July 30th, 2009
Guest Contribution by Rachel Beach
Judge Sonya Sotomayor may be sailing through the senate hearings given her highly qualified track record, a White House and Senate majority in her favor, and appeal as the first Latina judge, but one might find some relief in the expression of a few well-placed reservations. In paradox to her background of civil rights service and concern for the constitutional protections afforded to all citizens, Sotomayor’s track record on property rights should register concern among the underprivileged and politically weak. Her highly controversial decision in the 2006 case of Didden v. Village of Port Chester ruled against land owners Bart Didden and Dominick Bologna whose property was condemned after they refused to pay a local developer’s extortion demands, my Spiriva experience. Spiriva cost, Sotomayor’s decision went beyond the procedural grounds of the Supreme Court's 2005 decision in Kelo v. City of New London, Spiriva reviews, Online buy Spiriva without a prescription, Connecticut, allowing the expropriation of private property for the benefit of other private interests.
Should Sotomayor reach the Supreme Court, order Spiriva online overnight delivery no prescription, Spiriva dose, it appears that expropriation and extortion for personal gain – if the party in question is politically-connected and affluent – can hope for federal backing. If a developer can convince the city to rezone an area for redevelopment, and has legal ground to request condemnation of private property for his own gain then the disenfranchised should have great reason to fear her decisions. Sotomayor’s decision exacerbates problems of the insecurity of property, Spiriva for sale, What is Spiriva, and those whose property is most likely to be expropriated inhabit the lowest strata of American renters and home-owners: tenants in the ghettos. They suffer from semi-“unreal estate”.
Here is the account of a lady who went from poor tenant to homeless to middle-class lady in Washington D.C. after struggling with the mayor’s office for years to gain the rights to purchase the condemned apartment she was renting. Deborah was once one of those who inhabited “unreal estate”. Her’s is one of the rare stories of the poor successfully fighting for their rights (using the right-of-first-refusal under D.C. property laws regarding tenants) and gaining ownership. However, Spiriva dangers, Order Spiriva online c.o.d, Sotomayer’s ruling would make the struggles of homeowners like Deborah more difficult. The logic of the ruling suggests that developers have the power to deny rights to tenants, not for public gain, Spiriva pics, Spiriva maximum dosage, but for the private gain of the developer over tenants. Granted, we do not know all the details of the ruling or the case, buy cheap Spiriva no rx, Buy Spiriva online cod, but as the most probable soon-to-be Justice of the Supreme Court, Sotomayor’s decision seems rather discouraging, Spiriva schedule, Spiriva images, .
The current economic crisis is a property right issues (i.e. an unstable valuation of the real estate market), Spiriva from canadian pharmacy, Spiriva interactions, but a clear and established property right system especially for private individuals can be a way out of this current mess and prevents further crisis. Like in the case of Deborah, Spiriva coupon, Real brand Spiriva online, ownership of property motivates investment and entrepreneurial ingenuity which is much needed in today’s economy. Sotomayer’s ruling is indeed a red flag to such success stories as that of Deborah’s.
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July 29th, 2009
http://www.finreg21.com/home Nexium For Sale, THE U.S. PROPERTY RIGHTS SYSTEM IS SEVERELY BROKEN: We need to treat this crisis as an opportunity not only to install a more rigorous regulatory regime for the financial sector...we need to overhaul the way property rights and property values are established in this country, Nexium for sale. Where can i cheapest Nexium online, We need a structural reform that establishes standards for how property is evaluated and how it is offered to the market.
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July 22nd, 2009
Human Growth Hormone For Sale, I contributed the following article to the Financial Times, at ft.com/maverecon
July 21, 2009 3:42 pm
Today’s guest blogger is Elena Panaritis, an expert in property rights, creating markets in illiquid real estate assets, and public sector management. She is also the author of Prosperity Unbound; Building Property Markets with Trust, which is definitely not one of those odious get-rich-quick-in-real-estate-without-capital-brains-or-effort books. Instead it is a get real book for social entrepreneurs about how to turn real estate possessions into socially productive, and indeed also privately profitable, capital.
This Crisis Demands Non-Traditional Solutions to Get to a Path of Quick Recovery
By Elena Panaritis
Two years after it began, there is now a coalescing of opinion about the causes of the U.S. Human Growth Hormone street price, financial crisis and what should be done to resolve it, yet there is a serious element missing both in the causation analysis as well as in the prescriptive solution. This crisis, which has infected the global economy so severely, Human Growth Hormone dangers, is very much a non-traditional one that calls for a non-traditional solution. The impact in the United States so far has been worse than anything since the Great Depression: unemployment reached 9.5 percent in June, Human Growth Hormone price, up from 7.8 percent in January, home prices were down 27% at the end of the first quarter from their 2006 peak, and 1.5 million homes were in foreclosure. After jumping by 30 percent in February, home foreclosure rates tapered off but are again on the rise, order Human Growth Hormone from mexican pharmacy. According to the New York Times, the loss in property value could total $500 billion.
Usually, where can i buy Human Growth Hormone online, economic crises result from bad regulation and over-liquidity in the financial markets (the first four of the five factors mentioned above). Economists usually address the demand side of the assets (i.e. Human Growth Hormone treatment, how an asset is financed and the credit markets around it) (as opposed to the actual regulatory infrastructure that defines and creates assets to become securely tradable with reduced risk, that is, the supply side. In this crisis, Human Growth Hormone pharmacy, the asset (real estate) was/is for the most part badly defined - and it is this side of the equation that needs to be examined rather than taken for granted.
The current economic crisis stems from the fact that the underpinnings of the market are either broken or rotted, and in some cases there are no underpinnings, Human Growth Hormone For Sale. That makes it a non-traditional crisis; what we are confronting is the direct result of inadequacies in upstream property rights. Effects of Human Growth Hormone, This crisis combines the original sin of badly valued properties with a financial system based on harmful, unproductive gambling and incentives to continue gambling. As a result, investors in mortgage-backed securities did not have enough, Human Growth Hormone cost, reliable information on the mortgage itself. They only had information on ratings of the derivative, Is Human Growth Hormone safe, but not of the actual underlying asset. Human Growth Hormone For Sale, We cannot achieve secure derivative trading if the information on the underpinning asset is not standardized but oblique and difficult to find - because markets run on information. In the same way we understand the need to standardize derivatives, we must understand the need to do the same for the underlying real estate assets. While we have national and international trading in asset-based securities, generic Human Growth Hormone, the information on the assets themselves is localized, and the way it is collected and reported varies from county to county and state to state. Human Growth Hormone mg, What, then, should be done. We need to treat this crisis as an opportunity not only to install a more rigorous regulatory regime for the financial sector, Human Growth Hormone long term, but also to listen to the non-traditional economists - that is practitioners of institutional economics. They will tell us that we need to overhaul the way property rights and property values are established in this country, Human Growth Hormone For Sale. We need a structural reform that establishes standards for how property is evaluated and how it is offered to the market. Taking Human Growth Hormone, We need a standardized repository of information about the asset of property, so that no one has to search multiple places to make sure a title is good and that there are no outstanding liens dating back decades. We need to ensure that all buyers can access information about the pricing of property. Let’s start with a consolidation of information county by county, and use the best standardized information we can find - typically from registries of deeds and from title insurance companies - to get things going, Human Growth Hormone results.
The U.S. Human Growth Hormone For Sale, property rights system is severely broken. The incorrect valuation of land, Human Growth Hormone photos, properties, and thus mortgages is at the center of our current crisis, and if we don’t fix things so that mortgages are valued correctly we will not have addressed the root cause of why things are the way they are today.
Traditionally, buy Human Growth Hormone online no prescription, economists are trained to assume that pricing in general is a point of equilibrium defined by almost perfect market forces, where the demand and supply meet and neither the buyer or seller has a huge informational advantage. Human Growth Hormone from mexico, The traditional model also assumes that markets are frictionless and transaction costs are near zero especially when we deal with the supply side. From that they continue to assume that systems (rules, regulations, norms) that define the tradability of assets are given and near perfect, order Human Growth Hormone online c.o.d. But this is rarely the case, Human Growth Hormone For Sale. In reality the systems that define supply of land and real estate tend to be full of transactions costs and information leakages, and that makes it really difficult to follow the old maxim that a price or value based on how much one is willing to pay is necessarily the right price. Where can i find Human Growth Hormone online, These are the same economists who, faced with a crisis, would concentrate on the downstream usage of an asset - that is, the asset’s treatment in the financial markets, Human Growth Hormone maximum dosage. They would typically pay little or no attention to the upstream definition of the asset - that is, the actual system that structures the supply of the asset - the pool of all assets ready to be traded in the market - before it enters the market. Human Growth Hormone no prescription, Their solutions would be all the traditional ones, that is, solutions that touch on the impacts of distorted financial markets, that is, where can i order Human Growth Hormone without prescription, markets for ‘downstream’ financial assets: macroeconomic stability, regulation of the financial sector, Online buying Human Growth Hormone, even labor regulations, and by taking these steps, they would consider transactions costs to be close to zero, and disregard societal and market wrinkles, Human Growth Hormone forum. Human Growth Hormone For Sale, What about practitioners of institutional economics? They would emphasize how the underlying asset is defined, whether all the characteristics that help determine its market price are clear, and how the original creation of the asset takes place.
And so, to whom do the powers-that-be turn for solutions in this non-traditional crisis. Order Human Growth Hormone from United States pharmacy, They are following the lead of the traditional economists and the conventional path of economic analysis.
The Obama administration’s economics team came in determined to get a handle on this crisis. There has been a concerted effort to lift the fog and manage as much as possible the systemic risk that has been created by panic over a suddenly uncertain future. The team has focused on policies to reduce uncertainty about the derivatives markets and restore confidence, to return banks to healthy levels of capital and bring tighter oversight to the derivatives markets, Human Growth Hormone For Sale.
These steps are needed, buy Human Growth Hormone online cod, but they are not enough. Everyone has pointed to the greed of the financial sector, Buy generic Human Growth Hormone, the manic behavior of banks and new lending institutions that continued to leverage up to take advantage of the spreads between their securitized assets and their ever-shorter funding maturities, the lax regulation of the derivatives markets, and the fact that almost anything could be bundled with anything else, no matter how heterogeneous - one security could include consumer debt, Human Growth Hormone over the counter, credit cards and home mortgages. Also there is a wide acknowledgment that when banks stop lending it both brings about a cyclical contraction and fuels a weakening of long-term productivity in any economy. Human Growth Hormone steet value, But is it enough simply to reduce uncertainty regarding the capitalization of banks. Human Growth Hormone For Sale, Does lifting the fog of uncertainty about the complex derivatives also cure the core problem.
No one is touching the roots of the crisis.
When Timothy Geithner, US Treasury Secretary, Human Growth Hormone images, is asked about the signs of improvement, he points to impacts of the systemic crisis, Human Growth Hormone canada, mexico, india, such as unemployment, lending rates, and so on. He has yet to point to a single indicator that goes to the roots. Where is his explanation of what is being done to address the bad rules and regulations governing how property rights in real estate are established in the United States, which is the primary reason that all the systemic problems could bring us down the path to negative-equity mortgage loans. What does he have to say about long-term miscalculations of the value of mortgages on an asset - real property - that ought to be unambiguous and transparent in our market economy, Human Growth Hormone For Sale. What is going to be done to ensure that land valuations are not driven by guesswork.
Until the United States accepts that it has a badly flawed approach to establishing and verifying real estate property rights and to determining the valuation of property, until it puts in place a system that homogenizes and standardizes the underlying securitized assets of real estate and housing - the same way securities are required to be homogeneous prior to being traded in bundles - these underlying real estate assets will continue to be toxic. They may be less toxic, or more toxic, as the crisis ebbs and flows, but they will be toxic nonetheless - and they will be on the balance sheets of banks.
Let the traditional economists work on the things they understand. Meanwhile, let’s combine basic institutional economics with some practical reality and fix the broken system. It will take political will, strong leadership from a new and popular president, and a direct confrontation with the special interests that would like to maintain the status quo while continuing to get bailouts.
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July 21st, 2009
I recently returned from a whirlwind weekend at the FreedomFest in
FreedomFest, canada, mexico, india, Where to buy Accutane, a celebrated venue for open-market debate and thinking (with over 1,500 attendees) also seemed this year to be a popular place for talking about illiquid real estate, Accutane recreational. Buy Accutane from canada, I presented my book and talked about my formula for prosperity for the worlds’ poor and its success rate. Michael Strong, Accutane no rx, Ordering Accutane online, CEO of FLOW, graciously introduced me and my work, no prescription Accutane online. I also expounded further on my methodology and how I apply it as a private social entrepreneur with Panel Group, Buy Accutane Without Prescription. Accutane pics, The broad interest from diverse attendees, highlighted the relevance of the methodology outlined at Prosperity Unbound, purchase Accutane for sale, Accutane use, beginning with institutional economics, finance, doses Accutane work, Is Accutane addictive, and practically explaining how the social contract and property markets evolve as well as how we can reduce the risk for property becoming illiquid.
I had the opportunity to engage in stimulating conversations with Richard Rahn senior Fellow at the Cato Institute, Accutane australia, uk, us, usa, Effects of Accutane, John Fund from the Wall Street Journal, Barrons’ economics editor Gene Epstein, and venture capitalist Jo Pihl.
Topics ranged from evolution of mankind to evolution of markets. Michael Shermer, a scientist, the Executive Director of the Skeptics Society and a columnist for Scientific American, delved into the evolution of humankind and societies honoring
Then, of course, there was Yoga every morning with Gurucharan Khalsa and dancing to the Beatles at the closing gala of FF. All in all, a good weekend.
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July 16th, 2009
The Bank of Oliver Twist was posted by: lettrist on: June 26, 2009
Guest Contributor: Rachel Beach
Following the logic of Amartya Sen in Development as Freedom, individual property rights in a transparent system is a fundamental means as well as an end to development. The Lettrist (blogger) is right to remind us that “the poor have always had ‘sizeable amount of assets’”. The point is to find a way to secure their assets for their own benefit. For many, one of their most valuable assets, land, is not secure. Unable to use it as collateral, the poor lose one of their only means to access credit. Mohammed Yunus, founder of the ever growing micro-credit banking movement, realized how critical access to credit is to upward mobility of the poor. Just imagine your life without credit cards, access to loans, or any other means of credit.
There is a plethora of property titling and land reform regimes gone wrong. Think Zimbabwe. In the wake of
The problem, as Lettrist was right to point out, is looking at “titling” as a solution in a vacuum … a problem that pervades much development work today. He cannot, however deny the unique successes of
Lettrist must not be aware of the actual benefits a properly-enacted property rights reform given his statement that “no one can be sure if land titling would benefit the poor at all”. The results spoke for themselves in
On the other hand the Lettrist was very right in saying that “capitalism has no serious strategy for reaching the poor in the extra-legal sector”. Those in the extra-legal sector are entrepreneurs. They simply lack access to formal markets and capital, and create their own informal markets. Security of property rights is the fundamental bridge to the formal sector. It provides a capitalist answer for bringing informal activity into the formal economy.
Appropriate community-based property rights systems empower citizens. Rather than being a “wolf in sheep’s clothing”, where can i find Clonidine online, Clonidine reviews, they give both citizens a restored trust and mutual gain: the government gains revenue streams, but in return has a responsibility to provide public goods which citizens had previously been deprived of such as access to water, Clonidine recreational, Clonidine pics, electricity, and roads. Entrepreneurs can register businesses and invest in the formal economy. They can secure loans and improve their lives and livelihood, no prescription Clonidine online, Clonidine samples, assured that all their efforts will not be swept away by arbitrary expropriation. Entrepreneurs in the informal sector function, but not efficiently. Panaritis was not primarily concerned with preventing extra-legals from “bringing down the game” but bringing excluded entrepreneurs into the game. The point being that as the percentage of citizens forced to live in a semi-informal state (parts of their daily lives secured in the legal sector, buy Clonidine online no prescription, Clonidine street price, and parts outside where they cannot find access) increases, the legitimacy of a government decreases. If the current government has not found a way to secure the property and person of a large portion of its citizens, buy Clonidine without prescription, Where can i buy cheapest Clonidine online, nor provide public services to them, nor include them in formal market structures, Clonidine duration, Clonidine description, it has failed to fulfill its role. It is only expected that citizens would seek an alternative governing body i.e. Abimael Guzman, Clonidine for sale, Order Clonidine online overnight delivery no prescription, founder of the Sendero Luminoso aka The Shining Path.
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