Friday, November 14, 2008

"Cynical comment left elsewhere" of the day

I've been pretty fed up with the combined favoritism and outright stupidity in the financial system these days. This has led me to guess that any exchange involving a promise from a large, old (and therefore probably protected at all costs by our Overlords in Washington) corporation is going to, less and less often, be treated as something they have to *sigh* actually honor. With Sears and K-Mart reinstituting layaway (in which you make installment payments and then, after the last, receive the product), I figured this would be just another promise you can't trust anymore.

Well, a former happy customer of layaway services, calling herself "Princess of Swords", didn't seem to notice this trend and so disputed my prediction in a discussion on a Megan McArdle post. (UPDATE: previous link was to the wrong site.) Here, I post my response, in which you'll start to understand the basis for my pessimism:

******

Princess_of_Swords: Thanks for taking the time to detail your experience with the intricacies and standard practices prevailing with respect to layaway at the time you availed yourself of it.

Now I'm going to explain to you how it works in the real world.

In the real world, an obligation no longer means anything.

-GM was obligated to pay pensions. They didn't even bother to internally classify them on the same level as a bond, until forced to by law.

-Insurance companies are obligated to pay when disaster strikes. They fight as hard as they can to avoid paying, even for plain vanilla cases.

-Individual consumers buy things on credit, deferring the first payment for a long while. They are routinely caught not having saved for that big first payment.

-Securities brokers engage in naked short-selling of stocks, which obligates them to produce actual ownership of that stock at a later date. Yet as we've seen recently, they've ended up flooding the market with fake stocks and then casually aver that they "can't locate your stocks" and offer to reverse your purchase as if it were no big deal.

-Gift card issuers are unilaterally stealing money from gift card owners on the grounds that "they need it" because they're in financial trouble, despite having obligated themselves to treat the gift cards as equivalent to cash.

-AIG got a massive bailout from the Fed, but, we were assured, they would be obligated to pay a hefty penalty interest rate and start immediately and orderly unwinding their enterprise. Well, the Fed went back and cut their payments in exchange for nothing, thus debasing the Fed's assets (and thus the dollar). And AIG has done virtually nothing to liquidate its assets.

You get the point. I just don't care how you think things used to work back then. We are in a new world, where only us responsible commoners have to keep our word.

74 comments:

Anonymous said...

Spot on, Silas. The way the "layaway" scenario of the 21st century could play out is that the "layawayee" could, after making half the payments, allege that he/she could take the item out of layaway because the item had depreciated in value to half what it was at purchase and therefore was his/hers to pickup and the obligation for payment ended! The world indeed has changed.

Anonymous said...

Wow, and I thought *I* was cynical about the modern world. :)

Silas Barta said...

Thanks for dropping by, your Highness! (Is that the right term of address? Or is it supposed to be Excellency? I forget.)

Aren't you going to ask about the underscores in your name, like everyone else? :-)

pension said...

Well physics has been corrupt this way for a long time (string theory, big bang religion, black hole obsession) - nice to see the biology team has a few stinkers too.avoid foreclosure now

Johnson Hack said...

I accustomed to run a company that needed me to create several cash transfers each week. Due in order to umpteen foreign currency fluctuations on the market, I needed to locate a viable platform that may afford me using the best settings of cash transfer assessment.hiring a ghostwriter cost.Raingo Raleigh

Sally Watkins said...

Best Realtors in Surrey to list your home or condo. A Chinese speaking Realtor that can converse in Mandarin, Cantonese, and English. A Top 1% PREC Team Member for over 10 years in a rowrichmond hill homes for sale

Johnson Hack said...

We are getting different type of stories on pastille salon spa for yana event. That's done really well and interesting for more stories. Thank you so much for all your great features.Home for sale in Bucks County

Johnson Hack said...


I accustomed to run a company that needed me to create several cash transfers each week. Due in order to umpteen foreign currency fluctuations on the market, I needed to locate a viable platform that may afford me using the best settings of cash transfer assessment.Home for sale in Bucks County

Johnson Hack said...

I accustomed to run a company that needed me to create several cash transfers each week. Due in order to umpteen foreign currency fluctuations on the market, I needed to locate a viable platform that may afford me using the best settings of cash transfer assessment.hiring a ghostwriter cost.property in bangalore

Johnson Hack said...

Can I simply say what a aid to search out somebody who actually is aware of what theyre talking about on the internet. You positively know tips on how to carry an issue to light and make it important. Extra individuals need to read this and perceive this aspect of the story. I cant consider youre no more popular since you undoubtedly have the gift.Forett Bukit Timah

Johnson Hack said...

Not only questions but also answers. That will be very helpful,chattanooga real estate doctor

Johnson Hack said...

Thanks for taking the time to discuss that, I feel strongly about this and so really like getting to know more on this kind of field. Do you mind updating your blog post with additional insight? It should be really useful for all of us.Minivan & VAN Rental Nelspruit

Smith said...

I accustomed to run a company that needed me to create several cash transfers each week. Due in order to umpteen foreign currency fluctuations on the market, I needed to locate a viable platform that may afford me using the best settings of cash transfer assessment.hiring a ghostwriter cost.Penrose floor plan

Johnson Hack said...



You might not be aware that until 2011, the railway station at Schofields was a basic single platform located across the road from where the Chinese takeaway, until it was relocated to it’s current location closer to the (then only planned!) new developments, much to the vocal distaste of the locals residing in the “old” Schofields village. Sonia Randhawa

Johnson Hack said...


I found this post of yours while looking for information to research related to blogs. It is a good article, keep posting and update information.Sonia Randhawa

Johnson Hack said...

I must try condos for sale rather than spend lots of my time and waste my day in cleaning this kind of chores. You really give me some cool ideas about it!bat dong san ping land

Johnson Hack said...

I hope that one day I can make it to the West Coast and also tour Victoria, BC. It would be a wonderful trip and memorable adventure to me as I am originally from the states and have life in Ontario for just 13 yrs now. My husband is Canadian. I love to travel and see new sites and this is one of my places I’d love to visit. I have gotten to a few spots here in Ontario but would love to go on a longer adventure even by train would be amazing. Coming by train would be interesting.

Johnson Hack said...

Great post yet I was thinking about whether you could compose a litte more on this subject? I”d be exceptionally grateful in the event that you could expound a tad bit further. Value it.Sonia Randhawa

Johnson Hack said...

They're produced by the very best degree developers who will be distinguished for your polo dress creating. You'll find polo Ron Lauren inside exclusive array which include particular classes for men, women.Dubai Hills Estate Golf Club

Johnson Hack said...

After that it is basic to get pre-endorsed for a home loan from a home loan intermediary or bank, with a confirmation to subsidize your home loan recorded as a hard copy. Numerous individuals much of the time stay away from this progression and decide to pay special mind to land before getting a home loan pre-endorsed.Sonia Randhawa

Johnson Hack said...

I hope that one day I can make it to the West Coast and also tour Victoria, BC. It would be a wonderful trip and memorable adventure to me as I am originally from the states and have life in Ontario for just 13 yrs now. My husband is Canadian. I love to travel and see new sites and this is one of my places I’d love to visit. I have gotten to a few spots here in Ontario but would love to go on a longer adventure even by train would be amazing. Coming by train would be interesting.college essay brainstorming

Johnson Hack said...

They're produced by the very best degree developers who will be distinguished for your polo dress creating. You'll find polo Ron Lauren inside exclusive array which include particular classes for men, women.Sonia Randhawa

Johnson Hack said...



You might not be aware that until 2011, the railway station at Schofields was a basic single platform located across the road from where the Chinese takeaway, until it was relocated to it’s current location closer to the (then only planned!) new developments, much to the vocal distaste of the locals residing in the “old” Schofields village.Sonia Randhawa

Adam said...

Yes i am totally agreed with this article and i just want say that this article is very nice and very informative article.I will make sure to be reading your blog more. You made a good point but I can't help but wonder, what about the other side? !!!!!!Thanks.Sonia Randhawa

Johnson Hack said...

Everyone is busy making the world dirty, no one has time to think about our nature. They even don't realize without the green environment we'll be unable to survive. Everyone knows the truth but none of them are aware of it.Sonia Randhawa

Johnson Hack said...



I’m going to write about my court drama at some point. Utter ridiculousness that I was forced in that direction. Starting small is exactly the way to go E.M. One property at a time and one that is definitely affordable. I’ve known people who have rented out their basements. I don’t know if I could do that…I’d prefer a bit of distance between myself and the tenants.Manchester Market

Johnson Hack said...



The key is to know your investments, since no one particular one is worst than another. For most people, real estate is easier to understand because they see the asset and can better foresee risks. For others, stocks are a better way to go because information about it is actually more readily available.detectives en torremolinos

Johnson Hack said...

Hi,
Savasa merupakan salah satu perumahan di Cikarang Jawa Barat yang dikembangkan oleh PT Sinarmasland.perumahan di bekasi

Johnson Hack said...

I am glad to view such a great article, I sit tight for an additional article additional fascinating on peruse. Manner cool! exactly greatly substantial points! I like you composing this article in addition to whatever remains of those websites will be generally great. I by any means adored the article. It demonstrated with being exceptional of service should be. Phenomenal publish! decent post Hosting phenomenal substance. This is precisely the thing that I've been searching for.scott korn

Johnson Hack said...



Thank this meaningful and helpful post ! I am working as a creative consultant at online services, that is mostly for Thanks a lot for the kind of perfect topic I have not a lot of information about it but I have got an extra unique info in your unique post.imiwin

Johnson Hack said...

Really interesting to read the story here shared and I feel special. The way the story presented also makes us more interesting. I'm looking forward to these kinds of the informative article and continue sharing more stories like this. face masks online

Johnson Hack said...

Our online courses are designed to help you build your future despite the hard times. We know what it feels like to want a better future but not know where to start. We are proud to be your starting place. Christine Sanni has built an award-winning career in technology; expanded her commitment and efforts towards environmental conservation; and is focused on helping others understand what makes them great. If you want to get the best place for online course visit Online learning sites

Johnson Hack said...

Our online courses are designed without walls and without invisible ceilings. And that means irrespective of who you are, you're going to have access to it all. Nothing held back, just empowering content that will not only teach you what's possible but also make you powerful. Distance learning can give you an online education. For more visit learning

Johnson Hack said...

I really appreciate your post.It gives an outstanding idea that is very helpful for all the people on the web.Thanks for sharing this information and I'll love to read your next post too.izmir istanbul ucak bileti

Jhone Harry said...

Isn't the problem much simpler than property construction? A.Name is written as read only. Whether the deserializer creates an instance of A to assign to B.Test or uses an existing instance (your "Default") is irrelevant. B.Test.Name is still read-only. sugar daddy

Johnson Hack said...

I was very interested in the article, it's quite inspiring I should admit. I like visiting you site since I always come across interesting articles like this one.Great Job, I greatly appreciate that.Do Keep sharing.mortgage note brokers

Johnson Hack said...



Very efficiently written information. It will be beneficial to anybody who utilizes it, including me. Keep up the good work. For sure i will check out more posts. This site seems to get a good amount of visitors.
real estate photography Baltimore

Johnson Hack said...

Great post yet I was thinking about whether you could compose a litte more on this subject? I”d be exceptionally grateful in the event that you could expound a tad bit further. Value it.designer lighting

Johnson Hack said...

Kings Town Lahore is a new sub-urban property development by Al-Kabir Developers. It is a Well-planned Al Kabir Town Lahore Phase 3 , located only 5 mins drive from Lahore Ring Road on Main Raiwind Road.RESIDENTIAL PLOT FOR SALE IN LAHORE

Johnson Hack said...

Very efficiently written information. It will be beneficial to anybody who utilizes it, including me. Keep up the good work. For sure i will check out more posts. This site seems to get a good amount of visitors.Jasa Sewa Pompa Beton

Johnson Hack said...

The amount of comfort they offer is something that almost all people prefer to quickly leap over to the telephone for the nearest, local appliance specialist shop the moment there’s a dilemma villas for sale in Mangla Garrison Housing

Johnson Hack said...

Very efficiently written information. It will be beneficial to anybody who utilizes it, including me. Keep up the good work. For sure i will check out more posts. This site seems to get a good amount of visitors.adhimix beton

zacksmith said...

I was very interested in the article, it's quite inspiring I should admit. I like visiting you site since I always come across interesting articles like this one.Great Job, I greatly appreciate that.Do Keep sharing.sell my house fast raleigh

Read more said...

Very efficiently written information. It will be beneficial to anybody who utilizes it, including me. Keep up the good work. For sure i will check out more posts. This site seems to get a good amount of visitors.

Commercial real estate brokerage company in overland park Kansas said...

Cool stuff you have and you keep overhaul every one of us
You have done a amazing job with you website. If you are buying or selling a property, you should be known of its legal procedures, otherwise you may have problems regarding that property in further future.

Johnson Hack said...

Everything is very open with a really clear description of the issues. It was really informative. Your website is very helpful. Thank you for sharing!sell house in the netherlands

Anonymous said...


Very efficiently written information. It will be beneficial to anybody who utilizes it, including me. Keep up the good work. For sure i will check out more posts. This site seems to get a good amount of visitors.stamford.hard money

James said...

It is so sad that a foreign company owned some property in the us. There has no declaration about this land and if the land registry records was not there, people may not have know about this fact.Kotak Home loan

Anonymous said...

The realm of real estate pertains to the acquisition, disposition, and administration of tangible property assets. This multifaceted field involves an array of endeavors such as brokering and finalizing transactions, constructing and supervising structures, and offering advisory services on real estate matters.Bienes Bancarios Costa Rica



Anonymous said...

Real estate investment involves the purchase, ownership, management, and sale of real property for profit. Investors can generate income through rental properties or by buying and selling properties for capital appreciation. Real estate investment strategies vary, ranging from short-term flips to long-term rentals. Investors assess factors like location, property condition, market trends, and financing options to make informed investment decisions.
Altura EC Official Sales

Anonymous said...

Real estate transactions involve the buying, selling, and leasing of properties. These transactions are facilitated by real estate agents, brokers, and lawyers who help negotiate deals, draft contracts, and ensure legal compliance. The process can be complex, involving property inspections, appraisals, and financing arrangements. Proper due diligence is essential to protect the interests of all parties involved in a real estate transaction.


Pinetree Hill Official Sales

Anonymous said...

Commercial real estate focuses on properties used for business purposes. This category includes office buildings, retail spaces, industrial facilities, and warehouses. Commercial real estate is influenced by economic factors, market trends, and the growth of industries. The demand for commercial properties is driven by the need for office space, retail outlets, and manufacturing facilities.


Lentor Modern Official Sales

Anonymous said...

Investing in real estate offers individuals and businesses an opportunity to generate income and build wealth. Real estate investors can earn money through rental income, property appreciation, and property management. Investors must carefully analyze market conditions, property values, and rental demand to make informed decisions. Real estate investment can be both rewarding and challenging, requiring a deep understanding of market dynamics and risk management.
Sceneca Residences Official Sales

Anonymous said...

Real estate marketing involves promoting properties to potential buyers or tenants. This includes various strategies such as online listings, advertisements, open houses, and networking events. Effective marketing requires understanding the target market, highlighting the unique features of the property, and utilizing various marketing channels. Technology has greatly influenced real estate marketing, with online platforms and virtual tours becoming increasingly popular.


Gems Ville Official Sales

Anonymous said...

Real estate is a multifaceted industry with significant implications for individuals, businesses, and communities. It encompasses residential and commercial properties, development projects, investment opportunities, financing arrangements, and regulatory frameworks. Understanding the intricacies of real estate is crucial for anyone involved in property ownership, development, or investment. The market continually evolves, influenced by economic conditions, demographic trends, and societal changes, making it a dynamic and exciting field to be a part of.
Terra Hill Official Sales

Anonymous said...

The real estate industry is not immune to market cycles. Periods of boom and recession can impact property values and sales activity. During a seller's market, when demand exceeds supply, property prices tend to rise, and sellers have the advantage. Conversely, during a buyer's market, when supply surpasses demand, prices may decline, and buyers have more negotiating power.


The Botany at Dairy Farm Official Sales

Anonymous said...

Real estate investments offer various strategies and options. Some investors focus on long-term buy-and-hold properties, while others engage in house flipping, where they purchase properties, renovate them, and sell for a profit. Real estate investment trusts (REITs) provide an opportunity for individuals to invest in a diversified portfolio of properties without direct ownership.
Tembusu Grand Official Sales

Anonymous said...

Real estate industry encompasses a wide range of activities, from investment and development to transactions and property management. Supply and demand dynamics, market cycles, location factors, and economic conditions all influence the industry. Real estate investments offer various strategies and options for individuals seeking to enter the market. Professionals such as real estate agents and property managers provide expertise and assistance throughout the process. With the advent of technology, the industry has undergone significant transformation, making it more accessible and efficient for buyers, sellers, and investors.
Blossoms By The Park Official Sales

Anonymous said...

Real estate markets are subject to cycles of boom and bust. During a real estate boom, property prices rise rapidly, and demand exceeds supply. This can lead to speculation and potentially unsustainable price increases. Conversely, during a real estate bust, prices may decline, and the market can experience a slowdown. Understanding these cycles is important for buyers, sellers, and investors to make informed decisions.
The Reserve Residences Official Sales

Anonymous said...

Industrial real estate involves properties utilized for manufacturing, distribution, and storage purposes. This sector caters to businesses requiring specialized facilities, such as factories, logistics centers, and industrial parks. Industrial real estate is influenced by factors like transportation networks, proximity to suppliers and customers, and government policies. As economies evolve, industrial spaces must adapt to technological advancements and changing industry requirements.

Newport Residences Official Sales

Anonymous said...

When it comes to finding a reliable and trustworthy locksmith near you, our local locksmith service stands out as a beacon of excellence. With a strong commitment to customer satisfaction and a proven track record of delivering top-notch locksmith solutions, we take pride in being your go-to source for all lock and key needs. Our team of highly skilled and certified locksmiths brings years of experience to the table, ensuring that they are well-versed in handling a diverse array of lock-related issues with utmost efficiency and precision.locksmith near me

Anonymous said...

This investment potential has driven many to explore the complexities of property markets, making real estate a cornerstone of financial planning. However, it's essential to recognize that real estate is not a guaranteed path to riches; it carries inherent risks and market fluctuations. Hillock Green

Anonymous said...

Real estate is a dynamic and multifaceted industry that encompasses the buying, selling, and management of properties ranging from residential homes to commercial buildings and vacant land. It plays a pivotal role in economies worldwide, serving as both an investment avenue and a fundamental necessity for shelter and business operations.buy real estate in ND and MN

Anonymous said...

Real estate transactions require meticulous due diligence, including property inspections, title searches, and financial assessments. These steps help mitigate risks and ensure that buyers and sellers make informed decisions.sell my house fast in Florida

Anonymous said...

Real estate, as an ever-evolving sector, plays a crucial role in the global economy, encompassing a vast array of properties ranging from residential homes to commercial complexes, and even raw land.

Anonymous said...

One of the primary drivers of real estate value is location. The old adage "location, location, location" holds true as the desirability and accessibility of a property's location can significantly impact its price. Properties in prime locations, such as city centers or waterfronts, tend to command higher prices due to their proximity to amenities, employment opportunities, and cultural attractions. In contrast, properties in less desirable or remote areas may be more affordable but may offer fewer conveniences.atlanta property search

Anonymous said...

Real estate is often viewed as a hedge against inflation. Unlike many other assets that can erode in value when inflation rises, real estate has historically maintained or even increased its value during inflationary periods. This resilience is attributed to the tangible nature of real estate and its ability to generate income through rent, which can be adjusted for inflation.

investments in Nigeria

Anonymous said...

Commercial real estate forms the backbone of bustling cities, shaping skylines and defining urban landscapes. Towers of glass and steel house the engines of commerce, hosting businesses that drive economies forward. The pulse of innovation and enterprise resonates within these structures, where the visions of entrepreneurs merge with the dynamism of the marketplace.homes for sale nava ade nm

Anonymous said...

Real estate embodies more than just physical structures; it encapsulates the essence of human aspirations, investment opportunities, and economic indicators. It serves as a canvas upon which dreams are built, families find solace, and businesses thrive. The cyclical nature of the real estate market, marked by fluctuations in demand and supply, interest rates, and consumer preferences, highlights its sensitivity to external influences. Yet, within this volatility lies opportunities for investors, developers, and homeowners to navigate and capitalize on the market's nuances.get a cash offer

Anonymous said...

Real estate, in its essence, is a tangible manifestation of human aspirations, financial prudence, and societal evolution. It's a canvas where dreams of owning a home, building a business empire, or securing a stable future converge. Yet, amidst its allure, it remains subject to market volatilities, regulatory shifts, and the perpetual dance of supply and demand. Its resilience, however, lies in its ability to adapt, innovate, and endure, navigating through the ever-changing tides of the economy and human ambition.Home seller’s guide

Anonymous said...

The real estate industry itself is a labyrinth of professionals, from realtors navigating the intricacies of transactions to architects envisioning innovative structures that redefine skylines. Legal experts play a crucial role, ensuring that transactions are executed seamlessly, and that the rights of buyers and sellers are protected. The industry's symbiotic relationship with finance is evident in the myriad mortgage products, investment vehicles, and funding mechanisms that fuel its engine. The cyclical nature of real estate, marked by periods of boom and bust, underscores the need for adaptability within the industry.Cash offer for homes in Indianapolis

Anonymous said...

Koon Seng House Luxurious Living - New Exclusive Residential with 17 Units, Spectacular landed Views, Developed By Macly Group. Visit the Showflat Today!Koon Seng House Showflat

Anonymous said...

Hi,One Sophia Luxurious Living - New Exclusive Residential with 373 Units and 249 Commercial Units. Prime City-Centric Location, Developed By Sophia Residential.Fore more visit One Sophia

Best Bloging site said...

Real estate flipping involves buying properties, renovating them, and selling at a profit. Success hinges on market research, strategic renovations, and timing. Wealth accrues through smart investments, risk management, and leveraging expertise. Diligence, patience, and adaptability are key to sustained prosperity in real estate ventures. Luxury Real Estate for Sale in Tulum