You know what to do; do it here
It's something of a sl-o-o-o-w newsday in Emerald City. We thus thought it might be a good idea to set up an open thread. We haven't done that for quite a while; we think this is a good idea as we move into the weekend.
Before we open the floodgates to our reader comments, however, here are a couple of today's Utah news items that caught our eye this morning:
First, to our absolute astonishment, it seems that the Mayor of Salt Lake City is stuck in a rut, and doesn't recognize some of the new transportation technologies that can move people from point A to Point B in Utah. Here's a link to SLC Mayor Becker's entirely non-visionary thinking:
Becker makes big push to speed up streetcar project
Streetcars? We pity the poor fools in Salt Lake City, who still don't realize the "wonderfulness of gondolas." Sad... VERY sad.
"Back to the future" is right, Mayor Becker! Some day you may get a clue! Do yourself a favor and talk to Boss Godfrey and the Geigers.
Secondly: Here's another possible open thread discussion topic:
Investment in future takes seed in northern Utah
We're big fans of Grow Utah Ventures here at Weber County Forum. We wrote a glowing paen of praise to these smart, dedicated and community minded venture capitalists in one of our earliest WCF posts, and we haven't changed our minds since then. These are people who don't suck up to the public trough. These are real venture capitalists, who invest in business start-ups with their own money.
The floor is open. Consider this an open thread. Talk about whatever lifts your skirt.
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9 comments:
C'mon Rudi dont get on Becker, at least he' thinking out side of the Gondola box.
Okay let me try a topic. After 7 years of mal-investment, some would say 20 years, some would say 30, or more, we have a credit crisis. Millions of homeowners bought houses they could not afford, and like the hilarious power point pitch Rudi posted a few days ago showed, the banks found ways to package the debt to con off onto each other and onto the innocent. So now, house prices are falling, people are under water, the banks are at the brink of failure. So what does the government do?
Republicans:
1. Have the SEC change the accounting rules so the banks can carry this toxic debt on their books at full value, rather than market value. In other words, lying made them look good before, it can make them look good again.
2. Work a deal so JPM can buy Bear Stearns, taking the good stuff, and throwing $30 billion in bad debt onto the taxpayers.
3. Keep the war going, so the war profiteers and oil companies can keep running smooth.
Democrats:
1. Come up with a plan to give $7000 tax credits to buy a NEW home (from a builder) or a foreclosed home (from a bank.) But if you buy a home from a private citizen, no cash.
2. Provide huge tax breaks to homebuilders.
3. Leave the public twisting in the wind.
Thank goodness both parties are working to save the fat cat brokers, bankers, and builders. Heaven forbid these people be left to pay the price of their corruption, incompetence, and greed.
Of course, the congress’ only openly gay and openly convicted child molesting member, Barney Frank, is proposing we let homeowners who got in over their heads reduce the value of their mortgages at bank’s expense – perhaps the only decent proposal of the lot except that it rewards irresponsible individuals.
Anybody heard of “creative destruction?” That’s where you let people reap the rewards of their behavior, whether sweet fruit, or the whirlwind. It works well in nature, and in the economy. But creative destruction doesn’t make campaign contributions like brokers, bankers, and builders do, does it?
Well, nobody here?
How come everyone thinks the economy has hit bottom? Do they know something I don't?
April 3 – Bloomberg (Hugh Son): “Consumers fell behind on car, credit-card and home-equity loans at the highest level in 15 years during the fourth quarter, another sign the U.S. economy is slowing, according to an American Bankers Association survey. Payments at least 30 days past due increased across all eight categories of loans tracked, the Washington-based group said today in a statement. Late loans climbed 21 basis points to 2.65% of all accounts in a consumer-loan index… ‘The rise in consumer credit delinquencies is consistent with a rapidly slowing economy,’ ABA chief economist James Chessen said… ‘Stress in the housing market still dominates the story, but it’s a broader tale.’”
Here we are, in my private room, nice and quiet . . .
April 3 – The Wall Street Journal (Jacqueline Palank): “New data show that U.S. businesses are seeking bankruptcy-law protection at a faster rate than consumers this year, amid a global credit crunch that has hurt businesses and individuals alike. From January through March, some 13,155 businesses filed for bankruptcy… That’s an increase of almost 45% from the 9,103 business bankruptcy filings in the first three months of 2007. The pace for businesses exceeds the growth rate of consumer bankruptcy filings . . .
For our younger readers, this is what recessions look like . . .
Did I say recessions? How about depressions?
March 28 - Financial Times (Paul J Davies): “Global debt issuance collapsed in the first quarter as the credit crunch took its toll on new deals in all sectors… Total debt market volumes were $1,030bn in the first quarter, a 48% drop compared with the same quarter a year ago, while total syndicated loan market volumes were $599bn, a 47% drop versus the same period last year, according to Dealogic… The numbers illustrate how the withdrawal of liquidity from the world’s debt markets in the wake of the turmoil that began in the US mortgage markets has affected everything from the safest corporate borrower to the most risky private equity backed leveraged buy-out deal.
Business runs on debt. Debt volume being cut in half because they can't do deals seems like a huge drop to me. Any bankers out there? Tell me I'm wrong.
Hey Professor,
Got students?
April 4 – Bloomberg (Jeremy R. Cooke): “The collapse of the $330 billion auction-rate securities market has brought debt sales by U.S. public student-loan agencies to a halt. No municipal bonds backed by student loans were sold in the first quarter, the first time that happened in almost 40 years… Public lenders from Texas to Pennsylvania to Illinois relied on auction-rate bonds to raise money so they could make or buy student loans.”
I guess everyone is listening to conference. I forgot. Bye.
The employment picture ain't lookin' so hot either...
Job losses raise alarm
"WASHINGTON — It's no longer a question of recession or not. Now it's how deep and how long.
Workers' pink slips stacked ever higher in March, as jittery employers slashed 80,000 jobs, the most in five years, and the national unemployment rate climbed to 5.1 percent. Job losses are nearing the staggering level of a quarter-million this year, in just three months.
For the third month in a row, total U.S. employment rolls shrank — often a telltale sign that the economy has jolted dangerously into reverse.
At the same time, the jobless rate rose three-tenths of a percentage point, a sharp increase usually associated with times of deep economic stress.
The grim picture described by the Labor Department on Friday provided stark evidence of just how much the jobs market has buckled under the weight of the housing, credit and financial crises. Businesses and job seekers alike are feeling the pain.
"It is now very clear that the fat lady has sung for the economic expansion. The country has slipped into a recession," said Stuart Hoffman, chief economist at PNC Financial Services Group. Indeed, there is widening agreement that the first recession since 2001 has arrived. Even Ben Bernanke, in a rare public utterance for a Federal Reserve chairman, used the "r" word, acknowledging for the first time this week that a recession was possible."
"I guess everyone is listening to conference. I forgot. Bye."
LOL!
Saturday mornings are always slow, Danny. I'm sure traffic will pick up later, as per normal.
The SE has given Dorothy Littrell a chance to state her side of the failed lawsuit. Typically, it was buried in Flowers and Darts, among letters from little old ladies thanking nice young men for holding doors for them.
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