Sunday, March 1, 2009

Bend Bulletin Stops Publishing, Cessna Closes

With the release of January's unemployment figures, I think it's pretty safe to say we've reached the End of Days here in Bend.

It hasn't happened but a lot of things we're all accustomed to are going to go away. And Buster is pretty infamous for saying we're reverting to Olde Bend. But I think it's going to be worse than that.

Bubbles have a funny way of bursting. And the bursting doesn't seem to go according to anyone's plan.

I don't think we're going to have a local paper much longer. The economics aren't there.

So much of this place, the Bulletin included, survived, and thrived, due to RE. They were conjoined twins in an ever-escalating swell of leverage-fueled prosperity.

Now though, we're in The Great Unwind. The Big Deleveraging. The Big One.

We're in the most vicious down-spiral ever witnessed in our lifetimes, and still most people in Bend don't get it. There's still this enduring idea that We Are Near The Bottom, and things are going to turn around momentarily, thank you very much Dana Bratton.

But, of course, this is not true.

The RE/Bend media conjoined twin is on life support.
CACB, 3yrs

We only really have CACB to go from as a barometer of local financial health (OK, we have Prineville Bancorp PNVL, but it ain't exactly busting out either). And the patient is near death.

CACB officially went to penny stock status this week. 90 cents. Look at that chart, it's almost zero. Down 97% from it's peak.

Now the question isn't If it'll be shutdown, but When.

And if The Bully was a pubicly traded company, you would see something similar. A company on the verge of collapse.

Same with construction.

Same with local manufacturing. Manufacturing actually lost more jobs this past month in OR than construction.

The seemingly invulnerable combination of Bend media & the local RE juggernaut aren't just going to get slimmed down, they are dying. They will be dead in a year or so.

The whole infrastructure of this place -- the constant influx of people, the building, the new businesses... the whole freshness & zest & zeal, for lack of better terms -- is stopping.

We had 1 in 9 people unemployed in December. It's about to go to 1 in 8 for Jan. And in the month just gone, it promises to get even worse. And there's no end in sight.

Even the perma-optimist Obama, said that 2009 is going to get much worse before it gets better.

And I think it just hit me -- I think it was Tuesday -- that Bend is turning into Burns.

People do not go to Burns.

But Wait, you say. Homes will become cheap enough that people will want to stay here. Look at sales, they do seem to be bottoming out, as local RE-types have said. Right?

Homes are cheap in Burns.

The problem in Burns is Not cheap housing. It's no jobs. What jobs that are there, are low-wage, go-nowhere jobs. You cannot Build A Life in Burns.

There's something far more important than rock-bottom low prices to living somewhere: It's Building A Life.

It's doing something this year that makes you more than you were last year. It's making yourself a better person. It's seeing that you are piling up a skill set that is actually valuable out in The World. It's about some sort of legacy, a Life That Matters.

You can't build a life that matters in Burns.

And like a desert sandstorm can reclaim and consume an entire region, the desert is about to reclaim Bend.

Bend had been pushing out -- extending its prosperity oasis towards Burns, towards La Pine & Christmas Valley, towards Madras. The shoots of growth that started 30 years ago actually seemed like they had conquered the unconquerable. They had multiplied a thousand fold.

No more. The desert is pushing back and is going to reclaim this place.

I think a lot of people think (I was one of them): "Great! After prices fall far enough, I'm going to snatch up my own sweet-ass, rock-bottom foreclosure and just lord it over all my stupid friends who bought at bubble tops. Awesome!"

No. You might want to think about that. You might want to make a visit to Burns first.

Because I think I have a fairly prescient idea of what's going to happen here, in broad strokes.

The City will go broke.

Local paper will go broke.

Local banks will go broke.

Local restaurants will go broke.

Unemployment will reach Depression era levels.

This place will become a ghost town of The Walking Dead.

Like Burns. No life, no future, no human legacy, no nothing.

That just sort of hit me this past week. I'm starting to see quite a bit of empty parking, where it was once so full so constantly, it was really annoying sometimes.

They say downtown is filling up almost as fast as it is emptying out -- whatever that means -- but it is a losing battle. Downtown is emptying out nonetheless. Same thing all over town.

You can see The Walking Dead all around. It's 1 in 7 people here.

But at least Burns is functional; Burns has a grip on reality. Burns isn't pretending to be something it's not.

Burns has crappy shit-jobs, and crappy shit-houses. Both are at the ass-bottom of the money scale, whether paying or pricing.

Look at Bubble Bend: The whole West side is populated with vacant 3,500 sf McMansions. They were $850K. Now they're $550K. And of course, no one is buying.

No one gets it here. We have an Aspenesque housing market, that has just been plopped into a Burnsesque economy. Bend is so self-conflicted, so paradoxical, inconsistent and incongruous, it's mere existence is almost impossible.

What happens to a place that is Wall-To-Wall with mansions, where The Money seems to have taken on a will of it's own and fled, leaving confused and penniless humans behind?

Yes. It hit me this week.

Bank of the Cascades is going to be extinguished. And the dominoes will start falling in rapid succession after that.

The Bulletin will close. Cessna will close. Even the mighty St Charles may fall. The Old Mill will implode. Most of the restaurants, boutiques, art galleries, festivals, fairs, parades, schools, police stations, and local governments will simply fold.

That doesnt just mean "Cheap". That means Burns. That means No Life. That means Get Out As Soon As Possible.

See, people don't care about cheap, when their lifes work is in peril. Again, drive to Burns to witness the phenomenon for yourself.

I can buy a house today Cash in Burns. No going to though. My life is more important than getting a cheap house. If that's all I cared about, I'd be in Detroit right now.

A lot of people around here have been drinking the RE Kool Aid for so long that they can't imagine a life that doesn't revolve around RE, it's their lifeblood. It's pricing, the sales volume, the transacting, the ebb & flow of it, it's every movement, no matter how inconsequntial, is of riveting importance. Been like that for 30 years.

But in the end, this mindset will prove to be a phantom, fleeting.

Bend went from Safety to Self-actualization so forcefully & quickly, that it seemed like it was preordained. We are God's people, this is our fate to live life at it's pinnacle.

But actually this place is about existing at the Physiological level. It's at The Burns Level. It's in the red.

This is why I say Burns is Honest. Burns knows it sucks. Bend also sucks, but we think that we'll be OK, because we have surrounded ourselves with the edifices of Self Actualization, of that Shining Golden City on The Hill.

What happens in a place surrounded by the edifices of opulence after a monetary neutron bomb has gone off? What happens when you realize a place cannot ever sustain a Life Worth Living? What happens when you realize that Bend has essentially turned into Burns?

You leave. The desert reclaims it's own.

454 comments:

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Anonymous said...

FOOL's will take 'chances' to make money, but most will lose their principal.

*

Behind every made-off, every S1031, every bend-sawyer, there was people who thought they could get the better ROI that they deserved.

There is NO free lunch.

Expecting to make money from money is a gamble, but its a climatic gamble. In todays depression climate almost all paper is without value, everyday new made-off's are being announced. There are NO safe ships in this type of climate.

I have asked this question rhetorically for years here I'll ask it today? Whom today is rolling in dough and making money? Well other than 'bank-holding-companys'.

We're in an econ-climate today where everything is falling apart, and out of the ashes will be new leaders, patience grasshoppers.

Patience.

Anonymous said...

Latest Local Unemployment Numbers Tri-County Central Orygun

03/03/09 Bend

Seasonally adjusted unemployment rates in Central Oregon increased in January. Individual county rates ranged from 12.0 percent in Deschutes County to 14.9 percent in Crook County. The state rate also rose, from 8.3 percent to 9.9 percent.

Crook County: The county's seasonally adjusted unemployment rate was 14.9 percent in January - an increase of 1.7 percentage points from December. One year ago the rate was 7.6 percentage points lower, at 7.3 percent. The current unemployment rate is significantly higher than the historical lows of the last few years.

The county lost 410 jobs in January - significantly more than December's revised loss of 230 jobs. January's loss was also considerably larger than expected, as normally only about 150 jobs are lost.

As with December, the only industry to post a job gain in January was educational and health services (+10). One private-sector industry held steady over the month: financial activities. The private industry with the largest job loss in January was wholesale trade (‑190). Other industries that lost jobs included professional and business services (‑40), construction (‑30), leisure and hospitality (‑30), and wood product manufacturing (‑20).

Within the public sector, state government employment held steady, while both federal and local government lost jobs in January (‑20 each).

The county recorded 810 fewer jobs this January than in January 2008 - a decline of 11.8 percent. This is the county's 18th consecutive month of year-over-year decline in employment. Industries showing the largest year-over-year declines include wholesale trade (‑44.2%), mining and logging (‑40.0%), wood product manufacturing (‑21.0%), and professional and business services (‑12.5%). Two industries reported year-over-year gains: educational and health services and state government (+5.6% each). Several industries reported no over-the-year change in employment.

Deschutes County (Bend MSA): The county's seasonally adjusted unemployment rate increased from a revised rate of 11.5 percent in December to 12.0 percent in January. The rate is almost double the rate of one year ago. It is also the highest rate since at least 1990, when the seasonally adjusted series begins.

Although 1,900 jobs were lost in January, the typical seasonal job loss is around 1,960. Thus Deschutes County saw a seasonally adjusted job gain of 60.

Several industries posted large employment losses in January. The industry with the largest losses was retail trade (‑470), primarily due to seasonal layoffs after the holidays. Other industries with large losses were mining, logging, and construction (‑360); accommodation and food services (‑270); professional and business services (‑210); and transportation, warehousing, and utilities (‑170). Many of these job losses were also due to typical seasonal layoffs.

No industries gained jobs in January, although one industry held steady: financial activities. Even educational and health services, which has gained jobs in nearly every month over the last five years, saw employment declines in January (‑90).

Most levels of the public sector also lost jobs in January. State government employment held steady, while federal government declined by 30 and local government dropped by 250.

In January, Deschutes County posted an over-the-year decline of 4.3 percent in total employment. Although industries such as federal government (+4.0%), educational and health services (+2.7%), and accommodation and food services (+2.0%) showed year-over-year job gains, losses in other industries offset the gains. The largest losses were in natural resources, mining, and construction (‑19.6%); durable goods manufacturing (-14.4%); and wholesale trade (‑9.8%).

Jefferson County: The county's seasonally adjusted unemployment rate rose to 12.9 percent in January, up just 0.2 percentage point from December's revised rate of 12.7 percent. One year ago the rate was 5.4 percentage points lower at 7.5 percent. The unemployment rates in the last several months have been the highest since at least 1990.

Jefferson County lost 150 jobs in January, when normally about 160 jobs are lost. Thus the county had a seasonally adjusted employment gain of about 10 jobs. During most of 2008, the county's job performance was below normal due to the slowing economy, but employment during the last two months has shown some improvement.

Two industries experienced employment gains in January: mining and logging, and information (+10 each). The industry with the largest job loss in January was in the public sector - local government (‑70), primarily due to declines in Indian tribal government (‑50). Smaller losses were recorded in manufacturing, educational and health services, and leisure and hospitality (‑20 each). All other industries lost 10 or fewer jobs.

With the continued softness, the county recorded a 6.1 percent year-over-year job decline in January. The largest losses were in manufacturing (‑24.4%), professional and business services (‑14.3%), and educational and heath services (‑13.0%). Several industries experienced year-over-year gains, including information; mining and logging; transportation, warehousing, and utilities; wholesale trade; and other services.

Some good news, unemployment benefits will increase. The American Recovery and Reinvestment Bill of 2009, also known as the Federal Stimulus Package, signed into law by the President last week includes many enhancements to Oregon's unemployment insurance system.

Every Oregonian receiving unemployment benefits will see a $25 increase in their weekly benefits. The Oregon Employment Department worked quickly to put in place all programming necessary so that the increase in payments could begin as soon as possible. Oregonians will see the increase in benefits beginning this week, March 2, 2009. For Oregon this could mean up to $200 million in additional federal funds.

The Emergency Unemployment Compensation (EUC) Program passed last year by Congress was scheduled to sunset in March 2009. The bill extends the time a person can file for EUC until December 31, 2009. EUC allows for up to 33 weeks of unemployment benefits for those who exhaust their original 26-week claim. The amount of aid a state would receive is dependent on the number of unemployment insurance claimants. At this time Oregon is expected to receive $200-$400 million for EUC. With the expected unemployment insurance workload, the Oregon Employment Department anticipates the allocation to be near the top of this range.

With Oregon experiencing a high unemployment rate, the state is eligible for the Extended Benefits (EB) Program. The EB Program allows for up to 20 additional weeks of benefits for Oregonians who have exhausted their original 26-week claim and their EUC claim. Normally, 50% of the cost of these benefits are paid by the state and 50% by the federal government. Under the bill, 100% of EB benefits would be paid for by the federal government.

Oregon would receive $90 million under the Unemployment Insurance Modernization Act (UIMA) of this bill. UIMA requires certain changes to how Oregon currently administers its unemployment insurance program. Legislation is currently before the Oregon Legislature to bring into statute laws that would bring Oregon into compliance with the UIMA. If these state statutes are passed, more Oregonians potentially would be eligible for unemployment insurance.

The bill expands the Trade Act Assistance (TAA) program. The Trade Act assists individuals who have become unemployed as a result of increased imports from, or shifts in production to, foreign countries. Under the expanded program, more Oregonians will be eligible for the program.

Currently, unemployment insurance benefits are fully taxable. Under the new bill, the first $2,400 of benefits will be free from federal taxes for tax year 2009.

Anonymous said...

On the subject of seasonal money trees.

A lot of 'rich' I know currently are loaning money to friends, .. or what-not @ 6%, ... why cuz they Must make the god granted 6%ROI on dar money.

Sadly, most of these friend, & family simply use this money to pay off their 20% credit-cards, ... it still doesn't help them with keeping a job, or starting a biz, ...

So over time here in BEND, even the rich will lose their principal, all over that god-damn 'right' to make more than 2% on their money, its so fucking strange that nobody cares about principal??

Its what made made-off work for 40 years the belief that they were making 15% it made them feel good. Exceptional, then one day they read in the paper they're worth ZERO.

Bewert said...

Re: what do the 'good' banks look like?

###


Citigroup Inc.
1.26
+0.06 (5.00%)
Real-time: 2:53PM EST
Mkt Cap: 6.81B
52Wk High: 27.35
52Wk Low: 1.15


Bank of America Corporation
3.91
+0.28 (7.71%)
Real-time: 2:59PM EST
Mkt Cap: 25.06B
52Wk High: 43.46
52Wk Low: 2.53

Wells Fargo & Company
11.23
+0.39 (3.60%)
Real-time: 3:00PM EST
52Wk High: 44.69
52Wk Low: 8.81

###

Banking is recovering some today. Short covering?

BTW Buster, I think the Rush/Steele catfight is fucking hilarious. Especially Steele going back to lick massa's shoes.

Bewert said...

Re: 2.) DEM: Print tons of money, and give it all to MOSS&Co.

###

You are missing $700 billion or so going to roads, bridges, smart grid, green energy, schools, housing energy conservation upgrades, etc.

You know--real stuff. Here in the US.

Bewert said...

Re: No cash, or safe, investments are paying anything right now. - dunc

###

What about your landlord's building? Bet that is paid off and providing a nice monthly return on the investment.

tim said...

This stimulus bill is a disaster. It's going to be the last straw that kills off the economy.

I thought we were kicking out the Empire and electing the Rebel Alliance, but it seems more like we elected the cheesy Cantina Band.

Anonymous said...

Bewert said...
Funny thing, Sean picked up after the first ring, and then I introduced myself and asked about the ad, and he was suddenly in a meeting...


I know Sean Tate...I KNOW SEAN TATE!

Sean is the bastard child of Larry Tate and Samantha Stevens. Larry was Darrin Steven's boss, and had an affair with Samantha, Darrin's wife. Sean also has a half-sister named Tabitha.

Well...Sean got a job at The Bulletin, in the ad sales dept., about 3 years ago. He was hired directly by John Costa. Costa knew of Sean's magical powers, and figured he could use him in his many misdealings.

Sean has proven invaluable to Costa over the last few years and is for sure the reason for the "missing page". He's also been used for hexing, brewing various potions, writing secret incantations, etc., etc. The guy is a real warlock of all trades. He puts Harry Potter to shame.

Yep, any funny business up at Bend's favorite weekly, and I guarantee Sean Tate is behind it.

Bewert said...

Re: This stimulus bill is a disaster. It's going to be the last straw that kills off the economy.

###

I disagree on the infrastructure, smart grid, house weatherization, building an electronic health data system, etc. stuff. It's an investment in the future if done right. It's construction here inside our borders rather than on the other side of the world.

Now shoveling billions more at AIG, Citi, et al makes my bald head start smoking...

Thinking about giving even more than the current IIRC $160 BILLION to Citi, which currently has a market cap under $10B is simply idiotic. And I hope to fuck Obama wakes up from the trance Geithner and Bernanke have put him in. Sooner rather than later.

tim said...

If we kill the treasury market and the stock market, how do we pay for health care and infrastructure?

Seems like Obama needs to fire all these economy clowns he has and start over.

Anonymous said...

If we kill the treasury market and the stock market, how do we pay for health care and infrastructure?

Same way we did under the New Deal -- we print money. The treasury market and the stock market are not the engines of the economy; consumer spending is. I don't love trillion-dollar deficits either, but if the alternative is complete economic collapse I'll take the deficits.

Anonymous said...

And I hope to fuck Obama wakes up from the trance Geithner and Bernanke have put him in. Sooner rather than later.

Fuck yeah. We gotta nationalize the banks.

tim said...

>>Same way we did under the New Deal -- we print money.

Great. And wait for WWIII to get our economy going, if that's our model.

Anonymous said...

This is WHAT I'm trying to tell you KUNTS about the stock market, yesterday it was MONACO-RV, today Block-Buster, it don't MATTER APU whether we nationalize today or tomorrow, cuz its ALL collapsing, right now what is going on is that the PEOPLE who got OREO elected are getting their money BACK 1000% ROI YOY.

Blockbuster, Monaco, CACB, it don't matter all stock is going to zero, cuz its ALL going to BK.


Blockbuster shares plunge on bankruptcy report to ZERO


MarketWatch - ‎41 minutes ago‎
By David B. Wilkerson, MarketWatch CHICAGO (MarketWatch) - Shares of Blockbuster Inc. plunged 77% Tuesday after a published report said the video rental company is considering a possible bankruptcy filing.

Anonymous said...

Nationalize! Nationalize! Nationalize!

###

There's no such thing as zombie banks,
Zombies are pure science fiction,

There's no such thing as nationalization,
it occurs only in your imagination,

There's no such thing as bailing out a bank,
You can only "bail out" a leaking boat,

But if the banks never die and the shareholders set sail,
it's all of us who are going to fail.

###

Why worry? Be happy!!

Anonymous said...

BTW Buster, I think the Rush/Steele catfight is fucking hilarious. Especially Steele going back to lick massa's shoes.

*

The SAD fucking thing is STEELE's first IMPULSE as in BET was RIGHT-ON, HEY WHITE FUCK's I the real nigger, no OREO, I Mr. Steele a certified, 100% angus Beef USDA NEGRO, and I run the RNC.

Then about 20 min later Steele does a Mea-Culpa, and says "Oh, massa-limbauh, oh-mass-limbaugh, da gingrich took me old black ass out to the woodshed, and whipped this niggers ass good, and reminded this nigger who owns the plantation", and that having lil nigger steele as RNC chairman was just parsley on the GOP table.

Yep, its TOO FUCKING bad that RNC just can't let their nigger stick his foot in his mouth, like OREO of course, now there's a perfect negro, 1/2 jew white mother, 1/2 kenyan black man, an OREO made in heaven, and what da the RNC go to match da OREO they get themselves a REAL NIGGER WITH BALL's, ... and then what they do?? First time old Rahmbo goes public and steele steps to the plate the old southern RNC boyz lose all their bowel movements .

What a fucking NIGGER talking down our Rush Limbaugh???

How in the fuck did this nigger get in charge of the RNC??

Anyone want to be how quickly that Steele resigns??

Rush Limbaugh will go like fatty arbuckle, someday he going to get caugth shoving a coke bottle up some little boyz ass.

Anonymous said...

it's all of us who are going to fail.


##

Who is this US bitch?

If you haven't already SOLD all your fucking stock? Then why worry?

Right now they're stealing $100B/day cuz they can, and those that can are getting golden parachutes to BAIL out of the USA, made-off style, see today made-off wife gets to keep $172M, cuz its her money, even though she ran the company books, see in ameriKKKa its all about WHO is your jewish lawyer.

That's why bend-1031 Neuman&co will walk with OPM, its the ameriKKKan way, ...

Whether we Nationalize today, or six months, it doesn't matter, cuz the in next months its all going to be worth zero either way.

What would have been good about Aug2008, or even March09 nationalize is at least all the Moss's of the world would have lost their jobs and their stock worthless, all that we're doing with TRILLIONS of taxpayer dollars is giving the CROOKS time to pack their parachutes.

Anonymous said...

QUIT fucking saying that OREO is deer and that GEITHNER&BERNANKE are headlights.

GEITHNER&BERNANKE put the OREO in POWER, the FED-RES is the tail that wags the DOG.

That's why when today and Bernie Sanders ( indy-VT ) said "Who got the money, mr bernanke?", Bernanke replied "Fuck you, and NO I'm not going to tell you".

Anonymous said...

What about your landlord's building? Bet that is paid off and providing a nice monthly return on the investment.

###

Imagine that who could of would of guessed??

Mature assets, paying nice rent forever, life is good.

Anonymous said...

Fuck yeah. We gotta nationalize the banks.

*

and that means, fire 100% of top tier management, and thats the problem, but not really sad,

what's 'sad' is that for all the TALK of capitalism, that we reward MOSS failure.

Once the GOV controls all the BANKS, then we can talk about creating a TRUST for all the toxic shit.

What needed to be done ASAP, was quit the bleeding and fire the pigs, take away their bonuses "TOP TO BOTTOM", and put a CAP on all pay.

One this if fucking clear, and you can see it on this board, 100% of agree on NOTHING, but we all agree that this is BULLSHIT.

MAN those MOFU's must want to shut down the internet.

Anonymous said...

If we kill the treasury market and the stock market,

[ they're trying to destroy the treasury, the stock-market was destroyed 20+ years ago, its always been a ponzi ready to explode ]

how do we pay for health care and infrastructure?

[ health care is fucked to the max, but yes its our biggest problem, ... infrastructure a fucking nightmare, but imagine what the $10T we have lot in the last six months would have bought? We'll never know. ]

Bewert said...

Yeah, Timmy, the money spigot was opened up under Bush and has remained open under Obama. At some point inflation will return, but probably not until we have deleveraged a lot further. And we've sucked the entire world into our morass.

In ten or fifteen years inflation will have wiped a lot of the debt out. Where to put your money (instead of dollars) when it starts is the real question.

Bewert said...

RE: ...imagine what the $10T we have lost in the last six months would have bought? We'll never know.

###

Exactly. But we're just peons in Bend, Oregon and they're the Masters of the Universe. Trust in the force, Luke...

Anonymous said...

You are missing $700 billion or so going to roads, bridges, smart grid, green energy, schools, housing energy conservation upgrades, etc.

*

Where pussy? Where is the money? ON the other hand like Sanders said we know where $2.3 Trillion went,... to 'bank holding companys'.

Yes, the OREO tosses the PUSSY some virtual 'hope', but when will see see this CARP/TARP for the pussy?

We know where its going do you pay fucking attention BP? The city is going to use OUR (BEND SHARE) for BAT-BUS, and MDU(KNIFE-RIVER). Bend's share is $2M, shit that's like a couple months of JRMB-MOSS pork for knife-river, please pussy quit the shit.

Anonymous said...

DEJA-VU, and here we go reality time, no limit for PORK on TARP, CARP, ...

MOSS can pocket all she want for any pet project, ...

OREO once again prove he the man.

Fed Eliminates Compensation Limits for TALF Program (Update3)


By Scott Lanman

March 3 (Bloomberg) -- The Federal Reserve and U.S. Treasury eliminated executive-compensation limits for companies that bundle loans accepted under a new $1 trillion program, indicating the rules may have hampered efforts to start the plan.

The rules won’t apply to the Term Asset-Backed Securities Loan Facility out of “desire to encourage market participants to stimulate credit formation and utilize the facility,” the New York Fed said in a document on its Web site today. The government separately said it will expand the TALF to support vehicle-fleet leases and loans for business, construction and farm equipment.

The change suggests the government doesn’t intend to apply compensation limits beyond firms that receive direct investments from the Treasury’s $700 billion bailout fund. Officials have yet to announce whether such requirements will be imposed on firms participating in a separate effort to remove as much as $1 trillion of distressed assets from banks’ balance sheets.

“Just like salesmen toward the end of the month get kind of worried if they’re not meeting their quota, the Federal Reserve has got to worry,” former Fed monetary-affairs director Vincent Reinhart said. Today’s moves are “an attempt to make the facility more accommodating,” said Reinhart, now a scholar at the American Enterprise Institute in Washington.

Vehicle Fleets

The TALF, aimed at propping up the market for auto and business loans, will start disbursing funds March 25 and will probably accept securities backed by vehicle-fleet and equipment leases starting next month, the Fed and Treasury said in a statement today.

The Fed also lowered interest rates and so-called collateral haircuts for loans tied to asset-backed securities with guarantees by the Small Business Administration or to government- guaranteed student loans. The TALF will hold monthly fundings through at least December.

The Treasury and Fed also today reiterated that they will seek legislation to give the Fed “additional tools” to manage its balance sheet. The effort stems from concern that taking on longer-term assets will make it more difficult for the central bank to raise interest rates once the economy recovers.

Possible legislation may allow the Fed to issue its own debt or let the Treasury issue bills for Fed use that are exempt from the federal debt ceiling, JPMorgan Chase & Co. economist Michael Feroli said.

Pay Limits

Under the October bailout law, recipients of rescue funds are subject to compensation limits when the Treasury has a “meaningful equity or debt position in the financial institution as a result of the transaction.” The law prohibits golden- parachute payments to a departing executive and allows a company to recover any bonus paid to an executive based on statements that are later shown to be “materially inaccurate.”

Alabama Senator Richard Shelby, the ranking Republican on the Banking Committee, said compensation requirements should be applied where government funds are “involved.”

“I think where federal money is involved, that we should put some limits on it,” Shelby told reporters today in Washington when asked about the TALF change. “If it’s ordinary private enterprise, that’s none of my business.”

The revised terms and conditions of the TALF, posted on the New York Fed’s Web site, omitted a previous section on compensation requirements. The limits were previously instituted because the program is being seeded with funds from the $700 billion financial-stability plan, which has provided capital injections to banks with compensation rules attached.

‘Unjustly Enriched’

“Executive compensation restrictions are targeted towards ensuring that executives of institutions that receive government support are not unjustly enriched,” the New York Fed said in a question-and-answer document on its Web site.

Some companies that may securitize loans for the TALF, such as GMAC LLC, may already be subject to executive-compensation requirements because they are receiving separate funding from the financial-stability plan.

The Fed and Treasury didn’t mention the change on executive compensation in a news release today. It was included on page 15 of the “Frequently Asked Questions.”

Chairman Ben S. Bernanke and his colleagues, after cutting the benchmark interest rate almost to zero, are counting on the TALF to help revive credit and end what may become the deepest U.S. recession since World War II.

‘Manageable Risk’

“The expanded program will remain focused on securities that will have the greatest macroeconomic impact and can most efficiently be added to the TALF at a low and manageable risk to the government,” the Fed and Treasury said.

The Fed and Treasury “currently anticipate that ABS backed by rental, commercial, and government vehicle fleet leases, and ABS backed by small-ticket equipment, heavy equipment, and agricultural equipment loans and leases will be eligible for the April funding of the TALF,” which is scheduled for April 14, the agencies said.

Small-ticket equipment may include office gear such as telephone systems, computers and printers, while heavy equipment includes construction vehicles.

The Fed originally planned to start the program in February. Central bank officials postponed it to ensure “all our legal and procedural steps had been taken,” Bernanke told lawmakers last week.

$200 Billion Start

The TALF will start by offering $200 billion in loans to hedge funds and other investors to jump-start lending to consumers for autos, education and credit cards and to small businesses. The program also will help auto dealers finance the cars on their lots.

Treasury is providing $20 billion in capital from the Troubled Asset Relief Program to protect the Fed from losses. Treasury Secretary Timothy Geithner plans to increase the contribution to $100 billion, letting the Fed expand the program to $1 trillion and add other assets such as commercial mortgage- backed securities and rental-car loans.

Treasury and Fed staffers are “analyzing the appropriate terms and conditions for accepting” CMBS, the agencies said today. Officials are considering accepting collateralized loan and debt obligations, ABS backed by non-auto-dealer financing and ABS backed by mortgage-servicer advances, the statement said.

Existing Securities

Fed officials are also evaluating how the TALF might be used to aid markets for securities already on the market.

The central bank has already doubled its balance-sheet assets to $1.92 trillion in the past year by creating other emergency credit programs.

Adding support for car-rental-fleet loans may not help the auto industry right away, said Joe Barker, an analyst at consulting firm CSM Worldwide Inc. in Northville, Michigan. Fleet sales to rental-car agencies, other businesses and government agencies accounted for 20 percent of the new cars and light trucks sold in the U.S. last year.

“It won’t have a substantive impact on overall demand for the industry until businesses are on solid ground and, quite frankly, until we see more and more travel by the American consumer,” Barker said.

Anonymous said...

Where to put your money (instead of dollars) when it starts is the real question.

*

When what starts BP? The re-inflation?

Anonymous said...

CBBO the Bitch brother of little slut CACB is now .51, or $5M cap, ...

This stuff is just going to fucking zero.

Bewert said...

Re: Mature assets, paying nice rent forever, life is good.

###

I can just see you leaning over your keyboard in the half-light of sun on curtains, bottle of brew at hand, pipe weed nearby, checking for a new post that MUST be replied to. While enjoying the spoils of 40 years of buying close-in cheap.

Well done.

But you're still fucking crazy at times.

Bewert said...

Re: When what starts BP? The re-inflation?

###

All those dollars have to go somewhere. I'm watching the inflation rate. Which is almost a deflation rate at the moment. But that ain't going to last.

But Jesse knows a fuck of a lot more about investing then me. I've mostly invested in myself.

Bewert said...

Re: Where pussy? Where is the money?

###

Here is some of it:

Monday, March 2, 2009
President Obama Announces the Release of $155 million of ARRA Funds for Health Centers Across America

Friday, February 27, 2009
Secretaries Donovan and Chu Announce Partnership to Help Working Families Weatherize Their Homes

Thursday, February 26, 2009
U.S. Department of Labor announces boost in weekly unemployment benefit amounts

Wednesday, February 25, 2009
HUD Allocates More Than $10 Billion of Recovery Act Funding One Week After Bill Signing

Monday, February 23, 2009
President Obama Announces $15 Billion in Medicaid Relief from ARRA Headed To States

###

Links at recovery.gov

Anonymous said...

IHTBYB-
You saved my ass. I'm forever grateful. I moved back to Bend in January 2006 making $58000 with a down payment in my pocket. $300000 for a Mill Shack seem out of whack to me. I was tempted though. I started reading your blog and you reconfirmed all my suspicions about Bend and the economy in general. I rented, paid off all my bills and built a nest egg that will last me a while. I was laid off this past summer and I moved away from Bend. Thanks to you I'm ahead of the game. I would have been ruined. Keep on bloggin.

Bewert said...

Re: We know where its going do you pay fucking attention BP? The city is going to use OUR (BEND SHARE) for BAT-BUS, and MDU(KNIFE-RIVER). Bend's share is $2M, shit that's like a couple months of JRMB-MOSS pork for knife-river, please pussy quit the shit.

###

You do realize that their employees will put money back into the local economy, right?

Anonymous said...

Well in that case BP, let's let MOSS get the City to Borrow another $200M in our name, and she can hire even more employees of MDU ( whom she directs ), and then they can send all the profit to where? Nebraska? Let's then call it 'trickle west'.

Anonymous said...

Fucking god damn democrats are finally starting to get tough, now if they can just get the ASS KISSING OREO off his ass.


Dems show frustration as AIG bailout expands


By By Alexander Bolton
Posted: 03/03/09 07:05 PM [ET]


Senate Democrats are growing frustrated over the federal bailout of American International Group Inc., a venture that some Democrats believe has become emblematic of a larger lack of government transparency under President Obama.

The Treasury Department’s plans to infuse another $30 billion into the ailing financial conglomerate, which has already soaked up about $150 billion in taxpayer money, has pushed some Democrats over the edge of tolerance.

Treasury leaked its plans as news broke over the weekend that AIG would announce a record quarterly loss of $62 billion.

The simmering tension between lawmakers on Capitol Hill and the principal architects of the Obama administration’s effort to revive the national economy, Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke, came to a boil Tuesday at a Senate hearing.

“Taxpayers have been kept in the dark on this AIG issue,” Sen. Ron Wyden (D-Ore.), a senior member of the Budget Committee told Bernanke, who testified before the panel. “They’re looking at this massive infusion of money. They can’t figure out who’s being rescued and why they’re being rescued.”

As Fed chairman, Bernanke does not have formal control over the Troubled Asset Relief Program (TARP), from which the $30 billion will come. TARP falls formally under the jurisdiction of the Treasury Department.

Lawmakers nevertheless regard Bernanke and Geithner as working hand in hand as the principal strategists of the administration’s broad economic recovery plan. And they are challenging Treasury and Fed on its handling of AIG as they feel growing pressure from angry constituents.

The newest intervention represents the fourth time the federal government has intervened to help AIG. It comes on top of a $60 billion loan, $50 billion for the purchase of toxic assets and a $40 billion purchase of preferred stock shares.

Top Democratic leaders defend the actions of Geithner and Bernanke.

“I think the work that Treasury has done in an effort to stabilize this organization has been essential,” Senate Majority Leader Harry Reid (D-Nev.) told reporters Tuesday afternoon.

Reid added that the handling of the TARP program has become much more transparent since Obama took office.

But not all Democratic leaders feel assured about Geithner’s and Bernanke’s approach.

“I’m really troubled by the manner in which we’re dealing with AIG because of the risk exposure to the taxpayer, which is growing dramatically,” Sen. Patty Murray (Wash.), Democratic Conference secretary, told the Fed chairman hours earlier.

Bernanke defended his and Geithner’s actions, arguing that they had no choice but to pour billions into AIG.

“We were then forced — we had no choice but to try to stabilize the system because of the implications that the failure would have had on the broad economic system.”

Bernanke argued that AIG’s failure “would be devastating to the stability of the world financial system” because of the investors and “millions of policyholders” who have financial ties to the conglomerate.

But lawmakers remained unconvinced.

“The AIG deal is unprecedented. You get the sense that there’s an open-ended spigot out there for AIG while small businesses, hi-tech startups and others try to get a loan,” said Wyden before a Democratic lunch meeting later Tuesday. “Part of getting confidence back is to ensure fair treatment.”

Sen. Bernie Sanders (Vt.), an independent who caucuses with Democrats, said he does not approve of how Treasury has handled the bailout of AIG and other companies blamed for spawning the economic crisis.

“It’s really disheartening, $30 billion on top of all the other money,” he said. “If after pouring in trillions of dollars we’re back to where we were a year ago, that’s not good enough.

“I’m less than impressed,” he said of Bernanke and Geithner. “I’m afraid a lot of the guys who are addressing this issue were previously part of the problem. I think we need some new thinking.”

Sanders noted that Bernanke, who has served as Fed chairman since 2006, and Geithner, who served as chairman of the New York Federal Reserve Bank until this year, failed to recognize the brewing financial catastrophe.

Geithner also faced questions about AIG Tuesday during an appearance before the House Ways and Means Committee. Rep. Lloyd Doggett (Texas), a Democrat on the panel, expressed frustration that government officials charged with overseeing AIG have faced little accountability.

“When we look at what happened in the timeframe between the first AIG bailout and at least last Friday, unlike some of the conditions that were imposed on the auto manufacturers, there’s no indication that there’s any effort to get different management,” he added.

Geithner acknowledged that tens of billions of dollars worth of bad investments made by AIG put government officials in an awkward position but defended the course of action taken so far.

“Your government made the judgment back in the fall that there was no way that you could allow default to happen without catastrophic damage to the American people,” he said.

Democrats’ frustrations over AIG are symptomatic of broader concerns over the lack of transparency from the Fed and Treasury.

“As a general proposition I don’t think there’s been enough disclosure here,” said Wyden.

Sen. Byron Dorgan (N.D.), chairman of the Senate Democratic Policy Committee, said Congress needs more information.

“The fact is that we don’t know much of what the Fed is doing,” he said. “When they opened their Fed window to investment banks for the first time in history we had no information about how much money went out in those circumstances.”

Dorgan said that taxpayers through the Fed, Federal Deposit Insurance Corporation and Treasury have been put at risk for as much as $8.5 trillion.

Anonymous said...

SO MOFU's what do got ?

Today the government ante'd another $40B to the AIG kitty.

How sensible? Well wall-st say market-capitalization of AIG is a cool BILLION.

To date the US GUV ( US-MOFUS ) have dumped $200B into AIG, in just the last few months since OREO announced that if elected he would allow geithner & Bernanke to run the world economy.

Of course AIG is just the tip of the program, but if you added up ALL OUR PUSSY's social do-good projects it wouldn't even COMP a little AIG bonuses @xmas, using tax payer money.

WHAT you SAY giving $200B to a company with a market-capitalization of $1B ???

Anonymous said...

MOSS-MDU Bismarck, ND all the trickle-west will be coming from ND, and what's really cool is MDU owns our 'cascade natural gas', so by BUILDING these huge fucking homes that require too much heat MOSS even makes more money, think about this, if MOSS tomorrow banned wood-burning stoves she could make a fortune on her monopoly.

...

MDU Resources Group, Inc. is a diversified natural resource company. Montana-Dakota Utilities Co. (Montana-Dakota), a public utility division of the Company, through the electric and natural gas distribution segments, generates, transmits and distributes electricity and distributes natural gas in Montana, North Dakota, South Dakota and Wyoming. Cascade Natural Gas Corporation (Cascade), an indirect wholly owned subsidiary of MDU Energy Capital, distributes natural gas in Washington and Oregon. Great Plains Natural Gas Co. (Great Plains), a public utility division of the Company, distributes natural gas in western Minnesota and southeastern North Dakota. In May 2008, the Company acquired Amador Transit Mix, Inc. and related companies. In May 2008, the Company also acquired Yarbrough's Dirt Pit, Inc., doing business as Yarbrough's Material & Construction. On October 1, 2008, the Company acquired Intermountain Gas Company. More from Reuters »
1200 West Century Avenue P.O.Box 5650
Bismarck, ND

Anonymous said...

The Federal Reserve and U.S. Treasury eliminated executive-compensation limits for companies that bundle loans accepted under a new $1 trillion program, indicating the rules may have hampered efforts to start the plan.

###

I just love this, the banker say "If you don't let me pay my HO $100M/yr, I'm not going to take this CARP", to which Geithner reply's oh please, oh please you must take this money, cuz if we don't spend it, then we can't come back and ask for more, how can we make you borrow this cheap and easy money? To which the 'banker' replies, let me pay my HO's whatever I wish NO 'CAP'.

Ok, ok, say's Geithner, we'll strike that requirement from the congressional TARP approval. Nada problemo.


What did the UofO prof say this week? "THE GREATEST ROBBERY IN US HISTORY"

bendbubble3.blogspot.com

Bewert said...

Re: ...then they can send all the profit to where? Nebraska? Let's then call it 'trickle west'.

###

The wages are here. They buy groceries and rent here. It's better than amping up double-digit unemployment, and it fixes the fucking roads we use.

Anonymous said...

What is this 'union' negotiation?

I mean here the BOSS is the us government, and the banker is a fucking employee or Union boss.

The banker is saying, I'm not talking your fucking money unless on my terms, but WAIT a fucking minute, I thought the BANKS needed this money?

Why is FED PUSHING this shit out the door on the Banker-Mob's term???

Who gives a fuck, the original plan was if you RISK US taxpayer dollar, then live with CAP's, but then a few months later under OREO the CAP's are queitly removed. But wait a minute just a while back the OREO was making fanfare about these fucking CAP's. ...

It just never fucking ends, the greatest fucking heist in US history.

I'm going to start harping on this, but I SAY, that NOBODY who takes any government money in the food chain should make more than the US President, can't handle that? Then go work/live in Moscow or China, and see if that government will give you a fucking blank check.

Anonymous said...

I'm going to start harping on this, but I SAY, that NOBODY who takes any government money in the food chain should make more than the US President, can't handle that? Then go work/live in Moscow or China, and see if that government will give you a fucking blank check.

IHateToBurstYourBubble said...

folks come over from PDX, and think they're going to fish, but they get worked 12hr/day 7days/wk...

Very true. A prevailing mindset for employers is of EMPLOYEE EXPLOITATION.

Not Universal, mind you, just DAMN PREVALENT.

You are seen as a slave that should be THRILLED TO BE WORKED TO DEATH IN TURKISH PRISON CONDITIONS.

I can say that if the Cali-bangage has brought one good thing with them it is a somewhat more enlightened attitude about work. Cali-bangers just won't accept that shit.

Olde bend is about EXPLOITATION, theory X management. Really fucking Olde School. Look to Buster for examples....

Anonymous said...

I'm going to start harping on this, but I SAY, that NOBODY who takes any government money in the food chain should make more than the US President, can't handle that? Then go work/live in Moscow or China, and see if that government will give you a fucking blank check.

*

FUCK YOU pussy, its $2M 1/2 to bat-bus, 1/2 to MDU to build roads, MDU has already said for every $1M they get for transportation, its 12 jobs. LOL big fucking shit, 12 dopes are going to keep dunc selling comics forever, ... let it go pussy its fucking bullshit.

And the fucking BAT-BUS what now with $1M, maybe they buy four used buses that don't run?? Deja-Vu??

Bewert said...

Re:
“The AIG deal is unprecedented. You get the sense that there’s an open-ended spigot out there for AIG while small businesses, hi-tech startups and others try to get a loan,” said Wyden before a Democratic lunch meeting later Tuesday. “Part of getting confidence back is to ensure fair treatment.”

###

Got to love Ron. Give him a call and encourage his anger. Give him some love.

Local (541) 330-9142
DC Phone: (202) 224-5244
Email: http://wyden.senate.gov/contact/

Anonymous said...

Olde bend is about EXPLOITATION, theory X management. Really fucking Olde School. Look to Buster for examples....

*

You hit that NAIL on the head homer, dunc call's me machiavelli, hell in my day I made the jap theory-z look like candy-striping,

Asshole to me is a compliment, but you know what? Having worked around the likes of Larry Ellison or Bill Gates, ALL assholes, all type-A, yes Assholes WIN, and NICE guys finish last.

But BEND is exceptional, you really haven't been fucked until you have worked in Bend. It's why when 90% lose the job or it don't work out, anybody with a real degree or 'expertise' doesn't just walk, they run from this fucking town, ...

Again we have written on this too many times, sad that we always have to come back to this simple fact that 'a job' in BEND is an oxymoron, and a 'good job' in Bend, is superb oxymoron.

Bewert said...

Re: MDU has already said for every $1M they get for transportation, its 12 jobs

###

Yet another Buster "fact" with absolutely nothing backing it up but his "knowledge" of "History".

Bewert said...

Re: yes Assholes WIN, and NICE guys finish last.

###

I'm assuming you aren't including Buffet, Soros, and Rogers in your sample...

Bewert said...

Re:
FUCK YOU pussy, its $2M 1/2 to bat-bus, 1/2 to MDU to build road

###

Dumb Ass, the actual numbers are $1M for transit, including accessibility projects, and $1.23M for road work.

Here are the docs if you want to actually read them:
Transit
Roads

Bewert said...

We need to put a list together of the forthcoming billions invested and the actual market cap of the companies being invested in.

I want to put it on DKos. There are plenty of totally fucking pissed of folks there, too. And they get noticed a lot more than this rock.

Citi, $30B?, cap $6.65B
AIG $40B?, cap $1.16B

What did I miss?

Anonymous said...

AIG $40B?, cap $1.16B

What did I miss?

*

DUMB FUCKING PUSSY, in the past 3 months AIG has gotten $200B for a $1B CAP.

Anonymous said...

I'm assuming you aren't including Buffet, Soros, and Rogers in your sample...

*

All assholes, but BUFFETTE is a made-off.

Bewert said...

Re: *

DUMB FUCKING PUSSY, in the past 3 months AIG has gotten $200B for a $1B CAP.

###

Dumb Ass, I am talking about the "forthcoming" investment--how much more money they want to throw at these dead pigs walking. Though it would be good to have the totals as well. Maybe I could even make a nice graph of totals, anticipated new investment and actual current market cap.

Good historical graph on the top marginal tax rate here. Interesting comparing the top rate to our memories of the "good times".

Bewert said...

Soros used to bring his family to Alta when I lived there. Trudy has hung out with his son at the door of the Rustler Lodge waiting for us to finish control work so they could take the Interlodge sign down and go ski pow. Definitely NOT assholes.

IHateToBurstYourBubble said...

NEWS OF THE YEAR... so far

BEND UNEMPLOYMENT: 14.6%

That's UNADJUSTED. Adjusted is 12%.

FEB WILL SEE 15%+

We're dead.

IHateToBurstYourBubble said...

Maybe we should count ourselves lucky, Crook Cty has 18.2%.

Jeff County has 16.2%

OLDE CENTRAL OREGON HAS RETURNED.

IHateToBurstYourBubble said...

14.6% unemployment is the highest unemployment on record for Dechutes County.

IHateToBurstYourBubble said...

And you'll notice that local media, which reported UNADJUSTED unemployment rates late last year, has reverted to not even mentioning unadjusted, which is much higher, and they haven't even bothered to mention it. They USED TO state both numbers, now they don't even mention unadjusted cuz it's so high.

IHateToBurstYourBubble said...

Highest unemployment rate for all of OR was 13.4% in Jan 1983.

Deschutes County records only go back to 1990, but the highest rate ever recorded in that time is 11.1% in Feb 1994... excluding the Dec 2008, which was 11.9%.

IHateToBurstYourBubble said...

And note that Decembers numbers have been silently REVISED HIGHER:

Dec WAS 11.3%, now 11.5% (adjusted)

I'll try to find unadjusted.

IHateToBurstYourBubble said...

Last months reporting of unemployment only mentioned data prior to 1990 for Jeff & Crook counties... Deschutes was conveniently omitted:

In Crook County, the loss of 230 jobs in wholesale trade, wood product manufacturing, and leisure and hospitality contributed to December’s 14 percent jobless rate, according to the department. The rate, the county’s highest since 1990, climbed from 12.3 percent in November and 7.3 percent in December 2007. The last time it was nearly as high was December 1982, when it reached 13.9 percent, calculated using the old methodology, Swander said.

In Jefferson County, 30 jobs were lost in December — the expected seasonal amount — but continued employment declines in construction, manufacturing and leisure and hospitality contributed to December’s 13.3 percent jobless rate. That number is up from November’s revised rate of 11.8 percent and the December 2007 rate of 8.2 percent. Swander said the last time Jefferson County’s unemployment rate was as high was in December 1984, when it reached 13.7 percent, calculated using the prior methodology.


But it gives you sort of a glimpse into how bad it was around here back then.

IHateToBurstYourBubble said...

So we can probably surmise that we are in EPIC UNEMPLOYMENT TERRITORY.

And what's just wonderful, is it's bound to get worse.

All this so that a chosen few could have 3 EPIC years of good business. Happy?

For want of the dollar, a town was lost.

IHateToBurstYourBubble said...

So I'd guess that this months data will again be revised HIGHER by .2%-.5%, AS USUAL.

So this 14.6% number could EASILY be revised higher to 15%.

Revisions have been higher every single month for a long time, so no reason to think they have stopped imbibing the Kool-Aid yet.

IHateToBurstYourBubble said...

Here is the link where you can witness, slice & dice the unemployment data yourself:

http://www.qualityinfo.org/olmisj/labforce?key=startregion&areacode=4101000000

IHateToBurstYourBubble said...

Now the Bully's take:

Region’s job losses outpace country’s
Local economy has a few bright spots despite state’s dismal employment report

By Jeff McDonald / The Bulletin
Published: March 04. 2009 4:00AM PST

Central Oregon’s unemployment rates continued climbing in January, and at a faster pace than the rest of the state and nation, according to the Oregon Employment Department’s monthly unemployment report released Tuesday.

Deschutes, Jefferson and Crook counties posted, respectively, 12 percent, 12.9 percent and 14.9 percent seasonally adjusted unemployment rates during the month.

Crook County was particularly hard hit by the relocation of Les Schwab Tire Centers’ administrative staff from Prineville to Bend, according to Stephen Williams, a Salem-based usability analyst for the department.

Williams could not say how many jobs Crook County lost due to the Les Schwab transfer, but the county lost an estimated 410 jobs in January, he said. Typically, the county loses about 150 jobs in January, according to the report.

The company had planned to move 320-plus people to Bend, according to The Bulletin archives.

The Central Oregon jobless rates are record highs that come just a few years after each county posted historic lows, department data show, and Williams expects the rates to keep rising.

By comparison, the state and national seasonally adjusted unemployment rates for January were 7.6 percent and 9.9 percent, respectively.

The report shows both rising unemployment rates and year-over-year job losses for the tri-county region — an area that boomed during the 2004 to 2006 housing bubble with its heavy concentration of construction and real-estate-related jobs.

“These reports are showing the weakened state of the Central Oregon economy,” Williams said.

Crook County recorded 810 fewer jobs in January than in January 2008, a decline of 11.8 percent. It was the 18th consecutive month of year-over-year decline in employment, according to Tuesday’s report.

Wholesale trade, a private sector that includes Les Schwab, had the sharpest decline, dropping 44.2 percent. The sector shed 190 jobs in January, some of which were from Les Schwab moving its headquarters over the last few months of 2008 into early 2009, Williams said. Most of those jobs went to Deschutes County, which benefited the region as a whole, he said.

“You think about how big Les Schwab is — it is a big player,” Williams said. “Some of the jobs were transferred to Deschutes County. If we are looking at the region overall, it is better to keep those jobs in the region than to go somewhere else.”

Les Schwab officials could not be reached for comment Tuesday.

Job seekers

With joblessness mounting, Central Oregon companies have been reporting a flood of applicants for any openings that arise.

At Bend-based Nosler Inc., which makes bullets, ammunition and rifles for hunters, law enforcement agencies and military units worldwide, a help-wanted ad last month generated more than 100 walk-in applicants in a matter of days, said John Nosler, general manager.

Since January, the manufacturer has hired 25 new employees whose hourly pay for light assembly work ranges from $10 to $18 based on experience, Nosler said. The company also is looking for trained engineers, he said.

The hourly positions have brought a steady stream of applicants, including one person who had owned his own business and had been making a six-figure income before the downturn, Nosler said.

“He was willing to work for $10 an hour. But at what point as an employer do you say they are overqualified?” Nosler said. “You have to wonder if they will have job satisfaction.”

The company, which has been in Bend for more than 50 years, is in growth mode mainly due to uncertainties about the economy, Nosler said.

“It got so chaotic in here, that we had to literally say, ‘By appointment only’ on the sign,” he said.

Another Bend employer, Pilot Butte Rehabilitation Center, has seen a flood of people looking for employment and training, said Duffy Dezember, administrator for the nursing home and rehabilitation center for seniors.

The company offers free training for prospective certified nursing assistants, Dezember said.

Numerous applicants, from people who were looking to change their fields or have lost their jobs, have applied for the training, he said.

“They used to be working for a mortgage company or got laid off for whatever reasons and are just looking to change their careers,” Dezember said.

Once they get the training, nursing assistant candidates need to pass a state test to become certified and possibly get a job in Bend or around the country, he said.

“No matter where you go in the country, you can get a job if you are certified,” he said.

Better than expected

Even though Central Oregon’s jobless totals have nearly doubled from a year ago — from an estimated 7,770 unemployed workers in January 2008 to roughly 15,615 in January 2009 — Deschutes County did not perform as badly as expected in January, Williams said.

Job losses in retail, construction and food service are typical for January, and about 60 fewer jobs were lost during the month than a typical January, Williams said.

“We have been shedding jobs as we have been going,” Williams said. “Maybe we lost them in earlier months.”

Jefferson County, which posted a slight uptick in its monthly unemployment figures, also did better than expected in January, according to the report.

The county has recorded a 6.1 percent year-over-year job loss with the largest losses in manufacturing, professional and business services, and educational and health services, according to the report.

This month’s unemployment report marked a shift for the Employment Department from raw, nonseasonally adjusted data to seasonally adjusted data for Crook, Jefferson and Deschutes counties, Williams said. The shift puts the counties in line with national and state data collections, he said.

If the Employment Department measured the unemployment rates using nonseasonally adjusted data, it would have been much worse — especially in Crook County, which would have had an 18.2 percent unemployment rate, according to the report.

“We were trying to make the rates more comparable from month to month,” Williams said. “The rate always jumps in January, but the seasonally adjusted rate takes out the seasonal fluctuations.”


Jeff McDonald can be reached at 541-383-0323 or at jmcdonald@bendbulletin.com.

IHateToBurstYourBubble said...

By comparison, the state and national seasonally adjusted unemployment rates for January were 7.6 percent and 9.9 percent, respectively.

WRONG. Backwards, ya dumbshit.

IHateToBurstYourBubble said...

Standard Bully HORSESHIT:

Wholesale trade, a private sector that includes Les Schwab, had the sharpest decline, dropping 44.2 percent. The sector shed 190 jobs in January, some of which were from Les Schwab moving its headquarters over the last few months of 2008 into early 2009, Williams said. Most of those jobs went to Deschutes County, which benefited the region as a whole, he said.

Reminds me of a Poker buddy:

"Listen boys, if we all play careful tonight, we can all make quite a bit of money..."

Yes, LS moving from one spot to another benefitted us ALL just a little. Nice logic, DUMBASS.

IHateToBurstYourBubble said...

The hourly positions have brought a steady stream of applicants, including one person who had owned his own business and had been making a six-figure income before the downturn, Nosler said.

“He was willing to work for $10 an hour. But at what point as an employer do you say they are overqualified?” Nosler said. “You have to wonder if they will have job satisfaction.”


Awesome. All the Cali-banger FREELANCERS can't get jobs.

IHateToBurstYourBubble said...

Ahhhhhhhh... here we go:

This month’s unemployment report marked a shift for the Employment Department from raw, nonseasonally adjusted data to seasonally adjusted data for Crook, Jefferson and Deschutes counties, Williams said. The shift puts the counties in line with national and state data collections, he said.

If the Employment Department measured the unemployment rates using nonseasonally adjusted data, it would have been much worse — especially in Crook County, which would have had an 18.2 percent unemployment rate, according to the report.

“We were trying to make the rates more comparable from month to month,” Williams said. “The rate always jumps in January, but the seasonally adjusted rate takes out the seasonal fluctuations.”

IHateToBurstYourBubble said...

Kool Aid anyone?

Even though Central Oregon’s jobless totals have nearly doubled from a year ago — from an estimated 7,770 unemployed workers in January 2008 to roughly 15,615 in January 2009 — Deschutes County did not perform as badly as expected in January, Williams said.

Yeah. 14.6% UNEMPLOYMENT IS GREAT NEWS. HALLELUJAH. CAN'T WAIT TILL IT HITS 18%, THAT'LL BE TREMENDOUS.

IHateToBurstYourBubble said...

If the Employment Department measured the unemployment rates using nonseasonally adjusted data, it would have been much worse — especially in Crook County, which would have had an 18.2 percent unemployment rate, according to the report.

“We were trying to make the rates more comparable from month to month,” Williams said. “The rate always jumps in January, but the seasonally adjusted rate takes out the seasonal fluctuations.”


Yup, had you acknowledged reality, the horror would have been EPIC.

Thank God we averted THAT MESS.

As I said: You will soon be able to pay your mortgage using SEASONAL ADJUSTMENTS.

IHateToBurstYourBubble said...

hbm: I hope you revisit the topic regarding Whitey Outgassing (White Flight) from Cent OR.

That "10,000 may have left" is going to gain traction. people don't stick around when unemployment goes to 18-25%, which is probably where we already are.

Remember: marge said 1/3rd of all Realtors have left the ranks in the past year. The Cali-Banger freelance contingent is getting gutted.

The business owner who would work for Nosler for POVERTY WAGES? isn't even counted in that 14.6% figure.

Dude, 10K outflight is probably an optimistic scenario.

People are going back to the cities. Rurual America is going to get GUTTED by this thing. The BLEAK-O-METER on rural America (yup, that's Bend) is going to go off the charts.

People are going to flee all of Oregon... 'cept Portland. That's where they'll go.

Bend will be the next Burns, Burns will be the next Fossil.

Bewert said...

14.6%. That's even worse then I was expecting.

What I find hilarious is their justification for "adjusting" the numbers. Unemployed is unemployed, you can't "adjust" your way into a new fucking job.

IHateToBurstYourBubble said...

Remember: marge said 1/3rd of all Realtors have left the ranks in the past year. The Cali-Banger freelance contingent is getting gutted.

The business owner who would work for Nosler for POVERTY WAGES?


These people are NOT EVEN COUNTED IN UNEMPLOYMENT FIGURES. Add them in, and we're probably north of 20%.

IHateToBurstYourBubble said...

Unemployed is unemployed, you can't "adjust" your way into a new fucking job.

I'll bet soon they stop even reporting these unadjusted figures.

Yes, yes. That'll soothe my jangled nerves...

IHateToBurstYourBubble said...

14.6%. That's even worse then I was expecting.

You watch dude: That will be adjusted UP, come next month.

IHateToBurstYourBubble said...

marge said 1/3rd of all Realtors have left the ranks in the past year. The Cali-Banger freelance contingent is getting gutted.

people, with the Cali-Banger locusts, Bend became INDEPENDENT CONTRACTOR HEAVEN. This place is probably 25% IC.

None of those fuckers are working now, and 2yrs ago ALL were working making 6 FIGURES, as the Bully points out.

Now ALL are begging for $MIN WAGE DOGSHIT JOBS, and getting turned down cuz they are TOO GOOD FOR CENT OR JOBS.

I'm telling you, these people will LEAVE, SOON. The Cent OR OUTGASSING has begun, bye bye Bubble, bye bye Equity Locusts, bye bye FAKE TITTIES.

Hello $8/hr, HELLO Meth, HELLO FUCKING SHEEP & DEER.

Anonymous said...


I was giving Bruce his AM enema, to clean him up after last nights party and found the following deep up his rectum.


The Rush To Bash Rush

Nothing fires up our Readers Who Comment like political red meat, and Rush Limbaugh's stated wish that President Barack Obama fail has ignited a red-hot discussion about what Limbaugh meant and what it means for both parties and for the country.

There are a number of stories and columns on the subject on this site and elsewhere. We're concentrating this morning on Perry Bacon Jr.'s piece that tells us the GOP itself is ducking shells both from within and without while trying not to distress the Limbaugh-loving talk-radio base. It's a tough balancing act.

Some readers say they don't want any president to fail, regardless of party. A few support Limbaugh, although by far the majority of comments on this article do not, including some self-identified Republicans. Democrat-sounding comments sense problems in the GOP and rejoice. Game on.

We'll start with 2Funny, who wrote, "Their is absolutely no difference in wanting Obama's policies to fail, and wanting the country to fail. Weather you call it Obama's policies, or the president him self, if it is a failure, we are out a trillion dollars!..."

dullard wrote, "... Steel[e] took two steps toward daylight by stating an obvious truth, Limbaugh is an entertainer first (radio, tv shows, brief NFL commentary) and was yanked back... Sooner or later, Republicans will realize that to govern... you have to be able to craft policies that work."

lbennatt wrote, "He said exactly what he meant and he meant what he said. If you don't like what he has to say then don't listen to him. Obama's lapdogs are just trying to keep the pot stirred to create as much dissention and confusion as they can. That is what they do best."

fishingriver wrote, "In Rush's rush to remain relevant, he has effectively extorted the GOP into submission. They can't embrace a new idea, work for solutions to the crisis, or most importantly...criticise Rush. If they do, he will seek revenge on the air and they will pay with a humiliating public apology or their office in 2010..."

amazd wrote, "Michael Steele was right in his assessment of Limbaugh; wrong to say it to the liberal media... I would hate to see [Limbaugh] positioned as "the leader" of traditional conservatives. Limbaugh is an egotistical, bombastic demagogue with no real regard for his listeners or the Republicans."

frederick2 wrote, "The day after 9/11/01, almost all people in the US wanted to have Pres Bush succeed. To wish anything else was considered unamerican. With the financial crisis facing this country, we should want this president to be successful... I want the president to succeed -- Republican or Democrat... Rush is unamerican."

Ulysses_9 wrote, "I love Rush. He's in fact the secret terrorist for the Democrats, strapped with hundreds of tons of TNT (i.e., anti-GOP bombast), wandering into that crowd of Republican leadership like a friend at a banquet."

thebobbob wrote, "...Democrats aren't attacking Rush, they're just pulling back the curtain so everyone can see the little fat man proclaim that he is the great and powerful Wizard. It's former Republicans who are recoiling in horror as their party shrinks to an irrelevant extremist right--wing splinter group."

WarriorGrrl wrote, "...I was a Republican for 35 years, until the party chose to run away from the intellectual basis of our principles...The spectacle of Michael Steele and other party 'leaders' running to apologize to Rush says everything there is to say about where the party is going. I'm registering as an independent...."

wmkl000 wrote, "How typical that the Democrat party (Paul Begala) response to Limbaugh is to engage not in a discussion of ideas, but to attack his weight and historic additiction to pain killers. My my, diversity and respect apply only to liberals... unless someone has the strenght to stand up and point out that Obama is a radical who will destroy this country, we will all fail."

davemarks wrote, "Gasbags tend to deflate. Limbaugh is a fitting mascot for the party of the illiterate. For every Republican cheering this guy, there are 10 Americans wincing. Way to go Republican strategists. And Karl Rove, how long did you say that Republican majority of the Bush years was going to last?"

tmurt wrote, "...George Bush and Dick Cheney have done enough damage to the Republican party - Limbaugh and his demonic rhetoric could cause the gash in its starboard side that could sink it for good."

atopgun52 wrote, "Nobody's done more for the Democratic Party than RL. With his gums flapping, Republicans lost control of Congress and the White House. Democrats, the man deserves Secret Service protection."

showmevagabond wrote, "...Rush, like all conservatives, want the Obama IDEOLOGY to fail, and if that means Obama fails so be it. Count on the MSM to distort what he really said"

Bewert said...

My guess is the For Rent and For Sale signs will sprout like dandelions when school gets out.

Anonymous said...

"Nobody's done more for the Democratic Party than RL. With his gums flapping, Republicans lost control of Congress and the White House. Democrats, the man deserves Secret Service protection."

###

There you go pussy your new crusade, protection for the fat-one. Fuck JRMB.

"Protect Rush, Protect the DEM Party".

IHateToBurstYourBubble said...

Wow, Dunc started talking STOCK MARKET yesterday, and got a FLOOD (12?) of comments.

GO CNBC Dunc, all stocks all the time!

Personally, I have to agree with Buster: Invest in yourself, and only go elsewhere when you cannot deploy the dollars there profitably anymore.

I am STILL planning on going ALL IN down at 5,300 or so. But I will STILL have backup cash. ALL IN = 75% of my money. I ALWAYS keep a 3-6 month cushion.

Anonymous said...

Homer,

I counted 32 posts this morning alone, all about Bend 15% un-employment.

What's New?

Most laughable is the quote from Les Schwab about 320 jobs coming to Bend in the name of JRMB which costs the Bend Taxpayer about $15M, now we find out its really going to be 150 jobs, best ROI in Bend history? Ehh?

But that is about right, about $100k job is natural 'efficiency' if Knife-River ( Moss/MDU ).

IHateToBurstYourBubble said...

And I would take buying and owning my own business ANYDAY over investing in stocks.

Problem there, is it's not like when Dunc bought Pegasus for $5K: The Kool-Aid is probably strongest among local biz owners who think THEIR BUSINESS is worth a fortune.

This is part of the EXPLOITATION MINDSET in Cent OR. WHAT I HAVE IS GREAT, EVERYTHING ELSE, INCLUDING HUMANS, IS CRAP.

IHateToBurstYourBubble said...

Example on CL:

Carpet Cleaning Business - $120000 (Bend)
Reply to: sale-hff2t-1058603636@craigslist.org [Errors when replying to ads?]
Date: 2009-03-03, 10:35AM PST


Successful carpet cleaning business.
% 50 down, Owner Finance the other % 50
Make money on first day.
Moving out of state.
2 vans ( 1 paid for, 1 on payments)
One employee that does % 90 of physical labor.
You would do phones and fill in on days off or extra work.
Accounts totaling $ 160,000 for three years straight.
In business for 12 years in Bend.
Please Only respond if you can put down $ 50,000 to 60,000.


Fucker is selling 2 broken-down vans, one on borrowed money, with his token slave laborer, and he thinks it's worth $120K.

You get to do SLAVE LABOR SHIT WORK 12hrs/day for under MIN WAGE, and get to pay $120K for the privilege.

Standard Op Procedure in Cent OR. Deluded business owner in debt up to eyeballs, running slave labor internment camp (ie carpet cleaning), still drinking the KOOL AID by the gallon.

This thing could be replicated for $5K.

Anonymous said...

Homer,

I really think the 6 month cushion, these days needs to be updated to six years, these days 6 months ain't shit.

I have buddy's who got laid off 2-3 years ago, with NO fucking hope of landing a job, and they got adv-eng degrees in PDX.

Another trend I'm seeing talking is that most of the food-places are getting their lines-of-credit pulled, that has been what has been keeping all these places afloat since last summer. Both end BEND & PDX are seeing an end to the line-of-credit, ... again if you don't have six years of cash these days your OUT!

Yeh, DUNC's talking shit about stock-market, I'll try to simplify the problem. Here it is Yesterday it was blockbuster, the day before it was Monaco Coach.

Everyday a 'trusted' name will GO BK, cuz ALL the fucking companys are NEGATIVE-NET-WORTH, with the post 1980's "financialization" companys like people are have a NEGATIVE-NET-WORTH.

Now back to line-of-credit, credit is what has kept the VILE&BILE people&companys afloat for 25 years, with just a little loss of credit, and NOT having that six years of CASH, your OUT.

So what's going to happen now with stocks over the next few years is gradually all your favorite names will every day announce BK, and BLAM the stock is worth ZERO.

It's way worse than 'mark-to-market', we're a DEBT society, sure the government is bailing out 'bank holding companys' so they say, ... I know the bank will give me all the money I want, but everybody I talk to is fucked. But like they say, a bank will only loan if you don't need it.

It's all about DEBT, and people have too much debt and so does business,

Now back to this six month, six years, the six months used to work, for monaco, and blockbuster, and DUNC.

But now with a ten-year depression on the horizon, six months ain't SHIT.

Solution? You either have the six-years of CASH, or you move ASAP to a place where your services are appreciated with CASH.

Not so much here in BEND, cuz here all my buddy's are retired, like me. But in PDX my friends are laid off and just sit in front of the TV, and they'll not even come out to BEND to fish or play, cuz it costs too much to drive over.

I do think that DUNC was just talking shit yesterday, the PUSSY does it everyday, dunc once in awhile, me&you always call it 'doing stupid', I think dunc wants to be rhetorical.

Dunc&Pussy read too much 'jesse' sound's like you do too, but so fucking what, charting is bullshit,

Today if your going to play the stock-market, you need to find companys with solid cash, solid sales, and where are they??

I know from my own experience in TECH, for instance ORACLE folks, the past 20+ years the WAY that Larry Ellison is kept the stock up, and company alive has been by acquisition, not product development, and acquistion by DEBT. The Street loves to see GROSS-SALES increase, but they hide the fucking DEBT.

Like BEND, HELL HOMER we'll grow, even if we lose 20k, the city is going to annex ten's of thousands of rural folks in county, so on paper the city will grow.

All is BULLSHIT, and that is the real fucking problem.

IHateToBurstYourBubble said...

*** NEED TWO STRONG PEOPLE FOR 1HR. WORTH OF MOVING HELP*** (BEND)
Reply to: job-zbveq-1059773057@craigslist.org [Errors when replying to ads?]
Date: 2009-03-04, 6:39AM PST


WE NEED TWO STRONG PEOPLE FOR 1 HR. WORTH OF WORK JUST MOVING A FEW HEAVY ITEMS W/ MY HUSBAND.

WILL PAY $15 PER PERSON
FOR THURSDAY EVENING 5-6 PM
CALL EMILY AND CHRIS
503-470-0194 PHONE CALLS BETWEEN 1PM AND 4PM ONLY THANK YOU!


EXPLOITATION THEATRE!

Classic Cent OR. You wouldn't find this sort of shit anywhere else in the USA.

WE NEED 2 NIGGER SLAVES TO HELP US MOVE SHIT. IT'LL TAKE 6 HOURS, BUT WE'LL ONLY PAY FOR 1. ON THE UPSIDE, IT'LL BE BACKBREAKING THANKLESS WORK, AND MY WIFE & I WILL BELITTLE YOUR LAZY ASSES THE WHOLE TIME. THANK YOU, YOU FUCKING MAGGOTS.

IHateToBurstYourBubble said...

So what's going to happen now with stocks over the next few years is gradually all your favorite names will every day announce BK, and BLAM the stock is worth ZERO.

But certainly there'll be companies that are big enough, and have been around for over a century that'll make it, right?

Like General Electric!

Oh, wait.

Like AIG!

Oh, yeah.

Lehman!

Hmmmm.

Bank of America!

Uhhhhh..

Citicorp!

OK, I'll stop now.

Anonymous said...

This thing could be replicated for $5K.

*

"WANTED OLD VAN, WITH PORTABLE CARPET CLEANING MACHINE, WILL PAY CASH"

I bet you if a guy ran that ad, he could get the van&machine for $1k, maybe $1500, after that,...

Trouble is in this economy, dirty carpet will prevail, or folks will go to FRED or HomeDepot and rent a fucking machine.

I can imagine that these guys biz here are down 99%.

I'm sure during the good times, that realtors were paying these guys weekly to clean 1,000's of STD's, and now, well its like the weeds, nobody cares, ...

IHateToBurstYourBubble said...

Homer,

I counted 32 posts this morning alone, all about Bend 15% un-employment.

What's New?


COFFEE FUELED RANT.

Anonymous said...

Problem there, is it's not like when Dunc bought Pegasus for $5K: The Kool-Aid is probably strongest among local biz owners who think THEIR BUSINESS is worth a fortune.

*

Dunc's business ain't worth shit, I have told this to him a million times, and he knows it.

Years ago I told dunc, to buy his own building, and get it paid off so he can rent it to some retard, and then he can 'retire', but dunc is in the hamster-cage, and thinks he has to spin the wheel, cuz its what he's done for 20+ years, ...

Ok, cuz I have to be repetitive, cuz JUST FUCKING MAYBE there's a young kid out there reading this shit with brains.

When your young and you start your own biz, you BUY the fucking building or house, you don't rent, cuz when you retire say 50, your retirement ain't going to be from selling a stack of moldy comic books as inventory, your retirement is going to be renting your building to some sucker, that most likely will fail within 3yrs.

If you start your own biz, and don't BUY your property, then at the end of your time, say 65 when you can't work anymore, or younger if your biz is say 'drywall', then you ain't GOT SHIT.

A person works say 20-50, maybe 20-60, and maybe during this depression we'll revert to 15-75, what matters is what you have to show for you labor.

What matters is what you got when the game is over, its like walking from the table after a 40 yr poker game, if all you walk from the table with is your clothes, then effectively you LOST. If you can walk from the table with REAL-ESTATE, and its paid for, then your set for life.

40+ yr old pussy's that live on this board, please ignore the above, its too fucking late, your fucked.

I think personally the ideal time for a good is 25, given they got educated 16-20, they should/could have got enough expertise in a high paying field to start their own biz, and make money, and buy their own building; avoid the fancy car, and fancy furniture,... Then on 15yr fixed loans by the time their 40, they're DONE, they can retire, and rent the shit to some working-idiot.

End.

Anonymous said...

What's New?

COFFEE FUELED RANT.

*

Who could have known? Who could have guessed?

Yes, my coffee is cold, and my bowels are aching from said coffee.

In the name of the pussy I release myself from my wood burning stove, and the couch that sits before it!!!

Hi Ho, Hi HO, I go to the micro-wave to reheat a cup, and to enjoy some Mark Twain, for Twain said "Defecation is lifes most under-rated pleasure, and intercourse is lifes most over-rated pleasure".

A good shit, and BP/HP always cum to my mind.

IHateToBurstYourBubble said...

Holy Crap, GE is at $6.41.

Remember that Dunc. There is not a fin'l advisor alive who hasn't put a client into GE, all the while proclaiming (and rightly so), "GE is the biggest, oldest, most valuable and most successful company in the USA. It's worth $600 BILLION. Nothing is safer than GE."

GE: DOWN 90%.

Anonymous said...

Another 'BEND IS GOING TO SHIT STORY ON OPB"

Who could have known?? Who could have guessed??

There Goes The Neighborhood -- Foreclosures Changing Bend Neighborhoods

BY ETHAN LINDSEY

Bend, OR March 4, 2009 1:37 a.m.

The Obama Administration says Wednesday it will unveil additional details about the plan to assist distressed homebuyers.

The details will be of particular interest in central Oregon.

In once-booming Deschutes County, ten homeowners default every single day.

That’s according to county records.

Every foreclosure holds one family’s story.

But Central Oregon correspondent Ethan Lindsey found that the foreclosure numbers are so high in Bend, that they are starting to affect entire neighborhoods.


The band and the drama club rehearse after school at Mountain View High in northeast Bend.

There Goes The Neighborhood - Photos by Ethan Lindsey

The school draws fourteen-hundred kids from many of Bend’s newest subdivisions.

This is one of the neighborhoods that grew fastest during the population boom of the past decade.

Patsy Dryden, and her husband, moved into a brand-new house here in 2001. It was perfect – less than a mile from the hospital, where she works.

Patsy Dryden: “It’s good for bicycling, and there’s a park not too far from here. And the high school is very close. We actually purchased it, because our son was in high school. And I like to run in this area, and past the high school, and I’ve always felt safe. It’s probably the nicest neighborhood in the east side of town.”

Many of these neighborhoods stand on what was abandoned farm land in the 1990s.

And, as the wind blows through unmowed lawns on the outskirts of the neighborhood now, its hard not to imagine it abandoned once again.

A disproportionate number of foreclosures are coming from this part of town.

The Mountain View High main office says the school’s enrollment is down this year.

Officials say they can’t know if that’s due to families forced to move away – or some other reason.

Homeowner Patsy Dryden says she can sees a more tangible impact.

Patsy Dryden: “What I’m noticing now, is a lot of for sale signs with auction dates, or bank owned homes. Far more of them, as I’m jogging down the neighborhood.”

Police departments say foreclosed and empty houses can lead to an increase in property theft.

Bend police wouldn’t speculate as to whether that’s happening here or not.

Dryden says she doesn’t necessarily feel like there’s more crime.

Patsy Dryden: “Not less safe, but probably more depressing. There’s a tragedy side to that. Obviously families have been impacted.”

TwitterFollow OPB's Central Oregon correspondent Ethan Lindsey on Twitter.

Every few houses, the for-sale signs swing in the wind in Dryden’s neighborhood.

But drive three blocks east, you have reached the psychological and physical city limits.

The real estate tide rose just far enough to plant some empty homesites here.

Now the tide has receded. And left behind are bargain deals on huge, four-bedroom family homes.

That’s not a bad thing for everybody.

Take Trevor and Bethany Lawson.

Trevor’s eBay consignment sales company is growing right now.

He says he started the business because it was recession-proof.

Property records indicate there are three foreclosed properties within a two-block radius of the Lawson’s new home.

Trevor Lawson: “It was actually completed May of 2008. And we closed on it on February 19, 2009. So it had been on the market for a while. We literally doubled our living space. It’s a 2600-square foot home, we home school and so we have a 500-square foot bonus room that’s sort of just a perfect thing.”

Lawson says the seller even built a landscaped backyard, and threw in a 42-inch plasma television.

Trevor Lawson: “This was new construction, it’s a custom home in that the builder builds one at a time. It wasn’t in foreclosure, but he was kind of in a sticky spot, trying to get out from under it.”

Real estate agents say bank-owned homes drive down the price of all other houses.

It puts more homes on the market – and also makes a neighborhood less desirable.

Jim Birtola says foreclosures can change a neighborhood in other ways.

Birtola is a principal broker and co-owner of Prudential High Desert Realty.

Jim Birtola: “We’re finding a lot of investors are purchasing these homes. So, where you had primarily a full-time resident neighborhood, you may see renters come into the neighborhoods.”

In the living room of her home, hospital worker Patsy Dryden says she’s seen banks foreclose on her friends and neighbors.

Plus, her home is worth hundreds-of-thousands of dollars less than just two years ago.

Patsy Dryden: “On one hand, I feel such relief that I have been that responsible person, but I get furious at the thought of the government bailing out people who didn’t make those choices. And I have seen people with garages full of big toys and motor homes, and they’re going to be the ones bailed out? That just makes me irate.”

Dryden says, now, when she sees a foreclosed home she’s sad – but also, angry.

Anonymous said...

Holy Crap, GE is at $6.41.

*

Yes, but why? Let's tell Dunc why!!! I know the PUSSY's @bb2 don't care about 'why'.

Ok, see its called GECC, GE capital corp, long ago say 25 years ago, GE realized they could make more with their money buy making loans to credit-card people, then they could by making SHIT, ... so rather than making 10%ROI on SHIT, they made 15%ROI on loaning money to fuck-head loser parasites, aka the US public.

Today of course much of the money that GE-CC sliced and diced, and traded like cash SIV's, and SIV-equiv's that represented non-performing credit card debt is all toxic, how much has GE-CC lost?? Well guess what over 90% of the the honey-pot is BEND-GONE, who could have guessed?

That the most RESPECTED name in US, ... ha what a fucking OXYMORON? Who makes the gattling guns for our fighters? GE, who makes nuclear warheads? GE, who makes ballistic missiles and all the engines that power them? GE

So what's truly disturbing is that GE is the muscle of the US military industrial complex, and GE is an economic basket case.

A smart 'KUNT' might ask, how did this happen??? GREED

See what has happened since the early 1980's, is that virtually EVERYBODY that was anybody started making $10M/yr or more, and in order to keep the 'incentives' going every US CORP had to replace all the pension cash with IOU's, and to replace all the CORP-CASH with IOU's,....

So now today we have 100's of thousands of people in the USA that demand on getting their $10M/yr or MORE!! But the problem is there now is no cash-flow, so what do you do?? Bail-Outs the people who paid campaign-contributions during the past 25 years, are now demanding that the US Treasury directly feed their personal accounts to the sum to which they're are accustomed, ... to which is about $10M/person, ....

Now how long will this NEW business model last?? About as long as the US public can be kept focussed on OREO's dick, or Limbaughs fat-ass, or bruces-pussy, ...

Anonymous said...

WOW Ferry @sos DEMAND's that the BEND PUSSY's step to the PLATE and FILE a COMPLAINT!!!!!!!!

HOLY FUCKING SHIT, the NERVE of these State Fucking public servants, ...

This is has been Busters point for 1-1/2 yr, since the pussy showed up here, and HP&BP both are the exact SAME. NEWBIES who don't know how ORYGUN works, its a complaint driven system, YOU WANT FUCKING ACTION, FILE A COMPLAINT, ... What's MOST interesting from the MOST recent HBM sore-eye, is NOT a word about the missing page from one of dunc's 120k comic books??? How come that angle dropped? Now the issue is that Ferry has thrown the shit back to one of the BRUCE-SIAMESE-TWINS, "FILE A COMPLAINT, OR SHUT THE FUCK UP".

IS FERRY and/or BUSTER RELATED??

...

Money, Money, Who Gave the Money?

Written by H. Bruce Miller
Wednesday, 04 March 2009

On Feb. 20 The Eye reported that Orestar, the Oregon state campaign finance database, showed that The Bulletin had given a $4,000 in-kind contribution to the Bend Business PAC, the political arm of the Chamber of Commerce, before the last election.

But now an official with the Secretary of State’s Office says it was just an honest mistake on the part of the Chamber’s PAC.

Prodded by local blogger Bruce Ewert, Nancy E. Ferry of the Secretary of State’s office contacted Chamber of Commerce Board Member Troy Reinhart and Jennifer High, the person who entered the contribution. High’s story was that the $4,000 really was contributed by the Iverson Group, a Prineville ad agency, to buy Bulletin advertising. Iverson should have been listed as the contributor, not The Bulletin, High said. “Jennifer assured me that they were not trying to hide anything, they just didn't understand how to report it,” Ferry e-mailed Ewert.

Based on High’s and Reinhart’s word, Ferry was willing to let High amend the filing to indicate that the Iverson Group, not The Bulletin, made the contribution.

Asked whether she had any documents or other evidence to corroborate High’s and Reinhart’s story, Ferry told The Eye yesterday: “Well, I believe it was an honest mistake based on talking to them. … No, I don’t have any documents that actually show that. We don’t go out and create investigations. If you were to file a formal complaint we would investigate.”

Anonymous said...

For the record to me this BULL/$4k story is a distraction, the real story, is how COAR/COBA[COAH] got $150K to BUY the recent election's from 1,000's of non-existent contributors in $50 chunks.

This ain't MY fucking battle, but if I were to audit this fucking klusterfuck, this is what I would want to see, is that how in an economy in the fucking TOILET did COAR/COBA ( both ran by team IVERSON/HIGH ), how did they get 3,000 un-employed realtors and contractors to optionally GIVE $50/person to COAR/COBA??? HOW, WHO??

It doesn't fucking ADD UP, and as always the PUSSY's are chasing their fucking tail, and they want everyone else to be a lemming and follow them off the fucking cliff.

So somebody tell me, Given that this $4k/BULL payoff so fucking important, how come neither pussy has filed a complaint to the governor, which takes about 30 seconds by email? WHY??

Anonymous said...

Well there is at least ONE 'progressive' in the USA willing to admit the truth, ...


Obama Must Fire Geithner and Summers


George Washington’s Blog
Tuesday, March 3, 2009

I’ve previously pointed out that the head of Obama’s council of economic advisors - Larry Summers - is the worst possible guy for the job.

Two new articles show why Tim Geithner is the treasury secretary from hell.

As Robert Kuttner writes:



Geithner has … come up with the idea of subjecting the largest banks to “stress tests” to determine just how badly damaged their balance sheets are. This has been advertised as government examiners crawling all over bank records, but much of this belated effort will rely on the banks’ own risk models–the same risk models that got the banks into this mess.

Come to think of it, where have the examiners been all along? Why wasn’t there serious investigation of bank balance sheets all along? Why should stress tests be performed only after disaster has struck (shades of Hurricane Katrina)?

The worst culprit among the feeble regulators is the Federal Reserve Bank of New York, whose examiners are responsible for assessing the safety and soundness of the holding companies of Wall Street’s largest banks. It was high risk speculative activities by holding company affiliates that put the big banks under water.

Obama Must Fire Geithner and Summers obamadecept_340x169

Who dropped the ball? You may recall that Secretary Geithner, before he assumed his present post, was president of the New York Fed Bank. According to a withering feature piece from Bloomberg, he was asleep at the switch, and far too cozy with the banks. Heckuva job, Timmy.



And in his must-read piece from today, Cenk Uygar writes:



Tim Geithner and Larry Summers and many others are missing the fundamental flaw in the system. The bankers don’t care about the banks; they care about the bankers. …

These days, the way executives make money instead is in the form of bonuses for years where they bring in a lot of return (and often times for years they don’t), but the threat of being fired for too much risk taking is minimal. The more risk you take, the more money everyone makes. And it’s not the partner’s money you’re playing with anymore. You’re playing with house money. No one is minding the store anymore. …

So, now we have Tim Geithner and the rest of Treasury working so hard to prop up not just these failed banks - but these failed bank executives - because we don’t want government running these large companies. The self-interest of the market will do a better job of managing these companies. But it hasn’t - because of this fundamental flaw.

These executives did not actually fail. They succeeded wildly. It’s just that they had a different goal - to take home as much money as they possibly could for themselves. Mission accomplished! …

The Treasury plan is all wrong. We have to first acknowledge that the boards of these companies are not truly representing the shareholders. They are largely friends with most of the CEOs and they do not have an incentive to reign in out of control compensation for the top executives. Then those CEOs pass on the wrong incentives to the executives below them. The more risk they all take, the more money they take home. And if their company goes broke one day - who cares?

Most of these guys took home millions upon millions of dollars already for profits that never really existed. If the company goes under, okay the gravy train came to an end but they still have all the money they made from all those years. It’s in their personal bank accounts. That’s enlightened self-interest!

Do you know that last year, as Merrill Lynch was in its death throes, 696 executives got bonuses over a million dollars? 696! As the company lost tens of billions of dollars, the executives took home a combined $3.6 billion that year. Billions in bonuses in the worst year in the company’s history. They’re not stupid; they’re smart. They’re looting the store before the cops show up.

This is the financial equivalent of the federal government not showing up to rescue people after Hurricane Katrina. Last year the five biggest Wall Street securities firms lost $25.3 billion. The executives at those companies still took home $26 billion in bonuses. In other words, they wouldn’t have lost a nickel if they hadn’t taken any bonuses. …

The Treasury Department still hasn’t shown up to take over these looted stores. In fact, they keep pouring taxpayer money into these same shops, as the money continues to move out the back door. Tim Geithner is the worst sheriff in the world.

But we already knew that. Because the main guy who was overseeing all of these banks in New York, as they took these giants risks, was the president of the Federal Reserve Bank of New York - Tim Geithner.

He is under the misimpression that his job is to protect the sanctity of the banks. Not only is that not his job, but that is working against his actual goal. His real job is to stabilize the financial system, with or without these particular banks or bank executives. The longer he keeps these guys in charge, the longer the looting continues.



Summers and Geithner are guaranteed to make things worse. They must be fired.

Bewert said...

Buster, your UofO professor post jogged my memory of Minsky, he of the Minsky Moment and the theory of hedge, speculative, and Ponzi financing.

His seminal paper:

The Financial Instability Hypothesis

by Hyman P. Minsky
May 1992

The financial instability hypothesis has both empirical and theoretical aspects. The readily observed empirical aspect is that, from time to time, capitalist economies exhibit inflations and debt deflations which seem to have the potential to spin out of control. In such processes the economic system's reactions to a movement of the economy amplify the movement--inflation feeds upon inflation and debt-deflation feeds upon debt-deflation. Government interventions aimed to contain the deterioration seem to have been inept in some of the historical crises. These historical episodes are evidence supporting the view that the economy does not always conform to the classic precepts of Smith and Walras: they implied that the economy can best be understood by assuming that it is constantly an equilibrium seeking and sustaining system.

The classic description of a debt deflation was offered by Irving Fisher (1933) and that of a self-sustaining disequilibrating processes by Charles Kindleberger (1978). Martin Wolfson (1986) not only presents a compilation of data on the emergence of financial relations conducive to financial instability, but also examines various financial crisis theories of business cycles.

As economic theory, the financial instability hypothesis is an interpretation of the substance of Keynes's "General Theory". This interpretation places the General Theory in history. As the General Theory was written in the early 193Os, the great financial and real contraction of the United States and the other capitalist economies of that time was a part of the evidence the
theory aimed to explain. The financial instability hypothesis also draws upon the credit view of money and finance by Joseph Schumpeter (1934, Ch.3) Key works for the financial instability hypothesis in the narrow sense are, of course, Hyman P. Minsky (1975, 1986).

The theoretical argument of the financial instability hypothesis starts from the characterization of the economy as a capitalist economy with expensive capital assets and a complex, sophisticated financial system. The economic problem is identified following Keynes as the "capital development of the economy," rather than the Knightian "allocation of given resources among alternative employments." The focus is on an accumulating capitalist economy that moves through real calendar time.

The capital development of a capitalist economy is accompanied by exchanges of present money for future money. The present money pays for resources that go into the production of investment output, whereas the future money is the "profits" which will accrue to the capital asset owning firms (as the capital assets are used in production). As a result of the process by which investment is financed, the control over items in the capital stock by producing units is financed by liabilities--these are commitments to pay money at dates specified or as conditions arise. For each economic unit, the liabilities on its balance sheet determine a time series of prior payment commitments, even as the assets generate a time series of conjectured cash receipts.

This structure was well stated by Keynes (1972) : "There is a multitude of real assets in the world which constitutes our capital wealth - buildings, stocks of commodities, goods in the course of manufacture and of transport, and so forth. The nominal owners of these assets, however, have not infrequently borrowed money (Keynes' emphasis) in order to become possessed of them. To a corresponding extent the actual owners of wealth have claims, not on real assets, but on money. A considerable part of this financing takes place through the banking system, which interposes its guarantee between its depositors who lend it money, and its borrowing customers to whom it loans money wherewith to finance the purchase of real assets. The interposition of this veil of money between the real asset and the wealth owner is an especially marked characteristic of the modern world."(p.l51)

This Keynes "veil of money" is different from the Quantity Theory of money "veil of money." The Quantity Theory "veil of money" has the trading exchanges in commodity markets be of goods for money and money for goods: therefore, the exchanges are really of goods for goods. The Keynes veil implies that money is connected with financing through time. A part of the financing of the economy can be structured as dated payment commitments in which banks are the central player. The money flows are first from depositors to banks and from banks to firms: then, at some later dates, from firms to banks and from banks to their depositors. Initially, the exchanges are for the financing of investment, and subsequently, the exchanges fulfill the prior commitments which are stated in the financing contract.

In a Keynes "veil of money" world, the flow of money to firms is a response to expectations of future profits, and the flow of money from firms is financed by profits that are realized. In the Keynes set up, the key economic exchanges take place as a result of negotiations between generic bankers and generic businessmen. The documents "on the table" in such negotiations detail the costs and profit expectations of the businessmen: businessmen interpret the numbers and the expectations as enthusiasts, bankers as skeptics.

Thus, in a capitalist economy the past, the present, and the future are linked not only by capital assets and labor force characteristics but also by financial relations. The key financial relationships link the creation and the ownership of capital assets to the structure of financial relations and changes in this structure. Institutional complexity may result in several layers of intermediation between the ultimate owners of the communities' wealth and the units that control and operate the communities' wealth.

Expectations of business profits determine both the flow of financing contracts to business and the market price of existing financing contracts. Profit realizations determine whether the commitments in financial contracts are fulfilled--whether financial assets perform as the pro formas indicated by the negotiations.

In the modern world, analyses of financial relations and their implications for system behavior cannot be restricted to the liability structure of businesses and the cash flows they entail. Households (by the way of their ability to borrow on credit cards for big ticket consumer goods such as automobiles, house purchases, and to carry financial assets), governments (with their large floating and funded debts), and international units (as a result of the internationalization of finance) have liability structures which the current performance of the economy either validates or invalidates.

An increasing complexity of the financial structure, in connection with a greater involvement of governments as refinancing agents for financial institutions as well as ordinary business firms (both of which are marked characteristics of the modern world), may make the system behave differently than in earlier eras. In particular, the much greater participation of national governments in assuring that finance does not degenerate as in the 1929-1933 period means that the down side vulnerability of aggregate profit flows has been much diminished. However, the same interventions may well induce a greater degree of upside (i.e. inflationary) bias to the economy.

In spite of the greater complexity of financial relations, the key determinant of system behavior remains the level of profits. The financial instability hypothesis incorporates the Kalecki (1965)-Levy (1983) view of profits, in which the structure of aggregate demand determines profits. In the skeletal model, with highly simplified consumption behavior by receivers of profit incomes and wages, in each period aggregate profits equal aggregate investment. In a more complex (though still highly abstract) structure, aggregate profits equal aggregate investment plus the government deficit. Expectations of profits depend upon investment in the future, and realized profits are determined by investment: thus, whether or not liabilities are validated depends upon investment. Investment takes place now because businessmen and their bankers expect investment to take place in the future.

The financial instability hypothesis, therefore, is a theory of the impact of debt on system behavior and also incorporates the manner in which debt is validated. In contrast to the orthodox Quantity Theory of money, the financial instability hypothesis takes banking seriously as a profit-seeking activity. Banks seek profits by financing activity and bankers. Like all entrepreneurs in a capitalist economy, bankers are aware that innovation assures profits. Thus, bankers (using the term generically for all intermediaries in finance), whether they be brokers or dealers, are merchants of debt who strive to innovate in the assets they acquire and the liabilities they market. This innovative characteristic of banking and finance invalidates the fundamental presupposition of the orthodox Quantity Theory of money to the effect that there is an unchanging "money" item whose velocity of circulation is sufficiently close to being constant: hence, changes in this money's supply have a linear proportional relation to a well defined price level.

Three distinct income-debt relations for economic units, which are labeled as hedge, speculative, and Ponzi finance, can be identified.

Hedge financing units are those which can fulfill all of their contractual payment obligations by their cash flows: the greater the weight of equity financing in the liability structure, the greater the likelihood that the unit is a hedge financing unit. Speculative finance units are units that can meet their payment commitments on "income account" on their liabilities, even as they cannot repay the principle out of income cash flows. Such units need to "roll over" their liabilities: (e.g. issue new debt to meet commitments on maturing debt). Governments with floating debts, corporations with floating issues of commercial paper, and banks are typically hedge units.

For Ponzi units, the cash flows from operations are not sufficient to fulfill either the repayment of principle or the interest due on outstanding debts by their cash flows from operations. Such units can sell assets or borrow. Borrowing to pay interest or selling assets to pay interest (and even dividends) on common stock lowers the equity of a unit, even as it increases liabilities and the prior commitment of future incomes. A unit that Ponzi finances lowers the margin of safety that it offers the holders of its debts.

It can be shown that if hedge financing dominates, then the economy may well be an equilibrium seeking and containing system. In contrast, the greater the weight of speculative and Ponzi finance, the greater the likelihood that the economy is a deviation amplifying system. The first theorem of the financial instability hypothesis is that the economy has financing regimes under which it is stable, and financing regimes in which it is unstable. The second theorem of the financial instability hypothesis is that over periods of prolonged prosperity, the economy transits from financial relations that make for a stable system to financial relations that make for an unstable system.

In particular, over a protracted period of good times, capitalist economies tend to move from a financial structure dominated by hedge finance units to a structure in which there is large weight to units engaged in speculative and Ponzi finance. Furthermore, if an economy with a sizeable body of speculative financial units is in an inflationary state, and the authorities attempt to exorcise inflation by monetary constraint, then speculative units will become Ponzi units and the net worth of previously Ponzi units will quickly evaporate. Consequently, units with cash flow shortfalls will be forced to try to make position by selling out position. This is likely to lead to a collapse of asset values.

The financial instability hypothesis is a model of a capitalist economy which does not rely upon exogenous shocks to generate business cycles of varying severity. The hypothesis holds that business cycles of history are compounded out of (i) the internal dynamics of capitalist economies, and (ii) the system of interventions and regulations that are designed to keep the economy operating within reasonable bounds.

###

And we continue to pour hundreds of billions into supporting Ponzi financing of banks "too big to fail"...

Anonymous said...

WOW Ferry @sos DEMAND's that the BEND PUSSY's step to the PLATE and FILE a COMPLAINT!!!!!!!!

HOLY FUCKING SHIT, the NERVE of these State Fucking public servants, ...

This is has been Busters point for 1-1/2 yr, since the pussy showed up here, and HP&BP both are the exact SAME. NEWBIES who don't know how ORYGUN works, its a complaint driven system, YOU WANT FUCKING ACTION, FILE A COMPLAINT, ... What's MOST interesting from the MOST recent HBM sore-eye, is NOT a word about the missing page from one of dunc's 120k comic books??? How come that angle dropped? Now the issue is that Ferry has thrown the shit back to one of the BRUCE-SIAMESE-TWINS, "FILE A COMPLAINT, OR SHUT THE FUCK UP".

IS FERRY and/or BUSTER RELATED??

...

Money, Money, Who Gave the Money?

Written by H. Bruce Miller
Wednesday, 04 March 2009

On Feb. 20 The Eye reported that Orestar, the Oregon state campaign finance database, showed that The Bulletin had given a $4,000 in-kind contribution to the Bend Business PAC, the political arm of the Chamber of Commerce, before the last election.

But now an official with the Secretary of State’s Office says it was just an honest mistake on the part of the Chamber’s PAC.

Prodded by local blogger Bruce Ewert, Nancy E. Ferry of the Secretary of State’s office contacted Chamber of Commerce Board Member Troy Reinhart and Jennifer High, the person who entered the contribution. High’s story was that the $4,000 really was contributed by the Iverson Group, a Prineville ad agency, to buy Bulletin advertising. Iverson should have been listed as the contributor, not The Bulletin, High said. “Jennifer assured me that they were not trying to hide anything, they just didn't understand how to report it,” Ferry e-mailed Ewert.

Based on High’s and Reinhart’s word, Ferry was willing to let High amend the filing to indicate that the Iverson Group, not The Bulletin, made the contribution.

Asked whether she had any documents or other evidence to corroborate High’s and Reinhart’s story, Ferry told The Eye yesterday: “Well, I believe it was an honest mistake based on talking to them. … No, I don’t have any documents that actually show that. We don’t go out and create investigations. If you were to file a formal complaint we would investigate.”

...

For the record to me this BULL/$4k story is a distraction, the real story, is how COAR/COBA[COAH] got $150K to BUY the recent election's from 1,000's of non-existent contributors in $50 chunks.

This ain't MY fucking battle, but if I were to audit this fucking klusterfuck, this is what I would want to see, is that how in an economy in the fucking TOILET did COAR/COBA ( both ran by team IVERSON/HIGH ), how did they get 3,000 un-employed realtors and contractors to optionally GIVE $50/person to COAR/COBA??? HOW, WHO??

It doesn't fucking ADD UP, and as always the PUSSY's are chasing their fucking tail, and they want everyone else to be a lemming and follow them off the fucking cliff.

So somebody tell me, Given that this $4k/BULL payoff so fucking important, how come neither pussy has filed a complaint to the governor, which takes about 30 seconds by email? WHY??

Bewert said...

Because the governor will do the same thing Ferry did--ignore it. How? By saying "Where is your evidence? Do you have any proof?" Why? Because it's easier for a politician to do the safe thing then step into something so potentially debilitating without knowing anything.

In addition, the governor will say "I'm not the person to file a complaint with--Nancy Ferry is..."

Keep a couple things in mind: 1) We need a smidgen of real proof to start a real investigation, and 2) the same person files all the reports for all three of the developer PACs.

For someone with absolutely no confidence in any politician, you sure have a lot of trust in the governor.

Bewert said...

Sometimes you just have to love Ron Paul. The short and sweet text of the bill he introduced concerning audting the Fed:

111th Congress - 1st Session

H.R. 1207

A BILL

To amend title 31, United States Code, to reform the manner in which the Board of Governors of the Federal Reserve System is audited by the Comptroller General of the United States and the manner in which such audits are reported, and for other purposes.

1. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.
This Act may be cited as the “Federal Reserve Transparency Act of 2009″.

SEC. 2. AUDIT REFORM AND TRANSPARENCY FOR THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

(a) IN GENERAL. - Subsection (b) of section 714 of title 31, United States Code, is amended by striking all after “shall audit an agency” and inserting a period.

(b) AUDIT. - Section 714 of title 31, United States Code, is amended by adding at the end the following new subsection:

“(e) AUDIT AND REPORT OF THE FEDERAL RESERVE SYSTEM. -

“(1) IN GENERAL. - The audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks under subsection (b) shall be completed before the end of 2010.

“(2) REPORT -

“(A) REQUIRED. - A report on the audit referred to in paragraph (1) shall be submitted by the Comptroller General to the Congress before the end of the 90-day period beginning on the date on which such audit is completed and made available to the Speaker of the House, the majority and minority leaders of the House of Representatives, the majority and minority leaders of the Senate, the Chairman and Ranking Member of the committee and each sub-committee of jurisdiction in the House of Representatives and the Senate, and any other Member of Congress who requests it.

“(B) CONTENTS. - The report under subparagraph (A) shall include a detailed description of the findings and conclusion of the Comptroller General with respect to the audit that is the subject of the report, together with such recommendations for legislative or administrative action as the Comptroller General may determine to be appropriate.”.

Bewert said...

On a related note, that fucking socialist Bernie Sanders putting the wood to Bernanke yesterday: Video

"Can you tell us who you loaned $2.2 trillion to?

No."

Anonymous said...

Progressives are now calling for the OREO to 'FIRE' Geithner, ... yeh right, if it were not for 'telegraphing' that OREO was going to let MR-BUSH-BAILOUT-PLANNER run the US-TREASURY, OREO would have NEVER gotten elected.

...

Please let's revisit a little history here.

In 2007 the WSJ said that Obama, if elected would keep Bernanke, and move Geithner to US Treasury.

In the spring of 2008, Obama confirmed that if elected he would move Geithner to US Treasury, from NY Fed Res, all knowing that Geithner was engineering the Bush Bail-Outs at that time.

In the fall of 2008, the Bush Bail-Outs Begin, Post Nov 5, 2008, the Bush Bail-Outs continue, and here we are in March 2009, and the Bush-Bails outs continue. From August of 2008 to February of 2009, Geithner has released over ten trillion dollars to the Bankers, most of the money in secret, with no caveats, and just yesterday the CAP's on executive pay was removed from all TALF/TARP by executive order of Obama.


WHY? Because the 'Bankers' own both party's, because the bankers created candidate OBAMA, and now you folks are calling for the OR-BOMB-EO to 'fire' his own patrons Geithner & Bernanke.

Yeh, Right.

Learn to read the WSJ, and get with the program, and learn to me a crook, because everyone that isn't a player and patron to Obama is going to prison or the poorhouse.

Anonymous said...

Ferry is BEGGING the pussy to file a complaint, Ferry is non-political, and this is a political football, yet even when the Elections Cop Beg's the RAPE VICTIM to file a formal-complaint, the 'victim' say's, too late I have already wiped the cum from my ass, there is NO evidence. It's this kind of talk, that makes us wonder if the pussy were ever raped????

...

WOW Ferry @sos DEMAND's that the BEND PUSSY's step to the PLATE and FILE a COMPLAINT!!!!!!!!

HOLY FUCKING SHIT, the NERVE of these State Fucking public servants, ...

This is has been Busters point for 1-1/2 yr, since the pussy showed up here, and HP&BP both are the exact SAME. NEWBIES who don't know how ORYGUN works, its a complaint driven system, YOU WANT FUCKING ACTION, FILE A COMPLAINT, ... What's MOST interesting from the MOST recent HBM sore-eye, is NOT a word about the missing page from one of dunc's 120k comic books??? How come that angle dropped? Now the issue is that Ferry has thrown the shit back to one of the BRUCE-SIAMESE-TWINS, "FILE A COMPLAINT, OR SHUT THE FUCK UP".

IS FERRY and/or BUSTER RELATED??

...

Money, Money, Who Gave the Money?

Written by H. Bruce Miller
Wednesday, 04 March 2009

On Feb. 20 The Eye reported that Orestar, the Oregon state campaign finance database, showed that The Bulletin had given a $4,000 in-kind contribution to the Bend Business PAC, the political arm of the Chamber of Commerce, before the last election.

But now an official with the Secretary of State’s Office says it was just an honest mistake on the part of the Chamber’s PAC.

Prodded by local blogger Bruce Ewert, Nancy E. Ferry of the Secretary of State’s office contacted Chamber of Commerce Board Member Troy Reinhart and Jennifer High, the person who entered the contribution. High’s story was that the $4,000 really was contributed by the Iverson Group, a Prineville ad agency, to buy Bulletin advertising. Iverson should have been listed as the contributor, not The Bulletin, High said. “Jennifer assured me that they were not trying to hide anything, they just didn't understand how to report it,” Ferry e-mailed Ewert.

Based on High’s and Reinhart’s word, Ferry was willing to let High amend the filing to indicate that the Iverson Group, not The Bulletin, made the contribution.

Asked whether she had any documents or other evidence to corroborate High’s and Reinhart’s story, Ferry told The Eye yesterday: “Well, I believe it was an honest mistake based on talking to them. … No, I don’t have any documents that actually show that. We don’t go out and create investigations. If you were to file a formal complaint we would investigate.”

...

For the record to me this BULL/$4k story is a distraction, the real story, is how COAR/COBA[COAH] got $150K to BUY the recent election's from 1,000's of non-existent contributors in $50 chunks.

This ain't MY fucking battle, but if I were to audit this fucking klusterfuck, this is what I would want to see, is that how in an economy in the fucking TOILET did COAR/COBA ( both ran by team IVERSON/HIGH ), how did they get 3,000 un-employed realtors and contractors to optionally GIVE $50/person to COAR/COBA??? HOW, WHO??

It doesn't fucking ADD UP, and as always the PUSSY's are chasing their fucking tail, and they want everyone else to be a lemming and follow them off the fucking cliff.

So somebody tell me, Given that this $4k/BULL payoff so fucking important, how come neither pussy has filed a complaint to the governor, which takes about 30 seconds by email? WHY??

Bewert said...

Re: Ferry is BEGGING the pussy to file a complaint,

###

Yep, I talked to her about it, yet you KNOW what she said. That's why you are the resident Dumb Ass.

Anonymous said...

Ferry is BEGGING the pussy to file a complaint, Ferry is non-political, and this is a political football, yet even when the Elections Cop Beg's the RAPE VICTIM to file a formal-complaint, the 'victim' say's, too late I have already wiped the cum from my ass, there is NO evidence. It's this kind of talk, that makes us wonder if the pussy were ever raped????

###

Was the PUSSY raped or NOT? Put up or shut up.

Anonymous said...

If BP or HP is not willing to file a formal complaint with Ferry's SOS office, then they should leave her alone.

This is like the little child that cried wolf, you only get a few crys, and then when the big bad wolf really does have his big black 100% angus all 18" up inside of you, nobody will hear your screams or pay attention to them.

Anonymous said...

There is a real story here. It's about how the BULLETIN was very much part of the recent election where COVA&COBA's team completely took control of BEND city government, with $150k in campaign contributions that allegedly came from 3,000 unemployed realtors and builders in Bend. The COBA(COAH)&COAR election reports filed by house-wives High&Iverson very much should be audited. If a complaint is filed, it should not be limited to the invisible $4,000 Bulletin Advertisement.

Anonymous said...

Well HBM is back to is old SOP again, deleting almost everything posted on his SORE-EYE.

It's funny cuz he bitches and moans here about lack of moderation, but then he does real fucking stupid, and ... then trys to cover his ass by deleting comments.

Don't dial 911 HBM, unless your willing to file a complaint. This is how the system operates. Don't like it? Then go back to California.

Anonymous said...

BACK IN THE GOOD OLD DAZE THEY USED TO SEND THE BANKRUPT TO DEBTOR'S PRISON. THEY'D GO TO YOUR RELATIVES AND THREATEN TO THROW THEM IN UNLESS THEY PAY. NOWADAYS WHAT CAN THEY DO, BESIDES MAKE SURE YOU NEVER GET ANOTHER LOAN?


March 4, 2009

You’re Dead? That Won’t Stop the Debt Collector

NY Times

MINNEAPOLIS — The banks need another bailout and countless homeowners cannot handle their mortgage payments, but one group is paying its bills: the dead.

Dozens of specially trained agents work on the third floor of DCM Services here, calling up the dear departed’s next of kin and kindly asking if they want to settle the balance on a credit card or bank loan, or perhaps make that final utility bill or cellphone payment.

The people on the other end of the line often have no legal obligation to assume the debt of a spouse, sibling or parent. But they take responsibility for it anyway.

“I am out of work now, to be honest with you, and money is very tight for us,” one man declared on a recent phone call after he was apprised of his late mother-in-law’s $280 credit card bill. He promised to pay $15 a month.

Dead people are the newest frontier in debt collecting, and one of the healthiest parts of the industry. Those who dun the living say that people are so scared and so broke it is difficult to get them to cough up even token payments.

Collecting from the dead, however, is expanding. Improved database technology is making it easier to discover when estates are opened in the country’s 3,000 probate courts, giving collectors an opportunity to file timely claims. But if there is no formal estate and thus nothing to file against, the human touch comes into play.

New hires at DCM train for three weeks in what the company calls “empathic active listening,” which mixes the comforting air of a funeral director with the nonjudgmental tones of a friend. The new employees learn to use such anger-deflecting phrases as “If I hear you correctly, you’d like...”

“You get to be the person who cares,” the training manager, Autumn Boomgaarden, told a class of four new hires.

For some relatives, paying is pragmatic. The law varies from state to state, but generally survivors are not required to pay a dead relative’s bills from their own assets. In theory, however, collection agencies could go after any property inherited from the deceased.

But sentiment also plays a large role, the agencies say. Some relatives are loyal to the credit card or bank in question. Some feel a strong sense of morality, that all debts should be paid. Most of all, people feel they are honoring the wishes of their loved ones.

“In times of illness and death, the hierarchy of debts is adjusted,” said Michael Ginsberg of Kaulkin Ginsberg, a consulting company to the debt collection industry. “We do our best to make sure our doctor is paid, because we might need him again. And we want the dead to rest easy, knowing their obligations are taken care of.”

Finally, of course, some of those who pay a dead relative’s debts are unaware they may have no legal obligation.

Scott Weltman of Weltman, Weinberg & Reis, a Cleveland law firm that performs deceased collections, says that if family members ask, “we definitely tell them” they have no legal obligation to pay. “But is it disclosed upfront — ‘Mr. Smith, you definitely don’t owe the money’? It’s not that blunt.”

DCM Services, which began in 1999 as a law firm, recently acquired clients in banking, automobile finance, retailing, telecommunications and health care; DCM says its contracts preclude it from naming them.

The companies “want to protect their brand,” said DCM’s chief executive, Steven Farsht. Despite the delicacy of such collections, he says his 180-employee firm is providing a service to the economy. “The financial services industry is under a tremendous amount of pressure, and every dollar we collect improves their profitability,” he said.

To listen to even a small sample of DCM’s calls — executives played tapes of 10 of them for a reporter, electronically edited to remove all names — is to reveal the wages of misery, right down to the penny.

A man has left credit card debt of $26,693.77, the legacy of a battle with cancer. A widow says her husband “had no money. He pretty much just had debt.” Asked about an outstanding account of $1,084.86, a woman says the deceased had no property beyond “some tools in the garage” and an 18-year-old Dodge.

Not everyone has the temperament to make such calls. About half of DCM’s hires do not make it past the first 90 days. For those who survive, many tools help them deal with stress: yoga classes and foosball tables, a rotating assortment of free snacks as well as full-scale lunches twice a month. A masseuse comes in regularly to work on their heads and necks.

Brenda Edwards, one of DCM’s top collectors, spoke with a woman in New Jersey about her mother’s $544.96 credit card bill.

“She had no will, no finances, nothing,” the daughter said. “Nothing went to probate.” The $200 in the checking account was used for funeral expenses. But the woman also said the family “filed a form with the county,” indicating that perhaps there was a legal estate after all.

“Is anyone in the family in a position to pay this?” Ms. Edwards asked, adding: “I’m not telling you it needs to be paid at all.”

The woman reached a decision. “I will talk to my brothers and sisters and we will pay this,” she said.

Ms. Edwards has a girlish voice that sounds younger than her 29 years. “If you plant a seed and leave on a good note, they’ll call back and pay it,” she said.

DCM started a Web site called MyWayForward.com to provide the bereaved with information, tools and, some day, products. “We will never sell death. But it’s O.K. to provide things that could be helpful to the survivor,” Mr. Farsht said. Death will be the end of one customer relationship but the beginning of another.

Some survivors are surprised, and a few are shocked, that they are hearing from a collector.

Eric Frenchman, an online consultant, said a DCM agent inquired about his late father’s $50 Discover card balance before the bill was even due. Since Mr. Frenchman had been planning to pay it anyway, he emerged from the experience vowing never to get a Discover card himself.

The major deceased-debt firms say such experiences are rare. Adam Cohen, chief executive of Phillips & Cohen Associates of Westampton, N.J., said his team of 300 collectors “are all trained in the five stages of grief.”

If a relative is more focused on denial or anger instead of, say, bargaining, the collector offers to transfer him to the human resources company Ceridian LifeWorks, where “master’s level grief counselors” are standing by. After a week, the relative is contacted again.

DCM executives say some of the survivors not only gladly pay but write appreciative notes. They offered up a stack, with the names deleted, as proof.

One widow wrote that a collector “was so nice to me, even when I could only pay $5 a month a few times.” Saying that money was “so tight” after her husband died, she added: “It was very hard for me, and to get a job at my age. Thank you.”

Duncan McGeary said...

Ghouls.

Anonymous said...

You’re Dead? That Won’t Stop the Debt Collector

*

Thanks, whoever posted this, this is my POINT, that in any economy, no matter how fucking BAD, people are making money and lots of money.

We need to really stop POSTING 'losers' on HOMER's tombstone and start posting 'winners', and there's lots of winners, to make our team 'survivors' we the living MUST focus on what makes money in these times.

Anonymous said...

A word from our sponsor, Michael Ewert our Pussy's brother.

Russian scholar says US will collapse _ next year

By MIKE EWERT – 18 hours ago

MOSCOW (AP) — If you're inclined to believe Igor Panarin, and the Kremlin wouldn't mind if you did, then President Barack Obama will order martial law this year, the U.S. will split into six rump-states before 2011, and Russia and China will become the backbones of a new world order.

Panarin might be easy to ignore but for the fact that he is a dean at the Foreign Ministry's school for future diplomats and a regular on Russia's state-guided TV channels. And his predictions fit into the anti-American story line of the Kremlin leadership.

"There is a high probability that the collapse of the United States will occur by 2010," Panarin told dozens of students, professors and diplomats Tuesday at the Diplomatic Academy — a lecture the ministry pointedly invited The Associated Press and other foreign media to attend.

The prediction from Panarin, a former spokesman for Russia's Federal Space Agency and reportedly an ex-KGB analyst, meshes with the negative view of the U.S. that has been flowing from the Kremlin in recent years, in particular from Vladimir Putin.

Putin, the former president who is now prime minister, has likened the United States to Nazi Germany's Third Reich and blames Washington for the global financial crisis that has pounded the Russian economy.

Panarin didn't give many specifics on what underlies his analysis, mostly citing newspapers, magazines and other open sources.

He also noted he had been predicting the demise of the world's wealthiest country for more than a decade now.

But he said the recent economic turmoil in the U.S. and other "social and cultural phenomena" led him to nail down a specific timeframe for "The End" — when the United States will break up into six autonomous regions and Alaska will revert to Russian control.

Panarin argued that Americans are in moral decline, saying their great psychological stress is evident from school shootings, the size of the prison population and the number of gay men.

Turning to economic woes, he cited the slide in major stock indexes, the decline in U.S. gross domestic product and Washington's bailout of banking giant Citigroup as evidence that American dominance of global markets has collapsed.

"I was there recently and things are far from good," he said. "What's happened is the collapse of the American dream."

Panarin insisted he didn't wish for a U.S. collapse, but he predicted Russia and China would emerge from the economic turmoil stronger and said the two nations should work together, even to create a new currency to replace the U.S. dollar.

Asked for comment on how the Foreign Ministry views Panarin's theories, a spokesman said all questions had to be submitted in writing and no answers were likely before Wednesday.

It wasn't clear how persuasive the 20-minute lecture was. One instructor asked Panarin whether his predictions more accurately describe Russia, which is undergoing its worst economic crisis in a decade as well as a demographic collapse that has led some scholars to predict the country's demise.

Panarin dismissed that idea: "The collapse of Russia will not occur."

But Alexei Malashenko, a scholar-in-residence at the Carnegie Moscow Center who did not attend the lecture, sided with the skeptical instructor, saying Russia is the country that is on the verge of disintegration.

"I can't imagine at all how the United States could ever fall apart," Malashenko told the AP.

Bewert said...

Re: A word from our sponsor, Michael Ewert our Pussy's brother.

###

I only have little sisters. You must be referring to someone in your imagination.

Bewert said...

Re: If BP or HP is not willing to file a formal complaint with Ferry's SOS office, then they should leave her alone.

###

Let me repeat myself--I talked specifically to Ms. Ferry about what it would take to get them to follow up on a complaint and do an audit. The answer was PROOF. She stated that it was common for an organization like COBA to have a membership checkoff under a 4100 Tto fund their lobbying. No big deal. She wasn't that concerned. She was concerned about a potential misfiling by BB PAC, which was fixed to her satisfaction. And I did actually see the last existing copy of the full-color double-sided ad. Sean Tate hand delivered it to me, although it was not to leave the building and he was not at liberty to talk about its funding...

Bewert said...

In a surprise move that wasn't on the agenda last night, the Council voted to drop it's bad bus lawsuit and move on:

Bend to drop bus suit
By Erin Golden / The Bulletin

After spending tens of thousands of dollars in legal costs and two years in court, the city of Bend has decided to drop its lawsuit against the Southern California company that sold it six junk buses in 2006.

In a meeting Wednesday evening, the Bend City Council voted unanimously to allow its attorney to dismiss its claims against Transit Sales International, which the city had accused of withholding information about the buses’ history and rolling back odometers, among other complaints.

“The city has been in discussions with TSI over the infamous BAT buses, and the settlement calls for both parties to walk away from the matter. … If the city had proceeded with the lawsuit and lost, it would have been responsible for TSI’s attorney’s fees,” Councilor Jodie Barram said.

The council did not discuss the settlement further, and city officials declined to comment on the city’s reasons for dropping the suit.

The city sued the company for more than $265,000 in February 2007, several months after it purchased six 1996 ElDorado Transmark buses for $36,725 each. The buses were purchased to serve as the heart of the city’s new fixed-route Bend Area Transit service.

They were inspected in the summer of 2006 by a city mechanic who found multiple problems but was told by a TSI employee that the city had already agreed to make the purchase, according to earlier Bulletin reports. The deal was approved by Ken Fuller, Bend’s former public works director, and the buses were sent to Bend in August 2006.

The buses started breaking down shortly after they went into service, and by early 2007, the city had already spent more than $100,000 fixing problems ranging from tire blowouts to engine failures. The fleet, as it turned out, had been previously used by the Utah Transit Authority but sold to TSI for scrap for less than $2,000 each because of maintenance issues, according to the city.

By summer 2007, the buses had been taken off the roads and dismantled for parts. In January 2008, Fuller stepped down as public works director.

Last March, the city dropped its claim that the odometers had been tampered with. Former City Attorney Jim Forbes said at the time that the city still believed TSI had rolled back the odometers but believed it would be easier to focus the legal arguments on the company’s allegedly misleading conversations with city officials regarding the buses.

Martin Hansen, the Bend attorney for TSI, said he believes the city decided to end the case because it didn’t have proof the company had done anything wrong. He called the odometer tampering claims “fabricated” and said the city filed the suit when it realized it didn’t have a big enough maintenance budget to pay for the bus repairs.

“It’s pretty obvious from the case that unfolded that they never had any proof to begin with,” he said.

The case continued moving forward in U.S. District Court in Eugene until a settlement conference was held Feb. 23. The city has spent approximately $65,000 on legal fees in the matter.

Also Wednesday, in a work session before its regular meeting, the council discussed a plan that would change some fees charged by the Community Development Department for building, planning and engineering services. The proposal grew out a recent study that compared the cost of providing the services and the current fees and found that on average, the city brings in about 80 cents for each dollar that it spends on development work.

If the council approved the new plan, some fees would go up — a change that would generate more revenue for the department, which has already had to cut several positions because of the slowing economy. But Community Development Director Mel Oberst said even with a fee increase, the city will likely have to cut its historic planning program, reduce hours at the department’s planning counter and delay some development inspections.

Any changes to the fees would have to be approved by the council in a later meeting.

Bewert said...

Da BULL-How confident are you about the local economy? Take our survey!

Bewert said...

Area room taxes dive

The city of Bend and Deschutes County posted 20.1 percent and 17 percent year-over-year declines, respectively, in January room-tax collections, according to data released Wednesday.

It was the 11th consecutive month the city’s room taxes declined and the second straight month for unincorporated parts of the county, according to Visit Bend and the Central Oregon Visitors Association. Room taxes are a barometer of tourism activity.

COVA also released the latest room-tax data for Prineville, Redmond and Sisters. The cities posted 10.9 percent, 16.9 percent and 18.7 percent year-over-year drops, respectively, in December collections, according to COVA. Jefferson County, whose data is available quarterly, reported an 18.3 percent drop in the fourth quarter of 2008 from the same period in 2007, COVA said.

Bewert said...

Check this out--FDIC insured CD's in foreign currencies:

http://www.everbank.com/002Rates.aspx

The rand is currently yielding 7.75%.

IHateToBurstYourBubble said...

In a meeting Wednesday evening, the Bend City Council voted unanimously to allow its attorney to dismiss its claims against Transit Sales International, which the city had accused of withholding information about the buses’ history and rolling back odometers, among other complaints.

“The city has been in discussions with TSI over the infamous BAT buses, and the settlement calls for both parties to walk away from the matter. … If the city had proceeded with the lawsuit and lost, it would have been responsible for TSI’s attorney’s fees,” Councilor Jodie Barram said.


This is exactly why I say this city is run by people with near-infantile mentality.

They're quitting the lawsuit for reasons that were KNOWN on Day 1.

OF COURSE, you pay the other guys fees when you lose. OF COURSE.

But no. We had to burn thru tens of thous' to even figure that out.

Rollback your City BK date.

IHateToBurstYourBubble said...

Martin Hansen, the Bend attorney for TSI, said he believes the city decided to end the case because it didn’t have proof the company had done anything wrong. He called the odometer tampering claims “fabricated” and said the city filed the suit when it realized it didn’t have a big enough maintenance budget to pay for the bus repairs.

“It’s pretty obvious from the case that unfolded that they never had any proof to begin with,” he said.


Of course ALL ATTORNEY'S are pathological LIARS, so this guy can hardly be believed, but he might be onto a shred of proof. Our city leaders are so inept, they should all be FIRED & THORWN IN JAIL TODAY.

Anonymous said...

Ferry is BEGGING the pussy to file a complaint, Ferry is non-political, and this is a political football, yet even when the Elections Cop Beg's the RAPE VICTIM to file a formal-complaint, the 'victim' say's, too late I have already wiped the cum from my ass, there is NO evidence. It's this kind of talk, that makes us wonder if the pussy were ever raped????

###

Was the PUSSY raped or NOT? Put up or shut up.

*

So end of fucking story, the PUSSY was NOT raped, there is NO proof.

Shut the Fuck UP!

Anonymous said...

Interesting story today about Chavez in Venezuela seizing 'Cargill' in Venezuela. Cargill is the second biggest private company in the USA, and one of the biggest 'food' manufacturers in the world.

Of course these birds are hoarding food waiting for that better price, so Chavez knocks down the doors and forces them to sell at market at gun point.

Will the OREO declare WAR on Venenzuela??

Anonymous said...

OBAMA BAILOUT for Cent-ORYGUN ain't fair, ... say's ktvz.com

High Desert on homeowner rescue: Fair or unfair?

Josh Johnson of Bend says NeighborImpact has helped him as first-time homeowner, but others need federal assist
Josh Johnson of Bend says NeighborImpact has helped him as first-time homeowner, but others need federal assist

Some call it needed, others unfair

By Kate Paul, KTVZ.com

The Obama administration unveiled details Wednesday about its plan to help distressed homeowners stay in their homes.

And it looks like the homeowner rescue plan will be of high interest in Central Oregon, where foreclosures are on the rise.

With around 10 foreclosures every day on the High Desert, you might think most residents would embrace the plan to modify loan terms or offer refinance options.

But for many, empathizing with the program's goal isn't that simple.

The rescue plan will allow lenders to refinance mortgage payments for homeowners who qualify. Interest rates could drop as low as 2 percent for borrowers, and loans could be extended up to 40years.

The Treasury Department expects the plan to keep up to nine million Americans in their homes. While this is good news for many, others ask if it's fair.

Patsy Dryden is like many others in Central Oregon. She and her husband bought a house in a northeast Bend neighborhood in 2001.

They've felt the impact of the sour economy like most of us, but she says paying the mortgage hasn't been an issue.

"Because we purchased something very conservative for our budget, just in case something would have happened to either one of our jobs," Dryden said Wednesday.

That's why Dryden and others believe the latest rescue plan rewards others who've been reckless with their money.

"I don't necessarily agree with the president's plan to bail out people that I feel have been irresponsible and not as conservative as they should be, and made poor choices outside of their means," she said.

Other first-time home buyers, like Josh Johnson of Bend, agree with the rescue plan.

The troubled economy and its impact on homeowners are "at a critical level right now, and a lot of close friends are being affected by it greatly," Johnson said.

However, he says he and his wife have been responsible and don't need the assistance, thanks to a different resource that's helped him pay his mortgage on time.

"NeighborImpact is a free service," he said. "When you go to them, they fight for you. They help you. They go to the banks - they're the negotiators basically, the middlemen."

Whether you agree with the rescue plan or not, there's no denying more homes are going "underwater," as property that's valued at less than the buyer owes. That figure increased to nearly 12 percent in Bend at the end of 2008, and around 20 percent nationwide.

In order to take advantage of the rescue plan, the Treasury Department says homeowners will have to provide their most recent tax return information and two pay stubs, plus an affidavit proving their financial hardship.

Anonymous said...

How would it end? Has been a long asked question.

It could very well end with buster, homer, and pussy.

When will the pussy's wife drag his ass from this town?

When will homer bail?

Anonymous said...

Well HBM is back to is old SOP again, deleting almost everything posted on his SORE-EYE.

For the 9,475th time, I DO NOT delete comments from the Source blog. I do not have the authorization to do it. I couldn't do it if I wanted to.

Buster remains under the delusion that I'm some kind of big swingin' dick at the Source. I am not. My role is very minor. I write the Wandering Eye blog and the weekly BOOT -- that's all. I have no editorial responsibilities whatsoever.

tim said...

Watch for Obama to get pro-business religion within the next couple weeks.

He's a smart guy. He won't let himself become irrelevant this fast.

He's going to have to ditch the extreme lefties.

Anonymous said...

well CitiCARP is now a penny stock just like our own moss-mdu CACB.

Who could have guessed??

I forgive you HBM, I know you wouldn't delete comments from your own SORE-EYE.

Anonymous said...

"He's going to have to ditch the extreme lefties."

??????????????

Oh, I get it, he's got to ditch those extreme lefties Geithner and Summers.

You know, because they are so anti-business.

Anonymous said...

HBM,

Moving forward, and NOT on your site, so how can something be given to Ferry??

I mean she's non-political, she doesn't want to lose her job, she can't piss off the PUG's.

You guys who have an oyster in this war need to 'File a Complaint', she's begging you to do so.

Your BP say's there is no 'proof' WTF?? I mean you two have been fretting over the BULL-AD for over two weeks. PROOF?

This story isn't worthy of a war to my thinking, thus my anus isn't in a squeeze. Our pussy here is about as useful as an orifice on an elbow.

So the ball is in your court HBM. We can help you if you want? We haven't heard a fucking word from you? You posted Ferry's reply letter, and appear to want to drop the issue.

Do you agree with BP that there is no evidence? If that be the case what 'proof' do you need?? I'm sure that if put out the word, some spy in COBA/CORA will come forward with the SHIT.

What's the fucking goal here? To me its just to rub shit in the BULL's nose, which is your goal.

To me if there is a goal here, its to go after they way COVA/CORA took over city-hall with $150k of CASH that has no credible source.

I think the whole $4k BULL story is a non-story, and BP's two weeks of looking for a missing page in dunc's comic shop is a joke. Like I told him 2+ weeks ago, an ad in craigs-list and a $10 bounty, and he could have the fucking ad by high-noon. Did he do it a big NO cuz he's the pussy, and the pussy is a fucking idiot. Find what an ad? He doesn't want to find an ad, he wants the missing ad to be the story, and stay the story.

Again there is ONLY one fucking story here, how in the FUCK did Eckman and HO's get $150k from COBA/CORA, and where did the money really come from??

Since the BULL does the investigating in this town, and the BULL is part of the crime, its not likely that Bernstein & Woodward of the BULL are going to do any investigating, so that just lives you HBM. We can help you, but you need to tell us what your looking for.

tim said...

No, he's going to have to ditch the extreme lefties in his party that want to socialize everything.

He's going to have to ditch people who want him to raise taxes on capital formation.

Anonymous said...

He's a smart guy. He won't let himself become irrelevant this fast.

*

Is he really smart? Or smart handlers?

BUSH was smart, fucking high IQ from his time in jet fighter training, most like the coke and alki wasted his mind.

ROVE was the brains behind BUSH.

Rahmbo is the brains behind OREO. OREO won ORIFICE cuz he telegraphed to wall-st that Geithner&Bernanke would run his BIZ, and summer of 2008, it was 'anybody but BUSH&HRC', so by default OREO won.

Smart?

An idiot could have won, so long, he just said "HOPE & CHANGE".

What now you fucking KUNTS?? ALL is going to ZERO, ALL.

It's so fucking amazing listening to this SHIT, all the stock market is a financial ponzi, held up by 30+ years of lax SEC. So now its reverting 'mark to market', when that clears, then yes WHO EVER is prez can fix the fucking mess.

YOU YOURSELF APU said months ago, OREO will get the credit of fixing this depression, if he outlives the depression, one term? two terms? This fucking depression will have an 'L-shaped' recovery. The new US will not be a consumer credit economy, because nobody is going to lend them money.

It will get MUCH worse, before it gets better.

Go fucking LOOK at the top-ten bank market cap's APU, integrated they don't even match what FED-RES is burning everyday.

OREO wasn't BUSHorHRC so he won, and he put the status-quo in charge of the economy.

OREO has DONE NOTHING 'SMART' in my book to date.

It's NOT even fucking clear to me that OREO's IQ is as high as the twisted shrub.

Anonymous said...

IS the OREO relevant? To what?

Jindal?

Limbaugh?

I don't think the OREO was ever relevant, hell I voted for him, cuz he wasn't HRC or BUSH. End of Story.

Today all leaders appear to be bumbling fucking idiots, but I guess the simple fact is NOTHING can be done. Like JFW wrote in the UofO story, the longer post 1980 that we allowed GE/GM to become 'financial' rather than 'manufacturing' the more we had to neuter the SEC. Today all wall-st paper is worthless.

The ENTIRE fucking house-of-cards that make-up the US financial system is only as good as AIG & Buffet's CDS insurance policy's they are what make everything 'AAA', today GE is not 'AAA'. So we keep dumping $100B/day of FED-RES money to make good on all these collapsing policy's. Eventually something has to give, and when that happens the ENTIRE US pension system will implode.

GE today as $700B of assets on its books, but most of it is toxic. There are 100's of our US best of the best that are in this situation, there is NOT enough fucking money on the planet to cover all this toxic shit.

What do we do? We let Jindal mumble. We let Limbaugh produce more 'magic negroe' songs... We let OREO promise the foreclosed to stay in their home. ....

NOBODY can fix this fucking mess, what took 30+ years to create will take 30+ years to fix, simple law of econ-physics.

But they're trying BEHIND the scenes today the SEC just raised the price of stocks so they can hire more COPS, and the FDIC just raised the RESERVE so they can hire more COPS. Slowly, law&order will be brought back to US Capitalism but it will take a generation for ameriKKKans to TRUST wall-st.

tim said...

I didn't mean high IQ. I just meant I think he's got the political skill to see that he's in grave danger right now of buying this depression.

I thought Bush would have the depression on his hands forever, but Obama's has looked keen to steal it from him.

Anonymous said...

Let's NEVER forget an essential truth about ameriKKKa.

The business of ameriKKKa is business.

That BUSINESS put the OREO in his position of power.

So quit the fucking left vs right crap, or top versus bottom.

Corruption is what the show is all about.

Anonymous said...

he's in grave danger right now of buying this depression.

I thought Bush would have the depression on his hands forever, but Obama's has looked keen to steal it from him.

*

He did 'buy' the depression, the fucker wanted to be prez so fucking bad that he was groomed by the DNC since 2004 speech. He went through the four fucking year interview process.

BUSH&CO were the FUCKING master's of MADE-OFF, all the way to the END, even McCAIN/PALIN were signing 'everything is wonderful'.

Of course everything wasn't wonderful, see APU the diff between me&you, is that your a fucking PUSSY, and I say that with tenderness, cuz I'm a fucking ASSHOLE.

But it BREAKS my heart to see NOBODY, not even on this fucking BOARD tell the fucking truth, about the state of the US economy, and the 30+ years of RAYGUN 'sugar coated goodness' that everything is KOSHER.

The PUG's knew exactly what they were doing, everybody KNOWS WTF that is going on, that's why over 100k people in the USA have gotten $10M or bonuses in the last ten+ years the biggest fucking 'silent payoff' in ROBBERY HISTORY. JUST like MADE-OFF, nobody knows shit, cuz EVERYBODY was paid-off to REMAIN silent, even the FUCKING SEC.

So along comes OREO who says, "We're in a world of hurt, lets roll up our sleeves, and fix the mess", but WAIT, there was NO MESS before OREO arrived, LIMBAUGH&BUSH told us so!!!!!!!!!!!

JEEBUS XMAS, we all know, and I have said 10000X's times here, you can't fix a problem until you admit you have a problem, and discuss the root cause of the problem.

OK, at least the OREO admits there is a PROBLEM, but is he focusing on the THE ROOT?? HELL NO!! Cuz the UGLY truth is that WALL-ST today has an aggregate negative net-worth, that came about buy paying 100's of 1000's of people $10M or more, some yearly over the last 10+ years.

Of course it just turns out that these same people are the source of the OREO's election CASH, so he ain't going to stop the fucking party, and thus the FED-RES keeps handing out $100B/day.

In the END marge is right, eventually this PONZI will collapse, and it will NOT just be made-off investors in soup lines it will be all of US.

Somebody in this god-damn fucking Fourth-Estate has to speak-up and tell the truth, and I don't see Limbaugh, or anybody telling the truth, ... Well a little bit of truth from Rogers, and Ron Paul, ... & Bernie Sanders.

When I mention MARGE what I'm saying is this country is going to look like Palestine & Israel, walls and carnage. Who would have guessed.

Bewert said...

Re: You guys who have an oyster in this war need to 'File a Complaint', she's begging you to do so.

###

Where the fuck do you get your info?

Oh, yeah, in that bowl of pipeweed.

Ferry flat out told me that unless we have proof, like someone who will provide an affadavit that they gave more than $100 to COAH, she is not going to pursue a complaint.

Anonymous said...

This PUSSY debate bores the shit out of me.

1-1/2 year ago when the pussy arrived, and he bitched about the city kicking him out of exec-session, and he said he was going to file a complaint, I said "DO IT PUSSY, ORYGUN is a complaint driven system".

Well a 1-1/2 yr has passed and the pussy has done nothing.

Two weeks ago the PUSSY started harassing a poor public servant name Ferry @ state-elections, she didn't even have to pursue his pseudo-complaint, but she did, and the accused party had a valid reason. End of story you want to pursue? Then file a formal-complaint.

Perhaps if the PUSSY had just sat in exec-sess 1-1/2 yrs ago and kept his knees close together, they would have let him in?

Now whenever people contact Ferry she'll most likely ignore their inquires, cuz she'll know that the people of Bend have no back-bone to back up their accusal's on their fellow citizenry.

The PUSSY is like chicken-little, and Ferry has called him, and the pussy has said "I have no proof", the PUSSY never had any proof. It was always a non-story, like virtually everything the PUSSY does is OBFUSCATION.

Please PUSSY, leave State servants alone, unless your willing to go all the way.

Anonymous said...

I'm telling you, many of these chains ( blockbuster, gi-joes, ... starbucks, ... ) are going that direction, because they were built as Ponzi schemes, and founded on debt. - dunc

*

Little people such as yourself get in a snit thinking about 'easy-money' that created the bend-bubble 2002->2006 where every hair-lip in Bend was given a wheel-barrel of money without a job, and bad credit, ... to move out of their rented mill-shack, and into a Siberian east SE27th Bend STD McMansion, ... all laughed.

The thing that nobody talks about and nobody understands, is that 20+ years ago hair-lip corps like Blockbuster, GI-JOES, Monaco-Coach, Les Schwab, ... et-al were given unlimited easy-money, ... where they built stores and expanded capacity, ... no wonder that post 911 BUSH opened the spigot so little people could BUY more.

Then along came the dreaded 2007/2008 credit-contraction, where everybody that need DEBT in order to live DIED. So how many? More than 1/2 of Bend citizenry will die on the vine, the but CORPORATIONS, perhaps 90% will die, which of course means no jobs.

The future Bend will be those with utility, and/or city/county/state jobs, all else will eat at the soup kitchen.

What took so long for people to see the light? For a week now its been Obama-vs-Limbaugh, but they're both owned by the same corporations that are now bankrupt.

The coming years are going to be ugly? How ugly? Just look closely at Iceland or Ireland today.

Anonymous said...

I have asked this question rhetorically for years here I'll ask it today? Whom today is rolling in dough and making money? Well other than 'bank-holding-companys'.

*

I got an answer to this question yesterday,

Folks that do debt collection for dead-people, are 'rolling in dough', we need to make a list of such fields, so that the KUNTS of BB2 know how to feed their family's.

tim said...

Ron Paul and Rogers speak the truth, but they are treated as comic relief by the media.

IHateToBurstYourBubble said...

Ron Paul and Rogers speak the truth, but they are treated as comic relief by the media.

Crazies with clapboards. Crying wolf.

Bewert said...

Buster, the end is a lot closer after today:

CACB
0.700
-0.210 (-23.08%)
Mar 5 - Close

CBBO
0.500
-0.030 (-5.66%)
Mar 5 - Close

C
1.02
-0.11 (-9.73%)
Mar 5 - Close

AIG
0.350
-0.080 (-18.60%)
Mar 5 - Close

FRE
0.370
-0.040 (-9.76%)
Mar 5 - Close

FNM
0.370
-0.040 (-9.76%)
Mar 5 - Close

Carnage. At some point Obama just has to realize its time to pull the plug and start over.

Anonymous said...

Joe's Bankruptcy
Joe’s Sports and Outdoor Store is filing for Chapter 11 bankruptcy protection. The Wilsonville-based company has 30 outlets in the Pacific Northwest, including a store in Bend. Joe’s says it will not close any stores during the restructuring process. The company, formerly known as G.I. Joes, says it hopes restructuring will give it time to meet its financial challenges. The Joe’s in Bend is located in the Cascade Village Shopping Center.
http://www.kbnd.com/323109.aspx

Bewert said...

Bank of America Says Bonus Disclosure Will Harm It (Update1)

By Karen Freifeld

March 5 (Bloomberg) -- Bank of America Corp. will suffer “grave and irreparable harm” if Merrill Lynch & Co. employees paid $3.6 billion in bonuses just before the firm’s acquisition by the bank are publicly identified, its lawyers said.

Bank of America today filed documents in state court in Manhattan to intervene in a case brought by New York Attorney General Andrew Cuomo to compel former Merrill Chief Executive Officer John Thain to testify about the bonus recipients.

“Neither the individual names nor the job titles bear any reasonable or relevant relationship” to Cuomo’s investigation, the firms argued in the documents. “Nor is there a reasonable or relevant reason to disclose such information to the general public.”

The information Cuomo seeks would provide a “road map” revealing which business lines the banks believe to be most valuable and enable competitors to poach the bank’s top talent, Bank of America argued in the court filing. Disclosure of the information would also cause “internal dissension and consternation,” pose security risks for the exposed bankers and their families, and cause employees to leave, according to the filings.

Yesterday, Cuomo subpoenaed seven people who received bonuses at Merrill Lynch & Co., said a person familiar with the matter. Thain and Bank of America CEO Kenneth D. Lewis previously testified in Cuomo’s office about the bonuses awarded before the Jan. 1 merger.

Seven Subpoenaed

The seven executives will be asked questions about their individual bonuses, their communications with Thain and the timing of the bonuses, the person said. The person identified the seven bonus recipients subpoenaed as Andrea Orcel, David Sobotka, Peter Kraus, Thomas Montag, David Gu, David Goodman and Fares Noujaim.

Scott Silvestri, a Bank of America spokesman, declined to comment yesterday. He said the bank doesn’t comment on subpoenas.

A Cuomo spokesman didn’t immediately return a call seeking comment on the bank’s filings today. The attorney general’s written response is due March 11. A court hearing is scheduled for March 13.

The Wall Street Journal yesterday published the names of a number of the top executives and their 2008 earnings, citing documents and people familiar with Merrill’s compensation. Eleven top executives were paid more than $10 million in cash and stock last year, the Journal said.

Thain’s Testimony

Thain told Cuomo’s office in a deposition Feb. 19 that he couldn’t identify the bonus recipients, citing confidentiality orders from Bank of America. A New York judge ruled Feb. 23 Thain should complete his deposition and the testimony would be kept confidential until a court ruling.

Thain testified for a second time in Cuomo’s office on Feb. 24. “He cooperated thoroughly and answered whatever was asked,” his attorney, Andrew Levander, said in an e-mail that day. Levander declined to comment on whether Thain was asked to identify bonus recipients.

Lewis testified two days later. Benjamin Lawsky, a special assistant to Cuomo, said after Lewis left Feb. 26 that Cuomo served the bank with a subpoena to produce a list of the individual bonuses.

Cuomo Investigation

Cuomo has been examining whether Merrill broke securities laws when it paid the bonuses. He is cooperating with U.S. Special Inspector General Neil Barofsky in a federal probe of executive pay at banks that received money from the U.S. Treasury’s Troubled Asset Relief Program. Merrill and Charlotte, North Carolina-based Bank of America have received about $45 billion in TARP money.

Orcel, Merrill’s firm’s top investment banker, was paid $33.8 million in cash and stock, the Journal said, citing documents and interviews with people familiar with Merrill’s compensation.

Sobotka, who now heads global proprietary trading, was paid about $13 million in 2008, the Journal said. Gu, head of Merrill’s global-rates division, made $18.7 million last year, and Goodman, co-head of commodities, was paid $16.5 million, according to the Journal.

Kraus, who was head of global strategy at Merrill for only three months, had an employment contract estimated at $29.4 million, the Journal said. Kraus couldn’t be reached for comment by Bloomberg News through John Myers, a spokesman for AllianceBernstein Holding LP, where Kraus is now CEO.

Goodman, Gu, Noujaim and Orcel declined to comment through Timothy Cobb, a Merrill spokesman in London.

‘Secretly and Prematurely’

Cuomo said in a Feb. 10 letter that Merrill “secretly and prematurely’‘ awarded $3.6 billion in bonuses, with Bank of America’s “apparent complicity.’‘

Cuomo said in the letter that Merrill “chose to make millionaires out of a select group of 700 employees,” and that a smaller group was awarded “gigantic bonuses.”

After the top four recipients received a total of $121 million, the next four received a combined $62 million, he said, and the next six a combined $66 million.

Overall, the top 149 people who got bonuses received a combined $858 million, according to Cuomo’s letter. He said 696 people got bonuses of $1 million or more.


The case is People v. Thain, 400381/2009, New York state Supreme Court (Manhattan).

###

Dammit, man, we can't have anymore consternation among the slaves.

Anonymous said...

RE: The seven Merrill executives, Orcel,Sobotka, Kraus, Montag, Goodman, Noujaim. Anyone notice the absence of English and Celtic names? It's hard to find Anglo family names in TV or Hollywood. Ditto in politics. Ditto college professors.

Have descendants of immigrants from the British Isles been dumbed down or what? Or are these people dumb to start with.

Anonymous said...

I don't know if this has any significance, but I've started getting credit card offers in the mail again. I toss 'em, of course.

Anonymous said...

Have descendants of immigrants from the British Isles been dumbed down or what? Or are these people dumb to start with.

*

Don't get the 'buster' going doing you want to know the truth? Or are you just begging the question?

I think we have mildly touched on this issue in the past, do we have to revisit the truth??

Anonymous said...

Bank of America Says Bonus Disclosure Will Harm It (Update1)

*

Damn Straight, this is like me saying, I have 'delta force' level nine security level but If I let you 'piss test' me our national security could be compromised.

Hello.

Anonymous said...

Ron Paul and Rogers speak the truth, but they are treated as comic relief by the media.

*

Tim, this is where we really need to diverge on 'comic relief'.

What have I said? All along here? The corporations.

Rogers, Buffeeteee Obama, Ron Paul, and the 'sacred' Limbaugh, are all part of what Noah Chomsky call's 'manufacturing consent'.

Homework tonights KUNTS is 'go read a fucking book'.

Kill your fucking TV, and KILL your radio.

Read a fucking BOOK.

DP, aka Ned Flanders, aka 'Dunc'.

Want to make money, what I don't your start carrying some real books in either you or linda's store...

Why not carry some Orwell, or Chomsky??

I would gladly plug daily.

Read the fucking books, mark them up, but pleeeeeeze don't use the PUSSY's online versions.

Anonymous said...

Ron Paul and Rogers speak the truth, but they are treated as comic relief by the media.

*

This is WHY I call ALL of YOU KUNTS, years ago I pointed out that the BULL was all a PAID act and all of you thought it was profound wisdom, well except APU, who also has worked in publishing. Even the ROYAL hbm, knows this essential truth.

The truth is NOBODY gets on NPR(national-petro-radio), nbc, abc, fox, or any other bull-shit us gov broad-cast, unless they be 100% team players with the status-quo.

This is what I mean by "The US public is full of shit".

Anonymous said...

I don't know if this has any significance, but I've started getting credit card offers in the mail again. I toss 'em, of course.

*

I got that today also, but it had a 2005 postmark.

Anonymous said...

Well this could be considered a positive being a fifth generation oregonian and all at least i don't have to listen to I'm from california so much? They are getting the fuck out. If I was to go to another state I would try to blend in not act better than everybody else like they do. And I would not say well in oregon this is how we do it and we are better than you peon idahoens or whatever the fuck you are . good ridence cali go back or go to texas sell them on how fucking great you are.

Bewert said...

Dennis Ross Chairmanship of Israeli Government Funded Think Tank Could Torpedo Iran Envoy Job

Israel Lobby Archive releases new DOJ Foreign Agent files at http://www.IRmep.org/ila/ja

WASHINGTON, Jan. 29 /PRNewswire-USNewswire/ -- Former Clinton Administration Middle East diplomat Dennis Ross is under consideration as US State Department envoy to Iran. Ross is currently the chairman of the Jewish People Policy Planning Institute (JPPPI) in Jerusalem, established by the Jewish Agency in 2002. Ross could face legal challenges under the 1938 Foreign Agents Registration Act, or FARA, if he enters US government service.

FARA protects the American people and Congress from stealth propaganda and foreign lobbying through strict public disclosure filings. The Jewish Agency has repeatedly surfaced during investigations in the US. In the 1960s the Senate Foreign Relations Committee uncovered a network of stealth Jewish Agency "conduits" financing grassroots Israel lobby startup groups through the American Zionist Council (AZC). During 1963 hearings the Senate revealed the equivalent of $35 million went toward US lobbying, including $38,000 to American Israel Public Affairs Committee (AIPAC) founder Isaiah Kenen between 1960-1961.

Attorney General Robert F. Kennedy ordered the AZC to register as the Jewish Agency's foreign agent in November of 1962. The AZC shifted lobbying activities over to AIPAC and shut down. In 1969 the Department of Justice ordered the Jewish Agency to file its secret 1953 Covenant Agreement with the Israeli government. The Covenant agreement reveals the Jewish Agency's ongoing receipt of Israeli government funds for operations and powers such as executive review of legislative matters before they go to the Knesset. The Jewish Agency New York office, like the AZC, quickly shut down only to reorganize under a new US shell corporation in 1971.

Since 2002 former American diplomat Dennis Ross has filed no FARA activity declarations. This could be a problem according to IRmep director Grant F. Smith. "The US Department of Justice has always asked US recipients of Jewish Agency funding -- whether the American Zionist Council and its US executives, or the Jewish Agency's New York office -- to register as agents of a foreign principal. With US-Iran diplomacy and restoration of productive relations looming so urgently, now is certainly not the time to resurrect foreign agent registration battles."

Researchers may view newly released documents about the Jewish Agency and the US Department of Justice Foreign Registration Act at http://www.IRmep.org/ila/ja. The Israel Lobby Archive is a unit of the Institute for Research: Middle Eastern Policy (IRmep) in Washington.

###

Yep, I'm sure he's "fair and balanced" on I/P issues. The Iranians will love him. After all, his Chairman's Statement says that "Demographics, both in Israel and the Diaspora, needed careful consideration, particularly if Israel was to remain at the center of Jewish life. The rise of a new kind of antisemitism, one less geared to discrimination against the individual and and more toward attempts to criminalize Israeli behavior, required recognition and strategies for contending with a dangerous new phenomenon."

Yes, a guy who worries about too many Arabs in Israel and anyone attempting to rein in the IDF is the perfect guy to be an American diplomat.

IHateToBurstYourBubble said...

Highest unemployment nationwide in 25 years. Got bubble?

* MARCH 6, 2009, 10:08 A.M. ET

Recession Job Losses Top Four Million

By BRIAN BLACKSTONE

WASHINGTON -- The U.S. economy continues to hemorrhage jobs at monthly rates not seen in six decades, a government report showed, signaling that there's still no end in sight to the severe recession that has already cost the U.S. over four million jobs.
MORE

* Economists React: 'Staring Into the Abyss'
* Layoffs: Interactive graphic | First-quarter list
* Laid Off: Making New Compromises
* How Executives Botch Layoffs

The report suggests that households, already seeing the value of their homes and investments plunge, face added headwinds from the labor market, which could put more pressure on consumer spending in coming months.

Nonfarm payrolls, which are calculated by a survey of companies, fell 651,000 in February, the U.S. Labor Department said Friday, in line with economist expectations. However, December and January were revised to show much steeper declines. In the case of December, the revision was to a drop of 681,000, the most since 1949 when a huge strike affected half a million workers. However, the labor force was smaller then than it is now.

The economy has shed 4.4 million jobs since the recession began in December 2007, with almost half of those losses occurring in the last three months alone. And unemployment is lasting much longer. As of last month, 2.9 million people were unemployed for 27 weeks or more, up from just 1.3 million at the start of the recession.

"The sharp and widespread contraction in the labor market continued in February," said Keith Hall, Commissioner of the Bureau of Labor Statistics. Layoffs announcements continued last month across industries including Macy's Inc., Time Warner Cable Inc., Estee Lauder Cos., Goodyear Tire & Rubber Co. and General Motors Corp.

The unemployment rate, which is calculated using a survey of households, jumped 0.5 percentage point to 8.1%, the highest since December 1983 and slightly above expectations for an 8% rate. Some economists think it could hit 10% by the end of next year.

By some broader measures, labor-market conditions are already there. When marginally attached and involuntary part-time workers are included, the rate of unemployed or underemployed workers actually reached 14.8% last month, up almost six percentage points from a year earlier.

Average hourly earnings increased a modest $0.03, or 0.2%, to $18.47. That was up 3.6% from one year ago, as the recession has made it harder for workers to bid up wages. According to the Fed's latest economic summary known as the Beige Book, "a number of reports pointed to outright reductions in hourly compensation costs."

That, in turn, could weigh further on consumer spending.

Friday's numbers suggest that the economy hasn't stabilized in the wake of the fourth quarter's 6.2% slide in gross domestic product, which was the steepest since 1982. Economists expect a decline of similar or even greater magnitude this quarter.
Layoffs Pile Up

See some of the largest layoffs in the fourth quarter of 2008 and the first quarter of 2009.

View Interactive

"Consumers and businesses are likely to become even more cautious after a bleak report such as this, and if they stop spending, the economy cannot get going again," said Chris Rupkey, economist at Bank of Tokyo-Mitsubishi.

There's little Fed policymakers can do on the monetary policy side to stem the slump, given that official rates are already near zero. But the Fed has created a number of credit programs -- financed through an expansion of its balance sheet -- aimed at spurring new lending. Officials this week unveiled a long-awaited initiative aimed at stimulating consumer lending.

Ironically, some of the pressure on labor markets appears to be a byproduct of robust productivity, which is actually a big plus for the economy over the long run. But in the current environment, it seems to be making things worse for workers as nimble businesses shed labor in anticipation of falling demand, which could become a self-fulfilling prophesy.

Hiring last month in goods-producing industries fell by 276,000. Within this group, manufacturing firms cut 168,000 jobs bringing the total since the recession began to 1.3 million.

Construction employment was down 104,000 last month.

Service-sector employment tumbled 375,000. Business and professional services companies shed 180,000 jobs, the fourth-straight six-figure loss, and financial-sector payrolls were down 44,000.

Retail trade cut almost 40,000 jobs, while leisure and hospitality businesses shed 33,000 as households curtail nonessential spending.

Temporary employment, a leading indicator of future job prospects, fell by almost 80,000.

The sole bright spot among private sector industries was health care, which tends to be more labor intensive and less productive than manufacturing and other services. Health care payrolls rose 26,900.

The government added 9,000 jobs.

The average workweek was unchanged at 33.3 hours. A separate index of aggregate weekly hours fell 0.7 point to 101.9.

Anonymous said...

Parr to close Madras and Redmond lumberyards

http://www.oregonlive.com/newsflash/index.ssf?/base/news-30/1236305949235440.xml&storylist=orlocal

IHateToBurstYourBubble said...

Neat interactive flash by WSJ

Anonymous said...

The Bend Bulletin and COVA have a new brand for Bend.

They're going to be calling Bend the "Goldilocks Economy", best in twenty years just right.

Anonymous said...

Sock Puppet 'Geithner' has NOBODY willing to sign-up to be his little WHORE.

Doesn't look good for the OREO's 'Bad Cops'.

...

Geithner Effort to Staff Treasury Hit by Nazareth’s Withdrawal


By Robert Schmidt and Rebecca Christie

March 6 (Bloomberg) -- Treasury Secretary Timothy Geithner’s effort to staff his department and assemble deeper expertise to flesh out his financial-rescue plan received a new blow yesterday with the withdrawals of a potential deputy and undersecretary.

Former U.S. Securities and Exchange Commission member Annette Nazareth took herself out of the running after concern about public scrutiny over her SEC work and frustration at the length of the selection process, according to people familiar with the matter. International Monetary Fund official Caroline Atkinson pulled out of consideration for the Treasury’s top international job, people briefed on the decision said.

The setbacks leave the Treasury chief without any Senate- confirmed senior staff just as he tries to build confidence in his plan to cleanse banks’ balance sheets and jumpstart the market for securities backed by loans. Nazareth’s decision may make it even harder to lure skilled candidates, highlighting the challenge of the nomination process, analysts said.

“The vacuum at the upper levels of the department could hardly have come at a worse time,” said Louis Crandall, chief economist at Jersey City, New Jersey-based Wrightson ICAP LLC. The disarray comes even though “it was clear the moment” the bank-rescue fund “legislation was passed in October that getting the Treasury Department staffed quickly would have to be the top domestic priority for any incoming administration,” he said.

Cohen, Brainard

H. Rodgin Cohen, chairman of New York law firm Sullivan & Cromwell LLP, is being considered for a senior Treasury job, possibly deputy secretary, people familiar with the discussions said. Lael Brainard, a senior fellow at the Brookings Institution in Washington and former deputy director of the National Economic Council under President Bill Clinton, is a contender for undersecretary for international affairs, the people said. Cohen and Brainard didn’t return telephone calls seeking comment.

Geithner has brought in some high-level aides to work in posts that don’t require Senate confirmation, including Gene Sperling, a former head of the White House National Economic Council under Clinton and Lee Sachs, a former Clinton Treasury official. During the administrations of Clinton and George W. Bush, some top Treasury positions went unfilled for months.

“We’re making some progress and we’ll -- we hope to come up for the committee soon with a full slate of very strong people,” Geithner said when asked about staffing at a congressional hearing this week. Treasury spokesman Isaac Baker said yesterday that “with more than 50 political appointees already hard at work, the department is ahead of staffing levels from previous administrations.”

Legal Work

Nazareth, 53, a partner at the Davis Polk & Wardwell law firm in Washington, didn’t immediately return a call seeking comment. Kevin Cavanaugh, a spokesman at the firm, declined to comment. Atkinson wasn’t immediately available for comment.

At the SEC, Nazareth was a driving force in urging a merger of the NASD, an industry-funded regulator of U.S. brokerages, with most of the New York Stock Exchange’s regulatory arm. The SEC approved the consolidation, which formed the Financial Industry Regulatory Authority, in July 2007. That group has come under fire on Capitol Hill for not spotting the $50 billion Ponzi scheme allegedly masterminded by Bernard Madoff.

Before becoming a commissioner in 2005, Nazareth was the staff member in charge of overseeing brokerage firms, market surveillance and stock exchanges. She led the division in 2004 when it designed a program to monitor whether Wall Street’s biggest securities firms had adequate capital and liquidity.

SEC Inspector General David Kotz faulted the program in a September report, saying the SEC failed to respond to “numerous, potential red flags” at Bear Stearns Cos., which collapsed a year ago. Lehman Brothers Holdings Inc. went bust in September.

Volcker Criticism

Former Federal Reserve Chairman Paul Volcker late last month told a congressional committee that the lack of top appointees at the Treasury was “shameful” given the crisis. Bank executives are also upset over their lack of access to the department as it crafts policies that will affect their industry for decades.

The Treasury is aiming to publish more details on its $1 trillion plan to remove distressed mortgage assets from banks’ balance sheets within the next two weeks. President Barack Obama has also ordered his economy team to help form legislation to overhaul U.S. financial rules within weeks.

Cohen, the Sullivan & Cromwell partner, has ties to numerous firms that have been shuttered, bailed out or acquired in the $700 billion financial rescue. Among the companies he has represented are Lehman, Goldman Sachs Group Inc., JPMorgan Chase & Co., Fannie Mae and Wachovia Corp.

While congressional lawmakers this week expressed what some observers termed “bailout fatigue,” some analysts said Cohen’s deep knowledge of financial institutions can only help Geithner.

“He would be an unparalleled choice,” said William Sweet, a banking partner at the Skadden, Arps, Slate, Meagher & Flom law firm in Washington. While Cohen has “certainly represented a great deal of Wall Street, if you don’t have someone with real expertise it’s hard to get things done.”

tim said...

>>Read a fucking BOOK.

Good lord, I've been reading pretty much constantly since second grade, including Chomsky and HL Mencken.

By the way, I consider Chomsky brilliant, but humorless. Mencken, despite his cynicism, fills one with a love of life somehow, unlike virtually all popular modern cynics.

As for TV, yeah, it's in the individual's best interest to turn the damned thing off. We should have stopped with the 50s radio shows, which at least encouraged some imagination, some brain activity.

But is it in my best interest right now if the masses come out of their entertainment-based stupor? I don't know. I think we all would have been better off if the fad of TV had died during the good times. But now, TV might keep these losers from murder and mayhem. Give the fuckers football and Larry King. Give them Olberman and Limbaugh and the other clowns that both sides rally around and ape.

I am especially worried by people with rigid thinking now. The survivors will be the ones without dogmatic thinking--the ones who can adjust to fluid situations.

Anonymous said...

This is how it starts, ... note Ireland like Iceland will lose its 'AAA' then the interest rates will skyrocket. This is how the US of BK will implode....


Ireland May Lose Its AAA Credit Rating, Fitch Says

Bloomberg - ‎59 minutes ago‎

By Dara Doyle and Ian Guider March 6 (Bloomberg) -- Ireland may lose its AAA debt rating because of a slump in government tax revenue, Fitch Ratings said.
Fitch cuts Ireland's rating outlook to negative Forbe

IHateToBurstYourBubble said...

The survivors will be the ones without dogmatic thinking--the ones who can adjust to fluid situations.

I agree. We should all shower more often.

Anonymous said...

TV might keep these losers from murder and mayhem.

*

Ahhhh grasshopper, so even you admit that 'TV' is just Bend's Westside Church @home.

The 'radio' is just as insipid.

The funny thing is that CORPORATE TV&RADIO has the masses all worked up, but with CORPORATE-US going the way of the DODO, who will fill the air?

Will US become like UK, just BBC, and nothing else?

The entire 'advertising paradigm' is collapsing, that's why I can't watch TV or listen to radio even if I wanted too, I can't tolerate even a second of commercials.

Here in ORYGUN, they got Lars Larsen, with Limbaugh before & after. All with 10min of talking shit, with every 50min of commercial on the hour.

But WHO is the biggest CORPORATE WHORE of them ALL the OREO? OR the Limbaugh?? Both have lemmings who fail to question the master. Both are stuffed suits. Both are owned by CORPORATE USA. Both have millions of followers that parrot the dribble like Bend's Westside Church 'believers'.

Anonymous said...

Here's one for you PUSSY, ... the leader of the free world, tells us about Bikes,...


What does Rush Limbaugh have to say about bicycling?

March 5, 7:05 PM


What does Rush Limbaugh, the media’s latest obsession and the man many are calling the de facto leader of the GOP, have to say about bicycling? Quite a bit, it turns out.

In mid-February, in response to a proposed city ordinance in Madison that would charge motorists who open vehicle doors unsafely a $100 fee, Limbaugh let listeners know he didn’t much care whether pesky cyclists get doored. On his radio show, Limbaugh said:
"Frankly, if the door opens into a bicycle rider I won't care. I think they ought to be off the streets and on the sidewalk. Don't misunderstand here, you bike riders, do not misunderstand this, but I mean if you're going to get in the street, get over there, get over as far right in the lane as you can. You ought to see Saturday morning where I live. It looks like a swarm of mosquitoes. It causes you to take an alternate route. And so now poor bike riders, some old codger opens the car door, bam! The bike rider does a head flip over the door. I haven't seen that. Now they want to fine you for not only opening the door, you don't close it soon enough, you get a $50 fine in Madison, Wisconsin. (laughing)"


Later, Limbaugh had this to say when a deferent listener called to point out he’d been doored twice while riding:

"Why are you so damn close to the car? You're on a bike. You've got all the lane room in the world, unless you're in a pack of bikers and you can't move."



When the caller then points out it’s illegal to ride on the sidewalk, Rush responded with this:



"I know, and kind of tees me off. The sidewalks are for pedestrians, the streets are for pedestrians when they happen to wander in one, and now the streets are for bike riders -- and we automobile drivers, what do we do, we have to give way we have to yield to everybody who streets are not designed for."



Yes, Rush, you do. Roads are not designed exclusively for automobiles drivers. They’re designed for people, some of whom happen to ride bikes. Deal with it.



That said, if you really want cyclists out of your way on the roadways, you might tell your pals in the House and the Senate to give up the grandstanding and get serious about funding more dedicated bicycle infrastructure.



Meanwhile, the more politicians drag their feet on bicycle infrastructure, the more drivers will have to contend with ticked-off cyclists, such as Jeff Frings.

Anonymous said...

Boss Hogg's threaten to commit mass suicide over new City Fee's.

"We're Trying to make Bend a place where Businessmen want to do Business, a place where there are no taxes or fee's"


Bend building fee hikes concern businesses


Bend Community Development Director Mel Oberst says permit fees need to rise to cover the cost of service
Bend Community Development Director Mel Oberst says permit fees need to rise to cover the cost of service


Dispute focuses on whether they are justified

By Nina Mehlhaf, KTVZ.COM

The Bend City Council has tentatively approved hiking permit fees as much as 30 percent in the next few months, but that isn't sitting well with builders or those who do business with them.

The increases come after the city learned that for decades, it's been undercharging for permits, and staff only learned about it through a study that just came back.

"We did all the neon work at the Tower Theatre," said Carlson Sign Co. owner Peter Carlson, pointing to a photo of one of the most recognizable and intricate examples of the work his company does.

But Carlson is frustrated with Bend's high cost of sign permits his customers must pay.

"We're trying to make Bend a place people want to do business," Carlson said Wednesday. "And when it costs $1,800 (in permit fees) to put signs on a new business, that's excessive, in my opinion."

Councilors just heard the results of an independent study that said the city had been overcharging by $1,000 for things like designating a neighborhood as historic and land use applications, but undercharging for all building, planning and engineering fees.

At Wednesday night's work session with staff, councilors authorized a 15 percent increase in planning fees, 25 percent hike in engineering fees, and 30 percent jump in building fees in two phases.

Community Development Director Mel Oberst says right now, the city only gets 70 cents on the dollar in fees, compared to what it should be paid.

In other words: the salaries, gas, paperwork and technology that goes into each permit is more than the fee covers, and that has to change for the doors to stay open at City Hall.

"The revenues are not adjusted properly to the service level," said Oberst. "The amount of work that we provide and the revenues aren't covering that amount of work."

The Central Oregon Builder's Association, or COBA, tells NewsChannel 21 it's concerned. COBA doesn't understand why it's happening now, when building is dragging - and fees were hiked 30 percent just two years ago.

As for Carlson Sign, a new building near Costco has commissioned four signs from them. City permits just for the signs right now cost $3,161. The fee increase would tack on an extra $474.

"I think we should look at how it can be done in other places for less money and then start asking the questions, 'If it's done safely there, why can't we do it for less money and safely here?'" asked Carlson.

This year, Bend is the second-busiest in permit sales, right behind Portland. The city will approve 250 new, single family homes this year.

But the builders' association says it plans on protesting the fee increases at the next meeting, hoping to get the city to hold off.
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Anonymous said...

Listen UP KUNTS, here's another "RE-INVENT YOUR FUCKING SELF & MAKE MONEY".

SOUTHBEY's FAMOUS for over-priced Shit-Shacks all over the WORLD is now going low-end and doing 'foreclosure assistance', this is where the MONEY is @ KUNT's. Who would have guessed that SOUTHEBY's would go from first class WHORE, to third-world PIMP???


Bend Property Foreclosure Team With Sotheby’s Realty Formed to Offer Leading Edge Service To Lenders and Distressed Property Home Owners


Five Top Producing Agents at Sotheby’s International Realty in Bend, Oregon have formed the Bend Property Foreclosure Team to offer bundled buyer and seller services to Institutional Lenders and pre-forclosure homes and property owners. Reports Roland White, Broker & team member with Cushman & Tebbs Sotheby’s International Realty.


Providing Banking Institutions And Home Owners Full Service Marketing Solutions for Distressed Property Sales.

(1888PressRelease) March 06, 2009 - It can be agreed that most real estate agents will have a short sale or foreclosed property transaction very soon if they haven’t already as the Central Oregon Real Estate picture has a continued gloomy forecast with February 2009 statistics showing 80% of sales now recorded as defaulted properties.

However very few have organized like The Bend Property Foreclosure Team that has bundled all the buyer and seller services necessary in a distressed property sale to expedite the process from start to finish for all the affected parties. The team consists of five top performing expert agents from Sotheby’s International Realty that are well experienced in listing, sales, marketing and negotiating strategies for pre-foreclosure homes and short sales in Central Oregon.

Bringing a combined experience of 75+ years in the industry the team believes in the theory that no real estate job is to big or to small and are thus prepared to handle everything from bank owned real estate in residential areas or homes with acreage to commercial real estate & development property. With the high experience level of the team members there is virtually no property type that cannot be handled in the current distressed real estate market.

For a complete list of all services offered visit the web site at: www.BendForeclousureProperty.com
and download the Marketing Services Package or sign up for a bimonthly market update, or register to research the foreclosure market online.

The team members are Dan Cardot, Roland White, Laura Curry, Pattie Serbus & Michelle Baker, all Real Estate Brokers that are & specializing in distress property marketing and sales for buyers and sellers. You can visit their web site at www.BendPropertyForeclosure.com or call team members at Cushman & Tebbs Sotheby’s International Realty in Bend at: 541.383.7600

Anonymous said...

Obama Wag's the Limbaugh, but Why?? Carlin long ago answered that question, and it got him 'black-listed', and here's what he said, ...

Forget the politicians. They're irrelevant. The politicians are put there to give you the idea that you have freedom of choice. You don't. You have no choice. You have owners. They own you. They own everything. They own all the important land. They own and control the corporations. They've long since bought and paid for the Senate, the Congress, the state houses, the city halls. They've got the judges in their back pockets. They own all the big media companies so they control just about all of the news and information you get to hear. They got you by the balls!

They spend billions of dollars every year lobbying. Lobbying to get what they want. Well, we know what they want. They want more for themselves and less for everybody else. But I'll tell you what they don't want. They don't want a population of citizens capable of critical thinking. They don't well-informed, well-educated people capable of critical thinking. They're not interested in that. That doesn't help them. That's against their interest. That's right.

You know something? They don't want people who are smart enough sitting around the kitchen table to figure out they're getting f*cked by a system that threw them overboard thirty f*cking years ago. They don't want that. You know what they want? They want obedient workers. Obedient workers. People who are just smart enough to run the machines and do the paper work, and just dumb enough to passively accept all these increasingly sh*ttier jobs with the lower pay, the longer hours, the reduced benefits, the end of overtime and the vanishing pension that disappears the minute you go to collect it.

And now they're coming for your Social Security money. They want your f*cking retirement money. They want it back, so they can give it to their criminal friends on Wall Street. And you know something? They'll get it. They'll get it all from you sooner or later. Because they own this f*cking place. It's a big club... and you ain't in it. You and I are not in the big club.

By the way, it's the same big club they use to beat you over the head with all day long when they tell you what to believe. All day long, beating you over the head in their media telling you what to believe, what to think and what to buy.

The table is tilted folks. The game is rigged. And nobody seems to notice. Nobody seems to care. Good, honest, hard working people. Blue collar, white collar, doesn't matter what color shirt you have on. Good honest hard working people continue... these are people of modest means... continue to elect these rich cocksuckers who don't give a f*ck about them. They don't give a f*ck about you. They don't give a f*ck about you. They don't care about you. At all. At all. At all. And nobody seems to notice. And nobody seems to care.

That's what the owners count on, the fact that Americans will remain wilfully ignorant about the big red, white and blue dick that is being shoved up their ass every day. Because the owners know the truth. It's called the American Dream because you have to be asleep to believe it.

Anonymous said...

Democrats' diversionary tactics

By John Boehner
Special to The Washington Post

In the first two months of 2009, the Democratic Congress and the White House have spent more money than the combined cost of the Iraq and Afghanistan wars and the response to Hurricane Katrina. After they doled out taxpayer dollars at such a blistering pace, the instinct of many inside the Beltway is to do what's most convenient: desperately try to change the subject by creating straw men called "the party of no" to rally against.

And in a carefully calculated campaign, operatives and allies of the Obama administration are seeking to divert attention toward radio host Rush Limbaugh, and away from a debate about our alternative solutions on the economy and the irresponsible spending binge they are presiding over. This diversionary tactic will not create a single job or help a single family struggling in today's economic crisis. And THAT is where our focus should be.

Make no mistake: This strategy did not develop out of thin air. Democratic pollsters began laying the groundwork for this effort last fall. What's particularly regrettable is that all this is unfolding at a time our nation can least afford it.

President Obama has said that we must change the way Washington operates in order to address the unprecedented challenges of today. I hope that those inside and close to the administration begin heeding his advice, because the change-the-subject campaign they are employing is the oldest trick in Washington's book. This isn't about the leadership of political party officials or the influence of radio hosts. It's about the need for both parties to work together toward real solutions to end this recession and put Americans back to work.

It's no secret that middle-class families and small businesses across our nation are hurting. Their job security is diminishing, their budgets are tightening, and their 401(k)s and college savings are evaporating. During this recession, they are being forced to make difficult budget decisions; unfortunately, Congress and the administration do not feel the responsibility to do likewise. Instead, the profligate spending we've seen over the past two months is simply breathtaking and it's exactly why some here in Washington are scrambling to change the subject.

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Consider what Washington Democrats have "accomplished" since the beginning of the year: The administration requested $350 billion from the Troubled Assets Relief Program even though neither the Bush administration nor the Obama administration has adequately answered questions about where the first $350 billion went and what strategy Treasury officials have developed to get the government out of the private sector. President Obama signed "stimulus" legislation that costs twice as much as the House GOP's alternative bill but that will create only half as many jobs.

The president apparently plans to sign the $410 billion "omnibus" spending bill, even though it is loaded with some 9,000 unscrutinized earmarks and the largest increase in discretionary spending save for a brief increase after the Sept. 11, 2001, terrorist attacks since the Carter administration. And the Obama administration has proposed a budget blueprint that increases taxes on every American, to the total tune of $1.4 trillion. Each of these policy proposals is meant to lay the groundwork for a new era of big government and neither Main Street nor Wall Street likes what it is seeing.

Markets are plunging, businesses are cutting jobs and families are growing more anxious every day. Moments like this demand the kind of cooperation and new way of doing business that Obama has promised. Instead, those around him are taking to the airwaves and the pages of our nation's newspapers to carry out a campaign intended to change the subject and divert attention from what matters most: finding a way to work together to get our economy moving again.

Something is wrong when the discourse in Washington is more focused on a political sideshow than, say, the fact that Congress is attempting to terminate a school choice program that serves thousands of needy children in the District of Columbia, or the impact of a presidential budget that raises taxes on millions of Americans during a recession. When it comes to jobs, the budget, children's health care and other issues, House Republicans have offered what we believe are better solutions to the problems facing middle-class families and small businesses. We will continue to do so in the coming months and hope that White House political operatives abandon their cynical "change the subject" strategy by joining us.

Anonymous said...

HBM,

So are you going to file the complaint to Ferry's office?

I have asked this question over at the SORE, but now they have blocked my IP here at the coffee shop.

What's a mother to do??

Go to another coffee shop, but I like to post @ strictly-organic.

Please HBM, tell us when your going to give Ferry what she wants.

Please PUSSY, I'm NOT talking to you, and I don't care what you think, or you say your going to do, this is all about HBM, he's the one that bit your fucking bait, and sit himself up for the pussy-fall.

sincerley, millhouse

Anonymous said...

Bend is so self-conflicted, so paradoxical, inconsistent and incongruous, it's mere existence is almost impossible.

This brought a huge grin to my face. It's why I love Bend so much. Yes we're headed into the abyss, but so is the entire country. Buckle your seatbelt.

Anonymous said...

So now we know where this bash Limbaugh thing is coming from. And now we know why HBM is so infatuated with Limbaugh.

Lame. Obama should try to fill the void with accomplishment.

Bewert said...

Re: Sotheby's

###

They would help themselves out if they spelled their website name correctly in their PR.

Anonymous said...

So now we know where this bash Limbaugh thing is coming from. And now we know why HBM is so infatuated with Limbaugh.

*

Talking points is what they call this, do you all remember about a month ago both PUSSY's went on a tirade about LIMBAUGH OWNING the conservative movement, and being its leader.

At the time it was a big YAWN, of course because LIMBAUSH is a JEW, and is owned by the SAME people who own the OREO also a Jew, as his mother was jewish.

Then the KING of the Jews, Rahmbo himself, whose grandfather, a pre 1948 terrorist who created the modern state of Israel comes out the last week and say's "LIMBAUGH" rules the world, ... then the STUPID nigger Steele reply's, no I'm the KING NIGGER!!!!

Then Steele is TOLD to shut-up, ... a day-time soap-opera created and ran BY AIPAC.,... in the meantime the greatest robbery in human history continues.

I also want to say something about health care, quite laughable under OREO, as Rahmbo's brother a physician is in charge, this is like the letting DR-DEATH run the morgue US-healthcare, brother RAHMBO is a fucking DR-CAPITALIST, whose only mission is force EVERYONE on the planet to BUY health-insurance from an AIPAC company, ... who would have guessed??

Anonymous said...

Bob Woodward & HBM are brown-nosing all day today at the SORE in downtown Bend.

There will be book signing by Woodward & Miller, the new book is called "How to File a Complaint: Orygun, the Untold Story".

Rumor is BP's wife might buy a copy and read it to him some night with his cookies and hot-milk.

Anonymous said...

Lame. Obama should try to fill the void with accomplishment.

*

The OREO is an empty-suit, a manufactured oreo-cookie by the best stolen money that robbery can buy. Groomed since 2004 by the best crooks that AIPAC money can buy.

The Limp-Baugh is a reverse OREO, a fat-ass empty suit, but white on the outside, and black poverty-queen bitch on the inside. Who has been leading his flock of 'believers' over the cliff for 20+ years, and all the time Limp-Baugh has gone from a grade-b loser sacramento-cali radio host to GOLD INTL.

The truth is that OREO/LIMBAUGH are head's & tail's of the same AIPAC coin.

Heads you win OREO, tails you win limbaugh.

Who would have guessed??

In the meantime Giethner and Co, rob the US treasury @ the rate of $100B/day.

Bewert said...

Nancy,

One other thing--the Central Oregon Association of Realtors raised over $37,000, virtually all of their funding, in the category "Miscellaneous Cash Contributions $100 and under"

See http://spreadsheets.google.com/pub?key=pUgdG_cx73J6wrhLUFNfqMw

To me that's a red flag, but your position is that it is normal and part of the ongoing practice, right? And I would need to find a member that gave more than $100 to file a complaint.

Thank you,

###

Bruce,

Yes, you are correct. We would need some sort of evidence, not just suspicion or hearsay.

This committee has done what we call "opting out" in the Orestar system. In other words, rather than entering each individual name in the private workshop and letting the Orestar system calculate the aggregate, the aggregates are being calculated manually by someone on the committee, presumably the treasurer. If this person is doing the books correctly, he should know exactly how much each contributing member has given in each calendar year in order to determine when to reveal the name/address and occupational information.

If Orestar calculated the aggregates, then it would generate a system transaction for all those $100 and less contributions for each day and only reveal the system-generated "misc contributions..." to the public. However, the names would exist in the committee's private workshop ready to reveal when the aggregate was over $100 and which cannot be seen by us or the public until that limit is reached. Most committees operate this way; however, a few committees have many dues-paying members, whose dues rarely go over $100 in the calendar year. So it makes it easier for them to just enter a daily transaction called "misc contributions..." rather than each individual name.

Hope this helps.

Nancy Ferry

###

BTW, I did get a copy of that ad, and actually held what seems to be the last existing actual ad in my dirty little hands, courtesy of Sean Tate. He was unable to discuss anything about it financing, though. Now I'm trying to determine just what a four-color double sided insert actually costs.

Bewert said...

New Bend Gazette post:

City Trying To Decrease Developer Subsidies

Anonymous said...

More Rat's Abandon the Obama ship, and today's NY-TIMES ...

"We should operate from the assumption that [Treasury Secretary Tim] Geithner will always surround himself with the most awful Wall Street cronies imaginable. He’s totally captive to that ideology.

This Administration is going to make Warren Harding’s Administration seem like a convention of nuns by comparison."

It just keeps getting better every day.

Believe people believe, "Hope & Change".

Anonymous said...

HOPE&CHANGE: NO WAY IN HELL WILL ANY RATIONAL PERSON DESTROY THEIR CAREER BY GOING DOWN WITH THE OREO SHIP.


Three more Obama nominees withdraw from running


Three of Barack Obama's nominations for key government positions have withdrawn from the running on a single day in another blow to his faltering attempts to fill his administration.


By Toby Harnden in Washington
Last Updated: 11:59PM GMT 06 Mar 2009

Barack Obama to end US combat operations in Iraq by 2010
President Obama on Friday set a date of August 31, 2010 for the end of US combat operations in Iraq, and said he intended to fully withdraw all troops by the end of 2011 Photo: AFP/GETTY

They are the latest in a string a appointments to back out of senior jobs since he came to power just six weeks ago.

The nominee for deputy in the United States Treasury Department withdrew herself from consideration after weeks of intensive vetting

Annette Nazareth, a former senior staffer and commissioner with the Securities and Exchange Commission, was said to have made "a personal decision" to pull out.

She had faced criticism for her SEC role in creating what Mr Obama himself has lambasted as lax oversight of the banking industry and her confirmation hearing threatened to be contentious.

The gap leave Timothy Geithner, the US Treasury Secretary, battling the worst economist crisis since the Great Depression with none of his 17 deputies even named. Each one has to be confirmed by the US Senate, a process that usually takes weeks.

Paul Volcker, an Obama economic adviser and former Federal Reserve chairman, called the situation at the Treasury "shameful" last week. Mr Geithner has a 50-person "shadow cabinet" of intended appointees but they have no authority to take any decisions.

The staffing vacuum has contributed to the shaky start made by Mr Geithner, who made an uncertain first public appearance and whose bank rescue lacked the specifics Mr Obama had promised.

Mr Obama also suffered another setback when Dr Sanjay Gupta, the high-profile CNN medical correspondent who had agreed in principle to become Surgeon General, took himself out of the running, saying: "It really came down to a sense of timing more than anything else. You know, I have two daughters. Our third daughter is now imminent."

Others suggested that Dr Gupta had been dismayed when Tom Daschle's bid to become Health Secretary and health care reform tsar was derailed over his failure to pay $128,000 in taxes on a chauffeur and limousine. After this, the health job was split in two, a move that would have left Dr Gupta with two bosses.

The US Treasury denies there is any appointments problem. "In just weeks since taking office and inheriting the worst economic crisis in generations, we have taken an unprecedented level of action to strengthen our economy – from passing a recovery bill to crafting a framework for financial stability to implementing a plan to keep millions of Americans in their homes," it said in a statement.

But at a Senate hearing on Thursday about the failed insurance giant American International Group, which has been given federal bail-out funds totalling more than $170 billion, Senator Chris Dodd said the Treasury department had told him no one was available to testify.

"I am not pleased that we don't have someone here from Treasury to explain what their role in this is." Caroline Atkinson, Mr Geithner's choice for undersecretary of international affairs, Caroline Atkinson, also withdrew herself from consideration.

After a transition period that was hailed as one of the smoothest and best organised in the past two decades, Mr Obama has struggled to fill key posts amid signs of chaotic decision making and inadequate vetting.

He has lost two Commerce Secretary nominees – Governor Bill Richardson, who became embroiled in a corruption scandal and Senator Judd Gregg, a Republican who turned against Mr Obama's spending plans.

Nancy Killefer, chosen to be "chief performance officer", pulled out over unpaid taxes while General Anthony Zinni was told he would be ambassador to Baghdad only to learn that a diplomat had been appointed to fill the slot but no one had bothered to tell him.

According to the White House Transition Project, which tracks appointments, there are some 1,200 government jobs that require Senate confirmation about 360 of which are considered policy jobs. Only about 70 of those jobs have been filled so far.

Anonymous said...

FUCKIN Eh KUNTS, a DEM TELL's the Truth, too fucking Bad that Robert Rheich can't be given one of those 1200 un-fillable OREO jobs. OREO: All that is good is his fault, all that is bad is not his fault, .e.g. Hope&Change, hope for good shit, and change the subject when shit is bad.


Is Obama responsible for Wall Street's meltdown?


It's an absurd argument, but that's where populist rage on the right is heading.

By Robert Reich

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Read more: Wall Street, Economy, Opinion, Barack Obama
Jim Cramer

CNBC

"Mad Money" host Jim Cramer.

March 5, 2009 | Is Obama responsible for the meltdown of the Dow? The consistently wrongheaded Wall Street Journal's editorial page says so, as does Republican Fox News, CNN's reliably demagogic Lou Dobbs, and now CNBC (where, full disclosure, I frequently appear as a token liberal). CNBC's Jim Cramer, who bloviates nightly about stock picks, says Obama is pushing a "radical agenda" that's destroying investors' wealth. My friend Larry Kudlow, who rants nightly about nearly everything, says Obama is destroying capitalism. CNBC reporter Rick Santelli's ballistic nonsense about Obama's mortgage plan made him a pop-populist icon for a week or so.

The argument that Obama is somehow responsible for the collapse of Wall Street is absurd. First, every major policy that led to this collapse occurred under George W.'s watch (or, more accurately, his failure to watch). The housing and financial bubbles were created under Bush and exploded under Bush. The stock market began to collapse under Bush.

Second, it's inevitable that stocks, led by the bloated financial sector, would lose their remaining hot air as the new administration begins "stress-testing" the big banks, many of which are technically insolvent. After all, their share prices were built on a tissue of lies and dreams. Other sectors whose values were similarly distorted and distended by years of financial deception and regulatory disregard, such as housing and insurance, will also have to return to the real world before they can recover. Which could mean more stock losses.

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Finally, none of the financial wizards who are now charging Obama with leading America into the abyss have offered an alternative plan for getting us out of the mess that, not incidentally, many of these same wizards happily led us into. For years, the Wall Street Journal editorial page and the financial gurus of cable news cheered as Wall Street leveraged its way into oblivion.

This bizarre charge wouldn't be worth mentioning were it not a market test for a more intense attack from Wall Street and Republican media outlets next year as the nation moves into the gravitational range of the 2010 midterm elections. Republicans have made no secret of their wish to blame Obama for the bad economy, and to stir up as much populist rage against his so-called socialist tendencies as politically possible. History shows how effective demagogic ravings can be when a public is stressed economically. Make no mistake: Angry right-wing populism lurks just below the surface of the terrible American economy, ready to be launched not only at Obama but also at liberals, intellectuals, gays, blacks, Jews, the mainstream media, coastal elites, crypto socialists, and any other potential target of paranoid opportunity.

To complicate matters for Republicans, however, grass-roots populist rage is also building against Wall Street itself, and with some justification. Top Wall Streeters who raked in tens of millions of dollars a year for more than a decade have now effectively eviscerated the pension fund savings of millions of middle-class American workers and destroyed millions of Main Street jobs. The public is understandably appalled that its tax dollars are being used to pay and prop up the very people and institutions responsible for this debacle. And there seems to be no end in sight: Citigroup and the insurance mammoth AIG, in particular, have become giant ongoing sump-pumps for tens of billions of public dollars. Yet no one seems to know exactly where these dollars are going, or why.

Worse: When it turns out that people like Lloyd Blankfein, the CEO of Goldman Sachs, who took home $68 million in 1997, was the only Wall Streeter in a meeting last September at the New York Federal Reserve to discuss the initial AIG bailout with Tim Geithner, then New York Fed chair, among others, at the very time Goldman was AIG's largest trading partner, a distinct scent of self-dealing begins to emanate. When it turns out that Citigroup got a bailout deal last October far more generous than that given to any other distressed bank, when a top Citi executive was advising the Treasury and Fed, the scent increases. Goldman's past CEO was treasury secretary at that time, by the way, and another former Goldman CEO was a top Citi official and also a former treasury secretary. I am not suggesting anything so crude as corruption. But could it be, given these tangled webs, that -- innocently, unintentionally, perhaps even subconsciously -- the entire bailout effort was premised on saving these companies rather than protecting the public? Or that the distinction between the two was lost, and still is?

The Wall Street and Republican media attack machine doesn't know exactly what to make of this. The Wall Street Journal's editorial page, along with CNBC, alternates between attacking Obama for bailing out Wall Street and excusing Wall Street's excesses. But then again, Obama doesn't seem to know exactly what to make of it either. He seems to vacillate as well -- one moment scorning Wall Street, the next moment justifying further bailouts. I do hope he takes a firmer hand, drawing a clearer distinction and making a clearer connection between clearing up these financial balance sheets and helping average people. Otherwise, the next populist uprising will be born in this moneyed quagmire. It is here -- within the muck that was created by AIG, Citigroup, Fannie and Freddie, other giant financial institutions, now in combination with the U.S. Treasury and Fed -- that the public is most confused, bears its most serious scars, and is potentially most burdened in future years, by decisions still made in secret.

Bewert said...

Dunc made a great catch on HB's recent post on "...Paradise". Excellent comments. Read it here.

Bewert said...

Re: rats abandon Obama's ship

###

Bad rats. Nazareth is the perfect example. Hopefully Geithner will be next.

"SEC Biography:
Commissioner Annette L. Nazareth

Annette L. Nazareth was appointed by President George W. Bush to the Securities and Exchange Commission and sworn in on August 4, 2005.

Prior to being appointed a Commissioner, Ms. Nazareth served as the Commission's Director of the Division of Market Regulation, a position she held from March 1999 until August 2005. As Director, Ms. Nazareth had primary responsibility for the supervision and regulation of the U.S. securities markets, principally through the regulation of brokers and dealers, exchanges, clearing agencies, transfer agents and securities information processors."

It is heartening to see the pushback.

Anonymous said...

"I don't have a whole lot of personal experience living elsewhere," says Dunc on his blog, commenting on my "paradise" post.

Well, there ya go.

I find that most people who rave on about the wonderfulness of Bend are like that -- not much experience of anyplace else.

I've lived in five different states on both coasts and visited most of the places in between, plus Hawaii, and believe me -- this ain't "paradise." It was just a nice small town. Once.

Duncan McGeary said...

Gee, by those standards, I should have got married a few more times, failed in a few businesses, moved around alot.

Anonymous said...

Dunc: I've been married only once (for almost 40 years) and I never failed in business. I've moved around quite a lot because that's the nature of journalism -- if you want to advance your career you've got to move where the opportunities are (unless you were born in NYC, LA or Chicago). I'm glad I did -- it made for a more interesting life.

I would have found it stifling to be stuck working in the same store on the same street in the same small town for 30 years. But whatever floats your boat.

Duncan McGeary said...

Hmmmm....I'll resist making comments about your career choices, and your desire to move on, cause that might sound slightly condescending.

Duncan McGeary said...

It's funny, but it's never been boring. New people, new product, new surroundings, constantly shifting around us.

Maybe that's why I haven't missed the 'small town' part so much. It's been a constant challenge to keep up, to adapt. This store simply wouldn't have been possible in the Bend I grew up in, and really, in some ways, was nearly impossible for most of the 80's.

Never had a problem keeping my interest, just as Linda continually fascinates me, and Bend still feels 'right.'

Duncan McGeary said...

Call me Dr. Pangloss.

Of course, I'm the same guy who title his blog, "Best Minimum Wage Job a Middle Aged Guy Ever Had..." I mean, what kind of attitude is that?

However, per your advice, I have informed my wife that I need to "experience" other women to make sure she the best one.....

Anonymous said...

if you want to advance your career you've got to move where the opportunities are ...

*

So then you moved to Bend!!

I'm reading this out loud, and then I hit the word 'advance', and I blew a wad of cum in BP's mooth and nows he's choking, I hope your happy you fucking bastard hbm.

Anonymous said...

Dunc made a great catch on HB's recent post on "...Paradise". Excellent comments. Read it here.

*

I did a 1/2 dozen John Milton posts today on Paradise 'lost' in BEnd, and Hbm/switzer/dyer/lundren delete all, ... so be it, ... its their website.

Fuck the SORE eye, and all the fucking bruces, except our pussy.

Anonymous said...

Second, it's inevitable that stocks, led by the bloated financial sector, would lose their remaining hot air as the new administration begins "stress-testing" the big banks, many of which are technically insolvent. - robert rheich


....

Hello, I mean technically Homer & Bp are virgins right?

There must be one orfice that hasn't had a big un penetrate its full lenghtH?

'Technically' insolvent?? I mean as a scientist, this must mystify the 'lay' like our dunc who spends his life on a sofa SE Bend.

"Technically Insolvent' whoooa, does this mean if I kiss Mosses as Monday AM that 2002 CUM's back??

Anonymous said...

I've been married only once (for almost 40 years) and I never failed in business.

*......*

Excccuuuuuuuse ME with a big fucking OREO on Haggen Daaz, and OREO's CUM for frosting.

If you haven't ran and started a biz from scratch, what do you know about BIZ??

Let me understand this HBM/BP KUNT?? You fucking jump from job to job, your entire adult life and now your telling US the KUNT's with a capital 'K' that you know biz?

HELLO?

Don't get me wrong my gist instinct is sadly the BP is probably the 2nd biggest cock entrepreneur here.

On that note, note on the bike fron that the shop behind DeLussa near BP wife bike shop is DOA, ... Think Kunts 1,0000 bike shops in BEND, and finally one is 'moving' end times? WTF??

OK, so what about the GOD DAMN GOOSE SHIT EATING HBM, he runs the entire SHER:LOCK HOLMES Series on Dun'c s missing comic book, today the BIG BP pussy admits that Sean Teate has given him warm milk with the image of 'missing' $4k Bull Ad, and what we got COMPLETE FUCKET HBM silence?

APU, is there a name fr this?

Anonymous said...

So much stooopid shit happens elsewhere that we sometimes ignore Bend, orygun.

Today's klusterfuck goes to the BEND COP's that raided a grand-ma growing pot, and busted her grand-children for hiding under the single-wide, only in Bend. Cops of course just wrote a 'ticket' cuz granny had 'medical' grow permit.

Then another this AM @ 5, yesterday the favorite time for COP's to take down big game, I don't know if yOU Kunts study this shit, but study show we be in 'deepest' sleep @5am.

So an 80 yr old man, and his 80 yr wife are growing a little pot, in Estacada this AM, and the MOUNTY's of course bust down the DOOR @ 5am ( come on, never heard of mixing it up?? ), well grand-pa of course answers with a 'shotgun' at this time, the Estacada Police aren't say how many shots were fired, but my sources tell me that four cops dump their entire 17rd clips into grand-pa, who didn't get a shot off.

Now come-on, grand-pa was WWII vet who fought with a fucking M-1 garand, its fairly fucking obvious that granda-pa was blown-away, and then had his rusted shotgun placed in his hands.

Enough Said.

Anonymous said...

IRS is going back to actually hire dumb-fucks to collect tax debt??

Is the BUSH privatization really Bend-OVer??

Private Debt-Collection Plan Ended by Internal Revenue Service

By Ryan J. Donmoyer

March 6 (Bloomberg) -- The Internal Revenue Service is ending a three-year-old program that used private companies to collect overdue taxes, saying the job should be performed by government workers.

IRS Commissioner Doug Shulman said in a statement yesterday the agency plans to hire more than 1,000 new collection personnel. He said the agency will have more flexibility to use those employees where they are needed the most.

Arcade, New York-based Pioneer Credit Recovery Inc., a subsidiary of SLM Corp., also known as Sallie Mae, was one of three companies hired in March 2006 to pursue more than $750 million in unpaid federal taxes. The companies were allowed to keep up to 25 percent of the amounts they collected.

Senator Dick Durbin of Illinois, the chamber’s second- ranking Democrat, said in a statement that “using private companies to collect taxes is far more costly than having qualified, trained IRS employees do the work.”

The action ends a battle over the private debt-collection initiative. House Democrats such as John Lewis of Georgia and the IRS’s national taxpayer advocate have said the program tramples taxpayers’ rights. Supporters, including Republican Senator Charles Grassley of Iowa, have said it is a way for the government to collect taxes that might otherwise be written off.

One of the companies collecting the taxes, CBE Group, is based in Waterloo, Iowa.

“After spending nearly a trillion dollars in the stimulus bill to keep people working across the country, they are going to cut a program that provides jobs to hundreds of people during the middle of a recession, including 60 in Iowa,” Grassley said in a statement yesterday.

IRS Notice

The IRS on Feb. 4 notified Pioneer Credit Recovery and CBE Group that it would decide within 30 days whether to extend their contracts for another year. A third company’s contract ended earlier.

Cancellation of the private debt-collection program is a victory for the National Treasury Employees Union, which has argued that the IRS could do a better job than private agencies if given the funds to hire more agents.

Private contractors collected $29 million in back taxes and were paid $6.34 million by January 2008, in the first year of the program. The collections amount to just 3.7 percent of the $787 million in back taxes assigned to the companies by the IRS.

The money was collected from 8,763 accounts, or 10 percent of those assigned to the companies, according to an interview at the time with Michael Phillips, a deputy inspector general at the Treasury Department.

Anonymous said...

HBM,

Now that BP found the missing BULL ad, courtesy of Sean teate, and your PUSSY is on the page, what you say in your sore-eye??

Anonymous said...

Let me understand this HBM/BP KUNT?? You fucking jump from job to job, your entire adult life and now your telling US the KUNT's with a capital 'K' that you know biz?

Like I said, it's the nature of journalism to "jump from job to job" if you want to advance in your career. You have to go where the opportunities are.

Of course if you're content to toil away as a reporter or copy editor at the same paper for your whole life, that's different.

I've had only five different jobs (reporter, copy editor, op-ed editor, editorial writer, columnist, managing editor) at four different daily papers papers (The Trentonian, Newsday, San Jose Mercury News, The Bulletin) in my journalistic career. Not an overwhelming number.

And as ME of The Bulletin I handled a bigger budget and supervised more employees than many if not most of those who brag about their "bidness" experience on this site.

Anonymous said...

"Hmmmm....I'll resist making comments about your career choices, and your desire to move on, cause that might sound slightly condescending."

Dunc, I didn't mean to be condescending or insulting. If you're contented and fulfilled with the life you've chosen, more power to you. It's not a case of "I'm right and you're wrong." I'm just saying that different people have different psychological makeups and needs, and the same life choices don't work for everybody.

Anonymous said...

"Now that BP found the missing BULL ad, courtesy of Sean teate, and your PUSSY is on the page, what you say in your sore-eye??"

I'm not sure what I'm supposed to say. The big question for me was never where the ad ran or what it looked like, but who paid for it and why it originally was reported as an in-kind contribution from The Bulletin.

Anonymous said...

Health Care? Solution? Rahmbo's brother start a quasi-public health insurance that looks like fannie-fae, or freddy-mac, ... real solution? Kill all insurance, how about it pussy's?


Why HEALTH INSURANCE COMPANIES ARE THE PROBLEM! (updated) And a question.


March 7, 2009, 5:20AM

Here is Health Insurance Company CEO Salaries from 2005 (can't seem to find 2008 figures yet) and the total from the previous 5 Years. IT IS IMPOSSIBLE to have true Universal Health CARE when CEOs like these are involved in this. Updated part below.



* United Health Group
CEO: William W McGuire
2005: 124.8 mil
5-year: 342 mil
* Aetna
CEO: John Rowe
2005: 22.1 mil
5-year:57.8 mil
* Cigna
CEO: H. Edward Hanway
2005:13.3 mil
5-year:62.8 mil
* McKesson
CEO: John Hammergen
2005: 13.4 mil
5-year:31.2 mil
* WellPoint
CEO: Larry Glasscock
2005: 23 mil
5-year: 46.8 mil




The Update

ANNUAL COMPENSATION OF HEALTH INSURANCE COMPANY EXECUTIVES (2006 and 2007 figures): These figures don't appear to INCLUDE STOCK OPTIONS.

• Ronald A. Williams, Chair/ CEO, Aetna Inc., $23,045,834
• H. Edward Hanway, Chair/ CEO, Cigna Corp, $30.16 million
• David B. Snow, Jr, Chair/ CEO, Medco Health, $21.76 million
• Michael B. MCallister, CEO, Humana Inc, $20.06 million
• Stephen J. Hemsley, CEO, UnitedHealth Group, $13,164,529
• Angela F. Braly, President/ CEO, Wellpoint, $9,094,771
• Dale B. Wolf, CEO, Coventry Health Care, $20.86 million
• Jay M. Gellert, President/ CEO, Health Net, $16.65 million
• William C. Van Faasen, Chairman, Blue Cross Blue Shield of Massachusetts, $3 million plus $16.4 million in retirement benefits
• Charlie Baker, President/ CEO, Harvard Pilgrim Health Care, $1.5 million
• James Roosevelt, Jr., CEO, Tufts Associated Health Plans, $1.3 million
• Cleve L. Killingsworth, President/CEO Blue Cross Blue Shield of Massachusetts, $3.6 million
• Raymond McCaskey, CEO, Health Care Service Corp (Blue Cross Blue Shield), $10.3 million
• Daniel P. McCartney, CEO, Healthcare Services Group, Inc, $ 1,061,513
• Daniel Loepp, CEO, Blue Cross Blue Shield of Michigan, $1,657,555
• Todd S. Farha, CEO, WellCare Health Plans, $5,270,825
• Michael F. Neidorff, CEO, Centene Corp, $8,750,751
• Daniel Loepp, CEO, Blue Cross Blue Shield of Michigan, $1,657,555
• Todd S. Farha, CEO, WellCare Health Plans, $5,270,825
• Michael F. Neidorff, CEO, Centene Corp, $8,750,751



If you can find more recent figures please post them.



The more information the better.

One more question... Does anyone else think that maybe, just maybe, auto Insurance should be paid for with a gas tax? Think about it, the more you drive the more you pay. Then insurance companies would actually have to compete for your business based on the service they provide. And wouldn't this really be a kind of "Flat Tax"?

I am trying to get info on auto insurance CEOs, will post them as soon as I get good numbers in future updates.

Anonymous said...

I'm not sure what I'm supposed to say. The big question for me was never where the ad ran or what it looked like, but who paid for it and why it originally was reported as an in-kind contribution from The Bulletin.

*

But most of Bend has been looking for that ad for months, we had a bounty for $1,000's of dollars the pussy had blood hounds in the streets looking for that ad, and now that it has been found, its story-non-grata, ...

'in-kind' the siamese iverson/high wives that do the election 'books' for cora&coba say it was a 'mistake'.

Who paid? Why not call the siamese wives and ask them?

Too me we only learned one thing about this ENTIRE fiasco, and that is that COBA & CORA are the SAME, that all the books are done by the IVERSON&HIGH wives, now that is interesting, cuz it means that all COBA/CORA money is commingled.

We also know that COBA/CORA contributed $150k in the recent election and filled city-hall with their candidates.

So the question is "WHO OWNS IVERSON&HIGH HUBBY's", and where did they get the $150k?????

Bewert said...

Re: On that note, note on the bike fron that the shop behind DeLussa near BP wife bike shop is DOA, ... Think Kunts 1,0000 bike shops in BEND, and finally one is 'moving' end times? WTF??

###

Actually James moved his bike shop up by the new fly shop on 14th. Seems to be doing fine, and is in the survival mode right now, like NWA.

As for police clusterfucks, let me smile and give you one better. This is fucking truly rich:

Never mind, they seem to have pulled the story. It was about a Salem-area cop losing his gun at Hoodoo.

Anonymous said...

Dunc made a great catch on HB's recent post on "...Paradise". Excellent comments. Read it here.

*

The 'paradise' is such FUCKING BULLSHIT, HBM can bash Bend weather, fair enough, that's legal neither SMITH or HOLLERN, or Bob Woodward are named, or Dyer who is behind Metolious, who is connected by to the SORE events, ...

Or the SORE can bash Smith-Frozen Food, but that's it, everything else is off the table, ...

So it continues, and HBM bashes Bend weather. Life is good.

Then Ned Flanders picks up the ball, wow what a fucking FIND!!!

The problem with all this is that the SORE is the 90% who FUCKING promoted the BEND BRAND with BOB WOODARD over the last 20 years, its funny to see the SORE denigrating the 'bend brand', when in fact SORE events summerfest/winterfest are owned by SORE/SISTERS.

Homer you love Sisters, study Dyer and Lungren very carefully.

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