One hand, higher savings will put a crimp on consumer spending which of course makes up a majority of US GDP but on the other, higher savings is the fuel for investment which helps to finance businesses everywhere that are getting crowded out in their borrowing by the enormous needs of the US gov’t and some European ones.

Yeah, except for this and even this which make it pretty clear that in the real world, where we live, there's a massive gap between demand for fixed income (of every flavor) vs a limited supply of fixed income that even the government's massive issuance isn't able to fill. So interest rates stay low while investors fall over themselves trying to buy incrementally higher yields. So, yeah, not so much with that particular ideological talking point.

I can't fucking wait to hear that from that cocksucker Judd Gregg. Or that old, senile motherfucker from Arizona who has started defending the tax cuts he voted against, just to get back at the black man who beat him.

It's time we start calling these assholes out for their lies and bullshit, especially when they're advocating a return to treasonous economic policies that will bankrupt this country. Peter should fucking know better and the politicos are just opportunists.

Yeah, reading Deepak Chopra was a start but, in the end, it wasn't enough. The Mayor and I looked around and realized we needed a massive change and began an exploration of new and exotic religions. Then we went back to some of the more traditional nuts and decided that they were still just as crazy as we'd originally thought.

In our despair, we finally realized what we needed... a new authoring system and a redesigned interface! Don't get me wrong, it's been a fantastic five years with Movable Type, but it's time for a new system that's a little easier on those who don't really enjoy programming.

So, I started messing around with Word Press this past weekend and we're going to make a transition this coming weekend which will include a redesign of the site. So, there's that to look forward to along with some really hot weather.

In a public rebuke, a federal judge Monday ordered all Austin City Council members to participate in any future lawsuit settlement talks with the family of a man fatally shot by a police officer last year.

U.S. District Judge Sam Sparks also wrote in a three-page document that he will no longer accept settlement announcements in any cases involving the city within 25 days of a scheduled trial. Judges "cannot rely on the City of Austin to support the recommendations of its lawyers," he wrote in the sharply worded order.

The case, filed by the family of Nathaniel Sanders II, had been set to go to trial this month, but Sparks struck it from his docket amid the tentative settlement.

"The court accepted the lawyers at their word and removed the case from the July 19, 2010 trial, a mistake (I) will not make again," Sparks wrote. He said the case has already resulted in "a substantial expense to the American taxpayer."

Judge Sparks, you're peeved that a bunch of civilians on Council didn't accept the learned advice of their counsel? That happens sometimes, especially when members are worried about future claims. However, throwing a fit about it and issuing a silly order ain't really a rational response, regardless of your irritation over rescheduling.

Now, with this order in place, it would appear that a settlement is all but out of the question. So, thanks a lot for that, Judge.

bitches.

Infographic by The Big Picture

...4-story, 27 unit development on Barton Springs just east of Lamar adjacent to the train tracks, McDonalds, and Peter Pan Mini Golf. With pricing starting at $1,000,000, our original reaction was that "the project is a very odd combination of location and pricing that suggests a lack of experience in residential development."

The bolded section is, honestly, first rate comedy and completely spot on (I'd seriously like to offer my compliments to the author of the line for their brilliant subtlety). Yes, STARTING at $1,000,000. This project was as sure a sign of a top as that idiotic project at the corner of Riverside and the 35 frontage that was being priced starting at $750k. What kind of fucking waste of goddamn skin moron builds a project full of (asking price) $1m - $6m condo next to a fucking McDonalds? Apparently, one that's completely fuckall insanse...

Despite the setback, PPT Development LP principal Steffen Waltz said the $40 million development called 1155 Barton Springs is merely in hibernation, not dead."

Not for nothing, Steffen, but you're not going to get anyone to finance you. Period. You might as well have filed for dissolution because I don't think anyone's going to give you DIP to work through the 11, even with the super senior claim. So, you're toast. Don't feel bad, this is probably your first project and you can chalk it up to a learning experience. Granted, you could have found a cheaper way to gain knowledge, but at least now you know... don't buy at the fucking top. One other thing... your dream of those obnoxious sales prices ain't gonna happen. If you want to salvage, see below and restructure for more affordable units.

For all you other budding developers, make nice with a REALLY good LO (not some dipshit at one of the retail banks) and LISTEN to what they have to say. They know far more than you think and can be especially helpful to those of you involved in conversion projects that fucked up the FHA approval. And, for the love of all that's holy, don't develop an attitude or use the phrase 'I've never been through a transaction like this'. That just makes me want to put my foot up your stupid ass (and those of you who know me know that's what I'll do)... or decline the transaction and leave you to the tender mercies of BAC or WFC. And finally, ASK someone for advice BEFORE you decide to write a proposal based (not to mention, before you actually break ground) on sales of residential units in a non-warrantable property.

In other news from AustinTowers, there appears to be some positive news regarding condo sales downtown. The May YoY results show an increase in sales volume from 11 units in May 09 to 24 units in May 10. The average sales price was around $259k and the average days on market was 118, skewed in part by two units with a greater than one year time on the market. This is interesting because it tells us a couple of things...

1) The weak hands have shaken out. The only owners left are those holding on like grim death... they'll never let them go for a price they don't like and they have bloated credit cards and depleted investment accounts to prove they have the stones to stay in the game.
2) The average sales price indicates that the sweet spot in the downtown market is under $300k, significantly below the average in 2007-08 and very clearly shows the effects of new underwriting criteria.
3) The lower price point and the stability of it indicates long term buyers and a washout (finally) of the speculators.
4) This doesn't bode well for luxury developers, but it looks EXTRAORDINARILY strong for developers looking to bring in more affordable units. 2-3/1-2 units coming in under $300k will sell very fast and very close to ask.

With this data, I think I'm ready to call a bottom in the downtown market. While it will be a few more months before the MI companies pick up on it, it seems pretty clear that downtown has stabilized and is no longer in decline. Now, that should continue as long as it remains difficult for asshats who want to build projects near fast food restaurants to obtain construction financing.

The DMN did this piece about how nasty the race for Ag Commissioner has become. Staples, through his minions since he's too much of a chickenshit to talk to a reporter, apparently thinks this is all just really too mean...

"I've been dong this for almost 30 years, and I've never seen a campaign as libelous and slanderous," said Bryan Eppstein, Staples' campaign consultant.

Really, Bryan? You sure you want to go there? After all, Staples, BEFORE THE PRIMARY ELECTION (it was in February in Tyler, wasn't it Bryan?), was shoveling dirt on Hank. What Staples didn't anticipate was that Hank's a man and owns his past, mistakes and all. Including one bad check from 10 years ago. BTW, Bryan, HALF THE STATE HAS A BOUNCED CHECK AT SOME POINT IN THE PAST YEARS. Mistakes like that are THE reason banks offer overdraft protection. So, not for nothing, but are you sure you want to piss up the leg of half the electorate?

Staples has also been upset about Hank's pointing out that he spent campaign funds on a personal vehicle, which all available evidence points to. Staples says there was a campaign car and the one he bought for himself which he currently drives. So far, we only have proof of the campaign car. If there isn't documentation on a second car, why is Staples lying about it? And why spend so much time talking about how you've been personally maligned when, so far, no one has mentioned your giant freak head, effeminate manner or, in general, goofiness? The public isn't going to feel sorry for Staples, he's just not a sympathetic character.

If anything, I'm kinda disappointed Hank isn't getting personal with Staples.

Hank, instead, has yet to say anything about Staples personal life or even his past business dealings. Yet Staples is squealing about every traffic ticket Hank's received. Hank is sticking, perfectly, to limiting his criticism to Staples professionally, all of which is valid even if Sleazy Staples might be a little peeved about being taken to task for his failure. All Staples has done is run from his responsibilities as Commissioner, and throw others under the bus. Like an inspector (and TDH) in the case of the Plainview peanut disaster.

So that was early in the week... then there was ANOTHER very well researched piece on Connected Nation, Sleazy Staples effort to give the telecom industry a handjob with taxpayer money. Here's the money shot...

"It's a scandal, a total scandal," said Art Brodsky, communications director of Public Knowledge, a public interest group that follows digital culture. A longtime critic of Connected Nation, Brodsky has tracked the nonprofit since Kentucky officials accused it of overestimating broadband availability several years ago. The agency that grew into Connection Nation started there in 2001.

Brodsky said nondisclosure agreements make it difficult to see who really benefits from the mapping process.

PD has more here.

The truly ironic thing about Staples and his blistering incompetence is that he's, accidentally, stumbled upon the plan of national Republicans to make it appear that government simply can't function. The only problem, for Staples, is that government can't really function because he's too much of a mook to make it work. There are some amazing people at TDA who are competent and capable. Staples, clearly, is the one holding them back and making us less safe on a daily basis.

Think about that the next time you bite into a burger.

Why's that stupid? BECAUSE NO BUSINESS IS GOING TO HIRE PEOPLE UNLESS THEY WILL BE ABLE TO CREATE ADDITIONAL PROFIT BY SELLING MORE. No mystery... Look at it this way...

I run a company that makes plastic bears. I sell 100 of them per year at $1 per piece. I have four employees who cost me (remember, these aren't real numbers, this is a simplified example to illustrate the point) $10 per year, each. My other overhead is about $40 which gives me a gross profit of $20 per year. My company, because of the ridiculous US corporate tax laws, pays only 25% on that which means I pay $5 per year in taxes making my net profit $15 (nevermind that most corporations pay way less than that, on a percentage basis, in taxes than individuals). I'm happy even though the economy is in the toilet.

Now, along comes Judd Gregg who says if I hire one more worker, he'll cut my taxes by 50%. Woo Hoo, right? If you think so, let me know where you are so I can beat you in the head, moron. Here's the math...

My cost went up by $10 per year (a new employee) which knocked by gross profit down to $10 because the economy still sucks and I can't sell an additional plastic bear because there's only demand for 100. I'm now taxed at only 12.5% (yay, me!) so I only pay $1.25 in taxes. However, my net profit is only $8.75, damn near half of what it was previously before Judd Gregg cut me that amazing deal.

Get it now? No one is going to hire people because of a damn tax credit. The only way they'll hire is if there is demand for their products. And the Government is all that's left to stimulate demand in this economic environment. We need it to build roads, jails, schools, courthouses, etc. We need infrastructure improvements. That'll create enough jobs to stimulate aggregate demand.

If only the Republicans would get the ideology out of their brains and start acknowledging economic reality.

Of course, it's not at all offensive to start a PAC. What IS offensive is that George P. Bush (think Jeb, not W) is taking a leadership role and it's this piece that will doom it completely. History is done with the Bush family and so is the United States. From questionable Prescott to W, we don't need any more Bush's in public service. Yes, that includes fat Jebbie, the 'smart one'.

Sorry, George P., but you'd be better off using your mother's maiden name. And running as a Democrat.

Yeah, fucking grosses me out as well. Not the live butchering, the eating of goat. Ugh.

Transferring my service over was painless, even joyful, because I hate AT&T with the heat of a supernova. The constant dropped calls, the frequent service downgrades from 3G to EDGE to GSM to GPRS, the unhelpful customer service and finally the brutal bills that are the telecom services equivalent of being gang raped in prison. Then shanked. Needless to say, I won't be LIKING them on Facebook any time soon.

Transferring service was easy. Getting a new phone was, well, not.

You have to understand that morons like myself develop silly attachments to devices we use daily. I've had a BlackBerry since before they came with a phone embedded. It's been a long, loyal affair and it's served us both well. However, recently, I've grown kind of angry at the shrinkage of the device (my Bold was a little too small for my hand) and the tiny screen. So, this time around I opted for a phone that Sister Ruth had already adopted, the HTC EVO 4G.

To say it's been an experience would be an understatement. The battery life is challenging, but not really any worse than any BB I've had, mostly because I'm on it constantly. The on screen data entry takes some getting used to considering that I've been on thumbboards for more than a decade.Minor issues when you consider that the speed on the thing is absolutely amazing.

My iPhone friends have been somewhat derisive, mostly because they're jealous of the 4G radio and larger screen. But what they'll never understand is just how wonderful the hotspot is. Last night, the cable was out when I got home. It took me 5 minutes on the phone with Sprint for them to activate the hotspot and walk me through the set up. I was able to get both my computers online and stay on the phone all night. Can your iPhone do that? No? What a shame.

Yesterday I went to Best Buy because I'm a stupid masochist who happened to need an alkaline charger for a phone that sucks up juice like Lindsay Lohan. While there, someone buying two EVOs saw mine in my hand and asked how I liked it. I told her the truth... I loved it, but you needed to work out issues with the battery. She then pointed at the table she was sitting at and said she was done with these, gesturing to two iPhone 4's. I asked if it was the antenna thing and she said that was a big part of it. I then started to tell her how to fix it (with electrical tape... I pay attention when the nerds talk) but she didn't care, making it obvious that she was done with the iPhone.

Oh, and before you Apple fanboys start climbing up my ass, don't... I'm not trashing Apple, but the EVO is a better phone. And, if it helps alleviate your anger, please know that my next computer will be a Mac, mostly because I hate Mickeysoft and HP as much as I hate AT&T.