Archive for March 18th, 2009

Quick takes …

March 18, 2009

In 2008, 75% of AIG’s Congressional political contributions went to Dems …

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… about half of that went to Dodd and Obama (and that doesn’t count  $$$ to the DNC)

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The Stimulus Bill contained an amendment called the “Dodd Amendment”, which says:

“Bonuses can only be paid in the form of long-term restricted stock, equal to no greater than 1/3 of total annual compensation, and will vest only when taxpayer funds are repaid. There is an exception for contractually obligated bonuses agreed on before Feb. 11, 2009.”

Sen. Dodd says the exception to his amendment was slipped in without his knowledge.  Hmmm.

If an amendment had your name on it, wouldn’t you read it before signing it ?

http://www.foxbusiness.com/story/markets/industries/finance/dodd-cracks-aig—time/

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What ever happened to Roland Burris?

A couple of weeks ago, Obama, Reid, Durbin, the new governor of Illinois, and most pundits were calling on him to resign after acknowledging that he “forgot” that he raised money for ousted governor Blago. 

Seems that the old coot survived the firestorm …

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New bumper sticker popping up …

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http://www.worldnetdaily.com/?pageId=89958

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Posted in Financial Crisis, Mortgage Crisis, Obama Administration | Leave a Comment »

One man’s foreclosure is another man’s affordable housing …

March 18, 2009

Ken’s Take: Yes, there is a silver lining in the decline in home prices.  For many responsible people, sky high home prices made ownership out of reach.  Now, maybe some of these folks will have a fair shot.

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Excerpted from RealClearPolitics.com, “Subsidizing Bad Decisions”,  Sowell, March 10, 2009

The current political stampede to stop mortgage foreclosures proceeds…  

What if the foreclosures are not stopped?

Will millions of homes just sit empty? Or will new people move into those homes, now selling for lower prices– prices perhaps more within the means of the new occupants?

The same politicians who have been talking about a need for “affordable housing” for years are now suddenly alarmed that home prices are falling. How can housing become more affordable unless prices fall?

The political meaning of “affordable housing” is housing that is made more affordable by politicians intervening to create government subsidies, rent control or other gimmicks for which politicians can take credit.

Affordable housing produced by market forces provides no benefit to politicians and has no attraction for them.

Study after study, not only here but in other countries, show that the most affordable housing is where there has been the least government interference with the market– contrary to rhetoric.

When new occupants of foreclosed housing find it more affordable, will the previous occupants all become homeless? Or are they more likely to move into homes or apartments that they can afford? They will of course be sadder– but perhaps wiser as well.

The old and trite phrase “sadder but wiser” is old and trite for the same reason that “saving for a rainy day” is old and trite. It reflects an all too common human experience.

Full column:
http://www.realclearpolitics.com/articles/2009/03/subsidizing_bad_decisions.html

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Outliers’ KFS … the 10,000 hours rule

March 18, 2009

This is one of several posts extracting some key points from the book Outliers: The Story of Success by Malcolm Gladwell, Little Brown, 2008

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Gladwell’s Observation

Mastery of a complex skill doesn’t come easy orfast.  Given an adequate amount of talent, the magic number is 10,000 hours.  That’s how long it takes the brain to assimilate the necessary knowledge and habitualize a complex set of relevant tasks.

Examples cited: Bill Gates and his mastery of PC software; elite classical musicians; the Beatles (before becoming overnight sensations).

Note: a typical work year is 2,000 hours (8 hours per day times 5 days times 50 weeks) … So, it takes 5 years of dedicated full-time effort to become success proficient.

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Ken’s Question: Tell me again how much relevant experience Obama had before becoming President ?

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Posted in Book Summaries, Success Factors | 3 Comments »