Monday, December 17, 2007

Buena Vista Auction Update: 100% BUST

As was already pointed out here regarding Brooks Resources Fake Auction, if it's just a price cut in disguise don't expect anything but failure. I pointed out yesterday that I thought Buena Vista's 100% FRAUD AUCTION would fare even worse. And of course, it did.

141 homes sell for a total of $65 million at real estate auction


Housing - With 96 percent of the houses going for below the reserve price, "we lost money," says the builder
Monday, December 17, 2007

Roger Pollock said he wanted to sell a lot of homes at his two-day auction this weekend -- and he did just that.

Pollock said he sold 141 homes for a total of $65 million at the Oregon Convention Center in what was one of the largest real estate sell-offs in Oregon history.

Pollock's Buena Vista Custom Homes had advertised more than 240 homes to sell at auction. By comparison, Real Estate Disposition Corp., the Irvine, Calif. auctioneer, had never done a home builder's auction larger than 60 homes.


Pollock turned to the auction when the housing market slowed this fall and his sales turned to a trickle. Rather than pay interest on his construction loans for a year or more until the homes sold, Pollock opted for the auction.

Westside homes in Beaverton and Hillsboro sold best, Pollock said. None of the 29 Bend homes sold, and homes that are now rented didn't sell well, either. Pollock said the sales also will generate about $250,000 for charity.

Although the homes looked especially attractive with super-low starting bids, some brokers were concerned that the homes had a higher, undisclosed "reserve price" that was the lowest Pollock was obligated to accept. But Pollock said about 96 percent of the homes he sold went for below the reserve price. The reserve price, he said, was equal to his costs.

"We didn't make any money on these homes," Pollock said. "We lost money."

"There's been this perception that this wasn't aboveboard," said Pollock, noting that each home has a one-year warranty, standard for Buena Vista's homes. "But I think the results speak for themselves. I did what I said I would do."

About 1,900 people turned out for the auction.

100% FAILURE RATE FOR FAKE BEND AUCTION

GOOD CALL BUENA VISTA! BUT REMEMBER BEND BUILDERS & REALTORS: YOU'RE DIFFERENT, YOU'RE UNIQUE, YOUR FAKE AUCTION CAN WORK, YOU JUST GOTTA BELIEVE! THIS IS BEND OREGON AND PEOPLE WANT TO LIVE HERE!

172 comments:

IHateToBurstYourBubble said...

So if any builders want to attempt the FAKE AUCTION route of selling homes, just check out Buena Vista's results:

100% FAILURE RATE

This guy supposedly was selling these dogs at or below cost, and still could not sell a single Bend property. He sold quite a few elsewhere, and if there was an environment where he could have got 'er done in Bend, THIS WAS IT.

So remember Folks: Keep those prices HIGH! You can sell, you just need to hold out. THIS IS BEND OREGON & PEOPLE WANT TO LIVE HERE! Never forget that. All the naysayers are DEAD WRONG. You can STILL get 40%/YEAR, NO PROBLEM. This is just a temporary lull, and we will be back on top of the World in NO TIME! Just keep the faith!

Show them who's boss: RAISE YOUR PRICE TODAY!

IHateToBurstYourBubble said...

"There's been this perception that this wasn't aboveboard," said Pollock

Naw, it was totally aboveboard! 5% winners fee. Hidden minimums. 100% Bullshit.

Standard Operating Procedure for Bend's RE industry.

Remember Folks, IF ANYTHING DOESN'T SELL AT AN AUCTION, IT'S NOT AN AUCTION, it's just a sale by hucksters who want to alter your perceptions (ie MARKETING) of what you're getting. If there are ANY minimums, it is 100% BULLSHIT.

BV auction? Brooks auction?

100% FRAUDS.

Timothy said...

Strange how Bend's 0% success rate got covered in the Oregonian and not in the Bulletin. I looked all through the Bulletin the last two days for information about this auction that was so cheerfully described before the auction. Nothing.

What's the matter, DAVID FISHER? Can't get Pam Lester on the phone for a quote?

Duncan McGeary said...

Time for another R.I.P.?

Timothy said...

Something over 240 for sale. 140 sold. Bend's 30 didn't.

So this guy started out having 1/8 of his disastrous inventory in Bend houses. Now the poor sucker has almost 1/3 in Bend.

What's next for that neighborhood?

Timothy said...

So delicious.

140/210 outside Bend. "Success" rate=67%

Anonymous said...

None of the 29 Bend homes sold, and homes that are now rented didn't sell well, either.


*

Proof is in the puddin, Bend spends over a $1 Million every year on 'marketing' Bend, as the #1 resort.

Result, NADA.


Bend is a second home market for PDX. Nobody, wants a second home in Bend. Nobody came from PDX that wanted a Bend, as everyone in Bend, wants to DUMP their Bend home.

Real Estate Paralysis in Bend.

Anonymous said...

Strange how Bend's 0% success rate got covered in the Oregonian and not in the Bulletin.

*

'strange'?

Bend is exception, not strange.

Bend is Lake Wobegon, we can be sure the reason the Bend homes didn't sell was the reserves. We can assume that Beav/Hill had no reserves? Or maybe, just maybe Bend HAD ZERO DEMAND, at any price??

Does this mean that Beaverton/Hillsboro is now #1 resort in the West?

Anonymous said...

http://www.oregonlive.com/news/oregonian/index.ssf?/base/news/1197865520170840.xml&coll=7

Here's another good story today, you'll not see in the Bulletin. MT-B just spent $5M on a new snow system, that is NOT planned to work in future, because of warming. The plan is to build slides, and have summer recreation. Condos,...

Bend is FUCKED, City-Hall better get a new marketing scam quick.

***
Cascade resorts plan for a future with less snow
Global warming - Northwest ski areas diversify and add offseason attractions to survive milder winters
Monday, December 17, 2007
MATTHEW PREUSCH
The Oregonian Staff

BEND -- The snow guns at the Mt. Bachelor ski area have been blowing for more than a month, laying down a 3-foot base beneath the Pine Marten chairlift.

The $5 million system helps the resort build a base on low snow years like this one. But it works only when it's cold, and Cascade Mountain winters are expected to get warmer.

So at Mt. Bachelor -- as well as just about every ski resort in the Northwest -- resort managers are starting to adjust long-term plans based on the predicted effects of global warming.

Anonymous said...

So Bend, So Les Schwab,
...

Anybody who attends the Buena Vista auction needs to be aware of the following:

If you are the high bidder and you choose to use your own lender, and you do not get the loan FOR ANY REASON WHATSOEVER, they will keep your deposit (which will equal 3% of the sale price).

If you are the high bidder and you use their lender (Countrywide), and you do not qualify for a loan, they will give you your money back. But wait, there is a catch. YOU ARE OBLIGATED TO ACCEPT ANY LOAN THAT COUNTRYWIDE GETS YOU. For instance, if they offer you a hard money loan at 3 points and 15% interest, you must take it. Otherwise, you lose your 3% deposit.

Finally, I know of a realtor who offered the minimum bid price (of 40% off of the last list price) to try and buy two homes before the auction. HE WAS COUNTERED AT 90% OF THE LIST PRICE ON BOTH HOUSES (a discount of just 10% off of the last list price). The reserve prices are not published but one could assume that they are going to be approaching 90% of the last list price. Also, remember that a 5% buyers premium is added to the winning bid price.

Google the auction company Real Estate Disposition Corporation and you will find some pretty disturbing press about them. You can also find people who were high bidders at their auctions and had some pretty nightmarish experiances with REDC.

Anonymous said...

SCAM! I once was a successful bidder and boy I tell ‘ya. I wish I wasn’t. It was a total nightmare. They charge an arm and a leg. First you pay 5% to the auctioneer. The earnest deposit (which here in GA is usually about $1k with a contract) was over $15,000. And they wouldn’t give the $15,000 deposit back when financing didn’t go through. They claim they do, but they don’t. The contract is one-sided and doesn’t favor you the buyer. It’s all about the seller. Which is so different from a normal home buying experience. Usually you get your earnest deposit back if you don’t qualify. Not with REDC, they just extend and extend and extend as a means to get you to “back out” so they can keep your deposit. A normal escrow that doesn’t close can be extended if BOTH agree. This process is THEY can extend, not you (or you are charged another $5000 penalty). They also wanted to charge about 12% interest on the loan, when I could have my own financing under 7%. The whole thing seems to be about how they can keep your $15,000 earnest deposit. So I have to go to court and sue. I would NEVER buy a home at an auction again. Had I known you lose your earnest deposit, I’d have never gone, but they advertise you will get it back, so…?????

Anonymous said...

Let me tell you about my experience with REDC.
I was a winning bidder at Chicago auction 10/8/2007
I arranged and was approved for the financing within the required 21 days (their lender)
I made several calls over a 2 day period to Fisher and Shapiro LLC the Law firm representing seller, after 2 days and 10-15 messages finny I received a call telling me that my Bid was rejected and giving me the option to call Chris Dzandzara 800.499.6199. Ext 3505 to discuss this matter or possibly to make another offer. Remember this is happening 10/26/2007 20 days after the auction.
If I bail out of the loan I loose $400.00 loan application fee and $350.00 my attorney fee.
This was a no reserve auction there is no reason that my offer was rejected I was the winning bidder.
If there was a reason they did not want by bid it should have been rejected b-4 I gave all my info to their Loan officer.
REDC has yet to return my phone calls. I have yet to see my Money back $5381.00 they say they check is in the mail.
I can’t help to wonder what would happen if I was not ready to close in the required 21 days.
First they would charge me a $5000.00 penalty and then tell me that my bid was rejected.
Be aware This might me a huge SCAM.

Anonymous said...

Yes, there is NO doubt, that an Auction is the way to BUY a Bend Crap-Shack.

***

BE VERY CAREFUL if you decide to bid at an REDC auction. The contract is completely one sided (in the sellers favor, of course) and will have you sign away any rights you have whatsoever. They will demand that you close on the property in 21 days and have all of your paperwork and financing in place 5 days before the deadline, but will include another clause that gives the seller the right to refuse your bid up to 15 days after the auction date. Yes that’s right folks, you officially have only 1 day during that period where you actually know that the seller will move forward with the closing and for you to get your entire closing, financing and appraisal done (you have 16 days to put everything in order, they have 15 days to turn down your bid.) If you put any of your financing, etc. in place before the 15 day period you might be wasting your time and money. I know because I was a victim of this process. My bid was accepted at auction, I (and my lawyer and mortgage person) raced to get everything in place to close within 21 days. My closing day came and went and the title company could mysteriously not produce the deed for us to close on the property. A full 2 weeks letter I got a letter from the title company saying the seller rejected my bid. It was dated 2 weeks earlier (but sent overnight - isn’t that amazing!) Of course, all auctions involve risk - that’s why you can get such great deals, but take my advice, even if your bid is accepted on the day of the auction - do not plan on actually acquiring the property - it can get yanked from you at any time and you will have zero recourse. It may be legal for them to do, but it is a really crappy way to do business.

Anonymous said...

Here's a good story about 'land auction.com', the folks that did the recent 'brooks resource' auction. This is all so Bend.

***

Land that looks good on paper may be fraught with problems after purchase

By Brian Melley Associated Press

TERMO -- Norma and Mark Bernert couldn't afford to buy a piece of property in the San Francisco Bay area so they decided to enter the real estate market, sight unseen, in a subdivision hundreds of miles from home for a few thousand dollars.
It turned out to be their worst investment.

At an auction, the Bernerts bought in Moon Valley Ranch, one of the nation's so-called "antiquated subdivisions' that predate modern zoning, many lacking sewer, water and power and located in the middle of nowhere.

Sales thrive in these places where grandfather clauses allow purchase "as-is' and buyers are left to sort out the problems later.

Buyers in Moon Valley Ranch "get ripped off pretty well,' said Joe Bertotti, assistant director of Lassen County's community development department.

One company pitching lots in Moon Valley is online land marketer LandAuction.com , run by Robert Friedman and Jeffrey Frieden, entrepreneurs from Irvine.

LandAuction.com , also known as NRLL, lists properties in aging and forgotten developments: Concho Lakeland in Apache County, Ariz.; Hawaiian Ocean View Estates on the island of Hawaii; Shelter Cove in Humboldt County; and Deming Ranchettes in Luna County, N.M., to name a few.

Although the company has sold land for years in Moon Valley, Friedman said he's never been there.

"LandAuction.com deals in inexpensive land,' he said. "You cannot use a broad brush to say that these are in a flood plain or a flood zone or what have you. A lot of the properties you're talking about I'm sure are very nice properties.'

For years, local officials worried little about raw land sales that let counties fill tax coffers without having to provide services to absentee owners. "Government saw these things as cash cows in the beginning,' said Frank Schnidman, a Florida lawyer who has written about antiquated subdivision problems.

If buyers try to move into these poorly planned developments, they tax resources, overwhelm sewage systems and roads. In many instances, they simply stop paying taxes and eventually lose the land in a county tax auction.

At Moon Valley Ranch, the land is about as stark as the moon. Barren high desert stretches out for miles at California's untamed eastern edge where faded wooden street signs point down rutted paths. Amid junked cars and the rotting husks of former dwellings, a few homesteads stick out on the dusty plain. Located nearly 60 miles from Susanville, the subdivision has no power, sewer or city water supply.

Taxes are delinquent on 20 percent to 30 percent of the Moon Valley parcels, said Richard Egan, the county tax collector. Countywide, the delinquency rate is 3 percent.

In the days when the tax sale was held on the county courthouse steps, only a handful of bidders showed up. With tax sales on the Internet, the price of land has increased and people as far away as Florida and New York are bidding.

Norma Bernert acknowledged she and her husband didn't do their homework.

"It just seemed like something to start with,' she said of the 20-acre lot they bought from NRLL for $4,750 in 1999. With interest, they paid a total of $5,608.

They thought they would have a place to get away. But much land in Moon Valley is in a flood plain, and after Mark Bernert made the 370-mile journey, he found himself driving through heavy spring muck, his wife said.

In 2003, the couple tried to sell the land but found there was no local market for it. No real estate agent would list it.

Finally, an agent said he knew of a company that might buy it for a reduced price: NRLL. "I said, 'Wait a minute,' Norma Bernert said.

In the end, they sold it back for $2,500.

Anonymous said...

The two guys below troll via post-cards all over the country, and promise high prices to get listing's. Certainly Brooks & Buena-Vista figure they couldn't lose by listing with these folks. Seems like the 'real' money is made by keeping deposits. What's interesting is the SELLER has 15 days after the auction, to cancel the deal. Thus for Brooks, had there even been a low bid, or high bid, they could have gotten the full value, and they did the BULL ran the list as a 'Press Release", but hell these guys send these post-cards to everyone!

***
The below is very important, it is the guys who actually own the WHOLE thing, and if you google their names you can find all the info about these 'auctions'.
***
NRLL
ONE MAUCHLY
IRVINE CA 92618

Registered Agent of NRLL is:
FRIEDEN, JEFFREY
2630 BOBCAT VILLAGE CENTER ROAD #B
NORTH PORT FL 34286

Managers of NRLL are:
FRIEDMAN, ROBERT
9 GOODYEAR
IRVINE CA 92618

and

FRIEDEN, JEFFREY
9 GOODYEAR
IRVINE CA 92618

Anonymous said...

Think if the BULL, SORE, or even the BIG-ZERO had the balls to print the following, on how ALL 'auctions' really play out!

The crazy thing is for months our 'favorite developers' have been listing with these people, and writing Press-Releases, and the BULL has been reporting it as NEWS. Why don't do the FULL story, and tell people what will actually happen if you "WIN" one of these Homes!

***

They will demand that you close on the property in 21 days and have all of your paperwork and financing in place 5 days before the deadline, but will include another clause that gives the seller the right to refuse your bid up to 15 days after the auction date. Yes that’s right folks, you officially have only 1 day during that period where you actually know that the seller will move forward with the closing and for you to get your entire closing, financing and appraisal done (you have 16 days to put everything in order, they have 15 days to turn down your bid.) If you put any of your financing, etc. in place before the 15 day period you might be wasting your time and money. I know because I was a victim of this process. My bid was accepted at auction, I (and my lawyer and mortgage person) raced to get everything in place to close within 21 days. My closing day came and went and the title company could mysteriously not produce the deed for us to close on the property. A full 2 weeks letter I got a letter from the title company saying the seller rejected my bid. It was dated 2 weeks earlier (but sent overnight - isn’t that amazing!)

Anonymous said...

It sounds like all these auctions are just a scam to find 'real price'.

For instance you list the house, and it sells, then you have 15 days somebody else offers a dollar more, you tell the winner to fuck off.

Or better yet 'redc' looks at the results and say's, look here, this one was a deal, lets pull this out for ourselves, and tell the 'winner' to fuck-off.

All completely legal.

Again, this is all normal shit, little GUYS SHOULD never play the RE auction game, its as rigged as the stock market.

Anonymous said...

These auctions are a 100% 'setup' too see how much 'morons' will really pay for RE. Right now the industry is in a quandary, that's probably why Brooks listed his property with the sleaze, just to see what the moron market will bear.

Perhaps the reason ZERO sold is 'auctions'. NRLL spends a fortune right now advertising full-page spreads all over the country, which is WHY you'll never see our press/media tell you the truth about sleaze is behind these auctions.

National Reporter said...

So somebody tell me why did Brooks Resources list with these guys?

Anonymous said...

DVA/VCB its working! Bend is still the #1 tourist resort in America!!

The 20 Most Overvalued Housing Markets

Metro Area 2007 Q3 Home Price Overvaluation
Bend, Oregon $320,100 70.0%
Atlantic City, NJ $273,700 64.4%
Madera, CA $291,600 62.3%
Merced, CA $248,300 56.6%
Prescott, AZ $237,600 53.6%
St George, UT $257,700 51.0%
Flagstaff, AZ $269,200 50.3%
Miami, FL $304,000 48.0%
Medford, OR $279,100 47.8%
Portland, OR $316,600 47.5%

MIsstrade said...

Again, those crack shacks cost no more than $70 a foot, so I might give them $77 a foot to rent one out. OTher than that why would anyone buy one of these cracker shacks? No brainer, this things going to what the real market is. Just will take a little bit of time and banks will establish the new market over the years. Cause market participants are one sided, sellers, and they are asking pie in the sky dream prices. Just see the guy listing 20 rental properties on craigs list. Desperation is on the come.

Anonymous said...

Now a word from Pollock himself, regarding the outcome.

***

Oregon Home Builder Sells 141 Homes in Auction

Results Believed to Be Biggest Sales Event in Oregon Real Estate
History



LAKE OSWEGO, Ore., Dec. 17 /PRNewswire-USNewswire/ -- Buena Vista
Custom Homes announced today that the company sold 141 homes during the
past weekend's home auction at the Oregon Convention Center.



The 141 sales generated a total of $65 million dollars in sales which
is believed to be the largest sales event in Oregon real estate history, as
well as the largest real estate auction by a single seller. The event drew
2,209 attendees who bid on the 240 homes offered in the auction.



The owner of Buena Vista Custom Homes, Roger Pollock, announced prior
to the auction his intent to use the event to sell the company's inventory
of completed homes. Prior to the event there was much speculation about the
"reserve prices" which are standard in a real state auction. Buena Vista
set their reserve prices to mirror their costs. 96% of the homes sold were
sold under the "reserve" price.



The auction was conducted by Real Estate Deposition Cooperation (REDC).
REDC, based in Irvine, California has been in the auction business for over
20 years and has done hundreds of auctions. The Buena Vista auction of 240
homes was the largest auction that REDC had been involved with.



Homes offered at auction ranged from 1,113 to 5,073 square feet and
were located in some of the areas of highest demand around the Portland
metropolitan area. Additionally 29 homes were also included from the Bend,
Oregon market. Homes sold from as low as $195,000 for a 3 bedroom 2 1/2
bath home in Sandy, Oregon to $510,000 for a 5,073 square foot 4 bedroom 3
bath home in the Shadow Ridge subdivision in Happy Valley, Oregon.
Virtually all areas were strong sellers with two exceptions, the homes
being offered in Bend (29) and Buena Vista's portfolio of rental homes.
None of the homes in Bend sold and few of the rentals found buyers.



Pollock Pleased With Outcome



The company's move to enlist their entire standing inventory in the
auction was an aggressive move, but reduction in inventory will allow Buena
Vista to become a land buyer again, taking advantage of dropping prices for
build-able lots.



"We came to the auction to sell, and we did just that. To sell 141
homes in less than 48 hours is truly remarkable," said Pollock. The company
now plans to move to a much more conservative model of offering few
finished homes built on speculation of future sale, and more pre-sold to
buyers. "We will still be an aggressive player in our market. The sale of
the homes from the auction puts us in a great position as a buyer. There
are some great deals to be had out there right now on lots," added Pollock.



Event Nets over $250,000 for Oregon Charities



Buena Vista will also be donating over $250,000 from the event to area
charities as part of Pollock's "Profit Partners" program. The program
donates a portion of each home sold, regardless of price, to 19 area
charities.



Earlier this year, Buena Vista announced the one millionth dollar
donated to these charities since the inception of the program in 2002.



Profit Partners who will receive proceeds from the auction sales
Include:



-- Big Brothers Big Sisters NW

-- CASA of Clackamas

-- Cascadia Behavioral Health

-- Come Rest Awhile

-- Community Action

-- Community Transitional School

-- DePaul Treatment Center

-- Faith in Action

-- Friends of the Children

-- Lifespan Respite

-- Oregon Partnership

-- Police Activities League

-- Project Pooch

-- Providence Child Center Foundation

-- Quiet Waters Outreach

-- Save a Teen

-- Son-Rise Program -- The Option Institute

-- St. Mary's Home for Boys

-- Transitional Youth



Buena Vista Often Recognized for Strong Sales and Growth



Recently, Buena Vista was named the No.1 single family homebuilder in
Oregon and SW Washington by The Portland Business Journal. In addition,
BVCH has been named as one of the top 10 fastest growing builders in the
U.S. for the past three years. In 2005 the company recorded the fastest
growth of any builder in the nation.





This past year, Inc. magazine also named the Oregon Home Builder to
their prestigious list of the fastest growing companies in the US.



Pollock was initially cautious about what type of message an auction
would send, but asked himself, "Did we overbuild?", and after answering
"Yes" he quickly decided that it would be an innovative sales strategy to
move out the overbuilt inventory.



The company has many projects on the horizon for the future. In early
2008 the company will embark upon new neighborhoods in Tigard, Oregon City,
Southwest Portland and Happy Valley.



About Buena Vista Custom Homes: Buena Vista Custom Homes is an Oregon
home builder dedicated to making the dream of purchasing an affordable home
a reality. Buena Vista currently has developments in Bend, Beaverton, Happy
Valley, Hillsboro, Oregon City, Portland, Sandy, Scappoose, and Tigard.
Buena Vista was named the No. 1 single-family homebuilder in Oregon and SW
Washington by The Portland Business Journal. Builder Magazine tabbed BVCH
the fifth fastest growing builder in the nation for 2007. In 2005, 2006,
and 2007, they received the Portland Metro Home Builder Association's
"Building Excellence Award." To find out more, visit the company website at
http://www.buenavistahomes.com.

Anonymous said...

Bend's Magic Number: 70

YOU CAN RUN, BUT YOU CANNOT HIDE FROM HOMERS MAGIC NUMBER - 70

The 20 Most Overvalued Housing Markets

Metro Area 2007 Q3 Home Price Overvaluation
Bend, Oregon $320,100 70.0%

dartagnan said...

Cascade Mountain winters are expected to get warmer.

What the hell, then we can plant vineyards on the slopes of Mt. B. Volcanic soil is great for grapes.

Timothy said...

Ah, good. A PR release from Buena Vista. Since the Bulletin just prints PR releases, this must be what the Bulletin was waiting for. I guess we'll see it in tomorrow's paper.

Anonymous said...

Since the Bulletin just prints PR releases, this must be what the Bulletin was waiting for. I guess we'll see it in tomorrow's paper. - TT

*

Ah, grasshopper, at least one of the spawn understand the programs, yes soon the BULL will print the Press Release Verbatim, except the part about Bend selling FUCKING zero, they'll turn that into a win.

"Nobody in PDX, could afford to even bid, on the #1 resort in USA".

National Reporter said...

Hey gays I was going to do the story about old people in Bend having their dogs taken away to drive them from there homes, then I found this story today in San Fernando Valley, that Bend is #1 in elder-porn. It turns out that Bend is forcing the elderly to practice elicit sex acts in rest homes, after they lose their homes.

I would appreciate any leads that you guys might have on this story. I used to live in Bend over ten years ago, and today I'm a national reporter. I still care about Bend.

I think I have finally found a story about the 'New Bend' that might have traction with my editor, as porn is hot, and elder issues.

Anonymous said...

Event Nets over $250,000 for Oregon Charities



Buena Vista will also be donating over $250,000 from the event to area
charities as part of Pollock's "Profit Partners" program. The program
donates a portion of each home sold, regardless of price, to 19 area
charities.



Earlier this year, Buena Vista announced the one millionth dollar
donated to these charities since the inception of the program in 2002.



Profit Partners who will receive proceeds from the auction sales
Include:



-- Big Brothers Big Sisters NW
[ just like it sounds ]

-- CASA of Clackamas

-- Cascadia Behavioral Health

-- Come Rest Awhile
[ necromania ]

-- Community Action
[ elder porn ]

-- Community Transitional School
[ truck driver to computer programmer ]

-- DePaul Treatment Center
[ meth to microbrew ]

-- Faith in Action
[ jeezus to bush ]

-- Friends of the Children
[ pederasty 24/7 ]

-- Lifespan Respite
[ elder porn 24/7 ]

-- Oregon Partnership
[ les schwab meets EDCO ]

-- Police Activities League
[ goose shit 24/7 ]

-- Project Pooch
[ dog shit for the cops ]

-- Providence Child Center Foundation
[ the bill is in the mail ]

-- Quiet Waters Outreach
[ silt the drake ]

-- Save a Teen
[ Spare the rod spoil the child ]

-- Son-Rise Program -- The Option Institute

[ you don't want to know ]

-- St. Mary's Home for Boys
[ bendbb's bedroom ]

-- Transitional Youth
[ early sex change, city paid ]

Anonymous said...

Did anyone catch the propaganda last week related to the new Tetherow Resort in the Bulletin? http://www.tetherow.com/pdfs/Bend_Bulletin_121007.pdf Tetherow resort is the reason behind the ugly transmission tower on the way to Mt. Bachelor. The owners were involved in the Broken Top Club Sale and are also involved in attempting to force owners out of the Inn of the 7th Moutain. According to the article . . The Bend real estate implosion has not impacted sales at the resort. Wealthy individuals are not impacted by the slow down and are purchasing lots at the pace seen in 2006. The Bend Bulletin once again is pushing more real estate propaganda. I can not believe that wealthy buyers are that stupid to get motivated to purchse basd on the article from the Tetherow PR machine. Are they?

Anonymous said...

WAY BACK MACHINE - COURTESY of BEM Dec 2006

The president of Prineville Bank is quoted as saying: "You can't tell the people that are retiring to not age ... and many of them will continue to move here. The housing market just needed to stabilize, and we feel the current inventory can be absorbed through the region's normal growth. It'll just take a little time." -BEM dec 2006

***

Fuck You, BEM look today over 30 year inventory, even with Homers erection toilet, dumpster, and crematorium package, still you cannot fix Prinevilles 30yr+ inventory of homes, that nobody will ever buy.

Anonymous said...

Tetherow resort is the reason behind the ugly transmission tower on the way to Mt. Bachelor.

*

Folks at Widgi are suing, but lets look at the facts, the over-head was always there, but albeit a normal wood-treated pole. In the 1400 acres of 'Tetherow' they ran that power underground, and at the north and south ends replace the wood with a BIG-COCK Steel, aka BEND-IRON.

It's Bend, enjoy.

Anonymous said...

Tetherow hire ex-blackwater security to protect 'Tetherow' at night from local citizens.

***

I thought I would post this here, as you tend to also report on strange sightings for the record.

The last couple night's 4-6pm, I had gone for walks above Tetherow.

Both nights after dusk I encountered different guys completely dressed in black with camaflouge masks, gloves. Both carrying plastics boxes, a glock on their waist, and a black 308 remington black-stock-synthetic '700' sniper rifle w/ high-power scope, with a harris bipod. ( The plastic cases most likely contained 'night vision devices' )

On both occasions they told me they were hunting varmint, specifically coyotes. They wanted to know what I was doing there ( note I was west in Forest Land ), they wanted to know on both occasions how often I walked out there.

My gut feeling is that two nights in a row, to meet two different guys that both approached me, before I saw them is not happenstance. My guess is that Tetherow has some kind of strange perimeter security going, or their gaurds are bored out of their minds. Still carrying 100% cop sniper equipment for coyote? That's over-kill. The glock backup as well. It certainly wasn't cold out, there was NO reason for full face masks on both occasions.

The first night the guy was tall and heavy, the second night it was a tall slender guy.

I just wanted this incident recorded, because I found it interesting. You have to understand that your typically varmint sniper doesn't wander around after dusk carrying several thousand dollars of equipment.

Anonymous said...

The housing market just needed to stabilize, and we feel the current inventory can be absorbed through the region's normal growth. It'll just take a little time." -BEM dec 2006
*

The average Priny retiree is five years away from death, priny has today over a 30 year inventory. Could BEM and his bitch president of priny-bank please update us on this play??

Timothy said...

All over the world, people are relentlessly aging. Each and every mortal, the world over, thinks "Prineville" when they feel the Grim Reaper's breath upon their necks.

Anonymous said...

Two hospitals, Tillamook County General Hospital and Pioneer Memorial Hospital (Prineville), have death rates that are statistically worse than the state average for heart failure.

Reference:

http://www.oregon.gov/OHPPR/HQ/2005CHF.shtml

buster's best friend said...

1st grader said...I would appreciate any leads that you guys might have... as porn is hot, and elder issues.

I curled my mouth ever so slightly while reading the elementary nature of your use of language and your very marginal attempt at humor. But try as I might I could not exude an actual chuckle due to its utter lameness.

Buster – I hope that wasn’t from you. If so, I’m afraid I’m forced to correct your typos AGAIN:
- “there homes” is “their homes”
- “and elder issues” is just a tacked noun phrase with no verb (what’s up with that?)

Clean up your act bubba or these miscreants won’t be able to decipher your ramblin’ scribblin’s.

Anonymous said...

Has anyone done any analysis in Deschutes County comparing Home Sales to Foreclosures? Seems like there are more properties going into foreclosures per month than home sales. You do not believe me? Check out
1) http://www.foreclosure.com/search/OR_017.html
2) Search the MLS for short sales
3) Visit the Deschutes County court house between 10:00 and 11:00 on any given day to witness Trustee sales

Only place you are going to see record of this in the Bulletin is in the Legal Ads. I dare the Bulletin to fully report on the story.

Anonymous said...

Is the ground water in Prineville still contaminated from the gas station that leaked? What's the half life of benzine?

Anonymous said...

Only place you are going to see record of this in the Bulletin is in the Legal Ads. I dare the Bulletin to fully report on the story.

*

I double dare you to purchase the BULL, and turn it into a real newspaper like the SORE.

Anonymous said...

Bend's St. Charles rates the highest in the country for unnecessary Surgery.

The problem is too many surgeons live in Bend, and thus must 'make work'.

****

Two hospitals, Tillamook County General Hospital and Pioneer Memorial Hospital (Prineville), have death rates that are statistically worse than the state average for heart failure.

Reference:

http://www.oregon.gov/OHPPR/HQ/2005CHF.shtml

Anonymous said...

Prineville still contaminated from the gas station that leaked?

*

Those kind of things cost about $2 Million dollars 'to clean up', so the question is, since 2001, has that kind of money been spent?

What to talk pollution, in Prineville, lets talk about a little retread outfit there, that that has millions of old tires rotting and leaching in the soil.

Anonymous said...

The keyword here is 'appears', and remember that it appears that this is Les Schwab country, and DEQ, which means, don't fuck with me, and I wont fuck with you. It appears that the 'problem' was solved.
***
Cleanup of Pineville, Ore., Gas Tank Leakage Appears Successful.(Knight Ridder/Tribune Business News)

COPYRIGHT 2001 Knight-Ridder/Tribune Business News

Jan. 30--PRINEVILLE, Ore.--The odor of benzene that once gave Bonnie Richardson and her customers headaches has dissipated, but the beautician's ire lies as close to the surface as the gasoline-contaminated ground water beneath her shop.

"They contaminated me for two years before they decided to do something," Richardson said as she teased a customer's hair.

"They" is a long list in Richardson's eyes, but at the top of it is the former Texaco gas station a block from her shop. It lost at least 4,800 gallons of gasoline -- possibly more -- into the ground under downtown Prineville in the late 1990s.

Gasoline from that leak and from leaks at a BP station three blocks away saturated the soil and contaminated ground water just feet beneath the surface. Fumes...

Anonymous said...

Prineville reminds me of Hemet, Calif. When I was a kid, it was dump, the place you took all your garbage, old tires, what ever you had, and just took it to anywhere and dumped it.

Today, Hemet is all subdivisions, sitting on millions of tons of garbage.

I think the same with Prineville here, in time all the old-stuff, will just get covered up with homes.

Someday in 20-40 years, you'll probably see a 'love canal', but that's how long it takes for the 'good stuff' to show up.

Anonymous said...

What's the half life of benzine?

*

To rectify these situations, what DEQ is supposed to do is setup plants say on opposite ends of the system, in this case the shit may have entered the whole ground water system, and thus its probably all being slowly consume.

The way its supposed to work is say a block is polluted, then around that area you drills holes, and drive water in that is clean, and the stuff that comes out the far away holes, you filter or distill to remove the toxic's. This process usually costs over $2M for a small spill, and the process can go on for five years.

The question is was it done? Given the spill was estimated at 5,000 gallons, which is not a leak, but a serious loss, and given that neighboring businesses were smelling benzene in their tap water. Sounds like a real mess, and probably a good thing that it 'appears' to be forgotten.

Why bring this up now?? This problem was forgotten in 2001, and in 2002 the Bubble came and made Prineville into a real estate investment paradise.

Anonymous said...

Gasoline from that leak and from leaks at a BP station three blocks away saturated the soil and contaminated ground water just feet beneath the surface. Fumes...

*

It sounds like in this case you would have had to remove everything, go down 10-20 remove all the fill in a square-mile area, have the filled 'cleaned' and returned. Did it happen?

Go back to the shop, see if there still in business, inquire about how they all died from Benzene poisoning.

These were big problems in the 1990's in Eastern Oregon, this is why most of the gas stations are gone, most did leak, but not like this one, but most folks didn't have the millions to fix the soil in even the little cases.

This case sounds like they should have declared Prineville as a National Toxic Site EPA, and got $100 Million for cleanup. Did They? Or did it just 'appear' to go away?

Anonymous said...

Anonymous buster's best friend said...

1st grader said...I would appreciate any leads that you gays might have... as porn and elder issues are hot.

*

buster doesn't need any friends.

why would a 1st grader be interested in gerontology?

Buster's Ramblin's said...

Morning Gang,

Buster Here!

Last night for DESERT I had goose shit moose. Anyone want the receipt?

Hey, if you see that so-called "national reporter" lurking in our online hood, be sure to call that fraud out on any typos! Oh, and it's okay to make a few yourself.

See you boos on the down low.

The Sun ( UK ) said...

I'm an International Reporter, for the Sun, a very influential paper here in Great Britain.

I just want to say, that this site is the best for news in the USA.

Keep up the good work.

I'm thinking about doing an article on Bend, Oregon using this "slavery" slant. Given that slavery is on a comeback in the USA. I would like any information about immigrants being locked up in gated communities in Bend. I have heard rumors, and we all know that anything can and will be confirmed on this site.

Anonymous said...

http://bendbubble.blogspot.com/2007/07/bend-oregon-is-happy-because-they-eat.html

This 'recipe' deal has already been done, if you look at the comments on the above blog. You'll find that there is a gourmet recipe for every kind of varmint that can be found in the Bend area.

Enjoy, Bon Appetite.

Anonymous said...

The below from our sister blog

portlandhousing.blogspot.com

The fact that NOTHING in Bend sold has GOT to be sending shockwaves of fear thru that town right now. 1,900 people show up for the auction and NOT ONE had any interest in the Bend properties! NOT ONE!

Might as well be radioactive.

But this blog isn't about BEND!

Anonymous said...

Might as well be radioactive.

*

Bend is radioactive, Bend is Toxic, Bend is Ground Zero for the 2008 RE implosion.

Bend was #1 over-valued RE in America, 2005, 2006, and 2007.

70% over-valued BV would have had to 'reserve' at -70% of ASK in order to dump this toxic waste.

Anonymous said...

Portland Real Estate closing's are down 89% this month year-on-year.

Offices all over the city are closing, and major MTG-Brokerage firms are imploding.

Folks figure summer of 2008, will bring the cali REPO's north. Remember when PDX catches a cold, Bend gets pneumonia.

PDX is OUR feeder market for everything. That includes tourist skiing, golf, ...

Anonymous said...

1/2 life for benzene

*

Its rather meaningless. In the air its days, in water confined under ground its 20-40 days.

Look at the story however, these spills were alledged to have been years old, and people blocks away were smelling benzene in their offices, homes, and shops.

DEQ says the solution to polution is dillution. Thus it 'appears' the problem has been fixed.

Timothy said...

As I predicted yesterday, thanks to the nice people at Buena Vista putting out a press release, we finally have coverage of the auction in the Bulletin.

To Mr. Fisher's credit, the article is substantial (not to mention a laff riot). I'm going to give him credit on this one, because it seems as if he must have actually called Buena Vista up on the phone to write his story.

The builder says he'll not start any more neighborhoods in Bend now, despite the fact that he has options on some more land.

Thinks that maybe the problem with the auction was its distance from Bend. He may try an auction in Bend.

Bids were made on the Bend houses, but only by evil Bendites with preposterous bids trying to "steal" the houses.

He's going to use the money from the auction to buy land at great prices. (A glutton for punishment--he'll be building all the way down.)

Anonymous said...

MTG Brokers to have MAJOR lifestyle change soon.
***
Fed Proposes New Mortgage Rules
Aimed at Stemming Shady Practices
By DAMIAN PALETTA
December 18, 2007 10:23 a.m.

WASHINGTON -- The Federal Reserve on Tuesday is set to consider a plan that would mark the central bank's biggest regulatory response to date of the country's mortgage turmoil.

The staff proposal under review would curb the types of subprime products lenders can offer, prohibit certain misleading disclosures, and limit the compensation of mortgage brokers.

It also would ban brokers or creditors from coercing or influencing home appraisers to misrepresent the value of a home and would prohibit certain practices from loan servicers, such as failing to promptly credit payments to customers' accounts.

Anonymous said...

timmy,

People close to Pollock said the reason he auctioned all, and accepted prices below 'reserve' was that he's cashing out and retiring.

I find it odd, that the BULL would infer he's still in the game.

He's getting out, he's done.

Anonymous said...

Word on the street is that the REO's ( Bank Owned ) property's will be coming to market in Oregon by the ton next summer. Thus imperative that builder's that want out, get out now.

The REO's have completely killed the cali market, as the banks shit want the stuff dumped at any price.

To date in Oregon we haven't seen a complete REO dump as of yet as they're trying to be orderly.

Conclusion? If you MUST sell your Bend RE, do it soon, as homer says cut the price, because come next fall, you'll only get penny's on the dollar, while right now you can still get quarters on the dollar.

Banks seem to be seriously accepting the fact that to DUMP Bend RE, prices MUST be set at -70% of todays prices. This means that fall of 2008 prices will be equivalent to 2001 prices.

Timothy said...

>>I find it odd, that the BULL would infer he's still in the game.

I was surprised, too. It doesn't read like speculation. It's an actual quote from Pollock.

I don't know what he's saying privately to friends, but publicly he's full-steam-ahead.

MIsstrade said...

would you buy from a builder that wasn't going to be around to fix the problems? Its all marketing guys. He's done. Easy m oney salad days are over, he's retiring.

Timothy said...

>>The REO's have completely killed the cali market, as the banks shit want the stuff dumped at any price.

Yes, banks are price-killers. They don't want renters (too hard to sell out from under them). And they don't want piles of housing inventory on their books. They want to CASH OUT, not matter what the cost, and move on.

When the Japan RE market dropped, the banks held onto non-performing assets endlessly. At that time in Japan, you didn't take losses. American banks have never been that way, and they never will.

Yes, they will dump. Right now it's little individual decisions that are determining what's done with short sales and REOs. But next year there will have been upper-level decisions made. And it'll be 100% to dump, as you don't want to be the last bank holding houses.

We still have "investors" eating defaults at "great bargains." "Instant equity." They will become engorged like Templeton the Rat and slink off to puke up their gluttony. Then we will find the bottom is 6 feet lower than we thought.

Buster's World said...

Attention gentle readers of BB2!

Has anyone ever thought of the possibility that all the hearsay and speculation on this entire blog is written and read by only one person? And all the various “people” contributing, like Timmy, BB, Bruce, et. al, are the many personalities that live in the gated community inside Buster’s head?

Zip it, Timmy! — you’re in Buster’s hooded hood now — and you ain’t getting out.

Just ignore “Timmy,” folks. He’s crazy. Beside I just haven’t had my meds yet this morning. Anyhoo, gotta go stir the goose droppings! My “desert” isn’t going to cook itself. Love and kisses, Buster

Timothy said...

>>Has anyone ever thought of the possibility that all the hearsay and speculation on this entire blog is written and read by only one person?

Well, duh.

What took you so long to figure it out?

Anonymous said...

Long ago here buster pointed out that there were only one or two people here tops. It had long ago been speculated that everyone was really Duncan.

That he was bendbb, bem, homer,buster,timmy, dartgnan, hbm,... bruce, ... It's all a fictional world created by Duncan.

Like timmy says "Doh", and that is the whole point of this blog. Remember its Springfield.

We have all along said that nothing in Bend is real.

That doesn't mean we shouldn't keep having fun. Someday all this will be published as a book, and Duncan will finally become a Millionaire.
Bart.

Anonymous said...

another day another new 52 week low on CACB for a total loss of market value of 470 million for the year. I'm assuming a lot of locals are still holding that POS. That is a big ding in the old "wealth effect". It's fallen so fast and hard that no standard technical analysis will work on it now. Maybe a buy at 10 as a possible takeover play.

Anonymous said...

I was surprised, too. It doesn't read like speculation. It's an actual quote from Pollock.

*

Go read the portlandhousing.blogspot.com on this thread of BV, they got several quotes from Pollock saying this it, he's done.

The fact is he is done, but given that NOT a fucking house in Bend sold, the BULL probably paid him to say something good about Bend.

BULL: "So Mr. Pollock, given that NOT a fucking one of your crap-shacks sold, and the fact you were selling them at a loss, do you have anything to say to Bend Investors".

POLLOCK: "If I were a little younger, I would take the 50% I have walked away with, and I would put it all in Bend. In 120 years folks who bought Bend on the bottom going to look real smart."

Ok, here is the fact, Pollock is retiring, and he's NOT going to get younger, and nobody will care in 120 years if you bought RE in Bend today.

Anonymous said...

I have noticed one thing here, when 'homer' is posting as homer, e.g. IHTBYB. The number of anonymous, and dartagnan drops to almost zero.

But when 'homer' disappears, the anonymous toilet-crap skyrockets. My guess is Homer like Bem, wants to be perceived as 'business-like', but must do his tirades as a third-party. Just IMHO.

Duncan McGeary said...

I'm a busy boy...

But really,

Who could make this stuff up? You'd need to be Saul Bellow to figure Bendbusterpedrobart out.

Duncan McGeary said...

Well, maybe not Saul Bellow. More like Terry Southern.

Anonymous said...

More like Robert Mapplethorpe

Anonymous said...

Why is it that buster gets credit for when bad shit happens in Bend, but never gets credit for when good shit happens??

Anonymous said...

To the person here who said "Its a good thing Pollock isn't retiring, or else who would warranty the crack-shacks'.

First of all the terms of the auction, are NO inspection prior, or after purchase. All homes are SOLD AS-IS, there is NO warranty.

So much for that argument.

If after you 'BUY' the house you don't like it, you can always lose your 5% fee you paid to the broker.

Subject to finance is a riot, it says "That YOU MUST take any terms offered to you by Country-Wide", which makes me think that 'country-wide' which is ALSO in Irvine, CA, is behind this.

Can you imagine buying a HOME where your are OBLIGATED to accept the terms of the loan offered, 10/5/1 ARM 20% APR, 10% DOWN, $500 late-fee,....

ONLY ONE FUCKING desperate MORON would ever have bought a home from NRLL/REDC, perhaps the reason that NO Bend home sold, is that Bend folk, aren't that stupid? No offense PDX.

p.s. on The portlandhousing.blogspot.com, they're now pointing folks over-here for the dirt on the auction. They love us because we're not 'politically correct'. We have become the 'Dr Phil' of the BendBust.

Anonymous said...

There's a guy right now selling new homes in Bend for $180k, that's probably the main reason the BV shit didn't sell.

Hell even a Realtor doesn't walk these days with 5% for doing nothing.

It's always this way during these bubble collapses in RE, they guys doing the foreclose, REO, ... deals make real money. My RE friends in all the years going back to the 1960's, the best money was off-loading foreclosures for Ben-Franklin back in 1983. Guy's were doing ten a day at 2%, all you had to have a was a network of buyers and the daily DUMP-LIST from the Bank. $10k/day was no un-common, that 5X of what KURATEK sucks off the city of Bend.

Smart MTG/RE folk in Bend, brown-nose with the bank, and find your self some 'rich' golf friends, and be ready to make some money.

Anonymous said...

The sub-prime mess help DUBYA win a second election, but the people who will pay the price for the Bend-Bubble will be Americas Black-men

****

Africans bear brunt of subprime crisis in U.S. economy built on slavery and genocide
Penny Hess
Dec 18, 2007 (c) The Bulletin

The subprime mortgage mess is making headlines, but what the media barely mentions is that the African community is bearing the brunt of it.

Once again, bankers, brokers, lenders and even regular white working America have profited mightily and are bailed out by the government when their strategy fails. The African community is used, bled dry, and then criminalized and blamed for the problem.

You have to dig to find out that, for instance, more African borrowers making upwards of $100,000 a year were given subprime mortgages than were whites making under $40,000. African communities were targeted for subprime and adjustable rate mortgages as a very lucrative new market for loan sharks.

Cities with large African populations tell the story: Atlanta (map), Cleveland (map), Detroit, Brooklyn (map), to name a few.

Early in this decade the government and the Fed began lowering interest rates. Housing prices skyrocketed and millions of Americans began tapping into their home equity, fueling a “wealth effect,” and massive spending.

The lower rates sparked the speculative housing market and gentrification, as lower income white people could suddenly become homeowners by buying in an African community. Or they could become entrepreneurs by buying up “ugly houses” to flip.

TV channels were spawned by gentrification and a whole economy centered on Lowe’s, Home Depot, Restoration Hardware, Starbucks, art galleries and cute restaurants. Houses of Africans, including the elderly, were taken from under them as white people demanded that code violations be enforced for their benefit.

As housing prices in African neighborhoods skyrocketed, the culture of the community was criminalized and police presence intensified to protect the white “pioneers” from the surrounding impoverished population. African people were dispersed further and further into decaying suburbs, crunched in with other family members or sent to government-sponsored prison housing.

None of this is new, however. It’s the same story that has played out for more than half a millennium.

Since African human beings were first abducted at gunpoint from Africa, turned into a commodity and transported to America as well-insured cargo, stacked on pallets in the holds of ships, the Western world has gotten its economic stimulus from the oppression of others.

More than anything, America sits on the backs of Africans.

Today we talk about oil prices and fluctuations in the stock market, but there were whole centuries when the price of an African was the most important topic at businessmen’s lunches in New York and London. The Wall Street stock exchange sits on the site of New York auction blocks and slave ship docks.

The African cemetery found under a high rise building on Wall Street is the perfect metaphor for this country: America’s wealth resting literally on the bodies of African people.

As Omali Yeshitela proves in his books Omali Yeshitela Speaks and One Africa! One Nation!, Europe was a cold, barren, impoverished and war-like place in the Middle Ages. It was characterized by oppression, plague and feudal serfdom when it set out to rescue itself by ravaging Africa.

Henry the Navigator of Portugal sent ships out to the coast of West Africa around 1420, and by the year 1500 Europe had already extracted 81,000 African people and 700 tons of gold from Africa.

Around the same time Columbus began the process of massive genocide of the Indigenous people of the Americas and the theft of their land and resources.

We are taught ridiculous myths that somehow Europe worked hard, saved its money and thus became the dominant economic and military power in the world. But an honest look at history shows that the development of wealth and power in Europe parallels its assault on Africa and other peoples every step of the way.

In the 1500s the Spanish government monopolized the trade in African human beings, even as the governments of Holland, England and France were waiting in the wings. They would all go to war for a piece of this most valuable commodity, just as oil wars are being fought today.

Independent businessmen also wanted some of this loot, financing their own ships as pirates or “privateers” under the banner of “free trade.” Entrepreneurs like Jean Lafitte raided the state-owned slave ships laden with human cargo and made a fortune selling Africans off the coast of New Orleans at discount rates.

As Yeshitela, again points out, the trade in African people did far more than make southern plantation owners wealthy. The plantations are long gone but the wealth of African enslavement has been compounded in the overall economy of America a million times over.

What part of Europe’s and America’s economy did not get started on the human trade? Banking, insurance, ship building, industry, universities, tourism, railroads, housing, hotels, law firms, the garment industry, retail sales, Wall Street itself were all spawned by African enslavement.

We’re taught that Africans became “free” after the official enslavement ended in 1865 in the U.S. In reality other forms of African exploitation were found to be more lucrative for the Western economy.

In Africa Europe imposed direct colonialism. There was no word for “genocide” when Europe and America were slaughtering millions of African people on the continent as they ripped out diamonds, rubber, ivory, gold, and other precious resources that further consolidated Western wealth and power.

Rarely discussed, but extremely important to America’s wealth, is the system of convict leasing. For more than 70 years thousands of African people were rounded up under Jim Crow laws, kept in work camps and leased out by state governments to plantations, limestone and phosphorus mines, road gangs and logging teams.

The brutal system of convict leasing rebuilt the economy of the southern states following the Civil War. In the late 19th century more than 80 percent of the revenue of Alabama came from convict leasing. I have read that Hitler modeled work camps on the convict leasing system, which was known to be worse than slavery. The white people’s motto was, “One dies, get another.”

European immigrants coming to America were pretty clear that American “opportunities” came to them because of African enslavement and the genocide against the Indigenous people.

Throughout most of the 19th century street gangs made up of white workers in northern cities functioned as a terrorist force against African people who had escaped to the north.

Lynching was the popular pastime of white America for a hundred years. These chilling festivals of violence had the avid participation of the whole white family. Children were dressed up and posed for photographs in front of the lifeless bodies of African people. This public torture and murder of African people was accompanied by music, dancing and food vendors.

White people terrorized Africans who were prospering in independent economic communities. Tulsa, Oklahoma and Rosewood, Florida are only the most famous examples of this. All over the country Africans banded together, buying land and setting up collective economic ventures that were quite successful, but these were destroyed one after another. White people would never allow Africans to become more prosperous than they.

Similarly, the media tell us the reason Africa is poor today is because its leaders are “corrupt.” But every time an African leader rises up, demanding that the resources of his country benefit the people, the leader has been assassinated or overthrown by America or Europe—from Patrice Lumumba to Kwame Nkrumah to Thomas Sankara.

It’s not corruption; it’s the U.S. policy of neocolonialism, which ensures that Africa’s resources stay in the pocket of Western powers. I have read that more than 80 percent of all the mineral resources the U.S. needs to function are in Africa. This is the basis for the U.S. militarization of Africa under AFRICOM.

In this country, after the leaders of the Black Power Movement of the 1960s were assassinated or imprisoned by the government, the U.S. began flooding African communities with drugs: heroin and later crack cocaine. This is well-documented from many sources.

We cannot underestimate the importance of this illegal drug trade to the U.S. economy. Said by the United Nations to be worth more than $500 billion a year, illegal drugs constitute the third largest commodity in the world, behind oil and arms.

Clearly those billions of narco-dollars are not floating around in African communities, but rather buy the cars, mansions and private jets of the Wall Street elite. They also benefit white society as a whole. Since the late 70s drug money has funded real estate, car dealerships, jewelry stores, restaurants and more.

Meanwhile, the African community is left with a government-imposed, penny-ante illegal drug economy that primarily serves to criminalize the entire African population. The imposed drug economy feeds the prison industry, another booming component of the U.S. economy.

More than half of the 2.3 million prisoners in the U.S. today are African, the cornerstone of a $50 billion industry. Called the new gold rush, the prison industry has spawned countless spin-off businesses, including phone companies, clothing, construction, vending machines, instruments of suppression and more.

Most prisons are filled with urban Africans but located in rural white America, where prisons are the third largest industry, behind gambling and pig farming. Many states have a conscious strategy to use prisons as economic stimulus for rural counties, providing white high school graduates high paying jobs as guards.

Some people are predicting that the subprime collapse along with the low dollar and high oil prices could bring about the demise of the U.S. economy.

If so, it’s just the logical conclusion of an obese, parasitic economic system that has been sitting on a shaky foundation of enslavement and genocide for more than 500 years

Anonymous said...

Spawned by gentrification and a whole economy centered on Lowe’s, Home Depot, Restoration Hardware, Starbucks, art galleries and cute restaurants. Houses of Africans, including the elderly, were taken from under them as white people demanded that code violations be enforced for their benefit.

*

You could almost substitute elderly/red-neck/cowboy here for black, and see how Bend Oregon made their bundle.

Certainly stealing 'trailer-park' land from the most poor in Bend, is how we got our lowes, walmart, costco, home-depot.

The 'White People' who ran Bend 2002->2007, would stop at nothing to grab homes from elderly, and destroy their pets to justify placing them in 'rest-homes'.

Rural Oregon becomes 'home' or prison to black fathers, in town like Madras ( Deer Creek ), Juniper-Ridge ( Bend ). Poor white people in Bend become the new 'house niggers' and 'field niggers' in gated community's owned by Bend Gated Community class.

Anonymous said...

. Houses of Africans, including the elderly, were taken from under them as white people demanded that code violations be enforced for their benefit.

*

This is exactly what was done in PDX, in Mississippi Av, Portlands own yuppy community, a decade ago a black entrepreneurial haven, today not a black person to be found. All shipped, and packaged to Gresham, those not willing to be repackaged, off to Oregon Rural Prisons.

People talk about PDX being, liberal, but note it was the liberal that drove the blacks from their homes in Albina, largely using city eye-sore codes. Black owned homes were ugly, starbucks was cracker white.

Portland is liberal, but city-hall drove the blacks out of North PDX in the last ten years, so everyone could get rich on what was the last cheap housing in PDX.

Like Bend, never forget that left & right will both fuck their mothers, and whore their sisters, in order to make Real Estate profit.

Anonymous said...

You guys are all washed up on this here blog. Bend is a great place, it's the next Aspen and people love living here. I think Real Estate is a great investment right now. Definitely time to buy. We'll see medians hit 500K in a few years, no doubt about it.

Anonymous said...

The 'White People' who ran Bend 2002->2007, would stop at nothing to grab homes from elderly, and destroy their pets to justify placing them in 'rest-homes'.

*

Central Oregon is run by green men in flying saucers. They will stop at nothing to subjugate the population. Don't believe me, check out the saucer crash site east of La Pine called Hole in the Ground. Another crash site was filled in at Northwest Crossing and they've built houses over it to cover up the evidence.

Anonymous said...

Real estate agents in the news (part 1)

*

Judge in LA Orders $11M for Flatley
Dec. 18, 2007, 8:16 AM EST
The Associated Press

A woman who accused Michael Flatley of sexual assault has been ordered to pay him more than $11 million for making false allegations to extort money from him, according to documents obtained Monday.

Superior Court Judge Michael L. Stern found that real estate agent Tyna Marie Robertson had defamed and intentionally inflicted emotional distress upon Flatley, 49, who appeared in "Riverdance," "Lord of the Dance," "Feet of Flames" and "Celtic Tiger."

Anonymous said...

Real estate agents in the news (part 2)

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Sevilla Real Estate agent appears as a Priest in the Vatican calendar
By h.b. - Dec 17, 2007 - 8:10 AM

Raised eyebrows in sections of the Catholic Church following the release from the Vatican of a calendar of the most handsome Italian priests, taken by the Vatican’s official photographer, Piero Pazzi.

Oddly two of the photos included are not even of Italians, but were taken during the Easter processions in Sevilla.

El Correo de Andalucia broke the story and says that one of the Spaniards, Luis Domínguez, is currently only studying to join the priesthood while the other David Ruiz, is a 24 year old who works in a local real estate agency.
His comment, ‘Let’s see if this helps me to sell some flats’.

Anonymous said...

Real Estate Paralysis in Bend

______

Naw, didn't you hear the latest. Bend sold 88 homes in November. Right on par with '99. Back to normal for NORMAL HOMES. Shitboxes (ABNORMAL HOMES) won't sell or taken as a donation 'cause only those who need to buy in this market won't buy shit.

Anonymous said...

Green-Men are the money-men of Bend. Saucers are frisbee's, did you know that Mr. Event, aka Aaron Switzer, the employer of our own HBM, is a world class frisbee golfer!

***

Central Oregon is run by green men in flying saucers.

[ I don't care what borgman & hollern do when they're not counting their money, I mean my money. Green mem count money, if Switzer has taught them to ride frisbees, more power to the SORE. ]

They will stop at nothing to subjugate the population.

[ yes ]


Don't believe me, check out the saucer crash site east of La Pine called Hole in the Ground.

[Hole in the ground, and crack in the ground, are out by fort-rock. I have never seen any frisbee's laying around at the site.]

Another crash site was filled in at Northwest Crossing and they've built houses over it to cover up the evidence.

[ Nope, the site is still there at the center NWXC, its an open-pit gravel mine. They call it a 'mine'. I have seen people play frisbee golf at the NWXC gravel pit in the summer on the weekends. ]

BENDBUST said...

I feel that I myself wrote the following, its something that I have said all along. This fellows assertion is that PDX is already down -15%, my assertion was that Bend was down -20% back this past winter. He goes on to say that real estate and builders have manipulated stat's to make it appear that PDX/BEND medians have held.

Good read, please read the following. Like I always say "Medians from NAR don't mean shit".

The best thing that's coming out of this at National Level, is that this is the biggest single auction in history to date in this collapse, and Bend Oregon didn't sell shit, at any price.

This past weekend, Portland-Oregon, an area touted as one of four in the nation where residential real estate prices "presumably" remain steady, was home to the largest homes-auction on record, 240; all owned by one builder.
There were 141 homes sold, all but 6 of them below the so-called "reserve price" which according to the builder, Pollock, represents "his cost"… which can mean just about anything – believe me, I know; that's my field of expertise in an industry that I intimately know.
But I didn't have to attend the auction. I already knew that prices in this metro area have decreased from 10 to 15 percent of those a year ago, although Realtors and builders tell us a much different story, drawn from flawed or skewed data, to prove a senseless argument that they are sure to lose. And here in the Portland-Vancouver area we still have a long way to go, perhaps another 15 to 20 percent drop in prices… or more.
And with little or no equity in our homes, overnight we have become from "psyched rich" to "resisting poor"… with our ATM-homes unable to spit out any more funds, and our homes finally becoming what they always were: brick, mortar and a roof over our heads… and absolutely nothing else.

Anonymous said...

Medians are crap. All we learn when volumes are low is what the dumbest of buyers are paying.

You can believe medians again when the inventory is gone.

Anonymous said...

At least his house is brick.

Our houses are straw and sticks, waiting for desert coyotes to blow them down.

Anonymous said...

First we had the hype and BULLshit, then the Press-Releases, and NOW, NOW, ... We have the 5th estate commenting about poor little Oregon, and its Faux-Auction. It's tulip-mania, and everyone in the nation knows that Bend, Oregon is ground fucking zero.

Real estate slowly becoming "imaginary estate"Image

Subprime loans, my foot! That subprime fiasco, which is likely to mount losses between one-half and one trillion dollars, is just a small part of the true real estate problem which little by little is starting to take shape; a problem that Wall Street, politicians, economists, and the public at large have been unwilling to talk about, much less confront. And that is, the multi-trillion dollar excess valuation of real estate in the nation, in both residential and commercial markets; something which for the next 3 to 5 years, at a minimum, will have the US immersed in a recession, a modified version of the one experienced in Japan throughout the 90's and the first 2 years of the new millennium.

With that introduction, and my crystal ball over a table at center stage, I bring a vision that comes into focus as realities zoom in; a vision which could change drastically the way Americans will be looking at politics by mid-2008 with elections just four months away. By then, there will be two candidates in place running for the White House, with an overwhelming majority of Americans wishing there was somebody else they could vote for, someone able to get them out of a snowballing real estate mess, then starting to accelerate. Unfortunately, it will be too late, and we'll be stuck with two candidates from two parties that always get us into these predicaments that economists and politicians simply dismiss as economic cycles that clear our capitalist system of these so-called excesses, what some describe as accumulated economic debris.
"Subprime loans, my foot! That subprime fiasco, which is likely to mount losses between one-half and one trillion dollars, is just a small part of the true real estate problem which little by little is starting to take shape..."

Economic cycles perhaps… but very definitely predictable and largely avoidable. At least the government should advocate and adopt policies that can dampen, flatten that economic sine wave that dislocates not just capital, but people's lives. These cycles have less to do with the workings of a free market, and a lot more to do with lack of necessary governmental controls to curb irresponsible, illicit business conduct and also restrain greed out of control, as it's always the case with real estate, creating what some may consider punitive levels of taxation. But, of course, our love of predatory capitalism does not permit any tampering with the Wild West way of doing things.

Realtors throughout the country, in their ever present monopolistic ways and self-serving behavior – holding a good part of the blame in our present state of affairs – continue heralding their lies, forecasting that housing will buck up next year. Never mind that prices have nowhere to go but down, 20 to 30 percent depending on which metro area or region. They and those who suck from the same udder – the local newspapers for one – are inundating us with ridiculously optimistic articles and informational data skewed to tell us something they wish to be true, but that is not.

Polls tell us that most people feel that their houses are keeping their value. Of course, that will always be the case until they have a true, non-speculative, "need" to sell; home prices, more so than commercial properties, have always been sticky, sliding down slowly in contrast with the exuberance exhibited on the way up during those greedy and obscene "flipping days." And now that we have reached the limits of affordability and have touched the ceiling, we simply have no room left to grow… just like the price of tulip bulbs in Holland almost four centuries ago. Has it occurred to Realtors, or anyone else for that matter, that when you talk about housing costs you have to go beyond the mortgage payments and include all other associated expenditures including those of maintenance and energy costs required to keep livable those 2,000-3,000 sq. ft. palacettes? Undoubtedly these things are known but kept in the hamper with all the other unmentionables, but laundry day has finally arrived.

This past weekend, Portland-Oregon, an area touted as one of four in the nation where residential real estate prices "presumably" remain steady, was home to the largest homes-auction on record, 240; all owned by one builder. There were 141 homes sold, all but 6 of them below the so-called "reserve price" which according to the builder, Pollock, represents "his cost"… which can mean just about anything – believe me, I know; that's my field of expertise in an industry that I intimately know.

But I didn't have to attend the auction. I already knew that prices in this metro area have decreased from 10 to 15 percent of those a year ago, although Realtors and builders tell us a much different story, drawn from flawed or skewed data, to prove a senseless argument that they are sure to lose. And here in the Portland-Vancouver area we still have a long way to go, perhaps another 15 to 20 percent drop in prices… or more.

And with little or no equity in our homes, overnight we have become from "psyched rich" to "resisting poor"… with our ATM-homes unable to spit out any more funds, and our homes finally becoming what they always were: brick, mortar and a roof over our heads… and absolutely nothing else.

But these real estate ills are not all our wonderful Fed has bestowed on us in its desire to please the White House; as if that weren't enough, they have marched us into an era of stagflation.

Anonymous said...

So what if house prices do dive to '99 levels. I've been paying mine off since then so either way I'm on track.

Anonymous said...

Six months ago I said that when granny looked at her portfolio, and saw BEND on her REIT, she would say SELL.

"BEND" is TOXIC, you can't sell it for any price.

It's all now going to unfold very, very quickly.

In the next two weeks, every blogger in the country is going to pick-up this story. The Wall Street Journal hasn't yet, but they will.

Like I said, this faux-auction, is really an experiment, Country-Wide and Friends down in Irvine, CA. What's fasicinating is WE KNOW what a 'reserve' is and the auctioneers, just kept trying, and if something didn't sell, they would offer it later for less, that's how 94% went below reserve. But Bend fucking Oregon NOT AT ANY FUCKING price, this means, and this is FUCKING BIG, this means that developments in BEND, are worth pennys on the dollar right fucking NOW!

People holding BEND paper, MUST out of their FUCKING MIND, and this is why the WSJ hasn't covered this story.

Everybody knows that places like Madras, and Prineville have over 30 years of inventory. Bend does more foreclosures month-to-month, than new sales. On a WHOLESALE level Bend homes are worth NOTHING.

We are now entering, interesting times.

Anonymous said...

It's all now going to unfold very, very quickly.

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Let's see where have I heard that before, oh yeah it was a year ago when you said exactly the same thing.

Anonymous said...

In the next two weeks, every blogger in the country is going to pick-up this story, of Bend NOT selling at any price. The Wall Street Journal hasn't yet, but they will.

The WSJ will not report the story, until the BIG institutional funds have quietly dumped their central-Oregon holdings, then the public will be told. Then the Oregonian will report, and lastly our own BULLetin 'may' report a positive spin, but not until BROOKS has issued a press-release telling them explicitly what to print.

Anonymous said...

So out of those 88 sales in Nov. How many were foreclosure sales? I keep reading claims on here about foreclosures being so high. Where is the proof...

Anonymous said...

It's all now going to unfold very, very quickly.

----

It sure will for all the specudevelopers.

Anonymous said...

So out of those 88 sales in Nov. How many were foreclosure sales? I keep reading claims on here about foreclosures being so high. Where is the proof...

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Proof? This is a FUCKING blog so everything we say is by definition true. The same rules that apply to bush also apply to buster.

Anonymous said...

You're right. Sorry.

Anonymous said...

So out of those 88 sales in Nov.

*

First of all 19 of those 'sales' were at Tetherow, which we know were faux-sales.

Bruce has posted ALL the foreclosure info at his site, juniper-ridge-info.blogspot.com

Anonymous said...

Let's see where have I heard that before, oh yeah it was a year ago when you said exactly the same thing.

*

Boy, someone really has a hard-on today.

Today, is quite different than a year ago.

Today, EVERYONE in Bend, knows they're FUCKED.

One year ago, 80% of Bend still thought that you got 30%/yr appreciation just for being here.

No, today is quite different.

Again, what's happened today, is that National-News, has picked up the fact that Nothing in Bend sold at any price. This is BIG. This certainly wasn't the case last year, last MOST ASKing prices were still head in the clouds. Today MOST realtors bitch-slap sellers into a price-to-sell.

Today has NOT a fucking thing to do with one year ago.

Anonymous said...

Defaults with election to sell are now something like 4x higher than last year.

Some of it is the fact that a few goofballs who bought into the hype have defaulted on multiple houses. It's public info. Look for names like Bradham, Himler, Butler, and Biggs.

George Seldes said...

It's NOT going to be the END OF the WORLD!
( well maybe for some people like hollern, city-council, kuratek,... )

I hate to use the 1983 scenario again , regarding "end of world".

SO, WHAT? So what if your house drops in value from $100k to $30K?

SO what?

It's NOT the end of the world.

I guess back then I was here to hike, climb, explore, I loved Oregon. I didn't care, I didn't sell the house. It came back just like the 1987 stock crash.

You wack-job realtors, who call us REALISTS, ... need to understand that is the people who sell in hysteria that gets screwed.

Even during the great-depression, it brought out good things in bad people, and this will happen again, and this new crop of calis that have come into Bend the last 20 years, really need a FULL RECTUM CLEANSING.

Let's hope the people who just came here to make money get wiped out and move on, and the people who love oregon stay, then maybe, we can clean the sewer called bend-city-hall.

Anonymous said...

You're right. Sorry.

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BENDBB just got new strap on today.

Irrational Reporter said...

The same rules that apply to bush also apply to buster.

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Are you now saying that buster is running the whole country? and not just Bend?

Like they said about Malcolm-X in the 60's, this 'persona' has too much power.

Remember the movie 'V' everyone had a guy-fawkes mask, well here everyone is a 'buster'.

Anonymous said...

Granny won't even know she has Bend in her portfolio until she has to switch from people chow to dog chow.

Anonymous said...

Granny won't even know she has Bend in her portfolio until she has to switch from people chow to dog chow.

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There's that dog theme again. Maybe the real reason granny took fido to the humane society is because she needed to eat his dog food. Sounds like a buying opportunity in dog food company stocks.

Anonymous said...

bendbust loves me, this know, because homer told me so,

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There's that dog theme again.

A dog is man's best friend, once prices head 50% south in Bend, dogs will be your only friend.

The natives will become cannibals. The calis will be burning their idols.

The realtors will be out hunting for Homer, with pitch forks,

Anonymous said...

The natives will become cannibals.

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It has already happened.

http://www.disturbingthings.com/forums/view_topic.php?id=233

My name is Tom and I am 5years of age and live in Bend Oregon. I stand 6'2" tall and weigh around 240 pounds. I am completely shaved and ready for the bbq pit for real. I like to wear all over my body hot olive oil, hot butter, spices of your choice, mesquite flavored liquid smoke and bbq sauce or Apricot sauce or even plum sauce all over me and I wish to be someones real food to eat and soon please. My home number is: 541-382-4829. Before I give additional information let us touch base first.

I wish to be a real human male sacrifice and someones steak dinner to eat.

Yours for real,

Tom

Anonymous said...

Robert Mapplethorpe to be Hired by Brooks Resources to Spruce up North West Crossings

Dec 18, 2007 (c) Bend, Oregon The Bulletin

Robert Mapplethorpe will soon be becoming to Bend. Inspirational artist will help 'staging' un-sold Northwest Crossing Homes.

Mike Hollern of Brooks Resources said "Honestly, we're now desperate. There have been no sales at NWX for almost two years. We ready to try anything. My therapist told me about Mapplethorpe, said that he was doing great things with homes in California".

Now we wait for the magic.

Baby Jeezus said...

"The Creed of Bend"

George Bush loves me,

this I know BendBuster tells me so

Feeble minds to him belong

For he is right and they are wrong

Yes, George Bush loves me

Yes, George Bush loves me

Yes George Bush loves me

Bend Bust tells me so

*

Praise the lord. The lord does work in strange ways.

bruce said...

Been busy all day and just got a chance to read busters latest.

This is fucking classic-a true rant fest. Right down to the fucking cannibals borrowing Buster's new strap-on. They're thinking "Gotta lube me up some RE cougars!"

So November had 88 sales and 80 foreclosures. What will December bring?

And the Cooley/97 upgrade to the Borg driveway has gone up. It's now $37 to $40 million. But Garz says "Build it and they will come!" He doesn't see any problem selling those first 50 acres.

Hell, by the time it happens in 2009, it will take the Fire Rescue squad an hour-and-half to get over to Busters and remove his strap-on from Timmy's rear-end. We won't have enough money to hire more than four or five at the rate the Council is spending it.

Fucking idiots.

Oh, I here my MILF calling...keep up the good work. Trust me, this place will be a book someday.

a lurker said...

This is some funny shit Homer & BendBust, et al! Keep it up.

Anonymous said...

SO, WHAT? I guess back then I was here to hike, climb, explore, I loved a FULL RECTUM CLEANSING. I didn't care.

You wack-job realtors brought out good things in bad people, and this will happen again.

Let's hope the people who just came here make money, and the people who love oregon get screwed.

pipen said...

The WSJ will not report the story, until the BIG institutional funds have quietly dumped their central-Oregon holdings, then the public will be told. Then the Oregonian will report, and lastly our own BULLetin 'may' report a positive spin, but not until BROOKS has issued a press-release telling them explicitly what to print.

------------

Awsome.

Anonymous said...

Big News today in WSJ page-one.

Rome Burn's (DUBYA FIDDLES), EU is dumping $500B, I REPEAT FIVE HUNDRED BILLION (dollars) NOW to keep the money markets from imploding.

The US has DONE NOTHING. The money markets will implode, CITI has spent $50B of their own, to prop up theirs.

*

For a review, the money market used to be cash asset value ONE-DOLLAR per share only once in history had the share broke-the-buck. Today the money-market is NO longer Treasurys... it's now SIV's ( spec invest vehicles ), which are paper backet by CDO-MTG paper, all of which is NOW worth 20 cents on the dollar, except LIKE RE in BEND aka BV there is NO FUCKING BUYER.

The EU steps in and has replaced the SIV's in their money-market with REAL-MONEY and says we'll work it out later, we don't want our economy to collapse. BUSH/DUBYA/SHRUB takes a different approach, if we deny, ignore, then the baby-jeezus will take care of us, as the lord works in strange-ways.

What the fuck does this have with BEND? There's NOT fucking way in the world anyone is going to LOAN MONEY to BEND. The $15M spent to date on MT-BORGMAN ( LS CAMPUSSY ) is going to becoming straight off the primary budget.

Buster on Buffet said...

It's NOT the end of the world. This is just a abby-normal 20 yr bend rectal-cleansing.

Way back machine to 1983, revisiting our last econ-high-colonic. Back then I was here to hike, climb, explore, I loved Oregon. I WAS NOT HERE TO MAKE MONEY. I didn't care, I didn't sell the house(s). It came back just like the 1987 stock crash. You just live, and things recover, if you SELL during the panic you'll lose. Of course it helps if your shit is free and clear. When I was young I only did 15yr fixed, 20% down. I never bought homes that were over 4X of avg income.

We are the Realist's, please understand that the people who sell in hysteria get screwed. ( Read the defn below of realist, optimist, pessimist ).

Even during the great-depression, it brought out good things in bad people, and this will happen again, and this new crop of calis that have come into Bend the last 20 years, really do need a FULL RECTUM CLEANSING. ( High Colonic in Cali-ese )

Let's hope the people who just came here to make money get wiped out and move on, and the people who love oregon stay, then maybe, we can clean the sewer called bend-city-hall.

*

I'm going to quote Buffet & Graham ...

"A Realist knows, ... When the pessimists want to SELL you BUY, and when the Optimists want to BUY, you SELL".

There is the WHOLE definition of the Bend program. We on this blog are the realists. During 1998->2006 the Optimists drove Bend UP, peak frenzy 2005, you SOLD if you could.

Now we're entering panic, and Bend is full of Pessimists. Peak panic will not occur for another year. In the next year all the optimists, are going to become VERY pessimistic, but all us Realist's are just going to watch the SHOW.

Bust of Bend said...

Todays' WSJ page-a2, also has a good story about the end MTG even with people with good credit. As I have told timmy for almost a year, it doesn't matter HOW low shit goes, this is why it goes low, nobody can buy when the banks quit loaning money.

The banks are now denying money to people with good-credit, because they know that the 'faux rich' are more likely to 'walk' if the home goes under water. In order to get a loan now, you must be in a place that is NOT over-valued,

Well GUESS FUCKING WHAT? Bend is the most fucking over-valued RE in USA.

Thus its going to get almost impossible to get money no matter how fucking good your credit it, unless of course you buy sweet little 1k-sq-ft mill-shacks, that don't have a down side for the bank.

Todays story makes it clear, that they'll NOT loan on a sub-div crap-shack at $500k that they know will go to $200k, and the BUYER only has 5,10,20% down. The banks are NOW saying i you live in places like "BEND", and you have good credit, then cover our ass with 50% down, which of course NOBODY has.

bruce said...

Couple of good quotes from BULL on Cooley/97 plan:

"The only thing missing is the $37 million give or take that building the upgrade will require."

[We all know who will get to bend over for that reaming--you ready, Homer?]

"Ron Garzini, the city's special projects manager, said he hopes to have all those agreements in place by spring, allowing land sales at Juniper Ridge to start in earnest by fall."

[Just in time for the commercial RE meltdown. And they are all going to pay top dollar, unlike LS, because Central Oregon is #1 and everyone wants to live here.]

"Garzini said at the meeting he expects to be able to raise about $15 million for the project from nearby businesses like Wal-Mart, which..."

[Wally's no dummy, he knows bribery will win out every time, especially when you have a City Council made up of the five of the seven dwarves, with the other two filling the positions of city manager and special projects manager. Of course, even though the plan closes two of the three entrances to Lowe's, they won't care and will welcome a new Super-Wally right across the street.]

"We should be able to jump through all of ODOT's hoops by June," Councilor Mark Capell said at the meeting. He added afterward, "I think what we want is the least waste of money and the best return on investment for the city."

[And I'm really looking forward to that new boat my brother's giving me for Christmas next year after we deliver another $37M to Knife River.]

Fucking idiots.

Bend Buster Rant said...

That's one thing the 'experts' are stumped on their math models didn't predict that educated 'faux rich' would walk if the homes went under water.

All, I can say is HELLO. The 'faux rich', bought the house to make money, the poor, bought the house to live. Like I have said from day-one here, EVERYONE IS SUB-PRIME. The big fallacy right now is that its a poor problem, but for the banks, its a 'faux rich' problem. They're walking left and right from 'investment property', and Bend is 2/3 'investment spec'.

Somebody who looks at the q3-2007 stat for Bend being 70% over-valued may laugh, but built into the data is the assumption of jobs, income, and transience Bend always was, and always will be a cheap little tourist town,they came, but they'll leave just as quickly. Sure fifty years ago it was a mill town, but in the last 50 a gaudy wannabe tourist town. Today the folks selling Bend as #1 resort are just say carny's.

Look at the Bend Film festival, the mean-time-to-failure now is down to six months, everybody that Bend hires for anything now is gone, ASAP. Soon ONLY the imbeciles will be running our city-staff, and city-hall, because folks with a brain like "HUMMEL" will have ran out the door.

Timothy said...

The WSJ's subprime lending chart is enlightening. 2007's subprime is down to pre-bubble levels (I think it's around 2002 levels, from memory).

Another interesting thing in the WSJ is the distortion caused by builders hiring firms to dump new houses. Builder hires a firm to sell a $200k house, the firm offers $20k to the buyer to buy it at list price. Then the builder pays the $20k to the firm plus $2k more as a fee. The house is marked as a $200k sale, even though the builder only gets $178k. That's an 11% drop in value that doesn't even show up in sales stats.

Timothy said...

>>As I have told timmy for almost a year, it doesn't matter HOW low shit goes, this is why it goes low, nobody can buy when the banks quit loaning money.

I'm looking forward to this. The only buyers will be the ones with cash. Zillions of sellers, dozens of buyers.

Anonymous said...

"The only thing missing is the $37 million give or take that building the upgrade will require."

[ bleeding is going to be so bad, next summer, ya pile the debt on now, because next year here will be new faces because of 'recall', so pile it on now, while you can ]

"Garzini said at the meeting he expects to be able to raise about $15 million for the project from nearby businesses like Wal-Mart, which..

[ walmart ain't paying shit, they're in this for the long haul, and they got lawyers, that will show garzini-guard what its like to be fucked in the ass, walmart is in no hurry, especially with the economy, walmart will wait these fuckers and out, and it will be BEND that pays $15M for walmart to build, just like we have done for Les Schwab ]

bruce said...

Re; new boat..my brother...

should be "my cousin"

They're not that close.

Timothy said...

>>That's one thing the 'experts' are stumped on their math models didn't predict that educated 'faux rich' would walk if the homes went under water.

The conventional wisdom was that people would do anything to stay in a house. That was based on old thinking from when people had equity in houses.

Nowadays people are missing house payments to make credit card and car payments! They NEED their plastic and they NEED their cars. This would have been unthinkable just 30 years ago.

There are blogs out there now telling people to walk away AS SOON as their house dips below their mortgage. The idea is the faster you get out, the better you'll endure the upcoming crunch. Just stop paying and wait to get kicked out.

Even if the gov't is freezing your ARM rate, get the fuck out because you'll just go under later rather than now. And it's always better to go under quick while you're young than put off going under until you're five years older.

bruce said...

And I forgot the headline:

"Support Builds For $37M Cooley/97 Fix"

Now there is a self-fulfilling statement if I've ever heard one.

Anonymous said...

The house is marked as a $200k sale, even though the builder only gets $178k. That's an 11% drop in value that doesn't even show up in sales stats.

*

That's why BV went direct. The buyer paid 5%, BV pays nothing to DUMP.

More and More builders are going direct.

In the 1983 crash builders went direct selling contracts, of course they kept the money and eventually FHA foreclosed, this will come next year.

These builders sitting on the last crap shacks will offer them for $120k, 5%, 1% down, guys like timmy will buy them, only to find out that the builder didn't pay his loan, and didn't own the house, so your just renter with an eviction from the US government.

Yes, timmy, if and when you can buy for $50k cash, ... trouble is it will have to be from someone who owns their home. Most homes in Bend are owned by the BANK. The REO biz in Bend will be HUGE. Maybe you can buy for $100k cash from the bank, but I don't think so, REITS abroad will be buying this stuff wholesale, at prices you cannot afford.

Your dream of some little guy selling you his $500k crack-shack, for $50k, is ONLY possible if he owned it, he doesn't. The banks can always find a DUMP FUCKING pension fund to BUY this shit.

Anonymous said...

The banks can always find a DUMB FUCKING pension fund to BUY this shit.

*

What I'm saying is that right now there are contra-funds for BUYING REO, and investment funds will buy this shit, because they'll be buying whole sub-divisions at less than $100k/home, the odds of a little guy getting a REO deal from a bank are low.

In 1983 you could do it, but you had to have an INSIDE connection at the bank.

Timothy said...

The pensions funds and the REITs will then sell the houses. This is the desert. They'll find out they have to sell before the house shrivels up like a tumbleweed and rolls away.

And if no one will sell to me, I'll be glad to move to where you ca buy a get house for less than you can buy a crapshack here. I'm pretty mobile.

bruce said...

Canada, Timmy, Canada.

Oh, I forgot the dollar has dropped 30% against the loonie.

Timothy said...

I don't have the patience for Canada. All my Canadian expat friends say everything moves too damned slow up there.

And note that the dollar has gained nearly 10% off the low against the loonie.

bruce said...

Ah, you are still too young. Patience comes with time.

Anonymous said...

"That's one thing the 'experts' are stumped on their math models didn't predict that educated 'faux rich' would walk if the homes went under water.

The conventional wisdom was that people would do anything to stay in a house. That was based on old thinking from when people had equity in houses."


Also the BK law tightened up, so it's easier for people to walk away from their house than from their credit card debt.

Best not to get into these traps in the first place (had to learn the hard way myself).

New lesson: Leverage cuts both ways.

bruce said...

FYI Just left a bit of a rant at juniper-ridge-info.blogspot.com

Off to mail some presents to the extended family....

bruce said...

Has anyome seen an analysis of how the new BK laws affect mortgage holders who default?

bruce said...

anyone

Timothy said...

>>Ah, you are still too young. Patience comes with time.

Patience comes with death.

bruce said...

Went and found some info myself. From Business Week:

Bankruptcy Reform Bites Back
For consumers, debt relief is harder to come by. And that's adding to housing woes

"Score one for the law of unintended consequences.

In past periods of economic turbulence, American households were able to escape mountains of bad debt—and keep their homes—by declaring bankruptcy. During the weak growth years from 2001 to 2003, for example, nonbusiness bankruptcy petitions averaged roughly 1.5 million per year. Lenders complained bitterly that bankruptcy was too easy, but because financially stressed Americans could write off their credit card and other consumer debt, they had more money available to pay their mortgages.


But today's growing problem in the housing market is different—foreclosures are soaring, while bankruptcies, though clearly on the upswing, are running roughly at half the 2001-2003 pace. The reason: A new bankruptcy law, approved by Congress in 2005 after years of debate, makes it much harder for households to get out from under their consumer debt. The result: More people being forced to walk away from their homes, leaving lenders holding the bag. Perversely, a law intended to help the financial industry may be damaging the housing sector, creditors and borrowers alike. "It doesn't matter what you think of the purpose of the new bankruptcy law. The timing is bad," says Susan M. Wachter, professor of real estate at the Wharton School of Business.

The old bankruptcy law, in effect since 1978, was considered extremely housing-friendly. Most distressed borrowers favored filing under Chapter 7, essentially cheap, quick debt liquidation. In practice, most got to keep their homes, while the rest of their property and assets were sold off to pay a portion of unsecured debts such as credit-card and medical bills. When the assets ran out, the remaining loans were cancelled—although some debts were off limits, like student loans and child support. Future paychecks could go to mortgage payments.

By contrast, the new law was designed to protect creditors. For one thing, only low-income borrowers can file for Chapter 7, which wipes out debts. The amended law pushes more people into Chapter 13, which forces households to accept 3-5 year repayment plans on all debts—secured and unsecured. In other words, they're still trying to make payments on car, credit card, medical, and other bills that used to be discharged in Chapter 7. That makes meeting the mortgage more onerous. Filing for Chapter 13 temporarily halts foreclosure proceedings, but the protection only lasts as long as the borrower is making mortgage payments.

But even low-income subprime borrowers aren't escaping the new law. In theory, Chapter 7 is still available, but the new law hiked the cost of going bankrupt in order to discourage the practice. Under the old law, the average cost of filing for Chapter 7 was about $800 to $1,400 in attorney and other fees, according to Henry J. Sommer, president of the National Association of Consumer Bankruptcy Attorneys. He estimates that the cost is now up to roughly $1,400 to $2,400. That's a hefty price tag.

Another problem: Under current law, bankruptcy courts don't have the option of reducing the payments on the mortgage for a primary residence. That means anyone who took out a subprime loan is stuck, unless they want to walk away. "If you file for bankruptcy, you don't get relief on the mortgage," says Michelle J. White, an economist at the University of California at San Diego.

Recent bills introduced in the House and Senate would allow judges to adjust unaffordable mortgages downward. That change—if Congress wants to reopen the 2005 law—could transform bankruptcy into a more practical option when dealing with mortgage lenders.

But at least for now, the impact of the 2005 law is to make the housing slump worse. And that means it could take a lot longer than many expect for the economy to regain its footing."

Source http://www.businessweek.com/magazine/content/07_44/b4056080.htm

Several other places noted that the required 180-day credit counseling period and the ability of mortgage holders to be granted relief from the automatic stay on collection efforts makes it impossible for homeowners that want to try to work it out to hang on. The clock is ticking and its over before they can do much.

bruce said...

Re: Patience comes with death.

You sound like an old roomie of mine" "I'll eat when I shit and sleep when I die!" He flamed out pretty hard.

No, patience comes with wisdom. You are halfway there already, judging from some of your posts. You don't want to be that guy six inches behind my bumper just waiting for room to gas it and get around me so you can wait at the red light in front of me. That's a waste.

Patience, watchfulness, and growing wisdom catches the fish, downs the elk, and conserves resources so to be ready when opportunity presents itself. In whatever arc of life.

Anonymous said...

Bankruptcy Reform Bites Back
For consumers, debt relief is harder to come by. And that's adding to housing woes

*

Bruce, I wrote about this a ton back six months ago, I'll repost, so you can get up with the rest of us.

The gist is the 'new' BK laws were designed to imprison the middle class in the new prisons to be built.

The new BK laws basically say if you were stupid to BITE the DUBYA RE bait, then your fucked, and your children are fucked.

This was all planned setup, and new form of slavery, this is why they're building the fences around the US, not to keep them out, but to keep the debtor's in.

Fuster Fudd Fend said...

New lesson: Leverage cuts both ways.

*

Old Lesson, leverage is what caused the Great Depression.

Leverage is what is causing our current SIV,CDO,DERIVATIVE collapse.

During the Great Depression the leverage was ten to one, thus they saw a 90% deflation of bubble, RE went down 90% from 1929 to 1932,...

Today the leverage is 1000% or more with some of these 'holding companys', its leverage on leverage, which is how my buddy BUFFET was able to have a nickel go to $200k in a few years, when it pop's there is going to be left.

Folks didn't just buy RE with 10% down ( LEVERAGE ) they bought with ZERO, thus now the bubble has NO BOTTOM.

Anonymous said...

http://bendbubble.blogspot.com/2007/05/debt-bankruptcy-prison-bends-road-to.html

Bruce, its been hashed and rehashed, the above is what I wrote back in may, and note as always around here, the comments are the best part.

bruce said...

Interesting column in yesterdays WSJ about the fear on Wall Street:

Bond-Rating Downgrades Spur Fear Of Sell-Off, Money-Market Massacre

It puts forth two possible scenarios:

1) that the bond insurers themselves get downgraded, which cascades into the bonds they insur, leading to a massive selloff. "The consequences of this could be unpredictable and severe." The insurers are under immense pressure right now, needing to raise billions to maintain reserves at legally acceptable levels. Eventually one could throw in the towel, leading others to do so whether they want to or not.

2) the dreaded "Breaking The Buck". This scenario puts the fear of God into the Masters of the Universe on Wall Street. It means losing one's invested principal, or rather your clients' invested principal. And the so-called enhanced funds, which eke out a slightly larger return than standard money market funds by investing in SIV's of assets backed by subprime mortgages, are already seeing some having to be bailed out with capital infusions. Seven so far.

What scares the Masters is if these SIV's keep dropping, and the losses become larger and larger, to the point where a money manager had to make the choice between "breaking the buck"and going bellyup, or taking a crippling $2 billion loss. What happens of that happens more than a few times?

I remember broaching this subject a week or two ago with the father of one of my students, who is a local money manager. He just said "They're fixing it" and wanted to get off the subject as quickly as possible. It was pretty unsettling.

Timothy said...

Now the banks are trying to figure out how to save the mortgage insurers.

This is whack-a-mole on a global scale.

Anonymous said...

Hey!!! THIS is what is happening to the California feeder chain - this is just south of San Francisco. Check this house out - look at all three pictures, and note the decline in asking price.



http://www.burbed.com/

bruce said...

Some golden nuggets here: http://ml-implode.com/

Anonymous said...

No, patience comes with wisdom.

*

The Three Doors to Wisdom

A King had, as only son, a young Prince, brave, skillful and intelligent. To perfect his knowledge of Life, he sent him by the side of an Old Wise Man.

"Bring Light to my Path of Life", the Prince asked.

"My words will faint away like the prints of your steps in the sand”, the Wise Man answered. However, I want to give you some indications. On your Path, you will find 3 doors. Read the rules written on each of them. An irresistible need will urge you to follow them. Don't try and get away from them, because you would be condemned to live again, ceaselessly, what you have avoided. I may tell you no more. You have to feel all this deep in your heart and in your flesh. Go, now. Follow this path, right in front of you."

The Old Wise Man disappeared and the Prince entered the Path of Life. He was soon in front of a big door, on which one could read: "CHANGE THE WORLD".

"It was my intention indeed”, the Prince thought, “because if some things please me in this world, others greatly displease me."

And he began his first fight. His ideal, his ardour and his power urged him to confront himself to the world, to undertake, to conquer, to model reality according to his desires. He found there the pleasure and the dizziness of the conqueror, but no peace in his heart. He managed to change some things but many others resisted to him. Many years passed.

One day, he met the Old Wise Man who asked him: "What have you learnt on your path?"

"I have learnt," the Prince answered, “ how to discern what is within my power and what is without, what depends on me and what does not depend on me".

"That's good!” the Old Man said. “Use your strength to act on what is within your power. Forget what's beyond your power." And he disappeared.

A bit later, the Prince was in front of a second door. He could read on it : "CHANGE THE OTHERS".

"It was my intention indeed”, he thought. “The others are a source of pleasure, enjoyment and satisfaction, but also, of pain, bitterness and frustration."

And he rebelled against everything that could disturb him or displease him in his fellow men. He tried to bend their characters and to extirpate their defects. It was there his second fight. Many years passed.

One day, as he was meditating on the utility of the attempts to change the others, he met the Old Wise Man who asked him: "What have you learnt on your path?"

"I have learnt”, the Prince answered, “that the others are not the cause or the source of my joys and my punishments, my satisfactions and my setbacks. They are only opportunities for all of them to be revealed. It is in myself that all these things have their roots."

"You are right,” the Wise Man said. “According to what they wake up in you, the others reveal you to yourself. Be grateful to those who make your enjoyment and pleasure vibrate. But be also grateful to those who create in you suffering or frustration; because, through them, life teaches you what is left in you to learn and the path that you still have to walk." And the Old Man disappeared.

A bit further, the Prince arrived in front of a door, on which these words were written: "CHANGE YOURSELF".

"If I am myself the cause of my problems, it is indeed what's left in me to work on", he said to himself.

And he began his third fight. He tried to bend his character, to fight his imperfections, to abolish his defects, to change everything that did not please him in himself, everything that did not correspond to his ideal. After many years of this fight, in which he met some success, but also, some failures and some resistances, the Prince met the Wise Man who asked him: “What have you learnt on your path?"

"I have learnt”, the Prince answered, ”that there are things that we can improve, others that resist to us and that we can't manage to break."

"That's good!" the Wise Man said.

"Yes”, the Prince went on, “but I am beginning to be tired of fighting against everything, against everybody, against myself. Won't there be an end to it one day? When shall I find a rest? I want to stop fighting, to give up, to abandon everything, I want to let go!"

"It is precisely your next lesson“, the Old Wise Man said. “But before going any further, turn round and behold the path covered." And he disappeared.

On looking back, the Prince saw in the distance the third door, and noticed that it was carrying a text on its back, saying: "ACCEPT YOURSELF."

The Prince was surprised not to have seen this writing when he went through the door, the other way.

"When one fights, one becomes blind”, he said to himself. He also saw, laying on the ground, scattered around him, everything he had thrown away and fought against in him: his defects, his shadows, his fears, his limits, all his old worries. He had learnt then how to recognize them, to accept them, to love them. He had learnt how to love himself without comparing himself to the others any more, without judging himself, without reprimanding himself.

He met the Old Wise Man who asked him: "What have you learnt on your path?"

"I have learnt”, the Prince answered,” that hating or refusing a part of myself, it is to condemn myself never to be in agreement with myself. I learnt how to accept myself, totally, unconditionally."

"That's good!” the Old Man said, “It is the first rule in Wisdom”. Now you can go back through the third door.”

He had no sooner reached the other side, that the Prince perceived far away the back side of the second door, on which he could read: "ACCEPT THE OTHERS".

All around him, he could recognize the persons he had been with all his life through; those he had loved as well as those he had hated. Those he had supported and those he had fought. But the biggest surprise of all for him was that now, he was absolutely unable to see their imperfections, their defects, what formerly had embarrassed him so much, and against which he had fought.

He met the Old Wise Man again. "What have you learnt on your path?" he asked him.

“I have learnt”, the Prince answered, “that by being in agreement with myself, I had no more anything to blame in the others, no more anything to be afraid of in them. I have learnt how to accept and to love the others, totally, unconditionally."

"That's good!", the Old Wise Man said. “It is the second rule in Wisdom. You can go back through the second door.”

On reaching the other side of the second door, the Prince perceived in the distance the back side of the first door, on which he could read: "ACCEPT THE WORLD".

“Strangely enough”, he said to himself, “that I did not see these words on the first time”. He looked all around him and recognized this world which he had tried to conquer, to transform, to change. He was struck by the brightness and the beauty of every thing, by their perfection. Nevertheless, it was the same world as before. Was the world which had changed or the glance he had on it?

He met the Old Wise Man who asked him: "What have you learnt on your path?"

"I have learnt”, the Prince said, “that the world is a mirror for my soul. That my soul can't see the world, it sees itself in the world. When my soul is cheerful, the world seems cheerful to it. When it is overcome, the world seems sad to it. The world itself is neither sad nor cheerful. It IS there; it exists; it is everything. It was not the world that disturbed me, but the idea that I had of it. I have learnt to accept it without judging it, to accept it totally, unconditionally. "

“It is third rule of Wisdom”, the Old Man said. “You are here now in agreement with yourself, with the others and with the World.”

A profound feeling of peace, serenity, plenitude, filled the Prince. Silence was in him.

"Now, you are ready to go past the last Threshold”, the Old Wise Man said, “the one that goes from the Silence of Plenitude to the Plenitude of Silence ".

And the Old Man disappeared.

Anonymous said...

Buuurp.

Braaap.

Timothy said...

If you read all I wrote, you'll know I am patient, but not perfectly patient.

I am as patient as a Buddhist, but not as patient as a Canadian.

Anonymous said...

I am as patient as a Buddhist ...

*

THIS IS BUDDHIST PATIENCE:

Khanti is often translated as 'patience' or 'forbearance' and refers to that quality of remaining calm and stoical in the face of adversity or provocation. Specifically, it can mean not giving in to anger. One of the Jataka stories (stories about the Buddha's previous lives) tells of how the ascetic Kshantivadin incurred the wrath of the king and was consequently sliced to bits by the offended monarch. Not once, however, did the hermit give in to anger but only felt compassion for the king who would undoubtedly suffer for his actions.

buster philosopher said...

Patience

Pascal said that primary problem with a Bend imbecile is his inability to sit in an empty room, and keep his mouth shut.

Sounds to me like like down in one of Garzini's Hotel's.

bruce said...

Re: Patience

Neither are Canadians. One of my best friends in Alta was Kirby Villeneuve, a fiery French-Canadian. He went back to Vancouver Island. I've known several Canadians well, and spent time in some of their ski towns, doing patrol exchanges. Other than the beer costing so much, it's a place very similar to ours for most things.

The biggest difference is they can get medical treatment without signing their lives away. And virtually all the treatment is just as good as ours.

The Okanagon Valley, on the road to Revelstoke. That's where I'm thinking. Especially as global warming starts really going.

Anonymous said...

"I am as patient as a Buddhist, but not as patient as a Canadian."

toe, that's the best thing you've said here yet.

Anonymous said...

Now the banks are trying to figure out how to save the mortgage insurers.

This is whack-a-mole on a global scale.

*

That horse is dead to, we killed it months ago. PMI's are going skyrocket, and and what does 20% really mean win the RE your holding is a falling knife.

#1 problem, is people are walking away from negative equity, the problem is keeping them there. Expect to see it be criminal to walk from a loan.

It's TOUGH to sell a MTG to an investor without an insurance plan isn't it? This is why I have been telling you all that very quickly, nobody will get a MTG.

bruce said...

Re: this is Buddhist Patience

Hell, I'm nowhere near that patient. Cut me and I'll slice you, at least until I can back away with all my chips.

Anonymous said...

CACB has fell below 15, 6% loss today, folks are leaving Central Oregon with their wallets.

52Wk Low: 14.75

Cascade Bancorp
(Public, NASDAQ:CACB) - Add to Portfolio - Discuss CACB Find more results for cacb

14.76
-1.02 (-6.46%)
Dec 19 - Close Open: 15.68 Mkt Cap: 415.33M P/E: 10.60 Dividend: 0.10
High: 15.84 52Wk High: 31.90 F P/E: N/A Yield: 2.71

Anonymous said...

Investor alert, had you bought bruce's capstone (cpst) you would be no-where, ... the invisible perpetual motion

busters 'xeno' is up 10%,
the $2M pig,

this trader insight brought to you by the motley morons in bend,

bruce said...

Re: Investor alert, had you bought bruce's capstone (cpst) you would be no-where, ... the invisible perpetual motion

Dude, wassup? It's gone from $1.34 to $1.57 in 9 days, and off-market sales are at the moment at $1.68. Although I think if you hold off it should get back down to around $1.30 or so on profit-taking.

Today's news is NTT DoCoMo ordering two systems for backup testing for their farflung cell network> Said NTT's President Mr. Shingo Kita, “We have been interested in Capstone Turbine’s environmentally friendly microturbine technology for some time now... NTT DoCoMo Group has always been an early adopter of new technology and today has over 1,000 remote cell sites using back-up generation technology..... we believe that there will be additional opportunities to apply this new technology within our remote cell sites.”

But, hey, it's a free world. Just use facts, please.

Get real.

IHateToBurstYourBubble said...

CACB has fell below 15, 6% loss today, folks are leaving Central Oregon with their wallets.

52Wk Low: 14.75


Holy Shit!

IHateToBurstYourBubble said...

Buuurp.

Braaap.


Holy Shit!

Anonymous said...

Buuurp.

Braaap.

Holy Shit!
---------------

Nope. Just gas. From both ends.

My response to the comments. Kinda smelly in here, I think I'll open the windows until it airs out, or we get off the Krisha Ramamurthy stuff.

bruce said...

My response? My little seen health insurance rant from last night:

On Healthcare Costs

You really would rather support the insurance and drug industries rather than simple stupid humans that will always need healthcare at some point?

Then these kind of paychecks should come out of your pocket:

William McGuire, the UnitedHealth CEO ousted last year in an options-backdating scandal, has cut a deal to settle civil and federal government claims that came out of the options mess.

After the giveback, McGuire still has about 24 million stock options, worth in the neighborhood of $800 million, WSJ reports. During his tenure at UnitedHealth, he was paid $530 million.

Taurel, Sidney
Chairman and CEO. Eli Lilly

The total compensation figure includes salary of $1.7 million, $2.8 million in non-equity performance pay, stock and options valued at a cost to the company of $9.2 million, a $1.4 million increase in pension value and $192,409 in "other compensation." This category included the company's $99,020 401(k) match, as well as perks such as $91,069 in costs for the use of the corporate aircraft to attend outside board meetings. As of Dec. 31, pension and nonqualified deferred compensation stood at $41,911,019.

Essner, Robert
Chairman, CEO, Wyeth

Aside from his salary of $1.66 million, Mr. Essner earned $3 million in nonequity incentive pay, stock and option awards valued at a cost to the company of $23.51 million, an increase in the value of his pension of $4.53 million as well as other compensation worth $147,138. The "other" category includes $41,397 for personal use of company aircraft, $49,860 representing company matches to savings plans and $27,471 for tax reimbursement. As of Dec. 31, the value of Mr. Essner's pension and deferred compensation stood at $26,591,865.

More here: http://www.dailykos.com/story/2007/12/17/164842/12/655/423452

Yes it's that fucking liberal site DailyKos. You know, those pissy liberal libertarians that don't ban you for saying what you believe, unlike RedState, NewRepublic, and their ilk.

But when hundreds of millions of dollars go into those pockets that are in charge of saying whether somebody like my wife gets an MRI on her knee, who decides what she pays for her epilepsy meds, who cranks our premiums up every year, while at the same time cranking up our co-pays, I just get fucking mad.

And when I read about the rest of the civilized world not having this layer of blubber, and getting better results for far less money, I get even fucking madder.

So there you have it. If you support the Republicans and most of the Dems, I'm sure Billy Tauscher will feed you when you have to suck up to someone's teat.

You know, that ex-Congressman who kept the vote open for hours in the House, until three in the morning, so he could get the Medicare Drug Bill passed with a prohibition on the US government bargaining on pricing with the drug companies.

And then resigned and took a $2M a year job as the head drug company trade lobby group.

We simply need single-payer, with negotiated pricing based on costs here and the rest of the world.

We don't need to subsidize the super rich on the backs of the health of those we love.



And, as a telling aside, I just read a WSJ editorial about how American voters want big changes. It went over everyone's position, both Dem and Rep, casting aspersions, nodding towards "sensibility". Etc.

Everyone but one, who's name was never even mentioned.

Edwards.

You know who really scares the status quo?

Anonymous said...

"And when I read about the rest of the civilized world not having this layer of blubber, and getting better results for far less money, I get even fucking madder."
---------

The "rest of the civilized world" wishes that you would bless them with your presence.

Try Russia... Putin's the Man this year.

Or Cuba... Castro is not going to hang on to power, maybe they would elect you as leader?

Or Canada. They speak French there. And you seem kinda smart, maybe you could learn it?

Or Iran. You have a wife who is a she, therefor they won't stone you for being gay (assuming 'bruce' is male).

Lots of place to find better love in this world. Go forth and enjoy the world!

bruce said...

RE: Lots of place to find better love in this world. Go forth and enjoy the world!

That is the stupidest fucking statement I've heard in awhile.

You ever left the borders of the USA? Have even a tiny bit of knowledge of how things work in other countries?

Anonymous said...

Homer, I thought you said if you sold bruce a 30-06, he would finish his pain??

Boyz, did you read today SORE, my gawd they have ripped Juniper-Ridge a new ASSHOLE.

Juniper-Ridge, ... While of course NOT a fucking word about what this is all about, they did a real NICE stab in the heart at ol Ray Kuratek, my vote for 'time' man of the year, for putting up with the pussy's we call city-hall.

Anonymous said...

bruce's capstone (cpst) you would be no-where, ... the invisible perpetual motion

Dude, wassup? It's gone from $1.34 to $1.57 in 9 days, and off-market sales are at the moment at $1.68.

*

Brewski, when you told us to buy the bitch it was 1.60, today its 1.68, did anyone ever take the time to explain bid/ask to this lovable polish bitch?

Anonymous said...

Get a HARD-COPY of the SORE, HBM has done a real funny.

This is almost as funny as ourself, he has Kuratek as an angel on the cover, and Garzini as cupid with rat-poison arrows.

Bend, is just getting too fucking funny.

Anonymous said...

busters 'xeno' is up 10%,
the $2M pig,

*

Brewski,

Show us the love, take a look at 'xeno', these pigs are $2M each, but they got fucking vaginas, that can be put into a MILF that can make them veergens again, ... thisis big fucking stuff, a $2 Million dollar pig just loaded with tissue,

We studied your capstone, take a look at our 'xeno'.

Anonymous said...

"That is the stupidest fucking statement I've heard in awhile.

You ever left the borders of the USA? Have even a tiny bit of knowledge of how things work in other countries?"
-------------

Obviously I have, that is why I wrote it. And even more obvious is that cry-baby-bruce has not ventured out of the cradle of the US.

Go enjoy France or Canada. How many Americans actually did leave "if Bush wins a 2nd term"? Not many, cause it sucks more to live there than here.

I have lived in many socialist 'free-health care' countries. Many of these countries boast a 'wealth gap' of only 20-30x instead of the US 200-300x (the difference between minimum wagers and the CEO salary. That sucks too, since it drains initiative and free-enterprise.

But dipstick-bruce thinks that free health care socialist countries are da-bomb, because his wife has health challenges.

Go, bruce, enjoy your freedom to go where ever you choose. I hear England has great health care.

LOL

BENDBUST said...

Go, bruce, enjoy your freedom to go where ever you choose. I hear England has great health care.

*

Our resident 'anonymous asshole' is busy, tonight. Bruce, get yourself a Source, and a good magic marker, we're going to have blogger-fodder tomorrow.

As someone who has lived on every continent in the world, I ask what is your fucking point? Other than fucking with our Bruce-Pussy??

Now that the dollar is shit, you had better not travel,

Health Care?? USA is the MOST expensive, and the LEAST SAFE, oh yea, if your the FUCKING president, and go to Bethesda, you get good care, but our rate of infection is now the highest in western medicine.

I'm an old man, but let me tell you all a fucking secret, yes Homer I have had my beer, and I'm posting drunk again, but here is my fucking secret.

If you want to make MONEY, the USA is the place. If you want to love, then Paris, if you want to live then Greece, if you want to eat then Italy.

The ONLY FUCKING THING THE USA is about is making fucking money. Make your fucking money here, but spend it elsewhere, where people know how to have fucking FUN.

Regarding health, take care of yourself, its a known fact that once you go to a doctor, they'll kill you. Stay away from the doctor and meds as long as you can.

I repeat MY secret, that I learned fucking years ago, probably over 40+ is too make money here, but play elsewhere. Nothing beats Nudity all summer in Greece, naked young girls 24/7, dancing, waking up every AM, on the beach naked, with a different woman.

People in USA, have NO FUCKING idea, how to live.

bruce said...

Re: But dipstick-bruce thinks that free health care socialist countries are da-bomb, because his wife has health challenges.

Go, bruce, enjoy your freedom to go where ever you choose. I hear England has great health care.

LOL

Hey, Anonymouse, my wife has health challenges? This incredible woman that spent eight years as a top-ten pro-mogul skier, who took the overall duathlon series championship two years running in Utah in the early 90's?

The same girl who has had to have drugs to control her seizures since she was about ten?

Or she melts down, and flops on the ground, knocking her own teeth out?

She didn't ask for that. She didn't do anything at all to call it down upon her.

It just fucking happens.

And if you think that she should pay three times as much here in the great ole USA for two simple drugs as she would pay in Canada, and that is just the way the world works, cause the USA is so fucking great, you are a fucking idiot.

You want to help subsidize the $600 a month those drugs cost here?

bruce said...

PS BB, I'm just digesting the SORE right now. Seems rather interesting...

Off to read to my honey. Take care.

Anonymous said...

You want to help subsidize the $600 a month those drugs cost here?

*

Two things you can count on in the USA: drug costs aren't going to go down and we aren't going to get a single-payer system anytime soon. Ranting about it isn't going to change anything.

Anonymous said...

"As someone who has lived on every continent in the world, I ask what is your fucking point?"

Was Antarctica your least favorite?

Anonymous said...

Was Antarctica your least favorite?

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I have been to the north pole, and south pole, similar. In both cases, not a place you want to stay long.

I have already mentioned my favorite, greece, italy, ... I like China, back 20 years ago, today its too much like Bend.

Anonymous said...

I like China, back 20 years ago, today its too much like Bend.

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At least you're allowed to eat dog in China.

Anonymous said...

Gawd, this forum is bow-wow-ing to new lows.....

Anonymous said...

http://en.wikipedia.org/wiki/Dog_meat

Dog meat (Chinese: 狗肉; pinyin: gǒu ròu) has been a source of food in parts of China from at least the time of Confucius, and possibly even before. Ancient writings from the Zhou Dynasty referred to the "three beasts"[cite this quote] (which were bred for food), including pig, goat, and dog. Mencius, the philosopher, recommended dog as the tastiest of all meats[cite this quote]. Dog meat is sometimes euphemistically called "fragrant meat" (香肉 xiāng ròu) or "mutton of the earth" (地羊 dì yáng) in Mandarin Chinese and "3-6 fragrant meat" (traditional Chinese: 三六香肉; Cantonese Yale: sàam luhk hèung yuhk) in Cantonese (3 plus 6 is 9 and the words "nine" and "dog" are homophones, both pronounced gáu in Cantonese).

In the past in China, during a hard season when the food store was depleted, dogs were occasionally slaughtered as an emergency food supply. Today it is consumed for its perceived medicinal value of increasing the positive energy of one's body (the yang),[citation needed] and helping to regulate blood circulation.[citation needed] Due to this belief, people eat dog meat in the winter to help to keep themselves warm.[15][16]

Contrary to urban legends, the Chinese do not eat pet dogs such as Chihuahuas. Dogs being eaten are raised specifically for meat. The animals are slaughtered between 6 and 12 months of age for best size and tenderness.[citation needed]

Despite being a socially acceptable practice, the average Chinese does not usually consume dog meat as it is relatively expensive compared to other meat choices and hence generally more accessible to affluent Chinese.[17] More concentrated dog meat consumption areas in China are in the northeast, south and southwestern areas.[18] Peixian County in Northern Jiangsu is well-known in China for the production of a dog-meat stew flavoured with soft-shelled turtle. The dish is said to have been invented by Fan Kuai and to have been a favourite with Liu Bang, founder of the Han dynasty.[citation needed] 300,000 dogs are killed in the county each year, much of the meat being processed into stew for export across China and Korea.[citation needed]

The Chinese normally cook the dog meat by stewing it with thick gravy or by roasting it. One method of preparing the dog carcass is by immersion in boiling water, allowing the skin to be peeled off in one pull.[citation needed]

In Hong Kong, a local ordinance dating from British colonial times, which has been retained after the handover to Chinese sovereignty, prohibits the slaughter of any dog or cat for use as food, whether for mankind or otherwise, on pain of fine and imprisonment.[19][20] Four local men were sentenced to 30 days imprisonment in December 2006 for having slaughtered two dogs.[21] In an earlier case, in February of 1998, a Hongkonger was sentenced to one month imprisonment and a fine of two thousand HK dollars for hunting street dogs for food.[22] Apart from this, a large proportion of Hong Kong residents are currently against the consumption of dog meat, although some[Who?] consider it acceptable.

China is the only exporter of dog meat to Japan and exported 31 ton in 2006.[23] In Japan dog meat is available in Korean towns such as Tsuruhashi, Osaka and Okubo, Tokyo. Korean residents in Japan frequent dog meat restaurants there.