Comments on: Local Banks Slammed by Housing Bust http://seattlebubble.com/blog/2008/06/30/local-banks-slammed-by-housing-bust/ local real estate news, statistics, and commentary without the sales spin. Sun, 21 Mar 2010 16:32:20 -0700 http://wordpress.org/?v=2.9.2 hourly 1 By: softwarengineerhttp://seattlebubble.com/blog/2008/06/30/local-banks-slammed-by-housing-bust/#comment-50962 softwarengineer Tue, 01 Jul 2008 15:25:15 +0000 http://seattlebubble.com/blog/?p=2100#comment-50962 I AGREE THE WAR BILL IS HIGH DURING BUSHBut defense programs are getting butcher axed in Seattle, i.e., FCS.See the proof:http://www.aviationweek.com/aw/generic/story_channel.jsp?channel=defense&id=news/HASC050808.xml&headline=HASC+Proposes+Additional+C-17s,+FCS+CutsSeattle's F-22 is cut too:See the proof:http://govexec.com/dailyfed/0208/022708cdpm2.htmSeattle's P-8 program butcher axed from 251 to 108 units, and its on schedule to. the article explains why in part:"...further reduction in numbers is likely as the cost of the land-based war on terror continues to suck the JP out of the rest of the defense budget..."See the proof:http://navlog.org/p-8_may07.htmlYes, we're spending money like crazy on defense, but during the Clinton years we cut back on maintenance and retrofit....add Iraq war in and everything's falling apart and needs rebuilding and replacing...not Seattle work unfortunately.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('50962','softwarengineer',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('50962','softwarengineer','I AGREE THE WAR BILL IS HIGH DURING BUSH\r\n\r\nBut defense programs are getting butcher axed in Seattle, i.e., FCS.\r\n\r\nSee the proof:\r\n\r\nhttp:\/\/www.aviationweek.com\/aw\/generic\/story_channel.jsp?channel=defense&id=news\/HASC050808.xml&headline=HASC+Proposes+Additional+C-17s,+FCS+Cuts\r\n\r\nSeattle\'s F-22 is cut too:\r\n\r\nSee the proof:\r\n\r\nhttp:\/\/govexec.com\/dailyfed\/0208\/022708cdpm2.htm\r\n\r\nSeattle\'s P-8 program butcher axed from 251 to 108 units, and its on schedule to. the article explains why in part:\r\n\r\n\"...further reduction in numbers is likely as the cost of the land-based war on terror continues to suck the JP out of the rest of the defense budget...\"\r\n\r\nSee the proof:\r\n\r\nhttp:\/\/navlog.org\/p-8_may07.html\r\n\r\nYes, we\'re spending money like crazy on defense, but during the Clinton years we cut back on maintenance and retrofit....add Iraq war in and everything\'s falling apart and needs rebuilding and replacing...not Seattle work unfortunately.',''); return false;">Quote</a></div> I AGREE THE WAR BILL IS HIGH DURING BUSH

But defense programs are getting butcher axed in Seattle, i.e., FCS.

See the proof:

http://www.aviationweek.com/aw/generic/story_channel.jsp?channel=defense&id=news/HASC050808.xml&headline=HASC+Proposes+Additional+C-17s,+FCS+Cuts

Seattle’s F-22 is cut too:

See the proof:

http://govexec.com/dailyfed/0208/022708cdpm2.htm

Seattle’s P-8 program butcher axed from 251 to 108 units, and its on schedule to. the article explains why in part:

“…further reduction in numbers is likely as the cost of the land-based war on terror continues to suck the JP out of the rest of the defense budget…”

See the proof:

http://navlog.org/p-8_may07.html

Yes, we’re spending money like crazy on defense, but during the Clinton years we cut back on maintenance and retrofit….add Iraq war in and everything’s falling apart and needs rebuilding and replacing…not Seattle work unfortunately.

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]]> By: what goes up comes downhttp://seattlebubble.com/blog/2008/06/30/local-banks-slammed-by-housing-bust/#comment-50960 what goes up comes down Tue, 01 Jul 2008 14:32:01 +0000 http://seattlebubble.com/blog/?p=2100#comment-50960 RAL, why did you come back after making such a big deal about leaving -- maybe, just maybe, you have seen the light or should I say the increased number of for sale signs.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('50960','what goes up comes down',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('50960','what goes up comes down','RAL, why did you come back after making such a big deal about leaving -- maybe, just maybe, you have seen the light or should I say the increased number of for sale signs.',''); return false;">Quote</a></div> RAL, why did you come back after making such a big deal about leaving — maybe, just maybe, you have seen the light or should I say the increased number of for sale signs.
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]]> By: what goes up comes downhttp://seattlebubble.com/blog/2008/06/30/local-banks-slammed-by-housing-bust/#comment-50959 what goes up comes down Tue, 01 Jul 2008 14:29:26 +0000 http://seattlebubble.com/blog/?p=2100#comment-50959 swe: “I hear Boeing’s military programs are butcher axing jobs lately too due to defense budget cuts under Bush, imagine what it will be like under Obama.”

You must be smoking something — I work for Boeing and we on the military side of the house just like the commercial side are doing mandatory O.T. You need to check what you are hearing.

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]]> By: unearthlyhttp://seattlebubble.com/blog/2008/06/30/local-banks-slammed-by-housing-bust/#comment-50958 unearthly Tue, 01 Jul 2008 07:58:38 +0000 http://seattlebubble.com/blog/?p=2100#comment-50958 Those wells pump 150-200 barrels of oil a day.Typically the land owner gets 50% of the sales. These landowners are still getting a million dollars a year in revenue if oil is at $40/barrel. And you won't be seeing $40 oil ever again...<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('50958','unearthly',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('50958','unearthly','Those wells pump 150-200 barrels of oil a day.Typically the land owner gets 50% of the sales. These landowners are still getting a million dollars a year in revenue if oil is at $40\/barrel. And you won\'t be seeing $40 oil ever again...',''); return false;">Quote</a></div> Those wells pump 150-200 barrels of oil a day.Typically the land owner gets 50% of the sales. These landowners are still getting a million dollars a year in revenue if oil is at $40/barrel. And you won’t be seeing $40 oil ever again…
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]]> By: shawnhttp://seattlebubble.com/blog/2008/06/30/local-banks-slammed-by-housing-bust/#comment-50957 shawn Tue, 01 Jul 2008 07:13:54 +0000 http://seattlebubble.com/blog/?p=2100#comment-50957 I think oil is the bubble that is brewing.

Oil creating ‘overnight millionaires’ in N.D.
“It’s the easiest money we’ve ever made,” said Lorene Stohler, …

http://www.msnbc.msn.com/id/25466382?GT1=43001

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]]> By: Alanhttp://seattlebubble.com/blog/2008/06/30/local-banks-slammed-by-housing-bust/#comment-50956 Alan Tue, 01 Jul 2008 05:40:44 +0000 http://seattlebubble.com/blog/?p=2100#comment-50956 I think manufacturing infrastructure is going to be the next big wave of investment (not bubble) in the US.I think farmland is going to be the next bubble.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('50956','Alan',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('50956','Alan','I think manufacturing infrastructure is going to be the next big wave of investment (not bubble) in the US.\r\n\r\nI think farmland is going to be the next bubble.',''); return false;">Quote</a></div> I think manufacturing infrastructure is going to be the next big wave of investment (not bubble) in the US.

I think farmland is going to be the next bubble.

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]]> By: Alanhttp://seattlebubble.com/blog/2008/06/30/local-banks-slammed-by-housing-bust/#comment-50955 Alan Tue, 01 Jul 2008 05:38:39 +0000 http://seattlebubble.com/blog/?p=2100#comment-50955

Difficult to work with attitudes like matthew and so called softwareengineer that doesn’t know how to use a scroll bar on a poll.

Grammar is important too!

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]]> By: singliachttp://seattlebubble.com/blog/2008/06/30/local-banks-slammed-by-housing-bust/#comment-50954 singliac Tue, 01 Jul 2008 05:19:50 +0000 http://seattlebubble.com/blog/?p=2100#comment-50954 RAL, you've returned! Oh how we've missed you.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('50954','singliac',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('50954','singliac','RAL, you\'ve returned! Oh how we\'ve missed you.',''); return false;">Quote</a></div> RAL, you’ve returned! Oh how we’ve missed you.
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]]> By: mikalhttp://seattlebubble.com/blog/2008/06/30/local-banks-slammed-by-housing-bust/#comment-50953 mikal Tue, 01 Jul 2008 04:12:52 +0000 http://seattlebubble.com/blog/?p=2100#comment-50953 RAL, Also of interest is the negative mindset. Some of you seem to sit and hope that this country will fall apart. I have no idea if the manufacturing base will return. I personally think that once a country becomes a power in finance and makes nothing it is historically doomed (Netherlands and Britain come to mind).<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('50953','mikal',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('50953','mikal','RAL, Also of interest is the negative mindset. Some of you seem to sit and hope that this country will fall apart. I have no idea if the manufacturing base will return. I personally think that once a country becomes a power in finance and makes nothing it is historically doomed (Netherlands and Britain come to mind).',''); return false;">Quote</a></div> RAL, Also of interest is the negative mindset. Some of you seem to sit and hope that this country will fall apart. I have no idea if the manufacturing base will return. I personally think that once a country becomes a power in finance and makes nothing it is historically doomed (Netherlands and Britain come to mind).
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]]> By: Scotsmanhttp://seattlebubble.com/blog/2008/06/30/local-banks-slammed-by-housing-bust/#comment-50952 Scotsman Tue, 01 Jul 2008 04:03:48 +0000 http://seattlebubble.com/blog/?p=2100#comment-50952 I've long thought that eventually, as education levels and capital distribution around the world equalized, shipping costs and raw resource distribution would become the predominant determinants of where goods were made. Production returning to the U.S. is a long way off, but will probably happen to some extent as labor and energy costs increase in other countries. Right now, even with expensive oil and shipping, it's hard to compete with China on wages/labor costs. And their lack of environmental controls and associated costs give them an additional advantage. Even with a (temporary) falling dollar, it's impossible to make it at home for less.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('50952','Scotsman',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('50952','Scotsman','I\'ve long thought that eventually, as education levels and capital distribution around the world equalized, shipping costs and raw resource distribution would become the predominant determinants of where goods were made. Production returning to the U.S. is a long way off, but will probably happen to some extent as labor and energy costs increase in other countries. Right now, even with expensive oil and shipping, it\'s hard to compete with China on wages\/labor costs. And their lack of environmental controls and associated costs give them an additional advantage. Even with a (temporary) falling dollar, it\'s impossible to make it at home for less.',''); return false;">Quote</a></div> I’ve long thought that eventually, as education levels and capital distribution around the world equalized, shipping costs and raw resource distribution would become the predominant determinants of where goods were made. Production returning to the U.S. is a long way off, but will probably happen to some extent as labor and energy costs increase in other countries. Right now, even with expensive oil and shipping, it’s hard to compete with China on wages/labor costs. And their lack of environmental controls and associated costs give them an additional advantage. Even with a (temporary) falling dollar, it’s impossible to make it at home for less.
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]]> By: [troll]http://seattlebubble.com/blog/2008/06/30/local-banks-slammed-by-housing-bust/#comment-50950 [troll] Tue, 01 Jul 2008 03:42:52 +0000 http://seattlebubble.com/blog/?p=2100#comment-50950 ny prdctn tht cms bck t th S wld b prcsss tht r hghly tmtd. Tht’s gd nws fr sftwr ngnrs, bt ths wll prbbly b mprtd ls.
……………………………….

Thy wld hv t mprt smrt wrkrs.
Dffclt t wrk wth tttds lk mtthw nd s clld sftwrngnr tht dsn’t knw hw t s scrll br n pll.

H y’ll< hrf="#" clss="rplyt" nclck="rplyt('50950','∓#91;trll∓#93;',''); rtrn fls;">Rply – < hrf="#" clss="qt" nclck="qt('50950','∓#91;trll∓#93;','ny prdctn tht cms bck t th S wld b prcsss tht r hghly tmtd. Tht&crc;€™s gd nws fr sftwr ngnrs, bt ths wll prbbly b mprtd ls.\r\n.....................................\r\n\r\nThy wld hv t mprt smrt wrkrs. \r\nDffclt t wrk wth tttds lk mtthw nd s clld sftwrngnr tht dsn\'t knw hw t s scrll br n pll.\r\n\r\nH y\'ll',''); rtrn fls;">Qt

]]> By: jonhttp://seattlebubble.com/blog/2008/06/30/local-banks-slammed-by-housing-bust/#comment-50949 jon Tue, 01 Jul 2008 02:58:20 +0000 http://seattlebubble.com/blog/?p=2100#comment-50949 Any production that comes back to the US would be processes that are highly automated. That's good news for software engineers, but those will probably be imported also.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('50949','jon',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('50949','jon','Any production that comes back to the US would be processes that are highly automated. That\'s good news for software engineers, but those will probably be imported also.',''); return false;">Quote</a></div> Any production that comes back to the US would be processes that are highly automated. That’s good news for software engineers, but those will probably be imported also.
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]]> By: matthewhttp://seattlebubble.com/blog/2008/06/30/local-banks-slammed-by-housing-bust/#comment-50948 matthew Tue, 01 Jul 2008 02:52:55 +0000 http://seattlebubble.com/blog/?p=2100#comment-50948 30 years of off shoring is going to start returning to the US? Wow, some people can really attempt to pull a silver lining out of a hurricane.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('50948','matthew',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('50948','matthew','30 years of off shoring is going to start returning to the US? Wow, some people can really attempt to pull a silver lining out of a hurricane.',''); return false;">Quote</a></div> 30 years of off shoring is going to start returning to the US? Wow, some people can really attempt to pull a silver lining out of a hurricane.
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]]> By: mike2http://seattlebubble.com/blog/2008/06/30/local-banks-slammed-by-housing-bust/#comment-50947 mike2 Tue, 01 Jul 2008 02:41:04 +0000 http://seattlebubble.com/blog/?p=2100#comment-50947 <b>mikal</b><i>This is off topic, but there was someone on MSNBC today that stated that he believed that all the jobs that went overseas over the last thirty years would now be starting to return. </i>Certain industries were completely gutted due to offshoring. Anything that requires capital investment needs to become significantly cheaper here to justify moving back. US wages are still too high.Couple that with falling US demand, and I don't see it penciling out for some time. Invest in the US? Who would be so bold?The ultimate irony is that offshoring of manufacturing ramped up speed just few years before the dollar started its plunge. How efficient is that? Move everything out just in time to re-balance the dollar with global demand.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('50947','mike2',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('50947','mike2','<b>mikal<\/b><i>\r\n\r\nThis is off topic, but there was someone on MSNBC today that stated that he believed that all the jobs that went overseas over the last thirty years would now be starting to return. <\/i>\r\n\r\nCertain industries were completely gutted due to offshoring. Anything that requires capital investment needs to become significantly cheaper here to justify moving back. US wages are still too high.\r\n\r\nCouple that with falling US demand, and I don\'t see it penciling out for some time. Invest in the US? Who would be so bold?\r\n\r\nThe ultimate irony is that offshoring of manufacturing ramped up speed just few years before the dollar started its plunge. How efficient is that? Move everything out just in time to re-balance the dollar with global demand.',''); return false;">Quote</a></div> mikal

This is off topic, but there was someone on MSNBC today that stated that he believed that all the jobs that went overseas over the last thirty years would now be starting to return.

Certain industries were completely gutted due to offshoring. Anything that requires capital investment needs to become significantly cheaper here to justify moving back. US wages are still too high.

Couple that with falling US demand, and I don’t see it penciling out for some time. Invest in the US? Who would be so bold?

The ultimate irony is that offshoring of manufacturing ramped up speed just few years before the dollar started its plunge. How efficient is that? Move everything out just in time to re-balance the dollar with global demand.

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]]> By: Civil Servanthttp://seattlebubble.com/blog/2008/06/30/local-banks-slammed-by-housing-bust/#comment-50946 Civil Servant Tue, 01 Jul 2008 02:38:06 +0000 http://seattlebubble.com/blog/?p=2100#comment-50946 Banks are defending what they can; consumers may not be living off their credit cards for long. Banks are slashing people's credit limits even as they send out an oh-by-the-way letter to that effect. I was talking to the cashier at QFC this weekend and she said that four times last week people in her line have butted up against apparently new limits and had their cards declined. I don't know how long she'd worked there, but she said she'd never seen it before.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('50946','Civil Servant',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('50946','Civil Servant','Banks are defending what they can; consumers may not be living off their credit cards for long. Banks are slashing people\'s credit limits even as they send out an oh-by-the-way letter to that effect. I was talking to the cashier at QFC this weekend and she said that four times last week people in her line have butted up against apparently new limits and had their cards declined. I don\'t know how long she\'d worked there, but she said she\'d never seen it before.',''); return false;">Quote</a></div> Banks are defending what they can; consumers may not be living off their credit cards for long. Banks are slashing people’s credit limits even as they send out an oh-by-the-way letter to that effect. I was talking to the cashier at QFC this weekend and she said that four times last week people in her line have butted up against apparently new limits and had their cards declined. I don’t know how long she’d worked there, but she said she’d never seen it before.
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]]> By: mikalhttp://seattlebubble.com/blog/2008/06/30/local-banks-slammed-by-housing-bust/#comment-50945 mikal Tue, 01 Jul 2008 01:57:55 +0000 http://seattlebubble.com/blog/?p=2100#comment-50945 This is off topic, but there was someone on MSNBC today that stated that he believed that all the jobs that went overseas over the last thirty years would now be starting to return. It seems that shipping costs have increased due to fuel costs that is now cheaper to have it done in the US. He thinks that it could save this country. I don't think he meant anything about the current recession. He was speaking about the future in the US.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('50945','mikal',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('50945','mikal','This is off topic, but there was someone on MSNBC today that stated that he believed that all the jobs that went overseas over the last thirty years would now be starting to return. It seems that shipping costs have increased due to fuel costs that is now cheaper to have it done in the US. He thinks that it could save this country. I don\'t think he meant anything about the current recession. He was speaking about the future in the US.',''); return false;">Quote</a></div> This is off topic, but there was someone on MSNBC today that stated that he believed that all the jobs that went overseas over the last thirty years would now be starting to return. It seems that shipping costs have increased due to fuel costs that is now cheaper to have it done in the US. He thinks that it could save this country. I don’t think he meant anything about the current recession. He was speaking about the future in the US.
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]]> By: davidBhttp://seattlebubble.com/blog/2008/06/30/local-banks-slammed-by-housing-bust/#comment-50944 davidB Tue, 01 Jul 2008 01:44:55 +0000 http://seattlebubble.com/blog/?p=2100#comment-50944 Consumers are increasingly living on credit cards. It will get worse for the banks when consumers start defaulting on their credit cards and car loans.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('50944','davidB',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('50944','davidB','Consumers are increasingly living on credit cards. It will get worse for the banks when consumers start defaulting on their credit cards and car loans.',''); return false;">Quote</a></div> Consumers are increasingly living on credit cards. It will get worse for the banks when consumers start defaulting on their credit cards and car loans.
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]]> By: Ira Sacharoffhttp://seattlebubble.com/blog/2008/06/30/local-banks-slammed-by-housing-bust/#comment-50943 Ira Sacharoff Tue, 01 Jul 2008 01:17:00 +0000 http://seattlebubble.com/blog/?p=2100#comment-50943 In the past, when a bank was going under, there would be an arrangement where they would be taken over by another bank, but with all the banks suffering, how many banks are in a position to do the taking over? And if lending standards have tightened, wouldn't less banks around worsen that situation?<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('50943','Ira Sacharoff',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('50943','Ira Sacharoff','In the past, when a bank was going under, there would be an arrangement where they would be taken over by another bank, but with all the banks suffering, how many banks are in a position to do the taking over? And if lending standards have tightened, wouldn\'t less banks around worsen that situation?',''); return false;">Quote</a></div> In the past, when a bank was going under, there would be an arrangement where they would be taken over by another bank, but with all the banks suffering, how many banks are in a position to do the taking over? And if lending standards have tightened, wouldn’t less banks around worsen that situation?
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]]> By: Scotsmanhttp://seattlebubble.com/blog/2008/06/30/local-banks-slammed-by-housing-bust/#comment-50942 Scotsman Tue, 01 Jul 2008 00:34:59 +0000 http://seattlebubble.com/blog/?p=2100#comment-50942 The killer for the banks is that it's almost impossible for them to improve their situation under the current circumstances. Without the opportunity to restore decent margins their financial health just continues to deteriorate as the defaults roll in. There's no substitute for adequate capitalization and reserves coupled with realistic lending standards. Unfortunately, many banks let all three criteria slip over the years, and now face a slow but certain death. Their demise will be just one more complicating factor in any attempted recovery as we go forward.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('50942','Scotsman',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('50942','Scotsman','The killer for the banks is that it\'s almost impossible for them to improve their situation under the current circumstances. Without the opportunity to restore decent margins their financial health just continues to deteriorate as the defaults roll in. There\'s no substitute for adequate capitalization and reserves coupled with realistic lending standards. Unfortunately, many banks let all three criteria slip over the years, and now face a slow but certain death. Their demise will be just one more complicating factor in any attempted recovery as we go forward.',''); return false;">Quote</a></div> The killer for the banks is that it’s almost impossible for them to improve their situation under the current circumstances. Without the opportunity to restore decent margins their financial health just continues to deteriorate as the defaults roll in. There’s no substitute for adequate capitalization and reserves coupled with realistic lending standards. Unfortunately, many banks let all three criteria slip over the years, and now face a slow but certain death. Their demise will be just one more complicating factor in any attempted recovery as we go forward.
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]]> By: NoMoreWorkhttp://seattlebubble.com/blog/2008/06/30/local-banks-slammed-by-housing-bust/#comment-50941 NoMoreWork Mon, 30 Jun 2008 22:41:33 +0000 http://seattlebubble.com/blog/?p=2100#comment-50941 President Bush Approves Funds for 15 Additional C-17s"Approximately $3.6 billion of the $162 billion bill will go toward the production of the 15 C-17 Globemaster airlifters. Boeing manufactures 15 C-17 s per year and will complete an order of 190 of them by August 2009.The next 15 will take Boeing's C-17 production until August 2010. The company is hopeful that Congress will put an additional order for 15 C-17 s in its budget for the fiscal year 2009. That budget, with or without the C-17 order, likely will not be passed until the fall."http://www.presstelegram.com/news/ci_9723206Cut defense spending? I think not. These might be made in Long Beach but I still don't see any cuts...<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('50941','NoMoreWork',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('50941','NoMoreWork','President Bush Approves Funds for 15 Additional C-17s\r\n\r\n\"Approximately $3.6 billion of the $162 billion bill will go toward the production of the 15 C-17 Globemaster airlifters. Boeing manufactures 15 C-17 s per year and will complete an order of 190 of them by August 2009.\r\n\r\nThe next 15 will take Boeing\'s C-17 production until August 2010. The company is hopeful that Congress will put an additional order for 15 C-17 s in its budget for the fiscal year 2009. That budget, with or without the C-17 order, likely will not be passed until the fall.\"\r\n\r\nhttp:\/\/www.presstelegram.com\/news\/ci_9723206\r\n\r\nCut defense spending? I think not. These might be made in Long Beach but I still don\'t see any cuts...',''); return false;">Quote</a></div> President Bush Approves Funds for 15 Additional C-17s

“Approximately $3.6 billion of the $162 billion bill will go toward the production of the 15 C-17 Globemaster airlifters. Boeing manufactures 15 C-17 s per year and will complete an order of 190 of them by August 2009.

The next 15 will take Boeing’s C-17 production until August 2010. The company is hopeful that Congress will put an additional order for 15 C-17 s in its budget for the fiscal year 2009. That budget, with or without the C-17 order, likely will not be passed until the fall.”

http://www.presstelegram.com/news/ci_9723206

Cut defense spending? I think not. These might be made in Long Beach but I still don’t see any cuts…

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]]> By: deejayohhttp://seattlebubble.com/blog/2008/06/30/local-banks-slammed-by-housing-bust/#comment-50940 deejayoh Mon, 30 Jun 2008 22:29:16 +0000 http://seattlebubble.com/blog/?p=2100#comment-50940 Last 3 Bush Budgets for Defense: 2009 = + 7.5%, 2008 = + 11%, and 2007 = + 6.9%. That’s over 25% increase in 3 years. And I am sure someone will correct me here if I am mistaken – but I don’t believe this includes the cost of combat operations in Iraq and Afghanistan.

2009: Bush Delivers $515.4 Billion Defense Budget Request to Congress

WASHINGTON, Feb. 4, 2008 – A 3.4 percent military pay raise, a 2.9 percent civilian raise, money to continue to grow the Army and Marines and a funding increase to maintain readiness are major aspects of the fiscal 2009 defense budget request President Bush sent to Congress today.
The defense budget request is for $515.4 billion – a $35.9 billion increase over the 2008 level. The total federal budget request for fiscal 2009 is $3.1 trillion.

2008: Bush’s Defense Budget Biggest Since Reagan Era

Iraq, Afghanistan Spending Top Vietnam War
Tuesday, February 6, 2007; Page A06

President Bush’s defense budget request of $481.4 billion — an 11 percent boost over last year – pushes U.S. defense spending to levels not seen since the Reagan-era buildup of the 1980s.

2007: Bush’s 2007 Budget Wants Boost in Defense Spending

The biggest spending increase would go to the military, a 6.9 percent rise to $439.3 billion for 2007, a figure that does not include the costs of fighting wars in Iraq and Afghanistan. The administration said last week it will ask Congress for an additional $120 billion to cover fighting for the rest of this year and the early part of 2007 while seeking another $18 billion in hurricane relief this year.

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]]> By: deejayohhttp://seattlebubble.com/blog/2008/06/30/local-banks-slammed-by-housing-bust/#comment-50939 deejayoh Mon, 30 Jun 2008 22:10:38 +0000 http://seattlebubble.com/blog/?p=2100#comment-50939

I hear Boeing’s military programs are butcher axing jobs lately too due to defense budget cuts under Bush

Soda just came out my nose when I read that…

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]]> By: softwarengineerhttp://seattlebubble.com/blog/2008/06/30/local-banks-slammed-by-housing-bust/#comment-50938 softwarengineer Mon, 30 Jun 2008 20:37:20 +0000 http://seattlebubble.com/blog/?p=2100#comment-50938 MORE LOCAL BANK LAYOFFS TOOThe banks are butcher axing Seattle jobs faster than Boeing and MSFT can rebuild part of their lost jobs from 2003.I hear Boeing's military programs are butcher axing jobs lately too due to defense budget cuts under Bush, imagine what it will be like under Obama.MSFT announced no more new computers with XP, VISTA only now. That's like shooting themselves in the foot too, no wonder Gates retired.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('50938','softwarengineer',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('50938','softwarengineer','MORE LOCAL BANK LAYOFFS TOO\r\n\r\nThe banks are butcher axing Seattle jobs faster than Boeing and MSFT can rebuild part of their lost jobs from 2003.\r\n\r\nI hear Boeing\'s military programs are butcher axing jobs lately too due to defense budget cuts under Bush, imagine what it will be like under Obama.\r\n\r\nMSFT announced no more new computers with XP, VISTA only now. That\'s like shooting themselves in the foot too, no wonder Gates retired.',''); return false;">Quote</a></div> MORE LOCAL BANK LAYOFFS TOO

The banks are butcher axing Seattle jobs faster than Boeing and MSFT can rebuild part of their lost jobs from 2003.

I hear Boeing’s military programs are butcher axing jobs lately too due to defense budget cuts under Bush, imagine what it will be like under Obama.

MSFT announced no more new computers with XP, VISTA only now. That’s like shooting themselves in the foot too, no wonder Gates retired.

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]]> By: Ubersalad, Ph.Dhttp://seattlebubble.com/blog/2008/06/30/local-banks-slammed-by-housing-bust/#comment-50937 Ubersalad, Ph.D Mon, 30 Jun 2008 20:32:25 +0000 http://seattlebubble.com/blog/?p=2100#comment-50937 http://mrmortgage.ml-implode.com/2008/06/30/alert-wachovia-cries-uncle-on-the-pay-option-arm/<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('50937','Ubersalad, Ph.D',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('50937','Ubersalad, Ph.D','http:\/\/mrmortgage.ml-implode.com\/2008\/06\/30\/alert-wachovia-cries-uncle-on-the-pay-option-arm\/',''); return false;">Quote</a></div> http://mrmortgage.ml-implode.com/2008/06/30/alert-wachovia-cries-uncle-on-the-pay-option-arm/
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]]> By: jonhttp://seattlebubble.com/blog/2008/06/30/local-banks-slammed-by-housing-bust/#comment-50936 jon Mon, 30 Jun 2008 19:41:32 +0000 http://seattlebubble.com/blog/?p=2100#comment-50936 I agree with deejayoh that in isolation the ranking is meaningless. It just means those regions are experiencing growth, and the way banks are supposed to make is to lend to people who need it, to build buildings for example. Obviously the ratio of commercial RE loans to other loans will be lower in regions that are not growing. But that ranking is not even that, it is the more nebulous ratio of CRE to core capital. It almost seems like the reporter found two sets of numbers to divide by each other to look alarming in the hopes of selling more newspapers. Perhaps the newspaper industry wouldn't be in as bad shape nationwide as the housing industry if they improved their reporting standards. Fortunately we have the blogging industry to fill in the details when the print industry drops the ball, again and again.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('50936','jon',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('50936','jon','I agree with deejayoh that in isolation the ranking is meaningless. It just means those regions are experiencing growth, and the way banks are supposed to make is to lend to people who need it, to build buildings for example. Obviously the ratio of commercial RE loans to other loans will be lower in regions that are not growing. But that ranking is not even that, it is the more nebulous ratio of CRE to core capital. It almost seems like the reporter found two sets of numbers to divide by each other to look alarming in the hopes of selling more newspapers. Perhaps the newspaper industry wouldn\'t be in as bad shape nationwide as the housing industry if they improved their reporting standards. Fortunately we have the blogging industry to fill in the details when the print industry drops the ball, again and again.',''); return false;">Quote</a></div> I agree with deejayoh that in isolation the ranking is meaningless. It just means those regions are experiencing growth, and the way banks are supposed to make is to lend to people who need it, to build buildings for example. Obviously the ratio of commercial RE loans to other loans will be lower in regions that are not growing. But that ranking is not even that, it is the more nebulous ratio of CRE to core capital. It almost seems like the reporter found two sets of numbers to divide by each other to look alarming in the hopes of selling more newspapers. Perhaps the newspaper industry wouldn’t be in as bad shape nationwide as the housing industry if they improved their reporting standards. Fortunately we have the blogging industry to fill in the details when the print industry drops the ball, again and again.
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]]> By: tacomarenterhttp://seattlebubble.com/blog/2008/06/30/local-banks-slammed-by-housing-bust/#comment-50935 tacomarenter Mon, 30 Jun 2008 19:32:59 +0000 http://seattlebubble.com/blog/?p=2100#comment-50935 Local bank failures will make it much harder for local businesses to get loans of any type, not just construction. This is a huge deal for the local economy.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('50935','tacomarenter',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('50935','tacomarenter','Local bank failures will make it much harder for local businesses to get loans of any type, not just construction. This is a huge deal for the local economy.',''); return false;">Quote</a></div> Local bank failures will make it much harder for local businesses to get loans of any type, not just construction. This is a huge deal for the local economy.
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]]> By: deejayohhttp://seattlebubble.com/blog/2008/06/30/local-banks-slammed-by-housing-bust/#comment-50934 deejayoh Mon, 30 Jun 2008 19:32:55 +0000 http://seattlebubble.com/blog/?p=2100#comment-50934 oh - and they build townhouse-farms<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('50934','deejayoh',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('50934','deejayoh','oh - and they build townhouse-farms',''); return false;">Quote</a></div> oh – and they build townhouse-farms
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]]> By: deejayohhttp://seattlebubble.com/blog/2008/06/30/local-banks-slammed-by-housing-bust/#comment-50933 deejayoh Mon, 30 Jun 2008 19:29:31 +0000 http://seattlebubble.com/blog/?p=2100#comment-50933 I think i t is evidence of exposure if/when things do hit the fan. As a lone data point the % of assets in C&D is pretty much meaningless - could be a good thing if the market is strong - but generally lack of diversification will hit you badly in a downturn.FWIW - I think includes commercial and residential construction. I know some small builders and they all moved to open commercial credit lines pretty quickly after they did their first few deals.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('50933','deejayoh',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('50933','deejayoh','I think i t is evidence of exposure if\/when things do hit the fan. As a lone data point the % of assets in C&D is pretty much meaningless - could be a good thing if the market is strong - but generally lack of diversification will hit you badly in a downturn.\r\n\r\nFWIW - I think includes commercial and residential construction. I know some small builders and they all moved to open commercial credit lines pretty quickly after they did their first few deals.',''); return false;">Quote</a></div> I think i t is evidence of exposure if/when things do hit the fan. As a lone data point the % of assets in C&D is pretty much meaningless – could be a good thing if the market is strong – but generally lack of diversification will hit you badly in a downturn.

FWIW – I think includes commercial and residential construction. I know some small builders and they all moved to open commercial credit lines pretty quickly after they did their first few deals.

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]]> By: vboringhttp://seattlebubble.com/blog/2008/06/30/local-banks-slammed-by-housing-bust/#comment-50932 vboring Mon, 30 Jun 2008 19:08:24 +0000 http://seattlebubble.com/blog/?p=2100#comment-50932 deejoyah,i was gonna post that same list.but, who are the local banks and does anyone really care if they fail?WaMu failing will matter, but Frontier? City Bank?or is this info being shared as evidence that the local commercial RE market is worse than many think?commercial RE loans are often used to build condos, btw, not just strip malls and office buildings.does anyone know if townhouse farm construction is funded through residential or commercial loans?<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('50932','vboring',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('50932','vboring','deejoyah,\r\n\r\ni was gonna post that same list.\r\n\r\nbut, who are the local banks and does anyone really care if they fail?\r\n\r\nWaMu failing will matter, but Frontier? City Bank? \r\n\r\nor is this info being shared as evidence that the local commercial RE market is worse than many think?\r\n\r\ncommercial RE loans are often used to build condos, btw, not just strip malls and office buildings. \r\n\r\ndoes anyone know if townhouse farm construction is funded through residential or commercial loans?',''); return false;">Quote</a></div> deejoyah,

i was gonna post that same list.

but, who are the local banks and does anyone really care if they fail?

WaMu failing will matter, but Frontier? City Bank?

or is this info being shared as evidence that the local commercial RE market is worse than many think?

commercial RE loans are often used to build condos, btw, not just strip malls and office buildings.

does anyone know if townhouse farm construction is funded through residential or commercial loans?

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]]> By: deejayohhttp://seattlebubble.com/blog/2008/06/30/local-banks-slammed-by-housing-bust/#comment-50930 deejayoh Mon, 30 Jun 2008 17:53:42 +0000 http://seattlebubble.com/blog/?p=2100#comment-50930 Tim - you are on it! I saw <a href="http://www.ajc.com/business/content/business/stories/2008/06/28/bank_real_estate.html" rel="nofollow">this article on Friday</a> that was very related from the Atlanta Journal-Constitution.It seems our local banks are way up the list in terms of how concentrated they are on construction lending!<blockquote><b>A RISKY LIST TO LEAD</b> Georgia's banks top the nation in terms of concentration of loans to real estate developers and builders. Figures are for the mean construction and development loans as a percentage of banks' core capital as of March 2008, the latest numbers available.1. Georgia 178% <b><i>2. Washington 169%</b></i> 3. Arizona 168% 4. North Carolina 165% 5. Idaho 158% 6. South Carolina 142% 7. Oregon 141% 8. Florida 130% 9. Nevada 110% 10. Virginia 101% Source: Federal Deposit Insurance Corp.</blockquote><div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('50930','deejayoh',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('50930','deejayoh','Tim - you are on it! I saw <a href=\"http:\/\/www.ajc.com\/business\/content\/business\/stories\/2008\/06\/28\/bank_real_estate.html\" rel=\"nofollow\">this article on Friday<\/a> that was very related from the Atlanta Journal-Constitution.\r\n\r\nIt seems our local banks are way up the list in terms of how concentrated they are on construction lending!\r\n\r\n<blockquote><b>A RISKY LIST TO LEAD<\/b>\r\nGeorgia\'s banks top the nation in terms of concentration of loans to real estate developers and builders. Figures are for the mean construction and development loans as a percentage of banks\' core capital as of March 2008, the latest numbers available. \r\n\r\n1. Georgia 178%\r\n<b><i>2. Washington 169%<\/b><\/i>\r\n3. Arizona 168%\r\n4. North Carolina 165%\r\n5. Idaho 158%\r\n6. South Carolina 142%\r\n7. Oregon 141%\r\n8. Florida 130%\r\n9. Nevada 110%\r\n10. Virginia 101%\r\nSource: Federal Deposit Insurance Corp.<\/blockquote>',''); return false;">Quote</a></div> Tim – you are on it! I saw this article on Friday that was very related from the Atlanta Journal-Constitution.

It seems our local banks are way up the list in terms of how concentrated they are on construction lending!

A RISKY LIST TO LEAD
Georgia’s banks top the nation in terms of concentration of loans to real estate developers and builders. Figures are for the mean construction and development loans as a percentage of banks’ core capital as of March 2008, the latest numbers available.

1. Georgia 178%
2. Washington 169%
3. Arizona 168%
4. North Carolina 165%
5. Idaho 158%
6. South Carolina 142%
7. Oregon 141%
8. Florida 130%
9. Nevada 110%
10. Virginia 101%
Source: Federal Deposit Insurance Corp.

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