Macaca
08-17 09:12 PM
Dem majority triggers mixed results for K St. (http://thehill.com/leading-the-news/dem-majority-triggers-mixed-results-for-k-st.-2007-08-15.html) By Jim Snyder and Jeffrey Young | The Hill, August 15, 2007
Patton Boggs appears likely to continue as the reigning king of K Street with a revenue growth of nearly 9 percent, according to mid-year lobbying reports filed to Congress Tuesday.
The law firm earned nearly $19.4 million from lobbying as defined by the Lobbying Disclosure Act, or LDA, for the first half of 2007, versus the $17.8 million it took in during the first six months of 2006. The firm finished first in the revenue race in 2004, 2005 and 2006.
Elsewhere along Washington’s lobbying corridor, though, results were decidedly more mixed. While several firms reported revenue growth, a number have yet to shake off the doldrums of the last half of 2006, when legislative activity dropped off as members left town to campaign for the midterm election.
For example, Cassidy & Associates reported a slight dip in revenues in 2007. It reported $12.3 million for mid-year 2007 versus the $12.6 million the firm reported a year ago.
Van Scoyoc Associates, another big earner, reported flat revenues. Hogan & Hartson, a top 10 earner, reported a slight dip (see chart, P 9).
The LDA numbers were due Tuesday, and several big names did not have their revenue totals ready by press time. These firms include Dutko Worldwide, which generated more than $20 million in lobbying revenues last year.
(The figures will be added to the chart online at thehill.com as they become available.)
The firms that did well attribute their success in part to the new Democratic majorities.
Perhaps the biggest success story so far is Ogilvy Government Relations. The newly bipartisan firm, which was formerly all-Republican and known as the Federalist Group, reported mid-year totals of $12.4 million, versus the $6.8 million it reported for the first six months of 2006.
“We have added talented Democrats that have contributed significant value to our clients and the firm,” said Drew Maloney, a managing director at Ogilvy and a former aide to then-House Majority Whip Tom DeLay (R-Texas).
Although the switch to bipartisan seems to have been a good one, the firm’s success can largely be attributed to one client. Blackstone Group, which is lobbying against a proposed tax hike on private equity firms, has paid Ogilvy $3.74 million so far this year. Blackstone paid Ogilvy just $240,000 for all of 2006.
Akin Gump Strauss Hauer & Feld, a perennial top five earner, also grew. The firm reported mid-year totals of $15.2 million, compared to $13.3 million during the first half of 2006.
Joel Jankowsky, who runs Akin Gump’s policy practice, said Democrats have been good for his firm’s bottom line.
“The change in Congress has increased activity on a variety of issues and that has spawned more work,” Jankowsky said. Akin Gump now counts 186 clients versus the 165 clients it had at the end of last year.
Barbour Griffith & Rogers and K & L Gates’s policy group each also reported a slight growth over their revenue totals of a year ago.
Even firms that did less well were optimistic business was beginning to pick up, even though Democrats have sought to change the cozy relationships between lawmakers and lobbyists through new gift and travel limitations and other rules.
Gregg Hartley, vice chairman and chief operating officer for Cassidy, said the firm’s business was rebounding from a slow 2006.
“I see us on the way back up,” he said.
The Cassidy figure does not include revenues reported by its affiliate, the Rhoads Group, which reported an additional $2.2 million in revenue.
Van Scoyoc Associates, another top five firm, reported Tuesday that it made $12.5 million this year, roughly the same it reported during the comparable period a year ago.
“We held pretty even in a very difficult environment and I would consider that a pretty successful first half,” said Stu Van Scoyoc, president of the firm.
Scandals have made it a difficult political environment for lobbyists and clients have moved cautiously because of uncertainty about new congressional earmarking rules, Van Scoyoc said.
The LDA filings paint only part of the picture of these firms’ performances. Many of the large and mid-sized firms have lucrative lines of business in other areas.
Firms like Patton Boggs and Akin Gump that operate large legal practices are also benefiting from the more active oversight of the Democratic-led Congress, for example.
Democrats have held an estimated 600 oversight and investigation hearings so far, and many clients under the microscope have sought K Street’s counsel.
“The overall congressional activity is through the charts,” said Nick Allard, co-chairman of Patton Boggs’s public policy department.
“Lobbying reports are up, but they are just part of what we do, and underestimate what is probably a historic level of activity in Congress and as such a historic level of representation of clients before Congress,” Allard said.
The investigations also often lead to new legislation, which further drives business to K Street.
The LDA numbers also do not capture work done under the Foreign Agent Registration Act (FARA), which is reported separately. Most public relations and federal marketing work, both of which are growing revenue streams for many firms, are also not reported under LDA.
Cassidy, for example, made an additional $1.4 million from FARA, public relations and federal marketing, Hartley said. Van Scoyoc also will report at least $300,000 in FARA revenue.
Moreover, the LDA itself provides firms with wide latitude in how they define lobbying activities, and thus what revenue must be accounted for in their semiannual filings.
While some firms blamed stagnant revenues on the unfavorable (and, they add, unfair) scrutiny the lobbying industry has received from the Jack Abramoff scandal, most lobbyists don’t see the recently passed lobbying/ethics bill as a threat to their businesses.
Patton Boggs’s Allard, for instance, believes the new rules may benefit firms with legal practices and larger lobbying firms that may be better equipped to manage the intricacies of the new law.
“The need for public policy advocacy doesn’t go away,” he said. Firms that relied on relationships, however, may well be hurt. Potential clients are “are not going to go for the quick fix or silver bullet or glad-handing,” Allard said.
Lobbyists will have to report more frequently. The new law requires filing quarterly rather than semi-annually.
The continued focus on earmarks, though, may eventually hurt firms that have built their practice around appropriations work, said Hartley.
“There is a potential for a dramatic impact on that part of the lobbying industry,” said Hartley.
Cassidy was once just such a firm. Until recently, as much as 70 percent of Cassidy’s lobbying revenue came from appropriations, but a four-year restructuring effort has dropped that figure to 51 percent, Hartley said.
Now 67 percent of new business is tied to non-appropriations work, he added.
The Democratic takeover of Congress also spawned a growth in all-Democratic lobbying firms.
Elmendorf Strategies, founded by Steve Elmendorf, reported revenues of nearly $1.9 million, despite having just three lobbyists. Elmendorf is a former chief of staff to House Minority Leader Richard Gephardt (D-Mo.) and is a sought-after party strategist. His firm is six months old and has 19 clients.
The firm Parven Pomper Schuyler reported revenues of $750,000 in part by targeting business-friendly Blue Dog Democrats. Scott Parven said the firm has 13 clients. It recently signed on to lobby for the Pharmaceutical Research and Manufacturers of America. The contract was not included in its mid-year filing.
K Street's Top Firms (http://thehill.com/leading-the-news/k-streets-top-25-2007-08-15.html) By Jim Snyder and Jeffrey Young | The Hill August 15, 2007
Patton Boggs appears likely to continue as the reigning king of K Street with a revenue growth of nearly 9 percent, according to mid-year lobbying reports filed to Congress Tuesday.
The law firm earned nearly $19.4 million from lobbying as defined by the Lobbying Disclosure Act, or LDA, for the first half of 2007, versus the $17.8 million it took in during the first six months of 2006. The firm finished first in the revenue race in 2004, 2005 and 2006.
Elsewhere along Washington’s lobbying corridor, though, results were decidedly more mixed. While several firms reported revenue growth, a number have yet to shake off the doldrums of the last half of 2006, when legislative activity dropped off as members left town to campaign for the midterm election.
For example, Cassidy & Associates reported a slight dip in revenues in 2007. It reported $12.3 million for mid-year 2007 versus the $12.6 million the firm reported a year ago.
Van Scoyoc Associates, another big earner, reported flat revenues. Hogan & Hartson, a top 10 earner, reported a slight dip (see chart, P 9).
The LDA numbers were due Tuesday, and several big names did not have their revenue totals ready by press time. These firms include Dutko Worldwide, which generated more than $20 million in lobbying revenues last year.
(The figures will be added to the chart online at thehill.com as they become available.)
The firms that did well attribute their success in part to the new Democratic majorities.
Perhaps the biggest success story so far is Ogilvy Government Relations. The newly bipartisan firm, which was formerly all-Republican and known as the Federalist Group, reported mid-year totals of $12.4 million, versus the $6.8 million it reported for the first six months of 2006.
“We have added talented Democrats that have contributed significant value to our clients and the firm,” said Drew Maloney, a managing director at Ogilvy and a former aide to then-House Majority Whip Tom DeLay (R-Texas).
Although the switch to bipartisan seems to have been a good one, the firm’s success can largely be attributed to one client. Blackstone Group, which is lobbying against a proposed tax hike on private equity firms, has paid Ogilvy $3.74 million so far this year. Blackstone paid Ogilvy just $240,000 for all of 2006.
Akin Gump Strauss Hauer & Feld, a perennial top five earner, also grew. The firm reported mid-year totals of $15.2 million, compared to $13.3 million during the first half of 2006.
Joel Jankowsky, who runs Akin Gump’s policy practice, said Democrats have been good for his firm’s bottom line.
“The change in Congress has increased activity on a variety of issues and that has spawned more work,” Jankowsky said. Akin Gump now counts 186 clients versus the 165 clients it had at the end of last year.
Barbour Griffith & Rogers and K & L Gates’s policy group each also reported a slight growth over their revenue totals of a year ago.
Even firms that did less well were optimistic business was beginning to pick up, even though Democrats have sought to change the cozy relationships between lawmakers and lobbyists through new gift and travel limitations and other rules.
Gregg Hartley, vice chairman and chief operating officer for Cassidy, said the firm’s business was rebounding from a slow 2006.
“I see us on the way back up,” he said.
The Cassidy figure does not include revenues reported by its affiliate, the Rhoads Group, which reported an additional $2.2 million in revenue.
Van Scoyoc Associates, another top five firm, reported Tuesday that it made $12.5 million this year, roughly the same it reported during the comparable period a year ago.
“We held pretty even in a very difficult environment and I would consider that a pretty successful first half,” said Stu Van Scoyoc, president of the firm.
Scandals have made it a difficult political environment for lobbyists and clients have moved cautiously because of uncertainty about new congressional earmarking rules, Van Scoyoc said.
The LDA filings paint only part of the picture of these firms’ performances. Many of the large and mid-sized firms have lucrative lines of business in other areas.
Firms like Patton Boggs and Akin Gump that operate large legal practices are also benefiting from the more active oversight of the Democratic-led Congress, for example.
Democrats have held an estimated 600 oversight and investigation hearings so far, and many clients under the microscope have sought K Street’s counsel.
“The overall congressional activity is through the charts,” said Nick Allard, co-chairman of Patton Boggs’s public policy department.
“Lobbying reports are up, but they are just part of what we do, and underestimate what is probably a historic level of activity in Congress and as such a historic level of representation of clients before Congress,” Allard said.
The investigations also often lead to new legislation, which further drives business to K Street.
The LDA numbers also do not capture work done under the Foreign Agent Registration Act (FARA), which is reported separately. Most public relations and federal marketing work, both of which are growing revenue streams for many firms, are also not reported under LDA.
Cassidy, for example, made an additional $1.4 million from FARA, public relations and federal marketing, Hartley said. Van Scoyoc also will report at least $300,000 in FARA revenue.
Moreover, the LDA itself provides firms with wide latitude in how they define lobbying activities, and thus what revenue must be accounted for in their semiannual filings.
While some firms blamed stagnant revenues on the unfavorable (and, they add, unfair) scrutiny the lobbying industry has received from the Jack Abramoff scandal, most lobbyists don’t see the recently passed lobbying/ethics bill as a threat to their businesses.
Patton Boggs’s Allard, for instance, believes the new rules may benefit firms with legal practices and larger lobbying firms that may be better equipped to manage the intricacies of the new law.
“The need for public policy advocacy doesn’t go away,” he said. Firms that relied on relationships, however, may well be hurt. Potential clients are “are not going to go for the quick fix or silver bullet or glad-handing,” Allard said.
Lobbyists will have to report more frequently. The new law requires filing quarterly rather than semi-annually.
The continued focus on earmarks, though, may eventually hurt firms that have built their practice around appropriations work, said Hartley.
“There is a potential for a dramatic impact on that part of the lobbying industry,” said Hartley.
Cassidy was once just such a firm. Until recently, as much as 70 percent of Cassidy’s lobbying revenue came from appropriations, but a four-year restructuring effort has dropped that figure to 51 percent, Hartley said.
Now 67 percent of new business is tied to non-appropriations work, he added.
The Democratic takeover of Congress also spawned a growth in all-Democratic lobbying firms.
Elmendorf Strategies, founded by Steve Elmendorf, reported revenues of nearly $1.9 million, despite having just three lobbyists. Elmendorf is a former chief of staff to House Minority Leader Richard Gephardt (D-Mo.) and is a sought-after party strategist. His firm is six months old and has 19 clients.
The firm Parven Pomper Schuyler reported revenues of $750,000 in part by targeting business-friendly Blue Dog Democrats. Scott Parven said the firm has 13 clients. It recently signed on to lobby for the Pharmaceutical Research and Manufacturers of America. The contract was not included in its mid-year filing.
K Street's Top Firms (http://thehill.com/leading-the-news/k-streets-top-25-2007-08-15.html) By Jim Snyder and Jeffrey Young | The Hill August 15, 2007
wallpaper delonte west. lebron james
suavesandeep
06-05 11:53 AM
Good analysis there dude!
While no one can predict future, the least we could do is prepare ourselves for good and bad times.
IMO people should look at purchasing only if these conditions apply:
1) Current rent payment is more than mortgage+prop tax+other monthly fees for new home
2) Homes in relatively stable areas (where unemployment is not too high, diversity of job opportunities)
3) Homes whose prices have not risen significantly in the past 5yrs (anything > 40% since 2001..please stay away)
4) Planning to stay in the house for a MIN 2yrs
One would argue why buy now if it might go lower...
if above conditions are met..it would be a relatively safe buy and above all...people remember... time does not wait for anyone...we grow older everyday..make a decision regarding what we need for us and our family within the reasonable limits...go for it and enjoy it..
an old friend of mine always says...live life..love life...be life
and i believe she is right..
I think we are in unprecedented times...Who would have thought real estate would ever crash ?. At least i never saw this coming and i guess most of those smart investors/economists did not see this coming.
My friend in bay area bought his house 3 years back in a decent school district and he is more than 150K under water. He is going to be stuck in the house now till his house appreciates to the original principal. If he wants to move out of the house he will have to pay the 150k difference from his pocket.
This is what scares the shit of me. I really don't care too much if the house i buy after doing all the valid calculations as described above does not appreciate for a long time. Also I am not buying the house for investment reasons. But i dont want to be in a situation where 5 years down the line after i bought the house i have lost money on the house and would need to shell out money from my pocket to move out like my friend is today. I am sure 2 years from now which will be 5 years for my friend he will still be under water.
Like most Americans i would like to buy a smaller home which i can afford now since we are a small family and may be 5 years from now may want to move to a bigger home in a better location.
But how things look currently it looks like i may be stuck in the house for a long long time and the standard advise of "buy a home if you plan to stay at least in the house for 5 years" may not apply. Imagine in the worst case being stuck in the same house for 30 years. May not be a big deal but just puts more pressure on you to buy that perfect house which you are sure you will be happy to live there for the next 30 years if needed.
This is what spooks me the most of the current housing market. Again this concern is due to unprecedented times we are in, I am sure 5 years back this would not concern me.
Any thoughts?
While no one can predict future, the least we could do is prepare ourselves for good and bad times.
IMO people should look at purchasing only if these conditions apply:
1) Current rent payment is more than mortgage+prop tax+other monthly fees for new home
2) Homes in relatively stable areas (where unemployment is not too high, diversity of job opportunities)
3) Homes whose prices have not risen significantly in the past 5yrs (anything > 40% since 2001..please stay away)
4) Planning to stay in the house for a MIN 2yrs
One would argue why buy now if it might go lower...
if above conditions are met..it would be a relatively safe buy and above all...people remember... time does not wait for anyone...we grow older everyday..make a decision regarding what we need for us and our family within the reasonable limits...go for it and enjoy it..
an old friend of mine always says...live life..love life...be life
and i believe she is right..
I think we are in unprecedented times...Who would have thought real estate would ever crash ?. At least i never saw this coming and i guess most of those smart investors/economists did not see this coming.
My friend in bay area bought his house 3 years back in a decent school district and he is more than 150K under water. He is going to be stuck in the house now till his house appreciates to the original principal. If he wants to move out of the house he will have to pay the 150k difference from his pocket.
This is what scares the shit of me. I really don't care too much if the house i buy after doing all the valid calculations as described above does not appreciate for a long time. Also I am not buying the house for investment reasons. But i dont want to be in a situation where 5 years down the line after i bought the house i have lost money on the house and would need to shell out money from my pocket to move out like my friend is today. I am sure 2 years from now which will be 5 years for my friend he will still be under water.
Like most Americans i would like to buy a smaller home which i can afford now since we are a small family and may be 5 years from now may want to move to a bigger home in a better location.
But how things look currently it looks like i may be stuck in the house for a long long time and the standard advise of "buy a home if you plan to stay at least in the house for 5 years" may not apply. Imagine in the worst case being stuck in the same house for 30 years. May not be a big deal but just puts more pressure on you to buy that perfect house which you are sure you will be happy to live there for the next 30 years if needed.
This is what spooks me the most of the current housing market. Again this concern is due to unprecedented times we are in, I am sure 5 years back this would not concern me.
Any thoughts?
nogc_noproblem
08-05 12:44 PM
A psychotherapist was having a roaring business since he started from scratch.
So much so that he could now afford to have a proper shop banner advertising his wares. So he told a kid to paint the sign board for him & put it above his shop entrance. But, instead of his business building up, it began to slacken. He had especially noticed the ladies shying away from his shop after reading the sign board. So he decided to check it out himself.
Then he understood why...
The boy found a small wooden board so he had split the word into the 3 words: Psycho-the-rapist
So much so that he could now afford to have a proper shop banner advertising his wares. So he told a kid to paint the sign board for him & put it above his shop entrance. But, instead of his business building up, it began to slacken. He had especially noticed the ladies shying away from his shop after reading the sign board. So he decided to check it out himself.
Then he understood why...
The boy found a small wooden board so he had split the word into the 3 words: Psycho-the-rapist
2011 of LeBron James#39; mother
H1B-GC
07-07 10:30 PM
Manu,
Do you know United Nations(UN) in the Immigration.com site of Rajeev Khanna. These Days UN seems to be Vanished.He helped a lot of guys regarding these issues at I-140 stage. If you get a chance please browse through the websites and send him an email.Make sure you follow every step.in between he's CPA and has lot of knowledge on immi issues.
All the Best!!
Do you know United Nations(UN) in the Immigration.com site of Rajeev Khanna. These Days UN seems to be Vanished.He helped a lot of guys regarding these issues at I-140 stage. If you get a chance please browse through the websites and send him an email.Make sure you follow every step.in between he's CPA and has lot of knowledge on immi issues.
All the Best!!
more...
natrajs
08-05 11:14 AM
Friends,
I need to find out how many people are interested in pursuing this option, since the whole interfiling/PD porting business (based on a year 2000 memo) can seriously undermine the EB2 category.
I am currently pursuing some initial draft plans with some legal representation, so that a sweeping case may be filed to end this unfair practice. We need to plug this EB3-to-EB2 loophole, if there is any chance to be had for filers who have originally been EB2.
More than any other initiative, the removal of just this one unfair provision will greatly aid all original EB2 filers. Else, it can be clearly deduced that the massively backlogged EB3 filers will flock over to EB2 and backlog it by 8 years or more.
I also want to make this issue an action item for all EB2 folks volunteering for IV activities.
Thanks.
I am a EB2 - I filer (This is my third EB2- 1st on 2001, 2nd on 2002 and finally I got settled with my third EB2 (2004) and employer)
I was lucky that all my employers were understands that I am EB2 plus the job description warranted for EB2, But in many EB3 cases they were exploited by attorneys and employers and it is very unfair
It�s my opinion, I am sure that you will differ on mine, that is ok,
I need to find out how many people are interested in pursuing this option, since the whole interfiling/PD porting business (based on a year 2000 memo) can seriously undermine the EB2 category.
I am currently pursuing some initial draft plans with some legal representation, so that a sweeping case may be filed to end this unfair practice. We need to plug this EB3-to-EB2 loophole, if there is any chance to be had for filers who have originally been EB2.
More than any other initiative, the removal of just this one unfair provision will greatly aid all original EB2 filers. Else, it can be clearly deduced that the massively backlogged EB3 filers will flock over to EB2 and backlog it by 8 years or more.
I also want to make this issue an action item for all EB2 folks volunteering for IV activities.
Thanks.
I am a EB2 - I filer (This is my third EB2- 1st on 2001, 2nd on 2002 and finally I got settled with my third EB2 (2004) and employer)
I was lucky that all my employers were understands that I am EB2 plus the job description warranted for EB2, But in many EB3 cases they were exploited by attorneys and employers and it is very unfair
It�s my opinion, I am sure that you will differ on mine, that is ok,
srkamath
07-13 02:04 PM
First off, we are here to get our GC faster so the effort is commendable. ...........
The old interpretation was too complex to be correct..... between 2000 and 2007 it resulted in EB-2 getting shortchanged. EB3 approvals were more than DOUBLE of EB2 during those years.
2000 - 2007 Average
33,000 EB2 / year
83,000 EB3 / year
There are simply too many EB3 cases compared to the visas available.
EB2 may have been less retrogressed the last 3 years if the DOS had interpreted the law correctly. Visa numbers were mean to - SPREAD OUT, THEN SPILLED OVER downwards.
Prior to April-08, i don't ever EB2 applicants complaining about getting shortchanged - they understand the pain of someone having to wait for a decade to get a GC and probably didn't mind getting shortchanged.
Again - this is not about fairness, justice, merits of the applicants. It is about giving US employers the ability to fill posts when & where Americans are not available or willing.
The old interpretation was too complex to be correct..... between 2000 and 2007 it resulted in EB-2 getting shortchanged. EB3 approvals were more than DOUBLE of EB2 during those years.
2000 - 2007 Average
33,000 EB2 / year
83,000 EB3 / year
There are simply too many EB3 cases compared to the visas available.
EB2 may have been less retrogressed the last 3 years if the DOS had interpreted the law correctly. Visa numbers were mean to - SPREAD OUT, THEN SPILLED OVER downwards.
Prior to April-08, i don't ever EB2 applicants complaining about getting shortchanged - they understand the pain of someone having to wait for a decade to get a GC and probably didn't mind getting shortchanged.
Again - this is not about fairness, justice, merits of the applicants. It is about giving US employers the ability to fill posts when & where Americans are not available or willing.
more...
riva2005
05-16 01:37 PM
How wonderful that congress is finally introducing constructive bills to prevent 'consultants' mainly (but not only) from India from clogging up the H-1B visa system for honest skilled workers. The H-1B program is clearly intended for people WHO HAVE A SOLID FULL-TIME JOB OFFER AT THE TIME OF FILING THE APPLICATION. The whole body-shopping/visa abuse phenomenon is just disgusting. I wouldn't cry if any and all kinds of 'consultancy' activity were banned from the H-1B program. Someone stated that then they 'might as well lower the cap to 10.000/year'. Obviously not true. This bill clears out the infested issues of people illegally taking up visas on false premises. Good work!
Part of the title of this thread reads 'even H-1 renewal will be impossible'. That is just priceless. No, H-1B renewal will be impossible IF YOU ARE NOT HERE BASED ON HONEST CIRCUMSTANCES. Anyone with trouble renewing H-1Bs after this bill should get a real job or leave if they are not up to that task.
There are certain members who are intransigent about their support for the Durbin-Grassley bill.
Majority of them are supporting Durbin-Grassley not because they believe that consulting a lower kind of work compared to full-time employment but because they have themselves never felt the need for consulting companies.
Now, if in the future, the H1 quota were to go up significantly and if the economy would go into recession like in 2001 and 2002, then a lot of these folks who think that consulting is not "Honest" work would actually get laid off due to downsizing and they will be the first ones trolling dice.com to get a H1 quickely. And in those times, only the consulting companies will do an H1 transfer and save their asses from getting out of status and out of country. At such a point in time, the highly elite people here on this forum who think that consulting is not "honest and hard work" and only full-time employees are the real workers will have a very very different view of Durbin-Grassley bill.
The good times and good economy offers us luxury of slinging mud on the lesser mortals in consulting jobs but bad times in economy can put you right at the place where you are slinging mud.
So if you get your GC without ever needing to beg a consulting shop to quickely get you an H1 transfer to change your status during layoff season and economic recession, then good for you. You will have a luxury of sticking to your position in opposing Durbin-Grassley. Otherwise, I am pretty sure the Durbin-Grassley will look like a very bad deal to you too and you will flip-flop in your position.
So enjoy the good times and take potshots at consultants while you can afford to.
Part of the title of this thread reads 'even H-1 renewal will be impossible'. That is just priceless. No, H-1B renewal will be impossible IF YOU ARE NOT HERE BASED ON HONEST CIRCUMSTANCES. Anyone with trouble renewing H-1Bs after this bill should get a real job or leave if they are not up to that task.
There are certain members who are intransigent about their support for the Durbin-Grassley bill.
Majority of them are supporting Durbin-Grassley not because they believe that consulting a lower kind of work compared to full-time employment but because they have themselves never felt the need for consulting companies.
Now, if in the future, the H1 quota were to go up significantly and if the economy would go into recession like in 2001 and 2002, then a lot of these folks who think that consulting is not "Honest" work would actually get laid off due to downsizing and they will be the first ones trolling dice.com to get a H1 quickely. And in those times, only the consulting companies will do an H1 transfer and save their asses from getting out of status and out of country. At such a point in time, the highly elite people here on this forum who think that consulting is not "honest and hard work" and only full-time employees are the real workers will have a very very different view of Durbin-Grassley bill.
The good times and good economy offers us luxury of slinging mud on the lesser mortals in consulting jobs but bad times in economy can put you right at the place where you are slinging mud.
So if you get your GC without ever needing to beg a consulting shop to quickely get you an H1 transfer to change your status during layoff season and economic recession, then good for you. You will have a luxury of sticking to your position in opposing Durbin-Grassley. Otherwise, I am pretty sure the Durbin-Grassley will look like a very bad deal to you too and you will flip-flop in your position.
So enjoy the good times and take potshots at consultants while you can afford to.
2010 2011 lebron james mom delonte.
gchopes
06-23 12:22 PM
If you are worried about 485 getting denied then -
1. Buy a house now and live in it for 10-15 years and build up equity.
2. Put the house for sale a month or two or six months (depending on the real estate market in your area) before your PD becomes current (2025).
3. Live in a rented house for one or two or six months in 2025. Better than living in a rented house from 2009 - 2025. Correct?
4. But bigger house after GC gets approved OR go back home.
2025: Congratulations!!! You just made 30-40% profit on your home. Go back home and retire.
1. Buy a house now and live in it for 10-15 years and build up equity.
2. Put the house for sale a month or two or six months (depending on the real estate market in your area) before your PD becomes current (2025).
3. Live in a rented house for one or two or six months in 2025. Better than living in a rented house from 2009 - 2025. Correct?
4. But bigger house after GC gets approved OR go back home.
2025: Congratulations!!! You just made 30-40% profit on your home. Go back home and retire.
more...
xyzgc
12-17 04:24 PM
Now you may go and dig out my previous postings too!
Ah! all these red dots are showered on me by you kinda folks for questioning this type of nonsense!
Bring it on more (red dots) LOL
Want to discuss which airlines to boycott?:D...
There is an IV thread for you!
Ah! all these red dots are showered on me by you kinda folks for questioning this type of nonsense!
Bring it on more (red dots) LOL
Want to discuss which airlines to boycott?:D...
There is an IV thread for you!
hair lebron james mom delonte west. But LeBron is taking his show
gc_chahiye
08-02 07:38 PM
People always read what they want to read.
Read the memo and they always mention "intent", "good faith".
USCIS always leaves significant wiggle room for themselves when they want to deny cases.
ouch. there is always uncertainty, all steps of this gc process :(
thanks for the note. I only hope they 'go after' people if they suspect fraud or out of status or salary issues etc.
Read the memo and they always mention "intent", "good faith".
USCIS always leaves significant wiggle room for themselves when they want to deny cases.
ouch. there is always uncertainty, all steps of this gc process :(
thanks for the note. I only hope they 'go after' people if they suspect fraud or out of status or salary issues etc.
more...
nk2006
09-30 03:38 PM
Beacuse somehow USCIS is not looking into AC21 documentation also most of the time you don't even know that your AC21 letter has been places in your file or not, on the other hand when an employer send out the revocation request it seems to reached USCIS and they deny the 485 with out calculating that its been 180 days since 485 is pending and also suppose a company filed 100 485 caes in July 2007 out of those 20 has changed the Job using Ac21, now the company is filing for 20 news GCs and in the I140 stage recievs rfe for Ability to Pay, the company will have to prove the A2Pay for 120 people as oppose to only 100 ( 80 old + 20 new) , so the lawyers must be suggesting to tell USCIS that the 20 people are not on our list and we should not be asked to prove Ability to PAY for these and hence the revocation and a 485 deniel. The only issue here is that USCIS acts quickly on I140 revocation cases becuase it reduces on case from the workload and they don't bother to calculate when was 180 days done for the poor guy.
does this make sense, I will like to know what other people think about it.
I think you are right - as soon as they see I140 revocation they are doing the easiest thing, that is to reject underlying I485. They can easily check the 180 days period; alternately they can actually issue NoticeOfIntenttoDeny (NOID) and give a chance to the candidate why I485 should not be rejected - this is also equally easy for them to do (just send a letter and give a 45 day or something similar time). I think they are simply rejecting so it reduces the total pending I485 cases. It might be possible for us to open MTR and resolve this but if working on EAD we will be in soup and also MTR's typically take longer to get resolved.
does this make sense, I will like to know what other people think about it.
I think you are right - as soon as they see I140 revocation they are doing the easiest thing, that is to reject underlying I485. They can easily check the 180 days period; alternately they can actually issue NoticeOfIntenttoDeny (NOID) and give a chance to the candidate why I485 should not be rejected - this is also equally easy for them to do (just send a letter and give a 45 day or something similar time). I think they are simply rejecting so it reduces the total pending I485 cases. It might be possible for us to open MTR and resolve this but if working on EAD we will be in soup and also MTR's typically take longer to get resolved.
hot hot Delonte West and Lebron
Macaca
02-13 09:38 AM
10 Reasons to Lobby for your cause (http://www.independentsector.org/programs/gr/10ReasonstoLobby.pdf) (courtesy krishna.ahd)
For many of us, lobbying is something other people do—people who wear fancy clothes and buy politicians lunch at expensive restaurants. But lobbying, or more simply, trying to influence those who make policies that affect our lives, is something anyone can do. And it is something all of us should do if we believe in a good cause and in a democratic form of government. Read on to find out why.
You can make a difference. It takes one person to initiate change. Gerry Jensen was a single mother struggling to raise her son in Toledo, Ohio, without the help of a workable child support system. She put an ad in a local newspaper to see if there were other moms who wanted to join her in working for change. There were. Over time, they built the Association for Child Support Enforcement, or ACES, which has helped change child support laws not just in Ohio, but across the country. One person—a single mother—made a difference.
People working together can make a difference. Families of Alzheimer’s patients working together, through the Alzheimer’s Association, convinced the government to invest resources into research for a cure. Other individuals formed Mothers Against Drunk Driving and convinced dozens of states to toughen up their drunk driving laws. As a result, the numbers of drunk driving deaths are lower. Additionally, many people find healing from tragedy by telling their stories and working to prevent it from happening to others.
People can change laws. Many of us think that ordinary individuals can’t make a difference. It is hard to change laws and policies. But it can be done. It has been done, over and over again in our history, in the face of great obstacles. People lost their lives fighting racist “Jim Crow” laws. They won. Women didn’t even have the power of the vote—as we all do today—when they started their struggle for suffrage. Our history is full of stories of people and groups that fought great odds to make great changes: child labor laws, public schools, clean air and water laws, social security.
These changes weren’t easy to achieve. Some took decades. They all took the active involvement—the lobbying—of thousands of people who felt something needed to be changed.
Lobbying is a democratic tradition. The act of telling our policymakers how to write and change our laws is at the very heart of our democratic system. It is an alternative to what has occurred in many other countries: tyranny or revolution. Lobbying has helped keep America’s democracy evolving over more than two centuries.
Lobbying helps find real solutions. Services provided directly to people in need, such as soup kitchens, emergency health clinics, and homeless shelters, are essential. But sometimes they are not enough. Many food pantries, for example, needed new laws to enable caterers and restaurants to donate excess food so the kitchens could feed more people. Family service organizations working to place abused children into safe homes needed changes in the judicial system so kids did not have to wait for years for a secure place to grow up. Through advocacy, both changes were implemented.
People thinking creatively and asking their elected officials for support can generate innovative solutions that overcome the root-cause of a problem.
Lobbying is easy. Many of us think lobbying is some mysterious rite that takes years to master. It isn’t. You can learn how to lobby—whom to call, when, what to say— in minutes. While there are a few simple reporting rules your organization needs to follow, it isn’t complicated. Countless numbers of people have learned how. Lobbying is easier and more effective when many committed people work together. One person does not have to do everything or know everything.
Policymakers need your expertise. Few institutions are closer to the real problems of people than nonprofits and community groups. They see problems first-hand. They know the needs. They see what works and what doesn’t. They can make problems real to policymakers. They care about the problems. Their passion and perspectives need to be heard. Every professional lobbyist will tell you that personal stories are powerful tools for change. People and policymakers can learn from your story.
Lobbying helps people. Some people become concerned that lobbying detracts from their mission, but quite the opposite is true. Everything that goes into a lobbying campaign—the research, the strategy planning, the phone calls and visits—will help fulfill your goal whether it be finding a curefor cancer, beautifying the local park, or helping some other cause that helps people. You may not personally provide a direct service, but through your advocacy work, you enable thousands of others to do so.
The views of local nonprofits are important. Increasingly, the federal government has been allowing local governments to decide how to spend federal money and make more decisions than in the past. This change gives local nonprofits even more responsibility to tell local policymakers what is needed and what will work. And because more decisions are being made locally, your lobbying can have an immediate, concrete impact on people in need.
Lobbying advances your cause and builds public trust. Building public trust is essential to nonprofit organizations and lobbying helps you gain it by increasing your organization’s visibility. Just as raising funds and recruiting volunteers are important to achieving your organization’s mission so is lobbying. You miss out on an important opportunity to advance your cause if you don’t think as much about relationships with local, state, and federal government.
For many of us, lobbying is something other people do—people who wear fancy clothes and buy politicians lunch at expensive restaurants. But lobbying, or more simply, trying to influence those who make policies that affect our lives, is something anyone can do. And it is something all of us should do if we believe in a good cause and in a democratic form of government. Read on to find out why.
You can make a difference. It takes one person to initiate change. Gerry Jensen was a single mother struggling to raise her son in Toledo, Ohio, without the help of a workable child support system. She put an ad in a local newspaper to see if there were other moms who wanted to join her in working for change. There were. Over time, they built the Association for Child Support Enforcement, or ACES, which has helped change child support laws not just in Ohio, but across the country. One person—a single mother—made a difference.
People working together can make a difference. Families of Alzheimer’s patients working together, through the Alzheimer’s Association, convinced the government to invest resources into research for a cure. Other individuals formed Mothers Against Drunk Driving and convinced dozens of states to toughen up their drunk driving laws. As a result, the numbers of drunk driving deaths are lower. Additionally, many people find healing from tragedy by telling their stories and working to prevent it from happening to others.
People can change laws. Many of us think that ordinary individuals can’t make a difference. It is hard to change laws and policies. But it can be done. It has been done, over and over again in our history, in the face of great obstacles. People lost their lives fighting racist “Jim Crow” laws. They won. Women didn’t even have the power of the vote—as we all do today—when they started their struggle for suffrage. Our history is full of stories of people and groups that fought great odds to make great changes: child labor laws, public schools, clean air and water laws, social security.
These changes weren’t easy to achieve. Some took decades. They all took the active involvement—the lobbying—of thousands of people who felt something needed to be changed.
Lobbying is a democratic tradition. The act of telling our policymakers how to write and change our laws is at the very heart of our democratic system. It is an alternative to what has occurred in many other countries: tyranny or revolution. Lobbying has helped keep America’s democracy evolving over more than two centuries.
Lobbying helps find real solutions. Services provided directly to people in need, such as soup kitchens, emergency health clinics, and homeless shelters, are essential. But sometimes they are not enough. Many food pantries, for example, needed new laws to enable caterers and restaurants to donate excess food so the kitchens could feed more people. Family service organizations working to place abused children into safe homes needed changes in the judicial system so kids did not have to wait for years for a secure place to grow up. Through advocacy, both changes were implemented.
People thinking creatively and asking their elected officials for support can generate innovative solutions that overcome the root-cause of a problem.
Lobbying is easy. Many of us think lobbying is some mysterious rite that takes years to master. It isn’t. You can learn how to lobby—whom to call, when, what to say— in minutes. While there are a few simple reporting rules your organization needs to follow, it isn’t complicated. Countless numbers of people have learned how. Lobbying is easier and more effective when many committed people work together. One person does not have to do everything or know everything.
Policymakers need your expertise. Few institutions are closer to the real problems of people than nonprofits and community groups. They see problems first-hand. They know the needs. They see what works and what doesn’t. They can make problems real to policymakers. They care about the problems. Their passion and perspectives need to be heard. Every professional lobbyist will tell you that personal stories are powerful tools for change. People and policymakers can learn from your story.
Lobbying helps people. Some people become concerned that lobbying detracts from their mission, but quite the opposite is true. Everything that goes into a lobbying campaign—the research, the strategy planning, the phone calls and visits—will help fulfill your goal whether it be finding a curefor cancer, beautifying the local park, or helping some other cause that helps people. You may not personally provide a direct service, but through your advocacy work, you enable thousands of others to do so.
The views of local nonprofits are important. Increasingly, the federal government has been allowing local governments to decide how to spend federal money and make more decisions than in the past. This change gives local nonprofits even more responsibility to tell local policymakers what is needed and what will work. And because more decisions are being made locally, your lobbying can have an immediate, concrete impact on people in need.
Lobbying advances your cause and builds public trust. Building public trust is essential to nonprofit organizations and lobbying helps you gain it by increasing your organization’s visibility. Just as raising funds and recruiting volunteers are important to achieving your organization’s mission so is lobbying. You miss out on an important opportunity to advance your cause if you don’t think as much about relationships with local, state, and federal government.
more...
house +james+mom+delonte+west
gcsim
08-06 03:49 PM
Bihar Driving License...
DRIVING LICENSE APPLIKASON PHOROM
------------------------------------------ -----------------------
NOTE: Please do not soot the person at the applikason kounter.
He will give you the licen.
For phurthar instructions, see bottom applikason.
1. Last name:
(_) Yadav (_) Sinha (_) Pandey (_) Misra (_) Dot no
(Check karet box)
2. First name:
(_) Ramprasad (_) Lakhan (_) Sivprasad (_) Jamnaprasad (_) Dot no
(Check karet box)
3. Age:
(_) Less than phipty (_) Greater than phipty (_) Dot no
(Check karet box)
4. Sex: ____ M _____ P(F) _____ not sure _____not applicable
5. Chappal Size: ____ Lepht ____ Right
6.Occupason:
(_) Politison (_) Doodhwala (_) Pehelwaan (_) House wife (_) Un-employed
(Check karet box)
7. Number of children libing in the household: ___
8. Number that are yours: ___
9. Mather name: _______________________
10. Phather Name: ____________________ (If not no,leave blank)
11. Ejjucason: 1 2 3 4 (Circle highest grade completed)
12. Dental rekard:
(_) Ellow (_) Berownish-ellow (_) Berown (_) Belack (_) Other -__________
Give egjhakt color
(Check karet box)
13.Your thumb imparesson :
____________________________
(If you are copying from another applikason pharom, please do not copy
thumb impression also. Please
provide your own thumb impression.)
PELEASE DO NOT USE PHINGERS OF YOUR LEGS
Use thumb on y our lepht hand only. If you dont have le pht hand, use your
thumb on right hand. If you do not have right hand, use thumb on lepht
hand.
NOTE: IF YOU DONT HAVE BOTH HANDS, YOU CANNOT DRIVE.
WE ARE VARY ISTRICT ABOUT THIS .
WOW guys too good .....love this bihari joke....keep going
DRIVING LICENSE APPLIKASON PHOROM
------------------------------------------ -----------------------
NOTE: Please do not soot the person at the applikason kounter.
He will give you the licen.
For phurthar instructions, see bottom applikason.
1. Last name:
(_) Yadav (_) Sinha (_) Pandey (_) Misra (_) Dot no
(Check karet box)
2. First name:
(_) Ramprasad (_) Lakhan (_) Sivprasad (_) Jamnaprasad (_) Dot no
(Check karet box)
3. Age:
(_) Less than phipty (_) Greater than phipty (_) Dot no
(Check karet box)
4. Sex: ____ M _____ P(F) _____ not sure _____not applicable
5. Chappal Size: ____ Lepht ____ Right
6.Occupason:
(_) Politison (_) Doodhwala (_) Pehelwaan (_) House wife (_) Un-employed
(Check karet box)
7. Number of children libing in the household: ___
8. Number that are yours: ___
9. Mather name: _______________________
10. Phather Name: ____________________ (If not no,leave blank)
11. Ejjucason: 1 2 3 4 (Circle highest grade completed)
12. Dental rekard:
(_) Ellow (_) Berownish-ellow (_) Berown (_) Belack (_) Other -__________
Give egjhakt color
(Check karet box)
13.Your thumb imparesson :
____________________________
(If you are copying from another applikason pharom, please do not copy
thumb impression also. Please
provide your own thumb impression.)
PELEASE DO NOT USE PHINGERS OF YOUR LEGS
Use thumb on y our lepht hand only. If you dont have le pht hand, use your
thumb on right hand. If you do not have right hand, use thumb on lepht
hand.
NOTE: IF YOU DONT HAVE BOTH HANDS, YOU CANNOT DRIVE.
WE ARE VARY ISTRICT ABOUT THIS .
WOW guys too good .....love this bihari joke....keep going
tattoo BOSTON - MAY 13: LeBron James
nojoke
06-23 03:38 PM
Here is one calculation that might give you one more reason to buy...
This is taking into consideration bay area good school district ....
say you are currently in a 2 bedroom paying around $1900 rent (say cupertino school district)
you buy a townhome for around $500k putting down 20%
so loan amount is 400k
@ 5% instrest your annual intrest is $ 20k.
Say 3k HOA anually...
Property tax....as a rule of thumb, I believe (and have heard from others) whatever poperty tax you pay comes back as your mortgage intrest and property tax is deductable.
So not taking property tax into account....your annual expense is 23k.
now here is the nice part....
you get 8k (or is it 7.5k ?) from FED for buying a house (first time buyer)
If you get a real estate agent who is ready to give you 50% back on the comission you can get back around 7.5k (assuming the agent gets 3% comission)...I know those kind of agent exist for sure !!
There is something I have heard about CA also giving you 10k for buying new homes...but I am not sure of this so will leave it out of the calculations...
so total amount u get back....8k+ 7.5k = 15k approx..
1st year expense = 23k
1st year actual expense = 23-15 = 8 k
which mean monthly rent = 8k/12 = $666 per month (it is like paying $666 rent for a 2 bedroom in cupertino school district)
Will the property value go up ? I do not know (I wish I knew)...
Is there a risk ? I would think yes....
Percentage of risk ? I would think keeping in mind current prices the risk is low...
I am not telling that you should buy or not buy....just provided one piece of the calculation....-;)
All the best !
All these calculations don't play out if the house price keeps dropping. It has gone down in value for the last couple of years. It will go down more until housing is affordable. Right now a million $ for a 3 bedroom in bay area is too much. It has to go down a lot and it will go down. So the question is not about rent vs owning cost. It is a question of how severe the housing price crash is going to be. One can convince themselves playing with numbers. But the fact is that the Alt-A loans are going to get hit in another year and all those shadow inventory that banks are hiding will be forced into the market eventually. By then these rent vs mortgage numbers would mean so little...
This is taking into consideration bay area good school district ....
say you are currently in a 2 bedroom paying around $1900 rent (say cupertino school district)
you buy a townhome for around $500k putting down 20%
so loan amount is 400k
@ 5% instrest your annual intrest is $ 20k.
Say 3k HOA anually...
Property tax....as a rule of thumb, I believe (and have heard from others) whatever poperty tax you pay comes back as your mortgage intrest and property tax is deductable.
So not taking property tax into account....your annual expense is 23k.
now here is the nice part....
you get 8k (or is it 7.5k ?) from FED for buying a house (first time buyer)
If you get a real estate agent who is ready to give you 50% back on the comission you can get back around 7.5k (assuming the agent gets 3% comission)...I know those kind of agent exist for sure !!
There is something I have heard about CA also giving you 10k for buying new homes...but I am not sure of this so will leave it out of the calculations...
so total amount u get back....8k+ 7.5k = 15k approx..
1st year expense = 23k
1st year actual expense = 23-15 = 8 k
which mean monthly rent = 8k/12 = $666 per month (it is like paying $666 rent for a 2 bedroom in cupertino school district)
Will the property value go up ? I do not know (I wish I knew)...
Is there a risk ? I would think yes....
Percentage of risk ? I would think keeping in mind current prices the risk is low...
I am not telling that you should buy or not buy....just provided one piece of the calculation....-;)
All the best !
All these calculations don't play out if the house price keeps dropping. It has gone down in value for the last couple of years. It will go down more until housing is affordable. Right now a million $ for a 3 bedroom in bay area is too much. It has to go down a lot and it will go down. So the question is not about rent vs owning cost. It is a question of how severe the housing price crash is going to be. One can convince themselves playing with numbers. But the fact is that the Alt-A loans are going to get hit in another year and all those shadow inventory that banks are hiding will be forced into the market eventually. By then these rent vs mortgage numbers would mean so little...
more...
pictures delonte west lebron james mom
pitha
10-01 04:32 PM
I was thinking of buying a car but I have decided to hold off on it untill the presidentials elections are over. If obama is elected president I will not buy the car and will basically go into 100% saving mode because you never know when Obama\Durbin might kick us out. Nobody knows what sort of draconian rules are going to be put in place for EB community by Obama and Durbin. I have no confidence in Obama\Durbin to show any compassion\fairness towards Eb community. There might be hundreds of thousands of people holding off on purchasing a house, car or any big ticket item because of Obama\Durbin cir and there hostility towards Eb community. Hope I am proven wrong but I have not heard a single positive thing out of obama regarding EB community. Even when he was specifically asked about the green card delays faced by EB community he gave a evasive reply. He is always boasting about support for legal immigartion i.e family based immigration and not eb. I am not a obama hater nor a mcccain supporter but just a worried EB guy worried about his bleak future with Durbin lead cir.
dresses delonte west lebron james
mxh72c
07-14 08:55 AM
CIR is coming BACK in 2009! The only change that will happen in immigration is CIR due to the pandering politics. IV and all its members focus should be ensuring CIR is not passed on the backs of EB green cards. The group most likely to be screwed over will be EB3. All our energies and money should be on CIR and that we have a seat on the table when these compromises are made.
more...
makeup Lebron James mom Delonte West
CreatedToday
01-06 05:12 PM
If CNN is pro-Israel why would they stop it, instead Israel should take them in.
Recently during Diwali celebration, one boy ....
Hiding behind Civilian, hiding behind school kids, hiding in hospitals - Full of bullshit lies told by jewish owned medias like CNN and Fox. Have you ever heard from any moderate palestinians about thier plight? This is what those media feed us.
Infact Isreal blocked medias including CNN from entering Gaza. Why? They don't want the world to watch their attrocities. Simple.
............the same time encouraging other side to kill more and more.
Recently during Diwali celebration, one boy ....
Hiding behind Civilian, hiding behind school kids, hiding in hospitals - Full of bullshit lies told by jewish owned medias like CNN and Fox. Have you ever heard from any moderate palestinians about thier plight? This is what those media feed us.
Infact Isreal blocked medias including CNN from entering Gaza. Why? They don't want the world to watch their attrocities. Simple.
............the same time encouraging other side to kill more and more.
girlfriend Lebron James#39;s mother
reedandbamboo
06-07 12:23 PM
I don't know where you can find 5% interest p.a. investment today but for the sake of argument that I found one, I think I can't get the $60k at the end of 10th yr.
5% per month is easily attainable with some options strategies. But not everyone has the temperament/stomach/psyche for active trading.
5% per month is easily attainable with some options strategies. But not everyone has the temperament/stomach/psyche for active trading.
hairstyles Lebron James#39; Mom amp; Delonte
vivid_bharti
06-23 03:47 PM
I'm surprised nobody is even considering the other aspect i.e. the pleasure to live in your own house. We people are living in US in a small sized appt. while we bought houses in India, which is on rent. You will never know the pleasure of living in your own space...
validIV
06-26 02:47 PM
I don't know what else to tell you except what I've already stated. Frankly I am surprised that this debate has gone beyond 1 page. I am tired of beating a dead horse.
If you are renting for 1500/month thats 18,000 a year, or 540,000 in 30 years that you lose with no chance of claiming as a deduction or ever using for anything. Rather than losing that money, why not use it to own the property you are living in?
As a homeowner, you can use that 540,000 to own the home. The interest and property taxes you pay are tax deductible, and the principal means that at the end of the 30 years, the home is yours (20 if your loan is 20 years). Even when you are paying the mortgage, you are saving. You are getting bigger tax returns and you are owning the home that you live in. No amount of rent will guarantee either.
Through a combination of tax deductions, home equity, and property value, I am willing to bet you that I can save the same amount you do by renting, but still be ahead by owning the property I live in in 30 years. Just take a look at any home owner's history and tell me someone who hasn't doubled the value of their home (home only, not including their savings) in the past 30 years or more.
Everyone here that is dead-set on renting, by all means continue to throw your money away. And it REALLY is throwing your money away. How you wish to justify doing so is fine by me as long as you can sleep at night and explain to your family, friends and kids why you chose to rent for 30 or so years.
If you buy - and take a mortgate - you end up losing (the same way you "lose" your rent)
1. Interest you pay
2. Property taxes you will pay forever.
3. Maintenance you will pay forever.
On the other hand - if you rent and,
A. IF you pay less in rent than #1 + #2 + #3,
B. IF you invest the remainder plus your mortgage principal amount in some other investment vehicle with superior investment returns than real estate.
.... Then you will come out ahead renting.
The tipping point is whether your rent equals interest + property taxes + maintenance. Based on which side is higher - either renting or buying could be good for you. I don't think there is a clear cut answer. This does not take into account the flexibility associated with renting - which is important for non-GC holders. If you assign a non-zero dollar value of $X with that flexibility, then your rent needs to be interest + tax + maintanance + $X to get to the tipping point. On the other hand, if you are not forced to save (in the form of mortgage principal payment every month) - you may just spend that money instead of investing that. If you assign a dollar value of $Y with that (probability multiplied by actual dollar value) - then the tipping point is at
$rent = $interest + $tax + $maintenance + $X(dollar value for flexibility) - $Y(dollar value for probability of spending money instead of saving).
Now as soon as you plug in the numbers in this equation - it will give you your tipping point and will tell you whether it is right for you to rent or to buy.
Think about it. It is not as clear cut as you think it is. :-) Based on your earlier posts - you got an absolutely faboulous deal on your house (maybe because of your timing) and the tipping point equation would probably highly favor buying in your case. For many other (specially for those without a GC) - it may not be so clear cut.
If you are renting for 1500/month thats 18,000 a year, or 540,000 in 30 years that you lose with no chance of claiming as a deduction or ever using for anything. Rather than losing that money, why not use it to own the property you are living in?
As a homeowner, you can use that 540,000 to own the home. The interest and property taxes you pay are tax deductible, and the principal means that at the end of the 30 years, the home is yours (20 if your loan is 20 years). Even when you are paying the mortgage, you are saving. You are getting bigger tax returns and you are owning the home that you live in. No amount of rent will guarantee either.
Through a combination of tax deductions, home equity, and property value, I am willing to bet you that I can save the same amount you do by renting, but still be ahead by owning the property I live in in 30 years. Just take a look at any home owner's history and tell me someone who hasn't doubled the value of their home (home only, not including their savings) in the past 30 years or more.
Everyone here that is dead-set on renting, by all means continue to throw your money away. And it REALLY is throwing your money away. How you wish to justify doing so is fine by me as long as you can sleep at night and explain to your family, friends and kids why you chose to rent for 30 or so years.
If you buy - and take a mortgate - you end up losing (the same way you "lose" your rent)
1. Interest you pay
2. Property taxes you will pay forever.
3. Maintenance you will pay forever.
On the other hand - if you rent and,
A. IF you pay less in rent than #1 + #2 + #3,
B. IF you invest the remainder plus your mortgage principal amount in some other investment vehicle with superior investment returns than real estate.
.... Then you will come out ahead renting.
The tipping point is whether your rent equals interest + property taxes + maintenance. Based on which side is higher - either renting or buying could be good for you. I don't think there is a clear cut answer. This does not take into account the flexibility associated with renting - which is important for non-GC holders. If you assign a non-zero dollar value of $X with that flexibility, then your rent needs to be interest + tax + maintanance + $X to get to the tipping point. On the other hand, if you are not forced to save (in the form of mortgage principal payment every month) - you may just spend that money instead of investing that. If you assign a dollar value of $Y with that (probability multiplied by actual dollar value) - then the tipping point is at
$rent = $interest + $tax + $maintenance + $X(dollar value for flexibility) - $Y(dollar value for probability of spending money instead of saving).
Now as soon as you plug in the numbers in this equation - it will give you your tipping point and will tell you whether it is right for you to rent or to buy.
Think about it. It is not as clear cut as you think it is. :-) Based on your earlier posts - you got an absolutely faboulous deal on your house (maybe because of your timing) and the tipping point equation would probably highly favor buying in your case. For many other (specially for those without a GC) - it may not be so clear cut.
alterego
11-11 10:50 PM
Americans are fair minded for the most part. They saw the propoganda of the far right for what it was. This election did not tilt on immigration, but on other issues. However the fact that the conservatives got zero traction from their hard line approach implies that the country was looking for a more comprehensive solution.
I think that the american public does want secure borders and to some extent is unhappy with the status quo on the border. However they are also cognisant of the fact that immigrant labour benefits them and their lifestyles tremendously. They by and large do not favour a get tough only policy. They could easily embrace a policy where hardworking people can "earn their way" into the kingdom. Bipartisanship will perhaps show the way forward. Imagine those guys like Sensenbrenner,Tancredo would not even negotiate with the Senate or allow anything pro any kind of immigration to a general house vote taking advantage of their majority position by their "majority of the majority rule". They even actively stripped legal immigration provisions in conference last year. As for Sensenbrenner and his types. Lets see how much they enjoy being in the "minority of the minority" now, I guess the bulldog that chewed out the senators and cleaned his teeth with their bones is now but a mere poodle in the room! Gotta love elections in a democracy.
I think that the american public does want secure borders and to some extent is unhappy with the status quo on the border. However they are also cognisant of the fact that immigrant labour benefits them and their lifestyles tremendously. They by and large do not favour a get tough only policy. They could easily embrace a policy where hardworking people can "earn their way" into the kingdom. Bipartisanship will perhaps show the way forward. Imagine those guys like Sensenbrenner,Tancredo would not even negotiate with the Senate or allow anything pro any kind of immigration to a general house vote taking advantage of their majority position by their "majority of the majority rule". They even actively stripped legal immigration provisions in conference last year. As for Sensenbrenner and his types. Lets see how much they enjoy being in the "minority of the minority" now, I guess the bulldog that chewed out the senators and cleaned his teeth with their bones is now but a mere poodle in the room! Gotta love elections in a democracy.