Bill Black: scathing commentary after Geithner 4/25/12 speech

[Polish_Silver]

Re: Callousness of the Right!

Immigration policy is similiar-ish for both countries

What about people who just show up uninvited? Do they get kicked out?

[lakedaemonian]

Re: Bill Black: scathing commentary after Geithner 4/25/12 speech

What about people who just show up uninvited? Do they get kicked out?

Depends. on country/passport of origin.

A number of nations have easy access to OZ/NZ.

Quite a few don't and will be interrogated to determine if they are an overstayer risk.

If you are deemed to be visiting in an effort to stay indefinirely and illegally you will be turned around and reported.

Total illegal headcount in both countries would be fairly low due to geography.

More sophisticated means of illegal immigration have been popping up in recent years to get one person in legally and complex forgeries to push through considerable numbers of "family" members.

[Starving Steve]

Re: Bill Black: scathing commentary after Geithner 4/25/12 speech

If money is cheap or even free, and if losses from bad loans can be bailed-out by the Fed with a fountain of cheap money set by their cheap ( or give-away ) prime lending rate, then why wouldn't a bank manager make more bad loans? Furthermore, if all lending institutions would be ( or should be ) doing this, then why wouldn't junk real estate only inflate? Bad collateral ( any collateral ) would become excellent collateral, and a risky loan lent on junk collateral would always become a performing loan on solid collateral..... Furthermore, if real estate could only inflate, because demand for real estate would be infinite ---for the health of the economy, the government would see to that--- a deadbeat, any deadbeat, would become rich, a genius, and a model citizen for the rest of the community to emulate.... Furthermore, if everything inflates forever, the economy can only grow because everyone ends-up with money to spend. Geithner becomes their hero, and he is sent by government to design monetary policy, maybe even to direct the Federal Reserve Bank of New York.

And if you think this is a joke, you might study what happened in America when Arthur Burns directed the Federal Reserve Bank in Washington, forty-years ago.

I watched this give-away money monetary policy ( under Arthur Burns ) unfold in San Francisco 40 years ago. Slum housing, not fit for rats to crawl around in, became worth hundreds-of-thousands-of-dollars in cash in the real estate market, and even more money as collateral for new loans on other real estate in the city. And as this inflation nightmare unfolded in SF, the same thing was happening in Oakland across the Bay Bridge, also in Berkeley, Emeryville, Alameda, Richmond, San Leandro, etc. The same inflation nightmare unfolded south of SF in Colma, South San Francisco, San Bruno, Brisbane, Burlingame, etc.

[doom&gloom]

Re: Bill Black: scathing commentary after Geithner 4/25/12 speech

Depends. on country/passport of origin.

A number of nations have easy access to OZ/NZ.

Quite a few don't and will be interrogated to determine if they are an overstayer risk.

If you are deemed to be visiting in an effort to stay indefinirely and illegally you will be turned around and reported.

Total illegal headcount in both countries would be fairly low due to geography.

More sophisticated means of illegal immigration have been popping up in recent years to get one person in legally and complex forgeries to push through considerable numbers of "family" members.

I wonder, what happens if a guy like me, who buys farmland, shows up, buys a bunch of land (beyond subsistence), starts growing and selling crops, and overstays his time -- what happens to that kind of guy? (not like I have any plans to do so but just wondering). Would I eventually just be ignored, allowed into the national system, gen an amnesty, or kicked out?

While I have no plans to do so in Uruguay where I invest either, I simply do not see from the times I have been there any interest on the local police to stop and inquire of you while you are there whether you belong there or not. I imagine that if I wanted to be 'illegal' down in Uruguay, it would not be all that hard.

[lakedaemonian]

Re: Bill Black: scathing commentary after Geithner 4/25/12 speech

I wonder, what happens if a guy like me, who buys farmland, shows up, buys a bunch of land (beyond subsistence), starts growing and selling crops, and overstays his time -- what happens to that kind of guy? (not like I have any plans to do so but just wondering). Would I eventually just be ignored, allowed into the national system, gen an amnesty, or kicked out?

While I have no plans to do so in Uruguay where I invest either, I simply do not see from the times I have been there any interest on the local police to stop and inquire of you while you are there whether you belong there or not. I imagine that if I wanted to be 'illegal' down in Uruguay, it would not be all that hard.

Foreigners are allowed to buy property in NZ, but must seek approval from Overseas Investment Commission if deemed "sensitive":

http://www.linz.govt.nz/overseas-inv...sensitive-land

I'm not aware of many being turned down.

Shania Twain bought the largest privately owned station in NZ not incredibly far from the farm we sold last year...she had to do a bit of a song and dance about public access to a few scenic hiking tracks....but pretty straight forward really.

There's been an ongoing saga about a large block of dairy farms up for sale due to liquidation. Some Chinese interests have stepped forward to purchase them, but there's been a public backlash.....partly over valuation and partly over WHO is buying....in NZ Chinese/Asian buyer would be deemed less acceptable than say a German buyer.

HEAPS of absentee NZ property owners, including in the ag sector.

Ag land prices are quite high.....we bought dairy land at $10k per/ha 6 years ago and sold last year at a very healthy premium when land prices popped and before dairy prices started to deflate.

Up on the north island in premier locations dairy land has asking prices of $50k per/ha...and that's not prices for redevelopment into residential...that's for continued dairy ops.

I'd put ag land in NZ(at least dairy land) in the "wait and see" category.

While NZ would tick the "stable" box, it's also ticking the "expensive" box.

The NZ Dollar has historically swung quite considerably during the time we've been here.....from USD 0.40c to USD 0.85 and bouncing in between a few times in the last decade plus.

Dairy prices seem to play a factor...as the Kiwi and dairy prices seem to move around a bit together and seem to have some correlation......do your own homework though!

If interested in NZ ag property, I'd suggest www.trademe.co.nz or pgg wrightson's RE website.

IF dairy prices deflate enough, and if China's pending hiccup hurts NZ and the NZ Dollar enough you could see a magnified improvement in your purchasing power(assuming US Dollars) comparex with today in terms of purchasing dairy/ag land in NZ.

I think the best time to purchase NZ property/ag land/forestry was between 2000-2007 and the earlier the better.

Average NZ home price is now approx. $395,000 NZD...which equates to roughly $300,000 USD.

Kinda pricey.

Just my amateur 0.02c

[doom&gloom]

Re: Bill Black: scathing commentary after Geithner 4/25/12 speech

$50k/ha?!?!?! SERIOUSLY?!?!

Hell you can get som nice 'dairy' farmland down in SA for $9-12k/ha that would be excellent for dairy. And that is some top quality land no less.

How's your spanish?

[lakedaemonian]

Re: Bill Black: scathing commentary after Geithner 4/25/12 speech

$50k/ha?!?!?! SERIOUSLY?!?!

Hell you can get som nice 'dairy' farmland down in SA for $9-12k/ha that would be excellent for dairy. And that is some top quality land no less.

How's your spanish?

Mas o menos......

I looked at investing there with a group a few years back...lots of Kiwis and Aussie farmers dumping excess cash to invest in Ag over there.....we had one high profile investment mess with folks here and ag investments there and it put me off to focus on other things.

I've been meaning to get over there...Aconcagua is on my bucket list.....I'll definitely get in touch if a SA trip is on the horizon.

[reggie]

Re: Bill Black bibliography

After I interviewed Bill two years ago we struck up an email relationship. The ongoing discussion ended after a particularly long exchange. Some of his emails to me were as long as the article above. If readers are interested in seeing the exchange I will ask Bill's permission to publish it in the subscriber area.

Long story short, Bill wants all of the law breakers in the banking industry who committed crimes to be prosecuted. I argued that 100% prosecution is not practical. By his own estimates, they number in the tens of thousands or even north of 100,000. I think the objective should be to remove the bad actors from the banking and financial system and that an amnesty program is the way to do it. First you prosecute a handful of high ranking law breakers to show that you're serious, then offer the rest the opportunity to avoid prosecution if they return stolen funds and leave the industry forever. Bill is adamant that such an approach is wrong, and I believe came to see me as a kind of apologist for the bankers for suggesting an amnesty approach.

Well, here he is, two years later complaining that our Treasury Secretary is unwilling to go after the bad guys or even acknowledge that laws were broken.

I appreciate Bill's tenacity but let's face it; he isn't getting anywhere.

I'm glad there are people like Bill on this planet. Practical expediency is not a morally acceptable position in my book when it comes to crimes of this gravity. It one takes EJ's position, then we can argue to draw the line anywhere. That's a slippery slope.

[emaij]

Re: Bill Black bibliography

EJ, did you ever publish the exchange you had with BB?

I'm glad there are people like Bill on this planet. Practical expediency is not a morally acceptable position in my book when it comes to crimes of this gravity. It one takes EJ's position, then we can argue to draw the line anywhere. That's a slippery slope.