Election 2010: Teabaggin' the Ds & Rs

[Greedy,Greedy,Greedy]

Originally Posted by Adder

Juan Williams is neither a liberal nor anyone whose views are worthy of your attention.

I told you his departure improved both NPR and Fox. I stand by that.

[Adder]

Originally Posted by Cletus Miller

There's enough demand if the pricing reflected the resources of those wanting to live in Ireland. The problem is the level of debt (under)secured by those properties. If they could write off ~75% of the mortgage debt, they'd be okay on the demand.

Well, truisms aside, I'm not so sure that even at near zero prices there the demand would be there. The amount of overbuilding is staggering, and both the economy and the population are shrinking (the latter is likely to experience an acceleration of shrinkage).

(Yes, I am obviously exaggerating)

[Cletus Miller]

Originally Posted by Adder

Well, truisms aside, I'm not so sure that even at near zero prices there the demand would be there. The amount of overbuilding is staggering, and both the economy and the population are shrinking (the latter is likely to experience an acceleration of shrinkage).

(Yes, I am obviously exaggerating)

It's hard to get a truism in the rent/buy realm. And how many of the departed/ing were likely buyers (not for speculation purposes) in any event?

[Adder]

Originally Posted by Cletus Miller

And how many of the departed/ing were likely buyers (not for speculation purposes) in any event?

The demographics of the emigres is beyond my Irish knowledge, but I wouldn't be surprised if brain drain isn't significant.

Although the strangest thing I observed about the overcapacity is location. I'm guessing that many properties were built to be second/vacation homes, because in the Connemara, for example, I don't know how there could be enough population for all the houses.

The Connemara was rather striking. From my prior trip I remembered it as mostly open, windswept and wild. This time there were houses everywhere, and you needed to go into the national park for any semblence of isolation (which was quickly spoiled by all the people).

Of course, they also have massive hotel overcapacity, too.

[Cletus Miller]

Originally Posted by Adder

Although the strangest thing I observed about the overcapacity is location. I'm guessing that many properties were built to be second/vacation homes, because in the Connemara, for example, I don't know how there could be enough population for all the houses.

So, basically irrelevant to emigration related effects. Massive overbuilding of vacation-location homes wouldn't be solved by right-pricing them, as very few would be able to make Connemara their primary residence at any price.

[sebastian_dangerfield]

Originally Posted by Tyrone Slothrop

I don't understand why Irish taxpayers should be willing to pay so much to bail out bondholders who made bad decisions, and it seems to me that the inevitable populist backlash is going to be very difficult for the EC to manage, since it doesn't have a ton of legitimacy. Someone tell me why Irish taxpayers should feel so much pain and investors should feel so little?

Silly Ty... Because bondholders are special people who've made special investments that can never, ever be wiped out.

I understand the difference between bondholders in nations and bondholders in businesses, but I'm really hard pressed to see why bondholders in anything are accorded this special, elevated status we've given them. Fuck them. Investment's investment. It's all a risk, and when you invest in a shit bubble as obvious as Ireland or GM via bond, equity, whatever, tough shit when it fails. Caveat emptor. Cool your pain with a good scotch and shut the fuck up about how aggrieved you think you are. You took a risk, a dumb one. You got burnt. Think next time before you risk you money on an obvious house of cards.

[LessinSF]

Originally Posted by sebastian_dangerfield

Silly Ty... Because bondholders are special people who've made special investments that can never, ever be wiped out.

I understand the difference between bondholders in nations and bondholders in businesses, but I'm really hard pressed to see why bondholders in anything are accorded this special, elevated status we've given them. Fuck them. Investment's investment. It's all a risk, and when you invest in a shit bubble as obvious as Ireland or GM via bond, equity, whatever, tough shit when it fails. Caveat emptor. Cool your pain with a good scotch and shut the fuck up about how aggrieved you think you are. You took a risk, a dumb one. You got burnt. Think next time before you risk you money on an obvious house of cards.

Maybe the taxpayers are viewed as equityholders, junior to the bondholders. Maybe the bondholders were securitized, with a right upon default to, say, possession of County Clare or the Blarney Stone.

[Adder]

Originally Posted by sebastian_dangerfield

I understand the difference between bondholders in nations and bondholders in businesses

In Ireland, where all liabilities of Irish banks are guaranteed by the government, there isn't always a difference.

Cool your pain with a good scotch

Motherfucker. Are you trying to get Ironweed to set Seamus and Declan on your ass?

One word: Middleton's

[sebastian_dangerfield]

Originally Posted by Replaced_Texan

From my understanding, it applies to pretty much every business transaction over $600 AND any bussiness transactions with the same vendors that total $600.

Frankly, I think it's sort of silly to send a 1099 to the Omni hotel for putting up my office's staff for our annual meeting in Austin every year. Omni reports that sort of shit.

This is the most unbiased source I could come up with (lawyers in the Congressional research service) to explain what the issue is. That Congress knows it's a major problem but can't fix because of the partisan bullshit (on both sides) it is better illustration of how fucked up Congress is right now than the flaws of the health law.

The GOP probably secretly wants it to stay in the bill. What better way to get small business owners to rally against Obama? Hailing from a household with two small business owners, I know it's hard as hell to drag our asses out to vote. Make me fiddle around with a bunch of silly forms for Obamacare and I'll be at the polls with bells on, all but throwing roundhouses at people who look like they might be voting him back into office.

Take my money all you like, but don't dare make me do administrative work for the state. It's bad enough getting shit together for taxes. I only do that with a smile because the progressive tax system we have favors me with deductions I heartily enjoy. I can't imagine shit I'll get for 1099ing the people at Best Buy for my new laser printer/copier save further validation of my opinion we'd be better off governed by a dartboard of policy choices thrown at by a council of blindfolded drunks.

[Adder]

Originally Posted by sebastian_dangerfield

we'd be better off governed by a dartboard of policy choices thrown at by a council of blindfolded drunks.

1 out of 2 ain't bad, though, right?

[sebastian_dangerfield]

Originally Posted by LessinSF

Maybe the taxpayers are viewed as equityholders, junior to the bondholders. Maybe the bondholders were securitized, with a right upon default to, say, possession of County Clare or the Blarney Stone.

Let them have it. The Irish are already paying their taxes to German and French banks. Let the banks try to collect directly. The Irish would get a nice discount there.

Well, at least as to the French collectors, who the Irish would beat across the countryside as Sean Thornton did Will Danaher in The Quiet Man. The Germans would be different story... They're known to organize better when they get an objective in mind and-- how can I put this in a polite way? A wee bit more ruthlessly than most other cultures.

[sebastian_dangerfield]

Originally Posted by Adder

In Ireland, where all liabilities of Irish banks are guaranteed by the government, there isn't always a difference.



Motherfucker. Are you trying to get Ironweed to set Seamus and Declan on your ass?

One word: Middleton's

Wow. Thank God it's not like that in the US.

I've heard of Midleton's. Nothing cleans tile grout better.

(I've Jameson's and a bottle of Crown Royal in my bar. Gifts. Should you ever visit and ask for either, you'll get the biggest pour you've ever had. Bottle service in the dining room even. Canadian whisky is vile. And Irish whisky is a close runner up.)

[Greedy,Greedy,Greedy]

Originally Posted by sebastian_dangerfield

The GOP probably secretly wants it to stay in the bill. What better way to get small business owners to rally against Obama? Hailing from a household with two small business owners, I know it's hard as hell to drag our asses out to vote. Make me fiddle around with a bunch of silly forms for Obamacare and I'll be at the polls with bells on, all but throwing roundhouses at people who look like they might be voting him back into office.

Take my money all you like, but don't dare make me do administrative work for the state. It's bad enough getting shit together for taxes. I only do that with a smile because the progressive tax system we have favors me with deductions I heartily enjoy. I can't imagine shit I'll get for 1099ing the people at Best Buy for my new laser printer/copier save further validation of my opinion we'd be better off governed by a dartboard of policy choices thrown at by a council of blindfolded drunks.

You do your own 1099s?

My aunt doesn't do her own 1099s for her ebay business. Want a nice tchotchke for your bookshelf?

[sebastian_dangerfield]

Originally Posted by Greedy,Greedy,Greedy

You do your own 1099s?

My aunt doesn't do her own 1099s for her ebay business. Want a nice tchotchke for your bookshelf?

It's going to involve work, and much better record keeping, on my part. This might come as a shock, but I don't have any interest in doing hyper-detailed bookkeeping. Anything more than minimal attention is too much.

[Adder]

Originally Posted by sebastian_dangerfield

Wow. Thank God it's not like that in the US.

Pretty close to the same, except that the size of the banks relative to the economy is way bigger over there. And here the bondholders aren't explicitly guaranteed.

I've heard of Midleton's. Nothing cleans tile grout better.

(I've Jameson's and a bottle of Crown Royal in my bar. Gifts. Should you ever visit and ask for either, you'll get the biggest pour you've ever had. Bottle service in the dining room even. Canadian whisky is vile. And Irish whisky is a close runner up.)

You clearly have not tried Midleton's (even if you did fucking correct my spelling).

Jameson is serviceable for mixing, but isn't up to par for sipping. I've also got a bottle of Powers on my bar, but mostly to satisfy my own sense of Irish street cred. I like it, but I wouldn't proclaim it's excellence. Although I rather enjoyed the effect it had on my lightweight, pilot brother when a few hours into the "hen" party we ran into in Kilkenny he decided he wanted a whiskey. Pussy.

Crown Royal is shit and not Irish.