Foreclosure Crisis Update
60 Minutes had a story this past week on the robo-signing problem in the foreclosure industry. It's embedded below.
In related news, the state of Florida is dealing with a funding crises in its state court system. Once the robosigning problem was uncovered, foreclosures in Florida came to a screeching halt. That was over a year ago, and things haven't picked up much since then. As a consequence,court budgets have really taken a beating. It seems that the Florida courts rely on filing fees for a large portion of the court budget. With few foreclosure cases filed, the courts are millions of dollars in the red. Florida Governor Rick Scott has approved a $72 million stopgap funding measure to keep the courts operating. The problem will need to be addressed again.
Tuesday, April 05, 2011
Sunday, April 03, 2011
Saturday, April 02, 2011
2012 Buick LaCrosse - The Car that CAFE built
The current generation of the Buick LaCrosse has been a critical and sales success for General Motors. For the 2012 model year, the LaCrosse will get a freshening with a difference, the new LaCrosse will come standard with an eAssist(tm) electric boost system that is expected to give the LaCrosse an EPA highway fuel economy rating of 37 MPG. What's not to like about a full-sized car that gets 37 MPG on the highway? Depending on your needs, maybe nothing, but if you are expecting a full-sized trunk in your vacation mobile, you might be disappointed with the 2012 LaCrosse. The the trunk in the 2012 LaCrosse only has 10.9 cubic feet of usable space, roughly a third smaller than class average and just a little more than half the size of the class leaders.
The difference in trunk room is due to the battery and other equipment used to deliver the class-leading economy of the LaCrosse. In my opinion, it would have been better to wait until a new car could be designed around the system rather than to shoehorn it into a current model. I suspect that GM was forced into this decision due to the requirement to meet Corporate Average Fuel Economy (CAFE) standards. GM recently announced that it expects to offer the 2012 LaCrosse with a no-cost V6 option. That solves the trunk problem, but it essentially makes the LaCrosse unremarkable.
For a detailed preview of the 2012 Buick LaCrosse, check out the Autoblog.com article linked here.
Michael Moore and the Wealthy 400
An underreported sideline to the Wisconsin legislative walkout was Michael Moore's speech in which he asserted that the wealthiest 400 Americans in the United States had more wealth than the least wealthy 50%, approximately 150 million folks. Below is the Youtube embed of his March 5 "America is not broke" speech.
The 50% figure was based on information from Forbes (not exactly a source noted for a liberal bias). At the time of Moore's speech, the most recent figures available were from 2007. Shortly afterwards, the data from 2010 became available, and lo and behold, the richest 400 Americans now are more wealthy than all of the lowest 60% of Americans. I suspect that a big part of the difference came from a decline in home equity during the Great Recession. Many Americans have a negative net worth, and they would seemingly be in the lowest 50%. Many more were driven into negative net worth when their home equity, their only asset, went from positive to negative.
An underreported sideline to the Wisconsin legislative walkout was Michael Moore's speech in which he asserted that the wealthiest 400 Americans in the United States had more wealth than the least wealthy 50%, approximately 150 million folks. Below is the Youtube embed of his March 5 "America is not broke" speech.
The 50% figure was based on information from Forbes (not exactly a source noted for a liberal bias). At the time of Moore's speech, the most recent figures available were from 2007. Shortly afterwards, the data from 2010 became available, and lo and behold, the richest 400 Americans now are more wealthy than all of the lowest 60% of Americans. I suspect that a big part of the difference came from a decline in home equity during the Great Recession. Many Americans have a negative net worth, and they would seemingly be in the lowest 50%. Many more were driven into negative net worth when their home equity, their only asset, went from positive to negative.
Weird Days in the Auto Industry
Demand is Good - Supply is so-so
The March 11 Japanese earthquake and tsunami have caused supply problems at various different stages of the component supply lines, idling final assembly lines in Japan and in other parts of the world, including the United States. The supply outages come at a time of spiking gas prices and high demand both for new and used autos, especially those that get better than average fuel economy. Virtually all automakers reported year-over-year sales increases, with the exceptions of Lincoln, Toyota, and Jaguar, which reported small decreases. The most notable increase was Chrysler Corp. which reported a 31% increase over March 2010. This was an important month for Chrysler. This is the first month that virtually all of its 2011 models were generally available, and it came fresh on the heals of heavy marketing expenditures including the Eminem Superbowl ad for the Chrysler 200. It's unknown whether Rebecca Black bopping in the back seat of a Chrysler convertible had a material effect on Chrysler sales.
Another notable feature of March 2011 was Ford outselling General Motors even though GM's sales were also up for the month.
With supply constrained at several of the Japanese automakers over the next few months, this could be an opportunity for the Detroit Three to gain some market share, IF they can avoid supply constraints of their own due to critical comoponent shortages. Already certain paint colors are in short supply at Ford and Chrysler due to lost production at a Japanese supplier.
Demand is Good - Supply is so-so
The March 11 Japanese earthquake and tsunami have caused supply problems at various different stages of the component supply lines, idling final assembly lines in Japan and in other parts of the world, including the United States. The supply outages come at a time of spiking gas prices and high demand both for new and used autos, especially those that get better than average fuel economy. Virtually all automakers reported year-over-year sales increases, with the exceptions of Lincoln, Toyota, and Jaguar, which reported small decreases. The most notable increase was Chrysler Corp. which reported a 31% increase over March 2010. This was an important month for Chrysler. This is the first month that virtually all of its 2011 models were generally available, and it came fresh on the heals of heavy marketing expenditures including the Eminem Superbowl ad for the Chrysler 200. It's unknown whether Rebecca Black bopping in the back seat of a Chrysler convertible had a material effect on Chrysler sales.
Another notable feature of March 2011 was Ford outselling General Motors even though GM's sales were also up for the month.
With supply constrained at several of the Japanese automakers over the next few months, this could be an opportunity for the Detroit Three to gain some market share, IF they can avoid supply constraints of their own due to critical comoponent shortages. Already certain paint colors are in short supply at Ford and Chrysler due to lost production at a Japanese supplier.
Monday, March 21, 2011
It's Springtime for Hitler and Rebecca Black
Spring is here, and there's a new teen sensation starting to take over from Justin Bieber. The teen in question is 13 year-old Rebecca Black. Her song Friday and its associated video are the talk of the internet. There are at least a half dozen Hitler commentary videos and nearly that many dramatic reading videos on youtube.
There are a couple of things that I find interesting on this. How come when they get up in the morning it's broad daylight, and when my kids get up it's freaking dark? Since when is a 13 year-old allowed to drive a car, much less a Chrysler Sebring convertible? By the way, I actually don't think the song is that bad. The lyrics are inane, but they are no worse than Birthday by the Beatles. Anytime a 13 year-old does something other than play COD all day, I'm for it. In an effort to keep my scores of readers cuturally literate, I shall embed.
Spring is here, and there's a new teen sensation starting to take over from Justin Bieber. The teen in question is 13 year-old Rebecca Black. Her song Friday and its associated video are the talk of the internet. There are at least a half dozen Hitler commentary videos and nearly that many dramatic reading videos on youtube.
There are a couple of things that I find interesting on this. How come when they get up in the morning it's broad daylight, and when my kids get up it's freaking dark? Since when is a 13 year-old allowed to drive a car, much less a Chrysler Sebring convertible? By the way, I actually don't think the song is that bad. The lyrics are inane, but they are no worse than Birthday by the Beatles. Anytime a 13 year-old does something other than play COD all day, I'm for it. In an effort to keep my scores of readers cuturally literate, I shall embed.
Friday, March 18, 2011
The Chrysler 200 Controversy
His review excised, the reviewer exits
Scott Burgess has been the main auto reviewer for the Detroit News for at least as long as I've been reading it online. It looks like they are going to need a new reviewer, because Scott Burgess resigned after his online review of the new Chrysler "Imported from Detroit" 200 had had negative remarks edited out of the online edition after a local dealer complained about the initial online and print edition. Jalopnik.com has been covering this story like it is major news, like the latest what what involving Charlie Sheen or Lindsay Lohan.
I read the before and after reviews, and I personally think that the editing helped the review; albeit long after the the editing process should have been completed. If you want to form your own opinion, here's a link to the current version of Burgess's review, titled "2011 Chrysler 200 falls short of the competition." The gist of Burgess's review is that the 2011 Chrysler 200 is improved over its predecessor, the Chrysler Sebring, but it isn't improved enough to match the other major competitors. I have had no first-hand exposure to the 200; in fact, I haven't even seen one in person. Our local dealers didn't even get them in until about a month ago, and availability is still tight. For a second and very contrasting opinion on the 200 here's a link to a review at the Chrysler fanboy site, Allpar.com. I personally think the Allpar review is more informative and comprehensive.
The sad part is that Scott Burgess is capable of writing excellent reviews, and he usually writes favorably of the products of the Detroit 3. Check out his reviews of the 2012 Ford Focus and the 2011 Chrysler 300. It seems that he's worried that any deficiency with the Chrysler 200 will contribute to malaise and unemployment in Detroit. Ironically, this heightened sensitivity seems to have caused a case of premature resignation, and Burgess is the only victim of 200-related unemployment so far.
Time for a more than marginally relevant video, here's Motor Trend's first look at the Chrysler 200.
His review excised, the reviewer exits
Scott Burgess has been the main auto reviewer for the Detroit News for at least as long as I've been reading it online. It looks like they are going to need a new reviewer, because Scott Burgess resigned after his online review of the new Chrysler "Imported from Detroit" 200 had had negative remarks edited out of the online edition after a local dealer complained about the initial online and print edition. Jalopnik.com has been covering this story like it is major news, like the latest what what involving Charlie Sheen or Lindsay Lohan.
I read the before and after reviews, and I personally think that the editing helped the review; albeit long after the the editing process should have been completed. If you want to form your own opinion, here's a link to the current version of Burgess's review, titled "2011 Chrysler 200 falls short of the competition." The gist of Burgess's review is that the 2011 Chrysler 200 is improved over its predecessor, the Chrysler Sebring, but it isn't improved enough to match the other major competitors. I have had no first-hand exposure to the 200; in fact, I haven't even seen one in person. Our local dealers didn't even get them in until about a month ago, and availability is still tight. For a second and very contrasting opinion on the 200 here's a link to a review at the Chrysler fanboy site, Allpar.com. I personally think the Allpar review is more informative and comprehensive.
The sad part is that Scott Burgess is capable of writing excellent reviews, and he usually writes favorably of the products of the Detroit 3. Check out his reviews of the 2012 Ford Focus and the 2011 Chrysler 300. It seems that he's worried that any deficiency with the Chrysler 200 will contribute to malaise and unemployment in Detroit. Ironically, this heightened sensitivity seems to have caused a case of premature resignation, and Burgess is the only victim of 200-related unemployment so far.
Time for a more than marginally relevant video, here's Motor Trend's first look at the Chrysler 200.
Friday, March 04, 2011
Snyder v. Phelps
Funeral Protesting - Bad
First Amendment SLAPP Defense - Good
This week the Supreme Court announced its decision in Snyder v. Phelps, holding that the Westboro Baptist Church has a First Amendment right to picket funerals even if the picketing is calculated to cause emotional distress.
With this decision, the Supreme Court is sending a signal that first amendment protection shields speech-based conduct from intentional tort liability under theories other than defamation cases. I remember being ridiculed in law school when I suggested that the First Amendment was just as logically a defense to outrage and tortuous interference cases as it was to defamation. It looks like the law is finally coming around my way. I did think the "fighting words" doctrine might hold up a little better, though.
Serious post or excuse for a marginally relevant video? Are they really mutually exclusive? I'm tired. It's late. I'll let Michael Moore show you how to take on Fred Phelps and the Westboro Baptist Church.
Funeral Protesting - Bad
First Amendment SLAPP Defense - Good
This week the Supreme Court announced its decision in Snyder v. Phelps, holding that the Westboro Baptist Church has a First Amendment right to picket funerals even if the picketing is calculated to cause emotional distress.
With this decision, the Supreme Court is sending a signal that first amendment protection shields speech-based conduct from intentional tort liability under theories other than defamation cases. I remember being ridiculed in law school when I suggested that the First Amendment was just as logically a defense to outrage and tortuous interference cases as it was to defamation. It looks like the law is finally coming around my way. I did think the "fighting words" doctrine might hold up a little better, though.
Serious post or excuse for a marginally relevant video? Are they really mutually exclusive? I'm tired. It's late. I'll let Michael Moore show you how to take on Fred Phelps and the Westboro Baptist Church.
Attack of the Mazda-Eating Spiders
Okay, I exaggerated. Spiders aren't eating Mazdas, but 65,000 Mazda6 sedans are being recalled because they have a problem with spiders. Yellow sac spiders like to live in the fuel system hoses, and when they clog things up, your car just might go boom boom instead of zoom zoom.
Of course, a marginally relevant video coming right up.
Okay, I exaggerated. Spiders aren't eating Mazdas, but 65,000 Mazda6 sedans are being recalled because they have a problem with spiders. Yellow sac spiders like to live in the fuel system hoses, and when they clog things up, your car just might go boom boom instead of zoom zoom.
Of course, a marginally relevant video coming right up.
Wednesday, March 02, 2011
Apple Introduces Shrunken Steve Jobs
Apple was expected to announce the new iPad 2 today. It happened. More shocking though, was the announcement that Steve Jobs has been shrunk to 1/20th of his original size. He is now, in fact, a fraction the size of an iPad. I'll have more details as they are uncovered.
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