Monday, December 27, 2010

China Builds an Aircraft Carrier. Peaceful Rise?


On the last night of our visit to China a few years back, we took our crew out to dinner for a final celebration. Our Mr. Jong, our driver, told us that he had been one of China's few fighter pilots during the 1979 war with Vietnam. China's war with Vietnam did no go any better than ours.

Mr. Jong told us the Vietnamese beat the Chinese so quickly at the border that he and a handful of other pilots were ordered to Beijing to defend the city against the air attack the Chinese leadership feared would soon follow. It was another humiliation for a proud country where elites refer to the 19th century colonial period as a "century of humiliation."

After telling us this story, Mr. Jong grew wistful, telling us he hoped that one day he would live to see China build an aircraft carrier of its own so it could become a mighty nation.

Mr Jong may soon be getting his wish. The Chinese government today confirmed plans to develop into a naval power, complete with an aircraft carrier.

For years China has assured the world it intends a "peaceful rise." Developing what the military calls a "blue water navy" capable of operating far from China's shores will inject new uncertainty and tension into geopolitics. After all, the United States has a pretty big navy that operates around the world. What happens when these two navies bump up against each other?

I'm not sure I want to find out.

Republicans in the new Congress will take notice of China's ambitions. A complicated relationship is about to get more interesting. What do the Chinese say about living in "interesting times?"

Source: http://www.pbs.org/nbr/blog/2010/12/china_builds_an_aircraft_carri.html

Home Sales Outlook Housing Starts President Obama Hope for home owners

West Wing Week: "AKA Santa Claus"

Welcome to the West Wing Week, your guide to everything that's happening at 1600 Pennsylvania Ave. Walk step by step with the President as he signs the repeal of “Don’t Ask Don’t Tell,” looks back at an historic lame duck session, reads to kids for the Holiday season, and receives the Census report.

Learn more about the events featured in this edition of West Wing Week...

December 17, 2010

December 20, 2010

December 22, 2010

Arun Chaudhary is the official White House videographer

Source: http://www.whitehouse.gov/blog/2010/12/24/west-wing-week-aka-santa-claus

Housing Starts President Obama Hope for home owners Fannie Mae

Weekly Wrap Up: "Some Good News for the American People this Holiday Season"

A quick look at the week of December 13, 2010:

Quote: “We are here with some good news for the American people this holiday season,” said President Obama before signing the Middle-Class Tax Cuts Bill -- legislation that will prevent tax hikes on middle class families, keep the economy growing, and maintain lifelines for millions of those who are unemployed through no fault of their own. Watch the video.

Digg the White House: The White House is now on digg.com. Take a peek and start following us right now.

Holidays in Photos: Go behind-the-scenes as the White House celebrates the holidays in this photostream.

Healthy Kids: The President signs the Healthy, Hunger-Free Kids Act at a local DC school. The new law improves the nutritional value of school meals and increases the number of children eligible to receive them. Watch the President’s and the First Lady’s remarks.

The Night Before Christmas: The President reads to children at a local elementary school and the First Lady to patients, parents and staff at Children’s National Medical Center. Watch the video of the President here and the video of the First Lady here.

Elmo at the White House: Elmo joins Assistant White House Chef Sam Kass in the White House Kitchen to talk about healthy and tasty school meals -- and Elmo does the melon dance. Watch the video.

Lie of the Year: Politifact calls the claim that Health Reform is a "Government Takeover of Health Care" the lie of the year.

read more

Source: http://www.whitehouse.gov/blog/2010/12/17/weekly-wrap-some-good-news-american-people-holiday-season

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Triple Play 2010 the Movie by Trulia

Last week, Trulia attended the 2010 Triple Play Realtor convention in Atlantic City, New Jersey. What a great show!
We met so many amazing brokers, agents and association leaders over the course of 4 days. Way too many to list here. Some of them shared their Trulia experiences on video with us like Sandy and Bob [...]

Source: http://feedproxy.google.com/~r/TruliaBlog/~3/o0la6HEGXz4/

Foreclosures Home Sales Outlook Housing Starts President Obama

Originator Compensation: MBA Pushes for Postponed Implementation of New Regs

The MBA agrees with us, the mortgage industry is no where near ready to implement new originator compensation regs. Originator Compensation Reform: Putting the Cart Before the Horse From the MBA.... On Thursday, December 16, 2010, the Mortgage Bankers Association (MBA) sent the attached letter to Ben Bernanke, Chairman, and Saundra Bernstein, Director, Consumer and Community Affairs Division, of the Federal Reserve, requesting written guidance to help the industry implement the Board’s final rule on loan originator compensation and steering published on September 24, 2010. In the letter, MBA President and CEO John Courson asks for written guidance confirming previous direction that the Board staff has graciously provided MBA and its members either verbally or in person. MBA, on behalf...(read more)

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Source: http://www.mortgagenewsdaily.com/12172010_delay_originator_comp_reform.asp

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Former Treasury Secretary John Snow on China Reforms

U.S. - China relations are framed almost exclusively in terms of currency. But that's not the whole picture. For some perspective, I spoke with former Treasury Secretary John Snow.

Source: http://www.pbs.org/nbr/blog/2010/10/darren_gershjohn_snow.html

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Celeb Tidbits: Jesse James Sells Home; Jermaine Jackson?s Rental in Foreclosure; Ronnie James Dio?s Home for Sale

Happy Holidays, Jesse James
West Coast Chopper CEO Jesse James (the former husband of actress Sandra Bullock) got an early Christmas present: the home (above) he shared with Bullock while news of his affair broke, was just sold. James’ Sunset Beach house was originally on the market since May 2010 at a price of $6,750,000. It [...]

Source: http://www.zillow.com/blog/celeb-tidbits-jesse-james-sells-home-jermaine-jacksons-rental-in-foreclosure-ronnie-james-dios-home-for-sale/2010/12/22/

Home Sales Outlook Housing Starts President Obama Hope for home owners

Keeping up with the Jones?

HomeFinder.com Race for the Home Champions On the morning of Saturday, September 25, Erin Jones woke her husband Adam impatiently and full of excitement, ?Let?s go win some money!? Of course, she said it playfully and with no inclination of just how much those words would ring true. By the end of the day, the [...]

Source: http://www.homefinder.com/news/opening-doors/2010/10/06/keeping-up-with-the-jones%e2%80%99/

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News Hub: Boone Pickens' Wife Says Nay to Ranchers

Jim Carlton has the story of why ranchers in Nevada are up in arms over a fence that the wife of billionaire T. Boone Pickens wants to erect on her property.

Source:
http://online.wsj.com/video/news-hub-boone-pickens-wife-says-nay-to-ranchers/36E1FA3D-64AA-4E57-83DF-C3C716B34EAB.html

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Some of 2010?s Top Real Estate Sales in U.S.

The sexiest real estate list each year is the Most Expensive Homes for Sale in the U.S., but the flip side of that list is what did these homes sell for, if they indeed did sell? While multi-million dollar price tags create oohs and aahs, it’s nothing more than a price tag until it’s sold. [...]

Source: http://www.zillow.com/blog/some-of-2010s-top-real-estate-sales-in-u-s/2010/12/20/

Most Expensive Homes Luxury Home Prices Mortgage Rescue Scams Real Estate

Taking the bite out of closing costs

Roll fees into loan through seller or lender contribution

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Source: http://feedproxy.google.com/~r/inmannews/~3/K8AP6T3_bDs/taking-bite-out-closing-costs

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Today Show: What You Can Get For Under $350K

It’s that time again. Today, Barbara lowered the price range a few notches and picked out her favs for under $350K. We’re always down - the cheaper the better!
Here were some of her picks:
Memphis, TN

$349,900 | 3bd | 3ba
Reduced: $25K
University Heights, OH

$289,000 | 4bd | 2 full, 1 partial ba | 1,980 square [...]

Source: http://feedproxy.google.com/~r/TruliaBlog/~3/ShaLlo6468o/

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Existing-home sales rise in November

Inventory remains elevated at 9.5-month supply

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Source: http://feedproxy.google.com/~r/inmannews/~3/mOhUIK6Ud3E/existing-home-sales-rise-in-november

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Product Review: Evernote for Android

Record, store and sync text, voice and photo notes

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Source: http://feedproxy.google.com/~r/inmannews/~3/nXprJ9H0SrU/product-review-evernote-android

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Repealing DADT: "History Making"

This morning, hundreds of people came together to watch as the President signed the repeal of Don't Ask, Don't Tell into law.  Throughout the week, media outlets across the country have called the repeal a significant moment in civil rights history.  Here a few of the online posts and editorials we've seen.

Andrew Sullivan, The Atlantic: Obama's Long Game: 65-31

“Without the Pentagon study, it wouldn't have passed. Without Obama keeping Lieberman inside the tent, it wouldn't have passed. Without the critical relationship between Bob Gates and Obama, it wouldn't have passed. It worked our last nerve; we faced at one point a true nightmare of nothing ... for years. And then we pulled behind this president, making it his victory and the country's victory, as well as ours.”

Milwaukee Journal Sentinel: Making good history

“When Obama signs a bill repealing the military’s ‘don’t ask, don’t tell’ rule, it will be an event as significant for gay rights as President Harry Truman’s order integrating the U.S. military was for black Americans. Obama’s signature will mark historic progress for a nation that has for too long denigrated gay Americans. Our hope is that it is the death knell for one of the last frontiers of bigotry.”

Denver Post: For gays in the military, a measure of equality

“A basic civil right will finally be extended to thousands of men and women serving our nation in the military.”

Detroit Free Press: Another policy of prejudice rejected

“[F]or anyone whose soul is still stirred by the words of America's founding declaration, the end of DADT marks a monumental step toward the equality and justice its drafters sought to secure. And the process by which it was achieved highlights both the enduring strength of the American democratic process and the wisdom of its current stewards.”

Seattle Times: Gays in the military, an injustice repealed

“This is history making on the order of racial integration of the armed services and expanded roles for women in uniform.”

Los Angeles Times: 'Don't ask, don't tell': lessons of a long fight

“Support for repeal among the public and in Congress also reflected changing attitudes that can be credited not only to gay rights campaigners but also to ordinary gay and lesbian Americans who, by embracing their identity, made it harder for their friends, families and co-workers to cling to anti-gay prejudices.”

Las Vegas Review Journal: Closing this chapter

“President Obama is correct that sexual orientation places no limits on the ability of an American to display strength, courage and character. Despite the prohibition, gays have served and fought honorably in many armies -- and have essentially been integrated in the military for decades. Irrational prejudice is a thing to be confronted and overcome.”

Louisville Courier-Journal: Repealing bigotry

“’It is time to close this chapter in our history,’ Mr. Obama said last Saturday. ‘It is time to recognize that sacrifice, valor and integrity are no more defined by sexual orientation than they are by race or gender, religion or creed. It is time to allow gay and lesbian Americans to serve their country openly.’  A lot had to happen for an American commander in chief to be able to make that remarkable statement. Public attitudes had to change, and they have. Brave men and women had to risk everything in trying to end this discrimination, and they did. Public officials had to stand against storms of criticism, and they stood. The military establishment had to rectify a long-standing injustice, and it bent toward justice.”

AMERICAblog Gay: Tanya Domi: 'we stand on the shoulders of many who have not lived to see this day'

"But ultimately this vote and ultimate victory, belongs to the veterans and active duty service members who would not relent to the inaccurate political belief that we should not allow gays to openly serve during the course of two ongoing wars."

Miami Herald: So long, 'don't ask, don't tell'

“At least 25 nations allow gays and lesbians to serve in the military -- including Great Britain, Canada and Israel. Surely, the time has come for the United States to adopt the same enlightened policy. With two ongoing wars, the U.S. military simply can’t afford to exclude any individual able and more than willing to serve.”

Virginian-Pilot: Good riddance to ban on gays

“The military will adapt to this change, just as it did to racial integration and to allowing women to serve. In both those cases, critics predicted the sky would fall. It didn't. It won't this time, either.”

Pittsburgh Post Gazette: Victory in battle: Reason and equality win on 'don't ask, don't tell'

“The majority of military men and women surveyed, plus the top brass, said they favored repealing the policy. Defense Secretary Robert Gates and Adm. Mike Mullen, chairman of the Joint Chiefs of Staff, supported ending ‘don’t ask, don’t tell.’  What counts is that a good soldier is a good soldier.”

Houston Chronicle: A salute: Finally, all American troops can serve their country openly

“It (the repeal vote) was a rare display of principle over politics, especially in the bitterly divisive climate of this rough-and-tumble lame-duck session.  Good for them, good for our troops, and good for our country. Let's hope it's catching.”

New Orleans Times-Picayune: Allowing gay men and lesbians to serve with integrity

“Gay men and lesbians are already demonstrating their valor and patriotism in the armed forces, something that members of the military clearly recognized, based on their responses in a recently released Department of Defense report. Allowing them to do so honestly is only right.”

Billie Jean King, The Huffington Post: Repeal of Don't Ask, Don't Tell Is a Big Deal

"I am proud to be an American and I am honored to have the men and women who serve in our armed forces put their lives on the line to protect our nation. Their race, gender or sexual orientation does not matter to me. What matters most is their commitment to our country.  And that is a big deal."

Towleroad: Photo: Crowd Awaits Obama 'DADT' Signing Outside Dept. of Interior

 

 

 

 

Source: http://www.whitehouse.gov/blog/2010/12/22/repealing-dadt-history-making

Economy Interest Rates Celebrity Foreclosures Most Expensive Homes

Effects of foreclosure freeze: Sales dry up, investors turn cautious

Stubborn distressed homeowners. Possible legal wrangling. Skeptical secondary post-flip buyers. These are now all major concerns for cash-laden real estate investors who were snatching up foreclosed homes from banks, renovating and then re-selling them for profits several weeks later, according to CNN.com. What happened? Several major banks recently put the “freeze” on foreclosure sales to [...]

Source: http://blog.foreclosure.com/2010/11/effects-of-foreclosure-freeze-sales-dry-up-investors-turn-cautious/

Foreclosure Homes Realty Market Realty Economy

Sunday, December 26, 2010

Refinance Apps Down Five Weeks in a Row. Purchase Demand Stalls After Brief Run Up

The Mortgage Bankers Association today released its Weekly Mortgage Applications Survey for the week ending December 10th, 2010. The MBA's loan application survey covers over 50% of all U.S. residential mortgage loan applications taken by mortgage bankers, commercial banks, and thrifts. The data gives economists a snapshot view of consumer demand for mortgage loans. In a low mortgage rate environment, a trend of increasing refinance applications implies consumers are seeking out a lower monthly payment. If consumers are able to reduce their monthly mortgage payment and increase disposable income through refinancing, it can be a positive for the economy as a whole (creates more consumer spending or allows debtors to pay down personal liabilities like credit cards). A falling trend of purchase...(read more)

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Source: http://www.mortgagenewsdaily.com/12152010_refinance_apps_down_five_weeks_in_a_row_purchase_demand_stalls_after_brief_run_up.asp

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The Thorough Review of the New START Treaty

Yesterday, the Vice-Chairman of the Joint Chief of Staff, General James Cartwright, urged the Senate to approve the New START Treaty, saying “We need START, and we need it badly.” In Washington, dealing with the urgent sometimes trumps dealing with the truly important.  With the Senate’s consideration of New START, the United States Senate has the chance to deal with both, reducing our deployed nuclear weapons, and restoring our ability to effectively monitor Russia’s nuclear arsenal.  But now, some opponents of the Treaty – having failed to find any flaws with the Treaty – claim that they are not being given sufficient time to consider this important agreement.   Some claim that the Senate’s approach to this agreement is inconsistent with how they have been handled in the past. This criticism is wrong, and ignores the facts. 

read more

Source: http://www.whitehouse.gov/blog/2010/12/17/thorough-review-new-start-treaty

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Forget taxes and the deficit, we need to get serious about education!


I'm beyond stunned. I've spent all this time worrying about the deficit and our economy, thinking it was the critical issue facing the nation.

I was wrong. The most critical issue is education. Just look at the latest round of international testing in science, math, and reading. The Programme for International Student Assessment tested 15-year-old students around the world.

You probably know that students in Shanghai crushed the rest of the world, outscoring everyone in all categories by a wide margin. What you may not have heard is that kids in 28 nations outscored American kids in math. We're behind 15 nations in reading and 20 nations in science.

Hurray, we're #29!

We're not just broke, we're undereducated too!

How did we let this happen? How long can we let this go on?

Source: http://www.pbs.org/nbr/blog/2010/12/forget_taxes_and_the_deficit_w.html

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UN Suspends Food Aid in Pakistani Tribal Region

World Food Program stops all operations in the Bajaur district following suicide bombing that killed 45

Source: http://www.voanews.com/english/news/Bombing-of-Anti-Taliban-Tribe-Kills-45-in-Pakistan-112468364.html

Fannie Mae Freddie Mac Mortgage Crisis Real Estate Agents

Confessions of a Real Estate Junkie/Data Feed Landscape

With the recent acquisition of ListHuB by Move, Inc, the possibility and in fact likelihood that the landscape for moving real estate listing content...

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Most Expensive Homes Luxury Home Prices Mortgage Rescue Scams Real Estate

Regulators Publish Final Revisions to CRA Rules

The four agencies most responsible for bank regulation have issued final changes to the Community Reinvestment Act regulations. The final rule is essentially the same as announced for public comment and reviewed by MND last June and will take effect 30 days after it is published in The Federal Register. The changes differ only slightly among the four agencies charged with enforcing them, The Office of the Comptroller of the Currency, the Federal Reserve, Federal Deposit Insurance Corporation, and Office of Thrift Supervision. They are designed to support stabilization of communities affected by high foreclosure levels and, in effect, tie CRA more closely to the programs and goals of the Neighborhood Stabilization Program (NSP) run by the Department of Housing and Urban Development. CRA encourages...(read more)

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Source: http://www.mortgagenewsdaily.com/12152010_nsp_cra.asp

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The DREAM Act Must Be Passed

Ed. Note: This is the seventh in a series of posts from top Administration Officials on the importance of the DREAM Act.  Read Education Secretary Arne Duncan's post here, Labor Secretary Hilda Solis's contribution here, Commerce Secretary Gary Locke's post here, Homeland Security Secretary Janet Napolitano's here, a post from Dr. Clifford L. Stanley, Under Secretary of Defense for Personnel and Readiness, here, and Secretary of Agriculture Tom Vilsack here.  This post cross-posted from the DOJ blog.

As the son of an immigrant, I grew up in New York City with a deep appreciation for the ideals that, since America’s earliest days, have defined our nation.  Like so many who have set out for America’s shores, my father and both of my mother’s parents arrived here from Barbados in search of a better life and greater opportunity – for themselves and their children.

Looking back, I can see that their dream was the American Dream.  But looking around, I can see that, today, this dream is fading for too many deserving young people who, through no fault of their own, lack documentation – and, therefore, are being denied opportunity.

That is why the DREAM Act must be passed.

read more

Source: http://www.whitehouse.gov/blog/2010/12/17/dream-act-must-be-passed

Housing Starts President Obama Hope for home owners Fannie Mae

Refinance Demand Hits 8-Month Low as Mortgage Rates Rise

The Mortgage Bankers Association (MBA) today released its Weekly Application Survey for the week ending December 17, 2010 . The Mortgage Bankers Association application survey covers over 50% of all US residential mortgage loan applications taken by mortgage bankers, commercial banks, and thrifts. The data gives economists a look into consumer demand for mortgage loans. In a low mortgage rate environment, a trend of increasing refinance applications implies consumers are seeking out a lower monthly payment which can increase disposable income and consumer spending (or give consumers a chance to pay down other debts like credit cards). A falling trend of purchase applications indicates a decline in home buying interest, a negative for the housing industry and the economy as a whole. Excerpts...(read more)

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Source: http://www.mortgagenewsdaily.com/12222010_refinance_demand_hits_8_month_low_as_mortgage_rates_rise.asp

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White House Staff: It Gets Better

Ed. Note: President Obama, Vice President Biden and Administration officials recorded their own video messages to give support to young people who are being bullied because of their sexual orientation. Visit WhiteHouse.gov/itgetsbetter for more videos and resources.

Inspired by President Obama’s It Gets Better video, several LGBT White House staffers decided to add their voices to the project. President Obama has more LGBT appointees than any previous Administration and he is committed to making his Administration reflect the diversity of our nation.

Resources

If you’re a young person who’s been bullied or harassed by your peers, or you’re a parent or teacher who knows a young person being bullied or harassed, here are a few resources that can help you:

The Trevor Project 

The Trevor Project is determined to end suicide among LBGTQ youth by providing resources and a nationwide, 24 hour hotline.  If you are considering suicide or need help, call: 866-4-U-TREVOR (866-488-7386).

BullyingInfo.org

BullyingInfo.org is a project of the Interagency Working Group on Youth Programs (IWGYP) focused on providing tools and resources for youth, parents, teachers and mental health providers to prevent and address bullying. 

It Gets Better Project

President Obama's video and Vice President Biden’s video are just a couple of the thousands of videos submitted by people across the country to inspire and encourage LGBT youth who are struggling.  You can watch more videos at ItGetsBetterProject.com.

For even more information and resources visit or call:

Source: http://www.whitehouse.gov/blog/2010/12/20/white-house-staff-it-gets-better

Home Sales Outlook Housing Starts President Obama Hope for home owners

Regulators Publish Final Revisions to CRA Rules

The four agencies most responsible for bank regulation have issued final changes to the Community Reinvestment Act regulations. The final rule is essentially the same as announced for public comment and reviewed by MND last June and will take effect 30 days after it is published in The Federal Register. The changes differ only slightly among the four agencies charged with enforcing them, The Office of the Comptroller of the Currency, the Federal Reserve, Federal Deposit Insurance Corporation, and Office of Thrift Supervision. They are designed to support stabilization of communities affected by high foreclosure levels and, in effect, tie CRA more closely to the programs and goals of the Neighborhood Stabilization Program (NSP) run by the Department of Housing and Urban Development. CRA encourages...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Source: http://www.mortgagenewsdaily.com/12152010_nsp_cra.asp

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Social Marketing for Real Estate - Do you have the time?

�An effective social media program requires a significant time investment - and a significant investment in time does not guarantee an effective...

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Real Estate Vacation Properties Loans and Mortgages Household Moving

Originator Compensation: MBA Pushes for Postponed Implementation of New Regs

The MBA agrees with us, the mortgage industry is no where near ready to implement new originator compensation regs. Originator Compensation Reform: Putting the Cart Before the Horse From the MBA.... On Thursday, December 16, 2010, the Mortgage Bankers Association (MBA) sent the attached letter to Ben Bernanke, Chairman, and Saundra Bernstein, Director, Consumer and Community Affairs Division, of the Federal Reserve, requesting written guidance to help the industry implement the Board’s final rule on loan originator compensation and steering published on September 24, 2010. In the letter, MBA President and CEO John Courson asks for written guidance confirming previous direction that the Board staff has graciously provided MBA and its members either verbally or in person. MBA, on behalf...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Source: http://www.mortgagenewsdaily.com/12172010_delay_originator_comp_reform.asp

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New Survey Reveals 58 Percent Of Americans Expect Housing Market To Recover After 2012, According To Trulia And RealtyTrac

Today, Trulia and RealtyTrac, the leading online marketplace for foreclosure properties, released the latest results of an ongoing survey tracking homebuyers’ attitudes toward foreclosed homes. Results of the survey conducted online from November 2-4, 2010 by Harris Interactive� on behalf on Trulia and RealtyTrac showed that Americans continue to grapple with uncertainty about the [...]

Source: http://feedproxy.google.com/~r/TruliaBlog/~3/kx3kSoov9YE/

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Parsing the Deficit Commission Vote

Power Town

Gotta admit it, I was surprised by the number of yes votes on the President's deficit commission. It got a solid majority -- 11 in favor.

That is an accomplishment. This commission laid out the very tough choices facing the country and some serious folks voted to back it.

That said, it is important to look at the votes that matter most: What did people with power do?

There the record is more mixed. Looking at the elected officials on the commission, the plan got a split decision 6 yeas, 6 nays. That's pretty good. There are a lot of toxic political chunks in this soup -- higher taxes, increased Social Security retirement age, more taxes, tough spending cuts.

But to see the trend, you have to look deeper. Two yes votes come from members of Congress who are retiring. Sen. Judd Gregg (R) of New Hampshire and Rep John Spratt (D) of North Carolina. Spratt lost his re-election bid and joked, "As I read through [the report] I thought frequently, 'Thank God I'm not running again.'"

Taking out retiring members, the elected vote was 6 nays, 4 yeas.

Still, that is quite an accomplishment. Especially surprising was the yes vote by Sen. Dick Durbin, who is Assistant Majority Leader in the Senate, the Democrats number two man there. Durbin, however, was quick to point out his yes vote was only a vote to get the process going and to claim a seat at the table in future talks. He added the caveat, "I wouldn't vote for this commission report on final passage."

Durbin left that last part out of his op-ed in the Chicago Tribune.

What about the other no votes? Every re-elected member of the House voted no. The man in charge of writing tax law in the Senate, Max Baucus, voted no.

The deficit commission made more progress than I thought it would, but it still hasn't changed the political calculus on deficit reduction. I might add one other thought on the votes for deficit reduction. The votes that count the most right now are taking place on plans to extend the Bush tax cuts. That's where the real political action is.

Source: http://www.pbs.org/nbr/blog/2010/12/parsing_the_deficit_commission.html

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WikiLeaks' Assange Wins Book Deal

Julian Assange is expected to deliver the manuscript as early as March, 2011

Source: http://www.voanews.com/english/news/WikiLeaks--Assange-Wins-Book-Deal-112471024.html

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The lowest-risk U.S. housing markets

Now could be a good time to buy a home in these cities.

Source: http://realestate.msn.com/article.aspx?cp-documentid=26646856

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Eight Administration Officials, My Immigrant Parents, and the DREAM Act

Ed. Note: This is the eighth in a series of posts from top Administration Officials on the importance of the DREAM Act.  Read Education Secretary Arne Duncan's post here, Labor Secretary Hilda Solis's contribution here, Commerce Secretary Gary Locke's post here, Homeland Security Secretary Janet Napolitano's here, a post from Dr. Clifford L. Stanley, Under Secretary of Defense for Personnel and Readiness, here, Secretary of Agriculture Tom Vilsack here, and Attorney General Eric Holder's post here.

As the head of the White House Office of Cabinet Affairs, I work every day with the President’s Cabinet to advance his policy priorities.  Few issues trigger the depth and breadth of support from across the Cabinet as the DREAM Act.  This landmark legislation would strengthen our economy, our competitiveness, our workforce, our national defense, and our homeland security. 

Having worked for the President for the past six years, I know first-hand his deep commitment to the DREAM Act.  As a State Senator in Illinois, he helped pass that state’s version of the DREAM Act.  As a United States Senator, he was a co-sponsor of the legislation. 

Over the past few weeks, members of the Cabinet have spoken eloquently and persuasively about the importance of passing the DREAM Act. 

read more

Source: http://www.whitehouse.gov/blog/2010/12/17/eight-administration-officials-my-immigrant-parents-and-dream-act

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Realogy restructuring debt

Plan allows debt investors to get stock if company completes IPO

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Source: http://feedproxy.google.com/~r/inmannews/~3/X58Ehvd1kM4/realogy-restructuring-debt

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5 Post-Election Achievements You Should Know About

As the President said, it’s been the most productive post-election period we’ve seen in decades, capping off two of the most productive years in the history of Congress. Democrats and Republicans came together and made progress on some very big and important issues. Here are five post-election achievements you should know about (and so should your friends, family and neighbors):

1. Overturned Don’t Ask, Don’t Tell. 

This was the right thing to do for our military, and it was the right thing to do for our country. No longer will thousands of patriotic Americans in uniform be forced to live a lie or leave the military because of their sexual orientation. We are a nation that believes all men and women are created equal. That principle of equality is now enshrined in law.

President Barack Obama signs the Don't Ask, Don't Tell Repeal Act of 2010

President Barack Obama signs the Don't Ask, Don't Tell Repeal Act of 2010 during a ceremony at the Interior Department in Washington, D.C., Dec. 22, 2010. (Official White House Photo by Chuck Kennedy)

2. Got the New START Treaty Through

The most significant arms control agreement in nearly two decades was passed in a bipartisan fashion. In doing so, we’ve strengthened American leadership on non-proliferation issues, reinforced our relationship with a vital ally, and made our country safer.

Toasting the New START Treaty

President Barack Obama shares a toast in the Oval Office with the members of his National Security Staff who worked on the New START nuclear arms control agreement, Dec. 22, 2010. (Official White House Photo by Pete Souza)

 

3. Signed Extension of Middle-Class Tax Cuts & Unemployment Insurance 

The package will spur jobs, businesses, and growth. While not everyone was happy with every part of this package, the bipartisan support it received indicates that when taken as a whole, this is a good deal for the American people and the American economy. And economists across the political spectrum agree.

President Barack Obama signs the middle-class tax cuts bill

President Barack Obama, joined by Republican and Democratic members of Congress, signs the middle-class tax cuts bill in the South Court Auditorium of the Eisenhower Executive Office Building.

4. A New a Bipartisan Food Safety Bill

It constitutes the biggest upgrade of America’s food safety laws since the Great Depression.

5. Finally Got the 9/11 Health Bill Through

It will help cover the health care costs of the first responders who rushed to the World Trade Center to help, and inhaled toxic air as a result.

President Barack Obama holds a press conference in the South Court Auditorium

President Barack Obama holds a press conference in the South Court Auditorium, Dec. 22, 2010, (Official White House Photo by Chuck Kennedy)

While we’ve made significant achievements, it’s true that we didn’t get everything done. The President is disappointed that Congress wasn’t able to pass the DREAM Act or come together around a budget to fund our government over the long run.

Despite these setbacks, the past few weeks have proven that Washington is not doomed to gridlock. “I know there will be tough fights in the months ahead,” said President Obama, “But my hope heading into the New Year is that we can continue to heed the message of the American people and hold to a spirit of common purpose in 2011 and beyond. And if we do that, I’m convinced that we will lift up our middle class, we will rebuild our economy, and we will make our contribution to America’s greatness.”

Source: http://www.whitehouse.gov/blog/2010/12/23/5-post-election-achievements-you-should-know-about

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My 2011 Predictions

2010 Predictions

1) A year of bruising battles. There is some hope the New Year will build on the cooperation shown in cutting the recent deal on taxes and lead to more progress on deficit reduction. Don't count on it Both sides are gearing up for a nasty series of battles over spending. While this will lead to reductions in non-defense discretionary spending, the cuts are unlikely to be very deep. The good news: Once Republicans and the White House have scored points and fought each other to a draw, the possibility of a bigger deal that involves give on both sides - Republicans on taxes, Democrats on spending - goes up.
2) Federal Reserve on QE2. The Fed will finish its announced plans to buy $600 billion in bonds. But it is unlikely to go further. Given the tough political resistance on Capitol Hill and divisions in the Fed itself, the bar to further action by the Central Bank has been raised. The only way the Fed can expand QE2 will be if the economy is clearly weakening significantly. And who hopes for that next year?
3) Republican in-fighting will grab headlines. Yes, fights with Democrats are tough, but the battle within the GOP to control the Republican agenda - that's a death match. Senate Tea Partiers rallied under the banner of Sen. Jim DeMint who successfully battled back a bill containing numerous earmarks. This could be read as an implicit challenge to Senate Minority Leader Mitch McConnell. In the House, soon-to-be Majority Leader Eric Cantor and Speaker-to-be Boehner are already denying press reports they don't get along. Not a good sign. Reporters love in-fighting stories and will be looking for any excuse to run one.
4) Read up on your Constitutional trivia. Tea Party activists are already talking about moving forward on a "nullification amendment" to the Constitution. Under the amendment, if 2/3rds of the states voted to nullify a federal law, it would be repealed. If you're not familiar with nullification, read up on your Civil War history or the recent court case in Virginia overturning the Obama health care individual mandate.
5) The payroll tax cut will not be extended. Republicans didn't want to do it this year, and they will have the power to stop renewal next year. At best, the President gets a different tax cut or stimulus, but only if the economy is really hurting.
6) From Lawmaker to Rulemaker. Obama has already passed more legislation than most Presidents dream about. Now he can turn to writing rules and executives orders to get things done - without going through Congress. Regulation is a powerful tool and the President is already using his enforcement powers. Look for more action in 2011.
7) Feel like Presidential campaigns are never-ending? Well, the 2012 campaign shifts up a gear in 2011. Gov. Tim Pawlenty has a book tour scheduled for Iowa and New Hampshire in January. Newt Gingrich has practically moved to Iowa, he's been there so often. It you love politics, you'll love 2011. If you don't . . . sorry, that's just the way it is.

Source: http://www.pbs.org/nbr/blog/2010/12/my_2011_predictions.html

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Real estate market to hit bottom in 2011?

Altos Research: U.S. home prices to fall 5-10% more

read more

Source: http://feedproxy.google.com/~r/inmannews/~3/QaZlgWZJvr8/real-estate-market-hit-bottom-in-2011

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Selling your home during the holidays (yes, it?s possible)

There is always the question of whether or not you should take your home off the market during the winter months or if you should stick with it and try to snag a buyer while there are less homes in competition with you.� Generally speaking home buying takes a break during the holidays, but if [...]

Source: http://www.homefinder.com/news/opening-doors/2010/12/06/selling-your-home-during-the-holidays-2/

Foreclosures Home Sales Outlook Housing Starts President Obama

Tens of Thousands of Pilgrims Flock to Bethlehem on Christmas

Local Palestinian Christians attend Christmas Mass at Church of the Nativity; thousands line up to visit where Jesus Christ was born

Source: http://www.voanews.com/english/news/Tens-of-Thousands-of-Pilgrims-Flock-to-Bethlehem-on-Christmas-112453429.html

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Make Facebook work for you

Updated with info on cool new Trulia tool.� Click here if you want to see the original…
I love Facebook - but more specifically, I love status updates.� From your personal life to business life, status updates help you spread messages in a very efficient way. Here are 5 tips to help you use status updates [...]

Source: http://feedproxy.google.com/~r/TruliaBlog/~3/eNCw8U3IoVc/

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Weekly Wrap Up: "Some Good News for the American People this Holiday Season"

A quick look at the week of December 13, 2010:

Quote: “We are here with some good news for the American people this holiday season,” said President Obama before signing the Middle-Class Tax Cuts Bill -- legislation that will prevent tax hikes on middle class families, keep the economy growing, and maintain lifelines for millions of those who are unemployed through no fault of their own. Watch the video.

Digg the White House: The White House is now on digg.com. Take a peek and start following us right now.

Holidays in Photos: Go behind-the-scenes as the White House celebrates the holidays in this photostream.

Healthy Kids: The President signs the Healthy, Hunger-Free Kids Act at a local DC school. The new law improves the nutritional value of school meals and increases the number of children eligible to receive them. Watch the President’s and the First Lady’s remarks.

The Night Before Christmas: The President reads to children at a local elementary school and the First Lady to patients, parents and staff at Children’s National Medical Center. Watch the video of the President here and the video of the First Lady here.

Elmo at the White House: Elmo joins Assistant White House Chef Sam Kass in the White House Kitchen to talk about healthy and tasty school meals -- and Elmo does the melon dance. Watch the video.

Lie of the Year: Politifact calls the claim that Health Reform is a "Government Takeover of Health Care" the lie of the year.

read more

Source: http://www.whitehouse.gov/blog/2010/12/17/weekly-wrap-some-good-news-american-people-holiday-season

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Saturday, December 25, 2010

U.S. population growth slows

Nevada sees the largest rise among states

read more

Source: http://feedproxy.google.com/~r/inmannews/~3/BcmUMFsX9ck/us-population-growth-slows

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Yemen Announces Deployment of Anti-Terror Forces in 4 Southern Provinces

US official urged Yemen this week to "take forceful action against al-Qaida

Source: http://www.voanews.com/english/news/Yemen-Announces-Deployment-of-Anti-Terror-Forces-in-4-Southern-Provinces-112454099.html

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Weekly Wrap Up: "Some Good News for the American People this Holiday Season"

A quick look at the week of December 13, 2010:

Quote: “We are here with some good news for the American people this holiday season,” said President Obama before signing the Middle-Class Tax Cuts Bill -- legislation that will prevent tax hikes on middle class families, keep the economy growing, and maintain lifelines for millions of those who are unemployed through no fault of their own. Watch the video.

Digg the White House: The White House is now on digg.com. Take a peek and start following us right now.

Holidays in Photos: Go behind-the-scenes as the White House celebrates the holidays in this photostream.

Healthy Kids: The President signs the Healthy, Hunger-Free Kids Act at a local DC school. The new law improves the nutritional value of school meals and increases the number of children eligible to receive them. Watch the President’s and the First Lady’s remarks.

The Night Before Christmas: The President reads to children at a local elementary school and the First Lady to patients, parents and staff at Children’s National Medical Center. Watch the video of the President here and the video of the First Lady here.

Elmo at the White House: Elmo joins Assistant White House Chef Sam Kass in the White House Kitchen to talk about healthy and tasty school meals -- and Elmo does the melon dance. Watch the video.

Lie of the Year: Politifact calls the claim that Health Reform is a "Government Takeover of Health Care" the lie of the year.

read more

Source: http://www.whitehouse.gov/blog/2010/12/17/weekly-wrap-some-good-news-american-people-holiday-season

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Julius Erving house in St. George, Utah, facing foreclosure

It appears that the real estate troubles for NBA legend Julius Erving aren’t stopping with his Celebrity Golf Club International in Atlanta, Georgia. TMZ reports that “Dr. J” is now on the verge of losing his 6,700 sq. ft. residential home in St. George, Utah, to foreclosure. He defaulted on the loan, which he describes [...]

Source: http://blog.foreclosure.com/2010/12/julius-erving-house-in-st-george-utah-facining-foreclosure/

Home Sales Outlook Housing Starts President Obama Hope for home owners

Julius Erving house in St. George, Utah, facing foreclosure

It appears that the real estate troubles for NBA legend Julius Erving aren’t stopping with his Celebrity Golf Club International in Atlanta, Georgia. TMZ reports that “Dr. J” is now on the verge of losing his 6,700 sq. ft. residential home in St. George, Utah, to foreclosure. He defaulted on the loan, which he describes [...]

Source: http://blog.foreclosure.com/2010/12/julius-erving-house-in-st-george-utah-facining-foreclosure/

Realty Economy Interest Rates Celebrity Foreclosures

Longest foreclosure case ever?

It’s not in the “Guinness Book of World Records” (yet), but Patsy Campbell of Okeechobee, Fla., may have the inside track on perhaps the longest-running foreclosure case, which has lasted a jaw-dropping 25 years. The Wall Street Journal provides perspective: “Ms. Campbell’s foreclosure case has outlasted two marriages, three recessions and four presidents. She has [...]

Source: http://blog.foreclosure.com/2010/12/longest-foreclosure-case-ever/

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Behind-the-Scenes: A Day of Service with President Obama and the Los Angeles Lakers

Rather than the traditional, honorary trip to the White House this year, the 2010 World Champion Los Angeles Lakers teamed up with NBA Cares and President Obama last week to join members of The Boys and Girls Club of Greater Washingon for an afternoon of education and service projects.

Take a behind-the-scenes look as the President and the Lakers assemble care packages and write letters for wounded military servicement and women, put together supplies for DC homeless, and compete in the "Big Brain Academy Challenge" game which builds skills in thinking, memorization, computation, analysis, and identification.

Following the activities with the kids, President Obama congratulated the Los Angeles Lakers on their 2010 NBA Championship in a brief ceremony.  If you missed it, watch it here or read the transcript.

Source: http://www.whitehouse.gov/blog/2010/12/20/behind-scenes-a-day-service-with-president-obama-and-los-angeles-lakers

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Existing Home Sales Up Across the Country in November

The National Association of Realtors today released Existing Home Sales data for November 2010 HERE is the methodology for the data collection Excerpts from the release... Existing-home sales got back on an upward path in November, resuming a growth trend since bottoming in July, according to the National Association of Realtors®. Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, rose 5.6 percent to a seasonally adjusted annual rate of 4.68 million in November from 4.43 million in October, but are 27.9 percent below the cyclical peak of 6.49 million in November 2009, which was the initial deadline for the first-time buyer tax credit. Single-family home sales rose 6.7 percent to a seasonally adjusted annual rate of 4.15...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Source: http://www.mortgagenewsdaily.com/12222010_november_existing_home_sales.asp

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Refinance Apps Down Five Weeks in a Row. Purchase Demand Stalls After Brief Run Up

The Mortgage Bankers Association today released its Weekly Mortgage Applications Survey for the week ending December 10th, 2010. The MBA's loan application survey covers over 50% of all U.S. residential mortgage loan applications taken by mortgage bankers, commercial banks, and thrifts. The data gives economists a snapshot view of consumer demand for mortgage loans. In a low mortgage rate environment, a trend of increasing refinance applications implies consumers are seeking out a lower monthly payment. If consumers are able to reduce their monthly mortgage payment and increase disposable income through refinancing, it can be a positive for the economy as a whole (creates more consumer spending or allows debtors to pay down personal liabilities like credit cards). A falling trend of purchase...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Source: http://www.mortgagenewsdaily.com/12152010_refinance_apps_down_five_weeks_in_a_row_purchase_demand_stalls_after_brief_run_up.asp

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My 2011 Predictions

2010 Predictions

1) A year of bruising battles. There is some hope the New Year will build on the cooperation shown in cutting the recent deal on taxes and lead to more progress on deficit reduction. Don't count on it Both sides are gearing up for a nasty series of battles over spending. While this will lead to reductions in non-defense discretionary spending, the cuts are unlikely to be very deep. The good news: Once Republicans and the White House have scored points and fought each other to a draw, the possibility of a bigger deal that involves give on both sides - Republicans on taxes, Democrats on spending - goes up.
2) Federal Reserve on QE2. The Fed will finish its announced plans to buy $600 billion in bonds. But it is unlikely to go further. Given the tough political resistance on Capitol Hill and divisions in the Fed itself, the bar to further action by the Central Bank has been raised. The only way the Fed can expand QE2 will be if the economy is clearly weakening significantly. And who hopes for that next year?
3) Republican in-fighting will grab headlines. Yes, fights with Democrats are tough, but the battle within the GOP to control the Republican agenda - that's a death match. Senate Tea Partiers rallied under the banner of Sen. Jim DeMint who successfully battled back a bill containing numerous earmarks. This could be read as an implicit challenge to Senate Minority Leader Mitch McConnell. In the House, soon-to-be Majority Leader Eric Cantor and Speaker-to-be Boehner are already denying press reports they don't get along. Not a good sign. Reporters love in-fighting stories and will be looking for any excuse to run one.
4) Read up on your Constitutional trivia. Tea Party activists are already talking about moving forward on a "nullification amendment" to the Constitution. Under the amendment, if 2/3rds of the states voted to nullify a federal law, it would be repealed. If you're not familiar with nullification, read up on your Civil War history or the recent court case in Virginia overturning the Obama health care individual mandate.
5) The payroll tax cut will not be extended. Republicans didn't want to do it this year, and they will have the power to stop renewal next year. At best, the President gets a different tax cut or stimulus, but only if the economy is really hurting.
6) From Lawmaker to Rulemaker. Obama has already passed more legislation than most Presidents dream about. Now he can turn to writing rules and executives orders to get things done - without going through Congress. Regulation is a powerful tool and the President is already using his enforcement powers. Look for more action in 2011.
7) Feel like Presidential campaigns are never-ending? Well, the 2012 campaign shifts up a gear in 2011. Gov. Tim Pawlenty has a book tour scheduled for Iowa and New Hampshire in January. Newt Gingrich has practically moved to Iowa, he's been there so often. It you love politics, you'll love 2011. If you don't . . . sorry, that's just the way it is.

Source: http://www.pbs.org/nbr/blog/2010/12/my_2011_predictions.html

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Photostream: Behind-the-Scenes ? Holidays at the White House 2010

Go behind-the-scenes at the White House this holiday season. Pete Souza and the White House Photo Office just released more than 25 behind-the-scenes photos – including Bo posing by a larger-than-life holiday decoration of himself, the President and First Lady pretending to sing with an a cappella group at a holiday reception, plus many more. Check out the full slideshow and visit WhiteHouse.gov/holidays for videos, holiday recipes and more.

Source: http://www.whitehouse.gov/blog/2010/12/17/photostream-behind-scenes-holidays-white-house-2010

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High Noon and the Bond Market Vigilantes


In 1983, economist Ed Yardeni, coined the phrase "bond market vigilantes," perfectly pairing the swagger of the trading floor with the power of markets to punish wayward fiscal policy. In the 1980s, the market moved interest rates higher in the face of a weak economy. Why? They feared inflation more than economic weakness.

In the 90s, President Clinton, told that the markets would cast a key vote on the credibility of his economic policies, said, "You mean the success of the program and my reelection hinges on the Federal Reserve and a bunch of f---ing bond traders?"

Yes.

No questions markets are powerful. But the term "bond market vigilante" gets the nature of that power wrong.

Vigilantes act affirmatively (OK, illegally) to hunt down bad guys and do justice when others don't want to get their hands dirty. Vigilantes have an agenda.

But the bond market is less like a Clint Eastwood character and more like the town folk in the movie "High Noon." In "High Noon," when the locals find out the bad guys are coming and the Sheriff is outgunned, they don't strap on vigilante masks, they flee.

Gary Cooper is left to fight the bad guys alone.

So it is with markets. When bond traders don't like a government policy, they don't fix the problem, they run to other, better or safer investments. And that drives interest rates higher on government bonds. Markets serve their policing function by leaving bad investments. This forces governments to react.

This is an important difference between a vigilante and a trader. A vigilante wants to save his town. A bond trader might want to see government policy succeed, but that's the sheriff's job. The trader's job is to leave town before the bad guys get there.

Source: http://www.pbs.org/nbr/blog/2010/12/high_noon_and_the_bond_market.html

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