...8 months after he was elected U.S. Senator from Minnesota. Today, the Minnesota State Supreme Court ruled that he did so by a margin of 312 votes and finally, excruciatingly so, Republican incumbent Norm Coleman, otherwise known as sore loser, conceded defeat after countless recounts. Now the U.S. Senate can legitimately undertake the business of the nation.
We in New York State, however, continue to wait for our Senate to resolve a similar power struggle between Republicans and Democrats. Even though the Republicans have controlled the NY Senate for 40 years, yes 40 years, they could not accept their defeat last November. They staged a coup this spring to regain leadership by appending two, but then losing one, Democratic rope jumpers, unfortunately and inadvertently creating a 31-31 tie.
Power-sharing resolutions are expected but have failed to materialize. And, despite orders from the Governor to return to the business of the state, the Senate having first engaged in separate but equal attendance have failed to maintain even these feeble attempts at conducting business. The only successful action has been separate but ratifiable orders to ensure that they get paid. Sad but true but, I digress.
Al Franken's win delivers a 60 vote Democratic quorum to the United States Senate. Hopefully this leads to something good but the rising and inescapable bad sportsmanship of the GOP is starting to reach indefatigable proportions. Must the rich and powerful make mockery of everything we thought we had a stake in? The saga continues...
Tuesday, June 30, 2009
Monday, June 29, 2009
Strange Days Indeed
After 4 days celebrating the genius of Michael Jackson, re-living all of the moments and memories, real life has set in again. As we know, no amount of entertainment can hold back the tide of the matters at hand. I must note here before I go on that it is oddly coincidental that ubiquitous pitchman Billy Mays died a few days later of heart disease at the age of 50. Strange days indeed.
Strange for us is getting used to the fact that both of us are unemployed, still. Perhaps the unseasonable wetness of June was a large contributor to this strangeness as it cast a decidedly gloomier pall over our hopes and dreams. By all accounts we weathered it well, pardon the pun. Needless to say, we are two well-heeled technology professionals meeting way too many people of a similar ilk also out of work. We recognize the game has changed, we see all that is familiar disappearing. Even the condition of unemployment has changed, it is no longer stigma now that the unemployed run the strata of the socioeconomic universe; no one is immune.
The mind-numbing unemployment statistics have us jumping through a different set of hoops for this job search. And so we rise up to the challenge. I am in school for a professional certification that will boost my resume and my husband is taking full advantage of out-placement services provided by his former employer. Even though it is summer, we will not let down our guard and we won't let a little sunshine deter us from the task at hand.
Strange for us is getting used to the fact that both of us are unemployed, still. Perhaps the unseasonable wetness of June was a large contributor to this strangeness as it cast a decidedly gloomier pall over our hopes and dreams. By all accounts we weathered it well, pardon the pun. Needless to say, we are two well-heeled technology professionals meeting way too many people of a similar ilk also out of work. We recognize the game has changed, we see all that is familiar disappearing. Even the condition of unemployment has changed, it is no longer stigma now that the unemployed run the strata of the socioeconomic universe; no one is immune.
The mind-numbing unemployment statistics have us jumping through a different set of hoops for this job search. And so we rise up to the challenge. I am in school for a professional certification that will boost my resume and my husband is taking full advantage of out-placement services provided by his former employer. Even though it is summer, we will not let down our guard and we won't let a little sunshine deter us from the task at hand.
Thursday, June 25, 2009
Michael Jackson is Dead
In the midst of preparations for his upcoming worldwide comeback tour, Michael Jackson has died at the age of 50. His death has rocked the world. We have been watching and surfing all of the televised news and music channels since word of his cardiac arrest hit the wires early this evening and I can tell you that not one media outlet has reported any other news since. It is midnight EDT.
I am stunned and there is nothing I can say that has not been said more eloquently and more gracefully. Farrah Fawcett, former Charlie's Angel, 1970s fashion icon and former real life wife of the Six Million Dollar Man, died today as well but celebrity has its ranks and her death was eclipsed by the death of the King of Pop. Michael Jackson is a legend; an extraordinarily talented entertainer and trailblazer whose music is part of the soundtrack of my youth and more recently, gleefully revered by my children.
His performances and videos still thrill us until this day. So, it makes sense that he was a bizarre human. After all, if a human is endowed with superhuman qualities in one area, another area must, by default, be lacking. Notwithstanding, like Elvis, he will live on because he can never really die, he is and has been for most of his life, simply unreal. Long Live the King. The King is Dead.
I am stunned and there is nothing I can say that has not been said more eloquently and more gracefully. Farrah Fawcett, former Charlie's Angel, 1970s fashion icon and former real life wife of the Six Million Dollar Man, died today as well but celebrity has its ranks and her death was eclipsed by the death of the King of Pop. Michael Jackson is a legend; an extraordinarily talented entertainer and trailblazer whose music is part of the soundtrack of my youth and more recently, gleefully revered by my children.
His performances and videos still thrill us until this day. So, it makes sense that he was a bizarre human. After all, if a human is endowed with superhuman qualities in one area, another area must, by default, be lacking. Notwithstanding, like Elvis, he will live on because he can never really die, he is and has been for most of his life, simply unreal. Long Live the King. The King is Dead.
Wednesday, June 24, 2009
Sanford's Sham
A sham by any other name is still a sham. In yesterday's post, I failed to add South Carolina's Republican Governor Mark Sanford to the list of infidels. For it was very clear to me that there was only one explanation for such a cockamamie story of a 6 day disappearance in the Appalachian hills. Infidelity. Unfortunately, before I could proffer my theory, Sanford publicly confessed today and his "A" place was not in fact Appalachia but Argentina. Who could get that one so wrong?
His staff, trying to cover up for their AWOL Governor, came up with the tale of hiking to lend cover to his unreachable status. It sounded almost plausible, no cell phone signal in the mountains. But, no self-respecting Presidential hopeful, nee Governor, disappears seemingly unannounced for 6 days. Now, that the truth of his disappearance is revealed, Sanford has to cover up his staff's lie with another lie, through feigned apology, that he told them he was going hiking but changed his mind at the last minute and hopped a plane on a whim to Argentina? Ever try to buy a plane ticket at the last minute to anywhere, undercover, lately? Please. This is just ridiculous.
Here we are watching and denouncing Iran's democratic election results as a joke when in fact, our election process produces a heck of a lot more fools. Who is laughing now? The New York State Senate is still in shambles nearly 2 weeks later with a power struggle that has nothing to do with the will of the people. Where, I might add, the designated leaders-to-be are both under investigation for potential criminal activity. Will we re-elect a large majority of these self-indulgent fools? Yes, we will.
Aside: Maybe Ahmadinejad really did win. What is so wrong with that? We all love our status quo. At the end of the day, the incumbent devil we know has a higher probability of re-election when up against some unknown devil. Except, of course, if you are a morally crusading hypocrite, engaging in the very behavior that you vilify on a regularly basis. Then you ask for forgiveness and pray. Since the GOP is running out of leaders, Sanford may just get a pass.
His staff, trying to cover up for their AWOL Governor, came up with the tale of hiking to lend cover to his unreachable status. It sounded almost plausible, no cell phone signal in the mountains. But, no self-respecting Presidential hopeful, nee Governor, disappears seemingly unannounced for 6 days. Now, that the truth of his disappearance is revealed, Sanford has to cover up his staff's lie with another lie, through feigned apology, that he told them he was going hiking but changed his mind at the last minute and hopped a plane on a whim to Argentina? Ever try to buy a plane ticket at the last minute to anywhere, undercover, lately? Please. This is just ridiculous.
Here we are watching and denouncing Iran's democratic election results as a joke when in fact, our election process produces a heck of a lot more fools. Who is laughing now? The New York State Senate is still in shambles nearly 2 weeks later with a power struggle that has nothing to do with the will of the people. Where, I might add, the designated leaders-to-be are both under investigation for potential criminal activity. Will we re-elect a large majority of these self-indulgent fools? Yes, we will.
Aside: Maybe Ahmadinejad really did win. What is so wrong with that? We all love our status quo. At the end of the day, the incumbent devil we know has a higher probability of re-election when up against some unknown devil. Except, of course, if you are a morally crusading hypocrite, engaging in the very behavior that you vilify on a regularly basis. Then you ask for forgiveness and pray. Since the GOP is running out of leaders, Sanford may just get a pass.
Tuesday, June 23, 2009
A Sham By Any Other Name...?
We all know that power corrupts. That is why so many politicians practice infidelity, be they Democrat, Bill Clinton, Eliot Spitzer and John Edwards come to mind, or Republican, John McCain, Newt Gingrich, Rudy Guiliani, and most recent confessor, Senator John Ensign of Las Vegas to name too many.
Since a major tenet of the political platform of this latter group is conservative, read Christian, values then why do so many members of the GOP stray from the marital bed? How many times will the evangelicals, who have their own famous club of infidels, cite forgiveness to whitewash the indiscretions of their party leaders? A sham by any other name...? Perhaps it is best not to preach what you cannot practice. Perhaps it is time for the GOP to drop family values from their platform because they simply do not believe.
Perhaps we should turn to Fox News, the designated conservative media outlet for some insight. Oh, I see that the most emailed article on FOXNews.com today is from the FOXSexpert, Dr. Yvonne K. Fulbright, 10 Steps To Extended Massive Orgasm. There you have it.
Since a major tenet of the political platform of this latter group is conservative, read Christian, values then why do so many members of the GOP stray from the marital bed? How many times will the evangelicals, who have their own famous club of infidels, cite forgiveness to whitewash the indiscretions of their party leaders? A sham by any other name...? Perhaps it is best not to preach what you cannot practice. Perhaps it is time for the GOP to drop family values from their platform because they simply do not believe.
Perhaps we should turn to Fox News, the designated conservative media outlet for some insight. Oh, I see that the most emailed article on FOXNews.com today is from the FOXSexpert, Dr. Yvonne K. Fulbright, 10 Steps To Extended Massive Orgasm. There you have it.
Monday, June 22, 2009
School's In For Summer
Today, I finally started school. O Happy Day! This first 8 hours of class, yes, 8 hours, only 3 times a week though, gives one an immediate satisfaction of accomplishment. Career Development education is an excellent remedy for the unemployed blues. The opportunity to add a valuable, marketable boost to one's resume, especially in this extremely competitive job market, should bring out the inner sunshine of any dispirited soul. You can't beat it!
In fact, I learned today that there is a special program for those who were employed in any of the top financial services firms in New York. They get a whopping $11,000 each for career development training. So, if you are one of those lucky 50 or 100 thousand people laid off, there is money for you to learn. I am not one of those but I still got a deal so there is no excuse. Let them misspend some of that stimulus money on you!
Anyhow, due to my new summer schedule, this would be a fine time for me to learn the art of true blogging; brevity. I should stop now, right?
In fact, I learned today that there is a special program for those who were employed in any of the top financial services firms in New York. They get a whopping $11,000 each for career development training. So, if you are one of those lucky 50 or 100 thousand people laid off, there is money for you to learn. I am not one of those but I still got a deal so there is no excuse. Let them misspend some of that stimulus money on you!
Anyhow, due to my new summer schedule, this would be a fine time for me to learn the art of true blogging; brevity. I should stop now, right?
Thursday, June 18, 2009
Credit Card Madness: Can We Play a Game?
By not drinking the Kool-Aid you didn't enjoy the party. Everybody else enjoyed the party; they have better cars than you, they took bigger vacations than you and now your credit is being whacked for something you didn't do."
This is a quote from my husband today as we sit here contemplating the state of the union as we do most evenings while catching up on our Tivoed "real" news: Nightline and Frontline, Meet the Press and BBC News, 60 Minutes and CBS News Sunday Morning. Not to mention our "fake" news The Daily Show and The Colbert Report. It takes us a while to slog through it all because we are always pausing and commenting throughout. "Pause that" is an often used phrase.
We have been reacting strongly to the current credit card situation because we funded our small business with credit cards at cheap rates and now we are being forced to pay back "old" borrowed money that is 2 and 3 years old at a steeper rate. In addition our credit lines are being cut as well. I'm not too concerned about preserving the credit lines because we never used these cards for any other purpose than for the business. Now that the business is defunct, we are simply just paying them down as quickly as possible.
Anyhow, I was railing about the fact that Bank of America had simultaneously cut one of our credit lines very close to the current balance and doubled the interest rate, creating a situation where we were over the limit once they added on the finance charges. In fine print, in the middle of the statement, along with all of the other benign announcements, was a penalty agreement stating that we would be charged over the limit fees unless we brought the balance down, below the new credit limit, within 20 days of the statement date; a date, mind you, that was over a week prior to the usual due date. Furthermore, we must keep the balance under the limit going forward or else we would have to pay the fees. In order to remedy the problem you must be aware that you need to include enough funds to cover the next addition of finance charges or else find yourself back over the limit again and subject to those penalty fees. Did I ask them to drop my credit line by $18,000. No. Did I ask them to double my interest? No. Yet, by their action, they deliberately attempt to trip me up so that they can collect fees as well. Ain't that some shit? This is just madness.
Bank of America is one of those banks rushing to pay back its TARP funds because it is suddenly flush. I would be flush too if I got to borrow from the Federal Reserve at practically 0% and then turn around and jack up the interest rate on existing credit card balances to 15% and over in most cases. Anyone could make lots of money if they had this kind of deal. To make matters worse, they are not lending much at all which was the sole purpose of the bailouts, was it not? We have had a credit-fueled economy for the last decade, credit card companies cannot just turn off the spigot without unleashing another set of dire consequences for the economy.
This is a quote from my husband today as we sit here contemplating the state of the union as we do most evenings while catching up on our Tivoed "real" news: Nightline and Frontline, Meet the Press and BBC News, 60 Minutes and CBS News Sunday Morning. Not to mention our "fake" news The Daily Show and The Colbert Report. It takes us a while to slog through it all because we are always pausing and commenting throughout. "Pause that" is an often used phrase.
We have been reacting strongly to the current credit card situation because we funded our small business with credit cards at cheap rates and now we are being forced to pay back "old" borrowed money that is 2 and 3 years old at a steeper rate. In addition our credit lines are being cut as well. I'm not too concerned about preserving the credit lines because we never used these cards for any other purpose than for the business. Now that the business is defunct, we are simply just paying them down as quickly as possible.
Anyhow, I was railing about the fact that Bank of America had simultaneously cut one of our credit lines very close to the current balance and doubled the interest rate, creating a situation where we were over the limit once they added on the finance charges. In fine print, in the middle of the statement, along with all of the other benign announcements, was a penalty agreement stating that we would be charged over the limit fees unless we brought the balance down, below the new credit limit, within 20 days of the statement date; a date, mind you, that was over a week prior to the usual due date. Furthermore, we must keep the balance under the limit going forward or else we would have to pay the fees. In order to remedy the problem you must be aware that you need to include enough funds to cover the next addition of finance charges or else find yourself back over the limit again and subject to those penalty fees. Did I ask them to drop my credit line by $18,000. No. Did I ask them to double my interest? No. Yet, by their action, they deliberately attempt to trip me up so that they can collect fees as well. Ain't that some shit? This is just madness.
Bank of America is one of those banks rushing to pay back its TARP funds because it is suddenly flush. I would be flush too if I got to borrow from the Federal Reserve at practically 0% and then turn around and jack up the interest rate on existing credit card balances to 15% and over in most cases. Anyone could make lots of money if they had this kind of deal. To make matters worse, they are not lending much at all which was the sole purpose of the bailouts, was it not? We have had a credit-fueled economy for the last decade, credit card companies cannot just turn off the spigot without unleashing another set of dire consequences for the economy.
Wednesday, June 17, 2009
The 51st State?
HAHAHAHAHAHAHAHAHAHAHAHAHAHA...
On Monday, Long Island's bid to become the 51st state, a prospect re-ignited this past Spring, was the subject of ridicule on The Daily Show courtesy of Samantha Bee's darkly entertaining segment. Of course, I'm a little behind with my commentary since I watch nothing live thanks to my beloved Tivo; the virtues of which were described a few posts back. In her richly culled and deliciously irreverant expose that nicely pinged many Long Island stereotypes, Ms. Bee showed the nation a Long Island that was completely unprepared for the task of secession. She opened the segment describing Long Island as 10 miles from New York City or a "3 1/2 hour drive."
As proposed by Suffolk County Comptroller Joseph Sawicki this past March, Long Island should consider secession from New York because Long Island contributes more in state tax dollars than it receives in comparable state services; essentially we give more than we get. In May, Newsday published an article detailing the pros and cons of Long Island statehood after which the matter promptly hit the back burner though the dream lives on.
Long Island faces some serious issues; most of which are due to its short-sighted NIMBY-driven approach to development over the last 30 or so years. For instance, all bridge initiatives to connect Long Island to Connecticut were shelved meaning that New York State could cripple Long Island's world by merely shuttering a few bridges. Long Island's dreams of statehood are the stuff of pipes, there are no indications whatsoever that Long Island is a self contained mobile unit simply waiting for the best opportunity to break free.
On Monday, Long Island's bid to become the 51st state, a prospect re-ignited this past Spring, was the subject of ridicule on The Daily Show courtesy of Samantha Bee's darkly entertaining segment. Of course, I'm a little behind with my commentary since I watch nothing live thanks to my beloved Tivo; the virtues of which were described a few posts back. In her richly culled and deliciously irreverant expose that nicely pinged many Long Island stereotypes, Ms. Bee showed the nation a Long Island that was completely unprepared for the task of secession. She opened the segment describing Long Island as 10 miles from New York City or a "3 1/2 hour drive."
As proposed by Suffolk County Comptroller Joseph Sawicki this past March, Long Island should consider secession from New York because Long Island contributes more in state tax dollars than it receives in comparable state services; essentially we give more than we get. In May, Newsday published an article detailing the pros and cons of Long Island statehood after which the matter promptly hit the back burner though the dream lives on.
Long Island faces some serious issues; most of which are due to its short-sighted NIMBY-driven approach to development over the last 30 or so years. For instance, all bridge initiatives to connect Long Island to Connecticut were shelved meaning that New York State could cripple Long Island's world by merely shuttering a few bridges. Long Island's dreams of statehood are the stuff of pipes, there are no indications whatsoever that Long Island is a self contained mobile unit simply waiting for the best opportunity to break free.
Tuesday, June 16, 2009
Can We Fix Long Island?
So asks the Long Island Business News (LIBN) today:
"Do you know of a new way to control property taxes? Have you discovered how to keep young people here? Are you burning with an idea about streamlining special districts? How about consolidating schools, alternative energy and immigration?" (Long Island Business News, 6/16/09)
LIBN is asking for submissions from us locals with our ideas for fixes and will publish the best entries in their upcoming Long Island Annual Report. I am looking forward to reading some of the ideas for, like many, I gripe often but do not really posit any real solutions. Perhaps this is a good time for all of us to truly think about what to do with this aging suburb. Though everyone agrees that Long Island is a lovely place to live, the middle class affordability that drew so many to its newly built suburbs after World War II is gone. Yet, those in the power base wish to preserve what once was and refuse to understand that the status quo is unsustainable.
As we can see with all aspects of government, it seems that nothing is fixed until it completely breaks; those in power eventually succumb to self-preservation requiring them to placate those who hold the "strongest" votes. Sacrifices will have to be made in order to bring Long Island back in balance. Is there anyone willing to do so?
"Do you know of a new way to control property taxes? Have you discovered how to keep young people here? Are you burning with an idea about streamlining special districts? How about consolidating schools, alternative energy and immigration?" (Long Island Business News, 6/16/09)
LIBN is asking for submissions from us locals with our ideas for fixes and will publish the best entries in their upcoming Long Island Annual Report. I am looking forward to reading some of the ideas for, like many, I gripe often but do not really posit any real solutions. Perhaps this is a good time for all of us to truly think about what to do with this aging suburb. Though everyone agrees that Long Island is a lovely place to live, the middle class affordability that drew so many to its newly built suburbs after World War II is gone. Yet, those in the power base wish to preserve what once was and refuse to understand that the status quo is unsustainable.
As we can see with all aspects of government, it seems that nothing is fixed until it completely breaks; those in power eventually succumb to self-preservation requiring them to placate those who hold the "strongest" votes. Sacrifices will have to be made in order to bring Long Island back in balance. Is there anyone willing to do so?
Monday, June 15, 2009
Health Care Crunch
Health Care, Health-care, Healthcare. It seems that any one of these iterations is acceptable so spell it any way that you want but no matter how you spell it, healthcare does not come cheap. This weekend we received our COBRA bill. COBRA (Consolidated Omnibus Budget Reconciliation Act - huh?) is the program that allows a displaced employee to remain in an employer's health plan for up to 18 months should they leave or lose their job, under certain conditions. It is a nice idea. After all, in our employer-based healthcare system, losing your job should not compromise your access to care.
However, I don't think healthcare costs were as astronomical when COBRA was conceived. Our COBRA bill is nearly $1600 a month. It is a little higher than the average family plan because we also participated in an FSA (Flexible Spending Account) healthcare auxillary plan, where we contributed $200 in pretax dollars each month to pay for out of pocket healthcare costs such as copays, over the counter and other costs that are not covered by your healthcare plan. This is another great program that can save you up to 30% on associated healthcare costs, depending on your tax bracket. But, it is calculated on a yearly basis and you can use all of these expected funds long before your total annual contribution is deducted. What if you lose your job before your year is up? Yes, it does get confusing, believe me.
Considering that unemployment in New York pays $405 per week plus an additional $25 that the Federal Government stimulus plan kicks in, adding up to a whopping $1720 a month (acknowledged that there are 2 months a year where there is a 5 week payout) that does not leave much. However, another part of President Obama's stimulus package allows for a 65% subsidy for COBRA costs for the first 9 months. Thank God! While we do not get a break on the FSA part, that cannot be reduced, we now have to pay a little less than $700 dollars a month. I jump for joy but theoretically that is still a lot of dough to "pony up" in these economic times which, of course, makes the President's campaign promise of healthcare overhaul even more prescient.
Last week, President Obama rolled out his healthcare overhaul platform in earnest. Already the waters have been muddied when it comes to the best way to reel in the costs and still provide quality service. Those of us who remember Secretary of State Hilary Clinton's attempts to reform healthcare back in the 90s when she was First Lady know the ugly fight that lays ahead. It goes without saying that Hilary was ahead of her time. Unfortunately, powerful lobbies, like the pharmaceuticals and healthcare insurance companies, will do as powerful lobbies do with laser certainty - mount an unyielding campaign to thwart and undermine any chances of real reform. Anyone remember Medicare Part D written by and for the pharmaceutical companies?
Pharmaceutical companies are killing us people, killing us. They have ads on TV telling us that they can fix x, y, and z unless the side effects kill you first. You are supposed to ask your Doctor, the one who has no clue who you are because modern healthcare, as dictated by the health insurance companies, requires him/her to see a gazillion patients an hour, whether some drug you have no clue about is right for you. Trust me, you don't need to ask, they will write you a prescription for all those drugs you see on TV in a heartbeat. Unfortunately, your healthcare company does not pay for name brand drugs, does it? I have come home in a groggy state from some procedure or another, after stopping at the pharmacy to pick up some drug that turns out will cost me $400, to get on the phone with the health insurer about what generic drug is covered or is the best substitute.
Lately, I have been to more Doctors than I ever have. Somehow, despite my healthy efforts - I quit smoking years ago, I exercise regularly, I do not eat any meat or fatty foods and I mostly drink wine when I do drink - my over-40-year-old-body has begun to show too much wear and plenty of tear. What's up with that? Every time I go for a test, I get referred to even more specialists. Part of me knows it is a racket because I get sent to specialists before the results of other tests even come in. I certainly do not want to do contribute to increasing the healthcare costs of all and I try to pay attention to what I believe are unnecessary tests and procedures; understanding that the premiums of any employer or associated group health plan are subject to the expenses of all the members.
Insurance is a funny thing, you pay it to protect yourself in the case of calamity but if you actually use that insurance, you will pay more for it after your insurer has paid out for a "qualifying event." If a member or their family requires specialized care that carries a hefty price tag, next year's premiums for the entire group will be higher. Make no mistake, every time someone, whether individually or part of a group, actually utilizes the benefits of insurance, be it car, homeowners, or fire, you name it, your premium will increase. The increases are even more deadly when it comes to health insurance. I won't proclaim how to fix it, in fact, I'm wondering if it is too late. Good Luck President Obama. Godspeed.
However, I don't think healthcare costs were as astronomical when COBRA was conceived. Our COBRA bill is nearly $1600 a month. It is a little higher than the average family plan because we also participated in an FSA (Flexible Spending Account) healthcare auxillary plan, where we contributed $200 in pretax dollars each month to pay for out of pocket healthcare costs such as copays, over the counter and other costs that are not covered by your healthcare plan. This is another great program that can save you up to 30% on associated healthcare costs, depending on your tax bracket. But, it is calculated on a yearly basis and you can use all of these expected funds long before your total annual contribution is deducted. What if you lose your job before your year is up? Yes, it does get confusing, believe me.
Considering that unemployment in New York pays $405 per week plus an additional $25 that the Federal Government stimulus plan kicks in, adding up to a whopping $1720 a month (acknowledged that there are 2 months a year where there is a 5 week payout) that does not leave much. However, another part of President Obama's stimulus package allows for a 65% subsidy for COBRA costs for the first 9 months. Thank God! While we do not get a break on the FSA part, that cannot be reduced, we now have to pay a little less than $700 dollars a month. I jump for joy but theoretically that is still a lot of dough to "pony up" in these economic times which, of course, makes the President's campaign promise of healthcare overhaul even more prescient.
Last week, President Obama rolled out his healthcare overhaul platform in earnest. Already the waters have been muddied when it comes to the best way to reel in the costs and still provide quality service. Those of us who remember Secretary of State Hilary Clinton's attempts to reform healthcare back in the 90s when she was First Lady know the ugly fight that lays ahead. It goes without saying that Hilary was ahead of her time. Unfortunately, powerful lobbies, like the pharmaceuticals and healthcare insurance companies, will do as powerful lobbies do with laser certainty - mount an unyielding campaign to thwart and undermine any chances of real reform. Anyone remember Medicare Part D written by and for the pharmaceutical companies?
Pharmaceutical companies are killing us people, killing us. They have ads on TV telling us that they can fix x, y, and z unless the side effects kill you first. You are supposed to ask your Doctor, the one who has no clue who you are because modern healthcare, as dictated by the health insurance companies, requires him/her to see a gazillion patients an hour, whether some drug you have no clue about is right for you. Trust me, you don't need to ask, they will write you a prescription for all those drugs you see on TV in a heartbeat. Unfortunately, your healthcare company does not pay for name brand drugs, does it? I have come home in a groggy state from some procedure or another, after stopping at the pharmacy to pick up some drug that turns out will cost me $400, to get on the phone with the health insurer about what generic drug is covered or is the best substitute.
Lately, I have been to more Doctors than I ever have. Somehow, despite my healthy efforts - I quit smoking years ago, I exercise regularly, I do not eat any meat or fatty foods and I mostly drink wine when I do drink - my over-40-year-old-body has begun to show too much wear and plenty of tear. What's up with that? Every time I go for a test, I get referred to even more specialists. Part of me knows it is a racket because I get sent to specialists before the results of other tests even come in. I certainly do not want to do contribute to increasing the healthcare costs of all and I try to pay attention to what I believe are unnecessary tests and procedures; understanding that the premiums of any employer or associated group health plan are subject to the expenses of all the members.
Insurance is a funny thing, you pay it to protect yourself in the case of calamity but if you actually use that insurance, you will pay more for it after your insurer has paid out for a "qualifying event." If a member or their family requires specialized care that carries a hefty price tag, next year's premiums for the entire group will be higher. Make no mistake, every time someone, whether individually or part of a group, actually utilizes the benefits of insurance, be it car, homeowners, or fire, you name it, your premium will increase. The increases are even more deadly when it comes to health insurance. I won't proclaim how to fix it, in fact, I'm wondering if it is too late. Good Luck President Obama. Godspeed.
Thursday, June 11, 2009
Coalition of the Willing: NY State Senate Coup
I suppose I can no longer ignore the conflagration occurring in the New York State Senate. Apparently, the 30 Republicans with two democrats in tow have staged a coup for the Republicans to retake control of the Senate.
Apparently, as a result of the coup, Malcolm Smith, the current Democratic leader has been replaced by Pedro Espada, Jr., also a Democrat and now the new leader of the joint coalition. Coalition may be a questionable description considering that there are 30 Republicans and two Democrats. However, if you take into consideration the "coalition of the willing" that we had going into Iraq where we had 150,000 troops and every other country had a maximum of a few hundred, coalition it is, if they say so.
Anyway, the Republicans have controlled the New York Senate for the last 40 years until the balance of power shifted to the Democrats 5 months ago. This coup originates with opposition to Malcolm Smith, the Democratic leader, for his support of a gay marriage initiative. The Republicans are unilaterally, over their dead bodies, against it. The two democrats who have joined the Republicans, Pedro Espada, Jr, and Hiram Monserrate have also stated unequivocally their opposition to Mr. Smith's voting in the affirmative for such a measure. The slither slather of this recent NY political shenanigan was best summed up in Gail Collins' Op Ed Column in the New York Times published on 6/10/09.
It should also be noted that these two politicians are under investigation for varying malfeasances ranging from domestic assault to misappropriation of funds, you know, the usual. To further incite riot, Tom Golisano, the Republican billionaire and perennial Governor-wannabee, underwrote this coup because he is disgusted with the performance of the Democrats that he supported in the most recent election. YES,WE ALL WANTED CHANGE but it turns out that it is very hard to turn the tide of an entrenched government in 5 months. Sorry Paterson. Sorry Obama. You really do look like more of the same but you really haven't been given a chance to clean up the Republican messes, have you?
Today, Malcolm Smith scored a Coup of his own by gaining an injunction regarding the legality of the "new" Senate leadership. Yeah, Yeah, Yeah. I am simply disgusted that we should be witnessing petty power-grabbing in the midst of the greatest American economic crisis that is centered right here in New York. Where is Wall Street people? How much did it lose? How much tax revenue has evaporated because of it? How much did the New York State budget increase to appease the Unions despite the financial carnage? New York State is heading toward bankruptcy and this foolhardiness is what we have to deal with? It seems that no matter what, when one is elected to office, there is an inevitable sway toward the preservation of one's own political ass and not the will of the people by whom they were elected to represent. Sad but true.
For the New York State Senate to be in this situation is to make a complete mockery of our whole democratic system. Whatever the outcome, the biggest joke will be on all of us.
Apparently, as a result of the coup, Malcolm Smith, the current Democratic leader has been replaced by Pedro Espada, Jr., also a Democrat and now the new leader of the joint coalition. Coalition may be a questionable description considering that there are 30 Republicans and two Democrats. However, if you take into consideration the "coalition of the willing" that we had going into Iraq where we had 150,000 troops and every other country had a maximum of a few hundred, coalition it is, if they say so.
Anyway, the Republicans have controlled the New York Senate for the last 40 years until the balance of power shifted to the Democrats 5 months ago. This coup originates with opposition to Malcolm Smith, the Democratic leader, for his support of a gay marriage initiative. The Republicans are unilaterally, over their dead bodies, against it. The two democrats who have joined the Republicans, Pedro Espada, Jr, and Hiram Monserrate have also stated unequivocally their opposition to Mr. Smith's voting in the affirmative for such a measure. The slither slather of this recent NY political shenanigan was best summed up in Gail Collins' Op Ed Column in the New York Times published on 6/10/09.
It should also be noted that these two politicians are under investigation for varying malfeasances ranging from domestic assault to misappropriation of funds, you know, the usual. To further incite riot, Tom Golisano, the Republican billionaire and perennial Governor-wannabee, underwrote this coup because he is disgusted with the performance of the Democrats that he supported in the most recent election. YES,WE ALL WANTED CHANGE but it turns out that it is very hard to turn the tide of an entrenched government in 5 months. Sorry Paterson. Sorry Obama. You really do look like more of the same but you really haven't been given a chance to clean up the Republican messes, have you?
Today, Malcolm Smith scored a Coup of his own by gaining an injunction regarding the legality of the "new" Senate leadership. Yeah, Yeah, Yeah. I am simply disgusted that we should be witnessing petty power-grabbing in the midst of the greatest American economic crisis that is centered right here in New York. Where is Wall Street people? How much did it lose? How much tax revenue has evaporated because of it? How much did the New York State budget increase to appease the Unions despite the financial carnage? New York State is heading toward bankruptcy and this foolhardiness is what we have to deal with? It seems that no matter what, when one is elected to office, there is an inevitable sway toward the preservation of one's own political ass and not the will of the people by whom they were elected to represent. Sad but true.
For the New York State Senate to be in this situation is to make a complete mockery of our whole democratic system. Whatever the outcome, the biggest joke will be on all of us.
Wednesday, June 10, 2009
Reasons to Be Cheerful, Part One: Tivo
Another week of rain and overcast weather has set me back emotionally, I swear I have seasonal affective disorder. With both of us unemployed and getting into the habit of our Monday ritual of claiming our benefits, it is hard to remain upbeat with this weather. Also, the news is absolutely and completely distressing as we all know. Somehow, a little more sunshine would give us more hope. The free light and warmth makes you smile and it gets you outdoors to enjoy some activity like gardening or simply playing with the children and you look up at the blue sky and the beaming sun and it makes you appreciate life. Unfortunately, like May and April before it, our New York June is disproportionally wet and gray.
So, in an effort to elevate my mood, I thought I would look around my world and write about those things that I do appreciate besides my husband and children which are a given. No matter how well adjusted you are, when both spouses are unemployed it is downright impossible not to internalize the distress. So I will start with my trusty helper as I sit here writing every night, my Tivo. Yeah, when I write, I am usually taking in some show that I have recorded on Tivo.
I love my Tivo and I must admit that way back in 2002 when we bought a lifetime subscription for a few hundred dollars outright, I was uncertain about the lifetime benefits. Unfortunately, now that many of the cable companies have DVR service as well, for a small monthly fee, Tivo is technically no longer special. Nevertheless, 7 years later, I couldn't live without it.
Having the ability to have Tivo record all of your shows so that you can watch them anytime and have the choice of watching them sans commercials is a must for the busy household. The most interesting thing about the whole experience is that I really couldn't tell you the day or hour when any of my shows are aired, Tivo records what I tell it to and it even records its own suggestions so I'm never short of any thing to watch. It is nice to watch that 1/2 hr show in 20 minutes and that 1 hr show in 40. I know advertisers don't want to hear this but they should know that I record the Superbowl and I fast forward through the game so I can view the commercials, is this not a win-win?
Tivo has other nice qualities like having the ability to network it to your computer so you can view all of your music and photos on your TV. If you have your TV hooked up to the stereo then you can have an instant party anytime you want. Of course, you can do this all with a well placed PC but I use this feature all of the time. Also, you have the ability to record shows to Tivo from any PC anywhere in the world so if you are on vacation and you see something that you want to watch you can set it up to record at home so you can watch it when you get back. Another feature is the ability to transfer recordings from your home Tivo box to any computer anywhere. So, if you are away on business you can retrieve your recorded shows and watch them in the comfort of your hotel room.
I suppose that I am even more appreciative of my Tivo now since I do not incur any current expense for the service. I can happily chalk this up as one investment that actually has paid off.
So, in an effort to elevate my mood, I thought I would look around my world and write about those things that I do appreciate besides my husband and children which are a given. No matter how well adjusted you are, when both spouses are unemployed it is downright impossible not to internalize the distress. So I will start with my trusty helper as I sit here writing every night, my Tivo. Yeah, when I write, I am usually taking in some show that I have recorded on Tivo.
I love my Tivo and I must admit that way back in 2002 when we bought a lifetime subscription for a few hundred dollars outright, I was uncertain about the lifetime benefits. Unfortunately, now that many of the cable companies have DVR service as well, for a small monthly fee, Tivo is technically no longer special. Nevertheless, 7 years later, I couldn't live without it.
Having the ability to have Tivo record all of your shows so that you can watch them anytime and have the choice of watching them sans commercials is a must for the busy household. The most interesting thing about the whole experience is that I really couldn't tell you the day or hour when any of my shows are aired, Tivo records what I tell it to and it even records its own suggestions so I'm never short of any thing to watch. It is nice to watch that 1/2 hr show in 20 minutes and that 1 hr show in 40. I know advertisers don't want to hear this but they should know that I record the Superbowl and I fast forward through the game so I can view the commercials, is this not a win-win?
Tivo has other nice qualities like having the ability to network it to your computer so you can view all of your music and photos on your TV. If you have your TV hooked up to the stereo then you can have an instant party anytime you want. Of course, you can do this all with a well placed PC but I use this feature all of the time. Also, you have the ability to record shows to Tivo from any PC anywhere in the world so if you are on vacation and you see something that you want to watch you can set it up to record at home so you can watch it when you get back. Another feature is the ability to transfer recordings from your home Tivo box to any computer anywhere. So, if you are away on business you can retrieve your recorded shows and watch them in the comfort of your hotel room.
I suppose that I am even more appreciative of my Tivo now since I do not incur any current expense for the service. I can happily chalk this up as one investment that actually has paid off.
Tuesday, June 9, 2009
Stranger than Fiction; America Must Continue its Debt-Fueled Ways to Survive
When I read all of the literature about how to solve the financial system, I realize that any rational solution cannot work. We have too many extenuating circumstances to return to a normalcy of spending because we have simply gone too far with our debt fueled existence to dial it back; without increased government spending, our economy as we know it will sink like a stone.
Right now we have a convergence of consequences from the various forks of the economic road requiring the largest outlay of deficit spending in the history of the country. We have corporate welfare with the bailout of the banks, insurance and auto companies. We have an escalating national debt, initially inflated by George Bush and his policies but now alarmingly exacerbated by President Obama's stimulus efforts. Finally, we have entitlement costs - social security and health care - and military spending that will bust the national budget in a few short years not to mention the interest payments on the national debt.
We are a nation depending on the kindness of China and Japan, the largest purchasers of our treasury bonds, to finance our debt. We are a nation completely unprepared to spend within our means. When times were good, our previous President, Mr. Bush, racked up annual deficits and doubled the national debt in his 8 year tenure. Now that times are bad and there is little real money flowing in our economy, our current President, Mr. Obama, needs to spend big and it is scaring the bejesus out of us because the debt that he inherited was already incomprehensible.
Unfortunately, we were all happily flush with cheap credit to worry about the debt when it mattered.
Now we have the Republicans, flagrantly disregarding the trillions Bush added while America's fortunes seemed rock solid and who lack a cohesive party agenda, blindly caught up in the throes of a full-fledged deflection of this stark reality and blaming President Obama for his profligate spending though it has apparently saved their bank accounts. Huh? I urge any Americans sucked into this rabid plot to reconsider and understand that the mechanisms for the problems we are facing were set in motion long before Obama.
Anyhow, efforts to balance the budget may well be the final nail in the coffin for the economy. This is an economy based on spending, 70% of it generated by consumer spending alone. The consumer is under siege due to the crash in the housing market, crash in their investment and retirement accounts, crash in credit financing and associated crash in employment. The government has to replace this spending in the interim to save the economy and it has to get us the credit we need so that we can start spending again.
As a result, the Federal Reserve and the Treasury are pumping all the money they possibly can into loosening those credit markets which, much to our distress, places the banks in the enviable position of ruling our economic roost. We cannot do anything about it because we all need the credit to move forward, including the government. It is counter-intuitive to think this way. After all, rational spending should be the basis of a sound economy and the solution of continuing our credit-fueled existence should sound stranger than fiction because it led us to this crash in the first place. But, it truly is our only hope at least until the economy can generate "real" money again. How, what and when will that be?
Sadly and ironically, the banks are cutting their consumer credit lines to shore up their balance sheets thus refusing to realize that by doing so will unleash a deadly negative impact to our consumer economy. They may be happy that they are racking up deposits because the consumer has learned the very hard lesson of not saving for a rainy day and are currently stashing cash but without credit cards and other consumer loans, we will buy nothing and that is much worse for America. So, we have to continue our debt-fueled ways because every other solution is an economic buzz kill. Yikes!
Right now we have a convergence of consequences from the various forks of the economic road requiring the largest outlay of deficit spending in the history of the country. We have corporate welfare with the bailout of the banks, insurance and auto companies. We have an escalating national debt, initially inflated by George Bush and his policies but now alarmingly exacerbated by President Obama's stimulus efforts. Finally, we have entitlement costs - social security and health care - and military spending that will bust the national budget in a few short years not to mention the interest payments on the national debt.
We are a nation depending on the kindness of China and Japan, the largest purchasers of our treasury bonds, to finance our debt. We are a nation completely unprepared to spend within our means. When times were good, our previous President, Mr. Bush, racked up annual deficits and doubled the national debt in his 8 year tenure. Now that times are bad and there is little real money flowing in our economy, our current President, Mr. Obama, needs to spend big and it is scaring the bejesus out of us because the debt that he inherited was already incomprehensible.
Unfortunately, we were all happily flush with cheap credit to worry about the debt when it mattered.
Now we have the Republicans, flagrantly disregarding the trillions Bush added while America's fortunes seemed rock solid and who lack a cohesive party agenda, blindly caught up in the throes of a full-fledged deflection of this stark reality and blaming President Obama for his profligate spending though it has apparently saved their bank accounts. Huh? I urge any Americans sucked into this rabid plot to reconsider and understand that the mechanisms for the problems we are facing were set in motion long before Obama.
Anyhow, efforts to balance the budget may well be the final nail in the coffin for the economy. This is an economy based on spending, 70% of it generated by consumer spending alone. The consumer is under siege due to the crash in the housing market, crash in their investment and retirement accounts, crash in credit financing and associated crash in employment. The government has to replace this spending in the interim to save the economy and it has to get us the credit we need so that we can start spending again.
As a result, the Federal Reserve and the Treasury are pumping all the money they possibly can into loosening those credit markets which, much to our distress, places the banks in the enviable position of ruling our economic roost. We cannot do anything about it because we all need the credit to move forward, including the government. It is counter-intuitive to think this way. After all, rational spending should be the basis of a sound economy and the solution of continuing our credit-fueled existence should sound stranger than fiction because it led us to this crash in the first place. But, it truly is our only hope at least until the economy can generate "real" money again. How, what and when will that be?
Sadly and ironically, the banks are cutting their consumer credit lines to shore up their balance sheets thus refusing to realize that by doing so will unleash a deadly negative impact to our consumer economy. They may be happy that they are racking up deposits because the consumer has learned the very hard lesson of not saving for a rainy day and are currently stashing cash but without credit cards and other consumer loans, we will buy nothing and that is much worse for America. So, we have to continue our debt-fueled ways because every other solution is an economic buzz kill. Yikes!
Monday, June 8, 2009
We Are Here! We Are Here!
Yesterday I was thrilled to read Nicholas Kristof's column in the New York Times that began with the following paragraph, "In the mosaic of America, three groups that have been unusually successful are Asian-Americans, Jews and West Indian blacks - and in that there may be some lessons for the rest of us." He was commenting on Richard Nisbett's book Intelligence and How to Get It that puts forward the notion that cultural values inherent in these ethnic groups allows them to capitalize on their intelligence and become successful in ways that other groups do not; intelligence can be transcended by the context in which it is applied. Ultimately, "success depends less on intellectual endowment than on perseverance and drive." (from New York Times, 6/7/09)
I was thrilled because I am a West Indian or Caribbean American, either term is fine with me, and there is not much written about us. The article goes on further to state that "West Indian blacks, those like Colin Powell whose roots are in the Caribbean, are one-third more likely to graduate from college than African-American as a whole, and their median household income is almost one-third higher." We usually and generally are lumped in with African-American blacks because, after all, we are all black which has less nuance ethnically in America than do white Americans; we have our Italian-Americans, Irish-Americans and so on but you don't really hear about the specific ethnicity of black Americans. Like the Whos in Who-ville, we West Indian or Caribbean Americans want to yell to the world "We are here! We are here!"
I was born in England, the child of West Indian parents. When I arrived in New York, from my prestigious boarding school in England, I was shocked at the lack of academic ambition on the part of my fellow black Americans. Here I was in Westchester County, an upscale suburb of New York City and I actually endured more taunting from my fellow black students because of my academic ambition than from my fellow white students, until it mattered to them. In my Senior year when I was accepted to an Ivy League university, many intimated that I was accepted because of affirmative action even though I had received stellar grades right alongside them for all of those years.
Some of this annoyed me but what annoyed me more was having to constantly respond to the African-American history/experience in the United States; this was a history that was not my own. Though I had no forbears here, I was black in America and therefore lumped into the overarching black American history of which I was quite sympathetic, even to the point of internalizing much of the struggle, but I felt erased, sometimes; I was British and I was West Indian, what about that? Certainly, my history gets complicated having been born in England of West Indian parents and then emigrating to America but I didn't want to be put upon to overcome the unfortunate legacy of slavery and the black American experience either. After all, I was an immigrant, just like my fellow immigrants who came to America, in my case as the offspring of a parent seeking economic opportunity.
I am happy to finally see some recognizable distinction for us West Indian Americans. There was a movement to have a Caribbean/West Indian American ethnic category on the 2010 census. It did not succeed but maybe next time, maybe next time America will not lump all black people together and where we get to celebrate our heritage nationally just like any other ethnic group does.
I was thrilled because I am a West Indian or Caribbean American, either term is fine with me, and there is not much written about us. The article goes on further to state that "West Indian blacks, those like Colin Powell whose roots are in the Caribbean, are one-third more likely to graduate from college than African-American as a whole, and their median household income is almost one-third higher." We usually and generally are lumped in with African-American blacks because, after all, we are all black which has less nuance ethnically in America than do white Americans; we have our Italian-Americans, Irish-Americans and so on but you don't really hear about the specific ethnicity of black Americans. Like the Whos in Who-ville, we West Indian or Caribbean Americans want to yell to the world "We are here! We are here!"
I was born in England, the child of West Indian parents. When I arrived in New York, from my prestigious boarding school in England, I was shocked at the lack of academic ambition on the part of my fellow black Americans. Here I was in Westchester County, an upscale suburb of New York City and I actually endured more taunting from my fellow black students because of my academic ambition than from my fellow white students, until it mattered to them. In my Senior year when I was accepted to an Ivy League university, many intimated that I was accepted because of affirmative action even though I had received stellar grades right alongside them for all of those years.
Some of this annoyed me but what annoyed me more was having to constantly respond to the African-American history/experience in the United States; this was a history that was not my own. Though I had no forbears here, I was black in America and therefore lumped into the overarching black American history of which I was quite sympathetic, even to the point of internalizing much of the struggle, but I felt erased, sometimes; I was British and I was West Indian, what about that? Certainly, my history gets complicated having been born in England of West Indian parents and then emigrating to America but I didn't want to be put upon to overcome the unfortunate legacy of slavery and the black American experience either. After all, I was an immigrant, just like my fellow immigrants who came to America, in my case as the offspring of a parent seeking economic opportunity.
I am happy to finally see some recognizable distinction for us West Indian Americans. There was a movement to have a Caribbean/West Indian American ethnic category on the 2010 census. It did not succeed but maybe next time, maybe next time America will not lump all black people together and where we get to celebrate our heritage nationally just like any other ethnic group does.
Thursday, June 4, 2009
So Long, David Carradine
Growing up in the 70s, there was no escaping the legend of "Kung Fu." We all watched and we all thought that David Carradine was cool. Along with Jack Nicholson, Christopher Walken, Al Pacino and Robert DeNiro, he epitomized cool for our generation. I probably left some out but it doesn't really matter. We will always remember the breakout roles of these actors where their essence of cool reverberated.
Though they had long careers and other well lauded roles, we remember the moment they burst on the scene; that is the place where we always return with fond memories. David Carradine was 72 years old and shooting a movie when he died; the circumstances are questionable and I will leave it at that. For our generation, Bruce Lee introduced us to kung fu but David Carradine brought it home for us.
Though they had long careers and other well lauded roles, we remember the moment they burst on the scene; that is the place where we always return with fond memories. David Carradine was 72 years old and shooting a movie when he died; the circumstances are questionable and I will leave it at that. For our generation, Bruce Lee introduced us to kung fu but David Carradine brought it home for us.
Wednesday, June 3, 2009
Unemployment Takes Toll on American Dream
Mortgage delinquency rates and foreclosure rates are rising as the unemployment rolls swell. Another 500,000+ people lost their jobs in May. I can see how one's financial world can unravel so quickly especially here on Long Island. Housing is super expensive and the majority of it is classified single family - good old suburban glory at its finest. Unfortunately, if you are a homeowner, it will be downright difficult to survive a protracted unemployment if you are without adequate savings or adequate credit; though tapping credit during unemployment only compounds one's financial predicament. Unemployment benefits in NY are a maximum of $405 a week plus federal stimulus of additional $25 a week.
It is fairly obvious that the best and most effective way to cut expenses is to reduce one's housing expenses. Unfortunately, as of April 2009, the median home price is $350,000 for houses in contract and the median income is around $65,000 in Suffolk County and $85,000 in Nassau County. Property taxes are among the highest in the nation and average more than $7,000 per year. In addition, if one has to COBRA health insurance costs, even with the 65% subsidy, the average family plan will cost over $500 a month.
Those in rentals have more flexibility to downsize but homeowners, on the other hand are stuck with few alternatives. Many have put their homes up for sale but home sales are weak due to the economy and stricter lending standards. New buyers need at least 20% or $70,000 for a downpayment to purchase a home on Long Island at today's rates and it takes about 3 months just to close on a house in NY. Also, if you bought in the last five years, selling for even close to what is owed in mortgage is difficult; only those fortunate to have lived in their home long enough can "afford" to accept a cheap price to facilitate a fast sale.
Sadly, many homeowners are left with no alternative but to fall behind on their mortgage and as we can see this is happening in droves nationwide. Not everyone is a deadbeat, many are middle class Americans whose livelihood crashed along with the economy.
In the scheme of things, I certainly wouldn't mind moving to where the jobs are but what would I do with my house? In many cases, the American dream of home ownership becomes a nightmare the moment you lose your job. People are doing what they have to do to survive but for many, with ruined credit, depleted retirement savings and little left in available funds, it will be a long road back to personal financial recovery even if they do find a job.
It is fairly obvious that the best and most effective way to cut expenses is to reduce one's housing expenses. Unfortunately, as of April 2009, the median home price is $350,000 for houses in contract and the median income is around $65,000 in Suffolk County and $85,000 in Nassau County. Property taxes are among the highest in the nation and average more than $7,000 per year. In addition, if one has to COBRA health insurance costs, even with the 65% subsidy, the average family plan will cost over $500 a month.
Those in rentals have more flexibility to downsize but homeowners, on the other hand are stuck with few alternatives. Many have put their homes up for sale but home sales are weak due to the economy and stricter lending standards. New buyers need at least 20% or $70,000 for a downpayment to purchase a home on Long Island at today's rates and it takes about 3 months just to close on a house in NY. Also, if you bought in the last five years, selling for even close to what is owed in mortgage is difficult; only those fortunate to have lived in their home long enough can "afford" to accept a cheap price to facilitate a fast sale.
Sadly, many homeowners are left with no alternative but to fall behind on their mortgage and as we can see this is happening in droves nationwide. Not everyone is a deadbeat, many are middle class Americans whose livelihood crashed along with the economy.
In the scheme of things, I certainly wouldn't mind moving to where the jobs are but what would I do with my house? In many cases, the American dream of home ownership becomes a nightmare the moment you lose your job. People are doing what they have to do to survive but for many, with ruined credit, depleted retirement savings and little left in available funds, it will be a long road back to personal financial recovery even if they do find a job.
Tuesday, June 2, 2009
When it Rains...
During this time when we are trying to conserve cash, it seems that a slew of potentially costly negative events keep cropping up. I suppose we may have overlooked much of them if we were working, chalking it all up to the regular rhythm of life. But, when life has already dealt you a series of heavy blows, it is hard to feel that the world is not against you when Murphy's Law is in full effect. Lately, everything that can go wrong has been going wrong.
My computer died completely on Thursday; I need a new motherboard so a complete rebuild will be required. What a pain. A rock hit my husband's windshield leaving a nasty star dent; we hope to avoid a complete replacement. Also, his cell phone, which is at least 4 years old, no longer functions in any capacity for which it is intended. Our lawn mower that we bought used a couple years ago was overwhelmed by the heavy grass growth that this very wet spring has wrought and so it too died. We have been looking on Craig's list but so far the one's we've liked have sold quickly; we continue the search while the grass grows. While I love the rain, we could use a little break and a little more sun.
Also, I received news that my certification courses are scheduled to start at the end of June, right when my children are done with their school. I was hoping it would start sooner so we could all be in school together. So now, there will be additional childcare costs for the summer. Great. I believe in positive thinking but lately, it is not bringing the intended results. I need a karmic reset. Nevertheless, I will persevere. Wish me luck.
My computer died completely on Thursday; I need a new motherboard so a complete rebuild will be required. What a pain. A rock hit my husband's windshield leaving a nasty star dent; we hope to avoid a complete replacement. Also, his cell phone, which is at least 4 years old, no longer functions in any capacity for which it is intended. Our lawn mower that we bought used a couple years ago was overwhelmed by the heavy grass growth that this very wet spring has wrought and so it too died. We have been looking on Craig's list but so far the one's we've liked have sold quickly; we continue the search while the grass grows. While I love the rain, we could use a little break and a little more sun.
Also, I received news that my certification courses are scheduled to start at the end of June, right when my children are done with their school. I was hoping it would start sooner so we could all be in school together. So now, there will be additional childcare costs for the summer. Great. I believe in positive thinking but lately, it is not bringing the intended results. I need a karmic reset. Nevertheless, I will persevere. Wish me luck.
Monday, June 1, 2009
GM Bankruptcy: Par for the Course
So GM is dead-ish and the market did not raise an eyebrow. One of the largest manufacturing companies in the United States is being shepherded through a structured bankruptcy on the taxpayer's dime to the tune of $50,000,000,000, not including the $19,000,000,000 it has already received, and the market rallied several hundred points apparently overjoyed over other unrelated positive, though flimsy, economic data. Apparently investors felt that the GM thing was expected and already priced in so no big deal. Par for the course.
In the course of less than a year, another industry giant has been transferred to the taxpayer dole, let us not forget AIG, Fannie Mae, Freddie Mac and the dizzying array of financial firms that are now majority owned or significantly owned by the American Government. Smacks of that "S" word, doesn't it. Yech! Actually, I don't see any problem with socialism, we are trying to save America in this global economy, aren't we? Though it does look bad that the government of the country that is/was the economic powerhouse of the world is bailing out the firms that underwrote its superiority. Furthermore, this government is as bankrupt as they come. If the American government was a company, it would have sought chapter 11 a long time a go.
Why is the financial sanctity of this country so reputable when it has not been able to balance its books in nearly a decade? Now this government sits on the brink of skyrocketing legacy costs and it cannot negotiate any settlement. Sounds a lot like GM. The perceived strength of the US government lays upon its solid revenue source - the American taxpayer - but it cannot sell the prospect of higher taxes or reduction in services to the representative body of this bunch; it is considered political suicide. It has the largest military in the world and so cocoons its weakening financial condition with weapons. We are democratic, we are free, we are safe, we are broke.
But, we are saving GM and the rest of the funky bunch but the amount given to GM and Chrysler, which I still cannot understand why Chrysler is being sold to a foreign automaker but whatever, is still a drop in the bucket compared to what has been given to AIG and the financials. Now Wall Street is happy and the market is rallying while they criticize the President for spending too much money. How can anyone even mention free market in the same breath?
The government can save GM but at some point we will need to save the government. We will all have to pay a lot more taxes. Is there any other way?
In the course of less than a year, another industry giant has been transferred to the taxpayer dole, let us not forget AIG, Fannie Mae, Freddie Mac and the dizzying array of financial firms that are now majority owned or significantly owned by the American Government. Smacks of that "S" word, doesn't it. Yech! Actually, I don't see any problem with socialism, we are trying to save America in this global economy, aren't we? Though it does look bad that the government of the country that is/was the economic powerhouse of the world is bailing out the firms that underwrote its superiority. Furthermore, this government is as bankrupt as they come. If the American government was a company, it would have sought chapter 11 a long time a go.
Why is the financial sanctity of this country so reputable when it has not been able to balance its books in nearly a decade? Now this government sits on the brink of skyrocketing legacy costs and it cannot negotiate any settlement. Sounds a lot like GM. The perceived strength of the US government lays upon its solid revenue source - the American taxpayer - but it cannot sell the prospect of higher taxes or reduction in services to the representative body of this bunch; it is considered political suicide. It has the largest military in the world and so cocoons its weakening financial condition with weapons. We are democratic, we are free, we are safe, we are broke.
But, we are saving GM and the rest of the funky bunch but the amount given to GM and Chrysler, which I still cannot understand why Chrysler is being sold to a foreign automaker but whatever, is still a drop in the bucket compared to what has been given to AIG and the financials. Now Wall Street is happy and the market is rallying while they criticize the President for spending too much money. How can anyone even mention free market in the same breath?
The government can save GM but at some point we will need to save the government. We will all have to pay a lot more taxes. Is there any other way?
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