Since it's Friday, it seems like a pretty good opportunity to assess how the various measures outlined by Gordon Brown and Alistair Darling to help families caught up in the credit crisis have gone down. After all, judging by the noises coming out of Number 10 last week, you might have expected the credit crisis to have come to a magical end this week in the face of these wonderful new measures.
The housing market will not recover until the mortgage market recovers
Unfortunately, the whole thing could hardly have gone any worse. The housing package was a great disappointment - at least to economists and the commentariat - with the stamp duty holiday derided as too piddling to make any difference to the housing market (though it will undoubtedly make life easier for some). To add insult to injury, a fuel poverty package aimed at helping those struggling with their gas and electricity bills was ditched at the last minute barely 48 hours later.
My favourite assessment for the housing package came from Willem Buiter on his blog (which is one of the best out there). Most amusing of all is his take on one of the measures outlined as part of the housing package - Homebuy Direct - which aims to provide first time buyers with a 30pc loan to cover the cost of a new home.
Prof Buiter says: "This is another terrible idea. Why favour new homes over existing homes? Is there some huge externality associated [with] borrowing for the acquisition of a new home (as opposed to borrowing for the acquisition of an existing property or borrowing to take a holiday in the South of France) that I have been missing for all these years?
"The interest-free nature of the loan for the first five years replicates the teaser rates that were one of the most pernicious of the financial perversions that created the subprime mortgage crisis in the US. Lure them in with low rates now, then whack them over the head with a massive reset when the next government (preferably formed by the opposition) is in power."
I love the idea that the Government is offering "teaser rates", though in this case it insists the loan will only reset to 3pc after five years (in the US, some families saw their interest rates rise from 1pc to 8pc).
More pertinently, my concern is that the Government is planning to replace a deposit (savings) with more debt - albeit debt from the Government rather than a mortgage lender. This hardly seems designed to encourage more saving, and more sensible financial planning.
The fact is - and I will address this in my property column in tomorrow's paper - that house prices are still overvalued, and they simply have to fall much further before they become affordable. Similarly, the housing market will not recover until the mortgage market recovers, which, again, will not happen until overseas investors conclude that UK housing is reasonably priced, and start pumping money back in.
Unless, that is, the Government attempts to guarantee new mortgages - at immense cost to both taxpayers and the UK's economic reputation. Will he resist the temptation? This is a question I'll be looking at in the business section of this weekend's Sunday Telegraph.
I haven't felt well the past week or so. Came on gradual and every morning I felt well I didn't feel awful so probably tomorrow it will be gone...guess not. I have been off my thyroid meds for nearly a month due to I couldn't find anyone local that carries it. I still had my iodine so that was at least something but the body aches are really settled in from the lack of meds. I had to special order the meds at the healthfood store as I haven't found a health practioner here that carries it. Funny thing is I got sent to a vet in Glenwood Springs while in CO. I said now just because I am a pet photographer doesn't mean I need to get my meds from a vet (though some days I think they are better than traditional docs). lol we at least had a good laugh over it. But even the vet was out and was placing his order but it wasn't to be in until after we had left.
Well where I was enjoying no payments on our great cheap find, we decided with this looking to be a coooold and long winter in MT we should get something more 4 season. So we went and purchased a 1992 29ft Avion 5th wheel. Very nice actually and after we get it set up we will post photos (I forgot to take before photos so may not be able to get the outside view considering it is already set up in the RV park and a tight spot at the moment.. I really didn't want payments but we got a good deal as it is $4000 under bluebook and our down was the trade of the other rv so not a bad deal so far. It has wood floors in the kitchen, oak cabinets (thru out the rv), built in microwave, 1 slide out, decent bath compared to some I have seen, more inside storage than I remembered from the first time we looked at it, AC ~though I have a feeling we won't be using it too much at the current as it is only 39 degrees this morning...lol. Anyhow where I didn't want payments I am definitely loving the new RV. Goal is to have it paid off by late spring before we start hitting the road:0)
Paige our blue princess is kinda nervous...from our moving from one rv
to the next in a short time. You see started out in our old truck slide in
camper. It was oversized so I thought well we can survive for
awhile...yeah not!~~ was great for weekend getaways, but NOT fulltime for
our size family, but we made due. Well for the summer anyhow so that
is something and
we were so busy most of it we weren't really home. As the summer
suddenly chilled off and we were inside more we decided maybe something
larger. Found our other 2nd rv for $500 the guy said the furnace and
fridge didn't work and it was old so that is all he was asking for
it...cool both easy fixes and for financial costs we would improvise
for the winter if need be...but a 28ft 5th wheel felt like a mansion
compared to the old truck
camper so we would work around those issues. Got it all set up and the
fridge did indeed work ($1500 already saved)!! So
definitely excellent purchase. Never checked out the furnace though.
The cats seem to like it so far, and Patches as long as her girl Kelda
is near she hasn't a care in the world where we are.
Then we were told by a friend her brother was trying to sell his avion due to the payments being high and he was ready to move into a house again after 4 or so years living in it to try and save money to purchase something he wanted in Bozeman MT...hard place to purchase in like Jackson Hole or other resort towns. So we looked, chatted awhile, went home thought it over and with our first snow we felt how chilly it was in the old '73...our little electric heater kept the chill off, but we started to fear the what ifs of what can be harsh montana winters and felt it might just be better to bite the bullet now and just upgrade. So that is what we did.
HOWEVER this sudden change in plans has changed our going to Idaho Falls to the museum. Which is sad because we were going partially for Inger as today she turns 11!! I wanted her to be able to say she went to "Egypt" so to speak for her birthday. Something she would never forget. We are still going to try before the exhibit leaves in Nov, but for now it is on hold. We had moved to Bozeman just as it was leaving there last year:0( We made the bat exhibit though...lol.
alrighty it is 7 so unless the kids are really exhausted from working so hard yesterday with the moving from one rv into the next they will be up soon. I am considering french toast...sounds really good this morning esp since I am not so sick today. I am typically not a breakfast person but it is my fav breakfast and being our first morning in the new RV sounds like a treat.
Took delivery of my new Sony Reader yesterday and as promised, here are my first impressions.
It's a very sylish piece of kit, very well put together and very intuitive to use. I had to ponder the instructions for some time before they made sense but once under way it all dropped into place. I did not avail myself of all 100 free titles that come on the CD supplied but loaded about forty, just to kick things off.
The interface with Waterstones worked like a charm and tjey are to be congratulated for making the transfer process so seamless. There was a good choice of titles from all genres and I loaded my holiday reading in about twenty minutes, from making my intial selection to choosing a few more books at random. I took the book to bed last night and curled up with Mrsoldmovie and a cup of cocoa and was soon lost in reading a new account of 9-11 and the response from the mayors teams at the tragedy. Now this next bit ,for me, sums up how good this reader is. There is no back light, so no eye strain and I was happily reading away, using one of the small buttons to 'turn' the pages. I became so engrossed that I actually lifted a finger to the device to turn the page, as I would with a normal book, and this I think, speaks volumes, pardon the pun, about how well this devise has been thought through and put together. At he end of my session I just closed the book and placed it on the shelf. When I'm ready to resume it will pick up where I left off and I will continue reading.
It all felt very natural, to hold and to view, sometimes a thicker, weightier tome will get a bit heavy, especially if, like me, you tend to hunker down a bit in the bed, but I can honestly say that after a short while you forget the device and ....well...just read.
1. The Telegraph's Tim Shipman says McCain's flat performance shouldn't obscure the fact the Republicans had a more successful convention than the Democrats. Here are five reasons why.
2. John Dickerson gives the speech two cheers but reminds us that the national poll numbers don't matter as much as those in the swing states - and they are looking very good for Obama.
3. The New York Times, high priest of the "elitist" liberal media that came in for such a kicking from Republicans, accuses John McCain of betraying his maverick reputation by borrowing from the playbook of Karl Rove, President Bush's master of the dark arts.
5. Dan Quayle, George Bush Snr's controversial choice for running mate in 1988, offers Sarah Palin some advice based on his bruising experience as VP candidate.
OK, so I love my sister. I love her so much & she is getting married in a few weeks. I am the maid of honor - hence the love again. Now, our nice neighbor has decided to have a bridal shower for my lovely sister, very nice indeed. One problem - it's right smack in the middle of the Bengals season opener!!!!! 2pm on this beautiful Sunday afternoon. Oh the nerve. I understand that not every female appreciates a football game such as I do, but use a little common sense. Now I will be forced to participate in bridal games, that I'm not a fan of playing anyway...watch my sister open up another crockpot...and of course pass down recipe cards from everyone at the party so that my sister can share them with her soon to be husband. Sounds like a blast doesn't it?? So wish me luck. Atleast my sister knows me well enough to realize that the game better be on some sort of tv or tuned to 1530 during this shindig. I guess I still love her.
It's interesting to note what I have been reading about the difference between the Force India and Ferrari : 1.5 seconds. Is that true? and in what context?
It might be true but is that the way to look at it?
It's 1.5 seconds every lap that a Force India appears to lose from Ferrari and by the end, Force India appears to be one or two laps behind the finish line since the first Ferrari ( without an engine blow up ) crossed the finish ( or maybe sometimes Finnish ) line.
So, the progress to make for Force India appears to be one ( or two ) laps and not just 1.5 seconds.
Going by "1.5 seconds" might be a bad idea for the scope of improvement and I would consider thinking about 1 more lap of improvement to be done.
So what can I think of?
1. With the current results it doesn't matter to me if I get an engine change penalty for every alternate race so I might want the engine to be tuned up to an extent that it can deliver maximum power for at least 9 grand prix out of possible 18
2. Always fuel the car to its brim. By the time all cars are gone for the first pit stop, I have clear air infront of me and can gain some positions. So I am suggesting always a one pit stop strategy for Force India to start the race. Get a quick second pit stop only when something goes wrong.
3. Asking questions like: What part of the car if I remove or reduce the strength of it can contribute to reduction of the weight of the car yet will not affect its stability too much and helps me in pushing for a better time?
4. What test data am I not gathering that had I gathered might have helped me take better informed decisions about the changes the car needs to undergo?
5. Are there similar problems that other teams faced and what did they do to get over it? How did they know what the problem was?
6. Lack of good times on track might be because of different reasons and do I have information about all of them?
7. What is the cost of experimenting something very radical with the car on a race? Can we afford to do that?
8. After driving a car that has not been performing well for quite sometime the drivers might have some psychological challenges that they are sitting in a not so fast car. Have I addressed that problem or am I aware if such a problem exists for them?
9. Can I do something very innovative about something that puts me ahead from where I am and yet falls under FIA category?
10. Can I try running two cars on different set of tyres ( hard compound for one and soft compound for other ) to see if that's making a difference in losing lap times first?
11. What if I am qualified 19/20, I allow all cars to go on till the first corner, watch out for accidents to happen and if it happens take advantage of it?
12. Can I test a different driver than Fisico and Sutil on this car for a race or two? ( Not suspecting their abilities but to see what difference does a driver make to the car and its timing )
Well, being away from the track I could think of these things. The above questions might have been asked by the team as well but I have no contacts with any of them to gain information about it. I hope it happens someday and I get to ask better questions during the test of the car.
Aren't you glad this week flew by? I know I am. With all the convention stuff, it still felt like state fair time! Whew! Have a great weekend and don't forget to go to Beckyanna's Bash for Bosoms tomorrow night! See you there!
Now that I have your attention lol here is something I would like to share.
I am selling various personal collector items online in eBay. Perhaps there is something you have been hunting for and are having a hard time finding. Perhaps it may be right under your nose. I will be adding new items every day and i is going to take me a while to get through it all. My husband and I predict at least 6 months lol....yea we have alot of stuff.
I think CC Sabathia is my new favorite baseball player. Did anyone else catch his interview on PTI last evening? He is either on track to become a politician, or the dude just flat out "gets it". If he was blowing smoke, he sure had me fooled!
They were asking him about the no hitter that wasn't. Wilbon asked if he was PO'd at all about the decision to not reverse the offical scorer's call that it was a hit. Instead of whinning, his response was somethign along the lines of....."I can't be mad at anybody but myself..if I made the play on the ball and throw the guy out, it's a non-issue....I make that play all the time"
Then they asked about where he wanted to go next year since he's a FA. Again, his reply was somthing similar to.."I've got a post-season chase going on right now here in Mil. that I'm focused on and I'm not really too worried about next year. I'll deal with that in the off season, it will work itself out"...of course they pushed him furhter asking about being a Calif. native and all, but he stuck true with a ...."maybe if we win a W.S. here with this team, I'll be lucky enough to come back to Mil.".
Trust me, I know he could be blowing smoke, but he was well spoken and didn't seem at all to be a "ME" guy. It was refreshing to see one of the best pitchers in MLB be so humble and down to earth. I believe him that these were his true feelings, afterall, I think his approach is the best....no sense in being mad about the non-no hitter or worrying about a contract with all he currently has going on.
Is there ANY chance the Reds can sign him as a FA? He has been in the midwest his whole pro career, maybe he likes it here...he seems to have those "midwest values" whatever those are! Somebody call Walt!
I see Big Willie is making 11 MILL over 3 years, pretty close to what he was slated to make here.....out of the BIG 3 cuts, his was the only one I disagree with. I think we went to Balt. over SD so he can play the Bengals twice. As good a man as Willie is, you know he wants to play vs the Bengals and prove to Marvin and MB that he can still dominate. I just don't understand why we couldn't keep him as a backup for the 3 MILL he was going to make. It would have just made injuries that much easier to deal with....it seems to me that OL is one f the areas most often hit with injuries. Damn MB and his cheap arse.
Well the winter league is here and the mystery of the infamous " Parkland Bowl " aka the Reverse Block.
Game 1 - First I tried to play a deep inside line with the Columbia Icon polished, I was crossing the 23rd board at the arrows getting out to about the 10th, and back to the pocket. 157. First frame pocket 7-10, threw the next 3 then BOOM another pocket 7-10 then pocket 8 pin, pocket 9 pin.
Game 2 - Then I went to another ball and another line to the pocket. I went to the Tropical Storm sanded down to about 4000. I went to wat i call the down and end shot, I was laying the ball down about 14 and I was hitting the 10th board at the arrows using the 8th board as my break point. 196.
Game 3 - I wanted to try something new, I went to the PBA Inferno with the 5 inch pin under the middle finger. I was hitting the 15th board at the arrows and using 10 as my breakpoint, and back to the pocket. 166
519 ser.
I really couldn't focus on league beacause of some team distractions but It will be over next week so ill be able to focus more.
Well..Bowling has begun. Thursday night mixed league. My "better" half has a sore arm. Been dabating on going lighter with the ball. We tried some thing new...Went to the rack,picked out a conventional grip ball. An old whitedot. And now...being only the first night. Not askin for alot...just some comfort. But to my suprise. She has no pain. Plus shot better than her average in 2 of the 3 games. Thinking maybe buy a cheap resin ball..go conventional and see what happens.
Anything that is creative I am all about...for you perves the censorship will drive you nuts...but the song is dope...and super duper creative! Check it out!!
Maths has never been my strong point so if I have this wrong I am hoping that some one will tell me why. I was musing over my meagre savings and wondering if I could invest in a tin of beans when the thought occurred to me, "how much tax have I paid on that tin of beans?
Given that I have paid 40% PAYE, I know that this is not 40% on the whole amount but if you throw in the NH contribution its more or less the same thing, then add on the 22% tax I pay for any interest earned in the Building Society, then add on 17.5% VAT (There's any oxymoron for you, wheres the value in a tax?) The total tax is 79.5% tax for this or any item bought out of savings.
Is it any wonder that the country is broke when there is no real reason why people should save. Mr Brown bangs on about prudence when clearly the best option is total imprudence, then the goverment can step in and bail one out.
