luni, 15 iulie 2013

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Publicat de 1 la 04:57 0 comentarii

Seth's Blog : Clients vs. customers

 

Clients vs. customers

You need to choose.

Customers hear you say, "here, I made this," and they buy or they don't buy.

Clients say to you, "I need this," and if you want to get paid, you make it.

The customer, ironically, doesn't get something custom. The key distinction is who goes first, who gets to decide when it's done.

The provider is rarely better than the clients he is able to attract. On the other hand, the creator often gets the customers she deserves.

       

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duminică, 14 iulie 2013

Mish's Global Economic Trend Analysis

Mish's Global Economic Trend Analysis

Expect Another "Bad Bank" Bailout in Spain; Humorous Details of Sareb's Property Assets

Posted: 14 Jul 2013 11:58 AM PDT

Spain's bad bank, Sareb, has plans to unload 45,000 distressed properties in five years, over 7,500 of them in 2013.

In theory it is easiest to dump more properties in the beginning because there are likely some relative bargains for the early property hunters.

The actual results are laughable. Sareb unloaded 550 home in January-March, then and only anther 150 in the next two months, a grand total of 700 through June 1.

Humorous Details of Sareb's Property Assets  

Here are some excerpts (translated) from Guru'sBlog report Havoc in the Bad Bank (SAREB).

  • The bad bank has 400,000 real estate assets but tens-of-thousands of the properties have no address. 
  • It's difficult to value a home when you don't know where it is.
  • Investigators have discovered cases where as many as 150 loans have the same property as collateral.
  • There are no keys to 107,000 properties.
  • Many supposedly empty flats are occupied.
  • Under the chairmanship of Belén Romana, Sareb had planned to sell 45 thousand properties in the first 5 years, about 7,528 in 2013. Until June 1, Sareb had managed to sell 700 properties (550 in the first 3 months).
  • Sareb has sold so few properties because it wants and needs to sell them for more then they are worth.

Expect Another Bad Bank Bailout

Guru concludes (translation slightly modified)...

Clearly the pace of sales is very far below the business plan. With estimated operating costs of 1.7 billion euros (management costs over the interests of balance financed 92% with debt), one does not have to be a whiz to guess that unless some fantasy book scene happens, Sareb losses in 2013 will be hundreds of millions of euros.

 Sareb is not solvent. Sometime before 2014, the Bad Bank will have to raise capital for accounting purposes.

 Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific.
Publicat de 1 la 23:05 0 comentarii

Seth's Blog : The ludicrousness of embarrassed

 

The ludicrousness of embarrassed

I understand why we may have evolved to have the automatic, out-of-control feeling of embarrassed in some situations.

But is it useful?

Has being embarrassed ever helped you accomplish anything useful? We can (and should) work to eliminate it from our emotional vocabulary. If it's worth doing, it's worth not being embarrassed about. And if it's not worth doing, don't do it.

One reason to avoid doing something is because it leads to embarrasment. A better reason is because it's not the right thing.

 
    

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sâmbătă, 13 iulie 2013

Mish's Global Economic Trend Analysis

Mish's Global Economic Trend Analysis

Defense Department Pleads For Money It Does not Need, Then Looks For Ways to Spend; 650,000 Defense Employees Furloughs Started Monday

Posted: 13 Jul 2013 10:13 AM PDT

The Washington Post has some interesting details of emails sent by Defense Information Systems Agency (DISA) contracting and budget officers to their colleagues.

"Our available funding balances remain large in all appropriations — too large to spend" just on small supplemental funds often required by existing contracts, the June 27 e-mail said. DISA's budget is $2 billion.

"It is critical in our efforts to [spend] 100% of our available resources this fiscal year," said the e-mail from budget officer Sannadean Sims and procurement officer Kathleen Miller. "It is also imperative that your organization meets its projected spending goal for June. . ."

The Washington Post reports ...
In these days of sequester and downsizing and such, that policy seems a bit out of place. (Although it could be seen as a stimulus effort.)

[The emails] appears to contradict a September 2012 memo from the Pentagon's undersecretary for acquisition Frank Kendall, and comptroller Robert Hale, who urged that "spending money primarily to avoid reductions in future budget[s]" is not the way to go.

A DISA spokesperson e-mailed to say that these e-mails are "common practice among government agencies" and that many congressional "financial and procurement timelines . . .are designed to ensure that agencies" spend 80 percent of their funds before the last two months of the fiscal year, or by August 1.

The June 27 e-mail laid out an aggressive and detailed spending timetable to achieve that goal, but acknowledged the parlous budgetary times in which we live. "Due to the furlough schedule, exceptions to our schedule will be on a case-by-case basis . . ."
650,000 Defense Employees Furloughs Started Monday

With thanks to the budget sequester, Defense furloughs started July 8, with some 650,000 workers off one day each week through September 21. The result is a 20% pay cut.

Expect Republican hypocrites to howl about the job losses while being totally unconcerned about any other cuts that might also cause job losses.

Government is supposedly too big everywhere except when it's not.

My Take On the Cuts

The defense department should have thought twice about those memos telling departments to spend every cent they had right before the sequester kicked in.

Then again, perhaps 650,000 furloughs is just a tiny down payment for what needs to happen to a very bloated military sector.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific.
Publicat de 1 la 23:05 0 comentarii

Strengthening our Economy by Passing Bipartisan Immigration Reform

Here's What's Happening Here at the White House
 
 
 
 
 
 
  Featured 

Weekly Address: Strengthening our Economy by Passing Bipartisan Immigration Reform

President Obama discusses how a large, bipartisan majority in the Senate voted to pass comprehensive immigration reform, which would add a big boost to our economy, strengthen Social Security, and modernize our legal immigration system to make it more consistent with our values. He calls on Congress to pass this commonsense bill quickly so that we can fix our broken immigration system and keep America strong for years to come.

Watch this week's Weekly Address.

President Obama discusses how a large, bipartisan majority in the Senate voted to pass comprehensive immigration reform, which would add a big boost to our economy, strengthen Social Security, and modernize our legal immigration system to make it more consistent with our value.
 
 
  Top Stories

Watch the West Wing Week here.

A More Efficient Government: On Monday, the President laid out his plan for building a better, smarter, and faster government during his second term.

Over the last four years, the Administration has already made great progress on one of President Obama’s first priorities after taking office: bringing a government built for the 20th century into the 21st century. On Monday, the President highlighted some of the new technologies and innovations that are already making a positive impact on Americans across the country – including data analytics and internet and mobile apps used by FEMA to help survivors of natural disasters locate recovery centers and apply for financial assistance. The President also discussed Data.gov, a project from the Open Data Initiative, which gives Americans access to government data for the first time ever.

Kids’ State Dinner: Winners of Epicurious’ second annual Healthy Lunchtime Challenge spent their Tuesday at the White House for the Kids’ State Dinner, hosted by First Lady Michelle Obama.

While at the White House, the 54 children ate lunch with the First Lady – and the President even stopped by for a surprise visit!

Honoring Fallen Firefighters: Last week nineteen firefighters were killed battling the Yarnell Hill fire, and on Tuesday, Vice President Biden traveled to Prescott Valley, Arizona to honor the heroes. Joined by Cabinet secretaries, Arizona Governor Jan Brewer, members of Congress, and family members of the fallen firefighters in Prescott Valley, Arizona, the Vice President spoke of the sacrifices the firefighters and their families made, saying,

“These men were some of the strongest, most disciplined, tenacious, physically fit men in the world – an elite unit in every sense of that phrase. Their motto to me sums them up better than anything I can think of: Duty, Integrity, Respect. They saw their jobs not as jobs but as a duty – a duty to their fellow citizens. They understood what few do: that integrity is measured by whether you respond to the needs of your neighbors when you know you are one of the few… who has the capacity to respond.” 

Talking Immigration Reform: Members of the Congressional Hispanic Caucus traveled across town on Wednesday to discuss immigration reform with President Obama and Vice President Biden at the White House. During the meeting the President released a White House report—The Economic Benefits of Fixing Our Broken Immigration System. The report explains the how significant it is for our country and our economy to act now and pass comprehensive immigration reform.

National Medals of Arts and Humanities: The White House was flooded with talented recipients of the 2012 National Medals of Arts and Humanities on Wednesday. The honorees, including people like George Lucas, the director of Star Wars, and Kay Ryan, the sixteenth U.S. Poet Laureate, joined President Obama in the East Room of the White House where he spoke of their accomplishments.

“The work that we honor today, the lifetime achievement of these artists and these scholars, reminds us that the human imagination is still the most powerful tool that we have as a people. That’s why we celebrate their creativity and the fundamental optimism, the notion that if they work that hard somebody will actually pay attention. That’s why we have to remain committed to the dreamers and the creators and innovators who fuel that progress and help us light the way ahead, because our children, our grandchildren deserve to grow up in a country where their dreams know no bounds and their ambitions extend as far as their talents and hard work can take them."

Loyola Ramblers: The 1963 champion Loyola University Chicago Ramblers men’s basketball team spent their Thursday visiting President Obama at the White House to celebrate the 50th anniversary of their Division I title and the historic steps they took to advance the civil rights movement.

During the regional semifinals that year, the Ramblers played Mississippi State in what became known as the Game of Change. Ramblers coach George Ireland started four African American players, despite unwritten rules preventing more than two African-Americans to start the game. And, although the rules also banned the opposing team, Mississippi State, from playing in games with integrated teams, Mississippi State players ignored their governor’s order to forfeit the game. The Ramblers’ 61-51 victory was significant in helping end segregated basketball in America.
 

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Seth's Blog : Basting the turkey

 

Basting the turkey

The Lone Ranger turned out to be one of the biggest movie flops in history. The movie (before marketing) cost more than a quarter of a billion dollars to make.

Here's the thing: thousands of people touched this project. From the dozens of well-paid and ostensibly talented executives to the marketing and the make up and the foley folks—this wasn't a random accident, it was the output of a deliberate effort.

Each of these people got handed a turkey, and some money, along with instructions on how to somehow improve it, promote it or otherwise dress it up. Alas, no one had the guts and the leverage to say, "stop."

Basting the turkey might sound like your job description, but ultimately, we're known by the projects we get involved in. Saying "no" or even "stop" is the hallmark of the professional you want on your team.

 
    

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