Tag: greed

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Seriously?

Oh, Please! It’s not even Halloween! Fashion Valley decks the mall with mounds of folly—fa, la, la, la, la, la, la, la, la! You won’t forget to spend your money—fa, la, la, la, la, la, […]

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Apple Music Takes from Artists to Give to Subscribers

For a company that generates more profits than any other ($18 billion during fiscal first quarter 2015), sits on a cash horde of nearly $200 billion, and has the gall to charge $150 for a watchband, stinginess is an unbecoming trait. Scratch that. Greediness. Putting profits before people, particularly devoted customers, when corporate advertising is all about how they matter more, is simply stupid public relations. In business, perception is everything.

So Apple’s reported decision to give away music for three months, without compensating artists, is cheapskates behavior that demands criticism, particularly about a company claiming that music means so much. Speaking to developers last week, CEO Tim Cook: “We love music, and music is such an important part of our lives and our culture”. Oh yeah? If it’s so important, why diminish its value? To zero. “We’ve had a long relationship with music at Apple”. For how much longer without artists’ cooperation? You don’t own the content, Mr. Cook. 

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What Sucks about .Sucks Domains

As someone whose name also is his brand (welcome to 21st-century journalism), I watch with interest the new .sucks top-level domain, which is available for select preregistration through May 29—the only time to surely secure your .sucks. Yesterday, i looked to a reputable registrar to see what joewilcox.sucks would cost me. Cough, cough: $3,797.99 now, during the so-called Priority Access (e.g., Sunrise) period, or $407.98 when general pre-reg starts in June.

The new TLD is just one among hundreds of available or forthcoming domain extensions sanctioned by governing body ICANN. “I think the motivation behind the release of all these new domains is money”, says Roger Kay, who describes the sellers as shady land speculators. “The .sucks domain is particularly nasty”, the president of consultancy Endpoint Technologies Associates emphasizes. “It’s pretty close to blackmail”. But is it really? This analysis means to help you decide. 

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Masters of the Econolypse

While I was flu-snookered last week, Rolling Stone issue 1099 arrived. It’s the third issue received since my resubscribing after more than 25 years. Amazon made an offer I couldn’t refuse: Half-year subscription for a buck. The writing is better than ever, although a contributing editor wrote the best story—”Wall Street’s Bailout Hustle“.

That best story is simply amazing. Matt Taibbi puts the mortgage crisis and subsequent government bailout in grifter terms (Seven different cons). Matt’s storytelling is exceptional, and he gives the crisis the rip-off context it deserves.

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Let the Bears Eat Bear Stearns

I agree with Gretchen Morgenson, writing for the New York Times. The Fed shouldn’t bail out Bear Stearns. The fed crossed a line by keeping afloat a major architect of the housing debacle.

I wrote my first blog post about the housing bubble in August 2005, a year after deciding not to buy a home in the Washington, DC suburb of Bowie. It was already clear to me in summer 2004 that something akin to a repeat of the dot-com bubble was taking place in the housing market.

Had we bought in 2004, we would likely hold a mortgage that exceeds the house’s reduced value. We could never have moved to San Diego. 

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The Corporation

End of last week, I watched a startling documentary, which resonated well with some suspicions I already had. Staunch capitalists probably wouldn’t be moved by “The Corporation“, although hard-core liberals or even communists might delight in the documentary.

My response is neither political nor economic, but rooted in my sense of right, which in part defines good as putting the wellbeing of others above oneself. People or organizations that prosper by harming others do wrong. Many societies recognize cannibalism as wrong, yet those same peoples often do not recognize as wrong another kind of cannibalism: The consumption (or sacrifice) of one person’s livelihood or well being to support another person, group or organization. 

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Housing Bubble Myths Pop

For more than a year I’ve warned that the housing market would retreat with wicked vengeance, with reverberations moving through the US economy as it did earlier in other countries. Today’s Fortune story “Getting real about the real estate bubble” rips apart some of the myths sustaining the bubble.

Shawn Tully whacks the hell out of four bubble myths: “As long as job growth is strong, prices can’t go down”; “the builders learned their lesson in the last downturn. They won’t swamp the market with new houses when the market turns”; “low interest rates will keep values rising, or at the very least, put a floor under prices”; “restriction on development in the suburbs ensure low supply, and guarantee rising prices”. 

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When the Boom Busts

I have repeatedly blogged about the impending housing market crisis. While not as apocalyptic as my stated position, SmartMoney story “Home Crunch” warns of problems on the coasts, where inflated home prices and risky mortgages will pinch many home owners.

In my neighborhood, signs of a sales slowdown are everywhere. Two houses around the corner have been on the market for months. A year ago, they would have sold within a week. Some houses are selling, but the turnover clearly is slowing down.