Bank Of America posts a $2.42 billion second-quarter profit

[rng0599]

Bank of America posts 2Q profit, surpasses Street - MSNBC Wire Services - msnbc.com

They are still making money as we all jump through hoops.....

[Evan Bedard]

Thank you rng0599 for sharing this information with us.

[auroraproblem]

I don't know why people act so surprised. They were given $45 billion interest free, an idiot only making 4% in a high yield savings situation could make $562 million per quarter on the interest alone.

The banks are doing well with the free tax payers dollars that were given to them and posting huge earnings. There were little strings tied to that money and they are taking larger than normal risks when investing it...after all when it is not your money...one might stretch a bit further with it in hopes of good gains.

[fredk]

Originally Posted by auroraproblem

I don't know why people act so surprised. They were given $45 billion interest free, an idiot only making 4% in a high yield savings situation could make $562 million per quarter on the interest alone.

The banks are doing well with the free tax payers dollars that were given to them and posting huge earnings. There were little strings tied to that money and they are taking larger than normal risks when investing it...after all when it is not your money...one might stretch a bit further with it in hopes of good gains.

Its best to post facts.

Bank of America | Investor Relations | Financial Releases=

Bank of America | Investor Relations | Financial Releases=

Bank of America | Investor Relations | Financial Releases=

3 payments so far ,, far from interest free

[auroraproblem]

Originally Posted by fredk

Its best to post facts.

Bank of America | Investor Relations | Financial Releases=

Bank of America | Investor Relations | Financial Releases=

Bank of America | Investor Relations | Financial Releases=

3 payments so far ,, far from interest free

Yes, you are correct, so why mislead people with the links above. Perhaps if less money was made off those risky investments taken with that money less dividend would be paid out. Interest on the other hand would be due period, whether your risk paid off or not.

The difference and only hurting part of this program for BofA is that the money is not a loan (hence no interest) it is essentially ownership which permits the federal government to place restrictions like the bonus structure.

A stock holder on the other hand should have been happy for the most part with the TARP funds...even if just simple embarrassment has caused the banks who took the TARP funds to cut out a few excessive benefits.

[fredk]

Originally Posted by auroraproblem

Yes, you are correct, so why mislead people with the links above. Perhaps if less money was made off those risky investments taken with that money less dividend would be paid out. Interest on the other hand would be due period, whether your risk paid off or not.

The difference and only hurting part of this program for BofA is that the money is not a loan (hence no interest) it is essentially ownership which permits the federal government to place restrictions like the bonus structure.

A stock holder on the other hand should have been happy for the most part with the TARP funds...even if just simple embarrassment has caused the banks who took the TARP funds to cut out a few excessive benefits.

So you would prefer they just pay back our investment ?

The cash from a dividend and the cash from an interest payment don;t look different once they are in the vault.

Who is misleading who ? Implying the banks didn't pay for the TARP funds doesnt fly.

[auroraproblem]

Originally Posted by fredk

So you would prefer they just pay back our investment ?

The cash from a dividend and the cash from an interest payment don;t look different once they are in the vault.

Who is misleading who ? Implying the banks didn't pay for the TARP funds doesnt fly.

I would say you were trying to mislead. As I stated, they are not paying interest on the loan. You attempt to counter with the fact that they made profit and thus had to pay dividends to the share holders as some sort of counter. In fact the statement stands, they are not paying interest on the loan. As a tax payer I would prefer they pay interest not dividends as the final portion of this year will likely be less fruitful and therefore your argument could fall quickly apart.

Or better yet, how about BofA allow me to pay them dividends against my home loan rather than interest. Given the current state of affairs in my home value, more likely they would be cutting me a check.

I would remind you that it was you who tossed out the first rock making the statement I did not have my facts. In truth my facts stand, they are not paying interest on the loan. A dividend as you indicated is not interest, there are other banks who took TARP funds who did not post a profit, would your statement apply to them as well then? The fact that BofA managed to make profit and was forced to pay 'investors' is not interest, otherwise what will you post in the possible Q4 when they could be posting a loss and no such check comes to the tax payers?

[fredk]

Some more facts...

From Business Week

There are three main concerns about the government's rising stake in banking firms like BofA, says Stifel Nicolaus (SF) analyst Christopher Mutascio.
First, there is the size of dividend payments due to the government each year, which leave little remaining for regular shareholders. On Jan. 16, BofA slashed its first-quarter dividend to just 1¢ per share. Meanwhile, Mutascio estimates the preferred dividend payment to the U.S. Treasury will be $4.8 billion per year. That's 73% of the total net income he expects from BofA in 2009.
FBR Capital Markets (FBR) analyst Paul Miller estimates preferred dividends could shave 90¢ per share off BofA's annual earnings "for the next three years at least."

You posted that the banks are doing well with the FREE taxpayer dollars given to them. 1.80 billion paid as dividend doesnt seem FREE to me.

It's a preferred dividend, it will be paid first before shareholders are paid regular dividends.

As for you paying dividends to BofA on your home loan ... perhaps you should have made that deal with them when you applied for your mortgage ... that wasnt your deal was ut ?

[auroraproblem]

Originally Posted by fredk

Some more facts...

From Business Week

There are three main concerns about the government's rising stake in banking firms like BofA, says Stifel Nicolaus (SF) analyst Christopher Mutascio.
First, there is the size of dividend payments due to the government each year, which leave little remaining for regular shareholders. On Jan. 16, BofA slashed its first-quarter dividend to just 1¢ per share. Meanwhile, Mutascio estimates the preferred dividend payment to the U.S. Treasury will be $4.8 billion per year. That's 73% of the total net income he expects from BofA in 2009.
FBR Capital Markets (FBR) analyst Paul Miller estimates preferred dividends could shave 90¢ per share off BofA's annual earnings "for the next three years at least."

You posted that the banks are doing well with the FREE taxpayer dollars given to them. 1.80 billion paid as dividend doesnt seem FREE to me.

It's a preferred dividend, it will be paid first before shareholders are paid regular dividends.

As for you paying dividends to BofA on your home loan ... perhaps you should have made that deal with them when you applied for your mortgage ... that wasnt your deal was ut ?

You continue to make the same argument. It is free as long as there is no profit. Companies in the red hardly need help, those in black are required to pay profits out to ownership.

My statement stands, the loan is interest free, hence it will be free money except if they make money with it. Even then, paying dividends when you make profit with someone else money is a nice deal. When they loose later this year (which I am sure is coming), I am sure you will have other feeble attempts to sway me on how they are still paying some sort of interest or cost against the loan.

Moving on to another thread now, thanks for your input.

[fredk]

Originally Posted by auroraproblem

You continue to make the same argument. It is free as long as there is no profit. Companies in the red hardly need help, those in black are required to pay profits out to ownership.

My statement stands, the loan is interest free, hence it will be free money except if they make money with it. Even then, paying dividends when you make profit with someone else money is a nice deal. When they loose later this year (which I am sure is coming), I am sure you will have other feeble attempts to sway me on how they are still paying some sort of interest or cost against the loan.

Moving on to another thread now, thanks for your input.

And I am sure that when they pay back the TARP money later this year you will come up with other misleading arguments to vent your anger at the banks. What did they do to you that caused this anger ?

At least 9 banks have already repaid the TARP funds and when this is all over the taxpayers will have made money. I for one am glad our representatives managed to make this work.

[auroraproblem]

Originally Posted by fredk

And I am sure that when they pay back the TARP money later this year you will come up with other misleading arguments to vent your anger at the banks. What did they do to you that caused this anger ?

At least 9 banks have already repaid the TARP funds and when this is all over the taxpayers will have made money. I for one am glad our representatives managed to make this work.

I smell troll or a bank rep. Attempting to provoke reaction...hmm....looking at your post history it is clear this is what you attempt to do.

To spare the thread any further arguments which will resolve nothing I will unsubscribe to it. Perhaps you can find another opportunity to try and champion another bank cause on another thread.

[fredk]

Originally Posted by auroraproblem

I smell troll or a bank rep. Attempting to provoke reaction...hmm....looking at your post history it is clear this is what you attempt to do.

To spare the thread any further arguments which will resolve nothing I will unsubscribe to it. Perhaps you can find another opportunity to try and champion another bank cause on another thread.

If you read all my posts you should know I am not a bank rep.

On a final note I will say I wasn't championing any cause, I was only giving a second viewpoint on the TARP program and the banks part in it.

Good day

[rng0599]

Wow see what I started.

[fredk]

Originally Posted by rng0599

Wow see what I started.

LOL ... damn troublemaker

[Bert C]

You know Fred. Aurora may not have been 100% correct by stating you are a bank rep. But, looking at your previous threads, all of which have been this month when you started with this particular name, I can't help but notice a particular partiality towards the banking institutions. Although I might agree with you in principle..sure it can't all be blamed on the banks and many folks have been irresponsible and ended up in the situation they are in, from personal experience and that of countless others that have posted here, the banks are far from blameless. Besides the fact that this site was created as an avenue for those homeowners who find themselves in distress and find this place as a refuge and area where they (we) can vent and share a common interest and goal. For you to show up here and give the "appearance" of siding with the banks is very discomforting to me and quite possibly to many others. You have every right to post and give your opinions as we all do but, I would venture to say you may find that your postings from this point forward might be at best, scrutinized a bit, not so much for their helpfulness or factual data but for their very controversial "bank leaning content". I won't be replying in the event you should read this post and care to comment. But, I hope others at least view it a make up their own minds as to which side of the fence you lean towards. Good day.

[fredk]

Originally Posted by Bert C

You know Fred. Aurora may not have been 100% correct by stating you are a bank rep. But, looking at your previous threads, all of which have been this month when you started with this particular name, I can't help but notice a particular partiality towards the banking institutions. Although I might agree with you in principle..sure it can't all be blamed on the banks and many folks have been irresponsible and ended up in the situation they are in, from personal experience and that of countless others that have posted here, the banks are far from blameless. Besides the fact that this site was created as an avenue for those homeowners who find themselves in distress and find this place as a refuge and area where they (we) can vent and share a common interest and goal. For you to show up here and give the "appearance" of siding with the banks is very discomforting to me and quite possibly to many others. You have every right to post and give your opinions as we all do but, I would venture to say you may find that your postings from this point forward might be at best, scrutinized a bit, not so much for their helpfulness or factual data but for their very controversial "bank leaning content". I won't be replying in the event you should read this post and care to comment. But, I hope others at least view it a make up their own minds as to which side of the fence you lean towards. Good day.

You say you have read my previous postings. Let me set the record straight for those who may read this and use your commentary to judge me.

I have only posted here under one name .. this one.

I have been reading the threads since about early February. I started when my situation had me concerned about my ability to pay my mortgage after sudden kidney failure and the collapse of the bones in my left foot. Luckily it appears that even with a drop of abour 40% in income now that I am on SS disabilty we should be able manage and keep our house.

I worked as a controller for a manufacturing company, never had any job in the banking industry.

I have posted in 3 threads.

First one I just noted that banks have rights and should exercise them if they need to.

Second I commented after reading a series of posters bragging about running up credit card balances and eventually discharging them in BK that it appeared to be easy once a person doesnt fulfill their mortgage obligation to move onto failing to fulfill other obligations.

Third, this thread where I attempted to present another side to the TARP issue because I believed Aurora was misleading others with his commentary.

Your "very controversial bank-leaning content" comment misrepresents my postings.

I do have my opinions and am more than willing to have them refuted in an open debate. What I dont appreciate is being called names such as troll and being labeled as a bank rep.

Reread my postings and tell me then which of them you object to.

[Irish Gal]

Originally Posted by fredk

I have been reading the threads since about early February. I started when my situation had me concerned about my ability to pay my mortgage after sudden kidney failure and the collapse of the bones in my left foot. Luckily it appears that even with a drop of abour 40% in income now that I am on SS disabilty we should be able manage and keep our house.

I have posted in 3 threads.

First one I just noted that banks have rights and should exercise them if they need to.

Second I commented after reading a series of posters bragging about running up credit card balances and eventually discharging them in BK that it appeared to be easy once a person doesnt fulfill their mortgage obligation to move onto failing to fulfill other obligations.

Third, this thread where I attempted to present another side to the TARP issue because I believed Aurora was misleading others with his commentary.

I do have my opinions and am more than willing to have them refuted in an open debate.

Reread my postings and tell me then which of them you object to.

Hey fredk,

Sorry to hear of your medical crises and glad to hear you'll be able to afford your home, after all (if, in fact, that information is true and you're not just some nut who gets a thrill out of surfing sites like this just to post annoying things to irritate people ). I don't have any problems with anyone's opinions here, even when I don't agree with them, such as yours. But, what I don't understand is what you are gaining from this site, now that your situation is resolved ? I only ask because you seem to primarily post judgments about others here or post comments that only illicit negative reactions from others who are here for help, not judgment or pointless arguing, over and over again. I don't really care if you're a bank hugger or not. But, I do care if others' distress due to banks is merely entertainment for you or this is just a place for you to project some negativity onto others, for whatever reason. If you're not here to get help yourself, provide support to others, or to have positive interactions with others in a similar situation, why are you here ?

[fredk]

Originally Posted by Irish Gal

Hey fredk,

Sorry to hear of your medical crises and glad to hear you'll be able to afford your home, after all (if, in fact, that information is true and you're not just some nut who gets a thrill out of surfing sites like this just to post annoying things to irritate people ). I don't have any problems with anyone's opinions here, even when I don't agree with them, such as yours. But, what I don't understand is what you are gaining from this site, now that your situation is resolved ? I only ask because you seem to primarily post judgments about others here or post comments that only illicit negative reactions from others who are here for help, not judgment or pointless arguing, over and over again. I don't really care if you're a bank hugger or not. But, I do care if others' distress due to banks is merely entertainment for you or this is just a place for you to project some negativity onto others, for whatever reason. If you're not here to get help yourself, provide support to others, or to have positive interactions with others in a similar situation, why are you here ?

Hi Irish Gal,

If you can get past your undoubtably deserved anger at the banks that have put you in your situation I would ask you to reread what I have posted. The only negativity I have posted was directed at posters who were bragging about running up cc balances in anticipation of discharging the debts in BK. Thats just wrong ... no possible way to spin it otherwise.

My other two postings were 1) a simple statement of fact that banks have rights and should exercise them if they desire to. 2) I attempted to present a different viewpoint on the TARP program because Aurora was (imo) misleading in his posting.

I've been visiting here and continue to visit because I am trying to stay informed about this and many other issues (I also visit public forums dealing with SS disabilty and LTD issues). It isnt easy going from being a key and vital employee with a job that brought me great pleasure to being essentially stuck in my home with little opporunity for interaction with others.

Again I would ask exactky which of my postings are causing you distress ? I have been accused of being a bank rep, called a troll, and of posting "bank-leaning comments". But other than these insults no one has told me what I have said that is upsetting. Takr your anger out at those that deserve it, not on me, I haven't insulted anyone/

[Irish Gal]

Originally Posted by fredk

Hi Irish Gal,

If you can get past your undoubtably deserved anger at the banks that have put you in your situation I would ask you to reread what I have posted. The only negativity I have posted was directed at posters who were bragging about running up cc balances in anticipation of discharging the debts in BK. Thats just wrong ... no possible way to spin it otherwise.

My other two postings were 1) a simple statement of fact that banks have rights and should exercise them if they desire to. 2) I attempted to present a different viewpoint on the TARP program because Aurora was (imo) misleading in his posting.

I've been visiting here and continue to visit because I am trying to stay informed about this and many other issues (I also visit public forums dealing with SS disabilty and LTD issues). It isnt easy going from being a key and vital employee with a job that brought me great pleasure to being essentially stuck in my home with little opporunity for interaction with others.

Again I would ask exactky which of my postings are causing you distress ? I have been accused of being a bank rep, called a troll, and of posting "bank-leaning comments". But other than these insults no one has told me what I have said that is upsetting. Takr your anger out at those that deserve it, not on me, I haven't insulted anyone/

Fredk,

I don’t plan on getting past anything, as anger is a good thing, esp. during this historic period of mass fraud in the U.S. and world. The people you need to give your insight and wisdom to fredk, are those with no anger. Part of the reason we are actually in this situation in this country is precisely because Americans don’t get angry enough and take a stand against anything, anymore. I’m not here to joust with you or anyone else here. Also, none of your postings cause me “distress.” You misunderstood my previous post. And, the intention of my previous post was not “to take anger out” on anyone, as you’ve retorted. It was to understand more fully why you are here, as you seem at odds with the spirit and purpose of this site. That’s it. As, I wouldn’t go to some site and post judgmental things to people I knew nothing about, really. That’s all. I may be wrong, but it seems you like to throw provocative statements out and watch the reactions of others. When someone responds to your provocative comments, the back and forth games begin. You then deny offending anyone while taking no responsibility for the (negative) spirit behind your provocative comments. Oh well, I guess I fell for the sparring game, too, by responding. Fool me once, shame on you. Fool me twice, shame on me! Lastly, I am very sorry for your medical situation and feelings of isolation. Sometimes such life experiences clouds our outlook on life. I hope things improve for you, soon.

[CW California]

Hey Irish
How's it goin? Old Fred is just lonely. If you ignore him he will just sneak away and bother someone else. I'm with you, I don't come here for debate. This is serious ****. These are our homes. Last thing I need to do is debate how the jerk banks ran the economy in the ground with their predatory loan crap and forced my business to suffer because of high unemployment. Nope any extra they did have was nearly cut in half by the stock market fall. Nobody has any money to spend. Pretty soon SS will be in trouble too because not enough people have jobs to sustain it. But we won't debate that or the fact that if the congress and senate had to retire on SS maybe they would do a better job at fixing it! People here in our state are complaining about having to take 3 furlow days a month. Hell my income is down 50% and I have to retire on SS. They can take their furlow days and quit complaining! Have a nice day!

[snapple candy]

I agree with IG on this fredk. You do seem to be at odds with the spirit and purpose of this site. I do believe you yourself may have some issues or demons of your own to deal with. You have made judgmental comments to people you know nothing about and they appear to me and others as mean-spirited. People have told you that you have offended but you dont want to listen. Perhaps you have anger you are not willing to look at and projecting it at others. Perhaps you are better suited for other blogs than this one. No one really wants to debate with you in the manner you wish to engage in.

[Irish Gal]

Originally Posted by CW California

Hey Irish
How's it goin? Old Fred is just lonely. If you ignore him he will just sneak away and bother someone else. I'm with you, I don't come here for debate. This is serious ****. These are our homes. Last thing I need to do is debate how the jerk banks ran the economy in the ground with their predatory loan crap and forced my business to suffer because of high unemployment. Nope any extra they did have was nearly cut in half by the stock market fall. Nobody has any money to spend. Pretty soon SS will be in trouble too because not enough people have jobs to sustain it. But we won't debate that or the fact that if the congress and senate had to retire on SS maybe they would do a better job at fixing it! People here in our state are complaining about having to take 3 furlow days a month. Hell my income is down 50% and I have to retire on SS. They can take their furlow days and quit complaining! Have a nice day!

Hey CW,

Looks like you got somewhere w/ your first (NACA), that's great! Well, I don't want to pass judgment on others here, so let's just say I'm not into wasting time here in unproductive jousting sessions. Life's too short. Don't get me wrong. I do like to joust. But, not negative, petty, go nowhere, jousting. No can do. So, I move on. Yes, CA is certainly a mess. I'm hoping that it can become a great state again, one day. I've read up a bit on the political mess it's evolved into and why. It needs to (legally) change some of it's political systems/processes in order to move forward. Like needing 2/3 vote to pass a budget. Get rid of that. And the referendum abuses that occur where anyone can come up w/ any foolish idea, get signatures and possibly pass something stupid. Get rid of that. I agree that the state workers are a little "out of touch" should we say re furloughs ????? They need to look around or do a little research out there to understand they are lucky they still have a job they report to the other 27 or 28 days !!!! It's called "entitlement." I hear Arnie has been stressed alot and goes to some tent constantly now to smoke his smelly cigars! He needs to go. I never liked him much. Just an egomaniacal, Kennedy wannabe. He was bored w/ Hollywood. Doesn't need $$$$. So, decided to go screw up CA for awhile. It's not all his fault, but his policies made things worse, they say. But, get ready. Meg Whitman's coming to town ! She's scary (to me)! She ran e-bay. I heard she's another religious nut. Great. She's not even a CAian. She's from NY, or somewhere east, I think. I think people should be required to live (for a substantial amount of time) in the state they want to govern. Have a vested interest in the state, not just a career move. Another bored gazillionaire who doesn't know what to do next in their lives. Oh, I know. I'll go run CA! If it doesn't work out, I'll just go back to being a gazillionaire! Turns out Gray Davis might have been correct (by trying to get the budget truly on the right track back when) when he tried to raise some taxes as he knew this day would come. But the CA taxpayers booted him out because they seem to think they can have everything and anything w/out having to pay for it. CA also needs to restructure its tax system. It has historically relied on for most of its revenue by taxing (I think) around 150,000 or so of it's most wealthy residents. Well, when they lost that revenue stream, the system collapsed. I heard too CA schools are now ranked 47th in the U.S.! Wow. They're calling it the "Mississippification of CA" ! CA will come back. One day. It's a great state that's been exploited for too long by both parties who ran it into the ground. Anyways, I hope you're doing ok. Sounds like it.

[CW California]

irish
I'm doing ok. Just shoring up for the next battle on the 2nd with Citi. California' tax system is out of control. I remember when they passed the lottery and told us there would be no more need of taxes for the schools. The lottery would take care of it! I'm not so sure the schools are so bad. I've had many part time people working for me that receive grant money for school and they keep changing majors. All their school is paid for. They complain because they have to work part time to pay their rent. One girl took 8 years to get her degree in theater. All paid for by the State and now she is out of school and waiting tables. Yea that was productive of tax dollars. Another is 30 years old and still doesn't have a clue what she wants to be when she grows up. Over the last nine years and many part time employees who are going to State college has shown me that the problem isn't the school or lack of money. It's wasteful management. Arnie was supposed to come in and stop that but he went the way of the other politicians. This state is run by unions and the sooner we take it back the better. I have to collect 9 1/4% sales tax. That's criminal. It truely affects many businesses because why buy local if you can buy out of state and not pay sales tax? Thousand of businesses have left California because of State taxes. OOPs there go those jobs and taxes for the state with them. That's why their budget is so hard to balance. All the revenue is leaving! I am seriously considering moving my business too but I can't until the real esate market comes back. I'm not holding my breath on that one! Are you still doing short sale?

[fredk]

Originally Posted by CW California

irish
I'm doing ok. Just shoring up for the next battle on the 2nd with Citi. California' tax system is out of control. I remember when they passed the lottery and told us there would be no more need of taxes for the schools. The lottery would take care of it! I'm not so sure the schools are so bad. I've had many part time people working for me that receive grant money for school and they keep changing majors. All their school is paid for. They complain because they have to work part time to pay their rent. One girl took 8 years to get her degree in theater. All paid for by the State and now she is out of school and waiting tables. Yea that was productive of tax dollars. Another is 30 years old and still doesn't have a clue what she wants to be when she grows up. Over the last nine years and many part time employees who are going to State college has shown me that the problem isn't the school or lack of money. It's wasteful management. Arnie was supposed to come in and stop that but he went the way of the other politicians. This state is run by unions and the sooner we take it back the better. I have to collect 9 1/4% sales tax. That's criminal. It truely affects many businesses because why buy local if you can buy out of state and not pay sales tax? Thousand of businesses have left California because of State taxes. OOPs there go those jobs and taxes for the state with them. That's why their budget is so hard to balance. All the revenue is leaving! I am seriously considering moving my business too but I can't until the real esate market comes back. I'm not holding my breath on that one! Are you still doing short sale?

Yeah ... and you call me judgemental.

Also.... i'm glad you can be in a position to be so smug and demeaning about the isolation i feel being trapped in my house doing 6 40-50 minute dialysis treatments each day. Old Fred is just lonely is how you put it wasn't it?

I have the pisture now ... I get it

Agree and stay in line

Don't question

Cheer everyone on no matter what road they are on

Don't try and see the other side of a story

and for sure don't give us your facts if they will upset me

Bye ...enjoy your little coffee club ...


you all ask why I am here.... i'll end by asking why you all felt the need to lecture me for stating 2 facts and voicing an opinion about cc scammers?

[Irish Gal]

Originally Posted by CW California

irish
I'm doing ok. Just shoring up for the next battle on the 2nd with Citi. California' tax system is out of control. I remember when they passed the lottery and told us there would be no more need of taxes for the schools. The lottery would take care of it! I'm not so sure the schools are so bad. I've had many part time people working for me that receive grant money for school and they keep changing majors. All their school is paid for. They complain because they have to work part time to pay their rent. One girl took 8 years to get her degree in theater. All paid for by the State and now she is out of school and waiting tables. Yea that was productive of tax dollars. Another is 30 years old and still doesn't have a clue what she wants to be when she grows up. Over the last nine years and many part time employees who are going to State college has shown me that the problem isn't the school or lack of money. It's wasteful management. Arnie was supposed to come in and stop that but he went the way of the other politicians. This state is run by unions and the sooner we take it back the better. I have to collect 9 1/4% sales tax. That's criminal. It truely affects many businesses because why buy local if you can buy out of state and not pay sales tax? Thousand of businesses have left California because of State taxes. OOPs there go those jobs and taxes for the state with them. That's why their budget is so hard to balance. All the revenue is leaving! I am seriously considering moving my business too but I can't until the real esate market comes back. I'm not holding my breath on that one! Are you still doing short sale?

Hey CW,

My situation is pretty stagnant right now re short sale/foreclosure. I'm thinking I just may push forward a foreclosure so this nonsense can end this year instead of dragging into 2010. Very tired of the whole thing. BofA seems to be playing the waiting game w/ some borrowers in the hopes that they will either just take a predatory mod, go away and just be ok w/ owing 3x's more than the property is worth. Or they think some miracle will happen in the market and they will get some unrealistic sale price and not have to eat too much of a loss. So, I'm just pluggin along, waiting to see what happens. They've actually been very cooperative and nice to me. Probably because I've always just been businesslike and ok w/ foreclosing, once I initially rejected two very predatory mod offers from them. They know I'm not crying in my milk over this and I'm ok if the foreclosure boogie man comes to get me! I'm also an AG lawsuitee, so I think they tread more lightly w/ those. Even though CA AG is a joke, compared to some very aggressive ones in this housing mess, like Illinois, NY, FL, states that have been severely gutted/compromised by the lender abuses, schemes, scams, mass blight, etc. As for CA issues, I would not do business in CA as I'm aware it's a nightmare here for business owners. Re schools, what I meant was the student scores re CA are #47 compared to the rest of the states. It's not an individual student issue or slackers here and there issue. Allegedly, CA students can't read, write, critically think, etc. Not prepared for real world or world of employment. Employers are noting this too. Applicants (allegedly) don't perform at a basic level. Re unions, yes, I've read where the teacher's unions and prison guard unions are out of control in CA. Although I support unions in theory, in practice, I do see the downside, sometimes. But, we wouldn't have had a need for unions if employers, in general, didn't exploit and abuse labor, historically. Whenever some employers are left to their own accord, labor exploitation and abuses resume. So, unfortunately, we're now left with a too powerful, and many times, dysfunctional, present day, union model. As long as employers take advantage of labor, there will always be a need for unions. Good or bad. For you, as a small business owner, I do understand your business frustrations and comments re employees. Very frustrating. Like I said, if I were a business owner, I'd consider other business friendlier states, as you seem to be. So, good luck!