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  • #481
    Originally posted by Sten Sture


    That part is not necessarily true, depending on how you interpret 'one-time'. When a mortgage is refinanced at a lower interest rate, the monthly payment is less, allowing consumption to be increased for a perpetual period. Unless all of the refinanced mortgages were structured to have the same payment amount with a shorter term, or large cashout and similar term.
    When, a refinancing is used to increase debt without increasing interest payments the increase is one-time by all means.
    However, when a refinancing is used to decrease the interest payments the increase is one-time as well in a (important) sense. For instance, by refinancing my mortgage one decreases it's annual payments by $2000 to $8000, allowing a 5% increase in his annual consumption spending from $40,000 to $42,000. The year after he'll still be able to spend $42,000, but he can't increase it again by 5% unless he manages refinance his mortgage again on more favourable terms.
    That's what I mean when I say that consumption expenditures won't get a further boost from mortgage refinancing even if rates and real estate prices stay put.
    DISCLAIMER: the author of the above written texts does not warrant or assume any legal liability or responsibility for any offence and insult; disrespect, arrogance and related forms of demeaning behaviour; discrimination based on race, gender, age, income class, body mass, living area, political voting-record, football fan-ship and musical preference; insensitivity towards material, emotional or spiritual distress; and attempted emotional or financial black-mailing, skirt-chasing or death-threats perceived by the reader of the said written texts.

    Comment

    • #482
      Sten:

      "I would contend that the gains in US productivity were only indirectly because of the technology improvements, but were due to job cuts in the manufacturing and service industries"

      If you trust the data (I expect them to be revised down as usual, but the trend should stay) we've seen an uptick in US productivity growth through the mini recession. Looks more like US companies took on some fat during the boom time.

      "In reality, the technology and telecom industries did enjoy some productivity improvements, but the source of the spectacular gains in worker productivity came from industries whose relative stock performance was falling behind the hyperappreciation of rapid growth companies."

      I think after the last revisions we're back to Gordon's initial assessment: The acceleration of productivity growth goes back to the funny accounting in computers. And that's it.

      "Value stock companies, representing a much larger portion of domestic production than growth companies, were enjoying decent top-line sales growth, but were having difficulty expanding bottom-line margins enough to attract capital at the same level as the small hyper-growth companies."

      About everyone borrowed like crazy. GM and Ford have a huge debtpile. That they bought back stock doesn't change that - they could have issued equity, could they not?

      "If the Fed had kept money tighter during this time, it may have discouraged borrowing by value companies"

      More importantly, there's a good chance it would have reduced consumer spending and the current account deficit.

      "Are we just that inefficient with our delivery, and if so why can't we get it right?"

      Well one obvious problem is the lottery. Another one may be the anarchic structure of US healthcare with all kinds of government meddling (also on the tax side). Another one is that doctors have to pay for their med school education, while in most european countries the government funds that up front, so it doesn't show up in health spending. Another one might be the price regulations on pharmaceuticals. Well, might be able to think of others....

      Dan:

      "I heard figures up to $140,00/year from high school friends who went into health care. I guess it depends on what specialty you're in."

      Heard about similar amounts, and that some doctors already refuse to perform the more lawsuit-risky treatments. Excellent result...

      GP:

      "It was actually a pretty fluffy article.... Some guy from the bank in Texas."

      Sounds like McTeer.
      “Now we declare… that the law-making power or the first and real effective source of law is the people or the body of citizens or the prevailing part of the people according to its election or its will expressed in general convention by vote, commanding or deciding that something be done or omitted in regard to human civil acts under penalty or temporal punishment….” (Marsilius of Padua, „Defensor Pacis“, AD 1324)

      Comment

      • #483
        Health is only one of the more dramatic areas where our lottery system of law rewards is having an impact. One of my Democrat friends told me (with glee) that 5 of top 10 people in Florida are all trial lawyer billionaires. These guys are extremely important to Democratic fundraising. And pretty mercenary/odious in their behavior.

        Look at the asbestos situation. It's ridiculous. Or breast implants. Where a medical issue was never even proved! Just lawyers going crazy after Clinton FDA made a cautionary statement (that they later regretted).

        Comment

        • #484
          DanS's Productivity Increases 300%

          We have a new firewall at work that blocks access to the "games" category, of which Apolyton is a member.

          I'll look at the bright side. My office is getting cleaner every day.
          I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891

          Comment

          • #485
            "Excellent result..."

            Perhaps it is.
            I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891

            Comment

            • #486
              We have a new firewall at work that blocks access to the "games" category, of which Apolyton is a member.


              Damn 'efficiency' programs .
              “I give you a new commandment, that you love one another. Just as I have loved you, you also should love one another. By this everyone will know that you are my disciples, if you have love for one another.”
              - John 13:34-35 (NRSV)

              Comment

              • #487
                " More spectacular productivity performances didn't save other economies from their imbalances so I'm mystified why you are putting so much stock on an acceleration of what, like 0.5%?"

                I don't care about the imbalances. They'll work themselves out. And 0.5% is a pretty huge increase, if it can be sustained. Your sense of proportion is off.
                I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891

                Comment

                • #488
                  "They'll work themselves out."

                  And take your productivity increases, if there are any, with them.
                  “Now we declare… that the law-making power or the first and real effective source of law is the people or the body of citizens or the prevailing part of the people according to its election or its will expressed in general convention by vote, commanding or deciding that something be done or omitted in regard to human civil acts under penalty or temporal punishment….” (Marsilius of Padua, „Defensor Pacis“, AD 1324)

                  Comment

                  • #489
                    Originally posted by DanS
                    I don't care about the imbalances. They'll work themselves out. And 0.5% is a pretty huge increase, if it can be sustained. Your sense of proportion is off.
                    Yeah well, that seems to become the fundamental argument against worries about a second Japan "we just don't care owkey?".
                    DISCLAIMER: the author of the above written texts does not warrant or assume any legal liability or responsibility for any offence and insult; disrespect, arrogance and related forms of demeaning behaviour; discrimination based on race, gender, age, income class, body mass, living area, political voting-record, football fan-ship and musical preference; insensitivity towards material, emotional or spiritual distress; and attempted emotional or financial black-mailing, skirt-chasing or death-threats perceived by the reader of the said written texts.

                    Comment

                    • #490
                      Roland, what happened to your original username?
                      Originally posted by Serb:Please, remind me, how exactly and when exactly, Russia bullied its neighbors?
                      Originally posted by Ted Striker:Go Serb !
                      Originally posted by Pekka:If it was possible to capture the essentials of Sepultura in a dildo, I'd attach it to a bicycle and ride it up your azzes.

                      Comment

                      • #491
                        Roland got banned.
                        “Now we declare… that the law-making power or the first and real effective source of law is the people or the body of citizens or the prevailing part of the people according to its election or its will expressed in general convention by vote, commanding or deciding that something be done or omitted in regard to human civil acts under penalty or temporal punishment….” (Marsilius of Padua, „Defensor Pacis“, AD 1324)

                        Comment

                        • #492
                          You?!

                          How? When? For what? For how long?
                          Originally posted by Serb:Please, remind me, how exactly and when exactly, Russia bullied its neighbors?
                          Originally posted by Ted Striker:Go Serb !
                          Originally posted by Pekka:If it was possible to capture the essentials of Sepultura in a dildo, I'd attach it to a bicycle and ride it up your azzes.

                          Comment

                          • #493
                            I asked Ming to close the account. Wanted a new username, just so, also got a new one at CG....
                            “Now we declare… that the law-making power or the first and real effective source of law is the people or the body of citizens or the prevailing part of the people according to its election or its will expressed in general convention by vote, commanding or deciding that something be done or omitted in regard to human civil acts under penalty or temporal punishment….” (Marsilius of Padua, „Defensor Pacis“, AD 1324)

                            Comment

                            • #494
                              Only seven more posts until this threa hits the 500 post limit. Will there be a part 13?
                              Try http://wordforge.net/index.php for discussion and debate.

                              Comment

                              • #495
                                Ok, here's a bizarre question: does putting someone on death row cost more than a life-time sentence? A friend of mine really wants to know and it's hard to say "no", because its a she.

                                (and since it has something to do with financial stuff I ask it here )
                                DISCLAIMER: the author of the above written texts does not warrant or assume any legal liability or responsibility for any offence and insult; disrespect, arrogance and related forms of demeaning behaviour; discrimination based on race, gender, age, income class, body mass, living area, political voting-record, football fan-ship and musical preference; insensitivity towards material, emotional or spiritual distress; and attempted emotional or financial black-mailing, skirt-chasing or death-threats perceived by the reader of the said written texts.

                                Comment

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