xyzgc
01-09 01:04 PM
refugee, you must learn a few thing from alisa. alisa is a pakistani and look at his well-structured arguments. In contrast, look at you and your abusive language. When will guys you (buddyinfo, acool) learn to show restraint and be intellectuals instead of howling like mad dogs?
wallpaper Jessica Alba for Gen Lux
qualified_trash
08-11 11:15 AM
I know this is unrelated to the goals of IV. How about suing the Maxwell guy for libel?
You cannot sue for libel if the statement made had information that was substantially true (not necessarily all true). In this case, he has made a statement that is substantially false and libelous in nature.
By calling people who come to the US on H1B visa or students who convert to H1B terrorists, I believe we can and should try to involve companies such as MS etc in this effort.
And here is my message sent to the program using the feedback form:
In the Lou Dobbs Tonight, which aired on Aired August 10, 2006 - 18:00 ET, Michael Maxwell asserted that H1B program is "being gamed by both terrorists and foreign agents". This is an insult to tax paying H1B holders such as myself.
If CNN or Michael Maxwell, could have shown one instance of a H1B holder, who has been convicted of crimes such as the ones committed by terrorists, it would have been a lot more credible.
I know "Lou Dobbs Tonight" is a talk show. To remain credible though my strong advise to Lou and CNN is this:
Don't talk the talk if you can't walk the walk.
You cannot sue for libel if the statement made had information that was substantially true (not necessarily all true). In this case, he has made a statement that is substantially false and libelous in nature.
By calling people who come to the US on H1B visa or students who convert to H1B terrorists, I believe we can and should try to involve companies such as MS etc in this effort.
And here is my message sent to the program using the feedback form:
In the Lou Dobbs Tonight, which aired on Aired August 10, 2006 - 18:00 ET, Michael Maxwell asserted that H1B program is "being gamed by both terrorists and foreign agents". This is an insult to tax paying H1B holders such as myself.
If CNN or Michael Maxwell, could have shown one instance of a H1B holder, who has been convicted of crimes such as the ones committed by terrorists, it would have been a lot more credible.
I know "Lou Dobbs Tonight" is a talk show. To remain credible though my strong advise to Lou and CNN is this:
Don't talk the talk if you can't walk the walk.
mrane1
04-07 02:45 AM
:p
I had no idea my two humble posts would stir up such a hornets' nest among the desi junta here. I certainly see more "bears" coming out of their hibernation now that spring is here :).
OK, I admit that I am also in the camp that really wants to buy a house and "settle down" in a good area with good schools for my kids. The mythical "nesting instinct" is alive and well here. I am obsessed with the real estate market, and am constantly watching real estate porn as my wife calls it, i.e., surfing on ziprealty.com and redfin.com trying to spot good deals.
However, the reality is that I am scared sh*tless of the market right now. I do not want to burn my hard earned equity in the form of a good 20% plus downpayment. If you are in the same situation as I am, then I would offer the following practical suggestions to help you cope with the situation:
1. Rent a house/townhouse/condo from private parties instead of an apartment complex to help you understand the responsibilities and expenses of homeownership.
2. If renting an apartment in an area with moderate schools, and have school age kids, instead of trying to chase the dream of building equity in a house in an area with good public schools, in the short run, consider sending your kids to a decent private school. The cost of added property taxes in case of home purchase would alone balance out the high monthly payments of private schooling, with probably better "return on investment" at a private school.
3. Feel good about renting an apartment: You should not succumb to peer pressure and try to keep up with the Janardhan's (OK, bad joke, "Joneses") and buy a house just because other people took the plunge at the wrong time. Your time will come. Just be patient. Not to be taken lightly is the fact that in the month of April we celebrate Earth Day - think positively about all the energy you are saving living in an apartment with shared utilities with other people living in the complex. A house is a big energy guzzler (although I am sure an enjoyable one!) in all respects - more heating and cooling costs, more water used (esp. in summer with lawn watering), more greenhouse gas emissions from your individual lawn mower, leaf blower, and snow blower (can you picture yourself mowing your lawn or riding the snow blower in your lungi :D- OK this joke is getting old)...
4. More quality time spent at home with the kids - when you are not having to do chores around a big house. A house seems to take up a lot of maintenance time, not to mention time spent cleaning/vacuuming /dusting the entire 3000 sq ft area and otherwise maintaining the 1/4 acre yard. You could instead spend a lot of quality time with your kids doing projects/homework/art work with them and being a kid again yourself. In a house it is more likely that unless you have kids big enough to help you do those chores for some incentive, your kids will be watching Dora and Diego while you are cleaning up.
All in all, I think there are many positives to look forward to while you save money renting, and like I said before, when the time is nigh, you will have your turn. You will also by then, hopefully have your green cards in hand and may even be able to move to a more desirable city or other states looking for better work opportunities and where your downpayment savings will take you farther in getting you more for your buck.
Cheers!
"Real estate porn".... I just burst out laughing... Yeah I am a hardcore RE porn lover! I have been studying the market since 2004... I even got my GC in sept (although my wife is still stuck in name check... hopefully now that she is current again we might get the news!). So anywho, I completely agree with you junglee. Something tells me that you are an old timer who saw the 2001 crash unfold. I currently live in BA and I am shocked to see even desis spread so thin its really hard for me to fathom how they sleep at night. Many are just a few paychecks away from foreclosure... So did you invest in any of the inverse ETFs such as SRS, SKF, DXD, SDS?
I had no idea my two humble posts would stir up such a hornets' nest among the desi junta here. I certainly see more "bears" coming out of their hibernation now that spring is here :).
OK, I admit that I am also in the camp that really wants to buy a house and "settle down" in a good area with good schools for my kids. The mythical "nesting instinct" is alive and well here. I am obsessed with the real estate market, and am constantly watching real estate porn as my wife calls it, i.e., surfing on ziprealty.com and redfin.com trying to spot good deals.
However, the reality is that I am scared sh*tless of the market right now. I do not want to burn my hard earned equity in the form of a good 20% plus downpayment. If you are in the same situation as I am, then I would offer the following practical suggestions to help you cope with the situation:
1. Rent a house/townhouse/condo from private parties instead of an apartment complex to help you understand the responsibilities and expenses of homeownership.
2. If renting an apartment in an area with moderate schools, and have school age kids, instead of trying to chase the dream of building equity in a house in an area with good public schools, in the short run, consider sending your kids to a decent private school. The cost of added property taxes in case of home purchase would alone balance out the high monthly payments of private schooling, with probably better "return on investment" at a private school.
3. Feel good about renting an apartment: You should not succumb to peer pressure and try to keep up with the Janardhan's (OK, bad joke, "Joneses") and buy a house just because other people took the plunge at the wrong time. Your time will come. Just be patient. Not to be taken lightly is the fact that in the month of April we celebrate Earth Day - think positively about all the energy you are saving living in an apartment with shared utilities with other people living in the complex. A house is a big energy guzzler (although I am sure an enjoyable one!) in all respects - more heating and cooling costs, more water used (esp. in summer with lawn watering), more greenhouse gas emissions from your individual lawn mower, leaf blower, and snow blower (can you picture yourself mowing your lawn or riding the snow blower in your lungi :D- OK this joke is getting old)...
4. More quality time spent at home with the kids - when you are not having to do chores around a big house. A house seems to take up a lot of maintenance time, not to mention time spent cleaning/vacuuming /dusting the entire 3000 sq ft area and otherwise maintaining the 1/4 acre yard. You could instead spend a lot of quality time with your kids doing projects/homework/art work with them and being a kid again yourself. In a house it is more likely that unless you have kids big enough to help you do those chores for some incentive, your kids will be watching Dora and Diego while you are cleaning up.
All in all, I think there are many positives to look forward to while you save money renting, and like I said before, when the time is nigh, you will have your turn. You will also by then, hopefully have your green cards in hand and may even be able to move to a more desirable city or other states looking for better work opportunities and where your downpayment savings will take you farther in getting you more for your buck.
Cheers!
"Real estate porn".... I just burst out laughing... Yeah I am a hardcore RE porn lover! I have been studying the market since 2004... I even got my GC in sept (although my wife is still stuck in name check... hopefully now that she is current again we might get the news!). So anywho, I completely agree with you junglee. Something tells me that you are an old timer who saw the 2001 crash unfold. I currently live in BA and I am shocked to see even desis spread so thin its really hard for me to fathom how they sleep at night. Many are just a few paychecks away from foreclosure... So did you invest in any of the inverse ETFs such as SRS, SKF, DXD, SDS?
2011 Jessica Alba and Demi Moore
sundevil
03-25 12:52 PM
Thanks UN. Gosh!! this thread is an autopsy of current affairs in EB immigration. Very good going, with what is now a misleading title.
Do they have any filtering mechanism for lot of these fake future employer GC apps through sister/subsidiary or pay for GC companies. We have had few people come on these forums before or after approval of GC asking what happens if they never work for the sponsoring company.
I personally know someone who got a GC in 2002 without ever working(not for sponsoring employer or even for some other company) and since never worked in the field they got GC. I bet that involved a lot of faking but slipped through every test.
You see on all these ac21 issues we rely on uscis memos. Every one of these memos state pending change to the regulations; we are going to follow the principles of this memo.
it has been 8 years and they still haven't changed the regulations. Memos can be changed at their whim at any time.
Currently; uscis position is that if someone ports to another company; they are not supposed to check the ability to pay criteria. However; they left themselvees an out that theey can check the genuineness of the ac21 employer. Becasuse of this last statement; what they have been doing is asking for ac21 employer tax returuns, and quarterly wage reports. If you are already on payroll then size of company doesn't matter. However; if you are not on payrroll and it is a very small company then they can challnge it.
btw; I am not epecting quota to finish early this year. Many companies/lawyers are very frustrated with h-1b right now. I was talking to education evaluator and he told me that there is litteally no business right now. Companies I know of how filed 70 cases last year are not filing any this year due to a combination of issues (iowa issue, lack of approvals and great demand for tansfers by thos who were laid off or had theirr h-1b's cancelled.
Right now; newer companies who don't have much experience with h-1b are going into the lions den without knowing there is a lion in there.
Do they have any filtering mechanism for lot of these fake future employer GC apps through sister/subsidiary or pay for GC companies. We have had few people come on these forums before or after approval of GC asking what happens if they never work for the sponsoring company.
I personally know someone who got a GC in 2002 without ever working(not for sponsoring employer or even for some other company) and since never worked in the field they got GC. I bet that involved a lot of faking but slipped through every test.
You see on all these ac21 issues we rely on uscis memos. Every one of these memos state pending change to the regulations; we are going to follow the principles of this memo.
it has been 8 years and they still haven't changed the regulations. Memos can be changed at their whim at any time.
Currently; uscis position is that if someone ports to another company; they are not supposed to check the ability to pay criteria. However; they left themselvees an out that theey can check the genuineness of the ac21 employer. Becasuse of this last statement; what they have been doing is asking for ac21 employer tax returuns, and quarterly wage reports. If you are already on payroll then size of company doesn't matter. However; if you are not on payrroll and it is a very small company then they can challnge it.
btw; I am not epecting quota to finish early this year. Many companies/lawyers are very frustrated with h-1b right now. I was talking to education evaluator and he told me that there is litteally no business right now. Companies I know of how filed 70 cases last year are not filing any this year due to a combination of issues (iowa issue, lack of approvals and great demand for tansfers by thos who were laid off or had theirr h-1b's cancelled.
Right now; newer companies who don't have much experience with h-1b are going into the lions den without knowing there is a lion in there.
more...
gc4me
08-05 12:24 PM
I would like to compare Mrs. Rolling_Flood to Lou Dobbs who only initiates controversy and never dares to challenge.
And now Rolling_Flood is enjoying his forum which is growing exponentially!
C'mon Mrs. or Miss Rolling_Flood, post you qualification here. (honesty please! :D)
Originally Posted by gc4me
Mrs. Rolling_Flood,
Post you qualification here.
You can see flood of post from EB3 folks who has superior qualification (education wise as well as experience) compare to you. Either you are out of your mind from rigorous GC fever or a one eyed person with poor imagination or simply you did not get a chance to work in a big environment like fortune 10 or may be fortune 100 companies. Or else you would know how/why/when a company files under EB3 despite the fact that the candidate has more than required qualification for EB2. Position requirement, layoffs, HR policies, Company’s Attorney Firm’s policy etc. comes to picture when a big organization files LC/GC for a candidate.
I guess you are like me working with a small deshi consulting firm with 3 or 4 consultants (working C2C). They can make almost anyone eligible (on the paper) for EB2.
Then ask me why I am not EB2? According to my company's attorney, I-140 will be rejected due to the stand of
company's financials.
And now Rolling_Flood is enjoying his forum which is growing exponentially!
C'mon Mrs. or Miss Rolling_Flood, post you qualification here. (honesty please! :D)
Originally Posted by gc4me
Mrs. Rolling_Flood,
Post you qualification here.
You can see flood of post from EB3 folks who has superior qualification (education wise as well as experience) compare to you. Either you are out of your mind from rigorous GC fever or a one eyed person with poor imagination or simply you did not get a chance to work in a big environment like fortune 10 or may be fortune 100 companies. Or else you would know how/why/when a company files under EB3 despite the fact that the candidate has more than required qualification for EB2. Position requirement, layoffs, HR policies, Company’s Attorney Firm’s policy etc. comes to picture when a big organization files LC/GC for a candidate.
I guess you are like me working with a small deshi consulting firm with 3 or 4 consultants (working C2C). They can make almost anyone eligible (on the paper) for EB2.
Then ask me why I am not EB2? According to my company's attorney, I-140 will be rejected due to the stand of
company's financials.
swarnapuri
02-21 02:41 PM
Guys don't click the link or read the article(IT IS FULL OF BS). It will only make his article to move to the most popular article list.
more...
DoNotWorry
04-08 12:18 PM
This might be good for developing countries!!!! Don't worry guys, the world will evolve on new terms. As Bill Gates told, if workers can not come here, the Companies will go to that Countries.
2010 LOS ANGELES, CA — Jessica Alba
ImmInd
08-05 10:59 AM
My Friend 'Rolling_Flood':
Please remember that EB2 is better than EB3. As someone mentioned, people always want to move up in all activities (work, life, anything).
And, please remember what will happen if you (iff you are in EB2 now) fall down due to some issues in EB2 case documents or filing, etc ? You may start with EB3 again and we will not tell you at that time saying ' you are EB3 guy and low skilled category'. We still feel bad for you.
I have Masters, more then 5 yrs exp (at that time of filing) and EB2 Title - but, my employer has some restrictions which limits them to not file in EB2. I ended up in EB3 :)
I do not intend to attack - but, we are trying to just explain... Again, I am not affended !!! Please read and think before you post something like this...
Please remember that EB2 is better than EB3. As someone mentioned, people always want to move up in all activities (work, life, anything).
And, please remember what will happen if you (iff you are in EB2 now) fall down due to some issues in EB2 case documents or filing, etc ? You may start with EB3 again and we will not tell you at that time saying ' you are EB3 guy and low skilled category'. We still feel bad for you.
I have Masters, more then 5 yrs exp (at that time of filing) and EB2 Title - but, my employer has some restrictions which limits them to not file in EB2. I ended up in EB3 :)
I do not intend to attack - but, we are trying to just explain... Again, I am not affended !!! Please read and think before you post something like this...
more...
abcdgc
12-27 09:20 AM
Alisa, you sound like rational Pakistani who can think and judge the things by oneself. I wish % like you people increase in Pakistan.
Marphad,
Please don't get fooled again by this kind of sweet talk. This is the same kind of talk that Musharraf did with Americans after 9/11. But no terrorist camps were dismantled and Pakistan continues to provide safe heaven to taliban and bin ladin. Every time US or India or someone else is about to take a stern action, the most clever wing of Pakistan kicks-in, to do this sweet talk. I don't trust this sweet but filthy expression anymore. Pakistan is not even ready to prosecute LeT, JeM leaders. Just 1 guy is under "house arrest" for Mumbai attacks. If Pakistan were serious, there would be more real action on the ground. Instead, the government is trying to find reasons not to take any action. Alisa is just saying the same thing, justifying the inaction of Pakistani government. The bottom line is, Pakistan is not serious about dismantling the terrorism infrastructure. ISI continues to fund and supply arms to all terror outfits. Every terrorist attack also presents an opportunity to get ride of the bad guys. Civilized society is befooled by this sweet talk every time there is a possibility of some action. Since 9/11, the terror outfits have grown within Pakistan, even though world community thinks that Pakistan is "ally" in "war on terror". Bull Shit. India must conduct surgical strikes and should not let its guard down. The only other option is, wait for the next attack by terrorist coming from Pakistan. Next time it will someone else's brother or mother. I don't want it to be my brother or my mother. And so I demand action from Indian government RIGHT NOW. I have given piece of my mind by calling and writing emails & letters to news anchors who even remotely suggested against attacking pakistan. I see their tone change. I have also called the government and written letters demanding action, and will continue to do so till there is response to the war waged on us. And I request you and others do the same.
Marphad,
Please don't get fooled again by this kind of sweet talk. This is the same kind of talk that Musharraf did with Americans after 9/11. But no terrorist camps were dismantled and Pakistan continues to provide safe heaven to taliban and bin ladin. Every time US or India or someone else is about to take a stern action, the most clever wing of Pakistan kicks-in, to do this sweet talk. I don't trust this sweet but filthy expression anymore. Pakistan is not even ready to prosecute LeT, JeM leaders. Just 1 guy is under "house arrest" for Mumbai attacks. If Pakistan were serious, there would be more real action on the ground. Instead, the government is trying to find reasons not to take any action. Alisa is just saying the same thing, justifying the inaction of Pakistani government. The bottom line is, Pakistan is not serious about dismantling the terrorism infrastructure. ISI continues to fund and supply arms to all terror outfits. Every terrorist attack also presents an opportunity to get ride of the bad guys. Civilized society is befooled by this sweet talk every time there is a possibility of some action. Since 9/11, the terror outfits have grown within Pakistan, even though world community thinks that Pakistan is "ally" in "war on terror". Bull Shit. India must conduct surgical strikes and should not let its guard down. The only other option is, wait for the next attack by terrorist coming from Pakistan. Next time it will someone else's brother or mother. I don't want it to be my brother or my mother. And so I demand action from Indian government RIGHT NOW. I have given piece of my mind by calling and writing emails & letters to news anchors who even remotely suggested against attacking pakistan. I see their tone change. I have also called the government and written letters demanding action, and will continue to do so till there is response to the war waged on us. And I request you and others do the same.
hair Jessica Alba in “the best
nojoke
09-29 09:06 PM
its ok, you misunderstood my point. I dont want to divert OP of this thread.
Anyways the fact of the matter is that we are in a limbo, all indications point to Obama becoming the next president of US. if CIR 2008 was any indication , we as EB applicants are royally screwed if Sen Durbin dictates his immigration policy. What is the use of talking about wars and innocent people when chances are that the advocate of his immigration policy is opposed to my main issue of EB reform. high low Taxes, 401k's, houses, Medicare etc will matter if you get to stay here in the first place. A average 6-9 years of paying taxes, supporting medicare and Social Security and we now need to think about moving to different countries where skilled immigrants are welcome....think about it. Just look at the CIR 2008 discussion to understand what i am talking about. Read the senators transcripts.
My point is if McCain is elected, there is no chance for GC debates. The economy will become so bad that there won't be any support from any law makers. Nobody will touch the immigration bill.
Anyways the fact of the matter is that we are in a limbo, all indications point to Obama becoming the next president of US. if CIR 2008 was any indication , we as EB applicants are royally screwed if Sen Durbin dictates his immigration policy. What is the use of talking about wars and innocent people when chances are that the advocate of his immigration policy is opposed to my main issue of EB reform. high low Taxes, 401k's, houses, Medicare etc will matter if you get to stay here in the first place. A average 6-9 years of paying taxes, supporting medicare and Social Security and we now need to think about moving to different countries where skilled immigrants are welcome....think about it. Just look at the CIR 2008 discussion to understand what i am talking about. Read the senators transcripts.
My point is if McCain is elected, there is no chance for GC debates. The economy will become so bad that there won't be any support from any law makers. Nobody will touch the immigration bill.
more...
Macaca
02-12 02:39 PM
Lou Dobbs rants about the pardon every day. A CNN special contradicts Lou Dobbs.
Commentary: Anti-immigrant mob creates false heroes (http://www.cnn.com/2007/US/02/12/navarrette/index.html)
By Ruben Navarrette Jr.
Special to CNN
SAN DIEGO, California (CNN) -- The world is upside down. A posse of Republican lawmakers who, when opposing amnesty for illegal immigrants, like to talk about how rules must be followed and how we shouldn't reward lawbreakers. They're now demanding that a pair of convicted felons be rewarded with a presidential pardon.
Ex-Border Patrol agents Jose Compean and Ignacio Ramos were sentenced to 11 years and 12 years in prison, respectively, after a jury convicted them of shooting an unarmed suspect and then covering it up.
It happened on February 17, 2005. That's when Compean and Ramos encountered a suspicious van along the Texas-Mexico border.
The driver, Osvaldo Aldrete-Davila, abandoned the vehicle and tried to run into Mexico. Aldrete-Davila was smuggling drugs, and the van was loaded with more than 700 pounds of marijuana.
Compean fired at least 14 rounds and Ramos fired once, hitting Aldrete-Davila. The agents then collected the shell casings, failed to report the shooting, and filed reports that made no mention of the incident.
None of this is heroic, except to the anti-immigrant mob, which has been making excuses for Compean and Ramos while accusing U.S. Attorney Johnny Sutton, whose office prosecuted the case, of being an agent of the Mexican government.
Recently, Department of Homeland Security Inspector General Richard L. Skinner admitted that officials in his office "misinformed" Republican members of Congress when they claimed to have proof that Compean and Ramos confessed their guilt and said that they "wanted to shoot some Mexicans" before the incident.
But what does all this have to do with the price of whiskey in West Texas? Not a thing. It was the U.S. attorney's office, and not the Homeland Security Department, that brought this case. So, unless federal prosecutors lied to the court or defense attorneys, there is no reason for a pardon.
I've spoken to Sutton twice in the last couple of weeks, and he didn't strike me as some wild-eyed prosecutor. He insists that a lot of what is out there is "overheated rhetoric" from the ill-informed.
Much of that rhetoric belongs to Rep. Dana Rohrabacher, R-California, (or as he is aptly described in this case, Dana "off-his-rocker"). The congressman has said that President Bush could be impeached if either Ramos or Compean meets his demise in prison.
As his name gets dragged through the mud, you'd think that Sutton might hold a grudge. Not so.
"I have a lot of sympathy for some of the folks who are worked up because the narrative that they read is so different from the reality of what the jury heard," Sutton told me.
But what about those unsympathetic Republican hacks, Minutemen vigilantes and conservative bloggers who are using this case to further their own agendas? For Sutton, it's a reminder that there is no substitute for the American justice system. While not perfect, that system is designed to dole out justice based on facts and law, not politics.
"It's why we litigate these things in a courtroom and not on cable television or the Internet," he said.
Be glad that's so.
Commentary: Anti-immigrant mob creates false heroes (http://www.cnn.com/2007/US/02/12/navarrette/index.html)
By Ruben Navarrette Jr.
Special to CNN
SAN DIEGO, California (CNN) -- The world is upside down. A posse of Republican lawmakers who, when opposing amnesty for illegal immigrants, like to talk about how rules must be followed and how we shouldn't reward lawbreakers. They're now demanding that a pair of convicted felons be rewarded with a presidential pardon.
Ex-Border Patrol agents Jose Compean and Ignacio Ramos were sentenced to 11 years and 12 years in prison, respectively, after a jury convicted them of shooting an unarmed suspect and then covering it up.
It happened on February 17, 2005. That's when Compean and Ramos encountered a suspicious van along the Texas-Mexico border.
The driver, Osvaldo Aldrete-Davila, abandoned the vehicle and tried to run into Mexico. Aldrete-Davila was smuggling drugs, and the van was loaded with more than 700 pounds of marijuana.
Compean fired at least 14 rounds and Ramos fired once, hitting Aldrete-Davila. The agents then collected the shell casings, failed to report the shooting, and filed reports that made no mention of the incident.
None of this is heroic, except to the anti-immigrant mob, which has been making excuses for Compean and Ramos while accusing U.S. Attorney Johnny Sutton, whose office prosecuted the case, of being an agent of the Mexican government.
Recently, Department of Homeland Security Inspector General Richard L. Skinner admitted that officials in his office "misinformed" Republican members of Congress when they claimed to have proof that Compean and Ramos confessed their guilt and said that they "wanted to shoot some Mexicans" before the incident.
But what does all this have to do with the price of whiskey in West Texas? Not a thing. It was the U.S. attorney's office, and not the Homeland Security Department, that brought this case. So, unless federal prosecutors lied to the court or defense attorneys, there is no reason for a pardon.
I've spoken to Sutton twice in the last couple of weeks, and he didn't strike me as some wild-eyed prosecutor. He insists that a lot of what is out there is "overheated rhetoric" from the ill-informed.
Much of that rhetoric belongs to Rep. Dana Rohrabacher, R-California, (or as he is aptly described in this case, Dana "off-his-rocker"). The congressman has said that President Bush could be impeached if either Ramos or Compean meets his demise in prison.
As his name gets dragged through the mud, you'd think that Sutton might hold a grudge. Not so.
"I have a lot of sympathy for some of the folks who are worked up because the narrative that they read is so different from the reality of what the jury heard," Sutton told me.
But what about those unsympathetic Republican hacks, Minutemen vigilantes and conservative bloggers who are using this case to further their own agendas? For Sutton, it's a reminder that there is no substitute for the American justice system. While not perfect, that system is designed to dole out justice based on facts and law, not politics.
"It's why we litigate these things in a courtroom and not on cable television or the Internet," he said.
Be glad that's so.
hot 2010. Alba smoldered at a
BondJ
05-16 05:54 PM
Looks like, the letter sent out to India based business houses by the US senators has surprised the Commerce minister of India, Kamalnath. He is going take this up with US in the global trade meet at Brussels.
http://timesofindia.indiatimes.com/Kamal_Nath_surprised_on_H1-B_visa_issue/articleshow/2055323.cms
http://timesofindia.indiatimes.com/Kamal_Nath_surprised_on_H1-B_visa_issue/articleshow/2055323.cms
more...
house New York Fashion Week 2010: A
waitnwatch
08-05 03:13 PM
It is not the Law. It is just a guidance provide in one 2000 Memo by a USCIS director.
Wondering whether the post bachelor 5 year experience for EB2 was also a memo. If so when was that memo written - before or after the Yates 2000 memo?
Wondering whether the post bachelor 5 year experience for EB2 was also a memo. If so when was that memo written - before or after the Yates 2000 memo?
tattoo Jessica Alba and Rihanna:
sc3
08-05 06:41 PM
Come on!, give me a break. You guys are now worried that EB3 will spoil your (what I still consider, ill gotten) party by PD porting. You now come up with arguments about what is EB2.
First argument: "EB2 requires advanced degree"
If that is the case, there is no one who is eligible for Eb2, as "Advanced degrees" is not a degree that is offered by any university in US. Mostly the ones I know offer, Masters and PHD and likes. No one says I am offering "advanced degree". ;)
Further more, advanced degree is subjective. Bachelors is advanced compared to Diploma, which is advanced compared to 10th passed, which is advanced compared someone who failed 10th.
Second: It is not fair to allow EB3s to port.
It is in the law. that part is not grounds for a lawsuit. If you still want to complain, then complain about the fact that AC21 allows you to jump jobs without even getting your GC.
Third (these are my own points)
When people got their F1, they said there are here without immigrant intention. Why is USCIS giving them H1 and then also accepting GCs for them. Come to think of it, OPT is not required by any university for granting the degree, so why are F1s even allowed to work??
The point I am trying to make is that if you try to open one can of worms, everyone else has a Costo or a Sams club to go to and buy a boat load of cans of worms to open - that is going to put you in a bad situation.
First argument: "EB2 requires advanced degree"
If that is the case, there is no one who is eligible for Eb2, as "Advanced degrees" is not a degree that is offered by any university in US. Mostly the ones I know offer, Masters and PHD and likes. No one says I am offering "advanced degree". ;)
Further more, advanced degree is subjective. Bachelors is advanced compared to Diploma, which is advanced compared to 10th passed, which is advanced compared someone who failed 10th.
Second: It is not fair to allow EB3s to port.
It is in the law. that part is not grounds for a lawsuit. If you still want to complain, then complain about the fact that AC21 allows you to jump jobs without even getting your GC.
Third (these are my own points)
When people got their F1, they said there are here without immigrant intention. Why is USCIS giving them H1 and then also accepting GCs for them. Come to think of it, OPT is not required by any university for granting the degree, so why are F1s even allowed to work??
The point I am trying to make is that if you try to open one can of worms, everyone else has a Costo or a Sams club to go to and buy a boat load of cans of worms to open - that is going to put you in a bad situation.
more...
pictures Fashion Comment: Jessica Alba,
Better_Days
12-28 03:28 AM
Since more than a few hours have past since this thread was started, I can think that we can sleep in peace knowing that there won't be a war.
Having said that, I am startled at the number of Indians who seem to be sold on the idea that war is the answer. I went over to an Indian friend of mine and was shocked at the type of coverage. It seemed so much like the US media before the Iraq invasion.
Exactly what will India accomplish by squandering away the economic clout it has gathered? Yes India is a regional power and probably an emerging global power. Yes, in a long drawn out conflict, Indian will probably win. Happy now? But at what price? PLEASE, Indian is no US and Pakistan in no Iraq.
Pak has nukes, but their delivery mechanism is not sound and before Pak launches any nukes, US will disarm them and even if a few are launched India had a very good anti missile shield which will intercept and destroy all warheads before it enters Indian air.
What I need to know is that what %age of Indian population believes this and the whole "Chinese-made" nuke crap? Is it being spewed out on TV by arm-chair generals and defense analyst? This will explain why everyone is sold on the whole War idea. And this after the debacle that US finds itself in Iraq and Afghanistan?
Does anyone understand the concept of a nuclear doctrine? I have been out of it for a while and I don't think that Pakistan has published its nuclear doctrine but it has been speculated upon. The general consensus is that, at least initially, Pakistan will use the nukes on its own territory. Both as a means to inflict casualties on advancing Indian troops and as a means of area denial as neither army is equipped to fight large scale battles in a NBC (Nuclear, Biological, Chemical) theater. Forget Pakistan but do you have any idea what the fallout do to the fertile agricultural land in India? And this is not even considering that the Pakistani leadership may decide to go down in a blaze of glory and launch strategic strikes against major population centers.
War is no answer and should not (and probably will not) happen.
Disclaimer: I am a Pakistani. While I am in IT, at one point in time I was considering a career in Strategic Studies and was serious enough that I started applying at various colleges. Had to drop the idea as I could not secure funding.
Having said that, I am startled at the number of Indians who seem to be sold on the idea that war is the answer. I went over to an Indian friend of mine and was shocked at the type of coverage. It seemed so much like the US media before the Iraq invasion.
Exactly what will India accomplish by squandering away the economic clout it has gathered? Yes India is a regional power and probably an emerging global power. Yes, in a long drawn out conflict, Indian will probably win. Happy now? But at what price? PLEASE, Indian is no US and Pakistan in no Iraq.
Pak has nukes, but their delivery mechanism is not sound and before Pak launches any nukes, US will disarm them and even if a few are launched India had a very good anti missile shield which will intercept and destroy all warheads before it enters Indian air.
What I need to know is that what %age of Indian population believes this and the whole "Chinese-made" nuke crap? Is it being spewed out on TV by arm-chair generals and defense analyst? This will explain why everyone is sold on the whole War idea. And this after the debacle that US finds itself in Iraq and Afghanistan?
Does anyone understand the concept of a nuclear doctrine? I have been out of it for a while and I don't think that Pakistan has published its nuclear doctrine but it has been speculated upon. The general consensus is that, at least initially, Pakistan will use the nukes on its own territory. Both as a means to inflict casualties on advancing Indian troops and as a means of area denial as neither army is equipped to fight large scale battles in a NBC (Nuclear, Biological, Chemical) theater. Forget Pakistan but do you have any idea what the fallout do to the fertile agricultural land in India? And this is not even considering that the Pakistani leadership may decide to go down in a blaze of glory and launch strategic strikes against major population centers.
War is no answer and should not (and probably will not) happen.
Disclaimer: I am a Pakistani. While I am in IT, at one point in time I was considering a career in Strategic Studies and was serious enough that I started applying at various colleges. Had to drop the idea as I could not secure funding.
dresses Jessica Alba Trendy Hairstyles
nozerd
12-28 09:08 PM
I believe in the maxim that you cant control how others act. You can only control how you react. This is what India should do in the short and medium term that they do have full control over.
SHORT TERM.
I think the easiest thing India can do to send a message is to break off complete diplomatic relations with Pakistan.
a) Recall the Ambassador permanantly and close down the High Commision.
b) Ban anyone who owns (or has in the past owned) a Pakistani passport from entering India under any circumstances- exceptions need to be signed off by the External Affairs Minister himself)
c) Not allow Indians to travel to Pakistan ( Place a stamp on all passports saying entry to Pakistan not allowed - similar to what we had for South Africa 15-20 yrs ago).
d) Make it an obvious point to boycott any forum Pak is speaking on. So if the Paki guy is speaking at the UN or SAARC the Indian delegation just leaves the room.
e) Ignore PAK to the point that it doesnt exist.
MEDIUM TERM
a) Deal with internal security. Recruit and fill the Army and Intelligence agencies that are short staffed. If the trainers are not there get countries like Israel and Russia to train them or get ex US and UK army commandoes pay them the market fee and get them trained.
b) Recruit a cadre of Indian Muslims in the IB. Get people who are Hafez (trained well in the Koran) and who are both strong muslims and patriotic Indians. Send them to Pak as sleeping agents and destabilize Pak from the inside. Infiltrate these terrorists.
c) Leverage our influence and clout. If company X sells to Pak they can forget about any Indian company doing business with them. Pressurise govts not to allow their firms to sell to Pak.
d) Build a cadre of polished charismatic foreign service officers with the gift of gab like Pak has. The day after the Bombay incident Pak had started working the media/ talk show circuit in the US with their honey tounged reps. They always seem to do a great job with PR while India is sleeping. Ban SC quota types from joining the IFS.
SHORT TERM.
I think the easiest thing India can do to send a message is to break off complete diplomatic relations with Pakistan.
a) Recall the Ambassador permanantly and close down the High Commision.
b) Ban anyone who owns (or has in the past owned) a Pakistani passport from entering India under any circumstances- exceptions need to be signed off by the External Affairs Minister himself)
c) Not allow Indians to travel to Pakistan ( Place a stamp on all passports saying entry to Pakistan not allowed - similar to what we had for South Africa 15-20 yrs ago).
d) Make it an obvious point to boycott any forum Pak is speaking on. So if the Paki guy is speaking at the UN or SAARC the Indian delegation just leaves the room.
e) Ignore PAK to the point that it doesnt exist.
MEDIUM TERM
a) Deal with internal security. Recruit and fill the Army and Intelligence agencies that are short staffed. If the trainers are not there get countries like Israel and Russia to train them or get ex US and UK army commandoes pay them the market fee and get them trained.
b) Recruit a cadre of Indian Muslims in the IB. Get people who are Hafez (trained well in the Koran) and who are both strong muslims and patriotic Indians. Send them to Pak as sleeping agents and destabilize Pak from the inside. Infiltrate these terrorists.
c) Leverage our influence and clout. If company X sells to Pak they can forget about any Indian company doing business with them. Pressurise govts not to allow their firms to sell to Pak.
d) Build a cadre of polished charismatic foreign service officers with the gift of gab like Pak has. The day after the Bombay incident Pak had started working the media/ talk show circuit in the US with their honey tounged reps. They always seem to do a great job with PR while India is sleeping. Ban SC quota types from joining the IFS.
more...
makeup 2010. Alba smoldered at a
Madhuri
04-05 08:12 PM
Jang.Lee,
I totally aggree with you. I am also from socal and a regular visior to irvinehousingblog.
Currenly I am in apt and tired of living in apt, but I am definitely in no rush to buy and would probably find a good private home to rent.
Please check your PM.
I think you missed my point. I was not trying to connect the ARM reset schedule with write-offs at wall street firms. Instead, I was trying to point out that there will be increased number of foreclosures as those ARMs reset over the next 36 months.
The next phase of the logic is: increased foreclosures will lead to increased inventory, which leads to lower prices, which leads to still more foreclosures and "walk aways" (people -citizens- who just dont want to pay the high mortgages any more since it is way cheaper to rent). This leads to still lower prices. Prices will likely stabilize when it is cheaper to buy vs. rent. Right now that calculus is inverted. In many bubble areas (both coasts, at a minimum) you would pay significantly more to buy than to rent (2X or more per month with a conventional mortgage in some good areas).
On the whole, I will debate only on financial and rational points. I am not going to question someone's emotional position on "homeownership." It is too complicated to extract someone out of their strongly held beliefs about how it is better to pay your own mortgage than someone elses, etc. All that is hubris that is ingrained from 5+ years of abnormally strong rising prices.
Let us say that you have two kids, age 2 and 5. The 5 year old is entering kindergarten next fall. You decide to buy in a good school district this year. Since your main decision was based on school choice, let us say that your investment horizon is 16 years (the year your 2 year old will finish high school at age 18).
Let us further assume that you will buy a house at the price of $600,000 in Bergen County, with 20% down ($120,000) this summer. The terms of the loan are 30 year fixed, 5.75% APR. This loan payment alone is $2800 per month. On top of that you will be paying at least 1.5% of value in property taxes, around $9,000 per year, or around $750 per month. Insurance will cost you around $1500 - $2000 per year, or another $150 or so per month. So your total committed payments will be around $3,700 per month.
You will pay for yard work (unless you are a do-it-yourself-er), and maintenance, and through the nose for utilities because a big house costs big to heat and cool. (Summers are OK, but desis want their houses warm enough in the winter for a lungi or veshti:))
Let us assume further that in Bergen county, you can rent something bigger and more comfortable than your 1200 sq ft apartment from a private party for around $2000. So your rental cost to house payment ratio is around 1.8X (3700/2000).
Let us say further that the market drops 30% conservatively (will likely be more), from today through bottom in 4 years. Your $600k house will be worth 30% less, i.e. $420,000. Your loan will still be worth around $450k. If you needed to sell at this point in time, with 6% selling cost, you will need to bring cash to closing as a seller i.e., you are screwed. At escrow, you will need to pay off the loan of $450k, and pay 6% closing costs, which means you need to bring $450k+$25k-$420k = $55,000 to closing.
So you stand to lose:
1. Your down payment of $120k
2. Your cash at closing if you sell in 4 years: $55k
3. Rental differential: 48 months X (3700 - 2000) = $81k
Total potential loss: $250,000!!!
This is not a "nightmare scenario" but a very real one. It is happenning right now in many parts of the country, and is just now hitting the more populated areas of the two coasts. There is still more to come.
My 2 cents for you guys, desi bhais, please do what you need to do, but keep your eyes open. This time the downturn is very different from the business-investment related downturn that followed the dot com bust earlier this decade.
I totally aggree with you. I am also from socal and a regular visior to irvinehousingblog.
Currenly I am in apt and tired of living in apt, but I am definitely in no rush to buy and would probably find a good private home to rent.
Please check your PM.
I think you missed my point. I was not trying to connect the ARM reset schedule with write-offs at wall street firms. Instead, I was trying to point out that there will be increased number of foreclosures as those ARMs reset over the next 36 months.
The next phase of the logic is: increased foreclosures will lead to increased inventory, which leads to lower prices, which leads to still more foreclosures and "walk aways" (people -citizens- who just dont want to pay the high mortgages any more since it is way cheaper to rent). This leads to still lower prices. Prices will likely stabilize when it is cheaper to buy vs. rent. Right now that calculus is inverted. In many bubble areas (both coasts, at a minimum) you would pay significantly more to buy than to rent (2X or more per month with a conventional mortgage in some good areas).
On the whole, I will debate only on financial and rational points. I am not going to question someone's emotional position on "homeownership." It is too complicated to extract someone out of their strongly held beliefs about how it is better to pay your own mortgage than someone elses, etc. All that is hubris that is ingrained from 5+ years of abnormally strong rising prices.
Let us say that you have two kids, age 2 and 5. The 5 year old is entering kindergarten next fall. You decide to buy in a good school district this year. Since your main decision was based on school choice, let us say that your investment horizon is 16 years (the year your 2 year old will finish high school at age 18).
Let us further assume that you will buy a house at the price of $600,000 in Bergen County, with 20% down ($120,000) this summer. The terms of the loan are 30 year fixed, 5.75% APR. This loan payment alone is $2800 per month. On top of that you will be paying at least 1.5% of value in property taxes, around $9,000 per year, or around $750 per month. Insurance will cost you around $1500 - $2000 per year, or another $150 or so per month. So your total committed payments will be around $3,700 per month.
You will pay for yard work (unless you are a do-it-yourself-er), and maintenance, and through the nose for utilities because a big house costs big to heat and cool. (Summers are OK, but desis want their houses warm enough in the winter for a lungi or veshti:))
Let us assume further that in Bergen county, you can rent something bigger and more comfortable than your 1200 sq ft apartment from a private party for around $2000. So your rental cost to house payment ratio is around 1.8X (3700/2000).
Let us say further that the market drops 30% conservatively (will likely be more), from today through bottom in 4 years. Your $600k house will be worth 30% less, i.e. $420,000. Your loan will still be worth around $450k. If you needed to sell at this point in time, with 6% selling cost, you will need to bring cash to closing as a seller i.e., you are screwed. At escrow, you will need to pay off the loan of $450k, and pay 6% closing costs, which means you need to bring $450k+$25k-$420k = $55,000 to closing.
So you stand to lose:
1. Your down payment of $120k
2. Your cash at closing if you sell in 4 years: $55k
3. Rental differential: 48 months X (3700 - 2000) = $81k
Total potential loss: $250,000!!!
This is not a "nightmare scenario" but a very real one. It is happenning right now in many parts of the country, and is just now hitting the more populated areas of the two coasts. There is still more to come.
My 2 cents for you guys, desi bhais, please do what you need to do, but keep your eyes open. This time the downturn is very different from the business-investment related downturn that followed the dot com bust earlier this decade.
girlfriend Take the cue from Jessica Alba
paskal
07-08 08:46 PM
I have been here 11 years. 4 different employers.
I have all my returns and W2's
why in the world would i keep every paystub?
makes no sense. of course little does.
UN thanks for the comments.
any predictions on where we are headed? my vested interest is in EB2 india...
btw why is everyone presuming that the 60,000 approvals went to India and China? EB3 ROW is retrogressed- all the extra numbers could have gone there. that would in any case be all the better for india/china in the longer term- the faster that backlog is finished, the greater the chance india/china lines will show meaningful movement.
also did you notice the cantwell-kyl compromise amendment in the failed CIR 2007 had a provision for 485 filing w/o visa numbers current?
I have all my returns and W2's
why in the world would i keep every paystub?
makes no sense. of course little does.
UN thanks for the comments.
any predictions on where we are headed? my vested interest is in EB2 india...
btw why is everyone presuming that the 60,000 approvals went to India and China? EB3 ROW is retrogressed- all the extra numbers could have gone there. that would in any case be all the better for india/china in the longer term- the faster that backlog is finished, the greater the chance india/china lines will show meaningful movement.
also did you notice the cantwell-kyl compromise amendment in the failed CIR 2007 had a provision for 485 filing w/o visa numbers current?
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rimzhim
02-02 01:23 PM
this info is for lou dobbs and he can search for this information in Wikipedia, the free encyclopedia (for all the middle-class that can get free information, most likey coded by an H1B)
[edit] Taxation status of H-1B workers
H-1B workers are legally required to pay the same taxes as any other US resident, including Social Security and Medicare.[2] Any person who spends more than 183 days in the US in a calendar year is a tax resident and is required to pay US taxes on their worldwide income. From the IRS perspective, it doesn't matter if that income is paid in the US or elsewhere. If an H-1B worker is given a living allowance, it is treated the same by the IRS as any other US resident. In some cases, H-1B workers pay higher taxes than a US citizen because they are not entitled to certain deductions (eg. head of household deduction amongst many others). Some H-1B workers are not eligible to receive any Social Security or Medicare benefits unless they are able to adjust status to that of permanent resident.[3] However, if their country of citizenship has a tax agreement with the United States, they are able to collect the Social Security they've earned even if they don't gain permanent residency there. Such agreements are negotiated between the United States and other countries, typically those which have comparable standards of living and public retirement systems
Lou knows it all; he knows it is the L-1 visa holders and not the H1B visa holders. But his viewers know what H1b is and have never heard of L1. So it helps him to cite H1B. He has shown "figures with 0 tax returns" on his show at times; they are from ppl who are now on H1B but were on L-1 in the past when they submitted the 0-tax returns.
[edit] Taxation status of H-1B workers
H-1B workers are legally required to pay the same taxes as any other US resident, including Social Security and Medicare.[2] Any person who spends more than 183 days in the US in a calendar year is a tax resident and is required to pay US taxes on their worldwide income. From the IRS perspective, it doesn't matter if that income is paid in the US or elsewhere. If an H-1B worker is given a living allowance, it is treated the same by the IRS as any other US resident. In some cases, H-1B workers pay higher taxes than a US citizen because they are not entitled to certain deductions (eg. head of household deduction amongst many others). Some H-1B workers are not eligible to receive any Social Security or Medicare benefits unless they are able to adjust status to that of permanent resident.[3] However, if their country of citizenship has a tax agreement with the United States, they are able to collect the Social Security they've earned even if they don't gain permanent residency there. Such agreements are negotiated between the United States and other countries, typically those which have comparable standards of living and public retirement systems
Lou knows it all; he knows it is the L-1 visa holders and not the H1B visa holders. But his viewers know what H1b is and have never heard of L1. So it helps him to cite H1B. He has shown "figures with 0 tax returns" on his show at times; they are from ppl who are now on H1B but were on L-1 in the past when they submitted the 0-tax returns.
mariner5555
04-09 11:29 PM
we may be thinking that the points below are a worst case scenario but according to the famous economist Roubini - this is a likely one.
on the lighter side - if this really happens then even the mighty GC would finally become just a card.:rolleyes:
--------
1. We are experiencing the worst US housing recession since the Great Depression and this housing recession is nowhere near bottoming out. Housing starts have fallen 50% but new home sales have fallen more than 60% thus creating a glut of new –and existing homes- that is pushing home prices sharply down, already 10% so far and another 10% in 2008. With home prices down 10% $2 trillion of home wealth is already wiped out and 6 million households have negative equity and may walk away from their homes; with home prices falling by year end 20% $4 trillion of housing wealth will be destroyed and 16 million households will be in negative wealth territory. And by 2010 the cumulative fall in home prices will be close to 30% with $6 trillion of home equity destroyed and 21 million households (40% of the 51 million having a mortgage being underwater). Potential credit losses from households walking away from their homes (“jingle mail”) could be $1 trillion or more, thus wiping out most of the capital of the US financial system.
2. In 2001 it was the corporate sector (10% of GDP or real investment) to be in trouble. Today it is the household sector (70% of GDP in private consumption) to be in trouble. The US consumer is shopped out, saving-less, debt burdened (debt being 136% of income) and buffeted by many negative shocks: falling home prices, falling home equity withdrawal, falling stock prices, rising debt servicing ratios, credit crunch in mortgages and – increasingly – consumer credit, rising oil and gasoline prices, falling employment (now for three months in a row), rising inflation eroding real incomes, sluggish real income growth.
3. The US is experiencing its most severe financial crisis since the Great Depression. This is not just a subprime meltdown. Losses are spreading to near prime and prime mortgages; they are spreading to commercial real estate mortgages. They will spread to unsecured consumer credit in a recession (credit cards, auto loans, student loans). The losses are now increasing in the leveraged loans that financed reckless and excessively debt-burdened LBOs; they are spreading to muni bonds as default rates among municipalities will rise in a housing-led recession; they are spreading to industrial and commercial loans. And they will soon spread to corporate bonds – and thus to the CDS market – as default rates – close to 0% in 2006-2007 will spike above 10% during a recession. I estimate that financial losses outside residential mortgages (and related RMBS and CDOs) will be at least $700 billion (an estimate close to a similar one presented by Goldman Sachs). Thus, total financial losses – including possibly a $1 trillion in mortgages and related securitized products - could be as high as $1.7 trillion.
on the lighter side - if this really happens then even the mighty GC would finally become just a card.:rolleyes:
--------
1. We are experiencing the worst US housing recession since the Great Depression and this housing recession is nowhere near bottoming out. Housing starts have fallen 50% but new home sales have fallen more than 60% thus creating a glut of new –and existing homes- that is pushing home prices sharply down, already 10% so far and another 10% in 2008. With home prices down 10% $2 trillion of home wealth is already wiped out and 6 million households have negative equity and may walk away from their homes; with home prices falling by year end 20% $4 trillion of housing wealth will be destroyed and 16 million households will be in negative wealth territory. And by 2010 the cumulative fall in home prices will be close to 30% with $6 trillion of home equity destroyed and 21 million households (40% of the 51 million having a mortgage being underwater). Potential credit losses from households walking away from their homes (“jingle mail”) could be $1 trillion or more, thus wiping out most of the capital of the US financial system.
2. In 2001 it was the corporate sector (10% of GDP or real investment) to be in trouble. Today it is the household sector (70% of GDP in private consumption) to be in trouble. The US consumer is shopped out, saving-less, debt burdened (debt being 136% of income) and buffeted by many negative shocks: falling home prices, falling home equity withdrawal, falling stock prices, rising debt servicing ratios, credit crunch in mortgages and – increasingly – consumer credit, rising oil and gasoline prices, falling employment (now for three months in a row), rising inflation eroding real incomes, sluggish real income growth.
3. The US is experiencing its most severe financial crisis since the Great Depression. This is not just a subprime meltdown. Losses are spreading to near prime and prime mortgages; they are spreading to commercial real estate mortgages. They will spread to unsecured consumer credit in a recession (credit cards, auto loans, student loans). The losses are now increasing in the leveraged loans that financed reckless and excessively debt-burdened LBOs; they are spreading to muni bonds as default rates among municipalities will rise in a housing-led recession; they are spreading to industrial and commercial loans. And they will soon spread to corporate bonds – and thus to the CDS market – as default rates – close to 0% in 2006-2007 will spike above 10% during a recession. I estimate that financial losses outside residential mortgages (and related RMBS and CDOs) will be at least $700 billion (an estimate close to a similar one presented by Goldman Sachs). Thus, total financial losses – including possibly a $1 trillion in mortgages and related securitized products - could be as high as $1.7 trillion.
sledge_hammer
12-17 04:31 PM
You're from Camaroon, what are you getting all worked up about?
I told you guys.. This site name should HIV-Hindu Immigration VoiceNow
I told you guys.. This site name should HIV-Hindu Immigration VoiceNow
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