clueless, >sheep-to-the-slaughter, victims) people who take advantage of this >product in a tone that said to me that he thinks that this is a good >example of David losing to Golliath. I think we can safely allow that >"real estate speculators" need no protection from themselves. > >Tut-tut'ing people who are trying to make a positive difference in their >lives is unattractive. Speaking of ...

Document Size:	7051
Author:	Doug Henwood
Date:	Wed Jan 19 11:36:35 PST 2005

19019 [lbo-talk] frontiers of financial innovation -- rank: 1000

Jordan Hayes wrote: >Doug started this by asking about the (presumably clueless, >sheep-to-the-slaughter, victims) people who take advantage of this >product in a tone that said to me that he thinks that this is a good >example of David losing to Golliath. I think we can safely allow that >"real estate speculators" need no protection from themselves. That wasn't my tone, really. I suspect most of the borrowers know the risks - they're just ignoring them. Like the people ...

Document Size:	5608
Author:	Doug Henwood
Date:	Wed Jan 19 11:01:20 PST 2005

19020 [lbo-talk] frontiers of financial innovation -- rank: 1000

Marta Russell wrote: >>I love this phrase I just read in a letter to Business Week: >>"negative amortization variable-interest mortages with low teaser >>rates." I'm guessing that this means that in the early stages, your >>monthly payment doesn't even cover the interest, so the difference >>gets tacked on to the principal - and, should market interest rates >>rise, so will your mortgage payment. What are people thinking when >>they sign up for ...

Document Size:	5709
Author:	Doug Henwood
Date:	Tue Jan 18 16:21:31 PST 2005