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657943 Posts in 9260 Topics by 3396 Members Latest Member: - vlozan86 Most online today: 68 - most online ever: 494 (Jul 01, 2007, 02:59:53 PM)
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Author Topic: Live, Late-Breaking, Investigative (Now with Super-Doppler) New News Thread  (Read 44677 times)
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slow west vultures
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Posts: 2326


« on: Mar 16, 2008, 01:34:06 PM »

cause we needed a new one.

and i have the phrase "Live, Late-Breaking, Investigative" burned into my head by a local news channel.

i have more to add on the topic of boomburbs and such, but it will have to wait until my brain rejoins me shortly. 
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Ocean in view! O! The joy!
jebreject
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Posts: 27071


« Reply #1 on: Mar 16, 2008, 02:33:11 PM »

Dude, Thermofusion, thanks a lot for posting that. I'm looking forward to more discussion on this topic.
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I'm not racist, I've got lots of black Facebook friends.
Thermofusion
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Posts: 10000


« Reply #2 on: Mar 16, 2008, 03:24:28 PM »

No prob!

Here's a short video that the Charlotte Observer put together to accompany the article that the Atlantic quoted from -- it mainly focuses on Peachtree Hills, a new subdivision in northwest Charlotte and one of a dozen or so where the banks & development companies conspired to prey on the African American community with the easy promises of upward mobility and equity building via predatory lending.  Sickening stuff.

http://videos.charlotte.com/vmix_hosted_apps/p/media?id=1591700

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triple paisley minimum
Good Intentions
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Posts: 13882


« Reply #3 on: Mar 16, 2008, 05:53:45 PM »

Yeah, basically what's being talked about in that article is the one issue that really makes me wanna do like urban studies or sociology or whatever but in the end I'm far, far too lazy for that. It's something my friend Scott and I talk about a lot--and which some of us have discussed on here before, too--and I'm just completely intrigued by what seems to be happening in many major cities--the inner city being rebuilt and recovered and refinanced, and its former inhabitants being pushed further and further out. My concern is that working people are gonna be totally fucked when they're stranded on the cul de sac with gas at 10 bucks a gallon and no options for gainful employment out in the suburbs as all the shops close due to decreasing property values.
That's the way it is for the poor in Australia and New Zealand.
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Wally
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Posts: 9184


« Reply #4 on: Mar 16, 2008, 06:49:49 PM »

I was talking about this with a lass off my course the other day, she's from Birmingham and the gentrification of the residential housing in the city center their has been kicking on pretty strong over the past decade. With more and more suburban estates going the way described in that article. In Nottingham it's only really beginning.

Although what we do have, and what I believe is the case for a lot of the smaller cities in the UK, is lots of large suburban estates. Built during the sixties a lot of which were at one point council housing but over the eighties became private property. Thatcher's government sold the idea of selling these houses as a way to give opportunities for lower middle class and working class families to enter the housing market, but as this was happening at the same time as the factories and mines which they were built around were closing down all it did was put a lot of households into crippling debt. This swamped entire neighborhoods, whose up keep was at one point the duty of the council, but are now all but ignored. Those who managed to keep up with mortgage payments and now finally own their own homes, own property in areas no one really wants to live. Therefore making it the perfect place to push the poorest people living in the city, not necessarily the ones in the remaining high rise flats or council estates, but those living in rented accommodation where prices are rising due to the growing number of, well, students and others who've found the growth in commercial and business enterprise in the city to their liking.

A large proportion of those being pushed out are first, second or third generation migrants, and where are they being pushed to? Those areas where the white working class have been most screwed over, areas where the BNP and the like are strongest. I'm probably not the only person slightly horrified about what's going to come.     
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Thus begin the chronicles of the Self-Loathing Gay Commando.
Maaik
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Posts: 15119


« Reply #5 on: Mar 16, 2008, 06:57:27 PM »

a fucking tornado ripped through downtown Atlanta Saturday night!  Fucked up the GA Dome and the CNN Center and a pipe burst in the Omni Hotel, making for great news footage of torrents of water cascading down staircases.

The club that MiC's playing at on Tuesday--the building's big AC unit was torn off the roof.  Miraculously, they're gonna be open tomorrow!
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I need anne the man lessons
davy
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Posts: 24822


« Reply #6 on: Mar 16, 2008, 10:34:31 PM »

which club is that?
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The drummer IS the foundation, p3wn.
Maaik
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Posts: 15119


« Reply #7 on: Mar 17, 2008, 08:32:11 AM »

Lenny's
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I need anne the man lessons
howardfinkel
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Posts: 285


« Reply #8 on: Mar 17, 2008, 12:03:45 PM »

John Denver

Bruce Springsteen

Death.
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elpollodiablo
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Posts: 32624


« Reply #9 on: Mar 17, 2008, 12:11:12 PM »

Whew! For a minute there I thought the Boss was dead
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think 'on the road.'
elpollodiablo
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Posts: 32624


« Reply #10 on: Mar 17, 2008, 12:12:18 PM »

hahahahah oh wow, best defense EVER

Quote
Cooper told police she had become fed up with Waston telling her what to do during their two-year relationship. On the night of the killing, she tried to play a Springsteen CD and he took if off the stereo, triggering a bitter argument.

"I mean, who the hell doesn't like Bruce Springsteen, for God's sake?" Cooper told police in a record of interview presented to the court.

"I just picked up a knife and I went 'boom'."
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think 'on the road.'
elpollodiablo
Registered user

Posts: 32624


« Reply #11 on: Mar 17, 2008, 02:38:32 PM »

McCartney buys off one legged woman for $50mil

Quote
udge Hugh Bennett awarded Mills, who represented herself, 23.7 million pounds ($47.4 million). She said McCartney had proposed 15.8 million pounds ($31.6 million). Read the court's statement

The judgment included 35,000 pounds ($70,000) a year for the couple's 4-year-old daughter, Beatrice. Mills said she was unhappy with that amount because it isn't enough for school tuition, private security, or first-class airfare.

"He likes her to fly five times a year on holiday," Mills said of McCartney. "It's 17,000 (pounds) for two people return (round-trip) first class, so that's obviously not meant to happen for her anymore. It's very sad."

It will undoubtedly be sadder when her entire family is executed in an armed insurrection
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think 'on the road.'
ellaguru
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Posts: 5447


« Reply #12 on: Mar 17, 2008, 02:46:11 PM »

Well, I could see how 70 grand a year in child support sounds a little cheap for a man of McCartney's means. If, y'know, it didn't come with mom getting $50 mil from the guy.
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I also engaged in a rigorous study of philosophy and religion...but cheerfulness kept creeping in.
elpollodiablo
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Posts: 32624


« Reply #13 on: Mar 17, 2008, 02:47:12 PM »

Well obviously they need to spend thirty four thousand dollars every time they fly, too
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think 'on the road.'
Good Intentions
Registered user

Posts: 13882


« Reply #14 on: Mar 17, 2008, 07:20:42 PM »

Bear Sterns, which was valued at $20bn last month, was sold for $200mil today. That latter figure more or less represents the value of their head office building in NYC. All the rest was what could be called 'fictitious capital', and has disappeared without a trace.

There was $30bn worth of government-backed debt involved in the sale as well.
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diesel_powered
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Posts: 19210


« Reply #15 on: Mar 17, 2008, 07:24:55 PM »

I always thought that was an awful name for a brokerage firm.
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Quote
she had me at "let's make a sandwich"
andronicus
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Posts: 6515


« Reply #16 on: Mar 17, 2008, 07:34:11 PM »

Bear Sterns, which was valued at $20bn last month, was sold for $200mil today. That latter figure more or less represents the value of their head office building in NYC. All the rest was what could be called 'fictitious capital', and has disappeared without a trace.

There was $30bn worth of government-backed debt involved in the sale as well.
It wasn't all fictitious capital, just that 1. they had tons of assets that had become, in fact, worthless.  2. they had a big liquidity problem (all banks and bank-like institutions are having this right now, for obvious reasons)  and 3. the assets they had that were worth something were not liquid enough to clear at a fair price (when firms are required to liquidate assets at far-below-market values to generate immediate cash, it's called a 'fire sale' and this will go down as one of the great fire sales of all time. given the impending insolvency of the operation.  If we don't fuck ourselves back to the stone age with constant Fed missteps (even odds on my books, if you want to take them; government should have out and out bought BS and sold its assets to refund taxpayers the money sunk into a credit line, then sold back the business to the private market in a few years), JP Morgan will make a tidy sum from scalping Bear Sterns.

Anyway, I stopped doing these kind of blow-by-blow updates just because I think I started to sound like Henny Penny only right, but suffice it to say these days the first place I get online on my break at work is Bloomberg, and every morning is like Christmas all over again for me.
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Good Intentions
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Posts: 13882


« Reply #17 on: Mar 17, 2008, 07:50:02 PM »

OK, but doesn't the fact that so much of what they had had suddenly become worthless show that it was at least hideously overvalued through the kind of money-shuffling tricks you and others have pointed out? How much of the value it's lost (ballpark figure, or percentage, or whatever you feel confident guessing) was in the end just hot air?
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andronicus
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Posts: 6515


« Reply #18 on: Mar 17, 2008, 08:51:21 PM »

Well there's a distinction to be made between the share value of BS and the value of its assets.  The big problem is these securities that everyone's knee-deep in never really traded on the open market, they just functioned as padding for the books.  As far as what BS was really worth (assets - liabilities) we'll never know, because the price it sold at again was not a market price, it was a price dictated by a Fed-brokered deal (and/or JP Morgan's was the only bid; again, no way we can know which of these is the case for sure) on the terms that you either sell at this price before the markets open in Tokyo Monday or BS will collapse, your shareholders (i.e. you; 1/3 of BS's assets were held in-house) will lose everything, you will be hated by millions of people and you will probably be criminally prosecuted for your almost incomprehensible failures in basic due diligence and risk management. 

As far as a guess, all I would be confident in saying is that, given its book value and its sale price, JPM got itself a bargain, especially with $30bn guaranteed Fed backing on its liabilities.  A bargain, that is, assuming my descendants aren't cantering down Madison Ave. in a hundred years or so armed with spears.

The real big question now: who's next?  This liquidity crisis isn't going to be getting any easier because the banks and pseudo-banks (like BS; these financial institutions are the ones to be really worried about, as the Fed is more restricted in its powers to deal with them and they aren't under the Depression banking regulations, so no minimum cash reserves and a much higher probability of being over-leveraged in risky investments) are being incredibly tight-lipped about their cash situations, and in this incredibly tense situation the looming threat of counterparty risk means that the banks are refusing to interact with each other, informationally or financially.  Which means the Fed is now the sole and universal clearinghouse for info and cash in this market, and that thought doesn't exactly fill my heart with hope.

Lehman Brothers is the odds-on favorite for the next implosion, so say the options traders, and I wouldn't bet against them, because these are basically the greedy fucks who put the financial industry in this situation in the first place betting against the home team in an attempt to recoup some of their losses.  They know who's getting the shiv next because they're the ones putting it in.  Sick really, and hilarious.

On an even more hilarious note, apparently Greenspan (the fucking fuck) wrote an 'It's not my fault, I swear!' essay, but it's behind a subscription wall, so I can only imagine what he said and laugh about it.
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elpollodiablo
Registered user

Posts: 32624


« Reply #19 on: Mar 17, 2008, 09:20:45 PM »

NAH NAH NAH NAH NAH NAH

CRIMSON AND CLOVER

OVER AND OVER

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think 'on the road.'
Good Intentions
Registered user

Posts: 13882


« Reply #20 on: Mar 18, 2008, 07:54:59 AM »

So, Tibet is burning, protesters are being mowed down by government forces and China blames it all on a pacifist, marginalised, exiled monk. The US economy is falling to shit, and everybody is dirtied by the splash. Here's some other news to take your mind off of that:

Quote from: butchersapron
Massive fines for work-related death
Well, not really. Tiny fines in fact:

Quote
The majority of large companies convicted of health and safety offences involving a  death of a worker or member of the public are fined at a level which is less than 700th of their annual turnover. If individuals earning an average annual income of 24,769 were sentenced at this level, they would be fined just 35.

Breach of competition laws are much more stricty enforced and punished, with fines of 10% on turnover. So fuck you valued workforce.

CCA's full report

I'm absolutley convinced that nexy month's corporate manslaughter legislation will be effectively introduced too.
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davy
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Posts: 24822


« Reply #21 on: Mar 18, 2008, 03:23:34 PM »

brand new governor david paterson of new york, on his first day in office as spitzer's successor, just announced that he has cheated on his wife "many" times since 1999.

holding public office in the state of new york must be hell on a marriage.
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The drummer IS the foundation, p3wn.
Maaik
Registered user

Posts: 15119


« Reply #22 on: Mar 18, 2008, 03:24:42 PM »

A group of middle aged Chinese immigrants living in Atlanta took down a murderer in slapstick action movie-fashion.
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diesel_powered
Registered user

Posts: 19210


« Reply #23 on: Mar 18, 2008, 05:50:07 PM »

That story is AWESOME.
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Quote
she had me at "let's make a sandwich"
Good Intentions
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Posts: 13882


« Reply #24 on: Mar 18, 2008, 06:23:00 PM »

Oh. Wow.

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