ragerunner

Thanks for all the pics. I really like Denver. Great Mountain views, some good urban areas, an active downtown and mass transit. They also are very progressive with green build and smart growth.

Steel Industry, in Slump, Looks to Federal Stimulus "The steel industry, having entered the recession in the best of health, is emerging as a leading indicator of what lies ahead. As steel production goes — and it is now in collapse — so will go the national economy. That maxim once applied to Detroit’s Big Three car companies, when they dominated American manufacturing. Now they are losing ground in good times and bad, and steel has replaced autos as the industry to watch for an early sign that a severe recession is beginning to lift. The industry itself is turning to government for orders that, until the September collapse, had come from manufacturers and builders. Its executives are waiting anxiously for details of President-elect Barack Obama’s stimulus plan, and adding their voices to pleas for a huge public investment program — up to $1 trillion over two years — intended to lift demand for steel to build highways, bridges, electric power grids, schools, hospitals, water treatment plants and rapid transit." http://www.nytimes.com/2009/01/02/business/02steel.html?_r=1&hp

Fed to start buying mortgage securities in early January "SAN FRANCISCO (MarketWatch) -- The Federal Reserve said late Tuesday it will begin buying mortgage securities backed by Fannie Mae, Freddie Mac, and Ginnie Mae in early January. The Fed said it "has selected private investment managers to act as its agents in implementing the program," which is "separate and distinct from the U.S. Treasury's program." The purchases will be financed through the creation of additional bank reserves, the Fed said." http://www.marketwatch.com/News/Story/Story.aspx?guid={2FCC826E-D48B-4D18-8881-209269D2752C}

It sounds crazy but right. Their are people who claim to be leaders of 'nation(s)' that are purely internet based. This man contacted one of these 'nations' and offered his state owned island for their government headquarters. Here is a link to something like what he contacted. It was very entertaining because I worked for the local government and we had to deal with him. http://wirtland.agilityhoster.com/

I knew a guy once that layed claim to a small island in the middle of a bay in Florida. He then contacted an 'internet' nation and offered to don't land on the island for their national offices. Needless to say once the state got wind of his effort to take public land (the island) his plan came to an quick end.

Retailers' holiday sales plummet: Spending Pulse "NEW YORK (Reuters) – Retailers' sales fell as much as 4 percent during the holiday season, as the weak economy and bad weather created one of the worst holiday shopping climates in modern times, according to data released on Thursday by SpendingPulse. The figures, from the retail data service of MasterCard Advisors, show the 2008 holiday shopping season was the weakest in decades, as U.S. consumers cut spending as they confront a yearlong recession, mounting job losses and tighter credit. "It's probably one of the most challenging holiday seasons we've ever had in modern times," said Michael McNamara, vice president of Research and Analysis at MasterCard Advisors." http://news.yahoo.com/s/nm/20081226/ts_nm/us_usa_holidaysales_spendingpulse;_ylt=AhHFSZw6TR_Ogc5nI.Q2yOgJr7sF Retail closings, downsizing and reduction in new store construction is going to increase significantly in the next 6 months. This will send even more shockwaves through the commercial construction and development market.

Cincinnati streetcar initiative could be headed for 2009 ballot "After four days of effort, organizers of a petition drive to force a vote on Cincinnati’s streetcar initiative have secured more than 200 signatures, or roughly 3 percent of what they will need to put the measure on the November 2009 ballot. “It’s been the highest return of petitions to our office from any of our petition drives,” said Christopher Smitherman, president of the local chapter of the NAACP, which voted to pursue the streetcar measure last week. Smitherman said the measure will prohibit the city from spending money to acquire rights-of-way for a new streetcar line or construct “improvements for passenger rail transportation” unless the matter receives a majority affirmative “vote of the electorate” in Cincinnati." http://cincinnati.bizjournals.com/cincinnati/stories/2008/12/22/daily34.html This is so over the top. The unfair treatment of mass transit efforts compared to road projects in the US is ridiculous. If they are going to go after this then they should be going after highway expansion projects with the same 'concerns'. Its time for the Streetcar PR system to kick into high gear. Its got to be simple, easy to understand, catchy and fit on a easy to read billboard or yard sign. Maybe gas will be $6.00 a gallon by November 2009.

No but the electronic money world has lost trillions and that is were the greatest 'wealth' was calculated.

The next handout Pleaseeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee!!!! The concept of accepting risk is dead. Real-estate developers reportedly seeking U.S. relief "NEW YORK (MarketWatch) -- Developers of large commercial real-estate projects are seeking access to government investment funds as at least $160 billion of debt comes due for refinancing next year and lenders are thin on the ground for the embattled industry, the Wall Street Journal reported Monday. The paper said that developers of projects like malls, hotels and office complexes are seeking access to the recently announced Treasury plan to provide $200 billion of credit relief to borrowers on auto and student loans and credit-card debt. Some of the developers have also reportedly suggested a separate program aimed solely at projects in commercial real estate. The Journal's report quoted a letter that a dozen developers recently sent to Treasury Secretary Hank Paulson, in which they say: "Right now, we believe there is insufficient systemic capacity to refinance expiring, performing commercial real-estate loans. For many borrowers, [credit] simply is not available." ... http://www.marketwatch.com/news/story/Commercial-real-estate-may-next/story.aspx?guid={B8584A95-BB8F-4DB4-A3B3-C9B183F10C92}

You are correct. Cincinnati started serious planning for its rail transit in about 1997 (give or take). That's about 12 years. I realize things fell apart after the 2002 vote. But, I think it shows there have been some active planning and attempts at funding for Mass Transit at least 7 or 8 years total now. I just hope the City manager is about to pull a magical rabbit out of his hat.

Politics and Power. The longer they go without being able to secure (or announce they have secured - whichever it is) the needed finances the longer those against the streetcars have to torpedo the project. When is the city manager going to give his report on the private funding efforts? I know it was originally scheduled for the end of this year. Does anyone know when this might happen? After the RFQ is in next month?

I am sure there are some stats out there, I will see if I can find anything. I will say, this recession seems to building up to another big leg down. Not good!!!!

Chrysler to idle all factories for at least a month By Shawn Langlois Last update: 4:54 p.m. EST Dec. 17, 2008 "SAN FRANCISCO (MarketWatch) -- Chrysler said Wednesday that it will idle all of its manufacturing operations starting this Friday through at least January 19 in an effort to keep inventories more aligned with plunging U.S. demand for new cars and trucks. Due to customers' inability to obtain financing, Chrysler dealers said that their sales volumes have fallen as much as 25% from a year ago." http://www.marketwatch.com/news/story/Chrysler-idle-all-factories-least/story.aspx?guid={20EA3667-4149-4E76-AF74-F873264CACA4} Chrysler is sending a major shot across the bow saying, you better give me bailout money or its over. Interesting that the date goes to the day before Obama takes office.

For what its worth, I think rates maybe lower in the next month or two. It will take a little time for the new rate cuts to work through the system. I also think the 'hope' with Obama taking office and the new stimulus will give the entire system a short term bump.

Fed slashes key rate to near zero Ben Bernanke & Co. cite weakness in economy and reduced inflation threat as justification for cutting rates below 1% for first time. http://money.cnn.com/2008/12/16/news/economy/fed_decision/index.htm?postversion=2008121614 I guess this particular gun is now officially out of ammo. I sure hope the bow and arrows they were talking about a week or so ago can be lite on fire or have poison on the end of them.

Drop in consumer prices is most since 1932 Core CPI flat in the month as energy prices plunge WASHINGTON (MarketWatch) - U.S. consumer prices fell in November at the fastest rate since 1932, the Labor Department reported Tuesday. The U.S. consumer price index fell by a seasonally adjusted 1.7%, the Labor Department reported Tuesday, the biggest drop since the government began adjusting the CPI for seasonal factors in 1947. On a non-seasonally adjusted basis, the CPI fell by 1.9%, the biggest decline since January 1932, at the nadir of the Great Depression. ... http://www.marketwatch.com/news/story/Drop-consumer-prices-most-since/story.aspx?guid={45513693-102D-4A67-8859-C73778BF4777} Energy down BIG but, housing, medical and food were still going up in overall cost. I think CincyDad was right that we would experience Stagflation. It should be interesting to see if stagflation holds or if we see deflation and/or a huge spike in inflation over the next year or two. I have seen cases made for both.

He may personally not be a 'part' of Wall Street but the system he works for is very much tied to wall street.

While I will be one of the first not to show support for suburban sprawl, I will give this project some support since they did layout the project in a more traditional manner. If America is determined to continue to build cheap suburban crap at least design the project to have some sustainable concepts. Rear loaded garages, front porches, neighborhood park, close together (better density) and reduced setbacks. Its a step in the right direction over most suburban sprawl.

This is well worth the read. Credit is not the problem in the crisis "A new report from financial services consultant Celent says there's a financial crisis, but access to credit is not the problem. Scott Jagow susses out the claim with the firm's head, Octavio Marenzi. TEXT OF INTERVIEW Scott Jagow: You ready for this? A new report says there is no credit crunch. There's a financial crisis, obviously, but access to credit is not the problem, even though the Treasury and the Fed have said it is a problem. This report comes from the financial services consultant Celent. And we're joined now by the head of the firm, Octavio Marenzi. Octavio, this is kind of surprising. What are you basing this on? Octavio Marenzi: Mostly from the Federal Reserve itself. So the vast majority of the numbers that we used in this report actually come from the Federal Reserve, and in area after area what we found is that really, a lot of the lending, a lot of the things being said about the credit crisis or the nature of the financial crisis aren't born out by those numbers. So we found that bank lending is at a record high, consumer credit is at a record high, inter-bank lending is at a record high. All these things that we've been told have basically dried up are actually flowing quite well. ... http://marketplace.publicradio.org/display/web/2008/12/12/credit_and_crisis/ Maybe Bernanke and Paulson are just bailing out their main buds on Wall Street (that would be such a shock!!!!). Maybe that is why they are not showing support for other bailouts, its more of a 'personal' bailout.

Bank of America to cut up to 35,000 jobs Company cites Merrill acquisition and recession "SAN FRANCISCO (MarketWatch) -- Bank of America said late Thursday that it plans to cut up to 35,000 jobs over the next three years as the financial giant adjusts to a recession and completes the pending acquisition of brokerage firm Merrill Lynch & Co." http://www.marketwatch.com/news/story/Bank-America-cut-up-35000/story.aspx?guid={3BE563B5-082C-444B-BCA0-8122FC013047} U.S. Nov PPI has second straight large decline "WASHINGTON (MarketWatch) - Inflation at the wholesale level decelerated sharply in November for the second straight month, the Labor Department said Friday. The producer price index fell 2.2%, driven by an 11.2% drop in energy prices. This follows a record 2.8% drop in October. Food prices were flat in November. The core PPI, excluding food and energy costs, also moderated in November. The core rate rose 0.1% in the month, down from a 0.4% gain in October and the smallest gain since March. Economists were expecting the PPI to fall 2.0% in November and the core rate was expected to remain flat." http://www.marketwatch.com/news/story/US-Nov-PPI-has-second/story.aspx?guid={E498728B-F1EC-4E3A-A884-FF582CAB62EB} While energy prices are down it appears food and other staples are still holding at high inflation levels. Retail sales fall 1.8%, the 5th straight decline "WASHINGTON (MarketWatch) - With gasoline prices plunging and auto sales on life support, U.S. retail sales dropped 1.8% in November, the fifth straight decline, the Commerce Department reported Friday. Retail sales were down 7.4% compared with a year earlier. The big drop was in line with expectations by economists for a 2.1% decline. Sales fell a revised 2.9% in October and a revised 1.6% in September. But the extent of the decline was exaggerated by an historic drop in retail gasoline prices in November. Excluding the record 14.7% drop in sales at gas stations, retail sales fell 0.2%. Many retail sectors reported their biggest sales increases in years." http://www.marketwatch.com/news/story/Retail-sales-fall-18-5th/story.aspx?guid={6C7BC3C2-4EC8-4E2D-A06B-D1FE10CB27C4}

I am not sure there is 80% of anything left at the mill's mall to visit.

I guess it could be worse. It could be another Flea Market or another prison. I will say that exit is very unique. Prison, flea markets, the Hustler, the giant church and now a outlet mall. Maybe Monroe should use this unusual collection as a marketing tool.

Fed considers issuing its own debt: WSJ By Simon Kennedy "LONDON (MarketWatch) -- The Federal Reserve is mulling issuing its own debt for the first time in a move that would give it more flexibility to stabilize financial markets, The Wall Street Journal reported Wednesday, citing a person familiar with the matter. Government debt issuance is largely the job of the Treasury Department, but Fed officials are looking for new tools as the crisis drags on and have approached Congress about the idea, the Journal reported. It added the concept could include issuing bills or some other form of debt, but it isn't known whether the preliminary discussions will result in a formal proposal or Fed action. The Journal said one roadblock is that the Federal Reserve Act doesn't explicitly permit the Fed to issue notes beyond currency." http://www.marketwatch.com/news/story/Fed-considers-issuing-its-own/story.aspx?guid={E5B1EBA3-ED1F-4D54-AE8D-FFC6690249D5} One day the American public will wake up and realize we have been hosed by the FEDs and the banking industry. It is during 'emergency' times that other group(s) rise up and position themselves into power. All in the name of saving others.

I think we are going to see 'positive mental shift' (which might equate to some improved economic data) when Obama takes office. This will be attributed to the stimulus plan that will be put into place early in 2009 as well as 'hope' with a new president taking office. This will impact the economy and even housing sales (I am not sure how much, but some) until summer of 2009. At that point we will be able to gauge if any of these 'bailout/stimulus' plans actually have any sustainable teeth to them. I personally think they will only provide small bumps on a very long steep slope as the 'Great Recession' (per CincyDad) will take hold in full force. The financial and economic cleaning must take place. dmerkow quote: "It is worth noting that it wasn't until late in '31 that there was a palpable shift in the tone of newspapers and the like and it still wasn't all that people talked about. Life went on even as it got really rough for a lot of folks." I think one of the big difference in mind set and information will be the internet. Weather the main news media reports it like it is will be irrelevant due to the internet. Does anyone watch the evening news anymore? Side note: dmerkow - I really enjoy reading your historical knowledge of the situation. It really adds a lot to this discussion.

Economy bad all over -- even before current crisis Economic troubles reached most of nation's cities long before current financial crisis "WASHINGTON (AP) -- Things really are bad all over -- and they had gone bad even before the housing and finance industries crashed and sent the economy into a tailspin. New census data shows that throughout the first half of the decade, the slumping economy touched nearly every community in the country. Incomes dropped while poverty and unemployment rose in the vast majority of the nation's cities and towns. Small and medium-sized cities in the Midwest, already suffering from an ailing auto industry, were hit the hardest, with unemployment rates doubling or tripling in communities throughout Michigan, Ohio, Indiana and Illinois. Link for full article http://finance.yahoo.com/news/Economy-bad-all-over-even-apf-13780442.html